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IV
Th?
ommtnria
COPYRIGHTED IN 1*41 BY WILLIAM B. DANA
COMPANY. NEW YORK.
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NO. 3949
NEW YORK, MARCH 1, 1941
VOL.152.
COMPANY
"
"
CHASE
THE
BROOKLYN TRUST
B A N K
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
*
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
respondent bank service
NEW
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
YO R K
4
Broaden your customer
with
service
Chase
cor¬
respondent facilities.
Member Federal
Co.
Hallgarten
:
Established 1850
Deposit Insurance
Corporation
STATE
AND
NEW YORK
London
Chicago
MUNICIPAL
City of
BONDS
Philadelphia
Bonds
PUBLIC UTILITY
INDUSTRIAL
The
RAILROAD
FIRST BOSTON
CORPORATION
Moncure Biddle & Co.
MUNICIPAL
BOSTON
NEW YORK
PHILADELPHIA
CHICAGO
BONDS
SAN FRANCISCO
PHILADELPHIA
AND OTHER
PRINCIPAL CITIES
A.C.ALLYN«®COMPANY
INCORPORATED
CHICAGO
Boston
Omaha
PACIFIC NORTHWEST
Philadelphia
Milwaukee
New York
'
Detroit
The
SECURITIES
.
New York Trust
(Drumhdbr, Ehrltchman
Company
(Eotnpamj
Capital Funds. $37,500,000
OTIS & CO*
Comm. of Pa.
(Incorporated)
IOO
BROADWAY
Established 1899
NewYork
CLEVELAND
Tpke. Rev. 3%s, *68
City of Philadelphia
Bonds
Lehigh Coal & Nav. Fund.
Chicago
4s, 1948
Scranton-Sp. Br. Wat. Ser. 5s, '67
Penna. RR. Ser. Sec. 4s, 1950-1964
MADISON AVENUE
R.H. JOHNSON & CO-
Seattle
Exchange BIdg
AND 40TH
STREET
Buffalo & Susq.
RR. 1st 4s, 1963
Okla. 6s, *54
Southwest Gas Co. of
Lehigh Coal & Nav. Cons.
4^8, *54
INVESTMENT SECURITIES
64
WaMIStreet
PHILADELPHIA
BOSTON
Yarnall & Co.
~ New York
ONE EAST
1528 Walnut Street,
Philadelphia
57TH STREET
Canadian Securities
Carl M. Loeb, Rhoades & Co.
61
BROADWAY
Member of
NEW YORK
the
Federal Deposit
{London
Geneva
Buenos Aires
Insurance
Corporation
HART SMITH & CO.
52 William St.
Montreal
NEW YORK
Toronto
The Commercial & Financial
II
Chronicle
Mtrch
1, 1941
ARE EMPLOYE LOANS
-*
A PROBLEM
Every Family Is a Little Nation
IN YOUR BUSINESS?
..
i
.
WHETHERproblem which liasemploye
or not to make puzzled
loans is
a
many
executives.
Workers should have
place to borrow for
But
gcncies, of
emu
a
course.
where? From the
company? If your
firm is not too
large^
be able to
you may
make the
necessary loans from company
funds. But in plants with scores of
employes,
--r
w
some
other solution is
usually needed.
Loans for small borrowers
AND, AGAIN IN 1940,
In
some
industries, employes successfully
operate their own credit unions. But millions
of workers must
depend on some other loan
HEW MCLM IDTUIL
source.
To provide loans for these
women
is the job of the family finance
and
men
com¬
pany like Household Finance.
How borrower is protected
Brought Protection to Thousands of Them!
Household Finance has branches in
most in¬
dustrial states.
These states have passed
Small Loan Laws. These laws, written to
In
paying vast sums for armaments to
guarantee the future
security of its citizens, America has, in effect, taken out
life insurance!
make our"ndustry possible, and to serve and
protect the borrower, state how we shall oper¬
ate our
our
Every family is a nation in miniature, with much the
same
problems. Last year this Company paid out nearly
$38,000,000 to bring protection to thousands of families
whose
personal
entrusted to its
defense
had
programs
<
*
taken. A convenient installment
plan helps
and
more
rower
i $ 20
I
50
2
6
33%
more
than
paymts
paymts
$ 10.38
$ 3.63
9.08
51.88
18.15
9.75
$ 7.66
150
77.82
27.23
14.62
11.49
9.62
200
103.77
36.31
19.50
15.32
12.83
i
250
129.71
45.39
24.37
19.15
16.04
=
114,000,000
100
f,
300
155.65
54.46
29.25
22.98
19.24
=
..$1,607,000,000
over
Household also gave
guidance
Surplus and Contingency Funds... ..$
and
480,391,000
21,314,000
1941
slightly.
over
••*••««••••••••••••••
f8,500,000 for
vary
Last year Household made
helpful loans to
half a million families. To these families
501,705,000
last year
..$
Includes
rates elsewhere
|
|
I
•illlHIIIIIIIIUIIintHHIIIIIIIIItlUlllliHIIUIIIIIHIIttHIIUIUUIIIIIHIUIUIHlUlllnmiHIIIIIIII
More than double fhe total at the end
of 1929
Liabilities
Above payments include
charges of 2Vi% per
month and based on
prompt payment are in
seven states. Due to local
conditions,
effect in
|
1929
..$
t32.84S.000
=
1
Assets
Increase of
$ 6.41
4.87
I
before
than at the end of
20
paymts
$ 1.95
25.94
16
paymts
!
..$
ever
12
paymts
Including Additions and Revivals
more
include
month (less
WHAT BORROWER REPAYS MONTHLY;
DECEMBER 31, 1940
33 millions
per
WHAT BORROWER GETS
STATEMENT
Insurance In Force
Installments
23^%
^IIIHIIflllllllltllllllllllllllllllllllllllMIIIIIIIIIIIIIHIIIItMIIIIHIIMIIIIIIMItlllUllllltllllllllltlllllllllHIti
★
New Ufe Insurance.
rate of
the Small Loan Laws of most
states.
in
ANNUAL
situation.
in many
territories). These charges are sub¬
stantially below the maximum allowed by
than doubled!
97th
may
own
charges at the
years, as
★
typical loans
plans below, that the bor¬
choose the plan which best fits
payment
his
difficult a period as any
history of our country, New England Mutual's insur¬
in force has increased over 33% and its total assets
have
charge.
the worker to
repay out of income.
You will note, in the table of
in the
ance
may
Household Finance largely on character and
earning ability. No endorser or bankable se¬
curity is required. No wage assignment is
England Mutual has paid
$750,000,000 to safeguard the futures of its policyholders
and their beneficiaries. In a
century of experience cover¬
ing four wars and seven major depressions, sound princi¬
ples of trusteeship have enabled this sturdy old Company
to move forward
steadily and constructively, faithfully
carrying out all guarantees to its members.
eleven
we
Without sacrifice of pride or
privacy, the
can borrow
up to $300 at
Since its organization, New
In the past
shall deal with
we
responsible worker
already been
care.
business—how
customers—how much
budgeting, helped
in buying
to make them wiser
managers and better
dividends
and
colleges
use
buyers. Many schools
Household's booklets on
money management and better
COMPLETE ANNUAL REPORT GLADLY
SENT UPON REQUEST
as
★
buymanship
study texts.
If you employ or
supervise men, you are
invited to send the coupon for further in¬
formation. You will be under no
★
obligation.
NEW ENGLAND MUTUAL
LIFE
INSURANCE
George Willard Smith, President
COMPANY
HOUSEHOLD FINANCE
of BOSTON
CSTASUSHCO t(7«
•
Agencies in Principal Cities Coast
to
Coast
Headquarters: 919 N. Michigan Ave., Chicago
STEADFAST PROTECTION THROUGHOUT THE
WARS AND DEPRESSIONS OF A CENTURY
One of America's
leading family finance
ganizations, with 288 branches
Allied Chemical SC
61
Dye Corporation
Broadway, New
THE
ELECTRIC STORAGE BATTERY CO.
The Directors have declared
York
from the Accumulated
February 2J5, 1941
Allied Chemical &
Dye Corporation
has declared
quarterly dividend No. 80
of One Dollar and
per
share
Fifty Cents ($1.50)
the Common Stock of the
payable March 20, 1941, to
on
Company,
stockholders
common
close of business
of
record
at
the
March 7, 1941.
W. C.
plus of the Company a divi¬
dend of Fifty Cents ($.50)
per share on the Common
Stock
and
the
Preferred
Stock, payable
March 31, 1941, to stockholders of record
of both of these classes of stock at the close
of business on March 10, 1941. Checks will
be mailed.
H. C. Allan,
KING, Secretary
Sur¬
in
Household Finance Corporation,
Dept. C rc-3
919 N.
Michigan Ave., Chicago, 111.
Please tell
me more
about your loan service for
wage earners—without
obligation.
Name.
Address
Secretary and Treasurer.
Philadelphia, February 21, 1941.
or¬
190 cities
Gty.
State.
w
flmtmrcW f
Vol. 152
MARCH
No. 3949
1, 1941
CONTENTS
Editorials
The Financial Situation
The Trend Toward
1322
Regimentation of Business Gathers
Momentum
_______
Commander-in-Chief
__
1334
r . .
____
;.
1335
Comment and Review
Tlie Business Man's Bookshelf
1337
Week
1326
on
the European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
1326
.-1330 & 1373
Course of the Bond Market
1337
Indications of Business Activity
1338
Week
on
the New York Stock Exchange..
1324
Week
on
the New York Curb Exchange
1372
i
News
I
Current Events and Discussions
1347
Bank and Trust
1371
Company Items
General Corporation
and Investment News
1416
Dry Goods Trade
State and
..1464
Municipal Department
.
1465
Stocks and Bonds
Foreign Stock Exchange Quotations
..1373
Bonds Called and Sinking Fund Notices
1375
Dividends Declared
.1375
1375
Auction Sales
New York Stock
Exchange—Stock Quotations
♦New York Stock
New York Curb
Exchange—Bond Quotations. 1384 & 1394
Exchange—Stock Quotations
♦New York Curb
1384
1400
Exchange—Bond Quotations
Other Exchanges—Stock
and Bond Quotations.
Canadian Markets—Stock and Bond Quotations
1404
..1406
1410
Over-the-Counter Securities—Stock & Bond Quotations .1412
Reports
1329
Foreign Bank Statements
1373
Course of Bank Clearings...
..1347 & 1381
Federal Reserve Bank Statements
General Corporation and Investment News_.
1416
Commodities
The Commercial Markets and the
Crops
1456
Cotton
1458
Breadstuff s
1462
♦
on
Attention is directed to the
Published Every Saturday
new
column Incorporated In our tables
New York Stock Exchange and New York Curb Exchange
tions
bond quota¬
pertaining to_bank_eligibility and rating.
Morning by the William B. Dana Company, 25 Spruce
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
Street* New York City, N. Y.
President and Treasurer; William D. Riggs,
208 South La Salle Street (Telephone State
Business Manager.
0613). London-
Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1941 by William B. Dana Company. Entered as second-class matter
June 23,1879, at the post office at New York, N. Y., under the Act of March 3. 1879.
Subscriptions m United Stateoand Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba. $21.50 per year, $11.75 for 6 months: Great Britain, Continental Europe (except Spain), Asia. Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request. NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Edwards &
The Financial Situation
TN
HIS
1
"fireside
chat"
President said:
mined to protect the
has
rights of workers,
Nation
expects
continue operation
insists
our
.
.
management
continue
to
the
produce
supplies that
to
If
printing
a
appears
now
is
time
when
that the
far
distant
not
the
landed
pay
World
New
may
these words,
speak others of similar
import, if the Nation is
the hereto¬
the estimated
The
annual
interest
amounts
cost
to
To
ago.
years
to
the
run
$425,000,000,
this
earn
of
the
interest,
find
what
or
Deal
the
even
a
managers
to
way
can
place
re¬
50
sponsibility
48,-
400,000 employed workers of the country,
ployers.
as
by the National In¬
dustrial Conference Board, would have to
work
nearly two days each year at five
dollars a day; and to pay the principal each
one
would have
to
work
70
days at the
upon
The
em¬
law
very
of the land often ties their
hands,
and,
violence
is
still,
worse
again showing
its ugly head without
rate.
same
Nor is it easy
at least in a number
instances, how
New
dollars
Government
entire
can
...
billion
17
on
accelerated.
of the
expenses
Government for the next fiscal year.
in
if the unions
to see,
re¬
sum
rise
be threat¬
succeed, to become sharply
produce at the same
still be
to
the
of
reason
undramatic
ening,
second when
the
amount would
dollars short of the
billion
quired to
a
one
in
estimated for December
President
have to repeat
or
three
it
It
first
since,
ever
at
needed."
had begun turning out
press
bills at the rate of
and had continued
sorely
are so
by
wages appears to
dollar
hardly
definitely threatened.\
very
Defense and Debt
rate
means,
jeopardy
in
What is more,
their differences by volun¬
legal
are
more
we seem
can
Very substantial defense
fore
or
and workers will reconcile
or
situation which
a
already
are
and
strikes,
to
face with
ignored much longer.
contracts
industries
Columbus
tary
be
.
defense
It expects and
that
to have been abandoned, and now
to be face to
the
man
without
interruption by strikes
lock-outs.
who
Within the past
however, the nibbling tactics of the unions
week,
appear
discharge their full responsibilities to
the urgent needs of defense.
"The
deter¬
the Nation
so
men
existed anywhere in the country.
the
1940,
29,
Government is
right to expect that the
a
machines will
:
Dec.
on
the
"As
even
'
to have what the President
says
it demands and insists
It
upon.
than
more
be
that
be
may
words will
mere
required, but what is
indicated is most certainly
what
not
disquieting
re¬
ports from Washington say
is under
consideration
seizure of the plants
having
such difficulties under the
drastic laws that have been
the
unwisely taken to
book
statute
months past.
echoes
dent's
during
Hardly had
the
of
Presi¬
voice ' died
away
when the unions, or some
of
them,
began
give
to
evidence that they did not
hear
the
dress,
President's
else
or
greatly
there
will
reach
by
it.
many
of
them successful, for higher
To
or
that
exceed
this
sum
before
ing
just mentioned would have had to
work more than a century before the
press
begin
birth
of Christ.
Comparisons like the foregoing, applied to
the outlook for
country,
are
Government finances in this
not
mere
statistical curiosities.
Their
implications have a vital meaning for
American citizen.
They are not made
here for the purpose of criticizing defense
expenditures; for it is all but universally con¬
ceded
that
rearmament
is
essential, and
modern armaments inevitably cost huge sums
of money.
But there appears to be a tend¬
ency in many quarters to regard the defense
program as not only a military necessity but
an economic boom as
well, as if a valid excuse
had finally been found for the temporarily
easy habit of governmental borrowing and
spending that the people of the United States
every
a
fundamentally false view of the
is
likely to lead to loose fiscal
policies at a time when the exact opposite is
urgently required in order to do the im¬
perative job of rearmament in the most effi¬
cient and economical way.—The Guaranty
Survey.
We suggest that the school children of the
be required
from the
"benefits" have been much
country
too
long enough to compute what it would cost
each of us each year to pay the interest on
$65,000,000,000, and how long it would take
us
to repay the entire
debt if we provided
an annual
sinking fund equal to the interest
charge.
frequently in the
for
while
long
a
Still
more
have
been
take
to
news
past.
reprehensible
the
attempts
advantage of the
books
now
under
to
turn
well-warranted
text
criticism
on
disputed
;
helpless
questions
of
union
ca
"juris¬
born babes.
as new
has for the
most
part been studied silence in official quarters where
had the right to expect strong positions to be
taken.
When
circumstances
forced
momentary
one
abandonment
that
of
that
labor
silence, it has usually been
difficulties
continue upon
of
a
serious
nature
the
situation which
a
directly and adversely af¬
fects not
only the defense
the
program,
but
economic
welfare
basic
of
the
country, and a reasonably
effective
a
remedy for it will
be found until
not
people,
as
well
we
as
as
the
labor-pampering poli¬
ticians
come
of
at
to
Washington,
full realization
a
The
that fact.
dent
the
at
first
Presi¬
of
estimated defense
year
penditures during the
at
year
the
ex¬
com¬
nearly
Addi¬
$11,000,000,000.
tional funds have already
been
program
to
and the
requested,
of
cost
the
aid-to-Britain
apparently about
be authorized
to be
has yet
One could
reckoned.
scarcely be accused of
if
rashness
defense
say,
course we
he
envisaged
expenditures
of,
$30,000,000,000 dur¬
the
next
of
two
years,
course,
we
have charted and are
reasonably successful with it—but without allowing
for
All through this period there
denied
Here is
provided,
diction," conflicts which leave management about
as
Threatening Situation
ing
existing situation to force
decisions
A
provoca¬
by management.
ing fiscal
have formed in recent years.
Such
allegation of
tion
the
completed.
to pay a debt of
money
the
debt
is
program
produce enough
actual
the
this amount today, the dollar-a-second print¬
other
various
of past
doubt
armament
situation
impressed
and
little
is
present
ad¬
not
were
Demands, all too
wages
the effects
and prospective
expenditures on the National debt are con¬
sidered, the results are even more staggering.
A bill to raise the legal limit of the debt to
65 billion dollars has just been enacted, and
defense officials—
among
the
When
substantially higher costs and prices.
such
a
goal,
If
we
reach
it is not improbable that $15,000,-
000,000 of these expenditures will take the form at
one
stage or another of wages.
ing
an
increase in
would add
program.
some
wages
Upon such a reckon¬
averaging so little as 10%
$1,500,000,000 to the cost of that
Volume
Such
estimate takes into account
an
costs of the
results of
delays, restrictions, and other expensive
they
these, but
that these often
large, possibly in
larger
than
to compute such costs as
man
familiar with such matters doubts
110 one
moment
a
entailed by
of
should
labor
be
months, possibly
such
any
imposed by a full develop¬
difficulties
obliged
enormous
defense undertaking
been laid out for the Nation.
half
delay
a
we
of many
in the completion of
years,
even
threatening,
now
envisage.
to
in¬
moderate wage
take into account the
we
cost in time that would be
ment
intangible costs are
circumstances considerably
many
those
If, in addition,
creases.
It would far sur¬
the march.
are on
the wisdom of
pass
of the
none
policies the unions well know how to ef¬
fect when
for
The Commercial &
152
If that
has now
as
is
program
urgent as the President is certain it is, then
as
neither he
the country
nor
for
can
ft-*
moment
a
■
con.
,
But
it
as
now
these
to be in danger of doing.
appears
1he
but
are
and
obvious
more
the
simpler manifestation of the situation by which we
are
now
closing
are
Indeed
such
These plants that
apparently confronted.
the unions
now
appear
to be taking so much pride in
not wholly devoted to defense operations.
plants in the country
many
operations
even
of their
relatively minor part
a
find
now
because there is
which
and
;•
permitted
only
paid for work performed
hours
shortened,
changes in
performed
the
dominating
the
other
same
work
it
program,
in
of
terms
performed,
or
in
Higher
higher
mean
all kinds of work.
011
still
Now
falls
as
far
paid,
wages
similar
or
labor
on
wages
short
is
of
hours of
other appropriate terms,
any
: "
:
■
Ameri¬
They have been not
past.
constantly
but
continue,
very
en¬
if
we
take their word for it
may
week, that in some way beyond our
enhanced in the process.
Higher costs have not been
permitted to have their natural effect upon prices,
chiefly by reason of the threat they imply to eco¬
nomic
stability
Business
vigor.
and
learned too well the lessons
them.
effects
the
But
have
men
experience has taught
of
trend
this
been
have
stantial
sub¬
in
part responsible for the unfortunate condi¬
tion in which defense demands found American in¬
dustry and trade.
It
.
of defense demand will
have
not be that what
may or may
the economist would call the
utterly inelastic nature
the barriers which
remove
kept all this from running to unfortunate ex¬
What is certain is that whether it
tremes.
those extremes
or
not it
runs
to
will, if it is permitted to
lease of life, impose grievous burdens
new
a
will
which
industry
take
their toll
most
lamentably when the defense program is completed.
Now is it
altogether likely that the requirements
of the defense program
alone will persuade
of
convinced
ministration
the
general
an
Ad-,
economic
desirability of higher and ever higher wages, and of
everything else that organized labor is and
has for
long time past been demanding, to take
a
stand
effective
an
against this type of economic
It does not
sabotage?
seem so
Even if the
to us.
Administration, assuming that it continues to hold
the economic
faith in
its
of the
activity of this country.
It is
harmful nonetheless.
abundant and
almost
as
:
understanding the welfare of the country is greatly
wages
huge
V
.
years
to
and still believe
spoken this
or
respects
or
and working conditions
defense
on»
the economic
in
other types of work.
rest
defense
work
instituting
wages
on
and the rest
the
defense contracts
on
conditions
or
without
altered
and
to suppose that
support of such contracts could be raised,
;
couraged by the New Deal managers who believed,
gain
in
■'
I
:
,
industry for
can
upon
or
this
likely to be supported by inflationary
Cost raising factors have been at work in
all.
wages
is
funds.
activities, if indeed they have any defense work at
It would, of course be absurd
by reason of higher costs
prices and because in so large a degree
market
,
ready market for defense goods
a
will not contract
1
template permitting the labor situation to get out
of hand
1323
inancial Chronicle
unions,
results
of
the
demands
to try in good faith to, hold
were
the demands of the unions in check for the duration
Natural Consequences
In
the year
goods valued at
we
than $G0,(MM),000,000, and paid
more
amounting to
wages
agricultural,
we
larger than these, of
before
us
we
If
types of American enterprise,
utility,
service, and the rest,
are
than f10,000,000,000.
more
include all other
transportation,
much
of the defense
1937 manufacturers alone produced
are
distribution,
should have figures
to
If
we
fer from
failure,
fectively
oppose
these tactics
cost
of
sequences
goods and services,
in the form of all
maladjustments must
only the defense
nomic system.
manner
ensue
program
ways
very
to increase
serious
con¬
of cost and price
which will affect not
itself, but the entire
eco¬
It would obviously be idle to expect
prices to ignore
any
such advance in costs.
work is
are
involved, they
inadmissable when defense
are
higher
labor
costs
throughout
higher
industry,
higher labor costs throughout industry would
higher prices throughout industry.
great danger in such
and
an
wages
and
mean
There is always
upward movement in costs
prices; it is particularly dangerous at present
one case
they retard
type of goods desired
one
respects another type
of
as
goods desired and needed by the public.
case
the
public is
a
victim not
a
In either
beneficiary.
The
only difference is possibly in the degree of injury
inflicted.
Meanwhile
be
Higher
mean
likewise indefensible when
In the
in the other they do
politicans
or
ef¬
defense work and
by the general public, and
The
higher labor costs, however orginat-
on
at the
can
precisely the same thing
margin of profit is much too small to admit of it.
wages or
or
Government
If these de¬
mands of the unions
should
ing, in defense operation would
it limited its
Nor is there
on
and increase the cost of
industry, and in various other
as
other types of work.
it
force substantial wage
the
to have
appear
logical basis for discrimination.
vantage of the urgency of the defense program to
can
long
as
No
consistency.
other work is involved.
increases throughout Ameri¬
these
as
suspicion of lack of good faith,
any
permit the.unions to take ad¬
far
defense operations, it would
greatly, and the entire effort must suf¬
so
least
very
as
upon
be foredoomed to
endeavors
encourage
expendi¬
effort,
bearing
defense
see
tures, even at $15,000,000,000 per year, in their true
perspective.
direct
When these facts
course.
able
very
a
the lesson
teaching
appears
is that the
that
both
the
the
defense
program
unions
and
the
to be utterly ignored. That lesson
only real basis for larger rewards for
wage earners,
either in terms of higher real
wages
or
greater leisure, is found in enhanced productivity.
It
is, of
which
course,
concerns
which is
a
true that productivity is
both
management
responsibility of both, but
a
matter
and labor and
no one
familiar
with the facts is
likely to suppose that employers
have for a moment been negligent
in recent years
concerning maters that have to do with productivity,
The
unions,
the other hand, never really much
on
interested in the
least
far
so
effort of these
productivity of their members, at
members, have of recent years ap¬
peared to grow progressively less interested.
Administration has
Now that it has become directly or in-
the matter.
directly
employer of millions of workers, and
an
occasion
has
The
shown any concern with
never
be
to
deeply
concerned
with
pro-
ductivity in general, it would appear that it should
learn
something of
a
phase of economics which it has
o
week
Rut
are
the New York Stock Exthe 306,006- and 400,000share levels in all sessions.
In these circumstances,
even modest buying orders proved effective in ad^
times, with turnover on
change ranging between
these lessons
being learned ?
IARGELY because
routine changes
of
other increase is to be noted for the
ended Feb. 26 of
excess
reserves
Such
legal requirements.
officially
States
ber
of member banks
excess reserves were
represented gains of a point or two in most
The rails and
equities showed larger improvement.
utilities
a
joined the trend, but managed to make only
little headway.
!
Heavy disbursements by the
ket movements are related to Washington maneu-
a more
banks
contributed to
modest decline in
deposits also proved of
some
non-mem¬
importance.
The
is the fact that the principal price advances
vers
occurred
for
on
thanks,"
community.
currency
in circu¬
of
provisions of the
some
"For this relief, much
profits tax laws.
excess
600,000 to $22,179,000,000.
But
House passage of a measure providing
liberalization
mere
monetary gold stock of the country advanced $39,lation
A few airplane manufacturing
prominent stocks.
Indicative of the degree to which the stock mar-
up
Treasury from its general account
result, and
Industrial issues closed last night at figures
which
$100,-
with the 12 Federal Reserve
this
an¬
weekly period
$6,540,000,000,
at
000,000 for the week.
United
After a minor dip
Thursday, prices again improved a little yester¬
day.
in the de-
posits with the Federal Reserve banks,
over
movements of the entire
These were the principal
slightly in the mid-week period.
Federal Reserve Bank Statement
estimated
noteworthy
Tuesday,
Especially
price level.
the
spurts late last Monday and late last
week, and the gains then established were extended
on
J—<i
market, with the
in a few groups of indus-
The market was a thin affair at all
trial equities.
were
apply equally to peace time operations of
the New York stock
on
interest centered largely
vancing
truths
spurts in prices developed this
CCASIONAL
it should not fail to realize that
normal business.
1941
The New York Stock Market
steadfastly neglected in the past, and having learned
newly discovered
1,
$59,000 to $5,066,000. The Federal Reserve banks
continued to refrain from open market operations,
as holdings of United States Treasury securities
again were motionless at $2,184,100,000.
productivity is influenced by the
as
March
Chronicle
The Commercial & Financia l
1324
the obvious reaction of the financial
was
But it
appeared that fresh taxa¬
soon
just about offset the result of the gold ad¬
dition,
tion
proposals
the circulating medium increased $37,-
tion
circles, with the aim of adding another $1,000,-
as
000,000 to $8,725,000,000.
credit
The demand side of the
picture shows little variation this week.
The
being elaborated in Administra¬
are
000,600 to $1,500,000,000
levies
already in effect.
on
top of the exorbitant
This dampened
any
modest
condition statement of New York
City weekly
re-
enthusiasm manifested in the financial community,
porting member banks indicates
decline of $13,-
and turned the markets again toward their usual
a
000,000 in business loans to $1,989,000,000.
runs
counter to
loans both
tabulation
York
in
the recent
New York
This
upward trend of such
City and in the general
covering 101 cities.
Loans by the New
City banks to brokers and dealers
on
security
collateral increased
$50,000,000 to $332,000,000, obvi¬
ously because of dealer carrying of United States
slow
progress
the stock market, although it is well realized
that
there
will
of
vagaries
remain
this
few
restrictions
Administration
if
the
the
upon
measure
Reports of international developments
passes.
mained
re¬
depressing.
In the bond market the
the disclosure of terms,
The
of the so-called lend-
upon
Treasury securities in connection with the March
refunding.
The
dulness.
lease bill in the Senate had little immediate effect
leading development
Tuesday, for
an
was
exchange-
Treasury deposited, during the statement
week, $58,503,000 gold certificates with the 12 re¬
refunding of $1,222,000,000 bonds and notes of the
gional banks, increasing their holdings of such in¬
tary Morgenthau found it
struments to
tions
banks
refunding therefore proved
$19,961,281,000. Other cash of the 12
changed only a little, and their total reserves
moved up
$56,925,600 to $20,308,306,000.
Federal
Reserve notes in actual circulation advanced
695,000 to $5,976,775,000.
regional banks
moved
$33,-
Total deposits with the
up
$8,666,000 to $16,294,-
040,000, with the account variations consisting of
an
increase
of
member
bank
reserve
$154,155,000 to $14,174,724,000;
a
balances
by
decline of the
United States
Treasury payable March 15.
securities
were
%% notes due in two
Both
new
issues
a
were
to
also inclined to vary
$1,132,043,000, and
a
decline of other deposits by
dustrial advances
while
were
commitments
to
down
$14,000 to $7,840,000,
make
such
advances1
fell
costly than other¬
Holders of the pay¬
callable in
years.
seven
of
years,
2%
or
It was quickly estab-
lished that the vast bulk of holders would take the
2% bonds, and only
at
$35,946,000 to $619,386,000. The reserve ratio im¬
proved to 91.2% from 91.1%.
Discounts by the
regional banks increased $449,000 to $2,717,000. In¬
more
case.
offered the alternative
bonds due in nine and
Treasury general account by $111,506,006 to $367,an increase of foreign deposits by $1,963,000
887,000;
Secre¬
to offer obliga¬
subject to Federal income taxation, and the
wise would have been the
able
necessary
prices slightly
wide
at
ored to
finally
first.
small minority the %% notes.
on a when-issued basis,
traded
over
par,
with daily variations
Outstanding Treasury bonds were
widely as the market endeav¬
appraise the situation.
was
restored.
But a steady tone
Speculative bonds were irregu¬
lar, with movements strictly comparable to those
in
equities.
The commodity markets displayed gen¬
eral firmness in
grains and other agricultural prod-
Volume
situation
the
and
ucts,
The Commercial & Financial Chronicle
152
base metals was
in
un-
Foreign exchanges remained dull under
changed.
the official controls.
On
Stock Exchange the
the New York
sales on
Tuesday, 356,330
shares; on Wednesday, 383,570 shares; on Thursday,
313,610 shares, and on Friday, 405,990 shares.
Monday
Call loans
mained
On
347,730 shares;
were
on
the New York Stock Exchange re-
on
Monday
75,285
were
shares;
Curb
New York
Exchange the sales on
shares ;
on
Tuesday, 79,310
Wednesday, 76,565 shares; on Thursday,
on
65,825 shares, and
on
this week with final sale figures on Friday of the
previous week reveals a higher trend,
General Electric closed yesterday at 32% against
32% on Friday of last week; Consolidated Edison
Co. of N. Y. at 22% against 20%; Columbia Gas &
Electric at 4% against 4; Public Service of N. J. at
27% against 26; International Harvester at 48%
against 48, Sears, Roebuck & Co. at 71 against 71%;
Montgomery Ward at Co. at 36% against
unchanged at 1%.
the
1325
Friday, 87,580 shares.
Saturday of last week, being George Washington's
36%;
Woolworth at 31 against 30%, and Americal
Tel. &
Tel. at 160% against 158%.
Western Union closed yesterday at 20% against
20 on Friday of last week; Allied Chemical & Dye
at 146 against 146; E. I. du Pont de Nemours at
capacity was fully ample to meet all
144% against 143%; National Cash Register at 12%
against 12%; National Dairy Products at 13%
against 13%; National Biscuit at 17% against 17%;
Texas Gulf Sulphur at 35% ex-div. against 35%;
Loft, Inc., at 17% against 16%; Continental Can
at 37% against 36%; Eastman Kodak at 132 against
128%; Standard Brands at 6% against 6%; Westinghouse Elec. & Mfg. at 96% against 94%; Canada
Dry at 12% against 12; Schenley Distillers at 9%
against 9%, and National Distillers at 20%
against 21 bid.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 18 against 18 on Friday of last
week; B. F. Goodrich at 13% against 13%, and
United States Rubber at 20% against 19%.
Railroad stocks pushed their levels higher this
week. Pennsylvania RR. closed yesterday at 23%
against 22% on Friday of last week; Atchison Topeka & Santa Fe at 23 against 22%; New York
Central at 12% against 12%; Union Pacific at
79% ex-div. against 77%; Southern Pacific at 9
against 8%; Southern Railway at 12% against 12%,
and Northern Pacific at 6 against 6%.
Steel stocks made further improvement the present week. United States Steel closed yesterday at
59 against 57% on Friday of last week; Crucible
Steel at 41% against 39%; Bethlehem Steel at 78%
against 77, and Youngstown Sheet & Tube at 34%
ex-div. against 34%.
In the motor group, General Motors closed yesterday at 43% against 41% on Friday of last week;
Chrysler at 66% against 63%; Packard at 2%
against 2%; Studebaker at 6% against 6%;, and
Hupp Motors at % against %.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 34% against 34 on Friday of last week;
Shell Union Oil at 11% against 11%, and Atlantic
Refining at 21% against 21%.
Among the copper stocks, Anaconda Copper closed
yesterday at 24% against 23% on Friday of last
week; American Smelting & Refining at 40%
against 39%, and Phelps Dodge at 29% against
28%.
In the aviation group, Curtiss-Wright closed
yesterday at 8% against 7% on Friday of last week;
Boeing Aircraft at 16 against 15%, and Douglas
Aircraft at 72% against 66%.
Trade and industrial reports disclosed few
changes of importance this week, with Federal expenditures assuring vast if unprofitable activities,
Steel operations for the week ending today were
foreign. Values ended
mostly higher, with activity
near the close largely confined to the public utility
issues.
A comparison of closing prices on Friday
estimated by American Iron and Steel Institute at
96.3% of capacity, against 94.6% last week, 97.1%
a month ago, and 65.9% at this time last year. Production of electric power for the week ended Feb. 22
birthday, and
Trading
ness
a
holiday, the market was closed.
Monday got off to a poor start, with dul-
on
feature most
a
of the day.
However,
on
the
final
hour, equities took heart and spurted forward for a
gain of one point.
The upwrad trend lasted 15
minutes and brought with it a demand for stocks
that surpassed that of the previous four hours. War
stocks enjoyed a good inquiry as the pace of trading quickened, but as the demand subsided dulness
again appeared and prices suffered some markdown
from the day's high levels.
Selected stocks came in
for attention early on Tuesday.
A keen inquiry
strength of a sharp rise in grain prices in the
in these issues sprung
cerning them and
issues
price level by 3% points, making an ad-
lifted its
of
shares
of
points in twro days.
seven
also
were
On the
mixed.
higher,
while
Steel and motor
chemicals were
strength of the passage by the House
Representatives of amendments seeking to liber-
alize the
excess
profits tax lawr and the promise of
early action by the Senate, the list
previous gains.
a
last-
Stocks on Wednesday resumed
upward trend, but were confronted with some
their
Turnover in sales was the
difficulty in so doing.
week, but was still much below the vol-
best of the
ume
enjoyed
fillip and closed the day with an extension
minute
of
Aircraft
especially active and Douglas Aircraft
were
vance
from favorable reports con-
wide gains resulted.
necessary
to place any strain on the
trading facilities.
market's
Shipbuilding issues stood out as
strongest feature of the day, but as demand
the
prices in this group, as in the remainder
slackened
of the
list, were inclined to ease, thus making for
mixed
changes at the close.
steel shares
Pressure exerted
on
brought to an end the technical recovery
evidence
fractionally lower
Nervousness was in
early in the day, resulting in fractional
declines.
By noon losses in equities ran to two
of
past sessions and made for
prices at Thursday's closing.
points, with steel and aircraft shares leaders in the
lower trend.
Fears of the growing number of
strikes
defense
thus
and
their ultimate effect on
effort kept traders
national
close to the sidelines,
contributing to the market's extreme dulness.
As the final hour
in
ceeded
approached a spirited rally sue-
reducing the losses among many issues,
and had the effect of
lower
went
which
closing.
a
bringing about a fractionally
The stock market on Friday under-
hardening process inspired by steel shares,
reacted
ment that steel
favorably to the President's
needs, both domestic and
the
our
day near the top and
state-
The Commercial & Financial Chronicle
1326
reported by Edison Electric Institute at 2,820,-
was
161,000 kwh., against 2,810,419,000 kwh. in the
ceding week, and 2,455,285,000 kwh. in the
sponding period of last
pre-
corre-
Car loadings of
year.
freight for the week ended Feb. 22
rev-
March 1, 1941
authorization of $3,812,311,197 for the Army, is of
It is generally assumed
interest in this connection.
that this request includes some of the proposed "aid
to Great Britain"
In his press
specifications.
con-
re-
ference, Tuesday, the President is reported to have
ported by the Association of American Railroads
remarked that proposals for peace in Europe must
enue
at
678,493
of
42,683
but
week of last year
As
decrease from the previous week
cars, a
cars,
were
a
gain
the corresponding
over
of 83,110 cars.
indicating the
mar-
The first thing is to win
British victory.
a
added, according to the
correspondent
of the New York
Mr. Roosevelt
Washington
of the commodity
course
await
the war,
In numerous dispatches from the capital,
"Times."
kets, the May option for wheat in Chicago closed
it
yesterday at 83%c. against 80%c. the close
Fri-
at the White House looking toward the transfer to
closed yesterday at
Great Britain of all war supplies from the present
day of last week.
May
corn
60%c. against 60%c. the close
week.
May oats at Chicago
on
Friday of last
on
closed yesterday at
35%c. against 34y§c. the close
Such transfers will develop immediately after
spot price for cotton here in New York closed
and
To
yesterday at 10.94c. against 10.33c. the close
Friday of last week.
closed
yesterday at 20.75c. against 20.87c. the close
Friday of last week.
on
Domestic
yesterday at 12c., the close
In London the
at
on
The spot price for rubber
23%
copper
closed
Friday of last week,
on
jirice of bar silver closed yesterday
the close
pence per ounce,
Friday of last
on
week, and spot silver in New York closed yesterday
at
34%c., the close
In
fers
on
the matter of
on
ever
an
increasing degree the belief prevailed
expressed that passage of the "Aid to Great
was
Britain"
or
lend-lease
measure
will be tantamount
to American entry into the war.* On the floor of the
Senate this statement
was
made repeatedly.
To
a
degree, however, the State Department still manages
conduct foreign affairs
to
as
though
the United
States had not long since abandoned everything but
technical
The
neutrality.
charge
Berlin, last Saturday, that
the
voiced
was
at
Canadian
armed
merchant ship Canadian Cruiser had been sunk in
foreign exchanges, cable trans-
London closed
on
$4.03% the close
Friday of last week.
pass-
of the lend-lease bill, according to the reports,
age
week.
The
progress
stores of the Army and Navy which could be spared,
Friday of last
on
suggested that conferences are in
was
yesterday at $4.03% against
Friday of last week.
the Indian Ocean while flying the United States
flag.
The State Department promptly indicated,
Monday, that it is investigating the alleged circum¬
of the
stances
European Stock Markets
was
aroused
sinking of the ship.
by
a
dispatch
over
Some interest
the last week-end
TRADING on the leading European securities -.States Sofia, Bulgaria, whichEarle had been in a
^rom Minister George H. stated that United
dominated, this week, by the
markets
attiude
same
acterized
was
of
the
The
conviction
will
see
was no
while
watchful
waiting that has char-
dealings throughout recent months.
another
deepened that this coming spring
phase of the great
awaiting
desire to
developments.
liquidate holdings.
throughout the week.
tone for
a
on
there
were
a
owing to
yesterday variations
more
were
On the Amsterdam Bourse
foreign issues
of the week.
large
The
an
easy
modest diviex-
were
modest for the
prices of leading
marked lower at the
changes in such issues
re-
the Dutch market, owing to concentra-
on
tion of market interest in the
relatively few issues,
Buying of the equities developed in the latter half
of the week, and the
recovery put levels bahk where
they
were
Boerse
tions
week
a
were
were
Dealings
ago.
modest at
on
the
Berlin
all
times, and price varialargely fractional.
Official warnings
against large variations
are
proving effective
on
the
German market.
a
'
p
•
p
in
the
continuing and sharp debate, attention
began to turn this week toward the
immediately
effective steps that
might be taken by President
message to
implement
the
measure.
A
special
Congress, Monday, in which Mr. Roose-
velt asked for additional
a«S5^eiln ^on^ress' there were no signs of a recall
Larle.
Axis partners Speak
\ 7IEWS
V
on
the
of the
course
European
war were
expressed from the Rome-Berlin Axis stand-
point last Sunday by Premier Benito Mussolini of
Italy, and
on
Monday by Chancellor Adolf Hitler of
Germany, the addresses in
heralded.
The
speeches
both
were
being
cases
obviously
un-
intended
largely for "home consumption," but they contained
references to international affairs which well
may
have eventual
a
significance. Premier Mussolini broke
long silence when he addressed his Fascist fol-
lowers in
German
an
unusually impassioned
Fuehrer,
making
speeches
the
on
rather
stances, the "assurance"
of Italy
and Germany,
dictators will achieve
reasons
a
to
was
other
frequently.
was
The
manner.
hand,
lias
In
been
both
in-
held out to the peoples
early this week,
victory before long
that
over
the
Great
Signor Mussolini faced the problem, when
he sPoke, of explaining to his Italian followers the
i.
foreign Policy
WITH passageassured"Aid to Great Britain" bill
of the
virtually
Senate, notwith-
Roosevelt
Although this "battle of bottles"
^
Britain.
•
American
standing
mJu^ed.
well maintained
few indicative issues than had been
colonial and
main
was
Industrial stocks had
few sessions,
a
the close
start
Nor
But the industrials finally rallied and at
pected.
week.
and there
On the London Stock
Exchange gilt-edged securities
dends
war,
tendency anywhere to increase commitments
serious altercation in a cafe with one or more Germans- The Minister was not injured, but one Gerwas variously reported as dying and as slightly
appropriations and contract
for the
severe
defeats suffered by the Black-
shirt forces in Africa and Albania, which have been
made known to the Italian people with little delay,
He spoke of distance from home bases as an excuse
for the
reverses
in Africa and assured his hearers
that "spring will come" in Albania.
Duce tied the Italian tail
more
In effect, II
firmly than
ever to
the German kite, for he predicated what he called
eventual
victory
upon
Germany
successes.
Herr
Volume
Hitler
delivered
of
one
his
long tirades
the
on
tions that Great Britain may
iniquities of the Versailles treaty and stoutly af¬
firmed that German
is
arms
will win the
against
war
Britain, hut he failed to indicate the means
Each
whereby he hopes to accomplish that aim.
dictator
declared
of the other.
undying allegiance to the cause
,
.
,
„
Premier Mussolini tried
followers that the
he
actually has been in progress
war
since the invasion of
Italian
his
convince
to
Ethiopia.
It
carried on,
was
said, by the Spanish rebellion, and entered
active
more
June took
place.
If Italy had been fully prepared
great European war in
The British offensive is likely to
enterprise.
He reaffirmed the
ard after the end of the conflict.
German
allegiance to the Axis.
'
Britain and the Reich
WEATHER conditions inincrease made possible,
Europe of the aerial
week,
slow
this
a
September, 1939, instead of June, 1940, II Duce pro-
activity in the great conflict between
claimed.
German forces which may
war
He declared
timely,
was
remained
For the
war
entry into the
the powerful British antagonist
as
be
to
that Italian
subdued
after
in Africa all
the
fall
preparations
of
France,
made,
were
Hon
fighting, but rather a steady
sides of the bombings
both
on
tended
British forces
military targets upon which the
the Italians
Italian
were
plans.
due to strike and thus
In the
he
Air corps was
said.
For
these
cam-
smashed, and the
was
almost completely sacrificed,
"exasperating events," Signor
Mussolini blamed "the
of
spoiled the
of the African
course
paign the entire Tenth Army
Fifth
few days before
a
geographic and historic order
things that the most difficult and most faraway
theaters
closed
of
war
that
Italians in
reserved
are
German
forces
for
are
Italy."
He dis-
ioperating with the
Libya, and stated that nothing
the Italo-German combination.
can
break
In the Grecian war,
There was no "allintensifica-
ing the coming spring months.
out" aerial
industrial and
antagonists concen-
of the British bombing was concen-
Much
trated
on
the
so-called invasion ports just across
English'Channel.
Was
which are in-
by each side to lay waste the
trate.
the
British and
well reach its climax dur-
according to Signor Mussolini, who asserted that the
began their drive
after
The German leader
remarked that gold is not needed by the Reich and
that national economies will replace the gold stand¬
them," Chancellor Hitler said.
phase for Italy when the events of last
she would have entered the
he
Europe" against any
develop in other places and "we must run
still
a
"half of
mobilize
able to
such
be able to land troops
European continent, and remarked that
the
on
Great
1327
The Commercial & Financial Chronicle
152
A particularly successful raid
reported from London on Wednesday,
when the
indications were that a large German
cruiser in the
hit.
The British
port of Brest had been
French
day after day, and
establishments,
communica-
fliers raided deep into Germany,
industrial
attacked
tions centers and similar
The German
objectives.
fliers soared over London and
other English cities,
string of defeats during the coming spring. Dwell¬
ing at length upon the German conquest of the Con¬
night. At-,
sporadic, and the
large area covered kept the damage in any one place
to small proportions.
Sir Archibald Sinclair, the
tinent, he maintained that Great Britain
British
Premier Mussolini
promised
reversal of the long
a
cannot in¬
vade the
area
the war,
notwithstanding anything that the United
dominated
by the Axis and will lose
StateR may do under "one of the most colossal
mys¬
tifications in all
ism is
history."
usually in daylight and occasionally at
tacks
"illusion that the United States is still
a
the
on
democracy,
when instead its
Air
Secretary, admitted in an address on
found for
would doubt¬
Tuesday that no solution so far has been
night bombing attacks, which he said
less increase as the weather improves.
American intervention-
based, according to Premier Mussolini,
by the Reich forces were
German
activity was devoted to a large degree,
week, to the destruction of British
this
shipping.
merchant
This is the Achilles heel of the
British
order
political and financial oligarchy is
dominated by Jews
through a personal form of dic¬
effort, for the United Kingdom must import in
tatorship," and
in
bring con¬
sumption down to the available supplies from the
United Kingdom itself.
In various ways German
after
on
they finish
"the lie that the Axis Powers,
Great
Britain, want to attack
America."
Chancellor Hitler made
only
Nazi followers in the
which
marked
beer hall
trol
brief historical refer¬
to the United States in his address before
his
ences
the
twenty-first anniversary of the
"putsch" which set him
of the Reich.
the Wilson
carried
Burgerbrau cellar at Munich,
on
the path to con¬
He mentioned the 14
program,
which
never
were
out, but devoted his speech
the immediate
course
fliet will enter
a more
indicated, and
sea
the
American
conflict.
of the current
active
points of
completely
principally to
war.
The
con-
phase in the spring, he
warfare will be
a
major part of
correspondents
press
in
Germany gained the impression that Herr Hitler
means
to
rely largely
upon
the counter-blockade to
bring England to her knees.
"Our battle at
really begin only now," he said, and
given that the construction of
the
training of fresh
reach
soon
a
crews
new
for
maximum in March and
will have
an
a
sea can
warning
was
submarines and
such
April.
vessels
will
The British
opportunity to judge, Herr Hitler
remarked, whether the Germans have been sleeping
through the winter months. He scorned any sugges-
to live and to
fight.
Sharper restrictions on food¬
consumption are announced every week
stuffs
London, and the effort is being made to
claims
British
were
advanced in recent days of
Chancellor Hitler
tered
the
tremendous
The figures announced by
in his speech of Monday were bet¬
shipping losses.
by the German High Command, which claimed
sinking of 217,300 tons of British vessels, includ¬
ing auxiliary cruisers, as the sum
ceived
man
that day.
of reports re¬
But London scoffed at the Ger¬
claims, and stated on Tuesday that known sink-
ings for the weekly period ended Feb. 16 were
tons, as against German claims for the same
of
a
The attack by a German raider on
185,000 tons.
convoy
37,636
period
off the Azores, Feb. 12, resulted in the
destruction of six British and Allied ships totaling
23,986 tons, it was indicated, but it also was stated
that four
not
ships
are
not yet unaccounted for and are
A heightened tempo of sea war¬
indicated at Berlin, Wednesday, with a
yet overdue.
fare
was
statement that the total
British losses of the few
previous days had been increased to 250,000 tons.
On
Thursday Berlin claimed that aerial attacks on a
convoy
west of Ireland had resulted1 in the sinking
The Commercial & Financial Chronicle
1328
or
damaging of 16 British ships totaling 102,000
Nine
tons.
ships totaling 58,000 tons
1,
reason was
1941
to
seen
doubt these reports, but in most instances it was
outright in this encounter, the Germans said.
suggested that the invading Germans are in civilian
clothes.
Italian
Little
mania into Bulgaria.
sunk
were
March
Campaigns
Occasional
dispatches from Yugoslavian
points declared flatly that German army units were
BRITISH and Greek forces exerted against the observedThese reports invariably bridges deniedBulcontinuous garia. marching over pontoon were into at
pressure, this week,
and successful
Italians who
and in
are
Sofia and the German authorities in Berlin also
branded the statements as false. In an interview
fighting in various parts of Africa
Albania, with all reports still indicative of
Italian retreats.
In the Albanian theater of
Italians
are
plainly
preparing for
Premier Mussolini admitted this in his
drive.
granted on Thursday to British and American
the
war
George
com-
For
seemed
time
the
being, however, the Greeks
have the initiative.
to
Athens
reported
a
steady push in progress with the aim of driving the
Italians
Rendel, declared
bluntly that Anglo-Bul-
garian relations were "crucial" but had not yet
reached the breaking point. He warned that Bulgaria will become a theater of war if he departs
from his post, but added that only a German control of Bulgaria would occasion a complete diplo-
ment, last Sunday, that "spring will come" in Albania.
press
correspondents, tlie British Minister to Bulgaria,
vast spring
a
entirely out of Albania, and it is evident
matic break.
that British aerial forces aided the Greeks materi-
j
British authorities lost no time in endeavoring to
of the German threat against the Grecian rear from "determine the meaning of the Turko-Bulgarian pact,
Bulgaria, and of the possibility that the Balkans
for Foreign Secretary Anthony Eden arrived at
Cognizance must be taken,
ally.
will flare into
landed
are
attack
on
the other hand,
on
Istanbul, Tuesday, and promptly departed for the
general warfare if large British forces
Saloniki with
at
a
the German Reich.
view to
a
There is still
Turkish capital, Ankara, where long conversations
flanking
no
satis-
held by Mr. Eden with Turkish authorities,
were
factory indication of what the British Command in-
An announcement followed at Ankara, Thursday,
tends to do with the
Empire Army of the Nile, which
to the effect that full agreement had been reached
recently completed the defeat of Italian troops in
by Great Britain and Turkey on all points concerning the Balkans and the Eastern Mediterranean,
Libya.
If these forces
inevitable
that
the
are
sent to Greece it
European
spread to the Balkans,
as a
seems
conflagration
Sir Stafford Cripps, the British Ambassador to Mos-
will
whole.
arrived at Ankara, yesterday, for conversations
cow,
German mechanized forces made their appearance
-
with Mr. Eden and the military authorities who
early this week in Italian Libya, and another inter-
accompanied the Foreign Secretary
esting chapter thus
from
Premier Mussolini
Reich
the
fighters
antagonists in his
announced
was
added to the
acknowledged last Sunday that
were
own
meeting his
had encountered the British
some
Bengazi, and had destroyed
the German
be drawn
the
selected
own
colonial possession.
Berlin
Wednesday that the German units
on
formation is
record,
war
a
available, however,
distance south of
few tanks.
as
No in-
to the extent of
infiltration, and conclusions cannot yet
regarding the effect of the incident
course
of the
Libyan campaign.
upon
Farther to the
London.
The Russian
on
his journey
Government,
mean-
while, again displayed complacence regarding recent
German moves by signing, Wednesday, a two-year
trade treaty with German-dominated Rumania.
may or may
It
not be significant that Moscow dropped
from the Soviet Central Committee, late last week,
former Foreign Commissar Maxim Litvinoff, who
guided Russian policy in the
ican relations with Russia
pre-war
are
period.
Amer-
reported to be "de-
teriorating," owing to continued echoing of London
charges that supplies
are
moving from the United
east, in the Italian possessions of Eritrea, Somali-
States to Germany via Siberia, and to the alleged
land and
Moscow view that the various embargoes proclaimed
Ethiopia, the British forces steadily drove
the Italians back.
The Italian Somaliland port
of
Mogadiscio fell to the British Empire units, Wednesday, and not must else remains in that
British to "clean
British made
when German
attack British
reported
area
for the
waters
was
British control of the
contested
ranean
REAT pressure
only briefly,
VJ.
dive-bombing airplanes attempted to
warships which hold the sea. Lon-
and
on
Sunday that
seven
Italian supply
ships had been sunk in the Mediterranean
consequence
,
France and Spain
In Eritrea and Ethiopia the
good progress.
Mediterranean
don
up."
by President Roosevelt against exportation of goods
to Russia were not arranged in "good faith."
as
a
of submarine activity in the Mediter-
during recent weeks.
P as
ern p
-
Spain in the
coalition, but
from
a
war program
inner
some
by France
of the Rome-Berlin
careful perusal of official reports
Vichy and Madrid suggests only the utmost
reluctance to active
man
urope
apparently is being exerted by
the Axis Powers for collaboration
conflict
participation in the
within
France
seems
to
war.
An
reflect, to
degree, the difficulties occasioned by the Ger-
occupation of the rich industrial sections of the
north.
Obviously enough, Vichy finds it advisable
BALKAN the worried uncertainty to reflect, this to placate the German authorities in Paris. Mardevelopments continued of the various shal Henri Philippe Petain is indisposed, however,
week,
small
countries
regarding possible
major Powers which would make
of
Eastern
Europe.
a
moves
The real significance of the
Turko-Bulgarian agreement of Feb. 17
endlessly, but
able.
no
by the
vast battlefield
fresh information
was
was
The Balkan States awaited with
debated
made avail-
to carry the collaboration to the point of accepting
German dictation of the
regime.
for
For
some
restoration
to
personnel of the free French
weeks the Germans have pressed
power
of Pierre Laval.
series of recent Cabinet changes, however,
In
a
Admiral
any
Jean Darlan gained most of the offices not held
official
confirmation
that
by Marshal Petain, while General Charles Hunt-
German
troops had crossed the Danube from Ru-
ziger is to occupy most of the posts not filled by his
of
numberless
anxiety
reports
two
superiors.
stated that
of (M.
ment
An
announcement
Darlan
Minister, with full
power
are
in
don
dispatches
Foreign
had
rejected
to continue the discussions
The
British
No mention
made in
was
a
vastly greater degree of cooperation with
Germany than appeals to M. Petain.
where M.
declared
neutrality in the
It is
difficulties.
Germans
of
contiguous Spanish territory that
on
would render "the Rock"
Tuesday stated that Great Britain
the
fore
a
week,
relatively useless to the
interpreted for
were
in this
success
Japan looks
He made it clear that
tlement.
time
a
The northern Span¬
respect.
partially destroyed in
of Santander
an
a
ensuing fire, which made 30,000
Spaniards homeless.
A German army contingent
a
Spain
on
"peaceful mission" to help
the inhabitants of Santander.
the Nazis
Apprehensions that
might be using this incident as a pretext
military
toward Gibraltar
move
were
fied, however, when it appeared that
aid
of
victims
the
Madrid
modi¬
grant of
a
that usually is
Discount Rates of Foreign Central Banks
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
any
banks.
Present
the
at
rates
leading centers
are
shown in the table which follows:
r
Pre¬
Rale in
Effect
Date
vious
Feb. 28
Effective
;
■
Effect
Date
Feb. 28
Country
Effective
Aug. 29 1939
2
2X
Hungary...
4
India
3
Aug. 29 1935
Nov. 28 1935
4X
7
4X
May
18 1936
3.29
Apr.
7 1936
3
Jan.
14 1937
6
July
15 1939
1 1936
Jan.
5 1940
Bulgaria
6
Aug. 151935
2X
Mar. 11 1935
Chile
3
Dec. 16 1936
4
Japan
4
July 18 1933
5
Java
3
Jan.
11936
4
Jan.
21937
3X
5
-
-
—
Italy
Lithuania
Czechoslo-,
vakla
...
Rate
3
Mar.
Danzig
vious
Holland
3 X
2
Argentina..
Pre¬
Rate in
Rate
Country
..
3X
5
3.65
4
7
6X
May 28 1935
4X
Norway....
4X
Sept.22 1939
3X
4X
Dec.
4
Aug. 11 1937
4X
May
5 1938
May 15 1933
4X
Mar. 29 1939
5
Morocco
...
5
17 1937
4X
May 22 1940
5X
Poland
Eire
3
June 30 1932
3X
Portugal
England
2
Oct. 26 1939
3
Rumania...
3X
Estonia....
4X
Oct.
11935
6
South Africa
3X
Finland
4
Dec.
Spain
Jan.
31934
4 1939
4X
2
2X
Sweden....
3X
May
17 1940
3
3H
Apr.
4
Switzerland
IX
Nov. 26 1936
2
6
Jan.
6 1940
4 1937
7
Yugoslavia
5
Feb.
Denmark
..
...
France
Germany
._
Greece
•
Not otticlaUy
....
*4
4X
1 1935
6X
confirmed.
military units
were
being permitted to
Spain, and these statements apparently
Whether
authoritative.
Spain
were
hold out
can
very
long against Axis pressure for full participation in
war
the side of
on
medicaments
and
both
mitted to reach
Germany and Italy is,
per¬
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
as
were
Friday of last week, and 1 1-32@1
on
three months'
bills,
Friday of last week.
Friday
1-16% for
against 1 1 32@1 1-16%
as
on
call at London
on
Money
on
1%.
was
Some small supplies of Amer¬
haps, another matter.
foodstuffs
Foreign Money Rates
Santander catastrophe.
the
reports indicated rather emphatically that
German
ican
in¬
as
had been made available by Great Britain
money
the
Oceania
upon
signified by the term "Oceania."
indicative
as
moved into
no
speech be¬
Australia, New Zea¬
cluded in the extensive island group
Colombia..
enter
a
not to be considered
were
Belgium
hurricane and
to
In
sphere of Japanese expansion and set¬
proper
Canada
ish port
a
have
Diet, Tuesday, Foreign Minister Yosuke
Matsuoka declared that
as
to
Japanese that military moves in the
purely defensive, and this comment occa¬
are
the
said
was
sioned much satisfaction in Tokio.
Some reports from Lisbon, late
garrison.
of Nazi
for
Tokio suggestion.
the
also
Government
"
British
last
of establishing air¬
or
have
enor¬
through Spain with the
attacking Gibraltar
plane bases
endeavoring to
in the face of
war
Pacific
commonly accepted that the
march
want to
to be
seems
assured
on
emphatically
land and Hawaii
,
Spanish Government headed by Generalissimo
maintain
aim
might be
war
against Great Britain by the Vichy regime,
Francisco Franco also
mous
headquarters, the
such action has been taken.
no
The
makes his
now
circulated late last week that
rumors
but
Laval
From Paris,
Saturday to
reported last
were
the appoint¬
order, last Monday, of M. Laval, who is believed
to favor
authorities
protested the Japanese offer of mediation, and Lon¬
and
was
Vice-Premier
as
with Reich authorities.
the
Monday
last
negotiations with Germany still
Especially significant
progress.
1329
The Commercial & Financial Chronicle
Volume 152
France and
been
have
Bank of Germany Statement
per¬
Spain in recent
weeks, but the shipments are inadequate and famine
THE Bank's statement as of 238,469,000 marks,
circulation of Feb. 22 showed a
and disease still threaten those countries.
which reduced the total
f
loss in note
Far East
outstanding to 13,036,489,000
compared with the record high,
marks,
14,033,-
213,000 marks, Dec. 31 and 11,109,823,000 marks
INTERNATIONAL concern with respect acute this
appeared to be somewhat less to the Far
East
a
year ago.
A decrease also appeared in gold and
foreign exchange of 287,000 marks,; in bills of ex¬
and in
Gold and foreign
week, although vague reports again were available
change and checks of 321,697,000 marks,
from many
quarters to the general effect that Japan
investments of
might
start a military movement toward Singa¬
77,638,000 marks, com¬
marks a year ago.
The
reserve
proportion remained unchanged at 0.59%;
a year ago it was 0.70%.
Other assets and other
daily maturing obligations registered increases of
pore
soon
and The Netherlands East Indies.
Moscow
were
rumored at times to be
tlement of all their differences.
flict in China was in the
was
centered
affairs.
on
Efforts
other
Tokio and
nearing
a
set¬
The Japanese con¬
background, and attention
aspects
of
Far
Eastern
by the Tokio spokesmen to mediate
the conflict between
Thailand
Indo-China seemed to be
(Siam)
and French
exchange
pared
now
with
1,396,000 marks.
aggregate
77,514,000
36,524,000 marks and 12,861,000 marks, respectively.
Below we furnish the various items with comparisons
for
previous years:
conspicuously unsuccessful,
REICHSBANK'S COMPARATIVE STATEMENT
owing to large territorial demands by the Siamese
for Week
French representatives made it plain
they would fight rather than accept the prof¬
negotiators.
that
fered terms,
and Japan then stepped in with a com¬
This, in turn, appeared to be un¬
satisfactory to the French, and a resumption of
promise proposal.
hostilities seemed more than
offer of Feb.
18 to mediate
world
frigid
met
a
possible.
wars
response
The Japanese
anywhere in the
in Europe.
German
.
Changes
Assets—
Reichsmarks
,
Gold and foreign exch.
Bills of exch. & checks.
Silver and other coin..
Advances
--
Investments
1941
Reichsmarks
Feb.23,1940
Feb.23,1939
Reichsmarks
Reichsmarks
76,560,000
77,514,000
77,638,000
—321,697,000 13,815,284,000 10867053,000 6,489,424,000
256,535,000
432,034,000
al43,291,000
35,013,000
25,641,000
a36,907,000
947,913,000
180,392,000
23,171,000
—1,396", 000
—287,000
+36,524,000
Other assets....
Feb. 22,
1,418,380,000 1,895,337,000 1.345,442,000
Liabilities—
Notes In circulation...
Oth. dally matur.
oblig
—238,469,000 13,036,489,000 11109823,000 7,248,745,000
1,924,704,000 1,552,969.000 1,085,347,000
+ 12,861,000
8720,863,000
Other liabilities
Propor. of gold & for'n
curr. to note clrcul'n
a
No change
Figures as of Dec. 23, 1940.
677,462,000
439,916,000
0.59%
0.70%
1.06%
I
-
,
1
Bank's
showed
increase of
raised
which
culation,
26
dated Feb.
weekly statement
an
£1,772,000 in note cir¬
outstanding
total
the
to
.£603,249,000, compared with the record high, £616,-
£531,215,913 a year ago.
.A further addition of £100,457 in gold holdings,
Dec.
.904,239
and
25,
.together with the circulation advance, resulted in
r
a
drop in
reserves
decreased
£17,116,000, while other deposits gained
The latter consists of "bankers' ac¬
"other accounts," which increased
£18,896,772.
and
counts"
Public deposits
of £1,672,000.
The pro¬
to liabilities fell off to 14.9%
£18,250,595 and; £646,177, respectively.
portion of reserve
from
16.0%
week
a
it
ago; a year ago
Government security
was
27.1%.
rose
£4,235,000, while
£756,569.
Other securities
holdings
other securities declined
comprise "discounts and advances" and "securities."
which
No
THE marketextremely dull bankers' acceptances
for prime this week. The de¬
has been
mand has been
Reserve Bank of New York for bills up to
ing 90 days
Following
we
furnish the different items with
running for four months, 9-16% bid and %% asked;
for five and six months, %% bid and 9-16% asked,
The Wll-buying rate ofRe^rve Bank
is
%% for bills running from 1 to 90 days.
Discount Rates of the Federal Reserve Banks
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount rates
recent advances
Government obligations are shown
on
footnote to the table.
in the
schedule of rates
of paper at
now
RATES OF
Date
Previous
Feb. 28
Established
Rate
Federal Reserve Banks
;v
■ii
.
l
IX
Sept.
March
March 1,
1939
Feb. 28,
1940
2,
3,
1937
1938
May 11, 1935
2
Aug. 27, 1937
2
Kansas City
*1X
Sept.
3, 1937
2
Dallas
*1X
IX
Aug. 31, 1937
2
3, 1937
2
Chicago
Minneapolis
603,249,000 531,215,913 478,448,520 478,343,890 460,954,385
11,425,897 15,174,718
14,635,000 45,749,200 11,643.224
174,739,451 138,260,679 146,910,610 151,734,487 131,467,856
Bankers' accounts... 121,722,077
99,407,854 110,361,073 115.711,224 93,767,777
37,700,079
Other accounts...
38,852,825 36,549,537 36,023,263
53,017,374
Govt, securities
156,372,838 127,122,813 99,046,164 104,446,164 85,089,300
Other securities.....
25,015,985 28,747,782 28,119,055 26,237,412
22,701,286
Disct. & advances.
7,075,892
4,294,942
6,349,490
2,780,589
3,722,713
Securities
18,978,573 22,235,396 22,398,292 21,043,163 21,942,470
Circulation
deposits
...
Reserve notes & coin
1,620,567
Proportion of reserve
P to liabilities
14.9%
2%
Bank rate
Gold val. per fine oz_
San Francisco
168s.
36.50%
2%
30.8%
2%
84s.
29.9%
2%
llHd. 84s.
272%
168s.
ll^d. 84s.
11 Hd.
New York Money Market
Course of
week.
in
Rates
New
all
2
Aug. 24, 1937
2
Sept.
Sterling Exchange
THE free pound continues two weeks and pre¬
vailing during the past close to the levels fre¬
was
quently quoted at the lowest levels for the past
York
hardly
ing free pounds,
TREASURY financing was the onlymarketofthis
item in¬
the
2
2, 1937
Sept.
*
almost
in
2
Aug. 21, 1937
Advances on Government obligations bear a rate of 1%, effective Sept. 1, 1939,
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis.
There is
terest
Aug. 21, 1937
50,008,001 48,967,140 48,828,497 53,562,352
1,223,914 227,415,660 327,172,387 314,516,737
28,372,000
Coin and bullion
2
IX
Atlanta
St. Louis
Other deposits
4, 1937
IX
*1X
*1X
*ix
IX
Cleveland
March
IX
IX
Aug. 27. 1937
Philadelphia.
Richmond
Public
1, 1939
Sept.
New York...
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Feb. 26,
1941
FEDERAL RESERVE BANKS
Rale in Effect
com¬
years:
The following is the
in effect for the various classes
the different Reserve banks:
DISCOUNT
Boston
parisons for previous
and includ¬
%% bid and 7-16% asked; for bills
are
discount rate.
2%
the
made in
was
good but there are practically no bills
as reported by the Federal
Dealers' rates
available.
dropped £68,570 and £687,999, respectively.
change
1, 1941
Bankers' Acceptances
Bank of England Statement
-
T^HE
March
The Commercial & Financial Chronicle
1330
money
ordinary classifications were
no
slight
are
any
as
the free and the official rate show
difference.
and
On
the
unimportant.
sterling this week
year.
advantage at present in obtain¬
was
whole,
The
fluctuations
for free
range
between $4.02% and $4.03%
simply continued from previous weeks and months,
for bankers' sight, compared with a range of between
with business
$4.02% and $4.03% last week.
ury
But the Treas¬
exceedingly modest.
loans of the week reflected
a
modest hardening
:of costs, partly because the major issues are fully
taxable under the Public Debt Act of 1941.
In
ex-
change for $1,222,000,000 bonds and notes payable
March
15, the Treasury
on
Tuesday offered holders
the alternative of
;
2% bonds due in nine
callable in
years,
or
have applied for
new
years
and
%% notes due in two
The great bulk of holders
years.
f
seven
understood to
are
2% bonds.
Last Monday the
j Treasury sold its last issue of $100,000,000 tax-free
discount
.
0.007%
.
on
0.043%
average
discount, against
the similar issue awarded
Call loans
to
at
on
the New York Stock
a
week earlier.
Exchange held
1% for all transactions, while time loans again
were
1%% for GO and 90 days, and 1%% for four
to six months'
range
for cable
transfers has been between $4.03 and $4.04, compared
with a range of between $4.02% and $4.03% a week
'
ago. <
•;
Official rates quoted by the Bank of England continue unchanged: New York, 4.02%-4.03%; Canada,
4.43-4.47 (Canadian official, 90.09@90.91c. per
United States dollar); Australia, 3.2150-3.2280; New
Zealand, 3.2280-3.2442. ; American commercial bank
rates for registered sterling continue at 4.02 buying
and 4.04
selling.
In London
bills, due in 91 days, and awarded these
instruments
The
Italy,
or any
New York
exchange is not quoted
on
Germany,
of the invaded European countries.
exchange is not quoted
on
Europeap countries, but the German official mark
is
at
nominally quoted at 40.00 and registered marks
14.25.
Italian lire
are
pegged in New York at
5.05.
datings.
The market continues to be overshadowed
New York
D
r
;
Money Rates
probability that all foreign deposits
EALING in detail with call loan rates
on
the
Stock
Exchange from day to day, 1% was the
ruling quotation all through the week for both new
loans
and
renewals.
In
the invaded
The
market
for
time
be
on
by the
this side will
brought under "freezing" orders such
as
were
issued with respect to funds of the invaded European
countries.
money
The various proclamations of President Roosevelt,
continues quiet. Rates continued nominal at 1%%
placing certain commodities under the export licens-
;up to 90
maturities.
continued
days and 1%% for four to six months'
The market for prime commercial paper
moderately
demand has been good.
for all maturities.
active
this
week
Ruling rates
are
and
the
%@%%
ing system,
new
are
not unrelated to the probability of
"freezing" orders.
issued two
On Feb. 25 the President
proclamations,
one
placing aircraft pilot
trainers, beryllium and graphite electrodes under the
export licensing system immediately.
The second
Volume
The Commercial &
152
financial Chronicle
During the last
order, which becomes effective March 10, adds to
the list of articles for which export licenses must
obtained belladonna, atropine, sole
be
leather and belt¬
ing leather.
these articles
were
in¬
cluded in the list of exports
which
"in the interests of national
defense/' and the im¬
may
be banned
pression among observers in Washington was that
no
country except the Soviet Union could be severely
affected by
that the
(By inference, it is supposed
this order.
halting of such supplies to Vladivostok must
curtail like shipments from
necessarily
Germany.)
The U.
worth of sole leather in
British business of every
flects the
This is
not
seen
only in the
stock markets
are
course
situation.
of Britain's inter¬
particularly in London, where the
presenting
an
During the last week
picture.
war
exceptionally somber
some new
low marks
for 1941 have been
unusually limited field of trading.
The
an
general tone of markets indicates that confi¬
dence is
unimpaired, but reflects sober anticipation
be ahead in military developments and
of what may
The Government's recent
in increased tax burdens.
assumption of control of the cotton trade, although
not
to
something of a blow
industrial-minded investors, as an example of
entirely unexpected,
rubber and
came as
in other important fields, such as
what may occur
tin, which have been rising under the
impact of menacing events in the Pacific.
The "Financial News" index of 30 industrial stocks
based
on
and with the low of 49.4 recorded on June
and the high of 124.9 reached on Nov. 11,
year ago,
in warehouses and
The bond index based
on
1928
as
100 stands at
remaining
a
with 133.4 at the beginning of th^ war,
high record of 141.6 at the end of Janu¬
year ago,
ary,
was
93.6 at the end of February,
The London "Financial Times" market aver¬
1931.
ages
The low
1935.
for industrials stood at 84.8 on Feb. 24, as com¬
pared with 88.3
on
fected by the
outlets
United
States
possibly absorb
the
is
rise in wholesale prices. According to
index, British wholesale prices in
British traders confidently expect to
the
In time of peace
war.
an
on
average
outbreak
the
of
war
the
and manufactured
It would
Britain
of
goods.
seemingly be extremely difficult for Great
again to supply anything like the proportion
capital which it has hitherto sent for the develop¬
South
of
ment
chief
America,
suppliers
London's great
manufactured goods and
of
The most that responsible financial
long time.
During the last half century
with other
tures
and Japan
Now it is
efforts
with the United States.
some
quarters that the great
being made in the Latin American countries
to
stimulate their
as
to
own
become less
be
further
a
manufacturing industries
dependent
It is
stumbling block to
become
Latin
population
and
means
of
the world's most
ally backward
The
for
of
are
istic resulting from the present war.
can
They lack the
if it is assumed that all
even
could be obtained.
resources
an
The
important industrial
living
men
conspicuous example of
is perhaps
an
industri¬
nation rising to modern industrial
of Latin America and
case
from
Japan
its recently
an
farms
proper,
industrial
exporter of
in the 1890's.
way
But
to
shops,
factories,
and
omitting from consideration
conquered territory of Korea and Manpopulation of 64,450,000 in
a
square
miles,
or
436
an
island
per square
The Latin American countries cannot hope to
industrial level
an
national policies are
of
as
teeming and docile population available
a
transfer
offices.
Japan
barely under
was
reach such
countries
many
countries
But the problem of industrialization is
rise
mile.
It is generally
by
Japan.
widespread fear that business depression
bound to follow.
Many quarters see a paralysis of world trade as a
result of the impossibility of an inter-continental
clearing of commodity surpluses and deficits.
This,
it is thought, will be the main economic character¬
in overseas
American
Japan to the status of
the close of the war no matter what its
believed that accumulation
unsalable stocks of raw materials and falling prices
outcome.
recovery
Latin America.
industrially self sufficient.
necessary
rise of
the
before
so
sources
pointed out that it must of necessity be
decades
other
foreign
upon
Britain of its share of exports to
territory of 147,593
a
Great Britain
or more
years
thought in
some measure
There is
on
countries, notably with Germany
and in later
chukuo, has
must follow
plant
experience in foreign trade and especi¬
circles hope for
is to have this tendency brought under
of control.
the
has had to share Latin American trade in manufac¬
Japan had
48.5%.
are
become
can
ally in dealing with the Latin American republics.
materials by
a
they
This presumption is based largely
equipment.
52.5%, food prices being up by 60% and industrial
general fear of price and currency inflation
continue to vex responsible British quarters for
British traders
but
that
confident
nevertheless
products
must
Great Britain absorbed
exports, paying for them in its own exports of capital
general index has risen
The
regain their
than half of Latin American
more
January were about 0.5% higher
Since the
coun¬
Latin American trade after
preponderant share of
radically different in the
than in December
cannot
fraction of each
a
try's production.
eminence.
industrial materials.
Indies, of which
principal buyer,
than
more
as
The few*
especially of
products,
the
for
the Board of Trade
because of the rise in
shipped profitably
nation within the lifetime of
Feb. 15, 1939.
business in Britain is also adversely af¬
General
not be
can
Latin America and the Dutch East
126.7, compared with 127.1 a month ago, with 125.5
and with the
extraordi¬
practically all markets have been cut off.
the
natural
the field of disturbance is much
now
extent, and their natural products are piling up
will
1936.
But
materials and
raw
greater, their markets are curtailed to an
nary
July 14, 1935, as 100, started this week at
68.6, compared with 73.7 a month ago and 79.3 a
26 last
marketability of their
products.
registered because of the steady
trickle of sales in
comparatively
position because of the high prices and
description actively re¬
kaleidoscopic changes in the
national trade but
Russia to
bought $2,180,000
the United States during 1940.
R.
S.
S.
nations, especially in
strengthened theij4
war overseas
South America and the Far East,
easy
The proclamation said that
1331
'
no
matter how their
shaped, because of the sparsity
th^ir population.
In
all
Latin
America south
of the Rio Grande,
except the Caribbean islands, the aggregate popula¬
tion is about
square
120,000,000, in
miles,
The industrial
population
or
about 15
a
territory of 8,000,000
persons per square
mile;
significance of the vast difference in
between Japan and
Latin America is
TAe Commercial & Financial Chronicle
1332
better understood when it is
Jersey has
population density of 539 per
a
square
ample
and agricultural
spaces
open
Great Britain is
areas.
making and doubtless will
now
continue to make strenuous efforts to hold and
its
mile.
expand
predominant export trade, but for the present is
i-
~
^
i
Contmental and Other Fore.gn Exchange
industrialized States I
Yet both these small but highly
contain
Commercial sight bills finished
at $4.00; 60- and 90-day bills are no longer quoted.
for cable transfers.
pointed out that New
mile and Massachusetts has 528 to the square
March 1, 1941
IT MUST necessarily be a long time before anything
of a reliable nature can be said regarding the
1
foreign exchange, financial and trade figures of Con-
tinental Europe.
Over last week-end leading shares
obliged to curtail its efforts in this direction. This was
on
the Berlin Boerse registered losses of 3 to 5 points,
Government
as
the result of
seen,
for instance,
few days
a
in
ago
a
March 6 prohibiting the
announcement effective as of
Lange,
an address in Hamburg by Kurt
Vice-President of the Reichsbank, which
export of goods from Britain to Brazil, Chile, Colom-
made it clear that the German authorities have
The announcement
by the Board of Trade said the order was issued "in
abandoned their cheap money aim.
Herr Lange's announcement that the Ministry of
Finance and the Reichsbank have no intention for
bia, and Peru except by license.
order
the
that
utmost
benefit
be
may
means
of
said that Britain
payment."
well
An informed
not.planning
was
reduction in exports to
the order may
a
that the volume of exports is kept
view to insuring
within the
possible
United Kingdom exports and with
derived from
source
immediate
any
the four countries but that
serve
in the future to strike
balance between the value of
The London money
to
1% for
when tax payments
adopting
of
market continues
% of 1%.
Call
frequently
easy,
with
money
went
cause pressure
liquidation of securities to raise cash.
a
reversal of the
heretofore adopted and
course
The expansion of German industrial interests in
all other European countries becomes steadily
and the
However, the
Co., the interest acquired in the Dutch steel
Nederlandische
Konniglijke
cooperation between the Reich's
expansions
1
felt.
Two- and three-
1-32%, four-months bills 1 3-32%,
1%%.
compared with quotations of
a
few weeks
several occasions the Canadian dollar
the
highest since mid-January.
was
firm,
ago.
as
The total of Cana-
dian bond issues since the outbreak of the
war
is
$1,506,045,154, J. L. Isley, finance minister, revealed
to the Commons in
Ottawa
that the volume of money
20%
above
the
on
Feb. 23.
in Canada
pre-war
level.
ranged during the week between
and
a
Montreal
a
than
funds
discount of 15%%
discount of 14%%.
The amounts of
follow
He estimated
was more
are
gold imports and exports which
weekly statement of the
by
the
and staple
interests.
These
interest responsible
general
a
rayon
rayon
to
of
sense
their
characterizes
anxiety
Herr Lange also made
a
direct bearing
nervousness
attitude
toward
on
second assertion which had
a
the function of the Boerse.
said that while the present Government fully
ciates the
necessity for stock exchanges
of the German
such
fiscal
function
it emphatically disapproves
economy,
procedures
as a
He
appre-
permit the amassing
as
of
large profits and foster speculative price movements.
This
was
interpreted
a
as
unless business itself takes
abate these
to
taken from the
concern,
Boerse transactions,
On
quoted at
apparently fail
industrial leaders and
and
Canadian exchange continues relatively
Hoogovens,
German United Steel Co., and the plan for close
month-end pressure is again
are
more
Hungarian oil concession and the Wintershall Potash
fiber industry and the French
and six-months bills
con-
firmed last November.
%% rate is expected to prevail immediately until
months bills
policy to lower
any
apparent, as evidenced by the confirmation of the
brief period, not unusual in February
a
being
time
for the Nation's medium-term borrowing represented
a
goods exported to them
and their ability to pay.
call money available at
the
interest rates beyond the current standard of 3%%
concealed
some
threat that
appropriate
measures
practices, the Government will be
obliged to intervene,
German authorities
say
that the Reich's expendi-
United States Department of Commerce and cover
tures at the present time are approximately 5,500,-
the week ended Feb. 19, 1941.
000,000 marks
gold exports and
does not
imports, feb. 13 to feb. i9, inclusive
Refined bullion and coin
3,864,382
—
Total
Nil
,3'845,236
" "
Chiefly $225,879 Canada, $118,649 Mexico, $773,225 Chile, $150,324
Gold held under earmark at the Federal Reserve banks
was
increased
during the week ended Feb. 19 by $11,627,648 to $1,893,786,-586.
Referring to day-to-day sterling exchange rates,
was no
market in New York
Washington's Birthday.
$4.02%@$4.03% for
on
Saturday last,
On Monday the
bankers'
$4.03% for cable transfers.
sight
range was
and
$4.03@
On Tuesday bankers'
sight was $4.02%@$4.03% and cable transfers were
$4.03@$4.03%. On Wednesday bankers' sight was
$4.03@$4.03%;
On
cable
transfers
Thursday bankers' sight
cable
transfers
were
the range was
$4.03%@$4.03%.
$4.03@$4.03% and
$4.03%@$4.04.
On Friday
was
$4.03%@$4.03% for bankers'sight and
$4.03%@$4.04 for cable transfers. Closing quotations on Friday were $4.03% for^demand and $4.03%
month.
Although the Government
and other
on tax
revenues
about 2,500,000,000 marks
a
con-
which
month, and
the Reich's monthly borrowings at the rate of
on
3,000,000,000 marks.
Shipments—
New
there
clusively based
—average
$5,779,386
„
Detail of Refined Bullion and Coin
*
E_ZT'.
»$iXiw)04
Ore and Dane bullion
a
publish actual figures, the estimate is
Tax
recently given
revenues
out ^y Herr Fritz Reinhardt, assistant minister of
finance, amount to 27,000,000,000 marks for the
thus accounting for about 30% Of
Germany's national income, estimated by
CUrient year,
Greater
financial authorities at
100,000,000,000 marks for
1940, against 85,000,000,000 marks in the last full
year
of
peace
in 1938.
The economic adviser for the Deutsche Bank
plained
a
few weeks
ago
ex-
that the Reich is able to
meet its wartime deficit by borrowing because of the
large volume of idle capital which has been set free
by
the
restrictions
on
consumption
and
by
inability of industry to undertake its normal
the
re-
placements.
Impartial economic observers
the huge Reich loans
of the word
are
are
convinced that
really in the true
disguised forced loans,
and
sense
can
not
Volume
intention to make such redemption.
no
Italy and Germany have reached
accord
raw
a new
commercial
providing for increases in their exchange of
and
materials
The
erents.
other
the commercial balance,
of
5.15, against 5.15.
a
decree setting forth
all goods enter¬
minimum tariffs in favor of Itlay on
In return the Italian Government has
pledged itself to take steps
is
EXCHANGE on the Farconspicuous firmness in
.Eastern countries con¬
steady, with
tinues
Another decree just
published in Vichy relates to
debts in foreign countries contracted
If the creditor is foreign, the
by the French State.
Eastern currencies hardly
they
The Japanese yen
It would
British colonies
and
are
are
imported from the
customarily contracted in
sterling, the debt will be paid in French currency at
the official rate of
seem
quite possible that the application of
that
tHe exports
thus cutting into
It is
application of the licensing system to Japan may
be extended
so
tion of both
countries.
far
as
to amount to a
commitments, such
those in the United States, it
as
trade encountered
Japanese-American
is felt in Vichy quarters
that it would be possible to arrange
for certain special
payments to be made by means of French holdings
in this country now
Exchange
on
officially blocked by Washington.
York in
a
trading
are
firm around 23.85%, against
The Swiss franc
23.85.
Swedish kronor
nominal market at 5.05.
(commercial franc) is firm
Exchange on Finland closed
at 2.05 (nominal), against 2.05 (nominal).
Greek
exchange is no longer quoted. Spanish pesetas are
nominally quoted at 9.25, against 9.25.
at
23.23, against 23.24.
numerous
but retained most of
approximately $393,000,000.
Jap¬
purchases in the United States declined about
$5,000,000 but still exceeded $227,000,000.
Japan's
shipments to the United States fell about $158,376,000 in 1940 and were about $3,000,000 less than
in 1939.
Closing quotations for yen checks yesterday were
the invaded European countries is not
quoted in New York.
The German reichsmark in
nominal trading is quoted at 40.00, while registered
marks are 14.10.
Italian lire are pegged in New
in limited
anese
cessa¬
.
the 1939 value of
of other foreign
practical
imports and exports between the two
settled until after the
case
the
across
within the range of possibility
even
setbacks during the past year,
In the
safeguard the
be extended rather widely to
debts between France and Great Britain will not be
war.
Nevertheless,
Japanese exchange is not promising.
defense program may
Obviously outstanding
exchange.
of
the United States license system to
Pacific.
products which
continues steady, being pegged
the United States dollar at 23.46.
to
Japan,
not infrequently occurs, notably
as
all markets.
French Exchange
When the creditor is a
Most other Far
deviate from day to day
closely allied to sterling, which is steady in
are
obligation will be met in French francs paid into the
Office.
through both Shanghai and Hong¬
kong continue to fluctuate widely.
the future
Italy.
for certain
v,;''v:yvP:^
quoted at 20.75, against 20.75.
to insure for
necessary
equivalent treatment when entering
as
Peru is
The Mexican peso
against 16.00.
the Chinese units,
officials said.
ing at Rome have just issued
national,
Brazilian milrei
Chilean exchange is
has long been held at 29.78.
peso
closed at
nominal at 16.00,
French and Italian economic delegations in a meet¬
French
peso
nominally quoted at 5.17, against 5.17.
ex¬
supplies will be carried out without regard to
the settlement of
market
free
The Argentine official
regulates commercial
facilitate Axis economic collaboration all shipments
French goods
or
23.70.
In order to speed up and
resulting from trade.
ing France.
unofficial
Argentine
closed at 23.60, against
products useful to bellig¬
agreement
changes between the Axis partners and payments
war
The
It is generally believed
ultimately be fully redeemed.
that there is
1333
The Commercial & Financial Chronicle
152
23.46, against 23.46 on Friday of last week.
Chinese units continue to fluctuate though
Shanghai have been displaying a
Hongkong
Hongkong and
during the past few weeks.
firmer tone
closed
at
The
both
24.70,
against 24.55; Shanghai at 5.80,
against 5.85; Manila at 49.80, against 49.80; Singa¬
pore
at 47%, against
47%; Bombay at 30.33, against
30.33; and Calcutta at 30.33, against 30.33.
Gold Bullion in European Banks
4—♦
EXCHANGE on the Latin American countries is
firm throughout
light dealings. Our trade
on
with all these countries is far out of
greatest
we
with Argentina.
extent
example,
Last
year,
for
sold Argentina $107,000,000 of goods but
bought only
$83,000,000.
dislocated
becomes
it
With European trade
extremely
difficult for
the
British statutory rate,
the
in
dates of most recent statements,
special cable yesterday
shown for the
result.
direct
Bank
of
Argentina Announced
Feb. 26 that the Government has
on
relaxed the import
Spain
_.
exchange available to im¬
basis. Under the new regulations
foreign exchange derived from the export of potatoes,
casein, and by-products of the cattle industry will be
deposited with the Central Bank.
The bank will
auction foreign exchange to importers of products
heretofore on the prohibited list.
The new plan
amount of foreign
Nat. Belg—
Switzerland
Sweden—.
Denmark
Norway
Total week.
Prev. week.
porters on a new
Note—The
from
by
us
are
•
1938
£
*618,933
130,195,465
328,625,979
295,815,490
3,875,700
3,007,350
63,667,000
25,232,000
121,770,000
99,114,000
112,505,000
33,055,000
728,303,612
704,518,054
many
war
63,667,000
23,400,000
85,342,000
67,174,000
86,889,000
55,533,000
6,511,000
327,172,387
293,719,377
2,521,900
87,323,000
25,232,000
118,818,000
£
314,516,737
347,628,740
78,740,000
26,246,000
2,454,850
87,323,000
42,575,000
73,218,000
105,304,000
83,513,000
25,578,000
6,543,000
6,551,000
7,515,000
6,603,000
100,141,000
6,555,000
8,222,000
6,667,000
1937
899,138,305 1,073,971,664 1,095,265,327
896,176,315 1,073,841,397 1,093,326,110
in Europe has made It Impossible to
of tbe countries shown in this tabulation.
obtain up-to-date reports
Even before the present
regular reports were not obtainable from Spain and Italy, figures for which
are as of April 30, 1938, and Mar. 20, 1940. respectively.
The last report from
France
was
received June 7; Switzerland, Oct. 25; Belgium. May 24; Nether¬
war.
lands, May 17; Sweden, May 24; Denmark,
March 29; Norway, March 1 (all as of
1940). and Germany, as of Feb. 28, 1941.
*
Pursuant to the Currency
statements for
March
1,
and Bank Notes Act,
1939, the Bank of England
1939, and since have carried the gold holdings of the
of the statement date. Instead of the statutory
Bank at the market value current as
was formerly the basis of value.
On the market price basis (168s.
fine ounce) the Bank reported holdings of £1,620,567, equivalent, however
(84s. llKd. per fine ounce), accord
price which
per
into effect on March 7.
£
697,917,367
697,880,916
Germany x.
Italy——
1939
£
1940
*819,521
Netherlands
will permit the purchase of many more
products from the United States and other countries.
The Government has taken steps to make the neces¬
goes
reported to
(Friday); comparisons
242,451,946
3,881,900
63,667,000
16,602,000
97,714,000
132,857,000
84,758,000
41,994,000
6,505,000
6,667,000
France y
quotas and
sary
fine ounce)
of respective
corresponding dates in the previous
1941
Banks of—
England
I
Central
per
as
four years:
£
trade, and their strict exchange controls are a
The
84s. ll%d.
principal European banks
countries to balance their uneven
American
Latin
balance, to the
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
to
only about £819,521 at the statutory rate
*he Commercial 6
2334
financial Chronicle
March 1, 1941
log to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries in the tabulation,
and the Robinson-Patman Act
pounds.
Gold holdings of the Bank of Germany as reported In 1939 and 1940 Include
"deposits held abroad" and "reserves In foreign currencies."
y The Bank of France gold holdings have been revalued several times In reoent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), Insti¬
tuted March 7, 1940. there are per British statutory pound about 349 francs;
prior to March 7. 1940, there were about 296 francs per pound, and as recently
as September. 1936, as few as 125 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table In Issue of July 20, 1940.
quantity discounts under Federal surveillance. And
the Government has spent nearly a billion dollars
show English holdings In tne above In statutory
we
x
The Trend Toward Regimentation
It
obviously, "later than you think" in the
is,
encroachment of the Government upon
fense program,
the field of
A web of controls is being spun
private -business.
around American
business, partly because of the de¬
partly in spite of it, which is getting
tighter every day,
which, by all signs and
and
portents, is apparently going to get still tighter, and
relax while the New Deal
never
ernment
prevails.
philosophy of Gov¬
It is being, in fact, speeded
by
up
the defense program,
for the new, self-elected best
thinkers in economics
are
far
tional
defense, and, in
the program,
At
is
now
tions of
varied
prerogatives of busi¬
modern
pieces in
a
being steadily
are
as
conceitedly
game,
as
though they
were
being moved to attack the
weakening opponent.
a
military attack.
through government departments
chess
This is, in large
part, the explanation of the recent weakening in the
stock market.
week's
ern
Though the immediate
abrupt decline
was
of last
cause
the threat of
a
Far East¬
the market had been softened all winter by
war,
the realization that this
attack, in putting
ment officials
more
and
more
policies,
corporate
would
in
govern¬
position to direct
weaken
stockholders'
hopes of future dividends.
There are,
of
roughly speaking, three major aspects
and
They
supervision
financial
labor,
and
direction
the
capital
structure,
so on.
Following the remark¬
Supreme Court decision last
Madison Oil case,
that
it is
virtually
now
year
in the major
constitutionally estab¬
action by
any concerted
cor¬
porations affects prices, anything that affects prices
is price-fixing, and
price-fixing is in restraint of
trade and therefore
a
crime.
Such
reasoning has
already hampered the defense program, by prevent¬
ing concerted business action through trade associa¬
tions
and
informal
combinations, and has made
necessary left-handed and round-about approaches
to such
problems
as
that of
sub-contracting, but this
has not deterred the Anti-Trust
Division from fresh
attacks
clauses
on
business under both the civil and criminal
of
the
law.
In
fact
the
Division's
response to the defense program was a
at
a
case
first
aimed
four-way split-up of the oil
industry which
the
Wage and Hour Division of the Department of
pretations of the law, has put in effect
now
present 700 to around 1100 in July. The big national
labor
unions, having
National
the
analysis of its potential harm by
National Defense
Advisory Commission. The
Federal Trade Commission has
attacked the system
of open-price
posting called the basing-point system,
grown
Labor
strong with the help of
Relations
Board, and having
virtually outlawed most of the long-established
em¬
ployee representation plans, are now asking higher
at key points in industry, and employers
wages
almost
are
meekly giving in, hoping only to keep the
increases within reason,
while Mr. Hillman, in his
key position in the Office of Production Manage¬
ment, keeps up the pressure for using the defense
to enforce the legally untested decisions
program
of
the
National
Labor
Relations
significant of all, labor unions
the Reuther
ward
and
plan and
group
cartel
or
one
would
a
industry under
put the management representatives
On the fiscal side
can
control of
minority.
Congress is, of
raising the income and
course,
steadily
profits taxes. As these
excess
steeper, they determine to
extent
other proposals, to¬
representative of the Government—which
3 to 2
grow
Most
moving, through
are
numerous
Board.
consisting of two employers, two employees,
a
larger and larger
corporate financial policy, which even today
hardly be wisely developed without the help of
competent tax lawyer who
can
steer through the
complexities of when to take capital risks and how,
the
proportions of capitalization to
to debt and
go
to
equity, the kind of inventory valuation policy to
follow, how far to declare dividends and how far to
withhold
cash
them, plow in the earnings,
surplus.
definitely
or
accumulate
The undivided profits tax, which is
aimed
at
forcing
specific
corporation
financial policies, is in the air again, and a whole
arsenal of
specious arguments for it
are
being daily
prepared by Washington idea-men from Marriner
Eccles down to the humblest
with
On
the
an
agricultural economist
inside track in the offical
top of all this
come
thinking caste.
the defense program, with
increasing necessity for coordinated industrial
activity, for priority rulings formal
for
power-eager government
put
on
pressure
some
is
President's
officials.
industries
soon
to
informal, and
Pressure is being
expand
output,
and
to be put on others to contract. The
power
to commandeer industry under
the Selective Service Act is
the
or
price control—a perfect political windfall for
an
numerous
scales above the standard minimum, and
wage
would have
seriously jeopardized its highly efficient
pipe-line and bulk station system, and which was
called off after
top of the substantial
out of the defense program.
Act, has steadily increased the scope of its inter¬
of
de¬
Department of Justice and the
Federal Trade Commission.
wages, on
Act, the
attempt of
Labor, which enforces the Fair Labor Standards
a
making of prices is under fire from the Anti-
lished
The
in
affecting
increased
advances of recent years,
course
Trust Division of the
able
labor to get
a
Act, and Administration
connivance in the now almost universal
of
of
policies
private managements by
combination of the Fair Labor Standards
under
are
preciation reserves, dividend payments, and
The
taken out of the hands of
National Labor Relations
the setting of prices, the purchase
are
preventing twice as much privately
regrouping of utility systems, to a dead standstill.
Labor and wage policies have been almost entirely
boards
corporate management—and all three
attack.
competition with the private utilities, there¬
sidized
plans to enlarge its inspection personnel from the
time, practically all the func¬
same
upon
moving almost
king of
a
as
corporate management
encroached
na¬
where it interferes with
cases
the traditional
on
as
and the
one
the
program as
pushing it nevertheless.
The attack
ness
pushing their
possible under the pretext of furthering
as
superfluous hydro systems as "yardsticks" for sub¬
capitalized construction, and incidentally bringing
the Government's other major utility program, the
Gathers Momentum
Business
erecting unbalanced, and at the time, apparently
in
by probably
of
has put the making of
being used already for
unexpcted purpose of high-pressuring industry
Volume
into
adopting such price-levels
as
suit the fancy of
Washington officials, regardless of costs
ships.
'
important thing about the impact of the
defense program on
time,
industry is that there is, this
hope that the powers
no
being freely
now
When
granted to the Government will be returned.
such powers were
Board and other official control
it
was
agencies during the
well understood that
official
authority, and allowed to' commit almost any of
these "crimes" if they are committed under official
auspices. The thread of consistency running
through
which
the entire business is the consistent way in
all arms of the Government extend their own power
and curb the power of business.
.
Now the danger in this to the Nation is more than
the mere loss to stockholders of sympathetic con-
It is more
trols at the head of their corporations.
different; this Administration has
than the enormous waste of time and motion
on the part of competent business men and exeeutives in running to and from Washington finding
yet surrendered any powers and there is not
out what they ran and cannot do. It is more than the
temporary; and the moment the armistice
were
This
signed, the control authorities went home.
was
nearly everything when it does it without
given to the old War Industries
World War 24 years ago,
they
hard-
or
-
The most
1335
The Commercial & Financial Chronicle
152
time it will
never
be
the faintest
for
reason
thinking that it
ever
will.
even
mere
addition to the national overhead of the vast
Lastly, Federal control has been extended over
cost of filling out complicated tax forms and con-
industries, like the utilities, motor trucking,
testing law cases in which corporations are charged
with things they have already obtained official permission to do and which, if done by public officials,
would be considered quite commendable. It is more,
even, than the loss of the industrial adventuring
which such policies recklessly discourage, and which
has to be made good in terms of employment by the
new
broadcasting, and housing.
It has
even
been sug-
gested this month that the food processing industry
be declared
of this generation, the SEC, has stretched
agency
the law to build up
of control
it
took
decade instruments
a
Commerce
Interstate
the
to
power
in less than
far-reaching and meticulous
as
cover
as
those
Commission
50
The Commission has stretched its
to develop.
years
And the typical control
public utility.
a
depreciation policies,
accounting,
management relations, the relations between borrow-
ing corporations and investment bankers, and
such
Congressionally unintended and purely
agerial matters
and
even
man-
the proper relation between debt
as
equity in the capital structure.
These
steady
managerial functions of private busi-
have not
ness
justified themselves by economic com-
on
The anti-trust
mon sense.
the
encroachments of government of-
the
ficials
prosecutions have levelled
charge of monopoly where there has been
and
monopoly,
almost
dustries where the most
they have charged,
actions taken
as
to
seem
vigorous competition exists;
in the Madison Oil case, that
originally at official prompting
sentative institutions have always gone together and
neither can long survive without the other. Contrary
Germany, that corporations had put prices
to what Mr. Thurman Arnold has said in one of his
as
some
cases are
of the anti-business
high and too low, cooperated too much and not
enough, and
based
so on.
the
on
keeping
The Robinson-Patman Act
assumption
erroneuos
science, not
that
was
book-
an
art of guessing at the
savings due to large orders.
The Anti-Trust Di-
was a
vision has attacked the oil
restrain
to
industry for combining
production, while the Administration-
favored Cole bill attacks it for wasteful
over-produc-
tion and would force centralized control.
laws
put
a
heavy premium
while the SEC in its
zation leans
steel
new
industry
this
was
year
rulings
year
putting
pressure on
for over-expanding,
pressure
from the
same
The SEC
the utilities to increase their
Federal Communications Commission
on
revenue
discourage heavy depreciation charges.
bankers
are
was
supported by
the Amer-
a
minortiy of
;
Commander-in-Chief
Telephone system criticized it for excessive de-
preciation, and the effect of the
it
classes, the officer caste, and the working class. But
the majority of big business men as well as of all
other classes originally detested it.
Another equally important fallacy is the notion
that the outstanding characteristic of the fascist
revolution is its brutality, and that without
brutality there is no fascist economics. There can
be, and in that respect "it is later than you think."
The
depreciation charges, while the Walker report to the
ican
as
utility capitali-
on
severely criticized by the left-
is under
beginning, just
small business men, of the middle class, the educated
quarter for not having expanded enough.
is
The tax
books of confused political-economic theory, this
trend is more closely analogous to the Fascist
economic system than is the system of unregulated
business which he mistakenly thinks leads to
Fascism.
One of the most potent fallacies of today is the
notion that big business brought in fascism. It was
supported by a minority of big business men at the
new
debt-capitalization
on
heavily toward equity financing.
wing TNEC thinkers last
and
ness itself there was a check-and-balance system in
the form of open competition. Today all these checks
and balances—the true . guaranties of American
economic freedom,? are being swept away. The
administrative arm is rising above the legislative
and the judicial, and the Government is obtaining
such control over business that no effective check
remains on its own activities. Capitalism and repre-
charges made
fantastic
in Nazi
were
The fundamental danger to the Nation in such a
trend is that it is a trend toward centralized
totalitarian government. The bill for such govern¬
ment is never presented until it is too late. In the
past, we have had a check and balance system, not
only within the Government itself, but also between
the Government and business, each checking excessive power-reaching on the other's part; in busi-
almost as
crimes, and the charges in some
too
no
have selected in-
inadequate substitute of government dole,
>
laws is to
Investment
severely hampered in stabilizing
new
Remarkable conclusions
are
just
now
alleged to
spring from the first clause of the second Section of
the second Article of the Constitution of the United
issues, while the Treasury is given a $2,000,000,000
States.
Stabilization Fund with
be considered, prescribes that:
down the
one
no
strings attached.
All
That clause,
or
rather the portion of it to
"The President shall
line, the contradictions persist, except in
be Commander-in-Chief of the Army and Navy of
respect—that business is criticized for doing
the United States, and of the Militia of the several
The Commercial &
1336
called into the
when
States
United States;
brief clause, which seems
merely to declare one of the functions of the Chief
Executive, presumably to be exercised like the
Upon the basis of this
others under the direction
of the legislative power
of the people, it is
currently being contended that it was intended to set
up an authority completely beyond legislative direc¬
tion or restraint which is effective to subject all the
armed forces of the Nation, and all its property and
equipment acquired for military and naval uses, to
the complete and uncontrollable disposition of the
single, personal will of the individual, whoever he
may be and whatever may be his
qualities and
inclinations, who for the time being occupies the post
of President.
In the effort to add plausibility to this
comprising the representatives
•
asserted that these are not
the President, as President, but that the
singular argument, it is
of
powers
has created and
Constitution
upon
him
otherwise undefined,
equivalent to the largest conceivable content of
with plenary powers,
Chief,
but
conferred
office, that of Commander-in-
another and distinct
the three words expressing
For
the title.
example, it is now being
said that when Con¬
of the public
purse, has provided a battleship or a regiment of
infantry, it has wholly exhausted its powers with
regard to that instrumentality or that group of men
(although obviously it may, or must, provide regu¬
larly for their maintenance, subsistence, and renewal)
having indubitably the power
gress,
and has
over
obliged to turn them
unlimited control of the Commander-
alternative but is
no
the
to
send them wherever he will,
whenever he will, use them as he will, or withhold
them from use, without legislative let or hindrance.
Practically, it is argued, in consonance with this
theory, it would be ineffective and improper for
Congress to prohibit the use of naval vessels to convoy
merchant ships entering blockaded zones and laden
who
in-Chief,
may
with munitions of war for
independent and uncontrollable func¬
the Commander-in-Chief include power to
tions of
send any
any
delivery to a belligerent,
the
because
warship wherever he wills to send it, upon
errand
duty, and charged with the execution
or
ignoring, and irrespective of, any
of any purpose,
of Congress. If this is an
accurate interpretation of the meaning and effect
of the Federal Constitution, it must be admitted
contrary determination
that
the
Convention
astonishing thing.
setting
up
of
1787
did
strange
a
and
For, in that case, while ostensibly
central government of delegated and
a
limited powers
in which they left no place for arbi¬
character and supplied a
the depart¬
ments to prevent the arising of claims to such author¬
ity, they would have committed the anomalous
absurdity of creating a war-power vested in one
individual, wholly personal in its exercise, yet suf¬
trary authority
of
any
system of checks and balances among
ficient when it could be
subdue
all
invoked to circumvent and
other powers which they set up and to
absorb all the pretentious
were
led to believe they had
In that case,
freedoms that the people
intended and had created.
how futile to provide in another Article,
that Congress
alone should be enabled "to declare
war," "to make rules for the government and regu¬
lation of the land and naval forces," and even that
the
Militia
should
be
subject
prescribed by Congress.",
1, 1941
the law readily sinks to
excitement when
the low
level of Aaron
."
.
.
actual service of the
March
Financial Chronicle
"to the
Yet these
are
discipline
times of
Burr's definition: "The law is that
which is boldly
asserted and plausibly maintained,"
according to an aphorism abundantly demon¬
strated, "In the midst of war, the law ceases to
or,
speak."
conrequences are
Incongruous
apt to accrue if,
confers a second office upon an
individual because he has been elected to another
and when, the law
office of distinct
character or adds to a civil office
without regard to the training,
Qualifications of the incumbent.
If the Commander-in-Chief indicated by the Consti¬
tution actually possesses all the unchecked powers
claimed for that office, President John Adams must
have held them during the "undeclared war" with
France in which this country was involved in the
military functions
experience, or other
But at that time, to the infinite satis¬
poeple, George Washington, in the last
1799.
year
faction of the
consented to be recalled
of his strenuous life,
year
from his retirement at
Mount Vernon and to accept
calling into
command of the forces and preparations,
service
the
his principal subordinate Alexander
as
Hamilton, the consistent opponent
and rival of the
President.
The next wartime
incumbent of the titular position
Commander-in-Chief
of
Madison,
James
was
probably the least warlike of Presidents,
who had the
misfortune to occupy the highest office during
war of
1812-1814 with England.
He was not
grave
the
only
a
devoted follower of Thomas Jefferson in his
steadfast opposition to
to preserve peace
the
was
qualities requisite to military success
decisive
and
all
in
deficient in physical,
even
although not at
real
command was
General
moral,
like General Dearborn and
men
Armstrong,
neither
even
The
courage.
entrusted to
a
whom
of
was
the future President, exer¬
while James Monroe,
few
conspicuously,
tolerably, competent or successful, and for
cised rather ineffective control, as
A
but despite
he lacked
high qualities as a man and a statesman
his
or
and his determination
war
at all possible sacrifice,
victories
at
sea
and
Secretary of War.
Commodore Perry's
splendid exploit upon Lake Eiie, with a fortunate
attributable entirely to British good sense,
of a war in which there
little national unity and a great deal of muddling.
peace
were
was
the redeeming features
Knox
James
upon
Polk,
having
won
the Presidency
the issue of the Oregon boundary
and "Fifty-
Fight," the last half of which he very
Four Forty or
sensibly and conveniently abandoned after election,
was
the nominal Commander-in-Chief during the
he
President John Tyler,
his predecessor, had eliminated the whole subject
of legitimate controversy by obtaining the annexe
tion of Texas, by congressional resolution, the year
Mexican
War,
which,
without difficulty,
not
managed to bring about after
before.
Polk
military
Democrat
a
to
was
innocent
achievement
and
of inclination towards
a
convinced
deeply conscious of the
partisan
popular appeal of
and determined
avoid
of the opposite party at
conspicuously successful general
manipulate military movements so as to
contributing to the success
the next Presidential election.
Yet, to his extreme
only two availables, General
Winfield Scott and General Zachary Taylor, both
discontent,
he
had
Whigs, both of whom garnered glory between the
Bio Grande and the Heights of Chapultepec in
Mexico City,
and both of whom became
candidates
Volume
for
the
Presidency, Zachary Taylor succeeding in
1848 and
becoming Folk's
Apparently, there
were a
few occasions upon
command
least
at
was
main his
to
the
that
invariably his interference
unproductive of benefit,
good
control
and the historical
armed forces,
records
consensus
but in the
led him to refrain from efforts
he was without the guidance of
sense
where
experience.
and
Grant would not
General
East
the
he
assume
come
responsibilities of command until
assured that his authority would be
had been
protected against
even
with that assurance,
Woodrow
which
Civil War, was seriously
impressed by the incidents of his titular authority
to
Presidential interference, and
He went forward with mechani¬
phrases,
moved across the
Atlantic Ocean, but, in most respects, his control
was tempered by discretion and he left military mat¬
ters to military men.
Successfully, he kept General
the
far
of
greatest
Roosevelt out of war, but even
of the experienced military
recorded support
of
from attempting to
The
chief
entrusted the
he
Expeditionary Force.
Franklin Delano Roosevelt held the same minor
many
contribute at all.
who
are
living and the executive mis¬
the encamp¬
now
fortunes manifested in bad conditions in
ments, with excessive illness and many
deaths from
epidemic, but avoidable, diseases, with poor food and
grave
discontent
familiar
while
part
of the troops,
are
The Commander-in-Chief named
obese Republican
an
the
on
history.
general who was ill in his tent
lieutenant-colonel, who had left a minor
a
under the McKinley Administration to take
post
picturesque charge of
the reputation
a
gained
the Governorship of New
volunteer regiment,
that led to
If War Comes to the American
for the Inevitable Adjustment."
Further light upon
and nature of the volume is afforded by a brief
quotation from the author's preface:
"Into the homes of 131,000,(XX) Americans has moved a
thin, gaunt specter—unheralded, uninvited, unwanted.
"Wherever you go, he is with you.
Whatever you
do,
he does it, too.
drive
to
the
kitchen, Mrs. America, as you prepare the
He is hi your car, Mr. America, as you
He sits beside your young son at a
office.
behind your daughter
He speaks over your
grins sardonically as
friend America's progress toward ade¬
neighborhood movie house, prances
as she practices a new dance step.
shoulder as you read a new book,
you
discuss with a
quate national
assumed
time of war, from
in any
the beginning of the Re¬
public to the close of the first
third of the Twentieth
Century.
his
know
name
Mrs. America, but
well, Mr. and
the winds—
prepared to
of food and
employment, the vital changes
defense.
"War!
•
habits.
in your
which reads: "How to Pre¬
the purpose
"He is in your
far greater than any ever actually desired or
by any of his Presidential predecessors,
powers
clothing, the shifts in your
pare
family's dinner.
administration
Unlike the first
not hear the message he whispers into
a
message about the sacrifices you must be
make for your ideals, about the rising costs
Porter,
This book carries a sub-title,
the
under
held
you may
Financial Columnist of
The New York Post.
Robert M. McBride &
Co., New York.
304 Pages.
Price $2.50.
F.
S.
By
Woodrow
Roosevelt, his remote relative,
of William
Roosevelt, the second
of that name, was not lured to military adventure
but continued from 1913 to 1920 snug and safe from
the risks of war in the office of Assistant Secretary
of the Navy.
He is now the titular Commanderin-Chief of the Army and the Navy of this country.
It would be remarkable indeed if, in that capacity,
he should assert and seek personally to exercise
had
"You
Home
of
administration
the
under
McKinley.
Spanish War of 1898 is within the memory of
officer,
and inclinations, to whom
command of the American
Republican antecedents
Wilson that Theodore
Lincoln's great contribution was
President Theodore
in that he had the
former
and
Wood
Leonard
army ever
position
Richmond
President
that he abstained
commander
odd figure as ultimate
and
In the military sense,
and master of
schoolmaster
Wilson,
was an
cally and mathematically planned steps to
Appomattox.
and to seven years
York, to the Vice-Presidency,
in the Presidency.
successor.
Abraham Lincoln, dining the
1337
& Financial Chronicle
The Commercial
152
This is the story of
an invasion—economic instead of military.
And this is a
tale you must know and understand if you are to be able to
fight that invasion, protect your Nation
and yourself
against its evil effects.
In the pages that follow you will
read how European war and America's national defense are
affecting our homes; you will read what past wars have
meant to the civilian populations of the world."
The 11 chapters, with such headings as "The Blast of
"This is a book
about that message.
War," "A Leak in Your Pocketbook," "Mental Conscription,"
"Silk Shirts Again?" "Fight or Buy Bonds," and "Wall
Street Moves
In
Washington" are devoted to the develop¬
to
topics.
ment of these
of presentation the author,
makes free use of colorful
style and general manner
avoiding
the
cut
and dried,
phrases, apt quotations, and individualistic
is certainly not the usual type of book.
expressions.
It
The Course of the Bond Market
The United
States Government
bonds led the high-grade'
corporates upward for fractional advances
new
Treasury
went to a
issue
term
%%
Friday.
A short-
bonds due in two years was
also sold,
these two issues being the
offered by the
The
2% bonds, due 1948-50, offered on Tuesday,
premium of about a point by
of
this week.
first of the taxable bonds to
be
not exhibit a definite trend
during the week.
Cincinnati Union Terminal 3%s, 1969, at
112 were unchanged.
Medium-grade and speculative rail
issues have been higher.
Louisiana & Arkansas 5s, 1960,
to
85;
New York Central refunding and improve¬
4%s, 2013, advanced % to 58^.
ment
have been fractionally
group
Defaulted rail issues
During the week a banking
offered $8,000,000 Philadelphia &
RR. Co. first mortgage
care
higher.
of the company's
Price changes in
developments
3y2s.
Reading Terminal
Proceeds will be used to take
small and
High grades have firmed up and
re¬
of
portion
a
losses
sustained
in recent weeks.
speculative issues have also
and
grades
displayed
without vigor. Refund¬
ing has been resumed, such action to be taken shortly by
Public Service Co. of Oklahoma, Pacific Gas & Electric Co.,
a
strengthening tendency, although
and Central Hudson
There
have
been
Gas & Electric Corp.
but few
changes of a point or better
and these have been
to lower-grade and
speculative issues.
Gains of a point or more have been
scored by the Hudson Coal 5s, 1962; Certain-teed Products
industrial
mostly
on
the
bonds this week,
up-side and confined
5^s, 1948; International Mercantile
Marine 6s, 1941, United
Bros. Pictures 6s, 1948. Most
have been confined to fractions, on both sides of
Drug 53, 1953, and Warner
changes
the
market.
>
The foreign
bond market has been featured
Belgian bonds, which showed
loans have
$8,400,000 first mortgage 5s, 1941.
the utility group have been
few.
Lower
among
Treasury.
High-grade railroad bonds did
rose
covered
higher.
also been well supported
been bid up
and about two points
weak, while French loans
several points. Australian and Cana-
Italian issues continued
have again
by strength in
gains up to 12 points; Danish
list.
bonds
Japanese
been
have
are
mixed.
in the following tables:
given
(Based on Individual Closing
(Baaed on Average Yields)
1941
8.
U.
Amoves
Baa
A
Aa
Aaa
R.
R.
P.
Indus.
U.
Prices)
Corporate by Groups
Corporate by Ratings
1941
Avge.
Daily
Corpo¬
rate *
Corpo¬
Average
Corporate by Groups *
Corporate by Ratings *
Avge.
Govt.
Bonds
AVERAGES f
MOODY'S BOND YIELD
MOODY'S BOND PRICES f
Daily
1, 1941
bond prices and bond yield averages
Moody's computed
American
improved, as did most of the South
bonds
dian
March
The-Commercial & Financial Chronicle
1338
rate
Baa
A
Aa
Aaa
3.38
4.43
R. R.
P. U.
4.01
3.18
3.02
3.02
Indus.
2.79
3.01
3.40
3.79
3.01
3.38
4.43
4.01
3.18
26
3.41
2.79
3.01
3.38
4.44
4.02
3.18
3.01
25
3.41
2.79
3.01
3.38
4.44
4.02
3.19
3.02
24
3.41
2.80
3.02
3.38
4.44
4.03
3 19
3.02
Feb.28-. 116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
Feb. 28
3.40
27.. 117.00
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
27
26_. 116.81
105.69
117.20
112.93
106.21
89.64
95.77
109.79
112.93
25- 116.51
105.69
117.20
112.93
106.21
89.64
95.77
109.60
112.75
106.21
89.64
95.62
109.60
112.75
22
Stock
89.51
95.62
109.60
112.75
21
3.42
2.80
3.02
3.19
112.75
106.04
4.03
3.02
117.00
4.45
105.52
3.39
116.06
106.21
89.37
95.62
109.42
112.75
20
3.42
2.80
3.02
4.03
3.20
3.02
117.00
112.75
4.46
105.52
3.38
20.. 116.06
89.23
95.62
109.42
112.75
19
3.42
2.80
3.02
3.39
4.47
3.20
3.02
117.00
106.04
4.03
112.75
2.78
3.01
3.39
4.45
4.02
3.20
3.01
21
—
112.75
Exchan ge Clos ed
Stock
22-
117.00
105.69
24.. 116.25
105.52
19- 115.89
Clos ed
Exchan ge
18- 115.97
105.69
117.40
112.93
106.04
89.51
95.77
109.42
112.93
18
3.41
112.93
106.21
89.37
95.77
109.42
112.93
17
3.41
2.78
3.01
4.02
3.20
3.01
117.40
4.46
105.69
3.38
17-
3.41
2.77
3.01
3.39
4.45
4.02
3.19
3.01
115.99
116.15
105.69
117.60
112.93
106.04
89.51
95.77
109.60
112.93
15
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
3.19
117.60
4.01
3.00
105.86
4.44
14.. 116.24
90.06
96.38
109.60
113.12
13
3 39
2.76
3.00
3.37
4.41
3.98
3.19
8.00
Exchan ge Clos ed
3.37
2.98
2.76
3.37
2.99
2.76
4.39
2.98
15-
117.80
113.12
13.. 116.34
106.04
12..
106.39
Excnan ge Clos ed
12
Stock
117.8C
106.39
90.34
96.69
109.60
113.50
11
3.38
3.19
106.21
113.50
3.96
116.39
106.39
90.34
96.69
109.79
113.50
10
3.38
3.18
117.80
113.31
3.96
106.21
4.39
10— 116.51
106.39
106.39
90.20
96.54
109.79
113.31
8
3.38
2.76
2.99
3.37
3.18
117.80
113.31
3.97
2.99
106.21
4.40
8.. 116.51
90.20
96.54
109.79
113.31
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
4.39
3.96
3.18
2.99
11
—
Stock
7„ 116 52
6.. 116.59
117.80
106.21
113.31
2.98
106.21
117.80
90.34
96.69
109.79
113.31
6
3.38
2.76
2.98
3.37
113.60
106.21
90.20
96.54
109.60
113.31
5
3.38
2.76
2.98
3.38
4.40
3.19
2.99
106.21
117.80
3.97
5.. 116.57
106.21
90.20
96.54
109.79
113.31
4
3.38
2.76
2.98
3.38
3.18
2.99
117.80
113.50
3.97
106.21
4.40
4.. 116.70
113.50
106.21
90.34
96.54
109.79
113.31
3
3.38
2.76
2.98
3.38
4.39
3.97
2.99
106.21
117.80
3.18
3— 117.06
1
3.38
2.76
2.98
3.37
4.39
3.96
3.18
2.99
31
3.37
2.75
2.97
3.37
4.38
3.95
3.18
2.97
1- 117.12
117.80
106.21
113.50
113.50
106.39
106.39
90.34
96.69
109.79
113.31
90.48
96.85
109.79
113.70
Weekly—
Weeklv—
Jan.
Jan. 31— 117.14
106.39
118.00
113.70
106.39
117.60
106.56
90.77
97.16
109.97
113.50
24
3.36
2.77
2.96
3.36
4.36
3.17
106.56
113.89
3.93
24— 117.64
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17
3.36
2.74
2.96
3.36
4.38
3.16
2.96
106.56
3 96
17- 118.06
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
10— 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
3.. 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
3—
2.98
.
114.85
106.74
91.05
97.31
110.52
114.66
High 1941
3.42
2.80
3.02
3.39
4.47
3.20
3.02
106.74
118.60
4.03
Hlgh 1941 119.05
115.52
117.00
112.75
106.04
89.23
95.62
109.42
112.75
Low 1941
3.35
2.72
2.91
3.35
4.34
3.92
3.14
2.92
Low 1941 115.89
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.86
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.36
High 1940 119.63
Low 1940 U3.02
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.66
Low
1940
3.35
2.70
2.90
3.36
4.42
4.00
3.12
2.91;
3.61
2.87
3.06
3.68
4.84
4.39
3.33
3.12
3.78
2.99
3.24
3.90
4.98
4.55
3.49
3.29
115.63
112.00
101.14
84.30
90.34
107.09
110.88
Feb. 28,1940
113.31
102.30
Feb.28'40 115.37
108.70
97.62
82.62
88.13
104.31
107.80
Feb.28,1939...
2
2 Yrs.Ago
99.62
Feb.28'39 113.73
Years Ago—
yields on the basis of one "typical" bond (3 %% coupon, maturing In 25 years) and do
average level or the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the
movement of yield averages, the latter ueing the true picture of the bond market.
tThe latest oomplete list ol bonds used In computing these indexes was published In the Issue of July 13, 1940, page 160.
*
These prices are computed from average
THE
STATE
OF
EPITOME
TRADE—COMMERCIAL
Friday Night, Feb. 28, 1941.
showing only
While
there were no really spectacular developments concerning
the war in Euroi)e or the situation in the Far East, it is
clearly evident that moves of tremendous import are immi¬
nent, and the early spring promises war action on a large
Business activity held steady the past week,
a
slight setback
as
The labor
scale.
a
result of the recent holiday.
situation is still the ugly spot in the do¬
picture, but there are signs the Government is plan¬
ning to cope with it.
Business and industrial reports gen¬
erally continue favorable, with steel and electric power in¬
dustries reflecting in a most substantial way the stimulus
This total
An
war
British steel
expected by do¬
producers as soon as the lend-lease bill is passed,
Age" reported in its midweek summary. January
mestic
Both
crease
private
over
a
100%, and public up
Federal work.
for
steel
are
being
points out that use of mandatory priorities
have
not
rationed,
yet been effected, but some
including structural shapes,
products
stainless
and other nickel alloy steel and all galvanized products.
"The rate at which steel orders
cates
to
the
gains for current awards over the values
are
being received indi¬
companies that they may be entirely
sold out for the year by May 1.
On most products books
are
almost completely filled for the second quarter, and
there have been large bookings for the third and even fourth
quarters.
The question
deliveries, even
for defense projects, thus becomes an intricate one of sched¬
ule adjustment, the inevitable result being broken delivery
promises to regular customers.
Thus there are some steel
people who would welcome mandatory priorities as a way
out
of
their
of
difficulties,
making
short
although others
are
equally
op¬
posed."
The review says that railroad car builders, who recently
considerable business, have found it virtually im¬
booked
possible to obtain desired shipments by April or May.
Showing the first increase over the preceding week since
the period ended Jan. 18, electric power production totaled
2,820,161,000 kwh. in the week ended Feb. 22, against 2,810,419,000 kwh. in the preceding seven days, according to the
Edison
Electric Institute.
ircrease
of
14.9%
over
The
the
latest
1940
figures represent an
comparative
of
2,455,-
285,000 kwh.
Electric output
in the 1937 week
2,207,285.000 kwh.,
against 1,512,158,000 in the 1932 period and 1,699,250,000 in
was
the 1929 week.
result from subordination of
national
Loading of revenue freight for the week ended Feb. 22
678,493 cars, according to reports filed by the rail¬
defense
needs,
manufacturing requirements to
Ward's Reports,
Inc., said today
of the industry.
Production in the
meantime is holding firm, with the current week's opera¬
tions estimated at 126,550 cars and trucks, compared with
its
weekly
report
127,740 last week and 100,855 last year at this time, said
the survey.
The
is
industry
motors with
defense
moving
replace aluminum parts
to
of
units made of other metals to cooperate with
needs,
slackening
on
a
might
that
changeover
cause
temporary
assembly lines, said Ward's.
Department store sales in the United States in the week
ended Feb. 22 increased 7%
over
those for the correspond¬
ing week last year, according to the Board of Governors of
the Federal Reserve System.
For. the four weeks ended
Feb. 22 the increase over 1940 was 14%.
Net operating
I railroads that have
of American Railroads
for January is running about 31% ahead of a year ago,
according to the "Sun's" estimate based on 67 reports. The
filed
income of the Class
reports with the Association
companies which have reported show net operating income
of about
$58,645,000 for the month
as
compared with $43,-
542,000 for January, 1940.
Although the loss of one business day because of George
Washington's Birthday prevented retail trade from show¬
ing a week-to-week expansion, sales were fairly close to
the daily basis volume of recent
above
totaled
reported for
The volume, how¬
Private awards are 11%
weeks a year ago.
ever, is 5% lower than last week.
higher.
A moderate decline in automotive production levels may
in
steel
This completes a full half year
Birthday holiday last year.
their corresponding
review
$119,201,000, more than
Washington's
total,
construction
week's
doubles the volume for short week due to the
steel
The
public awards participate in the in¬
private topping last year's total by
130% as a result of the 760% gain in
and
year ago,
of
take.
$119,-
$1,000,000,000 mark.
the "Iron
shipments to Great Britain were 350,000 tons against
600,000 tons monthly that Great Britain was expected to
week,
responding 1940 period by 120%.
Incidentally, it took 20
weeks in 1940 for engineering construction to reach the
The
orders is
111.10% of average loadings for the corre¬
was
201,000, bring the 1941 total to $1,019,950,000 for the nineweek period, according to "Engineering News-Record." This
cumulative figure tops the $462,905,000 reported for the cor¬
and the defense program.
avalanche of
not purport to show either the
relative levels and the relative
sponding week of the 10 preceding years.
Engineering construction awards for the
mestic
of the
■
Year Ago—
1
1 Yr. Ago
street,
those of
Inc.,
Business
the
weeks and were 9% to 12%
corresponding 1940 week, Dun & Brad-
reported today.
activity showed
a
peak in industrial pro¬
of the first compulsory
new
roads with the Association of American Railroads and made
duction,
public today.
This
preceding week this
priorities on machine tools and aluminum, along with
tighter rationing of other strategic materials, emphasized
ing week
years
in
was a
year,
decrease of 42,683 cars from the
83,110
more
than the correspond¬
1940, and 121,751 above the
ago.
same
period two
even
though
the
fixing
difficulties in the way of a
time to defense economy.
1
smooth transition from peace¬
Volume
Civilian
demand
reported
was
Avail¬
of in¬
creases
compared with the preceding week's level.
There were no outstanding developments in the weather
the past week.
According to Government advices, the out¬
standing feature of the week's weather was the persistent
temperatures in all
Mountains* except
and upper
small
sections east of the Rocky
in
areas
the
Northeast
extreme
Lake region.
The low temperatures were empha¬
sized because of the previous prevailing w armth throughout
nearly the entire winter.
In fact, only two prior weeks,
those ending Dec. 3 and Dec. 17, were abnormally cold over
large areas.
Frequent rains in the South, especially the
Southwest, and low temperatures generally east of the
TO FEB.
operations
on
Great
In fact, the persistent moisture in
Plains, especially Oklahoma and Texas,
has caused material delay in normal operations; in Okla¬
homa work is reported as three weeks late and the con¬
tinuous rains are interfering with spring seeding.
In the
lower
Crude rubber
accompanied
early in the day by light snow flurries, which took on the
appearance of a storm as the afternoon progressed.
Tem¬
peratures ranged between 18 degrees and 23 degrees.
Cold
and cloudy weather is the forecast for
Saturday, growing
Sunday.
Strong north winds prevailed on Fri¬
day, shifting to the northwest at night.
The lowest ther¬
mometer reading Friday night, both for the city and
suburbs,
warmer
on
set at
was
15 degrees.
Non-ferrous metals
3.9
Other textile products
1.0 '
Chemicals
Livestock and poultry..—
Meats
0.6
0.6
Cotton goods...
0.5
Paper and pulp..
Furnishings
■■■:.
Cattle feed..
3.9
Mixed fertilizers
1.9
Dairy products
1.6
._
...
■
Overnight at Boston it was 16 to 38 degrees; Pittsburgh,
29; Portland, Me., 13 to 35; Chicago, 21 to 28; Cincin¬
nati, 18 to 30; Cleveland, 17 to 25; Detroit, 16 to 23; Mil¬
waukee, 16 to 26; Charleston, 37 to 46; Savannah, 32 to 54;
Kansas City, Mo., 18 to 31; Springfield, 111., 6 to 30; Okla¬
homa City, 25 to 56; Salt Lake
City, 42 to 56, and Seattle,
1.1
1.1
Lumber........
Other foods..
1.1
Other miscellaneous.
Loadings
Freight
Revenue
of
Cars
Loading of
In
Successive
Week,
at
Steady Level
According
Bureau
to
weakened
14% above the corresponding week in 1940 and an in¬
of 121,751 cars or 21.9% above the same week in 1939.
Loading of revenue freight for the week of Feb. 22, which
contained
below the
a holiday, was a decrease of 42,683 cars or 5.9%
preceding week. The Association further reported:
totaled 288,701 cars, a decrease of 19,456
Miscellaneous freight loading
cars
commodity prices showed little change for the
fifth consecutive week declining by 0.1%," Mr. Lubin said.
"The index for the week at 80.4%
of the 1926 level
and 2.3% above last
year
in
1940.
Loading of merchandise less than carload lot freight totaled
a
decrease of 13,769 cars below the
cars
was
0.5%
150,837
10 major groups remained unchanged at last
Farm products declined 0.4%; chemicals and allied
products
Grain and grain
cars
below the
of
agricultural
commodities were generally lower.
In addition
1.6% for grains and 3.9% for cattle feed, prices of cotton,
hay, tobacco, dairy products, and citrus fruits also decline.
lower for hogs and for cured beef and
were
lard,
tallow, flour,
corn
meal
and
certain
pork products
products loading totaled 27,233 cars, a decrease of
Prices for steers, sheep,
advanced.
Most fruits also
prices of leading imports,
raw
well
as
for
The principal
week were for livestock and
lamb, mutton, fresh prok, and live poultry
were
Increased shipping costs were
higher.
,
largely responsible for further advances
including coffee,
cocoa
beans,
price movements
Textiles
in
demand
tickling,
duck,
tire
products loading for the week of Feb. 22 totaled 15,944 cars, a decrease
1,988
cars
below the preceding week, and a decrease of 2,560 cars
corresponding week
Live stock loading
in
1940.
amounted to 9,662 cars, a decrease of 1,058 cars below
industrial
for the
commodity
defense program
fabrics
and
burlap
oil, turpentine and paraffin
metals were
6,787
pepper,
in
sugar,
such
markets
a
decrease of 867 cars below the pre¬
ceding week, and a decrease of 1,101 cars below the
in
corresponding week
1940.
products
loading totaled 36,691 cars, a decrease of
2,637 cars
the cor¬
but an increase of 6,545 cars above
responding week in 1940.
Ore
1,453 cars below the
loading amounted to 12,025 cars, a decrease of
preceding week,
but an increase of 2,215 cars above the
corresponding
week in 1940.
Coke loading amounted to
14,064 cars, a decrease of 175 cars below the
preceding week, but an increase of 4,197 cars above
the corresponding
week in 1940.
I
All districts reported increases
1940
and
compared with the corresponding weeks in
1939.
1939
1940
1941
2,288,730
678,493
2,557,735
657,830
627,429
008,237
595,383
5,564,283
5,046,614
4,571,596
12,740,096
4 weeks of January
Week of Feb.
1
Week of Feb.
8
714,323
710,196
721,176
Week of Feb. 22
Total
——
The first 18
Feb.
22,
573,127
576,352
576,645
550,742
major railroads to report for the week ended
1941 loaded a total of 322,183 cars
of revenue
freight on their own lines, compared with 342,387 cars in
the preceding week and 279,921 cars in the seven days
ended Feb. 24, 1940.
A comparative table follows:
REVENUE FREIGHT LOADED
were
AND RECEIVED FROM CONNECTIONS
advance.
to
yarns,
Loaded
on
Own Lines
Weeks Ended—
Lower
kipskins and
Prices for certain
wax.
varied.
drills, print cloth,
as
continued
Feb. 22, Feb. 15.
non-ferrous
1941
Atchison Topeka A Santa Fe Ry.
sharply.
Lumber prices on the average declined by 0.2% because of lower prices
for oak, red cedar shingles and yellow pine drop siding, flooring and timbers.
were
cars,
Received from Connections
Weeks Ended—
Feb. 24, Feb, 22, Feb. 15, Feb. 24,
1941
1941
1940
17,945
14,842
7,086
34,701
23,673
15,408
20,146
15,410
3,152
27,293
22,104
13,056
17,162
17,774
9,446
7,344
8,676
10,517
1,291
1,974
2,680
8,870
46,444
1941
1940
higher, including quicksilver, pig tin, babbitt metal and solder.
Tin tetrachloride again rose
Prices
of 1,106 cars below the corresponding
loading of live Stock for the
In the Western Districts alone,
(Number of Care)
in
quotations were reported for twisted carded cotton
for fuel
grain
of
below the
In the Western Districts alone, grain and
responding week in 1940.
silk and crude rubber.
The
2,064
Quotations
as
vegetable oils.
advances in agricultural markets during the
meats.
decrease of 2,071 cars below
a
preceding week, and a decrease of 3,990 cars below the cor¬
Week of Feb. 15
0.3%, and foods and building materials 0.1%.
Prices
cars
increase of 15,048 cars above the corresponding
explain:
The indexes for 6 of the
to decreases of
139,280 cars,
preceding week, but an increase of 5,372
above the corresponding week in 1940.
Coal loading amounted to
the preceding week, but an
at this time."
The Labor's Bureau's announcement goes on to
week's level.
54,829 cars above the
below the preceding week, but an increase of
corresponding week
"The general level
of wholesale
month ago
678,493
22
or
Forest
commodities
of Labor Statistics reported on Feb. 27.
a
Feb.
freight for the week ended Feb. 22
revenue
below the preceding week,
domestic
slightly
during week ended Feb. 22, while prices of certain leading
imports again advanced, Commissioner Lubin of the Bureau
below
0.2
0.2
crease
Statistics
for
0.2
Totaled
Cars
Ended
Week
,.—
.....—
totaled 678,493 cars, the Association of American Railroads
announced on Feb. 27.
This was an increase of 83,110 cars
week of Feb. 22 totaled
Wholesale Commodity Prices Continue
Labor
—
Other farm products
Cereal products
,
the preceding week, and a decrease
of
0.6
.0.4
0.4
Fertilizer materials
Petroleum products
Hides and skins..
Grains
week in 1940.
Markets
,,
Decreases
48 to 53.
Fifth
...
•
0.4
0.1
0.1
0.1
0.1
week in 1940.
15 to
for
-—
2.1
Fruits and vegetables.
Silk
farms.
New York City area clear and cold weather prevailed dur¬
ing most of the week.
On Friday the weather was cold and was
15
FEB.
22, 1941
Increases
Rocky Mountains made conditions unfavorable for seasonal
the
CHANGES IN SUBGROUP INDEXES FROM
PERCENTAGE
continuing at the best
as
rate since the prosperity peak of over a decade ago.
able statistical barometers disclosed a preponderance
subnormal
1339
The Commercial & Financial Chronicle
152
higher, however, for certain types of lumber, in particular
gum,
maple and oak flooring and for yellow pine boards, dimension, finish and
lath.
Baltimore & Obio RR...
Chesapeake A Ohio Ry
—
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul A Pac,Ry.
Chicago & North Western Ry
Gulf Coast Lines—
International Great Northern RR
The following tables show (1) index numbers for the principal groups of
commodities for the past three weeks, for Jan. 25, 1941 and Feb. 24,
and the percentage
changes from
a
week ago, a month ago, and
1940,
a year ago,
(2) percentage changes in subgroup indexes from Feb. 15 to Feb. 22, 1941:
(1920= 100)
Feb.
Feb.
Feb.
22.
15.
8,
1941
Commodity Groups
1941
1941
Jan.
Feb.
Percentage Changes to
Feb. 22, 1941 from—
25.
24.
1941
1940 Feb.
15 Jan. 25 Feb.
1941
■
1941
24
Mlssoufl-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
—
N. Y. Chicago A St. Louis Ry—
Norfolk A Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh A Lake Erie RR
—
Southern Pacific Lines.
Wabash Ry
—-
17,031
32,250
23,030
13,530
18,043
13,836
3,501
1,437
3,628
13,198
41,872
4,907
22,319
67,238
5,852
7,009
26,888
5,414
13.427
2,913
1,520
1,397
4.127
3,204
11,953
15,207
44,110
5,499
33,203
70,734
0,275
7,837
28,602
5,778
35,227
4,978
17,961
55,122
12,891
6,769
23.234
45,925
6,405
6,840
10,662
4,974
10,428
5,496
5,518
7,175
19,277
10,046
8,608
8,650
11,406
1,431
2,254
3,074
10,099
40,982
12,710
5,789
45,860
5,057
15,279
8.003
7,495
7,249
9,482
1,363
1,976
2,578
8,145
38,928
10,257
4,263
0,497
37,519
6,272
6,981
10,634
10,780
8,037
8,593
6,378
322,183 342,387 279,921 220,920 228,153 184,864
Total
1940
,
All commodities
80.4
80.5
80.5
80.8
78.6
—0.1
—0.5
Farm products...—
70.2
70.5
70.7
72.6
69.4
—0.4
—3.3
Foods
73.2
73.3
73.2
74.1
71.0
—0.1
—1.2
+ 3.1
Hides and leather products. 101.9 101.9 102.2 102.0 102.7
74.2
75.6
75.6
75.4
74.6
Textile products
0.0
—0.7
+ 1.3
+ 1.9
FROM CONNECTIONS
—0.8
0.0
TOTAL LOADINGS AND RECEIPTS
+2.3
(Number of Care)
—
+ 1.2
Fuel and lighting materials.
72.7
72.7
72.9
72.6
73.0
0.0
+ 0.1
—0.4
Metal and metal products..
97.9
97.9
97.8
97.8
95.3
0.0
+ 0.1
+2.7
Building materials
Chemicals A allied products.
99.3
99.4
99.4
99.5
93.0
—0.1
0.2
+ 6.8
78.5
78.7
78.6
78.8
77.4
—0.3
—0.4
+ 1.4
Weeks Ended—
Feb. 22, 1941
House furnishing goods
90.2
90.2
Miscellaneous commodities.
76.7
76.7
90.5
76.8
90.5
76.8
89.7
0.0
—0.3
+0.6
—0.6
77.2
0.0
—0.1
Raw materials
73.7
73.8
73.8
74.9
72.9
—0.1
—1.6
81.4
81.2
81.2
81.1
79.6
+ 0.4
+2.3
Manufactured commodities.
83.7
83.8
83.8
83.9
81.5
—0.1
—0.2
+2.7
82.6
82.7
82.6
82.7
80.6
—0.1
—0.1
+2.5
84.5
84.6
84.6
84.4
83.3
—0.1
+ 0.1
+ 14
Feb. 15,
1941
Feb. 24, 1940
—
25,176
34,532
14,665
20,669
28,654
70,090
St, Louis-San Francisco Ry
23,160
33,742
13,788
74.373
59,626
'
10,403
+ 1.1
Semi-manufactured articles.
Chicago Rock Island A Pacific Ry.
Illinois Central System
+ 0.2 *
All commodities other than
farm
products
All commodities other than
farm
products and foods.
.
Total
-
-—
undertake to show also the loadings
for separate roads and systems for the week ended Feb. 15,
1941.
During this period 110 roads showed increases when
compared with the same week last year.'
In the
following
we
The Commercial & Financial Chronicle
j340
RECEIVED FROM CONNECTIONS (NUMBER
REVENUE FREIGHT LOADED AND
Total Revenue
Eastern District—
525
595
551
1,939
Bangor A Aroostook....
Boston A Maine—
1,539
1,777
193
182
7,161
1,466
12,233
9,021
2,225
1,510
2,263
1,171
3,137
1,127
2,466
1,043
420
381
406
Richmond Fred. A Potomac...
403
304
287
10,395
23,980
8,756
19,958
496
369
A West-
143
A St. L.
Norfolk Southern
22
23
54
57
1,113
1,129
3,770
8,082
2,187
1,774
Southern System
8,828
6,655
Tennessee
8,137
6,922
Winston-Salem
4,207
7,391
Central
Southbound—
223
218
282
115
2,530
2,171
389
249
227
1,936
4,196
1,819
4,008
13,441
10,448
13,996
Grand Trunk Western—
4,470
9,266
2,386
1,704
Chicago A North Western
135
153
119
1,747
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
1,238
6,862
1,374
7,439
3,048
2,737
4,109
3,681
1,709
34,167
9,020
1,475
4,690
8,898
3,573
....
5,033
2,095
45,050
Monongahela..........
Montour...
New York Central Lines
1,498
36,795
7,864
10,892
1,121
N. Y. N. H. A Hartford
New York Ontario A Western.
782
7,691
Total
Northwestern
1,062
Chicago Great Western
6,418
2,434
Chicago Milw. St. P.
294
199
19
25
46,042
13,644
1,865
12,710
36,637
10,440
1,436
9,916
Chicago
A PacificSt. P. Minn. A Omaha.
5,171
6,497
391
488
603
Pittsburgh A Shawmut
Pittsburgh Shawmut A NorthPittsburgh A West Virginia
27
18
441
420
395
332
184
929
872
788
2,045
1,454
542
481
5,271
4,731
1,121
10,780
8,545
3,301
3,097
3,837
412
377
336
142
163
8.545
8,772
3,143
2,504
501
495
580
665
619
Green Bay A Western—-
Spokane
— --
130,621
128,131
188,384
148,514
541
419
368
1,091
34,701
27,437
25,405
1,616
19,277
2,295
3,220
9,205
97
242
207
1,105
1,659
1,261
80,318
71,968
68,427
50,920
42,436
17,945
3,202
16,436
2,490
17,961
2,588
7,175
2,465
5,274
2,243
367
410
342
107
60
15,408
14,484
1,779
9,761
2,767
14,142
1,974
3,608
7,612
2,543
10,886
2,644
813
731
9,919
2,561
10,053
—
723
659
772
1,411
Western.
2,534
2,547
2,533
2,813
8,808
2,430
1,192
2,298
Total.
Central Western District—
Santa Fe System-
1,678
1,006
14,804
1,098
4
.........
Bingham A Garfield
Qulncy—
Chicago A Illinois Midland
Chicago Rock Island A PacificChicago A Eastern Illinois
Chicago Burlington A
329
346
5
7
14
Central RR. of New Jersey...
7,263
1,640
4,941
13,323
10,198
Colorado A Southern
Cornwall
622
554
576
59
61
Denver A Rio Grande
Cumberland A Pennsylvania..
327
300
238
33
41
Denver A Salt Lake..
Ligonler Valley..
Long Island
Penn-Readlng Seashore Lines.
184
177
127
61
25
Fort Worth A Denver
718
488
517
11,628
2,857
1,556
45,860
19,756
2,136
1,296
36,709
15,521
9,262
3,522
2,046
Peoria A Pekin Union
3,098
7,684
5,934
Southern Pacific (Pacific)
945
869
54,521
1,345
70,734
16,005
20,098
3,871
52,566
11,628
14,626
3,180
461,880
123,700
116,769
113,197
90,893
22,502
20,413
18,843
15,799
4,456
3,905
10,046
5,789
1,429
8,056
4,499
1,044
50,478
45,801
40,117
17,264
13,599
Alabama Tennessee A Northern
239
219
160
166
Atl. A W. P.—W. RR. of Ala-
780
726
688
692
541
573
10,846
9,366
3,779
9,303
1,761
1,109
6,839
1,364
Atlanta Birmingham A Coast..
Atlantic Coast Line
936
221
125
335
295
3,074
2,738
10,099
8,605
798
1,211
1,104
1,048
35
29
31
99
111
Quanah Acme A Pacific
St. Louis-San Francisco
1,172
836
753
1,839
1,540
St. Louis Southwestern
395
year's figures revised.
* Previous figures,
41,600 New Freight Cars
x
15 years, the
Feb.
on
41,600,
on
Feb.
Feb. 1,
24.
any
339
compared
on
Order
on
1941, had more new freight
order on Feb. 1 totaled
with 35,702 on Jan.
1,
1941, and 34,559
order
on
Feb. 1, 1941, included 23,751
box, 15,363 coal, 1,570 refrigerator, 831 flat, 50 stock, and
35 miscellaneous.
I
railroads
locomotives
on
locomotives
on
on
Feb. 1
this
order, of which 120
electric and Diesel.
year
were
also had 238 new
steam and 118 new
On Jan. 1 this year there were 206 new
order, which included 115 steam and 91 elec¬
tric and Diesel.
totaled
New locomotives
139, of which 77
were
on
order
on
Feb. 1, 1940,
steam and 62 were electric
and Diesel.
New freight cars put in service in
compared with 4,983 in the
same
January totaled 6,525,
month last year.
New locomotives put in service in January totaled 47, of
which 15 were steam and 32 electric and Diesel.
In the
month last year the railroads put 19 new locomotives
service, which included four steam and 15 electric and
same
in
766
269
131
73
147
118
6,833
6,337
2,057
5,482
3,245
Texas A New Orleans
6,473
6,197
3,580
Texas A Pacific...
3,906
3,358
3,567
4,690
4,260
2,514
2,796
3,867
119
122
165
65
88
21
25
19
212
32
51,894
45,409
43,716
41,101
34,392
Wichita Falls A Southern
Wetherford M. W. A N. W...
2,251
Total.
l
The movement of the index
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
*
Feb. 21
173.3
was as
follows:
1931=100
Two weeks ago, Feb.
Month ago, Jan. 28
Feb. 22
*
Feb. 24
174.2
Feb. 25
174.7
1940 High—Dec. 31
Feb. 26
175.0
Feb. 27
Feb. 28
174.5
.175.5
172.6
173.5
159.7
171.8
14
Year ago, Feb. 28
Low—Aug. 16
1941 High—Feb. 28
Low—Feb. 17
149.3
175.5
-
171.5
Holiday.
1, 1940.
New freight cars on
Class
1,429
114
Dec. 31,
on
3,787
12,247
3,684
12,640
817
1,933
Gulf Mobile A Northern only.
corresponding date in the past
freight cars
185
531
Association of American Railroads announced
New
4,127
15,233
1,650
1,478
2,128
7,753
2,614
7,481
Feb. 1
on
329
1,408
693
918
151
196
3,185
333
Gainsvllie Midland
138
130
3,299
129
Florida East Coast
163
128
3,152
1,520
367
Missouri Pacific
Mississippi Central
47,469
495
Missouri-Kansas-Texas Lines.
Macon Dublin A Savannah
57,517
139
542
172
91,372
620
369
142
92,801
377
Missouri A Arkansas
597
175
9
1,562
Litchfield A Madison
,,Midland Valley
131
7,103
1,117
6,517
9
2,087
1,622
275
18,961
8,113
481
1,108
1,344
152
21,828
12,624
393
1,146
1,891
268
454
12,671
2,075
165
2,922
1,238
Louisiana A Arkansas
271
10,267
5,107
4,248
1,329
193
Durham A Southern
590
5,958
254
1,912
Columbus A Greenville...
2,999
17,449
405
171
Southern
246
13,023
0
20,119
341
2,319
Kansas Oklahoma A Gulf
Kansas City
3,825
274
0
1,431
2,254
1,015
2,230
1,734
1,091
1,797
2,898
18,666
29
153
-—
International-Great Northern-
368
xl,559
360
9
Southwestern District—
1,130
259
125
423
101,323
Total.
3,791
3,172
20,603
120
488
383
401
341
395
1,755
505
1,484
1,261
3,684
22,415
23,543
468
761
1,815
13,380
Union Pacific System
432
Georgia A Florida
1,360
22,997
1,603
4,438
998
1,617
1,790
1,012
25
5,180
3,087
1,304
2,670
Charleston A Western Carolina
18
1,005
753
North Western Pacific
Gulf Coast Lines
210
680
882
576
Burlington-Rock Island
Southern District—
692
1,010
1,942
1,921
Missouri-Illinois
Nevada Northern
Utah
23,673
22;203
4,602
9
504
1,759
Illinois Terminal
Western Pacific
Pocahontas District—
2,925
948
—
City
Toledo Peoria A Western—.—
on
3,642
91
1,422
5,379
than
1,877
2,183
3,046
2,745
1,601
279
order
54
2,195
66
1,972
I railroads
73
1,395
4,614
8,093
2,011
Cambria A Indiana....
Buffalo Creek A Gauley
on
173
1.546
4,629
8,532
248
International
Seattle—
Alton
Alleghany District—
Akron Canton A Youngstown.
Class
254
1,604
4,955
Ishpemlng
Spokane Portland A
Atch. Top. A
Railroads Had
165
3,274
163,270
Nashville
3,316
870
536
5,778
4,473
Rutland
Illinois Central System
3,581
9,482
—
5,772
Gulf Mobile A Ohio
10,109
2,651
7,373
Great Northern
6,276
Georgia
8,650
392
Pere Marquette
...
11,406
2,897
6,516
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Northern Pacific
—
CI Inch field
12,488
2,227
17,655
3,625
9,284
Lake Superior A
Central of Georgia
14,073
2,271
17,916
3,394
6,299
1,033
Total.
15,410
2,337
20,146
3,963
6,921
4,774
6,506
Virginian
68,099
8,444
1,787
Chesapeake A Ohio
85,220
192
7,086
Norfolk A Western
91,683
404
487
Total.
97,937
393
4,796
4,726
Pennsylvania System
Reading Co
Union (Pittsburgh)..
Western Maryland
728
575
336
Bessemer A Lake Erie
846
836
5,474
Baltimore A Ohio
155
488
407
Total.
682
142
5,034
910
7,732
—
14,653
779
624
I. R
5,499
Wheeling A Lake Erie
18,085
365
AtlanticElgin Joliet A Eastern
—
Ft. Dodge Des Moines A South.
Duluth Mlssabe A
Duluth South Shore A
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie
Wabash
8,553
18,420
District—
1,443
8,291
3,273
N. Y. Chicago A St. Louis
—
898
1.407
4.408
10,961
6,650
10,776
4,413
Detroit & Toledo Shore Line...
Erie
2.431
1,516
5,677
6,285
90
3,283
Detroit A Mackinac
Detroit Toledo & Ironton
967
112,013
Seaboard Air Line
16
Delaware & Hudson...
cars
1940
3,273
1,129
2,580
Piedmont Northern
Nashville Chattanooga
1,200
6,608
9,740
--
Delaware Lackawanna
6,368
1,475
7,838
1,201
Chicago Indianapolis A Loulsv.
Central Indiana
Central Vermont
Note—Previous
1941
1939
1940
1941
Southern District— (Concl.)
Ann Arbor
Louisville A
from Connections
Freight Loaded
Railroads
1940
1941
1939
1940
Total Loads Received
Total Revenue
from Connections
1941
Maine Central
OF CARS)—WEEK ENDED FEB. 15
Total Loads Received
Freight Loaded
Railroads
March 1, 1941
Diesel.
New freight cars and locomotives leased or
acquired are not included in the above figures.
otherwise
Moody's Commodity Index Higher
Moody's Daily Commodity Index advanced from 173.3
a week ago to 175.5 this Friday.
The principal individual
changes were the increases in the prices of hides, wheat,
steel and sugar.
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
General Motors Corp. and Cornell University, which,
prior to the European war, had collaborated in the publiccation of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index of
world prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, in so far as possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world production.
The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
agencies available in each country, usually a government
department."
The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides,# lumber, newsprint,
linseed oil, &c.)."
Weights assigned in the index to the
different commodity groups are as follows:
Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
The indexes, which are based on prices expressed in the
currency of each country, were reported Feb. 24 as follows:
Volume
1341
Chronicle
The Commercial & Financial
152
Ar gen-
Aus¬
Can¬
tralia
ada
New
Mex¬
Eng¬
Una
land
Java
Switz¬ United
Swe¬
States
erland
den
Zeal'd
ico
Debits
Week
for
a
Feb.
Ended
Above
Bank
(August, 1939=100)
19,
1941,
20.6%
Year Ago
deposit accounts (except interbank accounts),
reported by banks in leading cities for the week ended
Feb. 19, aggregated $10,045,000,000.
Total debits during
the 13 weeks ended Feb. 19 amounted to $124,305,000,000,
Debits to
as
194$—
May
120
118
120
143
116
113
112
131
132
112
June
118
118
120
144
116
113
114
131
136
109
114
132
140
109
109
July
118
118
120
145
115
112
August
118
119
120
150
115
111
120
132
144
September-
116
120
121
145
116
110
122
135
153
111
113
123
158
114
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
119
October
122
139
120
110
117
145
1941—
Weeks end.:
■
■■"
Jan.
4..
rll4
128
126
150
121
110
119
144
169
Jan.
11..
rll3
127
126
150
121
111
119
144
172
Jan.
18..
113
127
126
150
121
111
118
144
172
121
Jan.
25..
114
127
*150
121
111
120
172
120
111
*120
144
173
a
year ago.
rl20
*149
9% above the total reported for the corresponding period
At banks in New York City there was an in¬
crease
of 5% compared with the corresponding period a
year ago, and at the other reporting centers there was an
increase of 12%.
These figures are as reported on Feb. 17,
1941, by the Board of Governors of the Federal Reserve
System.
or
120
Feb.
120
I..
116
126
126
Feb.
8_.
114
126
126
*150
121
113
119
145
170
15..
115
126
126
*149
121
113
119
145
170
(In Millions of Dollars)
120
Feb.
DISTRICTS
SUMMARY BY FEDERAL RESERVE
120
•
13 Weeks Ended
Week Ended
Federal Reserve District
Preliminary,
r Revised.
Feb.
Feb. 21,
1941
1941
Commodity Price Average Declined in Week Ended
Feb.
22, According to National Fertilizer Asso¬
ciation
was
in
decline
a
the
general
compared with 101.1 in the preceding week,
month ago, and 99.4 a year ago.
The Association's
average,*
100.6
a
Richmond
384
309
Atlanta
330
268
4,037
$6,304
48,879
6,076
7,484
4,088
3,556
1,546
1,264
18,213
16,634
St. Louis
304
260
3,821
3,356
Minneapolis-_
171
153
2,112
2,081
Kansas City
Dallas
315
279
296
236
2,849
929
716
3,691
3,167
10,004
$10,045
$124,305
$113,668
3,604
$8,329
3,084
4,529
47,141
66,796
44,844
5,574
867
716
10,368
9.219
$539
$442
$7,275
3,996
3,385
51,503
Philadelphia..
525
430
6,680
586
8,956
in large part to lowe
index of prices of all other
commodities remained unchanged.
Lower cattle and hog quotations more
than offset increases in grains and cotton, forcing the farm product price
index back to the level registered two weeks previous.
In the food group
19 price series declined and only six advanced, resulting in a drop in the
food price average.
Indexes representing the prices of miscellaneous
commodities, fertilizer materials, and mixed fertilizers also declined.
The
textile price index advanced fractionally, reflecting increases in cotton,
cotton goods, wool, woolen goods, burlap, and silk.
Prices of pig iron,
steel scrap, and tin advanced, causing an upturn in the metal price index.
The farm machinery group average also registered a slight advance.
During the week 42 price series included in the index declined and 28
advanced- in the preceding week there were 20 declines and 30 advances ;
in the second
preceding week there were 14 declines and
WEEKLY WHOLESALE
Latest
Preced¬
Week
1941
Feb. 15,
1941
92.6
Group
93.8
Total Index
25.3
Foods
23.0
Month
ing Week
Feb. 22,
Per Cent
Bears to the
San Francisco.
Farm products
Ago
Feb. 24,
25,
1941
140 Other leading centers *
133 Other centers.....
......
•Centers for which bank debit
Summary of Business Conditions in United
Board of Governors of Federal Reserve
Continued
Activity
Industrial
91.5
The Board of Governors of the
announced
on
75.2
75.0
78.0
71.8
71.8
74.7
79.6
94.4
95.3
90.3
101.7
and
Board's
the
industries
adjusted index rose
96.4
87.4
96.8
important in the defense program,
96.3
96.1
83.8
as
101.5
101.5
101.5
105.4
Miscellaneous commodities..
111.1
111.3
110.0
113.5
113.6
113.5
112.4
109.3
7.1
Metals
103.5
103.2
103.1
101.0
Building materials
Chemicals and drugs
117.7
117.7
117.8
104.0
104.0
104.0
103.9
100.0
Fertilizer materials
105.7
105.8
106.0
105.9
.3
Fertilizers.
102.1
104.0
104.0
103.1
.3
Farm machinery
99.8
99.7
99.7
100.4
100.6
101.1
100.6
99.4
Base period changed Jan. 4
Indexes
on
1926-28 base were:
■
77.4.
';
from 1926-28 average to 1935-39 average as 100.
Feb. 22, 1941, 78.4; Feb. 15, 78.8; Feb. 24, 1940,
-
Ended Feb. 22, 1941, Totals
weekly report
volume owing to demand arising
well as from private building.
Automobile production, which ordinarily declines considerably at this
time of year, was maintained at a high rate in January and the first half
of February.
This reflected in part an unusually large volume of retail
sales and in part the industry's efforts to build up dealers' stocks of cars as
much as possible with a view to having an adequate supply on hand in
case priorities or work on defense orders should necessitate curtailment of
automobile production.
Currently dealers' stocks of new cars are probably
record levels.
near
level reached in December but the rise was
volume. Defense program orders for
products, have been substantial for
some
time, and these combined with considerable civilian demand have
resulted in the accumulation of large order backlogs at most mills.
Activity
mills was maintained in large
at
meatpacking establishments was
like week
able stocks,
year ago.
latter
At mines output
of most metals continued at
particularly of petroleum products.
reported by the F. W. Dodge Corp.,
Value of construction contracts, as
The decrease reflected chiefly a sharp
declined in January.
Week Ended
Week Ended
Feb. 15. 1941
Feb. 8,
1941
public construction from the
reduction in
exceptionally large December total,
projects not previously reported
Week Ended
awards for
Feb. 1, 1941
which had included a number of defense
New England
16.7
14.0
10.5
8.5
Middle Atlantic
14.5
11.7
10.8
10.9
Central Industrial
17.4
15.6
15.0
16.5
record levels in January.
high
large volume but was not as such
owing in part to the existence of consider¬
output of other minerals
as
less than the usual
high rate of output in November and December.
Production of fuels was sustained in
levels
reduced in January owing chiefly to a
which had been exceptionally large in the
Shoe production advanced by
of 1940.
part
seasonal amount following a
PERCENTAGE INCREASE FROM PREVIOUS YEAR
Week Ended
less
At wool textile mills there was some
of November and December, while output at
usually occurs at this season.
decline from the high level
sharp decline in hog slaughter,
Feb. 22, 1941
activity in January showed some further
In the cotton textile industry,
2,820,161,000 kwh.
The current week's
output is 14.9% above the output of the corresponding week
of 1940, when the production totaled 2,455,285,000 kwh.
The output for the week ended Feb. 15, 1941, was estimated
to be 2,810,419,000 kwh., an increase of 13.5% over the
Feb. 22, 1941, was
Regions
and output of industrial materials, such
Lumber
textiles, particularly wool and cotton
The Edison Electric Instititute in its current
Major Geographic
of the
production also was in unusually large
rayon
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
a
point further to 139%
from construction under the defense program as
than
2,820,161,000 Kwh.
one
"
less than seasonally
continued at near capacity rates.
steel and non-ferrous metals,
increase from the record
Electric Output for Week
statis¬
There were further considerable increases in activity
making machinery, aircraft, ships, and similar products
82.0
.3
*
the
and
1935-1939 average.
in
96.2
combined
upon
i
of industrial production declined
82.5
All groups
commodities was
Production
In January volume
96.8
100.0
Federal Reserve System
United States, based
Fuels
1.3
Level in
and the first half of February. The Board's
monthly indexes appeared in these columns of Feb. 22,
page 1196.
The summary follows:
94.4
6.1
■v--
System—
High
at
high level in January and distribution of
Textiles
8.2
States by
maintained in large volume.
This was pointed out in
Board's regular monthly summary of general business
Livestock.
10.8
59.605
Feb. 18 that industrial activity continued at a
Grains
17.3
8,888
January
93.3
74.6
Cotton
3,473
figures are available back to 1919.
1940
93.4
Fats and oils
Cottonseed oil
New York City *...
4,845
tics for January
Year
Ago
Jan.
.
financial conditions in the
(1935-1939=100*)
Association.
Each Group
i
22 advances.
COMMODITY PRICE INDEX
Compiled by The National Fertilizer
.
Total, 274 reporting centers
drop in the all-commodity index was due
The
712
Chicago
announcement under date of Feb. 24 went on to say:
quotations for foodstuffs and farm products- the
21,
1940
New York....
Boston
Cleveland
level of wholesale
commodity prices last week, according to the price index
compiled by the National Fertilizer Association.
This index
in the week ended Feb. 22 was 100.6% of the 1935-39
There
Feb.
Feb. 19,
1940
19,
8.6
8.8
7.0
9.8
Southern States
14.8
13.3
12.3
10.0
Rocky Mountain
10.7
7.5
5.5
3.9
Pacific Coast
12.7
13.2
11.0
7.5
14.9
13.5
11.9
Dodge Corporation for lack of
by the
detailed information.
Contracts
building declined somewhat in January
large as the amount awarded in the corres¬
awarded for private non-residential
but
as
in December was twice as
11.3
West Central
ponding period a year ago.
and
of
on a
Awards for private residential building increased
seasonally adjusted basis were at the highest
level since the middle
1929.
Distribution
Total United States.
Distribution of commodities to consumers in
FOR
DATA
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
Change
1941
Week Ended
1940
1941
193
1932
1929
were
from
freight-car
loadings,
which
usually decline from
January, showed little change this year
Jan.
Jan.
18
2,169,470
2,269,846
2,473,397
2,834,512
11
Jan.
+9.4
2,704,800
4
2,592,767
2,572,117
+ 10.6
2.565.958
+ 10.3
2,289,659
2,292,594
2.541,358
+ 11.3
2,201,057
+9.3
1,619,265
1,602.482
1,598,201
1,733,810
1.588,967
1,728.203
Feb.
8
2.522.514
+ 11.9
2,199,860
1,588,853
1,578,817
Feb.
15
2,810.419
2.475,574
+ 13.5
2,211,818
1.545,459
Feb.
22
2,820,161
2,455,285
+ 14.9
Jan.
Feb.
25
1
Mar,
1
Mar.
8
2,479,036
2,463.999
1.726.161
2,199.976
1,519,679
2.212.897
1.538 452
1
1,512,158
further to 86% of the 1923-1925 average.
1,736.729
1,718,304
1,699.250
1,706.719
2,207.285
index rose two points
702.670
Wholesale Commodity
Prices
of
December to
and the board's seasonally adjusted
1,717,315
2,843.962
2,829,959
2,829.690
2,823.651
mm*
1,542.000
maintained'at
level reached in the latter part of 1940.
sustained in large volume.
Total
1940
January was
Sales at department and
variety stores declined seasonally following an unusually large amount of
Christmas trade, while sales of automobiles continued near the rate pre¬
vailing in December.
In the early part of February department store sales
the high
industrial
materials
and
Prices
foodstuffs
generally showed
little
Some
and tin, rose
slightly and there were increases also in prices of lard and wool tops, while
declines were reported for livestock and meats, hides, grains, lumber, and
change
from the middle of January to the
imported
commodities,
principally
middle of February.
coffee, cocoa, rubber,
The Commercial & Financial Chronicle
1342
metals.
scrap
Prices of
some
finished
commodities, particularly
products, showed advances in this period.
textile
/
Total loans and investments at reporting member banks in 101 leading
Commercial
loans
defense notes issued by the Government.
increased further
banks
these
at
new
while
loans
New
to
York security brokers and dealers declined.
States
of 25 cents per
Feb. 14 were
Union Tank Car Co.'s current quarterly
share in the final quarter.
per
time last year
and 45 cents per share in the second, third and fourth quarters
Pipe Line Co. paid
Eureka
of 1940.
extra dividend of $3
an
dividend of 50 cents
share
per
share.
per
The record of quarterly disbursements in recent years follows:
selling
Dec. 10.
on
The 1960-05
yield basis of 2.28%, compared with
on a
a
y:v
-'-Y 'V- ''
'•»
'•
•-
'::''
•
The Board of Governors
Federal Reserve System
Feb. 24 that the dollar volume of January
$67,565,108
62,985,882
80,623,933
94,996,530
74,817,051
63,821,486
58,908,391
34,527,547
46,278,873
$28,746,236
23,896,799
25,427,903
31,984,248
29,911,506
17,653,161
18,582,065
19,546,576
43,858,468
Fourth Quarter
22,036,800
22,294,925
23,550,943
25,437,708
19,872,088
18,122,737
24,312,981
32,406,332
46,801,053
1936
1934
1933
1932
.
_
—
$62,718,768
67,874,953
71,315,026
121,317,075
114,399,982
70,516,298
67,289,092
42,457,920
44,112,501
of the
department store sales for the country as a whole was 10%
larger than in the corresponding period a year ago.
This
figure is based on reports received from each of the 12
Reserve districts. The following table, issued by the Board,
shows the percentage change from a year ago for the
country
as a
whole for Federal Reserve districts and for leading
cities:
DEPARTMENT STORE
1940
1937
'■
Department Stores Sales in January
Increased 10% Over Year Ago According to Board
of Governors of Federal Reserve System
Third Quarter
$22,202,711
1939
Dollar Volume of
Second Quarter
First Quarter
1941
1938
on
per
payment of 50 cents per share compares with 40 cents per share at this
Y
low of 2.03% on Dec. 10.
announced
cents
Government securities continued to decline in
ing the gains from the end of October to the peak
on
quarterly dividend of 3734
a
share quarterly supplemented by an extra dividend of $1
the latter half of January and the first half of February, more than cancel¬
bonds
declared
this quarter in addition to the quarterly
United States Government Security Prices
Prices of United
of Ohio
Standard
share for the current period, whereas last year payments were at the rate
cities increased substantially during January and the first half of February,
reflecting largely purchases of
1, 1941
by Standard Oil Co. of Ohio, Union Tank Car Co. and Eureka Pipe Line
Co.
,
v\Bank Credit
-
March
SALES
IN
Socony-Vacuum's semi-annual dividend of 25 cents
Refining, Standard
Standard
and
Oil
Oil Co. of California,
Co.
of
Kentucky
companies at this time last year.
Standard
Oil
Co.
of Indiana
the same as were paid by these
are
Humble Oil & Refining Co.'s dividend
of 3734 cents per share, Buckeye Pipe Line's payment of $1 per share and
Penn
South
a
Oil
Co.'s payment of 3734
as
usual
dividend of 50 cents
year
ago,
cnets
share
per
likewise the
are
while Chesebrough Manufacturing Co. declared the
same
share in addition to the regular quarterly
per
dividend of $1 per share.
JANUARY,
share and the
per
regular quarterly dividends of 25 cents per share each declared by Atlantic
1
/■
.
1941
Report by Federal Reserve Districts
Percentage Change from Corresponding Period
Federal Reserve District—
No. 1 (Boston)
No. 2 (New York)..
No. 3 (Philadelphia)
Jan .,1941
No. 6
Year Ago
Jan., 1941
+2
No.
7 (Chicago)
No.
No.
8 (St. Louis)
9 (Minneapolis)..
4-8
(Richmond)
(Atlanta)
No. 10 (Kansas City)__
4-14
Reports from 6,366 Illinois manufacturing and non-manu¬
facturing establishments show a decline of 2.9% in the
number of wage earners from December, 1940, to January,
1941, and a decline of 3.9% in total payrolls for wage earn-,
+5
+13
No. 11 (Dallas)
No. 12 (San Francisco).
+18
.....
Nine-Month Period
+18
+8
4-14
4-14
U. S. total—
+10
Jaw.,1941
4-7
Boston, Mass
0
Springfield, Mass
Providence, R. I
a
+ 16
Indianapolis, Ind
Des Moines, Iowa.
Sioux City, Iowa
Detroit, Mich
Flint, Mich
Bridgeport, Conn
Newark, N. J
Albany, N. Y
Bingham ton, N. Y
+12
+4
Buffalo, N. Y
+16
Elmira, N. Y
4-22
-
+24
-
_____
+16
New York &
Brooklyn, N. Y
Poughkeepsle, N. Y
Rochester, N. Y
Syracuse, N. Y_....._._._.__
+6
O
+6
+13
Philadelphia District—
Trenton, N. J
+6
Lancaster, Pa
Philadelphia, Pa
Reading, Pa
4-8
4-9
4-4
......
....
Wlikes-Baarre, Pa
York, Pa
—1
+7
Cleveland District—
Akron, Ohio..
+16
Cincinnati, Ohio
Cleveland, Ohio...
Columbus, Ohio
4-11
Youngstown, Ohio
Erie, Pa
Pittsburgh, Pa
Wheeling, W. Va
+5
Washington, D. C
Baltimore, Md
Winston-Salem, N. C
Charleston, S. C.
Lynchburg, Va
Norfolk, Va.
Richmond, Va
Charleston, W. Va...
Huntington, W. Va
+21
4-13
4-11
4-30
....
...
...
....
Baton Rouge, La
New Orleans, La
..........
Jackson, Miss.
........
....
.
the
+5
+20
.
Tulsa, Okla
._
were
+10
..
+25
..
+19
+11
San Francisco District—
+21
-.
—2
._
-
+4
V
+21
..
J.
San Diego, Calif
San Francisco, Calif
+9
:■
+40
San Jose, Calif-
+5
-
Portland, Ore._
._
+18
..
Seattle, Wash
Spokane, Wash.
+14
--
Salt Lake City, Utalu
+18
._
Yakima, Wash
+10
+
6
1940
a
of
Companies
In the preceding or final
$62,718,768 was disbursed by
group,
well
as year-end
extras by other members of the
group.
The firm's announcement with
respect to the figures con¬
tinued:
majority of the companies normally making
are
paying the
period of last year.
group
this quarter
as
payments
same amounts in the current quarter as
in
the
first
in the similar
The increase of $165,971 reported in the total for the
compared with
a year ago
to
be
indicative
employment
or
any
payrolls
and
of
for
higher,
0.4% and 1.8%, respectively, for
establishments.
manufacturing
the
previous
These
de¬
18-year average December to
were
for employment and
indexes
were
January,
in
noted
of
both
for
employment
18% higher,
reflects larger distributions
3% for payrolls in
manu¬
and
payrolls
for
manufacturing
respectively, than the indexes for
27.7% and 41.4% higher, respectively,
than the
1939.
employment and payrolls
four of
the
12
from
December
January
to
of manufacturing industries—leather
groups
and
allied products,
paper
goods-printing and publishing, clothing and
millinery, and rubber products groups.
Small increases in employment only
recorded for the metals and machinery, and the transportation
equip¬
ment
industry groups.
The declines of 6.9% in employment and 7.7% in
payrolls for the food-beverages and tobacco group, and of 5.5% and 8.9%,
respectively,
for the
textiles
The
declines
cember
to
of
declines
The
8.2%
January
to
were
for
group
somewhat greater
were
period for these
in
employment
the
combined
somewhat
greater
groups
and
4,009
than
8.4%
in
reporting
the
usual
than
in
of industries.
payrolls
from
De¬
non-manufacturing
previous
12-year average
January declines for this
were
group of industries, which
5.4% for employment and 4.3% for payrolls.
average
drop in
employment and payrolls for retail trade firms is always
large from December to January, or following the Christmas season, but
was
somewhat greater than usual this year.
The large declines for trade
establishments
may
employment
and
be partially due to
payrolls
coal
mining establishments
The
also
th4
extraordinarily large increases
Approximately normal seasonal declines
were
contracting establishments.
Exchange.
total
The
normal
respectively, than the
5.9% and 17.3% higher, respectively,
down
were
noted for November and December.
payments in that period having included the
semi-annual dividends of several of the
larger companies as
A
for
December
_
_.
were
than
11.7% and
establishments
$22,202,771, compared with $22,036,800 distributea by these
companies during the first quarter of 1940,
according to
figures compiled bv Carl H. Pforzheimer & Co., member of
quarter
1941,
were
Increases
+7
--
of
29.7%
and
reporting
less
the December to January
..
Sacramento, Calif
1940.
a
Declines in employment from December to January
reported for manufacturing industries in 15 of the previous 18 years.
January, 1940, and
were
$22,202,771, Com¬
pared with $22,036,800 in Same Period of 1940
Cash dividend payments by the
companies of the Standard
Oil group for the first
quarter of 1941 are estimated at
the
2,357
of
January,
in
quarter of
December,
representing
January, 1937.
somewhat
are
industries
+14
..
_
Not available.
the New York Stock
as
believed
not
indexes
20%
January, 1939, and
group
indexes
Dallas District—
Dividend Payments by Standard Oil
in First
Quarter Estimated at
through
facturing industries.
+ 12/
.
Shreveport, La
Dallas, Texas
Fort Worth, Texas
Houston, Texas
San Antonio, Texas
Cash
May
interpreted
is
industry
were
January declines of 1.5%
+14
..
Oklahoma City, Okla..
for
and
Employment and payrolls
:
..+ 12
Kansas City, Mo
+19
4-17
4-21
4-29
of
9.1% and 13.7% higher, respectively, than the indexes
were
1940,
+9
..
Los Angeles, Calif
Oakland & Berkeley, Calif
—l
all-reporting
+8
._
Long Beach, Calif
+10
Chattanooga, Tenn
Knoxville, Tenn
Nashville, Tenn
*
_____
Boise & Nampa, Idaho.
months
change,
the indexes for
than
*
*
_____i
4-20
4-16
the
seasonal
January,
clines
+10
+34
The
St. Paul, Minn
Kansas City District—
Bakersfleld, Calif...
Fresno, Calif
+6
employment and payrolls from December to January was
for a nine-month period.
Increases in both items
for
drop, however, should be
indexes
Phoenix, Ariz
+24
recorded
January, 1941
+23
Duluth-Superior, Minn .-Wis.
Minneapolis, Minn
+25
Tampa, Fla
Atlanta, Ga_*
Macon, Ga
2.5% for
were
change in the present trend for increased industrial activity.
+10
-
4-12
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
percentage
average
expected
for
+51
Atlanta District—
in
were
+16
._
+16
i
The
the first decline reported
Minneapolis District—
+8
(1923-40).
years
January for the 18-year period
+35
Quincy, 111
Evansvllle, Ind
Louisville, Ky
St. Louis, Mo
Springfield, Mo
Memphis, Tenn
—3
18
to
+15
._
Omaha, Neb
Richmond District—
decline
current
St. Joseph, Mo
+13
previous
December
—6
Little Rock, Ark
+5
........
the
—2
—
St. Louis District—
Fort Smith, Ark
4-1
4-6
Toledo, Ohio
The
—
Denver, Colo
Topeka, Kans
Wichita, Kans
of
decreases from
employment and 3.2% for payrolls.
Grand Rapids, Mich
+9
each
in
+2
Milwaukee, Wis.
—2
The
drop in employment and payrolls for the month represents an
approximately normal seasonal change.
Declines in both employment and
payrolls from December to January for all-reporting industries were recorded
*
Lansing, Mich.
4-2
4-5
Niagara Falls, N. Y
,
Jan.,1941
Fort Wayne, Ind
4-4
establishments, the Illinois Department of
on Feb. 20.
Regarding these changes the
reported
Department's announcement said:
Year Ago
Chicago District—
Chicago, 111
Peoria, 111
+5
New York District—
these
Labor
Percentage Change from Corresponding Period
Boston District—
in
ers
Report by Cities
New Haven, Conn
Illinoisjnduatrial Employment and Payrolls Decreased
from
December
to
January—First
Decline
in
4-12
4-6
»
.....
No. 4 (Cleveland)
No. 5
a
Federal Reserve District—
recorded
declines
in
contributed
for
building
and
construction
payrolls for the services and
to
the
losses
in
payrolls
for
non-manufacturing industries.
January, 1941, indexes of employment and payrolls for the
manufacturing
the
indexes
for
industries
January,
were
4.1%
1940, and
and
were
4.6%
group
of
higher, respectively,
5.7% and 8.8%
higheT,
non-
than
respec¬
tively, than the indexes for January, 1939.
Report of Lumber Movement Week Ended Feb. 16, 1941
Lumber production during- the week ended Feb. 15, 1941,
2% greater than in the previous week; shipments were
2% less; new business 2% less; according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 3% and new
orders 8% above production.
Compared with the corre¬
sponding week of 1940, production was 22% greater, ship¬
ments 23% greater, and new business 26% greater.
The
industry stood at 149% of the average of production in the
corresponding week of 1935-39 and 132% of average 1935was
Volume
1939 shipments in the same week.
reported:
Year-to-Dote Comparisons
Reported production for the
seven
\
weeks of 1941 to date was 19% above
corresponding weeks of 1940' shipments
24% above the shipments and
were
#new orders were 22% above the orders of the 1940 period.
weeks of 1941 to date, new business was
For the seven
11% above production, and ship¬
Supply and Demand Comparisons
■:
The ratio of unfilled orders to gross stock was 33%
a
a
year ago.
y
Feb. 15, 1941,
on
Unfilled orders were 37% greater than
13% less.
year ago; gross stocks were
Softwoods and Hardwoods
Record for the
15. 1941, for the previous week
current week ended Feb.
and for the corresponding week of a year ago, follows, in
thousand board
;
feet:
Softwoods
Hardwoods
1941 Week
1941 Week
Softwoods and Hardwoods
1941
Previous
1941
1940
Week
Week
Week
(Revised)
483
483
479
235,563
193,465
230,878
225,465
Shipments
242,054
196,423
247,081
Orders
254,091
201,509
260,427
230,855
243,987
100%
111%
100%
10,098
100%
102%
108%
11,199
10,104
trucks, or road tractors, as compared with 483,567
vehicles in December, 1940, 432,279 vehicles in January,
1940, and 342,168 vehicles in January, 1939.
These sta¬
tistics comprising data for the entire industry, were released
Feb. 27, 1941, by Acting Director Vergil D. Reed, Bureau
of the Census, Department of Commerce.
Statistics for 1941 are based on data received from 69
manufacturers in the United States, 20 making passenger
and 63 making commercial cars, trucks, or road tractors
(14 of the 20 passenger car manufacturers also making com¬
mercial cars, trucks, or road tractors).
It should be noted
that those making both passenger cars and commercial
cars, trucks, or road tractors have been included in the
number shown as making passenger cars and in the number
shown as making commercial cars, trucks, or road tractors,
cars
road
tractors
negligible factor in any analysis for which the
be used.
Canadian production figures are
supplied by the Dominion Bureau of Statistics.
The report for the year ended December, 1940, 1939, and
1938, appeared in our issue of Feb. 8, 1941, page 901.
and hence
Weekly Statistics of Paperboard Industry
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
□The members of this Association represent 83% of the
total industry, and its program includes a statement
week from each member of the orders and production,
each
figures
-
'
NUMBER
figpire which indicates the activity of the mill based
These figures are advanced to equal
100%, so that they represent the total industry.
PRODUCTION,
REPORTS—ORDERS,
MILL
OF VEHICLES
(INCLUDING CHASSIS)
Year and
Pas¬
(AU
Passenger
Trucks,
Vehicles)
Cars
Production
Orders
Tons
Tons
1948—Month
Cumulative
Current
432,279
362,897
452,142
342,168
373,804
January, 1939
December, 1938
388,346
Cars &
Trucks v
Cars
326,006
281,465
11,205
11,711
4,634
11,990
11,653
23,195
23,364
17,213
16,976
14,794
12,579
11,054
11,404
14,198
18,614
5,922
3,390
4,416
of—
71
January
528,155
579.739
167,240
72
February
420,639
137,631
70
129,466
69
70
193,411
70
70
247,644
76
72
79
73
72
73
74
73
73
May
682,490
June
508,005
453,518
449,221
456,942
624,184
509,781
July
544,221
587,339
March
429,334
April
520,907
71
.
;
Cash Farm Income and Government Payments in
cash
Farmers'
August
452,613
487,127
September
468,870
670,473
470,228
163.769
72
648,611
184,002
79
73
488,990
464.537
509,945
161,985
77
73
479,099
151,729
71
73
673,446
629,863
202,417
75
100,798
101,099
130,847
153,111
59
•-••''mm
161,994
77
69
134,135
130,750
168,364
78
185,003
78
74
133,032
133,091
202,417
79
75
219.026
79
75
138,549
135,763
234,260
81
76
come
247,271
80
77
previous year.
October
November
December
1941—Month
Week Ended—
1941—
4
Jan.
11
137,150
Jan.
18
138,863
Jan.
25
147,634
Feb.
1
149,001
Feb.
8
150.012
Feb.
15
154,524
Feb. 22
148,723
Note—Unfilled orders of the prior week plus orders
not necessarily equal the
unfilled orders at the close.
from
income
marketings,
commodities
placed under loan and Government payments amounted to
$9,120,00G,000 in 1940, it was estimated on Feb. 19 by the
Bureau of Agricultural Economics, U. S. Department, of
Agriculture.
This, said the Bureau, is nearly as large as the
$9,155,000,000 received from the same sources in 1937, is
nearly $1,000,000,000 more than farmers received in 1938,
and is $452,000,000 more than in 1939.
The Bureau's
announcement goes on to say, in part:
of—
January
1940
Estimated at $9,120,000,000
236,693
196,037
162,653
Jan.
89,673
87,036
69,382
78,338
60,703
62,340
411,258
396,531
December, 1939
Remaining
Tons
500,931
483,567
January, 1940
Percent of Activity
Orders
Total
dbe.
ACTIVITY
Unfilled
Received
Comm'l
senger
Total
Month
January, 1941
December, 1940
Period
(Production)
Canada
Sales)
United States (Factory
a
STATISTICAL
a
may
and
the time operated.
on
The figures for passenger cars include those
The figures for commercial cars, trucks, and
include those for ambulances, funeral cars,
for taxicabs.
fire apparatus, street sweepers, station wagons, and buses/
but the number of such special purpose vehicles is very small
^ We
also
and 89,673 commercial
which 411,258 were passenger cars
respectively.
96
403
Production
Mills
Factory sales of automobiles manufactured in the United
States, including complete units or vehicles reported as
assembled in foreign countries from parts made in the United
States, for January, 1941, consisted of 500,931 vehicles, of
cars,
10% above production.
compared with 21%
in January
Production
Automobile
The Association further
■'
ments were
1343
The Commercial & Financial Chronicle
152
Cash income from farm marketings and
72
1940 amounted
Compensation for delinquent
made necessary adjust¬
6% higher than the $7,861,-
Income from sales of crops was up 5% and in¬
000,000 received in 1939-
received, less production, do
commodities placed under loan in
to $8,354,000,000 and was
from sales of livestock and livestock products was up
7% from the
Government payments on the Agricultural
Conservation
and price parity payments in 1940 amounted
5% less than the $807,000,000 paid to farmers
Program, Sugar Act payments
to
$766,000,000 and were
•;
^
1
reports, orders made for or filled from stock, and other Items
in 1939.
ments of unfilled orders.
in incomes
from fruit and sugar crops were more than offset by increases in income
from grains, cotton, vegetables and miscellaneous farm products.
The
greatest percentage increases in income from crops were from flaxseed,
hops, peanuts, oats and grain sorghum.
Production of all these products
in 1940 was substantially higher than in 1939 and prices were well main¬
tained.
Income from corn was also substantially larger than in 1940 in
1939, partly because, of the large amount of corn placed under loan.
Income from grains in 1940 amounted to $1,018,000,000 and was the
highest for any year since 1929.
Loans on corn and wheat were important
factors in increasing the income from grains and maintaining prices for
Canadian
Program Continues to Provide Main
Manufacturing
Industry,
Reports
War
Stimulus
An
to
Bank of Montreal
Bank
The
of Montreal
reports in its Feb. 22 "Business
Summary" that "the demands of the war program continue
provide a tremendous stimulus to manufacturing industry
this has had the effect of reducing unemployment to
to
and
negligible dimensions and has produced a widespread
public's purchasing power, redounding inev¬
almost
increase of the
itably to the advantage of retail trade and
The Bank's review goes on to state:
'
general busi¬
All
materials
every
mills,
particularly
them
are
working
practically
at
and
full
into production
value
of
pared with
new
in
placed
contracts
$16,918,000
British
Columbia,
in
January was
well supplied with
1940 as
$26,579,000, as com¬
$8,844,000
December and
in
in January, 1940.
industrial boom in the United States is creating an
increased demand
Canada.
The mining industry in general is very active and, as regards gold, the
increasing production is shown by the fact that in January receipts of
for
a
variety of raw materials supplied by
gold at the 'Mint amounted to 461,602 fine ounces, as compared with 415,065
and 435,621 ounces in December and in January, 1940, respectively, while
shipments
and
of silver were
1,528,932
ounces,
as
compared with 1,516,441
1,655,741 ounces.
the
reassembling
of
budget pronouncement by the Minister of
and
the
prospect
of
an
early
Finance, interest this month is
the matter of war finance, war taxation and war bor¬
rowing.
Coinciding with and explaining the vigorous campaign now in
progress for promoting savings by the systematic purchase by the public
at large of War Savings Certificates has been the official announcement
to the Commons that a sum equaling more than half the national income
will have to be raised in the next fiscal year to meet the requirements
of the Federal, Provincial and municipal governments and to cover repatria¬
tion of Canadian securities held in the United Kingdom.
being
focused
on
maintained.
slightly larger than in 1939 and prices
a year earlier.
The larger quantity of
cotton placed under loan in 1940 was an important factor in raising the total
income from cotton and cottonseed to 5% more than in 1939.
The decline
sharply and prices were well
slightly higher than
averaged
of 11% in income
from tobacco resulted largely from smaller sales of
only partially offset by increases in price.
flue-
cured tobacco, which were
The improvement in consumer
income from
incomes in 1940 was reflected in farmers'
vegetables, but income from fruits was slightly lower
than in
due partly to restricted export
fruits and partly to shorter crops.
Income from apricots,
The decline in income from fruits was
1939.
for
markets
substantially lower in 1940 than in
reported for apples.
Income from
1939 to $624,000,000 in 1940.
Relatively high prices for potatoes, early in the season, offset the marked
decline in prices in the later months of the year and income for the year as
a whole was 6%
higher than in 1939.
Income from truck crops totaled
7% higher than a year earlier, as returns from truck crops both for process
peaches, almonds and grapefruit was
1939 and a slight decline in income was
vegetables increased from $588,000,000 in
ing and for fresh
for sugar
Parliament
Income from flaxseed and rice
production increased
channels.
materially higher than in any other recent year as
Because
The Bank also says:
With
was
are
industry has got off to a good start in
The construction
orders.
The
for
month and the end of the program of industrial expansion has by no
been reached.
The shipbuilding yards continue very busy and the
lumber
the
required
New armament and munitions plants are coming
capacity.
means
engaged in the production of armaments and munitions
plants
raw
grains sold through the regular
Marketings of cotton in 1940 were
ness."
the
11% decline in income from tobacco and slight declines
consumption increased.
production, income from sugarcane
of the sharp reduction in
and sugarcane sirup was sharply lower than in 1939 and largely
in the income from all sugar crops.
The
accounted for the decline of 2%
output of sugar
beets in 1940 was the largest on record and
the income from
sugar-beets the highest for any recent year.
Income from livestock and
000,000 and was 7%
creases
were
sharply higher in 1940 than in
wholesale and from farm
of
livestock products in 1940 totaled
improved prices.
than in
$4,818,-
higher than in 1939.
The greatest percentage in¬
and from daily products.
Wool prices
in income were from wool
1939 and income from milk sold at
butterfat increased substantially, largely became
Income from meat animals in
1939, with the greatest increase
1940 was 7% higher
occurring in income from cattle
The Commercial & Financial Chronicle
1344
The marked increase in sales of hogs was
and calves.
PRICES—REDUCTIONS
The Increase in income from poultry and eggs from $732,000,000 in 1939
to
$742,000,000 in 1940
was
The
more
cooperative attitude shown by the Mexican
the year-end change in Administration
to insure early settlement of the controversy
Government since
heads
seems
Mexico
between
and
American
the
and
British
oil
com¬
panies affected by the $400,000,000 expropriation decree
of early 1938 whereby the foreign companies lost their
Mexican oil properties to the Cardenas Administration, oil
men
feel.
'■V
Last week's action by
a
more
President Camacho, who has shown
which
Mexico's rich oil resources to private exploita¬
conservative attitude than his predecessor,
would reopen
tion and the stern attitude of the Camacho Administration
in
dealing with the union question in Mexico was cited by
men as convincing proof of a more friendly
relation between the oil companies and the Mexican Gov¬
well-informed oil
ernment.
'
Not too
as
it
was
a}
:v'
much interest, however, was shown in the bill
presented to the Mexican Congress since previous
efforts have been made by the Government to participate in
control privately-financed companies established by
and
foreign interests and have failed because of the trouble aris¬
ing out of the 1938 expropriations.
American oilmen well
remember that the Mexican Supreme Court held the ex¬
propriation decree constitutional in a unanimous decision.
It has been learned in Washington that the general tenor
of the conversations between Undersecretary of the State
Sumner
and
Welles
Ambassador
Mexican
the
have
been
"friendly and cooperative base" in recent weeks.
Undersecretary Welles has declared that he was hopeful
that an equitable and satisfactory settlement would be
on a more
reached
bassador
as
a
result of the continued discussions with Am¬
Najera.
Daily average crude oil production in the United States
off 8,450 barrels during the week ended Feb. 22, reports
compiled by the American Petroleum Institute disclosed.
The total of 3,629,650 barrels for the Washington's Birthday
week-end was only about 1,000 barrels above the February
market demand level of 3,628,900 barrels established by the
U. S. Bureau of Mines in its regular monthly forecast.
Main factor in the decline was California where daily
average flow of crude oil was off 25,200 barrels to 604,000
was
barrels.
Illinois
showed
decline
area came
Vacuum
posted price cuts of
and
cents a
Feb. 26—Socony-Vacuum
fuel
oils
east
of
cents
England
of
gallon—all
a
gallon for
a
York
harbor
kerosene and Mobilheat prices 3-lOths
cut
kerosene
and
1-10 to
Mobilheat prices
deliveries—throughout
York-New
New
the
area.
U. S. Gasoline (Above 45 Octane), Tank Gar Lots, P.O.B. Refinery
New York—
Texas.. ...$.07 #-.08
Chicago
Gulf
-.06#
-.06#
Socony-Vac. .06
Other CUiee—
New York-
.
St. Oil N. J.f.00
New
Orleans.
Gulf
ports
08 #-.08#
Shell East'n
T.Wat. Oil.
.08#-.08#
RlchOU(Cal) .08#-.08#
War at r-Qu. .07 #-.08
.07 #-.08
Tulsa
$.04#-.05#
.06>4-.07
.05#
.04K-.05H
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
daily total of 1,350,450 barrels, while a gain of 4,000 barrels
daily average to 207,100.
A gain of approximately 700,000 barrels developed in
inventories in domestic and foreign crude oil held in the
United States during the week ended Feb. 15.
The U. S.
Bureau of Mmes reported that the 260,948,000-barrel total
on that date was 698,000 barrels above the
previous week.
Holdings of domestic crude oil rose 593,000 barrels while
stocks of foreign crude oil were up 105,000 barrels.
Stocks
of heavy crude oil in California, not included in the refinable
totals, were off 61,000 barrels to 12,086,000 barrels.
residual
New
gallon, New York Harbor.
2-10ths
I North
New York—
for Kansas lifted its
for
3-10ths cents
die
Price cuts follow:
Feb. 27—Socony-Vacuum cut
barrels less,oil daily, the total there easing off to 406,500
Texas production spurted 12,700 barrels to hit a
demand
in
the normal seasonal trend at this time of the year.
barrels.
The
Mobilheat
barge
prices, after having posted cuts of from l-10th to 2-10ths
cents a gallon in kerosene and Mobilheat—all
types of
deliveries—throughout the New York-New England market
the previous day.
The price cuts were no surprise since the market has had
ample stocks of these types of fuel oil available for the past
several days at prices 2-10ths to 3-10ths cents a gallon under
the posted price.
Other marketers met the price cuts in¬
stituted by Socony-Vacuum although they did not meet them
in full, some cutting kerosene only 2-10th cents a gallon
while cutting No. 2 oil the full 3-10ths cent a gallon figure.
Gasoline prices in New York and in the New York-New
England area held generally firm during the week although
there was not too much activity.
The fine weather over the
week-end holiday provided by the celebration of Washing¬
ton's Birthday stimulated demand for and consumption of
motor fuel
in practically the entire Atlantic
Coastline
marketing area.
Curtailed refinery operations held the climb in stocks of
finished, unfinished and aviation gasoline down to a lessthan-seasonal total during the week ended Feb. 22, and
enabled the statistical picture to present a more cheering
comparison with the same period a year earlier than has been
noted in recent weeks.
Inventories were up 1,071,000
barrels, to hit a figure of 95,812,000 barrels, against 97,215,000 in 1940.
Aviation gasoline stocks were up nearly 3,000,GC0 barrels, with motor fuel holdings off some 4,000,000
barrels as compared with last year.
Refinery operations were off a full point to 83.1% of
capacity, with daily average run of crude oil to stills dropping
40,000 barrels to 3,590,000 barrels.
Production of gasoline
during the week ended Feb. 22 was off more than 400,000
barrels to a total of 11,744,000 barrels.
Stocks of fuel oilslight and heavy—dropped 2,171,060 barrels in keeping with
J
4,500 barrels in its
daily average which slipped off to 321,700 barrels while a
slump of 3,900 barrels for Louisiana pared the daily total
there to 292,150 barrels.
Oklahoma wells turned out 950
a
to a head on Thursday when Socony-
England
kerosene
Oil
EASES—RE¬
Weakness in the fuel oil market in the New York-New
Clearing—Wells Hopeful Settlement Near—Crude
Oil Output Off Slightly—Crude Petroleum Reserves
on
CLIMB
STOCKS'
OIL
ENGLAND
OPERATIONS DROP
FINERY
Petroleum and Its Products—Mexican Situation Seen
Rise—Case Talks
FUEL
MARKET—MOTOR
due mostly to larger returns from sales of eggs.
FUEL
YORK-NEW
NEW
HIT
1, 1941
CUTS
PRODUCTS—SOCONY-VACUUM
REFINED
only partly offset
by lower prices, and income from hogs was 5% higher in 1940 than in 1939.
March
Texas....'.
Fuel
N. Y. (Harbor)—
Bunker C
$.041 New
Oil, F.O.B. Refinery
or
.04
-.04#
Terminal
California 24 plus D
$1.25
$1.00-1.25
$1.00
| New Orleans C.
Phlla.. Bunker C
t.
I
1.75
Diesel
Orleans. $.05 #-,05#
.03>4-.051 Tulsa
$.0551 Log Angeles
(Bayonne)
Gas Oil. F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
I Chicago—
$.041
7 plus
$.02#-.03
I Tulsa
$.0531
28.30 D
Gasoline, Service Station, Tax Included
zNew York
$.171 Newark
.171 Boston
sBrooklyn
$.1601 Buffalo
.1851 Chicago......
$.1;
.1'
xNot Including 2% city sales tax.
the
Rocky
Mountains in 1940 amounted to 252,722,000 barrels, while
in the
#Pacific Coast
area,
demand
was
crude oil and residual fuel oil have had little effect
industry east of California and in
any
on
the
discussion of residual
fuel oil of the two areas, namely, Pacific Coast States and east
of California might better be
thought of as separate and
distinct provinces.
There has been some eastward move¬
ment of California residual fuel oil in recent
years,, but in
spite of the tremendous surplus of the product in California,
shipments in each of the last 6 years have amounted to less
than 1,000,000 barrels a year."
v
There were no crude oil price changes
posted during the
week.
$2.30
..
Illinois
—
.—
Rusk, Texas, 40 and
1.05
Darst Creek
$1.03
22, 1941,
that
estimates
was
3,629,650 barrels.
This
a
was
loss of
8,450 barrels from the output of the previous week.
week's
current
calculated
•
figures
were
above
the
3,628,900
The
barrels
by the United States Department of the Interior
be the total of the restrictions
to
the
imposed by the various
oil-producing States during February.
Daily average pro¬
duction for the four weeks ended Feb. 22, 1941, is estimated
at
3,618,900 barrels.
ended
Feb.
details
as
24,
The daily average output for the week
1940,
totaled 3,732,190 barrels.
Further
reported by the Institute follow:
Imports of petroleum for domestic
use
and receipts in bond at principal
United States ports, for the week ended Feb. 22, totaled 2,025,000
a
daily average of 289,286 barrels, compared with
a
weeks ended Feb. 22.
or
fen* domestic use,
barrels,
daily average of 204,429
barrels for the week ended Feb. 15, and 234,464 barrels daily
These figures include all oil imported,
for the four
whether bonded
but it is impossible to make the separation in weekly
statistics.
There
were no
receipts of California oils at either Atlantic
or
Gulf Coast
ports during the week ended Feb. 22.
estimated daily potential refining capacity
of the United States,
indicate that the industry as a whole ran to stills, on a Bureau
of Mines*
.73
..
basis, 3,590,000 barrels of crude oil daily during the week, and that ail
companies had in storage at refineries, hulk terminals, In transit and in
Western Kentucky..
.90 Michigan crude..
.75-1.03
Mld-Cont't. Okla., 40 and above.. 1.03 Sunburst, Mont
.90
Rodessa, Ark.. 40 and above...... .125 Huntington, Cal f., 30 and over
1.18
Smaokover. Ark., 24 and over.....
.73 Kettleman Hills, 39 and over...... 1.35
Feb.
Institute
crude oil production for the week ended
l.io
over
....
Petroleum
average gross
barrel
Eldorado, Ark., 40
1.02
American
The
daily
Ended
Reports received from refining companies owning 86.2% of the 4,535,000
Prices of Typical Crude per Barrel at Wells
(All gravities where API. degrees are not shown)
Bradford, Pa—
Corning, Pa..—.........
Daily Average Crude Oil Production for Week
Feb. 22, 1941, Drops 8,450 Barrels
82,933,000 barrels,
according to estimates by W. B. Case, assistant crude oil
manager of the Shell Union Oil Co. who spoke on "The Role
of Residual Fuel Oil in the Petroleum Industry" before the
annual meeting of the American Institute of Mining and
Metallurgical Engineers.
As against a preponderance of consumption east of the
Rockies, the statistics presented by Mr. Case disclosed in¬
ventories were largest on the Pacific Coast.
There were
59,892,000 barrels held in the Far West area at the close of
last year, against only 29,412,000 barrels east of the Rockies.
In discussing the relationship between
supplies east and west
of the Rockies, Mr. Case said:
"Except for the years 1922 to 1926, California supplies of
pipe lines as of the end of the week, 95,812.000 barrels of finished and
....
unfinished gasoline.
The total amount of gasoline produced by all companies
is estimated to have been
11,744,000 barrels during the week.
#
The Commercial & Financial Chronicle
Volume 152
DAILY
1345
week of 1940 the output
(about 5G%).
AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
showed
increase of 408,000 tons
an
The current
Actual Production
a
B.ofM.
Calcu¬
Week
Week
Weeks
Change
lated
Slate
Ended
from
Ended
Ended
Require¬
Allow¬
Feb. 22,
Previous
Feb. 22,
Feb. 24,
ments
ables
1941
Week
1941
1940
(Feb.)
Oklahoma.
442,500
400,000 b 406,500
Kansas
193,200
3,200
196,200 b207,100
b
—950
408,750
421,400
+4,000
196,400
173,200
3,050
—550
+8,000
+ 100
72,950
100,850
30,200
U.
total
S.
estimated
at
an increase of 320,000
the output in the preceding week.
Pro¬
duction in the corresponding week
last year, dropping
abruptly to a lower level, amounted to 9,093,000 tons.
tons,
or
10,400,000 net tons,
3.2%,
3,000
75,600
101,050
Nebraska..
weekly report of the Bituminous Coal Divi¬
Department of the Interior showed that the
production of soft coal in the week ended Feb. 15 is
sion,
Four
ESTIMATED
over
UNITED
STATES
PRODUCTION
OF
SOFT
COAL,
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
Panhandle Texas
North Texas
West Central Texas..
30,200
+ 600
72,550
East Central Texas..
East Texas
+ 50
235,450
West Texas
+ 850
(In Thousands of Net Tons)
102,900
32,400
234,200
74,750
375,200
201,250
252,450
234,750
79,600
Feb.
397,350
1,312,900 C1318 873 1,350,450
+ 12,700 1,341,850 1,396.050
69,750
+ 100
69,200
67,850
222,400
288,600
—3,900
224,000
66,100
69,969
Mississippi
—3,800
293,200
278,450
+350
70,300
18,700
324,550
20,200
70,500
16,100
bl8,000
+ 100
342,100
321,700
—4,500
22,500
b20,400
+ 1,400
99,300
86,300
—5,650
47,500
39,400
—450
83,800
+ 11,000
76,100
20,000
18,900
18,900
3,900
3,600
69,250
89,700
39,700
74,600
Illinois
3,600
Indiana
7,250
414,200
6,500
Eastern (not incl. Illi¬
nois and Indiana)..
Michigan
Wyoming
Montana
..
...
100,700
+3+00
3,033,200
3,025,650
595,700 d571,000
604,000
—25,200
106,000
3,628,900
PRODUCTION
67,000
17,250
5,956
39,708
40,576
29,700
OF
PENNSYLVANIA
ANTHRACITE
Feb. 15,
Feb. 8,
1941
Calendar Year to Dale
Feb.17,
1941
1940
1940
1929
c
+ 16,750 3,006,400 3,127,800
3,629,650
612,500
604,300
—8,450 3,618,900 3,732,100
are
for week ended
including
Total,
liery fuel .a
col¬
1,217,000 1,141,000 809,000 7,409,000 7,020,000 10,755,000
production b. 1,156,000 1,084,000 769,000 7,039,000 6,669,000 9,981,000
Comm'l
Beehive Coke—r
United States total
125.400
a
122,600
20,433
20,900
Dally average
Includes washery
36,200
6,033
785,000
19,625
321,300
8,033
763,400
19,085
and dredge coal, and coal shipped by truck from authorized
colliery fuel,
c Adjusted to comparable periods in the
b Excludes
three years.
s,
a.
ESTIMATED
WEEKLY PRODUCTION
OF
COAL, BY STATES
(The current weekly estimates are based on railroad carlondings and river ship¬
monthly tonnage reports from district
completed
and if any upward revisions are made.
With the exception of Panhandle, all fields
in the State were ordered shut down for nine days, namely, Feb. 1,
2, 8, 9, 15, 16,
c
Penna. Anthracite—
operations,
Oklahoma, Kansas, Nebraska, Mississippi. Indiana figures
AND
COKE
Week Ended
,
3,850
111,150
101,450
As requirements may be supplied either from stocks, or from new produc¬
28.
1,984
5,795
82,143
(In Net Tons)
m. Feb. 19th.
c This is the net basic 28-day allowable as of Feb. 1 according
to the order of the Texas Railroad Commission covering the months of
February
and March.
Past experience indicates that it will increase as new wells are
and
1,668
BEEHIVE
64,700
produced.
23
69,010
1,683
weeks ended Feb. 15 and corresponding periods In other years.
97,550
Bureau of Mines' calculations of the requirements of domestic crude
22, 23 and 28.
9,093
1,515
68,550
1,680
Includes for purposes of historical comparison and statistical convenience the
ESTIMATED
oil based upon certain premises outlined in its detailed forecast for the month of
b
10,080
production of lignite,
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals Yearbook, 1939, page 702).
c Sum of seven full
tion, contemplated withdrawals from crude oil Inventories must be deducted from
the Bureau's estimated requirements to determine the amount of new crude to be
7
1929
5,828
1941
California.
February.
1940
1,733
Coal equivalent of weekly output.
,
103,800
j.__.
are
1941
210,600
292,150
294,942
Arkansas
These
1940
10,400
Dally average
a
Total Louisiana
a
1941
a—
Crude Petroleum b—
North Louisiana
Coastal Louisiana
Colorado.,
New Mexico
c
Feb. 8, Feb. 17,
15,
1941
Bituminous Coal
Total, including mine fuel
Total Texas....
Calendar Year to Dale
224,400
+ 1,750
Week Ended
247,550
+"l~350
374,500
204,850
256,250
Southwest Texas
Coastal Texas
77,100
ments and are subject to revision on receipt of
and State sources or of final annual returns from the operators.)
Six shutdown days were ordered for Panhandle, Feb. 2, 9, 15, 16,
of Conservation Committee of California Oil
(In Thousands of Net Tons)
d Recommendation
Producers.
Note—The figures indicated above do not include
might have been surreptitiously produced.
any
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK
ENDED
FEB. 22,
Week Ended—
estimate of any oil which
Stale
s
Feb.
:
"
v!
Feb. 8,
1941
■'
ing Capacity
to Stills
Produc'n
Fin¬
of
at Re¬
District
ished &
Gas
of Re¬
Avia¬
Unfin¬
Oil
sidual
tion
Po¬
P.
C.
ten¬
Re¬
tial
port¬
Rale
fineries
ing
Stocks
e
Stocks
2
3
330
295
389
107
105
69
166
144
160
182
183
282
231
1
1
1,180
1,183
1,329
1,244
(f)
1,755
(f)
1,993
436
486
482
409
492
613
60
61
79
80
129
Kansas and Missouri
160
175
215
173
196
174
Kentucky—Eastern
787
821
885
689
1,003
556
244
225
277
215
410
226
38
38
37
34
65
...
Georgia and North Carolina
e
Stocks f Stocks
P. C.
Incl.
ished
and
Fuel
Gaso¬
Daily
Oper¬
Natural
Gaso¬
Dis¬
Oil
line
Aver.
ated
Blended
line
tillates
Illinois
Indiana
Iowa
Western
Maryland
East Coast
643 100.0
579
90.0
1,454
20,381
12,150
Appalachian..
156
91.0
124
87.3
434
3,210
426
485
743
90.2
578
86.3
2,149
18,383
3,061
3,169
420
76.9
287
88.9
c955
8,575
1,240
1,951
Ind., 111., Ky.
Okla.,
9,326 E. C'st
782
59.6
122
73.1
608
89.2
887
92.9
2,770
6,720 G. C'st
132
82.5
326
966
2,100
101
51.5
50
96.2
164
570
294
519
Rocky Mtn_.
121
56.0
46
67.6
207
1,547
166
446
California
836
87.3
445
61.0
1,267
16,391
9,985
70,747
1,514
86.2
3,250
83.1
10,334
88,962
33,796
96,951
6,032
1,410
6,850
585
1,680
235
Est.
unreptd.
340
18
26
90
80
25
24
34
60
58
60
61
51
84
f63
f37
536
458
426
484
694
2,533
2,134
1,977
3,007
3,087
137
130
142
133
129
127
11
12
20
15
25
82
67
104
147
96
334
326
263
276
212
44
43
34
41
71
77
1,872
1,875
1,906
1,512
2,149
1,127
707
667
640
588
720
673
117
122
126
161
156
2
1
10,080
1,141
10,100
1,190
636
1,121
1,762
1,902
11,221
11,290
10,567
9.903
14,054
12,858
Pennsylvania butuminous
—
Utah
Virginia
Washington..
West Virginia—Southern a
Reported
16
69
2,550
Texas.
No. La. A Ark
Calif.
16
68
25
Tennessee
97.6
2,247
14,310
3,348
5,133
164
789
51
6
68
344
280
1,071
2,947
136
91
Inland Texas.
Texas Gulf...
1,488
87
560
.
Ohio
Louisiana Gulf
375
#
8
Montana
North and South Dakota
Inter'r
*
409
64
Michgan
New Mexico—
Kans,,
Missouri
(f)
4
344
Colorado
Gasoline
(f)
4
Arkansas and Oklahoma
Crude Runs
Avge.
1923e
80
Alabama
Daily Refin¬
Feb. 9,
1929
354
Alaska
1941
(Figures in Thousands of Barrels of 42 Gallons Each)
Feb. 1, Feb. 10, Feb.11,
1941
1940
1939
Northern
b
Wyoming
Other Western States _c
122
*
*
23
f5
17
12,292
10,956
♦Est. tot.U.S.
Feb. 22, *41
4,535
Feb. 15, '41
4,535
3,590
3,630
11,744
12,169
95,812
34,381
98,631
6,267
Total bituminous coal
94,741
35,758
99,425
6,182
Pennsylvania anthracite.d
♦U.S. B.ofM.
Total, all coal
Feb. 22, '40
a3,509
bll,165
97,215
25,096 103,061
a
Estimated Bureau of Mines' basis,
a February,
1940 daily average,
b This
week's production based on the U. S. Bureau of Mines February, 1940 daily
c 12% reporting capacity did not report gasoline production,
d Finished
88,900,000 bbl.; unfinished 6,912,000 bbl.
e At refineries, bulk terminals, in transit
and pipe lines,
f Included in finished and unfinished gasoline total.
average,
and
Includes operations on the N. &
on
the B.
& O.
in Kanawha,
Heating Gas
stantially Greater
Appliances Shipped in Sub¬
Volume in 1940—Year's Ship¬
Shipments of central heating
gated 44,425 units, 48%
in
more
gas
appliances in 1940 aggre¬
than the 30,026 units shipped
1939, according to reports of 17 manufacturers to the
Association of Gas
Appliance and Equipment Manufacturers.
Monthly shipment figures for the two years show that the
percentage gain, year-to-year, did not exceed 20.2% in the
first three months, then rose sharply in succeeding months
to reach 78.2% in July; gains in the next few months were
less marked, but November showed a gain of 79.9%, the
greatest of the year.
October's shipments, totaling 6,969 units, were the year's
greatest,
est
of
as were
that
year,
gain in October
also shipments in October, 1939, the great¬
numbering 4,132 units; the year-to-year
was
c
In¬
Nevada and Oregon,
d Data for Pennsylvania
of the Bureau of Mines,
e Average weekly rate
for entire month, f Alaska, Georgia, North Carolina and South Dakota included
cludes Arizona, California, Idaho,
anthracite from published records
Non-Ferrous
* Less than 1,000 tons.
Metals—Aluminum
Priority—Tin Lower
48% Above 1939
ments
W.; C. & O.; Virginian; K. & M.; B. C. & G.,
Mason, and Clay Counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
with "other Western States."
Central
8,782
4,022
a
*
Is
9,931
"Metal & Mineral
on
Under
Mandatory
Official Price Warning
Markets" in its issue of Feb. 27
re¬
ported that rationing of aluminum supplies became effective
on Feb. 24, under orders of the Priority Division.
The move¬
ment of both magnesium and zinc into consumption is being
regulated on a voluntary basis.
Copper, so far as the
large producers are concerned, is holding at 12c. because of
allocation of
new
business.
Lead is in demand and firmer.
Despite record deliveries of nickel, demand is exceeding
supply. According to a statement issued by Robert C.
Stanley, head of International Nickel, "It seems apparent
that there is an inflation of demand as compared with real
consumption."
Tin weakened on a price warning issued in
Washington.
The publication further reported;
Copper
68.7%.
Consumers
unable to obtain copper for nearby
delivery
are
anxiously
awaiting announcement by the committee in charge of allocating Latin-
Weekly Coal Production Statistics
The U. S. Bureau of Mines reported
that the production
of Pennsylvania anthracite for the week ended Feb. 15 was
estimated at 1,217,000 tons, an increase of 76,000 tons over
the week of Feb. 8.
In comparison with the corresponding
American copper that contracts are available.
nouncement
will
many consumers
copper are
come
along
soon,
The trade believes this
an¬
thereby relieving the worst fears of
urgently in need of metal.
Shipments of South American
arriving ahead of schedule, and since trade authorities antici¬
pate no shortage of bottoms, many look for easing of the tension that
has beset the industry.
I
The Commercial &
1346
;
Actual consumption of copper during January Is estimated to be close
122,000 tons, fabricator statistics show.
Sales during the holiday week
totaled 18,036 tons, making the total for the month so far 77,193 tons.
Pro¬
ducers held to 12c., Valley, with custom smelters metal for nearby de¬
to
livery moving at a premium.
Lmd \ ,:.Y'''
Y;;YYY'Y'.-YY;Y:YYY.
/Y
;•>./Y"'Vvi Y
.
active. The
last week totaled
8,685 tons, which compares with 10,363 tons in the week previous.
The
quotation held at 5.65c., New York, which was also the contract settling
basis of the American Smelting & Refining Co., and at 5.50c., St. Louis.
The January statistics on lead refined in this country showed that stocks
increased 6,322 tons.
However, with supplies on hand below normal,
the gain in stocks had no bearing on the market.
Foreign pig lead is being
Producers of lead
restricted offerings as demand continued
Sales of common lead for the
firm.
undertone was quite
released almost daily to relieve
Y', Y>' Y Y'YY.'Y YyYYYY
Y
the situation.
Zinc
,
Defense business in zinc received first
The
call during the last week.
quotation for Prime Western continued at 7Mc., St.
honor old commitments, producers of zinc are no longer
Except to
Louis.
merchandising zinc
through the Commodity Exchange.
Sales
+
922 tons, with shipments of 4,598 tons,
The Priorities Division of the
the
week amounted to
and a backlog of 108,989 tons.
of Production Management issued
Prime Western division for the last
by the
Office
following statement on Feb. 24:
industrial utilization of
Division. Zinc
producers, after conferences with officials of the Priorities Division, have
taken effective steps to facilitate the flow of zinc into military brass.
Nondefense consumers have been urged to cooperate voluntarily and to effect
substitutions and economies.
So far no formal priority action has been
taken, though the question is still under consideration."
"The tight situation
zinc has led to general
in the production and the
but informal action by the Priorities
Tin
The price
warning sounded In Washington on Feb. 21 soon brought the
back to a more normal basis.
Spot Straits tin averaged
Metals Reserve now has
and 27,335 tons awaiting
shipment in the Far East, it was revealed during the last week.
In addi¬
tion, the Government has a large tonnage of Chinese tin on order for future
delivery against funds loaned to China.
7
From present indications the tin smelter to be constructed in this country
will be owned outright by the Government and will be built and operated
for a fixed fee by the Dutch firm of N. V. Billiton.
The cost of the smelter
will be $3,500,000.
Location will be Texas City, Texas.
An improved
heat and acid process will be used in recovering the metal.
54Jic.
Feb. 20 and sold yesterday at bi%c.
on
20,606 tons of tin In store, 9,045 tons afloat,
Straits tin for future arrival was:
March
April
May
54.125
53.625
53.125
52.250
Feb. 21
53.500
53.250
52.500
51.750
Holiday
Holiday
Holiday
Feb. 24
52.750
52.250
Holiday
51.500
Feb.25
51.750
51.500
51.250
50.750
Feb. 26
51.250
51.000
50.750
50.500
'
'•
' ('Y
1
'
Feb, 22——U—-
supply is the primary factor.
Feb.
similar action may
if the situation in these
metals becomes more critical.
Conservation of manganese ore is rec¬
ommended by the OPM Division of Production through the greater use of
spiegeleisen, which can be produced from domestic ores.
Tension in the Far East has directed fresh attention to tin, in which there
has been considerable activity accompanied by rising prices.
Although the
tin supply in the United States is estimated to be sufficient for 15 months,
conservation steps would immediately be taken in the event of stoppage
of shipments from the Far East.
The automobile industry and other con¬
sumers are now studying the substitution
of other products. The question
of substitutions, however, has its disadvantages, as in the case of collapsible
tube manufacturers, who substituted aluminum for tin, at considerable
expense for equipment, only to be forced back to tin when aluminum
be taken with regard to
become scarce.
OPM Division of Priorities,
zinc, nickel and tungsten
others are equally opposed.
their difficulties, although
Railroad car
119943430862506752
may
be cited
as an
example of the difficulties encountered in placing ad¬
ditional steel orders for
obtain shipments desired by April or May.
already over-crowded steel situation a large volume
Into this
for the British will be dumped as soon as the lease-lend
Lead
Tin
New York
Dom.,Refy. Exp., Refy.
that
month
Britain
was
British orders is expected
exclusive of contracts placed in the United States
maintain high pro¬
for the industry, at 97% this week, is only one point
duction, the average
bring
a
Zinc
YY-Y
St. Louis
St. Louis
New York
54.250
10.450
5.65
5.50
7.25
5.50
7.25
Holiday
10.450
53.750
5.65
Holiday
10.450
Holiday
Holiday
Holiday
10.450
53.125
5.65
5.50
7.25
Feb. 25
11.875
10.325
52.000
5.65
5.50
Feb. 26
11.800
10.450
51.375
5.65
5.50
7.25
downturn in the industry average.
Steel plants in the Pittsburgh,
now
as
Chicago, Youngstown and Buffalo areas
Some small dealers are said to be more
needed.
Prices of steel grades
virtually stationary, but cast grades,
are
52.900
10.429
7.25
5.50
5.65
Domestic copper
10.408c.; Straits
New York lead, 5.650c.; St. Louis lead, 5.500c.; St. Louis
Average prices for calendar week ended Feb. 22 are:
refinery,
tin, 52.775c.;
11.795c.; export copper, f.o.b. refinery,
Ont., and Montreal for No.
The above quotations are "M. & M.
M.'s" appraisal ol the major United
$he basis of cash, New York or St. Louis, as noted.
State8
They are reduced to
markets, based on sales reported by producers and agencies.
Ail prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for
both prompt and future
deliveries; tin quotations are for prompt delivery only.
trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers* plants.
As delivery charges vary with the destination,
In the
net prices at refineries on the Atlantic seaboard.
De¬
England average 0.225c. per pound above the refinery basis.
the figures shown above are
at refineries on the Atlantic
the European War, most sellers are
Quotations, for the present
reflect this change in method of doing business.
A total of .05 cents is deducted
from f.a.s. basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
Export quotations for copper are reduced to net
On
seaboard.
foreign
business,
owing
to
restricting offerings to f.a.s. transactions, dollar basis.
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Feb. 20, spot, £279,
three months, £275; Feb. 21, spot, £282%,three months,
£276%; Feb. 24, spot, £279, three months, £2733^; Feb. 25,
spot, £276, three months, £272%; and Feb. 26, spot, £270,
three months, £267%.
Y
"IRON AGE"
THE
YY;Y
Priorities
Followed
Steel Rationing Becoming Strict—Mandatory
on Machine Tools and Aluminum May Be
Other Products
The Feb. 27 issue of "Iron Age" reported that final recogni¬
tion at Washington that civilian requirements must give way
to the National Defense Program replaces the policy here¬
tofore pursued that there should be little or no interference
with the country's normal activities.
The "Iron Age"
_
further stated;
Y. Insofar
■
\
as possible the
have
forced
*
* *
^
*
'
v
'
former policy will be continued, but the exigencies
of the situation with respect to
metals
machine tools and some of the non-ferrous
mandatory
had
priority action that
hitherto
been
'
Y
* Y
In steel, the use of mandatory priorities has not yet been considered
necessary, though soine steel products are now subject to a form of rationing,
notably structural shapes stainless and other nickel alloy sheets/and all
avoided
by the voluntary cooperation method.,
:
dif¬
is un¬
COMPOSITE PRICES
Finished Steel
.,
(Based on steel bars, beams, tank plates
wire, rails, black pipe, sheets, and hot
Feb. 25, 1941, 2.261c. a Lb.
2.261c.{
I
2.261c. I
One year ago
Y'/'-Y;High
1937
1936
1935
.
1934
1933—
1931
1929
<Y
\YY;'Y"
Jan.
3
May 17
Mar. 9
Dec. 28
Oct.
1
2.118c.
1.953c.
1.915c.
1.981c.
2.192c.
2.236c.
1938
Jan.
2.286c.
2.512c.
2.512c.
2.249c.
.2.062c.
.
One week ago.
_
One month ago-.
One year ago
Y
Apr. 24
Oct.
3
Sept. 6
Jan. 13
Jan.
7
May 28
Based on average for basic iron at
;
Y
furnace
$23.45
23.45
....
22.61
.
16.90
14.81
15.90
18.21
18.71
Deo. 23
Sept. 19
June 21
Mar. 9
Nov. 24
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
May 14
Ton
(Based on No.
$20.08 {
quotations at
20.42
and Chicago.
■YY
—
$22.00
21.83
22.50
15.00
—
21.92
-
-
——
—
The American Iron and
and
2
12
6
16
11
14
27
3
6
15
16
17
Y
High
—
Valley
1 heavy melting stee
Pittsburgh, Philadelphia
-16.711
One year ago
15
29
9
29
Scrap
Steel
——
16
16
18
4
10
8
2
2
Chicago,
Low
$22.61 Jan.
20.61 Sept.
19.61 July
20.25 Feb.
18.73 Aug.
17.83 May
16.90 Jan.
13.56 Jan.
13.56 Dec.
14.79 Deo.
15.90 Dec.
18.21 Dec.
High
1937
One month ago---
and foundry iron at
Philadelphia,
Buffalo,
Valley,
Southern iron at Cincinnati.
$23.45
22.61
23.25
23.25
19.73
18.84
17.90
Feb. 25, 1941, $20.08 a Gross
.
YYvYYY7 I-Y Y'YY:>.\
Pifi Iron
■
One week ago------
Low
2.2110. Apr.
2.236c. May
2.211c. Oct.
2.249c.
Jan.
2.016c.
Mar.
2.056c.
Jan.
1.945c.
Jan.
1.792o.
May
1.870c.
Mar.
1.883c. Deo.
1.962c.
Dec.
2.192c. Oct.
2
.2.2610.
1940
1929
rolled strips.
These products represent
85% of the United States output.
.2.261c.
1938-
in
of $18,
1 heavy melting steel, with
The "Iron Age" scrap composite price
Feb. 25, 1941, $23.45 a Gross Ton
zinc, 7.250c.; and silver, 34.750c.
livered prices In New
In Canada the Govern¬
complete control over scrap and has fixed a price
taken
1930
f.o.b.
Supplies are not coming out as
attracted by profit
and are neglecting iron and steel
facing a possible scrap shortage.
1932
11.825
should it occur, would
A threatened strike at Buffalo,
above last week.
One week ago
7.25
_
Y^YyY'Y
-
Despite the utmost efforts of the steel companies to
ferentials for other grades.
11.825
Average.
bill has been passed.
with 600,000 tons a
Hence, a large expansion of
expected to take.
for fabricated products.
1939
11.825
of orders
January shipments fell short of 350,000 tons compared
Hamilton,
QUOTATIONS)
("E. & M. J."
Straits
Electrolytic Copper
Feb. 24
No
priority has been accorded railroad equipment.
One month ago..
Feb. 22—
Some of them have found
nearby delivery.
any
changed at $20.08.
DAILY PRICES OF METALS
Feb. 21
considerable business,
builders, who have recently booked
borings and turnings are higher in some districts.
51.250
steel
orders are being received indicates to the
the year by May 1. On
most products books are almost completely filled for the second quarter
and there have been large bookins for the third quarter and some of the
fourth quarter.
The question of making short deliveries even for defense
projects thus becomes an intricate one of schedule adjustment, the inevitable
result being broken delivery promises to regular customers.
Thus there are
some steel people who would welcome mandatory priorities as a way out of
ment has
Feb. 26, 50.500c.
11.800
Y'"' ' Y Y
YY
YYYY'YY;
■■■', :V''
The rate at which steel
companies that they may be entirely sold out for
scrap.
Feb. 20, 53.375c.;
21, 53.000c.; Feb. 22, Holiday; Feb. 24, 52.250c.; Feb. 25, 51.125c.;
Feb.20
far been applied only to machine
Although mandatory priorities have thus
tools and aluminum by the
possibilities in non-ferrous metal scrap
99%, spot, was nominally as follows:
Chinese tin,
speed tool steel, in which the tungsten
Tuesday to consider tungsten high
are
Feb. 20.
another meeting was held
months' production or more, and
to five or six
freely
June
1, 1941
galvanized products. A meeting was held in New York on Monday Feb.
24 to canvass the situation in plates, in which mills hold backlots amounting
it virtually impossible to
tin
for
market
March
Financial Chronicle
17.75
13.42
13.00
12.25
8.50
11.33
15.00
17.58
Jan.
Dec.
Oct.
Nov.
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Jan.
Y'YYYY;,',.,-.
Low
7
Y
$20.00 Feb. 11
30
3
22
30
21
10
13
8
12
6
Feb. 18
Jan. 29
:
-
16.04
14.08
11.00
12.92
12.67
10.33
9.50
6.75
6.43
8.50
11.25
14.08
Apr. 9
May 16
June 7
Nov. 10
June 9
Apr. 29
Sept. 25
Jan.
3
July
5
Dec. 29
Dec. 9
Dec. 3
Steel Institute on Feb. 24 an¬
telegraphic reports which it had received
indicated that operating rate of steel companies having 96%
of the steel capacity of the industry will be 96.3% of
capacity for the week beginning Feb. 24, compared with
94.6% one week ago, 97.1% one month ago, and 65.9% one
year ago. This represents an increase of 1.7 points, or 1.8%,
from the preceding week.
Weekly indicated rates of steel
operations since Feb. 5, 1940, follow: '
•
k "*
nounced
that
Volume 152
The Commercial & Financial Chronicle
I91A
,
1940—
Feb.
Feb.
5
71.7%
12
Feb.
19
June
Feb.
68.8%
67.1%
1940—
May 20
1940—
73.0% Sept. 2
76.9% Sept. 9
80.3% Sept. 16
May 27
3
82.5
14
Jan.
20
Oct.
21
94.9% Jan.
27
Oct.
28
3
95.7% Feb.
96.0% Feb. 10
65.9%
June
10
4
84.6% Sept. 23
64.6%
64.7%
June
17
June
24
Mar. 18
Mar. 25
62.4%
July
60.7%
61.7%
61.3%
July
8
July
July
87.7%
86.5%
74.2%
86.4%
86.8%
22
July
29
Apr.
1
Apr.
8
Apr.
15
60.9%
60.0%
61.8%
65.8%
70.0%
Apr. 22
Apr. 29
May
6
May 13
'
Steel" of
markets,
15
5
Aug.
Sept. 30
Oct.
7
88.2% Nov. 4
90.4% Nov. 11
90.5% Nov. 18
Aug. 12
Aug. 26
13
97.2%
98.5%
96.5%
97.1%
96.9%
97.1%
94.6%
96.3%
steel makers report
chase
are
merely
a
promise
producing at 105% of rated capacity.
Steel inquiries carying priority certificates issued at
Washington are fewer
Substitutes are beginning to be
employed: A certain analysis of carbon
steel in place of the usual; a different
combination of alloying elements in
the alloy field; substitutes for certain
scarce non-ferrous metals; in some
non-metallic commodities in place of metals.
carefully built-up markets will be lost permanently.
Leading steel companies have begun urging their customers to specify,
wherever possible, substitutes for nickel steels.
act that
supplies of nickel at steel plants
requirements,
inventories.
assured of
with
deliveries
are
considerably
This
level
the
By agreeing to accept suitable substitutes,
a
results from the
move
equivalent to 2 to 14 days'
below
maintain
to
will be
consumers
continuing supply of steel.
The matter of
substituting specifications is not expected to prove to be
too complicated since the whole
question of
providing substitutes has been
studied by the steel industry over a
long period.
It is expected the majority
of the proposed changes will have bedome
effective within a few weeks.
The tight situation in zinc last week caused
certain producers to cut down
their output of galvanized sheets and
they
in regard to galvanized
steps
wire.
output of galvanized pipe if it should
There also is
seem
are
even
prepared
reduce
to
a
The supply of aluminum is
sufficiently tight to cause concern among steel
producers.
They
are
ore as
no
shipments continue to
for immediate
the
as to
concern
mid-western
a
Gains
Cleveland by X point to S4X and Detroit
by 3 points
were
were Buffalo at 90X, Birmingham at
100, Cincinnati at
95, St. Louis at 93 and Youngstown at 90.
All three of "Steel's" price composites are
unchanged for last week, iron
and steel at $38.23, finished steel at
$56.60 and steelworks scrap at $19 91.
Still
at
ingot production for the week ended Feb. 24, is placed
96% of capacity according to the "Wall Street Journal" of
Feb. 27.
This compares with 96in the
previous week
and 972 weeks ago.
ordnance
96 X%, against 97% in the week before and
98% 2 weeks ago.
The following table gives a comparison of the
percentage of production
with the nearest corresponding week of
previous years, together with the
approximate changes, in points, from the week immediately preceding:
Industry
1941
96
1940
67
55
1938
30
1937
for killed steel
Federal
Feb. 26
and
4HX
1934
47
1614
—1
+2
member
bank
Additions to member bank
1941
a
reserves
of
$37,000,000
in
of member banks
on
approximately $6,540,000,000,
(+)
Feb. 26,
1941
or Decrease
Feb. 19, 1941
Feb. 28,
$
Open market
(—)
1940
+1,000,000
Non-member deposits and other Fed¬
Member Banks in
New
York
+1,041,000,000
City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
Chicago member banks for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
Monday: 'A ::
,vi
'
banks and also for the
ASSETS AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS
IN CENTRAL RESERVE CITIES
■.
-
.
(In Millions of Dollars)
-
•
,
V
,
>
'Assets—r-
••{
.
1941
*
>"■
•*
Loan8 and Investments—total..
$'.
10,776,
City
Chicago—■
•
Feb. 19, Feb. 28, Feb. 26, Feb. 19, Feb. 28,
19411940
1941
1941
1940
$
10,719
>
.
$.
8,853
$
2,608,
567
2,002
1,651
505
497
389
90
113
22
21
18
457
35
34
33
carrying securities
166
47
Real estate loans...
167
160
55
55
111
111
112
20
20
Loans to banks
23
23
46
1
1
Other loans...
390
388
370
77
75
201
438
452
Treasury bills..
Treasury notes
Obligations
14
50
158
guaranteed
by
143
1,516
2,888
...
United States bonds...
1,496
719
152
160
163
2,966
2,449
772
775
738
1,270
1,305
6,181
406
406
341
1,035
1,032
894
342
the
United States Government
1,589
1,590
Other securities
1,525
Reserve with Fed. Res. banks..
6,729
1,461
6,535
Cash in vault
87
82
125
125
153
81
41
41
28
102
93
80
275
263
239
1342
336
363
43
42
49
10,985
10,780
6,986
2,054
2,059
1,759
749
766
653
509
510
502
16
14
44
96
96
83
3,907
3,830
3,451
1,058
1,049
900
Balances with domestic banks..
Other assets—net
Liabilities—
Demand
deposits—adjusted
Time deposits
U. 8. Government deposits
Inter-bank deposits:
Foreign banks
571
569
671
7
7
8
302
299
265
~~13
13
"\5
1,506
1,507
1,488
265
265
283
....
Other liabilities
Complete
••
$
2,621
v$.
2,304
Returns
of
Member
Reserve System for the
Banks
of
the
Federal
Preceding Week
As explained above, the statements of the New York and
Chicago member banks
are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve
returns
of
the
entire
the Federal Reserve
System respecting the
body of reporting member banks of
System for the week ended with the
close of business Feb. 19:
-
r
:
■
'
!
The condition statement of weekly reporting member banks in 101 leading
cities shows the following principal changes for
the week ended Feb. 19:
Increases of $44,000,000 in commercial, industrial, and agricultural loans
$164,000,000 in reserve balances with Federal Reserve banks, $176,000,000
in
?
—r—New York
Feb. 26,
S
282
Capital accounts
—34,000,000
194
703
—3,000,000
—15,000,000
—13,000,000
2,033,000,000
$
715
Other loans for purchasing or
—4,000,000
8,000,000
1941
$
89
Borrowings
28,000,000
1941
$
2,909
332
paper
Domestic banks
—293,000,000
1940
$
3,063
and
Loans to brokers and dealers..
$
2,184,000,000
X
1,989
Industrial
agricultural loans
decrease of $12,000,000 in
increase
an
+ 1
3,100
Commercial,
in Treasury
1941
$
Loans—total
increase of $39,000,000
an
S5X
New York City
-ChlcagoFeb.26, Feb. 19, Feb. 28, Feb. 26, Feb. 19, Feb. 28,
reserve
2,223,000,000
—12,000,000
—314,000,000
22,179,000,000
+ 39,000,000 + 4,013,000,000
3,101,000,000
—1,000,000
+121,000,000
Member bank reserve balances.....14,175,000,000 +154,000,000 +1,857,000,000
Money in circulation
8,725,000,000
+ 37,000,000 +1,286,000,000
Treasury cash
2,204,000,000
—18,000,000
—170,000,000
Treasury deposits with F. R. banks.
368,000,000 —111,000,000
—193,000,000
,
+4
76
Gold stock
>
91
82
Total Reserve bank credit
.
—2
+3
Treasury currency
•
+
73
—1
direct
'.,-r
52
97
advances
(not Including
$5,000,000 commitments, Feb. 26)
-..
+2
89
Industrial
,
55
+ 2X
Other Reserve bank credit.....
;
25 X
-IX
3,000,000
v
+ 1X
89X
Bills discounted
•
26 X
82
$
v
+ 4H
-3X
+ 1
nx
1928
Since
Federal
—3
51
—1
nx
1927
Increase
f
41
Thus in the case
buying steel.
on pages 1382 and 1383.
Changes in member bank reserve balances and related
items during the week and year ended Feb. 26, 1941, follow:
eral Reserve accounts...........
49
48
+2
-2
+5
found
Returns of
—IX
x+
96
increase of $100,000,000 for the week.
The statement in full for the week ended Feb. 26 will be
Government securities,
+1
+3X
Excess
and guaranteed...........
—1
93
an
U. S.
—
88
60
—
1929
and
4
31X
1
+ 1
81
49
"
Assets—
.
—2
28
+1
+1
estimated to be
were
—2
—1
$154,000,000.
credit
—2
56 X
piecemeal competitive bids have been
plant
in circulation.
X
—1
X
—
69
+2
53 X
79
no reason
supply of tungsten.
Reserve accounts,
Reserve Bank
—
96 X
—2
64
X
53
gold stock, offset in part by
money
—
55
—
1935...
deposits with Federal Reserve banks, $18,000,000 in Treas¬
ury cash, and $34,000,000 in non-member deposits and other
in
Independents
1930
manganese
There also is
from decreases of $111,000,000
arose
Steel
95
—IX
85
1936
[The Week with the Federal Reserve Banks
reserves
u. s
X
—
26
During the week ended Feb. 26
balances increased
The "Journal" further reported:
U. S. Steel is estimated at 95%, unchanged from the
preceding week, and
compared with 96% 2 weeks ago. Leading independents are credited with
1932
The Government is taking short cuts in
of
open
supply of tin and of
in from abroad.
come
•
Pitts¬
1931
the immediate
concern over
follows:
Unchanged
1933
ready, if necessary, to substitute
substantial scale.
There is
95.
as
94X%, Chicago 4 points to 95 X, Wheeling 12
88, New England 8 points to 92 and eastern Pennslyvania 1
point
points to
to
following districts
to
1939
necessary.
tight situation in the supply of low-carbon ferromanganese
and of ferrochromium, particularly low-carbon
ferrochromium.
on a
took place in the
prepared to take similar
are
They
year ago.
Operating declines
burgh down 2 points
There is considerable
lest
cases
was
expected for this stage of defense.
Scheduled automobile production for the week ended Feb.
22 is 129,240
a gain of 1,740 for the week,
comparing with 102,570 a
units,
to 95.
94X%, the severest
set-back in many weeks, due
largely to wearing out of furnace linings.
worry in some
A number of iron and steel warehouses
have pooled their
effort to obtain better mill service.
with six widely scattered stacks is
quarters of
cases
an
A
This is due partly to
knowledge on the part of
that steel is difficult to
buy unless very good reasons for the pur¬
shown.
Many companies on new contracts
delivery rather than months, as heretofore.
Steel ingot production last week
dropped 2 points to
or
steel works has sold some
pig iron in northern Ohio based on $23,
Cleveland furnace, for No. 2
foundry. One large merchant pig iron interest
companies report
more
customarily work five
rehabilitating
furnace.
purchases in
February order totals will be larger than
However,
growing number of steel foundries which
some
leveling off in demand.
consumers
tens'of
days a week are now working seven.
There is greater pooling of efforts.
Thus steel plants are often
turning over some surplus product, such as pig
iron, in return for some other product, such as coke, to rival steelmakers in
the same district.
Or they are sharing jointly in the cost of
than
the shorter month.
total of 20,000
six
of the iron and steel
summary
a
the first 5,000 tons having
on
been awarded the remainder.
A
6
Jan.
Feb. 25 stated:
January despite
fabricated structurals required, the low bidder
1941—
Jan.
96.1% Feb. 17
96.6% Feb. 24
96.6%
96.9%
96.0%
89.5% Nov. 25
89.7% Dec.
2
91.3% Dec. 9
Aug. 19
Cleveland, in its
on
Majority of
1
96.8%
80.8%
95.9%
Dec. 23
Dec. 30
Oct.
26
Mar. 11
Mar.
Dec. 16
91.9
92.9%
92.5%
92.6%
94.2%
94.4%
1347
done away with on the
remaining 15,000 tons of
demand
deposits—adjusted,
domestic banks.
%■+'•.*
'
and $109,000,000
v
{
•
*
!.
in deposits
*'•'
credited to
*
•
'
-
-
Commercial, industrial, and agricultural loans increased $22,000,000 in
New York City and $44,000,000 at all reporting member bank.Loans
to
brokers and dealers in securities decreased $6,000,000.
"
•
+
The Commercial
1348
& Financial
Finance recently announced that the new cotton crop
by the Bank of Brazil through an advance of 80%
receipts on the basis of a price of 45 milreis per arroba
(8.24c. per pound).
The advance will amount to 6.59c. per pound. Such
advances
against warehouse receipts have heretofore been made on the
basis of 60% of the current market quotation.
United States Government
Chicago District, $21,000,000 in New York City, and
reporting member banks.
deposits—adjusted increased $89,000,000 in New York
000,000 in the
is
Demand
$54,-
City,
York District
and $176,
Time deposits increased $14-
$29,000,000 in the Chicago District, $25,000,000 in the New
York City, $23,000,000 in the Cleveland District,
banks.
reporting member
000,000 at all
Central Bank of
Crops
domestic banks increased $29,000,000 in New York
City, $25,000,000 in the Chicago District, $12,000,000 in the Kansas City
District, and $109,000,000 at all reporting member banks.
Deposits credited to
Brazil will finance the next three coffee crops
and will aid in financing the new cotton crop,
according to cable reports from the United States Embassy
in Rio de Janeiro, Brazil, said Washington advices, Feb. 20,
to the New York "Times" of Feb. 21, which added:
Financing of the coffee crops is intended to counteract the adverse effects
of the recent drought in Sao Paulo.
On the cotton crop, advances are to
be as much as 80% of their value, compared with the 60% of current market
quotations hitherto advanced against warehouse receipts.
in Sao Paulo
and liabilities of re¬
together with changes for the week
ended Feb. 19, 1941, follows:
of the principal assets
(+)
Increase
Feb.
Feb. 19,1941
+133,000,000 +3,170,000,000
+40,000,000
+ 892,000,000
investments—total..—20,381,000,000
Loans—total....
.....—.... 9,423,000,000
Loans and
Commercial, industrial
and agri¬
+ 901,000,000
418,000,000
—6,000,000
—199,000,000
458,000,000
—1,000,000
—1,000,000
+2,000,000
+ 5,000,000
—24,000.000
+45,000,000
—19,000,000
+201,000,000
+ 114,000,000
+ 829,000,000
+647,000,000
6,217,000,000
320,000,000
In
brokers and dealers
securities.....
loans for purchasing or
carrying securities..........
Other
*
1,230,000,000
36,000,000
1,744,000,000
737,000,000
2,672,000,000
7,111,000,000
Real estate loans..............
Loans to banks...............
Other loans
................
Treasury bills..................
Treasury notes.................
United States bonds
+ 17,000,000
+ 4,000,000
+ 17,000,000
guaranteed by United
Obligations
—
....
Commission
yesterday
and
specialists who handle odd lots on
the New York Stock
of current figures being pub¬
The figures are based upon
Exchange, continuing a series
lished by the Commission.
filed with the Commission by the
reports
odd-lot dealers and
specialists.
STOCK
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
Week Ended Feb. 22,1941
DEALERS AND
+176,000,000 +3,901,000,000
+14,000,000
+189,000,000
.23,157,000,000
5,466,000,000
deposits—adjusted....
deposits—
Time
Exchange
and
Securities
The
(Feb. 28) made public a summary for the week ended Feb. 22,
1941, of complete figures showing the daily volume of stock
transactions for the odd-lot account of all odd-lot dealers
Total
Liabilities—1
Demand
—13,000,000
—5,000,000
+ 335,000,000
+ 54,000,000
+ 353,000,000
+164,000,000 +1,498,000,000
—4,000,000
+ 56,000,000
+37,000,000
+ 260,000,000
2,760,000,000
3,778,000,000
Reserve with Fed. Reserve banks—11,804,000,000
Cash in vault.
....
518,000,000
Balances with domestic banks.... 3,388,000,000
Government-....
States
Other securities...
.
deposits
U. 8. Government
354,000,000
.
Inter-bank deposits:
Domestic banks............
Foreign banks..............
624,000,000
.
—219,000,000
—
+109,000,000 +1,060,000,000
—1,000,000
—121,000,000
9,151,000,000
.
—1,000,000
Borrowings..................
for Week
purchases):
Odd-lot sales by dealers (customers'
Number of orders-..-
.
—
—1,000,000
Record High
Government's Budget for 1941 at
unprecedented ex¬
penditures of 215,400,000,000 rubles—of which one-third, or
70,900,000,000 rubles, was allotted to national defense—was
announced on Feb, 25 at the eighth session of the Supreme
Soviet
(Parliament), said Associated Press advices from
A Soviet budget for
Moscow on Feb.
11,510,878
which met in the Kremlin, reaffirmed that the Soviet
Union's policy was one of neutrality.
"Beyond our frontiers," he said, "a second imperialist war is raging.
Our people are not in the war—thanks to our Stalin."
Mr. Zverev said that although the Soviet Union was pursuing a policy
Number of shares:
it could not disregard
peace,
economize
to
on
1941
estimated
the
gasoline and oil.
'*, "in view of the intensified international
Zverev said that,
Mr.
income
supplemented with increased
old
rate
tax
is not
crease
3%,
was
the new ranges from
while
4% to 8%.
The in¬
applied to new Soviet territories.
New Aid
Offers
Brazil
situation,"
tax yield of 14,000,000,000 rubles would be
taxes on collective and individual farms.
The
to
Wheat Coffee and Cotton
Producers
of
Producers
'■
-
cotton
and
coffee
wheat,
in Brazil have
recently received additional measures of governmental aid,
the Office of Foreign Agricultural Relations, United States
Feb. 24.
Department of Agriculture, said on
In indicating
this, the Department said:
reduce the country's
To
on
imported wheat, Brazil for some
domestic production.
A measure effective Jan. 18 provides for the distribution of home-grown
wheat to mills on a quota basis, and establishes fixed minimum prices to
producers for a period of 12 years, instead of three as formerly.
The new
measure is largely a continuation of legislation enacted in December,
1938,
when the use of domestic wheat by the milling industry at fixed prices
and the admixture of manioc, corn and rice flours with domestic as well
as
with imported wheat were
made compulsory,
i
of
for
standard grade wheat is fixed at $1.32 per bushel.
This price will be
reduced gradually thereafter until the twelfth year, when it is to be 82c.
per
•-
-
310,455
Customers' total sales.
10,161,311
Dollar value..
...
Round-lot sales by dealers:
Number of shares:
20
Short sales...
73,410
Other sales-b
73,430
Total sales...............
Round-lot purchases
by dealers:
75,070
Number of shares
a
sales
marked "short exempt" are
b Sales to offset
Member Trading on
Curb Exchanges
The
Securities
and
other sales in these figures.
Trading on the Stock Exchange for the account of mem¬
during the week ended Feb. 15 (in round-lot trans¬
actions) totaled 436,565 shares, which amount was 14.13%
of total transactions on the Exchange of 2,888,780 shares.
bers
compares
with member trading during the previous
401,930 shares, or 17.71% of total
week ended Feb. 8 of
trading of 2,403,290 shares.
On the New York Curb Ex¬
change member trading during the week ended Feb. 15
amounted to 144,475 shares, or 15.66% of the total volume
on that Exchange of 733,620 shares; during the preceding
week trading for the account of Curb
shares was 16.22% of total trading of
Commission
members of 80,730
455,280 shares.
made available the following data for
v
the week ended Feb. 15:
The data
filed with the New
New York Curb Exchange by their respec¬
published are based upon weekly reports
York Stock Exchange
tive members.
distributed free seed to wheat
growers and has loaned them threshing and other machinery.
Farmers
are
also given advice on cultivation, soil requirements, varieties to be
grown,
pest control, and on other problems related to wheat growing.
The
Government also is
erecting flour mills in various parts of the
some
the
years
Government
and the
These reports are classified as
follows
New York
has
In
the
addition
Bank
coffee
crops
increased
between
the
Brazil
in
Sao
to
engage
Paulo,
production costs.
31, 1943.
to Oct.
to
of
to the wheat measures
the Government recently authorized
in long-term
where
The aid
drought
covers
of the next three
affected the crop and
financing
has
the period from Nov. 1, 1946,
Actual conditions of the financing are to be worked out
the Bank of Brazil
and the National Coffee Department,
approval of the Ministry of Finance.
subject
New York
Stock
';
Total number o! reports
2.
3. Reports
Exchange
the
172
showing other transactions initiated off
floor
4. Reports
Curb
Exchange
1,062
189
received
showing transactions as specialists
Reports showing other transactions Initiated on
1. Reports
floor
country.
made public
Exchange Commission
yesterday (Feb. 28) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all mem¬
bers of these exchanges in the week ended Feb. 15, continu¬
ing a series of current figures being published weekly by
the Commission.
Short sales are shown separately from
■
For
long position
New York Stock and New York
During Week Ended Feb. 15
12-year
bushel.
reported with "other sales."
customers' odd-lot orders, and sales to liquidate a
round lot are reported with "other sales."
which Is less than a
The
highest minimum price will prevail during the first four years
period.
During those four years the minimum price
The
the
299,038
Customers' other sales.a.
This
dependence
employing various methods to encourage
time has been
11,417
Customers' short sales
Soviet,
developments beyond its borders. "The
alarming international situation compels our State to do everything to
strengthen the defensive power of the Socialist fatherland."
He said the 1941 grain harvest had been planned to reach 7,900,000,000
poods (127,350,000 long tons) as against 7,300,000,000 poods (117,680,000
long tons) for 1940.
He added that 387 new machine tractor stations
were planned, to bring the total in 1941 to 7,367, and urged these stations
of
12,566
Customers' total sales..
•
Supreme
422
12,144
Customers' other sales, a
added:
for 1940 were 173,000,000,000 rubles,
and national defense appropriations
for that year were 57,066,000,000
rubles.
(The ruble has a nominal value of about 19c.)
Finance
Commissar Arseni G.
Zverev, presenting the budget to the
sales):
Customers' snort sales—
1941 providing for
25, which, in part,
dealers (customers'
Odd-lot purchases by
Number of orders:
expenditures reported
total
The
12,706
313,808
Number of 6hares
Dollar value................
Russian
During
Odd-Lot Trading on New York Stock Exchange
Week Ended Feb. 22
+44,000,000
+3,000,000
cultural loans.......—.—
Open market paper...........
Loans to
(—)
Feb. 21,1940
I
%
$
Assets—
or Decrease
Since
12,1941
Coffee
Paulo—Will Also Aid in Financing
The Bank of
porting member banks,
and the year
Brazil to Finance Next Three
in Sao
Cotton Crop
000,000.
A summary
financed
be
to
against warehouse
000,000 at all
outside New
1, 1941
Ministry of
The
direct and guaranteed obligations
increased $22,000,000 in the Chicago District and $33,000,000 at all re¬
porting member banks.
Holdings of "Other securities" increased $22,Holdings of
March
Chronicle
...
showing no transactions...
the
200
590
802
101
35
80
596
handled solely
round-lot transactions
segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a traction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business. As a result, the round-lot transactions of
Note—On the New York Curb
Exchange, odd-lot transactions are
by specialists In the stocks in which they are registered and the
of specialists resulting from such odd-lot transactions are not
Volume 152
The Commercial & Financial Chronicle
specialists In stocks in which they are registered
two
are not
directly comparable
the
on
1939.
exchanges.
The
number
of reports
in
than the
number of reports
entries in
more
the
than
received
because
a
STOCK
SALES
total
more
$654,725.70 in 1939, while the loss
single report
may
carry
1940
THE
NEW
YORK
STOCK EX¬
Total for
Consolidated financial statements of the New York Stock Exchange and
reveals certain
significant facts which deserve comment, for example:
With the volume of transactions in 1940 at the lowest level in 19
years
and
with gross income showing a decrease of $246,816 as
compared with
1939, the Exchange, through continuing economies, reduced its expenses
2,888,780
B. Round-lot transactions for account of
members, except for
the odd-lot accounts of odd-lot dealers
and specialists:
l. Transactions of specialists in stocks In
which they are
last year by $461,956.
599,749
1940
7.79
was
approximately $43,000.
$232,000
98,150
Total sales
3.40
This result is arrived at by including
received
in
1940
and
treated
capital
as
$3,578,687.40 in
or
1940 represented,
10,700
The apparent
of recording
as
62% of total operating costs; this
1939.
(The total of salaries and wages shown in the report for 1939
618,634.08.
discrepancy is explained by
dismissal wages, with
was
$3,-
a
change in the
a
corresponding
employees'
change in the item "Employees' insurance, annuities, &c.")
85,905
Total sales
with
compares
method
Short sales
fees
usual, the largest item of expense,
73,466
Other sales.b.
initiation
Salaries and wages amounting to $3,345,207.11 in
98,050
3. Other transactions initiated off the floor—Total
purchases
of
contributions.
15,100
82,950
Other sales.b.
operating
The cash loss of the Exchange and its affiliates from
operations during
241,910
Short sales
!
•
loss in 1939 of $490,441.74.
203,580
the floor—Total purchases
207,-
was
The 1940 net operating loss of
$275,301.97 compares with a net
38,330
on
The total reported stock volume in 1940
compared with 262,029,599 in 1939 and 297,466,722 shares in
as
1938.
208,200
Short sales.
2. Other transactions initiated
Corporation stock.
its affiliated companies for
1940, together with a consolidated balance sheet
as of Dec. 31, 1940, are
presented herewith.
Analysis of those statements
a
95,280
2,793,500
Total sales
loss
a
The report as submitted to the members of the New York
Stock Exchange by Mr. Martin said:
Per
Cent
Week
Total round-lot sales:
Short sales
In 1940
also recorded due to the liquidation of the
was
Exchange Court
(SHARES)
Week Ended Feb. 15. 1941
A.
sale of securities in
on
$5,679.71 against $4,205.79 in 1939.
was
of $79,920
ON
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS *
Depreciation amounted to $620,446.69 in 1940 against
may
classifications
classification.
one
TOTAL ROUND-LOT
various
1349
The Tax Burden
2.94
96,504
Real estate taxes, the largest item of expense after salaries and
wages,
4. Total—Total purchases
absorbed $616,621.42,
379,816
Short sales
or
only about $1,000 less than the
before.
year
every $4.25 of payroll, an additional $1 was paid out by the
its affiliates in the form of taxes, and this, it should be
64,130
372,435
when
14.13
436,565
the
consolidated
net
loss,
including
For
Exchange and
noted, in
depreciation,
a year
amounted
to
$981,348.37.
Salary Payments
TOTAL
ROUND-LOT
CHANGE
BERS »
AND
STOCK
STOCK
SALES
ON
THE
TRANSACTIONS
NEW
CURB
YORK
ACCOUNT
FOR
EX¬
The annual rate of
(SHARES)
1939, 1938 and 1937:
Week Ended Feb.
15. 1941
Cent
Reduction
a
Dec. 31, 1940
Dec. 31, 1939...
Total round-lot sales:
Short sales
13,290
720,330
Total sales
:
registered—Total purchases
..
Short sales...
31, 1938... $3,592,418
31, 1937—
4,259,676
158,487 Dec.
$667,258
on
the
payroll at the end of 1939, 1938 and 1937.
The total number of active employees on the payroll of the Stock Ex¬
change and affiliates
total number
NUMBER
as
OF
on
of Dec.
Feb. 20,
1941,
was a
reduction of 120 from the
31, 1940.
EMPLOYEES
OF
STOCK
EXCHANGE
AND
AFFILIATED
COMPANIES
Total sales.
....
2. Other transactions Initiated
on
Short sales
9.66
97,505
the floor—Total purchases
Decrease
Dec. 31 '37 Dec. 31 *38 Dec. 31 '39 Dec. 31 '40
19,150
Total sales
Exchange
1,317
1,174
1,008
166
477
353
348
320
291
29
62
Corporation.
328
296
312
262
60
66
Quotation Co..
'
■
139
120
92
84
8
55
20
19
20
20
0
0
11
11
9
0
9
11
2,336
2,111
1,927
1,665
262
671
Stock
3.07
39
21,970
Short sales...
1,485
Building Co—.
,
25,925
3. Other transactions initiated off the floor—Total purchases
Decrease
From 1939 From 1937
New York Stock
5,500
20,425
Other sales.b.
8 ales.
Reduction
Dec.
$329,902
Number of Employees
•
number
44,175
7,110
90,395
Other sales.b.
$3,104,029
3,433,931
In the table shown below, the total number of active employees of the
Exchange and affiliates at the close of 1940 is compared with the total
733,620
B. Round-lot transactions for the account of members:
1. Transactions of specialists in stocks in which they are
Other
Indicated
Indicated
Per
Total for
Week
A.
salary and
wage payments prevailing at the end of
1940 is compared in the following table with the annual rate at the end of
MEM¬
OF
Clearing
Broad
St..
Safe Deposit Co
140
b.
Totals
20,905
■
-o:
■'
Retrenchment Trend
Total sales
2.93
21,045
The trend of retrenchment of the Stock Exchange and affiliates may be
4. Total—Total purchases.
83,295
have been reduced at
Short sales
12,750
131,725
Other sales, b.
15.66
144,475
Customers' short sales
on
the
Exchange persistently declined.
after depreciation, fell 20.9%
in that period.
Real Estate Holdings
39,443
Total sales..
28,744
As has been the case in other recent years,
Includes
all
Exchange members, their firms and their
Happily,
a
partial mitigation of this situation is
now
expected
through an agreement to sell the property of the 39 Broad Street Corpora¬
tion to the Public National Bank & Trust Co. of New York for a cash con¬
partners, including special partners.
Shares in members' transactions
as
per cent of twice
total round-lot volume.
sideration of $400,000.
with twice the total round-lot volume
on
both
the Exchange for the reason that
the total
purchases and sales, while the Exchange
volume includes only sales.
loss of $79,920 resulting from
The
In calculating these percentages, the total of members' transactions Is compared
of members' transactions includes
the Exchange's inability in
1940 to balance its budget arose largely out of its excess holdings of real
estate.
b Roand-lot short sales which are
exempted from restriction by the Commission
sales."
was
Corporation.
1939.
Sales marked "short exempt" are included with "other
liquidation of the Exchange Court
Corporation, former owners of the building located at 52 Broadway, is
attributable to a real estate transaction dating back to 1920.
Company
rules are included with "other sales."
c
1940, inclusive, costs
1933, the year when the Exchange first made its
compared with
39,443
Total purchases.
a
1938 to
0
Customers' other sales.c...
"members"
years,
annual average rate of approximately $539,000 as
operating results public in detail, gross income in 1940 was 31.9% lower,
while total expenses,
C, Odd-lot transactions for the account of specialists:
The term
an
the volume of business transacted
As
Total sales.
*
In the last three
aptly illustrated.
New
a
Because action to dissolve that Corporation was taken in
reserve
York
The Building
the owner of 1,110 shares of stock in the Exchange Court
for the expected loss was provided in that year by the
Stock
Exchange Building
Co., which
reserve,
amounting to
$78,530, was returned to surplus in 1940.
New York Stock
Less
348.37
Loss
in
The Building Company
Exchange and Affiliates Show $981,-
in
1940—Compares with $1,149,373.23
1939—President
Martin
Says
Exchange's
The Exchange, as a tenant of the
of
is
revenue
of that affiliate.
in taxes and
these are primarily on real estate,
In 1940 the total expenses of the
The
New
York
Stock
the
"The
Exchange"
Exchange,
in its annual report
public in the February number of
announced
that
calendar year 1940 resulted in a net
operations
in
1939.
The report,
companies, such
loss of $981,348.37 or
submitted by William McC. Martin Jr.,
Exchange, includes the accounts of affiliated
as
the Stock Clearing Corp., the New York
The remaining $1,446,400.44 may be divided as follows:
Reduction
1939
1940
Salaries and wages
..
All others
Total
As
the
a
$594,411
516,734
407,480
$2,867
28,144
41,214
$1,518,625
$72,225
result of valuations placed by the city on
year,
operating loss of the Stock Exchange before
compared with
a
depreciation
loss of $490,441.74 in
Legal proceedings for
which it is hoped that a revision
downward will be obtained dating back to the
The
real estate controlled by
Exchange, the tax burden is extremely high.
review have been instituted as a result of
Quotation Co., the New York Stock Exchange Building Co.,
Safe Deposit Co.
in Expense
$591,544
488,590
366,266
$1,446,400
Taxes
and the New York Stock Exchange
totaled $275,301.97,
a statement which is
Building Company amounted to $1,939,-
608.23, of which $493,207.79 was depreciation and amortization of deferred
expenses.
the
$168,024.86 less than the $1,149,373.23 loss sustained in
President of the
source
applicable also to the accounts of the 39 Broad Street Corporation.
Service Remains Unimpaired
dated Feb. 24 and made
Building Company, is the largest
The Building company's greatest cash expense
beginning of the city's fiscal
July 1, 1940.
The
follows:
consolidated
statements
of
income
and
expenses
The Commercial &
1350V
Quotation Co., Stock Clearing
Co.. 39 Broad Street Corp.
,
Unpaid gratuities
York
Corp., *New York Stock Exchange Safe Deposit
Exchange Building Co., New
Exchange, New York Stock
Dec.
-—-—...$1,375,000.00 $1,375,000.00
Membership dues
Telephone spaces and other floor charges—
Stock Clearing Corporation charges
t
Stock and bond ticker service
ro
,
nU'RHno
1,081,947.92
484,954.98
350,189.03
870,005.30
436,424.93
311,119.18
Quotation service
-—
Branch office, partnership application, registered em-
6
01
non
.70
3,333.33
----
19,022.24
13,403.12
$221,247.29
deferred credits
Balance of gratuity fund after
$137,884.70
deducting total liabilities
—-—$2,213,839.41 $2,200,768.71
and deferred credits
value and cost of
Difference between market
securities
value and cost of
securities
286,015.16
1949
Difference between market
*
339,330.16
—
.
nn
S
ployee and wire connection fees..—
Fines and powers of attorney
....
-
beneficiaries (contra)
Total liabilities and
31, 1940 Dec. 31, 1939
members or their firms:
Income from
3,550.67
on
7.29
of the Exchange—
Year Ended
Year Ended
.
2
-
—
Due to the Treasurer
o2nnn
-
-
Legal fees payable
Deposits In trust for
'
1, 1941
Liabilities and deferred credits:
INCOME AND EXPENSES
CONSOLIDATED STATEMENTS OF
New York Stock
March
Financial Chronicle
fund (securities at market
Net worth of the gratuity
value)
„
—..$1,927,824.25 $1,861,438.55
- -
$3,743,941.76 $4,050,145.60
CONDENSED STATEMENT OF
from others or not
Income
entirely from members or
,
Rents, including light and power
Stock Clearing Corporation charges
-■»
$583,705.88
$520,267.11
82,800.00
174,703.84
14,155.76
-
Ticker, Trans-Lux and Telereglster..._—
Subscriptions, services, &c
expenses.-2.370.00
Net Income of gratuity fund
(1940)..-
$1,346,934.00 $1,287,546.54
Gross income
$5,090,875.76 $5,337,692.14
-
.
Building, light, heat, maintenance, &c
Rent.
—
Real estates taxes—
-
Miscellaneous taxes
Printing, stationery, postage, &c
-
Telephone and telegraph —
Legal and other professional services
—
617,753.49
77,221.71
158,606.38
129,341.62
296,831.81
27,140.00
28,667.23
2,305.86
23,189.83
41,165.00
19,802.92
513.96
46,245.19
Committee fees...™.—.
Rents and accounts charged off
—
Depreciation
Loss
on
Loss
sale of securities.------
resulting
from
liquidation—Exchange
Corporation stock
$490,441.74
654,725.70
4,205.79
$275,301.97
620,440.69
5,079.71
(excl. depreciation) over income
Court
79,920.00
Total
$981,348.37 $1,149,373.23
—...
$412,200.00
deceased during year-------------------
assets of
$36,549 093.71
Martin
shown in the balance
of the end of 1940, as
are
as
BALANCE SHEETS
CONSOLIDATED
ASSETS
of 1940
Accounts receivable from members or
Dec. 31,1939
31,1940
$2,340,111.40
448,153.98
$2,262,829.81
their firms—
389,416.11
-
73,325.56
8,164.33
53,785.92
9,925.39
-
43,962.50
71,407.50
443,793.59
410,616.58
$3,221,491.90
Accounts receivable, other
Loans to employees.
$3,334,000.77
.........
......
Miscellaneous securities.
Prepaid taxes, insurance, <fcc
Cash deposited In special
Balance of gratuity fund at
at
market)
Dec. 31,1940 (securities at cost)
its affiliated
___
$2,213,839.41
$1,927,824.25
--
The 1941
Budget
the budget figures for 1941, the staff of the Exchange and
companies
have taken into account a predicted decrease in
With that in mind, savings in cash expense of $447,000 are
cash income.
To make these savings possible, the Exchange has reduced
contemplated.
some
.70
870.00
elected during year
fund at Dec. 3.1, 1940 (securities
Net worth of gratuity
continued to maintain all the
of the service to its members, but it has
public.
would eliminate most of an
expected cash loss of $63,000 which the Exchange
would have faced this
Treasury will no longer be drained by the $63,000 difference between the
cost of
maintaining that building and the revenue received for rentals there.
Also included in the report here submitted
the
Gratuity Fund
as
together with a condensed statement of operations of the Fund for 1940.
and the statement of the Gratuity Fund are
Proceeds of sales of memberships
provide
$11,014,069.08 $11,752,549.41
known—war and fear of its expansion,
Business
which are thoroughly well
is at low ebb on the Stock Exchange for reasons
the inevitability of increased taxa¬
tion and the present capital gains tax, political
uncertainty in many coun¬
When events
capital.
tries, and domestic regulation which discourages risk
justify changes for the better, the New York Stock Exchange which, alone
world exchanges is still functioning freely, should speedily benefit.
among
It is gratifying that,
business
and
(market
cost
$21,125.00
$21,125.00
$10,428,952.20
19,619,574.37
384,306.58
$10,428, 952.20
$25,100 Dec. 31, 1940)
the
in spite of the continued shrinkage in volume of
of further
necessity
remains
service
footnote): Land
....
—
Ticker equipment
1,186,696.29
.....
19,789, 814.33
494, 774.03
1,373, 329.94
$31,619,529.44 $32,086, 870.50
9,108 670.91
9,327,121.71
Less reserve for depreciation...,
As
usual,
the
quality
members,
of the
member
service to the public
discharging their public responsibility.
I wish to take this occasion to thank the Board of Governors, the
and their associates, the executive
Buildings and improvements
retrenchment,
unimpaired.
firms and their employees have been zealous in their
and in
Furniture, fixtures and equipment-
be desired, they
basis for constructive thought rather than foreboding.
a
Exchange's
at
affiliated companies
accompanied by the certificate
of John I. Cole, Son & Co., Certified Public Accountants.
Appreciation
$10,767,500.00 $11,267,600.00
297,866.90
17,560.86
187,182.51
229,008.22
Stock Clearing Corp. mark to market deposits, &c.
deposited under franchise,
is a statement of condition of
of Dec. 31, 1940, with comparative figures for 1939,
funds (contra):
Stock Clearing Corp. clearing fund
(see
12,200.00
-
Initial contributions from members
While the Exchange's results for last year leave much to
Dec.
Cash
assets
400,000.00
members' con¬
tributions, due to transfers of memberships during first quarter
Both the consolidated statements of the Exchange and
New York Stock Exchange Building Co., New York
Quotation Co., Stock Clearing Corp.,*New York Stock Exchange Safe Deposit
Co., 39 Broad Street Corp.
New York Stock Exchange,
Fixed
—--
Portion of 1939 income not allocated to reduction of
While the price to be received for this property is far less than the
value at which it was carried on the balance sheet, the cash resources of the
compared with $38,085,874.77 at the end of the preceding
year.
The following statistics are quoted from the report:
value
due to beneficiaries of members
Less gratuities paid or
year.
submitted by Mr.
Bonds
30,765.22
1, 1941 contributions
The sale of the building at 41 Broad Street
In liquidation.
sheet
$30,772.51
7.29
-
essential faciiities with which the members serve the
—
Loss for the year
Allocated to reduce Jan.
In preparing
...$5,366,177.73 $5,828,133.88
Total
Excess of expenses
*
141,965.52
282,987.29
179,460.35
101,732.81
219,381.99
Insurance
Miscellaneous
283,975.39
140,791.28
616,621.42
51,154.74
133,299.65
-
Unallocated amount..
$3,578,687.40
..$3,345,207.11
286,466.87
121,678.30
242,116.49
Expenses—Salaries and wages
Employees' insurance, annuities, &c
Social security and unemployment taxes
(1940)....-.$33,142.51
Interest income from securities
72,854.09
47,748.45
*
--
deaths
Less legal and miscellaneous
17,046.92
11.882.17
Miscellaneous
contributions received or due from
Cash
81,800.00
131,539.57
12,744.74
387,855.34
Listing fees
Interest, discounts
OPERATIONS, YEAR ENDED DEC. 31, 1940
$2,200,768.71
Dec. 31,1939 (securities at cost)....
members on
occurring in 1940 (includes Jan. 1,1940 billing)$381,434.78
Balance of gratuity fund at
their firms:
members
staff and the employees of the Exchange
and its affiliates for their continued cooperation in its
administration.
Sincerely yours,
WILLIAM McC. MARTIN
Feb.
JR., President
1941.
24.
$22,292,407.73 $22,978,199.59
Marked
$36,549,093.71 $38,085,874.77
..
1940
Dec. 31, 1939
$255,198.30
87,271.98
$291,132.47
98,352.55
$342,470.28
Accounts payable
Accrued payroll, taxes, &c
$389,485.02
Stock Clearing Corp. clearing fund
..$10,767,500.00 $11,267,500.00
297,866.90
17,560.86
187,182.51
229,008.22
Stock Clearing Corp. mark to market deposits, &c.
Proceeds of sales of memberships
$11,014,069.08 $11,752,549.41
$22,426.53
$6,460.72
....
Capital investment of the Exchange...
...$25,186,093.63 $25,921,413.81
$36,549,093.71 $38,085,874.77
In liquidation.
Note—The amount stated for fixed assets is book value, based mainly upon cost.
The cost of obtaining premises, under long lease, demoliton and new construction
has been capitalized: the allocation of costs between land and buildings is that made
to meet the
accounting requirements for tax purposes.
The amount stated does not
OF
THE
GRATUITY
FUND
OF
THE
NEW
YORK
STOCK
Resources:
Dec. 31,
Cash
Treasurer of the Exchange in
contributions
levied
(net)
when
and
respect
as
1940 Dec. 31, 1939
of
68,987.39
179,507.79
Cash deposited in trust for beneficiaries (contra)..._
the "Bulletin":
It is estimated that
holders
on
of tax-exempt
privately
held
June 30, 1940 commercial banks were the
securities with
amount
$20,700,000,000, or 37.8%
outstanding.
largest
of the
Individuals were the second
largest holders, with $18,500,000,000, or 33.8%,
of the total privately-held
Then followed insurance companies, with
insurance
$8,200,000,000, mutual
(other than banks and
$2,400,000,000, and tax-exempt institutions
companies)
period since 1937, there have been several significant
the relative amount of the
of holders.
1,243,282.03
•
1,235,582.03
3,333.33
.$2,435,086.70 $2,338,653.41
with
(other than mutual savings banks) with $1,300,000,000.
In the
collected
from members
Securities—1940 at cost (market value $957,266.87).
1939 at cost (market value $896,251.87).
Total resources.™..
30, 1937 to about $54,800,000,000 on June 30, 1940,
by $4,300,000,000, according to the February issue of the
Treasury Department "Bulletin."
This change was ac¬
counted for by an increase of $8,700,000,000 in partially
tax-exempt securities, while wholly tax-exempt securities
decreased by $4,400,000,000. Partially tax-exempt securities
are those the interest on which is exempt from the normal
rates of the Federal income tax, while wholly tax-exempt
securities are those the interest on which is exempt from both
the normal tax and the surtax.
According to the figures in
or
savings banks with $3,700,000,000, corporations
$1,012,296.88 $1,030,750.66
from
Tax-Exempt
privately-held tax-exempt securities out¬
standing—the total mount less those held by the issuing
governments and their agencies and by Federal Reserve
banks—increased from an estimated $50,500,000,000 on
amount.
EXCHANGE
STATEMENT OF CONDITION
Due
of
The amount of
total
represent realizable value, which is believed to be substantially less.
TRUSTEES
Holdings
1940, According to Treasury
June
Deposits in special funds (contra):
*
Public
in
"Bulletin"
LIABILITIES
Dec. 31
Unearned Income
Increase
Securities from 1937 to
largest holders of tax-exempt
less,
securities as a class.
Individuals, neverthe¬
continued to be the largest holders of wholly tax-exempt securities.
Throughout the period, commercial banks were
tiaUy
changes*in
holdings of tax-exempt securities by these classes
Individuals have been replaced by commercial banks as the
tax-exempt
issues.
the largest holders of par-
The chancres in the ownershiD of tax-exempt
Volume
The Commercial & Financial Chronicle
152
securities by principal classes of holders between June
30,1937 and June 30,
1940 are summarized in the following table:
ESTIMATED CHANGES IN OWNERSHIP OF TAX-EXEMPT SECURITIES.
JUNE 30, 1937 TO JUNE 30. 1940
(In Billions of Dollars)
Trustees of the
Partially Tax-
pended
securities
Exempt securities
June
June
June
June
30.
1940 Change
Commercial banks
17.7
20.7
+3.0
9.0
7.6
—1.4
8.7
13.1
Individuals
19.0
18.5
—0.5
12.4
10.6
—1.8
6.6
7.9
Net
30,
30,
1937
1940 Change
Net
Net
30,
30.
1937
1940 Change
+ 1.4
3.1
2.5
—0.6
3.7
5.7
3.7
+ 0.5
1.1
0.9
—0.2
2.1
2.8
+4.4
+ 1.3
+ 2.0
+ 0.7
2.4
—0.4
1.8
1.2
—0.6
1.0
1.2
+ 0.2
1.0
1.3
+0.3
0.6
0.8
+0.2
0.4
0.5
+ 0.1
50.5
54.8
+4.3
28.0
23.6
—4.4
22.5
31.2
+ 8.7
Insurance companies
Mutual savings banks..
6.8
Other corporations..
2.8
Tax-exempt Institutions*
8.2
3.2
>
privately
of
Participate
Secondary
in
Distri¬
of Member
Firms
of the
New
York
Stock Exchange advised members of the Exchange on Feb.
24 of the inauguration on that day of a
practice of an¬
nouncing
the stock ticker approvals by the Committee
participa¬
tions in secondary distributions of listed securities.
In its
notice to members the Exchange added:
on
Member Firms of member and member firm
on
Approvals for such distributions will be conditional
syndicate
keeping his
manager
books
open
upon
the distributor
or
for the purpose of receiving
SEC
recommended
was
by
the special committee
these
member¬
Opinion
Incident
■
•
Registration of
to
Investment Trusts
opinion of its general counsel,
Lane,
Company
Act of 1910 of certain inactive unit investment trusts, the
sponsors or distributors of the certificates of which are no
longer functioning.
The Commission's announcement had
an
the following
Chester T.
to say concerning the opinion:
These trusts by the terms of their indentures are to continue in existence
for
which
the
number
substantial
a
of years.
commonly known
are
The
present activities
"orphan
as
trusts,"
of such
holders.
certificate
to
+
The general counsel's opinion is in
that such trusts register under
7
provisions of Section
the
registration,
the
which
applies only to
final
(b) of the Act authorizing,
its
of
'
.
,
.
without the
unincorporated
"dissolution"
used
as
necessity
investment
7
Section
in
of
trusts
The opinion
(b)
dissolution of the investment trust which termi¬
immediately
distribution
by
the term
formal
a
the trust
nates
income
to the necessity
as
merely incidental to their dissolution.
that
position
'V'.'.y' *;
r;V>,,
.■
reply to an inquiry
of
the Investment Company Act in view of the
performance
are
trusts,
generally limited to
are
redemption of outstanding certificates and the distribution
takes
plan
that
directed
with reference to the status under the Investment
printing of such notice
The
mem¬
On Feb. 19 the Securities and Exchange Commission made
transactions
headed by Howard B. Dean, of Struthers & Dean, and with
Robert J. Hammerschlag, of Hammerschlag, Borg & Co.,
as Vice-Chairman.
has
;;;.•
Inactive
of
the ticker.
It
1
Issues
member and member firm applications for at least one-half hour after the
on
to
disposed of in accordance with the provisions
Constitution.
public
Department
to be
are
the
tax-free securities, showing amounts
by different classes of borrowers, appeared in our
issue of Jan. 4, page 33.
butions of Listed Securities
Meipbers
ships be sold at the discretion of the Board of Governors.
Applicants for all such memberships must be approved in
accordance with the provisions of the Constitution governing
admission of members, said the announcement by the Curb
A previous report on
New York Stock Exchange Adopts Plan Giving Members
Deceased
pended members and of the estates of two deceased
bers
issued
The
Memberships of Three Sus¬
Two
and
announced
Exchange.
Other than mutual savings banks.
Opportunity to
Members
The Board of Governors of the New York Curb Exchange
on Feb. 24 that the memberships of three sus¬
June
30.
1937
held
of the
members
are
One Trustee, for the
Be Sold
June
*
who
trustees
One Trustee, for the term of three years.
New York Curb Exchange
Wholly Tax-Exempt
Securities
amt.
Fund—Two
to serve for the following terms:
term of two years.
All Tax-Exempt
Total
Gratuity
Exchange, elected
1351
as
to all certificate holders and necessitates
assets.
Accordingly, so-called "orphan trusts"
a
are
required to register under the Act if they wish to continue to redeem their
certificates by
the
of
use
the mails and the instrumentalities of interstate
commerce.
New
Stock
York
Exchange
Members and
Suggested
Readjustment of Commission Schedules
Firms
Member
York
New
The
to
Requests
Submit
Views
on
SEC Adopts Two New Rules with Respect to Disclosure
of Source of Dividend Payments or Distributions
Made by Registered Management Investment Com¬
panies
Stock
Exchange announced on Feb. 25
following exhaustive studies by special committees of
the Exchange and by the management engineering firm of
Stevenson, Jordan & Harrison, a sub-committee of the
Committee on Member Firms has taken steps to ascertain
that
the attitude of members and member firms with respect to
suggested readjustment of the Exchange's commission
The views of representative New York Cityfirms, comprising a fair cross-section of the brokerage busi¬
ness, have been requested by the sub-committee.
These
firms, after giving careful consideration to all aspects of the
subject, will communicate with the sub-committee.
The
sub-committee will also welcome the views, in writing, of
other member firms and members.
The Exchange's an¬
a
schedule.
nouncement goes on
Aside
from
studies
that
formed
as
members.
this
have
to
inquiry,
been
say:
the
v
course
of the various
is already in¬
great many other firms and of individual
i
determine, by means
their regions, the
of special meetings of the member firms within
attitude of such firms with respect to the suggested read¬
justment of commissions.
be able to report the
made
the
a
few days.
by Edgar Scott of Philadelphia was held yesterday in that city.
Section
canvass
A meeting
of all
sections of
the
V
nors.
;
-/
The
such
it
unlawful
increase that averaged about 11% was put into effect.
Committee of New York Stock Exchange
Hold Three Meetings for Suggesting Nominees
Nominating
The Nominating Committee of the New York Stock Ex¬
change announced on Feb. 25 that open meetings will be
held on March 3, 10 and 17 for the purpose of receiving
suggestions for the positions to be filled at the annual elec¬
tion to be held in May.
All members and their partners
are invited to attend these meetings to suggest nominees.
J he offices to be filled are as follows:
Governors—For the term of one year:
is
a
A Chairman of the Board
member of the Exchange.
For the term of three
Five Governors who are members of the Exchange. Two Governors
are allied members or non-members of the Exchange residing in the
years:
metropolitan area of the
partners in member
City of New York, who
are
general
or
limited
firms engaged in a business involving direct contact
Two Governors who are members
or
aUied members
or
non-members of the Exchange residing outside of the metropolitan area of
City of New York, who are general or limited partners in member firms
having their principal places of business outside of said metropolitan area
engaged in a business involving direcc contact with the public
N-19-1
in
Section
to
is
paid from
realized
from
sale
the
so
An
19.
or
It
general
that
from
of
securities
or
other
determined for the current
19
a
written
payment.
prescribe the form of
to
relates
information
whenever
stated
be
to
properties,
which
be
must
pursuant
in
of
principle
certain
sources
a
dividend
paid
are
of
out
a
is
being
requirement
profits
from
the
the investor must be advised of the
of the company's portfolio.
only to dividends paid
similar
such
the
by management companies
Another important provision is
are
other
or
designation
accounts.
for
is
made
affirmative disclosure
source.
dividends
N-19-2
1941.
any
dis¬
any
partly
important feature of the rule is the extent to which it
net depreciation
any
detail
some
statements
and
capital
a
in
outlines
securities
of
empowered under Section
written
whenever
of
extent
for
make
to
or
wholly
such company's accumulated undistributed net
losses
or
payment,
statement.
written
Rule
included
extent
The last readjustment of commission rates by the Exchange was made on
Jan. 3, 1938, when an
and
profits
Commission
Rule
Hamershlag is Vice-Chairman
The sub-committee includes representatives of the
various sections of the New York Stock Exchange community.
the
(1)
dividend,
any
preceding fiscal year, unless such payment is accompanied by
statement adequately disclosing
the source or sources of such
:-+-:
•
Howard B. Dean is Chairman and Robert J.
of the sub-committee.
public.
Company Act makes
dividend
a
accordance with good accounting practice and not
determined in
including
of
nature
properties, or (2) such company's net income
that
with the
Investment
other than
source
income,
sale
who
the
requires explicit
New York Stock Exchange com¬
Committee in turn will submit its recommendations to the Board of Gover¬
of Governors who
letter
a
Investment
the
of
19
in
tribution
report its conclusions to the Committee on Member Firms, and the latter
Board of
of
registered investment company to pay
munity, the sub-committee is expected within a reasonably short time to
to
public
from David Schenker,
Company Division, to Paul
Bartliolet, Executive Director of the National Committee of
Investment Companies, discussing certain aspects of the
rules.
Regarding the new rules the SEC stated:
It is hoped that the out-of-town Governors will
results of their meetings within
of member firms in the region which is represented on the Board of Governors
After its
Commission
Director
or
The six out-of-town Governors of the Exchange have also been requested
to
payments or distributions made by registered management
investment companies was announced by the Securities and
Exchange Commission on Feb. 21.
At the same time the
any
Exchange, in the
made relating to commission rates,
the attitude of a
to
The adoiition of two rules under the Investment Company
of 1940 regarding disclosure of the source of dividend
Act
Rule
to
surplus
already
or
or
declared during the year
but
N-19-1
capital
segregated in
requires
except
sources,
only
to
a
the
the company's ledger
The purpose of this rule is to give the companies adequate time
reviewing
their
accounts,
since
many companies may be obliged to
adjust their surplus accounts retroactively in order to meet the standards
of
Rule N-19-1.
SEC
Sends
The
to
rules
become effective March
1,
1941.
Congress New Portion
of Its Study of
Alleged Abuses
and
Problems
in
Management
of
Assets
and
Pyramiding of Investment Companies
Investment
On
Feb.
Trusts—Relates
to
25
the
Securities and Exchange Commission
Congress, Chapter VII (the last chapter) of
Part Three of the Commission's over-all report in connec¬
tion with its study of investment trusts and investment com¬
panies which it has conducted pursuant to Section 30 of the
Public Utility Holding Company Act of 1935.
This chapter,
it is noted, is one of the few remaining portions of the Com¬
mission's report which were prepared in draft form prior
transmitted to
to
the
and
enactment
which
will
of
be
the
Investment Company
submitted
to
the
Congress.
Act of 1940
The Com¬
mission explained that Part Three deals primarily with the
abuses and deficiencies in the organization and operation
of management investment
trusts and investment companies,
Chapter VII is concerned with abuses and prob¬
with tiie management of assets and
and that
connection
in
lems
The Commission's
comxjanies.
investment
pyramiding of
added:
announcement
economic significance of invest¬
future.
the Congress today, was trans¬
mitted in typewritten form and copies are not now available but will be
available for public distribution when printed by the Government Printing
industry by investment companies and the
companies will be transmitted to the Congress in the near
Chapter VII of Part'Three, transmitted to
Office.
i
.
of the report transmitted to the Congress today describes in
to sponsors of investment companies; and the abuses
The chapter
detail
:-o\
•
benefits
the
problems in connection with the purchase and sale of portfolio securi¬
and
companies and their sponsors,
directors and other insiders, under¬
writing participations by investment companies and their trading activities.
With respect to the benefits of sponsorship, the report stated:
ventures between* the investment
ties, joint
brokers, have
securities dealers and
bankers,
"Investment
to officers,
loans
loans—particularly
predominated
the organization and sponsorship of investment companies.
In a large
these
types of
sponsorship were attributed to the ease with
which the funds of such companies might be used to enhance the business
in
measure
Frequently investment companies have been treated by
the sponsors rather
in the investment
companies field the fiduciary concepts historically applicable to the man¬
agement of the funds of others have not been always observed.
Persons
in control of investment companies have not only been found acting where
they represented conflicting interests of other persons but where their own
interests conflicted with
the interest of the companies they managed.
These conflicts have been particularly
apparent—and particularly detri¬
mental to public investors—in connection with portfolio activities of invest¬
ment companies.
For example, the sponsors adopted devices at or prior
to the organization of an investment company which would insure to them
absolute control of the enterprise without any appreciable personal invest¬
ment.
Thereafter many sponsoring groups managed the funds of the invest¬
ment company
in such ways as their particular type of self interest
such
of
sponsors.
their sponsors merely as adjuncts or instrumentalities of
than as independent business ventures.
Consequently,
dictated."
The
contains
report
detailed
a
cf instances where the original
recital
portfolios of the investment companies were sold to these organizations by
various instances of unloading of securities and other proper¬
their sponsors,
ties
various
companies by their sponsors after organization, and
investment
upon
subordination
the
of
cases
the
investment
com¬
of loans
subject
the
interest of
underwriting participations.
by investment companies, the report
panies to the sponsors in joint
Discussing
the
of
stated:
registrants to file registration statements consisting pri¬
marily of the prospectus and exhibits.
The text of the items of the form
would be omitted but registrants would file a reconciliation and tie show¬
permit
amount of
money
comparison
with
directors
total
It
accounts and
all
at
were
estimated
was
stockholders or of corporations in which these influ¬
interested."
dominant
or
individuals
ential
by investment trusts and
lent
in
notes
year-ends
approximately 80%
loans,
receivable, represented by approximately 150 companies
the
in
that
report
of all
the period 1927-35 was due from officers, directors,
over
With
"To
other
extent
1927
between
investment
by
investment
one
companies
investment
substantial
a
companies
of
other
of
investments
the
to
respect
the assets of
(pyramiding)
report
investment
investments in the securities
Investments in other invest¬
(including both management investment companies proper
holding companies) not controlled by majority stock own¬
ership, during the period 1927 to 1936 ranged from 4% to 7^% of the
combined portfolios of management investment companies
proper, other
than the companies included in the A,tlas Corp. and the
Equity Corp.
groups.
The market value of such investments rose from $11,988,800 in
1927 to a high of $98,233,600 in 1929 and after a severe decline from 1930
to 1931 rose gradually to $64,655,790 at the end of 1936."
ment
and
companies
investment
The
agement
mided
discusses
then
report
structures,
and
to a controlled
company
by
created
requirements as to financial statements.
Newly-organized companies would
file only schedules of liabilities, capital stock, and cash receipts and dis¬
bursements.
Established companies would file the usual balance sheets,
loss statements and schedules prepared in accordance with
S-X.
The only financial statements which would be required
by the form for mining companies would be schedules of liabilities, capital
stock, and cash receipts and disbursements, since only companies in the
promotional or developmental stage would use this form.
Copies of the proposed forms are available to persons desiring to ex¬
amine them and give the Commission the benefit of their criticism and
and
profit
Regulation
of
sale
of investment
securities
of
one
concentration of control of
profits of pyramided companies to
organizers.
Chairman
Frank
Henderson
Commissioner
and
were
able to
not
partici¬
study
Healy,
sion.
the
with Paul
Increase
David Schenker
Study;
counsel.
Paul
submitted
occurred
Gourrich,
June
as
counsel,
whose
resignation
William
and
1939,
31,
and L.
M.
from
R.
C. Smith
the
as
associate
Commission
Spratt
Jr.,
whose
death
1938, did not participate in the preparation or
20,
was
York, in the Feb. 24 issue of "The
Guaranty Survey," its monthly review of business and
financial conditions, observes that "there appears to be a
tendency in many quarters to regard the defense program
only
not
as
well,
under
the
Shwartz,
of
supervision
of
the
legal
Harry
section
the Congress
Carver,
of the
Harry
today
Heller
was
and
fundamentally
a
fiscal
loose
in
efficient
and
Tentative
Drafts of Two Proposed
Registration of Securities—De¬
signed for Corporations with no Subsidiaries and
no
Record of Insolvency or Succession During
Forms
for
said
the
Commission, are designed to provide a simplified
medium for registration of securities of corporations which
have
sion
no
subsidiaries and
during
the
three
no
record of
fiscal
years
filing the registration statement.
is
insolvency or succes¬
preceding the date of
One of these forms, which
designated "Form S-2," would be used for securities of
commercial
which
ties
of
mental
and
industrial
is designated
The
other
in
the
promotional
The Commission further states:
form,
"Form S-3," would be used for securi¬
mining companies
stage.
companies.
or
develop¬
to lead
is
national
the
but
income,
in
to
urgently
the most
rearmament in
Rearmament may, for a time,
stimulate
the end
it must
If this necessary burden is to be prevented from having
and must be held to
non-essential
in
minimum
a
by the exercise of the most rigid
economy
it must be recognized and shouldered
And
expenditures.
not at some indefinite future time.
now,
A
observation
further
effect that "if
bills
rate
the
at
is
the
in
made
"Survey"
to
the
printing press had begun turning out dollar
a
of
second
a
one
Columbus
when
first
landed in the New World and had continued to produce at
the
since, the amount would still be $3,000,-
rate ever
same
000,000 short of the sum required to pay the estimated ex¬
penses of the United States Government for the next fiscal
year." Continuing, the "Survey" says:
like
Comparisons
applied
made
here
but
all
every
When
inevitably cost
President
month
year
fell
that
of
sums
Their
will
ears
with
expenditures;
essential,
is
article,
not
are
for
and
it
have
is
modem
These comparisons
money.
implications
are
vital
a
meaning
such
a
sum
to
Congress
bills
with
which
of
New
Yet
human
mind
the
The amount
form
than
with
cover
six
2,000,000,000
distance
\Tork to San
bills
can
form
no
idea of the
some
laid
were
66
or
end
astronomical,
literally
end,
to
times around
the
for
extending from the earth to the
dollars
to
one
spare.
costing $1,000 each could
automobiles
amount,
same
is
strands
popular-priced
the
a
his
President
the
effort to help visualize the cost
dollar
to
car
two families, in the United States.
would
finance.
distance of 1,643,387 miles,
a
during the
$17,000,000,000
than
more
Government
comparisons in an
equator.
million
purchased
of
17,000,000,000
would
more
Seventeen
of
message
Government
be gained.
can
the
If
the
at
dollar
total
a
budget
Federal
people hardened by custom to the acceptance
a
magnitude
a
they would stretch for
earth
reach
of
his
in
the
It is only by concrete examples that
continue
to
estimated
commonplace
rearmament:
from
defense
this
this country,
in
rearmament
expenditures of
the
a
conception.
vastness of
be
that
huge
Roosevelt
1941-42
as
dealing
the
criticizing
curiosities.
the
upon
billions
And
of
cited in
ones
finances
American citizen.
words
of
similar
and
Government
conceded
statistical
mere
for
foregoing,
for
purpose
universally
not
clear
the
for
armaments
last
the
the outlook
to
eight
every
or
persons,
Placed bumper to bumper, these
16 times the distance
equal to approximately
Francisco.
Equivalent in Naval Construction
the
of
billion
type of
of
cost
United
States
battleships
would
dollars
the Missouri and
$50,700,000
each,
battleship
in
now
pay
fleet
service
battleships
for the building of 335
Wisconsin, now under construction
equivalent to
and
than
more
eight
than
more
22
the
times
the
time
at
a
present
number of
the world, exclusive of
in the major navies of
own.
Seventeen
The Securities and Exchange Commission announced on
Feb. 21 that it is distributing for criticism and suggestions
tentative drafts of two proposed new forms for registration
of securities under the Securities Act of 1933.
These forms,
is likely
opposite
exact
permanently harmful results, it must be carefully and equitably distributed
our
ThreeJYears Prior to Filing
the
when
imperative job of
way.
increase
American people.
Seventeen
Distributes
New
the
economical
and
of the situation
view
time
a
do
referred to in these columns Sept. 14,
SEC
false
at
to
represent not a source of wealth but an enormous economic burden to the
cars
was
order
employment
every
Chapter VI of Part Three of the Commission's report
3940, page 1500.
policies
required
pre¬
Rella
valid excuse had finally been found for the
a
temporarily easy habit of governmental borrowing and
spending that the people of the United States have formed
in recent years.
The "Survey" goes on to say:
same
staff.
military necessity but an economic boon as
a
if
as
moon,
report transmitted to
VII of the
the cost of rearmament, the Guar¬
In calling attention to
anty Trust Co. of New
con¬
of Part Three.
Chapter
Resnick
P.
March
on
on
sideration
pared
Gourrich, former Technical Adviser to the Commis¬
the late William R. Spratt Jr., as Chief of
P.
a
Enormous Economic Burden
Director of the Study;
as
May for
ment
was
under the general supervision of Commissioner Robert E.
was
Points Out That While Rearma¬
Time Stimulate Employment and
National Income in End It May Represent
Guaranty Trust Co.
of
In its advices the Commission also says:
The
31,
March
by
fiscal
pate in the consideration and approval of Chapter VII of Part Three.
thereon.
It has been requested that all comments be sent in
1941.
suggestions
investment company,
wealth, and inequitable distribution of
their
the
man¬
these pyra¬
in
expenses
of pyramiding
other aspects
various
"profits"
including
companies,
operating
duplication of
and
functions
the problem of delegation of
detail
in
in their scope and
requirements of infrequent applicability are also handled by instructions.
The form for commercial
and industrial companies contains alternative
the
stated:
investment trusts and
1936 included
and companies.
and
trusts
in
company
the
forms are quite general
comparatively few in number, there being only 20 items in the draft of
Form S-2 and 18 items in the draft of Form S-3.
An effort has been
made to clarify the items by rather full instructions, and certain special
employees and other directly and indirectly affiliated interests.
securities
information required by the
the prospectus of the
in
location
the
respective items of the form.
The items of the proposed
Such
investment
investments of such companies was
loans by these companies presented many abuses and, for the
greater part, improper uses of investment companies by their sponsors.
In many instances loans made by investment trusts and investment com¬
panies, except for call loans, were made not in response to the business
interests of the company but to advance the personal interests of officers,
the
"While
companies
not large,
1, 1941
these forms provisions which
in
included
tentatively
been
have
There
would
ing
over-all report dealing with the control of
Part Four of the Commission's
ment
March
The Commercial & Financial Chronicle
1352
billion
and
woman
dollars
child
means
the
in
an
United
of
average
States,
$129.11
for
than
more
or
every
$500
for
man,
each
family of four.
The annual interest
what it cost to
or
interest
work
each
the
nearly
the
debt
the
are
run
two
days
have
effects
employed
each
year
work
to
of
entire Government
the
48,400,000
would
one
When
$17,000,000,000 at 2%% amounts to $425,000,000,
on
past
70
and
workers of
at
$5
days
a
at
50 years ago.
day, and
the
To
earn
this
would have to
to pay the principal
the country
same
rate.
prospective expenditures
considered, the results are even more staggering.
on
the national
A bill to raise
legal limit of the debt to $65,000,000,000 has just been enacted, and
is little doubt that the actual debt will reach or exceed this sum
there
the
before
to
money
press
than
present
pay
a
mentioned
a
armament
debt
in
of
the
this
program
amount
foregoing
is completed.
today
would
century before the birth of Christ.
To produce
enough
the dollar-a-second printing
had to begin work more
have
New York State Savings Banks to Again
Make
to
Loans—M.
Personal
S.
Seek Authority
of State
Short,
Association, Says Banks Are Able to Offer Funds
Minimum Cost to Borrower
at
That
1353
The Commercial & Financial Chronicle
Volume 152
487,000,
or
668,000.
or
19% and electric,
53.5%
failed of approval by the New York State
Legislature last
year.
Mr. Short said on Feb. 27 that the only expressed
opposition to legislation permitted savings banks to make
$9,904,000,
proposed
total
of the
$160,435,000,
savings banks of New York State are again
seeking legislation permitting them to offer small personal
loans was announced on Feb. 27 by Myron S. Short, Chair¬
man
of the Legislative Committee of the Savings Banks
Association of the State of New York.. Enabling legislation
the
and water utility companies with $43,-
gas
11.9%.
equaled $195,589,000, or
This compared with
Securities to be offered through underwriters
by issuers.
agents and
to be offered through
of securities
43.8%,
or
sale
for
91.8% of the total, as com¬
2.7% for
pared with 5.5% for issues to be offered to security holders and
issues to be offered to others.
During January, 35 issues registered in 26 statements became effective
in the aggregate amount
all
of which
was
A breakdown of this total shows
of $415,699,000.
that securities registered for the account
of others amounted to $25,150,000,
This left $390,549,000 of securities
proposed for sale.
Included in this total were $21,-
registered for the account of the issuer.
personal loans is from commercial banks, some representa¬
tives
securities
986,000 of securities reserved for conversion and $2,634,000 of
to
of
expressed fear of competition from
savings banks, despite the stringent limitations as to the
percentage of deposit liability which might be utilized in this
fashion.
This opposition has also expressed concern over
encroachment of savings banks in the field of commercial
banking. Mr. Short stated:
"We
are
which
not
financing.
mercial
have
seeking this service to extend further the facilities for consumer
Nor do
banks
we
other
and
with com¬
Our primary
wish to enter into extensive competition
personal
organizations.
lending
There remained, therefore,
Reflecting mainly
Syndicate of America, Inc. was a newly-organized
be issued in exchange for other
securities.
$365,928,000 of securities proposed for sale by issuers.
the fact that Investors
was
distinguished from the parent,
(as
company
$154,775,000,
of flotation
was
or
newly-organized
Compen¬
2.9%, while
0.4%, so that total cost
42.3% of the total.
expected to absorb $10,677,000, or
sation to distributors was
other expenses were
Investors Snydicate, which
the aggregate of securities of
1894)
incorporated in
companies amounted to
indicated at $1,226,000, or
equivalent to 3.3%.
BY
TYPES
OF
their
indebtedness economi¬
financial needs of the same class of people who deposit
savings in
institutions—and to relieve existing
our
Total Securities
Effectively Registered
cally and efficiently.
Governor
Type of Security
has
Lehman
advocated
twice
to
the
present
reduction in the maximum interest rates set forth in the
Savings banks
are
in
Legislature a
Amount
Small Loan Law.
to offer small personal
unique position
a
minimum interest rates, for the
loans at
following reasons
Secured bonds
-
......
Preferred stock
^..........
....
Face amount instalment certificates.
rights
5,598,000
154,350,000
beneficial interest, &c......
Certificates of participation,
or
60,037,000
6,537,120
53,812,007
—
...........
...
Common stock
Warrants
$135,364,945
„>•_...
.v
Unsecured bonds
Being mutual in character, no earnings for capital is required.
2. Savings banks are supplied with low-cost funds.
3. With established locations, reputations and banking facilities, the
cost of securing and conducting business will be small.
4. The savings banks' knowledge of the character and habits of the class
of people who ordinarily need and seek personal loans will permit lower
costs in investigating and handling loan applications.
1.
.......
...
.............—...
...
Substitute securities (voting trust ctfs
and ctfs. of deposit)
$415,699,072
Grand total
In this
legal
unsecured loans under Title I
lending is not a service foreign to savings banking.
Personal
State,
securities, bonds and mortgages,
of the Federal
make
already
institutions
these
loans
well
as
as
against
pass-books,
Total, Less Securities
Now that the Savings Bank Life Insurance system
borrowing facilities
will
it
enable
the
as a
similarly needed service in many
individual
to
take
care
offer lowareas where
of temporary financial
needs
economically and conveniently.
Type of Security
Jan.,
Jan.,
Jan.,
Jan.,
Amount
1941
1940
Amount
1941
1940
%
by New York State Superintendent of Banks
William E. White before a gathering of savings banking in
Feb.
13
In his address Mr. White had stated:
Brooklyn.
The
small
loan
problem
in the
has not been solved, especially
State
%
%
S
%
%
135,364,945
60,037,000
34.4
33.0
135,364,945
37.0
44.9
15.2
21.8
60,037,000
16.4
30.5
Preferred stock
mind but that savings banks could operate in this field to
6,537,120
31,825,786
1.7
28.3
2,050,000
0.6
3.3
8.1
16.9
8,528,542
2.3
21.3
5,598,000
154,330,000
1.4
5,598,000
1.5
39.2
154,350,000
42.2
participation,
beneficial interest, &c
Face amount instalment ctfs.
Warrants or rights
securities
Substitute
(v.
t.
...
*
—
393,712,851 100.0
Grand total
100.0
365,928,487 100.0
100.0
the public
Tenders of
♦
Registration of 35 New Issues Aggregating $415,699,000,
Became Effectively Registered Under Securities Act
During January
Securities and Exchange
....
of
Certificates
question
advantage.
The
....
Unsecured bonds
ctfs. and ctfs. of deposit)..
it affects the borrower of amounts under $300, and there is no
as
in my
Secured bonds
Common stock
In his statement Mr. Short referred to an address made
on
for Sale by Issuers
has been estab¬
lished, and is being taken up increasingly, we ask the right to
cost
Securities Proposed
Reserved for Conversion
or Substitution
Housing Act.
In 1938 the State Legislature placed upon savings banks the responsi¬
bility for making low-cost life insurance available to the people of this
State.
1933
UNDER THE SECURITIES ACT OF
SECURITIES, JANUARY, 1941
REGISTRATIONS
EFFECTIVE
objective is to offer funds in moderate amounts and at low rates to meet
the temporary
Se¬
2.7%, of securities to be offered directly by issuers.
or
curities to be offered to the public represented
Commission announced on
Feb. 27 that during January, 1941, $415,699,000 of securities
became effectively registered under the Securities Act of
$258,063,000 Received to Offering
of $100,-
Bills—$100,127,000
0.043%
tendered to the offering on
000,000
of
90-Day Treasury
Accepted at Average Rate of
A total of $258,063,000 was
Feb. 21 of $100,000,000, or
bills dated Feb. 26 and
thereabouts, of 91-day Treasury
maturing May 28, 1941, Secretary
Morgenthau announced on Feb. 24.
Of this
accepted at an average price of
approximately 0.043%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
Feb. 24.
Reference to the offering appeared in our issue of
Feb. 22, page 1211.
The following regarding the accepted
bids to the offering is from Secretary Morgenthau's an¬
of the Treasury
analysis prepared by the Research
and Statistics Section of the Trading and Exchange Division.
This compared with $322,618,000 in December, 1940 and
with $146,482,000 in January, 1940.
The amount of regis¬
tered securities proposed for sale by issuers equaled $365,928,000 in January, 1941, as against $292,166,000 in Decem¬
ber, 1940 and $102,375,000 in January, 1940.
The Com¬
amount, $100427,000 was
mission's announcement further stated:
nouncement:
according to
1933,
an
face amount instalment certifi¬
cates of Investors Syndicate of America, Inc. accounted for $154,350,000
of the January total.
This amount represented the sum of instalment
payments which would be made over a period of 15 years, provided the
entire $175,000,000 face amount of certificates were sold and maintained
in force until maturity.
The face amount instalment certificates of this
investment company were to be sold through agents and the proceeds to
be used for investment purposes.
The size and characteristics of this
issue had an important effect upon the analysis of registration statistics
single registration statement covering
A
for
January,
1941, particularly the breakdown by type
of issue, use of
proceeds and method of selling.
Three
other
large issues represented
about 47% of the total amount
by issuers, excluding Investors Syndicate of America,
These issues were the 2%% bonds of the Illinois Bell Telephone Co.
for sale
proposed
Inc.
$51,693,750, the 3H%
totaling
bonds of Jones & Laughlin Steel Corp.
Total
applied for,
$258,063,000.
Range of accepted bids:
High
....
Total accepted, $100,127,000.
(Excepting one tender of $50,000).
100.00
99.980 equivalent rate
Average price
approximately 0.079%.
99.989 equivalent rate
Low.
approximately 0.043%.
(39% of the amount bid for at the low
price was accepted).
Weekly Offering of 31-Day Bills to
$200,000,000—Will be Dated March 5 First Issue
Subject to Federal Taxation
Tenders to a new offering of 91-day Treasury bill to the
Treasury Increases
of $200,000,000, or
amount
thereabouts, to be sold on a
highest bidders, were invited on
Feb. 28
totaling $28,000,000 and the \%% debentures
discount basis to the
totaling $20,000,000.
by Secretary of the Treasury Morgenthau.
This increase of
$100,000,000 in the amount of the weekly bill offering is in
accordance with the Secretary's announcement of Feb. 20,
issues
were to
of Phillips Petroleum Co.
The proceeds from these large underwritten bond
be used principally for
The amount of net proceeds
000,
allocated for new money uses was
$154,067,000, or 43.5%, for the repayment
or
of bonds and notes, $25,711,000,
stock, and $2,093,000, or 0.6%,
A total of $152,842,000 was to be applied
7.3%, for the retirement of preferred
for the repayment of
to
$18,165,-
Repayment of indebtedness and retirement of
accounted for $181,871,000, or 51.4% of the total.
This included
5.1% of the total.
or
stock
refunding purposes.
the
other debt.
for investment, this repre¬
All other purposes combined ac¬
purchase of securities and mortgages
senting
43.2%
of total
net
proceeds.
counted for the remaining 0.3%.
$195,402,000, equivalent
proposed for sale by issuers.
Next in importance were face amount instalment certificates with $154,350,000, or 42.2% of the total.
Common stock amounted to $8,528,000, or
2.3%, while certificates of participation amounted to $5,598,000, or 1.5%,
and preferred stock $2,050,000, or 0.6%.
Reflecting the large total shown for face amount certificates, the finan¬
cial and investment group with $161,059,000, or 44% of the total, led all
other industry groups.
Manufacturing companies had a total of $91,714,000, or 25.1%, followed by transportation and communication with $69.Fixed
to
53.4%
interest-bearing
securities
aggregated
of the total amount of securities
explained that half of the proceeds from the sale
paying off similar maturing securities and the
remaineder will provide the Treasury with "new money";
his plans to this effect were indicated in our issue of Feb. 22,
page 1212.
This new issue of bills will for the first time be subject to
Federal taxation under the Treasury's new powers granted in
the Public Debt Act of 1941; the text of this new law was
when he
will be used for
given in these columns Feb. 22, page 1213.
Tenders to the current bill offering will be
Federal Reserve banks, and the branches
2 p.
m.
(EST) March 3, but Mil not be
received at the
thereof, up to
received at the
Treasury bills
Treasury Department, Washington.
The
will be dated March 5 and will mature on
and
on
the maturity date the
June 4, 1941,
face amount of the bills will be
The Commercial & Financial Chronicle
1354
March
payable without interest.
There is a maturity of a previous
issue of Treasury bills on March 5 in amount of $100,968,000.
or
interest
de¬
No
\\V
value).
for
tender
less
amount
an
tender must be in multiples of $1,000.
be considered.
$1,000 will
Fractions
be
not
must
Tenders from others must be accompanied by a deposit
ment securities.
of 10% of the face amount of
Treasury bills applied for, unless the tenders
bank
or trust
f
1941, all tenders received at the Federal Reserve Banks
up to the closing hour will be opened and
ceptable prices will follow
following morning.
as soon
or
March 3,
on
possible thereafter, probably on the
as
The Secretary of the Treasury expressly
the
reserves
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will
be advised of the acceptance
the sale
other
or
rejection
principal
or
other disposition
of the bills, shall not have any exemption,
such, and loss from the sale
or
other disposition of Treasury bills shall
have any specialfreatment, as such,
hereafter enacted.
The
bills shall
under Federal tax Acts now
be subject to estate,
other excise taxes, whether Federal or State, but shall be exempt
all taxation
now
by any State,
or
inheritance, gift,
of the possessions of the United States,
or any
by any local
or
bear
will
bonds
Bearer
4.
Federal
with
interest
attached,
coupons
bonds
and
registered
principal and interest, will be issued in denominations of $50, $100,
to
as
not
Provision will be made for
the interchange of bonds of different denominations and of coupon ana
registered bonds, and for the transfer of registered bonds, under rules and
regulations prescribed by the Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
$500,
$5,000, $10,000 and $100,000.
$1,000,
III.
1.
Subscriptions
branches
tions
and
the
at
generally
received
the
at
subscriptions
submit
Reserve banks and
Banking institu¬
Federal
Washington.
Department,
Treasury
may
and Allotment
Subscription
be
will
for
of customers,
account
but
only the Federal Reserve banks and the Treasury Department are authorized
to
act
official agencies.
as
The
2.
Secretary
/'vy'y V;
the
of
Treasury
right
the
reserves
reject
to
any
subscription, in whole or in part, and to close the books as to any or all
subscriptions at
time without notice; and any action he may take in
any
tions will be allotted in
be final.
shall
respects
Subject to
all subscrip¬
these reservations,
Allotment notices will be sent out
full.
promptly
allotment.
upon
this notice
and
subject to all
be
shall
acceptable
these
amended,
From the
the bonds
on
any
For purposes of taxation the amount of discount at which
as
interest
The bonds shall
by
originally sold by the United States shall be considered
Treasury Department Circular No. 418,
bonds
the
be
or
will
Treasury bills
to be interest.
such notice,
any
by any State, or any of the possessions of
local taxing authority.
to secure deposits of public moneys,
the circulation privilege and will not be entitled to
States,
bonds
taxing authority.
are
in
privilege of conversion.
from
hereafter imposed on the principal or interest thereof
or
of
case
cease.
from
any
gain from
or
In
thereof
interest
or
The
3.
immediately available
Treasury bills, whether interest
prescribe.
shall
Treasury
imposed.
hereafter
or
March 5, 1941.
on
The income derviced from
not
or
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash
funds
derived
income
now
the United
branches thereof
public announcement of the ac¬
right to reject any or all tenders or parts of tenders, and to allot less than
thereof.
shall
but
company.
Immediately after the closing hour for receipt of tenders
the
to be redeemed will be determined by such
be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but
shall
be
exempt from all taxation now or hereafter imposed on the
accompanied by an express guaranty of payment by an incorporated
are
of
be prescribed by the Secretary of the Treasury.
may
redemption
The
2.
1941
four months' notice of redemption given in such
on
Secretary
redemption designated
for
taxes,
used.
Tenders will be accepted without cash deposit from incorporated banks
or
called
The price offered must be expressed
and trust companies and from responsible and recognized dealers in invest¬
days,
or
the
as
of
date
Each
the basis of 100, with not more than three decimal places, e. g., 99.125.
on
as
method
,y: >'
.:
;
than
as
partial redemption the bonds
nominations of $1,000. $5,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity
day
1,
at par and accrued interest, on any
15, 1948, in whole or in part,
manner
They (the bills) will be issued in bearer form only and In amounts
March
IV.
Payment
prescribe the terms of the Treasury bills and govern the conditions of their
1.
'■ '
issue.
Payment at
pleted
Treasury Offers 2% Bonds of 1948-50 and %% Notes of
1943 in Exchange for Maturing 3%% Bonds of
1941-43 and 1%% Notes of 1941—Refunding Opera¬
tion Involves About $1,122,000,000—New Securities
to Be Subject to All Federal Taxes—Subscription
Books Closed
Secretary
nounced
an
of
Morgenthau
Treasury
Feb.
on
25
1948-50 and
%%
Treasury notes
3%% Treasury bonds of
1941-43, called for redemption March 15, 1941, or 1^%
Treasury notes of Series A-1941, maturing March 15, 1941,
may be tendered.
The called 3%% bonds are outstanding
in amount of $544,870,050, while the V/2% maturing notes
total approximately $676,707,600.
The amount of this cur¬
offering is limited to the amount of called bonds and
maturing
tendered and accepted, and holders are
privilege of exchanging ail or any part of their
holdings for the new bonds or notes.
Cash subscriptions
notes
offered the
will not
be received.
The income
Public
the
Debt
Act
of
1941;
the
text
of
this
law
new
appeared in our issue of Feb. 22, page 1213.
The subscription books to the offering were closed at the
close of
business
Feb. 26, except for the receipt of sub¬
on
this
refunding operation were noted in our
22, page 1212.
The notice of the call for
redemption of the 3%% bonds before maturity was issued
by Secretary Morgenthau on Nov. 14, 1940; this was indi¬
cated in
Feb.
these columns Nov.
16,
1.
The text of the Treasury Department's circulars describ¬
ing the
and
bearing interest from March 15,
Redeemable
at
interest
and
and
on
the
option
the
March
after
of
15,
States
1948—Interest
15,
and
par
payable
1950— '
accrued
March
15
Sept. 15.
1941—Department Circular No. 649—Fiscal Service Bureau of the
Treasury Department,
Office of the Secretary,
notes,
or
by
which should be detached by holders
for exchange, and in the
of regis¬
case
the
on
Called Bonds
subscription
to
Treasurer of the United
Federal
a
Reserve
form tendered in
coupon
bank
States, Washington, D. C.
branch
or
the
to
or
Coupons dated Sept. 15,
1941, and ail coupons bearing subsequent dates, should be attached to such
bonds when surrendered, and if any 6uch coupons are missing,
tion
must
the
be
missing
risk
the
of
mail
accompanied
bonds
The
coupons.
holder.
insured may
Facilities
be
must
for
delivered
transportation
when
arrangements
trust
companies
2.
as
Registered
tendered
lations of
the
exchange, in
available,
their
branch
to the
the holder.
the
bonds
bonds
of
bonds
"The
are
form
registered
in
1941-43
in accordance with the general
governing assignments
regu¬
for transfer
or
The bonds must be delivered at the
If the
for
Federal Reserve bank
a
Treasury Department, Division of Loans and Currency,
bonds
new
surrendered,
Treasury
take advantage of
may
of the forms hereafter set forth, and thereafter should be
Washington, D. C.
of
registered
for bonds offered hereunder should be assigned by the
assigns thereof,
or
Treasury Department
one
or
and
expense
by
utilizing such incorporated banks and
presented and surrendered with the subscription to
or
bonds
agents.
bonds—Treasury
in payment
registered payees
the
at
of
be arranged between incorporated banks and trust com¬
panies and the Federal Reserve banks, and holders
such
the subscrip¬
cash payment equal to the face amount of
by
desired
are
the assignment
exchange
for
desired registered
Treasury
in another
expense
registered in the
should be to
bonds
of
and risk
same
name
"The Secretary of
1948-50";
if
the
new
the assignment should be to
name,
Secretary of the Treasury for exchange for Treasury bonds of 1948-50
in the
name of
" ; if new bonds in
coupon form
desired, the assignment should be to "The Secretary of the Treasury
exchange for Treasury bonds of 1948-50 in coupon form to be
are
delivered
to
".
As
fiscal
the basis
agents
and
and
General Provisions
the
of
requested
to
United
receive
States,
Federal
Reserve
banks
are
subscriptions, to make allotments
on
to the amounts indicated
by the Secretary of the Treas¬
the Federal Reserve banks of the respective districts, to issue allot¬
ment notices, to receive
payment for bonds, to make delivery of bonds onj
full-paid subscriptions allotted, and they may issue interim receipts pend¬
ing delivery of the definitive bonds.
up
ury to
banks.
HENRY
MORGENTHAU JR.,
Secretary of the Treasury.
Offering of Bonds
The
1.
Secretary of the Treasury, pursuant to the authority of the
Liberty Bond Act, approved Sept. 24, 1917, as amended, invitee
Second
subscriptions, at
the
of
exchanged
bonds
in accordance with the assignments
Washington, Feb. 25, 1941.
of
securities
on
coupon
2. The Secretary of the
Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
Public Debt
/.
be
on
for bonds offered hereunder should be presented and surrendered
the
1.
March
at
1941,
of
Coupon bonds—Treasury bonds of 1941-43 in
authorized
1941—Due
United
15,
case
coupons,
VI.
2% TREASURY BONDS OF 1948-50
the
in
may
redemption
for
Series A-1941, maturing March 15,
March
Surrender of
bonds and notes follow:
new
UNITED STATES OF AMERICA
Dated
effected,
called
surrendered.
with
for
2872.
page
be
later allotment, and
on
and should accompany the subscription.
par,
due
bonds, by checks drawn
payment
the
for
will
interest
V.
the close of business on Feb. 27.
of
final
payment of March 15, 1941,
as
Plans
or
1941-43,
of
before presentation of the securities
scriptions from holders of less than $10,000 of the maturing
issues, the books in the latter case remaining open until
issue
of
hereunder
derived from these new
bonds and notes will be subject to all Federal taxes, now
or hereafter imposed, in accordance with the provisions of
1941,
bonds
Treasury
an¬
Series
of
in
1941, which will be accepted at
Payment
bonds
D-1943 in payment of which only
rent
only
tered
the
for bonds allotted hereunder must be made or com¬
par
before March 15,
or
March 15, 1941, or in Treasury notes of
offering of United States of America 2% Treas¬
bonds of
ury
on
made
United
which
March
1941,
or
Treasury notes of Series A-1941, maturing March
be tendered.
limited
to
The
the
amount
amount
Treasury notes of Series A-1941
II.
1.
The bonds will be
of
of
the
and
thereafter
bearing interest from March 15, 1941—Due March 15, 1943—
amount
but
be redeemed
March 15,
March
becomes
at
15,
Interest
payable March 15 and Sept.
1941—Department Circular No. 650—Fiscal
bonds
and
of
1941-43
and
15
and
payable.
the
option
Public Debt.
Treasury Department,
accepted.
Office of the Secretary,
of
Washington, Feb. 25, 1941.
1941, and will bear interest from
Sept.
They
semi-annually
15
will
the
15.
Service, Bureau of the
of
Description of Bonds
dated
on
principal
may
and
offering under this circular
Treasury
tendered
that date at the rate of 2% per
annum, payable
1941,
Dated
Treasury
1941,
15,
UNITED STATES OF AMERICA
%% TREASURY NOTES OF SERIES D-1943
States for
2% bonds
designated Treasury bonds of 1948-50, in payment
bonds of 1941-43,
called for redemption on
States,
only
may
he
will
from the people of the United
par,
in
each
mature
United
on
year
March
States
on
I.
Sept. 15,
until
the
15,
1950,
and
after
1.
The
Second
Secretary
Liberty
subscriptions, at
of
Bond
par,
the
Act,
Offering of Notes
Treasury,
approved
pursuant
Sept.
24,
to
the
1917,
as
the
authority
of
amended,
invites
from the people of the United States for
%% notes
Volume
1355
& Financial Chronicle
The Commercial
152
«
States, designated Treasury notes
United
of the
which
•zjujhjdgQPHSSSegOO
»
tz 3
of Series D-1943, in pay¬
bonds of 1941-43, called for redemption on
March 15, 1941, or Treasury notes of Series A-1941, maturing March 15,
1941, may be tendered.
The amount of the offering under this circular
will
be limited to the amount of Treasury bonds of 1941-43
and of
of
ment
-
»
«
3
S
Bit
5.
CO CO CO
M
© »--*
CO CO
f-* h* Cf
-
ligSiffiill;
......
II.
94%
that date at the rate of
accepted.
co^soooS
per annum,
payable semi-annually on
notes
Bearer
of
interest
With
6. The
CO©M rf-® to
•vjj-. 00 © ®M-
©"©
© ©
©k-
m
©ijsl.'j'© V)
-
05
a
Br;
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cr
5 to
.M
"it*
fe©1©OoV©
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and
to act
the
at
will
issued
be
os'
tO
O — © ©CO®
k-oo w©~©"oo
|
—
05© ©
J—to
The
M®
|
Treasury
"© "s| It- M I
rf-M 54 © 00 rf-I
— © © M © © I
I
I
I
to
"©
g* s
—
*® ©
22. %
at
I
I
,
I
,
I
I
I
,
I
I
©©I
©®,
I
I
1
1
III
I
I
to to I
I
I
I -1
a> H-l
upon
Allotment notices will be sent out promptly
full.
IV.
made
only in Treasury
1941, or in Treasury
and may be
bonds of 1941-43, called for redemption on March 15,
notes of Series A-1941, maturing March 15, 1941,
accepted
be
will
which
at
and
par,
should
Payment of final interest due March 15,
be effected,
hereunder will
accompany
the subscription.
1941, on securities exchanged
in the case of coupon bonds or notes,,
by pay¬
detached by holders
before presentation" of the securities for exchange, and in the case of
registered bonds, by checks drawn in accordance with the assignments
15, 1941, coupons, which should be
ment of March
the bonds surrendered.
on
V. Surrender
of Called Bonds
bonds of 1941-43 in coupon form tendered
in payment for notes offered hereunder should be presented and surrendered
with the subscription to a Federal Reserve bank or branch or to the
Treasurer of the United States, Washington, D. C.
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will not be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal
thereafter
and
1941,
sf
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Description of Notes
The notes will be dated
1.
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when available, utilizing such incorporated
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2. Registered
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tendered in payment for notes offered hereunder should be assigned by
banks and trust
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for
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VI.
General Provisions
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on
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districts, to issue allotment
for notes allotted, to make delivery of notes
subscriptions allotted, and
definitive notes.
they may issue interim receipts
time,
and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
The Secretary of
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the Treasury—(i) as a reserve for United States
notes and Treasury notes of 1890, $i56.039.431 in gold bullion; (11) as security for
Treasury notes of 1890. an equal dollar amount in standard silver dollars (these
notes are being canceled and retired on receipt); (11!) as security for outstanding sliver
certificates, silver In bullion and standard silver dollars of a monetary value equal
to the face amount of such silver certificates; and(lv)as security for gold certificatesgold bullion of a value at the legal standard equal to the face amount of such gold
Note—'There is maintained in
Federal
certificates.
Reserve notes are obligations of the United Btates and a
of the issuing Federal Reserve Bank.
Federal Reserve
first lien on all the assets
pending delivery of the
2.
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receive payment
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presented and surrendered with the
bank or branch or to the Treasury
agents of the United States, Federal Reserve banks are
authorized and requested to receive subscriptions, to make allotments on
to
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transfer or ex¬
Division of Loans and Currency, Washington, D.
be delivered at the expense and risk of the holder.
Department,
bonds
Department
thereafter should be
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and
subscription
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registered payees or assigns thereof to "The Secretary of the Treasury
exchange
for
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D-1943 to be delivered
", in accordance with the general regulations
the
©
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the Treasury may at any time, or from time to
prescribe supplemental or amendatory rules
banks.
HENRY
MORGENTHAU
JR,.
Secretary of the Treasury.
notes are
secured by the deposit with
Federal Reserve agents of a like
amount of
Is
of
gold certificates or of gold certificates and such discounted or purchased paper as
eligible under the terms of the Federal Reserve Act, or, until June 30. 1941,
direct obligations of the United Btates If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve In
fund, which
Federal
gold certificates of at least
40%, including the redemption
must be deposited with the Treasurer of the United
notes in actual circulation.
"Gold certificates"
Reserve
States, against
as herein used
of the United States payable In gold certificates.
Federal Reserve bank notes and National bank notes are In process of retirement.
Includes credits with the Treasurer
Stock of Money in the
Country
1
Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deduct¬
ing the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Jan. 31, 1941, and show that the money in circula¬
tion at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $8,592,832,072, as against $8,732,229,069 on Dec. 31,
1940, and $7,375,682,061 on Jan. 31, 1940, and comparing
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
break of the World War, that is, on June 30, 1914, the
total was only $3,459,434,174.
The following is the full
The Treasury
statement:
Foreigners Liquidated $12,150,000 American Securities
in November—Marked Rise in Short-Term Banking
Funds Held in United States
Foreign
selling of American
securities—led by Italy—
continued in the four weeks ended
Nov. 27, 1940,
the^Feb-
disclosed on Feb. 28, 1941. Net
liquidation totaled $16,976,000 compared with $23,767,000
Treasury "Bulletin"
ruary
in the
preceding five weeks.
<
;
$95,822,000 of domestic securities was traded
A total of
by foreign sources during the four weeks of
000, were sales and $39,423,000 purchases.
Of
a
total net liquidation
which $56,399,-
of $12,150,000 recorded for all
European countries $6,075,000
was
traced to Italy.
Net
The Commercial & Financial Chronicle
1356
sales of $3,591,000
reported for the United Kingdom,
not including sales made through channels other than
hanks,
brokers and dealers, $2,839,000 for Switzerland, $1,279,000
for Canada, and $2,494,000 for Asiatic countries.
The
Treasury Department announcement also said:
An
was
Increase of $79,811,000 of foreign short-term
March
tonight (Feb. 27) in the interest of national unity.
In these days of anxiety
policy, the whole duty of Americans is summed
In the conflict of
world
banking funds with¬
today,
United
States
is
adamant
in
suffering to
and
its
Only through loyalty to
President
Foreign short-term funds in the United States increased $81,507,000 to
Balances of the United Kingdom rose $18,396,000 to
Roosevelt
Factor
$397,155,000 while Canada's funds jumped $27,113,000 to $435,178,000.
An increase of $3,516,000 appeared for
Switzerland; $2,375,000 for Ar¬
Addressed
The total increase was pared by withdrawals of
$3,192,000 by France;
$2,340,000 by Finland; $1,054,000 by Germany; $6,240,000 by the Nether¬
lands; $2,010,000 by Cuba, and $1,807,000 by Mexico.
for funds,
increase during November,
the net difference between its funds here and claims
been narrowing since the
$395,140,000 in the period.
claims
on
the United
Kingdom
haven
on
it has
foreign countries increased $1,696,000 to
Largest increase
$4,787,000 to $62,821,000.
rose
in¬
a
beginning of 1940.
American short-term claims
rose
was
reported for Japan where
United States short-term funds in
$1,815,000 while
a
decrease of
$2,669,000
was
reported for Canada, $1,014,000 for Italy, and $1,306,000 for Sweden.
Canada repatriated a total of $2,184,000 of its securities held in this
Latin
country.
were
America
followed
with
$1,211,000.
Changes elsewhere
small.
In
ncreases
more
brokerage balances of Canada and of Latin America
were
than offset by a decrease of $1,433,000 in Swiss balances.
following tabulation has been prepared frim figures
appearing in the February issue of the Treasury "Bulletin":
CAPITAL
MOVEMENT
FOREIGN
BETWEEN
THE
UNITED
STATES
—
our
happiness.
in
Lease-Lend
Calls
Hemispheric
Bill
Defense—In
Important
Radio
to Motion Picture Award Dinner
Talk
Praises
the Americas
President
Roosevelt
declared
Feb.
on
27
that
"an
all-
important factor in hemispheric defense is the lease-lend
bill, whose early enactment by the Congress we confidently
anticipate." Mr. Roosevelt made this statement in a radio
address from the White House to the annual awards dinner
of the Academy of Motion Picture Arts and Sciences at
Hollywood.
Praising the motion picture industry for its
to help the people of this hemisphere to
come to know each other," the President
placed chief em¬
phasis on the service which this industry can render in
promoting solidarity among all the people of the Americas.
Mr. Roosevelt also said that our problem of National Defense
can no
longer be considered as a separate interest since it
"sincere
effort
"involves the defense of all the democracies of all the Amer¬
therefore, in fact, it involves the future of de¬
wherever it is imperiled by force or terror."
mocracy
The text of the President's address follows:
AN
COUNTRIES, JAN. 2, 1935, TO NOV. 27, 1940
+ Indicates Inflow.
all of
icas—and
The
NEW
maintain and
can we
owe
Industry for Promoting Solidarity Among People of
gentina; $4,372,000 for Brazil; $2,820,000 for Hong Kong; $23,501,000 for
China reflecting an Export-Import Bank loan, and
$16,527,000 for Japan.
considered
principles
our
the
the democratic
In the
$3,820,252,000.
was
populations,
determination to defend
perpetuate these institutions of freedom to which we
an
word, "loyalty."
one
entire
way of life.
Although Japanese balances showed
in
up
policies and principles of government which rends the
bringing anguish
of $3,855,000 of foreign securities in this country resulted in a net inflow of
dicating apparently that the United States then
1941
and world peril, when the safeguarding of the nation becomes the keystone
drawal of $733,000 of foreign brokerage business together with a reduction
capital into the United States of $65,957,000 during the period.
previous five weeks an outflow of $11,512,000 was recorded.
1,
I learn with satisfaction of your plans to hold the great mass meeting
I
am
happy to greet the motion picture industry of America, whose repre¬
are gathered from far and near for the annual awards dinner of the
sentatives
Indicates Outflow.
Academy of Motion Picture Arts
and Sciences.
In these days of anxiety and world peril our hearts and minds and all
Jan. 2, 1935,
Of Which from
to
Nov. 27, 1940
of
our
United Kingdom..
$
$
+595,735,000
...
France...
+ 16,581,000
Movement to Brokerage Balance—
United Kingdom
+37,365,000
+3,958,002,000
Total
+29,782,000
+2,254,223,000
All other
+ 79,811,000
—3,834,000
—83,000
+ 17,203,000
Germany
.....
J...
—163,000
+10,693,000
—222,000
+ 53,344,000
Total
+ 472,000
—25,000
—1,104,000
+ 99,966,000
—733,000
+ 264,369,000
—3,591,000
+ 74,117,000
+ 8,000
Movement in Transactions in Domestic SecuritiesUnited Kingdom
-.France....
....
Canada
—20.275,000
Germany
The
is
a
All other....
—1,279,000
—29,077.000
+ 714,464,000
...
Movement in Transactions in Foreign Securities—
United Kingdom
—21,000
—12,093,000
+ 1,003,598,000
—16,976,000
Canada
+ 129,000,000
—275,000
+ 42,947,000
France
—1,000
+23,516,000
+36,499,000
...........
All other
Total
+2,184,000
+ 10,000
+ 565,556,000
.....
Germany.......
American
+ 1,937,000
+798,408,000
Net Capital Movement-
+3,855,000
United Kingdom
+ 1,007,197,000
+ 12,802,000
+675,915,000
Germany
—3,990,000
+ 415,519,000
Canada
+ 31,159,000
+ 173,756,000
+26,105,000
+ 5,859,974,000
Total.
—119,000
+ 3,587,587,000
All other
+ 65.957,000
picture
national
a
generation.
own
our
as
realize that
we
more
free
a
That is the real
as
We have
that
some
have
seen
it reflect our
governments do not want our American
Dictators—those who enforce the totali¬
people to know that in
our
dangerous thing for their unfor¬
democracy officers of the government
the servants, never the masters, of the
people.
In all that I have said on that all-important
subject
past I have emphasized that in the assault
which
imperils
Defense has become
three of the
our
we
the American
seen
We have
force
people and of freedom.
reason
tarian form of government—think it is a
ment
international
throughout the rest of the world—the aims and aspirations
films exhibited in their countries.
tunate
and
Within living memory
motion picture become foremost in the world.
civilization
world
civilization
on
through
are
many months
the democratic form of govern¬
today
problem
our
of National
of
defending the entire Western Hemisphere—all
Americas—North, Central and South. We can no longer con¬
one
problem of defense
own
as
a
separate interest.
It involves the
defense of all the democracies of all the Americas—and
therefore, in fact
it involves the future of democracy wherever it is
imperiled by force
terror.
An
a
•'
all-important
whose
factor
in
now to
reels have performed in
,
or
,;v";
hemispheric
defense
is
lend-lease
the
early enactment by the Congress we confidently anticipate.
pleasure here and
of this
France..
motion
it born and grow up into full maturity.
sider
Total...
That objective is the
Every day
life must be evaluated in just such proportion
our
phenomenon of
seen
+ 87,000
+ 18,948,000
Canada
All other..
things in
more
and ideals of
France.....
objective.
one
National Defense.
our
they contribute to the National Defense.
+ 539,903,000
+401,585,000
+ 166,556,000
Canada.
Germany..
directed toward
are
strengthening of
and
Movement in Short-Term Banking Funds-
energies
Oct. 31 to
Nov. 27, 1940
acknowledge the great service which the
bill,
It is
news-
acquainting the public with all of the implications
it takes its way through the various legislative
stages.
measure as
Acceptance of the task of cooperating with all the Americas in defending
the entire Western Hemisphere, implicit in our
plans for national defense,
is a natural outgrowth of our good neighbor
policy in our relations with the
other
American republics.
forth today as
Happily for democracy,
the
Americas stand
notable example of international solidarity in a world in
a
which freedom and human liberty are threatened with extinction.
We have been seeking to affirm our faith in the Western world
through a
President Roosevelt Reveals Steel Production Facilities
Adequate to Meet All Demands
President Roosevelt made public
yesterday
(Feb. 28)
a
report showing that steel production facilities for the fiscal
year beginning July 1 will be adequate to meet all demands
from civilian and defense consumers at home and
embattled
democracies abroad.
Regarding his remarks, Umted Press
Washington advices said:
In view of this steel production
87,500,000
tons
on
Jan.
industry
capacity, estimated at
1, there is
an
annual rate of
no
present necessity for imposing a
on the industry, Mr. Roosevelt said.
simply, Mr. Roosevelt said at a press conference, the steel
the basis of its present
capacity and the expansion already
will be able to provide plenty of steel for America's defense
program, America's civilian needs, and the materials of war to
be shipped
under
among the various nations of this
its
on
way
abroad.
To say that steel is unavailable for
civilian needs would be
In carrying
ery to
coordinate
of the job
done about it.
Democracy—Sends Message
to Kansas
City Rally
meeting of the United Americans
in Kansas City, Feb. 27, President
Roosevelt declared that
In
a
message
to
a mass
the United States "is adamant in its determination
to defend
the democratic way of life," and
our
was
principles"
contained
Kansas City,
can
as
"only through loyalty to
it be preserved. The President's message
follows in United Press advices from
Feb, 28:
so
us
your share
one
in all the 21 American republics are grateful that
immediate and
so
wholehearted.
I do not minimize the importance of the motion
picture industry as the
popular medium of mass entertainment.
But tonight I want to place
the chief emphasis on the service you can render in
promoting solidarity
among all the people of the Americas.
For all this and for your splendid
cooperation with all who are directing
the expansion of
months
our
defense forces, I am glad to thank you.
that lie ahead
we
in
Washington know
we
In the weeks
shall have
your
continued aid and support.
♦
Roosevelt
European War
First
Bill
Loyalty Will Preserve
Government has established machin¬
our
growing commercial and cultural relations with the
Our Government has invited you to do
most
industry, most vital of war production agencies,
compiled by Gano Dunn, senior consultant in the
production division
of the office of production
management.
Roosevelt Says Only
Your industry has utilized
sincere effort to help the people
of interpreting the people of the Western Hemisphere to
your response is
were
President
our
And all of
President
The figures on the steel
a
to know each other.
this program of advancing the spirit of inter-American
American republics.
deliberate
lie, the President continued; and if any constructor encounters such
an
assertion, he should come to Washington, report it, and
something will be
on
come
solidarity and continental defense
and
a
hemisphere.
vast resources of talent and facilities in
of this hemisphere to
another.
priority system
To put it
wider exchange of culture, of
education, of thought and of free expression
Be
Opposed
at
Won—Against
Limiting Aid
Peace Proposals in
Time—Says War Must
Changes in Lease-Lend
to
Present
to Great Britain
President Roosevelt said at his press conference on Feb. 25
that any proposals for peace in the
European
until the war is won.
The first thing to do,
declared, is to win the
that
he
war.
War must wait
Mr. Roosevelt
He disclosed at the
same
time
was
opposed to any amendment to the pending
lease-lend bill which might restrict all possible aid to Great
Britain.
Concerning his remarks, United Press Washington
advices Feb. 25 said:
Mr. Roosevelt said that while he cannot publicly discuss any proposed
amendments
to
the
legislation, it is obvious that he does not want any
Volume
amendment
would change the Government's policy in
which
sending all
possible aid to Great Britain.
His remark
by Senator Allen J. Ellender (Dem.f La.) stating that nothing in the measure
should
be
foreign
wars.
construed
to
the dispatch of American troops
authorizing
as
Although the Chief Executive did not mention it specifically, it was
understood
that
amendment
an
David I. Walsh
proposed by Chairman
of
(Dem., Mass.) of the Senate Naval Affairs Committee, to ban transfer
warships to
foreign power, is regarded by the Administration as restrict¬
a
ing the British aid policy.
Democratic
Leader Alben W. Barkley (Dem., Ky.) said the Ellender amendment and
all others which might weaken the President's direction of foreign policy
•
Expediting production of equipment and supplies for national
post-war peace plan
a
Britain,
production:
with
connection
in
personnel
Cash, $902,000.
Cash, $10,000,000.
Cash, $70,048,000.
Clothing and equipment:
$8,256,000.
Air Corps—Available until June 30, 1942:
He
knew of.
$17,049,550.
Cash, $888,236,000; authori¬
zation, $525,025,000.
carrying no peace proposals that he
was
authorization,
'
Signal Corps—Cash, $46,714,000; authorization,
'
Roosevelt said that the first thing to do is to win the war.
added that Ambassador Winant
Cash, $32,000,000;
Military ports—Construction, &c.:
$113,237,868.
along these
him suggestions
carrying with
was
newly appointed
defense-
and train¬
Cash, $292,-
Contract authorizations, $576,395,000.
Quartermaster Corps—Regular supplies of Army:
at the President's press
arose
asked whether John G, Winant,
was
lines.
Mr.
civilian
Adjutant General—Welfare of enlisted men:
Transportation—Cash, $139,130,000; authorization,
question of
conference when he
to
of
000,000.
would be opposed.
Ambassador
be
including erection of structures, acquisition of land, procurement
Afterward, Senate
Congressional leaders earlier in the day.
The
would
contract authorizations.
ing
by the President and
These and other proposed revisions were discussed
his
ended June 30,1941. Of this total,
in cash and $2,096,086,197 in
The largest item is for $888,236,000
cash and $524,025,000 in contract authority for expansion of
the Air Corps.
With respect to the specific items in the
request, a Washington dispatch of Feb. 24 to the New York
"Herald Tribune" reported the following:
defense for the fiscal year
$1,716,225,000
inquiry for comment on an amendment
in response to an
was
1357
The Commercial & Financial Chronicle
152
Medical
hospital
Authorization for Surgeon-General,
Department:
$3,601,819;
Canal Zone garrisons, cash, $335,000.
care,
Cash, $18,944,000.
installations at locations to be approved
housing, storage, fortifications, airdromes, piers, roads,
Corps, of Engineers—Purchase vehicles, &c.:
Views of President Roosevelt
Wire
or
Officials—Holds
Far—Should Be
Too
Goes
Espionage
.
Government
by
Tapping
Measure
Pending Bill to Permit
on
Used Only in
Kidnapping Cases
wire¬
tapping by'Government officials, President Roosevelt states
that he has "no hesitation in saying that it goes entirely too
far, and that its provisions are
who had
the
The
Representative Thomas H. Eliot of Massachusetts,
asked that the President make known his views
letter to
on
unnecessarily broad."
attitude toward the bill in a
President thus expressed his
Hobbs
of
The President stated that "as an instrument
Ordnance Department—Cash,
oppression of free citizens, I can think of none worse than
indiscriminate wire-tapping."
As to "where wire-tapping
I
do
believe
not
used
be
should
it
prevent
to
domestic
crimes,
General seacoast defenses:
in
January.
"There is.
today, wire-tapping is very much in the public interest.
I have no
...
wire-tapping should be used against those
States, and those few citizens who are
their country, who today are engaged in espionage or sabotage
compunction
saying
in
that
not citizens of the United
persons,
traitors to
against the United States."
Representative Eliot, made public
The President's letter to
Feb.
25, follows:
Dear
I
Tom:
have your letter of
expression of my views on H.
for
an
by
Government officials.
20 in which you have asked me
Feb.
R. 2266, a bill to permit wire-tapping
by a subcommittee of the House Judiciary Committee on this bill.
I have read the bill and I have no hesitation in saying that
entirely
that
and
far
too
held
I understand hearings have recently been
provisions
its
are
it goes
broad.
unnecessarily
Provide
mitted
is
or
investigators
The
the
more
than
cuted
as
be committed,
about to
be
may
his
law enforcement officers raises squarely
problem in the field of democratic statesmanship.
desirable, it is
vigilantly
It is
that criminals be detected and prose¬
necessary
possible.
It is more necessary that the citizens of a
in their rights of privacy from unwarranted snoop¬
as
democracy be protected
As an instrument for oppression of free citizens,
ing.
Somewhere
We
these
between
find
must
conflicting
two
ideas
view
because
is
Olmstead
we
close
case
must
find
balance.
society are protected against
prosecution by law enforcement officials.
over-zealous
of
think of none
can
whereby society is protected against the crimi¬
that balance
nal and at the same time the citizens of that
perfection
I
indiscriminate wire-tapping.
than
worse
We will not achieve
In general my own personal point
that of Justime Holmes in his famous dissent in the
does not exist.
it
to
"We have to choose, and for my pari I think it is a less evil that some
criminals should escape than that the Government should play an ignoble
part."
rightfully ask, then, where I would draw the line, where wire¬
You may
I do not believe it should be used
possibly one exception—kidnaping and
tapping by the Government should end.
to
domestic
prevent
extortion
There
Federal
the
in
with
sense.
is, however, one field in which, given the conditions in
the world
in the public interest.
This Nation is
It is the duty of our people to take every
is very much
wire-tapping
today,
crimes,
arming for national
defense.
I have no compunction in saying that
wire-tapping should be used against those persons, not citizens of the
United States, and those few citizens who are traitors to their country,
today
engaged in espionage or sabotage against the United States.
are
This
power
mental
grant
may
of
of course be abused; abuse is inherent in any govern¬
But
power.
to
prevent
that
abuse
far
as
as
it
is
humanly possible to do so, I would confine such legislation to the Depart¬
ment of Justice and to no other Department.
I would also require that
the
in
Attorney
General
acquainted
be
■
There is only one
that
is
kidnaping.
justification.
in
the
the
with
the
necessity for
wire-tapping
single case and that he himself sign a certificate indicating such
every
necessity.
domestic crime which ought possibly to be included—
It
Further,
is
a
offenders
and where such facilities cannot
defense activities,
wise
The President's message to
The
national defense program has
subsequent negotiations which surround it.
This includes extortion.
hundreds
of
construction
ships
powder,
guns,
FRANKLIN
D.
ROOSEVELT.
and
This program has
tanks.
throughout the country and has resulted in new
forces and civilian workers.
been spread
concentrations of military
been the controlling factor in determin¬
defense establishments. As a result,
posts and plants have been necessarily located near communities without
adequate public facilities and services for the large numbers of workers
who arrived to construct them and who will be needed to operate the new
establishments.
There liave been shortages of housing, insufficient sanitary
and health facilities, overcrowding of transportation services and inadequate
recreational facilities.
In fact, this shortage of essential public facilities
Military and naval strategy has
ing the location of many of these new
has
handicapped our rearmament effort in some areas.
Government has already embarked on a defense
The
housing program,
We must do more to obtain the most
effect from
There
the in¬
service
health, safety and welfare facilities to
houses and, most important, from new workers.
is need,
in some areas, for improved streets and roads to carry
creased
traffic, additional water supply and sewerage systems to
new
tlie
plants,
the
The
and
structures,
new
benefit
new
new
better
workers and their families.
provisions
of
such
community
facilities has always been a local
responsibility.
It still is today; cities generally have been
meet the problem.
Yet we must face the fact we cannot
to
governments
viding
the defense program comes to an
needed.
be
much
assume
straining to
expect local
all the risk of financing the entire cost of pro¬
public facilities for the defense program.
end these new facilities may not
This increase in operating and service costs may also be
new
After
than
greater
business
increased
a coexistent rise
in local public revenues from an
activity.
Under these circumstances equity requires
attributable to the national defense effort should
that that element of risk
be shared
I
by the Federal Government.
therefore
am
supplemental
transmitting
for
the
estimate of appropriation
consideration
of the
Congress
to be available for allocation
a
to
appropriate Government agencies, and to remain available until expended,
in the amount of $150,000,000 for the purpose of providing community
facilities in those communities where there exists or impends such an
acute
such facilities as to impede essential national defense
such facilities cannot otherwise be provided.
This
based upon studies and recommendations submitted by the
the National Resources Planning Hoard, the Coordinator of
shortage of
is
estimate
Defense
and
of
where
Housing,
Coordinator
Very sincerely yours,
The Government lias constructed new
naval bases. We have financed and stimulated
of new industrial plants to produce air¬
cantonments, air depots and
planes,
Congress follows:
required a large expansion of existing
naval establishments.
and
military
other¬
provided."
be
Chairman
a
impede essential national
shortage of such facilities as to
because of the nature of the crime and
is
Saying that while
workers."
"local responsibility," the President
asserted
that
local governments cannot be expected to
assume all the
risk attributable to the national defense
effort and that the Federal Government must share in the
financing.
He said the money would be used "in those
communities where there exists or impends such an acute
activities,
crime
Congress for an
this has always been a
for which never is there any
peculiarly effective instrument
heinous
wire-tapping
of such
detection
■
24 asked
Feb.
on
military forces and civilian
single step to protect themselves.
who
Roosevelt
but that is not enough.
when he said:
in
appropriation of $150,000,000 to provide "community facili¬
ties" in those areas where there are "new concentrations of
the
wire-tapping to aid
delicate
most
but
tap wires.
may
of
use
committed,
being
Facilities
Community
Establishments
President
As
presently drafted it provides that if the head of any executive department
lias reasonable ground for believing a felony not only may have been com¬
$150,000,000 to
New Defense
Roosevelt Asks Congress for
President
with
exception—kidnaping and extortion in the Federal sense.
however, one field in which, given the conditions in the world
one
$831,065,751.
^National Guard Bureau—Cash, $1,867,000.
it was explained that^together with these requests, the
President submitted three drafts of proposed provisions
affecting existing appropriations of the War Department,
Several of these items had previously been included in the
President's budget for 1942 which was presented to Congress
by the Government should end the President said:
possibly
$82,039,000; authorization,
Cash, $20,523,000; authorization, $4,240,709.
Cash, $9,047,000; authorization, $5,220,000.
Chemical Warfare Service:
for
Representative
by
sponsored
measure,
Alabama.
by the President,
railroads, &cCash, $104,425,000.
k
his views on a pending bill to permit
la indicating
Military construction—Defense
the National
of
the
Health,
Defense,
Administrator of the Federal Works Agency, the
Medical, Welfare and Related Activities Affecting
the Director of the Division of State and Local
and
Cooperation of the Defense Commission.
Congress for $3,812,311,197
for Current Fiscal Year—
Funds Mainly for Air Corps
President
for
Roosevelt
War
President
Asks
Department
Roosevelt submitted to
Congress
on
Feb. 24
supplemental appropriations of $3,812,311,197 for the War
Department for the further strengthening of the national
Export Licensing System Extended by
velt to Include Seven New
President Roosevelt
on
President Roose¬
Items
Feb. 25 issued two proclamations
extending the export licensing system to include seven new
items "in the interest of national defense.
The first order*
The Commercial & Financial Chronicle
1358
which
became effective immediately,
places under export
bevyclium, graphite electrodes and airplane pilot
trainers used for ground instruction, while the other order
makes subject to control on March 10 the exportation of
belladonna, atrophine, sole leather and belting leather.
Previous extension of the licensing system was mentioned
in our issue of Feb. 8, page 915.
control
•
;
'
also said
Regulating Warehousing, Storing
Reconcentration
The Senate
Feb.
of
Senator
14
ment-owned cotton.
Secretary of Agriculture Wmkard
Jan. 31 extended the
on
time for acceptance of warehouse bids on storing Govern¬
ment-owned cotton from Feb. ! to March 23, in accordance
with the request of the Senate Committee
Agriculture and
Forestry, which was then considering this bill; this action
was reported in these columns of Feb. 8,
page 1007.
The following concerning the bill is taken from Associated
Press Washington advices of Feb. 14:
The
on
passed by the Senate would guarantee interior warehouses
measure
at least two-thirds of the storage
business
Government cotton.
on
Southern
corporation
had
centrate upward of
planned,
by
accepting
low
the
1,500,000 bales at port warehouses.
bids,
to
recon-
Officials said the
Senators
objected
the
to
competitive
bidding
system,
prepared for
legislation that "we are asked to give
one
into war and by passing the bill in its precent
if he
sees
fit to declare it."
An assertion that complete war-making powers would be
given to the
Kansas.
Mr.
Capper also said that Mr. Roosevelt would gain control over our domestic
if the legislation was enacted.
economy
*
-
Warnings that the bill means war were made on the floor
on Feb. 24 by Senators La Follette, Progressive
of Wisconsin, Clark, Democrat of Idaho, and Danaher,
Republican of Connecticut.
United Press Washington ac¬
counts of that date reported:
of the Senate
Senator La Follette
today denounced the aid bill as "the green light for
war."
"This bill means war," he said.
"Whatever fine trappings it is decked
with—it hides the skull and bones of death
death
the
on
Old World battlefields and
on
seas."
seven
He protested that the bill would permit the President to strip the military
and naval defenses of the United States to "support a quixotic adventure
It would allow the President, he said, to create a state of war,
overseas."
leaving Congress permission only to say "Ja" (German for yes).
The
would authorize the President to
measure
anywhere in
war
the
world,"
D.
Senator
"conduct
Clark
Worth
warned in initiating the second week of debate on the
tended
there
little
is
British
distinguish
to
Senator John A. Danaher
con¬
tending it would concentrate the cotton at port warehouses, driving the
the bill as unnecessary to
interior houses out of business.
this
undeclared
legislation.
from
imperialism
the last speaker
was
an
(Dem.,
Nazism, Italian Fascism and Russian Communism.
bids offered savings of about $5,000 a day to the Government and farmers.
Southern
Republican, of Ohio, declared in a speech
Taft,
the power to take us
President also was made by Senator Capper, Republican, of
Senators estimated this would permit the corporation to move about 500,000
bales from interior to port warehouses.
The
that passage
form we are, in effect, aprpoving a war policy
Government-Owned Cotton
passed and sent to the House a
bill revising the regulations with respect to the warehousing,
storing and reconcentration of cotton held by the Commodity
Credit Corporation.
This measure permits competitive
bidding on the reconcentration of one-third of the Govern¬
on
1941
would mean that every boy who is
"will go for good and for all," pre¬
dicting that it would put the United States into war within
60 days after enactment.
/
Regarding the other Senators' remarks on Feb. 22, As¬
sociated Press Washington advices said:
V
man
and
1.
drafted into the Army
the sixth day of debate on the
2
Senate Amends Bill
March
Idaho)
He
con¬
German
V
of the day.
He denounced
provide Britain with all materials not needed for
country's defense, and said that the principle upon which the measure
proceeds "is indefensible and should not be tolerated."
He said it represented an attempt to write economic sanctions
Senate
Debate
Lease-Lend
on
Amendments
on
ments
the
Continues—Action
Expected Next Week—Amend¬
by Senator Holman and Others
Proposed
Debate in
Bill
Senate
the
on
Lease-Lend
Bill continued
throughout the past week with the opponents of the
measure
expected to conclude their prepared speeches today (March 1).
It is planned
that all next week will be devoted to
con¬
sideration of amendments with Administration leaders hop¬
ing to dispose of the controversial
week-end.
The
measure
before the next
opposition, however, believes
final vote
a
It
made known
was
on
Feb. 27
by Senator Rufus C. Hol¬
(Rep., Ore.) that he is drafting
man
an
amendment to the
bill under which American defenses would have to be built
"to
certain
a
could
be
minimum point"
transferred
Press accounts from
to
before military equipment
England.
Washington, to the New York "Journal
would
this
"remove
measure
of the greatest
some
Other
does to
changes
were
Mass.), who called
of
"simple,
a
the
objections to the bill."
He
The unnamed M.
.
.
To back his statements,
pamphlet written by
Guy M. Gillette
aid-to-Britain
measure."
He
urged
ac¬
(Dem.,
that
our
ban
American
on
Senate managers of the British aid bill
tonight offered to accept an oppo¬
sition amentment which would
require President Roosevelt to have con¬
gressional approval for transfer of United States
war
tightening congressional control of the
purse
strings under the all-out
The House limitation applies
only to equipment on hand
order which would be financed
by funds
or
already appropriated.
Senator Taft protested that this
ceiling was meaningless because
preparing to appropriate many additional billions for the
was
Congress
Army and
Navy and they would
not be affected
by the House restriction.
Senator
James P. Byrnes (Dem., S.
C.) said the Administration would offer "no
serious objection" to Mr. Taft's
proposal, saying it represented the inten¬
tion of the Foreign Relations
lives to define
measure
Yesterday (Feb. 28) Senator Maloney (Dem., Conn.),
of
the
bill,
introduced
amendment
an
a
which
of the American Navy to convoy war
supplies to the combat areas defined by the President under
the
use
Neutrality law.
Senator
speaker for Administration
on
Maloney
the 11th
was
the
principal
day of debate, while
Senator Wheeler again led the
opposition on the floor.
Those speaking in
opposition to enactment of the bill on
Feb. 22 included Senators
McCarran, Democrat of Nevada;
Capper of Kansas and Taft of Ohio, both Republicans.
Opening the sixth day of general debate, Senator McCarran
declared
war
that if
under
this bill is
the ignominous
been declared by the
hand,
Senator Aiken
the
boundaries
probably meant
week,
Nazis.
(R.,
to
give
"inescapable" that Britain's
war,
Vt.), making his first Senate
"lest American
of African
colonies."
boys give their
The passage of the
he said, and in this contention he was joined
charging that England
resources
to pay
enacted into law
"it is
war—
circumstances of never having
Congress of the United States."
He
and
her
the cost of
nationals
war
had
not
liquidated
implements to fight off the
■-'
•
r"-;',-1
v''< '
^
"Nor does it reflect creditably upon us," he said, "when we can be easily
moved in saving England before
England is ready to
the route in saving
go
herself.
"Just
imagine the emergency that
She
has
haver
been
audacity to anticipate that
to save herself.
"We find
up
we
confronts
against it
as
the
present
she is now, yet she
England
has the
at
will do what she herself is not ready to do
...
England dealing with her
own
not even
dominions
on
thinking of
a
a
strictly cash-
lend-lease bill."
On Feb. 26 Senator
Nye, again appeared in opposition to
holding the floor all day, although frequently
interrupted by exchanges between "Senator Wheeler and
Senators Barkley and Chandler, the two Democratic Ken¬
tucky members.
Concerning this a United Press Washington dispatch of
the
measure
Feb. 26 said:
On the Senate floor, Administration leaders, apparently reconciled to the
fact that
would prohibit the
President
by Senator Shipstead (R., Minn.)
Committee.
supporter
other
and-carry basis, and the dominions
power.
aid program.
on
was
speech, appealed for rejection of the bill
equipment valued in
The proposal, sponsored
by Senator Taft goes far beyond the House bill
in
the
their available
foreign
the
empowering
Senator Barbour asserted the conclusion
time.
a
Murray said it "undertakes to insure
by
survival "is essential at this crucial hour to the defense of the United States."
last
tighten the
Under date of Feb. 26 United Press advices from Wash¬
$1,300,000,000 to
war
defense."
Iowa), opponent of the pending bill,
ington said:
of
he said he could submit to the Senate later a
member of the British House of Commons.
against involvement in the
would
zones
that the President may act under the bill
"notwithstanding any other law."
excess
The Montanan
morning to learn that American
any
Another opponent, Senator Nye (R., N. D.) continued a speech he made
by specifically barring the carrying of goods and
passengers to belligerent ports, and one that would strike out the
phrase
war
a
had gone to the defense of the bill.
On
ceptance of a substitute offered by Senator Robert A. Taft
(Rep., Ohio) to
shipping in
Senator Wheeler added, that our entry
"surprised
During the day. Senators Murray (D., Mont.) and Barbour (R., N. J.)
grant Britain a $2,000,000,000 credit.
Senator
had said,
troops had been sent to Singapore," England's Far Eastern bastion.
.
by Senator Henry Cabot Lodge (Rep.,
colleagues to shelve the pending bill in favor
offered two amendments—one
P.
added that he would not be
added
suggested
upon his
straightforward
speeches
debate brought
material and effective aid to those countries whose defense is necessary to
"center around the problems of what
Constitution."
of
clay
into the struggle probably would be "by way of the Orient."
us
Holman said his proposal which he expects to offer next week
that he had other objections which
from two
Democrat
Barbour, Republican of New Jersey, and
two of the opposition, Senators Shipstead of Minnesota and
Aiken of Vermont, both Republicans.
On that day a state¬
ment was made by Senator Wheeler, Democrat of Montana
who is the leader of the Senate opposition, that a member of
the British Parliament had predicted the United States would
enter the war soon.
With respect to this and other as¬
sertions made on Feb. 25, Associated Press Washington
eighth
of Montana and
We quote from United
of Commerce" which also stated:
Senator
The
proponents of the legislation, Senators Murray,
advices stated:
the bill will not bo reached before March 12.
on
into the
Kellogg-Briand treaty.
of
a
final vote cannot be obtained this week, abandoned their strategy
giving oppositionists the "silent treatment" and struck back at charge®
leveled against the President and the bill.
During the
(Dem., Ky.)f
into
war,
course
over
Senator
of
sizzling exchange with Senator A. B. Chandle
a
allegations that the President
Burton
K.
Wheeler
(Dem.,
was
taking the country
Mont.),
challenged
the
Administration to place the decision on providing all-out aid to Britain up
to a vote of the
Majority
people.
Leader
Alben
W.
Barkley
(Dem.,
Ky.)
reminded
Senator
Wheeler that Congress never has provided machinery for such a referen¬
dum.
Senator
convert to the
Chandler
and
Senator
Prentiss
Brown
(Dem., Mich.)
legislation, said Senator Wheeler was doing
a
the people in trying to "make them believe that the President is
a
disservice to
deliberately
trying to take the country into war."
The first week's Senate debate
on the bill was reported in
1214.
Passage of the legislation
referred to in our issue of Feb. 15,
these columns Feb. 22, page
by the House
page 1063.
on
Feb. 8
was
The Commercial & Financial Chronicle
Volume 152
Senate
Committee
Approves Resolution Calling for
Investigation of National-Defense Program and
Handling of Contracts
Senate
Military
on
Feh. 22
adoption of a resolution
calling for an investigation of the national-defense program
and the handling of contracts.
This resolution, introduced
on
Feb. 13 by Senator Truman, Democrat of Missouri,
provides that a special committee of five Senators to be
appointed to direct an investigation into "the operation of
the program for the procurement and construction of sup¬
plies, materials, munitions, vehicles, aircraft, vessels, plants,
the
to
Affairs
Senate
Committee
the
camps, and other articles and facilities in connection
the national defense," including:
1. The types and terms of contracts awarded
States.
..
on
with
contracts are awarded and contractors
The utilization
subcontracts
4.
or
of the facilities of small
business concerns,
through
to type
3.
migration
The performance of contracts and the accountings required
of con¬
Benefits accruing, o contractors with respect to amortization for the
8.
Practices
of
management
labor,
or
and
Such
prices,
other matters
the committee deems
as
fees,
and
a
a
small
This
area.
area
Feb. 10, Senator
on
The policy seems to
bigger and to put the little
be to make the
completely out of business.
man
for this that will stand up,
reason
The little manu¬
the little contractor, and the little machine shop have been left
entirely out in the cold.
big man
because plans have been presented to the
National Defense Committee which would solve the condition of the little
The resolution calls for the
study.
which carries its
Passes
Profits
7.
appropriation of $25,000 for
Provisions
Tax
to
of
Second
Prevent
Revenue
Act
of
Internal Revenue
Taxation, under the direction of Mr. Colin Stam, chief of staff.
recommendation
of these
experts
were
legislative
reduced to
The joint
language
by the Legislative Counsel of the House.
on
Feb. 27 to report
The only differ¬
would permit a
taxpayer to file a return in which he computed excess profits
tax liability both on the basis of average earnings for the
base period and on the basis of invested capital.
House-approved
measure to the floor.
in the Senate bill is a provision which
Under date of Feb. 24,
Associated Press accounts from
Washington said:
Treasury men said
provisions of the
estimates of total savings to taxpayers under
new
bill could not be made.
The proposed
However, it
was
estimated that one section instituting a new alternative
base income on which the taxes are computed would
corporations of $23,000,000 on 1940 payments, and there¬
saving to
section
permitting a
which the government
two-year
carry-over
of credit
was
1941 payments of $44,000,000, less $7,000,000
would "recapture" as income taxes, giving a net of
the legislation had time to become fully effective,
that the saving under this carry-over section would be
estimated
saving under the alternative bas9 income
the
and
system
provisions
in the new amendatory legislation concern methods of
computing the amount of income subject to excess profits taxation.
changes were made
of the payment is
Here
are
No
in the complicated formulas by which the amount
arrived at once the taxable income is computed.
the proposed
modifications as explained by Treasury experts:
1. A two-year carry-over
profits tax.
life
mutual com¬
or
large contracting company
own company.
base
period.
Although
income taxes plus
not
penalties
previously,
reported
so
the taxpayer then
interest
and
on
previous
income
categories affecting the excess-profits tax
this
in
income
tax
modification,
returns,
report
base
Despite what may have
the
excess-profits tax¬
his true income for such
to
of
the
general
relief section of the present
with
permit corporations
abnormally low
excess-profits
incomes in one or
credit figure upward.
No corporation could seek such an adjustment, however,
unless it paid
excess-profits tax equal to at least 6% of its "normal tax net income."
an
Also, the tax saving to be effected would have to amount to at least 10%
of the tax payment figured
without benefit of the adjustment.
Generally, the adjustments provided under the legislation would have
by the Internal Revenue Commissioner, subject to an appeal
to be made
to the Board of Tax
Appeals.
by the Ways and Means Committee, ac¬
companying the bill, the following summary of the principal
features of the bill was given:
report
a
It relieves the hardships which maybe
of credits against income subject to the excess
If a corporation had a credit of $500,000 in one year and
caused by the sharply fluctuat¬
ing earnings of many types of companies, the activities of which are de¬
pendent upon business cycles, by allowing unused
excess-profits credits to
thereby tending to
into the two succeeding taxable years,
over
the allowance of such an excess profits
In addition,
benefit to
credit carry-over will be of substantial
corporations, and to old corporations undergoing a period
new
of expansion.
It adds to the list of adjustments for specific items
2.
abnormal deductions of any class during the years
for
ment
of abnormal de¬
(b) of the existing law, a further adjust¬
ductions, set out in section 711
in the base
period.
Relief is provided for corporations that experienced
3.
rapid growth during
Under existing law, only the average experience during
the base period.
be counted in determining the excess-profits credit based
Corporations whose facilities and production capacities were
those years can
income.
on
substantially increased during this period would thus be penalized as com¬
pared to corporations which had already achieved
and maintained a high
The bill will give effect to the ratio of
and constant level of production.
This treatment will afford a substantial ad¬
increase during these years.
to these expanding companies as compared
vantage
with the use of the
level average now required.
4.
Existing
the
income received during the taxable years
the years to
subject to
These specific items were allowed to be spread
excess-profits tax.
over
adjustments with respect to six specific
law provides for
classes of abnormal
which they are actually attributable.
Your committee
provision should not be limited to these
feel that the relief afforded by this
specific items but should
be available also with respect t<j> any
in the bill.
item of
abnormal income as such income is defined
5.
Since the average earnings credit
is based upon the amount of the
taxpayer's average income during the base
period, the happening of some
hardship on the tax¬
unusual event during this period may create a grave
For example, the taxpayer's plant may be destroyed by fire or
operations for any year greatly impeded by flood, strikes,
windstorm or its
or
other events hampering
production and greatly curtailing income for a
The bill would attribute to the taxpayer in such an event
given period.
earnings which it would normally have experienced
the
had such event not
character of its
occurred.
Likewise, if the taxpayer can establish that the
business
of Jan. 1, 1940, is different from the character
as
engaged in during one or more taxable years
of the business
of the base period, the tax¬
is permitted to establish what its average base period net income would
have been if the character of the business had been the same during each
payer
of the taxable years
a
of such base period.
The differences which constitute
change in the character of the business are set
in
order
to
forth in the bill.
relief provision is felt by your committee to be necessary
protect
the unanticipated cases not covered by the
specific
by existing law and the other provisions of this
To be effective, the provision must be elastic and as flexible as ad¬
relief provisions covered
bill.
demands
will
allow.
Proper safeguards, however, are taken to prevent
the
burden
is upon the taxpayer to
abuse.
For example,
establish the abnormality of its ex¬
In addition, relief is not grated in situa¬
by (a) high prices of material, labor, capital, or any other
perience during the base period.
agent of production,
or
(6) low selling price of the product of the taxpayer,
low demand for the taxpayer's
this provision is denied unless the
(c) low physical volume of sales due to
product.
Furthermore, relief under
taxpayer's normalsection
would diminish the excess-profits tax otherwise payable by more than 10%.
The taxpayer must first compute and pay his tax without regard to
this relief provision and then must petition the Commissioner for relief
excess-profits tax otherwise payable exceeds 6% of the
would be $36,000,000.
All
a
of the four base years to adjust their base-period
tions brought on
Then eventually, when
$65,000,000
liability insurance in its
under
Revision
more
esti¬
$37,000,000.
was
of
could,
ministrative
saving of $36,000,000.
mated to mean a saving in
it
An example is
subject to statute of limitations.
This general
system of figuring the
Another
A corporation would use
provided he paid back taxes plus penalties and interest.
law
tax
changes would be retroactive on 1940 income.
a
affiliated.
previously reported
years,
payer.
The Senate Finance Committee voted
after
The
that it could not exceed the actual income
level off the unusual effects due to rise and fall of income.
Sullivan, Assistant Secretary of the
Treasury, and by the staff of the Joint Committee on
mean a
separately, taking the difference between the two
charged to capital accounts, provided
back
now
be carried
Hardships
Undue
this legislation were conducted by the Treasury
staff, under the supervision of Mr.
eight
for the first
for averaging that
provide
period.
base
The bill affords relief in the following situations:
Embodying Amendments to Excess
The studies leading to
The
be
Revision
years
In
Following the introduction on Feb. 24 by Representative
Doughton of a bill amending the excess profits tax provisions
of the Second Revenue Act of 1940, approved Oct. 8,1940,
the House passed the bill on Feb. 25 by a voice vote.
In
the House on the latter date, Mr. Doughton, (Democrat of
North Carolina) who is Chairman of the House Ways and
Means Committee, in indicating the major purposes of the
bill, stated that "in general it provides by specific terms and
in carefully guarded terms a set of flexible rules designed
to prevent undue hardships because of unusual and abnormal
situations under the excess profits tax."
Representative
Doughton also stated that "the present bill proposes no
new tax, imposes no new burden on any one; in other words,
it does not raise additional revenue.
If anything, it may
actually reduce the revenue slightly, but even if it does we
feel it is thoroughly justified in order to give justice to the
taxpayers, because the taxpayers of course are the ones
who support this Government.
Mr. Doughton likewise said:
all
would
At present
credit.
for the four-year
income
Insurance companies other than
own
four-year
could
paid regular
♦
Bill
1940—Designed
the
its
Recapitalization of advertising and other good-will expenses claimed
the
1.
ence
to amount.
.
.
House
average
in the four-year period.
Joint returns.
for
There is no
manufacturer and the little machine-shop owner.
the
or
of any
account
panies would be permitted to file joint returns with non -insurance companies
is entirely outside the loca¬
tion which the Army survey, itself, has shown to be safe.
facturer,
on
either to kind
de¬
The modifications
adjustments
and adding it to the average for the last two-year period.
single year
any
been
policy in the national defense set-up to concentrate
very
permits
Present law
year.
six specific types.
allow
whichever of these two methods would yield the greatest credit.
in
all contracts and nearly all the manufacturing that has to do with the na¬
tional defense in
to
method
alternative
8.
be
seems to
on
also
total would be the credit, except
Truman said:
There
has
two years and the two
charges,
^
appropriate.
discussing the subject in the Senate
taxable
the
only
and
of computing the average earnings
maimer
corporation
payers
In
in
income
income affected by the recapitalization.
V
,
which interfere with such program or unduly increase its cost.
9.
The
4.
a
these
purposes of taxation or otherwise.
income
such
those types
Four-Year Period Changed
6.
tractors.
7.
for
keep
deductions both as
to amount.
as
income considered abnormal with respect
of labor.
6.
Abnormal
would
with which they are
v
The effect of such program with respect to labor and the
of income and
ductions
otherwise.
■
Certain specific deductions are listed in the present law.
applied.
The modification would provide for general abnormal
5.
The geographic distribution of contracts and location of plants and
facilities.
5.
Specific deductions for abnormal income in the four-year base period
for
selected.
only to
•
,
,
(1936-1939) used in computing the income above which the excess profits
tax is
averages,
V^\y:v'
for the next two
over
Present law permits only a one-year carry-over and that
corporations with income of $25,000 or less.
The
behalf of the United
'W''r
\v:-"r
The methods by which such
3.
only $400,000 of it, the rest could be carried
years.
2.
The
recommended
2.
used
1359
tax net
income for the year and
by way of claim for refund.
Your committee feel that
vision,
though
so
unless the relief afforded by this
safeguarded and restricted this relief pro¬
broad and general in nature, will
satisfactorily alleviate
The Commercial & Financial
1360
hardships due to abnormal conditions
time prevent
6."
in the base period, and at the same
:v
abuses.
Under supplement A of existing
'y'.V;
■
law, corporations resulting from certain
reorganizations during or after the base period are
tax-free exchanges or
earning experience in the computation
The bill extends this privlleg e
sole proprietorships in taxfree exchanges during this same period.
The resulting corporation would
thus be allowed to use the earnings history of the predecessor partnership
or sole proprietorship, after first converting such earnings to a corporate
permitted the use of their predecessor's
profits credit based on income.
of their excess
corporations growing out of partnerships or
to
basis.
computing its excessprofits credit may elect within 6 months after the date prescribed by law
for filing its first excess-profits return, to charge to capital account, so
10 of the bill, a taxpayer in
Under section
7.
deducted in the base period for advertising or the
much of expenditures
prescribed by the
This will benefit
the taxpayer, whether it elects the income credit or the invested capital
credit in computing its excess-profits tax.
Taxpayers using the income
promotion of good will, as under rules and regulations
regarded as capital investments.
Commissioner may be
credit will have their base-period income
deduction
using
Taxpayers
disallowed.
invested capital increased
have their
by
increased by the amount of the
the
credit will
invested-capital
reason
of a restoration of such
expenditures to their earnings and profits account.
A taxpayer who elects
capitalize all such expenditures not only for the
under this section must
base-period years but also for taxable years subsequent to the
Since the deductions in such
cases
are
base period.
retroactively disallowed, the tax¬
is required to pay any additional income tax, plus interest
payer
which is due by reason
The text of the Second Revenue Act of 1940—or
Tax—Plant Amortization Bill,"
"Excess-Profits
thereon,
of the disallowance of the deduction.
so-called
signed
as
by President Roosevelt on Oct. 8, 1940, was given in our
issue Oct. 12, page
2251.
House
Approves $1,533,000,000 Defense Emergency
Appropriation Bill—Action Taken After Rejecting
Closed Shop Ban
Feb. 27 passed
and sent to the Senate a
$1,533,000,000 emergency defense appropriation bill.
The
legislation carries funds for the Army to complete its canton¬
ment program and for the Navy to expand its shore estab¬
lishments.
The measure was passed after the House rejected
The House
on
amendment which would have banned
an
the closed shop
all
projects financed by the bill. Included in the Navy's
funds are items for development of the islands of Guam and
Samoa in the Pacific and for construction at the eight air
bases leased from Great Britain last year; in these columns
Feb. 22, page 1215, we reported House passage of a bill
authorizing funds for these naval public works.
President
Roosevelt's request for the majority of this appropriation
bill was discussed in our issue of Feb. 15, page 1062.
The
following concerning the measure was reported in United
Press Washington advices of Feb. 27:
on
The Navy gets $681,000,000 cash and $157,000,000 In contractual
for the Civil Service Commission and its agen¬
by which civil servants are selected.
recruiting persons for Government
service.:-"X'X7 ■
v
5. Continuation of the Civil Service Commission's program of announcing
annual examinations for inducting personnel in the junior and scientific
program
for 1941 as well as to carry on aircraft plant expansion
including start
small partol boats and continuation of
strengthen the machinery
to
and direct methods of
More positive
4.
fields,
:
;■■■
system of . giving preference to war
Further study of the
6.
veterans in
it is stated, would not
apply to
| civil service classifications.
recommendations,
The
In his message
positions requiring Senate confirmation.
accompanying the report the President
said he was con¬
devising effective means" of
extending the civil service to many high Federal positions
not now covered."
He added that "the report should assist
all of us who are concerned with the development of a per¬
sonnel service which shall measure up to the requirements
of the complicated public business."
In addition to Justice Reed, the other members of this
group, which was apt>ointed on Jan. 31, 1939 (as noted in
our issue of Feb. 11, 1939, page 811), are;
Justices Frank¬
furter and Murphy of the Supreme Court; Attorney General
Jackson; William H. McReynolds, Administrative Assistant
to the President; Leonard D. White, former Civil Service
Commissioner; Robert E. Wood, Chairman of the Board,
Sears, Roebuck & Co., and Gano Dunn, President, J. G.
fident the
report "will help in
Corp.
concerning their report is taken from Asso¬
ciated Press Washington advices of Feb. 24:
"We are satisfied," Justice Reed informed the President,
"that the
organization of the Government service as a career on a democratic basis
is essential
to the proper conduct of public affairs."
The committee
White Engineering
The following
suggested specifically that professional, scientific, higher administrative
and investigative positions be brought into the merit system.
It recommended that eventually all governmental employees who per¬
criminal or quasi-criminal cases or similar
investigative services in
form
investigative duties be placed under
made now, however, in the status of
civil service.
No change should be
employees of the FBI, the committee
exceptional situation prevailing here and
said, because of "the
abroad and
which the Federal Bureau of Investigation is playing and is
likely to play in the defense of the Nation."
While the full committee made no definite recommendations on the
the
part
which advocated changes in the
subject, it indorsed a subcommittee report
service workers.
The subcommittee proposed
that Congress, by legislation,
standardize the mandatory retirement age
at 70 years and the optional retirement age at 60 years, after 15 years or
more of service.
It advocated that higher salaried employees be required
to make increased contributions to the retirement fund.
One committee member, Associate Justice Murphy of the Supreme Court,
sent the President a dissenting opinion in which he said that the com¬
mittee's report was helpful in many respects, but insufficient in not
looking into the character of the basic methods and procedures employed
retirement
in
for civil
system
the civil service.
President's message in transmitting the
The text of the
report follows;
bases, for the aeronautics bureau to meet a 189-plane deficit in the Navy's
7,129-plane
1, 1941
Larger appropriations
3.
cies
author¬
These funds are divided into three broad categories—for work on
ity.
March
Chronicle
there may have
differences
Whatever
been as to details there is no
disagreement among thinking men that the great social and technological
community have made inevitable a large extension
work, and a $202,000,000 fund for replacing naval vessels,
advances of our national
of construction
of
work
56
on
The
on
new
program
of 400
fleet
a
destroyers and other craft.
Army would
get
$695,118,000
of building quarters for 1,418,000 enlisted men who will comprise
the Army by the end
of June.
;
.
Four Months
on an
urgent deficiency appropriation
bill of approximately $394,000,000 was completed on Feb. 27
the Senate and the House adopted the conference
when
on the measure.
This legislation, which includes
$375,000,000 to carry on the activities of the Works Projects
Administration during the four remaining months of the
present fiscal year, passed the House on Feb. 12 in amount
of about $388,000,000; this was reported in our issue of Feb.
15, page 1062. When the Seenate approved the bill on Feb. 20
it added about $7,000,000 in new items.
The House refused
to accept all of these changes on Feb. 25 and asked for a
conference, which resulted in the adjustment of Senate and
House differences.
In addition to the WPA money, the
measure contains funds for customs refunds, defense housing,
report
the National
Railroad
this
which
Adjustment Board and the Public
but
positions have been placed by executive order within the civil service,
obvious reasons we have been rather laggard in extending it to
for
those
higher positions
needs
of
President
Roosevelt's
Committee
on
Civil
Improvement Urges Extension of System
to Cover Higher Grade Administrative Positions—
Congress Receives Recommendations of Justice
Reed's Committee and President's Message
President Roosevelt submitted to Congress on Feb. 24 the
report of his special committee which, during the last two
years, had undertaken a study looking toward the improve¬
ment of "civil service procedure in relation to
positions, classed
Government
professional, scientific, higher adminis¬
This eight-man
committee,
headed by Justice Reed of the United States Supreme Court,
in its report, comprising 278 pages, recommended, according
trative
to
and
United
Press accounts from Washington:
Extension
1.
as
investigative."
of the Civil
Service Act by presidential executive order to
cover
all
neers,
architects, natural scientists and social problem scientists.
2.
Extension
criminal
is
higher-grade
now
cases
of
or
administrative
civil
service
quasi-criminal
under civil
service.
to
positions,
cover
cases.
all
including
investigative
attorneys,
jobs
engi¬
involving
The Federal Bureau of Investigation
and
services
these
to
recommend
the
most
effective
ways
for
meeting these needs.
has
report
further
of
especially dependent
initiative, imagination and flexibility.
Their
Service
in the Government which are
We ought now to appraise the
qualities necessary for those who discharge those highest functions, as well
as
to achieve for them an
independence and security which assure the
conditions for the best governmental service.
These are, after all, the
underlying elements of the civil service ideals.
I have deemed it important
to try to work out ways and means whereby the country would have the
advantages that come from a professional and permanent public service
even in the most exacting positions of the National Administration.
To that end, by executive order 8044 of Jan. 31, 1939, I appointed a
oommittee which should give assurances of disinterestedness and represent
ample knowledge of the philosophy and practices of civil service and broad
experience with the processes of personnel selection in large enterprises
both private and governmental.
I named such a committee the President's
Committee on Civil Service Improvement.
I asked this committee to make
a
comprehensive study of civil service procedure in relation to govern¬
mental positions, classed as professional, scientific, higher administrative
and
investigative.
The committee was requested to inquiry into the
on
Health Service.
Report
new
carefully they may have been formed, was demanded extension of the
these new undertakings.
Since March 4, 1933,
how
many
Completes Action on Urgent
Deficiency
Appropriation Bill—Includes $375,000,000 for WPA
Congressional action
Therefore,
Government.
civil service to take care of
Congress
for
The civil service conception is a postulate of
the effective administration of the laws by
governmental effort has been brought about, no matter
governmental activity.
our
mostly for carrying out the huge
betterment
reached
now
of
the
in view of its
and
me,
national
public
administration,
importance for
I consider it
appropriate to bring it to the attention of the Congress.
The report should
assist all of us who are concerned with the development of a personnel
service
which
shall
public business.
cated
of
in
the
enterprise,
measure
up
to
the
requirements
of the complicated
And that public business is not likely to be less
compli¬
demanding in its contact of men and
women
future
less
or
disinterestedness or devotion.
Good laws and
course indispensable, but a government of laws
and these should be chosen with an eye single to
originality,
practices thereunder
of
are
must
be
their
suitability for the great calling of the public service.
that
the
report
which
effective
means
for
through
men
type of civil service.
:';vV; Y- Y YY.
Loans
I
herewith
am
enlarging
the
I am confident
help in devising
and extending the area of this
transmitting will
scope
■■_
■*"
;;yYY> j'Y.:,''Y-
Finance or Small Loan
Companies in 1940 Totaled $869,000,000, According
to
United
States
Department of
CommerceAmount Owed
by Borrowers on Dec. 31, 1940,
Amounted to $473,400,000
Extended
by
Personal
Loans extended to consumers by personal finance or
regulated small loan companies in the United States in 1940
totaled $869,000,000. the Commerce Department reported
Volume
Feb.
on
This
21.
figure, which included loans renewed,
previous all-time
high of 1939, said the Department.
It also represented an
increase of almost 75% over the $502,900,000 loaned in
1930, the peak year before the depression.
The Department
exceeded by $100,000,000, or 14.8%, the
likewise said:
16.3%
or
As
of
balances
renewed
on
more
Dec.
in
the
past
year,
$805,400,000,
totaled
than repayments of 1939.
31,
over consumer
$473,400,000
on
their personal
another all-time peak representing a 15.5%
indebtedness of the previous year and 108%
the depression low point of $227,400,000 at the end of October,
During the month of December,
finance
personal
companies to
1940, $101,300,000
was
above
1933.
extended by
amounted to
This
consumers.
the total 1940 loan volume and was 12.4% above the volume of
1939.
11.6%
of
December,
Consumers, during the month paid off $84,400,000 on their out¬
standing obligations,
In
the
in West Virginia, however,
$9,616,000
t
Middle Atlantic,
panies with principal place of business in New York accounted for
Central and East South Central
West North
(a) Section 128 of Chapter X permits a petition to be filed in the Federal
District Court in whose territorial jurisdiction the company has either
its
principal place of business or its principal assets.
In 144 or the 164
the companies were organized under the laws of the same State in
which they had both their principal place of business and their principal
assets.
In two other cases, the companies were organized in either the
State where they had their principal place of business or the State where
they had their principal assets.
The remaining 18 companies had both
their principal place of business and location of principal assets in States
other then those in which they were organized.
Of the latter 18, 12 were
incorporated in Delaware.
(b)
In most
State.
In
the total assets of the companies were located in one
cases the assets of the companies were in
cases
small number of
a
than
more
State.
one
These figures include the
company
of the West
December,
in this
On the other
of the individual companies reporting increases.
hand, the December,
1939.
loan volume of the typical finance personal
1940,
Central region
South
32%
Only
of the
below the volume
12%
was
reporting
individual
companies
region reported increases in December, 1940, as against December
of the preceding year.
A table
By Federal Judicial District
of companies were instituted were, in order:
with
Total
Loans
Made,
Repayments,
York
$7,619,000,
Of the
Net
Change
aggregate
Net
Made
Repayments
End of
Avge.for
Year
Year
1929
$462.8
$392.7
$70.0
$263.2
of 164
total
125 showed indebtedness
companies,
each accounted for 51% of the total indebtedness,
502.9
479.0
23.9
287.1
497.9
496.2
1.7
■fy 288.8
286.4
1932
376.2
408.4
—32.2
256.6
272.1
1933
304.2
328.8
—24.6
232.0
237.3
Chapter X
and
by
filed by the debtor in 138 cases, by creditors in 22 cases,
were
indenture
an
1934
384.1
370.6
13.5
245.5
234.2
1935
423.2
401.6
21.6
267.1
250.3
$31,832,000;
279.4
trustee
involved
petitions
in
four
563.1
33.9
301.0
1937
619.1
570.3
48.8
349.8
316.7
1938..
604.4
608.2
—3.8
346.0
347.6
1939
757.3
693.6
63.7
409.7
367.5
805.4
473.4
438.1
pi (c)
instituted
those
869.1
of
indenture
ness
1939 and 1940
are
estimated United States totals based on reports
sample of companies representing approximately 80% of total annual con¬
sumer loan volume of all personal finance companies operating in the United States.
Estimated United States totals for years prior to 1939 were compiled by the National
Bureau of Economic Research In collaboration with the Russell Sage Foundation
and the Department of Commerce.
Were Entered
Bankruptcy
Under
Into by 164 Companies
that
164
The data for the first six
The mo6t
recent
six months'
data on corporate reorganizations under
contained in an analysis
Division and made public by the Com¬
semi-annually
Dec. 31, 1940 It includes data on the
companies and their assets and indebtedness classified
prepared by the Reorganization
mission today.
and
covers
total
The analysis is one of a series of studies issued
the period July 1 through
number
according to
of
industry,
location of principal assets, location of principal
place of business. Federal
judicial district in which the proceedings were
and type of petition fUed.
mainly from schedules, balance sheets
instituted, amount of indivual indebtedness
The information has been derived
and
with
allegations found in the petitions and other
the Federal
Courts in these proceedings.
amounts of liabilities were
were
verified documents filed
The values of assets and
Estimates
companies and the indebtedness of three
taken as stated in these documents.
made of the assets of nine
companies for which
estimates were necessary were small.
With minor exceptions no individual
check was made by the Commission as to the accuracy of the information.
Moreover, the data reflect all proceedings instituted without adjustment
companies.
for such
Available information indicates that the
proceedings as were thereafter dismissed.
Industrial Classifications
Manufacturing, real estate, including among
others, companies owning
buildings and office buildings, and merchandising
groups led in number of companies with respective totals of 58, 29 and 24.
Manufacturing companies accounted for the largest aggregate assets, $20,053,000, or 31% of the total, and the second largest aggregate indebtedness,
$12,143,000, or 23% of the total. The largest indebtedness was that of real
estate companies, $16,774,000, or 32% of the total; these companies had the
third largest amount of assets, $12,920,000, or 20% of the total.
The
mining and other extractive industries group was second in total amount of
assets with $14,611,000, or 23% of the total, and third in aggregate in¬
apartment houses, hotel
debtedness with $10,381,000, or
20% of the total.
Geographical Distribution by State
The
companies were located
each listed as the location of
principal assets (a) of 18 of the total of 164
in Illinois.
New York and Pennsylvania were
'■
of
/.■
continue the debtor
mpnths of 1946 appeared in these
1074.
page
Securities and Exchange Commission
—During Year SEC Concentrated on Administra¬
tion of Integration Provisions of Holding Company
Act—Steps Taken to Preserve Orderly Market Inci¬
dent to European War Conditions—Supervision of
Over-Counter Market
*
In its sixth annual report,
were
Chapter X of the Bankruptcy Act, as amended, are
Aug. 24, 1940,
Annual Report of
Exchange Commission announced on
companies with assets aggregating ap¬
$63,800,000, and indebtedness totaling $53,made the subject of reorganization proceedings
under Chapter X of the Bankruptcy Act, as amended,
during the second six months of 1940.
These figures, the
Commission reports compare with 159 companies, involving
assets of $113,400,000 and indebtedness of $81,600,000, for
which reorganization proceedings were begun during the
second half of 1939 and with 133 companies, having com¬
bined assets of $871,400,000 and indebtedness of $446,400,000
for which proceedings were begun during the first six months
of 1940.
It should be noted says the Commission that over
$800,000,000 of the assets and $400,000,000 of the indebted¬
ness for the latter period were accounted for by the Asso¬
ciated Gas & Electric Co. and its subsidiary, Associated Gas
<fe Electric Corp.
The following regarding the study is from the SEC an¬
nouncement in the matter:
■ / \ly;
;
indebtedness
-
Section 156 of Chapter X provides that in a case involving indebted¬
$250,000 or over one or more disinterested trustees shall be appointed
In a case involving
proximately
200,006,
^
of
The Securities and
26
and
$971,000
of
assets
perform certain functions set out in the statute.
indebtedness of less than $250,000, the court may
in possession or appoint one or more trustees.
to
Act
During Last
Half of 1940, SEC Study Shows—Had Assets of
$63,800,000 and Indebtedness of $53,200,000
Feb.
involved
trustees
.
columns
Reorganizations
Corporate
$44,911,000
creditors'
by
$638,000.
63.7
from a
Proceedings instituted by
and indebtedness of
cases.
of
assets
petitions involve assets of
$17,963,000 and indebtedness of $20,693,000; and those begun by petitions
1936
529.2
had aggregate
total.
During the second half of 1940 petitions instituting proceedings under
debtors'
|
than $3,000,000
while the remaining four
Type of Petition
273.5
1931
of less than
indebtedness. The
indebtedness of at least $3,000,000 each
indebtedness of $15,820,000 or 29% of the
$224.8
1930
Data for
of the
of Indebtedness
35 companies with indebtedness of at least $250,000 but less
j
Change
Loans
*
and indebtedness involved, with
assets
of the total assets and $11,004,000, or 21%
12%
or
companies with
'
-
In
led
$250,000 each, (c) and accounted for only 19 % of the total
and
Outstandings
1940
The Southern District
California, with 11, District of New Jersey, with 10.
Amount
Outstandings, 1929-40 (Millions of Dollars)
Year
13; Southern District of
combined indebtedness.
Instalment
of
Northern District of Illinois,
Southern District of New York, with
17;
of New
PERSONAL FINANCE COMPANIES *
Annual
the largest number
The Federal Judicial districts in which proceedings for
supplied by the Department follows:
t
entire assetsr not merely
in the total for
the amount of principal assets, of each individual company
the State in which its principal assets were located.
10 to 11% in December, 1940, compared with December, 1939, with more
of
$9,148,total
14% of the total assets, and for $11,869,000, or 22% of the
or
regions, typical personal finance company loan volume went ahead from
than 60%
,
The 19 com¬
each, also led in location of the principal place of business.
000,
(b)
New York and Illinois, with 19 companies
15% of the total.
or
Four companies with principal assets
had the greatest aggregate value of assets
cases
borrowers owed
1940,
finance company obligations,
increase
the principal assets of 17 companies.
indebtedness, well above the corresponding figures for any other State.
Consumer repayments to personal finance companies, including theoretical
collections
1361
The Commercial & Financial Chronicle
152
ties
and
Commission,
Exchange
N.
Jerome
made public Feb. 20, the Securi¬
Chairman,
Frank,
submitted to Congress by
summarizing
its
activities,
"pursuant to the provisions of the Public Utility
states that
Holding Company Act of 1935, there were
registered with
public utility hold¬
ing companies, the total consolidated assets of which amount
to nearly 14 ^ billions of dollars."
"These 144 registered
holding companies," says the report, "constitute 55 public
holding company systems, which include 1,493 holding, subthe Commission
operating" companies." Indicating that "during
the Commission concentrated on the
holding and
the
fiscal year
past
of
administration
to
to
law.
proceedings in order to carry out the administration of
proceedings were launched with respect to nine
ings
Integration
of all
the systems
views
missal.
Such
motions
been
of
visions
requested
took
be
tentative outline of the
necessary
in order to
requirements set forth in the Act.
These
at the end of the fiscal year.
contrary position.
Other cases were delayed by
of preparation
process
a
motions
were
denied.
evidence or by motions for dis¬
the delays resulting from
Despite
feels that definite progress
integration and simplification pro¬
Every effort i3 being made to expedite the pro¬
and
petitions,
the
Commission
in
carrying
out
the
made
the
a
would
steps
additional time to prepare
for
petitions
has
the
others
what
to
as
integration
the
in
were
Several
companies
holding
the
of
with
comply
views
in three instances.
begun
were
Several
Commission's
these
comprising, roughly, 58% of the total consolidated
registered under the Act.
Simplification proceed¬
utility systems,
major
assets
for compliance with
unsuccessful, and the Commission found it necessary
were
begin formal
the
the filing of voluntary plans
encourage
these provisions
simplification pro¬
and
integration
the
Act," the report adds:
visions of the
Efforts
of June 30, 1940, 144
as
statute.
ceedings.
Of
importance to the industry and
particular
to the Commission were
to save time and expense in the
applications involving financial transactions.
steps taken during the year
declarations
and
handling of
This was
procedure
the majority of such applica¬
accomplished through the adoption by the Commission of a new
making hearings and findings unnecessary on
under the Act except in cases where substantial
tions and declarations filed
difficulties
are
presented.
Commission
The
...
continued
its
scrutiny
of
the
financial
structure
of
in its endeavor to insure
based upon a substantial
utility companies floating new issues of securities
the
development
amount
ditions
stock,
of
of
common
preclude
sound capita] structures
equity.
Wherever the existence of special con¬
stock
the raising of new capital through the sale of common
the Commission
insisted that the issuers of senior securities include
provisions designed to increase the protective features
the amount of common stock equity or cushion.
The
Commission
gave
increased
attention
to
the
of the securities and
adequacy
of
annual
for depreciation, since that question is so closely allied to the
problem of improving the capital structures of public utility holding comcharges
The Commercial & Financial Chronicle
1362
subsidiaries.
and their
panies
the furtherance of this work
In
subject to the Act.
The problem of maintaining
■■■-
re-examined
was
the
control
in
gain
year.
bargaining
fees
of
to
In existence
and
competitive
can
by
underwriters and
who
"finders"
clear
is
tion
fee
the
and
the
is
burdensome
less
.
The
of
forms
form
to
single
a
and
the
enforcing
munity.
In
of
the
outstanding
five
replace
during
by
year
of "brokerage
Countries, and states that "as early as April, 1939,
was annexed by Germany, the Commission
Austria
do for their customers."
machinery for keeping itself informed of current
developments in order to keep ahead of actual market re¬
had set up
Even
exercise of the statutory powers
notice
them.
have been necessary for the
had been prepared
should
conditions
market
if
On
imperative to
it
munity
the
this
In
the
way
Commission
even
Chairman
would take
brokers.
able
in
was
to
the
rally, together with
afforded by the strength
which
was
intermission
the
development
which
invasion
the
of
the
market,
to
was
most
prove
as
it
nationals
the
of
European
each
might be required
which
the
of
O.
by
a
financial
Douglas,
Jerome
so-called
a
financial
New
the
then
Frank,
"brokerage
York
Stock
non-members
of
This committee
date
the
bank"
Exchange,
referred
to
as
a
authorized to study the
was
protection to customers,
well
as
as
withheld
its
direct
own
action
and
number
the
study
and
Aug.
of
certain
with
improvements
in
the
the
detailed'
recom¬
practice,
situation."
committee
additional
some
Exchange's
Stock
brokerage
in
present
the
brokerage
with
funds
This included a consideration of such technical factors
as
the extent of short positions and the volume of margin commitments.
Plans were also worked out so that if it should become necessary to close
of
York
com¬
Although the report of this committee urged
specific recommendations of
preserve,
New
objections to the suggestion for
"undesirable
it
effectuation
the
1939,
31,
detailed
that
view
the
ensued.
of
published its report.
made
finance their activities by liquidation of American
situation was also carefully reviewed and cur¬
to
William
by
of
committee
Commission
the
Board's"
a
domestic
The
securities.
members
by
recently,
most
The pro¬
it has since been called,
as
suggestion
President
a
adequate
Meanwhile,
mittee
together with the likelihood that belligerent nations themselves
securities
of
Com¬
question of the feasibility of the suggestion for a "brokerage
narrower
Under
might liquidate American
country
of
Examining
Studies were made to determine the extent to
arose.
problem
and,
this
the
result,
appointed
mendations
Low Countries by
of the
by the
promulgating any rules and regulations under the Securities
Exchange Act of 1934 dealing with this problem pending the "Public
Germany, in May,
1940, produced violent repercussions in our securities markets.
During
that intermission the Commission had increased the efficiency of its mechan¬
isms for gathering advance market, economic, and international informa¬
tion and, hence,
was
in a better position to appraise each succeeding
when
helpful
policy
the
to
measures
refrained from
study
further
for
Under
1938,
May,
Commission,
or,
advanced
first
in
Examining Board."
bank."
Europe with equanimity, the Commission's experience gained during
September
adhering
and thus safeguard all the banking and trustee functions of
a
1939,
July,
the
Although the securities markets accepted the beginning of actual hostili¬
over
As
"Public
broad
later,
the
of
been
had
Chairman.
present
execution.
ties in
itself,
regional
immediately
was
Commission.
bank"
community
currently about the volume and trend of orders in brokerage offices
before those orders actually reached the floors of the exchangee for
know
"Central Trust Institution"
a
national
Liaison with each of the
developed through the
reestablished.
quickly
exchanges
of
offices
for
posal
actually was declared,
war
still
regulatory
direct
immediate study be given to "brokerage
either of eliminating or of properly protect¬
that
other method
some
"brokerage
1939,
September,
were
securities
or
than
rather
asked
ing the conduct of the brokers' banking and custodial business.
"use
the preparation
which the Commission had made proved most valuable.
Lines of direct
communication to valuable sources of information in the financial com¬
in
publicly
Frank,
Chairman
1939,
23,
cooperation
banks"
to be ready at ft
so as
make
...
When
June
mutual
From the report just made avail¬
also quote:
we
mission,
that time, the orders which would
at
able
In part, the Commission
occurrences."
to various
on to say:
sponse
moment's
(mention of which was
(page 774), respecting
policing," particular reference being made to the proposal
banks" as "one method of removing the risks
of fluctuating security values from brokers' performance
of the substantial banking and custodial business which they
of the Commission also discusses preparations
The report
goes
3, 1940
the
which it had taken incident to the invasion by Germany of
the Low
ago
year
Feb.
of
issue
our
a
steps which it had taken "to bring about on the part of
financial community itself a higher measure of self-
and
declarations.
when
in
made
adoption
applications
for
ones
the
report of
its
to
,
,
.
report reference it made by the Commis¬
its current
sion
simplified
was
by Congress to the brokerage and stock exchange com¬
left
effective
more
requirements
brokerage customers," says the report, was also
tection for
form of competitive
some
underwriters
in
standpoint
mission."
non-affiliated
to
...V
the Act.
filing
and
issuers
to
Commission's
the
from
paid
endeavor to establish a pro¬
bidding, are now under consideration in an
cedure
that
as
same
techniques, including
Alternative
underwriters.
complicated problems, in large part at least, to the Com¬
"The task of achieving adequate financial pro¬
justifica¬
underwriter merely has a participation of not
unless such
or
5%
than
more
the Congress did not
reason
writers and finders found to be within the scope of the rule, unless
brokers' insolvencies, in¬
securities may be mis¬
upon
appropriated, was one of the more important problems which
undertake to solve when it passed the
Securities Act of 1934.
Instead, Congress, by virtue of
several sections of the Act, delegated the solution of these
be
may
dangers attendant
manifold
cluding the risk that their funds and
rule designed to
a
was
of stock ownership or other relationship, to
unfair advantage in bargaining.
By the terms of the rule no
be paid, except on the basis of competitive bidding, to under¬
an
fee
payment
position,
a
arm's-length
the
during
"program for increas¬
respect to the Commission's
With
1, 1941
ing safeguards to customers against the risks of brokerage
insolvencies" the report says "public protection against the
underwriting and distribution of public utility securities
in the
conditions
of
analyses
being made of the depreciation policies of all public utility companies
are
March
safeguards,
the
expressed
banks"
the
On
seemed
it
"brokerage
the
whole,
piimarilv
existing
14
designed to
of
fusion
the
customers' securities.
and
banking
and
trustee
functions
holding
of
customers'
rently re-analyzed.'
the stock exchanges,
field and
counter
"bootleg" markets would not
The report
of the Stock Exchange committee, issued
Aug. 31,1939, summarizing its affirmative recommendations,
was referred to in these columns Sept. 2,
1939, page 1409.
in the over-the-
grow up
trading would be controlled in such markets by coopera¬
tive efforts.
Closing the exchanges—the securities markets—has always been regarded
which
step
a
as
Commission
the
and
necessary.
The Commission is well
markets
ties
Commission
only
to
when
completely
American
the
initiate
only
with
convinced
that
it
would
reluctance
Congress,
with the approval of the
authority to take this drastic step,
market
might
in giving the
however,
President, recognized that occasions could arise in which
ties
absolutely
chaotic securi¬
a
disrupt and demoralize general business and might
so
irreparably damage not only investors but the entire national
so
that
hard and
in
the
closing
fast rules
for
statute,
a
markets would
to
the
particular kind of
a
be
the
only
economy
Obviously,
alternative.
no
the closing of exchanges could be laid down
govern
that there could be
reason
no
way
critical situation might develop.
telling what
of
But it is clearly the
Commission's continuing duty to so prepare itself that no crisis can get so
of
out
be taken.
A
the
critical
casual
mendations of this non-member committee":
damage
be
can
done before
the action
which
bore
might
power
observer,
danger signals to
bo essential
Netherlands
and
looking back
ments, it might appear that
the
at
a
developed
warn
that the
immediately
chart
of
daily
stock
the'
To the
market
move¬
chaotic condition actually did exist.
daily
of
minute
writing and
business)
the
not watching the market from the stand¬
was
It
movements.
was
maintaining
minute-to-
constant
a
possible,
as
orders
as
reached
Through its machinery for gathering as much informa¬
it kept constant scrutiny over the volume and trend of
they came into the leading brokerage offices before those orders
the
floor.
Commission
and
tion to find
out
accumulated
Each
over
upon
margin
its
before
morning
experts
in
were
the
contact
markets
with
its
were
sources
the
opened
informa¬
of
the character and size of the brokerage orders which had
night.
accounts.
It
It
kept track of the
received
current
positions and the volume of short sales.
mate condition of
effect
reports
of
on
market
the
size
changes
of
short
It knew at all times the approxi¬
the books of the specialists in various leading stocks on
the floors of the various exchanges.
It was able, in cooperation with the
Exchange, the Treasury, and certain houses specializing in
foreign dealings, to judge the trend and volume of foreign transactions.
At no time wis the market frozen and
buyers and sellers could always
New York Stock
.
transact
business
at
prices
within
a
reasonable
relation
to. the
prices
.
those
first
no
smoothly.
days of
time
of
In short, although stocks lost many points during
the invasion of the Low Countries and France, there
at
which
the
market
machinery
failed
to
function
...
Although
there
has
not
been
a
recurrence
of
a
crisis
similar
to
that
which existed in May, 1940, the Commission is
prepared again to put its
machinery for minute-to-minute market surveillance into operation whenever
the need should arise.
j
to which affiliated
report pursuant
permissive basis
a
on
a
so
as
to insulate broker¬
one
The
pendent
the
corporations,
corporate
dangerous
member
it
to
also
was
phases of the securities
firms.
authorized
was
the
applications
instructed
underwriting and
when
However,
receive
affiliates.
dealer
to
compel
to
not
.
To
such corporation has been set up.
Exchange,
audit
date
by
in
Firms
such
of
(the most
engaged
affiliated
formation
3.
business
are
Member
on
Jan.
on
19,
1940,
of
member
firms
be
the
for
surprise
audit
is
required
made
on
selected
basis.
surprise
a
not
by the
annual
the
that
inde¬
However,
Exchange
but
by
the accountant employed by the member firm to be thus audited.
The Commission's report continues:
The
following have not been done:
No
1.
action
has
been
taken
of
funds
the conduct of his
in
customers
who
to
have
own
require
the segregation
authorized
not
business.
the
of
broker
credit
free
to
use
their
The Exchange has expressed the
view that such segregation might prove ineffective unless and
until,
through
amendments to the Bankruptcy Act, such funds so
segregated would
clearly recoverable by customers after bankruptcy.
2.
Although
with
the
counsel
Commission
for
it clear
to
that
New
York
Stock
Exchange
has
be
conferred
the matter, it has not yet been possible, owing
difficulties, to have presented to Congress a specific
on
to technical and other
amendment
the
Section
60
customers'
securities segregated in
(e)
free
of the
credit
safekeeping
Bankruptcy Act
balances
or as
so
which would make
and customers'
segregated
"excess margin" may be reclaimed
by such customers.*
3.
No rules
have been
adopted to "make is clear" that
obtain,
through his broker,
by
customer's
own
action
been
the
separate
collateral.
individual loans
The
Exchange has
a
from
customer may
hanks
taken
secured
the position
.
preceding transactions.
was
dealer
which
such
form
Daily
scrutiny.
tion
Member Firms
balances
The Commission, however,
point
$25,000 to $50,000.
1939, the Board of Governors of the Exchange referred
on
customers, at least partially, from the financial hazards of the under¬
Committee
as high as 10 points a day for various averages of
securities, and in individual securities the daily declines were some¬
times much greater.
28,
Committee
corporations may be formed
age
of
use
upon
Belgium early in May of 1940.
from
On March
the
to
Sept. 15, 1939, minimum capital requirements for a member firm
business with anyone, other than members or member firms,
any
increased
2.
market breaks ranged
listed
On
1.
doing
were
date,
The
of
catastrophic
1
situation
statutory
invasion
that
hand
far
can
The SEC report summarizes as follows what the Ex.
change has done between Sept. 1, 1939, and the close of
the fiscal year .Tune 30, 1940, "to effectuate the recom¬
of the importance of free securi¬
aware
economy.
greatest
the
was
;
*
No
that
has
taken
relative
to
the
committee's
recommendation
the
Exchange's capital requirements be relaxed in their application to
carrying customers' free credit balances.
However, in tips connection,
it should be particularly noted that the
suggestion of the "Public Examin¬
ing Board,
in effect, that customers' free credit balances should not be
considered as "aggregate indebtedness" of a brokerage firm for the
purpose
of determining compliance with the Exchange's minimum
capital require¬
ments, in no sense represents progress towards Greater financial safeguards
firms
for brokerage customers.
On the contrary, it represents an affirmative retro¬
gression from the goal of reasonable safety since it would ignore the demand
liabilities of a brokerage firm to its customers which
had entrusted it
with their funds.
Volume
tbat
action
no
firm
The Commercial & Financial Chronicle
152
along this line
always had and still
is necessary
have
the
since customers of
right
to
the
member
a
act
as
emergency
5.
of the rule.
involved
in
yet
of
insurance
the
fidelity
the
of
adoption
insurance
industry,
principle
rules
of
to
partners
on
the
of
insurance have
dealer
be
and
as
The
of
employees
on
to
business
commitments
the
separate
their
from
in
financial
brokerage
their
of
excess
risks
their
of
capital
and
dealer
its
firms
statements
showing
their
Nov.
1939.
of
member
the
March,
to
The
the
their
of
this
condition,
rule requiring
a
annual
customers
printed
requirement
was
re¬
Although the monthly statements to customers
statement,
endorse
they
considers
it
had
this
of
since
this
at
time
Board"
Examining
financial statements
on
right
inexpedient
"Public
the
of
obtain copies
may
have
customers
also
recommendation
that member firms should
that
customers
Exchange
further
all
to
financial
advise
must
financial
1938.
adopt
13,
firms
firm's
Sept. 19, 1939, did adopt
on
distribute
to
scinded
on
legend specify¬
a
Although the Exchange, on March 1, 1940, made certain minimum
charges on customers' accounts effective, this requirement was
service
rescinded
The
10.
with
The
As
individual members to file financial
not,
far
so
the
as
Commisson
is
supervision
of over-the-counter
dealers, the report has the following to say:
taken
aware,
brokers
and
During the past fiscal year the Commission continued its supervision of
brokers
over-the-counter
the
Securities
tion of
such
mental
basis
of
and
dealers
Exchange Act of
brokers and
early
as
registered
dealers which
1937.
as
under
Section
expanded its
1934 and
had been undertaken
These inspections
15
of
experi¬
an
on
twofold
the
serve
(b)
of inspec¬
program
pur¬
of (1) ascertaining whether there is compliance with the requirements
pose
the statutes administered
tions
thereunder
and
understanding of
where,
cases
violations
deny
as
of
the
law
legal
result
a
brokers
requirements
of
the
other
or
a
complete
more
them.
In
investigation,
employed
its
those
serious
to
power
decree of court enjoining further
a
serious of
to
upon
Commission
obtained
or
more
dealers
imposed
inspection
an
discovered,
were
Some of the
and
these violations
be mentioned
may
of
the most serious over-the-counter
attention
the
of
Commission
has
been
the
problems that has received the
practice
the part of certain
on
dealers of selling a security to a customer at a price bearing no reasonable
relation
the
the
to
price at which the customer otherwise could have obtained
security, and under such circumstances that the customer, in reliance
established
the
on
transactions at
15
construed
(c)
from
(1)
custom
fair
the transaction at
has
of
dealers
in
the
securities
business
effect
to
prices, reasonably believes that the dealer is effecting
price that is fair.
a
Section
17
(a)
In
Securities
the
of
series of
a
Act
of the Securities Exchange Act of 1934
cases
of
as
the Commission
1933
and
Section
prohibiting dealers
exploiting customers by means of security transactions effected at
bearing no reasonable relation to the prevailing price.
price
.
In
with
cooperation
State
Securities
a
special
Commissioners,
committee
the
dealers
of the National
Commission
the development of a standardized form
has
been
.
a
.
Association
of
working toward
for the registration of brokers and
State.
one
violating paragraph (a)
under such
re¬
secu¬
windward in
to
case
general
a
lien
would result in
(2) of the rule, since customers' securities would
a
single lien.
System, which applies to bank borrowings of members, brokers,
.
dealers,
or
amended in order to reconcile the former provisions of
Regulation
with the Commission's hypothecation rules.
tion
U,
in
customers'
brokers'
effect,
facilitates
securities
dealers'
or
banks
in
relinquishing
their
liens
against
additional collateral for other loans made
as
securities.
own
U
The amendment to Regula¬
It will become effective
1941, the effective date of the Commission's rules.
The
on
the
Feb.
on
17,
amendment to
Regulation U brings that regulation into harmony with the Commission's
rules by providing, broadly
speaking, that any indebtedness of a broker
or
dealer that is secured by customers* securities shall be
treated separately
by the bank from
any other
indebtedness of the broker
or
dealer.
Clearing House Association is presently
engaged in working out revisions of the banks' basic loan agreements in
such
a
that the banks' liens for loans which
way
is notified
are
run
made against
are
the
against securities which the bank
carried for the account of the broker's customers.
which
agreement
has
generally been in
force, the bank has had
a lien for the total amount of the loan on
all se¬
curities taken up with the proceeds of the
loan, regardless of whether they
are securities bought for the firm's own
account or its
account of customers.
Here, again, the banks
are now
greater
than the amount of that and other loans
which, in fact, was used to take
up securities for the account of customers.
Now that
Regulation U has
been
this bank committee should
amended,
changing the general loan agreement
forms.
cated in Remarks of F. T.
Meeting
Held for
Greene of SEC Staff
Discussion
of
SEC
at
Hypotheca¬
Rules
its work
on
as^the^day_loan agreement
Thus, the proposed revision of the banks' day loan
agreements, as well
as
of their collateral loan agreements, will enable the broker to
prevent not
only the commingling of customers' securities under the
those of the broker in violation of
paragraph
to prevent any
customers'
are
securities.
banks from having
securities
lien
a
for
except
I doubt if it would be
with whom you are
doing business,
posed revision of its collateral
it checked,
either by your
which
made
are
banks'
loan
agreements
of its pro¬
and
have
by the interpretative staff of
or
the Commission's regional office, or with
into the
agreements.
of you get from the bank
one
day loan
and
counsel
with
against such
me to go
as soon as you can, a copy
loan
own
lien
same
(2) of the rule but also
securities which it is advised
on
loans
(a)
particularly helpful for
I do strongly urge this, however, that each
us
in
Washington, to make
sure
that hypothecation of customers' securities under those
revised loan agree¬
ments will not involve violations
by you of these
hypothecation rules,
Mr. Greene's talk
Feb.
on
19, in the New York Chamber
of Commerce Building, at a
meeting of investment bankers
and securities dealers held under the auspices of the National
Association of Securities Dealers, also bore on the
manipula¬
tion of security prices in the over-the-counter
market, and
was referred to briefly in our issue of Feb.
22, page 1222.
He had the following to say toward the end of his remarks:
Finally, it
tion rules
be helpful if I
may
sum up
with just a few words
this discussion of the hypotheca¬
their
on
The new rules are not intended to alter the
basic purpose and philosophy.
substance of law of debtor and
to pledges and the foreclosure
amend
or
of
pledges
nor
do
they
supplement
existing insolvency causes.
They are
designed to achieve the Congressional mandate of safeguarding customers'
securities by preventing some of the causes of
brokerage insolvency under
that
circumstances
customers
suffer
a
loss.
As
Congress
itself put
it,
Section 8 (c) of the Act "means that a broker cannot risk securities of
his
to finance his own speculative operations."
To this
customers
rules
end, the
designed to prevent insolvency by requiring brokers not to risk
are
securities under liens of pledges for
any
customers'
In his informal discussion on Feb. 19 of the rules of the
Securities and Exchange Commission governing the
hypothe¬
cation of customers' securities, Francis T.
Greene, Assistant
complete
soon
well
as
•
creditor relating
Proposed Revision of Banks' Basic Loan Agreements
by Committee of New York Clearing House Indi¬
engaged in revising
their loan agreements in such a way that the lien of
the day loan, insofar
as if will attach to customers'
securities, will be for an amount no
attempt to
tion
own
But when the rule becomes effective, the hypothe¬
thus be commingled with the firm's own securities under
in
the various States, which, if adopted by the different State
regulatory authorities, would substantially simplify the problems of regis¬
tration
of over-the-counter brokers and dealers
doing business in more
than
by the loan agreement is the bank's anchor
technical details of the proposed revisions in the
briefly.
One
created
cation of customers' securities
by the Commission and the rules and regula¬
aiding
(2)
revoke registration
or
violation.
the firm's
or
partners of for the
the
to
deposited
indebtedness of the broker to the bank,
any
Similarly, under the day loan
has
towards the further strengthening of its examining staff.
any 6tepe
on
it.
Exchange
until
up
use
securities
Of course, each loan is primarily backed up
by the collateral listed
the collateral slip given with the loan.
However, the general lien
securities of non-customers will not
27, 1940.
Exchange has not required
statements
11.
March
on
cover
all
on
A committee of the New York
ing the policy of the firm in handling customers' free credit balances.
9.
by the broker to
lien
a
gardless of whether they are customers' securities
was
Although the Exchange,
have been in general
agreements which
Last week Regulation U of the Board of Governors of the
Federal Reserve
Exchange has not adopted rules requiring minimum margins for
member
loan
provide that the bank shall have
rities.
business.
commodity accounts.
8.
banks'
anything goes wrong.
steps to require that member firms under¬
no
underwriter
required
underwriter
minimum
standard
well
"
Exchange has taken
taking
should
problems
technical
fidelity
require
as
The
now
firms.
The
7.
fidelity
extension
an
prevented
amounts
member
6.
the
of
such
...
,
which may arise.
Although counsel to the New York Stock Exchange has conferred with
representatives
as
usual needs
or
to
loan envelopes or collateral slips will contain a form for
signature by the
borrower which will comply with the notice and certification requirements
to
meet
request
firm
agent in negotiating a separate loan secured by the customer's collateral.
4. No steps have been taken to build
up a reserve fund available
1363
that
necessary
to finance
a
achieving this objective the
ference
customers'
concern.
amount greater than
It
rules will result in
new
is
a
our
hope that in
minimum of inter¬
existing legitimate methods of doing business.
to
Director
of the Trading and Exchange Division of the
SEC, made mention of the fact that a committee of the
New York Clearing House Association is
working out a
revision
of
the
banks'
basic
loan
SEC
remarks stated that
"clearing house liens are
prohibition against commingling a customers' securities
with those of the broker, and also from that against
pledging
broker.
securities
In part
for
than
more
Mr. Greene went
on
customers
house
a broker or dealer in operating under
disregard his pledges of customers' securities under clearing
However, as I mentioned before, in computing aggregate
can
liens.
indebtedness in order to determine whether
the total of customers' indebtedness,
rities which
are
subject to
an exempt
any
or
not the total of liens exceeds
indebtedness in respect of
secu¬
day loan or in
an
omnibus account, the broker
or
dealer can't hypothecate
securities of a customer unless at or prior to the hypothecation he
gives written notice to the pledgee that the security pledged is carried for
any
the account of
in
order
Such notice to pledgees is, of course, necessary
that the banks can avoid putting customers' securities under a
a
the broker
instance
that
X-15C2-1.
dealer
for
outset
a
or
the
In the
whom
or
dealer
on
his
own
securities.
Further¬
dealer must give written advice to the bank in each
hypothecation does
case
the
of
an
account
signed statement
to
not
omnibus
is
violate
Rule
X-8C-1
or
Rule
account, however, the broker
or
being carried need only furnish at the
the
broker
carrying the account
that
all
securities in the account will be customers' securities and that
hypothecation
will not contravene the rule.
Furthermore, these notice and certification
requirements do not apply to day loans which
calendar
day
on
which they are made.
are to be
repaid
I understand
that
on
the
the
same
banks'
I.
Feb. 26
Parkinson
National
a
Comments
on
of
this,
Associated
the
Economic
Committee
made
report on the life insurance business
which, it is understood,
was
Securities and
Press
prepared by members of the
Exchange Commission.
advices
Feb.
27
from
As
to
Washington
said:
Authors of the report
were
Gerhard A.
Gesell and Ernest J. Howe of
the Securities and
Exchange Commission staff, who undertook the study
by direction of the Committee.
In making the report public Senator
the views
of Messrs.
customer.
lien for loans made to the broker
more,
Temporary
on
staff
clearing house lieh must be disregarded.
The rules also require that, with the exception of
pledges made under
a
The
public
Thus, for all practical purposes,
the rule
Control—T.
Report
the
owe
to say:
Report
on Insurance Companies Criticizes
Policies—Study Is Submitted to Mo¬
nopoly Group—Senator O'Mahoney Opposes Fed¬
eral
the
customers'
Staff
Investment
and in his
exempted from
agreements,
Gesell
and
O'Mahoney said it represented only
Howe and not those of the SEC or the
Committee.
This 447-page study,
covering legal-reserve insurance
companies, did not, it is reported, propose any recommenda¬
tions for Federal regulation of insurance, but,
according to
the United Press, hinted that something may have to be
done about the extent to which insurance
concerns
continue
to
"monopolize and dictate the direction of the flow" of
people's savings unless the companies can find ways to make
such funds available for stimulating new enterprises and
accessible to "small and medium size business men."
The Commercial & Financial Chronicle
1364
Democrat, of Wyoming, Chairman
said in com¬
menting upon the report that he would not favor Federal
regulation of life insurance at this time.
In the "Wall
Street Journal" of Feb. 28 Senator O'Mahoney was quoted
Senator O'Mahoney,
of the TNEC, which is investigating monopoly,
assaying:
A
materially serve to remedy the evil
of the concentration of economic power and wealth.
the contention that it would not
on our economy
divert the attention of business, government and the
public from the fun¬
stimulation of free private enterprise.
I should like to enlist the brains and energy
of business executives and
in a joint effort to stimulate investment of private
leaders of government
That's what we need—it's what business
it's what the people need.
Therefore, instead of dividing government and business by a battle over
capital in private enterprise.
needs, it's what government needs, and
I want to
the form in which public regulation should be exercised,
Today with industry
Democratic
the
which
of private enterprise canaot
system
be
maintained.
to
developed
a
practicable plan the people
Those who have been attending the public sessions
government.
of the TNEO in the past two weeks must have been impressed by the fact
that
so
suggestions involved the expansion of government activity.
business that if it desires to prevent the continued expansion of
many
I warn
government it must devote itself to the protection of small enterprise.
protection can be effected in two ways—first by conscious abandon¬
This
by business of well-known monopolistic practices; and, second, by
ment
The 12 district banks
If private
corporations insure lives and property there certainly is
The elementary prin¬
why they could not also insure capital.
reason
There are many enter¬
prises in practically every state and every community which now are starv¬
ing for lack of capital
This is because individual investors are unwilling
cipal of insurance is the distribution of the risk.
to accept
the capital, the investment risk
The
$25,000,000 of notes
and
At
of
close
the
increase of 46% over 1939 totals.
the banks for cooperatives were serving
a
assets in common stocks or other equity securities.
Such
situation worse because it either would
funds in enterprises involving too great a
plan would make the present
of
investment
invite
reserve
expansion of big business at the expense of little business.
I don't want to have business and government
continually at
war.
We
of the amount outstanding.
grain, fruits and vegetables, farm supplies, dairy products
tions handling
providing business services such as irrigation,
The following concerning the report is from United Press
Washington advices of Feb. 26:
Their report described as
average
"staggering" the present size of the life insur¬
It pointed out that in 1938 these 20 companies had "an
industry.
daily flow of over $10,000,000 which they were obliged to invest."
Most of these investments
"necessarily" went into stocks and bonds and
Report of Operations of RFC, Feb. 2, 1932, to Jan. 31,
1941—Loans
of
$15,289,833,729 Authorized—$2,367,123,970 Canceled—$8,147,986,255 Disbursed for
Loans
and
Investments—$6,191,619,193 Repaid—
Authorizations
Finance
"Unless the life insurance companies," it continued,
"can find methods
by which the funds flowing under their control will become available as
equity for the stimulation of newr enterprises and accessible to the small
medium-size
business
stocks will become more
not
to
the extent
to
men,
and
investments
by which
in
common
prevalent in order tnat industrial enterprise may
become overburdened
with debt, consideration will have to be given
which the insurance companies
may
and dictate the direction of the flow of the savings
The report asserted that in
Corporation in the
authorizations
total
commitments
rescissions of previous authoriza¬
$28,115,630, making
through Jan. 31, 1941, and tentative
Feb. 17 by Emil Schram,
announced
was
Chairman of the RFC.
This latter amount includes
a
total
$1,502,798,638 authorized for other governmental agencies
and $1,800,000,000 for reflief from organization through
Jan. 31, 1941.
Authorizations aggregating $1,994,604 were
canceled or withdrawn during January, Mr. Schram said,
making total cancellations and withdrawals of $2,367,123,970
A total of $1,534,884,784 remains available to borrowers
and to banks in the purchase of preferred stock and de¬
January
investments
panies
The study said the first five controlled nearly
this
were
$46,098
canceled,
"bulk of this economic power rests in the hands"
of six companies—the
and
was
$46,595,860
was
During January loans to banks and trust companies (including those in
liquidation)
York Life, Equitable, Mutual Life and
$137,933,122
disbursed for loans
repaid, making total
disbursements through Jan. 31, 1941, of $8,147,986,255 and
repayments of $6,191,619,193 (approximately 76%).
The
Chairman's report continued:
During
and
Jan. 31,
Northwestern Mutual Life.
Reconstruction
during January
outstanding at the end of the month of $15,-
289,833,729, it
longer monopolize
of the people."
1938 the 26 largest companies had $27,755,-
Prudential, New
of the
recovery program
tions and commitments amounted to
000,000 in assets and $111,055,000,000 of insurance in force and that the
Metropolitan,
Railroads Itemized
commitments
and
bentures.
the study said.
not into new enterprises,
and
cotton ginning,
followed in importance.
market space and insurance
of
need a basis for cooperative understanding.
ance
Credit to cotton cooperatives
Credit to associa¬
Sanders said.
Mr.
accounted for about 26%
danger of loss or else it would turn the stream of public savings through
insurance to
1,649
1940
cooperatives,
and those
co¬
acquired from cooperatives which
lending programs of the Commodity
The Commissioner pointed out that credit extended
Credit Corporation.
in 1940 represented an
farmers'
The
continued:
extended includes $101,000,000 in loans to
of credit
amount
operatives
amounted to $262,083,078,
advance whatsoever in permitting investment of present insur¬
company
organized in 1933.
for any year since the banks were
FCA announcement in the matter
portion of the funds they have
a
could be so distributed as to make development more attractive.
no
Commissioner of the
The 1940 total is the highest
Bank
Cooperative
Sanders,
D.
Farm Credit Administration.
RFC Transactions with
by setting aside
protect the capital or even a portion of
see
cooperatives
compared with $86,announced on Feb. 21 by
100,000 the previous year, it was
S.
the risk.
If investors could,
I
farmers'
to
totaling approximately $126,000,000,
ready to invest in the form of premiums, establish an insurance fund to
ance
credit
extended
1940
in
atives
and the Central Bank for Cooper¬
that insurance by private enterprise of capital invest¬
I have suggested
no
Banks|Were Organized
Largest Since Cooperative
stimulating and protecting new and small private business.
ment.
and accelerate production.
Farmers' Cooperatives in 1940 Was
Credit Extended to
made loans to their members under the
Because business has not itself
turn
expanding not only in those fields directly provivding
defense, but also in every field affected by the
life insurance funds will be an important source of
needed to energize industry
the capital
the private investment of capital
has not itself found the way to promote
without
concen
attention of the country upon the major fact that private business
trate the
supply an important part of the needed capital.
the materials of national
demands of defense,
legislative battle over Federal control of life insurance inevitably would
damental problem which is the
'
bring the conveniences of modern living,
public utilities were developing to
life insurance funds began to
/,
.
My disapproval of Federal regulation of life insurance is based solely
;
upon
effects
March 1, 1941
in
the
disbursed,
was
of $142,994,
amount
$3,307,521
and
$107,759
repaid.
was
borrowers
to
receivership)
those in
$514,696,767
has
and
been
was
Through
1941, loans have been authorized to 7,540 banks and trust
(including
amount
available
increased
com¬
aggregating $2,601,023,347.
$2,066,946,837
Of
$19,379,743
remains
has been disbursed.
Of this
withdrawn,
55% of the total assets of all companies and that the Metropolitan and the
latter amount $1,946,540,154, approximately 94%, has been
Prudential alone accounted for 32% of the total.
$6,465,349 is owing by open banks and that includes $5,828,640 from one
The last item
on
Monopoly Committee hearings
on
the
insurance business, on which the SEC report is based, ap¬
peared in our issue of March 2, 1940, page 1362.
In commenting on the SEC report, Thomas I. Parkinson.
President of the Equitable Life Assurance Society of the
United States, declared on Feb. 27 that the life insurance
companies apparently have committed the economic "crime"
of being conservative in their investment of policyholders'
funds instead of risking them in new and venturesome enter¬
prises.
He further said, in part:
In
reality the SEC report
pays a
fine tribute to the methods and
men
Through Jan. 31, 1941, authorizations have been made for the purchase
of preferred stock, capital
companies
in
the
aggregating
amount
authorization
banks
of $53,111,026 to
and trust companies
withdrawn
been
and
The funds providing security
and
safety must always be the
Life insurance funds
insurance
loans
were
authorized
capital notes and debentures of 6,870
remains
$173,847,982 of this has
available
to
the
banks
when
During January loans for distribution to depositors of closed banks
increased in the amount of $142,994,
disbursed, and $3,019,286
was
$106,309
was
canceled, $46,098
were
was
Through Jan. 31, 1941, loans have
repaid.
been authorized for distribution to depositors of 2,778 closed banks aggre¬
$337,149,557 of this amount has been withdrawn
$19,381,193 remains available to the borrowers.
$1,032,236,960 has
been disbursed and $965,207,007, approximately 94%, has been repaid.
paramount consideration.
enterprises.
1,123
conditions of authorizations have been met.
and
sacred trust
and
be secured by preferred stock, a total
of $1,518,702,689.
$1,569,500
gating $1,388,767,710.
a
notes and debentures of 6,798 banks and trust
$1,465,591,663
for preferred stock,
with having made "too safe" investments.
are
Only
mortgage and trust company.
responsible for the progress of American life insurance by charging them
for America's families
repaid.
During January the authorizations to finance drainage, levee and irri¬
were never
intended to be risked in
new
and unproven
Do the two authors of the SEC report imagine that the life
companies could
have
gation districts
was
were
disbursed.
increased by $185,500, $759 was canceled and $290,725
Through
Jan. 31,
1941, loans have been authorized to
the
refinance 656 drainage, levee and irrigation districts aggregating $141,047-
outstanding safety record that they did if they had followed the theories
308, of which $45,770,350 has been withdrawn; $4,135,870 remains available
now
come
through
the
depression
with
propounded by these two members of the SEC ?
Actually the assets of life insurance companies
to the
are
borrowers, and $91,141,088 has been disbursed.
Under the provisions of Section 5
actively at work in
(d), which
was
added to the Recon¬
State of the nation, helping to finance industry and small business,
agriculture, home building, railroads and the needs of government, while
struction Finance Corporation
they earn interest for the nation's 65,000,000 policyholders.
January, and authorizations in the amount of $481,636 were canceled or
every
Life insurance has been
a
tremendous stabilizing force in the economic
Act June 19, 1934, and amended April 13,
1938, 29 loans to industry, aggregating $5,299,984 were authorized during
withdrawn.
Through Jan. 31,1941, including loans to the fishing industry,
life of the nation, the life insurance companies paying out $29,000,000,000
to
banks and to mortgage
to
in
cooperation with the National Recovery Administration program, the
policyholders and beneficiaries in the 11
years
since 1929 during the worst
period of business depression the country has experienced.
the companies,
The assets of
meanwhile, have been invested in productive enterprises
The life insurance companies in 1940, for instance,
throughout the nation.
made
of
investments
$10,000,000
a
day.
more
than
S3,500,000,000,
average
Of this total, $1,500,000,000 represented
received by the companies and
of nearly
new
funds
$2,000,000,000 represented the reinvest¬
ment of funds received from former investments.
was
an
During 1940 this total
$440,000,000 greater than in 1939.
When railroads
were
expanding
Of this amount $99,900,869 has been withdrawn and
In addition the Corpo¬
$134,952,532 remains available to the borrowers.
ration agreed to purchase
to
10
businesses
$1,097,512
were
during
participations amounting to $486,650 in loans
January and
withdrawn.
has authorized or has
similar authorizations aggregating
Through
Jan.
31,
1941,
the Corporation
agreed to the purchase of participations aggregating
and $46,348,399 remains available.
During January four loans in the amount of $633,000 were authorized
to unify our geography,
their bonds became a principal investment for life insurance funds.
Corporation has authorized 7,625 loans for the benefit of industry aggre¬
gating $455,156,627.
$121,425,636 of 1,891 businesses, $54,352,382 of which has been withdrawn
Life insurance funds over the years have followed the needs of the nation
for capital funds.
loan companies to assist business and industry
When
to
public agencies for self-liquidating projects.
Disbursements amounted
Volume
to
$939,000
and
repayments
amounted
1941, 393 loans have been authorized
$49,562.
to
Through
Jan. 31,
selif-liquidating projects aggre¬
on
$46,803,143 of this amount has been withdrawn and
gating $631,430,576.
$121,541,975 remains available to the borrowers.
$463,085,458 has been
During January the Corporation sold securities previously
from the Public Works Administration
having
a
par
value of $1,276,132
PWA
securities having par value of $572,026.
Through Jan. 31, 1941, the
Corporation has purchased from the PWA, Federal Works Agency ^formerly
Federal Emergency Administration of Public Works) 4,185 blocks (3,116
issues) of securities having par value of $677,237,499.
Of this amount
securities having par value of $507,268,752 were sold at a premium of
$14,107,313.
Securities having a par value of $137,567,805 are still held.
In addition the Corporation has agreed to purchase, to be held and col¬
lected or sold at a later date, such part of securities having an aggregate
par value of $81,189,150 as the Administration is in a position to deliver
from time to time.
The
listed
report
follows disbursements and repay¬
from Feb. 2, 1932, to Jan. 31, 1941:
as
ments for all purposes
Disbursements
$
$
receivers)...2,018,841,939.79 1,901,516,966.46
797,565,805.16 •315,481,661.87
439,447,676.52
Mortgage loan companies
623,397,462.98
Federal Land banks
387,236,000.00
387,236,000.00
173,243,640.72
Regional Agricultural Credit corporations
173,243,640.72
118,659,061.04
Building and loan associations (lncl. receivers).
122,657,241.60
Insurance companies
87,690,412.95
90,693,209.81
Joint Stock Land banks
21,965,766.12
24,666,880.20
Railroads (Including receivers)...
.....
....
State funds for insurance of deposits of public
Federal Intermediate Credit banks
Agricultural Credit corporations
.....
Credit unions
Processors or distributors for payment
14,718.06
14,718.06
4 280,566,517.20
Total loans under Section 5
Secretary
to
589.175.21
of pro¬
3,487,396,608.98
cessing tax
Loans
13,064,631.18
12,971,598.69
9,250,000.00
5,599,953.83
665,346.33
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
600,095.79
moneys...
purchase
of Agriculture to
3,300,000.00
3,300,000.00
91,141,087.99
cotton
7,909,168.80
Loans for refinancing drainage, levee and irriga¬
tion districts
Loans to
public school authorities for payment
of teachers' salaries and for refinancing out¬
22,865,175.00
22,310,000.00
463,085,457.85
standing indebtedness.
419,273,574.33
Loans for repair and reconstruction of property
earthquake, fire, tornado, flood
damaged by
12,003,055.32
5,034,247.08
47,298,877.12
234,491,908.83
58,934,662.87
25,000,000.00
48,101,896.84
6,520,409.40
and other catastrophes
47,251,981.13
108,921,556.61
685,483.28
25,000,000.00
45,023,187.56
2,773,966.95
Loans to aid In financing the sale of agricultural
surpluses In foreign markets.................
Loans to business enterprises......
Loans for National defense
Loans to Export-Import Bank
Loans
on
and purchases of assets of closed banks.
Loans to mining businesses
Loans to finance the carrying and orderly market¬
767,716,962.21
19,644,491.78
...
Total loans.excl.of loans secured by
Purchase
767,716,962.21
18,993,423.00
prefAtock.6,080,673,502.41 4,961,589,889.93
of
preferred stock, capital notes and
debentures of banks and trust companies (In¬
25,000,000.00
11,000,000.00
5,000,000.00
2,000,000.00
5,000,000.00
1,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn..
Purchase of Stock-Metals Reserve Co
Purchase of Stock-Rubber Reserve Co
Purchase of Stock-Defense Plant Corp
Purchase of Stock-Defense Supplies Corp
companies
preferred stock
by
(including
34,475,000.00
...1,426,760,206.56
Works
Administration,
Federal
640,552,546.16
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Capital stock of Home Owners'Loan Corp..
Capital stock of Federal Home Loan banks.
Loan (now Land Bank) Commissioner
12,304,881.37
703,574,143.32
526,455,159.60
-
200,000,000.00
124,741,000.00
—....—
...
...
for loans to:
.................
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers.
fund..
.....
Sec. of Agricul. for crop loans to farmers (net).
Sec. of Agrlcul.—Rural rehabilitation loans...
145,000,000.00
2,600,000.00
55,000,000.00
141,697
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,500,000
held In revolving fund)
Carlton A Coast RR. Co
35,000,000.00
—
on
40,500,000.00
97,000,000.00
24,000,000.00
— .
44,500,000.00
—
Appropriation Act—1935
Emergency Relief Appropriation Act,
Under
1935
-
.....
'
Interest on notes
2,425.46
11,500.000
537
158,000
8.762,000
1,150,000
13,718,700
2,680,000
8,300,000
8,762,000
(trustee)
8,920,000
Chic. No. Shore & Milw. RR.Co.
1,150.000
Chicago R. I. A Pac. Ry. Co
13,718.700
Chlc.R.I.A Pao.Ry.Co. (trustees)
2.680,000
Cincinnati Union Terminal Co..
Colorado A Southern Ry. Co
10,398.925
2,098,925
30,123,900
Columbus & Greenville Ry. Co..
60,000
Copper Range RR. Co
53,500
Del. Lackawanna A Western RR.
5,100,000
53,600
60,000
Denver A Rio Grande W.RR.Co.
Denver A Rio Grande W.RR.Co.
Denver & Salt Lake West.RR.Co.
Total allocations and
Does not include
-
10,000,000
3,000
1,957,075
227,434
Ft. Worth & Den. City Ry. Co..
8,795,500
Fredericksburg & North. Ry. Co.
15,000
(trustees)
90,000
1,800,000
3,182,150
16.582,000
10,000,000
1,800,000
71,300
582,000
3,200,000
1,867*075
751*075
10,000
500,000
8,780,422
15,000
78.000
10,539
12,000
3,1*83*666
78,000
3,183,000
Galveston Terminal Ry. Co
546,000
Georgia A Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
125,422,400
Green County RR. Co
13,915
Gulf Mobile & Northern RR. Co.
520,000
53*566
155,000
3,000
Eureka Nevada Ry. Co
Gainsvllle Midland RR. Co
'
5,100,000
8,081,000
l.ieTooo
10^539
546,000
99,422,400
354,721
26,000.000
26,000,000
13,915
13,915
520,000
520,000
<$)Ohlo RR. Co. and
Illinois Central RR. Co
56,095,667
22,667
Kansas City Southern Ry. Co...
1,112,000
10,278,000
800,000
9,500,000
52,642,000
1,112,000
1.000,666
9,278,000
3*50,666
Gulf Mobile'A North. RR. Co.
Lehigh Valley RR. Co
Litchfield A Madison Ry. Co
Louisiana A Arkansas Ry. Co...
9,500,000
800,000
200,000
3*660
2,500,000
2,550,000
197,000
2,729,252
6,843,082
100,000
6,124,000
744,252
655,060
1,112,000
9,278,000
800,000
400,000
985,000
*3,200,000
2,550,000
~
2,550,000
50,000
Meridian A Bigbee River Ry. Co.
(trustee)
6,843,082
100,000
5,124,000
23,134,800
23,134,800
99,200
785,000
......
Co.(receivers)
1,070,599
......
Murfreesboro-NashvllleRy.Co..
25,000
b41,499,000
18,200,000
7.700,000
New York Central RR. Co..
N. Y. Chic. A St. L. RR. Co
N.Y.N.H. A Hartford RR.Co.
Norf.South.RR.Co. (receivers).
1,681,000
Northern Pacific Ry. Co
5,000,000
Pennsylvania RR. Co
29,500,000
Salt Lake A Utah RR. Co. (rec'rs)
Salt Lake A Utah RR. Corp
222
......
108,740
36,499*666
18,200,000
952,608
7.699,778
743,000
42,000
5,000,000
5,000,000
600,000
28,900,000
3,000,000
17,000
9,045,207
300,000
28,900,000
3,000.000
15,000
4,975,207
300,000
2,805,176
18,672,250
200,000
215,000
n:
117,750
7,995,175
18,672,250
65,000
65,000
1,235,000
12*8,'666
6,320,000
44,000.000
624,000
26,000,000
50,905,000
32,241,000
200,000
400,000
52,000
162,600
162,600
1,200,000
500,000
100,000
100.000
5,332,700
1,897,000
100,000
5,332,700
1,897,000
Texas Okla. A Eastern RR. Co—
785,000
1,070,599
25,000
200,000
400,000
1,300,000
162,600
99"266
99,200
785,000
1,070,599
36,499,000
18,200,000
Pere Marquette Ry. Co..
Pioneer A Fayette RR
3,000,000
17,000
Pittsburgh A W. Va. Ry. Co.—
9,045,207
Puget Sound A Cascade Ry. Co.
300,000
St. Louis-San Fran. Ry. Co
7,995,175
St. Louis-Southwestern Ry. Co.. 18,790,000
a6.843,082
100,000
2,309,760
183,700
108,740
2,035*666
789,000
30,000
......
30,000
45,000
6,000
39,000
30,000
39,000
210,080
2,035,000
Corp.
452,000
452,000
25,981,583
4,366,000
4,366,000
10,241,800
1,403,000
(trustees). 13,502,922
Wichita Falls A Southern RR.Co,
750,000
Wrightsvllle A Tennllle RR
22,525
13,502,922
3,624,757
750,000
22,525
400,000
22,525
925,656,587 111,752,756 797,565,805
320,281,662
Wabash Ry. Co. (receivers).
Western Pacific RR. Co
8,200
*
Includes two guarantees of $350,000 each
in addition the Corporation
The loan to Minneapolis St. Paul A Sault Ste.
Marie Ry. Co. (The Soo Line)
was secured by its bonds, the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
maturing over a period of 10 years,
in addition the Corporation also
$700,000
guaranteed
the payment of interest.
c
17,159,232.30
Includes $320,000 guarantee by the
17,161,657.76
Since
thus reduclng.the
corporation of securities sold by It.
$128,000 of the $320,000 has been repaid by the railroad,
Corporation's liability under the guaratee.
d Includes an agreement by which the Corporation may be
the sale,
elect, to repurchase at any time prior to maturity,
(now canceled).
Canadian Pacific Ry.
due on loan made to the Min¬
$4,800,000 represented by notes of the
(one of which has been canceled);
also guaranteed the payment of interest.
b Includes a $5,000,000 guarantee;
33,177,419.82
Co., which were accepted in payment of the balance
neapolis St. Paul A Sault Ste. Marie Ry. Co.
25,973,383
of which matured and has been paid.
11,124,975,810.46 6,208,780,850.61
......
Fla. E. Coast Ry. Co. (receivers)
Ft.8mlth A W.Ry.Co.(receivers)
——
500,000,000.00
relief.. ....... ...... .2,976,989,555.33
Grand total
•
............
3,182,150
Gainsville Mldl'd Ry. (receivers)
Galv. Houston & Hend. RR. Co.
2,680,000
8,300,000
1,561,389
227,434
219,000
8,300,000
16,582,000
Erie RR. Co.
30,055,222
838
53*566
1,800,000
(trustees)
..........
Issued for funds for allocations
and relief advances....
150,000
500,000
Pacific Ry. Co.'s notes for $5,500,000,
499,999,065.72
500,000,000.00
1,799,984.064.72
Total for relief
4.338,000
150,000
Chic. Milw. St.P. & Pac. RR.Co. 12,000.000
Chic. Milw. St.P. & Pac. RR. Co.
Totals...
al7,159,232.30
Under Emergency
4,933,000
46,588,133
1,289,000
1,000
Western Pac. RR. Co.
299,984,999.00
.......
5.916.500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western Ry. Co..
1,289,000
Chic. Gt. West. RR. Co. (trustee)
6,546,870
The Utah Idaho Cent. RR.
2,425.46
directly by Corporation...
certification of Federal Relief
.....
464,299
59,000
155,632
149,000
Chicago A Eastern Illinois Ry. Co
Chicago A Eastern IU. RR. Co..
220,692
140,000
140,000
5,916,500
4,933,000
Tuckerton RR. Co
.1,143,828,070.79
For relief—To States
States
14,160,000
464,299
Charles City Western Ry. Co...
a
Administrator
14,150,000
3,124,319
35,701
Texas-South-Eastern RR. Co
..—.....
.....
Rural Electrification Administration.....
To
4,150,000
500,000
Texas A Pacific Ry. Co..
116,186.58
126,871.85
152,500,000.00
.........
53,960
13,200
90,000
dl8,300,000
3,124,319
ville A Nashville, lessees)
Central of Georgia Ry. Co...
Central RR. Co. of N. J
Texas City Terminal Co
3,108,278.64
14,449,352.92
Expenses—Prior to May 27,1933
Since May 26, 1933
Total allocations to governmental agencies...
47,877,937
53,960
549,000
Buffalo Union-Carolina RR
Tennessee Central Ry. Co
pro¬
Stock—Commodity Credit Corporation.......
Stock—Disaster Loan Corporation
relief
535.800
Boston & Maine RR
Sumpter Valley Ry. Co
6,000,000.00
Administrative expense—1932
400,000
12,238,450
41,300
7,684,937
...
10,000,000.00
74,186,380.80
115,000,000.00
farm tenant loans
Administrative....
400,000
95,343,400
41,300
47,877,937
14,600
Seaboard Air L. Ry. Co. (rec'rs)c c6,640,000
Southern Pacific Co
45,200,000
Southern Ry. Co
51,405,000
Governor of the Farm Credit Administration for
revolving fund to provide capital for
duction credit corporations......
634,757
Savannah A Atlanta Ry. Co
Sand Springs Ry. Co...
Federal Housing Administrator:
For other purposes..
1,150,000
634,757
Mobile A Ohio RR. Co
Farm
To create mutual mortgage insurance
2,500,000
634,757
Ashley Drew & Northern Ry. Co.
400,000
Baltimore A Ohio RR. Co. (note) 95,358,000
Birmingham & So'eastern RR.Co.
41,300
Missouri Southern RR. Co
;
Secretary of the Treasury to purchase:
Farmers
2,500,000
Ann Arbor RR. Co. (receivers)..
Missouri-Kansas-Texas RR. Co.
Missouri Pacific RR. Co
8,147,986,255.13 6,191,619,192.85
Total
$
127,000
Mississippi Export RR. Co
Works
Agency, security transactions
Repaid
$
275,000
Ala. Tenn. & Northern RR. Corp.
Alton RR. Co
Mobile A Ohio RR.
_
Disbursed
127,000
275,000
127,000
Minn. St. P.AS.S.Marie Ry. Co.
$100,000 disbursed for
Total
Public
691,269,261.95
of Insurance
the purchase of preferred stock)
$
Aberdeen & Rockflsh RR. Co...
Maryland A Penna. RR. Co
Purchase of stock of the RFC Mortgage Co
secured
Withdraum
$
Maine Central RR. Co
cluding $45,449,300.76 disbursed and $15,804,446.37 repaid on loans secured by pref. stock)
1,343,285,206.56
Loans
Canceled or
AutTiorieed
! vv
Gulf Mobile
ing of agricultural commodities and livestock:
Commodity Credit Corporation
Other.
AutTiorizations
Erie RR. Co
Loans to aid in financing self-llquldatlng construc¬
tion projects
table
and repaid by each, are shown in the following
(as of Jan. 31, 1941), contained in the report:
to
(Atlantic Coast Line and Louis¬
Banks and trust companies (lncl.
Livestock Credit corporations
with¬
together with the amount disbursed
drawn for each railroad,
Carolina Cllnchfield A Ohio Ry
Repayments
Loans under Section 5:
Fishing industry...
In addition to the
The loans authorized and authorizations canceled or
purchased
The Corporation also collected maturing
premium of $14,729.
repayments of funds disbursed for relief under the Emergency
1932, the Corporation's notes have been canceled
$2,729,330,323.03 on account of amounts disbursed for allocations
to other governmental agencies and for relief by direction of Congress and the
interest paid thereon, pursuant to provisions of an Act (Public No. 342)„approved
a
Relief and Construction Act of
in the amount of
Feb. 24, 1938.
disbursed and $419,273,574 has been repaid.
at a
1365
The Commercial & Financial Chronicle
152
required, or may
$4,150,000 securities sold by It
In addition to the above loans authorized the
Corporation
principle, loans in the amount of $328,781,539.05 upon the performance of specified conditions.
Of
this amount $295,463,864.05 has been canceled, leaving $33,317,675 outstanding at the end of the month.
has
approved,
m
The Commercial & Financial Chronicle
1366
Federal
SEC—Also
of
Their
Recommends
Submission
Among the
to
would
"the
suggest
or
Federal
inventories by aluminum fabricators,
of the metal.
"On the contrary, the entire
can
The text of Mr. Stettinus's letter to aluminum
The importance of meeting the defense
needs of aluminum in preference
until further notice you should submit to us once each month, at
week in advance of the beginning of the
Accordingly, I
am
determination as the relative prefer¬
invoking the authority reposed in the Office of Pro¬
Management under the Act of June 28,
executive order of the President dated Jan.
preference rating of A-2.
In doubtful cases we will determine what are defense orders.
The specific
preferences among the defense orders covered by this general preference
effective job or where
an
the Navy (herein called
into the manufacture of material for the Army or
Pike declared, however, that "if some steps are not taken now to
1940, pursuant to the
7, 1941, and you are hereby
apply to any orders for aluminum going directly or indirectly
directed to
of our
standards may become unduly relaxed, the weaknesses in the existing State
rating will be governed by delivery dates in accordance with
regulatory system
mination made by us when you submit your orders as
then arise for
lead to its eventual decay and public clamor will
may
all-inclusive Federal regulatory system."
an
Referring to
by
providing
Government
insurance
I
of
similar
a
through
type
In order that you may
postal
companies with the
by
commission, Mr. Pike suggested these
I
poses,
Federal activities in the
new
reason
of contract
or
obligations to customers desiring the same material for civilian pur¬
other
invoking the authority reposed in the Office of Production
am
Management under the Act of June 28, 1940, pursuant to the executive
field
order of the President dated Jan. 7,1941, and you are
1. Empowering some Federal agency to prevent companies from using
the mails, the telephone, the radio or other
to sell insurance in a
commerce
far
of the
insurance commissioner
or
national
bankruptcy
act
permit
to
V"
.
Federal
3. A
prohibition
operating in more than
one
Please comply with any higher ratings which have
directors
and
of
you
.y
j.
r•
against officers
ticular
your customers or
apply to
any
such
of A-2.
been given to orders
on
otherwise.
experience difficulty in definitely ascertaining whether any par¬
orders
are
defense
please communicate
orders,
an
If any non-defense orders
insurance advisory council composed of representatives
the known facts
three
company
officials
and
three
policyholders.
make
systems,
recommendations
for
standard
that
are
necessarily interfered with by this
direction must, in your opinion, be given prior status, kindly
handling insurance matters, three State insurance
agency
the facts
Such
directly to this office, if
This order expires May
council, Mr. Pike proposed, might aid in integrating Federal and State
examination
so
delivery dates on such
directly to this office and we will advise you.
Creation of
commissioners,
through
If you
companies
State from using their positions for "improper
personal gain."
of the Federal
accordingly ordered to
non-defense orders, in
is necessary to comply with the
defense orders not bearing a higher designation a preference rating
for liquidation or reorganization of an insurance company with impaired
reserves.
course
To effectuate this order you are hereby directed to
State
any
Federal agency to apply to the Federal court
a
this
as
defense orders.
C/'"'
V/;:--
2. Amendment
all such defense orders in preference to any
serve
of interstate
means
State where they have not been lawfully admitted to
do business.
a
Navy (therein called de¬
fense orders), without serious consequences to you
Federal Government and their examination by some existing agency or a
4.
prefer all orders going directly or indirectly into
the manufacture of material for the Army or the
,
In addition to asking for registration of insurance
new
communication of Jan. 31, 1941, this will enable you to
our
out the request therein with the aid of the authority of this division.
carry
system of lump sum death benefits under the social security system or
facilities.
the deter¬
above.
The letter to machine tookmakers said:
Mr, Pike also suggested that the Government encourage "the gradual
disappearance and eventual elimination of industrial insurance" through
a
one
to be accorded your customers.
ences
be avoided by strength¬
least
month, your complete booking of
defense orders), not bearing a higher designation, a
where State regulation cannot do
producers
shortage exists, makes it necessary that
to civilian needs to the extent that
all-inclusive
purpose
the OPM
opportunity to keep a watch on the order books of the
an
follows:
Government
form of strict,
any
proposals is to demonstrate that such regulation
gaps
use
producers and make further determination of the preferences to be imposed.
ening the existing State regulatory machinery."
Mr.
have
duction
recommend
not
Stettinius were the with¬
explained further that under the order as issued today
orders for the ensuing month for our
Mr. Pike declared that
Federal regulations," he said.
plug the
increase in civilian
an
He
processes."
do
in working stocks and
the increase
and
should not supplant the States, nor should It interfere with their regulatory"We
factors mentioned by Mr.
of the British
military program, which had cut the United States off from a Canadian
supply of ingot aluminum averaging about 3,000,000 Pounds a month;
advices of Feb. 28 said:
time,
new
holding of aluminum scrap from the market, the stepping-up
Federal Examination
same
1941
industries.
sought to allay any fears of a shortage of aluminum for defense
Testifying before the Monopoly Committee yesterday
(Feb. 28), Sumner T. Pike, member of the Securities and
Exchange Commission and the Commission's representative
on the Committee, proposed that life insurance companies
doing interstate business be compelled to register with the
Federal Government and be required to submit to Federal
examination.
He said that these, together with
other
recommendations offered by himself and Gerhard Gesell of
the SEC staff would provide "some slight supervision over
certain primarily interstate aspects" of life insurance.
In
reporting on his remarks, Associated Press Washington
At the
1,
It was assumed that he was referring to the time when he
months ago.
Registration of Life Insurance Companies
Doing Interstate Business Proposed by S. T. Pike
March
you
communicate
have not already done so.
31, 1941.
accounting
practices and suggest State legislation.
Strike at B. H. Aircraft Co. Plant in Long Island City
Settled
1940 Long-Term Farm Mortgage Loans Made by Federal
Land Banks Increased 28% Over 1939
Long-term farm
mortgage loans made
in
by the
1940
12 Federal
Land Banks and the Land Bank Commissioner
exceeded the 1939 totals by nearly 28%, it was reported
Feb. 26 by W. E.
.
The strike of
employees of the B. H. Aircraft Co., 27-01
Bridge Plaza North, Long Island City, Queens, was settled
on Feb. 27 and the employees of the plant, which is filling
national defense orders, returned to their jobs it was an¬
nounced by Mrs. Elinore M. Herrick, regional director of
the
Rhea, Land Bank Commissioner.
He
pointed out that this is a definite reversal of the trend
followed
from 1935 to 1939, when the number of farmers borrowing
from the land banks and the Commissioner showed a decline.
Board.
settlement
agent.
Nearly 39,000 loans were made in 1940 for approximately
$101,000,000, compared with 30,047 loans in 1939 for
$79,000,000.
The announcement goes on to say:
In spite of the increased number of loans put on the books,
number and
the total
repayments on loans made in former years.
Farmers repaid $159,000
the principal of their loans in 1940, the largest amount for
any year
years since the Farm Credit Administration
organized
was
farmers have repaid $732,000,000 on the principal of their mortgage loans,
Commissioner Rhea reported.
More than 141,000 loans have been paid
Repayments in full have increased from about 3,000 loans
in 1933 to
credit
on
These
are
Almost
to
Dec.
regular payments
31,
90,000
on
their loans farmers had to their
1940, conditional payments amounting to $246,000.
held by the land banks for
use
by the borrowers in
Commissioner loans made
amortized during the
12 months ended
half of all loans of this type are on a
in
Land
Bank loans
on
durable security
previous
Dec. 31,
1940,
20-year basis.
of Commissioner loans originally were made on
years or
a year
approximately 30,300 in 1940.
In addition
are
a
so
case
of need.
years
that
were
now
re-
over
A large proportion
10-year plan.
Federal
usually made for terms of 20
longer.
OPM Invokes
Mandatory Priorities on Aluminum and
Machine Tools—Priorities Director Stettinius
Says
Action is Necessary
The Office of Production
Management
on
Feb. 25 invoked
for the first time its authority to impose mandatory priorities
on an industry-wide basis, when it ordered aluminum
pro¬
ducers and machine tool makers to give preference rating to
defense orders. This action was announced by Edward R.
Stettinius
Jr., Director of Priorities of the OPM, who made
public letters he had sent to machine tool builders and
aluminum producers.
Mr. Stettinius explained that the
OPM had tried to keep allocation of aluminum and machine
tools on a voluntary basis but that the situation had become
"so acute" it was necessary to enforce the
mandatory
priorities. In a Washington dispatch Feb. 24 to the New
York "Times" it
Mr.
was
stated:
Stettinius explained that
defense program, but,
ecent adverse
his action
was
specifying further in the
changes presented
a
made
case
necessary
Relations
The
A
previous reference to the strike appeared in
our
issue of
Feb. 22, page 1220.
Strike
at
Vanadium Corp. of America Plant at Niagara
Falls, N. Y. Settled
on
since
1929.
in full.
Labor
employee election in which the United Auto
Workers of America, C. I. O. was chosen as bargaining
an
of loans outstanding decreased because of the heavier
amount;
In the 7}4
National
by the
of aluminum, said that
picture very different from that of two
Hugh Thomson, Congress of Industrial Organizations
regional director, announced on Feb. 21 the settlement of
an 11-day strike affecting 400 workers at the Vanadium Corp.
of America plant at Niagara Falls, N. Y., which has extensive
defense contracts.
ratified by
representatives
The employees returned to
plant, which manufactures
ferro-alloy product for steel construction, to resume fullProviding
wage
increases, the agreement
was
C. I. O. workers after conferences between
of the union and the company.
work immediately to permit the
time
operations.
Thompson said that the settlement, which he termed
"excellent," provided the following wages: A minimum rate
of 643^ cents an hour for workers employed six weeks;
8 cents an hour increase at the end of six months; a boost
Mr.
of 5 cents
an
two years,
more
hour for all
and
a
men
employed from six months to
6-cent- increase for all workers employed
than two years.
The union
shop issue was dropped, he added, in favor of
bulletin board statement which permits solicita¬
tion of membership and collection of union dues at the plant.
a
company
Strikers
at
Allis-Chalmers Mfg. Co., Agree to
Conciliator
Terms under which
Terms of
the Allis-Chalmers United Automo¬
bile Workers union will call off the strike and return to work
were agreed upon on Feb. 22, by international union officers
following a conference with Federal labor conciliators at
Kenosha, Wisconsin.
The terms had been ratified
previously by officers of the
striking Congress of Industrial Organizations local and on
Feb. 22 were taken back to Milwaukee by Maj. James P.
Holmes, resident Federal conciliator, who said that he would
present them to the company management at once.
Volume
V Associated Press advices from Kenosha, Wis.
reporting the terms said:
Feb. 22,
on
,
proposed solution of the strike in
written statement.
a
points, the union would call
number
special meeting of the membership "for
a
the purpose of ratification and returning to work."
:
production of $45,000,000 in national defense orders.
and
peace
we propose
harmony
in
plant
the
an
certain
impossibility;
that the*status of these individuals be settled by the
umpire and pending such settlement they remain out of the plant," the
union statement
read.
"Factory rules
to be
are
negotiated and made
part of the contract,
a
together with all future rules to be mutually agreed upon.
"The union agrees to permit Dr. John E. Steelman, head of the United
States Department of Conciliation to appoint the impartial referee."
The statement asked that any employee whose seniority had been broken
:
by
a
layoff be placed
"Because
of the
wages than any
crease
on a
fact
preferred list and hired before
that
AUis-Chalmers
contractural
mutually agreed upon.
removed from the contract.
in the
employees.
other workers in the industry, we demand a blanket in¬
certain
are
provisions
well
as
same
position it
was
Now the
To do
the
as
text
of the
by negotiations
won
is asking that these be
company
would be to place our organization
prior to the organization of the union.
will not do, and we demand these
"Upon agreement
so
provisions remain in status
This
we
mediate special meeting of the membership for the purpose of ratification
and returning to work.
The remaining points of the contract
can
be nego-
gotiated after the opening of the plant."
Copies
sent
were
to company
Commission and the United
Officers of the union
seeking to settle
a
were
officials, the National Defense Advisory
States
threatened strike at the Nash-Kelvinator Corp.'a local
previous reference to the Allis-Ghalmers Mfg. Co.,
appeared in our issue of Feb. 22, page 1220.
OPM Terms
on
The Committee of Industrial Organization workers at the
Bethlehem Steel Co.'s plant in Buffalo, New York ended
their
two-day strike
on
The
by
William
S.
agree
1.
of
between
Sidney Hillman,
Knudsen and
that
be
one
fully reinstated
as soon as
resumption
operations will permit.
2.
labor
available
"It
all
does
will
The OPM explore with the Labor Board the possibility of holding an
a
bargaining agent.
The strike started at 9 p. m. Wednesday and was marked
by outbreaks of
union,
which
claims
10,000
members
among
the plant's
14,000
of
Under the expanded pro¬
1942.
and
until
that
/ ;;
the revised
.
however,"
follow,
well
the
will
we
an
;
unemployed
be
then
faced
with
"that
completely
research report,
says
present
have
been
sudden
a
absolute
and
The staff notes that severe shortages already
lines and certain parts of the country, especially in the
'general shortage' of labor."
exist
in
skilled
certain
the
staff
be
peak
reached
in
the
of workers in
surpluses
believes
one
this
will
unevenness
peak
and
Under the original program the
production and employment would be
of
believes "the
but under the enlarged program the staff
1942,
lines
other
continue
two million unemployed persons even
or
production.
of armament
that
large
are
The
may
concluded
staff
there
sections.
that there
estimates
at
while
trades,
other
and
rising trend of employment will continue beyond 1942 and reach a higher
peak at some later date."
-v;v ^
the
is clearly unequal to
large part of the increased
requirements will have to be met by workers not previously in the labor
this
new
visible supply
present
probable
the
demand,
be
will
There
staff
workers
the
"a
of
than
more
two years through
Several
retirements.
over
unemployed
of
says,
addition
net
a
during the next
force
million
million
a
the
normal
workers
women
the
to
excess
of
entered
War, and this experience may be repeated
during the next few years.
There is a considerable reservoir of unused
labor in agriculture.
A marked expansion of industry could probably draw
at least two million persons out of agriculture without reducing agricul¬
industry
tural
during
The
through
staff
Act,
shortages
and
such
develop
half
a
is
priate
measures
would
be
incomes
felt
labor
for
increases
there
may
to
work
than
more
all
for
in
they
turn
to
should
be
week, but
per
above
staff
that
"as
says,
rule
.
(this)
since
Higher
cumulative inflation
a
if
appro¬
The impact of higher prices
pensioners and other
persons,
groups
Workers would probably gain in real
relatively rigid.
income
figure.
labor
.
.
higher prices and profits, though there
of fiscal policy are adopted.
are
the
the general
generate
primarily by salaried
it
hours
40
overtime
condition,
future
general increase in average hourly earnings.
lead
why
reason
demand
the vertical
worked."
hours
overtime becomes
and
would
costs
no
also be expanded in
may
the
payment
possible
a
would then produce a
labor
the
as
permits workers
time
Analyzing
that
in
quarters for revision of the present Fair Labor Standards
some
which
requires
increase
an
notes
in
World
The labor force
production.
direction
hourly earnings."
ir
likely
that
the
of
cost
living
would rise
less
than
These findings, it is stated, are part of a research report
which is
the
being submitted to
field
The
violence.
fall
supply.
not
be
absorbed,
A conference be held to seek adjustment of differences.
3.
election to determine
and the
1940
merely that—barring
say
can
average
All employees of the plant be
The
fall of
the
early peace—the increase will
larger than this," and the staff believes it will certainly exceed the
gram
pressure
director and associate director of the OPM, asked both union and company
to
number
in November,
unemployed
whose
signed
program,
Using the same methods
accurate in March, the Conference Board set the
so
1940, at 7,217,000,
The research
accepts the probable accuracy of this figure and after deducting
the estimated workers on Government projects, those on temporary layoff,
and those likely to be affected by the draft, the Fund staff now says that
"the number of idle workers in the labor market available for employment
in the near future is probably not far from 4,000,000."
In
the process
of revising its estimate of future employment, the
research
staff says:
"On the basis of 1940 appropriations it seemed
reasonable to predict an
increase in employment of around 6,000,000
full-time
of
Feb. 28 after unanimously approving
Government-drafted formula for settlement.
Van A. Bittner, Steel Workers Organizing Committee
director, said that the company and union officials ratified
the three-point program submitted by President Roosevelt's
Office of Production Management to end the strike.
H Associated Press advices from Buffalo, New York on
Feb. 28, reporting the strike said:
%
Work Projects Administration and
on
placed at 9,269,000.
period and
same
proved
working
Bethlehem Steel Strike Settled
employed
work programs, gives a total of 9.315,919.
This com¬
the National Industrial Conference Board
estimate made by
an
market.
strike
a
the
for
Since
Department of Conciliation.
here for discussions with Federal conciliators
plant.
A
that
2,905,919
plus
emergency
with
quo.
the above points, the union agrees to call an im¬
on
work,
pares
receiving lower
are
in wages be negotiated to Jan. 2, 1941," the statement said.
"There
and
any new
workers
company's letter of April 19, 1940, which have been
indicate
year
staff
"The present strike is largely due to the disruptive activities of
therefore,
at
which
The strike, which began more than a month ago, has been holding up
individuals, making
last
other
The union said that if the company agreed to a certain specified
of
in
impartial referee and
an
of a sample of the Census enumeration
there were 5,119,000 persons completely
1940. .Adding
1,300,000 who had jobs but who were on temporary layoff and not actually,
Preliminary tabulations
supply.
taken
unemployed and seeking work in the last week of March,
The union accepted the terms of the agreement reached last Saturday
Washington with respect to the establishment of
1367
Chronicle
The Commercial & Financial
152
labor
of
appointed by the trustees of
Fund.
Although this committee
Twentieth
bears
no
committee of authorities in
a
relations
Century
responsibility for the research report, it will make
for
action
basis
employees, would not estimate the number of workers who had struck but
recommendations
termed the strike
William H. Davis, the retiring Chairman of the New York
State Mediation Board, is Chairman of the Committee.
nearly 100% effective.
The company's general manager,
Edward F. Entwisle, asserted the stri ke was a dismal failure and contended
that most departments continued to operate.
,
Mr. Bittner said that the union's original demand for a 25% wage
crease,
in¬
later abandoned, would be considered when it bargains with the
He added that he expected a bargaining agent election would
company.
be held within 30 days.
IfcPickets
were
withdrawn from all gates of the plant immediately after
police, who previously clashed in occas¬
the strike ended, and strikers and
ional melees, laughed and exchanged
strike.
■
the
Demand for Labor Will Exceed Number of
gram,
as
Recent major increases in America's defense program will
bring about a demand for labor that "will certainly exceed
unemployed persons in the labor market," it
is indicated in a revised conclusion reached by the research
the number of
is
making a survey of labor policy
under the
Twentieth Century Fund. Previ¬
ously the staff, which is headed by Dr. Lloyd G. Reynolds
of the Johns Hopkins University, had estimated that under
the original $16,000,000,000 defense program present reserves
defense program for The
of
labor
revised
were
adequate.
Since
that
time,
however,
the
"President Roosevelt has requested
additional defense appropriations of almost $11,000,000,000,
plus an undefined amount for shipment of war materials to
report
says,
Great Britain and other belligerents.
.
.
.
The defense pro¬
defined by the President is now limited only by
the capacity available for armament production.
Fiscal
limitations have been virtually discarded."
These portions
gram
as
made public on Feb. 24 by Evans
Clark, Executive Director of The Twentieth Century Fund.
From the advices issued on Feb. 24 by The Twentith Century
of the revised report were
Fund
we
also quote:
The Census
Fund's
Bureau
research
staff
Organizations,
because
he
felt
recently
the
that
resigned from
his
of
pressure
mittee
are:
of the
Chenery, editor of "Collier's Weekly"; William M. Leiserson
National Labor Relations Board;
Frazier Maclver, Vice-President of
the Phoenix
Hosiery Co.; Sumner H. Slichter, Lamont University professor,
University; Robert J. Watt, international representative of the
Harvard
American Federation of Labor, and Edwin E.
Witte, Chairman, Department
Economics, the University of Wisconsin.
Study by National Industrial Conference Board Shows
Increased Taxes Taking Much of Gain in 1940
Earnings of Leading Companies
#
Increased taxes for 1940 absorbed much of the gain in
profits of leading companies, and in some cases caused net
incomes to decline, a study by the National Industrial Con¬
Board
ference
of
1940
financial
statements
revealed
As to the results shown in the survey,
Feb. 23.
on
the Board
says:
For
a
group
of 120 industrial companies. Federal income and
excess-
profits taxes were found to have risen 141% for the year, reducing the 37%
gain in profits before deduction for taxes to only 14%
after taxes.
Six
machinery companies in this group had increases in taxes which amounted
to
more
than 300%
and lowered their income from
gain of 100% to a "net after taxes" gain of 47%.
a
"net before taxes"
Earnings of six chemical
producers in the group showed a decline of 5% after taxes.
to
the fact that
than
For
while earnings rose 28%,
This
was
Federal taxes increased
owing
more
200%.
a
group
last year and
of 33 companies which had earnings of $1,000,000
which were subject to the excess-profits taxes, it
tained that the gain in total tax reserves equaled 89% of
before taxes,
reserves
163%,
or
was ascer¬
the gain in income
and that net income after taxes rose only 5%.
jumped
latter amount,
or more
Total tax
from $101,000,000 to $266,000,000.
Of this
$89,000,000 had to be set aside for excess-profits taxes.
The Board's study reveals that while income is responding to the stimulus
recently has released some figures against which the
checks
Industrial
Unemployed
According to Survey Prepared by Twentieth
which
facts.
Result of Defense Pro¬
Century Fund
staff
the
official duties would not permit him to give sufficient time
to the committee's work.
The other members of the com¬
of
Within Next Two Years
of
committee
William L.
\:y-;-'v:'ryy y,
of
One of the members, Philip Murray, President of the Con¬
gress
pleasantries.
|| S. W. O. C. headquarters at Lackawanna announced that the "company
was not quite ready" to take the men back to work at the 3 p. m. shift.
No statement was forthcoming from plant officials on termination of the
the
on
its
previous
estimates
of
the current
labor
of the defense program,
the cost of
business is at the
building defense.
same
time paying heavily toward
In the case of two large machinery companies,
The Commercial & Financial Chronicle
1368
smaller amount
a
for Federal
Income
reported available for stockholders than was allowed
and excess-profits tares, 53 cents out of every dollar of
taxes
before taxes having been appropriated
companies
were
was
for tax purposes.
For 28
subject to the excess-profits taxes declines in net income
not
reported by 12 companies with earnings of $1,000,000 or more.
income after
Increased from $171,000,000 in
taxes
gain of 40%; their tax bills rose from $38,000,000 to $70,000,000,
a
These showed an average gain of
those in the automotive industry.
only 6% in net income as compared with a 179% rise in tax reserves.
was
but
Tax
affected.
less
reserves
11
of
steel
companies
increased
Steel
127%
equal to only 23% of their income before taxes, as compared with
were
42% of earnings before taxes in the machinery industry, 39% in the auto¬
J///
mobile, and 36% in the chemical industry.
Net
increase of 17%
or,
$1,283,000,000,
average
increase compared with an average
which
companies,
industrial
compared
as
1939
gain over
experienced
an
average
in figures, rose from $1,592,000,000 in 1939 to $1,861,
This
1940.
all 475 companies
for
after taxes
income
000,000 in
387
would enable the builder to offer the structures
This special
The Act
So far
had
with
aggregate
profits
$1,079,000,000 for
of 19%
amounting
for
defense housing can be supplied
of
Series
of
nationwide study of leading American cities
a
reported
upon
by the Urban Land Institute is the City
pointed out to it important steps
of Cincinnati which has
to conserve the social and economic investments
bound up
in its central business
district, together with ways to build
new
values, the Institute announced on Feb. 19.
The
Institute's report, issued to its members, contains findings
and recommendations of its special representative for Cin¬
cinnati, Walter S. Schmidt, who recenlty was chosen Presi¬
dent of this new independent fact-finding and educational
agency in the field of real estate.
The Institute's announce¬
machinery.
\
Defense Housing Co¬
ordinator, on this proposed amendment to the National
Housing Act were given in these columns Feb. 8, page 920.
F.
J.
the first
was
soon are:
city to sit for
Milwaukee, Philadelphia,
to spot out
Others to follow
Richmond, and St. Louis.
Out of the findings
representative cities throughout the country it is hoped
and focus attention upon certain common denominators which
point the way to immediate and decisive action in any city needing
adjust itself to new conditions in
to
portrait in the Institute's series of
Chicago, Cleveland, Detroit, Des Moines, Louisville, Los Angeles,
of these studies of
may
a
The New York Oity report is completed
an
Palmer,
F.
Economist of R. H. Macy & Co., Dis¬
Price-Fixing Laws—Outlines Pros
Cons in Lecture at Harvard University
Walker,
Retail
In the fourth of
automobile age.
a
series of lectures
on
"Trends in Dis¬
presented as an extension course at Harvard
University, Q. Forrest Walker, economist for R. H. Macy
& Co., Inc., New York City, outlined in Boston, Feb. 26,
the pros and cons of retail price-fixing laws.
"Advocates
of the fair-trade laws allege," said Mr. Walker, "that they
prevent unfair competition, provide a simple and inexpensive
method of correcting the loss-leader evil, and accomplish
these purposes without injury and with distinct benefits
to the consuming public."
But not a single one of these
basic objectives has been accomplished after several years of
experimentation with this type of price-fixing, in the opinion
of Mr. Walker, who said:
tribution,"
To the contrary when
of
Boston
C.
of
remarks
The
Enforcement is so costly and so difficult that scores of
population.
manufacturers
these laws have been enforced, they have raised
considerable number of items, particularly in large centers
retail prices on a
ment further said;
urban studies.
units) it can be created
urban development pattern and hence
And it can employ normal construction
value, the Association points out.
Re¬
Cincinnati
to
Second in
by means of new construction
already been called upon to provide more than 54,000
cusses
13 Leading Cities—Latest Report Pertains
ports on
to be
Issues Second
through private effort, either by
to
for durable goods industries amounted to 37%,
Institute
for sale.
with less adverse effect on other existing housing, and with greater salvage
and
Land
or
total of $100,000,000.
of July 1, 1942.
as
sale, rather than through direct government building (which has
or
with closer relationship to the normal
non-durable goods industries recorded only a 3% rise.
Urban
automatically
of reconditioning existing structures or
for rent
While the
1939.
as
either for rent
mortgage insurance is limited to a
drawn would expire
as
on'a
The legislation
possible only where the dwelling is to be owner-occupied.
means
Among companies paying heavily through taxation for increased business
were
1941
Mortgage insurance of this kind is now
four-family apartment building.
an
84% gain.
1,
obligation ranges from $4,000 on a single-family dwelling to $10,500
Net
1939 to $240,000,000,
March
have
abandoned
observe the fixed prices.
all
retailers
sell
to
serious
attempts
to
compel retailers
to
Since the costs of retailing show wide variations,
it is unsound public policy to
legalize
any system
that attempts to require
The consuming
particular items at the same price.
public is compelled to pay high fixed prices
and denied the benefits of
improved methods of retailing or of competition among retailers for their
The net result of fair-trade laws when effectively administered
patronage.
is
to
cause
wholly unnecessary and unjustifiable increase in the cost of
a
living.
Newly-formed
Society
of
Industrial
Realtors
of
Survey Industrial Space Available
Expansion
in
Principal
Production
N. A. R. E. B. to
Plant
for
Centers
A survey to
determine the amount of industrial/
space
of
Mr. Walker cited the recent recommendation of Thurman
Arnold, Assistant Attorney-General, before the Temporary
National Economic Committee, urging repeal of the TydingsMiller amendment on the grounds that it had not served the
presented to Congress as reason for its passage,
inconsistent with the purposes
and that it had become a cloak for
conspiracies in restraint of trade. He stated:
purposes
various specific types now available for plant expansion in
each of the principal production centers of the United States
of the anti-tmst laws,
will be made
many
immediately by the Society of Industrial Real¬
that it sanctions agreements
tors, new professional branch of the National Association of
Real Estate Boards, it was announced on Feb. 21 by Walter
port should be given Mr.
S.
priations to permit the Department of Justice to conduct a nation-wide in¬
Schmidt, of Cincinnati, President of the Society.
Mr.
Schmidt, who is a former President of the National Associa¬
tion of Real Estate Boards, said that the survey will cover
such detail as, for example, the number of square feet now
available
in one-story
structures and in multiple-story
structures, the square-foot totals available in these various
types of structures that are sprinkled, that have track facili¬
ties, that have dock facilities, and the like.
Covering every
city in which the Society has members, the study, outlined
by the governing council at its initial meeting in Chicago,
Feb. 14, will be in charge of its Vice-Presidents for the princi¬
pal industrial districts of the country.
They are:
Frank B.
N.
J.;
Morrell, New York City; James A. O'Connell, New Brunswick,
Joseph
Greenberg,
J.
Indiana, Lester J.
Steele,
Philadelphia:
Detroit;
Carl
D.
Light,
Ft.
Wayne,
Henry W. Merrill, Boston; Louis A.
Laramee, Minneapolis; David B. Simpson, Portland, Oregon;
R. Vernon
Clark, St. Louis; W. G.
Despite the protestations of price-fixing interests all possible public sup¬
Arnold in his efforts to
secure
adequate appro¬
vestigation of the abuses that have attended the enactment and use of these
laws
to
destroy
competition in the retailing of
many
types of branded
merchandise.
Death of W. G.
Warden, Former Chairman of Pittsburgh
Coal Co.
William G.
Warden, former Chairman of the board of the
Pittsburgh Coal Co. and associate of the late Andrew W.
Mellon, died suddenly on Feb. 23 at his winter home in
Palm Beach, Fla.
He was 74 years old. Mr. Warden, who
lived in Germantown (Philadelphia), Pa., was one of the
large stockholders and at the time of his death a director of
the Germantown Trust Co., it is learned from the Phila¬
delphia "Inquirer" of Feb. 24 from which the following is
Hemstreet,
Burchfield, Houston, Texas; Albert
also taken:
Mr. Warden, a native of Philadelphia, was the son of the late
Augusta, Ga.; Roy C. Seeley, Los Angeles.
The
G. Warden, a founder of the Standard Oil Co., and of the Atlantic
Society of Industrial Realtors was formed in January
at a meeting of industrial real estate specialists held in
Washington.
Formation of the Society was authorized by
association with the late Andrew W. Mellon.
the
Chairman of the board of directors of the coal company when
directors
Boards
of
the
at
the
National
annual
Association
convention
of
the
of
Real
Estate
Association
at
Co.
v'r. v
His principal activity was in the direction of the Pittsburgh
was
Coal Co., in
He assumed the position of
Mr. Mellon
appointed U. S. Secretary of the Treasury.
He resigned the chairmanship in 1930 and confined his
Philadelphia.
William
Refining
bership
on
activities to mem¬
the board of directors.
Proposed New Title VI for Housing Act Would Operf
New Possibilities of Private Action to Provide De¬
fense
Death of Charles A.
Points
Out
E. S. Webster
in
The proposed new Title VI which would be added to the
National Housing Act (FHA) by a bill now before Congress,
applying only to areas where defense activities
produce housing need, should open an important new field
of private activity in the provision of defense housing, ac¬
cording to a brief analysis of the bill made on Feb. 22 by
a
measure
officials of the National Association of Real Estate Boards.
The proposed legislation, which would set up a fund for
FHA insurance of mortgage* for defense housing, this fund
to be quite sepaate from the insurance funds that back
up
ordinary home mortgages of FHA, meets a suggestion that
was made by the Association in
August of the past year,
Philip W. Kniskern, President points out.
The Association's
announcement, relating to its analysis of the bill, further says:
The measure, now before the Committees
both
Senate and
on
Banking and Currency of
House, would authorize mortgage insurance of loans
to
builders up to 90% of the appraised value of the property where the principal
Stone, Co-Founder and Chairman
Webster, Inc.—Had Built Up Firm with
to Largest Engineering Organization
Country—Formerly a Director of Federal Re¬
of Stone &
Housing, Association of Real Estate Boards
serve
Bank of New York
Charles A. Stone, co-founder and
of the engineering organization of
died
on
years
Feb.
Chairman of the Board
Stone & Webster, Inc.,
Feb. 25 at his borne in New York City.
old.
27 at
He was 74
services for Mr. Stone were held on
James Protestant Episcopal Church, New
Funeral
St.
York.
The following were the honorary pallbearers:
Henry G. Bradlee, F. Higginson Cabot Jr., Newcomb Carlton, Dr. Karl
Compton, William T. Crawford, W. Cameron Forbes, F. Abbott Goodhue,
T.
Joseph P. Grace, William R. Hedge, Henry Hornblower, Charles W. Kellogg,
Peter
0.
Dave
Hennan
Knight,
Edwin
Morris,
S.
Webster, John R.
Alfred
E.
Mudge.
Macomber, George Mixter,
0. Muhlfeld. Dr. Lloyd
George
Newcomb, Howard Poillon, Herbert L. Pratt, Gordon S. Rentschler, Edward
Gerard Swope, Eliot Wadsworth, Albert
R.
Stettinius,
H.
Wiggin, William Woodward and Owen D. Young.
Tlie
an
Gustav L. Stewart,
following regarding Mr. Stone's career is taken from
by his firm:
announcement, issued
Volume
Charlee
The Commercial & Financial Chronicle
152
Augustus
Stone
born
was
in
Newton,
Mass.,
Jan.
on
1867,
16,
pointed and qualified
the son of Charles H. and Mary
Augusta (Green) Stone.
After attending
Newton High School he entered the Massachusetts Institute of Technology
in
1884
was
as
member
a
of
the
pioneer
electrical
in
course
In
It
engineering.
laboratories
General
of
the
Electric
direct the New
later,
the
in
of
I.
T., Mr. Stone took
Electrical
Within
a
he
year
Mr.
Stone
Co.,
formed
Massachusetts
partnership
a
Electrical
the
of
forerunner
with
Webster,
Mr.
under
An
Webster in
the
to
the
panic
science
proved
industry,
of
utility
So
plants
power
the
investigate
effective
and
of
many
knowledge
public utility companies
incomplete
with
new
their
was
railways,
remedies
suggest
assistance
actual
assume
electric
and
subsequently
and
having
turn
of
the
difficulty
in
century,
raising
the
capital.
Stone
financing companies committed to their charge.
this
work
where
led
its
the
functions,
have been carried
In
1916
Corp.,
Mr.
which
following the
chosen
was
been
American
finance
and
extensive
interests
in
created
its
in
of
Blodget & Co.
for
the
in
was
,
extending
influence
the
his
and
of
undertakings, including the Inter¬
Corporation
rapidly and he continued at its head until after
.
■■■■.".
.
firm
undertook
the
that
Lundeen, of Minnesota, in
air liner crash in Virginia, would go into action after the
an
Senate had dis¬
posed of the pending British aid bill.
The
p.
House,
notified
Representative
of
Byron's
of respect to him after hearing
out
m.
adjourned at
death,
Representative George H.
Bender, Republican, of Ohio, propose a Congressional investigation of[ the
crash.
'
7''' ':/■ 7
v;:';..'...
••
Representative Hale Boggs, Democrat, of Louisiana, joined
mand
Carl
in the de¬
complete and thorough investigation," and Representative
"a
for
Republican, of California, urged House approval of his
Hinshaw,
resolution calling for the creation
of
a
special committee to inquire into
the air-line incident.
,
The death of Senator Lundeen was referred to in our issue
the Mr.
war,
the
of
construction
told the Senate
special Commerce sub-committee of which he is chairman, created
a
last fall after the death of Senator Ernest
which acquired
and
Company, the largest corporation of its class in
■
Among those injured on the Eastern Airlines plane was
Capt. Eddie V. Rickenbacker, famed American World War
flyer, who is President and General Manager of the line.^
This week's crash, which was the fifth fatal commercial
airplane accident in the last six months, brought forth
demands in Congress for an immediate inquiry of the causes
of these disasters.
Concerning this action Associated Press
Washington advices of Feb. 27 said:
1
1917, when the country needed ships to win the
visualized
of Minnesota.
•
1927,
in
International
Amercan
foreign countries,
important
many
operations
the World War..
It
of
field,
banking
Under Mr. Stone's direction American International
expanded
Stone
President
primarily
commerce
national Mercantile Marine
the world.
acquisition
was
began
The experience gained in
investment
general
the second member
Senator Bennett Champ Clark, Democrat, of Missouri,
industry
Webster
&
by Stone & Webster and Blodget, Inc.
on
Stone
had
the
into
company
long,
water supply
rapidly growing utility
sufficient
many
they also took
over
the
for
before
that,
management of electrc light
management of natural and manufactured gas plants,
systems, central steam heating plants and bus companies.
At
conditions
financial
unsettled
period of reorganization setting in, Stone &
a
asked to
were
of
together
year,
to
upon
companies.
Stone & Webster
and
With
called
because
that
of
electricity,
unsuccessful.
were
but
was
Congress to die in an air-line crash within the last six
months, the other being Senator Lundeen, Farmer-Laborite
large amount of private capital had been invested in the
a
electrical
He
of
important phase of the business.
Webster
referred to in
Eastern
his second term in the House.
engineering and construction field, which has remained a
Prior to 1893
the
the Federal
Atlanta,
the firm obtained its first engineering and construction con¬
the pioneer Saccarappa, Maine hydroelectric installation and trans¬
mission line.
There they successfully demonstrated the commercial possi¬
bilities of electrical transmission of power.
This contract launched Stone 4
incident
years on
Air Lines plane crashed on Feb. 27 near
Ga., killing seven occupants and injuring nine
others.
Among the passengers killed was Representative
William D. Byron, Democrat of Maryland, who was serving
Stone & Webster,
Engineering Co.,
1890
infant
of six
Representative Byron of Maryland Among Seven Killed
in Georgia Airplane Crash—Congressional Inquiry
of Recent Disasters Sought
position to
A short while
from this
resigned
tract,
most
a term
Mr. Brown's resignation from the FCC was
issue of Oct. 19, page 2294.
Managers.
In
qualified for
position in the research
a
Welding
England Agency of the C. & C. Motor Co.
1889
name
general counsel for the Federal Radio Commission.
our
Thomson
Co.
as
was
Radio Commission.
during this period that he began his lifelong association with Edwin S.
Webster, a classmate.
Upon graduation from M.
of
March, 1932. he
1369
60-way
of
Sept. 7,
page
1377.
shipyard at Hog Island, Penn.
Also
during the
barracks
and
arsenals,
and
Mr.
war,
balloon
Stone's
school
at
the
constructed
organization
large
built
Field,
Kelley
ordnance
the aviation camp,
enlarged
Texas;
base
of
the
W.
1925
Power
Mr.
Co.
Stone
from
the
Gould
the
purchase
interests,
the
of
and with
it
Engineers Public Service Co., of which he for several
During this period the
New Mexico,
period
Engineers Public Service Co.
but
Act this interest
Through the
Webster
&
and
one
cessfully
Mr.
from
the
the
scores
to
as
1923,
Marine
Manhattan
Co.,
time
He
the
brief
a
Public
Utility Holding Com¬
Stone retired
as
chairman
i
world.
a
The
the
in
up
United
Stone
States,
Company has undertaken
suc¬
Co.,
for
many
years
International
was
director of
a
Acceptance Bank,
Co.,
International
Inc.,
Bank of the
First National Bank of Boston,
Union Pacific Railroad and many public utility and
which
in
Stone
&
Webster
have
been
interested
at
another.
for many years a
member of the executive committee of Massachu¬
setts Institute of Technology,
and he spent a great deal of time in raising
funds
transferring the Institute to Cambridge from
and in
connection with
He
Boston.
always
was
interested
in
scientific
In
research
May
statement
a
son
of Mr.
Stone, Whiteny Stone, is
an
and
contributed
ment follows:
T.
Served
of
am
us
in
,>77.
who
full sympathy
are
subject to this law must expect inconveniences,
cessor.
■
Brown, Former Member of FCC—Had
Secretary of
State
of
Ohio
engaged for
a hospital in Cleveland, Ohio.
He was
old. When Mr. Brown resigned from the FCC in
October, he requested President Roosevelt to withdraw his
nomination for reappointment and President Roosevelt did
so "with reluctance and with very real regret."
Mr. Brown
had been reappointment to the Commission in June, 1940,
but the Senate never acted on it.
A Republican, Mr.
Brown had served as Secretary of State of Ohio from 1923 to
1927.
gave
The Cleveland "Plain Dealer" in its issue of Feb. 26
the following
summary
While studying law at the
of Mr. Brown's
career:
Ohio State University Mr. Brown served
Journal Clerk of the Ohio House of Representatives in
again in 1911.
as
January, 1909, and
He became Assistant Secretary of the fourth Ohio Constitu¬
January to June, 1912.
tional Convention, in session from
He entered the practice of law in
serving through this country's participation in the
World War.
In 1922 Mr. Brown made his first bid for political favor and was elected
Secretary of State, serving through two terms.
law in Columbus, Jan. 10, 1927, and
He resumed his practice of
continued in the practice until Sept. 13,
1929, but he had by then become a conspicuous figure in Ohio Republican
party circles and party affairs consumed
In the first year
to become
Cohen
candidate for governor.
office in September, 1929, and continued until
term which expires on
May 31, 1941.
...
Clipper to Assume Post as Ambassador
Britain—Accompanied
by
Benjamin
Assistant—Says He Has No Special
Kennedy, left for his new post in London on Feb. 27 aboard
Clipper of the Pan American Airways bound for
Lisbon, Portugal.
Mr. Winant was accompanied by Ben¬
jamin V. Cohen, former political adviser to President Roose¬
velt, who will be his assistant in London.
In a prepared
statement issued to reporters prior to boarding the Clipper at
the marine terminal of La Guardia Field, in New York City,
Mr. Winant said that he is going to England "on no special
mission," but "as the American Ambassador to represent the
United States.
The statement follows:
the Atlantic
I go to
England on no special mission.
I go as the American Ambassador
President and
We have agreed on a
policy of material aid to Great Britain. I shall do my best to carry through
that policy, but whatever is done must depend on what the American people
and American production make possible in the weeks and months ahead.
represent the United States.
to
I want to serve fully the
Secretary Hull, who have trusted me at
We know what
this time.
England is doing.
recognize the gallantry, the sacrifice and the
under the
•
unity of her people
leadership of Mr. Churchill.
President Roosevelt nominated Mr. Winant as
He accepted this
Dec. 18, when he was ap-
as
Mission
of President Hoover's tenure Mr. Brown was called upon
chief counsel of the Federal Power Commission.
*
the Stock
Joseph G. Winant, who was recently appointed United
States Ambassador to Great Britain to succeed Joseph P.
We
much of his time.
on
Great
to
Columbus in June, 1912, and continued
practice until July 13, 1917, when he entered the United States Army,
In 1926 he was an unsuccessful
the first salaried President of
a one-year
J. G. Winant
Feb. 25 in
on
was
From 1923
54 years
his
Mr. Martin
Thaddeus (Thad) H. Brown, who resigned on Oct. 14, last,
a member of the Federal Communications Commission,
died
with the selective service law.
Exchange having been elected on June 30, 1938 at a salary
of $48,000 a year.
He was reappointed by the Board of
Governors at the end of his first term and last May was re¬
1927
to
as
H.
as
McC. Martin,
Naturally, all
but I am sure
that many others have been more adversely affected than I.
As already indicated, I will resign the Presidency of the New York Stock
Exchange, effective as of the time of my induction into military .ervice.
It is, of course, a matter of regret that I must leave many plans affecting
the welfare of the Exchange uncompleted, but I am confident that the
groundwork already laid will be successfully carried through by my suc¬
I
executive Vice-President of
Stone & Webster, Incorporated.
Death of
Feb. 27, William
plans affecting the welfare of the Exchange uncompleted"
"groundwork already laid will be
successfully carried through by my successor."
His state¬
liberally to its support.
A
issued
Jr., President of the New York Stock Exchange, said that
he will resign as head of the Exchange upon his induction
into military service.
According to an announcement made
by his Local draft board in New York City, Mr. Martin
has been placed in Class A-l and is not expected to be called
for service before May.
The Stock Exchange President
said he is in full sympathy with the Selective Service Law.
Mr. Martin further stated that he regretted leaving "many
but is confident that the
Director of the Federal Reserve Bank of New York
The North American
companies
or
was
Federal
disposed of and Mr.
engineering organization
in
and
Research Corporation,
industrial
For
subsidiary of Stone & Webster,
a
of notable engineering and construction tasks,,
Stone served
1919
chairman.
Mr. Stone and his partner, Mr. Webster, built
largest
largest
Mercantile
one
was
Engineers Company.
years
to
of
was
was
Washington and other States.
following the enactment of the
pany
and director of the
years
acquired properties in Georgia, Louisiana,
company
Texas,
Nebraska,
&
nucleus formed the
a
as
Electric
Virginia
as President of
When Called for Mili¬
Resign
to
Service—Expected to be Inducted into Army
in
arranged
Plans
York Stock Exchange
tary
peditionary Force in France.
In
Jr.
New
Ex¬
American
Martin
McC.
several
to
England
on
Feb. 6, and the nomination was
Ambassador
confirmed by
the Senate
on
Feb. 10; reference to Mr. Winant's nomination
and the Senate's approval was
made in
927, and Feb. 15, page 1073.
page
R. A. Bard Takes Oath of Office
of the
The oath of office
as
our
issues of Feb. 8,
Assistant Secretary
office of Under-Secretary James V. Forrestal in the presence
of various Naval officials.
Secretary Knox was unable to
attend, being at present in Florida.
\As Assistant Secretary, Mr. Bard, who is head of Bard &
Co., investment bankers of Chicago, succeeds Lewis Compton.
Reference to his appointment, and confirmation of the
appointment by the Senate, was made in our issue of Feb. 22,
1225.
L. G. McCarthy
Appointed Canadian Minister to United
Loring Christie, On Leave of
States—Succeeds
Due
Absence
The
Illness—Latter
to
Retain
to
Status
appointment of Leigh ton G. McCarthy, of Toronto,
Canadian Minister to. the United States
as
was announced
by Nathan D. McClure, of Harriman
Ripley & Co., Inc., Chicago, Chairman of the Group.
The
P. E. Wurst to Supervise
was
announced
retain his status of Minister and that
no
letters of recall
were
issped.
As Minister, Mr. McCarthy will be assisted by
Hume Wrong as Senior Counselor and by Merchant Mahoney, who has been attached to the Canadian office in
Washington for many years.
From the Canadian Press advices quoted above, we also
take
the following regarding the appointment
of Mr.
McCarthy:
In announcing the
appointment of Leighton G. McCarthy
Minister to Washington today,
nounced
that
Mr.
McCarthy
as
Canadian
Prime Minister Mackenzie King also
had
been
recommended
to
the
an¬
Governor-
Mr. McCarthy gained fame as a lawyer, executive and contestant in the
at a
and 1904 as an
as
a
He
was
He
The
Prime Minister Mackenzie
are
the strongest
at this
of
reasons
convention.
we
New York City
embassy at Washington
particular moment," but said the step would not be taken without
serious consideration.
again today after Mr. Mackenzie King had announced the appointment of
McCarthy.
Additional
Canadian
Press
advices
from
Ottawa,
also
dated Feb. 25, also said:
Mr. McCarthy is 71 years old and is a personal friend of President Roose¬
He is
velt.
The
new
a
Savings Banks Plan to Help 1941 Cam¬
meeting of savings banks' volunteers of the Greater
Fund, held at the Bowery Savings Bank, New
York City, plans were made for soliciting New York savings
bank employees in the 1941 drive, it was announced Feb. 21.
The campaign this year opens in April.
Henry Bruere,
President of the Bowery Savings Bank presided and the
following represented their repsective organizations:
At
a
New York
H.
Arthur
Union
Comptroller,
Anderson,
New
Vice-President,
Blakelock,
Bank;
Savings
Square
Irving
York
Harry
Savings
H.
R.
trustee of the
Georgia Warm Springs Foundation.
Bowery Savings Bank; Alexander M. Christie, Bank for Savings in the City
of
York;
New
Craven,
Greenwich
Emigrant
Industrial
M.
Edgar
Vice-President,
Coulter,
Savings Bank; James A.
Savings
Bank;
River
Asst.
Morris,
West
Secretary,
Savings Bank;
Side
Institution.
Tietjen,
7->:
^
A.
>
*
^York State Chamber of Commerce March 6
Pope, President of the First Boston Corp.,
will be the guest of honor and speaker at the monthly meeting
of the New York State Chamber of Commerce on Ma-ch 6,
it
Colonel Pope is a former Presi¬
The subject
announced Feb. 27.
was
his address will be "An Analysis of Present Economic
Complexities in Words of One Syllable." Percv H. Johnston,
President of the Chamber, will preside at the meeting.
of
Allan Sproul Appointed to Five-Year Term as President
of New York Reserve Bank—Also Made Member of
Open Market Committee for Boston and
Districts—R. A. Young Named
Federal
York Reserve
New
He helped to establish
Alternate Member
Sproul, President of the Federal Reserve Bank of
New York, lias been appointed to a five-year term
Roosevelt
Nominates
Pierre
de
L.
Boal
as
Minister to Nicaragua and Wesley Frost
as Minister
Paraguay—Succeed Meredith Nicholson and F.
B. Howard, Respectively, Resigned—War Depart¬
to
Post
President Roosevelt
firmation the
names
Seamen's
Pope to Address Monthly Meeting of New
M.
Allan
Creates
Nodyne,
Dry Dock Club, Dry
Adam Vollmar, President,
Savings and
O.
George
H. Roach, Franklin Savings Bank; George
H. Schmoll, Manhattan Savings Institution; William J.
Dominion.
ment
E.
Livingston, Union Dime Savings
Savings Bank; Edmund P
Bank; Arthur I. Lozier, Asst. Treasurer, Harlem Savings Bank; John H.
the Aluminum Co. of Canada and the Union Carbide Co. of Canada in the
v
John
Danko, Dollar Savings Bank; P. Raymond Haulenbeek, Secretary-Treasurer
North
Minister to Washington is Chairman of the Board of the Canada
Life Assurance Co. and of the National Trust Co.
President
Brownell,
Vice-President,
Asst.
Burgess,
Clarence L.
Bank;
Bank;
Savings
C.
dent of the Investment Bankers Association.
Opposition Leader R. B. Hanson made the suggestion yesterday, and
Mr.
'■
Col. Allan M.
K. C. in 1902.
an
•
paign of Greater New York Fund
Col.
should have
"
.■
In 1911, running
King told the House of Commons that "there
why
The convention will
ing Board and Chairman of the Buffalo Clearing House
Association, will supervise all Buffalo arrangements for the
Savings
a
City Bank of New York.
the National
for
appointed
announced in
was
on
be held this year in the Hotel Statler, Buffalo, May 25, 26
and 27.
Mr. Wurst, who is also a member of the State Bank¬
Dock
was
■
Feb. 24 by Dr. W. Randolph Burgess, Presi¬
dent of the Association and Vice-Chairman of the Board of
New York
Bank
Canadian Minister to Washington received his early education
Ont., later studied at Osgoode Hall, Toronto, and was called to
He
Association, it
New York State Bankers
reelected in the general elections of 1900
independent candidate and retired in 1908.
.--i'
appointed Chairman of the Convention Committee of the
Member of Parliament for Simcoe North
new
in Barrle,
';.^77
Perry E. Wurst, Executive Vice-President of the Manu¬
facturers & Traders Trust Co., Buffalo, N. Y., has been
as
Liberal, Mr. McCarthy met defeat.
the Ontario Bar in 1892.
this
for
Committee
Arrangements for Convention
Bankers Association—Heads
Year's Gathering at Buffalo
May 25-27.7"'
was
elected
by-election in 1898.
State
East River Savings Bank; John
General for appointment to the Canadian Privy Council.
political field.
York
New
of
in the Canadian
Parliament, at Ottawa, on Feb. 25 by Prime
Minister W. L. Mackenzie King.
Mr. McCarthy succeeds
Loring Christie, who has held the post since September,
1939, and who has asked for leave of absence because of ill
health.
According to Canadian Press advices from Ottawa,
Feb. 25, Mr. Mackenzie King said that Mr. Christie would
for general discussion
the pattern followed
successfully in the past, Mr. McClure said.
Feb. 24 in Wash¬
ington, by Rear Admiral Walter B. Woodson, Judge Advo¬
cate General of the Navy.
The ceremony took place in the
1, 1941
it
Navy
Assistant Secretary of the Navy was
as
March
program will include a series of forums
of investment banking subjects after
administered to Ralph Austin Bard on
page
Chronicle
The Commercial & Financial
1370
of
Army Attache
at
Paraguay
Feb. 21 sent to the Senate for con¬
of Pierre de L. Boal to be Minister to
on
Nicaragua and Wesley Frost to be Minister to Paraguay.
Both are career diplomats.
Mr. Boal, who is counselor of
the Embassy in Mexico City, has been nominated to succeed
Meredith Nicholson, while Mr. Frost, until recently counselor
of the Embassy in Santiago, Chile, has been named to
succeed Finley B. Howard.
Both Mr. Nicholson and Mr.
Howard, who were political appointments, have resigned.
On Feb. 21 the War Department also announced in
Washington the creation of the post military and air attache
to Paraguay; regarding this,
Washington advices Feb. 21,
to the New York "Times" of Feb.
22, had the following to
say:
Coincident with the appointments announced today, the War Depart¬
ment established for the first time the post of military and air attache to
Paraguay and appointed to that office Colonel Mark A. Devine Jr., who
has been military attache in Buenos Aires.
He will be succeeded in the
Argentine capital by Colonel John W, Land, head of the United States
of office,
by the Board of
Directors of the Reserve Bank, who acted with the approval
of the Board of Governors of the Federal Reserve System.
Announcement was also made that Leslie R. Rounds, First
it
was
announced
Vice-President
same
yesterday
the
of
Bank,
(Feb.
28)
been
has
appointed
for
the
Mr. Sproul
term, which commences today (March 1).
became President of the New York Reserve Bank on Jan. 1
was named to fill the unexpired term of George L.
Harrison, resigned. At that time Mr. Rounds assumed Mr.
Sprout's former position; both these changes were reported
in our issue of Jan. 4, page 44.
when he
Mr.
Sproul has been elected by the directors of the Federal
those
banks on the Federal Open Market Committee, the New
Reserve banks of Boston and New York to represent
York
for
Reserve
Bank
announced
on
Feb.
24.
The
term
is
beginning March 1, 1941, and ending Feb. 28,
1942.
The directors have also elected Roy A. Young, Presi¬
dent of the Federal Reserve Bank of Boston, as alternate
one
year,
member of the committee for the
same period.
Mr. Sproul
George L. Harrison, former President of the New
succeeds
York Reserve Bank, who is now President of the New York
Life Insurance Co.
The action was taken under the pro¬
visions
of
amended
Section
12-A
of
the
Federal
Reserve
Act,
as
by the Banking Act of 1935.
military mission to Colombia.
These changes, too, are in line with the
developing plans for strengthening hemispheric defense by the building of
bases and in other ways.
Operating Ratios of Member Banks in New York Re¬
serve
♦
Sixth
Annual
I. B. A.
to
Investment bankers throughout the States of Illinois,
Wisconsin, Michigan, Indiana, Iowa and Nebraska were
sent preliminary notices on Feb. 25 of the sixth annual con¬
ference sponsored by the Central States Group of the In¬
vestment Bankers Association of America.
to be
held March 20 and 21
at
The
meeting is
the Palmer House, Chicago,
District in
Capital
Conference of Central States Group of
Be Held in Chicago, March 20 and 21
1940—Net
Accounts
Profits in Relation to
Averaged 4.3%
Compared with
4.0% in 1939
The
annual
banks in the
for the year
compilation of operating ratios of member
(New York) Federal Reserve District
1940, with comparisons for 1939, was issued on
Second
Feb. 26 by Allan
Bank.
the
Sproul, President of the New York Reserve
public the figures Mr. Sproul says:
In making
The net
return
on
capital
funds
for 1940 wag not much
previous year—4.3% compared with
4.0% for 1939.
changed from
The slight im-
Volume
The Commercial & Financial Chronicle
152
provement in net profits was
outstanding,
larger
a
accounts, and
chiefly the result of
of
amount
income
losses and depreciation of assets.
of
from
There
interest paid on time and savings
total expenses took
The ratio of
The
in
current
to
in
3.5%
this
also
was
reduction in the amount
a
earnings to total assets continued the decline
further
a
only to
New
receded
and
during
the
increase
an
reduction
1939,
in
City banks
rate
the ratio of total
of
only 1.7% in 1940, compared with 5%
A
ratio—total
new
compilation this
It
year.
earnings
total
to
in the late
more
aasets
the
in
operations,
but because the
exclusive
of
figure reflects
losses and
new
charge-offs
for
be of help to have this ratio shown in order to
may
com¬
it with the gross return on loans and on investments.
This ratio has
declined practically every year since 1932, when operating ratios were
pare
,
first computed for all member banks
rapid
growth
in
total
assets
in the Second
banks
of
District, owing to the
substantial part of which has
(a
been in cash assets rather than in
earning assets), without a corresponding
in bank expenses.
In 1940 the ratio of total expenses to total
increase
assets
ranged from 2.9% for the smallest banks with large proportions of
deposits, to 1.2% for the big New York City banks.
The ratios of
expenses to earning assets would run appreciably higher, as all groups of
time
banks had considerable amounts of cash assets that
produced no income.
The ratio of total capital accounts to total
deposits
further
in
but
1940,
securities,
and
New York
the
City banks.
able
in
real
partly to
increase in
security holdings and
funds, which
assets to
a
reflected
are
total
C.
A.
in
further
a
Stevens
Allan
to
Held
to
to
be
funds
and
slightly
total
banks
of
groups
are
loans,
except
attribut¬
partly to reductions
further increase in the proportion of uninvested
A.
B.
declined
accounts
most
capital
rise
total assets for all banks from
Allan
capital
slightly in
rose
The diverse movements in these ratios
small
a
of
ratio
estate
in
ratio of cash
average
St.
30
of
in
1929.
February
offices
with
The
bank
Meeting
York, March 6-7 '
of
mately 1,000 persons.
,
>
,
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
J.
Wesley Conn, Vice-President of the Guaranty Trust
Co. of New York and for many years in charge of the Com¬
pany's foreign branches, died on Feb. 26 at his home in this
city, following an illness that had kept him away from active
duties for many months.
He was 62 years old.
A native
of Philadelphia, born March 28, 1878, Mr. Conn started his
business career with the City Trust. Safe Deposit and Surety
Co. of Philadelphia.
In 1909 he became a bank examiner
for the State of Pennsylvania, which position he left in 1918
to enter the auditing department of the Guaranty Trust Co.
of New York.
Later the same year he was sent to the com¬
pany's Paris Office, where he was made Assistant Comptroller
in March, 1919, with supervision over that work in all the
bank's foreign branches.
By successive promotions he be¬
came assistant manager of the
Paris Office in 1920, joint
manager of the Constantinople Office in 1921, and manager
of the Havre Office in 1923.
Mr. Conn was appointed an
Assistant Vice-President of the company in 1928 and returned
to the New York Office with headquarters in the Foreign
Department, where he was appointed Vice-President in
April, 1929.
*, •
V;
./,/
4
New
York
were
Stock
Feb. 27 for the transfer
made
membership at $28,000.
at $26,000, Feb. 26.
Exchange
previous transaction was
of
a
The
C.
Commodity Club of New York
in New York
to Hold Dinner-Meeting
City March 6
The Commodity Club of New York will hold a dinnermeeting at the Park Central Hotel, in New York City, on
March 6, it was announced on Feb. 24, at which time it
was made known that the subject to be discussed will be
"After the war!
If not the gold standard—What?"
The
announcement said that Dr. Frank D. Graham, Professor
of Economics and Social Institutions, Princeton University,
together with Dr. Willford I. King of New York University,
will speak for the "Commodity Unit Certificate" plan of
the Committee for Economic Stability, while Dr. Lewis H.
Haney of New York University will take the negative side.
Other speakers will include Benjamin Graham and Norman
Lombard of the Committee for Economic Stability, while
many monetary authorities from leading universities, banks
and industrial corporations will be present.
At
meeting of the Trustees of The New York Trust Co.
a
Feb.
on
25,
C. O'Brien was elected Assistant Vicewas formerly Assistant Treasurer
Donal
President.
O'Brien
Mr.
of the Company.
♦
•
The New York Trust
Co., New York City, was authorized
by the New York State Banking Department on Feb. 14 to
change the location of its branch office from 1 East 57th St.,
to 10 Rockefeller Plaza, it is learned from the Department's
"Weekly Bulletin" dated Feb. 21.
At the same time the
bank was authorized to change the principal location of its
Safe
Deposit Co. to the new address.
V
The Osborne Trust Co., East Hampton,
N. Y., on Feb. 14
permission from the New York State Banking De¬
partment to decrease its capital stock from $175,000, consist¬
ing of 3,500 shares of the par value of $50 each, to $105,000,
consisting of 3,500 shares of the par value of $30 each, it is
learned from the Department's "Weekly Bulletin" of Feb. 21.
received
.
Charles Minturn Baxter, President of the Union Savings
Bank, Mamaroneck, N. Y., died in that city on Feb. 26 at
the age of 78 years.
Mr. Baxter was born in New York City
and moved to Mamaroneck in 1880 holding several public
offices before entering banking in 1891.
As to his banking
career, advices from Mamaroneck, Feb. 26, appearing in
the New York "Herald Tribune" of Feb. 27, said:
He entered the banking business in 1891 as an organizer
and Loan Association of Mamaroneck, of which he later
Public National Bank of New York Purchases
Building
from New York Stock Exchange—Bank Will House
Main Office at 35-41 Broad Street
E.
its President,
Through
Chester
Gersten,
The
National Bank & Trust Co. of New York announced
24
a
banking facilities.
Of
these 11 are situated in Manhattan, 10 in the Bronx and 9 in
Brooklyn.
Mr. Gersten has been its President since 1929
and is also Chairman of Group 8 of the New York Bankers
Association.
In its latest published statement, issued under
date of Dec. 31, 1940, The Public National Bank & Trust
Co. reported total resources of $190,917,117.35; total deposits
of $170,134,589.62 ; and loans and discounts of $61,958,826.88.
Including its officers the bank's personnel number approxi¬
Arrangements
Regional
New
Stevens, President of the Great Eastern Fire
Insurance Co., White Plains, N. Y., will be one of the
speakers at the Regional Conference of the American Bank¬
ers Association to be held in New
York, March 5—7, it is
announced by P. D. Houston, A. B. A. President.
Mr.
Stevens will speak before a round table conference on Con¬
sumer Credit on March 6.
The subject of his address will
be "insurance Agent Cooperation in Automobile Loans."
Mr. Houston stated that it is expected that approximately
1,000 bankers from 12 eastern and New England States will
attend the three-day meeting.
\s
has
now
complete
.
24.2% in 1939 to 27.3% in 1940.
Address
in
the
William
1920's.
included
been
current earnings to total assets from the ratio
of total current
earnings to total assets,
the cost of banking
depreciation, it
or
assets—has
and
76
total
For the large
formerly possible to arrive at this ratio by
was
subtracting the ratio of net
total
to
expenses
was
investments,
on
loans.
on
1940.
in
years,
idle funds, partly
of
return
current
3.3%
to
in previous
the proportion
the average
in
This ratio declined from
further
past year, as
minor degree to a lower rate of return
a
York
was
in
ratio
attributable partly to
to
deposit
on
groups of banks, but
slightly larger percentage of total earnings.
a
total
1932
decline
charges
deposits in most
that has been in
progress for a number of years.
4.9%
larger volume of loans
a
service
somewhat smaller proportion of total earnings absorbed by
a
1371
that
it
has
of
Trust
Co.
24 years until it went
First National
of the
of the Savings
became President.
Bank of Mamaroneck for
into receivership in 1933.
He became a trustee of the
1910, serving later as Secretary.
In 1931 he was
Union Savings Bank in
elected President of the bank.
Bank and
ownership of some 82,000 square feet
of space.
It is stated that as soon as minor alterations
have been effected, the bank will occupy several floors of
the building as its main office.
The building is a 9-story
acquires
Security Trust Co. of Rochester, Rochester, N. Y.,
authorized by the State Banking Department to
The
Feb.
on
purchased the building at 35-41 Broad
transactions, The Public National
the
Vice-President
was
Public
St.,
from the 39 Broad Street Corp.
The latter company, of
which William C. McMartin, Jr. is President, is a real
estate subsidiary of the New York Stock Exchange.
By
virtue
He
has
been
capital stock from $300,000, consisting of 3,000
value of $100 each, to $600,000, consisting
6,000 shares of common stock of the par value of $100
each, according to the Department's "Weekly Bulletin"
increase its
shares of the par
of
The stockholders
21.
Feb.
dated
had voted to increase the
outstanding stock at a special meeting held Feb. 7.
On Feb.
structure, and has been popularly known as the Lee, Hig-
declared today a 100%
stock dividend.
The dividend will be payable on March 17
to stockholders of record Feb. 20, it is learned from Ro¬
ginson & Co. Building.
chester advices,
In his
statement, Mr. Gersten disclosed no figure as the
20
of Feb.
This
price involved in the transaction, but said that it was an
Public
National
growth
and
The
sound
office
76
at
suitable
quarters
banking
business.
an
address
and
throughout
sonnel
The
and
purchased.
be
&
Co.
Trust
expansion;
and
it
has been
has
has
experienced
for
period
of
headquarters
spacious and
involved
factors
warranted
facilities
York,
New
economy
the
by
in
a
expanding volume of
determining a new site were
bank
comfort
with
and
30
separate
efficiency
of
offices
its
promptly
on
a
the seller and pur¬
fair and satisfactory price for the property,
in
paid entirely in cash.
It
established in
opened its first office in the financial district at
company,
that day, to the New York "Herald Tribune"
dividend
the
declaration
on
company.
follows
the
action
of
the oompany,
plus earnings.
that
it
stockholders
taken
at
by the
Bernard Emmett, Presi¬
Approval of this dividend has been given
Superintendent of the State Banking Department.
dent
of
Feb. 7, authorizing the doubling of the outstanding
said that the stock dividend is declared out of sur¬
The dividend is important from another angle, he said, in
automatically doubles the amount of money
earmarked for capital
protection of the bank depositor.
♦
the Florence Savings Bank
National Bank, both of North¬
Homer C. Bliss, President of
finally found these combined advantages in the property just
Negotiations recently started resulted
of
the
21, which added:
special meeting
stock
of
per¬
of operation.
The Public National Bank & Trust Co. was
1908.
a
its
more
outgrown
searching
which to conduct a steadily
The
Greater
chaser agreeing
to
St.,
from
maximum
Bank
Bank
steady
William
a
He paid:
outright purchase for cash.
directors
the
and
a
Director of the First
20 of a heart attack tt the age
Mr Bliss had served two terms as Mayor of
Northampton, first being elected in 1929 and reelected in
ampton, Mass., died on Feb.
of 72 years.
1931.
The Commercial & Financial
1372
George R. Beach as President of the Provi¬
Savings, Jersey City, N. J., was an¬
Feb. 20, at which time it was also made known
The election of
Institution for
dent
nounced
on
previously President, was
of Managers, a newly-created
office.
Mr. Beach has served as Vice-President of the
institution for thb past six years and has been a member of
the Board of Managers for the past 20 years.
Mr. Throck¬
morton had served as President of the bank for 25 years.
The Provident Institution for Savings, which is the oldest
mutual savings bank in New Jersey, was incorporated 102
Throckmorton,
B.
James
that
elected Chairman of the Board
years ago.
has been associated with the
Plainfield, N. J., and Its pre¬
Frederick It. Hayhes, who
Bank,
National
Plainfield
Bank of Plainfield, for the past
decessor, the First National
died on Feb. 21 in the Muhlenberg Hospital, in
that city.
He was 69 years old.
According to Plainfield
advices appearing in the Newark "News" of Feb. 22, Mr.
Haynes was vault custodian of the Plainfield National
Bank and had previously held the positions of Cashier and
manager of a branch office, since discontinued.
51 years,
editorials
of
series
in brochure form,
written by Joseph M.
has just published,
Detroit Bank
The
a
banking,
on
previously carried, from time to time since
1939, by "The Teller," monthly magazine for
employees of the bank. The booklet is entitled "Editorials
on Our Changing Banking," and it follows three other simi¬
lar pamphlets brought out by the bank since 1936.
In a
and
Dodge,
November,
preface Mr. Dodge explains that the pamphlet is intended
outline of "what has taken place in banking,
to offer an
why." It is his hope that banks and their customers
may be "assisted in acting a better part in our future
economic history" through a composite understanding of
and
the events of the period.
general partner in the investment
B. Threlkeld,
James
firm of Dean Witter & Co., San Francisco,
and brokerage
Feb. 21.
died of pneumonia in that city on
who
Ore.,
Portland,
resident
as
He
in 1916.
from the University of California
graduated
of the group that organized the enterprise that
was one
undertook
and
partner
A native of Dos Angeles, Mr. Threlkeld
firm's offices there.
was
Mr. Threlkeld,
five years in
manager of the
46 years old, had lived for the past
was
of
construction
the
radio
station
San
KFRC,
He became associated with Dean Witter
partnership three years
Francisco, in 1925.
& Co. in 1926 and was admitted to
later when the firm entered actively into the brokage busi¬
members of the New York Stock Exchange.
ness as
also
He
was
former President of the San Francisco Bond Club.
a
The annual report of the Royal Trust Co.,
of Montreal,
Canada, was submitted to the shareholders at their 41st an¬
nual general meeting held on Feb. 11.
The statement, which
coders
the year ended Dec. 30, 1940, was presented by
Huntly
President,
Drummond,
R.
who
reported
that
the
results of the operations for the year were as follows:
Profits
had
for the year
be set aside
to
amounted to $543,351.71, out of which $184,265.25
for the payment
of taxes, leaving net profits of $359,-
086.46.
The
1939,
a
balance
was
of
profit and
$1,007,123.30,
bonus of $80,000
on
and loss account.
To
this
$1,286,209.76,
the
account
carried
which there
of
out
was
stock,
company's
added
from
from
in
Dec.
31,
January, 1940,
f
the net
which
aggregating $320,000.00,
forward
paid
leaving $927,123.30 in profit
1
,
has been
loss
profits for the
paid
was
leaving
the
balance
a
year,
regular
of
making
quarterly
$966,209.76
to
total of
a
dividends
be
carried
forward.
According to the Dec. 31 statement of condition, total
of the bank are $759,308,174.
The bank's paid-up
capital is $2,000,000, and its reserve fund $4,000,000.
assets
According to advices from London, England, dated Jan. 29,
week, Barclays Bank, Ltd., (Dominion,
Colonial, and Overseas), has announced the following ap¬
pointments:
and received the past
A.
T.
Dudley has been appointed
bank and seconded for
R.
A.
E. L.
P.
Botlnvell
an
Assistant General
Manager of
the
Local Director in New York.
appointed
Froome has been appointed
March
which
as a
been
Chief
Accountant
in
succession
to
Neynoe, retired.
J.
from
duty
has
1
next,
on
a
Local Director at Circus Place Office
relinquishing the management
he will be succeeded
of
the
branch,
of the changes were confined to a
speculative favorites and were without special
significance.
The transfers for the day were slightly lower,
the volume of sales dropping to 75,730 shares against 80,680
on Friday the last full session.
Prominent among the stocks
closing on the side of the advance were Jones & Laughlin, 2%
points to 29%; Bell Telephone of Canada, 1% points to
105%. Alabama Power $6. pref., 1% points to 98%; Axton
Fisher A, 1 point to 36; Babeock & Wilcox, 1% points to
26%; Cities Service pref., 4 points to 58; and Puget Sound
Power & Light $6. pref., 2% points to 49.
Aircraft issues
were unsettled; Bell and Brewster registering modest gains
while Beech, Bellanca and Vultee were unchanged.
Ship¬
building shares were higher and paper and cardboard stocks
were quiet.
Public utility pref. issues and industrial specialties con¬
tinued to attract most of the speculative attention on Tuesday
and a number of modest gains were recorded in these sections.
The transfers were again light but slightly higher than during
the preceding session the total volume reaching 79,645 against
75,730 on Monday. Aircraft stocks were fractionally higher
all along the line and the shipbuilding shares added modest
advances to their gains of the preceding day.
Quaker Oats
common was the weak spot of the day as it tumbled down¬
ward 10 points to 86.
Some of the larger gains were Alabama
Power $7. pref.. 2% points to 106; Brill pref., 2 points to 40;
Cities Service pref., 2% points to 60%, Cities Service pref.
B. B., 3 points to 56; Fire Association of Philadelphia, 3%
points to 65%; Mead Johnson, 1 % points to 132; Public
Service of Indiana $7 prior pref., 2% points to 115 and
United Shoe Machinery, 1% points to 57.
Paper and card¬
board stocks were
so
called
Curb
war
stocks
price changes were the outstand¬
ing characteristics of the curb market dealings on Wednesday.
There were no spectacular movements and while the changes
were generally in minor fractions there were a goodly number
of the more active stocks that closed on the side of the ad¬
vance.
The transfers continued at a low level the total for
Dull trading and narrow
slipping hack to 76,665 shares against 79,465 on the
preceding day. In the paper and cardboard group the gains
ranged from fractions to a point or more, oil stocks moved
within a narrow range and most of the Aluminum issues failed
the day
to appear on
generally unsettled. J:
light on Thursday, and while the price changes
in the general list were largely in minor fractions, there were
about a score of the more active issues that registered ad¬
Trading
was
ranging from one to three or more points. These in¬
American Hard Rubber, 2% points to
18; Colts Patent Fire Arms, 3 points to 75; Columbia Gas
& Electric pref. (5) , 3% points to 56%; Insurance Co. of
North America, 2% points to 69%; Mead Johnson, 2 points
to 34 and United Gas pref., 2% points to 109%,
Aircraft
shares were down or unchanged, oil issues were unsettled
with fractional changes on either side and paper and card¬
board stocks were moderately higher;
The market turned upward during the early trading on
Friday, and as the rally gathered headway, a number of the
speculative favorites moved upward from 2 to 4 or more
points.
The improvement extended to all sections of the
list, and while there were occasional soft spots, they made
little impression on the brisk advance.
Public utilities pre¬
ferred stocks attracted a good share of the buying.
The
strong issues including among others North American Light
& Power pref. which advanced 3 points to 76; Public Service
of Indiana (6) pref., 2% points to 56% and Virginia Public
Service pref., 3 points to 91.
Shipbuilding stocks moved on
the side of the advance and the paper and cardboard shares
were fractionally higher.
In the industrial section Alumi¬
nium Ltd. climbed upward 3 points to 74; American Meter,
1% points to 31 and American General Corp. pref., 1%
points to 30. As compared with Friday of last week prices
were slightly higher Aluminium Ltd. closing last night at 74
against 71 on Friday a week ago; American Cyanamid B at
34% against 33%; American Gas & Electric at 29 against
28%; American Light- & Traction at 12% against 11%;
Carrier Corp. at 8% against 8; Cities Service at 4% against
4%; Sherwin Williams Co. at 74 against 73; and United Shoe
Machinery at 57% against 57.
vances
cluded among others
DAILY
TRANSACTIONS
Feb. 28. 1941
MARKET
moderately
stronger
AT
THE
as
the
CURB EXCHANGE
YORK
NEW
market
(Number
of
Shares)
Bonds (Par Value)
Foreign
Domestic
Government
Foreign
Corporate
Total
HOLIDAY
Saturday
Monday
75,285
8723,000
$1,000
$2,000
$726,000
Tuesday
Wednesday.
79.310
776,000
1,000
3,000
780,000
76,565
776,000
5,000
5,000
786,000
....
65,825
694,000
15,000
87,580
958,000
8,000
967,000
...
16,000
1,000
384.565
$3,927,000
$30,000
...
Thursday.
Friday
Total.
Sales at
Week Ended
Feb. 28
725,000
$27,000 f$3,984,000
Jan. 1 to
Feb. 28
New York Curb
Exchange
Stocks—No. of shares.
1941
1940
1941
1910
384,565
810,233
4,619.155
6,575,837
$3,927,000
$6,315,000
$42,547,000
$64,870,000
502,000
Bonds
Domestic
resumed trading on Monday following the 2 dav holiday.
Public utility preferred issues and industrial specialties led
Shipbuilding shares were again higher
the tape.
and the Aircraft issues were
Slocks
stocks have been unsettled.
were
fractionally higher, Aluminum shares were
unsettled and oil issues were irregular.
in
Quiet and irregular price movements characterized the
dealings on the New York Curb Exchange during much of
the present week.
Public utility preferred stocks and in¬
dustrial issues attracted modest speculative attention and
the shipbuilding shares have shown a tendency to move
upward.
Oil issues generally fluctuated within a narrow
range and there has been a moderate amount of activity
apparent in the Aluminum group.
In the Aircraft section
most of the changes were toward lower levels, paper and
cardboard shares have registered small advances and most of
the
1941
selected list of
Week Ended
CURB
1,
the advance but most
by C. D. Alcock.
THE
March
Chronicle
Foreign government...
30,000
18,000
301,000
Foreign corporate..
27,000
176,000
518.000
916,000
$3,984,000
$6,509,000
$43,366,000
$66,288,00"
Total.
Volume
THE
We
The Commercial & Financial Chronicle
152
ENGLISH
GOLD
AND
FOREIGN
MARKETS
SILVER
reprint the following from the monthly circular of
Samuel Montagu & Co. of London,
Feb. 1,
written under date of
1941:
\;)'V
GOLD
'V'
during the month of January, 1941,
Act of
A- ;
•
\/<V
.
The Bank of England's
and
Transvaal
as
gold
compared
1,100,731 fine
buying price for gold remained unchanged at
for
output
with
23 3-16d.
some
December,
1,187,536 fine
was
was
FOREIGN
for
were
CERTIFIED
RATES
FEB. 22.
BY
FEDERAL
TARIFF ACT OF
fresh
no
1941, TO FEB. 28, 1941, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
features,
working days until
on
Unit
production selling and
little
a
Prices
trade demand.
the 21st
production selling
some
but buyers were inclined to hold back and prices eased
l-16d. to 23 3-16d. and 23%d.
These rates attracted
inquiry,
more
that
offerings
were
change until the 24th, when
little speculative
a
readily absorbed.
There was
no
little buying on a quiet market raised the
a
quotation for each delivery by l-16d.
RESERVE
1930
1940,
November,
.
offset by bear covering and
were
in evidence,
so
EXCHANGE
quiet and until the 20th prices varied only Ad.—
very
We
record for the week just passed:
BANK TO TREASURY UNDER
fine
1,176,522
had been unchanged at 23 %d. and 23 3-16d. for the
respective deliveries
for four consecutive
was
a
Feb.
22
Feb.
Feb.
24
25
Feb.
26
%d. and 23 Ad. and two months' between 23 5-16d. and
There
reselling
1940,
ounces
SILVER
The month
certifying
now
cable transfers in the different countries of the world.
for December, 1939.
ounces
'0;:,%
cash between 23
RATES
of Section 522 of the Tariff
1930, the Federal Reserve Bank is
give below
unaltered at £241,575.
was
168s. per fine ounce, at which figure the above amount was calculated.
ounces,
EXCHANGE
Pursuant to the requirements
daily to the Secretary of the Treasury the buying rate for
The amount of gold held in the Issue Department of the Bank of England
The
1373
On the next working day, the 27th,
$
S
Pe$. 27
/$
28
Feb.
Europe—
Belgium, belga
Bulgaria, lev
$
a
a
a
a
a
a
a
a
a
Czechoslov'ia, kornua
a
a
a
a
a
Denmark, krone
Engl'd, pound sterl'g
a
a
a
a
a
$
'
'■<
a
■:
.
Official
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.028750
4.030000
4.030714
4.032500
4.033437
Finland. Markka
France, franc
.020100
.020100
.020100
.020100
.020100
a
a
a
a
Germany, relchsmark
Greece, drachma....
.399700*
.399700*
.399700*
a
a
a
.399700*
a
.398700*
a
a
bear covering caused a further rise of l-16d. in the quotations, but this was
Hungary, pengo
.197700*
.197700*
.197700*
.197700*
.197700*
1ost
Italy, lira
Netherlands, guilder.
Norway, krone
.050414*
.050414*
.040414*
.050414*
.050414*
on
the
following day.
For the rest of the month level prices were
quoted but the amount of business done
Quotations
London
in
during
was very
modest.
1941
January,
(bar
silver,
per
ounce
standard):
Cash
Jan.
2
Jan.
3__
Jan.
2 Mos.
23 %d.
23 3-16d.
6__
7
8
23 5-16d.
Jan.
9
17__._..._23%d.
23 5-16d. Jan .20*..... ..23 Ad.
.23 3-16d.
23 5-16d. Jan. 21
23 3-16d.
23 5-16d. Jan. 22.
Jan. 23.
23 3-16d.
23%d.
23 5-16d. Jan. 24...
23%d.
Jan. 27........23 5-16d.
23%d.
23 %d.
Jan. 28
._..23%d.
Jan. 29...
23 3-16d.
23 %d.
23 3-16d. Jan. 30
23%d.
23 3-16d. Jan. 31
23%d.
23%d.
23%d.
23%d.
Jan.
23 %d.
...23 5-16d.
23 5-16d.
23 %d.
Jan.
Jan. 10
Jan. 13__
Jan. 14...
Jan. 15..
23%d.
16__._____23Md.
Jan.
Average—Cash
23 3-16d.
Jan.
delivery,
23.2727d.;
2
months'
Quotations in New York during January, 1941
delivery,
23 3-16d.
23 Ad.
23 Ad.
23 Ad.
23 Ad.
23 3-16d.
23 3-16d.
The official dollar rates fixed by the Bank of
THE
LONDON
STOCK
(per ounce .999 fine)—
Mon.,
Tues.,
Wed.,
Thurs.,
Feb. 25
Feb. 26
Feb. 27
36/88/9
35/9
88/9
35/9
88/9
36/88/9
Cable & W ord
£54
£54
£54%
£56%
£57
£11%
£11%
£11%
Courtaulds S A Co...
33/9
29/3
33/9
29/3
£11%
33/9
£11%
34/4%
29/10%
De Beers
£5%
£5'i t
£5ht
62/3
52/9
7/6
17/6
23/4%
93/9
Ford Ltd
..
Hudsons Bay Co
Imp Tob 4GB & I...
London Mid Ry
Metal Box
70 /-
Rand Mines
£0%
Rio Tinto
£7A
75 h
40/7%
24/14/9
Rolls Royce
Shell Transport
United Molasses
Vickers
West
7/6
17/7%
23/1%
93/9
£11%
70/£'6%
£7%
76/3
63/3
7/6
17/7%
23/7% !
94/4% ]
03/7/6
17/6
23/7%
93/9
70/- M
70/-
£6%
£6%
£6%
£7%
£7%
76/3
76/10%
41/10% 41/10%
23/3
23/3
40/7%
23/6
14/9
£3
14/10%
ENGLISH
The
£3
10/10%
£3
FINANCIAL MARKET—PER
as
£3»«
CABLE
follows the past week:
Sat..
Mom.,
Tues.,
Feb. 22
Silver, per
Feb. 24
Feb. 25
Feb. 26
Feb. 27
23 7-16d.
23 7-16d.
23 7-16d.
23 7-16d.
Closed
oz._
Gold, p. fine oz.
168s.
168s.
Consols, 2J4%- Closed
British
£77%
£103%
£103%
Feb. 28
23%d.
168s.
168s.
168s.
£77%
£103%
.238214
.238266
.238300
.232142
.232157
.232171
.232128
.232114
b
b
b
b
b
HOLI¬
DAY
China—
Chefoo (yuan) dol'r
Tientsin (yuan) dol
a
a
a
.055481*
Shanghai (yuan) dol
a
a
.054875*
a
a
.054750*
a
.055125*
Closed
a
a
a
a
.244250
.243531
.243781
.244812
.245375
.301400
.301400
.301400
.301400
.301400
.234387
.234387
.234387
.234387
.234387
.471066
.471066
.471066
.471066
.471066
3.228000
3.228000
Australasia—
3.228000
3.228000
3.228000
3.209583
3.211250
3.211875
3.212708
3.213541
3.222083
3.223750
3.224375
3.225208
3.226041
3.980000
3.980000
3.980000
3.980000
3.980000
Official
Free...
Canada, dollar—
Official..
.909090
.909090
.909090
.847946
.849270
.849553
.851071
.853035
.205200*
.205250*
.205250*
.205250*
.205250*
.909090
.909090
.909090
.909090
.909090
.845625
.846875
.847031
.848281
.850625
.297733*
.297733*
.297733*
.297733*
.297733*
Brazil, inilreis—
Official...
.060575*
.060575*
.060575*
.060575*
.060675*
.050600*
.909090
.909090
Free
peso..
.050600*
.050600*
.050600*
.050600*
.051660*
.051660*
.051660*
.051660*
Export
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.569850*
Free
Chile, peso-
Colombia, peso
Uruguay, peso—
.051660*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.394940*
.394940*
.394960*
.394940*
.394940*
♦Nominal rate,
a
No rates available,
b Temporarily omitted.
COURSE
OF
BANK
CLEARINGS
Bank
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, March 1)
clearings from all cities of the United States from which it is
possible to obtain weekly clearings will be 18.1% above those
for
the corresponding week last year.
Our preliminary
total stands at $7,321,279,586, against $6,199,155,653 for
the same week in 1940.
At this center there is a gain for
the week ended
mary
Friday of 22.0%.
for the week follows:
;
Our comparative
sum¬
£77%
£77%
£103 9-16
Closed
£113%
£113H
£113%
£113%
1941
34%
(for.)
34%
34%
in
the United
Chicago
Boston
34%
34%
Kansas
71.11
71.11
71.11
San Francisco..
U. S. Treasury
City
St. Louis
71.11
(newly mined)
71.11
71.11
...
....
Pitlsburgn
Detroit
THE
BERLIN
STOCK
Closing prices of representative stocks
each day of the past week:
as
received by cable
Feb.
Feb.
Feb.
25
25
27
28
Berliner Kraft u. Licht
Deutsche Bank
(8%)
(6%)
(6%)
....
...
Deutsche Reichsbahn (German Rys.,
Dresdner Bank
7%)..
(6%)
Farbenlndustrie I. G.
(8%)..—...
Relchsbank (new shares)
Siemens A Halske
(8%)
Verelnigte Stahlwerke (0%)
85,243,958
*
*
*
*
*
*
*
*
*
*
169
168
Total all cities, five days
All cities, one day
169
—The Hon.
Fiorello
215
149
149
149
150
150
150
150
147
200
130
273
150
147
147
147
147
199
213
199
212
199
212
199
130
131
131
131
273
271
273
275
150
150
150
150
NOTICES
LaGuardia, Mayor of the City of New York,
the next luncheon meeting of The Municipal Bond
Club of New York, to be held on Friday, March 7, at the Bankers Club of
America.
+ 18.8
+ 19.3
+ 14.4
+35.1
+61.5
+36.0
+ 18.5
+23.7
815,661,270
+ 17.4
$6,101,066,322
1.220,213,264
$4,974,081,524
1,225,074,129
+22.7
$7,321,279,586
$6,199,155,653
+ 18.1
—0.4
150
150
Total all cities for week
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
H.
+28.5
$4,158,420,254
cases
has to be estimated.
In the elaborate detailed statement, however,
will be guest speaker at
+ 18.S)
+24.9
72,681,042
168
169
21.5
149
Report not received.
CURRENT
+22.0
Feb.
24
Per Cent of Par
Commerz Bank
Eleven cities, five days
Other cities, five days
Feb.
22
95,447,246
95,300,000
155,212,000
152,854,778
172,268,378
115,920,500
86,097,530
Cent
$5,143,090,922
957,975,400
Baltimore
Feb.
Allegemelne Elektrizitaets-Gesellschaft (6%)
.....
Dlpveland
EXCHANGE
$2,683,872,711
271,779,403
340,000,000
189,096,246
80,335,537
79,900,000
135,663,000
113,164,206
106,684,151
437,000,000
236.110,216
Philadelphia
34%
1940
$3,273,701,421
323,178,853
£113%
New York
price of silver per ounce (in cents)
States on the same days has been:
Bar N.Y.
Per
Clearings—Returns by Telegraph
£103%
Week Ending March 1
The
■
.055456*
a
4%
1960-90
*
a
a
Hankow (yuan) dol
3%%
War Loan
British
168s.
£77A
Fri.,
Thurs.,
Wed.,
.238185
,
i
76/3
44/4% 1
23/6 J
15/- 4
daily closing quotations for securities, &c., at London,
reported by cable, have been
.238275
£7%
-
£2"i«
Sweden, krona
Switzerland, franc...
Yugoslavia, dinar...
£12%
£12%
70/-
.091300*
Official
£5"u
Witwatersrand
Areas
as
35/29/£5%
£12
.091300*
South America—
Central Min & Invest..
62/3
7/6
17/6
23/1%
93/9
£12%
a
.091300*
Argentina, peso
36/3
89/4%
Closed
.040075
a
.091300*
Newfoundl'd, dollar-
Feb. 28
Distillers Co
.040075
a
.091300*
Mexico,
Fri.,
Feb. 24
Electric & Musical Ind.
.040075
a
a
Spain, peseta
Official
"""*
29/1%
.040075
.040075
a
Free..
received by ezble
Sat.,
Cons Goldfields ot S A.
a
South Africa, pound.
North America—
Feb. 22
British Amer Tobacco-
a
a
New Zealand, pound.
Africa—
of the past week:
Boots Pure Drugs
a
a
Australia, pound—
England during January,
as
a
a
Straits Settlem'ts, dol
23.2216d.
EXCHANGE
Quotations of representative stocks
each day
a
Japan, yen
follows: Buying, $4.03%; selling, $4.02%.
were as
a
Hongkong, dollar.
India (British) rupee.
23 Ad.
23 Ad.
U. S. Treasury price, 35 cents; market price, 34 A cents.
1941,
a
a
Asia—
23 3-16d.
a
a
Poland, zloty
Portugal, escudo
Rumania, leu
2 Mos.
Cash
a
which
we
final and complete
results for the week previous—the week ended Feb. 22.
For that week there was an increase of 5.8%, the aggregate
of clearings for the whole country having amounted to
$5,178,616,238, against $4,893,327,669 in the same week in
present further below, we are able to give
Outside of this city there was an increase of 15.0%,
this center having recorded a loss of
1940.
the bank clearings at
serve
that in the New York Reserve District (including
but in the Boston
10.4% and in the
Philadelphia Reserve District of 12.9%.
In the Cleveland
Reserve District the totals record an expansion of 14.8%,
this city) the totals show a loss of 1.7%,
Reserve District the totals show a gain of
Inc. or
1940
Dec.
1939
$
$
%
%
S
293.530 + 140.8
302,995
286,010
90.269,061
+ 32.3
+ 17.8
80,398.169
2.465,341
67,535,560
2,775.405
1,336.211
1,440.862
15,200,000
1,684,456
4,384,835
18.902,591
1,007,702
7,266.665
+ 35.2
1,366,202
+6.2
801.092
727,771
+ 5.9
+21.8
+23.4
13,917,000
1,157.772
4,055,806
12,555.000
1.174,452
—9.4
15,167.527
16,018,146
+ 8.4
878.892
+ 6.1
6.952.946
922,709
6.364,289
2,991,545
+ 9.3
2,761.954
269.928
275.222
259,718
232,160,308
237,078,521
749,802
Seventh Feder al Reserve D istrict —Chi cago—
706.869
Mich .-Ann Arbor
119,394,755
3,269,850
Detroit
Grand Rapids.
Wayne
Richmond Reserve District of 27.3% and in the
Atlanta Reserve District of 31.6%.
The Chicago Reserve
Indianapolis-—
16,091,000
South Bend—
2,051,515
Terre Haute—
increase of 9.1%, the St. Louis Reserve
and the Minneapolis Reserve District of
7.1%.
In the Kansas City Reserve District the improve¬
ment is 14.7%, in the Dallas Reserve District 12.7% and
in the San Francisco Reserve District 14.8%.
In the following we furnish a summary by Federal Reserve
Wis.—Milwaukee
5,410,263
17,123,428
1,092,432
the
District enjovs an
District of 28.5%
districts:
1938
1941
1,806.739
1.530.361
in
1941
Week Ended Feb. 22
districts in which they are located, and from this it
appears
1,
Clearings ai-
We group the cities according to the Federal Re¬
2.1%.
March
Chronicle
The Commercial & Financial
1374
Lansing
Ind.—Ft.
la.—Ced. Rapids
Des Moines—
7,706,896
3,268,668
340,626
Sioux City
2,048,197
936,061
3,739,733
2.500.682
Chicago
294,115,200
286,769,776
+ 26.2
+ 2.6
Decatur
948,365
893,987
+6.1
713,222
Peoria
3,249,754
3,256,849
-0.2
2,945,823
Rock ford
1,449.092
1,199,835
1,063.429
1,011,530
+ 36.3
841.613
+ 18.7
1,095.390
915.908
480,755,648
440,818,362
+ 9.1
368,257,274
357,474,489
71,100,000
29,040,223
15,795,825
67,500,000
26,800,595
17.914,636
III.—Bloomlngton
Springfield
SUMMARY OF BANK CLEARINGS
Total (18 cities)
2,755,166
906,764
Inc.or
1941
Federal
Dlsts.
Reserve
Boston
1939
%
S
1938
I
252,246.809
New York..13
....
Dec.
8
228,518,854
+10.4
202,380,284
185,545,403
2,665.173.818
12 cities
"
1st
2d
1940
S
Week End. Feb. 22, 1941
2,710.520,605
—1.7
2,582.307,767
2,420,482,655
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
+ 21.3
79,200,000
96,100,000
30,458,344 + 39.4
42,467,914
Ky.—Louisville—
+ 41.9
18,450,689
Tenn.—Memphis
26,179,595
X
X
X
111.—Jacksonville
—4.0
476,000
457,000
Quincy
Mo.—St. Louis..
3d
PhlladelphlalO
"
400,486,250
354,573,419
+12.9
341,777,794
298,984,829
4th
Cleveland..
7
*'
322,602,590
281,069,784
+14.8
233,495,704
215,375,712
5tb
Richmond.. 6
44
151,437,104
118,960,368
+27.3
111,705,622
6th
Atlanta....10
"
200,141,287
152,119,935
+31.6
136,920,120
131,695,461
7th
18
8t. Louis.4
Minneapolis 7
41
41
41
480,755,648
440.818,362
+9.1
361,257,274
128,585,033
+28.5
+7.1
116,342,048
73,283,713
130,680,546
113,955,513
109,510.235
Ninth Federal
77,478.833
68,775,653
59.307,68o
59,719,157
Minn.—Duluth—
12thSan Fran...10
44
238,814,717
+14.7
+ 12.7
208,073,004 + 14.8
10*/,493,664
44
215,483,381
190,831,686
112,640,231
52,736.152
18.027.360
+ 23.0
2,041,769
48,096,793
18,321,887
1,671,228
+ 16.4
547,945
77.947,121
44
6
116,342,048
112,640,231
10th Kansas City 10
X
425,000
357,474,489
165,204.509
X
406,000
99.870.566
Chicago
8th
9th
11th Dallas
87,357.139
93,592,127
Total (4 cities)
128,585,033
+28.5
Reserve Dis trict—Minne
apolis-
165,204,509
.
113 cities
Total...
5,178,616.238
+5.8
+15.0
4,893,327,669
2,623,044,591
2,281,704,611
4,548,755,056
4,260,077,545
2,054,446.101
1,924,199,192
514,618
519,793
2,714,013
—13.1
2,089,473
2,180,907
93,592,127
N. D.—Fargo
32 Cities
We
now
add
our
+31.0
288,032,717
377,375,282
263,047,733
265,305,519
detailed statement showing last week's
87,357,139
+ 7.1
73,283,713
77,947,121
S. D.—Aberdeen.
746,896
Mont.—BillingsCanada
760,237
Helena
Total (7 cities)-
+ 5.0
+ 12.9
figures for each city separately for the four years:
Reserve Dis trict—Kans
Tenth Federal
Week Ended Feb. 22
75,750
Neb.—Fremont-
Clearings at—
1940
1941
or
1939
1938
5
Dec.
$
Omaha.
Reserve Dist rict —Boston
First Federal
R.I.—Providence
3,727,239
9,868,800
N.H.—Manches'r
363,256
473,771
1,773,569
197,485,102
636,341
353,828
576,419
2,633,270
1,610,377
8,929,065
3,891,684
9,499,000
656,428
Total (12 cities)
252,248,809
228,518,854
550,221
Me.—Bangor
1,886,232
Portland
219,238,245
Mass.—Boston..
Fall River
596,580
Lowell
364,583
725,611
New Bedford—
Springfleld
Worcester
Conn.—Hartford
► New Haven...
2,480,654
1,839,057
10,608,331
_%
+ 16.1
+ 6.4
—6.2
371,451
407,020
1,521,381
174,413,140
158,876,768
589,180
+3 0
330,353
+ 23.9
437,386
5.8
2,505,208
1,467,750
498,204
278,575
384,976
+ 14.2
1.538.566
+ 18.8
8.073.567
—4.2
—44.7
3,596,344
8,604,000
399,708
2,576,999
1,370,255
7,850,665
3,123,340
8,314,100
396,751
+ 10.4
202,380,284
185,545,403
—
—46.5
2,555,571,647 2,611,623,058
Rochester
7,131,337
6,892,091
3,664,891
5,904,711
Syracuse
Westchester Co
2,897,686
3,896,348
Conn.—Stamford
4,340,961
6,825,777
359,583
293,631
N. J.—Montclair
Newark
14,758,482
16,411,606
Northern N. J.
20,580,184
23,226,782
—2.1
87.448
105,619
105,666
2,000,485
26,225,321
1,722,694
25,188,456
+ 10.4
1,648,137
—8.7
1,876,147
2,235,315
75,299,925
+ 19.9
78.802,470
+ 13.4
2.107.C02
72,069,469
3,512,829
2,261,317
+ 55.3
2,368.968
516,988
461,503
+ 12.0
450,698
582,837
533,972
+ 9.2
463,983
2,159,976
411,755
422,853
130,680,546
113,955,513
+ 14.7
107,493,664
109.510,235
1,289,684
47,071,491
5,465,979
1,202,383
46.195,723
6,487,771
2,491.000
St. Joseph
Colo.—Col.Spgs.
Pueblo
Total (10 cities)
Eleventh Fede ral
Reserve
District—Da lias—
Wichita Falls-
997,658
3,095,373
1,265,680
54,927,337
6,537,957
1,812,904
925,977
3,305,798
77,478,833
68,775,653
Texas—Austin.
1,710,250
„
Dallas
60,500,914
9,141,638
2,033,000
Fort Worth...
+ 35.1
+ 10.1
+ 39.8
+ 12.1
1,794,000
+ 7.7
855,446
814,300
—6.4
2,831,085
3,527,980
+ 12.7
59,307,685
59,719,157
York-
12,033,502
1,474,471
30,400,000
549,742
706,708
53,982
+2.8
—1.1
2,417,528
89,324,437
Galveston
Feder al Reserve D istrict—New
Sv*-:
95,646
La.—Sbreveport.
+ 3.9
_
+ 2.3
2,246,903
24,454,841
2,376,231
2,648,604
29,314,159
2,614,883
-
Wichita
Mo.—Kan. City.
+ 11.0
City
468.072
98,332
Lincoln.—
Kan.—Topeka..
I
as
74.026
1,714,165
2,222,803
Hastings
Inc.
2,300.672
+ 26.1
23,937.153
2,403,927
St. Paul.
Outside N. Y. City
+ 13.9
2,440,926
57,384,853
21,208.308
1,954,265
641,791
603,107
3,123,889
2,781,121
60,248.780
Minneapolis
Second
N. Y.—Albany..
Binghamton...
Buffalo
6,438,125
1,162,679
37,400,000
441,554
Elmlra
708,867
Jamestown
—21.1
+ 23.0
—19.7
+0.3
5,027,898
1,111,750
26,200,000
631,897
565,627
5,799,097
837,733
25,600.000
342,405
632,647„
Total (6
cities).
Twelfth Feder al Reserve D istrict—San
Total (13 cities)
2,665,173,818 2,710.520,605
—3.4
+ 61.1
+ 34.5
2,494,308,955 2,335,878,353
Francl
+23.6
8CO—-
6,911,278
4,271,911
3,547,522
27,143,025
+ 57.2
—18.3
3,134,113
+11.2
15,562,105
20,755,110
+ 12.9
279,601
3,446,409
32,794,647
763,946
27,455,703
13,209,547
3,258,781
2,874,724
136,104,000
2,592,062
122,597,000
+ 10.9
2,140,560
1,166,496
+ 10.4
Santa Barbara-
2,362,253
1,140,810
Stockton
New York
2,865,464
2,094,262
+ 36.8
11,439,426
4,384,981
3,774,116
137,817,000
2,613,547
1,351,370
1,596,058
208,073,004
+ 14.8
215,483,381
Wash.—Seattle..
Third Federal
Ore.—Portland..
3,628,898
2,700,266
3,158,721
276,135
14,516,446
20,716,738
Utah—S. L. City
Calif.—L'g Beach
491,367
Chester
379,504
Lancaster
867,452
Philadelphia.
—
Reading
Scranton...
Wilkes-Barre..
York
N. J.—TrentonTotal
(10 cities)
Fourth
333,743
516,088
417,697
Francisco-
San Jose
+25.2
441,954
4.8
437,958
—
+ 34.3
257,881
—14.6
+0.1
1,130,141
330,000,000
1,019,035
1,960,345
Cleveland
Columbus
Mansfield
323,297
328,403
228,425
390,000,000
282,495
1,015,258
344,000,000
1,313,375
2,030,803
875,675
1,120,177
1,402,613
2,029,679
835,312
961,331
+ 4.8
618,024
+ 16.5
789,956
1,093,593
2,990,200
3,196,900
—6.5
5,122,500
354,573,419
+ 12.9
341,777,794
298,984,829
238,814,717
(10 cities)
total
2,618,796
3,810,106
132,457,032
+ 13.4
—6.4
989,995
667,999
24,598,880
25,032,676
+ 14.1
11,920,510
3.436,405
116,191,000
190,831,686
+ 5.8
+ 11.0
-2.2
_
Total (7 cities).
Fifth Federal
322,602,590
1,956,349
+ 15.4
+ 17.7
90,101,055
+ 22.5
Reserve Dist rict
—1.3
+ 41.1
1,592,908
47,497,897
72,061,884
8,152.500
1,277,880
1,601,280
44,805,971
63,242,544
44 5,002
2,850,000
Va.—Norfolk—
Richmond
2,174,000
34,856,683
Md.—Baltimore
.
D.C.—Washnlg'n
+ 7.8
+ 14.8
+5.8 4,548,755,056 4,260,077,545
Week Ended Feb. 20
Clearings atInc. or
1941
1940
Dec.
7,748,200
1,032,939
1,251,141
233,495,704
95,693,637
215,375,712
+48.9
+ 31.1
309,407
1,901,000
34,629,438
284,884
2,314,000
+40.5
1,004,811
+27.0
56,543,563
24,849,112
990,726
61,421,563
19,072,394
+ 30.3
17,317,403
151,437,104
118,960,368
+27.3
111,705,622
99,870,566
1,392,413
77,999,492
+ 25.3
138,202,883
96,125,944
Montreal—-—
103,746,801
83,103,145
+43.8
+24.8
Winnipeg
33,158.891
35,696,040
—7.1
Vancouver
17,435,210
15,912,819
+ 9.6
Ottawa
36,398.515
4,887,084
3,050,731
14,220.200 + 156.0
+ 9.9
4,448,163
Quebec
2,591,610
+ 17.7
Hamilton
6,265,345
5,307,808
5,500,904
+ 18.0
+ 7.0
St. John
2,202,198
5,142,575
1,915,726
1,683,230
2,449.963
Edmonton
4,461.664
Reglna
Halifax
Tenn.—Knoxville
Reserve Dist rict—Atlant
5,119,653
4,026,772
Nashville
21,468,465
Ga.—Atlanta
73,300,000
16,359,201
56,300,000
1,182,695
717,333
1,198,328
Augusta
Macon
Fla.—Jacks'nvllle
Ala.—Blrm'ham.
Mobile...
1,322,796
32,111,000
22,696,228
1,848,974
+ 31.2
3,312,282
15,641,127
3,172,021
15,137,174
+ 30.2
48,900,000
45,200,000
+ 1.3
894,996
930,952
+ 84.4
701,786
+ 27.1
Vicksburg
La.—New Orleans
Total (10
cities)
200,141,287
1.569.605
1,380,403
2,808,173
3,962,300
2,032,825
2,658,010
+20.2
236,698
+ 31.4
225,492
213,162
429,797
+ 6.3
337,337
310,762
942,357
449,017
1,117,359
+ 13.8
858.819
519,661
+25.6
474,896
624,518
+ 73.3
536,918
+ 31.3
230,272
+ 9.6
524,952
+21.6
+ 18.0
+0.5
473,741
+27.9
+23.2
+8.0
2,273.231
+ 15.5
371,291
—0.2
873,662
740.504
989.000
Sherbrooke
439,782
834,511
609,484
191,126
601,853
545,598
1,090,132
2,627,969
Chatham
577,635
Sarnia
420,684
984,069
2,514,058
265,309
702,348
489,705
578,556
463,871
—9.3
505,328
441,651
Sudbury
772,376
734,723
+ 5.1
647,136
870,707
377,375,282
288,032,717
+ 31.0
263,047,733
265,305,619
Kitchener
3,215,745
326,969
Windsor
Prince Albert
16,136,000
Moncton
758,874
17,174,136
16,017,844
Kingston
565.806
+ 4.2
1,234,544
1,270,156
136,797
—18.8
102,381
108,455
34,052,741
+20.3
31,329,380
33,021.093
136,920,120
859.970
+4.5
615,692
+81.0
+ 31.6
750,958
513,109
842,032
705,100
-252,311
638,380
Peterborough
3,153,466
1,984,680
492.319
171,143
880,110
1,067,165
Fort William
+ 14.4
152,119,935
+ 12.6
652,610
Moose Jaw
Total (32 cities)
'•
1,449,272
1,586.737
2,090,327
2,793.754
2,230,610
17,739,000
19,831,372
1,774,024
x
111,034
40,964.809
20.098,253
14,368.305
13,182,568
3,718,767
2,054,101
4,592,875
4,169.635
+ 15.0
+4.3
832,274
17,499,000
Miss.—Jackson—
96,771,445
84.214.902
—12.8
1,613,680
1,271,709
Saskatoon
Medicine Hat
a—
?
90,125,217
86,351,483
23,118,358
16,869,107
12,225,170
2,915,529
2,156.345
4,325,455
4,044,425
456,702
Lethbridge
New Westminster
Sixth Federal
1938
3,195,906
311,119
Brandon
Brantford
Total (6 cities).
1939
%
Canada—
London
1,694,756
101,217,879
29,913,376
978,531
49,800,064
16,579,711
43,683,546
S. C.—Charleston
+ 63.2
-Richm ond-
662,541
W.Va.—Hunt'ton
►
281,069,784
1,432,999
+ 15.0 2,054,446,101 1,924,199,192
Victoria—-—
Pa.—Pittsburgh
1,781,835
1,415,566
5,178,616,238 4,893,327,669
cities)
Calgary
Youngstown...
2,859,412
Outside New York 2,623,044,591 2,281,704,611
Toronto
-
52,442,502
9,513,900
1,856,079
2,334,900
122,864,999
764,978
+ 22.1
(113
6,550,000
400,486,250
Grand
286,000,000
1,033,979
1,772,958
664,179
2,256,761
61,730,865
110,336,030
9,393,000
Cincinnati
26,093,284
+ 16.4
-1.7 2,582,307,767 2,420,482,655
Feder al Reserve P istrict—Clev eland
Ohio—Canton
33,515,130
15,072,556
.
Pasadena
San
Reserve Dist rict—Philad elphia
Bethlehem
889,219
6,395,216
Total
Pa.—Altoona
40,544,152
Yakima—
131,695,461
*
Estimated.
xNo figures available.
208,824
626.043
245,878
634,615
423,304
483,274
410,396
The Commercial & Financial Chronicle
Volume 152
REDEMPTION
CALLS
AND
SINKING
FUND
Below will be found a list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under
sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details
the
were
CAPITAL STOCK INCREASED
Amt. of Increase
Feb. 17—The First National Bank of Damariscotta, Damariscotta,
Maine.
From $125,000 to $175,000
$50,000
Feb. 17—The First National Bank of Santa Fe, Santa Fe, New
Mexico.
Feb.
From $225,000 to $270,000
Milwaukee Avenue National
Feb.
18—The
xl424
816
Apr.
1122
1
1416
Mar. 13
Mar.
1
(F .& G.) Brooke Iron Co. 1st mtge. 6s
(William) Carter Co, preferred stock
Central Ohio Steel Products. 1st mtge. 6s
Central West Utility Co of Kansas, 10-year 6s
Charleston Transit Co. collateral trust notes
5% bonds
Certificates of indebtedness
1
AC
first
current week.
we
show
Co. 4bonds
♦Duluth Missabe & Iron Range Ry. 1st mtge. 3Hs
♦Durez Plastics & Chemicals, Inc., 4H% debentures
Erie Coach <^o
1st mfee. 4 4s
♦Firestone Tire & Rubber Co. 3)4% debentures
General American Investors Co., Inc., 5% debentures
Germanl Atlantic Cable Co
1st mtge
7% bonds
tB. F.) Goodrich Co., 1st mtge. bonds
Great Northern Power Co., 1st mtge. 5s
Jones & Laughlin Steel Corp. 1st mtge. bonds ser. A_
Keystone Telephone Co of Pa. 1st mtge. 6s
Lone Star Gas Com. 3)4% debentures
Lukens Steel Co.. 8% bonds
Luzerne County Gas & Electric Corp. 1st mtge. 6s
1st mortgage 5s
Matth lessen & Hegeler Zinc Co 6% bonds
Middle States Telephone Co. of 111., 1st mtge. 4%s
♦Minneapolis Northfield & Southern Ry. 6% bonds
National Distillers Products Corp. 10-year 3 Hs
New Orleans Public Service, Inc., 4H% bonds
Nordbery Mfg. Co. 1st mtge. 6s
North American Car Corp. 4)4% ctfs., series I
North American Car Corp. equip, trust ctfs. series J
Nevada California Electric Corp., 6% debentures
Northern Illinois Coal Corp., 1st mtge. 5s
Ohio Finance Co., 4X% debentures
-
Ohio Oil Co., 6% preferred stock
Old Colony investment Trust Co. 4H% debs
Ozark Power & Water Co. 1st mtge. 5s
Panhandle Eastern Pipe Line Co. 1st mtge. bonds
Alabama & Vicksburg Ry. Co. (s.-a.)
Alabama Power Co. $7
1
1
823
American
823
American
823
Mar.
1
May
1
Apr.
1
Mar. 18
Mar
1
Apr.
1
824
983
824
American
American
674
1127
825
1
z3886
Apr.
Apr.
Mar.
Apr.
Mar.
1
1
1
1
7
Apr
1
1430
1430
676
1431
985
xl433
Mar. 15
Mar. 20
1130
1130
1
xl573
1
1
1
1
1
1
19
1
1
1
17
834
834
270
1287
10
1439
1
1
1
836
1434
1283
..
-
434
1
1
14
15
1
1136
1137
1137
1137
686
993
993
841
1290
American Hardware Corp. (quar.)
American Hawaiian Steamship
American Home Products Corp
American News Co
American Power & Light Co., $6 preferred
$5 preferred
American Sumatra Tobacco Co. (quar.)
Apr.
1 Apr.
May
4
Mar. 25 Mar.
7
Mar. 15 Mar.
1
Feb. 28 Feb. 18
1 Mar. 14
Apr.
(quar.)
Tobacco
preferred
Building, Inc. (quar.)
(quar.)
Beech-Nut Packing Co. (quar.)
1 Mar. 10
Apr.
1 Mar. 10
Apr.
15 Mar. 22
Apr.
Extra
Bell Telephone of Canada
Bellows & Co., Inc. (quar.)
1
1139
1
1
1
1
15
1
1
1
25
1
4
1
1
1
17
15
1
15
13
15
994
1140
1140
1448
1141
843
1295
844
844
845
996
1143
845
1452
1297
694
276
276
1147
1455
SALES
Wednesday
of the current week:
By R. L. Day & Co., Boston:
$ per Share
Stocks
5 Consolidated Dry Goods Co., preferred, par $100
56
11%
—
10 Bausch & Lomb Optical Co., preferred, par $100
Common, par $10
—
110
23%
2 American Seedless Raisin Co., preferred, par $100
25
81 Manhattan Market
10
Bond Stores, Inc. (quar.)_
Boston & Albany RR
Brager-Eisenberg (quar.)_
-
—
-
pref. (quar.)__
Bridgeport Gas Light (quar.)
Mfg. Co., Inc. (quar.)
Class A (quar.)
Brown & Sharpe Mfg. (quar.)
Mar. 31 Mar. 14
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Brillo
_
-
Mar. 10 Mar.
Mar. 10 Mar.
_—
Budd Wheel Co.
preferred (quar.)
Preferred (participating dividend)
Bunte Bros. 6% preferred (quar.)
Bulova Watch Co. (quar.)
75c
SIX
5Cc
5fc
—
2)4
Burd Piston Ring
Calaveras Cement Co.
10c
t$l
preferred
5c
Calgary & Edmonton Corp
Canada Malting Co., Ltd.
(quar.)
Preferred
(quar.)—
Canadian Canners
First preferred (quar.)
First preferred (participating
Second preferred (quar.)
dividend)
Second preferred (participating
Canadian Cottons, Ltd. (extra)
Common
|5c
115c
dividend)
AUTHORIZED
Feb. 15—The Central National Bank at Battle Creek, Battle Creek, Mich.
Location of branch:
Village of Nashville, Barry County, Mich. Certifi¬
1514A.
VOLUNTARY
|$2
I$1
(quar.)
Amount
Feb.
17—The First National Bank of Oneonta, ODeonta, Ala
Feb.
12, 1941.
Liquidating agent:
L. Q. Box,
$25,000
Canadian
(quar.)
Foreign Invest. 8% pref. (quar.)—
Canadian Oil Cos. pref. (quar.)
Canadian Wirebound Boxes, class
A (quar.)
-
t$2
t$2
t37Hc
50c
Carpenter Steel Co
Central Patricia Gold Mines, Ltd.
Extra
1
1
Mar. 31 Mar. 17
Mar. 31 Mar. 17
1 Feb. 24
Mar.
Mar. 27|Mar. 14
Mar. 27 Mar. 14
Mar. 20 Mar. 10
Mar. 10 Feb. 28
Mar.
7
Apr.
Feb. 28
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
1
Mar. 31
Mar. 15
Mar.
15
Mar. 15
Mar. 15
Mar.
15
Mar.
15
15
Mar. 15
Mar. 15
Mar.
Mar. 15
1 Mar.
15
1 Mar. 20
1 Mar. 15
Apr.
Mar. 20 Mar. 10
4c
Mar. 31 Mar.
2c
(quar.)___
Mar. 31 Mar. 15
Mar. 15
25c
Champion Paper & Fibre
1
Preferred (quar.)
Apr.
$1)4
Mar. 27
10c
Chapman Ice Cream Co
Mar. 15
25c
Chicago Rivet & Machine
Mar. 31
30c
CjimaxMolybdenum Co
Mar. 25
75c
Clorox Chemical (quar.)
Mar. 31
50c
Colt's Patent Fire Arms (quar.)
Commercial Alcohols Ltd.. 8% cum. pref. (qu.)_
JlOc Apr. 15
Mar. 31
75c
Commercial Credit Co. (quar.)
Preferred (quar.)
$1.06 X Mar. 31
1
Apr.
$1
Commercial Investment Trust Corp
1
$4% series of 1935 conv. preference (quar.)_-_ $1.06 X Apr.
1
75c
Apr.
Commcnwealth & Southern $6 preferred
Commonwealth Telephone (Madison, Wis.)—
1
$1)4
Apr.
6% preferred (quar.)
1
May
Consolidated Edison of N. Y. pref. (quar.)
SIX
1
90c
Apr.
Consolidated Gas El. Lt. & Power Co. (Balt.)__
1
Apr.
$1
4% series C preferred (quar.)
1
Apr.
six
4)4% series B preferred (quar.)
1
six
Apr.
Consumers' Power $5 preferred (quar.)
1
Apr.
SIX
$4)4 preferred (quar.)_
Mar. 31
50c
Continental Assurance Cc
Co. (quar.)
Mar.
15
7
Mar. 15
Mar. 13
Feb. 24
Mar. 21
Mar. 15
Mar. 12
Mar. 31
Mar. 14
Mar. 14
Mar. 10
Mar.
10
Mar. 14
Mar.
15
Mar. 28
Mar. 15
Mar. 15
Mar.
Mar.
15
14
Mar.
14
Mar.
15
~
25c
12 He
50c
(quar.)
(quar.)
Crown ZeJlerbach
253
David & Frere, Ltd., class A (quar.)
Davidson & Boutell Co., 6% pref. (quar.)
25c
$1)4
87 He
$1
Dayton & Michigan RR. Co. (s.-a.)
8% Preferred (quar.)
Delaware Fund. Inc
De Long
20c
$1H
$1H
Hook & Eye (quar.)
pref. (quar.)
Dominion Tar& Chemical
Dixie Ice Cream (quar.)
Dominion Textile
Ltd. (quar.)
Effective
Draper Corp.
Oneonta, Ala.
Absorbed by: State National Bank of Decatur.
Decatur, Ala., Charter No. 14414.
Eastern Malleable Iron.
tfiH
Preferred
Detroit Michigan Stove Co., common
Common
LIQUIDATION
15c
—
Crowell-Collier Publishing Co.
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
IX
2
t75c
tl2Hc
J25c
(quar.)
Canada Permanent Mortgage Corp.
Canada Breweries, $3 preferred
Creameries of America, Inc.
BANKS
The
S50c
h
25c
Canada Northern Power Co. (quar.)
Continental Oil of Delaware
No.
5 Feb. 26
Mar.
Mar. 31 Mar. 14
Mar. 15 Mar.
7
Mar. 31 Feb. 28
Mar.
1
3 Mar.
3 Mar.
Mar.
1
1 Mar. 15
Apr.
Black & Decker Mfg. (quar.)
-
1 Mar. 10
1 Mar. 10
Mar. 25 Mar. 11
Mar. 31 Mar. 15
1 Mar. 15
Apr.
Beech Creek RR. Co.
-
5
1 Mar. 10
Apr.
(Del.) pref. (quar.)
Corp
(quar.)
Extra
15
14*
Mar. 24 Mar. 11
Mar. 18 Mar. 11
Arnold Constable
Extra..
14
1 Mar. 10
Mar. 15 Mar.
1
Associated Breweries of Canada
Preferred
Brazilian Traction Light & Power
5
20
20
Apr.
(quar.)
American Tobacco Co., preferred
Anaconda Copper Mining Co
Andes Copper Mining Co
Armour & Co.
Apr.
Extra
116
1 Mar. 11
1 Mar. 11
1 Feb. 11
Mar.
Mar. 14 Mar.
1
Balfour
1
18
Mar. 15 Mar.
989
1289
838
838
Apr.
Mar. 31 Mar.
Mar. 31 Mar.
Ar»r.
1 Mar.
Mar. 31 Mar.
1 Mar.
Apr.
Mar. 15 Mar.
Axton-Fisher
151.
The following securities were sold at auction on
Apr.
Apr.
Apr.
American Fork & Hoe
Atlantic Refining preferred
Atlas Corp
1
1
7
1 Mar. 14
1 Mar. 14
American General Insurance Co. (Houston) (qu.)
American Hard Rubber pref. (quar.)
682
1286
1 Mar.
Mar. 20 Mar.
7
1 Mar. 17
Corp. 5% prer. (quar.)
Bank Note, preferred (quar.)
Cities Power & Light class A (quar.)_Druggists Fire Insurance Co. (ann.)__
Export Lines
680
681
1
5
Apr.
1
Mar. 12
Corp.
Peoples Light & Power Co., series A bonds
__\Apr.
Scrip certificates
J
Philadelphia Suburban Water Co 1st mtge. 4s
Mar.
Portland Gas Light Co., 1st mtge. 5s
Apr.
1st mortgage 4s
May
♦Purity Bakeries Corp. 5% debentures
Apr.
Richfield Oil Corp., 4% debentures
Mar.
Rochester & Lake Ontario Water Service Co. 5% g. bds
Mar.
Sayre Electric Co., 1st mtge. 5s
Apr.
Shell Union Oil Corp. 5H% preferred stock
Mar.
Silverwood Dairies. Ltd., 5% bonds
Mar.
Southern Counties Gas Co. of Calif. 1st mtge. bonds
May
Southern Kraft Corp. 4%% bonds
Mar.
Southern Natural Gas Co., 414% bonds
Apr.
Southwestern Light & Power Co. 1st mtge. bonds, ser A__Mar.
♦Superior Oil Co. 314% debentures..
Apr.
Texarkana Water Corp., 1st mtge. 5s
Mar.
Toho Electric Power Co., Ltd., 1st mtge. bonds
Mar.
Unified Debenture Corp. debentures..__
-July
Union Premier Food Stores preferred stock
Mar.
Wisconsin Public Service Corp.. 1st mtge. bonds
Mar.
♦Wolverine Natural Gas Co. 5% bonds
Mar.
Holders
May
Allied Chemical & Dye Corp. (quar.)
1
Apr.
Aprl
Apr.
Mar.
Apr.
Mar.
Mar.
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
Apr.
Mar.
May
June
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
When
Payable o/ Record
Apr.
Apr.
Apr.
pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
1
Parr Shoals Power Co. 1st mtge. 5s
Penn Mercantile Properties, sinking fund bonds.
Penn-Ohio Edison Co.
coee Commonwealth & Southern
BRANCH
are:
Share
822
Apr.
Hs.
♦Helvetia Coal Mining Co. 1st mtge. 5s
Houston Electric Co., 1st mortgage 6s
Illinois Bell Telephone Co. 1st mtge. 3Ms
NATIONAL
second table in which
Company
822
Mar.
—
—
a
Per
Name of
1423
823
1126
Edison
72 Bausch Machine Tool, common
follow with
The dividends announced this week
__Apr.
Consolidated Biscuit Co. series A bonds
Consol (iasEl
Light & Pow. Co. of Bait. 3)4% bonds
Consolidated Title Corp., 6% bonds
Cumberland County Power & Light 1st mtge. 4s
-----
we
dividends
822
1
Mar.
AUCTION
Then
the
Allied Stores
Community Public Service Co. 1st mtge. 4s__
Congress Square Hotel Co. 1st mtge. 5J^s
the
the
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Apr.
xV.
bring
we
Mar.
__
1st mtge
grouped m two separate tables.
In
together all the dividends announced
are
1
7% debentures, series D
Announcements this week.
Dividends
28
1
Mar.
Mar.
AB
cate
Fla.
28,000
Apr.
Apr.
_
19Nashawena Mills
50,000
Orlando,
From $132,000 to $160,000
1124
1125
Mar.
♦Chesapeake & Ohio Ry. 3)4% bonds—
Chicago Union Station Co. 4% guaranteed bonds
Cleveland Ry., 5% A bonds
Collateral Bankers, Inc., 6% debentures—
Shares
45,000
Chicago,
1275
Mar.
1
Mar. 15
_
Apr. 15
Apr.
1
Apr.
1
Apr.
1
--Apr, 15
Apr.
1
Apr.
1
1123
1123
819
x2036
671
671
820
1422
977
June 16
8% bonds
Bell Telephone Co. of Pa.
6H% preferred
♦Bnllo Mfg. Co. class A stock
Gulf Public Service Co
Page
1
1
Mar. 15
Bear Mountain Hudson River Bridge Co. 1st
mtge. 7sBear Mountain Hudson River Bridge Co. 7% bonds
Detroit
of
give in
Date
Mar.
Mar.
__
*Allis-Chalmers Mfg. Co. 4% debentures
Aroostook Valley RR., 1st mtge. bonds
Atlas Imperial Diesel Engine Co., 6% bonds
Bayuk Cigars, Inc., $7 preferred stock
Series
Bank
From $200,000 to $250,000First National Bank at Orlando,
DIVIDENDS
Company and Issue—
Series
.
17—The
Chicago. 111.
Chronicle.'*
Alabama Power Co. 1st mtge. 5«
Alabama Power Co. 5% bonds
Allied Owners Com., 1st lien bonds
♦
COMMON
.
NOTICES
1375
(quar.)__.
—
Mar. 31 Mar. 10
Mar. 31 Mar. 10
Mar. 24 Mar. 14
1 Mar. 13
Apr.
Mar. 31
Mar.
15
Apr.
Apr.
1 Mar. 15
1 Mar.
15
Apr.
1 Mar.
15
Mar. 15 Mar.
1
1 Mar. 20
Apr.
Mar.
1 Apr. 15
10c
Mar. 15 Mar.
10c
June
12Hc
X$1H
Mar.
5
6
16 June
1 Feb. 25
Apr.
1 Mar. 15
75c
Apr.
1 Mar.
25c
Mar. 10 Feb.
1
28
The Commercial & Financial Chronicle
1376
Per
Name of
Share
Company
Eastern Gas & Fuel Assoc. prior
pref. (quar.)—
Electric Auto-Lite Co,
75c
-
t30c
t35c
Electric Power & Light Corp. $6 pref
$7 preferred
Electric Storage Battery Co. (quar.)
Preferred
(quar.)
Avenue
Coach
First National Stores
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
~/q
(quar.)..
—
Mar.
Natomas
8
-
-
Neisner Bros. 4%% oref.
Mar. 10
New York City
Mar. 15
Mar. 10
Niagara Lower Arch Bridge Co., Ltd.
Mar.
62 He
Mar. 14
Mar.
8
Apr.
preferred
$7 preferred (quar.)
Foundation Co. (Canada) (quar.)
....
Mar.
Feb.
20
20c
Mar.
Feb.
20
17Mc
17Mc
17 He
17Hc
Mar.
June
Feb.
20
Dec.
Nov. 20
25c
Mar.
Mar.
Mar. 15
Ohio
Mar.
Apr.
Apr.
Apr.
Mar. 15
5 % prior preference (quar.)
6% preferred (quar.)
Ohio Match Co
Mar.
t$7
May 20
Aug. 20
Sept.
5
Mar. 15
Mar. 31
Mar. 10
2H%
Mar.
10c
Mar.
Feb.
Feb.
SIM
SIM
Mar.
Mar.
Apr.
Mar.
Mar. 15
Gannett Co., $6 pref. (quar.)..
General Acceptance Corp. (quar.)
—
25c
25c
(quar.)
General Railway Signal pref. (quar.)
SIM
....
General
Telephone Corp. (quar.)..
$2H preferred (quar.)
General Theatres Equipment Corp
...
3.5c
62Mc
—
25c
-
25
28
5
5
Mar.
Mar.
Apr.
Mar. 10
Mar.
Mar.
Apr.
Mar. 15
Mar.
Mar. 10
Mar.
Feb.
Mar.
5
5
28
8
-
Gorton-Pew Fisheries (quar.)
Great Lakes Paper Co., Ltd., $2 cl. A & B pref..
Great Lakes Power Co., Ltd., series A prer. (qu.)
Great Western Sugar
-
------
Greening (B.) Wire Co., Ltd., common (quar.).
Gulf Power Co., $6 pref. (quar.).
Gulf States Utilities, $6 pref. (quar.)
$5 H preferred (quar.)
Hackensack Water Co. pref. A (quar.)
Hamilton Cotton, Ltd., preferred
Preferred (quar.)
;
Harsh aw Chemical Co. (quar.)
...
Harvey Hubbel, Inc. (quar.)
Hathaway Manufacturing Co. (quar.)..
Haverty Furniture Cos., Inc. (quar.)
SIM preferred (quar.)
—
Harrisburg Steel Corp. (quar.)
—
Hearst Consolidated Publications, class A.....
Hein-Werner Motor Parts (quar.)
Helme (Geo. W.) Co
....
Prefer.ed (quar.)..
—
-—
—
Apr.
Mar. 10
Mar.
Mar. 31
J62c
t$lH
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
75c
(guar.)...
62 Mc
50c
SI H
...;
Goodman Manufacturing Co
Goodyear Tire & Rubber of Canada (quar.)—.
Extra.
Mar.
td27t
t25c
t$lH
-
Mar. 15
Mar. 21
Mar. 20
25c
50c
Preferred
Mar. 15
37Mc
Apr.
25c
43 Mc
20c
SIM
SIM
1H&
Mar. 20
Mar. 26 Mar. 12
Mar. 15 Mar.
1
Mar. 20 Mar. 10
Apr.
Apr,
1 Mar.
8
1 Mar.
8
Mar. 25 Mar. 14
Mar.
1 Feb.
Apr.
1 Mar. 15
21
Mar. 31 Mar. 17
Apr.
Apr.
Feb.
15 Mar. 31
15 Mar. 31
28 Feb.
19
Mar. 31 Mar. 20
Apr.
1 Mar. 15
Mar. 31 Mar.
7
Mar. 31 Mar.
7
Mar. 31 Mar.
7
Mar. 25 Mar. 10
---
1
Apr.
Mar. 25
1
Apr.
1
Apr.
1
Apr.
International Vitamin Corp. (quar.)
Irving Air Chute Co., Inc. (quar.)
Jamaica Public Service (quar.)...
—
7% preferred (quar.)
;....
Jarvis (W. B.)..
Joslyn Manufacturing & Supply
Preferred (quar.)
Kelley Island Lime & Transport
Kings County Lighting Co., 7% ser. B pf. (qu.).
6% series C preferred (quar.)
-----b% series D preferred (quar.)
— .
Kinsel Drug Co
Lamaque Gold Mines, Ltd. (quar.)
Langley s, Ltd., 7% conv. pref
7% conv. preferred
7% conv. preferred..
7% conv. preferred
....
-
(quar.)
7% first preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Rayonier, Inc., preferred (quar.)
Reading Co. 2d pref. (quar.)
Regent Knitting Mills
Preferred (quar.)
Preferred (quar.).
Mar. 15*
Mar. 15
Mar. 17
Mar. 14
Mar. 14
Preferred
Apr.
1 Mar.
Preferred
Mid vale Co
Mississippi Power Co. $7 pref. (quar.)
$6 preferred (quar.).
Missouri Utilities Co. 7% pref. (quar.)
Mitchell (J. S.) & Co. pref. (quar j
Modern Container Ltd. (quar.).
preferred (quar.)
—
--
—
Scran ton Lace Co
—.
_ —-
Dec.
1 May
1 Aug.
1
15
15
1 Nov. 15
Apr.
1 Mar. 14
May
1 Mar. 14
k
Apr.
1 Mar. 14
Mar.
3 Feb.
18
1 Apr. 15
May
Apr. 15 Mar. 31
Apr. 15 Mar. 31
7Hc
$1H
Mar. 15 Feb. 28
1 Mar. 20
Apr.
25c
Mar. 31 Mar. 10
25c
---
—
-----
12Jic
—
Sloss-Sheffield Steel & Iron
— —
-
SI?*
Mar. 29 Mar. 14
25c
si y*
7
Mar. 20 Mar.
Mar. 21 xviar. 10
$1M
—
Mar. 21 Mar. 10
nx
t45c
—
1 Feb.
25
37 He
Mar. 28 Mar. 13
2%
25c
S1H
Apr.
Apr.
Apr.
1 Mar.
6
1 Mar.
6
1 Mar. 15
15c
Mar. 15 Mar.
75c
Mar. 31 Mar. 20
10c
Apr.
1 Mar.
Mar.
1 Feb.
21
Mar.
1 Feb.
18
SI H
SI
—
—
15 Mar. 31
Mar. 31 Mar. 10
-----
;
Apr.
Mar.
3
10c
(quar.)
Teck-Hughes Gold Mines (quar.)_
Texas-New Mexico Utilities Co.y 7% pref. (qu.)
SI
-
Inc., A & B pref. (qu.)
25
Mar. 29 Mar. 14
Preferred
Thomson Electric Welding
5 Feb.
Mar. 17 Mar.
15c
_____
(quar.)_.
Smith (H.) Paper Mills pref. (quar.)— —
Smith (T. L.) Co., 6% preferred
-------Snyder Tool & Engineering Co. (quar.)
South Penn Oil Co. (quar.)
South Porto Rico Sugar Co., pref. (quar.)__
Common (quar.)-—...
-----Southwestern Assoc. Telephone $6 pref. (quar.)
Mar.
50c
(liquidating).——
Simon (H.) & Sons, Ltd. (interim)
-----Preferred (quar.)
—
Sivyer Steel Casting.
------
37Hc
5
7
Mar. 20 Mar. 10
Apr.
1 Feb.
24
S1H
___
Mar. 15 Mar.
1
25c
—
Mar. 15 Mar.
4
Mar. 31 Mar. 15
United Artists Theatre Circuit, Inc.—
1
15 Mar. 31
7
5% preferred (quar.)-,
United States Sugar Corp
t25c
37Hc
(quar.)
75c
SI X
——
10c
__—
t$2
SI?*
Upressit Metal Cap Corp. 8% pref___
Utah Power & Light, $7 preferred
$6 preferred
Mar.
1 Feb.
20
20
SI H
75c
Vicksburg Shreveport & Pacific Ry. Co
1 Feb.
25c
June
2 May 20
2 ivxay 20
Victor Equipment
1 Aug.
Preferred (quar.)
Wagner Electric Corp. (quar.)
Waldorf System. Inc. (quar.)
Walker & Co., class A
Waltham Watch Co. 7% prior pref
Warren (S. D.) Co. (quar.)
Sept.
Sept.
1
SIM
Dec.
1 Nov. 20
25c
Dec.
1 Nov. 20
20
Aug. 20
Mar. 15 Mar.
1
Mar. 31 Mar. 18
Preferred
(semi-annual)
preferred
Viking Pump Co. (special)
-----
2H%
2H%
t50c
5
Mar. 31 Mar.
10
Mar. 31 Mar
10
Mar. 15 Mar.
6
(quar.)
(quar.)
Hosiery Co. (quar.)—
3 Feb.
1 Mar. 15
1 Feb.
24
Mar.
1 Feb.
21
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
1 Mar. 22
—
—
-
1 Mar. 20
1 Mar. 20
1
Feb.
21
1 Mar. 14
1 Mar. 20
1 Mar. 20
t$7
Mar. 21 Feb. 27
Monsanto Chemical Co
50c
Mar. 15 Feb.
Myers (F. E.) & Bro. Co
75c
Mar. 25 Mar. 15
National Automotive
15c
Apr.
15 Mar.
26
25
25c
Mar. 21 Mar. 10
Mar. 21 Mar. 10
50c
Apr.
44c
1 Mar. 15
Apr.
Apr. 15 Mar. 31
Mar. 24 Mar. 10
-----
Extra
Quarterly
Extra
-
-
Quarterly
-
Extra
- -— —
6
1 Mar.
1 Mar.
Mar. 15 Mar.
Apr.
Apr.
1 Mar. If
1 Mar. 1,!
Mar. 14 Feb.
2t
Mar. 27 Mar. 1?
Mar. 15 Mar.
Apr.
1
1 Mar. If
Mar.
3 Feb.
2(
Mar.
4 Feb.
21
25c
Mar.
4 Feb.
23
SI H
SI
Feb.
5 Jan.
2£
Feb.
5 Jan.
2£
May
May
Aug.
Aug.
1
Apr.
1 Apr.
1 July
1 July
If
If
If
If
Nov.
1 Oct.
If
Nov.
1 Oct.
If
M
M
Mar. 31 Mar. 14
t$2H
Mar. 20 Mar. 1(
50c
Wood (Alan) Steel, 7% preferred—:
Woodward & Lothrop—1
Mar. 27 Mar. If
Mar. 27 Mar. If
1 Feb. 2i
Apr.
SI?*
Preferred (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
uoc
1 Feb.
:5c
Cooperative Mercantile Institution
Quarterly
Quarterly
Quarterly
1 Mar. 15
we
Apr.
Mar. 15 Mar.
f
June
f
50c
Sept. 15 Sept,
f
50c
(qu.)_
50c
50c
Extra
Zion's
Following
Apr.
Apr.
SI X
37 He
25c
•
Extra
Winsted
6
1 Mar.
Mar. 20 Mar.
25c
—
Quarterly
27
1 Mar.
Mar. 15 Mar.
SI H
SI
Williams (J. B.) Co.
Cumul. preferred
Mar.
7
1 Mar. 15
Mar. 15 Mar.
t50c
West Indies Sugar Corp., preferred (s.-a.)
West Coast Telephone Co., 6% pref. (quar.)
Apr.
Mar.
1
Mar. 17 Mar.
Apr.
Apr.
Apr.
5Cc
75c
-------
7
Mar. 15 Mar.
t62 He
t$7
Wesson Oil & Snowdrift Co., Inc. (s.-a.)
Mar. 20 Mar.
1 Mar.
20c
1 Mar. 22
60c
Apr.
Mar. 15 Mar.
60c
-
Weber Showcase & Fixture Co. 1st pref
40c
Mar. 31 Mar. 17
50c
—
1 Mar. 15
Apr.
Apr.
20c
1
Mar. 31 May
1
1 Mar. 13
10 Mar. 20
Sept.
tsi!*
$1H
------
Selby Shoe Co
Mar.
25c
Mar. 25 Mar,
Apr.
Apr.
50c
Diego Gas & Electric
Schenley Distillers Corp. pref. (quar.)
20th Century-Fox Film Corp. pref.
Union Carbide & Carbon Corp.-
12 June
12 Dec.
Mar. 20 Mar. 10
.....
Mar. 27 Mar. 17
1 Mar. 20
5
Mar. 15 Mar.
Mar. 15 Mar.
si
-
Tokheim Oil Tank & Pump Co. (quar.)
75c
(quar.)
6
10%
----
Preferred
San
June
SIM
6
20c
25c
20c
5
5
Apr.
June
40c
SIM
SIM
SIM
SIM
SIM
SIM
1 Mar. 10
Mar. 31 Mar. 15
2.5c
Veeder-Root, Inc
tSIM
tS5
SIM
SIM
1 Mar. 10
8 Mar. 10
1 Mar. 15
40c
Rockwood & Co. 5% pref
Saguenay Power, Ltd., preferred (quar.)_
St. Lawrence Corp. pref. A
Tood-Johnson Dry Dock,
Todd Shipyards Corp__.
Mar. 31 Mar. 11
37 Mc
SIM
Apr.
Apr.
1 Mar. 20
1 Mar. 15
40c
Timken-Detroit Axle.
Mar. 15 Mar.
SIM
National Bond & Investment pref. (quar.).
Common (quar.)
National Breweries, Ltd. (quar.)
5Cc
50c
-
1 Mar. 15
Mar. 15 Mar.
25c
1 Mar. 20
--
(quar.)
1 Mar. 15
Modine Manufacturing Co. (quar.)..
Monarch Knitting Co. 7% pref
Fibres
SI
- — -
Toronto General Insurance (annual)
Apr.
SIM
1
6
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 27 Mar. 17
$1H
Dec.
SIM
27
15 Apr.
Mar. 15 Mar.
7
Mar. 31 Mar.
Apr. 15 Mar. 14
50c
--------
Sept. 12 Sept.
25c
Apr.
5Cc
--—
June
SIM
1 Mar. 15
1 Feb.
50c
%Wk
$1 %
Mar. 12 Mar.
SIM
1 Mar. 15
Mar. 31 Mar.
Mar. 31 Mar.
—
Spencer Trask Fund Inc
3
1 Mar. 10
1 Mar. 10
Apr.
1 Mar. 10
Apr.
Mar. 15 Feb. 27
$1X
$IH
Sterchi Bros. Stores 6% pref.
8 Mar.
1 Mar. 15
Mar. 15 Mar.
Mar. 15 Mar.
55c
---
1
Mar. 31 Mar. 20
1 Mar. 15
_
.......
$1H
(quar.).
1
Mar. 31 Mar. 20
.....
10c
(quar.)___
Stock dividend—
7
Apr.
Apr.
Apr.
Mar.
Leland Electric Co
_
50c
$1 H
Remington Rand, Inc
Mar. 15 Mar.
...
.........
$1
(quar.)__
6% preferred (monthly)
...
Publication Corp. voting common (quar.)
Mar. 15 Mar.
-
Lexington Telephone Co. (quar.)
....
6% preferred (quar.)
Lindsay Light & Chemical Co. pref. (quar.)
Lone Star Cement Corp
Longhorn Portland Cement Co.—
5% partic.preferred (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)...
MacKinnon Steel. 7% pref.
McCrory Stores Corp
Marion-Reserve Power Co. $5 pref. (quar.)
Marsh (M.) & Sons, Inc.
(quar.)
Master Electric Co. (quar.)
Mathieson Alkali Works (quar.)
Preferred (quar.)
Mengel Co., 5% conv. preferred.
Merrimac Manufacturing, pref
Michigan Associated Telep Co. 6% pref. (quar.)
Michigan Consolidated Gas Co. 6% pref. (qu.)_
Middlesex Water Co. (quar.)
70c
$1H
7% preferred (quar.)
Mar. 14 Mar.
...
...
$1H
_
—.—
Mar. 17
Preferred (semi-annual)
International Salt Co
75c
6% preferred
Apr.
Apr.
Apr.
18
1 Mar. 15
1 Mar. 15
75c
Portland Gas & Coke 7 % preferred
Mar.
Feb.
20
1 Mar. 15
Mar.
87c
t25c
25c
1 Mar. 15
Mar. 31 Mar. 15
t30c
(quar.)
43 Mc
20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
_ - -
28
Feb.
Feb.
1 Mar. 20
1 Feb.
,
Feb.
Mar. 14
Mar.
8
1 Mar. 20
Mar.
25c
Parke, Davis & Co
Patterson-Sargent
Payne Furnace & Supply Co. conv. pref. A & B.
Penick& Ford, Ltd. (quar.)
Pennsylvania Edison Co. $5 pref. (quar.)
S2.80 preferred (quar.)
—
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
-----Philadelphia Electric Power pref. (quar.).
— _
Pickle Crow Gold Mine (quar.)
—Pittsburgh Fort Wayne & Chicago Ry. (quar.)__
Mar.
Mar.
1 Mar. 20
1 Mar. 20
25c
Preferred
Mar.
Apr.
Apr.
Apr.
Apr.
40c
Extra
Non-voting common (quar.)._-
SIM
15
Mar. 31 Mar. 15
—
28
37 Mc
40c
1 Aor.
Mar. 28 Mar. 20
Mar. 10 Feb. 28
Mar. 31 Mar. 15
Mar. 31 Mar. 14
1 Mar. 14
Apr.
20c
$2
(quar.)
Indemnity (quar.)
Feb.
Mar. 15
8
1 Mar. 12
Mar. 31 Mar. 15
(quar.)
Preferred
Mar. 20
50c
18
35c
Omnibus Corp. (quar.)
Pacific
1 Apr.
1 Mar. 14
75c
Mar.
-
Inspiration Consolidated Copper Co.—
Preferred
Apr.
Apr.
n%
ar.)
$5H prior preferred (quar
Apr.
— — -
-
$tH
Oklahoma Natural Gas Co. (quar.).
Simmg Petroleum Co.
Interim
40c
— -
—
Apr.
t 15c
SIM
-
Preferred
-
Public Service of New Jersey
Liquidating dividend No. 4
Bell Telephone
—
Illinois Commercial Telephone Co. (Mad., Wis.)
Imperial Tobacco of Canada (final)
National Cash Register...
National Cylinder Gas Co
$1 H
$1.80
Finance Co
Public Service Electric & Gas $5 pref.
SIM
Illinois
$1^
$1^
$1M
-----
—
Mar. 15
Mar.
3
Mar. 15
50c
t31c
Heywood-Wakefield Co. 5% pref. B
Hinde & Dauch Paper (Can.) (quar.).
U2Mc
Hooker Electrochemical Co. pref. (quar.)......
Household Finance (quar.)
Preferred (quar.)
Idaho Live Stock Lands. Inc.—
Mar. 15
preferred (quar.).,
S6 preferred (quar.)
SO.60 preferred (quar.)
$7 preferred (quar.)
S7.20 preferred (quar.)
— - —
Mar. 31
Mar. 15
60c
Hercules Powder Co
cum.
Mar.
Mar.
25c
Glen Alden Coal
Goebel Brewing Co. (quar.)
Goldblatt Bros., Inc., pref. (quar.)...
20c
Ohio Edison Co. S5
Gamewell Co., pref. (quar,)
—
25c
873^c
—
20c
Fruit of the Loom preferred
5M%
(quar.)
:75c
Northland Greyhound Line, Inc., S6H pref.(qu.)
Ohio Associated Telephone Co. 6% pref. (quar.)
$IH
Four Wheel Drive Auto
Fred Fear & Co
Preferred (quar.)...
Greene Cananea Copper Co
75c
(quar.)--.
North American Finance Corp. class A (quar.),_
—
7% preferred (quar.)
Cum. prior preferred
Mar. 31 Mar. 14
$1.18J* May
(quar.)
Omnibus (quar.)
Mar. 10
Mar.
50c
Foster Wheeler $7
Preferred
25c
Co
Mar.
Mar.
Holders
When
Payable of Record
May
50c
25c
preferred (quar.)
Flintkote Co
Foote-Burt Co
12Mc
1941
1.
Mar. 22 Mar.
30c
partic. class A (quar.)
partic. class B (quar.)—»
preferred (quar.)
preferred (quar.)
— —
preferred (quar
.....
A
-----—
(quar.)
National Malleable & Steel Casting
National Standard Co. (quar.)
$1
25c
—
cum.
Class
National Lead Co
Class B preferred
Share
of Company
50c
,,
—
non-conv.
/
Name
Mar. 15
Mar. 20
Mar.
8
Fitzsimmons Stores, Ltd.—
5%
Per
Holders
Payable of Record
50c
50c
*
El Paso Natural Gas
(guar.)
Federal Mining & Smelting Co
Fifth
$1H
75c
6% preferred
When
March
Dec.
f
15 June
15 Dec.
2f
give dividends announced in previous weeks
and not yet paid.
The list does not
nounced this week, these being given
include dividends
an¬
in the preceding table.
Volume
The Commercial & Financial Chronicle
152
Per
Name of
Company
Share
Abbott Laboratories (quar.)
Extra
Mar. 31 Mar. 12
...
Apr. 15 Apr.
3 Feb.
Mar. 12 Feb.
15
14
Apr.
4 Mar. 14
1
Mar. 15 Mar.
1 Feb. 15
Agnew-Surpass Shoe Stores (S.-a.)
Preferred (quar.)
Agricultural Insurance Co. (Watertown, N. Y.)
Quarterly
Alabama Water Service $6 pref.
(quar.)
Allegheny Ludlum Steel, pref. (quar.)
Allied Laboratories, Inc. (quar.)
Allied Products Corp. (quar.)
Class A (quar.)
Alpha Portland Cement
Aluminum Industries, Inc. (quar.)
Aluminium, Ltd
Preferred (quar.)
Pref. payable in U. S. funds.
Aluminum Manufacturers, Inc. (quar.)
Mar.
Apr.
Per
Name of
1 Mar. 15
Apr.
1 Mar. 20
1 Feb. 20
3 Feb. 17
Mar.
Mar.
1
Apr.
1
Apr.
1
Apr.
Mar. 25
-
Share
Company
Berghoff Brewing (quar.)
Bethlehem Steel Corp
—
7% preferred (quar.)
Bigelow-Sanford Carpet Co., pref. (quar.)--
---------
—
Common
Bird & Son, Inc., 5% preferred (quar.)
$1M
Birmingahm Gas, prior pref. (quar.)__
Birmingham Water Works Co., 6% pref. (quar.
Bliss & Laughlin, Inc
-
Bohn Aluminum & Brass
Borden Co. (interim)
1
Borg-Warner Corp
Mar.
3
28
8
—
Mar. 15
June
Sept. 15
Dec. 15
Mar.
Mar. 15
June
Sept.
Sept. 15
Dec.
15
Dec.
Mar.
tfeb.
Mar.
Mar. 21
Mar.
Mar. 21
Apr.
Preferred (quar.)
American Can Co. 7% pref. (quar.)
American Capital Corp., $5H % prior pref. (qu.)
American Chain & Cable Co.. Inc
Mar. 17
Mar.
American Automobile Ins. Co. (St. L.) (quar.)..
American Box Board Co.. 7% cum. pref. (quar.)
American Brake Shoe & Foundry
Mar. 15
Mar.
Amalgamated Sugar
Dec.
Apr.
Apr.
Mar. 17
Feb.
Mar.
Mar.
Mar.
Mar.
(quar.)
Mar.
15
1
15
15
5
5
American Chicle Co. (quar.)
American Cigarette k, Cigar
Preferred (quar.)
Mar.
3
Mar.
Mar.
3
Mar.
Mar. 14
American Colortype (quar.)
Mar.
Mar.
Mar.
4
3
15
1 Mar. 18
Apr.
1 Mar. 10
Mar. 20 Mar.
10c
Mar. 10 Feb.
Mar. 31 Mar. 14
7 He
$1H
28
Mar. 15 Feb.
28
Mar.
14
19
1 Feb.
$\H
Mar.
1 Feb.
50c
Mar.
1 Feb.
50c
Preferred (quar.)--
$1H
Bucyrus-Erie Co
Preferred (quar.)
15c
S1H
Buckeye PiDe Line Co
Bullard Co
$1
Mar. 15 Mar.
1
Apr.
1
Apr.
1
Apr.
Mar. 15
Burlington Mills Corp
Preferred (quar.)
Burlington Steel Co., Ltd. (quar.)..—
Burroughs Adding Machine Co
20
5
Mar. 20
Mar. 15
Mar. 15
Feb.
50c
Bunker Hill & Sullivan Mining & Concentrating_
Bunte Bros
7
25
Mar. 15 Feb.
60c
-
Mar. 31 Mar.
25c
Mar.
$1
25c
Mar. 10 Mar.
3 Feb.
21
3
13
1
1 Feb.
10
Mar.
1 Feb.
10
Apr.
1 Mar. 15
15c
Mar.
5 Feb.
1
15c
Mar.
Feb.
7
68iic
-
Butler Bros
Feb.
Apr.
75c
Brunswick-Balke-Collender Co
June
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Altorfer Bros. $3 preferred..
1 Mar. 14
Mar.
50c
-
Mar.
15
Apr.
$1H
June
—
Mar. 31 Mar. 25
1 Feb. 14
Mar.
30c
40c
-
-
Brewing Corp. of America
;
Bridgeport Gas Light (quar.)
Bright (T. G.) & Co. (quar.)
Preferred (quar.)
Bristol-Myers Co. (quar.)
t
Brooklyn Telegraph & Messenger Co. (quar.)_
Brown Shoe Co. (quar.)
12
Mar. 15 Mar.
5
Mar.
4 reb. 11
1 Feo. 28
Apr.
Mar.
3 Feb. 14
Mar.
3 Feb. 14
Mar.
1 Feb. 20
Mar.
1 Feb. 20
Mar. 15 Mar.
1
Mar. 31 Mar. 22
Mar. 31 Mar. 22
75c
Boston Elevated Ky. Co. (quar.)
Bower Roller Bearing
1 Feb.
Mar.
25c
Holders
50c
1
Mar.
Mar. 15 Feb.
6 Feb.
Mar.
.
..
$1H
When
Payable of Record
Optional div. l-32d sh. of com. stk. for cash.
Sept.
-
87 He
37Mc
$1H
(quar.)
Block Bros. Tobacco 6% pref.
(quar.)
Blue Ridge Corp., S3 preferred (quar.)
Mar.
Mar. 15
25c
-
Preferred
_
Preferred
1
Mar.
-
Quarterly
Quarterly..
Holders
When
Payable of Record
Mar. 31 Mar. 12
;
—.
Preferred (quar.)
Abbotts Dairies. Inc. (quar.)
Acme Steel Co. (quar.)
Aero Supply Manufacturing Co.. class A
(quar.)
Aetna Ball Bearing Manufacturing
1377
-
Mar.
Preferred
Mar.
Feb.
7
(quar.)
1.
Butler Water Co., 7% preferred (quar.)
Mar. 15 Mar.
1
Feb. 15
Byers (A.M.) Co.7% preferred
t $2.1292 Mar.
Div. rep. $1
due Nov. 1, *36 plus int. to
Mar. 1, *41.
California Art Tile $1H conv. prefMar.
Feb. 14
t25c
California Ink Co.Mar. 20 Mar. 10
62 He
June
June
4
American Envelope Co., 7% pref. A (quar.)
Mar.
Feb.
25
7% preferred A (quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American Factors, Ltd. (monthly)
American & Foreign Power $6 preferred
June
California-Western State Life Insurance—
Sept.
May 25
Aug. 25
Dec.
Nov. 25
Calumet & Hecla Consolidated Copper...
Quarterly
-
Mar. 10 Feo.
Mar. 15 Feb.
21
Mar. 15 Feb. 21
Mar. 15 Feb. 19
$7 preferred
American Gas & Electric Co. (quar.)
Extra
28
Mar. 15 Feb.
4H% cum. preferred (quar.)
American General Corp., $3 pref. (quar.)
$2H preferred (quar.)
$2 preferred (quar.)
American Hide & Leather Co., pref. (quar.)
American Home Products Corp (monthly)
American Insurance Co. (Newark, N. J.) (s.-a.)
Extra
1 Mar.
1 Feb.
Feb.
8
Mar.
Feb.
Mar.
Mar. 20
Apr.
Mar.
.
-
19
Mar.
.
75c
20c
25c
5c
14
14
14
Mar.
Feb.
14*
Apr.
Apr.
Mar.
4
Mar.
4
13
-
-
50c
Class A
(quar.)-.--Class A (quar.)
Canada Vinegar, Ltd. (quar.)
-
Feb.
28
Mar.
Mar.
Mar.
Feo.
Mar.
Feb.
1
28
15
15c
37 He
37 He
Mar.
Mar. 10
Mar.
Mar.
1
June
June
2
37Hc
37 He
Canada Dry Ginger Ale (quar.)
Canada Foundries & Forgings, class A (quar.)_.
Class A (quar.)
Mar.
25c
$1H
$37Hc
(semi-annual)
Canada Cement 6 H % preferred
Canada & Dominion Sugar Co. (quar.)
8ept.
Sept.
1
1
Mar.
Mar.
15
Feb. 28
Feb. 28
$IH
t44c
Mar.
Feb.
Apr.
Mar. 21
t50c
Preferred (quar.)
Canadian Car & Foundry preferred
Dec.
Mar.
$1
50c
Canada Wire & Cable class A (quar.)
Class B (quar.)--—
Dec.
10c
Apr. 30 Apr.
Feb.
28
Subject to approval of Can. Foreign Exch
Control Board.
Canadian Converters
American Investment Co. (111.) (quar.)
American Investment Securities
25c
10c
Mar.
Mar.
Feb.
14
American Laundry
Extra
20c
Mar.
Feb.
18
10c
Mar.
t$2
Mar.
Feb. 18
Feb. 25*
Canadian Industries A & B (quar.)
Preferred (quar.)
34c
Mar.
Mar. 10
Canadian International Investment Trust—
Machinery Co. (quar.)
'
American Locomotive Co., preferred
American Machine & Foundry Co
5-month period, Nov. 1,1940. to Mar. 31, *41.
American Maize-Products
,-
-
__
American Steel Foundries
—
—
American Stores Co
American Sugar Refining pref. (quar.)
American Telephone & Telegraph Co. (quar.) —
American Tobacco Co. com. & com. B (quar.)_.
25c
Arden Farms Co. S3 preferred
Slg
SI H
%\H
%\H
SI H
$1H
SI H
15c
3 Feb.
20
3 Feb. 20
Mar. 15 beb. 26
Apr.
1 Mar. 22
Mar. 15 Mar. 5
Mar.
June
16 June
Sept. 15 Sept.
Dec.
15 Dec.
6
5
5
Mar. 20 Feb. 28
3
Mar. 31 Mar.
24
SI H
Mar.
1 Feb.
SI %
June
50c
Mar.
1 May 26
7
3 Feb.
25c
25c
Mar. 31 Mar. 15
Mar. 27 Feb. 18
5*
2 Mar
15 Mar. 17
sm
$2H
$1H
Apr.
Apr.
Mar.
3 Feb.
July
July
3 June 21
3 June 21
15c
10c
35c
10
1 Feb. 15
Mar. 31 Mar. 10
Mar.
3 Feb. 18
Mar.
t75c
Mar.
25c
SI
Armstrong Cork Co. (interim)
Preferred (quar.).-
1 Feb.
Mar.
3 Feb.
Mar. 15 Mar.
18
3
10c
1
Mar.
1 Fen. 15
Mar. 21 Mar. 14
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 11
$1H
Mar. 15 Mar. 14
SI H
Corp. 7% preferred (quar.)
Art Metal Works, Inc.
Asbestos
Mar.
S2H
Anglo-Canadian Telephone Co. class A (quar.)—
Applied Arts Corp
Archer-Daniels-Midland Co
Artlooro
Mar. 31 Mar. 24
Mar. 31 Mar. 24
75c
Amoskeag Co. semi-ann
$4 H preferred (s.-a.)
(quar.)
Corp., Ltd. (quar.)
15c
15c
15c
Extra
Ashland Oii & Refining (quar.)
Preferred (quar.)
Associated Dry Goods 1st pref. (quar.)
2d preferred
Atlanta & Charlotte Air Line Ry. Co. (s.-a.)
S1H
t$6H
$4H
$1H
Atlanta Gas Light 6% pref. (quar.)
Atlantic Refining Co. (quar.).-Atlas Corp., 6% pref. (quar.)
25c
75c
Mar.
1 Feb.
Mar.
14
1 Feb.
Mar.
Apr.
14
1 Feb. 20
1 Mar. 14
Mar. 15 Feb.
21
1 Feb.
14
Mar.
Mar. 10 Feb. 28
75c
Mar. 15 Feb. 27
Atlas Tack Corp
15c
Automobile Finance Co. 7% preferred
mvic Mar. 1 Feb. 21
1 Feb. 20
Automotive Gear Works, Inc., cum. con. pref.f $2.06 H Mar.
1 Feb. 15
Baldwin Locomotive Works, pref. (s.-a.)
$1.05 Mar.
Atlas Powder Co
Baltimore Radio Show, Inc
10c
15c
6% preferred (quar.)—...
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
Barlow & Seelig Manufacturing
Class A (quar.)
Barnsdall
$1H
$1H
Basic Dolomite, Inc
Mar.
Feb.
15
Apr.
Mar. 10
Mar. 10
Apr.
—
Mar.
Feb.
14
30c
15c
20c
Mar.
1 Feb.
15
14
Mar. 15 Feb. 28
37Hc
Bayuk Cigars, Inc
50c
10c
Mfg
Beau Brummel Ties, Inc
15
25c
——
Bathurst Power & Paper class A (interim)
Beaton & Caldwell
Feb.
Mar.
15c
Oil Co
—
Beaunit Mills. Inc., $1H pref. (quar.)
371?
Belding-Corticelli Ltd. (quar.)
Mar. 10 Feb.
14
1
Mar. 15 Mar.
Mar.
Apr.
1
1
Feb.
Mar. 21
Mar.
1 Feb.
11
Mar.
1
Feb.
15
Apr.
1 Mar. 15
Apr.
20c
Mar.
Belden Manufacturing Co
25c
Mar.
1 Mar. 15
5
3 Feb.
1 Feb. 17
Belknap Hardware & Mfg. (quar.)
25c
Mar.
1 Feb.
$IH
Preferred
Bel ding
(quar.)
Heminway
Bell Telephone
Co. (Pa.) 6H% pref. (quar.)
$1H
27c
6H% preferred (final)
For period from Apr. 1 to Apr. 15, 1941; all
outstanding pref. stock being redeemed
on Apr. 15.
15c
Belmont Radio Corp. (quar.)
SI
Bendix Aviation Corp..________
12Mc
Beneficial Loan Society (Del.) (quar.)
t$2.45
Berkshire Fine Spinning Assoc. 7% pref
t$l^
$7 preferred
—
Canadian General Electric Co., Ltd. (quar.)..
1$2
t$lH
t$lH
15
Apr. 15 Mar. 20
Apr. 15
Mar. 15 Mar.
1
Mar.
1 Feb.
1 Feb.
20
Mar.
1 Feb.
23
Mar
1 Feb
23
Mar.
8
Apr.
10
1 Mar. 15
Apr. 30 Mar. 31
Apr. 15 Mar. 31
Mar.
1 Feb.
15
Mar.
t50c
5% preferred
Preferred
(quar.)
American Metals Co., Ltd
6% preferred (quar.)
American Meter Co.. Inc
American Oak Leatherpreferred (quar.)
American Paper Co. 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Public Service Co. 7% pref. (quar.)—
American Radiator & Standard Sanitary
Preferred (quar.)
Preferred (quar.)
American Smelting & Refining
Feb.
1 Feb.
14
Canadian Western Natural Gas, Light, Heat &
Power
preferred (quar.)
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Canfield Oil Co. (quar.)
6% preferred (quar.)
Capital City Products
Capital Wire Cloth & Manufacturing Co.—
$1H conv. pref. (quar.)
Cariboo Gold Quartz Mining Co.,
Mar. 20 Mar. 10
Mar.
Carman & Co. class A (quar.)
Class B
Mar.
Mar.
Feb.
Mar.
16 June
3
15
1 Feb.
June
12
3
15
Mar. 15 Mar. 10
Carter (Wm.) Co. preferred (quar.)
Preferred
Feb.
Apr.
Apr.
Mar.
Ltd. (quar.).
Extra
(final)
Case (J. I.) Co., preferred (quar.)
Central Arkansas P. S. pref. (quar.)
Apr.
Mar.
16
IMar. 12
llFeb. 15
Central Cold Storage Co. (quar.)
Mar. 15 Mar.
5
Central Franklin Process--
1 Mar.
Apr.
Apr.
l|Mar.
IMar.
Apr.
Mar. 15 Feb.
18
Preferred
Central Illinois Light Co. 4H % pref. (quar.)..
Central Illinois Public Service, 6% prer
18
20
20
$6 preferred
Central Ohio Steel Products.--
Mar.
Mar.
Feb. 20
Feb. 17
Central Paper Co. (quar.)
Central & South West Utilities Co.—
Mar.
Feb. 20
Mar. 20 Feb.
Mar. 20 Feb.
Extra
J Feb.
20
Mar.
Century Ribbon Mills. Inc., 7% pref. (quar.)
Chartered Investors $5 pref. (quar.)
Chartered Trust & Executor Co. (Toronto, Ont.)
(quar.)
—
Chefford Master Mfg. Co., Inc. (quar.)
Cberrv-Burrell Corp—
Chesapeake & Ohio Ry. (quar.)-Preferred A (quar.)
Chesebrough Manufacturing Co. (quar.)
28
28
Mar.
$7 prior lien preferred
$6 prior lien preferred
1 Feb.
1
Apr.
Mar.
Mar. 15
Mar.
Feb. 28
Mar.
7
Apr.
Apr.
Mar.
Mar.
-—
Chicago Flexible Shaft (quar.)
Chicago Railway Equipment, preferred
Chicago Towel Co
Preferred (quar.)—
Chicago Yellow Cab.-—
Mar.
Christiana Securities
Mar.
(quar.)
J
Chrysler Corp
Cine. New Orl. & Tex. Pac. By.—
5% preferred (quar.)——
5% preferred (quar.)
5% preferred (quar.)
Cincinnati Union Terminal, preferred (quar.)
Preferred (quar.)
City of New Castle Water Co., 6% pref. (quar.)
City Ice & Fuel, preferred (quar.)
City Water Co. of Chattanooga,5% pref.(initial)
Clark Equipment Co
Preferred (quar.)
Cleary Hill Mines Co. (quar.)
87 He
Cleveland & Pittsburgh RR. guar. (quar.).
50c
Special guaranteed (quar.)
Coast Counties Gas & Elec., 5% 1st pref. (quar.)
31Hc
$1.06
Colgate-Palmolive-Peetpref. (quar.).
25c
Collins & Aikman Corp
Extra
$2
Preferred (quar.)
$1X
25c
Colonial Finance (Lima, Ohio) (quar.)
S1H
5H % preferred (quar.)
25c
Colonial Stores, Inc. (quar.)
62 He
Preferred (quar.)
45c
Columbia Broadcasting System, A and B—
Columbian Carbon (quar.)
Commonwealth Utils. Corp. 6H% ptd. C (qu.)»
6% preferred (quar.)
25c
Compo Shoe Machinery
62 He
Preferred (quar.)
Apr.
1
7
7
7
Mar. 21
Mar.
Mar.
Mar.
Mar.
Mar. 20
Mar.
Mar. 10
Mar.
Mar. 10
Feb. 21
Feb. 24
Mar
Preferred
,
Mar.
_
-.
-
-
ill
—.
Mar.
Mar. 20
Feb. 24
Mar.
Feb.
June
May 15
Aug. 15
Sept.
Apr.
July
15
Mar. 15
June 18
Mar.
Feb.
11
Mar.
Mar.
Feb.
Feb.
14
Mar.
Feb.
26
Mar.
Feb, 26
Mar.
Feb.
15
20
10
Mar.
Feb.
Mar.
Feb.
10
Mar.
Feb.
25
Mar.
Mar.
Mar. 11
Mar.
Feb.
Mar.
Feb.
Apr.
Mar. 17
Mar.
Feb.
Mar.
Feo.
17
20
Mar.
Feb.
20
Mar.
Feb.
18
18
18
Feb.
21
Mar.
Feb.
21
May
May 15
Apr.
1 Mar. 14
Mar. 15 Mar.
5
Mar. 15 Mar.
5
I
The Commercial & Financial Chronicle
1378
Per
Name of
Share
Company
5Cc
Compania Swift Internaciona! (quar.)
Confederation Life Association (Toronto)
Quarterly...
Quarterly
Quarterly
(qu.)
—...
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power Co. 5H% pf. (qu.)
Quart riy
Connecticut Power Co. (quar.)
Connecticut River Power Co. 6% pref. (quar.)..
Consolidated Biscuit
Consolidated (Mgar Corp.—
7% cumulative preferred (quar.).
Consolidated E HsonofN. Y. (quar,)...——
Consolidated Film Industries, pref
Consolidated Investment Trust (quar.)
Special
Consolidated Paper Co...
—
Container Corp. of America
Continental Casualty (Chicago) (quar.)
Continental-Diamond Fibre Co.
Preferred
(quar.)
Continental Telephone Co. 7% part. pref. (qu.).
6H% preferred (quar.)
Cook Paint & Varnish Co. (quar.)
Preferred (quar.)
...
Publishing Co. prior preferred (quar.)..
$7 preferred (old stock)
Curtiss-Wright Corp., class A
Cushinan's Sons. Inc., 7% cum. pref. (quar.)..
D.*C.
Dec.
14
Feb.
28
Ferro Enamel
Mar.
Feb.
15
Apr.
Mar. 15
62 Ac
Mar.
veb.
15
$1A
Mar.
Feb.
10c
Mar.
Mar.
15
1
(Bait. A & B (quar.)
(quar.)
Fireman's Fund Indemnity (quar.)
First Bank Stock Corp. (s.-a.)
Firestone Tire & Rubber, oref. (quar.)
First State Pawners Society (quar.)
Fiscal Fund, Inc., beneficial shares—
Insurance stock series (stock dividend)
Bank stock series (stock dividend)
Fishrnan (iST. H.) Co. (quar.)
Fitz Simons & Connell Dredge & Dock Co. (qu.).
Florida Power Corp. 7 % preferred A (quar.)
7% preferred (quar.)
Foote Bros. Gear & Machine Co., pref. (final)..
Mar.
Feb.
15
5Cc
Mar.
^eo.
7
25c
Apr.
Mar.
Mar. 10
Mar.
1
Mar.
Mar.
30c
10c
—
Preferred
<Ab.
18
Feb.
5
3(c
Mar.
Feb.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar. 14
Ford Motor Co. of Canada A & B (quar.)
Foster & Kleiser, preferred (quar.)
Mar. 14
Mar. 15
Frankenmuth Brewing Co. (quar.)
Franklin Process Co. 'quar.)
Mar. 15
Free port
Feb. 17
Feb. 17
Mar.
1
Mar.
1
Fulton Market Cold Storage Co. 8%
GalJand Mercantile Laundry (quar.)
20c
Mar.
Mar.
20c
Mar,
Mar.
62 Ac
SI X
87 Ac
35c
Quarterly
Mar.
Mar.
...........
-
Detroit Steel Corp
Devoe & Raynolds, com. A & B
Preferred (quar.)
''eh.
10
Feb.
28
56 Ac
Dixie-Vortex Co. class A (quar.)
(quar.)
Mar. 31
Mar.
17
8 Mar.
Mar.
8 Mar.
3
3
Aug.
1
10c
$1A
7oc
7oc
5(
c
SIX
$1A
35c
37 He
July
Mar. 15 Mar.
Apr.
1
veb.
Mar. 1C ">b.
Mar.
Mar.
1
ar.
"Vb.
15
Mar. 25 Mar. 15
75c
Mar.
21
1 Feb. 20
Apr. *
July
1 Apr.
1 July
Oct.
1 Oct.
1
Dec. 23 Dec.
23
15
SIX
SIX
SIX
six
Feb.
1
1
30c
Mar.
1 ^eb.
$2
$2
10c
July
5 June 20
Tan.
5 Dec. 20
Mar. 15 Mar. 5
50c
May
May
15 May
15 Aug.
10c
June
16 June
Mar. 22 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Mar. 15 Feb.
Mar.
Feb.
Mar.
Feb.
June
5
5
5
10
20
20
28
10
10
Sept.
May 13
Aug. 12
Mar.
Feb.
Mar.
Feb.
155 Ac
tSIA
SIX
SIX
...
$6 preferred (quar.)
Duplan Silk Corp. X% pref. (quar )
duPont (E. I.) de Nemours (interim)
Preferred (quar.)
Duquesne Light, 5% pref. (quar.)
50c
$1 A
$2
...
Durez Plastic & Chemical
SIX
SIX
six
Apr.
1 Mar. 10
Mar.
5 Feb.
18
Apr. 21 Mar
Mar. 1 Feb.
31
Mar.
20
1 Feb.
Mar. 25 Mar. 15
Apr.
1 Mar. 21Mar. 10 Feb. 28
Apr.
1 Mar. 22
Mar. 18
Mar. 14 Feb. 24
Apr.
1
Apr. 25 Apr.
Apr. 15
10
Mar. 17
5(c
Mar.
3 Feb.
Mar.
3 Feb.
3 Feb.
10c
t$lH
15
1 Mar. 15
15 Mar. 31
1 Mar. 31
SIX
37 He
7% preferred (quar.)
6% preferred (quar.)
East Malartic Mines (interim)
East Mass. Street Ry., 1st pref. A
14
14
Mar. 15 Mar.
3
Apr.
Apr.
Apr
Mar.
17
17
17
Mar. 25 Mar.
1
Mar. 15 Mar.
1
East St. Louis & Interurban Water Co.—
7% preferred (quar.)
6% preferred (quar.)
Easy Washing Machine Co., Ltd., 7% pref
Eastern Corp. prior conv. preferred
_"
Eastern Shore Public Service Co., pref. (quar.)..
$0 preferred (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
Eddy Paper Corp
Mar.
Mar.
11
1 Mar. 15
Mar.
1 Feb.
Mar.
Mar.
Apr.
Apr.
Edison Bros. Stores, Inc. (quar.)
Mar.
5% cum. preferred (quar.)
Egry Register, 5H% preferred (quar.)
Mar.
Mar.
10
1 Feb. 10
1 Feb. 10
1 Mar. 5
1 Mar. 5
31 Mar. 15
15 Feb. 28
15 Feb. 28
30 Mar. 10
Apr.
1 Mar. 20
Mar.
3 Feb.
21
Mar.
Electrographic Corp. (quar.)
Preferred (quar.)
Electrolux Corp
Elgin National Watch
3 Feb.
21
Mar. 15 Feb. 15
Mar. 24 Mar.
8
Elizabeth & Trenton RR. (s.-a.)
Apr.
1 Mar.
Apr.
1 Mar
Apr.
1 Mar.
Apr. 15 Mar.
Apr. 15 Mar.
5% preferred (s-.a.)
El Paso Electric, $4 A cum. pref.
(initial)
7% preferred A (quar.)
Ely & Walker Dry Goods
Empire & Bay State Telegraph gtd. (quar.)
11
Employers Casualty Co. (Dallas), (quar.).....
Quarterly
Quarterly.
Emporium Cap well Co. (quar.)
—
7% preferred (s.-a.)
Preferred A (quar.)
Engineers Public Service Co. $6 cum ."pref. "(qu.j
$5A cum. pref. (quar.)
$5 cum. pref. (quar.)
Erie & Pittsburgh RR.
(quar.)
Eversharp, inc.. new 5% pref. (quar.).
Fairbanks, Morse & Co._______
"
Fajardo Sugar Co. (Porto Rico)
Falstaff Brewing, preferred (semi-ann.)
Fansteel Metallurgical Corp. $5
pref. (quar.)
$5 preferred (quar.)
$5 preferred (quar.)
$5 preferred (quar.)
Hill
Farallone Packing Co. (quar.)
__
_
(quar.)"I
20
20
14
Mar.
6% preferred B (quar.)
El Paso Natural Gas, 7% preferred
(quar.)
Farmers & Traders Life Insurance
11
Apr.
Mar.
Electric Controller & Mfg
1 Feb.
1 Feb.
.
1 Feb.
31
31
15
Mar.
Mar.
1 Feb.
1 Feb.
18
18
May
Aug.
1 Apr. 25
1 July 25
Nov.
1 Oct.
Apr.
Apr.
Apr.
Apr.
Apr.
3 Mar. 25
3 Mar. 25
1 Mar. 25
Apr.
1
25
1 Mar. 14
1 Mar. 14
Mar. 14
Mar. 10 Feb. 28
Apr.
1 Mar. 15
Mar.
Mar.
3 Feb.
1 Feb.
Apr.
1 Mar. 18
8
15
Mar. 31 Mar. 15
June 30 June 14
Sept.30 Sept. 15
Dec.
18 Dec.
15
Mar. 15 Feb.
28
Apr.
—
1
Feb.
28
1
Feb.
14
1
1 Mar. 18
Mar.
3 Feb.
14
c
1 Mar. 12
5
Mar.
5 Feb.
1 Feb.
20
Mar.
t$2
Mar.
1
18
Apr.
Apr.
1 Mar. 15
$1.37
SIX
12Hc
12Hc
17
Feb.
1 Mar. 14
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 24 Feb.
24
3
Mar. 31 Mar.
Apr.
Apr.
1 Mar.
1 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 31 Mar. 15
Mar. 12 Mar.
3
Mar. 20 Mar. 10
Mar. 15 Feb.
20
Mar.
3 Feb.
14
Apr.
1 Mar. 10
75c
44-1000 of one sh. of
SI A
Mar.
1 Feb.
17
Mar.
15c
com.
13
$1H
$1H
SIX
1H%
(quar.)
Mar. 12 Feb.
1 Apr.
May
7
5
May 15 May
5
May 15 May
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
(quar.)
Advertising Co. class A (quar.)
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
General Shareholding Corp.—
$6 cum. conv. pref. (quar.)
Optional div. pay. in com. stk. at rate of
for each $6 cum.
conv. pref. share held, or cash.
Gibraltar Fire & Marine Insurance Co. (s.-a.)_.
Extra
Gillette Safety Razor, preferred (quar.)
Preferred (quar A
Goodyear Tire & Rubber Co. (quar.)
Extra
15
7
25c
Mar.
Mar.
4Cc
Apr.
Mar. 14
SIX
82 A
S1A
Mar.
eb.
20
Feb.
21
Apr.
Mar. 29
Mar.
Mar.
Mar.
Mar. 20
25c
Gold & StocK Telegraph Co. (quar.)
Goodrich (B. F.) Co. (special)
15
Feb.
Apr.
SIX
(quar.)
Glens Falls Insurance (quar.)
Globe-Democrat Publishing Co. 7% pref. (qu.).
Globe & Rutgers Fire Insurance 2d pref. (s.-a.).
Feb.
Mar.
May
25c
Girdler Com.
Mar.
Feb.
21
50c
30c
SIX
Mar.
5
7
25c
Grace National Bank (N.
Y.) (s.-a.)
Granby Consolidated Mining, Smelting & Power
Great Eastern Fire Insurance Co. (s.-a.)
Great Northern Paper (quar.)
Green Mountain Power preferred
Griesedieck Western Brewery pref.
Feb.
21
Mar.
Feb.
21
Mar.
Feb.
15
25c
S3
15c
30c
Mar.
Feb.
Feb.
26
Mar.
Feb.
11
5Cc
Mar.
Feb.
21
Feb.
20
Feb.
19
t$lH
Mar.
Mar.
13
14
Feb.
II Apr.
1
Mar. 28 Mar. 14
Apr.
50c
Gruen Watch Co
Mar. 15 Mar.
1
12Hc
Hamilton Watch Co
Preferred (quar.)
1 Mar. 20
Apr.
1 Mar. 20
25c
....
Apr.
37 He
C
Mar.
1 Feb.
20c
Mar. 15 Mar.
25c
Mar. 20 Mar.
$15c
Mar.
25c
Apr.
Mar.
4H% preferred (quar.)
HancocK Oil of Calif., class A and B (quar.)
Class A and B (extra)
Hanlev (J.) Co
Preferred (quar.)
Hanna (M. A.) Co. $5cum. pref. (quar.)
Harbison-Walker Refractories Co.
Preferred (quar.)
Harshaw Chem. Co. 4H% cum. conv. pf. (qu.)
Hart-Carter Co. $2 conv. pref. (quar.)
Hawaiian Commercial & Sugar Co. (quar.)
Hazel-Atlas Glass Co
Hazeltine
Corp. (quar.)
Hecla Mining Co
Heller (Walter E.) & Co. (quar.)
Special
Heileman (G.) Brewing (quar.)
Hewitt Rubber Corp. (quar.)
Heyden Chemical Corp
Hibbard Spencer, Bartlett (monthly)
Hibernia National Bank (N. O.) (s.-a.)
Hinde & Dauch Paper
Preferred (quar.)
Hires (Chas. E J Co. (quar.)
Hobart Mfg. Co. class A (quar.)
Hollander (A.) & Son (resumed)
Holophane Co., Inc
Preferred (s.-a.)
Home Fire & Marine Insurance (quar.)
Home Insurance (Hawaii) (quar.)
Quarterly
Quarterly
Quarterly
Honolulu Gas (quar.)
Horn (A. C.) Co. participating pref. (quar.)
2nd participating preferred (quar.)
Horn & Hardart (N. Y.) preferred (quar.)
Houdaille-Hershey, class A (quar.)
Class B (interim)
Howe Sound Co. (quar.).
Humble Oil & Refining
Huntington Water Corp. 7% preferred (quar.).
6% preferred (quar.)
Hussman-Ligonier. preferred (quar.)
Hydraulic Press Mfg". Co. 6% cum. pref. (quar.)
Hygrade Sylvania Corp
1 Feb.
15
1
5
15
Mar. 22
$1H
50c
Feb.
28
Mar.
Feb.
14
Mar.
25c
$1H
Hammermill Paper Co
Mar.
Apr.
Mar. 15
Mar.
Feb.
5
15
Feb.
15
25c
Mar.
Feb.
18
87 He
Mar.
Feb.
18
SIX
37Hc
S1H
56 He
Mar.
Feb.
15
25c
Mar.
13
Mar.
Feb.
Apr.
Mar.
Apr.
7
Feb.
14
5Cc
Mar.
Feb.
15
5Cc
Mar.
Mar.
SIX
Apr.
Mar.
Mar. 14*
75c
20c
Mar.
Mar.
Feb.
10c
Mar.
1
1
15
31
31
5c
Mar.
25c
Mar.
Jan.
Jan.
Feb.
25c
Mar.
Mar.
75c
Mar.
Feb.
15c
Mar.
Mar. 18
50c
July
Apr.
Apr.
Mar.
8
Mar.
30c
Mar.
Feb.
8
15
37m
Mar.
Feb.
19
Mar.
Feb.
21
Mar.
Feb.
15
Apr.
Mar.
Mar. 15
50c
60c
Mar.
Mar. 12
60c
June
June
25c
SIX
35c
$1.05
60c
Sept.
June
Mar.
28
1
20
17
5
11
Sept. 12
60c
Dec.
Dec.
45c
Mar.
Mar.
8Xc
Mar.
Feb.
15
45c
Mar.
Feb.
15
28
12
5
Mar.
Feb.
Apr.
Mar. 20
Mar.
75c
Mar.
Mar.
37 Ac
Apr.
Mar. 21
Mar.
1
SIX
62 He
25c
5
SIX
S1A
Mar.
Feb.
11
Mar.
Feb.
11
68 He
Mar.
Mar. 20
37Hc
62 He
Mar.
Feb.
Apr.
Mar. 22
7H%
Mar.
7 Feb.
4
Mar.
7 Feb.
4
Imperial Tobacco of Gt. Britain & Ireland, Ltd.
Amer. dep. rec. for ord. reg. (final)
Amer. dep. rec. for ord. reg. (bonus)
Mar.
Mar.
34 He
(quar.)
Griggs, Cooper & Co., 7 % pref. (quar.)
Group No. 1 Oil
Gorham Mfg. Co
(quar.)
Hale Bros. Stores, Inc. (quar.)
Hall (C. M.) Lamp Co..
Hall (W. F.) Printing (quar.)
Hallnor Mines, Ltd. (interim)
Haloid Co. (quar.)
Mar.
SIX
UIX
(quar.)
Gosnold Mills Corp., part, preferred
Gossard (H. W.) Co
Preferred
Mar. 15 Mar.
25c
(quar.)
General Printing Ink
Preferred (quar.)
Preferred
1 Mar. 15
Apr.
General Outdoor
Preferred
14
1 June 30
Mar. 15 Feb. 22
July
Apr.
SIX
SIX
Motors Corp
Preferred
Feb.
25c
(quar.)
General Cigar Co
General
15 Feb.
1 Feb.
Mar.
68 Xc
17 Ac
75c
(quar.)
General Alloys Co. 7% preferred
1 Mar. 20
3 Feb. 20
1 Feb. 20
Apr.
--
Extra.
Preferred (quar.)
General Mills, preferred
15
15
15
Mar.
Mar.
20c
General American Corp. (quar.)
General Candy Corp.. class A (quar.).
Mar. 29 Mar. 14
Mar.
3 Feb. 17
Mar. 15 Mar.
3
Mar. 15 Feb.
Mar
Mar.
20c
Preferred
1 Mar. 14
1 Feb. 15
Mar. 31 Mar. 21
SIX
37Hc
28
20
SIX
60c
(quar.)
Dun & Bradstreet, Inc. (quar.)
25c
Apr.
Mar.
87 He
25c
17Hc
(Julius) & Co. (quar.)
preferred (quar.)
conv.
22
1
Mar.
ilii
(s.-a.)
Driver-Harris Co
15c
5
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 15 Mar.
5
5Cc
preferred..
5H% preferred (quar.)
5% preferred (quar.)
Gaylord Container Corp
Mar.
150c
Dominion & Anglo Investment Corp., pref. (qu.)
Dominion Foundry & Steel preferred (quar.)
2 A%
2H%
25c
13
1 *?eb.
%2%
62m
Doctor Pepper Co
Dome Mines. Ltd
SIX
Mar. 20 Mar.
35c
Mar.
$2
...
50c
30c
SI H
5<
Gatineau Power Corp. (quar.)
50c
Corp.-Seagrams.(auar.)
,15c
6 He
17
5
Mar. 15 Mar.
SIX
28*
$3 A
75c
50c
25c
75c
Preferred (semi annual)
Dictaphone Corp
Preferred (quar.)
Feb.
25c
Gal veston-H ouston Co
6%
1
2 He
5lc
Fruehauf Trailer Co
Preferred (quar.)..
Garfinkel
Mar. 15
Feb. 17
Mar.
1 Mar. 15
37HC
(quar.)
Mar. 15 Feb.
$l&
25c
...
--
Sulphur Co
1
Gar Wood Industries
SIX
Devonian Oil Corp...
Diamond Match Co., pref. (semi-ann.)
Common
Common
1
Mar.
25c
25c
....
3
Mar.
50c
—
Finance Co. of America
Mar.
SIX
SI A
SIX
Mar.
25c
Mar.
15
Apr.
Mar. 31
S^C
Federal-Mogul Corp
Corp
25c
25c
5(c
Rockaway RR. Co
1
(quar.)
(quar.)
25c
Davenport Hosiery Mills
Dayton MalltaoJe Iron Co
Dayton Power & Light Co. 4 A% pref. (quar.)..
Deere & Co. pref. (quar.)
Deisel-Wemmer-Gilbert (quar.)
Dempster Mill Mfg. Co., 5% pref. (quar.)
Dentists Supply Co. (N. Y.) (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Detroit Gasket & Manufacturing, pref. (quar.)..
Detroit Hillsdale & Southwestern RR. (s.-a.)
Semi-annually
Detroit-Michigan Stove (quar.)
Qua- te Jy
Preferred
25c
Mar.
SIX
Holders
Record
of
5ic
Sept. 25
25c
When
Payable
25c
Faultless Rubber Co. (quar.)
Federal Bake Shops
Federal Compress & Warehouse Co.
Federal Light & Traction, preferred
Sept.
35c
Dover &
15
15
Mar
June 25
Cutler-Hammer
Dominion Textile Co.
Preferred (quar.)
Feb.
Mar.
$1
Copperweld Steel Co
Cum. conv preferred (quar.)
Crane Co. 5% cum. conv. preferred (quar.)
Creameries of America, Inc., preferred (quar.)..
Credit Acceptance Corp. $1.40
cony. pref. (qu.).
Crown Cork & Seal Co., Inc.—
$2X cum. preferred (quar.)
Crown Zellerbach Co., preferred (quar.)
Crum & Foster 8%
pref. (quar.)
Cuban-amerlcan Sugar 7% pief. (initial)..
5'A % preferred (initial)
Culver & Port Clinton RK. Co (s.-a.)
Cuneo Press 4 A % Pref. (initial)
.L
Distillers
Mar.
of Company
25c
(quar.)
Continental Steel Corp
Quarterly
Per
Name
June
$1A
%\A
$1A
$1 A
1," 1941
Share
Holders
Payable of Record
25c
.
Curtis
When
March
19
Volume
The Commercial & Financial Chronicle
152
Per
Name
Idaho Maryland Mines
(monthly)
Illinois Municipal Water Co., pref. (quar.)
Imperial Liie Assurance Co. of Canada (quar.)_-
Quarterly
Quarterly
Quarterly
Indianapolis Water Co. 5% cum. pref. A (quar.)
Industrial Credit Corp. of Lynn (quar.)
,
Preferred
When
Holders
Share
of Company
PayabU
>f Record
Industrial National Bank of Chicago
Preferred
IngersolJ-Rand Co
In&levtood Gasoline Co
Mar. 11
5c
Mar.
$1^
t$3 3A
l$3 %
W6*A
Mar.
Feb.
Apr.
July
Mar. 31
Oct.
Sept. 30
Dec. 31
June
Jan.
25c
30
11
Feb.
Feb.
Mar.
91A
15
Mar.
Apr.
Mar.
87 Ac
(quar.)
10
10
50c
_
.
Institutional Securities, bank group shares
Inter lake Steamship Co
Internation Business Machine (quar.)
International Cigar Machinery Co
5-months period, Nov, 1, 1940. to Mar. 31, *41
International Harvester, preferred (quar j
Quarte ly
International Nickel Co. of Canada
Payable in U. S. funds.
International Ocean Telegraph Co. (quar.)
International Safety Razor class A (quar.)
International Silver, preferred (quar.)
Inter-Ocean Reinsurance Co. (semi-ann.)
Inter-Ocean Securities Corp. A & B (stks. & divs)
Mar.
Mar.
5
81A
81A
Ac
Inland Steel Co
Mar.
Mar.
5
Mar.
Feb.
Mar.
Feb. 20
$1
2.26c
Mar.
Feb.
Apr.
Apr.
Apr.
Feb.
Mar. 21
Mar.
Mar. 10
25c
81A
84c
81%
40c
50c
91A
60c
91A
81
3
14
28
Mar. 12
1 Feb.
Mar.
Apr. 15 Mar.
Mar. 31 Mar.
5
20
1
Apr.
l'Mar.29
Mar.
1 Feb.
Apr.
1 Mar. 13
Mar. 10 Feb.
Mar. 17iMar.
21
28
1
-
-_ ———
.
10c
—
.
1
Mar. 15 Feb. 28
Mar.
30c
j une
30c
30c
37Hc
15c
$1A
12 Ac
35c
:
Feb.
17
May 10
Aug.
9
Sept.
Dec.
Nov. 10
Mar. 10 Feb. 28
.
Mar. 15 Mar.
Mar.
1
i|Feb. 25
28
Mar. 15,Feb.
Feb.
Mar.
28
22
Lake Superior District Power Co.—
$5 cumulative preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc. (quar.)
Lane-Wells Co. (quar.)
„
Mar. 22
27Ac
91A
91A
12Ac
Apr.
Apr.
Apr.
Mar. 15
91A
91A
Apr.
Mar. 15 Feb.
28
Apr.
1 Mar. 14
1 Feb.
20
t25c
Mar. 10 Feb.
91 A
$1 A
Mar.
1 Feb.
24
20
June
2 May
t$i
91 H
$1 A
Sept.
HP
25c
20
Aug. 20
Mar.
25c
Nov. 20
Dec.
Feb.
10
Mar. 31 Feb.
28
Mar. 31 Feb.
28
1
15 Mar. 31
1
31Kc
Apr.
87 Ac
25c
3 Feb.
Mar.
Mar. 15 Mar.
1 Feb.
Mar.
uia
t5oc Mar. 12 Feb.
TS/Ac Mar. 12 Feb.
1 Mar.
25c Apr.
1 Mar.
Apr.
88
lc
1 Feb.
Mar.
1
14
28
28
12
12
18
1
Mar. 15 Mar.
1 Mar. 31
May
1 Mar. 20
1 Feb.
1 Mar. 20
15
15c
4
Mar. 14 Mar.
Mar. 13 Feb. 28
Mar. 13 Feb. 28
50c
Mar. 17 Feb.
„
28
91 A
$1
May
Apr.
1 Apr. 19
1 Mar. 15
191
J50c
Mar.
1 Feb.
Mar. 15 Mar.
15
1
Leath & Co
—
June
Sept.
Sept.
Dec.
Dec.
6
5
Mar.
14
19
Mar.
Mar.
Mar. 16
Mar.
Mar. 16
Mar.
Mar.
10c
Apr.
Apr.
Apr.
82 Ac
91
35c
(quar.)
Co.
(quar.)
Preferred (quar.)
Liquid Carbonic Corp. (quar.)
Lit Bros, preferred
Little Miami RR.. original capital-—
Original capital
Original capital
-Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
—.
Special guaranteed (quar.)
Special guaranteed (quar.)—
Lob law Groceterias, class A & B (quar.) —.—
Loose-Wiles Biscuit Co. pref. (quar.)
1
10
91A
11
3
Mar.
Feb.
50c
Mar.
Mar.
40c
Mar.
Feb.
$1
$1
Mar.
Feb. 11
Feb. 11
Mar. 11
7
30c
Mar.
Mar.
30c
May
Aug.
Apr. 25
July 26
1
'
Taylor 1st pref. (quar.)--
Louisiana Land & Exploration Co
Louisville Gas & Electric Co. (Del.) cl. A (quar.)
Class B (auar.)
Ludlow Manufacturing Associates
Nov.
Oct.
Mar.
Mar.
Feb. 28
Feb. 28
25
Mar.
Feb. 28
30c
Mar.
Feb.
91 H
Mar.
Feb.
25c
Mar.
21
21
Feb.
7
25c
25c
June
25c
—
Sept.
_
Dec.
Mar.
June
30c
30c
Sept.
Aug. 30
Dec.
Dec.
1
25c
Mar.
Feb.
25
$1
Mar.
Feb.
25
Mar.
50c
$1
—
—
Dec.
1
Mar.
_
1
5 May 31
Mar. 17
Apr.
Feb. 20
Mar. 31 Mar. 30
Mar. 10 Mar.
1
Mar. 10 Mar.
1
Mar.
_
1 Feb.
Apr.
1
Apr.
1
Apr.
1
Mar. 10
Apr.
1
Apr.
1
Apr.
1
Mar.
15
Mar. 15
Mar. 15
Mar. 15
Feb.
Mar.
Mar.
Mar.
1 Feb.
27
7
7
7
8
12Ac Mar. 25 Mar. 14
Mar.
Feb. 22
91A
Mar.
Feb. 20
81A
Mar.
Feb. 20
81%
Feb. 20
81-27 A Mar.
Feb. 20
Mar.
81%
50c
Mar.
25c
Mar. 10 Feb.
10|Feb. 25
25
20
$1
Mar.
Feb.
$1
Mississippi Valley Public Service Co
7% preferred A (quar.)
6% preferred B (quar.)
Mitchell (J. S.) & Co
Mock, Judson, Voehringer
Mohawk Carpet Mills
Apr.
Mar.
Apr.
Mar. 18
81%
Mar.
Feb.
14
Mar. 18
Feb.
_
Mar. 10 Mar.
14
Mar. 14 Feb.
1
28
Mar.
Tool
Monroe Chemical Co., pref.
21
Feb.
Apr.
Mar.
June
(quar.)-.
Monsanto Chemical Co., $4.25 pref. A (s.-a.)-
May
May
June
$4.25 preferred B (semi-ann.)
8
10
10
Apr.
Apr.
—.— —
Mar. 15
Anr.
Utilities
6% preferred (quar.)
5% preferred (quar.)
Mar. 15
Mar. 15
Montreal Cottons Ltd. (quar.)
Preferred (quar.).
Mar. 15 Feb.
Mar. 15 Feb.
Moore (W. R.) Dry Goods Co. (quar.).
Apr.
July
1
luarterly
Apr.
1 July
28
28
1
1
Oct.
Motor Wheel
31
Mar.
1 Feb.
15
Mar. 15 Feb.
Corp. (quar.)
28
Mar.
Diablo Oil Mining & Development Co. (qu.)
Muliins Manufacturing Co. .pref
Mar.
15
5
1 Feb.
18
Mar. 20 Mar.
Mar.
Apr.
Mar.
Apr.
Apr.
Mar.
Apr.
Preferred C
National Automotive Fibres, pref. (quar.)
National Battery, preferred (quar.)
Mar.
National Bearing Metals Corp
National Biscuit Co
National Casualty Co. (Detroit)
1 Feb.
Mar. 20 Mar.
Mar. 15 Mar.
1
Mar.
1 Feb. 14
preferred (quar.).
Murphy (G. C.) Co. (quar.)
—
Muskegon Motor Specialties, class A (quar.)__—
Muskegon Piston Ring
Muskogee Co., 6% cum. preferred (quar.)
Nanalmo Duncan Utils. Ltd., preferred (quar.)Nashawena Mills (quar.)
Nashua Mfg. Co. 1st preferred
National City Lines
1
1 Dec.
Mar. 29 Mar. 15
Mar. 10 Feb. 21
Mt
Muncie Water Works Co. 8%
1 Oct.
Jan.
luarterly
luarterly
Moran Towing Corp. (quar.)
Motor Acceptance 6% preferred (quar.)
Motor Finance Corp., preferred (quar.)
1
1 Feb. 15
1 Mar. 15
4 Feb. 15
1 Mar. 22
1 Mar. 22
1 Feb.
10
1 Feb.
18
5 Feb.
20
Apr. 15 Mar. 14
Mar. 15 Feb. 28
(quar.)
Mar. 15 Mar.
(quar.)
1
1 Apr.
1 Apr.
15
Mar. 15 Feb.
$3
Dairy Products (quar.)
National Food Products Corp.,
20
15
1 Feb. 28
1 Mar. 25
Mar. 15 Mar.
class B
1*
Apr.
3 Feb.
14
May
Aug.
Quarterly
Quarterly
1 Mar. 15
Mar.
National Grocers, Ltd., pref. (quar.)
National Gypsum Co., $4 A conv. cum. pf. (qu.)
National Electric Welding Machine Co. (qu.)-_
1 Apr.
1 July
22
21
30 Oct.
Mar. 15 Feb.
20
Mar.
1 Feb.
20
Mar.
1 Feb.
20
National Oats
Mar.
1 Feb.
18
National Paper & Type Co. 5% pref. (s-a.)
Aug. 15 July
31
National Power & Light Co. (quar.)
National Union Fire Insurance (Pittsburgh)-_-
Mar.
Mar.
Jan.
27
Oct.
National Lead Co. class A preferred
(quar.)-
-
National Life & Accident Insurance Co. (quar.)
Extra
28
Feb.
10
Mar.
Feb.
Naybob Gold Mines (initial) (quar.)
Nebraska Power Co., 7% pref. (quar.)
Apr.
Mar.
Apr.
10
1
Feb.
14
6% preferred (quar.)
(quar.)
New Amsterdam Casualty (s.-a.)
New Bedford Cordage (quar.).
Preferred (quar.)
Newberry (J. J.) Co. (quar.)
Preferred A (quar.)
New England Public Service Co.—
$6 prior lien preferred
Mar.
Extra
Feb.
14
Mar. 15 Feb.
Neisner Bros., Inc.
28
Apr.
Mar.
Mar. 15
Mar. 14
$1
Mar.
Feb. 24
$1.10
$1.10
$1.10
June
May 24
Aug. 25
50c
Mar.
50c
June
50c
Sept.
May 24
Aug. 25
50c
Dec.
Nov. 24
Mar.
Apr.
Newport Electric Corp. (quar.)
Newport News Shipbuilding & Dry
91A
Mar.
Feb. 10
Mar. 18
Feb. 17
10c
Mar.
Mar.
New World Life Insurance Co
37 Ac
Mar.
1*
Feb. 28
25c
Mar.
Feb. 28
New York & Queens Elec. Light & Power
Preferred (quar.)
$2
Mar.
Mar. 10
Niles-Bement-Pond (quar.)
Nov. 24
Feb. 24
1
30c
Extra
Montana-Dakota
5
May 31
Aug. 30
30c
Preferred (quar.)
Monarch Machine
1
25c
Minneapolis Gas Light,6% pref. (quar.)-5A% preferred (quar.)---—
$5.10 preferred (quar.)
5% preferred (quar.)
Minneapolis-Honeywell Regulator (quar.)
Apr.
Mar. 31
Feb.
Apr. 15 Apr.
Mar.
Mar.
$2
Apr.
Apr.
25c
15
30c
15c
25c
91A
15
1
50c
91H
Dec.
20
1 Feb.
Apr.
Apr.
Feb.
Sept.
1 Feb.
Mar.
Mar.
National Folding Box (quar.)
Feb. 21
t$2 A
Mar.
National
25c
—
20
Mar. 14
Mar.
Mar.
17
1 Feb.
Mar. 15
Mar.
Apr.
1 Feb.
Mar.
Mar. 15
Mar.
91A
Mar.
May
May
1
Mar.
65c
25c
18
1 Feb.
Mar. 15 Mar.
preferred (quar.)
Class A (quar.)
National Container Corp
1A%
1%%
(quar.)
6% cum. part, preferred (quar.)
7% cum. prior preferred (quar.)
Lincoln Stores Inc. (quar.)
Lord &
Jane
5
5
30c
Lincoln Service Corp.
Belt
Mar.
Feb.
Feb.
30c
Quarterly
Quarterly
Preferred
Feb.
25c
Preferred (quar.)—
Lehigh Portland Cement Co. 4% pref. (quar.)_.
Lehn & Fink Products Corp
Leslie Salt Manufacturing (quar.)
Le Tourneau (R. G.), Inc. (quar.)
Lexington Water Co. 7% preferred (quar.)
Libbey-Owens-Ford Glass
Life Savers Corp. (quar.)
1
——
Liggett & Myers Tooacco (quar.)
Common class B (quar.)
Preferred (quar.)_.
Lily-Tulip Cup (quar.)..
Lincoln National Life Insurance Co. (quar.)—_
Link
17
Mar,
Mar.
18
Mar.
$1
91A
8% preferred (quar.)
1 Mar. 31
May
Apr.
15
28
81%
Steel Products
Milwaukee Gas Light Co.. 7% pref. A (quar.)
Mar.
Ul'A
5
15
Mar. 31 Mar.
Mar. 15 Feb.
91 A
81A
91A
1 Mar. 20
28
10
1 Mar.
Mar. 10 Feb.
$11A
1 Mar. 20
1 Mar. 15
1 Feb.
Mar. 31 Mar.
50c
81 Ac
$2 dividend shares
Midwest Rubber Reclaiming $4 pref. (quar.)
Miller Wholesale Drug Co
Mar. 15 Feb.
Mar.
25c
Mar.
1
5
5<
Nov. 15 Nov.
Apr.
30c
12 Ac
15c
Mar.
7
28
25c
(initial)
30c
1 Feb.
May 15 May
Aug. 15 Aug.
75c
Meteor Motor Car
Midland
6
Mar.
Mar. 15 Feb.
10c
Michigan Public Service Co
7% preferred (quar.)
Mar. 17
1
10c
Mesta Machine Co
Mar. 10
Feb.
1
25c
Metal Textile Corp. pref. (quar.)
Metal & Thermit Corp. 7% pref. (quar.).
Mar.
Mar.
Mar. 15 Mar.
1
Mar. 15 Feb. 28
Apr.
91A
-
Apr.
Mar.
May 31 May 30
Aug. 30 Aug. 29
Nov. 29 Nov.28
5
1 Mar. 20
$1A
91A
-
common
Holders
25c
50c
-
Mar.
3%c
17Ac
Lawrence Portland Cement Co
Mapes Consolidated Mfg. (quar.)
Marshall Field & Co. 6% pref. (quar.)
6% 2d preferred (quar.)
Maryland Fund. Inc
Masonite Corp. (quar.)
Preferred (quar.)
Mastic Asphalt (quar.)
May Department Stores (quar.)
May, McEwen, Kaiser (quar.)
Preferred (quar.)
Mead Corp. $6 preferred A (quar.)
$5A preferred B (quar.)
Melchers Distilleries, preferred
Mercantile Acceptance" Corp. 5% pref. (quar.)
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Merrimac Hat Corp
Preferred (quar.)
New
When
Puyable of Record
81 A
Manhattan Shirt Co
Mar.
25c
25c
La Salle Industrial Finance Corp
Preferred A (quar.)
50c
50c
81A
81A
91A
Manischewitz (B.) Co.. preferred (quar.)
75c
91A
91A
91%
$1%
91%
pref. (quar.)
8c
Preferred (quar.).
Preferred (quar
\).
60c
Control Board.
Land is Machine Co. 7%
3c
-
-
91 H
30c
Kroger Grocery & Baking (quar.)
7% preferred (quar.)
6% preferred (quar.)
Lake of the Woods Milling Co. Ltd. pref. (qu.)-.
Lake Shore Mines, Ltd
Subject to approval of Foreign Exchange
155 Ac
)% preferred (quar
56 j
junior preferred.
Michigan Steel Tube Products
Apr.
-—
43%c
43%c
43%c
-
~
40c
*
Magma Copper Co
Magnin (I.) & Co., preferred (quar.)_.
July
j.
Kresge Dept. Stores, pref. (quar.)._
H.) & Co
McClatchey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Mclntyre Porcupine Mines (quar )
McKenzie Red Lake Gold Mines (quar.)
Macassa Mines, Ltd. (quar.)
Macy (R. H.) & Co. (quar )
July
25c
Extra
Mar. 15 Mar.
Mar.
-—
Share
Company
75c
10c
5c
Kress (S.
Quarterly
Mar. 15 Feb. 28
30c
Kirby Petroleum Co
Kiein (D. Emil) Co
Kobacher Stores, pref. (quar.)
Mar. 15 Feb.
75c
.....
Kirkland Lake Gold Mining (s.-a.)
Extra
Apr.
25c
......
—
l'Mar. 15
28
50c
25c
Quarterly
Quarterly
Quarterly
«■-Jaeger Machine Co
Jamieson (E. E.) Co
Jantzen Knitting Mills pref. (quar.)
Jefferson Lake Sulphur Co., Inc. (quar.)
7% preferred (s.-a.)
Jefferson Standard Life Insurance (s.-a.)
Jewel Tea Co. (quar.)
J ohns-Man ville Corp
Preferred (quar.)
Joy Manufacturing Co
Kalamazoo Vegetable Parchment (auar.)
Kansas Pipe Line & Gas, preferred (quar.)
Kansas Power Co., $7 pref. (quar.)
$6 preferred (quar.)
Katz Drug Co.
Preferred (quar.)
Kaufmann Dept. Stores, Inc., 5% cum. pf. (qu.)
Keith-Albee-Orpheum, 7% preferred
Kelsey-Hayes Wheel con v. class A
Kelvinator Corp. (Canada)
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special preferred (quar.)
—
7% special preferred (quar.)
7% special Dreferred (quar.)
Kendall Co. part. pref. A (quar.)
Kennecott Copper Corp
Special
Kennedy's. Inc., preferred (quar.)
Kentucky Utilities 7% jr. preferred (quar.)
Keystone Steel & Wire Co
Key West Electric Co., 7% pref. A
Keystone Telephone Co. (Phila.) $4 cum. pref__
$3 cum. preferred
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Kingston Products, preferred (quar.)
Per
Name of
.
1 40th sh. of Inter-Ocean Re-Insurance
Preferred (semi-annual)
Interstate Home Equities
Interstate Hosiery Mills.
Investment Corp. (Philadelphia)
Investors Distribution Shares, Inc. (quar.)
Iron Fireman Mfg. Co. (quar.)
1379
— -
.
1
Mar.
Feb. 19
Mar.
Feb.
Apr.
Mar.
15
Mar.
Feb.
15
19
__
t75c
t87Mc
91 A
Mar.
Feb.
28
Mar.
Feb.
28
Mar.
Mar. 10
50c
Mar.
Feb.
18
New Method Laundry preferred
m%
Mar.
Feb.
Newmont Mining Corp
37Ac
Mar.
Feb.
24
28
$7
prior lien preferred
New England Telephone &
New Jersey Zinc Co
Preferred
Telegraph
,
Feb.
15
40c
Mar.
Feb.
15
$1A
May
Apr.
30c
Mar.
Feb.
11
$2
Mar.
Feb.
21
Feb.
7
75c
Mar.
Mar.
Mar.
5
50c
Dock
(quar.)_
(qu.)-
Mar.
15
Per
Name of
Share
Company
Niagara Shares Corp. of
When
Mar. 19 Mar.
7
May 15 May
Aug. 15 Aug.
1
1
Nov. 15 Nov.
preferred (quar.)
1900 Corp.. class A (quar.)
Class A (quar.).
r.).
Class A (quar.
1
Mar. 10 Jan
31
Mar. 31 Mar. 17
Mar.
4 Feb. 15
Noma Electric Co.
JNoblitt-Sparks Industries
Nonqultt Mills
Noranda Mines. Ltd. (quar.)__.
Norfolk & Western Ry. (quar.).
Norma-H Bearing Corp. (quar.).
Mar. 15 Feb.
20
Mar. 19 Feb.
28
Mar. 29 Mar. 23
June 28 June 22
8ept. 30 8ept.21
Mar, 10 Feb. 20
1 Mar. 14
Apr.
1 Feb. 15
Mar.
Quarterly
North River Insurance
North Texas Co
pref. (quar.)—
preferred
Northeastern Water & Electric
Mar.
pref
N ort h w€« terrnlf ti li ties .Ltd " 6 % cum
pf. ~(qu.)
20
1 Feb.
1 Feb.
20
1 Feb.
20
Feb. 20
1
Apr.
1 Mar. 15
Mar. 27 Mar. 10
Apr.
Apr.
1
15 Apr.
1 Mar. 14
1 Mar. 14
1 Mar. 14
Apr.
Apr.
Mar.
Parkersburg Rig & Reel Co. preferred (quar.)—
Ltd. (quar.)--.--—
20,Mar.
Feb.
15
5
20
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 10 Feb. 27
1
Mar. 15 Mar.
Paton Manufacturing Co.,
Preferred (quar.)
Peabody Coal Co., 6% preferred
Mar.
— .
Pennsylvania Power & Light, $7 pref. (quar.)_.
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Salt Manufacturing
Pennsylvania Sugar Co. (quar.)...—
Peoples Drug Stores
Peoples Gas Light & Coke
Peoples Water & Gas Co., pref. (quar.)
Perron Gold Mines, Ltd. (quar.)
l|Feb. 15
Mar.
Mar.
Parker Wolverine Co
Penn Electric Switch, class A (quar.)
Penn State Water Corp. $7 preferred (quar.)
1 Feb.
Mar.
(quar.)
Extra
*1:
Apr.
Apr.
Apr.
1 Feb. 11
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 15 Feb.
Mar. 15 Mar.
Apr.
1 Mar.
28
1
3
Apr. 15 May 21
Mar.
1 Feb.
Mar. 21 Mar.
Mar. 21 Mar.
20
6% pref.
i,
San Antonio Gold Mines
3c
SI 34
SIM
SI825c
SI 34
40c
M
Feb.
Mar.
10*
Feb.
7
Mar.
Apr.
Feb.
17
Mar. 15
Mar.
Feb.
15
Mar.
Feb.
14
Apr.
Apr.
1 Mar. 16
1
Feb.
Mar.
1 Feb.
Apr.
1
Mar.
Mar.
534% preferred (quar.).,
Powdrell & Alexander, Inc
Mar.
28
17
Mar. 15
1 Feb,
18*
1 Feb. 20
1 Feb. 15
1 Feb. 15
1 Feb. 15
1
15 Mar.
Mar. 14
Apr.
1
Prentice-Hall (quar.)
Preferred (quar.)...
Mar.
Mar.
Pressed Metals of America
als
Ami
Mar.
1 Feb. 20
1 Feb. 20
1 Feb. 15
Preston East Dome Mines (quar.)
Procter & Gamble Co. 5% pref. (quar.)
Apr.
Pratt & Lambert
Y.) (quar.)..
Mar. 20 Mar.
6
Prosperity Co., pref. (quar.)
Preferred (quar.)
Public National Bank & Trust Co. (N. Y.) (qu.)
Public Service Co. of Colorado 7% pref. 'mo.)..
6% preferred (monthly)..
5% preferred (monthly)
Mar.
Mar.
_.
1 Feb.
1 Feb.
Mar. 21 Mar.
...
S3
cum. conv.
1234c
Socony-Vacuum Oil Co., Inc.
Sonotone Corp
60c. cum. prior preferred (quar.)
Sontag Chain Stores (quar.).....
7% preferred (quar.).
South Carolina Power Co. pref. (quar.)
South Bend Lathe Works (quar.)
South Shore Utilities Assoc., pref. (quar.)
Southeastern Greyhound Lines, pref. (quar.)__
Convertible preferred (quar.)
25c
25c
3 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 13 Feb.
1 Feb.
20
1 Feb.
20
50c
Apr.
Mar.
1 Mar. 15
1 Feb. 15
3734 c
Mar.
1 Feb.
Mar.
May
Apr.
Mar.
May
Apr.
Apr.
Apr.
1 Mar. 22
25c
1 Mar. 15
Apr.
Apr. 15 Apr. 12
35c
v,
4
$1)4
$134
28
15
Mar. 10
Mar. 10
1
ljFeb. 21
Mar. 10' Feb. 21
Mar. l5Mar.
1
Mar. 20 Mar. 10
10c
Apr.
1 Feb.
$134
June
16 June
2
40c
Mar.
lFeb.
3 Feb.
10
4(
25c
14
Mar.
19
Mar. 15 Feb. 14
Mar.
1 Feb. 20
Mar. 15 Feb. 15
Mar. 15 Feb. 15
Mar.
Feb. 28
Mar.
Mar.
3
40c
Mar.
Mar.
5
25c
Mar.
Mar. 25
Mar.
Mar. 25
Mar. 20
3734c
$!£
Apr.
95c
Mar.
Feb.
15
$134
Mar.
1 Feb.
15
Mar.
1 Feb.
8
Mar.
1 Feb.
15
Common
2<
3c
6%
$134
25c
_
68 Mc
Sunray Oil Corp., pref. (quar.)
Sunshine Mining Co. (quar.)
Sutherland Paoer Co
Mar. 20
Mar. 15 Feb. 15
Mar. 15 Feb. 25
1 Feb. 10
Mar.
Mar. 15 Feb. 25
Apr.
1 Mar.
Mar. 31 Mar.
30c
Mar. 15 Mar.
3734c
Swan-Finch Oil Corp., pref. (quar.)
Swift & Co. (quar.)
30c
30c
Special
Tacony-Palmyra Bridge (quar.)...
.................
50c
25c
50c
25c
$1M
(quar.)
10c
Talcott (James). Inc
68Mc
60c
28c
12c
25c
SIM
50c
Corp. (guar.)
Mar.
1 Feb.
Apr.
5
1
1
1 Mar.
14
3
Apr. 1 Mar. 3
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
1 Mar. 17
May
1 Mar. 15
Apr.
Apr.
1 Mar. 15
Mar.
5 Feb. 15
Mar. 15 Feb. 28
Mar. 15 Feb, 28
Mar. 12 Feb. 24
Mar.
Apr.
1 Feb. 11
1 Mar.
7
50c
Mar. 15 Mar.
10c
1 Feb.
Mar.
8
Mar. 15 Mar.
3
1 Feb. 28
Apr.
1 Feb. 28
Apr.
75c
Third Canadian General Investment Trust (qu.)
Extra
J1234C
1234c
3
50c
Apr.
Mar. 22
$1 M
Thompson Products Corp
Preferred (quar.)
$1.40
Mar. 20
40c
;
preferred (quar.)
Timken Roller Bearing Co
Tobacco Securities Trust Co., Ltd.—
Ordinary registered (final)..
Deferred registered (final)
Toronto Elevator, Ltd., 534% pref. (quar.)
Trane Co. pref. (quar.)
Mar. 10
Mar.
Apr.
Apr.
1 Feb. 21
Mar. 15 Mar.
3jFeb. 15*
Mar. 15! Feb. 28
60c
Apr.
Mar. 22
15c
Tide Water Associated Oil (quar.)
Tilo Roofing Co., Inc. (quar.)
_
Mar.
5c
SIM
75c
1 Apr. 19
1 Mar. 21
Apr.
Mar. 25
Mar. 31
Mar. 28 Mar. 14
Preferred
15
Mar. 15 Feb.
Apr.
Extra
1 Feb.
1 Mar. 22
21 Mar. 11
Feb. 20
Feb. 15
Feb. 28
Apr.
25c
(Ohio) (quar.)
Wholesale Phosphate 6c Acid Wks.(qu)
Stearns (Frederick) & Co
Preferred (quar.)
Stedman Bros., Ltd. (quar.)
Mar.
15c
SIM
SIM
Standard
Texas Gulf Sulphur Co
Texas Pacific Coal & Oil Co. (quar.)
Thermoid Co., $3 preferred (quar.)
28
Apr. 15 Mar. 20
+S1
25c
Standard Oil Co.
Texas
Apr.
15
15
Mar.
Standard Oil Co. of Indiana (quar.)
Standard Oil Co. (Ky.) (quar.)
28
Apr.
Mar.
1 Feb.
1 Feb.
3734c
3734c
Standard Brands, Inc., pref. (quar.)
Standard Dredging Corp. conv. pref. (quar.)
Standard Oil Co. of California (quar.).
....
20
Mar.
Mar.
Mar.
6234c
Standard Accident Insurance Co. (quar.)
28
17
15
30c
30c
25c
Mar. 15 Feb.
Mar. 15 Feb.
...
Mar.
Mar.
Co., Ltd.—
534% participating preference (quar.)
Talon. Inc. (quar.)
Telephone Bond & Share Co. 7% 1st pref. (qu.).
1st $3 preferred (quar.)
Tennessee Corp., common (resumed)
Terre Haute Water Works Corp., 7% pref. (qu.)
28
Mar.
1 Feb. 20
Mar. 15 Mar.
5
Mar. 15 Feb. 21*
Mar. 25 Feb. 28
1 Feb. 28
Apr.
SIM
S134
-
Apr. 15
Mar. 10
3
1 Feb. 18
Mar. 15 Feb. 21
Mar. 15 Feb. 15
15c
Power, 7% preferred
Southern Franklin Process, pref. (quar.)
Southern New England Telephone
Southern Phosphate Corp. (quar.)
Southern Pipe Line Co
Southland Royalty Co
Southwestern Gas 6c Electric 5% pref. (quar.)..
Southwestern Life Insurance (quar.)..,
Spear & Co. 1st 6c 2d pref. (quar.)
Spencer Kellogg & Sons (quar.)
Spiegel. Inc. $434 pref. (quar.)
Staley (A. E.) Mfg. Co., $5 cum. pref. (quar.)..
Standard Brands, Inc. (quar.)
Preferred (quar.)
Standard Cap & Seal Corp., pref. (quar.)
Preferred
Mar.
—
5c
15c
Original preferred (special)
Class A (quar.)
Class A (extra)
1
1 Mar. 15
1 Feb. 18
12 Mar.
Southern California Edison—
14
Apr.
15
Mar.
•
1 Mar. 10
1 Feb.
75c
8734c
Extra
Apr.
Apr.
Mar.
Mar.
7% pref.(qu.)
Smith Alsop Paint & Varnish Co.,
Snider Packing Corp
3
20
Apr.
40c
Siscoe Gold Mines, Ltd
18
1 Feb.
10c
Simonds Saw & Steel.,
13
Mar.
Apr.
Dartic.pref. (s.-a.)...
Corp
preference (quar.)
Simmons-Boardman Publishing
14
Mar. 15 Feb. 24
1 Mar. 10
...
118
Silverwood Dairies cum.
20
14
Mar.
3
19
Mar. 15 Mar.
1
Mar. 10 Feb. 13
Mar.
1 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
14
1
19
Mar.
Mar. 15 Feb.
(quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
Puget Sound Power 6c Light prior pref....
Pullman, Inc
Pure Oil Co., 5% pref. (quar.)
534 % preferred (quar.)
6% preferred (quar.)
Purity Bakeries Corp
Quaker State Oil Refining
Raybestos-Manhattan
Reading Co., first preferred (quar.)
Reeves (Daniel), Inc. (quar.)
Preferred (auar.)
Regent Knitting Mills, preferred
Reliable Stores Corp., common (quar.)
5% convertible preferred (quar.)
Reliance Electric 6c Engineering Co
Reliance Grain Co., Ltd., 634 % pref
Reliance Manufacturing Co
Preferred (quar.)
Reliance Steel Co., preferred (quar.)
Republic Investors Fund, Inc.—
6% A & B pref. (quar.)
Republic Steel Co
6% prior preferred A (quar.)
6% preferred (quar.)
Rheem Manufacturing Co
1 Apr.
1 Apr.
10c
Mar. 15 Feb.
r
Public Service Co. of N. J., 8% pref.
May
May
25c
Sun Oil Co. common stock dividend,..
Preferred
Apr.
Mar.
Mar. 15 Mar.
20c
1
1
1 Mar. 20
1 Feb. 20
1 Feb. 20
28
Mar. 15 Feb. 28
Sharpe & Dohme, Inc. (initial)
Shattuck (Frank G.) (quar.).
Shenango Valley Water Co., 6% pref. (quar.),,
Sherwin-Williams Co. pref. (quar.)
Sherwin-Williams Co. of Canada, preferred
25
13
1 Mar. 10
Mar. 15 Feb.
Servel, Inc
3 Feb.
1 Feb.
1 Feb.
28
1 Mar. 10
1 Mar. 10
15
15
15 Apr.
15 July
Mar.
Mar.
1 Mar. 10
Mar. 15 Feb. 28
Sullivan Consolidated Mines
Mar.
5
1 Mar. 10
75c
3
Apr.
July
4.
Prudential Investors (liquidating)
Public Electric Light Co., 6% pref. (quar.)
Public Finance Service, Inc., $6 pref. (quar.)
3
Apr.
Apr.
Apr.
Apr.
Apr.
15
Mar. 15 Mar.
Extra
5
Mar. 13 Mar.
1 Feb.
1 Feb.
Mar. i5 Feb. 25
3
Mar. 15 Mar.
Progress Laundry (quar.)
11
1 Feb.
(quar.)
Sterling Products, Inc. (quar.)
Strawbridge & Clothier, prior pref. (quar.)
Stromberg Carlson Telephone Mfg. Co.—
6 34 % preferred (quar.)
Stuart (D. A.) Oil. Ltd.. pref. (quar.)
15 Mar. 31
1 Feb.
Mar.
Mar.
Southern California Edison
Mar.
Mar.
Apr. 21 Apr.
Apr. 21 Apr.
Mar.
(quar.)
1
3
15
Apr. 1 Mar. 17
Mar. 15 Feb. 28
10c
Secord (L.) Candy Shops
Seeman Bros., Inc
1
Mar.
3
Feb. 20
15
75c
20c
4% par tic. preferred (quar.)
Second Investors Corp. (R. I.) (final)
19
Mar.
1 Feb.
75c
25c
(quar.)
Feb. 21
Feb. 10
Mar.
Mar.
pref. (quar.)..
$2
deb. A (qu.)
Feb.
Mar.
class A
Preferred Accident Insurance (N.
75c
Mar.
Mar.
11
Mar.
1
14
Southern Colorado
Apr.
Apr.
11
Mar.
1 Feb.
1 Feb.
14
S1!i
Mar.
^
11
1 Feb.
Mar.
1 Feb.
(quar.)
15
Mar.
Feb.
Mar.
Mar.
1 Feb.
Ltd. (semi-arm.)
Feb.
Phelps Dodge Corp
—
Philadelphia Co., preferred (s.-a.)_...
S0 preferred (quar.)
$5 preferred (quar.)
Philadelphia Germantown & Morristown RR. Co
Philadelphia Suburban Water Co. pref. (quar.).
Phillips Petroleum Co. (quar.)
Phoenix Hosiery 1st preferred.
Phoenix Insurance Co. (quar.)
Photo Engravers 6c Electrotypers Ltd. (s.-a.)...
Pillsbury Flour Mills Co. (quar.)..
Pilot Full Fashion Mills, Inc.—
634% cum. preferred (seml-ann.)
Pioneer Gold Mines (British Columbia) (quar.).
Piper Aircraft Corp. conv. preferred (quar.),...
Pittsburgh Bessemer 6c Lake Erie RR. is.-a.)..
Pittsburgh Coke & Iron Co. $5 pref. (quar.),..
Pittsburgh Youngstown & Ashtabula Ry.—
Preferred (quar.)
20
Mar.
Extra
Mar. 11
Apr.
_
1 Feb.
1 Mar. 20
Mar. 10 Mar.
1
6% preferred series B (quar.)
Southern California Water Co., 6% pref. (quar.)
Pet Milk Co. (quar.)
Petroleum Oil & Gas Co., Ltd. (s.-a.).
Pfaudler Co., preferred (quar.)
15
3
Mar
Apr.
Mar.
...
St. Joseph Lead Co¬
st. Joseph Water Co..
Apr.
1 Feb.
Mar. 15 Mar.
Mar.
Sears, Roebuck & Co. (quar.)
Second Canadian Internationalnvestment Coi—
Mar.
Inc
3734c
1 Apr. 30
1
Apr. 30
1 Mar. 21
15c
Seaboard Oil Co. of Delaware
3
Mar. 20 Mar.
Mar. 20 Mar. 3
Mar. 15 Feb. 28
1 Feb. 15
Mar.
Mar.
1 Feb. 10
(quar.).
(quar.).
3^25C
7)4% debenture B (quar.)
7% debenture C (quar.)
634% debenture D (quar.)
6% preferred (semi-annual)
Schiff Co. (quar.)
534 % preferred (quar.)
Scott Paper Co. (quar.)
$4 34 cum. preferred (quar.)
$4 cum. preferred (quar.)
Mar. 31 Mar. 17
1 Feb. 20
1 Feb. 20
preferred (quar.)
$134
$134
SIM
SI 34
Paper Co. pref. (quar.)
Mar.
(quar.)
Preferred (quar.)
Poor & Co
Sabin Bobbins
T 50c
25c
37 ^c
—
Preferred fquar.)
Mar.
.
Sill
6234c
Rustless Iron 6c Steel..
11
Mar. 31 Mar. 10
Mar. 15 Feb. 28
Mar. 15 Feb. 28
—
Potomac Electric Power Co., 6%
May
May
Apr.
1 Feb.
Mar. 20 Mar. 10
(quar.)
preferred
Oxford Paper Co., $5 pref. (quar.)..
Pacific Finance Corp. (special),.....
Package Machinery Co. (quar.)
Panhandle Eastern Pipe Line Co.*
Extra
S3 34
Savannah Electric & Power Co., 8%
Mar.
Preferred
Parker Rust Proof Co.
7% gtd. preferred (s.-a.)
—
6% guaranteed preferred (s.-a.)
Co., 7% pref. (quar.) —
Riverside Silk Mills, class A (quar.)
Robertson (H. H.) Co
Rochester Button Co., preferred (quar.)
Rochester Gas & Elec. Corp., 6% pref. C (quar.)
6% preferred D (quar.)
5% preferred E (quar.)
Rolland Paper Co.. Ltd. pref. (quar.).
Roxy Theatre, Inc.. preferred (quar.)
Rubinstein (Helena) class A (quar.)—
Russell Mfg. Co,.
Rlsdon Manufacturing
11
Mar.
Otis Steel Co.. 1st
1st preferred
2d preferred
Mar. 31 Mar. 15
Savage Arms Corp
Mar.
(monthly)—.
6% cumulative preferred (quar.),
Omar, inc., 6% preferred (quar.)__.
Oshkosh B'Gosh (quar.)
$2 conv. preferred (quar.)
Pictures,
1 Feb.
1 Mar. 15
Apr.
$134
Mar.
6% preferred (monthly)
5% preferred (monthly)
Ohio Seamless Tubes, preferred (quar.)
Ohio Water Service Co., class A.........—Oklahoma Gas & Elec. Co., 7% cum. pref. (qu.)
Paraffine Co
20
Holder
Payable of Record
$1H
Co., 1st & 2d pref. (quar.),
7
Mar. 10 Mar.
1 Feb. 17
Mar.
—
Ohio Power Co. 6% pref. (quar.)
Ohio Public Service Co. 7% pref.
Class A & B
3 Feb.
»
Rich's, Inc. 634% pref. (quar.)
...
Richmond Fredericks burg 6c Potomac RR.
Mar. 15 Feb.
(monthly)
Ogilvie Flour Mills pref. (quar.)
Ohio Oil, 6% preferred (quar.)
......
20
24
Mar. 10 Feb. 21
Mar.
1 Feb. 15
pref. (quar.)
Oahu Railway & Land
Otis Elevator Co
20
3 Feb.
Mar.
Norwich Pharmacal Co
Nova Scotia Light 6c Power,
1 Feb.
Mar.
Mar.
Northern States Power (Wis.)
Northwestern Public Service, 7%
Share
Name of Company
1, 1941
When
Per
Holders
Payable oj Record
Rice-Stix Dry Goods
Maryland-
Class A
Paramount
March
The Commercial & Financial Chronicle
1380
Mar.
Feb. 10
Feb. 25
25
5 Feb. 18
20c
—
Mar. 15 Feb.
50c
--
Mar.
35c
conv.
Mar.
Mar.
11%
4.5714% Mar.
65c
Mar.
$134
Mar.
6 Feb.
4
6 Feb.
4
7 Feb. 26
1 Feb. 24
-
Volume 152
The Commercial & Financial Chronicle
1381
Condition of the Federal Reserve Bank of
Per
Name of
Share
Company
Toledo Edison Co. 7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
58 l-3c Mar.
Mar.
50c
42 2-3c Mar.
Truax-Traer Coal Co., 6% conv. pref. (quar.)__
5H % convertible preferred (quar.)
Tuckett Tobacco, 7% preferred (quar.)
Twin Disc Clutch Co. (quar.)
Union Gas Co. of Canada (quar.)
Union Investment Co_
Preferred (quar.)
Union Pacific Insurance Co.
(quar.)
$1H
_
Union Pacific RR
Preferred (s.-a.)
Union Tank Car Co.
United
75c
20c
10c
95c
SIM
1 Feb.
1 Feb.
50c
$1
SIM
30c
t75c
Elastic Corp
15c
Engineering & Foundry Co. (quar.)__
50c
Preferred (quar.)
United Fuel Investment preferred (quar.)
United Gas Corp. $7 preferred
United Gas Improvement (quar.)
SIM
75c
$2 M
20c
Preferred (quar.)
United Light & Railways 7% pr. pref. (mo.)
SI M
58 l-3c
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6 % prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United States Envelope Co. (semi-ann.)
Preferred (semi-annual)
United States Freight (interim)
United States Graphite Co
United States Lumber Co. (liquidating)
United States Pipe & Foundry Co
United States Playing Card (quar.)
58 l-3c
53c
Extra
1 Mar. 20
Apr.
Mar. 28 Mar. 18
1 Mar.
3
3
Mar. 3 Feb. 14
Mar. 29 Mar. 20
1 Feb. 13
Mar. 15 Mar.
5
Mar.
1 Feb. 10
Mar.
6
Mar. 24 Mar.
Mar. 10 Feb. 28
Mar. 10 Feb. 28
Apr.
1 Feb.
7
Mar. 31 Feb.
Mar. 31 Feb.
Mar.
1 Feb.
28
28
Apr.
15
1 Mar. 15
Mar.
Apr.
date last year:
Mar.
50c
Apr.
Apr.
1 Feb.
on hand and due from
United States Treasury.*
Total reserves
Secured
by
9,782,479,000 9,678,497,000 8,015,090,000
U.
Govt,
S.
Total
bills
Bonds
15
Mar.
7 Feb.
25
Uncollected items
Mar. 15 Mar.
1
3
Apr.
Apr.
1 Mar. 15
Mar.
1 Feb.
Total assets.
Mar. 20 Feb.
15 Apr.
15 July
2
2
3
Mar. 15 Mar.
3
Mar. 15 Mar.
1 Feb. 21
F. R. notes in actual circulation
Foreign
Mar.
1 Feb.
Apr.
1 Mar. 21
Mar.
1 Feb.
15
Mar.
1
Total liabilities..
Mar.
1 Feb.
17
Surplus (Section 7)
Surplus (Section 13-b)
Mar.
1 Feb.
17
Other capital accounts
Mar.
3 Feb. 14
Mar. 10 Mar.
1
Mar. 10 Mar.
1
10 May 31
Sept. 10 Aug. 30
Dec. 10 Dec.
1
Mar
3-1-41
9
50c
Mar.
Mar.
1 Feb.
10c
1 Feb.
15
Mar.
1 Feb.
20
Apr.
1 Mar. 20
50c
Vogt Manufacturing Corp
20c
Wacker-Wells
50c
40c
SIM
t$l
J25c
96 Mc
758,000
Capital Accounts—
Capital paid in
21
SIM
37Mc
37 Mo
713,000
790,000
10509,959,000 10424,285,000 8,841,746,000
20
50c
51,496,000
56,447,000
7,070,000
51,148,000
13,086,000
51,509,000
56,447,000
7,070,000
13,102,000
...
10,027,000
53,326,000
7,109,000
Total liabilities and capital accounts. 10638,087,000 10552,384,000 8,963,356,000
Ratio
of
F. R.
total
to
reserve
deposit
and
note liabilities combined..
make
to
94.7%
industrial
94.5%
92.1%
665,000
Commitments
665.000
1,752,000
ad¬
vances..
15
t "Other cash" does not Include Federal
reserve
notes
or
a
bank's
own
Federal
Reserve bank notes.
*
These
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
are
Mar.
3 Feb.
Mar. 20 Feb.
20
over
28
May
1 Apr.
19
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
Aug.
1 July
1 Feb.
19
under the provisions of the Gold Reserve Act of 1934.
Mar.
14
Mar. 15 Mar.
1
Mar. 20 Feb. 20
Mar.
Feb. 15
Mar.
Feb.
Feb.
Weekly Return of the New York City
Clearing House
14
Mar.
14
Mar.
Feb.
Warren
50c
Mar.
Feb.
15
Warner &
40c
Mar.
Feb.
21
S2M
SIM
SIM
SIM
June
May 15
14
Mar.
Feb.
June
May
15
Mar.
Feb.
50c
Apr.
Mar. 20
Mar.
Feb.
25
Mar.
1 Feb.
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given m full below:
25
25c
Wesson Oil & Snowdrift Co., Inc—
Convertible preferred (quar.)
265,369,000
8,756,003,000 8,672,945,000 7,457,569,000
140,346,000
185,961,000
177,834,000
liabilities, lncl accrued dividends.
Feb.
Vick Chemical Co. (quar.)
Extra
—
133,509,000
531,042,000
18
Victor-Monaghan Co. (quar.)
7% preferred (quar.)
Virginia Coal & Iron Co
5% preferred (quar.)
5% preferred (quar.)
Washington Water Power, pref. (quar.)
Wayne Pump Co.
Welch Grape Juice
623,738,000
626,729,000
489,586,000
Mar. 20 Feb.
«1M
(s.-a.)
1,575,332,000 1,564,666,000 1,243,073,000
Other deposits
Other
SIM
SIM
Foundry & Pipe...
Swasey Co
Wash. Ry. & Elec. Co, 5% pref.
9,876,000
reserve acc't.. 7,516,620,000 7,355,592,000 6,921,582,000
U. S. Treasurer—General account
137,109,000
123,068,000
162,573,000
Mar. 20 Mar. 10
June
Preferred (quar.)
Warner Bros. Pictures, preferred
19,015,000
Deposits—Member bank
Mar.
1 Feb. 15
Mar. 31 Mar. 20
50c
Building...
Walgreen Co. (quar.)
Preferred (quar.)
W«'ikrr in..) Gooderham & Worts (quar.)
9,686,000
14,542,000
10638,087,000 10552,384,000 8,963,356,000
Total deposits
Deferred availability items
SIM
(quar.)
159,076,000
Mar.
SI
Virginia Electric & Power, $6 pref. (quar.)
Virginian Ry. preferred (quar.)
3,299,000
212,248,000
Liabilities—
SIM
(quar.)
7% pref. (quar.)
17,000
2,021,000
9,686,000
14,871,000
50c
Preferred
17,000
2,018,000
193,158,000
1 Mar. 15
15
20
Apr.
July
344,156,000
28*
25c
Preferred (quar.)
Preferred (quar.)
756,983,000
Other assets
SIM
Vanadium-Alloys Steel Co
Vapor Car Heating Co. (quar.)
Preferred (quar.)
752,337,000
635,373,000
17,000
Bank premises
Mar. 15 Feb.
Mar. 20 Fen.
SI
1st preferred (quar.)
632,503,000
635,858,000
Total bills and securities
Due from foreign banks
62 Mc
50c
.....
408,181,000
1 Mar. 15
10 Mar. 20
15c
;
372,013,000
260,490,000
632,503,000
Total U. S. Government securities,
direct and guaranteed
Federal Reserve notes of other banks
25c
...
2,596,000
2,050,000
372,013,000
260,490,000
...
Notes
40c
Utica Knitting Co.
1,116,000
1,754,000
2,406,000
U. S. Govt, securities, direct and guar¬
anteed:
27
32c
(quar.)
Van Norman Machine Tool..;
Van Raalte Co., Inc
1,601,000
1,754,000
discounted
25c
$5
Upson-Walton Co
1,005,000
111,000
Industrial advances
27
$1
SIM
SIM
190,000
176,000
1,425,000
...
3 Feb.
43Mc
(initial)
5% prior preferred (quar.)
Valley Mould & Iron
Preferred (quar.)
obligations
direct and guaranteed
Other bills discounted
3 Feb.
50c
1,540,000
90,691,000
Bills discounted:
Mar.
50c
996,000
80,767,000
1,757,000
85,447,000
Other Cash f
25c
...
9,695,275,000 9,596,734,000 7,922,859,000
Redemption fund—F. R. notes
Mar.
37Mc
$
Gold certificates
$3 M
50c
Feb. 28, 1940
$
$
S2lt
-
Feb. 19,1941
Feb. 26, 1941
Assets-
1 Feb. 15
1 Mar. 15
United Wall Paper Factories, Inc., 6% pf. (qu.)
Preferred
Bank of New York at the close of business Feb. 26, 1941,
in comparison with the previous week and the corresponding
1 Mar. 20
Mar.
50c
•_
Universal Insurance Co.
Universal Products
1 Mar.
53c
United States Plywood Corp. pref. (quar.)
United States Steel Corp
United States Sugar Corp., pref. (quar.)
Preferred (quar.)
United States Tobacco Co.,
Preferred (quar.)
15
following shows the condition of the Federal Reserve
Mar. 25 Mar. 15
Mar. 15 Feb. 20
1 Mar. 20
Apr.
Apr.
(quar.)
New York
The
15
1 Feb. 15
5
Mar. 15 Mar.
5
Mar. 15 Mar.
Apr. 15 Mar. 31
Apr.
Union Twist Drill
United Biscuit Co. of America pref. (quar.)
United-Carr Fastener
United Chemicals participating preferred
United
$ik
Holders
When
Payable of Record
15
15
STATEMENT
OF
ASSOCIATION
MEMBERS
AT
CLOSE
THE
YORK
NEW
BUSINESS
*
HOUSE
CLEARING
THURSDAY.
FEB.
27, 1941
Net Demand
Time
Undivided
Deposits,
Profits
Clearing House
._
OF
OF
Average
Deposits,
Average
Surplus and
Capital
Members
West Michigan Steel Foundry—
SIM
conv.
preferred (quar.)
Mar.
West Virginia Pulp & Paper Co. (quar.)
Western Auto Supply (quar.)
1 Feb.
Western
1 Mar. 10
Bank of New York.
3 Feb.
Bank of Manhattan Co.
20
Exploration Co. (quar.)
Western P. 8. Co., SI M pref. A
Western Tablet & Stationery Corp. pref. (qu.)_.
Westgate-Greenland Oil Co. (monthly)
Westinghouse Air Brake Co.
Westinghouse Electric & Manufacturing
Participating preferred
Weston Electrical Instrument
Mar. 20 Mar. 20
Mar.
1 Feb. 14
1 Mar. 20
Apr.
Mar. 15 Mar. 10
Weston
Apr.
(Geo.), Ltd. (quar.)
Wheeling Electric Co., 6% pref. (quar.)
Wheeling Steel, 6% pref. (quar.)
6% preferred.
f>5 i rior preferred (quar.)
p
White Villa Grocers, Inc. (semi-ann.)
Whitman (Wm.) & Co., preferred (quar.)
Wieboldt Stores, Inc., S5 preferred (quar.)
6% preferred (quar.)
Williamsport Water Co., S6 pref. (quar.)
Wilsil, Ltd. (quar.)
Wilson Line. Inc. (semi-ann.)
Wilson Products (quar.)
WInsted Hosiery Co. (quar.)
Quarterly
;
Quarterly
Wisconsin Electric Power Co. 6% pref. (quar.)_
Common
7% preferred (quar.)
6% preferred
l
6% preferred (quar.)
Wolverine Tube Co. 7% pref. (quar.)
Woolf Bros., 7% pref. (quar.)
Woo I worth (F. W.) Co
(quar.)
Worthington Pump & Machinery Corp.—
Cum. conv. preferred
--
Cum. preferred
Wrigley (Wm.) Jr. (monthly)
Monthly
Yellow Truck & Coach Mfg., preferred (quar.)._
Youngstown Sheet & Tube
Preferred (quar.)
Youngstown Steel Door
......
—
......
Chem Bank & Trust Co.
39,186,000
171,340,000
821,968,000
57,904,700
186,946,500 62,307,419,000
786,892,000
40,986,600
105,237,000
75.103,700 Cl,159.244,000
330,995,000
20,000,000
Manufacturers Trust Co
Trust Co
90,000,000
41,748,000
Guaranty
16,612,000
633,880,000
80,275,900 a2,697,712,000
28,951,000
7,378,000
78,823,000
Mar. 15 Feb.
Mar.
5 Feb.
15
Cnt Hanover Bk&Tr Co
21,000,000
14
Corn Exch Bank Tr Co.
14
First National Bank
15,000,000
10,000,000
20,356,600
109,720,700
827,312,000
1,505,000
Irving Trust Co
50,000,000
63,692,500
724,894,000
5,314,000
4,490,800
72,375,000
136.482,200 d3,311,377,000
63,671,000
4,207,500
1,383,000
Mar.
Mar.
SIM
SIM
75c
SIM
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
5 Feb.
10 Feb. 27
1 Mar. 12
1 Feb.
11
Continental Bk <fc Tr Co.
Chase National Bank...
1
Fifth Avenue Bank
Bankers Trust Co......
25,000,000
1 Mar. 14
Title Guar & Trust Co._
6,000,000
Marine Midland Tr Co.
5,000,000
12,500,000
1 Feb.
15
500,000
1 Mar. 15
New York Trust Co
1 Mar. 19
Comm'l Nat Bk & Tr Co
Apr.
1 Mar. 19
Public Nat Bk & Tr Co.
Mar.
1 Feb.
25c
SI
1 Mar. 15
Apr.
Mar. 15 Feb. 28
Totals
Mar. 10 Feb.
28
Includes
1 Apr.
May
Aug.
1
July
15
15
Nov.
1 Oct.
15
Apr. 30 Apr. 15
Mar.
68,228,000
54,706,000
3,690,000
83,413,200 el,199,154,000
1,539,200
15,258,000
10,005,900
144,937,000
77,286,000
28,015,400
462,101,000
43,180,000
8,746,900
10,544,800
135,321,000
2,077,000
96,722,000
53,644.000
953,465,400 16,020,040,000
764,085,000
7,000,000
7,000,000
2,312,000
3,233,000
11
20c
S2M
S2M
S2M
SIM
4,000,000
100,270,000
1
1 Feb.
518,518,000
deposits in foreign branches as follows:
(a) $290,484,000 (latest date
available); (6) $62,239,000 (latest date available); (c) $3,150,000 IFeb. 27); (</) $80,083,000 (latest date available); (e) $22,013,000 (Jan. 31).
♦As per official reports: National, Dec. 31, 1940; State, Dec. 31, 1940; trust
companies, Dec. 31, 1940.
15
1 Feb.
$1.18M Mar.
tSl.161! Mar. 15 Feb.
7% pref
National City Bank
228,808,000
14,147,800
26,884,500
6,000,000
20,000,000
77,500,000
Mar.
10c
4 M % cum. pref. (quar.)
Wisconsin Power & Light,
$
15
Apr.
Mar.
28
15
SIM
tSl
Mar. 15 Feb.
Mar. 15 Feb.
SIM
SIM
SIM
Mar. 15 Feb.
28
Mar.
1 Feb.
18
Mar.
1 Feb.
20
60c
Mar.
1 Feb.
10
Stock
28
SIM
SIM
Mar. 15 Mar.
Mar. 15 Mar.
28
Below
are
the
and
stocks and bonds listed
as
Bond
daily closing
on
Averages
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
5
Bonds
Stocks
5
'
25c
Mar.
1
25c
Apr.
Apr.
1 Mar. 20
SIM
50c
SIM
25c
Feb.
20
10
Date
20
Total
15
10
10
First
Second
10
Utili¬
40
ties
Bonds
Total
~
1 Mar. 14
Mar. 15 Mar.
1 Mar.
Mar. 15 Mar.
1
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
trials
3
3
Apr.
30
roads
ties
Stocks
trials
Rails
Rails
108.95
90.19
t On account of accumulated dividends.
>
J Payable in Canad'an funds, and in the case of non-residents or Canada
deduction of a tax of 5% of the amount of such dividends will be made.
121.97
27.43
19.62
41.30
106.73
94.36
50.70
121.87
27.28
19.02
41.10
106.74
94.34
50.40
108.91
90.10
Feb. 26.
Transfer books not closed for this dividend,
Feb. 18.
Feb. 27.
*
122.39
27.52
19.16
41.32
106.85
94.35
50.49
108.99
90.17
Feb. 25.
122.40
27.43
19.15
41.29
106.77
94.40
50.42
108.86
90.11
Feb. 24-
121.49
27.35
19.05
41.03
106.76
94.39
50.02
108.83
90.00
Feb. 21.
120.24
27.15
19.00
40.67
106.75
94.30
49.69
108.79
89.88
,
The Commercial & Financial Chronicle
1382
March 1, 1941
Weekly Return of the Member Banks of the Federal Reserve System
Federal Reserve System, giving the principal
which weekly returns are obtainedThese figures are alwavs a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Following is the weekly statement issued by the Board of Governors of the
items of
resources
and liabilities of the reporting member banks in 101 leading cities from
ASSETS AND LIABILITIES
OP WEEKLY REPORTING MEMBER BANKS IN 101
(In Million® of Dollars)
LEADING CITIES BY DISTRICTS ON FEB. 19, 1941
$
ASSETS
Cleveland Richmond
delphia
$
$
New York
Boston
San
Minne¬
$
$
Cltv
Dallas
$
St. Louis
$
*
$
5
Chicago
Atlanta
Kansas
apolis
Phila¬
Total
Federal Reserve Districts—
$
$
W
Francisco
$
26,381
1,247
11,628
1,233
1,998
769
703
3,879
789
452
720
590
9,423
Loans and Investments—total
653
3,438
481
789
295
375
1,110
383
213
351
321
2,373
1,014
5,217
331
2,131
238
352
138
198
682
224
111
213
221
378
320
67
101
34
9
10
4
42
13
3
22
1
14
418
12
290
24
14
3
7
41
5
1
3
5
13
Loans—total
Commercial, Indus, and agricul. loans
Open market paper
—
Loans to brokers and dealers In secure.
Other loans for purchasing or
carrying
458
17
213
32
20
14
11
68
12
81
191
50
182
48
35
132
59
12
36
4
23
2
1,744
141
489
Loans to banks.—.
Other loans
-
10
737
Treasury bills
143
31
m
1
2
2
143
68
80
72
58
179
3
82
211
452
13
29
13
30
12
11
*»
386
1
118
1
103
43
23
...
mmmm
"
'
12
31
6
1,230
securities
Real estate loans.
2,572
50
1,553
31
170
163
55
299
46
26
58
41
80
United States bonds..
7,111
328
3,208
353
619
188
98
1,112
169
110
95
99
732
Obligations guar, by U. S. Govt
2,760
57
1,670
89
136
54
58
296
65
32
76
38
189
Treasury notes
Other
—
3,778
128
1,616
279
273
69
114
610
113
42
127
61
346
11,804
662
6,746
524
799
258
166
1,444
257
109
209
151
479
518
securities
Reserve with Federal Reserve Bank..
145
103
23
51
25
15
79
12
8
18
13
26
599
208
109
334
309
342
20
31
274
694
Cash In vault
Balances with domestic banks
3,388
198
237
211
372
237
232
Other assets—net
1,241
68
475
80
90
40
50
75
22
16
23,157
1,393
11,599
1,096
1,608
600
470
3,109
551
326
545
1,266
5,466
233
1,130
260
754
206
190
1,008
192
115
144
136
1,098
354
11
31
10
22
29
124
12
2
9
23
9,151
395
3,924
468
366
368
1,395
432
181
444
296
LIABILITIES
'
Demand deposits—adjusted
Time deposits
United States Government deposits..
24 "•V
'•
•
57
Inter-bank deposits:
Domestic banks
520
362
;
■
8
2
16
1
1
'
624
20
570
746
20
305
15
16
36
11
18
5
8
3
4
305
3,834
248
1,630
217
387
99
96
414
96
61
107
89
390
Foreign banks
1
5
Borrowings
—
—
-
-
*
—
■
m -
Other liabilities
Capital accounts
-
-
m.
-
«•
—
•
—
-
......
-
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the System as a
week last year.
Reserve agents
appear
in
our
The comments of the Board of Governors of the Federal Reserve System upon
OF
THE
FEDERAL
RESERVE BANKS
AT THE CLOSE OF BUSINESS FEB. 26,
Gold ctfs. on hand and due from U. S. Trtas.x.
Dec. 31,
Feb.28,
1941
1941
1941
1941
1941
1941
1940
1940
$
$
$
$
%
$
1
Feb.
Feb.
Feb. 12.
19,
Jan.
5,
19.904,281
29,
19,896,780
Jan.
22,
19,879,778
19,902,778
9.162
9,598
8,784
9,825
9,826
339,441
345,211
350,821
372,754
363,401
20,308.306
...........
19,961,281
9,244
337,781
Redemption fund (Federal Reserve notes)
20,251,381
20,257,590
20,263,886
20,279,359
20,253,005
19,902,781
Jan.
19,750,781
9,692
275,109
15,793,621
20,216,319
20,138,233
20,035,582
16,170,650
f] " ■:
512
2,064
6,167
2,268
2,544
2,139
2,666
3,549
3,659
2,832
2,915
6,679
7,854
7,877
7,871
7,871
7,500
7.508
7,713
7,538
10,704
1,284.600
1,284.600
1,284,600
899,500
899,500
1,284,600
899,500
1,284,600
899,500
1.284,600
899,500
1,284.600
899,500
1,284,600
899,500
1,344,045
1,133,225
2,184,100
2,194,222
2,184.100
2,194,521
2,184,100
2,194,110
2,184,100
2,194,637
2,184,100
2,195,149
2,184,100
2,195,267
2,184,100
2,194,645
2,184,100
2,194,553
47
47
47
47
47
47
47
47
47
20,672
859,348
39,952
23.389
26,310
25,576
29,402
837,999
793,567
720.733
25,740
726.775
839,957
29,820
901.592
39,999
39,996
39,978
40,038
40,062
40,075
30,183
745,196
40,076
52,298
51,367
50,6X9
50,529
49,483
48,955
47,957
31,628
912,398
40,062
47,596
23,476.182
23,399,335
23,363,398
23,295,019
23,317.125
23,407,105
23,432.075
23,196,337
23,261.866
19,432,186
5,976.775
14,174.724
5,943.080
5,931,464
13,870,693
14,347,011
5,834,506
14,409,560
5,824,852
14,413,569
5,877,248
14,284,362
5,930,997
14,025,633
4,858,677
12,317,794
479,393
622.471
5,906,166
13.841,512
692,032
5,845.759
14,020,569
337,887
258.251
261,012
237,067
219,788
1,130.080
655,332
1,163,849
673,254
1,183,924
619,386
1,215,590
583,657
1,230,690
519,575
1,229,836
511,947
1,122,531
617,139
368,481
1,132,909
599,544
363,381
16,294,040
16,285.374
797,036
16,330.267
16,420,837
16,392,419
779,123
842,582
3.102
3,132
2,953
2.428
2,173
16,243,820
703,292
2,109
16,126,567
832,779
2,196
13,623,425
693,526
3,561
16,317,779
697,777
2,657
16,404,509
831.037
23,105,413
23,028,592
22,992,741
22,924,379
22,946,747
23,036,894
23,062,026
22,826,469
22,892,539
19,081,351
139.586
139,550
139,514
139,501
139,448
139,351
139,306
157,065
157,065
25,785
157,065
157,065
157,065
26,785
139,143
157,065
26,785
47,343
26,785
47,289
26,785
47,333
26,785
47,293
157,065
26,785
47,080
157,065
26.785
47,010
46,893
46,875
138,579
157,064
26,785
46,899
23,476,182
23,399,335
23,363,398
23,295,019
23,317,125
23,407,105
23,432,075
20,196,337
23,261,866
19,432,186
91.2%
91.1%
9 1.0%
91.2%
91.1%
91.0%
5,125
5,127
5,147
5,207
t5,089
91.0%
5.092
90.8%
5.226
87.5%
5,066
91.0%
5,095
2,211
1,546
1,966
3,995
899,500
direct and
guaranteed
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected
851
1,932
2,184,100
2,194,657
Govt, securities,
900
1,638
53,200
S.
2,021
1,289
1,132,043
U.
1,411
1,255
2,260
724
899,500
Total
1,415
682
1,284,600
Notes
1,862
623
7,840
U. 8. Govt, securities, direct and guaranteed:
Bonds
1,645
2,717
Total bills discounted
Items
premises
assets
Total
9,574
367,455
625
Industrial advances
Other
8,
2,092
direct and guaranteed
Other bills discounted
Bank
Jan.
19,804,781
9,108
324,344
f
Government obligations,
15,
19,845,780
9,722
360,817
Bills discounted:
U. S.
1941
%
Other cash *
by
the
1941
Feb. 26,
1941
(000) Omitted
ASSETS
Secured
The Federal
and liabilities separately for each of the 12 banks.
resources
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
Total reserves
Thursday afternoon, Feb. 27'
on
The first table presents the results
following) gives details regarding transactions in Federal Reserve notes between the
and the Federal Reserve banks.
for the latest week
Three Ciphers
Wednesday.
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
Reserve note statement (third table
returns
on
assets
2,477,270
2,494,653
47
21,582
638,754
41,741
64,759
LIABILITIES
Federal Reserve notes In actual circulation..
Deposits—Member banks'
reserve
account,
United States Treasurer—General
j.
account]_
Foreign
Other
deposits
Total
deposits..
Deferred availability
items
Other liabilities, luol. accrued dividends
Total liabilities
727.878
600,311
561,406
380,844
596,109
3,140
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts..
F'Total liabilities and capital accounts
136,081
151,720
26,839
36,195
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances
8,966
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted
1,644
1,877
2,788
2,253
1,294
1,370
16-30 days bills discounted
83
146
108
87
90
87
720
721
209
31-60 days bills discounted
185
210
173
100
113
164
154
226
693
226
61-90 days bills discounted
103
117
196
260
285
275
281
200
154
1,119
Over 90 days bills discounted
135
151
190
146
212
235
251
391
489
148
2,717
2,268
2,544
2,139
2,666
3,549
3,659
2,832
2,915
6,679
1,355
1,363
1,365
1,357
1,386
1,375
1,528
1,587
Total bills discounted
1-15 days Industrial advances
1,191
1,406
1,479
16-30 days industrial advances
148
132
81
68
52
63
82
216
49
59
31-60 days industrial advances
396
402
456
478
197
205
127
128
125
491
61-90 days industrial advances
114
121
107
109
352
343
382
402
170
283
5,827
5,836
"5,868
5,859
5,884
5,514
5,511
5,488
5,666
8,284
7.840
7,854
7,877
7,871
7.871
7,500
7,508
7.713
7,538
10,704
Over 90 days industrial advances
Total industrial advances
...
I
Volume
The Commercial & Financial Chronicle
152
1383
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Three Ciphers (000) Omitted
Feb.
Feb. 26,
1941
9
9
74^ §00
74,800
74,800
74,800
741800
74,800
wC5o5
2,109~300
2,109",300
2,109", 300
2,109*365
741866
2,109*300
2,169,360
741800
2,109,300
2,109,300
2,109,300
2,477,270
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,477,270
6,259,262
282,487
6,240,928
297,848
6,218,053
286,589
6,204.390
298,224
6,177,740
331,981
6,177,883
343,377
6,190,512
365,660
0,239,665
302,417
0,256,050
325,053
5,180,520
321,843
5,976,775
5,943,080
5,931,464
5,906,166
5,845,759
5,834,506
5,824,852
5,877,248
5,930,997
4,858,677
6,386,500
6,366,500
2,089
6,351,500
2,384
6,344,500
1,946
6,329,500
2,104
6,334,500
6,334,500
5,313,500
1,968
1,741
6,374,500
1,659
0,379,500
2,549
1,688
723
6,389,049
Maturity Distribution of Bills and Short-Term
Feb. 19,
1941
6,368,589
6,353,884
6,346,446
6,331.604
6,336,468
6,336,241
6,376,159
6,381,188
5,314,223
1941
Feb. 5.
1941
$
S
12,
Jan.
Jan. 22,
1941
Jan. 15,
Jan. 8,
1941
1941
Dec. 31,
1940
Feb. 28,
1941
$
$
I
$
S
*
29,
1940
Securities (Concluded)
U. S. Govt, securities, direct and guaranteed:
1-15 days..
16-30 days
31-60 days
61-90 days
_
.
Over 90 days
Total U. 8. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Ay era as Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. S. Treasury
By eligible
paper
Total collateral
...
*
"Other cash" does not Include Federal Reserve notes,
x
These
cents
are
t Revised figures.
certificates given by the United Scates Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents
to
59.00
Jan. 31,1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under pro¬
on
visions of the Gold Reserve Act of 1934.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 26, 1941
Three Ciphers
Phila¬
(000) Omitted
certificates
on
and
haDd
Boston
New York
delphia
S
ASSETS
Gold
Minne¬
Total
Federal Reserve Agent at—
%
S
s
Cleveland Richmond
$
■
Chicago
$
$
$
Kansas
apolis
City
St. Louis
$
$
San
Dallas
Francisco
$:\
$
$
due
from United States Treasury
19,961,281 1,201,899 9,695.275 1,080,340 1,373,949
595
746
898
Redemption fund—Fed. Res. notes..
9,244
1,757
Other cash *
23,055
85,447
26,630
337,781
27,513
Total
Atlanta
598,707
1,056
16,007
615,770
20,308,306 1,230,310 9,782,479 1,107,565 1,397,750
reserves
397,098 2,908,175
510,194
307,104
426,812
286
711
543
253
294
22,796
49,209
16,495
7,428
17,098
294,327 1,167,401
942
1,163
14,010
32,093
420,180 2,958,095
527,232
314,785
444,204
309,279 1,200,657
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
2,092
1,425
461
625
176
23
Other bills discounted.
Total hills discounted.......
______
43
75
268
174
19
53
43
1,754
2,358
217
768
372,013
102,835
126,632
70,566
53,587
899.500
93,212
65,269
260,490
72,007
88,671
49,410
37,522
2,184,100
158,481
632,503
174,842
215,303
119,976
2,194,657
159,396
635,858
177,684
215,573
120,787
11
:
40
358 ^
336
311
2
252
72
277
531
60,661
64,518
51,073
45,177
35,762
106,137
74,319
guar.:
Notes
Total U. S. Govt. securities,
direct and guaranteed
Total bills and securities
144,046
100,864
42,477
39,320
27,532
91,109
244,910
103,138
66,852
109,695
86,835
180,456
91,456
245,308
103,140
67,278
110,078
87,112
180,987
See
47
3
18
5
4
2
2
6
1
1
1
4
20.672
404
992
1,431
4,540
1,431
693
1,186
627
81,332
61,839
108.855
75,418
32,350
9,686
4,526
4,619
2,578
3,233
1,365
14,870
4,562
5,036
47,492
2,315
35,022
2,824
3,636
125,685
3,035
19,155
39,952
53,200
3,354
36,613
1,984
2,283
859,348
2,018
193,158
2,139
5,654
2,352
1,662
3,027
2,538
2,177
1,713
42,423
2,831
4,684
23,476,182 1,477,905 10638,087 1,357,230 1,733,811
822,328
555,728 3,340,066
683,963
404,938
596,056
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
Bank
484
915
1,284,600
securities, direct &
1,601
7,840
2,717
Bonds
premises
Other
11
■
Industrial advances
U. 8. Govt,
99
21
43
53
assets
Total assets.
a
1,219
432,771 1,433,299
LIABILITIES
F. R. notes in actual circulation
5,976,775
482,934 1,575,332
416,080
553,947
288,773
198,126 1,285,873
224,548
158,046
208,640
97,793
486,683
14,174,724
812,455 7,516,620
15,551
123,068
719,404
934,360
337,184
170.363
281,760
248,017
29,363
23,559
26,994
17,277
20,195
10,114
5,770
22,774
8,493
17,006
22,774
3,639
760,873
25,631
59,764
Deposits:
account
U.S. Treasurer—General account.
Other deposits
Deferred
626,729
76,174
72,248
6,349
489,586
27,040
10,365
4,459
262,465 1,744,233
14,620
31,827
27,486
94,236
6,329
14,429
842,554 1,038,075
441,811
310,900 1,884,725
400 220
220,404
339,222
291,436
879,081
367,887
Foreign
Total deposits
21,096
55,254
386,984
10,600
33,768
619,386
reserve
19,936
1,132,043
Member bank
16,294,040
889,609 8,756,003
32,813
831,037
79,381
177,834
63,780
107,153
75,535
32,980
121.060
47,396
10,709
36,823
32,003
39,783
3,561
381
790
363
381
335
158
460
154
129
137
138
145
23,105,413 1,452,305 10509959 1,322,777 1,699,556
806,454
542,164 3,292,708
672,318
395,288
584,822
14,308
14,323
1,007
4,557
5,247
3,244
1,975
14,646
22,824
1,429
8,459
4,243
4,925
2,975
3,152
1,000
2,523
4,502
3,013
1,138
1,981
23,476,182 1,477,905 10638087 1,357,230 1,733,811
822,328
555,728 3,340,066
404,938
596,056
752
528
11
683,963
108
43
35
availability Items
Other liabilities, incl. accrued dlvs...
Total liabilities
421,370 1,405,692
CAPITAL ACCOUNTS
139,586
157,065
26,785
47,333
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital acc'ts..
Commitments to make Indus, advs..
*
9,349
51,509
10,906
2,874
2,471
56,447
182
5,066
11,887
15,144
4,393
3,029
7,070
13,102
255
665
"Other cash" does not Include Federal Reserve notes,
a
4,788
5.725
713
2,338
533
1,944
Boston
$
Federal Reserve notes:
New York
$
Total
3,974
1,263
1,912
432,771 1,433,299
4
2,423
RESERVE NOTE STATEMENT
Minne¬
Phila¬
Ciphers (000) Omitted
of—
Federal Reserve Bank
11,659
10,785
2,121
3,042
4,252
Less than $500.
FEDERAL
Three
5,408
$
delphia
Chicago
$
$
3
$
Atlanta
$
Cleveland Richmond
St. Louis
Kansas
apolis
City
$
$
San
Dallas
Francisco
$
S
S
497,349 1,645,632
14,415
70,300
436,418
574,888
220,431 1,315,696
22,305
29,823
13,510
162,578
4,532
218,081
9,441
107,148
20,941
303,133
14,360
238,058
20,338
9,355
539,850
53,167
482,934 1,575,332
416,080
553,947
288,773
198,126 1,285,873
224,548
158,046
208,040
97,793
486,683
0,386,500
510,000 1,670,000
1,537
440,000
576,000
315,000
225,000 1,330,000
244,000
165,500
225,000
112,000
574,000
2,549
174
311
0,389,049
In actual circulation
Collateral
6,259,262
282,487
5,976,775
Issued toF. R. Bank by F. R. Agent
Held by Federal Reserve Bank
510,000 1,671,537
440,484
165,074
225,311
112,000
574.000
held by agent as security
for notes Issued to banks:
Gold certificates on hand and due
from United States Treasury
Total collateral
-
43
484
quoted
are
225,000 1,330,000
244,000
Quotations for U. S. Treasury Notes—Friday, Feb. 28
United States Treasury Bills—-Friday, Feb. 28
Rates
315,043
576,000
Figures after decimal point represent one
or more
Int.
Bid
April 16 1941
0.06%
Mar
5 1941
2 1941
Mar
19 1941
Mar
26 1941
Anril
April
Bid
Asked
April 23 1941
0.06%
0.00%
0.06%
0.06%
0.06%
April 30 1941
.....
2 1941
9 1941
May 14 1941
May 21 1941
May 28 1941
Rate
1«%
June
15 1941...
Dec.
15 1941...
Sept. 15 1942...
IH%
1 H%
IH%
2%
Doc.
0.06%
0.06%
0.00%
0.06%
May
.
Maturity
Mar. 15 1941...
0.00%
7 1941
Asked
0.06%
0.06%
Natl Defense Series
Mar
United
States
Government
Securities
Exchange—See following
a
point.
15 1942...
IH%
1943...
H%
16 194!—.
1H%
Mar. 15 1942...
Mar. 15
June
Int
Bid
Asked
101.1
Rate
Maturity
Sept. 15 1943...
101.10
101.12
Dec
15 1943...
101 25
101.27
Mar.
15 1944...
102.4
102 6
June
15 1944...
103 10
103.12
Sept
15 1944...
103.8
103 10
Mar. 15 1945.
100.24
100.28
102.2
102 4
page.
on
the
New
1%
m%
1%
H%
1%
Bid
Asked
101.28
101.30
102.12
102.14
101.26
101 28
Nat. Defense Nts
Sept. 15,
.
1944
Dec. 15. 1945.
York Stock
32ds of
for discount at purchase.
100 28
101
24
100 30
101
20
H%
100.25
VK%
H%
99.20
99.28
99.19
99
100.27
21
March
1384
1.
1941
Stock Exchange
Stock and Bond Sales—New York
DAILY, WEEKLY AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
in the day's range, unless they are the
NOTICE—Cash and deferred delivery sales are disregarded
account is taken of such sales in computing the range for the year.
No
only transactions of the day.
the New York Stock Exchange
and Federal Farm Mortgage
the New York Stock Exchange during the current week.
United States Government Securities on
Below
we
furnish
Corporation bonds on
Quotationa after denmnl
Feb.
Daily Record of U. S. Bond Prices
point represent one or more 32da of a point.
119.8
119.8
units...
Treasury
107.30
2Mb, 1945
1
112.18
112.22
112.18
1
1
[High
1 Low.
112.18
112.16
112.18
1
1
112.16
112.18
1
1
[Close
Total sales in $1,000 units...
112.18
*2
20
2
48, 1944-54
1
1
1
1
101.13
100.31
*20
Low.
100.31
101.13
[High
3Hs, 1941-43
U
Total sales in $1,000 units...
—
-
-
-
~
-
■
«
•'
4m
102.2
2^8. 1951-53.
Close
—
—
-
Low
-
107.12
-
-
-
-
3
Low.
HOLI¬
DAY
----
—
—
—
—
108.9
—
—
-
108.9
—
—
—
-
108.9
-
-
-
'
2
—
—
-
—
3Hs, 1946-49..........' Low.
Close
110.28
110.26
Total sales in $1,000 units...
1
1
104.12
-
-
-
m
1
mmmm
mmmm
105.8
DAY
t
104.12
-
---
Low.
Low.
110.8
Close
110.8
m
110.15
m
m
110.8
1
1
Total sales in $1,000 units...
~
-m
-
3s, 1944-49.
110.5
110.5
1
■
».
....
....
-
110.26
110.17
110.26
108.13
108.12
Close
108.14
108.12
109.10
108.24
109.10
109
109.8
109.10
t
108""
2
Home Owners'Loan
--
«
1
I
»
1
108
108
-
-
Low.
106.26
Close
106.26
1
-
—
(High
(Low.
2Kb, 1942-44
-
-
■
-
8
*6
107.20
107.23
108.2
107.31
Low.
107.18
107.23
108.2
107.31
(Close
107.18
107.23
108.2
Total sales in $1,000 units...
75
2
--
108.1
7
2
(High
107.20
107.31
108
-
«,
Low.
107.20
107.31
107.20
107.31
5
108
—
—
-
-
108.5
2
5
_
102.24
102.26
1
—
*1
^
„
—
■
t-
-
-
—
—
102
*2
J Cash sale.
includes only
sales
registered bonds were:
of coupon
table
above
Transactions in
-
102
1
t Deferred delivery sale.
—
102
102.8
— —
-
—
-
-
102.8
-
■
»
-
102.8
----
.
*-•
-
mmmm
102.26
..110.25 to 110.25
103.16 to 103.16
Treasury 3 yss 1946-1949
Treasury 2Mb 1954-1956
108.17
108.16
108.16
—
.
'
-
United States Treasury
108.17
mm'm
108.17
■
"
'
20
mm
_
1
5
108.16
108
108
mm
bonds.
108.16
Close
Odd lots sales,
Note—The
1
108.16
15
Low.
4
*
108.16
108
5
108.5
10
108
Close
Total sales in $1,000 units...
108.5
-
•
■
1
1
102.26
102.24
Total sales in $1,000 units...
108.11
108.1
107.24
^
1•I
11I
*1
•
102.24
(Low.
1
108.11
107.24
Close
?■
•
—
—
-
•
107.31
108.16
Total sales in $1,000 units...
-
--
.
(High
IMS, 1945-47
-
-
(Close
10
108.1
Low.
'
-
-
——
-
Total sales in $1,000 units...
■
107.24
—
(Close
■
•
*•♦1$I11 1•1•It
■'mm-m
106*31
106*26
(High
3s. series A, 1944-52
1
108
Total sales in $1.000 units...
..
I
106.31
(Close
108
108
(High
1
1
106.31
Low.
•
Total sales in $1,000 units
oc
t
-
(High
1
1
»
1
1
Total sales in $1,000 units...
1
....
__
II
•
t
«
«
1
—
(High
2?*s, 1942-47
1 11 1
Low.
Close
t
1
Low.
109
4
High
(High
»
1
1
(High
3s, 1942-47
109.4
25
8
(Low.
....
Total sales in $1,000 units...
Low.
(High
-
—
....
(Close
1
1
1
1
Total sales in $1,000 units...
—
-
1
110.26
109.8
Close
-
.
110.27
„
Total sales in $1,000 units...
1
■
Close
110.27
108.24
1
102.14
1
1
110.27
110.18
m
—
m
102.16
....
mmmm
110.17
m
''**
(High
— —
102.14
....
Total sales in $1,000 units..
1
—
102.14
102.16
Low.
110.17
108.14
Close
Total sales in $1,000 units...
—
102.16
10
110.18
Low
3
....
„
mm mm-
104.16
....
-
----
-
107.1
110.18
(High
-
-
(High
110.5
110.15
'
104.16
....
107.2
■
104.16
107.2
Total sales in $1,000 units
110.8
1
^
High
3Kb, 1944-64
[Close
(High
t
----
Total sales in $1,000 units..
Federal Farm Mortgage
11b". 15
1
O
1
----
----
110.24
2
no's"
t
....
1
Low.
2s, 1953-55.
110.24
-
«
104.12
110.24
(Low.
lib's"
105.8
mmmm
----
J •
Total sales in $1,000 units...
Total sales in $1,000 units.
HOLI¬
..J Low.
(Close
Total sales in $1,000 units
....
■
(High
■
m ^
105.8
2s, 1948-50
....
I
—
----
....
----
1
1
110.26
2^6, 1960-05
-
104
3
Low.
108.11
1
110.20
2Kb, 1958-63
104
—
—
104
103.29
2
-
110.28
2^8, 1956-59
103.29
----
....
108.11
11
110.28
•
—
Total sales in $1,000 units...
108.11
-
-
■
108.13
(High
2^8, 1951-54
3
—
107.10
m
-
....
l
-
103.29
2s, 1947.
107.10
107.12
^
108.13
Close
2Kb, 1948-51
—
1
-
107.10
-
•
■
108.11
Total sales in $1,000 units...
2^8,1945-47
8
-
—
----
-
5
(High
2^s, 1955-00
—
104.10
—
-
-
— -
--
-
107.12
103.16
—
102
-
107.8
107.12
Total sales in $1,000 units..
3s, 1951-55
104.10
—
'
Close
...
106.1
mm
104.10
—
2 Kb. 1954-56
102
-
106.1
''mm,
16
-
102
-
2
*20
106
103.16
--
--
102.1
107.12
(High
38, 1940-48
-
*1
-
102.1
Total sales in $1,000 units
3tfs, 1949-52
-
103.31
107
-
-
102.1
102.4
102.4
Low.
-
—
106.1
-
*1
107
(High
-
w
•
—
—
-
—
106
105.24
-
—.
-
—
-
107
-
-
105.24
-
-
—
—
':
-
106
"
'
Low.
3Ks, 1944-46
—
—
105.24
-
-
2Hs. 1950-52.
----
----
----
V
Close
3Ks, 1943-45
--
■
«
'
Total sales in $1,000 units...
•
*1
-
1
-
—
•
[High
3^8, 1941
105.25
1
•
(Close
3^8, 1943-47
105.25
Total sales in $1,000 units...
1
I 1 t lit
1
::::
1
105*25
t1«
10l".7"
....
1
105.16
i
101.13
—
mmmm
---
mm — —
113.17
[Close
Total sales in $1,000 units..
-
1
11
105.16
2Mb, 1949-53.
113.17
» 1
I
t
jlx)w.
1
,s";
—
105.16
113.17
(High
3^8, 1940-56
—
•'
'
Total sales in $1,000 units...
»
1
I
I
—'
—
107.30
3
1
1
28
27 Feb.
107.30
119.8
*>
-
*
26 Feb.
24 Feb. 25 Feb.
to to Feb.
?
Prices
Daily Record of U. S. Bond
28
119.8
119.8
119.10
[Close
Total sales in $1,000
119.8
119.10
119.10
j Low.
4^8, 1947-52
26 Feb. 27 Feb.
25 Feb.
24 Feb.
22 Feb.
[High
Treasury
the transactions in Treasury, Home Owners' Loan
daily record of
a
United States Treasury
1
Bills—See previous
page.
Notes, &c.—See previous page.
New York Stock Record
AND
HIGH
PRICES—PER
SALE
Mon day
Tuesday
Feb.
Feb.
Feb.
22
$ per share
24
$ per share
*46*2
*33
$ per share
47
47
*11012 118
5h
45
47
*33
*4312
534
534
*195g
*1934
15
38t4
Stock
21
15
38l2
*14i2
3838
*i2
*6912
[Exchange
4i2
7i«
Closed—
Washing¬
ton's
Birthday
»i«
72
4l2
*778
8*4
*638
678
1612
1612
20<8
2078
958
958
146i4 14612
1078
1078
*123s
1212
578
578
*75
287g
*16
*1
*1212
4512
*14i2
43
76»4
2912
1714
Hs
14
4534
15
44l2
55g
*20
3834
38i4
58
'le
8
*33
*43
38
*
38ig
**2
4H%
4l2
412
'14
h
3g
7i«
7ie
8'3s
Sh
612
7
21
21
2114
213g
95g
95g
146i4 147
*103g
11
123g
12l2
57g
57g
753g 753«
29i8 2912
163g
Hs
*95g
146
*1058
1212
6
*75
29i4
163g
612
*16
20U
7
$2.50 prior conv pref.A'o par
Algbny Lud Stl Corp..No par
16
1638
Hs
200
146
500
Allen Industries Inc
12l2
300
13
13'4
6*4
1,300
3,200
7558
200
6
6
755g
Allied Mills Co Inc
Allied Stores Corp.
2yi2
2934
6,600
1534
1534
200
Alpha Portland Cem..No
1
Us
100
Amalgam Leather Co Inc
*1
16
*13
14
*13
13*2
13
13
100
*45
*45
4534
4
400
*634
4512
14l2
4612
7ig
»634
7
45
45
*45ig
47
15
14l2
46
67g
45
6l4
*6
634
7
45
6I4
*6
Bid and asked prices; no sales on this day.
6l2
*1412
15
I43g
45%
I4l2
*44i2
46
46
46
*6
6*2
55g
65g
47
*45
6*»
*6
J In receivership,
6%
a
6%
par
100
163s
46
45l2
No
5% preferred
Allls-Chalmers Mfg
29l2
*45
15
No par
1
*13
45
1
Allied Chemical & Dye .No par
Allied Kid Co
5
1,000
♦10%
No par
conv preferred
Amerada Corp..
par
Jan
2
49*4
Dec
Jan
7
110
May
43*2
Fen
7
30
May
5134
Jan
6
3478 May
734 Jan
2234 Jan
9
3
Jan
3
4*4
16*8
12*2
36*2
1578
42*2 Jan 17
58 Jan 14
May
June
June
June
38 May
24
Dec
9
534 June
414 May
9
Feb 14
7
May
Jan
6
11*4 Jan
2
15*2 May
634 June
Jan
182
Jan 11
8% May
14
Jan
Feb
3
1334
Feb 10
June
16%
Apr
4i2 May
938
Feb 14
758
Jan
8
10
55
May
Jan 28
37
Jan
4
21'4 May
417g
Feb 28
1734 Jan
8
11
18
Feb 13
1*4 Jan
4
1*8 May
23s
5
15*4 Jan 15
Apr
50*8 Jan 24
1734 Jan 10
9*2 May
38*2 May
12*8 May
18
41l2 Feb 14
58*2
Apr
12
50
Feb
1438 Feb 28
June
10
49
Feb 19
58*2 Jan
2
4134
10
6*8 Feb 14
4234 Jan 2
8*4 Jan
8
6
June
4658 Jan 30
8*4 Jan 2
35
June
Def. delivery,
n
New stock,
par
50
5*8 Feb 11
Corp
r
Cash sale,
Jan
Dec
80
American Bank Note
Bosch
79
8
Jan
Am Agric Chem
6% preferred
Apr
Apr
135*2 June
11*8
165
Am Airlines Inc
American
1234
7
1
500
60
Jan
26*2 May
FeD 14
1
1
No par
(Del)..No
Mar
Feb
Feb 19
2,200
900
Apr
19*2 Jan
58*8 Jan
78 Mar
Jan
105s Jan
9*4 Jan
2538
Jan
27*2
Jan
Jan
Feb 14
21% Jan 10
Apr
9
1*8
145s
12i2
3s June
Feb 15
Feb
Nov
7
6
Feb 15
60
Feb
77
58 Jan
5% Feb 17
46*2
May
4
•% Feb 26
1934
9>8
14478
10U
1134
538
74%
28i2
1534
70*4
147
May
60
4
5
Highest
$ per share $ per share
Jan
43g Feb 19
No par
♦1534
29
36% Feb 14
i2 Jan 6
5H% Pf A with $30 war. 100
5H% pf A without war.100
f7«
*95g
146
755g
No par
Allegheny Corp
900
9&«
Jan 17
14
Alaska Juneau Gold Mln.._10
2,100
121o
1284
30
19i2 Feb 20
10
MOO
3,100
17
143i2
*1
No par
Air Reduction Inc
21
958
6
55g Feb 14
2,900
I6i2
♦lOSg
125g
*75
No par
Air Way El Appliance..No par
Alabama & Vlcksburg Ry.100
7
*6%
Feb 14
45
25
7
Adams Express..
Address-Multigr Corp
2034
145i2
120
38*4 Jan
Adams-Millis Corp
17
10
12l2
125g
6i8
77i2
53
Feb 20
Acme Steel Co
""600
20i2
146
Feb 21
117
100
*734
17
40
100
No par
400
*7h
*734
$ Per share
No par
conv preferred
& Straus
$ per share
412
h
412
7
1,200
72
45g
83g
100
Lowest
Highest
5g
*
4l2
8
Abbott Laboratories
Abraham
45
6
22lg
15%
383g
*1434
4l2
17
*1
72
700
41
*20
*i2
58
71
481g
Par
Year 1940
100-Share Lots
Lowest
116*2 118
+443g
57g
38U
*20
7
17
4778
*l434
Shares
*33
57g
22ig
1514
57g
578
22l2
1514
383g
$hare
Range for Previous
Range Since Jan. 1
On Basis of
Week
48
*
45
*612
*1012
*16
$ per
STOCKS
EXCHANGE
28
Feb.
41
45
45
145g
H
*634
*
41
*33
7H2
7
$ per share
$ per share
1514
•is
*45i2
*6
4712
45
578
22
*69i2
412
7i«
26
47i2 47i2
47i2 47i2
♦11612 118
*110l2 118
*11612 118
4712
*4412
Feb.
25
Friday
Thursday
Feb. 27
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Wednesday
Sales
for
LOW
Saturday
x
Ex-div.
y
Ex-rlghts.
Jan
5*8 June
Jan
Nov
Jan
21
Jan
75
Apr
1234
Apr
50
Jan
9% May
^ Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
152
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
for
Saturday
Monday
Tuesday
Feb. 22
Feb.
Feb.
I per share
24
$ per share
3434
125*4
1%
84l2
*173
25%
57%
20
*105
*108
*10
*80
*10
8
*8
5%
1034
11
12
8%
4%
uit
15%
*2%
14%
13%
3234
3%
32
31%
314
*10
*8
82
13%
3234
*3%
3%
30
*26
*46%
*1%
48
*47
20
20
20
3%
1234
51%
378
12%
*46%
13%
83
13J4
81%
12%
2%
1634
1278
*81%
12%
2%
16%
1%
*112
115
25
2%
1234
155%
13%
Stock
65-%
578
778
3134
Washing¬
149
22«4
17%
12%
3%
17%
3
115
25%
2
2%
40%
41
35
35%
6%
13
6434
534
66
*145
150
*23
10%
*1178
23%
978
12
48%
1%
20%
3%
13
51%
13%
84%
12%
3%
17%
*1%
*19
*334
*12%
*48
84
134
4%
Shares
3
1384
33%
3%
32
48%
1%
20%
4
13
51%
13
13
84
*12%
3%
1234
3%
8%
8%
5
35
34
34%
6534
11%
*82%
1%
8
32%
40%
144
*50
*145
2234
34%
41
144
5084
150
23
84
84
84
84
84
13%
13%
13%
13%
160% 161%
69
69%
69%
69%
69%
150% *150
150%
5%
5%
5%
5%
5%
5%
5%
5%
*85
*85
93%
93%
6%
6%
*6%
6%
54
54
53%
53%
69%
*150
*49%
23%
6%
55
2378
*27
31%
23%
*29%
2378
31%
*12%
13%
*12%
13%
6%
*49%
6%
55
*113
15%
13%
13«4
161% 161%
69
6934
150
5%
5%
*85
6%
54
4%
52%
29*4
*7%
*4%
16
3
13%
33%
*3%
*27
47%
*1%
*19
*384
*12%
*48
13%
*83%
12%
3%
34
534
69
6934
150
5%
5%
93%
7
47%
1%
20%
4
1234
51%
13%
8434
1284
3%
17%
115
"""400
55
24%
31%
13%
*49%
*12%
5
*80
94
5
*80
534
94
*534
6
*5%
3478
*9334
9434
23%
2334
62%
1478
*1334
*17%
63%
15%
63
63%
15%
15%
35
*50
68
*50
5
29%
29%
29%
7-%
8
734
*7%
*4%
*80
6
534
5
~
*4%
94
*80
6
6
*34%
*9334
22%
6334
15%
114
*534
634
2
2
*1%
2
16
*14
16
*14%
3»4
16
334
15%
V3%
334
%»
64
%«
15
334
15
3%
478
478
5
5
3%
5%
♦434
5
5%
5%
5%
*5
5%
*5
*5%
26%
*8%
678
26%
28%
29
7%
2178
778
22%
878
6
129
27
27
8%
6%
8%
6%
30
*28%
8
8%
22%
29
22
*28%
3%
27
*8%
6%
*29%
8
22%
29
111% 111% *111% 11134 *111%
*22
*22
2278
22«4 *22
*100
10434 *100
10434 *103
*100
10434 *100
10434 *103
*29
30% *29% 30% *29%
*114
117
*114
117% *114
*7%
7%
...
*7%
34%
35
19%
19%
34%
19%
57
56
*55%
7%
*11
26%
1778
8
*25
17%
.
3434
1934
56
26
*11%
15
*16%
*11%
18%
7%
17
13
*79
95
*79
85
*16%
17
7%
2684
8%
6%
30
26*4
8%
*6%
29%
8%
8%
8%
9
100
117
7%
5
800
*114
*7%
*11
117
7%
....
20
13»4
Jan
6
10
Amer Metal Co Ltd.
.No par
16
Feb 14
.100
112
Jan 15
6% preferred
No par
23% Jan 24
Amer Power &
No par
No par
2
Feb 25
39
Feb 14
No
32% Feb 20
par
Am Rad & Stand San'y.No par
100
American Rolling Mill
6
Feb 14
155
Feb 17
25
Preferred
100
American Snuff...
3% Feb 28
19% Jan 10
115
3%
39
37% Feb 14
142
Feb 14
Jan 13
7% Jan 10
162
9% May
7384 Jan
4
48% May
634 Dec
5
May
23
May
30% May
122
May
49% Deo
139
May
19% May
9% May
7
Jan 13
8% Jan 28
40
Jan
2
45% Jan 13
154
Jan
3
50
Feb 19
54
Jan 21
149
Feb 24
Feb 19
150%
28%
11%
13%
157b
Jan 10
21
88
Jan 15
9% Feb 19
11-% Feb 28
Preferred
13
81
.....100
68
25
100
10
Preferred
Jan
14*2 Jan
16834 Jan
6
8
6
73% Jan
74% Jan
159
5
Feb 14
7
Jan
5
Feb 14
8984 Feb 27
6% Feb 24
61
Feb 14
5% Feb 14
5134 Feb 4
22%
2984
1284
111%
Feb
Feo
Feb
Jan
14
20
19
29
60%
_
Jan
Co Inc..
Armour & Co of Illinois
86 conv prior pref
5
Jan
No
Assoc Investments Co.No par
5% preferred
100
4% May
5% preferred
100
100
Atl G & W I SS Lines
1
5% preferred
100
Atlantic Refining.....
Atlas
25
pref series A...100
Corp
..5
conv
6% preferred
50
No
var
5%
600
500
Baltimore & Ohio..
400
10
100
50
5
Bath Iron WorkB Corp
1
Bayuk Cigars Inc....-No par
100
25
fist preferred
Beatrice Creamery
$5 preferred w w.
No par
Preferred x-warrants.No par
100
6
,7o6
Bendix Aviation......
6
2,300
Beneficial Indus Loan..No par
200
Pr pfd $2.50 dl v ser'38No par
700
13,600
500
200
1,300
2,600
100
Best & Co
No par
Bethlehem Steel
(Del).Nopar
....100
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg CoNo par
7% preferred
Blaw-Knox Co
d Def. delivery,
n New stock,
r Cash sale,
8
June
May
134 June
23
June
97% June
87b Jan 13
634 Jan 10
90
Jan 14
7% Jan
9
9
18% Jan 11
19%
24%
110%
7%
49%
72%
118%
7
Jan 10
Jan
2
Jan
2
Jan
2
Jan
22% May
6% May
3% May
96% Jan
22% Mar
113% Aug
157b Nov
4% Apr
35% Feb
111% Deo
7% Apr
64% Apr
68
Apr
4334 Apr
11
Apr
9% Jan
102
July
9
Jan
Aug
84
Deo
49% May
29% June
95
Deo
45
Mar
4% May
65
82
May
13
May
25%
39%
9%
8%
9%
18%
May
May
64% Dec
23% Jan
June
June
22%
22%
May
27% May
102
June
7
100% Mar
111
Jan
Apr
Apr
Dec
May
97g Mar
Jan
9
43% June
57
May
80% May
Jan
4
112% June
Jan
6
Jan 14
51
Feb
12484
197g May
6
6
Jan 29
2
29%
10%
7%
29%
Jan 29
Jan 10
Jan 15
Feb 28
24
8
Jan
Feb 14
6% Jan
28
8
Jan 20
7% Feb 19
1834 Feb 3
27% Feb 4
111% Jan 24
22
104
Feb 17
Feb
5
19
Jan
9% Jan 10
24% Jan 6
30% Jan 24
114
Jan
7
2434 Jan 11
104
Feb
5
31% Jan
3
126
Jan
6
8% Jan 24
11
Jan 28
Feb 14
3734 Jan 28
19% Jan 31
207b Jan 10
56% Jan 13
33
56
Jan
3
27% Feb 20
32
74% Feb 19
89%
131%
27%
21%
10%
18%
121% Feb
24% Feb
17
....No par
Bilss & Laughlin Inc........5
Bloomtngdale Brothers.No par
Blumentbal <fc Co pref..... 100
107
54% Deo
2»4 May
3% May
434 Dec
24% Dec
8% May
28% Feb 17
No par
Apr
Dec
8% Nov
4% Jan 10
534 Jan 10
117% Feb 13
7% Feb 19
10% Jan 14
Belding-Hemlnway
12
61%
Aug
50
Belgian Nat Rys part pref
"
9184 Apr
153% Oct
6% Nov
12% Jan
101% Apr
4
May
%6 Feb 25
Feb 14
Beech-Nut Packing Co.....20
7%
Mar
5% Jan
No par
5%|% preferred..
Feb
18
12% May
4
1334 Feb 14
3% Feb 14
..100
Barnsdall Oil Co....
93
175% Mar
89% Apr
4% Feb 15
C..13
Beech Creek RR
117
34% Jan 10
3% Feb 27
4% preferred...
Barker Brothers
6% Jan 25
%« Feb 24
.100
Bangor & Aroostook.......50
Conv 5% preferred
100
Barber Asphalt Corp
..10
Feb
Apr
2% Jan 11
20% Jan 11
5% Jan 6
14
No par
v t
70
152% May
33% Jan
14% Apr
17% Jan
23% Feb
2
Feb
1% Feb 27
-
Baldwin Loco Works
Dec
54
Apr
155% Deo
Jan
8% Mar
5% Mar
32% Mar
8% Apr
6
No par
Rights
4
Nov
Mar
Feb
Apr
67% Jan 24
17% Jan 28
Feb 19
74%
1234
1138
41%
12% May
Feb 14
11234 Feb
Aviation Corp of Del (The)..3
610
2,600
21,200
63
Jan
Mar
18% Nov
Jan 11
35% Jan 23
95% Jan 29
24% Jan 23
6% Feb 14
47% Feb 14
10%
163
14%
2
6
Jan
32
Jan 18
Feb
Jan
Jan
54
41%
9)
108
Mar
5%
63%
May
Feb 19
2
26
May
87
Jan
Mar
June
Jan
Feb 20
121
18
87
Feb 16
Jan
Mar
35
Feb 13
Jan
Jan
25
20
May
60%
13%
13%
16%
*2034
Jan
Jan
May
Jan
1478
3%
Apr
Deo
Jan
4
18
Mar
Jan
35
34% Feb 19
92% Feb 5
Jan
54
58%
Jan 14
Jan
2734
Jan 20
5% Feb 19
Jan
35
x80
Atch Topeka & Santa Fe..l00
Atlantic Coast Line RR
May
26% May
Jan 27
90
1
100
100
5% May
83% June
58
4% Feb 19
par
..100
6% 1st preferred
7% 2d preferred
Dec
June
2% May
60
Jan 20
2834 Feb 17
7% Feb 18
5
Associated Dry Goods
6884
60
No par
Corp
May
4% Feb 14
47% Jan 3
.100
Armstrong Cork Co
Feb 24
1% Feb 27
No par
...
Arnold Constable
9
5
145
6
Jan 13
8
May
1234 May
70% Dec
11% May
136
7% Jan 10
99% Jan 11
8%
11
June
66% Dec
8
Jan
1
No par
20
Jan 13
Jan 14
Feb 13
25
$5 div preferred
Andes Copper Mining
Feb 15
6734 Feb 15
100
Anaconda Copper Mining..60
2
Jan 10
150
Am Water Wks & Eleo.No par
Amer Zinc Lead & Smelt
Jan
13% Jan 31
16684 Feb 19
25
6% preferred
Am Type Founders Inc
Feb 19
135
6
25
.No par
No par
May
3
100
American Sugar Refining.. 100
2
3484 May
28% May
484 May
Jan
Amer Steel Foundries ..No par
6% creferred
134 May
1234 May
90
July
20% June
Jan
6434 Feb
8
Jan 13
4684 Jan 13
157s
534 Feb 19
7«4 Jan 4
30
Feb 14
Jan 14
2534 Feb 13
11% Feb 19
Amer Ship Building Co.No par
85 prior A...
8%
23%
: In receivership,
Light
$6 preferred
$5 preferred
Austin Nichols
83s
22%
3478 35%
34% 34%
35%
19% 1984
19%
19% 19%
*54
56%
56% 56%
56%
27% 2784 *27% 28
2734 27%
7834 80%
78*4 80%
77%
79%
123
123% *122% 122% ♦12184 122%
♦25
25
25
26
26
26%
I884
19
18% 18%
18%
18%
8
8%
8%
8%
8%
*16
17
17
17% *16% 17%
*11% 14
*11% 15
*11% 15
*79
95
*79
92
*79%
92
2% Feb 15
American News Co
200
130
34«4
19%
_
200
13~9G0
57
Feb 19
3
Apr
6% Jan
13% Aug
12
conv preferred
100
Atlas Tack Corp
..No par
122,500
15%
5,500
3%
3,100
5
1,200
35
12% Sept
41% May
Amer Mach & Fdy Co.No par
Amer Mach & Metals
No par
'«
....
8
June
1%
92
Atlas Powder.....
26%
878
678
29%
*7%
Jan
Dec
May
3
2234
4%
26%
87g
678
28%
*11
50
Jan 16
18
May
111
100
*114
49
2
8
May
May
5C0
5%
*5
*55
Bid and asked prices; no sales on this day.
7
29%
3%
Jan 10
10
20
22% 23%
23%
*28
30
*28
29
29%
11134 *111% III84 *111% 11184
*22
2234
22% 22%
2234
*103
105
J0478
104% *103
*103
105
*103
105
10478
*29
30%
30% *29
30%
*11
2734 28
27% 27%
77
7834
78% 80
126
123% 123% *123
*25%
1778
734
7%
27
3%
15
134
Apr
Mar
Mar
24% Jan
60% May
6% Apr
38
Apr
66% Apr
378 Apr
38
7% preferred
*112% 114
*684
6%
6*4
*178
2
1%
*14% 16
16
3%
3%
3*4
15%
3%
1% Feb 20
20
Apr
Jan
9
200
15
45% May
4
Feb
984
8%
16%
91%
3%
6%
2%
28%
7%
Jan
Artloom Corp
"4",COO
3%
15%
Jan
Jan
Nov
13
17% Jan 10
94
7
15%
3%
51
23%
115
Nov
140% May
93
7% preferred
48
'31
46% Feb 14
111% Jan 16
68
%»
May
May
Jan 31
1,000
May
3
23
Deo
33% May
Feb 15
68
6%
23
Jan 10
Jan 23
110
7
3%
4%
30
Feb
Armour&Co(Del) pf7% gtdlOO
5
3% June
84 Dec
IO84 May
4
29
Feb 20
200
1% May
9% May
26
1,800
4% May
8
May
75
Sept
1784 Jan 18
38% Jan 4
100
29%
778
65
2% May
Archer Daniels Midl'd.No par
3,900
1,000
185
May
13% May
100
May
112
May
9
May
5% May
Jan 13
3%
A P W Paper
*62
1%
*14%
Feb28
Jan 29
jan 6
Jan 15
1% Jan 3
21
Jan 18
12%
82%
17b
4%
100
*47%
*534
884 Jan 23
6% Jan 11
300
1,800
113
2
6
112% Feb 13
12% Jan
2% Jan 17
30
Jan 13
7
113
3
Jan
June
284 July
Jan
Feb
85 prior conv pref
68
113
2% Feb 15
Jan
12
13% Jan 27
Anaconda W & Cable..No par
Anchor Hork Glass Corp 12.50
47%
113
Feb 14
9
Jan 21
121
share
Jan
116%
12
1,500
7
114
29
No par
47%
*113
Jan
No par
1,200
*62
13
115
4534
135
May
May
18
12% Feo 25
$6 1st preferred
21%
6%
2% Feb 18
164
34
Jan
American Woolen
1,900
2,400
68
8
May
May
1% Oct
85% Deo
31% Jan 11
Jan
100
64
15%
1534
18%
48
2
7
28
128
66% Jan 27
23% Jan 7
4%
1,600
6 334
*63
33| Jan
»ji Jan
1434 Feb 15
Jan
Highest
per share $ per
81
Common class B
2"l",§00
7
6
185
1
American Tobacco
1,500
Jan
1% Feb
Jan 13
»
.100
700
6334
15%
15%
15%
15%
18%
21%
78
1»4
95% Jan 10
22%
50
Locomotive.No par
1,500
1,300
12,800
Feb 17
4% Feb 17
9% Feb 19
129% Jan 14
Feb 14
Am Sumatra Tobacco. .No par
17,400
15
8
1
$ per share
38
Jan 13
3% Feb 18
Amer Telep & Teleg Co.-.100
100
Feb 15
Feb
Year 1940
Lowest
par
400
34%
95
23%
63
100
4,800
*33%
*9334
2234
15%
1
No
Preferred
500
34%
9334
22*4
63%
.50
conv preferred
American
"""loo
34%
10
..No par
American Stove Co.
90
9334
22%
....
6% non-cum pref
Amer Internet Corp
Amer Invest Co of 111
400
2,700
*87
9434
conv preferred.
American Stores
91
*47%
6%
6%
American Home Products
700
*86
68
634
$6 preferred..
No par
Amer Hawaiian SS Co
.10
American Hide & Leather... 1
82
634
47%
6%
47%
..No par
$7 2d preferred A...iVo par
Feb 15
18% Feb 14
10734 Feb 14
108% Feb 28
No par
$7 preferred...
150
*78
*63
6%
*11
900
1,700
82
35
56
Amer Smelting & Refg.No par
*78
23%
100
Amer & For'n Power
200
82
*14
14%
14%
15%
14%
15%
18
18
18
18%
*17%
18%
18%
21%
21%
21%
21%
21%
21%
21% 21%
*108
111
*108
*108
111
*108
111
*10734 111
6%
48
68
6% 1st preferred..
share
Feb 13
178% Feb 25
23% Feb 19
American Encaustic Tiling.. 1
Amer European Sees..No par
1,100
3,300
95
*78
82
Range for Previous
Highest
125% Feb 14
1% Feb 25
4H% conv preferred
100
American Safety Razor.. 18.50
American Seating Co..No par
*113
*113
....
24%
ver
33
Corp. .20
700
55%
$
American Crystal Sugar....10
Preferred
"e'ooo
55
24%
31%
13%
30%
94
29
7,200
1,100
1,600
8,300
600
*25
Am Comm'l Alcohol
40
170
35%
6%
*51%
23%
*28%
*12%
55
*29%
*734
*4%
23%
14%
3,400
4,500
2%
42
24%
31%
13%
...100
5% cony preferred
100
American Chicle
No par
Am Coal Co of Allegh Co NJ25
American Colortype Co....10
800
600
25
„
Preferred
5%
"2,000
25
*49%
23%
*29%
*1234
8%
94
3%
100
710
55%
Corp__l
American Ice...
1,100
65%
65% 65%
5%
6
5%
*778
8%
8%
33% 34
33%
40%
40%
40% 41
142% 142% *140% 14334
50
50
50%
50%
150
150
150% 150%
2278 23%
22% 22%
10%
10% *10% 11%
11%
11%
11% 11%
1434
15
15%
15%
8478
84% 84% *84
*12%
*127g
137s
13%
160
161
160% 1607g
*68
69
6884
6884
69% 6978
69% 69%
*148
150%
150% *146
5%
5%
5%
5%
5%
5%
6%
5%
93%
8934 8934 *85
6-%
684
6%
5434
100
American Car <fc Fdy_.No par
Preferred
100
Am Chain & Cable Ino.N© par
100
200
6
30%
22%
*13
500
3%
33
par
conv pref
American Can
600
4,900
6
93%
*178
"i",66o
34%
6
*7%
*4%
*85%
*33%
*113
"
900
6
30%
30%
8
90
6%
300
14%
54
68
82
*62%
1,900
Fdy.No
Amer Cable & Radio
500
6%
*50
*78
*47%
400
3%
55%
68
82
*33%
"""106
®8
*50
4%
90
•
16
6%
*113
*78
1
,
5X%
60
1%
4%
52*4
94
*80
200
10
9%
9%
9%
10%
9%
9%
9%
*1%
2
*1%
2
*1%
2%
1%
1%
*27
29
28% 28% *27% 29
*27% 29
11034 11034 *110% 11034 *110% 11034 *110% 11034
4%
4%
4%
4%
4%
4%
4%
4<
54
*54
55
53%
53%
5484
5484
54%
*11034 111
*50
200
84
68
*1%
*27
1,700
5%
*7%
32%
6
8
700
12%
*4%
Par
Am Brake Shoe <fc
400
2,000
65
66
*5%
4,100
2,400
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
40
5
17%
17% *17
112
112
*111% 115
*111%
25
*24%
25%
24% 24%
2
2%
2%
2%
2%
41
41
*40
41
40%
35
500
12
%
1534
84
10%
1178
1534
9%
1%
28%
*25
12
11%
1434
9
3234
3%
*47
*11%
15%
15%
|*U2%
*13
33
*10
15
15878 16034
6878
69
*1%
*4%
%
1534
*2%
10
84
6
$ per share
x6
6%
6%
6%
6%
6%
155% *140
155% *140
155% *140
155%
13%
13
12%
13%
13%
13%
13%
*
2278
10
Birthday
1234
578
734
778
3178
32%
3934
40%
40%
41
*141
145
*141% 145
*50
50*4
5034
5034
149
ton's
13%
84
25%
578
778
32
Closed—
*48
83
*112
66
Exchange
*
3%
*12%
1634
2%
40%
34%
6%
40%
12%
51%
13%
*1%
20
*12%
234
25
33«4
6%
1%
378
5%
11%
*82
13%
33%
3%
*26
8%
11%
13%
32%
3%
47
*46
Week
*10
*5
*2%
*4%
*uu
*15%
12
*8
1%
4%
%
16«4
3
29
3»4
*12%
*10
82
1%
47
20
12
11%
5%
*24
*11,
EXCHANGE
Feb. 28
27
$ per share
8%
5%
11%
1%
4%
78
15%
278
*4%
*l,ie
15%
2%
*2%
S per share
82
*1%
13i«
*13
Feb.
5%
1034
*80
1%
1538
1
26
the
*35
35%
35%
35
35
36%
35% 35%
12534 *12534 13034 *12534 13034 *12534 130
*12534 130
1%
1%
1%
1%
1%
1%
1%
*1%
1%
86
87
85%
86
87
87%
87%
84% 86
179
*179
1787g 179
180
*179
183
180
180
25%
2534
26%
26% 26%
25% 26
25% 25%
58
58
58I4
58
58
57% 58% *58% 59%
203s
20%
20%
20% 21
2034 21
2034 20%
10934 *105
10934 10934 10984 *106% 111
*106
111
112
*108
112
*108
110
109
109
Sl08% 108%
82
1%
*4ig
Feb.
% ver share
5
5
10%
25
STOCKS
NEW YORK STOCK
Friday
Thursday
3484
12
*8i8
Wednesday
1385
20
14
Feb 17
7% Feb 19
16
Feb 19
Jan 16
Jan
3
Jan 28
17s
Feb
10
May
4
4
May
6%
Jan
8
Jan
147b
52%
16%
Jan
Jan
Apr
8%
Jan
20
May
30% Dec
7%
23%
20%
111%
June
Dec
13% Jan
2534 Dee
3634 Apr
115% Mar
3584 Apr
112% Apr
105
May
32% Oct
May
June
18% May
105
May
102
June
29% May
102
May
7% June
10
24%
17%
49%
22%
63%
109%
Nov
May
May
June
May
May
May
Feb
6
14
Jan
9
15
Jan
4
Jan
8
684 May
13% May
Jan
May
May
127
97b
Jan
Apr
67%
36%
Apr
Apr
22% Mar
6684 Jan
39
Jan
93% Nov
134
Nov
34%
Jan
22%
11%
Apr
Jan
23%
12
Jan 31
15
9
11
May
16
Jan
Apr
80
Jan
80% Jan 21
54
June
95
Nov
x
Ex-div.
7
y
Ex-rights, j Called for redemption.
Saturday
Feb.
24
Feb.
22
Feb.
Feb.
25
Feb: 27
26
NEW YORK STOCK
the
EXCHANGE
On Basle of
$ per share
$ per share
15%
1534
1534
16%
16%
16%
15%
28%
*28%
29%
29
29
29
29
10734 *105% 10734
*49
50
1934
*19%
2034
19
19%
1834
18%
18
%
3484
%
3484
18
■i
1%
*%
;
33
32%
a;4
213s
40%
*38
*2%
397«
2%
57S
*11%
31%
20%
10%
37S
6%
28
28
17
19
19%
19%
19%
19
19
4,100
Borden Co
18%
18%
18%
18%
18
18%
2,200
*78
*35%
1%
100
35%
*78
35%
1%
3634
*%
35%
Borg-Warner Corp
Boston A Maine RR
35%
500
Bower Roller Bearing
21%
*38%
*38%
*37
38
*37
38
100
3978
39%
39%
39
39
39
400
218
*38%
2%
57«
6
2%
2%
2%
57g
578
*1134
5%
12
Jan 16
30% Jan
Feb 19
23% Jan 16
10
10%
10%
10%
10
10
10%
900
Bucyrus-Erie Co...
No par
500
Bullard Co.
No par
500
Bulova Watch...
No par
Burlington Mills Corp
100
234
234
18%
4%
4%
21
334
*8%
8%
1034
*10
80%
1034
*10%
17%
*51
17%
634
400
87S
200
Byers Co (A M)_.
160
10%
1734
10%
1734
*10
10%
100
Participating preferred..100
Byron Jackson Co
No par
1734
700
California Packing—No par
53
*51
1
12
1134
40
*36%
3%
36%
3
*39
86%
*26
*3
3%
3%
*36%
*234
*87
88%
88
*26
27%
*26
*3
3%
3
48
116
48%
45%
36
23%
2384
19%
1%
2
113
578
*534
*2%
*90
29%
29
28%
18%
1834
15%
*13%
*1834
*14
3
*2%
4084
40%
*100
102
*100
28
4%
2834
3%
*18
1834
*104% 105
19
18%
17
*13%
3
2%
41%
27%
18%
2%
41%
100
102
12%
2,500
Campbell W & C Fdy„No par
Canada Dry Ginger Ale
5
12
3
43%
*39
18%
*13%
16
*2%
4034
3
200
4734
600
10
Pref erred100
Caterpillar Tractor
No par
Celanese Corp of Amer. No par
43%
'
'
m'mm
89
27%
*27S
47%
m+rn
100
*87%
mmmmmm'
*110
117
45
45
2,400
2384
3,300
11834 11834
9
9%
370
45%
,23%
23%
119
9
19%
500
100
*2
6
5%
4
100
Century Ribbon Mills.No par
28%
960
1834
1834
200
20
19
16
*13%
3
278
41%
41%
6%
16
No par
Cham Pap & Fib Co 6 % pf
Common
800
...No
Checker Cab Mfg
m+mmmm
1,200
^Chesapeake Corp
3,800
2%
41%
Chesapeake & Ohio Ry
_
100
par
5
No par
25
1%
*6%
103g
*38
'Vs1
*4934
1
1
*%
1%
■*%
1
34
%
400
*%
"16
*%
13i«
*%
»16
*%
13io
100
7%
10%
7%
7%
*6%
*6%
7
634
634
300
11%
11%
1,500
IChic & East 111 Ry 6% pf.100
tChic Great West 4% pf„ 100
5
Chicago Pneumat Tool.No par
500
$3 conv pref erred... No par
*16
800
Pr pf ($2.50) cum div No par
JChlc Rock Isl A Pacific—100
%
300
*3778
39
*4934
51%
%
*%
*%
»16
%
2
*46%
mmmm
*2l4
36%
*125
J:
27«
36%
'■'mm
mm
•'
*
75%
*111% 11134
*26% 28%
' ' V
10%
*95
9834
*95
.
65%
10%
10%
.
*24
65%
64%
%
*46%
2%
x36%
*125
*
...
ill"
66
*46%
m
2%
mm mm
75%
111%
*125
*
*26%
28%
*8134
83
83
*49
52
*49
52
*49
28%
*142
92%
*60
1178
29%
29%
29
150
93
15%
12
111
15%
1
1%
1%
1%
*1
91%
*60
62
*100% 101%
*25
25%
111
*142
29%
150
92%
62
*26%
29%
29%
*142
91%
*60
10%
97
*46%
*m
2%
*2%
36
3634
-
-
-
*125
•
*
*316
%
10
1%
2
28%
*24
mmm—mm
400
2
10%
*2
27g
_
34
_
100
3
36
36
111
10
*125
■
mm
*
iii'
*26%
28%
*26%
*82%
83%
*82%
83%
52
*49
52
*49
29%
2934
28%
29%
*142
150
91%
62
92
*60%
29%
29%
150
1%
19%
18%
19%
1834
4
378
19%
19
4
76
*74
76
68
*62
68
78
*7584
77%
5
*478
5%
22%
22%
2934
30
*227g
30
23
30%
12%
92%
62
19
*62
77%
*76%
*23%
23%
2934
30%
,
•
■
'
4
68
*64
68
77%
*76
150
77
5% Jan 13
334 Feb 14
25i2 Feb 15
37% Jan 14
Feb 14
21% Jan 4
106% Feb 10
20% Jan 10
3
17% Feb 15
12i2 Feb 14
103% JaL
18
Jan
400
"
"166
600
23%
23%
23%
300
30
30
30%
4,000
5134
52%
51%
51%
50%
51%
50%
51
28%
28%
28%
28%
28%
28%
28%
2834
J In receivership,
a
75
June
126
42% May
20
May
105% May
5
May
48
June
17
Aug
l%May
June
106
Dec
1%
4
May
Oct
Sept
22% May
2%
88
3% May
15% May
Jan
Dec
Jan
56%
35% Apr
Dec
121
12%
72
Feb
May
26%
Apr
33g
Jan
114% Mar
5% Apr
1134May
6
Mar
100
Apr
41%
Jan
83s
Feb
3834
Dec
May
22
Oct
99% June
106
May
15
Apr
17% May
3034
10% June
29% Mar
Oct
; 2%
478
Apr
44% Jan 13
30% May
44
Dec
3
84% June
101
Dec
102% Feb
% May
2%
Jan
Feb 13
1% Jan 13
4
"u Jan 11
Dec
2%
634 Feb 14
9% Feb 19
8% Jan 10
1434 Jan 2
6% May
12%
Jan
8% May
15%
Dec
9
52% Jan 13
23% May
44%
Dec
1
»u Jan
37% Feb 15
49% Feb 14
44% Jan
hi Jan
8
*11 Feb
% Jan
4
Jan
hiDec
7% May
2% Jan 27
1% Aug
13% Jan
178 Feb 26
23% Feb 14
63% Feb 14
9% Jan
>11 Dec
% Jan 18
9% Jan 29
9
9
7
9
May
41
6
% Jan 17
6
Jan
1034 Feb
%
3
95
Jan
3
46
Jan 17
23s Feb 25
3U4 Feb 15
27
Jan 27
72%
Jan
2
1034 Feb 5
10034 Jan 31
46% Feb 20
%»Dec
9
May
Aug
20
Jan
51% Dec
3s Jan
84 Apr
% Jan
11% Mar
16% Apr
5% Mar
34
Nov
Apr
53% May
91%
Oct
14%
Jan
98
Feb
8%
85
Sept
Sept
44
z60
Jan
4
2
May
4%
Apr
3734 Jan 13
24
May
40%
Apr
3
Jan
124
July
85
Jan 15
85
Jan 15
56
June
110
Feb 14
114
Jan 24
108
May
133
Nov
7434 Nov
114%
Jan
3334 Jan 10
26
May
43% Mar
83% Jan 29
74
May
83% Dec
Special gtd 4% stock
50
8
Coca-Cola Co (The)—.No par
Class A__
No par
Colgate-Palmollve-PeetNo par
46% May
48
25% May
41%
9
45%
Jan 31
25% May
131
May
145
Dec
2
99% May
141
Mar
May
63
49
Jan
$4.25 preferred
Collins A Alkman
No par
No par
100
100
100
Columb Br'd Sys Inc cl A.2.50
110
15
Jan
62% Jan 7
12% Jan 24
56
102% Jan
30% Jan
2
20
10% May
94
June 102%
9
16% May
35%
3
112
9
May
112%
Feb 20
20
Feb 14
Feb 15
Feb 19
Jan
% Jan
1% Feb
Jan
Jan 10
2
2%
108
12% May
*ia Dec
1% Jan 13
5
1
Feb 18
xl8%
Feb 20
Mar
8
30% Jan 10
Jan 13
1%
Dec
134 Feb 26
1%
Oct
24
Apr
Apr
Feb
Feb
Dec
Apr
Feb
May
434
Apr
534
Apr
5
Apr
2134 Jan
6
16
May
2638 Mar
Jan
6
16
May
26% Mar
4% Jan
9
4% May
7%
82% Jan 25
67% May
93%
m
mm
6% preferred series A
100
18% Feb 14
Feb 14
378
74% Feb 26
5%
10,000
2934
51%
3% Nov
39% May
100
Jan 30
Colorado A Southern
23%
28%
2
Jan 16
3
May
83
150
5%
50%
9
2
26% Feb 14
5% conv preferred
100
Colo Fuel A Iron Corp.No par
5%
*10034 10134 *100% 10134 *100% 101% *100% 101%
36
36
36
36%
36%
36%
36%
36%
106
107
106
*104
107% *10478 107
*104% 106% *102
9
9
884
9%
9%
9%
878
9%
9%
9%
"is
1118
"11
»i«
"16
»16
»16
%
34
Bid and asked prices; no sales on this day.
Jan 22
2%
'
Clev A Pitts RR Co 7% gtd.50
300
4%
36
500
76
28%
•
3% Jan 13
Jan
m
5%
*5
Feb 24
106
mm
300
5
178 Feb 15
2% Jan 9
4% Feb 3
2i2 Feb 19
Feb 28
Jan 13
Jan 29
Jan 14
Feb 28
Feb 21
m
2,000
77%
Jan 13
10
19%
2%
115%
2%
6%
Feb 19
75
2
7334 Jan 14
6034
11%
10034
2458
W~
19%
5
Jan
87
1,600
93
19%
*64
92% I>ec
3234 May
9
28% Jan 6
12084 Jan 29
2
18
Jan
22% May
50% Jan
4
113
40%
75% June
59% Jan 10
Feb 19
Jan
29% May
Apr
125
43l2 Feb 14
7
Apr
6% MS?
91% Jan 13
Feb 14
Feb
Anr
O
30% Jan 14
Feb 21
22
2319
2% May
May
3% Jan 29
118
De
July
11%
6
9
43
Feb
Feb
1%
8%
19% Apr
45
Feb 14
115
May
Dec
Jan 17
26
278 Jan
May
4% May
Jan
36% Aug
3% Jan
41
145
19%
68
38% Feb
39% Jan 10
86t2 Feb 25
Jan 22
19%
4%
75%
3% Feb 13
3578 Jan 29
234 Feb 14
143
mmrnmmm
19
4
34
2934
1934
*74%
7
9
6
6
34
*1%
4%
Jan
4% Jan
40
7
Jan
*19%
75
1
11
Feb 14
134
4
74%
Jan
6
1% Jan
lisg Feb 14
40
50% July
7% Jan 6
1478 Jan 10
1334 Jan 14
3
49
mm
19%
19
Feb
1
5% Feb 19
llSg Feb 14
27
mmmm
1%
19
<
28% Feb 18
*10034 102
V.
30
12%
1%
*19
26% Feb
52% Mar
Cluett Peabody A Co.-No par
100
Preferred
*1%
Nov
May!
Climax Molybdenum..No par
62
Jan
1334
82
14
Jan 24
1,300
9234
6% May
39
May
53
5,600
*60%
Sept
20% Jan 25
2934
150
Apr
5
1634 Feb 20
2934
*142
7%
23%
515s Feb 15
29%
52
Jan
4% May
17% May
2% May
Clev Graph Bronze Co (The).l
28%
83
Clev El Ilium $4.50 pf.No par
4% 2d preferred
5
•'
370
4% 1st preferred.
*75%
*
mmmmmm
180
1%
*62
'
!
111
28%
'
+
m
75~%
*
190
12%
*74
.•
800
;
No par
6H% preferred
100
City Investing Co
100
City Stores
5
Clark Equipment
No par
CCC A St. Louis Ry Co...100
5% preferred
100
1%
18%
.
mmmmmm
immmm
25
5
City Ice A Fuel
1,500
98
*46%
No par
Chrysler Corp
15,300
10
*95
10
Chile Copper Co
67%
10
36
Childs Co
28%
66%
97
Chickasha Cotton Oil
2,700
*187$
35%
300
11%
6678
«* m mm
7% preferred
..100
6% preferred
100
Chicago Yellow Cab..-No par
300
%
10
*8
*11
75%
ill"
111
■.«
12%
12%
12%
12%
*100% 101% *101% 101% *101% 101% *101% 10178
25%
2434
25% 25%
2434 *24
25% 25%
111
111
111
111
*110% 111
*110% 111
16
16
16
*15%
*15%
15% 15% *15%
*1
*1
*1
*1
1%
1%
1%
1%
1%
1%
1%
*1%
1%
134
*1%
134
12%
1%
3%
2978
m
75%
in"
83
2934
m*
*2%
*82
29%
66
9834
m
*36
3678
*24
10%
*95
9834
6i«
*%
11%
1%
67%
*10%
10%
mm
*8
*11
Chicago Mail Order Co
51%
*50
%
*%
1%
28%
*24
66%
*.
%
11%
1%
39
®16
10
11%
*37
51%
*%6
%
*%
28%
*50
51%
*18
*8
2
*178
28%
*24
39
%
11%
*11
11%
*178
39
*49%
*11
10
*8
10
10%
39
38
*%
%
%
*8
11%
11
38
1034
39%
51%
*18
*11
11
11
*%
7
Oct
15%
2% Jan 13
38% Feb 15
100
Feb 26
1318
*1
Apr
May
100
Preferred series A
100
*9834 101
100
prior preferred
Chain Belt Co
Jan
5%
1634
Dec
9
34% Jan
Products...._.l
12%
May
5% May
2
8
Feb 19
Certain-teed
"7%
Jan
6
27
1,000
104% 105
18%
18%
2734
35% Nov
95
2,600
Oct
36
21%
Jan 22
4%
4%
2734
Jan
17% May
95
Cerro de Pasco Copper.No par
3% May
20
Jan
12% May
-.100
Preferred
3034
30
30%
1,200
6%
100%
*90
pref..100
Dec
6%
7234 Nov
8% Nov
Jan
18% Jan 30
^Central RR of New Jersey 100
Central Violeta Sugar Co
May
Jan
6684 Feb 14
Central 111 Lt 4^%
50
3
*2%
3
No par
preferred..
May
12
100
5%
1,500
2%
19%
2
100
3
21
85
Central Aguirre Assoc .No par
Central Foundry Co
1
50
113% 113%
*2
2%
19%
100%
prior preferred
Celotex Corp
7%
4,100
70
*65
69
*9834 101
100
Capital Admin class A
...1
$3 preferred A__
10
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co..—.....6
Carriers & General Corp.... 1
Case (J I) Co
....100
*26
48
Cannon Mills
300
3
88
117
25
No par
400
3734
27%
3
Canadian Pacific Ry.
2,800
3%
3%
...
Canada Southern Ry Co.-100
40
*36
3%
*18
1834
*104% 105
41%
*278
41
5%
*2%
29%
28%
Calumet & Hecla Cons Cop..5
300
3734
234
29%
4%
2,300
*36%
*2
*90
1
1,300
6%
12%
11%
40
113%
5%
100%
29
4
28
2
Callahan Zinc-Lead
1%
6%
Jan
Apr
1234 Nov
May 119
97
9
9
2
6
5% Jan 6
21% Jan 13
4% Jan 4
1134 Jan 9
4
Feb 18
10
—-—50
*11%
Jan
6% May
6
834 Jan 16
334 Jan 10
23% Jan 27
33s Feb 15
7% Feb 19
76% Feb 14
5
No par
5% preferred
53
.O 1
1
6%
12
*113
234
234
*104% 105
19
1834
*5%
*18
28%
*18
*104% 105
.19%
19%
2%
2%
*90
29%
4
378
378
27%
6
*67
114
*2
3
834
9%
*2
100%
23%
119
69
*113
2%
4434
24
19%
2
*2%
3
100%
*90
19%
2%
534
2%
46
9
113
*47%
*110
119
69
'
*2
23%
69
*67
113
45%
118% 119
9
8%
48%
117
119
19%
*178
43%
*110
45%
884
*39
86%
23
70
*234
27%
3%
4434
119% 119%
*36
3%
*39
48
1734
3% C 3%
3%
3734
43%
116
4S7g
116
19%
■<';
z6%
*11%
11%
87
113
334
*51
*36%
3
20
Jan
Apr
18% Jan 6
53% Jan 13
2i2 Feb 14
2
4i2 Feb 17
30
Jan
Jan
37%
29%
Jan 10
33
15% Jan
10
.—
334
12
3%
36%
—
8I84
40
3%
Butler Bros.
200
*8%
12
3%
300
80%
*3634
3634
4%
21
*20%
*3%
Feb25
14
15
15
15
Jan
25%
1434 May
Jan 17
5%
68%
2:734
34%
734 Feb27
% pf 100
8%
1%
12
Bush Term Bldg dep 7
80%
634
6%
12
12
20%
4%
4%
500
470
3%
8%
*79%
12
8%
50
Burroughs Add Mach..No par
Bush Terminal
1
5% conv preferred
Butte Copper & Zinc
17%
52%
1
1%
1%
6%
12
17%
*51
53
3
*2%
19
21
*20
334
*3%
20
4%
4%
21
*79%
87g
3
20
20
*4%
*20%
3
80
*8%
80
27„
19%
Feb
Feb
Feb
Feb
12% Jan
118
Feb 14
5!%
26*4
27i2
I6I4
Conv pref $2.75 ser__No par
40
*67
51
1
300
1
*47
•,
1,900
Budd Wheel
230
1,100
23
'i?
No par
100
1,300
8
6%
*27g
•
93s Feb 15
112% Feb 3
3i2 Feb 14
51
11%
*115
;.y y
5
100
preferred
Budd (E G) Mfg
7% preferred
Dec
May
27
3
30
20
7%
Apr
5384
4% Nov
2434 Sept
1234
14% Jan 13
IH4 Feb 20
,
i534 Nov
Jan
1%
6% Jan 14
..No par
8
27
May
Jan
Brown Shoe Co
17%
87
May
38
2% Jan 13
Bruns-Balke-Collender. No par
*49
40
27
44% Jan 13
700
778
3%
8
Feb 27
300
10%
Dec
May
2% Jan 3
534 Feb 14
29
31%
5034
*234
41% Nov
8
21%
734
3634
41
4%
*30
50%
6%
13% May
*21
7%
2%
11%
2
6
12% Jan
934 Feb 19
19% Feb 15
3734 Feb 7
30
50%
52%
25-% Jan
Feb 24
z4
Jan
Jan
3834 Nov
7
Mar
1384 Apr
2634 Nov
May
26
21
7%
*51
1% Jan 13
39% Jan 6
4% Jan23
Apr
24% Mar
25%
234
12% May
% Dec
21
*49%
1034
*2534
4
7g Feb 19
3034 Feb 13
30
834
*39
165s Feb
21
8
3%
12
18^8 Feb 19
Nov
29%
May
June
30%
18%
*36%
19
17
21
*20%
384
1
2
20% Jan 10
20% Jan 9
30%
50
*1634
•
1,700
Dec
51%
223g Jan
20%
80
.
13
.
8
*10%
I"
6,500
.
34
123% Jan
70% Mar
May
19% Feb 27
31%
1834
434
3%
•,
6
.. .
99
Apr
2838
1284 Aug
1934 May
9
20%
20%
*8%
,
2%
117g
.
600
50
*7734
'
12
2134
Jan
35
111% Jan 23
54
Jan 18
*30%
*4%
'V'
12
2,600
3,500
10%
10%
2134
10%
2178
2%
5%
*1134
2%
578
10%
21%
..100
Co._._6
Brewing Corp. of America
3
Bridgeport Brass Co.—No par
Briggs Manufacturing.No par
Briggs & Stratton
No par
Brlstol-Myers Co..
.
. 5
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit..No par
Brooklyn Union Gas..No par
900
4
4
4
*39
4%
(The).,.......IS
5
234
1834
:
4
4
10%
22%
38%
20%
Birthday
1>4
4
5078
*778
*2%
ton's
19
18%
10%
12
1
Stores Inc......
8
*49
Washing'
FeD 17
*112% 116
*112% 116
*112% 116
*112% 116
4
4
4
3%
3%
37*
378
378
378
55
56
56%
56%
5534 5534
5434 5534
54%
6
6%
6%
6%
6%
6%
6%
6%
6%
*28
29
29%
29
28%
28
2834
28
28%
30
30%
29
30%
29
29% 29% *29
2834
17%
*16%
17%
*16%
17%
17
1734
*1634
16'%
54%
Closed-
48
Bond
116
*112
Exchange
No par
Class B
20
500
20
*19%
1934
2134
12
*30%
Stock
FeD28
10%
57g
10%
Feb 20
106
1934
*4
*38%
20%
27
Bon Ami Co class A.,.No par
$ per share $ per share
185s Jan 27
1378 Feb 19
Boeing Airplane Co
5
Bohn Aluminum <fc Brass—6
70
49%
49%
1934
Highest
$ per share
400
217«
40%
10
21%
50
19%
Par
9,600
107
106
10%
•r 4
10
*49
50
Vt
16%
*29
106% 106%
107% 107%
*49
50
19%
*49
,
29%
16
16%
28
*105
Shares
Highest
Lowest
Lowest
'
$ per share
100--Share Lots
$ per share
Week
28
Feb.
$ per share
$ per share
$ per share
Range for Previous
Year 1940
Range Since Jan. 1
STOCKS
for
JV!
Friday
Thursday
Wednesday
Tuesday
Monday
Sales
PRICES—PER SHARE, NOT PER CENT
AND HIGH SALE
LOW
March
New York Stock Record—Continued—Page 3
1386
100
67
Feb 17
70
Jan 13
59
June
79
Jan
Columbian Carbon Co.No par
Columbia Pictures
No par
z75
Feb 20
80%
Jan 17
71
May
9834
Apr
Class
2.50
B
Columbia Gas A Elec..No par
preferred
$2.75
conv
Commercial
4
conv
preferred-No par
Credit
preferred
-.10
100
484 Feb 14
2258 Feb 24
28%
100%
2,200
Comm'l Invest Trust. .No par
35
200
Jan 30
Jan 27
Feb
3
107
3,600
$4.25 conv pf ser '35.No par
Commercial Solvents.,No par
12,400
Commonw'lth A Sou..No par
2,100
9,300
Del. delivery,
Jan 29
83s Feb 15
21
1484 May
6
2738 June
6
95
June
108%
Feb
37% Jan 10
32
June
56
Apr
June
113
Mar
30% Jan
104
Jan
Jan 15
97
11% Jan
4
8
ii„ Jan
2
110
$6 preferred series...No par
53% Jan 25
Commonwealth Edison Co-25
277S Jan 21
30%
stock,
r Cash sale,
x Ex-dlv.
y
8% Mar
6% Jan 6
24% Jan 16
% Jan 31
49
Jan 30
n New
3% May
Apr
Apr
Jan 11
Ex-rights.
May
%
42
Dec
May
25% June
26
48
16%
Dec
Jan
Apr
134 June
73%
Jan
33
Apr
f Called for redemption.
New York Stock Record—Continued—Page 4
Volume 152
LOW AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
1387
Monday
Feb. 22
Feb.
$ per share
24
Feb.
$ per share
*3
18«s
24%
1234
Tuesday
|
25
Feb.
$ per share
3i2
3%
18
I8I4
2578
1284
18%
25%
25%
*12%
♦88
90
88
93
93
13%
88
*9212
6%
2078
93
106
6%
21%
106
*58
34
*75s
2%
734
2%
5%
5%
*7g
*31S
1%
35s
1778
*10134 103
*15
14%
8
5s
14ig
8%
"u
6%
*88
93%
6!
3%
18%
26%
13%
1
"it
3%
1234
1234
400
87
170
7%
2%
234
5%
5%
%
*338
*15%
7%
234
5%
%
3%
13%
8734
13%
Exchange
Closed—
Washing¬
39%
*86%
2%
4%
*7658
*44%
14
*21%
ton's
1%
89
48
4%
"if
17
5%
24%
4%
"l«
"16
16
16
*99% 101
17
"i«
157g
16%
100% 10034
1,600
*17
2,700
*»u
18
5%
300
Crosley Corp (The)
No
1,100
Crown Cork & Seal
42
X41
41
*41
43
87%
13%
87%
3934
4034
90%
3
*87
4%
4
90
87%
87%
41
41%
90
3%
4%
4%
3
330
4%
210
21%
1%
*21%
22
46
8%
8%
8%
45%
34
8
*40
33%
21%
1%
45%
33%
26%
26%
163s
*16
1734
*3%
*15%
17%
4
18
7
7%
109% 109%
1934
1934
2734
2734
16%
16%
16%
10%
10%
10
2%
234
234
10%
3
I
*8i«
%
316
31»
*107
1434
27
39
1434
26%
17
17
*38%
*7%
*1634
79%
79%
*79%
734
110
*107% 110
1434
1434
15
26%
27%
27%
39
7%
17%
7934
39
7%
17%
7934
9
9
9
*8%
9
36
36
*35%
36
*35%
22
22
2134
2134
22
22
1534
1534
73%
1534
1534
74%
70%
125
*18
5
7%
4%
126
18%
4%
7
36
26%
25,500
2,100
18
"1734
1734
4
18
*15%
*3%
*15%
7
7%
*7
10978 1097s
19;%
I97g
27% 27%
*16
17%
110
7%
1434
1478
27
27%
39
27%
27%
%
100
10934 111%
1434
1434
*26% 27
900
39
4
4
129
129
131
132
167
167
*165
174
30%
3134
*14%
15%
29%
*4
*7
'16
3%
29
25%
31%
*15
25%
31%
31%
42
32
15%
*15
29%
30
31
13%
13%
14%
%
3%
29%
*24%
3134
28%
*40
31%
15%
1334
3%
*25%
31%
%
*%
%
3%
3%
*29%
3%
30
29%
25
31%
32
32
27
27
25
27
27
25
22%
15%
15%
7234
124
*37«
130%
170
31
14 %
7ie
1,800
600
%7 preferred
$6 preferred
Elec Storage Battery
Ell Paso Natural Gas
100
100
73%
300
*72
79
*72
79
*74
83
*75
82%
%
%
77
77
100
%
»I6
%
%
%
%
*%
%
*%
1S16
*%
»H
*72%
78
3%
*3
*72
*3
6
6
6
27%
2734
*2634
78
*73
3%
6%
26n
3%
*3
6%
*3
6%
♦75
78
%
%
*%
*%
9 i«
634
38
634
*5%
37%
39%
39%
*39%
21
21%
21%
21%
634
41
2134
6%
*26%
*%
*5%
38%
21a4
*5
*5
27%
•u
2134
27
41
440
534
5,500
%
100
»i«
3,600
,5ie
*%
*»!«
900
»16
*%
78
75
3%
3%
6%
6%
27%
®I6
634
39%
2134
*%
*5%
*38
""16
3%
400
6%
1,100
1,600
29
12
22%
12%
12%
12
12
12
12
*11%
12%
*94
97
*94
97
*94
97
*94
96
*94
23
23
*22%
2334
*22%
12%
12%
12%
24%
*11%
25
12%
3
3
3
23%
*11%
*27g
24%
12%
2334
12%
3
3
*234
"ht
%
*19%
2034
95%
*92
*716
*20
94
•11
20%
%
20%
20%
95%
13%
36%
*93%
*13%
13%
13%
13%
13%
35%
*3534
36%
Bid and asked prices; no sales on
3%
*7i«
94
35%
*3
36
this day.
3%
*7i«
%
*7u
23%
Jan 28
Feb 14
17
Jan 27
79
Jan
9
9
Dec
14134 Jan
4
Jan 10
22
11% May
65% July
127% Nov
1434 Jan
Jan
9
113
16434 Jan
7
146% May
12578 Jan 16
117% Feb 6
112% May
14
19
Feb 13
Feb 14
% Jan
4
3
FeD 20
27%
23%
Feb 19
Feb 19
31% Feb 19
26% Feb 19
50
39%
110
100
$5 preferred
Jan
34
2
5% Jan 23
Feb 14
Jan
t Erie Railroad
4% 1st preferred
Erie & Pitts RR Co.
Oct
114
May
2534 June
Jan
Apr
3
May
June
16634
June
180
May
37
Apr
17%
4I84
Apr
% Jan 23
4% Jan 11
35%
31
Jan 13
Jan 13
34% Jan 13
31
Jan 10
44%
Jan 13
111
7
Jan 11
Feb
6
May
10% May
38
3
Dec
May
18% May
15% May
jr247g June
6% Nov
Jan
Dec
Jan
18%
134
Apr
Jan
8% Jan
407g Nov
36% Nov
33% May
4178 Jan
26
May
35
May
46
Apr
May
5% May
112
Mar
102
12%
Jan
Jan
Feb 26
68
Jan 15
63
May
83
Feb 14
73% Feb 28
66
May
89
79
77
Dec
97
75% Feb 14
7
*11 Jan
Jan 11
% Jan 30
Jan
134
Jan
34
Deo
3%
Jan
% May
67% Aug
2% Dec
5
May
20% Jan
3g Oct
1%
Apr
67% Aug
Jan 23
3% June
45% Jan 3
22% Feb 28
127g Jan 23
29% June
17% May
8% Mar
49% Apr
31% Apr
187g Apr
% Feb 15
1% Jan
1% Jan
..100
% Feb 20
»u Jan 25
Feb 28
3
75
10
9
Feb 28
Feb 19
3% Jan
2
5% Feb 19
834 Jan
3034 Jan
8
% Jan
7
% Jan 20
478 Feb 19
100
36
Feb 14
19% Feb 15
Ills Jan 16
7%
6
4,700
Fajardo Sug Co of Pr Rico..20
700
Federal Light & Traction... 15
11
May
Jan 27
85
June
"966
$6 preferred..
No par
Federal Min & Smelt Co
2
21% Feb 15
2534 Jan 23
16
July
200
Federal-Mogul Corp
12
14% Jan 14
Federal Motor Truck..No par
234 Feb 17
Federal Water Serv A..No par
7i« Feb 19
97
5
*20%
20%
"266
*94
*94
95%
100
*13
95%
13%
*13
13%
200
Ferro Enamel Corp
*35%
36%
*35%
36%
800
Fidel Phen Fire Ins N Y_$2.50
Federated Dept Stores.No par
Feb 19
18% Jan
3
93
1
x
Feb 14
1134
34%
100
Cash sale,
Feb 20
Feb
1
Ex-div.
y
100
5
Feb
11% Apr
3434 May
1
102
29%
15%
47g
x
Jan
Mar
Jan
Jan
7
12% Aug
2% May
% Jan
4
%eMay
1
Jan
15
May
25
Jan
79
June
98%
Dec
10
May
4%
21% Jan 14
97% Jan 15
1378
Feb 19
Jan
% May
% Feb 20
75
Jan
78
100
...100
60
%
Dec
25% Feb 15
r
Dec
Jan
44% May
117
5
preferred
Jan
120
189%
12938
II8S4
155
3
New stock,
1334
9
Ex-Cell-O Corp
n
Mar
4
7
Exchange Buffet Corp .No par
delivery,
Apr
10
70
Eureka Vacuum Cleaner....5
8% pref
Apr
30
65
21
a Def.
171
Jan
142
Evans Products Co
conv
Feb
par
Equitable Office Bldg_.No par
34%
Apr
par
No par
$6 preferred
4
Dec
14%
38
No
Fairbanks Morse & Co.No par
<
86
182% Jan
4% Feb 14
1
10% Feb
20% Nov
No
preferred...
Fairbanks Co
May
117
Feb 19
43%
24% Apr
237g Jan
947g May
May
Feb 15
Feb 26
Jan
14
12% Feb 14
Engineers Public Service
Nov
237g Apr
28% May
1938 Apr
30% May
25
*20%
$ In receivership,
Feb 19
8
337g Jan 10
17% Jan 6
500
96
12%
Jan 30
Jan
5
300
*11%
*11%
9
6
27
"800
®16
6 34
39
2134
Jan
37
Feb
Feb 19
165
3
5% preferred
4% 2d preferred..
16
75
27%
Feb 28
3% Feb
125% Feb
No par
No par
No par
Endlcott Johnson Corp
68%
%
%
86
3
200
1,200
110%
*%
Feb 18
25
Electric Power & Llght.No par
71%
*3g
3
10% Jan 10
18% Jan 11
Feb 25
Elec & Mus Ind Am shares...
75
*%
Jan
Feb 17
5
800
*71
%
17% Jan 10
2978 Jan 11
41
10% May
3,500
1,900
72
*sie
Feb 14
2
22
334
32
26%
31%
28%
72
38
%
%
2
Jan
15% Jan 16
(The)
114
Jan
Jan
Apr
Feb
117
367g Jan 10
Electric Boat
72
3g
117g May
14% Feb 14
8,000
*68
68%
June
29% Feb 17
1434
%
47g
*65%
21
4
14%
72
47g
*65%
June
1338 May
,._2
Electric Auto-Lite
110
2934 Jan 24
18% Jan 2
3% May
107
125%
23%
36%
1207g Feb 14
5
3,800
41
42
11034
9
5% Mar
18% Nov
83g Apr
98% May
12% May
257g May
32
May
434 May
12% May
56% May
115%
100
3034
68%
110
9
Jan 24
22% Jan
May
11334
Eastman Kodak (N J) .No par
20%
May
Oct
Oct
3
I334 May
140
1
Edison Bros Stores Inc
35%
Jan
63% Feb 19
$4.50 preferred
No var
Duquesne Light 5% 1st pf.100
Eaton Manufacturing Co.
51
Jan
122
100
Co...20
15%
*68
*397g
110
114
10
9% June
32
*27
3% Jan 15
1734 Jan
734 Jan
6
preferred
Apr
Mar
Jan
cum
17
29% Feb
4% Jan
May
67g Feb 25
6%
Dec
4% Jan
87g May
91% Feb
45% Dec
23
par
Eastern Rolling Mills
47% Deo
x99
34
15
var
Eastern Airlines Inc
Jan
Nov
3284 Feb
784 Jan
3878 Apr
45% Dec
45% Deo
21% May
95% May
60
Duplan Silk
240
1%
24%
106
92
400
2,700
Apr
Apr
Sept
5
32
*716
*26
27%
7%
June
8
8% preferred
Jan
Dec
14% May
Jan
Du P de Nem (E I) &
Jan
184
42
4% Feb 19
10
May
ll3g Mar
323s Mar
1
4,100
1,100
Apr
23%
57g
7%
.16%
79%
8%
35%
20%
Douglas Aircraft......No par
*14%
3%
2934
25%
31%
Dec
Dunhill International
30
%
June
200
*65
5
var
25
No
Jan
33
25% May
6% July
21% May
17% Feb 18
400
3%
31
No par
42
*40%
42
11034 *110
11034
5
5
4%
4%
65
*65
65
68%
434
*
6% partlc preferred
May
May
75% Oct
I84 May
3% Aug
60
May
45% Dec
978 May
19% June
1% Oct
No
1,700
29%
24%
3134
28%
9
75
25
Dresser Mfg Co
4
314
Jan
May
Dow Chemical Co
170
28%
24%
31%
6
12
700
*166
3134
15%
3034
14%
*14%
30%
2
July
30% June
600
19%
4%
7%
4
Jan
17g Jan
Apr
he Dec
137g Jan
130% 132
4%
130
Jan 13
16% Jan 25
9%
4078 Mar
434 Feb
25
8% May
2% Dec
26% Feb 15
38% Feb 18
8,600
47
15% Jan
1% Apr
97% Jan
49% Apr
3i# Feb 26
Devoe & Raynolds A..No par
Doehler Die Casting Co No par
Dome Mines Ltd
No par
22%
807g Jan 13
8% Apr
2% Jan
5% Nov
2334 Nov
108% Dec
19% Apr
4
Diamond Match......No
1,000
1,100
22%
1578
4% Jan 13
Feb
Apr
13% Jan 10
3% Jan 10
106% Feb 15
Dixie-Vortex Co......No par
Class A.
No par
36
Feb 19
500
110
36
Feb 26
3« Jan
100
.Detroit Edison
200
*39%
11034 11034
9
5% pref, with warrants..100
36
Feb 28
3% May
183g June
36
8
350
700
3
6
97g
327g
110% Mar
1% Jan
10% Apr
4% Apr
2% Feb 19
JDenv & R G West 6% pf.100
200
*166
172
100
Distil Corp-Seagr's Ltd No par
27%
17% Dec
6
6% Feb 15
Diamond T Motor Car Co...2
27
June
43% Feb
19% Jan
18% Feb 19
27% Feb 14
1534 Feb 19
Delaware Lack & Western..50
300
19
June
3
Apr
Deo
70
13
Jan 16
16
99% Deo
61%
65%
May
May
Dec
165
May
4
May
7nSept
40%
75
4
Jan
100
41
2934
10978
10
Delaware & Hudson
1,300
26%
4%
13034 13034
*166
Dlesel-Wemrner-Gllbert
734
72%
4
6%
24% Feb
31% Apr
47
3434 Feb 10
934 Jan 9
29% Jan 10
3% Feb 19
167g Feb 3
25
Davison Chemical Co (The).l
Dayton Pow & Lt4}£% pf.100
17
84%
8%
4%
29%
1334
%
29
4%
5
5% preferred
7%
124
2
•
75
No par
*16%
*15%
Jan
42% Feb 4
17% Feb 25
1
No par
734
9
Jan 14
7% Feb 14
2434 Feb 20
20
200
*79%
8%
2
Jan 11
47% Jan
98% Jan
45
17%
84%
*79%
*8%
*35%
Jan
7% pref.. 100
Cutler-Hammer Inc
May
33
Jan
Jan 20
Class A...
Dec
June
Jan 16
Jan
9
%
4% May
2778 May
2
May
16% June
18% May
15% Mar
7g Jan 14
32
2
7% May
70
8
1978 Jan 10
43
1
Preferred
1,700
2,800
FeD15
1338 Jan
No par
....
*7%
22
28
Prior preferred
CurtLss-Wrlght
17%
72
73%
73%
124% 124% *123% 124%
19
19
18%
18%
27%
*3%
72
Curtis Pub Co (The)...No par
Preferred
No par
300
3
39
3% Feb 15
No par
16
Feb 18
93% May
978 May
7
478 Jan
25
Deere & Co
10
"
Dec
Jan
Jan 10
Jan 24
21% Feb 13
1% Feb 26
50
*3u
56
78
2% May
834 May
Feb
52% Jan 8
47% Jan 13
182% Jan 16
5
1,700
3
*3u
%
110
110
40%
8%
39%
4%
20%
23%
187g
417g Feb 20
20
28
16
Feb 18
% Aug
5% May
2% May
5% May
9
Jan 28
100
30
Davega Stores Corp
400
Feb 24
2
10
....100
$8 preferred
500
40
Sugar
110
1934
*27%
7g Jan
90
19
22% Feb 14
40% Feb 14
par
No par
Preferred
Cushman's Sons
10
934
27g
Cuban-American
Conv
*4%
4%
4%
*4%
*7
6%
*634
7
678
7
*6%
*11334 114
11334 11384 *113% 114
*113% 114
*113% 114
143% 144%
144% 144% 14334 14434
14334 144% 144% 144%
122
122
122
122
123
123
122| 122% 122% 122%
117
117
*116
117
*11534 117
115% 116
*11534 117
27%
4,000
"""466
86
54
17%
3%
Pref ex-warrants
par
Cuneo Press Inc
8%
26%
*74%
*43%
17%
*3%
54
pref w w..No
200
3334
80
39
39
7%
17%
7934
*8%
15%
15%
67%
70
123% 12334
18%
18%
26%
conv
5^% conv preferred
Cudahy Packing Co..
8%
26%
$2.25
400
3334
*74%
*43%
234
10
14%
13%
5,800
200
54
2
9% Jan 28
107
6
8
84% Feb 18
4334
14
22
1%
86
1578 Jan
5% conv preferred..... 100
CubaRR6% preferred....100
79
3334
Jan
106% Jan 22
92
*73
8%
21
6
2
Jan
May
May
4% May
21% May
97% May
Feb 25
36% Feb 19
*1334
*21%
1%
*33
Jan
1
87
143%
*40
6
4% Jan
4
4% Jan
7
Crucible Steel of Amer.No par
14%
1%
45%
Jan
250
4534
1%
Feb 19
7%
75
"ie Feb28
7,500
80
1%
7
12% Feb 14
*44%
14%
*21%
1%
73g Jan
23% Jan 13
107% Jan 9
Crown Zellerbach Corp
.5
$5 conv preferred...No par
2,800
*77
22
63
Jan 15
100
13%
3
*2%
9734 Jan 28
103
6% Jan 24
27% Jan 10
45% Jan 9
45% Jan 15
15% Jan 7
400
13%
*87
2
2% May
May
14
17% June
16% Feb 24
No par
60
77
*43%
15
100% Feb
Cream of Wheat Corp (The) .2
24
43%
46
1434
'
1
100
*434
Jan
378 Feb 17
% Jan 7
...25
conv preferred
2334
77
33%
1
*40
13
Feb 18
100 zl75
Crane Co
5%
Feb 19
Feb 19
45% Feb 19
44% Feb 19
25
Coty Inc
Coty Internat Corp
3
Feb 14
Feb 14
Feb 24
62
5
Conv pref 5% series
50
Corn Exch Bank Trust Co..20
534
*14
*40
Copperweld Steel Co
24
43%
4%
*40
6% Feb
35%
278
173g
1878
14%
Continental Steel Corp .No par
*434
*44%
15g
Feb 14
23'%
1434
22
36
*40
4534
27
28%
300
79%
*38%
263g
800
200
4
FeD 27
Feb 15
Feb 19
3
$2.50
Preferred
Jan 10
18% Feb 8
29% Jan 9
1578 Jan 16
2
1
210
Feb
Jan
Diamond Fibre .5
Corn Products Refining
4
Highest
I per share $ per share
3% Jan 13
% Jan
5
1,900
share
8
79
Continental Motors
200
per
Jan 10
20
Continental Can Inc
Continental
2
Jan
100
Continental OH of Del
50
45% 4534
176% 176%
4%
4%
15%
101%
12%
7%
Year 1940
Lowest
Feb 14
Feb 3
84 Feb 15
27g Feb 15
.....
8% preferred
6,800
5,600
1,900
Feb28
%
7%
2%
5%
Continental Bak Co cl A No par
Class B
No par
Continental Insurance
45%
110
*4%
*4
17%
19%
578 Feb 14
20% Feb 20
105
25
4034
41%
4%
176
17
13%
8 734
2%
*77
176
Feb 15
2,400
2,400
2,500
*13%
*3i«
*7%
48
*87%
*2%
257g
263s
26%
26%
*....
86
*74%
86
*43%
54
*43%
54
*17%
18
17%
17%
*3%
4
*3%
4
*15%
18
*15%
18
*7
*7%
7%
7%
*10978 111% *109% 111
19
19
19%
19%
*2734
28
*2734
28
110
48%
45%
4%
3334
83g
9%
234
*47%
4478
*19
Feb 27
92
5% conv preferred
100
Consumers Pow $4.50 pfNo par
Container Corp of Amerlca.25
14%
*33
*16
4834
*19
17%
87
Consol Coppermlnes Corp
5
Consol Edison of N Y..N0 par
$5 preferred
No par
Consol Film Industries.
1
600
Feb 19
16% Jan 20
22% Feb 19
12% Feb 19
100
100
300
1,800
45%
45
77g
15
1734
19%
3
$
No par
100
7% preferred
6H% prior pref
Consolidation Coal Co
54
2%
2%
43g
7978
15
*51
41
41%
89
3%
15
13%
8734
8734
40%
*39
Birthday
*87
4034
8%
54
*40
88%
36%
*1434
*434
24%
40%
13%
8734
Stock
*7%
36%
*51
17
41
13
37%
83%
3778
19%
16
16%
10034 101
25
41%
41
83%
54
4%
*»!«
16%
16%
16%
*101
103
102%
17
17
16%
16%
478
478
*434
5%
40
36%
3
45
16%
40
8234
37%
8%
36%
17%
176
102 %
41%
1434
15%
45
4%
*24%
3
18
*175
"u
41%
16%
103
14%
Consolidated Cigar
500
8234
37%
734
*52%
*47%
48%
45%
24%
16%
103
15
19%
15
24%
41%
101% 101%
14%
14%
No par
200
17%
193g
54
4
7,900
600
3
3%
17%
"it
5%
378
1,300
175s
1912
4%
334
1778
Conde Nast Pub Ino
Congoleum-Nairn Inc.No par
Consol Aircraft Corp
1
Range for Previous
Highest
$ per share
$2 partlc preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
8
17%
"i«
300
11
8%
37%
4%
800
8
7%
36%
77g
*»!•
7%
234
31i«
3634
176
7%
*2%
538
*7g
378
8
3
45
500
»
75g
3634
175
13 16
n,,
8
3
*47%
1,800
20,000
2,200
»ia
7»4
3634
48
4578
6%
22%
105%
nn
3
175
6%
21%
105
"i«
*75s
36%
45%
21%
105% 105%
%
38%
175
25
%
37%
*46%
sl7%
%
734
*15
"m
Par
140
94
38
14%
3.000
94
38
19%
2,200
87
37%
*51
17%
26
94
6%
2138
83%
15%
17%
26
88
82%
54
3%
100
*3H
Lowest
Shares
1234
83
15
$ per share
93%
6%
*82
*19
*3
87
8134
*51
$ per share
Week
28
94
8134
3634
17%
Feb.
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
90
%
7%
*234
5%
*%
18
27
STOCKS
NEW YORK STOCK
the
Friday
3%
1734
25%
1284
1%
3%
1734
103
103
*101
10334
14
14%
14%
14%
8%
8%
*8%
8%
*3%
*15
Thursday
Feb.
6%
6%
21
21%
105% 105%
21
2112
10578 106
*%
34
7%
7%
*234
27g
5%
5%
1
26
$ per share
*3
3%
18i4
25%
1234
Wednesday
i
Sales
for
Saturday
FeD 10
38% Jan
Ex-rights.
9
27% May
Oct
Jan
20
Jan
40%
Feb
^ Called for redemption.
LOW
Feb. 22
$ per share
10%
*10218 102l2 *102%
36
30% 3734
13%
13
1314
*3112
3134 *31%
24
24l2
5%
26
24l2
*434
*24l2
434
*24%
*27%
*105%
14%
1414
2712
*27
*10512
14
*112
*4312
*34
35i2
35%
1%
1%
*1%
*43
40%
15
*134
15
18%
1434
35%
1%
134
1478
18%
*lh
18
18%
5%
*5%
10%
1034
105
*3534
2
2%
17%
19%
15%
18%
*10%
*50
52
""300
300
5%
*l03g
10%
*50
434
4%
*434
5
434
434
4%
4%
*100% 105
*100% 105
*100% 105
*100% 105
50
5034
5034
50%
*49%
50%
50%
50%
es8
634
6%
6%
6%
6%
*6%
684
012
6%
138
138
*136% .... *136%
137% 137% *136%
4
4%
4%
4%
4%
334
334
4%
3%
418
5
5
4%
434 y 4%
4%
4%
4%
*4l2
4%
50
13l2
*lll2
74
74
*11%
75%
*17%
1278
75%
17%
17l2
17'2
*125
128
*12434 128
32%
3278
32%
32%
35-34
3578
353S
3534
113% 11338 *113% 113%
%
%
*%
S16
*50
60
*50% 56
81%
81%
*80% 81%
130
130% *127% 130%
43%
44
42%
43%
Stock
Exchange
Closed—
Washing¬
*13
103
103
ton's
*5i«
17
24%
10%
52
1934
12%
13%
*98% 103
12%
12%
*12%
13%
76
*75
7834
*10%
5034
51%
*19%
1234
*18
20
*18
*16
$3
17%
*125
128%
32% S3
35%
35%
*113% 114
300
173s
127%
32%
32-%
32%
33
35%
35%
35% 3584
113% 113% *113% 114
1738
17%
*125
127
2,700
%
iit
56
50
56
56
50
57
80%
80%
80
80
*80
83
500
129
43%
H
%
sie
6i«
129% *127% 130% *127% 130%
43
43%
44%
42%
43%
*13
13%
3g
13%
400
*%
*16%
3g
51«
S16
1,100
1734
*16%
200
*24
25
I73i
2434
10-%
5234
20%
13%
1734
25
10%
52%
20%
1234
*16%
*24%
*10%
51%
20%
1234
18
25
10%
52%
20%
13
13
*18
20
*18
:
24-%
(
5134
*1934
10%
52%
20%
13%
20
10
*10
*18
5134
*20
13%
*104% 107
*103% 107
*103% 107
*104% 107
11%
11%
*1034
11%
*10-%
11%
*1078
11%
3%
3%
3% 1 3%
*3%
3%
3%
3%
3%
*35
36
36
*35% 36%
*35
36%
36
36
5%
6
5%
5%
5%
5%
5%
*5%
5%
62
63%
63%
63%
*0034
*61% 63%
63% *61%
3%
*35
5%
*60
1234
*40
T
*134
*2%
1234
13
13
42
40%
*178
40%
2
2%
90
*86
2
2%
*2%
1%
*2%
*80
90
*86
13
*13%
*40
42
*134
1%
2%
*2%
86
90
13
13%
13
13
13
13%
13
60
60
60
60
60
60
60%
1734
*80%
*1%
27%
18%
82
1
27%
%
"l«
5%
5%
13
*12
*10%
*1034
31%
*23%
1334
24%
21%
141%
31
*1%
*27%
%
5%
*12%
42
31
31
11
11%
11%
14
14%
14%
I84
9%
9%
30%
3334
106
2%
*6%
*88
*159
*12
"is
*5
104
1%
934
*184
10%
30%
105%
21%
21%
*146% 149
*146%
149
*534
6%
*534
6%
100% *93% 100% *933g
2%
2%
2%
2%
90
88%
88-%
88%
684
6:
634
634
90
*88
927g *88
*159
12%
*159
162
12%
*12%
37
*35
37
*35
11%
11%
11%
11%
62%
*57%
62%
110
110
334
32%
%
*2%
*16%
3%
%
*
*109
3%
32%
%
3%
17
3%
*334
111
*110
*32%
3%
34
a%
%
*2%
*16%
3%
*3%
11%
*57
86
88%
034
86
90
88
88
162
*159
162
17
334
3%
12
102
Feb 19
1
Telephone Corp...20
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
6%
200
1,000
Gillette Safety Razor..No var
100
300
900
$5 conv preferred
Gimbel Brothers$6
No par
No par
GUdden Co (The)
5%
;
i
2,600
400
'""206
6%
13%
100
14
900
6,400
3,100
30
31
31%
11%
11%
""900
5,000
400
14%
10%
34
900
700
30%
*30
2,000
1%
16
2
500
34
20
800
40
6
234
88
684
88
6%
*84%
*159
13
*35
12
*1134
12
*58
Gr Nor Iron Ore Prop..No par
Great Northern pref
No par
Great Western Sugar..No par
Preferred
100
1034
5H% conv preferred
Grumman Aircraft Corp
11
Jan
Guantanamo Sugar
8%
10
1
No par
100
preferred
May
65% Nov
2434 Mar
13-% Jan
Jan 11
734 May
13% May
Jan 10
3% Jan 13
37% Jan 15
46
Jan
9
Jan
May
65
Nov
May
1934
Jan
9
30
May
45
Dec
2% Jan 25
2% Jan 2
May
May
21% May
1138May
15% May
183s May
11% Jan 24
17% Jan 9
1434 June
9
May
13g
Aug
May
11
10% May
104
Feb 25
107
Jan 16
100% June
105% Feb 15
10634 Jan 16
20% Feb 19
25% Jan 10
3
14934 Feb 11
63g Jan 23
97
25
86
Jan
Feb 27
0%
25
100
No
preferred
Feb
Feb 15
Feb 21
14% Feb
634 Feb 14
Feb 14
9
No par
12.50
4334
"4
Feb 15
11
...No par
Feb 17
""700
3%
3%
Feb 14
3%
3034 Feb 14
% Jan 31
5%
2%
16%
3%
%
preferred
100
Hud Bay Mln & Sm LtdNo par
1,300
Hudson Motor Car
JHupp Motor Car Corp
r
No par
1
Cash sale.
73g
Jan 13
June
95
16% May
130
May
5% May
83% June
2
Aug
89% June
6%
Dec
*
Feb 18
Feb 28
Feb 14
Feb 15
Ex-dlv.
y
Jan
12
Jan
25-%
Apr
3%
Apr
30% Apr
2% Nov
14% Nov
34%
Apr
37
Jan
20%
Feb
17
Jan
106%
Jan
106
Dec
28%
138
9%
Jan
Apr
Apr
104
Apr
4%
113%
11%
Apr
Jan
Apr
96
Jan 13
86
June
110
Jan
166
Jan 10
155
Jan
167
Dec
9
12% May
21%
Apr
77% Jan 11
128% Jan 8
Dec
100%
Apr
126% Aug
133%
67%
115%
1834
103s Jan
5634
115
16
Jan 18
9
69
June
50
8
94% May
Jan 14
12% July
Jan
3034 Jan 10
Jan 24
113s Feb 28
19
May
4% July
8
May
May
8
35
May
Jan 27
28
May
"52% Jan
39
1334 Jan
6
Jan
9
64
100
4,600
7
111
5
16%
6
Jan
Jan 30
110
Houston Oil of Texas v t C..25
16%
Feb 10
3% Jan
95
59% Feb 18
No par
100
Feb
35
Houdaille-Hershey cl A.No par
preferred
101
May
103
100
Mining
Class B
4
Jan 29
26
10
preferred
Household Finance
7
Feb 19
67% Feb 19
126% Jan 24
Hollander & Sons (A)
Holly Sugar Corp
Feb 14
Feb 21
88
No par
preferred
Hershey Chocolate
cum
2
2% Feb 14
Jan
Feb
Jan
12%
3
Nov
Apr
9-% May
6
30
29%
1734
Jan 10
Jan 10
Apr
Apr
25% July
183g Jan
35%
Jan 13
1% Jan
1634
3634
55
34
2% Jan 10
9% Apr
14% Jan
12% Dec
142
27% July
23
May
16
97%
June
*123
Jan 24
Hercules Powder
New stocfc.
6% June
10
26
15
12
n
Jan
9% June
Feb 27
Holland Furnace (Del).
Def. delivery
1%
% May
43g May
14
""406
400
Feb
Feb
Jan
9% May
158
5%
Jan 15
4%
71%
138
8
108
""206
143
Dec
May
June
69
25
Jan
par
""300
Jan 27
1% Jan 10
28% Jan 22
1% Jan 11
6% Jan 6
1334 Jan 7
13% Jan 6
1234 Jan 2
36% Jan 16
25% Jan 22
1534 Jan 4
28% Jan 11
22% Feb 28
Jan
No par
Hlnde & Dauch Paper Co... 10
T.900
90
14
100
7%
2034 Apr
69% Mar
24% Apr
30
No par
Homestake
May
29% June
'""206
2,200
May
12% May
3
53
400
10
45
6
Motors
conv
1434 Jan 10
Jan 13
20% Jan 10
Jan
Preferred
$4
90
Jan
100
2
Apr
Apr
Sept
July
Jan 10
preferred
4%
3%
May
Jan 10
12
Helme (G W)
6%
Dec
134
2
77
91
36
Hazel-Atlas Glass Co
Jan
6-% Mar
51% Mar
11
33
Jan 30
May
2338
43
Feb 18
Jan
Apr
23%
106
9
9
9
Feb 27
Hecker Products Corp
10
Oct
4% May
3034
Feb 14
Hayes Mfg Corp
100
500
10% May
3
Sept
9
preferred
Hercules
Feb
98
100
*2%
a
1634 May
No par
700
"206
Jan
Jan
14
33
preferred
6M%
Apr
14-%
30
6
400
Apr
25
140
M00
3
1% Feb 19
100
6%
"i«
18%
10
Hamilton Watch Co
Jan
Dec
3334
25
Water
Jan
19%
106%
May
1% Dec
8% Nov
7% preferred class A
6%
Jan
13
1%
13% July
No par
55 preferred
Hackensack
7
13% Feb 15
1% Feb 4
Gulf Mobile & Ohio RR No par
Howe Sound Co
t In receivership,
2
Greyhound Corp (The) .No par
Hudson <fc Manhattan
3%
1634
334
Jan
Feb 19
600
*2%
*16%
2
29% Feb 14
400
%
19% Jan
140
Jan
% Nov
934 June
86% Jan
% Dec
100
Green (H L) Co Inc
%
3%
34
*32%
»i«
Feb 14
22
Hat Corp of Amer class A...1
62
♦%
Feb 15
23% Feb 27
13% Feb 18
""loo
37
110% 110%
*3%
334
preferred
Feb 14
10% Feb 14
10% Feb 14
31% Feb 19
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
162
13
10
20
484
12
800
100%
*84
No par
Hall Printing Co
30
Feb 20
% Feb 20
No par
Green Bay <fc West RR
42
*30
27%
1
5
Grant (W T) Co
61
110%
*3%
3%
32%
32%
Without div ctfs
Granite City Steel
24%
22%
141% 141%
16% Feb 14
Feb 18
div ctfs_Aro par
100
37
110% *110
w
24%
14
Feb 27
1% Feb 14
Motors
600
5%
Jan
Feb 13
No par
Granby Consol M S & P
Grand Union
7
1%
100
Graham-Paige
110
July
7% Jan
*67% Jan
1434 Jan
Feb 14
2%
*80%
Jan
June
10
Gotham Silk Hose.
Preferred
Apr
5% May
Jan 11
100
30
Dec
7%
20
13
1284 Feb 24
1
.1
Apr
60
10
100
3
104% Jan 17
40% Feb 25
AH% conv preferred.....50
56-%
127% Mar
21
7
Feb 21
60
...No par
No par
preferred
Dec
May
Jan 10
Jan 4
Jan 9
16% Jan 6
1034 Feb 19
3% Feb 18
3484 Jan 3
General Tire & Rubber Co.. .5
5,000
131
May
37% May
29%
11%
61%
22%
Feb 19
103
100
preferred
Feb
Jan
Apr
%# Jan 10
19
Jan
%
101
18% Jan 15
18% Feb 14
11% Feb 19
Shoe Corp
Apr
118%
7734 May
2
Jan
493g
2
16% Feb 20
6i«
29% Apr
89% Nov
Jan
% Jan 27
16% Jan 10
106% Jan 15
Feb 18
500
24%
22%
7
No par
Jan
4% Sept
Jan
11%
44
65%
*58
Bid and asked prices; no sales on this day.
%
3
1134 Feb 14
*35
3%
Jan
Jan
Jan
145
4
3% June
Feb
57%
8%
% May
28
Sept
32% June
109
Dec
105
Dec
Dec
111% May
Jan 27
59% Feb 19
*11%
3%
2
Jan 30
107
Apr
Nov
3334
4% Jan
5% preferred
..No par
Goodyear Tire & Rubb.No par
$5 conv preferred
No par
11%
17
6% Jan
1
.No par
preferred
100
Utilities.....A
6%
600
63
17
..
Gen Realty &
5,000
37
3%
3234
84
3%
.
.
Gen Railway Signal
100
*3%
32%
*%
*2%
Printing Ink
Apr
May
734
41
116
46%
14%
51
22
4
7% Jan 15
Feb 14
105% Mar
6% Apr
120
118
Jan
Apr
Apr
Sept
20
26% May
2
126
3
3% Feb 19
No par
Gen Public Service....No par
....
*57%
preferred
preferred-. i
Jan
No par zl24
40
No par
5%
20
1234 May
102
May
132% Jan 28
48% Jan 6
2
40% Feb 19
10
2,300
69
69
*68%
68%
*69%
71
6884
69%
68%
68%
*124% 127
126% 126% *124% 127% *124% 126% *124% 127
*53
54
*53
54
*53
54
*53
54
*5234
54
*107
110
109
*108
110
10834 110%
1107g
109% *107
15
*14%
*14%
15
*14%
15
*14%
15
*14%
15
26
26
*26%
2634
26%
2634
*26%
27% *27% 27%
7
7
7
7
*6%
7
634
6%
6%
11
10%
11%
10%
1034
11%
1034
11
10%
10%
*105%
*105%
*105%
*105%
*105%
45
46
45%
45%
4634
47
45%
46
45%
45%
*34
12812 Jan
.100
preferred
46%
104%
106
20%
149
*12%
Jan
General
104% 104%
*105%
105% *105% 106
20%
21%
21%
21%
*146%
149
*146% 149
*534
6
*534
6
*93%
100%
*93% 100%
234
234
234
234
13%
86
General
'
104
6%
Feb 27
Common..
""400
104%
80
Gen Outdoor Adv A
14%
*104
104
..No par
Gen Steel Cast 16 pref..No par
1434
14
Feb
55
400
*13%
14%
62
12
30
*14
15
*14
2
1134 May
Feb
48%
% Jan 28
Jan
4% May
113% Jan 31
38
May
134 May
Feb 14
Jan 6
Jan 10
Jan 10
Jan 28
Feb 10
Jan 14
Jan 6
6
3134
*24
118
8
86
10%
10%
5
86 conv pref series A.No par
13
3134
5-% May
Jan
%
Gold & Stock Telegraph Co 100
Goodrich Co (B F).._.No par
*12
*11
3534 May
8
112% Jan
No par
Gen Gas & Electric A..No par
Jan 30
14
*14
128%
35%
3934
Feb 14
*14
14%
6
10
34
1434
14%
•
19%
Gobel (Adolf)
Goebel Brewing Co
5
11%
11%
11% *11%
14%
1438
1%
1%
14% *12%
1% C *1%
10% ; 10%
*32%
34
Jan
122
6
Jan
Feb
4%
6%
15%
8634
General
18
80%
1%
29
%
%
*9%
30%
*32%
6
June
Jan
""16
5
30
1%
*105% 106
13%
31%
14%
1%
10%
3% May
139
6
400
60%
60%
1734
80%
1%
*27%
13
42
15
134% Jan
3% Jan
33% Feb 15
2%
13
13
60%
18%
81%
1%
29
:
%
5%
*31
1%
45% June
7%
30% Feb 15
5%
June
Feb 14
55
Feb 10
6
23% Feb 14
1.820
334 May
5% Jan 10
13%
*2%
*30
11%
14%
1%
*12%
1%
52
Feb 21
"206
2
*134
31%
11
8
Jan 21
June
97
6% Jan 22
11% Jan 15
90
2
2%
86
42
14%
21
162
*12%
13
-
11%
34
21
*88
*27%
11
30%
*14
21
6%
*93%
I784
28
lsie
5%
10%
134
*14
106
*146%
1%
11%
145g
*32%
14%
106
*104
31%
*30
1478
14%
*30
15
1%
934
1%
*14
*12
*80%
13g
11
*13
1%
3334
*5
18%
81%
11%
14%
*11
1%
14
*30
5%
13
10%
12
11
11
14
*27%
%
29
*30
31%
*1%
18%
*80%
*1%
10634 Jan 14
3
Jan 30
600
1,800
Jan 28
Jan 21
Feb
49% "Feb 20
100
General Motors Corp
Dec
10% May
12
May
Feb 28
22
Feb 25
1% May
2
7
18%
No par
42
*40
*10%
11%
10%
*10%
11
11%
*11
12
11%
11%
11% *11%
*3134
32%
*3134
32%
31%
32
3134
23%
23%
24% *23% 24% *23% 24%
14%
14%
*1384
13%
14%
137g
14
23%
24%
24%
25
24% 24%
25
22
22
22
22
22%
22%
22
141%
141% *140
141% ♦140
141% *140
42
*30
18%
81%
1%
177g
*80
13%
13%
13%
42
12%
*40
4
10 pref opt div series .No par
General Refractories..-No par
20
11
2
Feb
General Foods Cor p. ..No par
♦103% 107
11
1% Jan
2% Jan
39% Dec
3% Sept
General Cigar Inc.....No par
$6
"""800
2434 May
4-% Feb 25
600
500
4
11% Feb 14
73% Feb 19
17% Feb 27
300
200
Jan
No par
70
20,400
39
General Cable Corp...No par
General Mills...
Apr
Dec
Feb 15
94
No par
Transportation
5
General Baking
5
18 preferred..
No par
General Bronze Corp..
5
120
100
104
103
103
3g
*sl«
3g
13%
%
*3ft
%
13%
*98% 103
*%
*13
50
No par
preferred
Dec
6%
41
4%
1034
47%
4%
preferred
14.50
118
20
1%
Gaylord Container Corp....5
General Electric Co
Feb 28
7
106
preferred
Apr
Jan
No par
3
cum
Apr
21%
46
1% Feb 15
1434 Feb 18
Gar Wood Industries Inc
7%
Jan
10734
6
Gannet Co conv IB pref
Class A
35
June
102
Jan
18
300
1,500
V
70
334
Nov
33
7% preferred-.........100
24",000
7
132
Apr
8% Nov
32
2% Aug
May
7
Feb 19
25%
9% May
61
May
7
Jan
Sept
18% June
2
20% Jan
2% Feb 17
10
preferred
Jan
107% Jan
22
43
No var
300
17%
32
Gamewell Co (The)
16
76
Feb 14
Jan
May
19
Jan 13
105
preferred....No par
No par
F'k'nSimon&Co inc 7% pf.100
Freeport Sulphur Co.......10
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)..
1
Gen Am
160
29
105% Jan 24
13% Feb 14
conv
"""800
1,900
Feb 14
Francisco Sugar Co
Gen Arner Investors
12%
20
*1684
*24%
*10%
12%
24%
%
S1S
1
17
1934
Birthday
%
13
400
78
125
38% Mar
638 Sept
7
27
10
100
10
Foster-Wheeler
3
24%
100
Corp
preferred
""eoo
*73
125% 125% *125% 125% *125% 125% 125% 125-%
*41
42
43
42% 42%
*40
42
4134
4134 *41
3%
3%
3%
3%
3%
4
*334
4
378
4
6%
7
*684
6%
684
678
*684
0%
*0%
G«4
*109
111
*109
111
*109
111
*109
111
*109
111
%
13%
1,200
*12%
*12478 1253s
*38
230
3,200
1,100
100
*17%
conv
5H% conv preferred
105
50
Food Machinery
52
4%
*4l2
*100
3,200
2,500
10
111
52
10%
*5C
4,400
"MOO
18%
19%
5%
2434 June
4
Jan
4% Feb 18
10
5% conv preferred
2%
17%
1934
33% Jan 8
24% Jan 24
Feb 15
Foil ans bee Steel Corp
""2OO
2
2
Apr
12%
31%
No par
$7
534
10%
5%
5%
11
*1%
♦105
111
*105
111
5%
1078
5%
36
*1%
134
1«4
15%
1834
Jan
21%
22
No par
Florsbelm Shoe class A .No par
500
334
45%
36
*43%
40
10% May
84
Jan 10
15
Fllntkote Co (The)
Jan
32% May
Jan 13
Feb 14
Florence Stove Co
Jan
42% Jan 13
34% Feb 27
100
Jan
2134
106
First National Stores..No par
200
22%
Sept
May
6% preferred series A—100
1,800
1,400
1434
45%
102
12% May
18% Jan 10
105
4
200
125
*115
Feb
$ per share $ per share
14
■J:
Feb 14
16
Firestone Tire &
Highest
Lowest
Highest
I per share
(Wm) Sons Co.No par
Rubber...10
Filene's
"""500
4
36
35%
I84
52
*50
62
*50
5%
1078
*27%
3%
*43%
46
*14%
1834
25
53g
26%
28
3%
*3
3%
*1%
106
100
111
*106
I84
*24%
5%
*24%
*105%
1334
14%
125
*115
125
3%
*43%
35%
1%
3%
3%
314
46
*3%
14%
14%
124
*123
125
*110
Shares
17%
16%
102% 102%
3534 36
1334
1334
*31
31%
*ie
13%
31%
25
53*
26%
27%
133*
31%
*24%
5%
par
*16
17%
*16%
1634
1023g I023g
34%
35%
*24%
27%
*105%
13%
15%
*105%
- —
$ ver share
*16
16%
16%
16%
102% *102% 102%
35%
36
3078
13%
13%
13%
3184
3134 *31%
24
*24%
25
*5
5%
434
*24%
26%
20
*2734
27%
28
Lowest
I per share
Week
28
1941
1,
Range for Previous
Year 1940
EXCHANGE
the
Friday
Feb.
27
% per share
20%
*16
20%
*16
20*2
16*4
•16
*16
9 per share
9 per share
9 ver share
Feb.
20
Feb.
25
Feb.
Thursday
Wednesday
Tuesday
Monday
Feb. 24
On Basis of lOG-Share
STOCK
NEW YORK
for
1
Lots
Range Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
AND HIGH
Saturday
March
New York Stock Record—Continued—Page 5
1388
Jan 15
4% Jan
37% Jan
6
8
% Jan 22
3% Jan 6
8
1734 Jan
4% Jan 13
% Jan 6
Ex-right.
834 May
54% May
June
101
3% May
28
Aug
%
Dec
2% May
12
3
May
May
% May
Jan
Apr
Jan
Jan
35%
Apr
934 Nov
16% Apr
110
Mar
60% Jan
3834 Dec
16%
71%
112
Apr
Apr
Dec
6% Jan
50% Feb
1% Feb
7% Feb
27
Jan
6%
Feb
1
Jan
^ Called for redemption.
Volume
LOW
AND
New York Stock
152
HIGH
SALE PRICES—PER
Record—Continued—Page
1389
6
Feb.
22
$ per share
Monday
Feb.
Tuesday
24
Feb.
$ per share
634
6%
25
Feb.
$ per share
634
6/8
*13i4
14
*13i2
14
38
38
*38
3934
634
3%
3%
*3%
1934
*19i2
20U
20
534
24
♦SU
2314
534
24
*5%
23V8
102
...
*7714
80
10
103s
6%
6*8
23U
*21
*100
104
*157
...
*77*4
10i8
6
*21
80
1012
6
2312
111
110U llOU *109
3%
3%
3i8
3is
8*8
8%
85s
878
*1%
l«4
*15s
134
40J2 40^2
*3934
4138
*14712 150
4858 48%
15018 15018
15812 15812
157% 15778
*1»2
738
312
2414
1%
7%
312
24^8
*130
134i8
1134
5934
6H2
*1%
134
1212
37%
*3712
2978
*25i4
38
40
29%
27
*97
100
2
2
,,
*6i8
2%
2%
87
6*4
87
*7
8
*28iS
*12612
2812
49
*112
75s
50
1*8
758
*23i2
101
24
Feb 18
8% Jan 10
16% Jan 22
34%
Jan
6
3934 Jan 28
4
2034
3%
20%
3%
2114
60
2% Jan
2
*514
2334
5i2
13
Leased lines 4%
100
RR Sec ctfs series A... 1000
5l2
24
*514
*2314
5i2
24
101
10214
2
2
2%
6ig
6ig
*84
*7%
2812
94
8
1%
*ix2
2%
*6
*84
*7%
100
*97
*120%
4
4
*16
17
*12U
1334
ton'#
Birthday
---
*10214 104
*120%
4
16*2
*1214
10134
778
8
77s
*10158 10978 *10158
*15
15l2
15%
*6
634
*6%
1
101
*9812 101
32i2
33l2
333g
12l2
*12%
*30
32
*30
*178
*2412
257s
23
235g
*278
225s
314
22%
12l2
26
*512
218
♦213s
*1*4
*%
*214
*2034
7
22
116
35
3512
5%
37i2
88l2
90i2
*177
20U
*2312
*34
10
24
*2134
*113
2%
21%
12
88i2
*7
234
21X2
22
9012
12%
*134
12
37i2
*20
214
%
22
5%
23%
3%
*5l2
1218
75s
2434
*113
2%
24%
26%
23
2434
32
7
12%
23%
8i4
*21%
35
200
10,400
39",800
10,800
100
390
""300
300
100
10
*126%
*12%
1234
3934
39X4
....
Co
Jewel Tea Co Inc
Johns-ManvilJe
12734
600
11%
*11%
*120%
11%
*11%
*120%
11%
*30
32
*1%
*24x2
22%
*2%
2234
*30
2%
2634
*1%
*2412
2 684
23%
3X4
22 34
£22 »4
*30
32
*26%
27
*5%
*2i4
22%
7
*26l4
30
4,000
*2%
314
2234
22%
263g
53s
5:
*X2
1%
%
2%
21%
12%
23
3534
2%
2%
21
■
3534
36%
6X4
22
22
23
*37
88
88
8884
90
90X2
90%
*37
3738
24
*19I8
*233s
24
36l2
10
*9%
15
19%
2414
*35
24
*35
15
182
180% *178
3612
*9%
1,000
300
300
6%
89
15
300
13,700
37
20%
300
5%
37%
8884
90l2
90l2
24
30
600
514
*90
*35
100
::
4,000
*88
*19%
""306
3534
90%
9%
10
10
1514
lol4
1514
15X4
24
2434
2358
2412
2434 2514
24% 24i2
24
32
3234
31%
32%
32%
32%
3134
32
31i4
32*4
*10734 1093s *107% 109% *107% 109X8 *107% 109% *107% 109is
16
17%
16X4
16*4
1734
18%
16%
16%
16's
I6I2
37
37
37i2
3734
37l2
37i2
37X4
37X4
37l2
3734
3
3
;; 234
*2%
3
2%
234
2 34
25s
258
*1414
14%
14'g
14%
14*4
*14%
14*2
14'8
14i8 *14%
*108%
*10812
*108l2
*108%
*108%
18
18
18
18
18
18%
18%
18%
18U
18U
*160
*157
162
160
160
162
160
162
160% 161
18
*18
*18
18%
I8I4
*18*4
18%
18%
183S
183s
63
64
6312 63%
61X461X4
62%
6212
*61l4
63
*28l2
29
*28l2 29
*28l2 29
*28l2 29
*2812
29
*13312 135
*133% 135
*133% 135
*133% 135
*13318 135
27
27%
27%
27%
2714
2734
2714
27%
26X2
27
15
231s
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
Keystone Steel & W Co No par
Kimberly-Clark
No par
Kinney (GR)Co
1
$5 prior preferred-..No par
Kresge (SS)Co
10
Kresge Dept Stores
1
Kress (S H) & Co
No par
Kroger Grocery & Bak.No par
200
900
300
241s
1214
24lg
24%
2414
I2I4
*11X2
2414
1214
24%
*11%
27
27
*26l4
28i4
*26%
28l4
£26%
2414
11%
26%
0
o
2
2
2
2
2
2
634
14l2
*6X3
*1314
24is
*1112
*634
718
*1314
1412
1
1
*6*4
*1314
1
7%
14%
1
634
*1314
*1
11%
*1
1%
4i2
4X2
4l2
834
15
1434
8%
15
4%
8%
4%
834
1434
1434
14%
14%
2478
25l2
834
25%
26
26
26%
834
25
9
25%
834
*2434
2614
4i2
8
884
*2438
*2514
*167i4
*47%
23s
*25
4i2
8l2
2ol2
2534
...
4978
23s
26
*25l4
25
2534
*170
175
49
49
2%
*25
2%
26
9%
2514
2534
175
48%
*2%
*25
8i2
93s
25X4
2584
4%
8%
1434
26%
834
25%
26i4
48%
2%
48%
48%
*2%
2%
*25
26
Feb 14
3738 Jan
12
Feb 14
1338 Jan
9
32
Feb 20
38
134 Jan 24
23i4 Feb 15
Feb 14
2% Feb 15
22% Feb 14
Feb 15
19% Feb 28
2214 Feb 19
33
Feb 10
..No par
1,900
9,400
Lockheed Aircraft Corp
3,000
Loews Inc
1
No par
30% Jan 14
No par
107X4 Jan 31
Feb 19
14
1
4
2% Feb 15
13% Jan 30
36'4 Feb
CorpNo par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
Feb
108
1
17% Feb 20
159
Jan
8
4
Feb
29i2
34i2
Jan
Apr
3
Jan 30
27is Jan
2
May
22i2 Aug
23X2 May
9
29% Jan 10
8i2 Jan
4
8
8% Jan 13
27X4 Jan 10
2514 Jan 9
116X2 Jan 4
234 Jan 13
34 Jan 9
4
Jan
May
IOOI4 June
is8 May
i2 Dec
2
4
May
Apr
0i2 Jan
2ix2 Sept
1638
Jan
7i2 Nov
3584 Jan
25
Dec
116% Dec
4
Jan
1% Jan
484 Nov
2238 Jan 22
15X4 May
24% Nov
8
9X2 May
1818 May
29
12% Jan
Jan 13
14
Feb
Jan
9
30
June
53%
Jan
7% Jan 23
5
May
914
Apr
33
May
39
Jan 18
96 x2 Jan
98
Jan
189
Jan
Jan
Apr
Apr
May
109
87
May
3
169
June
10912 Apr
18838 Dec
87
I8I4 May
2312 Apr
3034 Dec
27
May
41
9
May
14% Apr
10'8 May
2214 July
20i2 May
1838 Mar
16
2014 Feb 24
30
45
2
3
4
3714 Jan 14
1138 Jan 6
8
9
3438 Jan 6
109
Jan 29
16% Jan
28% Jan
97
May
May
Apr
41% Apr
37% Mar
109i2 Apr
19i8 Jan
4
1538May
3914
40
Jan
9
29
June
46i2
Jen
3X2 Jan
15% Jan
3
6
2
May
13i2 June
4X4
1884
Apr
Jan
110% Jan 18
1938 Jan 15
IO5I4 May
17»4 Dec
2
138% May
15i8 May
162
Jan
19% Jan 10
Apr
109i2May
25 x8
16312
21i2
Apr
Dec
Jan
100
60
Feb 18
7034 Jan 27
38
May
65
Nov
MacAndrews & Forbes..... 10
700
29
Feb 18
31% Jan21
2534 May
35
Jan
Louisville & Nashville
100
6% preferred
3,900
135% Feb 20
Feb 14
25
No par
Mack Trucks Inc
2ls
2,500
10
1
25% Feb 21
ix2 Feb 4
*6%
7»g
100
*1314
14%
Copper—....
Manatl Sugar Co
Manhattan
1%
"166
Maracalbo Oil Exploration
Marine Midland Corp
3,400
4,900
8,700
Martin (Glenn L)
9
9
2,000
400
26i2
200
4834
1,000
2%
200
26
'""40
800
1,100
'""sob
800
400
1,300
2,600
700
d Pet, delivery,
No par
7% preferred
May Department Stores
....No
No
$6 1st cum pref
No
McCall Corp
No
McCrory Stores Corp
6 % conv preferred
Maytag Co
$3 preferred
100
10
McGraw-Hill Pub Co ..No par
Cash sale,
20i2 May
8% June
31
38
4
May
11% May
84 May
3i2
2%
834
2634
May
May
May
June
6i8 May
2134 June
Jan 22
21
June
175X4 Feb 10
53i4 Jan 23
160
June
30
2% Jan 14
8
2534 Jan 28
Jan
36% May
214 May
20
May
96i2 June
7
13% Feb 14
10i2 May
12% Jan
103% Feb
22 % Feb
714 Feb
31
Feb
714 Jan
10
JMcKesson & Robbing, Inc..6
$3 series conv pref...No par
r
6
6
I
10314 Jan 23
McKeesport Tin Plate
New stock,
Feb 19
1214 Jan
28i2 Jan 13
2% Feb 24
25
Mclntyre Porcupine Mines..5
n
6
3034 Jan
48% Feb 21
par
1
McGraw Elec Co
Jan
Feb 14
24% Feb 15
par
1
100
1
Feb 14
174
par
par
2
8
24% Feb 21
Mathleson Alkali Wks.No par
10
Jan21
21i2 May
li2 Aug
Jan 14
12
30i2 Jan
23
1
25
27
514 Jan 14
ID4 Jan 8
1584 Jan 27
4i2 Jan 30
7i2 Feb 18
6% pr pref-_100
Marshall Field <fc Co—.No par
Co
33% Jan 10
31«4 Dec
13% Jan 17
Market St Ry
Masonlte Corp
130i2 May
May
14i2 Jan 13
% Jan 14
Martin-Parry Corp...-No par
770
Sept
17
3
5% Jan
5
4%
8%
1434
26i4
128
2i8 Feb 20
634 Feb 26
1
8%
Jan 21
138
13% Feb 18
25
Shirt
Feb 17
11
No par
Mandel Bros
14%
2534
t In receivership,
Feb
17% Jan 29
Louisville Gas & El A..No par
Magma
*25
Jan
Apr
Feb 19
No par
Lima Locomotive Wks.No par
Jan
16% Nov
234
37
Jan 27
Apr
Dec
3184
8I4 May
89% Feb 18
38%
26
11% Dec
314 May
16% May
15i8 May
2
9%
105
li2 May
17% May
19i2May
8
Feb 14
Apr
2X4 Feb 11
2914 Jan 25
26is Jan 13
Jan
H314 Feb 27
Mar
7%
2014 Nov
15x2 Jan
104X2 Dec
15% Jan
109
Apr
18% Nov
46%
Jan 13
200
4834
*2%
May
13
27%
*26
10
121
Jan
2734 May
26
3
2334 Feb 20
Lily Tulip Cup Corp
Jan
Jan 10
Feb 15
*2612
25
87x4 June
24i8 May
6X4 Feb 14
1714 Jan
23% Feb 14
...
Bid and asked prices; no sales on this day.
4% May
31
4
7
2
Macy (R H) Co Inc...No par
Madison Sq Garden...No par
*10414
*10414
*104X4
104U 10412 *104i4
13%
13%
13%
1334
13%
13%
*13'4
1312
1338
13%
14
14
*1314
14
13%
1334
14%
HI4
1378
1414
*103% 104
*1033s 104
*103% 104
*1035s 104
*103% 104
*22 34
*23%
24
2334
*23*2 2384
2334
2334
23U
23U
734
8
*7i2
8
*714
8
*7%
8
*7i2
8
32
32
32
32
32
32
*31%
32
3118
3H8
8
8
8
8
8
8%
75s
75s
7%
8
3%
3%
3%
3%
3%
314
3%
3X4
3%
314
25%
25%
26i4
26% *25% 26i2
*25% 26
26l«
261s
*
Jan
8i2 Jan
10514 Feb
100
4%
May
Dec
700
*1
9
8i2 May
25
II84
2
May
2
*24%
*11%
*174
*174
175
26
7%
14X2
1%
■
3x8 May
11
Jan
88
100
10
100
7
18
Feb 26
7% preferred
Mar
77i2
14i2 Jan 10
104i4 Jan 27
Feb 19
5% preferred
Jan
52
June
14% Feb 28
6x8 Feb 19
98% Feb 21
934 Feb 17
700
Feb
5
Lorillard (P) Co..
17
538 Jan 10
1834 Jan 24
45% Jan
170
May
44
121
9
1484 Feb 14
20% Feb 14
"loo
9
3434 May
7
2
Jan 30
—
Dec
5
128
35
Lone Star Cement
Dec
May
__
Jan
33
130
7
179
Jan
June
20i8 May
Jan 16
24
Loft Inc
8%
122
7
63i2 Jan 13
Jan 29
$6.50 preferred
Dec
514 May
Jan 10
22
100
74i2 June
Jan 20
33
Jan
Jan
95
25
Dec
10%
92i8
92
1% Jan
Nov
484
4%
9
21
30
109
132
Liquid Carbonic Corp..No par
200
9
1% May
4% May
39% Dec
36i8 Jan
109i2 Dec
16
Apr
Lion Oil Refining Co...No par
500
Jan 10
Apr
48i2 May
9% June
117% May
""666
1,000
134 May
6
1
5
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill & Llbby
7
Life Savers Corp
5
Liggett & Myers Tobacco..25
Link Belt Co
37", 300
9
Lehn & Fink Prod Corp
Preferred
May
13i2 May
97x2 Jan
Lerner Stores Corp
Series B
25
9
8
12 Feb 13
2% Feb 14
20i2 Jan 30
11% Feb 1
100
400
100
..50
No par
50
Jan
Jan
Jan
Jan
Feb
Jan
7
Jan
5%
8
12
Jan
38%
133
66I4
106
24
7
73
June
4
22
14i2 Apr
37
2
Jan 22
7is Feb
Jan
5%
12214 May
10034 Feb 28
10418
Jan
Dec
173
Feb 11
Jan 30
13
Dec
6234
Hois Jan 9
12% Jan 10
6
Feb 14
4
2X2 Dec
44
19ix2 Mar
2114 May
Jan
Jan
Mar
5X8 Nov
12% Jan
10i8 May
31
14
113
40i2 May
I84 May
26% May
44
Apr
6
4114 Jan 10
3U4 Jan 30
13314 Feb
15%
4
8
Feb 14
1534 Jan
Lehigh Portland Cement...25
4% conv preferred
3934 Jan
June
94i2 Jan 17
Feb 14
11
5
JLehigh Valley RR
Lehigh Valley Coal
6% conv preferred.
Lehman Corp (The)
Jan
Jan
109
Jan 16
7% Jan
Feb 14
12512 Jan
3i2 May
19% June
10034 Jan
3
Feb 24
100
.No par
No par
Lee Rubber & Tire
1,400
36%
19%
20%
cl A. 1
1
5% preferred
2is
318
5
Lane Bryant
1518
67i4
Feb 17
55
Dec
514 May
1%
Jan 13
Jan
Jan
6
2634 Jan 10
131
2
28i4 Feb 21
126% Feb 25
III4 Feb 19
3914 Feb 25
100
Lambert Co (The)
Jan
2i8 Jan 10
9% Jan 4
3% Jan 4
3
1
Class B
"lid
400
Jan
170
Feb 13
Laclede Gas Lt Co St Louis 100
£3512
89
18012 180% *178
800
35%
*90
9%
37
23%
■
21%
7",800
7
23
22
"
26%
*5%
26%
*22
22
114X2 114%
300
2i8
24%
*12%
*714
*23%
24i4
20
9,100
Jan 30
120i2 Jan
conv
May
18X8 May
May
7
100
Kelsey Hayes Wh'l
1
Jan 16
145
Kan City P & L pf ser BNo par
Kansas City Southern.No par
300
22%
12X4
*24
"566
6i2 May
May
Feb
5% conv preferred
Kayser (J) & Co
June
214 July
38
87
Kelth-Albee-Orpheum pf__100
2214
*12%
*21%
3534
*19
700
*1%
24%
2%
22 X2
314
2234
*5%
23
"240
49
91
2
3
5334 Jan 10
100
Kaufmann Dept Stores.
3
514 Feb 19
100
4% preferred
712 Nov
47% Mar
June
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn
10
100
3184
7
23%
23%
12%
12%
1214
7%
*7l8
7%
24
24
24
*2114
22
*21*4
22
11314 11314 *113X4 114
1»4
1%
1%
1%
*i2
%
h
%
2%
2%
*2%
2%
20%
20%
20% 20%
£12
12X4
*1134
12%
*18
200
4% June
21X4 Aug
2
No par
Preferred
110
10134
2
95
No par
500
6
IH4 Jan
2x8 Jan
10% Feb 19
57i2 Feb 19
1% Feb 17
36% Feb 26
38i4 Feb 21
2914 Jan 4
2514 Feb 15
1
900
101
1%
15
Jarvis (W B)
1,300
58%
Nov
25i2 Jan 14
II3I4 Jan 28
43s Feb 28
23% Feb 19
1
13
3934
*5712
58%
$6 preferred
66X2May
7i2 May
94
9
2
"""360
29
8%
Apr
136
130
50
2914
90
*7%
*28X4
Jan
158
167i2 Jan 10
7
...No par
No par
International Shoe
118
May
6X2 Jan
3X2 FeD 14
Inter Paper & Power Co.... 15
5% conv preferred
100
InternatRys of Cent AmNo par
5% preferred
100
International Silver
May
1312 Jan
157X2 Feb 20
1% Feb 15
Internat'l Mining Corp
1
Int Nickel of Canada._No par
Preferred
100
....
*84
8*4
*125
*11%
100
Jan
29
72
45X4 Feb 19
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
Intnational Salt
127
214
*180% 185
*19X2
20%
20'4
24X4
24%
2434
36
*34i4
36
Preferred
Feb
Apr
984
140
Jan 10
14614 Feb 19
Intertype Corp
No par
Island Creek Coal..........1
100
*87
9%
6,700
39
...100
40
127
7%
22
Prior preferred
16% May
Jan
Nov
23
90i2 Jan
3% Feb 17
734 Feb 14
lx2 Jan 30
Int. Business Machines.No par
Internat'l Harvester
No par
400
2,000
100
90
*57%
127
*7%
5X4 ;t 5%
*37
37%
15
1,500
10214 102X4 *101X4 102
*125
7x2
114%
No par
Interlace Iron..
..No par
Internat Agricultural..No par
Interstate Dept Stores.No par
Preferred
100
29
12%
24
6% preferred
Intercont'l Rubber
161
22% Feb 19
IIOI4 Feo24
500
*7%
29
12%
185
10
*97
No par
100
2
1%
Interchemlcal Corp
Jan 10
111% Jan 22
Feb 25
6
6%
....
1218
*X2
*12
200
400
*120%
4
*4
*4
*4
434
434
414
*16
17
17
*16
17
16*2 *16
*12%
1334
1334
*12%
1312
*12i4
13I2
102
10034 10034
102% 101 x4 10134 *100
f
g
g
714
7X4
7%
*7%
8
109% *101% 109% *101% 109% *101% 109%
15
15
16
1512 *15%
14%
14%
684
634
*612
? 6*4
*6l2
6%
6%
102
101% *100i4 10212 *10014 102X2 *101
33%
33%
3334
3334
34i8 £3318
33%
*12l4
12%
12%
12% 212*4
12%
1214
26
22%
1,700
5,600
.1
*84
90
...
22%
26%
23
*7
*1'8
24'4
22%
*2%
"166
Inspiration Cons Copper...20
Insuranshares Ctfs Inc
6%
58l2
11%
200
6
58%
*llig
No par
6
6X4
39%
102
Inland Steel Co
26
99 Feb 14
155% Feb 10
75% Feb 27
9% Feb 19
Foreign share ctfs...No par
5834
126
2214 Feb 19
100
4,600
12%
40
102
May
2*4
58*4
12%
Dec
5
~5~4o6
12
Closed-
1%
8i4
334
25
20
6i4 Jan 10
2%
2%
3914
126
4,800
159
159
159
2IX4 Jan 27
Feb 13
214
2%
2%
5884
102
"i"666
6i2
FeD 19
..No par
Jan
Apr
24i8
43i2
Dec
5
6% preferred
76%
May
June
284
19
No par
Ingersoll-Rand
12
31
Jan 10
10
2X4
2%
2X4
,/2l4
11%
Washing¬
300
4
par
...
7% preferred
...100
Inter Telep&Teleg....No par
39i2
127
M00
IndlaD Refining
Industrial Rayon...
101
76
78l2
158% 158i2 *157
29
2812
126X2 1261s *126%
102
Indianapolis P & L Co .No
*156
*156
75l2 76
10%
IO84
1034
10%
10»2
*6
*6
6l2
6i2
6%
*23
*23
23%
23%
*2238 23%
*109
IIOI4
IIOI4 *109
11014 *109
*3%
3i2
*3X4
3l2
314
4%
9
9
8%
9%
8%
834
*1%
134
134
134
*1%
134
*40
*3934 41% *39% 41%
41%
150
150
150
*148% 152!2 150
49
49
4834 49
49% 49%
2
126
:
*100
101
1,500
~
*6
*97
6i8 Feb 15
6% preferred series A...100
7%
8%
8%
8I4
7%
334
*3%
334
*3%
384
*3%
25
25
25i2 £24%
2434 -25
*130
134l8 *130
134%
134% *130
134% *130
14
1214
1234
12%
1434
1314
12%
1414
6058
61»4
6184 63%
6514
66%
62% 65l2
*112
1*4
*1%
1»4
134
134
*1%
134
*37
38
36% 37
3634 3634
36%
36%
*37
40
*37
*37
39
40
*37i2 40
29l2 29l2
*29% 29%
29%
29%
*29% 29%
*26
*25U 2712
2734
2784
27% 27X2 *26
100
100
100
Highest
$ per share $ per share
13% Jan
5% May
% per share
100
*33s
24%
*97
Illinois Central RR Co
Lowest
Highest
share
1334
5834
12
2,400
per
3934
*126%
12%
1234
3914
39%
♦llig
7
$
Par
Previous
Year 1940
1334
IOI4
1%
Lowest
Shares
Range for
20
20
*156
78X2
Range Since Jan. 1
On Basis of 100--Stare Lots
39
1H2
Exchange
7
STOCKS
EXCHANGE
Week
28
Feb.
$ per share
7
1334
381^ 38%
3912
Stock
27
6%
*1314
*5U
*100
Feb.
% per share
6%
14
3934
19i2
*155
26
*1334
*38%
4
4
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
$ per share
*312
*3l2
SHARE,
Wednesday
Sales
for
Saturday
3
24
x
Feb
Feb
Ex-dlv.
104X2 Feb 24
1384 Feb 28
14% Jan 6
20 111%« Jan 30
25x2 Jan 11
1
9
Jan
9
19
3
3384 Jan 7
934 Jan 9
2
18
3% Jan 6
19
26*4 Jan 21
y
Ex-rlght.
1234
4%
Apr
Jan
Mar
Apr
7% Mar
Jan
li2May
I6I4
514
1384
Oct
Dec
16i2 Nov
4784 Apr
1434 Apr
40%
Jan
3234
Apr
173i2 Dec
53i2
4%
30%
105
Jan
Feb
Apr
Mar
10i4
17%
Jan
29
Apr
Apr
5X4 May
3% Dec
914
47i2
12%
884
17i2May
32i2
Apr
10
93
Apr
May lllx,i» Dec
May
17ig May
5
June
26
June
Jan
Jan
Apr
Called for redemption.
New York Stock Record—Continued—Page 7
1390
March
AND
Saturday
Feb.
22
% per time
HIGH
SALE PRICES-PER SHARE,
Range for Previous
Tuesday
Monday
Feb.
Feb.
24
$ per share
*6
Feb.
$ per share
6%
*105% 107
*105% 106%
8
8
734
.734
78
*70%
*70% 78
68
70
68
*66%
30
30
29% 29%
3*8
3%
3%
3%
24
2334
24%
23%
18
17%
17%
*17%
30
7%
13%
32
122% 123
7%
7%
7%
13%
32
30
30
30%
14
14%
32%
122% 123
*32
43
43
43
107% 108
108
108
*42
3%
*3
60
*54
*%
%
*14%
78%
%
15%
79%
1%
1%
%
*%
*14%
15%
*79%
7934
7%
734
14%
14%
32%
*32
124
31
*7l2
734
14J8
14%
32i2
12412
*32
124
124
43
*42
43
119
3%
*%
58%
9%
%
1%
17«
134
*18
*%2
»1«
%
15%
*»!«
*13%
147g
797g
*%
*14%
7934
63
9l2
58
7934
79%
912
r
118
20
*3%
116
*48
50
48
48
48
48
*10
11
*10%
11
11
11
63
63
65%
*111
5%
45%
4%
65%
111%
Closed—
Washing¬
ton's
Birthday
6
46
45%
4%
16
18%
Exchange
65
111
6
16
Stock
65
111
4%
19%
48
46%
4%
*4634
4%
48
16%
16
16
4%
16
20%
20
20%
6
6%
4634
4%
88
*82
88
*82
Mission Corp..
400
Mo-Kan-Texas RR
56%
5%
56%
66%
5%
5%
6
9
*8%
438
*9%
*9
9
9
44
44
44
4334
45%
4%
4334
*43%
44
173s
166
*5%
*7%
1312
89l2
16
13
10
13%
53s
8
21
22
*85
*1434
*1258
*958
*13
*1214
14
7
4%
4%
10
*83g
9%
44%
45%
44%
*44%
4-%
*9%
3,100
"l'ooo
17%
2,900
170
13
13
300
*85
*1434
1234
9%
13%
*5%
*7%
20%
*12%
7%
*82
89%
16
1234
9%
13%
5%
*105
3234
12-%
*12%
27%
*22%
*4t|
,
*9%
111
111
*109
111
111
115
115
*105
115
*105
*49
51
*49%
51
*49%
*316
%
*»ji
2534
*28%
*200
%
%
2034
29%
207
109% 109%
15
15%
50
*55%
54
6
%
26%
*27%
*200
109
2634
29
206
*55%
54%
14
*96%
29%
*201 r 205
110%
15
15%
56
56
56
54%
14%
54%
14%
54%
14%
*96%
9834
6%
99
6
6%
6%
113% *113
*36
3734
*36
*2%
2%
*25
2934
1334
*13
6%
*1434
7
15%
113% *113
37% *36
2%
2%
*25
2934 *25
*13
1334 *13%
7
7%
6%
15%
15% *15%
2%
9
9%
9
114
9
3
9%
3
16
15%
15%
*145% 147
*145% 147
16
*284
15%
8
8%
47%
8%
3
*145% 147
46%
8%
48
48
46%
22% *21
21%
*51
51% *51
51% *51
51%
*116% 120
*116% 120
*116% 120
42
4234
43
42% 4234
4278
8
8
7%
7%
8
7%
3
3
*2%
*23g
3
*2%
13
13
13
*11%
13
1234
5%
5%
5%
5%
5%
534
10%
10%
1084 IO84 *1034 11%
26% 20%
26% 26%
26% 26'4
36%
30%
30% 30%
36% 36%
11%
11%
11%
11%
11%
11%
•
Bid and asked
22
prices;
*21%
no
sales
on
this day.
27%
28%
2784
28%
*96
6
99
113
3734
*2
2%
2934
1384
*25
*13%
678
15
8%
100
1334
*96
67g
15
9
37
4
June
15384
Dec
27
Jan
48
May
4% May
8
May
48
Aug
49% Nov
8% Apr
10% Apr
10% June
25% Mar
14
72
July
36
May
100
June
1,700
2,000
4,500
107
Feb 14
25% Feb 19
6% Feb 14
2034 Feb 14
110
Jan 17
17,400
884 Jan
2734 Jan
6
2
6% May
23% Nov
10534 Nov
14%
Feb
2724
Dec
Dec
Jan
6
45
Jan
6
1134 Feb 19
700
100
100
"""460
2,000
100
12,600
100
""290
9,900
100
25
Feb 14
NYC Omnibus Cor p..No par
New York Dock..!
No par
22
Feb 19
6% preferred series A
7,200
"5", 000
200
20
""i00
07g
15%
2,500
8%
97%
8%
3,200
400
260
1,000
2,100
50
2,100
4% Feb 15
33% Jan 10
24% Jan 6
684 Jan 7
20% May
3% May
12
Jan 14
112
Jan
7
104
May
Feb 24
115
Feb 24
110
Jan
4
51
Jan 24
45
Apr
June
North
American Co
47
Jan
6
%« Jan
3
Jan
2
175
May
2
105
May
117
53% Feb 4
12% Feb 14
96% Feb 19
534 Feb 14
57%
17%
96%
7%
50
100
Jan 15
Feb 15
3
Jan
39
27
par
-.6
100
8% Feb 27
97% I)eb28
...No par
No par
No par
3
Feb 19
15% Feb 14
145% Feb 20
7% Feb 15
42% Feb 19
21% Feb 28
100
Feb 19
Jan 9
1
Feb 14
234 Jan 11
7
Jan 13
Feb 19
Feb 19
Feb
6
Jan 20
Jan 10
113% Feb
25%
12%
684
1384
Pharmacal Co..2.50
Jan 11
Owens-Illinois Glass Co.12.50
Pacific Amer Fisheries Inc.—6
15
May
2634
Jan
84% June
97%
Dec
4% May
101
May
27
May
9%
Jan
2% May
25% Aug
11
Dec
083 June
9
10% May'
7% May
104% Jan 7
3% Jan 10
1734 Jan 8
150
Jan 11
95
May
2% May
11% June
12434 June
10% Jan 10
7
53% Jan 10
26% Jan 0
114
Sept
39
Nov
5%
Jan
42% Jan
16% May
834 May
23% Apr
14% Mar
112
5%
18%
150
Mar
Apr
Jan
Dec
51
Jan
6
55
Jan 17
May
12%
21
May
47
19
June
3234
Apr
May
55
Jan
120
47
40% Feb 20
7% Feb 18
2% Feb 15
10
49% Jan
9% Jan
42
3% Jan
2
May
8
May
No par
11
Feb 17
16
5
Feb 19
7% Jan
11% Jan 28
28% Jan 24
Pacific Finance Corp (Call).10
10% Feb 14
25% Feb 15
36% Feb 19
25
No par
—.No var
11
x
Feb 19
Ex-div.
y
Jan
8
40
Jan
14
Jan 10
Ex-rights.
Jan
Nov
Jan
June
64%
Jan
484 June
No par
Cash sale,
Jan
6
1st preferred
r
Jan
58
6
2d preferred
New stock,
Jan
59
10
110
»
23%
7% Jan
18% Jan
Jan
Dec
14% May
47% May
47% May
7
300
Pacific Ltg Corp
Pacific Mills
May
1384 Feb
100
Pacific Gas & Electric
20
115% May
No par
Pacific Coast Co
Jan
Jan
5834 Jan
1,100
3184
Jan 25
2
Preferred
%
Jan
117
34
Otis Steel Co
Jan
Oct
Dec
13%
215
111
6% preferred
2
%
%»
Feb 25
55% Feb 17
Otis Elevator
Apr
115% Mar
117% Aug
58% Nov
% Jan
Feb 19
173g Jan 10
8% preferred A
Oppenheim Collins.
Dec
Apr
109
1
No
%#
Jan
8%
12%
200
Norwalk Tire & Rubber No par
Preferred
...50
Oliver Farm Equip
Feb 6
Jan 10
Jan 4
Jan 8
434 May
Jan
33% Mar
Dec
35% Apr
226% May
24% Feb 14
27% Jan 31
North States Pow $5 pf No par
N orthwestern Telegraph
50
Ohio Oil Co..
138
%
30%
3234
50
50
Northern Central Ry Co
Northern Pacific Ry
Omnibus Corp (The)—
% Jan 13
1434 Feb 27
North Amer Aviation
Norwich
Jan 10
10
3,200
Def. delivery.
39
May
Feb 14
9
par
$5.50 conv 1st pref..No par
900
Jan
15
111
No
pref
Outboard Marine & Mfg
5
Outlet Co
No var
200
Jan
18%
21%
115
non-cum
100
5,100
1,700
50
50
10%
300
100
15% Jan 10
15% Jan 10
110%
30% May
9% May
8% May
—-50
N Y Lack & West Ry Co.. 100
$N Y N H & Hartford
100
Conv preferred
.100
{N Y Ontario & Western.. 100
N Y Shlpbldg Corp part stk—1
Noblitt-Sparks Indus Ino
5
Norfolk & Western Ry
100
Adjust 4% preferred
100
5% preferred
N Y & Harlem RR Co
Jan
Dec
110
"T.SOO
Apr
30%
Feb 18
New York Central
Apr
20% July
3284 Feb 18
11% Feb 19
107
91
53%
110
8
-No par
No par
N Y Air Brake..
May
Nov
3134 Jan
N Y Chic & St Louis Co—.100
**""600
Jan
7334 Jan
934 Jan
143g May
3% Jan
7% May
8% Oct
79% Feb 10
45% Jan 16
20
8%
34
4%% conv serial pref...100
Newberry Co (J J):
No par
5% pref series A
100
Newmont Mining Corp
10
Newport Industries
1
N' port NewB Ship & Dry Dock 1
85 conv preferred
No par
2
3884 Sept
26% May
Jan 23
42% Jan
Jan
Apr
132
13% May
y28\ Dec
5% May
77
6
96
22%
Dec
Jan 18
Jan
20% Jan
16% Jan
13% Mar
18% Apr
73g Nov
734 Oct
26% Apr
15% Jan
12% Jan
176
9
13%
a
10% Jan
v
May
16
13%
67g
*15%
{ In receivership,
6
June
14% May
Feb 19
5M pref series
102%
99%
3
3
3
16
16% ®16%
16'
147
145% 145% *144
8%
8%
85g
8%
*43% 46
*43% 46
*21% 21%
21% 21%
*51
51% *51
51%
*116% 120
*116% 120
43
4334
43% 437g
778
778
*734
8
3
3
*284
3
13
13
*1134
14
534
534
5%
6
*1034 11% *1034 11%
26% 26%
26% 26S4
37
36% 36%
37%
12
12
11% 11%
Feb
5
Jan
*160
Feb 17
2%
2934
*2%
10% Jan 10
7% June
5% May
66
8
200
*25
3
June
13
6% preferred series
37
Jan
May
5% May
par
700
*112% 114
Jan 15
23% Jan 10
3
17
No
5634
6%
6
2
11% June
Nehi Corp
200
14%
Jan
Oct
934 May
6
May
Neisner Bros Inc.—.———1
99
6
1734 Jan
Nov
15%
Natomas Co
55
55
6%
*36
16
Jan 16
8% Jan 13
93% Jan 10
31
Apr
Apr
8% Jan 14
24% Jan 11
16
24%
99%
Jan 15
11
Dec
100
4
834 Sept
Sept
June
200
205
109% 109%
*284
16%
8%
27%
29
Jan
No par
No par
9% Feb
Feb
22% Jan
2384 Dec
86
6
48% Jan 28
48% Jan 28
200
Apr
7%
June
Jan
Feb 14
4% Jan 16
53
334 May
Apr
Feb 19
National Tea Co..
Mar
111% Dec
8% Nov
19
43
2,500
83
May
12% Dec
41
51
26%
*2778
8% May
56
97% May
Jan
5% Nov
56% Nov
1534 Mar
20
Feb 24
68% Jan 6
6% Jan 10
46
484
2% May
May
Apr
Apr
Dec
55% Feb 19
478 Feb 19
8% Feb 19
.40
16
18%
26%
May
May
176
7% Jan 14
.
Feb
Oct
June
Feb 19
5H% prior preferred—.100
6% prior preferred
100
30%
16%
6
$2 conv preferred
Feb
155
Jan
No par
170
7 32
Jan
Feb 19
600
Jan
45
16%
17% Feb 15
—25
56
10
26
National Steel Corp..
July
122
May
May
June
May
9
4
800
119
May
5% July
7% June
National Oil Products Co
National Pow & Lt
May
Jan
Nat Mall & St'l Cast Co No par
2,600
110
113%
3184
33%
21%
8%
Jan
200
National Supply (The) Pa.. 10
*%».
*55%
15% Feb 14
Jan
May
9
200
2,800
1,010
53
93
%
113
3734
2%
2984
1384
7%
15%
*10212 104% *102% 104% *102% 104%
3
50
Feb 21
119
10%
18%
175%
13%
88%
154
7% preferred A
6% preferred B
200
Jan 30
6% Feb 19
1
Co
Jan
Nov
13%
Feb 13
12
Nat Enam & Stamping No par
45
15
Feb 14
9% May
2338 Jan
145
45
*200
20
No par
Jan
Jan
%
19%
June
176
%
11038
15%
25
54%
13% 14
10
Jan
*79
11
14% Jan 10
6% Jan 14
4
1%
4«4
%
Dec
% June
41
7% Jan
Apr
64% Dec
1134 Nov
%« Dec
51% Jan 27
5% Jan 4
2
Jan
484
•i« Dec
1%
Apr
110
7% May
20% Jan 28
13
Feb
54
May
May
17% Jan 15
13% Jan 11
4% Feb 15
7% Feb 14
26
4
Jan 28
%
%
202
Feb 19
15% Feb 13
12% Feb 15
9% Feb 20
No par
Nat Distillers Prod
Feb 14
June
Dec
124% Dec
2% May
8% Jan 11
172
,31«
1434
*55%
54%
86
-.100
11% Jan 23
71% Jan 16
100
100
%
110
12% Jan 30
6
Jan 15
112
lJOO
%
"ie
*200
110
15%
100
7% preferred
Nat Bond & Invest Co .No par
Feb 14
4% Jan
87
5634
73J
166
95
12
$4.50 conv preferred.No par
National Lead Co
10
10
*28%
National Biscuit Co
Feb 17
7% Feb 15
1634 Feb 19
May
12% Apr
17% May
45
33% May
15
Nat Gypsum
100
40
26%
.5
10
103
4
2,800
6684
5%
9%
*—
7
10
6% conv preferred—
Nat Aviation Corp
*38% Dec
6
7%
115
%
27%
5% Feb 15
Co
May
Jan
67
Feb
28% May
24
173g Jan
1,500
111
51
12
,
26
May
Aug
24% Jan 13
2078
14
*109
*48
Nat Automotive Fibres Inc._l
Acme
6% preferred
*105
%
1
National
Nat Dept Stores
111
%
Jan 14
4% Feb 14
14% Jan 3
17% Feb 19
National Cylinder Gas Co.. .1
Nat Dairy Products..-No par
*105% 115
51
8
5% Feb 14
45% Feb 24
—
200
*109
34
*%a
8
Feb 20
5% pref series A
88
45%
Jan
39% Jan
10
Nat Cash Register.....No par
115
109%
15%
14%
99
34
*331
6%
*113
*45%
*20%
9
44%
45%
4
10
Jan 31
120
62% Feb 28
111
Nat Bond & Share Corp No par
111
*3i«
*%
54%
13%
*96%
8
9
44%
*44%
438
*9%
8%
117
Feb 19
Munsingwear Inc.
8
10
10
*934
978
9%
884
*8%
*8%
834
834
8%
*884
15
*14
15
14
15
14
*14%
*14%
78
*75% 78
*75% 78
*75% 78
*75% 78
44% *42% 44% *42% 44%
*42% 44% *42% 44%
108% ¥10634 108% *1O034 108% *10634 108% *10634 108%
27
*27
2034
27%
27%
*26% 27%
*26% 27%
0%
6%
034
6 34
634
6%
678
6%
6
22%
22%
22%
23
23
22% 23%
2278 23%
100% *105
1O034 *105
1O034 *105
10684 *105
10684
33
36
33% 33% *34%
34% 34% *34% 36
12%
12%
12%
12%
12%
12% 1234
12%
1234
13
13
13
*1284
*12%
*12%
13
*12% 13
28
27%
28%
28% 2834
29
2734 28%
29%
23
23
*22%
22% 22%
22% 22%
22% 22%
5
5
5
5
*4%
5
*4%
*4%
5%
10
10
10
*9%
*9
10
*9%
10
10
8%
*75%
*42%
108%
26%
6%
2134
3
5%
3
6
Feb 19
1,500
7,100
Jan
3
Murphy Co (G C)
100
15
*1334
9
5034
600
834
*166
7
88
56%
5%
4%
500
8
*1234
5%
100
7
Feb
46
Nashv Chatt & St Louis...100
100
500
15
B——1
180
*7%
8%
17%
1714
57%
$7 preferred.
2,900
•
6
Feb 18
88% Jan
Feb 14
—No par
Mull ins Mfg Co class
""116
48
4%
♦82
56%.
*5%
Mueller Brass Co
May
10
% Jan
9
Jan
13% Feb 15
5
1
Motor Wheel Corp
*46%
4%
1%
5%
8% Feb 17
15% Feb 21
19% Feb 14
400
4684
4%
16
16
16%
15%
15%
16%
16% 16%
16%
16%
176
*173
176
174% 174% *173
*170
175
173
173
140
147
147
145
145
*145% 147% 146
*145
150
*1884
19% *19%
1934 *19%
1934
19%
19% *19
19%
28
28
*27
28
*2634
*2034
28
27% 27%
6%
6%
6%
6%
6%
6%
6%
6%
6%
56
4
2,000
*5%
166
88
Jan
6%
9l2
*16 Jan 14
4
23
6%
5%
8
2% Jan 10
77
No par
No par
5% preferred—
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
Nash-Kelvinator Corp..
.5
558
2
»n Feb 10
Jan
43% Jan 23
26% Jan 10
3%
1934
% Jan 11
1% Jan
Motor Products Corp..No par
19%
11
4
3
100
21
16
3
Jan
330
16
*7%
*8%
9% Feb
3g Jan
41
800
16
Jan 13
Feb 19
1,100
48
Jan 16
4% Jan 11
35
984
*314
110
118
l!e%
21
Jan 14
45% Jan 10
115
30
934
.
125
May
May
34% Mar
6% Jan
6% May
67
%
85
82
11% May
23% May
Feb 14
56
Feb
6
Preferred series B—No par
"i",200
*1534
23
9% Jan
Feb 19
9% Jan
108% Dec
14% May
Feb
May
15% Jan 24
38% Jan 9
13% Feb 20
Montg Ward & Co. Inc_Aro par
Morrell (J) & Co
No par
Morris <fc Essex
50
*40
Feb 19
Jan 15
50
15
37
41%
23%
37
II,500
""§06
118
36%
Feb 17
7% preferred series A—100
{Missouri Pacific RR
100
6% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
$4,50 preferred
No par
2,400
79%
Feb 14
29
No par
193s
6
5%
5%
*5%
5%
5%
734
*7%
7'%
*7%
*7%
7%
8%
8%
8%
884
8-%
87g
17%
17%
17%
17%
17%
17%
170% *165
*101% 170% *165
170%
*13
13%
13%
13%
13%
13%
*85
89% *85
89% *85
89%
16
*14%
*14%
16%
16%
*14%
13
13
12%
*12%
*125g 13
10
9%
*9%
*9%
9%
*9%
13%
13%
13%
13%
13%
13%
*5
*5%
5%
5%
*5%
5%
8
8
8
*7%
*7%
*7%
22
22
2134
2I84
213.4 22
14
14%
*12%
*13%
13%
13%
7
6%
7%
7%
7%
7%
*82
300
1
$6.50 preferred
6%
6%
14
Feb 14
8% cum 1st pref
100 122
41% Jan 2
Minn-Honeywell Regu.No par
4% conv pref series B—100 *107% Feb 19
3
Feb 18
Minn Moline Power Impt—1
10
119
47
48
7
30
4
33% Jan 10
4% Jan 3
25% Jan 10
18% Jan 13
3% Feb 15
2134 Feb 15
No par
10
118
64
53%
24%
2%
11%
5
$5.50 pref ser B w
Melville Shoe Corp
100
*116
Jan 10
Feb
Mid-Continent Petroleum—10
Midland Steel Prod
No par
60
%
75
Miami Copper
500
3%
May
7% May
70
800
100
120
May
90
Feo 17
71
5
1,100
5
9
Jan 13
9
66% Jan 14
29% Feb 14
Mesta Machine Co.—
780
7% Jan 15
109% Jan
Highest
$ per share $ per share
$ per share
7% Feb 14
No par
400
500
2
79%
-100 *105% Jan 23
preferred
200
*%»
*14%
1
McLellan Stores Co
6% conv
Mead Corp
Year 1940
Lowest
Highest
$ per share
6
Feb 15
preferred series A.No par
w.No par
1
Mengel Co (The)
1
5% conv 1st pref
50
Merch & M'n Trans Co.No par
I,100
100
*10
IO84 *10
107«
62l2 6212
62% 62%
*110l2 112
*110% 112
*110% 112
6%
*15
1934
119
*116
*9%
%
Par
$6
""160
62
2
118
118% *116
118% *110
118% *116
37
36%
36% 37%
37%
3612 36%
41
41
41%
*40% 41% *41
41%
23
23%
23% 23%
23%
23%
23%
9
9
9
9
8%
9%
9%
16
16
10%
157S
1584
16%
16%
20
*20% 20% *20% 207g
20% 20%
*3%
3%
3%
*3%
3%
*3%
3%
116
*56
2
*116
50
30%
14
9%
*56
900
1,000
43
10812 108l2 *108
3%
3%
3%
3%
Lowest
Shares
*73g
734
14%
14%
*3J% 32%
123% 124
*42
Range Since Jan. 1
On Basis of 100'Share Lots
EXCHANGE
Week
$ per share
30%
*116
36%
*40%
23%
8%
15%
*116
*30
*%a
9%
%
*%i
3g
*%«
31
58%
*%
134
*9%
*30
*108
60
9%
9%
%
1%
3%
*55
$ per share
28
*0%
6I2
6%
6%
105% 105% *106
10014 *106
106%
7%
*7%
8%
8%
*70% 78
*70% 78
*70% 78
70
*63% 70%
*63% 68% *635s
29% 30
*29% 30%
*29% 30
3%
3%
*3U
3%
33g
3%
25
25%
25%
2514
25% 25%
18
18
18
*1714
*17%
18%
*42%
3%
Fell.
Feb. 27
$ per share
6%
6%
6%
6%
Friday
26
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Wednesday
25
Sales
for
LOW
10%
684
23%
Apr
3% May
9% May
25% May
33
May
8
May
Jan
12%
Feb
Jan
14
Apr
34%
Apr
50
Jan
16%
Jan
H Called tor redemption.
Volume
LOW
AND
New York Stock Record-Continued—Page 8
152
HIGH
SALE
PRICES—PER
SHARE.
NOT PER CENT
1391
Monday
Tuesday
Feb.
22
Feb.
Feb.
per
share
$
24
S per share
*116% 120
*150% 152
3%
3%
:
*5%
2%
8
•i#
32
26
Feb.
$ per share
118
27
*117
*%
%
*30
32
102% *101
%
*%
*30%
10234 *101
31
121
10234
%
101
$ per share
'rj,
121
10
120
3%
31%
101
11
10%
11
10%
10%
97%
98
98
9734
*10%
10%
10%
98%
10%
*97
10%
1534
1534
*15
15%
*15
*15
1%
28%
1534
1%
2838
18%
/
■
•!'
8%
'v
18%
%
8%
8%
»I6
"i6
8%
8%
8
8%
8%
*8
1%
2734
18
*17%
1
h
8%
8%
,
'?
*17%
8%
8%
27%
18
1%
27%
*17%
*%
*1%
27%
1%
28
44%
45
44%
45%
77
77
7734
44%
7734
44%
7634
*2
2%
2%
2%
*2%
*36%
38
*12
13%
*2
2%
*2%
2%
2%
2%
*36%
39
*36%
*12
13%
*12
3834
13%
*112
■'mm
mm
22%
22
3934
*138
*112
3934
*7%
46
21%
22
*20%
21
6
6%
7%
29%
42%
*7%
29%
*40%
2%
7%
45%
22%
7%
46%
22%
*2034
22%
21
*6
*7%
43
80
80
*81%
82%
11
11
*10%
77
*76%
11%
77%
,at
XXfc
4334
77
1,000
2,700
22%
40%
*1%
*7%
4334
2%
*2%
m
$7
mm
—
22%
23
*2034
21
6%
*7
7%
29
29
41%
42
7%
*82
76
mm
mm,
6
200
430
190
Pet Milk Co
*7
7%
'm'mmm
*80
-
76
60
11
300
1,500
76%
764
Jan
2% Mar
12% Mar
10% May
48
Jan
43
Dec
87
Jan
71
June
234 Jan
138 May
3% Jan
1% May
II34 May
44
Jan
13
Jan 17
Feb 14
2
15
May
25% Nov
15
May
23
Nov
May
43
Nov
1%
5%
17%
11%
June
15
7
Feb 15
938 Jan 11
42i4 Feb 15
51% Jan 28
28% Jan 28
20% Feb 14
Jan 31
6
Jan 31
7
Feb
23
2
21
4
46% Dec
16% Jan
24% Jan 27
43% Jan 23
Feb 14
li2 Feb 20
5
934 June
62% Jan
96% May
4% Jan
112% Jan 28
24% Jan 10
112% Jan 28
No par
23% Nov
5% June
6
Jan 30
3634 Jan
Feb
2% Nov
44% Apr
912 Jan
Feb 20
100
Deo
Nov
34 May
Feb 19
22
11%
18
5% May
2
21
99
4
12
5
May
29% Dec
13% May
36
100
50
Jan
6% May
May
138 May
Jan
June
1
Feb 14
Jan 27
22% Jan
6% Jan
6
6
May
4%
Jan
May
May
29%
May
534
13% Apr
4634 Dec
24
Dec
Apr
Apr
8% Nov
10% Feb
40% Jan
2718 Feb 14
4012 Feb 18
3578 Jan
2
44% Feb
1
6% May
25% June
37% May
47
79
87
9
70
June
87% Deo
Philco Corp
400
83
15
10
45% Apr
105% Dec
10% Deo
Pfeiffer Brewing Co
No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
S6 preferred
No par
m
s'ibo
29%
41%
Jan 31
4% May
7
1
134 Feb 15
Petroleum Corp of Amer
1,300
6%
64
Sept
4% Mar
25% Apr
934 Jan 10
4334 Feb 27
7434 Feb 20
JPeoria & Eastern Ry Co..100
Pere Marquette Ry Co
100
5% prior preferred.
100
5% preferred....100
*.
45%
11
75%
L
9
29%
41%
83
11
2%
Jan 10
Jan 10
Jan 9
No par
Pennsylvania RR
Peoples Drug Stores Inc
Peoples GL&CC (Chic)
2,400
99
No par
5% preferred
—
500
Jan
30% Jan 10
20% Jan 6
7% Feb 14
10
Jan 11
No par
pref ser A
conv
Penn G1 Sand Corp
15", 000
41
21
9
44
22
Penn-Dixle Cement
100
mmmmmm
2
Feb 19
par
Penn Coal & Coke Corp
-
23%
23%
40
No
3
Jan 15
8
No par
Penney (J C) Co
200
2%
2234
*22%
Penick & Ford
100
2%
*1%
*7%
44%
*21%
6
76%
2.50
May
684
7% Jan
8% Nov
10% Feb
12% Jan 10
1134
7234 Feb
80
68
Dec
May
14% Nov
97% May
Philip Morris
he 206,000
...3
10
& Co Ltd
778 Jan 23
Feb 20
132 Feb
Rights...
Jan
Jan
7
Jan
764 Feb 26
'
Stock
*5% X6^
*534
61
61
62
62
3534
36%
3%
49%
3534
36%
3%
*41
*21%
22
22
*72
Exchange
7434
5
74
*234
Closed—
Washing¬
*4%
ton's
*31%
47
34%
62%
*10%
36%
3%
*234
*5%
6%
*63
68
36
3534
*234
36
3%
1
*41
22
*21%
*21%
22
*21%
74
74
*72
75
5
7434
5%
7434
5
32
32%
434
32%
32%
7%
78
*4%
31%
31%
12
12%
170
*165
12
12
12
12
12
177% *172% 177% *173
175
*11
*165
5%
5%
&<Ti
7%
49
50
50
34%
35
62%
10%
5%
7%
35%
*7%
5034
35
35%
5%
734
51%
J0%
*158%
%
*%
14% *14%
35
63
1034
10%
*158%
10%
•
-
»
*1734
1934
*17%
1934
*17%
*6%
6%
*638
5%
*5
6%
5%
6%
*478
934
10%
10
10%
10%
*10
11%
*10
11%
*10%
11%
*10
11%
*31
36
*31
36
*31
36
*31
36
52
52
52
5178 52%
118% 118%
26% 26%
104% 104%
5134
51%
*117% 119% *117% 119% *117% 119%
26
26%
2634
26%
26%
26%
105
104% 104% *104% 105% 105
*118
121
*118
121
118
*128
131
*128% 131
130
*150
152
118
151
*150% 152
*114% 118
*114% 118
*114% 118
24
24
24
23%
24%
24%
7%
7%
7%
738
7%
7%
95
95
95
80I.1
4%
4
4% X 4
'mm
m m
*80
57
41
*24
*
-
w
-
*80
57
3%
*40%
19%
13%
'
26
57
3%
*40%
41
*40%
19'%
*18%
19%
19%
13%
13%
*25
3%
19%
13%
22
2
25%
*23%
25
*8%
*9%
*8%
11%
8%
8%
*57%
*51%
60%
60%
*51%
*1
18%
101
*91%
55
*7%
*10
*1
1%
10
11%
2
9%
10%
*61
64
*51%
55
1%
19
1938
101
101%
*1
94
Apr
150
Feb 21
158%
117%
27%
8%
101%
Feb 11
143
May
165
Apr
Jan 25
114%
Oct
118
Jan
24
7%
24%
73s
24
-7%
Pub Ser El & Gas pf J5.No par
7%
95
8% Feb 25
4%
4%
4%
4%
9,600
Radio Corp of
4
300
*80
57%
57%
3%
3%
*40%
*18%
*14%
41
19%
14
*12%
24
m
27%
13%
24%
m
~
22
100
500
24
300
2
22%
24%
*23
'm m
m
m
m-
''-'m
2
*1%
m
m'm
m
m
m
*37
8
3234
32%
32%
52
52
44
*35
44
*38
834
5%
16%
11
44
*3g
%
33%
33%
*»„
%
*2J2
%
*%»
: *%•
S16
*%#
%6
*%«
6ie
*4
38%
8
*4
38%
111% 111%
39
3834
38%
111
8
38%
111%
3934
40%
*4
*38
Jan
8
26
Jan 10
21
Jan
7
24
Jan 1?
Feb 14
2
95
£00
9
100
7%
32%
7%
7%
32%
52
834
8%
834
*8
9
30
134 May
C** May
2
Apr
1
May
14
May
70% May
Jan 13
Jan
7% May
17% July
1
113
Jan
70
June
65% Feb 21
73
Jan
39
May
Feb 15
13% Jan
Feb 26
94% Jan 16
7
Feb 19
3134 Feb 18
conv
52
...
Jan 17
10% Jan
6
34% Jan 7
53% Jan 13
Jan 22
8%
8%
4,700
Richfield Oil Corp
No par
714 Feb 14
9
300
Ritter Dental Mfg
No par
6% Feb 14
5%
9% Jan 27
534 Jan 16
60
May
8% May
75% Mar
6% May
30% Dec
Roan Antelope Copper
eoo
Ruberoid Co (The)
Mines.
No par
434 Feb 15
15l2 Jan 30
300
Rustless Iron & Steel Corp.—1
43
*38
934 Feb 15
43i4 Feb 21
4834 Jan 14
12% Dec
45% Oct
38 Dec
Feb 27
38% Jan 10
26
$2.50 conv preferred.No par
43
*%
%
32%
1,600
%
%
*%2
%
*%#
»16
*%#
616
^Rutland RR 7% pref
100
*2
3
8
*4
8
38
38
110% 111%
*40% 41%
*2
8
m
m
m
St. Joseph Lead—.
38%
38%
110% 111
x40%
41%
J In receivership,
m
"700
Safeway Stores
340
2,600
z32
%« Jan
%
6% preferred——*
100
JSt Louis Southwestern...100
5% preferred
100
mm m
mm
100
—10
JSt Louis-San Francisco... 100
3
*4
mmm
5% preferred
Savage Arms Corp
d Del. delivery.
» New stock,
r
.No par
100
No par
Cash sale.
Jan
7
4
2% Jan 18
11% Nov
44
56
Aug
May
37
x
Feb 19
Ex-dlv.
y
Oct
June
12
Jan
Feb
22% Apr
15% Nov
48% Nov
13g
42
Feb
Jan
8
%»
Dec
%
Jan
®ie Jan 17
3
Feb
3
%
Oct
%
Jan
May
% Feb
2
Jan
5
3
37% Feb 19
109% Feb 17
May
7%
200
32%
Dec
Feb
Apr
May
11
h
32%
74%
15%
96%
Jan
Apr
Nov
9% Nov
16
3
117
Dec
May
16
4
97%
1434
30%
5%
434
3%
11%
*10%
Jan
24% Nov
10534 Sept
May
5%
17
Jan
52
16%
10%
13% Jan
Jan
Jan
Jan
10
Mar
834 Nov
Dec
11
Feb
Oct
Jan
Feb
69
May
97
101
4%
63%
6
50
*5
z32
27
23
z37% June
24
3
Apr
Feb
16
*5
23
29% May
37% May
17% Apr
13%
10%
Feo 13
1912
Apr
Dec
Aug
May
Feb 13
Reynolds (R J) Tob class B.10
Common...
....10
3,100
52
Jan
Jan 10
89
Yi%
334
43% Dec
8
pref erred... 100
Reynolds Spring
1
700
32%
53
32%
89%
9% May
1934 June
May
17
Feb 19
100
preferred
May
8
100
5
15% May
13% May
24
91
Reynolds Metals Co—No par
100
June
5
5)4%
""166
2% Nov
34
A.100
7% preferred
:
--
11%
90
90
3834
111% 11138
41%
41%
100
1
10
Class A
mmmmmm
"
69
12% Jan
978 Feb 27
8% Feb 4
6% conv prior pref ser
Revere Copper & Brass
9
48% May
13
1% Jan 11
1,100
19,000
90
55
2234 Jan 6
101% Feb 10
1%
19%
101%
Apr
Apr
Apr
Dec
Feb 14
.......
Feb
7%
June
Jan 31
9,300
Feb
4% May
5
Jan 27
7
May
15%
15%
xi
8
Remington-Rarid
200
89
June
2834 Feb
9% Jan
734 Jan 21
1
1
19%
*101
11
9
Jan
9% Sept
Feb 19
23
1st pref..100
Corp...No par
Reliance Mfg Co
10
tirnmmm'm
73% May
1% Jan 11
Reliable Stores
■■
June
11% May
1% Feb 10
1634 Feb 14
*3g
3
Bid and asked prices; no sales on tbls day.
Jan
100%
%
*2
Jan 23
17
28% Jan 14
1434 Jan 10
Feb 14
Reo Motors v t C—————.1
1%
19%
101
*38
%
34%
3
20
Feb 15
Feb 18
Republic Steel Corp—No par
6% conv preferred...... 100
1
1834
*10%
*%
*2
1812
1234
24l2
12'%
23i4
2
10% Feb 26
67% Jan 23
*8
8%
3334
3
2
Feb 15
60
7%
%
*2
3% Jan
43% Jan
40
conv
Feb 19
*52
34%
*%
34
1
"Jan "2
Feb 13
*8%
60
11
Feb
62%
51
*11
*5
20
60
*60
*16%
3%
"Feb
Preferred with warrants..25
11
5%
5612
Rensselaer & Sara RR Co..100
66
11
4
300
*1034
89%
*7%
16%
4% Jan
^mrnmrn'm-
*60
16
Jan 17
10
11
*5
10
55
89
*10%
90% Jan 10
11% Jan 11
63
66
434
97% May
9%
10%
10%
84
*60%
89
16
1st vret..No par
Rels (Robt) & Co
30
7%
66
.10%
8
*51%
*10
8
*60
*8
9
55
9%
9%
8
*7%
11
8%
Jan
Jan
32%
61
7%
91
7%
Jan
May
16% May
634 Oct
10
66
8%
9
90
Preferred-100
24%
;
Feb 15
Jan
*7'%
*7%
9%
934
11
8%
'
2
Jan 11
par
1
preferred
..100
Raybestos Manhattan.No par
Rayonier Inc
....1
$3 preferred.........—25
Reading Company...
.50
4% 1st preferred.....—.50
4% 2d preferred...—
50
Real Silk Hosiery
5
6%
600
13%
24
conv
par
Radio-Keith-Orphetun
200
14%
*12%
$3.50
mmm
mm
19
*21
*88
8%
*734
m
28
*26
*60
8%
m
700
3%
41
66
8%
7%
434
*15%
m
Amer...No
?5 preferred B.
No
800
57%
103
/
Jan
Quaker State Oil Ref Corp.. 10
*102
8
Feb 15
10%
500
103
8%
8334
1,700
9%
11
*102
*7%
32%
Feb 21
84%
103
*52
5;
*8%
103
7%
Feb 14
84%
*10%
103
60
7
par
9%
*101
32%
No
...
11%
101
734
32%
Pure Oil (The) :
500
95
*52
2212 Feb 14
*834
21
1034
116% Feb 15
No par
Pullman Inc..
6% preferred
100
6% conv preferred...—.100
Purity Bakeries. —.—.JVo par
101
:
40
3,100
3,100
24%
*92%
*8%
91
Apr
Mar
*20
*88
Jan
43%
115%
145
21
"1634
118%
128
*20
*
June
June
*92%
9
53
110% May
22
*8%
Jan 20
2512 Feb 21
126
*19
9
6
14% Jan
1434 Jan
45% Nov
7134 Apr
4
21
*8%
100
13% Jan
4034 Jan
Deo
Jan
*19
*92%
July
112% May
2838 Dec
Jan21
Feb 13
117>8
Jan
8
137
101
101%
94
94
5% pf (ser of Feb 1 '29).100
1234
2
12
Pub Serv Corp of N J. .No par
20%
434 Oct
6% May
6% May
21
May
123% Jan 15
21
9
6
Jan
5% May
Feb 26
120
*19
*8%
13% Jan
Feb
May
Feb 26
*51%
1%
19%
18%
101
30
7
%
58% Jan 22
119% Jan 29
29% Jan 9
Feb 19
5U4 Feb 21
No par
5,200
Jan 10
Jan
35
5
50
1st pref
8%
7%
61
10
61
19
1
Feb 14
Feb 14
2
118
*23
8
934
6
434
914
12%
Jan
130
*1%
7%
10
conv
5% conv 2d pref..
Procter & Gamble
'
*7%
No par
15
21
6% preferred..........100
7% preferred
100
8% preferred
100
*21
55
101
94
13%
24%
8
7%
17I2 Feb 18
7g Jan 6
16% Jan 17
100
14
*23%
2134
*1%
*23
5%
'mmmt'-
Feb 14
100
*26
13%
7%
leb 14
14%
-———5
-
120
14
24%
10
73% Deo
16% Apr
151% July
1% Mar
2234 Feb
151% July
*117
26
1234
26
May
*128% 131
*128% 131
152
152
152%
*114% 118
*114% 118
14
*23%
21%
*8%
4134 Nov
May
7
Pressed Steel Car Co Inc
"3", 300
*151
26
13%
*7%
May
19
110
1334
24%
2134
*23
10
Feb 28
3%
*40%
*18%
13%
*1%
8
75% Jan 8
1334 Jan 10
Feb 19
104
3%
*23%
2
43% Jan
9U Feb 19
Jan
No par
26
2134
31i2 Feb 19
57
5
$5 preferred..
57%
41
Dec
57
4% May
600
57%
r3%
Jan
16% May
7% Jan 6
9% Jan 10
104
*80
57%
11
7
36
84
9%
4%
Oct
May
May
Jan
*31
27%
178
65
Plymouth Oil Co—-
2,900
118
June
45i2 Feb 14
Pond Creek Pocahontas No par
mm**
167
6>8 Feb 15
*10
—
600
52%
"l
No par
11%
11
10%
im-''
-
Feb
Pittsburgh & West Va
100
Pit Youngs Asht Ry 7% pf 100
Pittston Go (The)_____No par
90
30
mm
181
""
7% pref class B—...... 100
5% pref class A
100
5M% 1st ser conv pr pf.100
420
m
Feb 28
154
5i8 Feb 15
Postal Teleg'h Inc pref.No par
84
::s: 9%:
I75"
May
Pittsburgh Steel Co
370
m
85% Dec
16% Nov
154
No par
Poor & Co class B
85%
*8334
9
8
Pitts Screw & Bolt
400
■■'m
95
85%
10%
Wayne & C Ry Co. 100
7% guar preferred
100
100
95
8%
13% Nov
700
*94
*10%
5% May
6434 May
5%
10%
11%
95%
9%
2
834 Jan
Jan
6%
95
85%
10%
46% Jan
7% Nov
46% Deo
9% Nov
104
*117
130
152
Deo
15
10%
26%
75
Feb 17
1
*434
118
Apr
May
3% May
16
May
11
35%
61%
5134
28%
35
2
2
51
10
May
2
Jan 30
19%
10
22
Jan
84
*17%
*638
6%
5%
23% Jan 11
Jan
734/Jan
Jan21
Feb 19
%
6%
Feb
Feb 14
14%
*4%
9%
66
7
*%
5%
10%
May
78
*14%
1934
Feb
36
Feb
3H2 Feb 17
100
%
*17%
7
7
3% Feb
50
$5 conv preferred..—No par
10
1,300
Apr
Dec
4134
6%
Pitts Coke & Iron Corp No par
Pittsburgh Forglngs Co
734
49
412 Feb 19
61
100
6% preferred
Jan
77
Feb 15
*38% Feb 14
2178 Feb 19
25
3% May
30
27% May
238 May
10
8
35%
61%
10%
*158%
Mills
3
5
100
Jan 17
69% Jan 18
41% Jan 2
Pitts Ft
5%
50
Flour
.....
14%
1934
634
5%
175"
5%
*7%
...
i XX
Jan
3534 Feb 20
600
■xr
X'X
175
175
5%
734
50%
*34%
.
Pittsburgh Coal of Pa
400
*165
63
64
*63%
10%
10%
*158%
*174
5%
734
5%
50
67
*62
*165
_
.
7
514 Jan
52
.100
No par
Pirelli Co of Italy "Am shares"
500
"
.
7
80
mmm
Pillsbury
600
33
7
*78
*%
14%
2134
*1%
*32
7
79
%
*3%
""loo
90
7
14%
57
Preferred-
5%
5%
79
'iL
7% preferred
Phillips Petroleum..
Phoenix Hosiery
22
74
*7
Phillips Jones Corp....No par
m
49
434
*75
—
5,100
3%
49
*%
*80
*2%
*41
22
14%
4
mm
30
49
%
14%
*84%
1034
X 9
m
68
7
12%
i
-
36%
*41
49
*%
14%
*94
6%
*63
36
80
*158%
51%
*5%
68
7
5%
7
6%
*5%
*63
*78
78.
*11%
*174
*234
7%
*75
*165
6%
*41
32%
7%
Birthday
*
300
7634
43%
82%
11%
76%
Co
2% May
12
% May
12i4
99t2
1134
15i4
25% Feb 14
17% Feb 14
% Feb 21
&
4334
29%
*aj
77
....
No par
Davis
Parker Rust Proof Co
Patlno Mines & Enterprises. 10
*7
82%
Park
100
Oct
26% June
106
1% Feb 19
3C0
29
*11
1
8%
23
*2034
6
6
Park Utah Consol Mines
15
9
5%
% Jan.7
1
1
10% Feb
6
2% June
37% Jan 10
95*2 Feb 14
Parmelee Transporta'n.No par
Pathe Film Corp
...1
*2
FeD
10
1
10
Jan
8% Jan
Feb 27
1,200
*4134
7%
29%
29
23%
21
*2034
6%
*41
4534
101
conv preferred
1,200
*112
40
*1%
100
16
Feb 15
Park & Tilford Inc
13%
734
*1%
*7%
46%
29
..100
37%
40%
.No par
1
*8
4% Jan 10
7% Jan 13
3% Jan 6
5% Feb 18
2% Feb 14
5
8%
*12
40%
40
m
3i4 Feb 19
6% 1st preferred
6% 2d preferred
17%
*35
*112%
22%
22%
-
Deo
*34
13%
22%
Mar
160
8%
37
*12
23%
139
June
1
4334
77%
2%
2%
2%
40
46%
*112
May
144
3,700
*1%
2%
22
mm
2338
*21%
2%
734
2%
115
Jan 10
8%
8%
43;%
7734
22%
mm
23
23%
22
400
1,600
28
*1%
27%
17%
Jan 27
Paramount Pictures Inc
22,200
10%
1534
134
share
per
126
160
12% Feb 18
7% Jan 7
12 Feb 15
4%
Highest
$ per share $
Feb 25
Parafflne Co Inc
-»
9734
10%
37
7734
mmm -
20
101%
1034
11%
1034
1%
'f»
share
H6I2 Feb 21
Pan Amer Airways Corp
100
%
32
per
150
Pan-Amer Petrol & Transp..5
Panhandle Prod & Ref
1
100
*100
97%
10%
*15
6,400
$
share
per
Year 1940
Lowest
Highest
100
Pacific Tin Consol'd Corp
1
Pacific Western Oil Corp... 10
Packard Motor Car
No par
2,900
9
*30%
10%
1%
27%
*17%
*%
S;;■/ :x: 8
v
2%
$
Range for Previous
100
6% preferred...
GOO
13%
234
13
Pacific Telep & Teleg
1,300
3%
534
534
9734
10%
Par
150
10%
*96%
*10%
•
Shares
150
*15
■'.
..v
Lowest
*117
*7%
% X *%
*30%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Week
28
Feb.
$ per share
118
STOCKS
NEW YORK STOCK
the
Friday
*146
150
150
150% *146
3%
*3%
*3%
3%
3%
3%
534
5%
*5%
5%
*5%
534
234
2%
2%
234
2%
2%
1234
13%
13%
13%
1234 12%
8
8
8
*7%
*7% '.■:"i9.v
2%
*%
*30
Feb.
Thursday
150
12%
*101
25
% per share
*115
118
534
12%
•7%
Wednesday
Sales
for
Saturday
Ex-rights.
Dec
34
112% Jan 11
50% Jan 15
May
53
96
May
111%
17
May
434 May
43
Mar
Dec
Dec
If Called for redemption.
New York Stock Record—Continued—Page 9
1392
March
Feb.
22
$ per share
Feb.
Feb.
24
9i4
*347g
*3478
30
113*4 *113
108
*108
108%
9%
30
30
115
9%
%
%
9%
*85
87
*34%
30
Friday
28
Feb.
27
$ per share
9%
9%
100
30%
36
200
*113% 115
50
108
30
110%
*%•
%
108
%
2,000
%
%
%
%
200
13
*12%
*12%
12%
700
2
2
*1%
*2
100
717g
2%
71%
%
*>«
*%«
10%
10%
10%
72%
10%
71%
9%
12%
2%
7178
978
12
12
12
12
*12
13
12
12
*12
*03
04
03
04
*03%
07
64%
64%
4%
*63%
4%
5278
51%
51%
*51%
5
5
5
*12%
*2
71%
4%
*5U2
*4%
*37
11*2
*4%
17%
*2%
*25%
*19%
*%
12%
13
*2
71%
2%
72%
4%
4%
4%
*51%
*4%
52%
5
38%
H»2
4%
18
*18
2%
27
20%
*19%
*38
11%
4%
*2%
27
527S
5
38%
11%
4%
18%
2%
27
20%
*%
*12%
10
%
71
9%
9%
38
11%
4%
3,400
4%
500
17%
17%
17%
700
Simmons Co
2%
27%
20%
2
100
Simms Petroleum
27%
*19%
28%
20%
100
2%
*25%
*19%
*2
2%
*1%
27%
20%
*19%
*25%
*88
97
*88
97
97
97
*112
114
*112
114
*112
10
10
16
16
16
*978
10%
14%
8%
*978
13%
8%
10%
13%
8%
1%
10%
*13%
8%
*1%
10%
13%
8%
1%
14
14
19
13%
18
*142
25%
8%
12%
21%
*25
1%
*3%
8%
*1%
2
13%
13%
18%
18%
150
*142
20%
9%
1278
22
25%
10%
15
8%
178
13%
18%
150
25%
9
12%
21%
*25
30
1%
1!%
4%
9%
8%
*1%
14%
18%
142
*25%
9
12%
12%
22%
29%
1%
21%
*3%
4%
*25
1%
*3%
1?8
14%
18%
142
9%
12%
22%
29%
1%
4%
05
*00
05
*00
05
*19%
32%
19%
*19%
19%
19%
33%
33
33%
*19%
33%
33%
*31%
33
34
*32
34
57%
5%
53
Closed—
Washington's
Birthday
*57
578
33% 33%
*113% 115
0%
0%
*111% 112
*78
1
2%
2%
*10% 11%
13
13
18%
25%
58%
6%
*378
0%
0%
18%
18%
20%
3378
*35
35%
35%
*58%
59
7
4
*4
0%
0%
8%
55
6%
6%
*54%
0%
54
117% 118%
8%
17%
878
17%
1%
*1%
13
13
*21
20%
5%
3
*35
5%
34
30
23
17%
5%
35%
18%
26%
4
*378
8
18%
20%
34%
078
22%
17%
5%
*5%
*4%
*3%
52%
7
120%
*32
57%
5%
*51%
4%
117
19%
33%
*32
*57
30
55
878
17%
1%
12%
20%
0
53
30%
57%
7%
*51
1%
*3%
*60
*57
18%
*142
150
25%
9
12%
21%
*25
*1%
3%
*60
65
19%
33%
*19
19%
34
*33
33%
34
34
878
17%
1%
13
21%
5%
*378
22%
23
17%
17%
5%
4%
6%
5%
*4%
5%
3%
4%
39
3%
*3%
8
8
35%
3578
3
30
3
3
35
35%
5%
7%
4%
6%
0%
55%
1%
878
17%
1%
5%
35%
5%
*57
5%
*49%
33%
52
33%
34
34%
35%
35%
37
37
37
58
58%
6%
57%
7%
4
0%
6%
6%
*30
7%
*37g
400
0%
7
3,400
0%
2,000
1,300
54
54
117% 11778
*8%
8%
*17%
17%
1%
1%
13%
13%
117
117
*13
13%
700
2034
5%
23
18%
6%
*21
22
200
54
55
*17%
8%
17%
1%
1%
8%
5%
4%
5%
*4%
4%
3%
*32%
3%
39
3%
*3%
334
100
8%
8
*7%
8
800
Tennessee Corp
35%
35%
35%
3
*3
35%
235%
36
3%
35%
8,900
3
5%
4%
10%
*32
39
*3%
8%
35%
*278
34%
5%
36
3
35%
35
5,100
18%
1,300
700
*5%
5%
5%
*4%
4%
*32
5%
5%
5%
4
4%
4%
9%
9%
40
*37
39%
*36
38
3%
39%
*39
34
34
3%
5%
30
1%
14%
9%
*3%
*5%
30%
*96
99
5%
*3%
2978
29%
*1
*1
1%
13%. 13%
9%
9%
97
97
29%
41%
*4%
29%
2978
41%
42"'
14
14
7%
7%
1%
14
1%
09
70
*4
4%
10%
*9%
0%
17%
*17%
*9%
578
17
*1%
18
*7%
7%
31%
10%
04%
113
13%
114
82%
13%
78%
82%
*1278
27%
13
27%
7778
4%
6
1%
18
31%
10%
03%
70
37% 38%
12% 13
*12% 1278
*112% 11434
*44
40
*18%
1%
2534
20
1%
20
30%
1%
14
*90
30%
42%
7%
4%
14%
*7%
1%
1%
*7%
1%
70
4%
10%
6%
17%
1%
1%
17%
*70
9%
*3%
5%
29%
1
*13%
9%
4%
34
3%
*2%
3%
44
*39
4%
*32
4%
34
5
5
400
30%
30"8
300
900
31
32%
42%
42
*4%
13%
4%
131
*13%
*7
7%
*7%
*1%
1%
*1%
3278
42%
4%
14
7%
1%
72%
4%
10%
10,400
42
1,000
Truax-Traer Corp
6%
2,800
0%
17%
*1%
1%
4%
*9%
578
*17
*1%
72%
4%
10%
578
18
1%
*70
*4%
*9%
57g
*17%
*1%
18
1%
sales
on
this day.
J In receivership,
a
1,900
1,100
700
100
600
40
600
1,500
4,700
8,100
60
Feb 18
6
Feb 19
Feb 14
New stock,
4
Feb 17
Feb 28
5
2034 May
297g June
29
Apr
46%
Jan
884 Jan 10
5% Jan 28
8% Jan 10
8% Jan
68% Jan
16%
Oct
127
32
6
2
Feb 28
19% Jan 14
734 Jan 2
Jan
6
34% Feb 19
278 Feb 14
34% Feb 26
5% Feb 15
3% Feb 18
8% Jan
7% Jan
3578 Jan
4
2% Jan
38% Jan
6
Feb
1
30
Jan
24% Jan 27
3% Jan 6
7% Feb 19
4
7
3
7
2
3
2
Jan 17
67g Jan 7
434 Jan 8
34% Feb 14
334 Jan 16
9% Jan 8
40% Jan 2
3% Jan 10
38
6
Jan 24
Jan
6
4% Feb 27
10% Jan 27
10% Jan 23
40% Jan21
278 Jan 14
45
Jan
Jan
May
7% May
12% May
1% Oct
9% May
20
May
3
May
*17% May
16% Aug
434 May
334 May
4% May
28% May
278 Dec
4% May
33
May
2% May
267g May
5% Oct
334 July
7
Jan .10
1
May
8
May
834 May
7
9934 Jan
34% Jan
6
6
51% Jan J2
5% Jan 13
17% Jan 2
Jan
68% Feb 17
75
Jan
10
5% Feb 19
Feb 14
1% Feb
7
Feb 21
30
FeDl4
9% Feb 14
Feb 14
Jan 30
Jan
2
Feb 15
Jan 31
Jan 16
34% Dec
Aug
6% May
5
14
Jan 10
9%
34%
12%
707g
Jan 13
Jan 6
Jan 4
Jan 6
May
May
l%May
137$
6%
21%
9%
5978
52% Nov
7
Mar
21?g
Apr
9% Nov
284
Jan
82% Mar
5%
Apr
10% Apr
13% Jan
25% Jan
3%
Apr
May
May
30
June
May
June
45
Feb
I884
88%
Apr
Jan 15
105
May
14% Jan 14
857g Jan 10
85% Jan 13
112
May
115
May
May
7
1% Jan 10
24
Jan
12
18
35% May
4% May
10% May
6
Jan
23
9984 Dec
3% May
19% Jan
Nov
7% Apr
6% Dec
38% Apr
2% Jan
May
64
Jan
9% Jan 30
7
Jan
Jan
81
4% May
1% May
884 Jan
2
60
2534 May
6
16% Feb 20
Jan
35
10% Jan
7%
6%
June
Jan 29
17
pr
20
Jan
1% Jan 18
5%
Apr
37% Nov
8% Jan
Feb
9
Feb 19
Dec
47%
4%
Feb 17
6
4
Mar
5% Mar
9%
42% Feb
534 Mar
Jan
1% Feb
40
May
18
Feb 17
Apr
June
Jan 31
13% Feb 19
Jan
6
3
Jan
Feb 17
Jan
May
4
2% June
Feb
Feb 19
Apr
30
4
4% Feb 18
Mar
Mar
284
39
Feb
53
6
Feb
Jan
Nov
Dec
6
34
Jan
Jan
36 1
6
3
2%
18%
35%
7%
2478
32%
9%
7%
Dec
12%
18%
4% Jan
2
1078
2778
Dec
Jan 31
Jan
125
May
Feb 28
1
Jan
7
3
13%
9%
967g
27%
Apr
12% Feb
6578 May
5
5
28% Feb
8%
12%
9
Jan 18
434 Jan
34
5
534 May
118% May
4
Jan 10
3
Feb 16
Dec
Jan 22
Jan
23% Jan
4
4
46«4 Aug
134 Jan
17
4% May
7
0
Jan
4% Jan
Apr
13% Mar
Jan
116% Dec
17%
Jan
Apr
71
May
98
70
June
89% Feb
16
July
297g May
13% Jan 2
2934 Jan 10
44% Jan 9
13
Dec
2284
Jan
31% July
53%
12% Feb 19
1234 Feb 15
No par
17% Jan
9
12
2384 Apr
Jan
9
2
113% Feb
6
Feb 28
34% Feb 14
5
—5
No par
Cash sale.
2034 Jan 13
2778 Jan 11
36% Jan 11
Jan
5% Feb 14
111
I
*
Jan
44% Feb 28
18% Feb 13
1% Feb 8
25
No par
r
Jan
Jan
17% Jan 14
9
22%
17%
United Corporation...No par
»
Jan
978 May
12% May
21
par *111%
10,600
Dec
2%
7%
18%
2234
26%
8O84 Jan
878 Feb
12
par
100
2% May
May
20% Feb 24
par
United Carbon Co....No par
Unlted-Carr Fast Corp. No par
Def. delivery.
Apr
56
25% Feb 19
$3 preferred
66%
Jan 11
1% Feb 27
par
100
Dec
66
Union Prem Food Stores,Inc. 1
6,100
May
38«4 Dec
Union Tank Car..
700
6
112
May
Feb 24
100
200. (United Biscuit Co.
70
5% preferred
Jan
3% Jan 13.
14% Jan 13
8% Feb 28
.100
United Aircraft Corp
Un Air Lines Transport
1%
Jan 24
23
500
7,500
5,600
116
16% Feb 14
25
4% preferred
434 May
4
200
Union Pacific RR Co
26'g May
Jan
12%
76%
80%
12%
900
46
9
Jan27
117
100
2,800
6
9
40
Feb 25
10
Union OU of California
45% May
078 Jan
57% Jan
36% Jan
38
54
...1
2,200
58% Jan 21
Feb
Feb 14
Feb 15
No par
Under Elliott Fisher Co No
Union Bag & Paper
No
Union Carbide & Carb.No
Union EI Co of Mo $5 pfNo
3834 Apr
58% Dec
11% Jan
6
No par
7% preferred
47
May
378 Feb 18
578 Feb 15
1
Tri-Contlnental Corp—
Twin Coach Co
2384 Apr
May
6% Feb 15
Transue & Williams St'l No par
-
14% May
57% Feb 27
Transcont'l & West Air Inc..5
Truscon Steel Co
4
Apr
34% Feb 19
conv
$6 preferrred
Jan
May
3%
19
34
pref
No par
Timken Detroit Axle
-.10,
Timken Roller Bearing.No par
Tra nsamerica Corp....
2
30
7
72
33
33
$1.50 preferred
No par
Twin City Rapid Tran.No par
0
*70
20% Jan
1% May
384 June
6078 Oct
9
18
20th Cen Fox Film Corp No par
500
4%
10%
3
3
2
25% Feb 19
Tide Water Associated Oil—10
42%
72%
Jan
38% Jan
10% Feb 19
12% Feb 14
1
10
100
-.25
400
2,000
2
4% Jan
113
98
14%
7%
1%
Jan
May
1
4%
Jan
Jan
39
Jan
May
98
4%
20%
3478
May
June
14
$4.50
15%
8
13% May
17% Nov
1
1
400
684 May
5
97%
3034
98
152% Apr
30% May
10% Jan 23
13% Jan 10
2478 Jan 28
29% Jan 13
98
14
9%
Aug
May
23% May
6
1
800
16
128
3
28% Jan
6% Jan
14
7%
31%
10%
no
$3 div conv preferred
3
Jan
113% Feb 14
100
Therrnoid Co
2% Mar
16% Jan
3O84 May
May
*3734 Jan
% Feb 17
2% Feb 15
No par
Third Avenue Ry..
*16
18
*10%
18
*16%
18
7%
7%
7%
*7%
7%
7%
31% 32
31% 31%
*31% 31%
11
10%
10%
10%
11%
11%
64%
64% 05%
64% 65%
64% 65
113
113
*113% 114% *113% 115
*113% 115
13%
13%
13
13%
13%
13%
13%
13%
78
79
79
7778 78%
79% 279%
79%
83
*82%
83
81
83%
83% 83% 281
*12?8
13
1278
1278 *12% 13
12%
12%
*27
27%
*2078 27% *#6% 27%
27% 27%
38% 39%
39% 3978
39
38% 39%
39%
1278
13%
13%
13%
13%
13%
13%
13%
*12%
127s
*12% 1278 *12%
1278
1278
13
*112% 114% *112% 113% 112% 112% *112
II484
45
45
45
45
45
45
44% 44%
*19
20
*19
20
*19
20
19% 1984
1%
1%
1%
1%
1%
1%
1%
1%
25*8 26%
25% 25%
25% 25%
25% 20%
acid asked prices;
20
12%
1% July
Jan 14
19% Jan
146
7% May
Jan 24
The Fair
900
3
10
Jan
Jan 30
100
1,100
Jan
9% Jan 6
2% Jan 11
15% Jan 23
Oct
11%
2484 Feb
6
100
3%
2
Dec
111
par
Texas Pacific Coal & Oil—10
Texas Pacific Land Trust—1
Texas & Pacific Ry Co
100
Thatcher Mfg
....No par
$3.00 conv pref...„No par
Preferred...
Jan
May
par
par
1,300
10
Jan 30
5
14
40% Apr
112% Dec
778 Apr
Texas Gulf Sulphur—No par
5,000
2
Feb 19
107g Jan 16
15% Jan 8
100
2,300
3%
9%
8
Apr
22
Feb 14
51
Thompson (J R)__
Thompson Prods Inc..No par
Tompson-Starrett Co. No par
$3.50 cum preferred.No par
5%
30
Jan
57% Feb 14
5% Feb 14
Texas Gulf Produc'g Co No par
400
38
114% May
10% May
113% Feb
600
4,200
Nov
31% Feb 20
9
50
5
5
25
Texas Corp. (Tfle)
2% Apr
May
32
Swift & Co.
25
Swift International Ltd
Symington-Gould Corp w w.l
Without warrants
1
Talcott Inc (James)
Jan
105
31% Feb 19
9%
97%
32%
4%
*9%
17
*4%
3%
44
*36
18
7%
31%
10%
04%
5%
*9%
*2%
*32
3%
*1
4%
14
34
14
30%
42%
4%
4%
4%
4%
34
*13%
*9%
3%
5%
2978
*32
*2%
......
39
5%
39%
400
Jan
6% Nov
Jan 14
1878 Jan 30
No par
5A% partic pref
Telautograph Corp
8
*4%
200
22%
13%
24
Jan 27
1% Feb 18
3% Feb 28
par
6% preferred..
100
Sunshine Mining Co
100
Superheater Co (The) .~No par
Superior Oil Corp
1
Superior Steel Corp
100
Sutherland Paper Co
10
Sweets Co. of Amer (The)..50
6%
4
4
222%
17%
1% May
40% Feb
19
27
..No par
No. par
No par
Standard Oil of Calif.-No par
Standard Oil of Indiana
25
Standard Oil of New Jersey.25
Standard Oil of Ohio
26
Starrett Co (The) L S..No par
Sterling Products Inc
10
Stewart-Warner Corp—...5
Stokely Bros & Co Inc
1
Stone & Webster
No par
Studebaker Corp (The)
.1
Sun Oil Co......-.—-No par
18%
0%
2278
May
7% June
114
11% Feb 15
19% Feb 14
preferred
$6 cum prior pref
$7 cum prior pref
18%
34
5
16% Feb 14
$4
18%
6%
Jan
Feb
25% Feb 17
2
Z20%
*37g
Jan
Apr
7% Mar
120
1% Jan
Spicer Mfg Co........No par
#3 conv pref A
No par
13%
8%
*3%
900
534
56
May
8% Feb 26
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
22%
5%
23
8
*33
200
73% Nov
67
9
Spear & Co
—1
$5.50 preferred....-No par
13%
9!
4%
1,060
2,400
Apr
Jan
16% Nov
14% Feb 19
Mobile & Ohio stk tr ctfslOO
Square DCo..
5% conv preferred..
Standard Brands
No
$4.50 preferred
No
Standard GaB & El Co-No
Jan 30
12% Jan 13
May
163s
6
112
No par
100
Conv $4.50 pref
484 May
3
88
Jan
8
Spiegel Inc
7
5% Jan
4
112
Southern Pacific Co...No par
Withington...No
40% Aug
Jan
Jan
Jan
27g Nov
Feb 15
135
Sparks
478 Feb 8
5534 Jan 14
14
Jan
31
100
25
*21%
*378
2278
4%
3%
39%
1,000
1,100
7%
4
8
4%
500
4
4%
9%
*2%
1,100
7%
8%
*39
1,700
8,300
9%
4%
600
11,300
15,100
*8
278
39%
2,400
18%
8
*37
500
400
26%
34%
36%
4
38
7,000
18%
8%
9%
600
2578
34%
*35%
378
9%
278
4,300
......
18%
8%
4%
100
26%
9
*39
100
18%
378
38
2,100
......
71% Jan 17
78% Jan 2
107g Jan21
%
1%
20
23% May
So Porto Rico Sugar—No par
......
Oct
May
173g May
5,000
5% preferred...
%
12% June
800
Southern Ry..
% May
■
11
1% Sept
61% May
8% June
8% May
51% Aug
2%
115% Jan
111% Dec
2% Jan 20
27% Jan 28
22% Jan 6
13
4,900
0,800
2
Jan
107% June
101% June
14>4 Mar
12% May
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum .1
S'eastern Greyhound Lines..5
16,900
Jan
Dec
49
May
21% Jan 10
95
Sloss Sheffield Steel & Iron.
8% preferred-.
Southern Calif Edison
% Jan 9
15% Jan 10
88
34
3% May
13,100
20
Ill's Jan 10
% Jan 3
7% May
64% July
4
13% Feb 28
1,700
37% Jan 10
115
Jan 31
Highest
share $ per share
5
Smith & Cor Type v
26
57%
58
5%
*32
37
18%
20%
34%
35%
30%
117% 118
8%
*17%
57%
5%
0
8%
Bit
1%
3%
65
378
878
*
26
9%
12%
22%
29%
llh Jan 10
87% Jan 24
per
40
Snider Packing Corp...No par
800
\
Feo 18
100
110
30
58
*25
25%
9%
12%
21%
29%
1%
4%
100
No par
—10
t c.No par
share
1«4 Jan 31
25% Feb 15
187g Feb 19
10
15
preferred
2
per
10% Jan 21
4% Feb 14
1678 Feb 15
37
No par
Smith (A O) Corp
Feo 19
384 Jan
400
1,800
120
34%
35
30
12
21%
150
61
51% Feb 27
4% Feb 19
Simonds Saw & Steel.-No par
$6
57%
57%
0
52%
33%
20%
33%
34%
18%
25%
8%
14%
18%
10
400
57g
578
*49% 51%
34
34
33%
*33%
33%
*113% 115
*113% 115
*113% 115
*113% 115
01.1
01
0%
0%
6%
6%
6%
6%
111% 111%
111% 111% 111% 111%
111% 111%
*V
1
%
78
7g
78
7g
1
2%
2%
2%
2%
2%
3%
2%
2%
*11
12
11
12%
*10%
11%
11%
11%
*13
14
13
14%
13%
13%
13%
13%
57%
53
*13%
*142
257s
*00
*32%
*1%
13%
Sharon Steel Corp
Skelly Oil Co
114
10
Feb 13
9% Feb 19
10% Feb 20
11%
10
*9%
2
68% Feb 14
37%
90
*13%
108
par
4%
18
4
Feb 14
1
—
38
11%
*18
Jan 23
111% Jan
par
*4%
20
3
Jan
34
% Jan 9
% Jan 20
11%
900
Feb 14
9
85
*12% Feb 27
*37%
5
$
share
100
4%
18%
*4%
170
per
par
11%
52%
100
113
10%
14%
8%
$
Year 1940
Lowest
Highest
par
38%
1,000
*88
15%
Servel Inc.—
par
*4%
.
4%
4
*112
15%
No
$ Seaboard Air Line...No
4-2% preferred
Seaboard Oil Co of Del.No
Seagrave Corp
No
Sears Roebuck & Co. - -No
$4 preferred
11%
5
4%
90
*9%
*13%
8%
1%
Schenley Distillers Corr
5
5A % preferred
100
Scott Paper Co
No par
$4.50 preferred
-No par
*37%
4%
*51%
114
*15%
Par
No par
$5 conv preferred...No par
Sharpe & Dohme
No par
$3.50 conv prefser A.No par
Shattuck (Frank G)__.No par
Sheaffer (W A) Pen Co .No par
Shell Union Oil
15
Sliver King Coalition Mines.5
300
*88
Exchange
3,400
1,500
12%
6534
*112
Stock
1,000
86
36
110% *108
Lowest
Shares
86
%
*2
13*4
2%
72
10%
*%
Range Since Jan. 1
On Basis of 100-Share Lots
Week
$ per share
9%
STOCKS
EXCHANGE
87
*113% 115
*113% 115
110% *108
%
Feb.
26
$ per share
*85
87
*85
113
>4
9%
9%
912
87
*85
Feb.
25
¥ per share
$ per share
Thursday
Wednesday
Tuesday
NEW YORK STOCK
the
SALE PRICES—PER SHARE, NOT PER CENT
HIGH
Monday
1941
Range for Precious
Sales
for
AND
LOW
Saturday
1,
Feb 21
Ex-div.
y
14
50%
20%
1%
30%
Jan 10
Jan 15
7
Jan 10
Jan
May
18
Apr
Apr
12% May
1087g Nov
11178 Dec
42% May
65% May
12
Dec
20% Dec
278 Apr
Dec
42
1%
26
May
Feb
Ex-rlghts. ^ Called for redemption.
Volume
HIGH
AND
Feb.
Feb.
22
24
4
4
*26*2
334
28*4
378
4
3734
3734
27
27
37
*265s
4
*334
*84
*9*4
884
6178
*
174
~*5~
10
*9*2
*8*2
*6134
10*2
*8*4
615s
*174
54*2
64%
50
10
10
8%
8%
100
62%
1,100
174
175
534
57s
*3%
*3%
4
6%
7
7
900
3334
*3234
3334
200
U S Playing
20
500
1%
1%
1%
20%
19%
20*2
20*8
85
85
86%
59%
87
87
117
117*2
47
*45
*45
*14*2
15
*54
140
*137
%
%
*15*8
16
28
*137*2 13978
*%
*2
28
23
23%
300
114% 114%
41%
41%
240
*48
*48
*48
*23*2
♦
85
*20*2
*
♦
85
*__.-
21*2
*»
•
*20%
21*2
2
21
21
*116
116
116
116*2
*40
32*8
14
*13
15
4112
.*12%
*41
41*2
32*4
*89
92
*89
32*4
32*4
90*2
*135
*135
*20*2
—
-
-
*
85
85
2
21%
*20%
21%
*2
500
11534
115% 115% *115
11534 *115
*14
15
13%
15%
13%
*13%
*40
43
*41
41
41
41%
32%
32%
32%
*32%
32*4
*32*8
*89
*89
91
20
100
1,200
91
*89
91
*135
*135
40
*135
....
-'*•
**4
*16
*14
*16
**4
*16
6i«
si«
si«
*16
200
*%
%
**2
5$
*2
*8%
*2
*%
%
**2
*8%
%
200
*8
834
19*2
20
19*2
5*8
5
26*8
*12*2
5
26*8
1334
27
*3*2
4*2
*34
78
*14*8
278
*5334
85g
19l2
1434
3
5%
*12*2
1334
13*4
13%
*13
13%
4*2
*3*2
78
*34
14
14
54
278
*3*2
*34
*1334
27g
*55
54
**16
4*2
78
14%
3
27g
*55
57
%
%
87g
9
2678
*2558
21%
27%
26%
2212
22
2134
2134
*15
16
15*4
15
15
1734
3*4
18*4
15*4
18*4
18
*3*8
3*4
*3
1734
734
*3*2
*34
14%
18
3*4
4%
78
14%
*3
27
400
*13
13%
600
*14%
80
80
18
1812
*75
11038 1103s
m „
18
67%
*102
102
11038 110*8
102
17*2
117*4
17*2
*16*4
18
104
111*2 111*2
*102
116
16*4
103%
116
16*4
*104*2 107
*10412 107
*104*2 107
24
24%
2438
*2378
2434
*24*4
3
3
278
*3
27S
3*8
1
7
*5
7
*5*8
**4
*5*4
19%
9458
9O34
95*2
96*4
9534
96%
95*4
108
*107
*62
96
25*2
263s
70
*68
70
*1038
113s
*103s
1138
13*4
1334
1378
*5*8
458
5*2
14
5*2
434
*42*2
70
*42*2
70
23
25
*24
25*2
*15s
178
1^4
134
378
*68*2
6934
*112
28*8
30*8
«. ~
»
J*
28*8
30*4
26%
4
4%
6934
26
20
26%
26
*1327g
280
76%
9734
6,400
«.
20
-
72%
70%
*69
73
*69
*10%
11%
*10%
11%
*10%
14%
1378
1334
1378
5%
434
534
13%
*5%
4%
*42%
*24%
*l7g
*134
434
70
*45
70
4,200
5%
5%
700
*4%
434
1,000
24
24
800
24*2
24*2
178
*1%
Us
1%
1%
100
178
134
1%
178
2,500
4
378
4
47g
47g
47S
1,900
6934
6934
100
4%
5
5
478
*68%
6934
*69
6934
.
900
*112
*112
28*2
28%
287g
*28%
2834
30;%
30%
30*4
30
30%
*28
30%
2834
400
31%
17,700
19
19
*17%
18
18
95
*86
95
*86
95
*86
95
*86
90
*85
90
*85%
88
*85*2
88
*85%
88
*54l2
57
*57
60
*55%
57
*55%
56*2
56%
60
60
*54l2
57
60
60
*57
60
90
90
*89*2
95
*91
95
95
95
70
70*2
*71*4
7234
19
*7058
*18*2
71*2
19
20
*18%
19%
1334
14
137g
14
14
14%
2,800
95
*85
18
18*2
115
10
10
*10
3378
3478
9034
16*4
13*2
114
114
*114
9034
16*4
13*4
*2
2*8
10%
3434
*91
35*4
94
115% 115%
10*4
10%
35
35%
*90*2
71%
71%
1934
*18%
14%
1334
115% 115%
16*2
16*2
1334
*13%
1378
2*8
2*8
2
2
sales on tbls day.
56%
100
60
60
300
95
95
110
71
71
19%
137g
19%
300
14%
4,100
115%
210
114
400
300
10*2
*10%
11
35
z3434
35%
94
*88%
93
16
16%
1378
16%
600
13%
600
2
2
300
Zl6
1634
------
10*2
*90
16*4
18%
34%
94
*13*2
Bid and asked prices; no
18*2
13%
*2
13%
2%
X In receivership,
7,400
100
13i2 Feb 28
Oct
60
Aug
May
May
5
May
31*2 Mar
Jan
Jan
4*8
3134
Nov
120
15*2
Apr
Jan
Feb 15
42
Jan
36*4 June
48
Jan 14
33t2 Feb
35
Jan
89
Feb 15
94
28*2 May
71
May
110
Nov
135
May
Jan 17
120
June
Oct
138
Jan
Jan
4
»%« Jan 17
Dec
2*8
Jan
Jan
2
834
Jan
6
5*4 May
978 Nov
Feb 24
2214
Jan
4
16*2 May
23*2 May
Feb 24
89
June
3
May
»8
Jan 20
11
8
19l2
Jan 10
*4
10558
Jan
6
4% Feb 14
6*8
Jan
6
Feb 14
30*2
Jan
2
18*4 May
1334 Jan
9
10
514
Jan
6
1
Jan 22
3*2 Dec
b8 May
13*2 Aug
101
26
z1284 Feb 13
334 Feb
4
"16 Jan
3
1778
Feb 25
14
Jan
%
6
2
1
Jan 30
Feb
6
Jan
Jan
158
Jan
25*2
Jan
Feb
Dec
Sept
Sept
Nov
Feb
Apr
2
4*4
May
50*2
i2 May
334 May
2*8
1234
Feb 28
May
Feb 14
16*2
Jan
6
13*4 May
20*4
20*4
Jan
6
14
24
Jan
7
100
par
Feb 19
30
9
22
May
2334 Jan 13
20
4*4
Feb
1678 Jan
eb
5
80
2134 Jan
9
15*8 May
5834 Aug
80
5
2
80
Feb 28
74i2
Jan 18
Feb 18
10612 Jan 25
11038 Feb 25
101
4% 2d preferred
100
Western Pacific 6% pref...100
Western Union Telegraph. 100
6
-100
...100
BrakeNo par
Westinghouse El & Mfg
50
1st preferred
60
Westinghouse Air
Instrument. 12.50
Prod..No par
$4.50 preferred
No par
Wheeling & L E Ry Co
100
5Vi% conv preferred
100
Wheeling Steel Corp...No par
6% preferred
100
$5 conv prior pref—No par
White Dental Mfg(The Sd).20
White Motor Co
1
White Rock Min Spr Co No par
White Sewing Mach Corp__.l
15*2 Feb 19
10478 Jan 9
2
2958
Apr
75
Jan
110*2
Apr
96*2 May
115
Apr
80
June
198
Jan
108*8 May
120
91
June
11
May
10078 May
21
June
Oct
253s May
105
407s
Apr
Apr
3*4
Jan 22
234 May
5
Ja
7
Jan 16
4*s May
85S
Apr
1
Jan
Jan
5
7« Feb
1
18i2
1918
8914
131
*2
Jan
3
2258 Jan 10
Feb 13
Feb 19
227g
Jan 10
%
Dec
14% May
15*4 May
2834
28*8
d
Jan
Jan
Feb 14
105
Jan
2
76
May
118
Jan
Feb 27
138
Jan 28
110
May
140
Nov
34% Jan 10
29i2 Feb 17
26
Jan
2734 May
3738 May
38*2 Feb
10978 Dec
Feb 88
36
Jan
3
Feb 24
110*4
Jan
6
108
Dec
50
May
80
Oct
97"
Feb 27
100
~ jan
2
85
May
103
Nov
25
Feb 19
30
Jan
3
18*s May
3
133
Jan 29
9334 June
Feb 14
76
Jan 14
51
12
Jan 22
1758
Jan
27l2
107
125
69
Jan
IOI4 Jan 7
12iz Feb 14
4
Feb 14
preferred—.No par
...20
6
Willys-Overland Motors
1
6% conv preferred
10
Feb 15
No par
$6 preferred
No par
Wisconsin El Pow 6% pref.100
Woodward Iron Co..
10
Woolworth (F W) Co... —10
Worthlngt'n P&M(Del)No par
7% preferred....
100
6% preferred—
100
Prior pref 4H% series—100
Prior pf VA% conv serieslOO
Wright Aeronautical ...No par
Wrlgley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
100
Young Spring & Wire..No par
Youngstown S & T—.No par
5preferred ser A.-.100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
43s Feb 14
65l2 Feb 15
r Cash sale,
Jan
Jan
Feb
Dec
28i4
5*8
Wilson & Co Inc
105*8 Feb 10
47S
80
278 Feb 14
41
preferred
18
Dec
2334 Feb 28
Feb 19
Wilcox Oil & Gas Co
May
2*2 May
*
par
par
Jan
Jan
Feb
95s
May
25
Dec
6*2 Nov
35*4
1658
2
9i2 Feb 26
4
June
10478
30
3i2 Jan 9
60i2 Jan 28
234 Feb 19
53
Jan
7
stock,
62
Aug
May
32
Jan
n New
117*2 Apr
49i2 May
Jan
40
3
d Def. delivery,
July
14
Jan 18
Prior
3978 Mar
17*4 Feb 14
278 Feb 17
$4 conv
70
*45
25%
1%
378
*4
6
4%
*86
♦
200
1138
137g
70
*112
*112
28*8
30*4
18*2
26
13278 1327g *13278
--
*68
47g
*68*2
26*4
108% *107
*62
76*2
96
*9334
4378 May
15
Westvaco Chlor
108
Feb
19
May
109
117i2 Feb
20i2 Jan
115
Weston Elec
Apr
June
134 May
2i2 Jan 2
27U Jan 11
Jan 28
Fe1-15
117*2 Jan
100
27%
108%
2
20
115*2 Feb 17
10778
100
27%
20i2 Feb 11
Feb 28
30
76*2
37S
3,200
84
19
Jan 15
Feb 20
133
97%
434
9634
Dec
60
2434
113
*29
*62
178
96%
200
Jan
128
35*2 May
100
*130
*96
378
2,700
2,800
9
pf-100
West Va Pulp & Pap Co No par
6% preferred..
100
Western Auto Supply Co... 10
Western Maryland...
100
30
97*2
26*2
4*2
1934
70
159
2138
No par
7% preferred
6% preferred
29%
75
2
19%
Jan
May
June
34*8
2834
West Penn Pow Co 4
131
108
178
*%
20*8
Apr
Dec
112
2
Jan 10
*29
107
*13s
*2
20%
1934
96%
7%
%
203g
212
18*2 Nov
5
7% preferred
Wesson Oil & Snowdrift No
$4 conv preferred....No
West Penn El class A..No
*27%
131
*93<*4
434
*16%
*1047g 107
300
Dec
1
Wayne Pump Co
Webster Elsenlohr
29%
*62
*5
17
preferred
30*4
133
75
434
Warner Bros Pictures
*2712
97*2
26
...100
*2912
*131
108*8
*13278
No var
29
*62
*13278
..No par
7% preferred.
30*2
*9334
107
Walk(H)Good & W Ltd No par
Div redeem pref
No par
20
133
30*2
*27l2
..No par
Walworth Co
40
400
*5%
*%
20%
*2
No par
Walgreen Co
No par
4H% pref with warrants 100
Apr
50
63*4
6634
100
100
JWabash Railway Co
6% preferred A....
70
113
113
7%
20%
133
10
600
20%
31*2
104
*103
700
20
29
400
3
**4
20*4
133
800
66%
24
20
*27*8
l"8%
66%
*2%
20*2
*30
*17%
2334
20
*131
»
3
20
*2
20
'
24
1978
*4
116%
500
*27g
20*8
*4
*75
"l8~"
17
16%
*1047g 107
1934
6
No par
6% div partlc preferred-100
Va El & Pow 86 pref.. .No par
Va Iron Coal <fe Coke 6% pf 100
Virginian Ry Co
26
6% preferred
25
Vulcan Detinnlng Co
100
Preferred
100
Va-Carolina Chem
Waukesha Motor Co
mrn'mm*-
115*2 Jan
4414 Jan
4li2 Feb 27
100
6% non-cum pref
800
112
111% 111%
103%
102% 102*2 *102
20
Feb 13
700
*5%
7
114
6
100
16%
18%
3%
112
24
5
100
7% 1st preferred
39*4
12
6
Vlck Chemical Co
Nov
130
22*2 June
4
Jan
Jan 15
Van Raalte Co Inc
2:73*2 Dec
76*2 Nov
25
Jan
34*8
26
17
Jan
67% Nov
5ie Nov
9
Jan
25%
*3
Jan
Feb 14
3
Jan
Apr
June
59
Feb 14
...100
21%
3*4
*2
2
134
415s
117
May
45
Jan 21
Feb 10
*i» Jan
Jan
13434 June
5934 Jan 15
149
par
Apr
38*8
Apr
Dec
12i2 May
157
1534
18%
18%
1658 Jan 10
Apr
May
74
284
1*4
Jan 17
25%
6678
ft7
*102% 104
*113
No
Dec
42*2 June
Feb 24
21%
370
1»4
50
4612 Feb 13
1434 Feb 15
53i2 Feb 15
29*2
153
16
%
834
2
103*2 May
133
21%
*75
18
*115*2 117*4 *115
*16*4
*75
67*2
102
101
101
„
18
68
102
103
*101
':m
18
*67
68
1
Jen 13
16
$3.85
May
41
27%
3,600
%
884
%
9
4,700
May
4
Class B
20
57
6
Jan 10
200
3%
2%
Jan
130
26
200
15
60
42
Jan 29
76*2
7034
4
May
39*4 May
*22
78
*84
i2 May
16
68*2 May
100
Ward Baking Co cl A
4%
*3%
'
*6678
2,500
*26%
*55
%
*25%
21%
*15*2
*177g
1,100
100
5%
Nov
Jan
5
No par
tWarren Bros Co
No par
$3 preferred
No par
Warren Fdy & Pipe—.No par
Washington Gas Lt Co.No par
3
57
9
20%
103
5
Apr
24
24*8 Jan 11
94i2 Jan 11
64l2 Jan 10
Jan 17
1
Waldorf System
834
*1934
*100
*2tf%
*22*4
*3
20
103
5
27
*2558
734
20
27
9%
26%
734
834
*100
1934
103
5
*8
27
58
13ie
834
5%
27*2
5*8
278
5414
1934
*100
103
*99
101
101
♦8
39
Dec
22
7
Victor Chemical Works
300
22
*21%
27U June
1% Jan
Preferred
—
21%
2%
*20%
2%
21%
21%
2134 June
Vanadium Corp. of Am .No par
30
500
Jan 11
34*8 Feb 7
25*2 Jan 6
Us Jan 11
Jan 19
1*4 Jan
1
6
Vlcks Shreve & Pac Ry
*2
21%
2
2
21*2
wtw
*
85
21*4
2*8
*2
21*2
25
Aug
26
1,900
2784
48
4
Vadsco Sales
27%
16
28*2
Jan 17
Jan
Universal Pictures 1st pref.100
*15%
16
1234
Jan 13
100
16%
25
25
*23
*23*2
*113*2 114*2 *113*2 114*2
*4134
43*4
42*4
42*4
*48
*716
May
48
100
137
137
137*2 137%
*7i«
%
6
33*8
8% preferred..
20
6
Feb 21
100
56%
75s
Feb 15
$6 conv preferred
No par
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
155
Apr
3*2 May
46
United Stores class A
27*4
27*4
25
*23*2
114% 114%
41%
41%
*15*8
27%
M.
*54
*152
Dec
28
May
4
28
100
%
17%
28i2
*48
15
54%
153
35
14
Jan 10
Feb 24
7% preferred
15
6*2 Mar
Feb 19
United Stockyards Corp
49%
234 May
25i2 July
117
300
114% 114*2
4134
4134
16
*15*8
28
%
*1
182*2 May
No par
U S Tobacco Co..
Jan
May
x55
1%
*46*2
*12%
Jan
7278 Jan
Nov
June
5i8 May
100
Preferred
1%
1
54*2
1,700
60
11
89
50
165
par
No
Deo
3134
Feb 27
58
60
Preferred
U S Steel Corp
46
*1%
49*2
*152
153
U S Smelting Ref & Min
Jan
May
12*8
64
3
31
10
7*8
97
8% Jan
Feb 19
20
100
8% 1st preferred
1,400
*45
1%
*12%
54*2
*152
119*2 120
28%
2:28*4
46
$U S Realty & Imp
200
39,300
1
15
*1212
55*2
500
73%
*46*2
1%
49%
*46*2
153
153
*•*8
*1
50
59%
60%
Card Co
US Rubber Co
1,100
59
28%
1%
1,700
12,000
73%
119
28%
1%
*58
74*2
59%
58%
46
*1*4
13g
*54
138
138
*45
46
1*8
15
153
153
119
*45*2
55*2
*14*2
*53*2
*73
60%
59*8
119*4 120
28%
28%
*1
1*8
50
*58
*73
5934
*45*4
*1*4
1*4
1*4
*1
*45*2
5934
74%
5934
7412
118*2 118*2
28*8
283g
2812
28*2
1*4
20
Apr
7*8
4% Jan
1% Feb 18
1778 Feb 14
8OI4 Feb 15
U S Plywood Corp
20
Jan
May
Oct
1334 Mar
Jan 14
2884
54% Feb 24
28% Jan 2
U S Pipe & Foundry
21
FeolO
No par
100
29%
Dec
5
6*8 Jan 3
X37% Jan 16
100
20
10
1
Prior preferred
60
*29
3334
Feb 15
6
3*8
80
6
Dec
IOI4 Jan 27
69*2 Jan 8
21% Feb 19
3% Feb 24
Partlc & conv cl A ...No var
Jan
183
478 Feb 17
33'
9
Jan 17
14
Feb 14
174
5
Jan
90
85s Feb 18
60
No par
*54
85
60
7% preferred
U S Hoffman Mach Corp
29*2
1*4
20*4
5934
U S Gypsum Co
60
84
58*4
U S Freight Co
*29%
*32%
1*8
20*4
*73
2% Feb 19
86% Feb 17
914 Feb 19
*54
1*8
1978
5S38
U. S. & Foreign Secur_.No par
30*4
84
75
May
60
*54
20%
1%
2034
57
June
3
1,000
*20%
59*2
59*2
6
5M% conv preferred60
U S Industrial Alcohol.No par
37g
6%
Jan 13
35s Jan 10
U S Leather Co
240
600
Jan
11
300
35%
24%
84*4
*73
1,000
15
118
9i2
834 Feb 21
24%
*35
2334
3%
6%
6%
5*2
534
35
35
*2234
5%
Jan
Dec
10712 June
284 Feb 24
312
Jan
5*8
857g
10
No par
pref.100
No par
20
...100
Mar
65*2 Mar
41
May
United Paperboard
U S Dlstrib Corp conv
share
Apr
60
United Mer&Manu Inc vtc 1
111
7*4
6
278 May
25*2 May
8
Jan 22
70
175
*165
174
Dec
117
16 first preferred
62%
2034
1*4
19*2
Birthday
500
26*4
1012 Jan 15
8is Feb 19
No par
No par
Jan 11
3U
Feb 28
87%
3334
*1
ton's
3%
3%
*2%
*85
33*4
21
84
Washing¬
2,100
2034
30*4
34*8
Closed—
600
3%
30*4
3334
*3278
Exchange
9%
9
35
57*2
United Gas lmprov't
$5 preferred
111
*9
10
400
62
23%
37g
30*4
17,300
*8*2
35
57
1,200
8%
111
87%
*934
64%
8%
6U4
23*2
*2012
Stock
*85
Preferred
130
9
33*2
*29»4
United Fruit Co.......No par
Jan 10
United Eng & Fdy
203s
30
Jan
70l4
United Electric Coal Cos
24*2
6*2
42
Feb 14
500
300
33*2
7*4
53*2
*6*2
Feb 25
61
4%
37%
*23*2
3*2
3*2
37
*334
*367g
35
3*2
5
4*8
37%
9%
534
534
5*8
5*8
Jan 11
*334
*3678
24
*33*2
*22*2
3*2
Jan 11
5
26%
United Dyewood Corp.
62%
62
174
174
32
5
25»4 FeD 14
358 Feb 19
.26%
87%
9*2
*8*2
9
64
100
26%
4%
*85
87*8
2% Feb 14
26%
*63 %
65
65
64%
64%
635g
64l2
8%
*8%
8*4
8*2
8*2
8%
8*4
8*8
*111% 111%
*11212 113*2 *11212 113*4 ♦11234 114
9
9
9
9
9
9
9%
*8*4
,3
3%
278
27g
234
234
234
2%
*278
3%
27«
*27g
3*4
278
2*4
234
87*s
3V8 Fob 15
2%
38
334 May
2
Sept
5
*2*8
Highest
$ per share $ per
$ per share
484 Jan 13
share
per
10
United Drug Inc
2%
65
*84
2,200
4
3%
*2%
27
*36%
37*4
4
4
2%
*2%
238
%
Lowest
Highest
Lomst
4%
4
4
378
*2
23g
On Basis of 100-Share Lots
Par
Shares
$ per share
$ per share
EXCHANGE
Week
28
Feb.
27
Feb.
26
Range for Previous
Year 1940
1
Range Since Jan.
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
% per share
$ per share
$ per share
*2
Feb.
25
Feb.
NOT PER
SHARE.
Wednesday
Tuesday
Monday
$ per share
PRICES—PER
SALE
Saturday
Sales
for
LOW
1393
New York Stock Record—Concluded—Page 10
152
9
7*2 Jan 13
53S
Jan 10
May
35*8
125
Apr
Dec
7478 Nov
734 Aug
7*2 May
458 Mar
11*4
Apr
17*8
Dec
115s
Apr
3*2 May
7*4 May
5712 Mar
41
Feb 15
38
20*2 Feb 14
1% Feb 18
23*8
Jan 10
1434 May
US
Jan
7
134
Oct
134 Feb 25
3% Feb 14
23s
Jan 11
1*2
Jan
5*4
Jan 13
3
534 Jan 25
73*4 Jan 28
45
June
116
Jan
121*4 Mar
1534 May
34*4 Nov
42*4 Apr
2478 May
Jan
Jan
334 May
28""
Feb 19
33*2
Jan
"7
30
Feb 27
34i2 Jan
24*s Jan
7
30
9
13% May
16*2 Feb 19
May
2478 May
35s Jan
3*2 Apr
684
73s
70
Apr
Apr
Mar
Oct
Jan 27
98
Jan 18
55
June
102i2
Jan 30
54*4 Feb 17
91
Jan 18
60
July
95
Oct
60%
Jan 28
29
June
58
NOV
Jan 28
39
June
65*4
9
91
June
129
Apr
Jan 11
73
May
93
Apr
25
Jan
94
85
58
Feb 13
90
Feb 21
z6934
Feb 19
19
Feb
4
1278 Feb 15
114
Feb 25
9*8 Feb 19
3114 Feb 19
90
Feb 19
15
Feb 14
64*4
10U2 Jan
80
Jan 10
15*4 May
934 May
Jan 10
98
22*2 Jan
17*4
120
12*4
42*8
8
Jan 11
Jan
6
94*4 Jan 31
183s Jan 6
May
19*4
14
Apr
26*4 June
48*4
80
May
99*8
Jan
Dec
12*2 May
Apr
Apr
638 June
1258 Feb 15
15*2
Jan
9
85s May
Jan 31
2*4
Jan
6
2
Mar
43s
x Ex-dlv.
y Ex-rlghta.
Jan
126*2 Sept
28*2
1734
2
Oct
Jan
T[ Called for redemption.
March
1, 1941
Record—New York Stock Exchange
Bond
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and interest"—except for Income and defaulted bonds. > Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
Week's
Last
Range or
Sale
BONDS
Friday's
N. Y. STOCK EXCHANGE
Seek Ended Feb. 28
Price
freasury 4)i»
1947-1952
Treasury 4a
——1944-1954
Treasury 3)4s
1946-1956
Treasury 3)48—
..1941-1948
Treasury 3)4*
..1948-1947
Treasury 3 lis..
1941
Treasury 8)48—
..1943-1945
Treasury 814s
...1944-1946
Treasury 8Hs.....
.1946-1949
Treasury 834s
1949-1952
Treasury 8s
—.1946-1948
Treasury 3s....
..1951-1955
Treasury 2Kb
1955-1960
Treasury 214s
...1945-1947
Treasury 214s—
1948-1951
Treasury 214s
..1951-1954
Treasury 214s
1956-1959
Treasury 214s
1958-1963
Treasury 214s
1960-1965
Low
1
High
5
119.4
121.26
112.22
24
1
112,8
113.4
113.18
113.17
M 8
100.31
101.13
31
100.31101.24
nl07
1
106.26 107.25
119.8
J
nl07
D
102
115.7
102.4
25
102
102.18
107.10 107.8
107.12
18
107.2
108.6
108.9
108.13
4
108.1
109.9
no~24
102
M
8
M S
M
M
J
M
8
8
110.28
112.6
110.5
....
110.11112.12
113.12114.9
109.24111.21
110.27
4
109.10
47
♦108.13108.16
110.4
107.14111.9
108
~~14
113.2
109.24
108
107.31 107.18
108.2
88
107.2
109.31
108.5
107.24
108.16
20
107.1
110.22
108.16
30
100.31109.29
108.17
107.30
25
107.8
J
D
J
D
107.20
108T7 108
D
107.30
J
4
110.15
110 26 110.17
109
108.12
S
D
110.24
♦112.2
libls"
108
♦107.28108
S
105.16
.1950-1952 M 8 106.1
105.24
106.1
107.27110.9
110.17
107.23
9
103.5
105.14
104
4
103.5
105.9
105.8
3
104.28106.28
D
104.12
104.10
4
104.12106.7
1953-1955 J D
102.14 102.14
102.16
2
101.24103.15
D
Treasury 2s
Treasury 2s
i05~8
Federal Farm Mortgage Corp—
107.1
8s
Mar 15 1944-1964
May 15 1944-1949 M N
8s
Jan
814s
15 1942 1947 J
...Mar
214s-
1 1942-1947
M
1942-1944 J
1945-1947 J
107.6
106.26107.28
106.28108
103
106.26
106.31
106.17107.26
102.24
102
102.26
102.18103
102.8
102 8
101.29103.2
103
York City
Transit Unification Issue—
New
1980 J D
A
10034
100
10034
207
100
10334
1034
O
O
9
*11
1961 J
♦08 assented
♦Guar sink fund 6s
♦6s assented....
D
D
1901 A
♦6)4b assented
♦Guar sink fund 6s
D
D
*934
9)4
8)4
*9)4
834
MN
J
1957 J
.......
1H63
1957
1961 J
1961 A
♦6b assented
♦Chile Mtge Bank 6)48—
♦6)4s assented
♦Sink fund 6)4s of 1926
O
834
♦7s assented..
i960 M
12s ofl 927
°/J228
1951
8)4
*9)4
Oct 1961
*934
9
S
8
*8H
2034
31
D
J
Jan 1961
♦Colombia Mtge Bank 6)4s—.1947 A
31
3234
2334
*2334
2334
O
1946 MN
♦Sinking fund 7s of 1920
♦Sinking fund 7s of 1927
Copenhagen (Pity) 5e
1947
1952
declaration
F
A
J
D
25-year gold 434a
A
♦Gtd sink fund 6s
......1948 A
O
2334
*2334
*21 )4
Akersbus (King of Norway) 4s. 1968 M 8
J
♦Antloqula (Dept) coll 7s A...1945 J
834
*8
♦External
e
f 7s series B....1946
♦External
s
f 7s series C
♦External
s
♦External
s
17s series D....1946
f 7s 1st series
1957 A
♦External
sec s
8
1946
..
f 7s 2d series. 1967 A
O
......1948 M N
..1971 M IV
8 t extl conv loan 4s
1972 F
A
A
J
Australia 80-year 6s..........1966 J
External 6s of 1927
...1967 M S
M N
External g 434s of 1928
1966
...1967 J
♦Austrian (Govt) s f 7s
1534
2334
2234
♦Coeta Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
1951
1944
External 5s of 1914 scr A.
External loan 434s ser C
434s external debt
33
"834 "934
834
8)4
834
934
8
8
9
834
7)4
7)4
7)4
1534
834
734
734
734
1534
7934
82)4
70)4
71
1949
58
65
62)4
40
5934
62)4
43
57
59
33
57
60
18
48
50
8
6
6
J
1134
1134
1134
10 34
834
11)4
11)4
....
6
11
1
7
11
"2
....
11
11
11)4
12
10
10 H
10
"3
8)4
9)4
9)4
8)4
12
....
9
1034
8 34
1034
10 34
1034
8)4
10)4
9)4
834
10 34
834
834
10
10)4
10)4
9)4
2034
25
20)4
2634
33)4
33)4
51
30
28
23)4
1
24)4
23)4
~6
12
22)4
23)4
22)4
21)4
33)4
3334
2334
2334
2334
2534
30
J
25)4
1
24
25
2334
2334
24
7
21
2434
7234
7234
4
72
74
18
18
1
16)4
J
MN
*99%
102)4
M S
F
A
*98)4
1949
50)4
50%
1977
1942
*
934
8H
834
834
|Met ser 534s of 1926
SHsIIiei?
1940
.
S*2d series sink fund
534s. JXBK
Customs Admin 634s 2d ser.. 1901
5)4s 1st series
1900
6J4s 2d series
♦Dresden (City) external
11900
7s—1946
5334
53)4
47
6
51)4
96
53
101
103
75
73
43)4
20
43
45 H
45
24
43)4
44
40)4
41
10
40)4
4234
42)4
4234
5534
41
55
9834
50
11
43
J
18
102)4
102)4
104
*9)4
*9)4
J
101
8)4
9
2
5
20
7
18
31)4
38)4
2934
33)4
27)4
31
7534
10
9
43 H
45)4
45
44
42)4
42)4
M
S
A
0
*53
56
54)4
58
A
O
*53
58
57
58
VI
fi
5434
5534
5534
54)4
56)4
54
53)4
59)4
59)4
27
27
A
O
A
54)4
55)4
54)4
O
MN
53)4
57
V
17
8234
70?4
5834
58)4
2
100
103
*73
,4Hs —Apr 15" 196?
Dominican Rep Cust Ad
101
120)4
103
103
IT" 195(5 F~~A
External gold 6 Hs
With declaration
♦El Salvador 8s otft of
dep
78
68 H
60
60
1034
834
10)4
934
1
25
With declaration
8134
~69~~
3
15
13
9)4
834
1
High
25
♦Czechoslovakia (Rep of) 8s... 1951
♦Sinking fund 8s ser B...... 1952
2334
6834
6134
O
Apr....1972
24
734
*7)4
1534
O
D
8 f external 434s...
S f extl oonv loan 4s Feb
2334
7H
O
♦External seo s 17s 3d series. 1967 A
Antwerp (City) external 6s
1958 I
Argentine (National Government)—
8 f external 434a
24
*834
10)4
9)4
Low
22)4
With declaration
Agricultural Mtge Bank (Colombia)
.......1947 F
9)4
Since
Jan.
25
1953 MN
Cordoba (Prov) Argentina 7s..1942
9
8)4
O
J
M
No.
O
1062 MN
—1902 MN
-I960 M S
♦Chilean Cons Munlo 7s
High
10)4
1962 A
♦6b assented
P
10)4
*9
Range
Asked
10%
834
1962 A
External sinking fund 6fl
Denmark 20-year extl 6s
Municipal
♦Gtd sink fund 6s
&
10)4
1034
/
♦Public wks 534s... June 30 1946
%% Corporate stook..
Govt.
Bid
Low
Sinking fund 534s—Jan 15 1953
Foreign
Price
102.18103.3
*102.20102.23
J
D
10
*102.19102.22
J
S
Home Owners' Loan Corp—
8s series A
May
1 1944-1952 MN
214 s series Q
114s series M
107.2
♦107.3
8
Friday's
♦External sinking fund 6s... 1963 M N
With
M
Jan 1961
♦Coiogne (City) Germany 6348.1950
Colombia (Repubb 3 of)—
104.10
D
...
f 6s
♦Chinese (Hukuang Ry) 6s
105.8
D
J
194" J
—.1954-1956
a
107.30 108.14
105.4
Range or
Sale
♦6s assented.........Jan 1961 J
Extl sinking fund 6s..Sept 1961 M S
♦fle assented
Sept 1961 M 8
107.16109.22
105.2 107.30
103.29
..1951-1953 J
.1948-1950 J
Treasury 214s
Treasury 2s
•Ry extl
1
20
Week's
Last
Foreign Govt. & Mun. (Cont.)
Chile (Rep)—Concluded—
....
105.25
103.16
D
sj
Week Ended Feb. 28
119.10
1948 M
1949-1953
Jan.
fea
N. Y. STOCK EXCHANGE
112.16
113.17 113.17
O
D
.—1945 J
Treasury 214s
Asked
High No.
BONDS
Since
M S
A
J
—
Treasury 214s.....
Treasury 214s
Treasury 214s...
&
Low
U. S. Government
Treasury 2)4a
Bid
Friday
CO
Range
22
Estonia (Republic
of) 7s
64M
64)4
60)4
60)4
53)4
8)4
♦^""ort (City of)
With
Finland
(Republic)
1907
ext 6s
declaration
1 f 6
1946
34sIT 1953
J
8
MN
T
stamped....!—" 1949
declaration...Ill"
unstamped
II1949
~5l"~
51
50
2034
20)4
51)4
27
90
26)4
73)4
26)4
90
92
93
D
8
51
8734
93
84
84
69)4
70
6634
63
72
*70
—
J
8
2034
2034
D
1941
1234
24
J
M
French Republic 7
stamped' 1941 J
With declaration
734s unstamped
External ?s
*8
J
1948
663*
—
93
With
2134
21)4
61
"5034
~6l""
29
70 ~
"58"
"76"
12
70
"58"
■76"
'l9
"22"
"22"
To
A
♦Bavaria (Free State) 634s.
With declaration
..1946 F
Belgium 26-yr
111949 M &
extl 6
1
With declaration.......
External
s
11-1955 J
f 6s
J
.1965 J
D
With declaration
External 80-year
s f 7s
With declaration.......
...
♦Berlin (Germany) s f 634s..
With
*1950
AO
declaration.......
♦External sinking fund 6s. ..1958 J D
With declaration
♦Brazil (U S of) external 8s.., .1941 7D
♦External s f 634s of 1926. .1967 A 6
♦External a f 634s of 1927. .1957 A O
20
20)4
~~7
19
1834
1934
56
1634
1634
1634
17
32
17
61
.1962 J
Sinking fund gold 6s..
20-year a f 6s
♦Budapest (City of) 6s.....
.1958 F
1634
A
.1960 J
D
.1962 J
D
Buenos Aires (Prov of)
♦6s stamped
External
s
Refunding
f
434-4348
a f
434-4 34s
External read) 434-434s...
External s f 4 34-4 34s
8% external s f 8 bonds
Bulgaria (Kingdom of)—
♦Secured
s f 7s..
♦Stabilisation loan 7 34s—
......
.1976 F A
.1976 A O
1834
*51
5734
57
5734
6134
534
61
534
5
*55
4634
46
46
*4734
.1976 MN
61
4334
4334
4334
49)4
48)4
20)4
47
70
55
70
55
26)4
26
26
5034
26
"~3
3
17
19
26)4
26
17)4
15)4
15)4
16)4
57)4
19)4
17
17
18)4
5234
57)4
61)4
5
64
62,
6/■
85
49
4734
4834
45
52
45)4
47)4
49
5234
61)4
62)4
3334
♦734ssecuredsfg
♦7ssecuredsf
1945
g
1941.
Id*«7H;II961
Irish Free State extl
s f
♦Italy (Kingdom of)
extl
♦Italian
8934
O
8934
8834
28
8834
9834
97
87
97
89
10
89
92
7934
83)4
81
6
92
93
15
7734
*7934
7634
*934
7734
7934
92)4
100)4
♦Lower Austria
♦Medellin
J
*20
27
21H
26)4
19%
2034
25
25
"2034
20
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented....
Feb 1961 F
"934
28~"
9
A
*1034
A
9
7)4
6)4
19
3
12
*934
*8
9)4
7
13
734
12
¥
534
6)4
20
MN
8
10)4
7H
20
J
D
934
A
20
20)4
"9)4 "16)4
934
9
"ivx'lo"
A
*58
O
A
O
6134
60
66
25
22)4
22)4
20
J
26
26
27
O
J
J
J
27
J
A
J
*47
H
26)4
"934
MN
J
D
57
J
1034
934
1947
(Province) 734s 1950
(Colombia) 634s
1954
8)4
10
9
1034
9
12
Mlnas Ger aw
11
♦Sec extl
s
f
20
2
42
1
65
72
46)4
3034
29)4
71
23 H
2434
60 H
64
47
43)4
734
46
128
43)4
3
28
7)4
2234
7)4
6334
61
734
11
5
2334
3634
25
64
*7)4
62
6334
♦434s stamped assented
..1943 MN
♦Mexico (US) extl 5s of 1899 £
1945 Q J
♦Assenting 5s of 1899
1945 Q J
♦Assenting 4s of 1904
~1954 J D
♦Assenting 4s of 1910
IIl945
f ♦Treas 6s of *13 assent
11933 j" J
A O
♦Milan (City, Italy) extl
6341—1952
12
72
39)4
5
45)4
D
D
5)4
5)4
934
2234
2334
60)4
55)4
834
2634
D
J
5)4
5
25
A
J
5
5)4
7
25
J
F
7
834
70)4
3634
37
M S
11)4
11)4
"i034 "11)4
*5)4
*5)4
*534
*5)4
*18)4
MN
"22" "24~~
24
*1034
834
1034
1900
7s...Il95i
♦Leipzig (Germany) 117®
94
*20
.....1942 MiV
♦External sinking fund 6s... 1960 A O
♦6s assented
i960 A O
12
O
5hL..II
80 H
80)4
8
7s.....1942 MN
A
F A
Japanese Govt 30-yr s f 634a
1954
Extl sinking fund
MN
1905
A O
♦Jugoslavia (State Mtge
Bk) 7i 1957
7634
7634
M
►
634
J
5
3
J
l>
5s..
CredConsortium 7s serB'47
♦Italian Public Utility extl
7§_"_1952
92
J
♦7s assented
For footnotes see page 1399.
90
80
~93
'2034
9
834
♦Sinking fund 7 34s ser B—1901 MN
F A
Hungary 7 34s ext at 434s to
1979
7)4
J
1968
Helslngfore (City) extl 034s
1900
Hungarian Cons Municipal
Loan—
8
/
1904
m4«
734
M N
1964
m A—1952
7
J
1958
declaration...HIT—
♦Heidelberg (German) extl" 7)481956
1
J
D
With
4
151960 J
8168
♦Hamburg (State 6s)
7
90
J
190s
734
♦6s Jan. 1937 coupon on..1960
♦Farm Loan s f 6a...Oct 15 1960 AO
♦6s Apr. 1937 ooupon on..1960
a f
♦6a part paid
734
80-year 3s
1967
80-year 3s
....1968
♦Carlsbad (City) 8s..........1954
♦Cent Agrlo Bank (Ger) 7a
1950
♦Chile (Rep)—Extl
6>4s
7
A
1965
s f ser 7s.
Paid
♦81ns fund secured
6s
J
Aug 15 1945
6s...July
•ntSIJL^8r,c Loan)
♦Greek Government
.1967 J
1961 J
1944 J
10-year 234s
25-year 3 34s
7-year 2 34s
1930 stamped
unstamped.....
1965
stamp(Canadlan Holder)*65
German Rep extl 7s
stamped.. 1949
♦7« unstamped.—.
1949
German Prov A
Communal Bks
*30
F
"64)4 ~65*"
*6634
5He
J
.1968 M A'
IIIII
International—
34)4
5034
5034
3434
51
1962 MN
6s....
7s
German Govt
.1984 J
Canada (Dom of) 30-yr 4s.... 1960 A
♦Farm Loan s f
1734
.1957 M 8
.1961 M 8
.1977 M 8
27
26
4334
26
D
•7s (Central Ry)__.
Brisbane (City) s f 6s......
2034
26
34s
434
*
434
"2334
7
434
3)4
934
6334
434
5
4)4
434
4)4
*4)4
23
5
18
4)4
1
434
67
434
""334 "534
3)4
334
434
23
24
5
5)4
534
30
(State)—
634s—....
♦Sec extl s f 634s
♦Montevideo (City) 7s
♦6a series A
1958 M 8
—.1959 M S
1962 J D
.1959 MN
9
834
834
9
25
9
8
834
934
9
*58
54
59
*57
53
58)4
Week's
Friday
Last
BONDS
N.
Y.
STOCK
Range
Sale
EXCHANGE
Low
Foreign Govt. & Mun. {Concl.)
New Bo Wales (State) exti 6s
1967
External s f 5«
Apr 1968
F
A
O
Norway 20-year ext) 6s
F
A
......1943
.With declaration
A
FA
52 M
MS
♦33 M
1966
AO
1963
f
s
F
32
36 M
Municipal Bank exti
s
♦Nuremburg (City) exti Of
♦4Mb assented
213*
39M
27
29
37
43
♦4Kb assented
54
61
5
61
66 M
L'
7
11
6H
7M
7
7
V
7
8
8
6M
6M
03*
6M
66 H
65M
64 %
O
6M
14
6M
6M
63*
10
6
*6
8
13
A
o
*3 M
"_7M
/
J
*3M
»3M
"_5
8M
8
a"0
—1952
1941 A
1947 F
O
8
8
20 M
20 M
26 M
6 Ms
Rio Grande do Sul (State of)—
20)*
91
87
.....1946
♦8s exti loan of 1921...
♦6s exti
s
A
O
1968
J
59
59
—...1966 UN
♦7s exti loan of 1920
♦7s municipal
loan.............1967 J D
A
O
1959 F
♦February 1937 coupon paid...
♦Saarbruecken (City) 6s...—.....1963 J
♦Roumanla (Kingdom of) 7s
SantaFeexti
s
"~8M
73*
10
10 M
Sao Paulo (City of,
24 M
*5M
♦Saxon State Mtge Inst 7s. .——.1945
/
12M
103*
13M
123*
69
28M
J
J
A
19
18M
18M
46 M
48)*
D
1955 F
Taiwan Elec Pow sf 5Ms...——1971 J
Tokyo City 5s loan of 1912.
—.1952 U
External s f 5 Ms guar
—1901 A
♦Uruguay (Republic) exti 8s
1946 F
♦External
s
33
s
10s
20
19
18M
53
26 M
26M
43 M
22 M
5
*4M
3M
70
18
46
393*
45M
19
19
25
46
8
46
55
50 3*
54
43 M
423*
39%
25
43 M
393*
36J*
-
3M
28
12M
36M
"l23*
3M
12M
3 M
3M
57)*
3 M
54 M
52
40
44)*
36 M
3)*
36M
♦33*
41
35)*
41M
--
~*93*
54
43)*
Elig. &
Rating
Last
51
Range or
Friday's
49M
Week's
Sale
Price
Bid
A
&
«
Asked
gS
Range
ybb
1
ybb
z
Ala Gt Sou 1st cons A 5s....1943
x
cccl
1
102 M
11
100 M 102 %
6
101M 103)*
107
107M
mm
mm
mm.
aa
4
mmmm--
aa
4
mmmmm-
b
2
2
y
Coll A
conv
5a
b
x
rnmmmmm-m
*100 M
*20
109 5*
107 M
*46
'mtmrnm
295*
109 5*
mmm
60
2
mmrni'm
51M
83 M
mmmmmm
m
5
107 M
*47 M
83 M
bbb3
mmmm
3
80
109)* 110 M
107)*
545*
59
543*
54 M
107 M
81
J*
833*
46M
48M
192
41M
48M
42 M
40
42)*
290
36H
43M
278
36 M
2234
14M
44
20
Sept 1 1946) due—2000 M S
Ref A gen ser ? (lnt at 1%
z
ccc4
z
cc
42 M
40
42 M
z
cc
19)*
17M
20
to
Pgh LEAWVa System—
Ref g 4s extended to..1951 MN ybb
S'west Div 1st M (lnt at 3 M %
1947) due
J
1950
J ybb
J y bb
...1951
1951
Battle Cr A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3Mfl—1951
Bell Telep of Pa 6s series B..1948
1st A ref 5s series C
1900
J
x
X
x
Belvfdere Del cons 3 Ms
1943
Beneficial Indus Loan'2Ms..1950
D y aa
D z b
♦Berlin City E! Co deb 0MS.1951
With declaration—........
♦Deb sinking fund 6 Ms—-1959 F
With declaration.....—...
♦Debenture 0s
A
z
b
z
100 %
*21
CI—I
bbb3
X
a
x
a
x
a
3
1944
D
x
Ms.—1950
A
x
bbb3
Big Sandy 1st mtge 4s
Blaw Knox 1st mtge 3
yb
Boston A Maine 1st 5s A 0—1967 M
1st M 5s series II—
1955 MN yb
..1961 A
1960 J
2
2
O yb
2
ybb 3
-.1950 F A
Bklyn Un Gas 1st eons g 58—1945 MN
x
x
bbb3
a
3
a
D
aa
Stamped modified (interest
MN
at 3% to 1946) due
1957
Registered
-
-
MN
z
21
103)* 104
102
1043*
107M
106 M
107 M
36
10634 107M
1
105ui»105uia
68
52
603*
100M 104 M
75
D
x
aa«3
101)*
101M
103
1013*
4
103)*
1039ie
25
1035* 104«W
107M
107 M
108)*
55
107M 110
66
1073* 109M
1093*
1083*
105 M
109 M
1033*
104
J
x
bbb2
105
mm
mm-
104
101
103
6
105
1
108 M 1105*
103 M 106
8
1967 Jan y cc 2
f Ann Arbor 1st g 4a
—1995 Q J ybb 1
Ark * Mem Br A Term 58—1964 M 8 xbbb4
x aa
2
x aa
2
x
aa
2
x
bbb3
x
bbb3
323*
333*
49
49
49
108
38
7
31M
35
49
55M
98)* 100
*98)*
99M
1053*
105M
65
105
106
105M
106 )*
106)*
48
105M 106M
1083*
mmmm
45
108M
106)*
90
90
1
895*
89M
91
25
bbb3
x
33M
*
1
ft
Attention la directed to the
89
new
....
101)*
*
67 M
21
'1O8M
look"
75
27
26 M
26M
26M
25M
19
25 M
22
102
27
7
16
105M
27
107""
104 M 106
101M 104 M
104
105 H
108 M 109
""B
100
2
75
102
795*
"67""
20
9M
108M
85
81M
85
75
78
68
18
21
95
11
4
109
38
*103
'ilOM
100)*
22M
78
*83 M
110M
*105
91
105M
*112M
*108 H
67
72 M
18M 255*
9M 115*
108M 109 M
104
104
Ilok
110M HIM
112M 1135*
91
95 M
112
92
106
105M 107 H
111
U1M
108 M 109
{♦1st A coll 5«1034
5s registered-........ 1934
♦Certificates of deposit
Bush Terminal 1st 4s
4
O
O
5
T
43
43
69 j*
a
106 M
106
10QM 110M
90
94
15
20
93 M
94
96 M
97 M
94
"93 M
92M
90 M
90 M
aa
aa
104
aa
Jk
bbb2
54
%
102 5*
53 H
78 M
101M
a
2
aa
2
10 \%
73 M
68M
a
2
a
2
J
a
UN
{♦Consol gold 6s—.-1945 MN
6 Ms series B..1959 A O
♦Ref A gen 6s series C
1959 A O
♦Chatt Div pur mon g 4s—1951 / D
♦Mobile plv 1st g 5s
.1946 / J
M S
Cent Hud G A E 1st A ref
z
z
c
z
cc
z
cc
x
aaa3
8Ms '65
1966 A O x aaa4
2
{♦Cent New Engl 1st gu 4s—1961 / J zb
J z ccc3
{♦Central of N J gen g 5s—1987 J
z ccc3
5s registered
1987
...
y~j
z
A
A yb
935*
92M
90 M
90M
6
7M
1M
1H
*4M
105M
22
100 M
52
4
98 M
"04
11
20 M
9
96
94
102?* 106
52
57
70
80
M
101M 103
64)*
75 M
70M
41
43
104 M 1065*
100
102
525*
53
97 M
995*
88
94
17M
20 M
28M
35
305*
7M
2
15*
7M
5J*
1M
1M
1M
1M
8M
1065*
97
94
7
6
20
5M
6M
105M 109M
♦110M
"BI
56
64 M
14
14
13
12 M
13 M
14M
12M
13M
28
12
16
115*
16
14 M
♦11M
106M
106 M
"l7
60
69 M
69
"Bom
8
20
53
64
O ybb
F
5
93 M
"97M
*4M
105 M
ccc3
z ccc3
4s registered..
.....1987
Central N Y Power 8Ms.—1962 A O x a
Cent Pao 1st ref gu gold 4s..1949 F A ybb
19
895*
17
*31
1M
1M
102
42
20 M
2
C
69
68M
92 H
ccc3
X cc
z
15
55
73 M
k
98
4
104
43
104 M
100
4
b
5
72 M
b
A
9
17
16
65 M
43
ccc3
M 8
93 M
91.
105M108
64
48 M
50 M
1
199
MN y b
M S yb
*65
73 M
86 M
88M
"23
M 8
x
bbb3
105 M
2
deb 4MB (1938 lssue)..1950 M S
x
bbb3
103 M
105 M
103 M
115* 145*
12 M
12M
106 M 107M
65M 73
63)* 67
425* 535*
51M
2
75
85
915*
1055* 106 M
103M 104 M
93
84M
90M
94 M
aa
♦Ref A gen
S
84
13
11
5
3)*
5
923*
893*
12
93 H
J
Through Short L 1st gu 4S.1954
Guaranteed g 5s...
.1960
Central RR A Bkg of Ga 5s3l942
CertaJn-teed Prod 5 Ms A...1948
Champion Paper A Fibre—
S f deb 4Mb (1935 i8sue)..1960
72 J*
94
D
.....1987
47
60
94M
J
F
41M
46
92 M
94 M
J
3s 1955
74
"26
72 M
106%
85
90?*
1954 J
1960
{♦CaroUna Cent 1st guar 48.1949
Carolina Clinch A Ohio 4s.. 1905
Carriers A Gen Corp 5s w w—1950
68
43 M
92 M
94 M
aa
14
48
455*
3M
3M
3M
aa
Can Pac Ry 4% deb stk perpet.
Coll trust 4Mb..........1946 M S'x
5s equip trust ctfs
1944 J V
42 M
"13
4)*
70
aa
1955 F
Guar gold 4 Ms
.Sept 1951 M 8
Canadian Northern deb 6 Ms. 1946 J
♦Genera! 4s.....
106M
84 H
xbbb3
aa
J
5
4H
*66 M
b
x
Bush Term Bldgs 5s gu
1960
Calif-Oregon Power 4s......1906 A
Canada Son cons gu 5s A
1962 A
48
10
....-1
ybb
yb
J
A
Coll trust gold 5s..Dec 1
Collateral trust 4 Ms
4M
cc
1952 A
45 M
*.....
cc
A
cc
Consolidated 5s..........1955
44)*
45M
Cent Illinois Light 3 Ms
103)*
108 M
108M
111 M 1135*
130M 137M
100 M
b
A
103
1
105
45 M
b
z
f Burlington Cedar Rapid A Nor—
t Central of Georgia Ry—
♦1st mtge 5s....——Nov 1945
104
102
51
105
100 H
4
70
103M
103
106M
75
4
aa
x
69
%
103
105"i« 105ux# 105»i«
54 M
55 M
54
24
*109
ccc2
4
32
"22"
101M
104 U
aaa2
555*
"83" ~84
100 M
22M
104)*
105
92M
65
—
105 M
3
A
3s ser G
1960
Consol mtge 3 Ms ser H.—1905
D
10
H2M
131M
"I
23
106 M
3
A
Consol mtge
62
;
83
cccl
x
55
70
6
z~b~~i
..—..1955
♦Berlin Elec El A Undergr 6 Ms '56
Beth Steel 8Ms conv debs.. 1952
Cods mtge 3t*s ter F
1959
159
70
50 M
45
89M
47M
47M
111M
130 M
*104)*
i
61
m'm
3
83
1
57 M
mmm
52
1
51
*40
I
61
rnmmm +
7
89 M
49
aaa3
2
J
...1995 MN
4s stamped registered—1995 MN
53?*
89 M
aaa3
J
a
aaa3
Atchison Top A Santa Fe—
General 4a
—1995 A O
Adjustment gold 4s......1995 Nov
61M
49 M
58 M
aaa3
O
bb
aaa3
J
55
43
D ybb 2
O x bbb4
A
x
(Del) 4s B...1955 F A
18
58
"49"
D
x
1st m s f 4s ser C (Del)—1957 J
56
46 M
55
51
b
Celotex Corp deb 4Mb w w—1947 J
♦Cent Branch U P 1st g 48—1948 J
O
O
55 M
44 M
J ybb
J x bbb3
Bangor A Aroostook 1st 58—1948
Con ref 4s
z
56
46 M
3
F
9 f Income deb......
48 M
Celanese Corp of America
♦Anglo-Chilean Nitrate—
1399.
ccc4
1995 J
1946) due
Cart A Adir 1st gu gold 4s—1981 F
A
Anaconda Cop Mln deb 4Ms.1950 A
For footnotes see page
z
to Dec 1
Ref A gen ser D (lnt at 1%
79
/ ybb 3
Am Wat Wks A Elec (to ser A.1975 UN y bbb2
Stamped 4s.....
D
Ref A gen ser C(!nt at 11-5%
86
*77
Amer Telep A Teleg—
Armour A Co
73M
44 M
97 M
M2V
68
65M
90)*
J yb
73M
68
365*
79
.—1952
04M
45
78
3
113
67
75
310
65
Am A Foreign Pow deb 6s—2030 M S y ~b "*2
Amer IG Chem conv 5 Ms—1949 AfN xbbb3
20-year sinking fund 6Ms.1943
3Ms debentures........-1961
3Ms debentures.........1966
Am Type Founders cony deb. I960
65 M
67 H
76
a
995*
43 M
81
x
96 M
66 M
94
Allis-Chalmers Mfg conv 4s 19621M ts
855*
105 M 106 M
40M
79
2
75M
8
15
99 M
43M
91M
aa
19
106
67M
y cc
Am Internet Corp conv 6 Ms. 1949 /
99 M
3
81
bbb2
33 M
ccc4
93 M
y
38
bb
mmmmmm
x
34
31
z
2
ybb 2
75
7
2
72
z
3
Allegh Val gen guar g 4s....1942 M B
Allied Stores Corp 4Ms deb8.1951iF A
68 M
M
82 M
66
b
y
15
36
32 M
84
105 M
ybb
....1950
Alleghdc West 1st gu 4s.....1998
.....
84
xbbb3
.......1949
♦5s stamped
5s (called)
49
1033*
1063*
x
1946
3Ms registered—
—1946
Alleghany Corp coll trust 6s. 1944
43 M
101
y
6s with warr assented....1948
20
103)*
..1943
Alb A Susq 1st guar 3 Ms
46 M
103)*
mm.
71
D
Guaranteed gold 4 Ms
10L
Albany Perfor Wrap Pap 6s.. 1948
1st cons 4s series B
44 M
45M
1
10-year deb 4Mb stamped.1946
♦Adriatic Elec Co exti 78—1952
83M
O
Guar gold 4Ms..June 15 195f j
1947
67
77
Ref A gen ser A (lnt at 1%
to Deo 1 1946) due-1995 J
Guaranteed gold 6s—Oot 1969 A
Guaranteed gold 5s......197' r
Since
Jan.
COMPANIES
Coll trust 4s of 1907
61M
7
3
Canadian Nat gold 4 Ms.
1957 J
Guaranteed gold 6s..July 1969 J
RAILROAD and INDUSTRIAL
tPAbitibi Pow & Pap 1st 58.1953 J D z cc 2
Adams Express coll tr g 4s...1948 Af S ybb 1
70
80
Buffalo Rochester A Pgb Ry—
39)*
35 J*
41M
*42 J*
Friday
k
64
"99 M
ybb
Buffalo Gen Elec 4 Ms B—.1981
Buff Nlag Elec 8Mb series C.1967 J
24
*38
Bank
See
79
62 M
80
99M
101M
35
ybb 3
r
*53
—
II
73 M
1st Hen A ref 6s series A..1947 MN X bbb3
Debenture gold 5s.
...1950 / D y bb 3
1st lien A ref 6s series B
1957 MN xbbb3
54
55
EXCHANGE
98 M
99 M
68
32 M
Bklyn Union EI st g 5s
46
Week Ended Feb. 28
1
76
b
70
40
*53
BONDS
100
71H
y bb
26M
39 M
19
D
100M102M
111M H2M
110
1115*
""I
U1M
63 M
80
bb
ybb
♦ine mtge 4 Ms ser A. July 1970 MN y ccc3
t»Boston A N Y Air L 1st 48.1956 F A z cccl
Bklyn Edison cons M 3Ms—1966 MN x aaa4
53*
*52
J
102 M
111M
1st mtge g (lnt at 4% to
Oct 1 1946) due. July 1948 A
1st g 4Mb series JJ
1st mtge 4s series RR
7
A
Yokohama (City) exti 08———-196J
97 M 101
95M 96
103M104
104"" ""44
74 M
y
y
2
High
100
98
*97
100
62 M
24
*65
J
.1970 AfN
8M-4-4MS (I bds of *37) ext cony 1979 AfN
3^-4^-4*118 exti cony—
1978 J D
4-4 M-4 Ms exti readj
1978 F A
3Ms exti readjustment .........1984 /
♦Venetian Prov Mtge Bank 7s
1952 A
♦Vienna (City of) 6s..
1952 UN
♦Warsaw (City) external 7s
1968 F A
♦4Mb assented
1958 F A
111M
*110 M
*112
1
98
M
*101
3M
35*
20M
53*
53*
8
73*
6M
7
7
85*s-4-4Ms ($ bonds of *37)
external readjustment
STOCK
17 H
——...I960 AfN
1964 AfN
f 6s
♦External
7 3*
*7 H
13 M
12 M
27 M
263*
A
C
8M
163*
15M
g6Ma—
Sydney (City) s f 5Ms—
Y.
"20
19
18M
O
J
"l9
9M
9M
32
63*
5M
25M
63
20
20
J
M 8
54 n
*27 M
—
N.
5
4
"56"
83*
9M
-
22 M
11
-1940 J D
Serbs Croats A Slovenes (Kingdom)
♦8s secured exti
1962 AfN
♦7s series B sec exti
1902 AfN
♦Silesia (Prov of) exti 7s
—1968 / D
♦4 Ms assented
...1958 / D
♦Sileslan Landowners Asen 6s.
1947 F A
♦81nkfngfun
7
6
"BB""
13M
J
10 M
8M
8M
24M
93*
26
*3 M
123*
J
*95
103 M
bbb3
x
...1948
4s stamped........
10
73*
*8M
Af N
73*
9
"25"
"11"
8M
8
"~9~
♦6 Ms exti secured s f
1957
{♦San Paulo 8s exti loan of 1921. ..1936
♦8b external
1950
♦7s exti water loan......——1950
♦6s exti dollar loan..
1968
♦Secured s f 7s...
.......—1940
s
M S
4s. July 1952
Toledo Cln Div ref 4s A—1959
3*
6M
10M
73*
8M
Brazil)—
f
—.....1952 MN
♦8s exti secured
7
J
M S
.1964
'4s
cons
No. Low
98
98
-
x aa
July 1948
....1948
Stamped modified bonds—
to Jan 1
27
27
"r7M
7
A
♦Rome (City) exti 6Ms...........1952
m m mm
J x aa
1st mtge gold 4s
66
6H
8M
D
f g.............
~
Since
High
98
103 j*
aa
Baltimore A Oblo RR—
96 M
59
A
F
-1953
x
Range
Jan. 1
Asked
to Sept 1 1946) due—1996 MS
♦Conv due
Feb 11960 F A
90)*
♦Rhlne-Maln-Danube 7s A
sec
,
x aa
J yb
Second mortgage 4s.—1948 J
J yb
At) Gulf A WISS coll tr 5s.. 1959 J
M S x a
Atlantic Refining deb 8s
1953
J
Austin A N W 1st gu g 5s...1941 J
ybb
9
27
27
27
20 M
"S5m ^20 M
91
A
1950 M 8
♦Rio de Janeiro (City of) 8s........1946 A O
D x aa
General unified 4Mb A....1964 J D
AfN
10-year coll tr 6s_.May 1 1945
MN
LAN COll gold 4s
Oct 1952
J
J
Atl A Dan 1st
8M
8M
20 M
With declaration
0b—...;
83*
13M
3M
3M
4
8M
33*
33*
33*
8M
*9
♦Prague (Greater City) 7 Ms..
1952 KN
♦Prussia (Free State) ext) 6 Ms...—1951 M £
Queensland (State) exti if 7s
25-year external 6s
x aa
4s registered
7M
7M
7M
*4 K
*12
o
.....1950
Atl Coast L 1st
A
68M
65
6%
65M
J
♦4J4s assented.
..........1963 J
♦Porto Alegre (City of) 8s
...1901 J D
♦Exti loan 7 Ms
........1966 / J
♦Exti
27 M
103 M
75
D
98
Cal-Arls 1st A ret 4Mb A..1962 Af S x a
J
D x aa
At! Knox A Nor 1st g 5s
1946
J xbbb3
At! A Char! A L 1st 4Ms A..1944 J
J
J x bbb3
1st 30-year 5s series B
1044
g 4s—
70
102
75
A
♦External sink fund g 8s
s f
102 M
1947
f 7s..
•
46
24 M
27 M
♦25M
............1968
♦Stabilisation loan
♦Externa!
31M
27 M
..1940 A O
.......1958 A o
{•Poland (Rep of) gold 6s
32
40
D
A
2d ser......1961
31
38M
8
J
1960
33
3
40 M
m"§
♦Nat Loan exti ft 6s 1st ser
32
37
*70
1947
1959 M
5
39 M
*102
♦Pernambuoo (State of) 7s
♦Peru (Rep of) external 7s
s f 6s
363*
34 M
36 M
34M
36M
31M
27M
"27
1903 M N
...1963
♦Stamped assented
36 M
37
.1963 MN
♦Ctfs of deposit (series A)
51M
40 M
..1953 J D
♦Exti b 1 6s ser A
.
33
38
A
MS
1968 UN
1956 A O
Oslo (City) s f 4Ks__.
•Panama (Rep) exti 5 Ms
♦Nat Loan exti
F
1962
1953
Oriental Devel guar Of........
Exti deb 6 Ms
Trans-Con Short L 1st 4«..19Rn J
M
53
34M
35 M
With declaration..
Conv gold 4s of 1910—1960 / D
Conv deb 4Ms.......... 194* J D
Rooky Mtn Dtv 1st 4s ...I960 / J
52
Bid
Low
Railroad & Indus. Cos. (Cont.)
Atch Top A Santa Fe—(Concl.)—
Conv gold 4a of 1909...—1955
Conv 4a of 1905.....—1955
62
2
33 M
*27 M
JD
1970
f 6s
A
64 M
52 M
53 M
36 M
*30 M
35 M
exti loan
With declaration....
* f
High
"8
36 H
33
With declaration
Price
51
1
"f
36 M
36 H
32
.....
Sale
See k
Week Ended Feb. 28
54M
51M
51M
14
53M
1966
With declaration.........
External sink fund 4 His
With declaration........
4s
"52M
52
52 M
1944
Rating
56 H
16
.....
external da
External
M
~52M
56 M
Elig. A
N. Y. STOCK EXCHANGE
1
NO. Low
High
57 M
58 M
52 M
56 3*
BONDS
Since
Jan.
cq«
Range or
Friday's
Last
Range
or
Friday's
A
Asked
Week's
Friday
Bank
Bid
Price
Week Ended Feb. 28
20-year
1395
New York Bond Record—Continued—Page 2
Volume 152
85
column incorporated in this tabulation pertaining to bank eligibility
and rating of bonds.
See
A.
Priday,
Week's
Last
Range or
Range
Rating
Sale
Friday's
Bid
A
Asked
Since
EXCHANGE
Y. STOCK
Week Ended
See
Feb. 28
Price
a
Y. STOCK
Jan. 1
See
S6,
Week Ended Feb. 28
A
Bid
Price
a
Railroad & Indus. Co*.
1992
x
x
x
aaa2
3 He ser 7.. 1963
Potts Creek Br 1 t% 4s
1946
x
2d eonsol gold 4s
112
91
91
aa
c
*
M
"83 %
a
x
B._May 1966
North Western Ry
1987
83
"21"
88 %
76
33
71h
78 %
14
15%
37
13h
24 H
25%
75
24 h
25%
76
cc
25
J ybb
.1987
110H
x
aa
3
x
aa
3
"m%
109 H
1095*
x
aa
3
107%
106 %
107 H
109
109?*
105
105 H
101
43
95%
975*
33
16
16H
15H
12
16
18
14H
17
14H
175*
18
2
165*
175*
205*
m jv
110H
x
a
2
D
x
aa
2
)J
a
Crane Co 2 3*s s f debs.
"7H
1
y
b
2
z
b
1
u
J
D
109 h 110%
10
o
x
a
j
y
aaa3
B
series
32 H
33
120
285*
33h
J
25
11
21 %
25
mn
J
20
23
22
23
"~7
5
18h
6h
23
7
7H
7H
1
6h
25
106
aa
3
aa
3
103 %
3
*103%
106%
z
cccl
8H
7%
J
J
z
cccl
8X
34 H
36
64
293*
33%
35
15
28 %
ccc3
36
34%
36 H
63
30%
{"♦Den A R G 1st cons g 4s..
38
35
36H
36
363*
36
34H
36
44
303*
36 5*
35%
365*
31
30H
A
z
A
z
ddd2
A
o
z
c
2
/
J
z
cc
2
m
8
z
ccc2
a
o
x aa
3
x
3
aa
7H
3
1H
2
c
75*1 890
6%
1H
1%
43*
1
175
18H
38
15
ccc2
18H
18%
14h
x
y
b
d
z
xa
x
aa
J
z
16
19h
18 H
/
J
x
"18%
~iv~ "36
16
19h
20
A
ccc2
"l9"
ccc2
ccc2
19H
*18%
ccc2
16h
♦15
20 H
ccc2
19
*17%
ccc2
17
15
"20 % "25
21
18
163*
15h
20
ccc2
MN
ccc2
23 H
~2~1%
"23 H
52
193*
J
cc
2
12 H
12%
123*
58
103*
J
D
cc
2
12%
11%
12H
58
11
J
D
cc
2
12%
1H
12
12M
34
103*
13*
20
15h
24h
133*
13h
135*
2h
P
2
c
1
44
ccc2
17
A xbb
J
J
1934
A
x
ccc2
1%
1%
44
41%
15%
11%
111
12
17H
124
115*
4
------
108H
2
4
aa
3
A
O ybb
2
------
A
O ybb
2
{♦Erie RR 1st cons g 4s prior 1996
104%
104 %
------
x a
S
x
J
J
58%
5
49
41
14h
113*
173*
143*
ccc2
series A
j
z
ccc2
J
♦Conv 4s
J
z
cc
j
z
cccl
A
o
z
cccl
88%
36 %
38
36%
1963
16h
♦
12H
93*
♦
cc
9%
8
9H
"89
X
cc
8
73*
83*
64
6
83*
♦Genessee River 1st s f 6s._ 1967
c
9H
9%
93*
33
7h
75*
9%
73*
"~8H "23
63*
8%
1%
M S y b
6s....Deo 1 1960
73*
13*
75
*45"
2
55%
60
44%
46%
*44%
%
73
76
"49" "51%
"51
*56
2
8
61%
51%
O
x aa
3
1053*
109
x
aaa3
x
aa
1st mtge
J
.1963 J
3Hs series F
J
Indiana con 4s 1962 J
M 8
1st A ref M 4Hs series D. 1902
x
aaa3
Chic A West
x
a
3
a
2
91 %
93 H
O y b
3
29 H
1943 A
1962 MN
{♦Choctaw Ok A Gulf con 5s
F A
Cincinnati Gas A Elec 8 He¬ 1960
1907 J D
ist mtge 3 Hs
cc
3
109
105 H
J
1961 M 8
series E... 1963
105%
105%
99
100
7
7
99
89 %
93
11
913*
943*
29%
29%
12%
18
273*
36
108 H
108%
"13
109
2
36
93%
109
*11
aaa4
aaa4
aaal
MN
x
aaa4
108
x
aaa4
112
112
93*
108H
A
/
J ybb
104
91%
x
P
107
109H
105h 107 %
36
92 %
x
Cln Leb A Nor 1st con gu
1053* 1063*
91
x
M JV
4s 1942
Cln Un Term 1st gu 3 Hs D. 1971
1st mtge gu 3Hs ser E_._ 1969
Clearfield A Mah 1st gu 6s. 1943
2
1085*
*105%
2
133*
"42"
♦Erie A Jersey 1st s f 0s-.1955
(♦3d mtge 4Hs
General 6s series B
1977 J
1991 J
x
J y b
J ybb
2
"57%
3
::::::
J x aaa4
107%
1942
O
Series B
3Hs guar
1942
O
Series A
4Mb guar......
1942 J
J
Series C 8Mb guar......
1948 M JV
x
Series D 3 Hs guar
1960 F
1977 F
A x aa
Gen A ref 4Hs series B.
1981
57%
*73
52
1063*
76%
107%
Cleve Short Line 1st gu 4
J
aaa2
2
42
43
385*
51
36
40
38
55
36
40
38
395*
*35
39 %
18H
17
185*
213
16H
19H
z
c
2
18%
17H
18H
148
J
J xb
2
82 H
82
16H
825*
J
J
2
z
b
mn ybb
m 8 z bb
P
J
------
------
1st Hen
s
f 5b stamped
------
*101
3
103
19H
895*
108H
....
101
101
1
H
103
-----
*
a
4
x
bbb2
s
103H
105%
1065*
6
1045* 1065*
102
102
2
102
*100
103
"I06H
x
bbb2
x
102
bbb2
*102
x
bbb2
y
bb
3
a
O
x
a
4
J
x
ccc2
*101H
104%
------
—
—
-
—
100
*41
aa
2
107%
2
1974
o
x
bbb3
o
x
bbb3
x
bbb3
77
O
x
bbb3
69H
1946 J D
1943 P A
x
aaa2
ist s f 6s series B guar...
1973
1st s f 4 Ha series C
1977 A
Coal River Ry 1st gu 4s...
Colo Fuel A Iron gen s f 6s.
1970 A
Income mtge
Colo A South 4Hs series A.
81H
88 %
1133*
92
"91
72
80
90
13
91
54
61
"54
o
x
bbb3
O y b
7%
8
58
7H
67
8H
1
7%
7H
24
65*
7H
x
c
2
2%
15*
2
1%
*42
14
665*
2%
——————
m jv y ccc3
Gen Am Investors deb 6s A.1952
1946
{♦Sinking fund deb 6Hs—1940
J
d
x
s
f deb 0e
1948
Gen Steel Cast 6Hs w w
1949
{♦Georgia A Ala Ry 6s.Oct 11945
{{♦Ga Caro A Nor 1st ext 08.1934
a
y
bb
j
j
z
cccl
j
D
z
cccl
mn
100h6
1
1980 MN y b
3
135*
1063* 1093*
iooin
17
x
—
— ——
32 H
36
37
— — ——
355*
39
35
35
30
35 H
845*
90
*
cccl
"86%
35
12
185*
18K
27H
22
3
c
2
*9%
j
J
z
cccl
*15%
*
cccl
36
105H
77
8 ybb 4
d y b
2
J x aaa2
33
10
b
z
z
107 %
107 h
Grays Point Term 1st gu 5s..1947
1
~80"
17
843*
82""
90
14
743*
78h
69%
41
68
73
....
105%
106%
14
21
121
78
13
"106%
85%
18h
Great Northern 45*s »er A..1961
...1901
104
Debenture 6s
Jan 10 1961 J J xbbb3
Columbus A H V 1st ext g 4s. 1948 A O x aa«3
Columbus A Sou Ohio El 35*sl970 M S x aaa4
108«
Columbus A Tol 1st ext 4s..1966 F
A
x
103%
104 J*
104
104
104 H
1033*
*112
"106H
aaa4
1055*
*112H
3
*100
-
-
—
1033* 106
104
106
"46
106
18
77
2
100 %
— —
113
113
Income deb
w
w.—Apr 11969 May Fb
1st mtge 8Hs series
I.....1968
Conv debs 3Hs
—1968
x
aa
1
36%
38
20
108 %
38
x a
4
109
25
36
43 %
3
'IlS"
114%
115
33
107% 109%
114
1193*
Conn A Pasump Rlv 1st 4s__ 1943
xbbb3
Conn Ry A L 1st A ref 4 Hs—1961
x
aa
1961
x
1961
108%
1095*
13
x aa
4
103 %
103%
1033*
26
x
aa
4
105%
105 H
1055*
45
x
aa
4
103 H
104 %
20
103% 105%
104% 106
103 h 1053*
x
aa
4
107
107%
22
cccl
x
bbb3
74
x a
4
J
x
a
J
j
J
x
x
bbb3
J
x
x
bbb3
J
x
"104""
Feb
1st A ref Term M 6s
s f
z
68
-
-
J ybb
2
"65%
2015
j
J y cc
2
40
stpd..1952
J
J y b
2
a
O
1960
B1976 j
1961
mn
D..1969
J
j
1949
♦Harpen Mining 6s
j
Hocking Val 1st cons g 4 Hs.. 1999
j
Registered
......
x
bbb3
"i04"
x
a
3
109H
z
x
aaa4
x
11
107
105H
40
104
6
98
90
905*
13
91
28
100%
79
1025*
95
81
82
64
46
-
—— -
1085*
97 H 1045*
895*
95 H
89
955*
1005* 105H
995*
95
103
96
80
87 H
-----
5
2
-----
05*
5
*88
90
87
90
83
10
79
86 H
63%
655*
27
62
665*
38
40
41
36
100
104
104 H
1095*
109J*
aaa4
— —
—
—
—
«
-
~"l4 ,,J04
26
405*
—
—
—
—
—
— — —
~90"
4
595*
7
2
895*
58%
mn y bbb2
102%
103
14
d y ccc2
27%
28
16
O
z
bb
2
*117
119" 119"'
{(♦Housatonlo Ry cons g
a
1
*109%
3
109h 1093*
108h 109 %
Houston Oil 43*s debs
x aa
Consol Edison of New York—
1946
8 Hs debentures
1948
8 Hs debentures
.......1966
8He debentures....
1968
3Hs debentures
107 H
1944
6s_1937
1964
m jv zb
f 6s ser A—1962 J
m
Hudson Co Gas 1st g 6s
1949
F
Hudson A Manhat 1st 6s A—1957
a
Hudson Coal 1st
s
♦Ad] Income 6s
Feb 1957
jv
x
aaa3
3
a y b
o
■
ccc2
56
63
1015* 1035*
26 H
31H
122
122
1
122
47
46
47
97
44
485*
12 H
11H
12%
58
11
135*
"m"
127
♦Consolidated Hydro-Eleo Works
Wuertemberg 7s. 1966
Consol Oil oonv deb 8Hs... 1961
of Upper
20
24
1045*
103 %
104 %
22
t
For footnotes see page
1399.
Attention is directed to the
new
column incorporated in this tabulation
—
1255* 1255*
89
925*
102 % 106%
Stamped guar 4Hs
Conn Rlv Pow • f 35*s A
Hoe (R) A Co 1st mtge
*100%
3
—
1045*
1095* 1115*
127 H 1295*
*128
...
A
1085*
cccl
J
J
107H
l04"
*85
3
Gulf States Utll 3Hs ser
80
-
5
3
O ybb
4Hs
73
70
68
-
83
2
c
o y bb
a
ser
66
8
*55
a
1960
6
89%
"iob%
82
..
95
685*
97 %
"90%
95
Gulf Mob A Nor 1st 6Hs B
1st mtge 6s series C
95
-----
67
107 H 107 H
bbb3
J
1005*
107
bbb3
/
81H
95
101»« 101H
4
bbb3
—
76
1063* 108 h
s
J
J
—J
bbb3
Gulf States Steel
Commonwealth Edison Co—
J
—
33
1045* 1065*
*96
67
J x bbb3
Gen mtge 33*8 series I ...1967 j
•Green Bay A West deb ctfs A— Feb ybb 1
♦Gen mtge lno 6s ser A
Gulf A Ship Island RR—
♦Commercial Mackay Corp—
1
General 4H» series D
1970
j
General 4Hs series E
1977
General mtge 4s series G..1946 J
Gen mtge 4s series H
1940 j
Gulf Mobile A Ohio 4s
108
J y b
j
1962
1033* 105%
105
1
-
*100»1«
3
1973 /
General 5Hs series B
General 6s series C
114% 114%
55
115
106 %
37
D y bb
a y b
x
♦Debentures ctfs B
Columbia G A E deb 6s.May 1962 MN xbbb3
Debenture 6e
Apr 16 1962 A O xbbb3
F
Gt Cons El Pow (Japan) 7s..1944
J
1st A gen s f 6Hs
....I960
-
-
13
y
O
-
865*
J
D xbbb3
-
85%
J
a
lOOMe102
33 H
*1111.
j
j
Goodrich (B F) 1st 43*s
1956
M
Gotham 811k Hos deb 6s w w.1940
J
Gouv A Oawegatchle 1st 5s..1942
J
Grand R A I ext 1st gu g 4 H«1941
j
77%
13%
46 H
*
------
J
♦Good Hope Steel A Ir sec 78.1945
68%
*107%
80
1H
39
*
77%
43*s registered
79
2H
2H
15*
5
47
aaa3
r
56
76%
106%
3
65 H
1
66
2
z
♦Certificates of deposit
513*
1033* 1033*
1075*
89
1035* 105
43
435*
44
cc
♦Certificates of deposit
76 3*
5
105H 105H
"81H
1015* 1025*
---*
-----
cc
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4a„1982
miv
{♦Proof of claim filed by owner.
♦Gen Elec (Germany) 7s
103 %
88
104
x
d ybb
m s
Gas A El of Berg Co cons g 6e 1949
*105 H
1972
1035*
102
1
100
102
----
1045*
104 H
J
-----
1025*
102J*
102 %
——————
103
X
♦1st A ref 6s series A
112
aaa2
x
36H
36H
37%
1
x
s
{♦Fla Cent A Pennln 6s
1943
J
{Florida East Coast 1st 4 Hs.1959
----
1
a ybb
1942
m 8
1942
j
D
1964
1st Men 6s stamped
80-year deb 0s series B
103
103
2
d
Federal Light A Trao 1st 68—1942
m s
6a International series.. 1942
2i
*104
aaa2
465*
2
Francisco Sugar coll trust 6S.1966
*106
x
x
Hs 1961
Cleve Union Term gu 6 He¬
♦6s
x aaa2
42
405*
195
445*
c
1950
109 %
1053* 106
108
1103*
85
55%
88
42
A x aaa2
Gen 4 He series A
74
51%
1990 MN y bbb2
1970
72 H
66
80
52
109
89
*80 H
74
55 H
....
cccl
1964
Fairbanks Morse deb 4s
1
106
*89
bbb3
3
68 H
cccl
m
♦Ernesto Breda 7s
♦20-year
.1993 J D xbbb3
1035* 1055*
56
595*
z
1938
107 h 1093*
St Louis Ry
.1993 J D
8
x
With declaration
General g 4s
150
1015*
105
42
42
------
100H
1015* 1015*
x
Firestone Tire A Rub 3Hs_. 1948
1944
------
m
1
74
93
150
2
o
♦N Y A Erie RR ext 1st 4S.1947
1H
108 K 108 H
o
{Ref A imp 5s of 1927
1967
A o
{Ref A lmpt 68 Of 1930.—1975
x
8H
5
....
A
1953
x
75
-
mn
13
73*
1055* 1085*
7
—
—
20 H
55
A
...1953
♦Series B
♦Gen conv 4s series D
O
1
107 %
165*
905*
/
44
104K
106
835*
80
*
1
103
4
65
*52
8334
ccc2
z
-
101%
58
....
95
93%
*149
101 %
D
102
1085*
------
aaa4
30
100
106H
18H
108 %
aa
bbb3
X
30
1
103 H
107H
x
43
43
....
27
*16
108
1105*
104H 105H
....
100 H
106
------
x
M
M "s
series E.
Cln Wab A M Dlv 1st 4a.
St L DIy 1st coll trg 4s..
Cleveland Eleo Ilium 3s
Cleveland A Pittsburgh RR
Gen 4Hs series B
109
-----
103
4
J
J
123*
13
13
ccc2
x
(♦Secured 4 Ha series A...1962
c
4H registered
..—1962 M S
c
♦Certificates of deposit
c
♦Cony g 4Hs
I960 MN
J D y bbb2
Ch St L A New Orleans 6s..1951
Gold 3Hs
Judo 16 1961 / D y bbb2
Memphis Dlr lBt g 4s
1061 J D ybb 3
ChloTH A So'eastcrn 1st 6s. 1960 J D y bb 3
Ref A lmpt 4Hs
1085* 1105*
3
J
M JV
J
Cleve Cln Chic A
2
49
110%
100%
aa2
O
J
8H
5
77
725*
*
*25
MN
EastT VaAGa Dlv 1st 6s..
95
1105*
*35
------
aaa4
17%
J
6H
3K
105 H
ccc2
"IV" '113
14
"l9"
ccc2
D
8
O
1
53
....
110%
2
m
a
20
1%
7%
4%
110%
3
a
9
15*
15*
104%
105%
ccc2
x
IK
1
aaa3
D
mn
9H
75*
3
*76%
d
19>*
18
7H
4
1%
*4
J
Detroit Term A Tunnel 4 Hs. 1961
ccc2
M JV
8%
8%
6%
7
J
73*
15*
103H 105H
1075* 1085*
8%
ddd2
f
m
4
41
1%
f
♦Assented (subj to plan)..
4
103%
aa
99 H
1055* 109
415*
545*
107
108H
37
x
J
35
ccc3
17
50
107%
107
J
35 %
ccc3
106%
48 H
49^
2
155*
18H
90
7
8h
71
155*
10H
96%
J
69
"165* "1555
96
x
J
975*
955*
14
18
x
J
109
111H
104H106
1005* 102
3
165*
3
bb
1065* 108H
6
"17 H ~~~6
'i~6%
18
8h
15
cc
17H
♦
♦Ss
16
*16 H
"17 H
ccc2
z
J
/
Chllds Co deb 6s
b
a
71
x
registered
1988
♦Certificates of deposit
4s ctfs registered
1988
8Hs guaranteed
15%
z
♦Deposit receipts.
♦Deposit receipts.
"16%
1
ccc2
69 H
x
4s
Chicago Union Station—
Guaranteed 4s
a
y
71
M JV
1936
b
Y~d
ccc3
A
May I 2037
♦1st A ref 4 Hsstpd.May 12037
♦1st A ref 4Hs C—May 1 2037
♦Conr 45*8 series A
1949
{{♦Chicago Railways 1st 6« stpd
Aug 1940 26% part pd.,1927
{♦Ohio RIA Pao Ry gen 4s.. 1988
bbb3
z
.
cccl
ccc3
F
♦1st ref g 6s
X
x
.
d
101
101
O
—
J
20
106H108
108% 109
1085* 110
111
"105"
D
j
1
108
108
z
7
23
2
4s.............1987 M JV
M N\
1987
MAf
♦Btpd 4s n p Fed lno tax_1987
M JV
♦Gen 4 %b stpd Fed lnc tax 1987
4 5* s registered
...1987 MJVj
MN
♦Gen 6s etpd Fed lno tax..1987
M JV
♦4Hs stamped—.......1987
M JV
4 Hs registered..
1987
(♦Refunding gold 4s
♦Certificates of deposit
3
23 H
♦21
32%
2
x
80 H
aa
17h
J
76'
x
173*
J
2
m jv
88
160
x
76%
MN
80
35
105*
16
registered
1st mtge 35*8
83 H
84 H
J
205*
76%
ccc4
97
15%
♦General
Income guar
*83 "
93%
97
73 5*
J
20 H
18
cccl
96 j* 100%
81%
1 1989 J
(♦Secured 0Hs
90
"32
cccl
St Paul—
♦General g3Hs
4s
98
bbb4
z
20 H
175*
5
MS
94 h
bbb4
J
18
8
20%
19H
x
12J*
x
60-year 4s..1966
registered
92%
85*
91
x
{Chlo Mllw St Paul A Pac RR—
♦Mtge g 6s series A
1976
♦Cody ad] 6s
JaD 1 2000
3 Hs
17
95
x
May 1 1989'J
♦Geng3Hs ser B.Mny 1 1989 J
♦Gen 4Hs series C.M.ty 1 1989 J
•Gen 4%b series E.May 1 1989 J
{Chicago A
95*
P
J
7
20%
20
x
112
P
|MN
J
20%
20
20
cccl
J
12V"
112
100
x aa
.
series F.May
120%
112
91
96 H
975*
|x a a
{♦Chic A E 111 Ry gen 6s
1961
|x cccl
♦Certificates of deposit
./
c
2
Gen mtge lnc (conv)
1997
!mn y bbb2
Chicago A Erie 1st gold 6S..1982
M 8 x ccc3
{♦Chicago Great West 1st 4s. 1969
J
x ccc3
{•Chic iDd A Loulsv ref 6s..1947
J
z ccc3
♦Refunding g 6s series B..1947
J x ccc3
♦Refunding 4s series C
1947
IMN z cc 2
♦1st A geu 69 series A
1966
♦Gen 4%§
122"
9
9
....
{Chic Milwaukee A
♦Gen 4s series A
Consumers Power Co-
x aa
J
J
registered..........1949
General 4s
...1968
1st A ref 4Hs series B,._.1977
♦1st A gen 6s ser
105% 108%
*120""
ccc3
x
4s
Chic Ind A Sou
105H
J
)
aaa2
x
1949
..1971
Consolidation Coal • f 5s__.
High
20
20
cccl
z
1
No. Low
High
*
x
registered........1949
series A
1023* 105%
132
Since
Jan.
m jv
aaa3
R A A DIy 1st cod g
1st A ref 6s
1025* 106
38
105 ht
'f05"T«
aaa3
x
89
103 H
aaa2
x
4s...1989
...1989
Warm Spgs Val 1st 5s
1941
♦Cblo A Alton RR re/« 3s..1949
Chic Burl A Q— III DIy 3Mf-1949
131
102 %
aa«2
z
J
J
17
103%
aaa2
x
Ref A Jmpt M
3Ha
(Cont.)
Railroad & Indus. Cos.
131H
103 H
131
1315*
102 %
aaa4
M JV
3Hs D..1996
AlmptM SHuser E..1990
Illinois Division 4s.......
High
J
|M
Ref A Imp mtge
Ref
No. Low
High
Low
(Cont.)
2
g
Asked
Low
Chesapeake A Ohio By—
General gold 4 He
1941
Range
Friday's
Sale
Rating
EXCHANGE
Range or
Last
Ellg. A
BONDS
N.
1,
Week's
Friday
Bank
Co
Bank
Elio. A
BONDS
N.
March
New York Bond Record—Continued—Page 3
1396
pertaining to bank
eligibility and rating of bonds, ^ee a.
New York Bond
Volume 152
Bank
BONDS
£•§ Elig.
I
N. Y. STOCK EXCHANGE
Price
x
let gold 4s
1981
x bbb4
1st gold 3 Vis
1951
xbbb4
Extended 1st gold 3 Ha
1961 A O X bbb4
1st gold 3a sterling
...1961 M 8 x bbb4
Collateral trust gold 4s
1952 A O ybb 2
Refunding 4s.
1966 MN ybb 2
Purchased lines 3Hs
j ybb 2
.1962 J
Collateral trust gold 4s
1963 MN ybb 2
.
4s registered
1953 MN ybb
1955 M N ybb
Refunding 6s
40-year 4Mb
..Aug 1 1966 F
Cairo Bridge gold 4s
1960
A
ybb
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s.. 1951 J
Gold 3Hs
1951 J
3 Hs registered..
1951 J
Springfield Dlv 1st g 3 Ha 1961 /
F
A
ybb
J ybb
1948
Int Merc Marine
s
ybb
z
s f
cc
cccl
z
1944
yb
F
3
y
47 H
53 H
303
35 H
45H
80H
{♦Man G B A N W 1st 3 Hs.1941 /
Marion Steam Shovel s f 6s..1947 A
1
78
mmmm
5
-
-
46H
50
mmmm
52
m
60 H
60
43
44
H
39 H
41H
58 H
43 H
mmmm
"61H
47
47
51H
43 H
49 H
I?*
*
'm
m
4
mm
*106H
105H
m m
'
"61 "
.mm
65
161
40 H
52
-
37H
30 H
48 H
45H
33
74
78
15H
19H
m
"i
19 H
mmmmm
23
•
-
106
-
-
33
1
98H
98 H
m
60
76
18
m
J05H
mm
61H
51H
--
58
32
76"
m.mmmmm
mmm¬
105H107H
98 H 101
A ybb
J
y
3
8
z
A
O
A
J
j
O
b
bbb3
103
MN
cccl
1946 M~S ybb 3
j x a
3
Kentucky Central gold 4s—1987 J
x bbb3
Kentucky A Ind Term 4HS-1961 j
x bbb3
Stamped..
1961 j
x
x
bb
x
aaa4
Kings Co Lighting 1st 5s....1954 J
1st A ref QMs
——1954 J
Koppers Co 4s series A
1951 MN
Kresge Foundation 3% notesl950
x
a
2
x
a
2
x
a
a
44
11H
51H
72
71
103 H
102
19
102 H 103 H
41
101H 104 H
78
78 H
85
86 H
30 H 43H
32 H
47
H
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*82
88
mm
43
37
43
45H
39 H
45H
*1
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56
*53H
"
825
696
-
-
-
-
95
95
32 H
34H
*34 H
36 H
36
63H
63H
69
71
mmmmmm
71
108 H
108
*17
*20
36
mmmm
1
108 H
27
mm
A.
mm
m
m
102 H
102 H
102 H
'l
109H
109 H
1
*25
79
2
mmm'p4m
92
*107H
107H
104 H
104
-
H
m
10
1
mmmmm
107 H
"I
104 H
13
104 H
6
(•Laclede Gas Lt ref A est 5s 1939
Ref A ext mtge 6a
....1942
Coll A ref 6 Ha series C
1953
Coll A ref 5Ha series D...1960
y
1942
1942
y
Coll tr 6a series A
Coll tr 6s series B
4
4
z
bbbl
2
16
97
*94 H
93 H
3 H
94 H
""io
92 H
yb
2
eo%
58 H
60 H
42
y b
2
60H
59%
60H
5
56H
57 H
b
yb
2
2
ybb
mmmmmA
56
*33
-
.
94
56 H
4
"5
64 H
60
50
62
Lake Erie A Western RR—
6s extended at
3% to ....1947
xbbb3
3Ha registered..
83
82
4
82
87 H
3
98 H
2
95
2
98 H
92 H
97 %
a
92 H
92 H
28
92 H
x
a
2
88 H
68H
88 H
15
88 H
98 H
94 H
90
y
3Hs—-1997
..1997
83
ybb
x
2d gold 5s...............1941
Lake Sh A Mlcb So g
cccl
28 H
30
9
27H
62H
60 H
33H
67H
♦1st A ref
s
ybb
2
64
15
95
7
3
65
3
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41H
1
zb
1
84
85
3
80
85
40
43H
3
40
40
6
30H
37 H
43H
40 H
b
1
z
b
1
z
b
1
1964
z
b
1
z
b
1
A
V'k
z b
1
—1974
2
J z b
♦Sec 6% notes extended to 1943 J
z b
2
♦6s stamped.....
..1943
Leh Val Harbor Term gu 5S..1954 FA ybb 2
J z bb 2
Lehigh Valley N Y 4Ha sxt.1950 J
mm
mm.
40
37 H
37 H
63H
*36 H
mmmmm
*36 H
♦33H
*33 H
m
♦5a stamped.....
45
34 H
*85
rnmmmmm
89
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39
33
m^mm
33
37H
21
m
44
44 H
44
39
35 H
32
mmmm
m
*85 H
mm-mrnm
35
mmmm
mmmm
mm
mmmmm
modified—...2003 MN
....2003
4Hs stamped modified....2003 MN
4Ha registered...—..2003
5s stamped modified
...2003 MN
4s registered
Leh Val Term Ry ext
6s.....1951 A
1
y cc
t
y cc
21%
85 H
43
48
44H
5
43
1
y cc
O y
123
1
23
22 H
23H
♦
23
"26H
mmmmrnm
101
mmmm
27H
32
50
17
50
50
3
117
117
118H
10
16H
25H
14H
22
bbbl
a
22
17H
27H
24H
30H
57
20
19H
48 H
117
120
McNeil A Llbby 4S..1955
X
bbb4
105
104 H
105
24
Liggett A Myers Tobacco 7s. 1944
5s debenture.............1951
x
aaa4
120H
120H
120H
24
104 H 106 H
120 H 123
126
126
126 H
10
126
......1951
x
.....
m
registered
X aaa4
aaa4
ybb 3
Lion Oil Ref conv deb 4HS—1952
Little Miami gen 4s swles A. 1962 m N x aaa3
Loews Inc s f deb 3 Ha—...1946 F A
Lombard Elec 7s soles A
1952 J D
x
aaa3
z
Guar ref
4s
1949
M 8 xbbb3
1949
1944
gold44s—
stamped
M 8
A
mmmmrnm
95
mmmmmm
cccl
♦Long Dock Co 3Ha ext to.. 1950 A O ybb 3
Long Island unified 4s
.1949 M S y bbb2
Lorlllard (P) Co deb 7s
5s debenture
x
95
*100
104 H
104H
26
26
*
♦
mm
mmmm
•
mm mm
mmmm
95
5
mmmmm
104 %
m
120H 120H
95
25
98
164"" 105""
4
97
131
28
mmmm
95
mmmm
98H
90 H
90 H
96 H
"96 H
"120H
97H
120 H
97 H
120 H
4
125H
84 H
109 H
109H
126
6
85
23
109 H
2
109H
5
103H
19
102
98 H
33
93
94 H
46
89
89H
15
98H
99 H
109
102
30 H
96 H
85
109H
97
34
1
99 H
120H 122 H
125 H 128
82 H
87
108H 109H
109H
Louisville A Nashville RR—
x
bbb3
2003
x
bbb3
1st A ref 4s series D......2003
x
bbb3
1st A ref
x
bbb3
Unlf mtge
x
a
3
x
a
3
1st A ref 4 Hs series C
....2003
3Ha soles E—.2003
3Ha ser A ext.. 1950
Unlf mtge 4s ser B ext....1960
Paducah A Mem Dlv 4s..1946
St Louis Dlv 2d gold 3a—1980 MS
mmmmmrn
*112H
mmmmm
—
*
109H 112H
63
55
9
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98 H
2
3
a
3
103 H
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......
99
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67
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26
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-
-
0
30
67
80
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4
69
0
30
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a
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105% 107
70
99
96
65
-
103 H
104 H
75
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7
70 H
103
107
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59H
41H
b
D
cccl
33
32
33
12
ccc3
18
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18H
29
26 %
15
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35H
4
6%
8
1H
2
1
2
j
ccc3
J
cc
......
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7
2
c
.—
7
7
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*1%
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c
F
60
...
3H
----
....
65H
33
18H
1
....
9
195
8H
9
10
29
10H
10 H
65
J
z
cc
1
2H
9H
2%
2H
15
7%
8H
1%
♦25-year 6HS—
..1949 Af S z cc
J ybb
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1978 J
{♦Mo-Ill RR 1st 6s series A. 1959 j J z b
4
♦1st A ref 6s series A
1946 J
Mo Kan A Tex 1st gold 4s...1990 / D yb
1H
2
3
10%
1%
1%
68 H
69
68 H
10
10
H
31
53
69
79H
85H
29%
167
24 H
31H
810
12H
17H
79 H
*76
mmmmmm
10H
10M
2%
1H
2
29%
26 %
ccc2
17%
17 H
17%
1
15H
13
11
15 H
146
11H
15H
15H
4H
13H
4H
15%
15 H
163
CCUJ
4%
182
3H
4H
21H
20 %
21H
22H
22
Missouri-Kansas-Texas RRPrior Men 5s
ser
A
1962
i7
J y
40-year 4s series B....... 1962
Prior lien 4Ha series D...1978 "
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af
O
J
c
x
cccl
z
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♦
19H
20 H
2
1H
1H
19H
1H
20 H
20
1%
21H
20%
20
21H
20 H
21H
A
53
20 H
1965 F
1st A ref 5s series A
237
21%
22%
♦Certificates of deposit
♦General 4s
1976 ms
.
1977 u s
♦1st A ref 58 series F
1978 MN
♦Certificates of deposit
♦Conv gold 6 Ha
1949 if n
♦1st A ref g 5s series H
1980 A O
♦Certificates of deposit
z
ccc
c
ccc
mmmmrnm
z
ccc
A
z
ccc
z
23
*%
21H
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z
*20 H
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z
1
ccc
1981
V
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22 H
2H
19H
22H
69
19
21H
5
20
23H
19H
%
22
1H
20
23 %
20
....
6
19
20%
132
20 H
6
19
22 H
22H
21H
83
83
2
81H
85
53
53
2
53
56 H
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21H
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4
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12
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-
-
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....
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53
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Monongahela Ry 1st 4s ser A1960 M n x aa
Monongahela W Penn Pub Ser
1st mtge 4 Ha
1980
6a debentures...........1965
ybb
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s
a
110H
110H
a
104H
104
y
bbl
x
a
*79
102H 106H
75H 79H
....
y
bb
*42
y
f 4 Ha aeries C.1955
Gen A ref s f 5s series D—.1956
8
52
*42
yb
f 6s series B...1955
Gen A ref
U0H
x
Montana Power 1st A ref 3Ha '66
Montreal Tram 1st A ref 5s.. 1941
Gen A ref s f 5s series A—.1965
b
*36 H
mmmm
■
mmmmm
mmmm
■mmmmm
*42
ybb
ybb
mmmm
...
.....
mmmmm
mmmmm
37 H
37H
38%
69
37
37%
37%
38%
6
30
33 H
Morris A Essex 1st gu 3 Ha..2000
Constr M 5s series A
1956 MN y b
Constr M 4 Ha series B
1955 MN y b
Mountain States TAT 3HS.1968 / D x aat
32H
34
108 H
108 H
35
3
40 %
41H
35 H
108H 109H
116H 117
lQ0»«100»ii
30 H
Mutual Fuel Gas 1st gu g 68.1947 MN
Mut Un Tel gtd 6s ext at 5% 1941 AfN
x
......
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Af 8 x a
A O x aa
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1954 J D x a
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......
104
97 H
104
*105
104
5
108 H
mmrn
<x bbb2
106 H
loen
2
3
85H
85H
1
x a
68
72
82
104 %
17
104
104
10
104 H
104H
104%
104%
103H 104H
103H 104 H
104
106H
24
104H 106H
91%
*78
—
♦
J
51H
53
52
New Eng Tel A Tel 5s A....1962 J D
1st g 4 Ha series B_
1961 AfN
■
123 H
52 H
53
♦123H
124H
82
mmmm
85
H
123H 124
mmmm
7
50
13
63
45%
126
....
39
%
53
127H
125
x aa
J y bb
......
mm
m'mm
....
108H
108 H
125
*74
A
O
2
104
J
N J Junction RR guar 1st 4s. 1986 F
N J Pow A Light 1st 4 Ha
1960 A
New Orl Great Nor 5a A——1983 J
68 H
68H
%
....
....
104
D
♦Consol guar 4a.........1945 J
...—
103
103 %
{♦Naugatuck RR 1st g 4s—.1954 AfN zb
J
*100»3J
68 H
Nasb Chatt A St L 4s ser A..1978
Nat Distillers Prod 3 Ha
1949
Natlnal Steel 1st mtge 38—1965
{♦New England RR guar 5s. 1945
118
*117
a
108%
31
107
b
67
108H
75%
65
68 H
75
75
125
131H
70
75
J
N O A N E 1st ref A mp 4 Ha A'52
New Orl Pub Ser 1st 6s ser A.1952
1st A ref 6s series B
j
O
{(♦N O Tex A Mex n-c lnc 5s 1935
♦Certificates of deposit..—.
♦1st 5a series B.
...
100
67 H
67
106 H
69 H
.
69 H
z
b
1
15
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6
105H 106 H
70
34
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%
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106 H
%
106
*30
mmmmm
15
68
73 H
....
30
33
....
30
31
O
38
36
38
9
z
37
36
37
12
A
z
...
♦Certificates of deposit..
z
...
1954
♦Certificates of deposit
♦1st 5s series C
...1966
>
——
O
D
1955
z
F
•1st 4 Ha series D
1956
♦Certificates of deposit.—..
♦1st 5Hs series A
1954
...
A
♦Certificates of deposit
...
Newport A Clndnatl Bridge Cogen gtd 4Hs
1945 J
*
38
39%
37H
35%
i
*32%
z
38
36 H
42
84%
2
12
37
35 H
32
....
40
34
38
39
32 H
33 %
....
38
34
39
1
J X aaa2
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■
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8
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40H
37H
z
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7
32
38
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89 H
55%
61H
69H
63%
69 H
67 H
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m
28
95 ft
rnmmmmm
bbb3
O x aaa3
1951 F A x aa 3
J xbbb3
Louisiana A Ark 1st 5s ser A.1969 j
Louisville Gas A Elec 3 Ha—1966 m a x aa 3
Lou A Jeff Bridge Co gu 4S..1945 M 8 x aa 3
1st A ref 5s series B
11
10
52
21H
*18H
1
y cc
x
5s
106 %
85
73%
4
D
New Orleans Term 1st gu 48.1963
y cc
Lex A East 1st 50-yr 6s gu—1965
Libby
74 H
mmmmm
82 H
"9
mmmm
Lehigh Valley RR—
4s stamped
74 H
j
Newark Consol Gas cons 6s. 1948 J
z
1964
♦6s stamped
63H
b
1974 F A
♦1st A ref s f 5s...
64
93 H
36
y
.1954
♦1st A ref s f 6a
62H
63H
94 H
ybb 2
x bbb3
1954 F
f 5s......
♦5s stamped..
80 H
-
-
106 H
bb
Nat Dairy Prod
1976
Lehigh C A Nav s f 4 He A..1954
Cons sink fund 4Hs ser C.1954
Lehigh A New Eng RR 4s A.1965
Lehigh A N Y 1st gu g 4s
1946
Lehigh Valley Coal Co—
♦6s stamped.... ....... 1944
-
95 H
Lautaro Nitrate Co Ltd—
♦l8t mtge income reg
-
10H
96
96 H
65
49
56 H
56 H
95 %
87H
81H
166
{♦Kreuger A Toll secured 6s—
Uniform ctfs of deposit...1959 M 8
95H
86
cc
81H
88
88H
2
mmmm
cccl
102 H 103"
109 H 109H
82
168H
107 H 108 H
107H107H
103H 105H
104
105H
27
2
90
mmmmm
cccl
mm
88
m
166
25
93
90
rnmm+rnm
m
44
92
;
mm
86 H
44
mmm
33
86 H
z
mmmmm
77 H
*19
*
mmmmrnm
-.1949 M S
♦1st A ref 5s series 1
~2
72
52 H
28
z
m
81H
81H
166
mmmmmm
-•
79
*88
81H
73
*36
mmmmrnm'
mmmmrnm
1934 MN
♦Certificates of deposit
♦1st A ref 5s series G
m
3
z
107H 109
m
14
86
j
72
mmmm
7
33
86
j
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50
31
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48
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69
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80
103
28
49
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225
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{♦1st cons 5s
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37
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50
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95
*18
mmmmrnm
4mmmm4
58 H
05H
38 H
32
95
36 H
2
52
....
109 H
79 H
M S
♦Ref A ext 60-yr 6s ser A.1962 Q
85 H
mmmm
3
x
61
80
bbb3
4Hs unguaranteed..
1961 J
Kings County El L A P 6s...1997 A
47H
82H
101H
mmmmrnm
Keith (B F) Corp 1st 6s
...1961 j
1H
11H
8
103
mmmmrnm
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U
8H
12
*75
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z
19
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80 H
1
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7
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50
32
86
zddd2
1952 AfN
90
111
2
90
110H
♦105H
108 H
78 H
90
Ref A lmpt 4 Ha aeries C—1979 j
J
Michigan Consol Gas 4s
1963 M a
{(♦Mid of N J 1st ext 5s
1940 A O
{{♦Mil A No 1st ext 4Ha...1939
♦{Con ext 4Ha
1939
{♦Mil Spar A N W 1st gu 48.1947
{♦Mllw A State Line 1st 3 Ha 1941
-
92
Mlcb Cent Det A Bay CityJack Lans A Sa- 3 Ha
1951 M 5
1st gold 3 Ha
108H
ccc2
cccl
88
110
105
90
mmmmm
3
z
112
112
mmmmm
2
x
High
No. Low
High
*108
b
y
Metrop Wat Sew A D 5 Ha—1950 A O
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♦Mlag Mill Mach 1st s f 78—1956 j D
11 %
10 H
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(♦Market St Ry 7s ser a April *40 Q J z ccc3
(Stamp mod) ext 5s
1945 Q a z b
1
Mead Corp 1st mtge 4Ha.-.1956 Af 8 xbbb4
Metrop Ed 1st 4 Ha aeries D.1968 Af S x aa 3
103
8
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44
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1
b
1
97 H
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%
47 H
82 H
cccl
z
34
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21
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90
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Kanawha A Mich 1st gu g 4s 1990 A O xbbb4
Plain
"49
Manatl Sugar 4s s f...Feb 11967 mn y ccc2
Manila Elec RR A Lt S f 5S..1953 Af S y aa I
Manila RR (South Lines) 48.1969 afn ya
1
*59H
3
yb
James Frankl A Clear 1st 4s. 1959 /
t|*K C Ft S A M Ry ref g 4s 1936
♦Certificates of deposit.......
Kan City Bou 1st gold 3s
1950
Ref A Impt 5a
Apr 1950
Kansas City Term 1st 4s
1960
Karstadt (Rudolph) Ino—
♦Ctfs w w stmp (par 5645) 1943
♦Ctfs w w stmp (par 5925) 1943
♦Ctfs with warr (par 5925) 1943
45 H
39
*70"
41
South Ry Joint Monon 4s.1952 j
j y bbb2
Atl Knox A Cine Dlv 4s..1955 m n X aaa3
♦Lower Aust Hydro El 6 Ha. 1944 F A x CCC
MoCrory Stores deb 3Ha... 1955 4 O X a
2
{♦McKesson A Robbtns 6 Ha 1950 M S y b
2
Maine Central RR 4s ser A.1945 J Z> ybb 2
Gen mtge 4Ha series A...1960 J D
yb
2
Since
Jan. 1
cq<$
112
*111%
3
43
*48
•
a
Range
!2
Friday's
& Asked
Bid
Low
x
38 H
60
*
3
ybb
1955 F
Debenture 6s_._.
{♦Iowa Cent Ry 1st A ref 4s. 1951
47 H
■
y ccc4
1956
g
39
Range or
Sale
Railroad & Indus. Cos. (Conl.)
Louisville A Nasnville RR (iConcl)
Mob A Montg 1st g 4 Hs—1945 m a
39
*42"
cccl
1947
4Hsl952
94
91
89 H
Nft.
Last
Price
a
39
13
mmmm
46H
1
z
Int Rys Cent Amer 1st 5s B.1972 MN
Ha
Int Telep A Teleg deb
eo
*
3
1941
1st lien A ref 6
92
89 H
89 H
"§8" '47"
1
41H
80H
40
mm
103
50 H
60
cccl
z
6s series A
H
*55
2
1956
Internal Paper 5s ser A A B.1947
Ref
mmmmm
80H
40%
cccl
-.1956
f 6s
mm
102H
Rating
Sea
Week's
Friday
Elio. A
STOCK EXCHANGE
Week Ended Feb. 28
High
101
Y.
{♦Minn A St Louis 6s ctfs
deb 4s..1947
♦1st 5s series B
m
49
mmmmmm
2
z
{♦Int-Grt Nor 1st 6s ser A. .1952
♦
Adjustment 6s ser A.July 1952
♦1st g 6s series C
Internal Hydro El deb 6a
50
2
ybb
Inspiration Cons Copper 48.1952 A O ybb
conv
mm
N
....
43H
42H
40H
41H
41
mmmmmm
3
ybb
"70
40H
mmmmmm
ybb 4
y bb 4
1963
4m
42 H
42
42
4
3
3
m'mmmrn
*30
mmm---
2
Ind 111 A Iowa 1st g 4s.
1950
ybbb2
{♦Ind A Louisville 1st gu 4s.1966
z ccc2
Ind Union Ry 3 Ha series B.1986 M 8 x aaa2
Inland Steel 1st mtge 3s ser F1961 A O x aa 3
Interiake Iron
*90
4
ybb
94
♦90,
m
mmmmrnm
2
ybb
103
BONDS
Since
Jan. 1
No. Low
High
'
4
~
J x bbb3
A
111 Cent and Chic StLANOJolnt 1st ref 6s series A....1963
1st A ref 4Hs series C
♦Ilseder Steel Corp 6s
b
bbb4
1?
102 H
94
+
Range
■8^
Asked
101H
mmmmmm
2
y
&
Low
xbbb3
F
1961
1951
2
s
Litchfield DIv 1st gold 8s..1951
Louis? Dlv A Term g 3 Hs.1963
Western Lines 1st g 4s
4s registered
1
102H
aaa4
;
Friday's
Bid
.
J
1397
4
Bank
Range or
Sale
See a
Railroad & Indus. Cos. (ConlA
Illinois Bell Telep 2 Hs ser A.1981 J
Illinois Central RR—
_
Last
A
Rating
Week Ended Feb. 28
Record-Continued—Page
Week's
Friday
105H
97 H 101
93
96 H
87 H
91H
103H 105H
108
109H
106
106H
85 H
88
185
N Y Cent RR 4s series A—..1998 F A ybb
10-year 3Ha sec • f
..1946 A O ybb
3
3
61H
61
61H
93 H
91H
93 %
141
Ref A lmpt 4 Ha aeries A..2013 A O yb
Ref A lmpt 5s series O....2013 A O y b
Conv secured 3Hs
1952 AfN ybb
*
58%
64 H
57
68%
347
63
64 H
110
N Y Cent A Hud River 3 Hs. 1997 J
3 Hs registered.
—
1997
30-Yr. Debenture 4s 1912.1942
Lake Shore coll gold 3 Ha—1998
2 Ha registered
J
61
84 H
x a
x
ybb
59 H
83 H
H
100H
66
ybb
*52
2
70 H
_
A xbbb2
1st mtge 3 Ha extended to 1947
A
1941
A
N Y Connecting RR 8Hs A—1965 A
O yb
-
aa
100
8
64%
70
60H
59H
9
60 H
82
100 %
60H
57
65
,
68
62
60 H
75
250
54%
86H
92H
59H
57
90H
89 H
91
137
90
92
12
90
94 %
93H
90
128
90
90
95H
d y bb
O x
21
70H
59%
O xbbb3
..—..1950 j
68
87 H
81H
02
60H
ybbb2
—1946 F
6s debentures
18
30
60
1998
New York Chicago A St Louis—
Ref 6Ha aeries A..
1974 A O ybb
Ref 4Ha series G........ 1978 M a ybb
3-year 6% notes
61H
85
82
100H
64
Mich Cent coll gold 3Ha—1998
3 Ha registered——1998
4s collateral trust...
60H
83H
*70
a
95H
68%
*80
99 H
99 H
86
99%
64
79
14
82
98 H
100 H
1
For footnotes
see
page
1399.
Attention ia directed to the
new
column Incorporated in this tabulation
pertaining to bank eligibility and rating of bonds.
See
a.
=3
Week's
Bank
Railroad & Indus.
N Y
registered
y
Greenwood Lake 5el946
gold 3^8.---2000
4s ser A—1973
ccc2
aaa4
x
aaa4
x
3M«-—1956
6s———1948
—1948
registered.—
f ♦Collateral trust 6s
6s
aaa4
AfN
z
cc
2
AfN
x
aa
1940
FN y bbb2
FN y bbb2
4a—1992
--1955
♦General 4s
{♦N Y Prov A Boston 4s. —1942
N Y A Putnam 1st con gu 4S-1993
N Y Queens El Lt A Pow 3 Ha'65
N Y Eye prior lien 6s stamp. 1958
N Y A Rlchm Gas 1st 6S A—1951
N Y Steam Corp 1st 3 Ms—1963
tf*N Y Susa'A W 1st ref 58.1937
{♦2d gold 4 Ms
-—--1937
|♦General gold 5s—-.—-1940
♦Terminal 1st gold 5s
1943
S Y Telep 3Me ser B
—1967
N Y Trap Rock 1st 6s
1946
6s stamped
Izatlon
66
7
108
22
*
z
1941
4s—1996
50 M
63 M
1949
3^8—
—.1954
Debenture 4s————-1959
North Cent gen A ref 6s
1974
Gen A ref 4 Ms series A——1974
{Northern Ohio Ey-—
•
♦1st gtd g 5s—————1945
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1945
•Certificates of deposit——.
North Pacific prior lien 48—1997
Debenture
„
1
103M
50 M
54
103M
1
z
*95
♦93 M
cccl
z
cccl
"l9M
17 M
13
17M
21
.....
3
21
158
20 M
z
cccl
23 M
22 M
23 M
cccl
"39"
"40"
MB
cccl
zb
4M
21M
22 H
3
cc
2
J
D
c
A
O y b
O yb
3
A
UN
J
x
j
"si"
105
19
108M
3
b
'm
mm
105 M
17
106M
J X
aa
4
j
cc
2
32
35
z c
2
14
f
A
z
cc
1
*5M
*9M
FN Z bb
1
73
76
J
x
75M
108M
aaa4
D ybb
bb 2
x
aaa3
X a
4
♦109
y
b
1
z
c
2
z
c
2
z
F
A
c
2
z
ccc2
2
'03
m
21
6M
92
2
109M
109M m'immm
37 M
11
13
76M
108 M 111M
61M
93
97
95 M 100 M
2%
109
6%
111
108M 109M
102 % 104
12 M
14
12M
14M
14M
12
14M
76
89
14
♦14M
z
ccc2
x
126M
105M
104 %
A
F
A x
a
4
104 M
104 M
F
A
x
a
4
104M
104M
F
A
x a
4
105M 105M
*115M
113M 113M
M 8
M
aa
2
8 X aa
2
x
17
105 M
126
O
6
90
86%
90
aaa4
4
89
87
9
mm*,'**
m
77
90
13
125 H 127 M
104 H 106 M
33
104% 106
....
3
U3M
105
123
Series F 4s guar
O
z
A
O
Z
ccc2
x
bbb2
78
ccc2
Z
*71
Q"J
ccc3
■
—
....
loii""
77M
74M
42%
77 M
113M 115
"43 M
31
50M
80M
75M
47M
44M
58%
223
62 M
69 M
55
62
54%
61M
31
65 M
j
J ybb
2
bb 2
59
66 M
59
57
56 %
59
29
J y
59
109
x
aa
4
M S
X
aa
4
J
J
x
J
z
c
2
3M
x
aaa3
♦107M
x
a
x
x
x
....
53 M
46
39
108 M 110
bbb3
j
46M
72M
42M
41M
a
46M
"70"
62 M
64
j
71
6
*38 M
*53 M
71
"78M ""71
75M
43M
F
109M
♦109M
109M
110M
....
—1963
1964
Gen mtge 5s series A—-.1970
Gen mtge 5s sales B
1975
Gen 4 Me series C
1977
Pitts Steel 1st mtge4Ms—1950
110
110M
a
4
109
4
109M
108 M
109M
a
4
Pacific Coast CO 1st g
y
X
b
3
aaa2
x
aaa2
x
aaa2
z
bb
z
b
X aaa4
x aa
-1942
Pennsylvania Company—
Guar 8Mb trust ctfs 0—1942 j D
Guar 8Mb trust ctfs D—1944 j D
Guar 4b ser E trust ctfs—1952 AfN
f A
28-year 4s
——1963
Pennsyl Glass Sand 8Mb. -1960
Pa Ohio A Det 1st A ref 4MB A *77
4 Ms series B. ...——1981
Penna Pow A Lt 3 Ms——1969
AfN
105 M
101
*102 %
110M
♦U6M
115M
106M 106M
85M
*60
110M
110M
108M
3
3
a
4
x
x
21
*85
3
x
aaa2
x a
3
x a
109
2
*104
3
x a
106M
107M
108M
108M
105
5
—
108""
109M
110 M
109 M
105M
100 % 103 M
103
103 M
110M 112 %
116 M 117M
115M 117M
106M 107M
85M 89M
00
63 M
U0M 112
110M 111M
108 M HO M
85
89M
80
9
109
63 M
53 M
95
20
95 M
3
42
42
85
107M 108M
108 M U0 M
104M 105M
106
104
126
120
....
69
70
....
mmmmm
104 % 104%
mmmm
104% 105%
3
27
104
104""
27
mmmm
106
x
*5
x
aa
2
aa
2
z
cc
cc
x
110
14
1974
Ioom
*30
104M
15
107M
—1977
120M
111M 111M
118M 120M
120M
119
119
110
113M
lll'M
23
102
103
55
100M
102 M
110
110M
100M
6
HOM H3M
102
105M
100M >OOM
"52M
"5l"
*51M "61M
53 H
53
3
52
61M
39
62
61M
*108M
51M
52
"53"
52
3
*102
3
*115
/
D
x
aa
D
x
aa
117
117
*99M
3
J
3
3 ybb
1951 J
{♦Providence Sec guar deb 4s 1957 AfN
{♦Providence Term 1st 4s...1956 Af S
J
Public Service El A Gas 3Ms 1968 j
80 M
.....
79M
*106M
80 M
*108M
108M
*
76
93 M
3
*77 M *85 M
106 M 107
108H 109M
94
97M
3M
♦2M
cc
1
b
3
*70
*109
2M
111
4
90
aaa4
aaa4
*
aa
4
108 M
108 M
J
bbb3
bbb2
104M
67 M
104 M
Reading Co Jersey Cent eoll 4s *51 a
Gen A ref 4 Ms series A—1997 J
Gen A ref 4Mb series B—1997
bbb3
80 M
166M IIlM
152
*142
J
J
1st A ref mtge 8s
.2037
Pub Serv of Nor III 3 Ms
-1968
Purity Bakeries s f deb 5s.—1948
3
110
110
Port Gen Elec 1st 4MB——1960 M 8 ybbbl
J x bbb2
1st 5s extended to
1950 j
J x aaa4
Potomac El Pow 1st M 3MB-1966 3
Pressed Steel Car deb 5s
104M 104 M
106
106M
110M 110M
*119
2
aa
19
3M
5M
6
4M
3M
4M
99M 100 M
103 M 104 M
♦110M
2
x
16M
*119
2
aa
109 M
107 M
108 M 110M
♦111
2
O yb
10
*111
2
O yb
19
108
106
*109
aaa2
x aa
a
46
"99M
100M
1st 4Mb series D._
17M
4M
4M
4
*110
aaa2
x aa
1
♦104M
♦106 M
aaa2
J
106 M 107M
108M 109
Hi" II5M
115
103M
aaa2
x
83 M
i22"
16M
100
aaa2
X
31
45
'*52 M
1st gen 5s series C
107 M
4M
aaa2
x
x
74
108M
106M
17M
4M
aaa2
x
D
64
110
aa4
O
Pitts Y A Ash 1st 4s ser A—1948 J
F
1st gen 5s series B
1962
15
....
D
A
74
66
106
X bbb3
/
1st mtge 4 Ms series B
1959
1st mtge 4Mb series C—.1960 A
63
106M
1
A
j
110
72 M
5
108M
A x aaa2
j
108
65
♦108
1
z
x aa
-
5
48
75M
*118
cccl
z
x
—
♦108 M
aaa3
A x aaa2
AfN
—
64M
'l07"
D
f
-
65M
x
x
5M
108
High
74 M
74M
64M
x
z
6
51
50
108
a
x
No. Low
High
152
*218
aaa4
14
67
67 M
25
78 M
80 M
54
81
*70
bbb3
152
218 M 222
15
108M
104M
108M 109M
104
104M
65 M
70 M
78
83 M
78M 83M
Remington Rand deb 4Mb w w '56
4Mb without warrants... .1966
^ 8
xbbb3
¥ 8
xbbb3
JfN
f
MN
108
110
10
106 %110 M
x
103M
8Mb 1960 M
1946 3
♦3Mi assented
1946 3
♦Rhine-Ruhr Water Serv 68.1953 3
103M 104 M
"40
l03M I04M
12
43
103 M 104 M
104i«106M
104M
103 M
104M
103M
104M
105M
X
bbb2
bbb.3
T04M
x
bbb4
98 H
N
J
3
3
98
103 M 104 M
D
3
27 M
19
20
28M
33
26M
29M
*20"
20
20
27
20
20
20
26
—
Z
20
26 H
26 M
....
!
z
Richfield Oil Corp—
¥ 8
? *
98 M 101
28M
19
z
Z
A
7
z
z
* *
^ °
{{♦Rio Gr June 1st gu 58—1939 3
{{♦Rio Gr West 1st g 4s...1939 3
M
z
♦Rhlne-Westphalla El Pr 78.1950
A coll trust 4s A—1949
4
104M
bbb3
X
Gen mtge 4Mb series C... 1956
Revere Copper A Brass
•Rhelnelbe Union s f 7s
4s s f conv debentures—1952
♦Rlma Steel 1st s f 7«
—1955
37
103 M
*98
Republic Steel Corp 4 Ms ser B '61
♦Direct mtge 6s
1952
♦Cons mtge 6s of 1928—1953
♦Cons mtge 6s of 1930—1955
103M
103M
103M
xbbb2
106
106 M
106
2
105
107
x
bbb3
z
b
1
9
9
3
9
i
ccc2
41
41
4
40
45
z
ccc2
39
41M
7M
21
35
42
11
7
8M
4M
5
"40M
7M
♦5M
2
z
cc
A O
M 5
M 5
M 5
M 8
{{♦RI Ark A Louis 1st 4 Ms. 1934 M 8
♦Ruhr Chemical s f 6«
1948 A O
{♦Rut-Canadian 4s stmp.._1940 J
J
{♦Rutland RR 4mb Btmp—1941 3
3
z
cc
Saguenay Pow Ltd 1st M4Ms *68 A
St Jos A Grand Island 1st 48.1947 3
x a
St Lawr A Adlr 1st g 5s
1996
2d gold 68..
.—1996
St Louis Iron Mtn A Southern—
J
A
ybb
2
*50
70
y
b
3
*50
65
4s.-19.13
MN
z
bb
...1933
Af N
z
bb
z
bb
z
ccc2
9
con
9
4sregistered...
1949
Roch Gas A El 4 Ms ser D
1977
Gen mtge 8Mb series H...1967
Gen mtge 3Ms series I
1967
Gen mtge 3Ms series J
1969
♦{Riv A G DIv 1st
4sregistered—
g
{♦St L Peor A N W 1st gu 5f 1948 J
x
J
*109M
aa
s
aa
z
c
cc
2
107M
12M
♦3M
4M
4M
4
*"4M
4M
4M
91M
91M
2
z
107M
10M
cccl
♦Certificates of deposit
♦Con M 4Mb series A—.1978
J
M~S
♦Ctfs of deposit stamped—.
66
64M
68M
65M
**3
64H
69M
28M
69M
29M
29M
60
25
29 M
2
71M
cccl
11
cccl
10M
cccl
11M
9M
z
cccl
cccl
10M
11M
10M
10
9M
*20M
UM
con g
J
z
cccl
4s._1968 J D
J
{♦St Paul E Gr Trk 1st 4 Ms.1947
{♦St P A K C Sh L gu 4Ms—1941 f
St Paul Un Dep 5s guar
...1972 /
x
z
z
cccl
j
x
aaal
UM
9M
12 M
12
9M
9M
11M
12M
11M
33
35
41
3
21
24
10M
H %
78
*2M
6M
113M
2M
6M
113M
6M
113M
9M
200
20 M
*
cccl
a
9
37
41
bbb2
j
74
40 M
34
71
71
1989 UN ybb 2
1
j z b
♦2d 4s lnc bond ctfs..Nov 1989 3
{♦1st term A unifying 58—1952 J j z ccc2
67M
39
166
10M
UM
10M
UM
10M
10M
cccl
70
68M
11M
9M
9M
z
11
40
*39
2
z
♦1st 4s bond ctfs—.
♦Gen A ref g 5s soles A...1990 j
93
112
66M
{♦St Louis-Southwestern Ry—
St Paul A Dul 1st
90
"<54M
65
z
1950 3
12
5M
5M
112
2
z
♦Certificates of deposit
liVi l\H
aaa2
z
J
107M 110
"l2%
cc
i
St L Pub Serv 1st mtge 5s...1959 M S yb
3 yb
St L Rocky Mt A P 5s stpd.. 1955 J
{♦St L-San Fr pr lien 4s A...1950 J
-
aa
x
z
x
♦Certificates of deposit——
6M
x aa
10
....
9M
12
69
75
35M
17M
9M
43M
21M
12M
80
81
3M
5M
7M
112 M 114M
2M
lo
10
100
43
mmmm
21
94M
121M
106 M
75
3
112
105M
103 M 104 %
mm
mm
U3M
U3M
.
107
108M
107M
93M
120M
104M
108
105
112%
112%
...
100
mmmm
104 %
*107 M
"II2M
96
45 M
mmmm
106
"I6i"
103M
♦104M
♦108M *108
106 M
106M
120M
104M
41M
55 M
127
*105
93 M
52 M
94
70
♦123M
106
104
53 M
115M 118M
49
54M
7
4M
D y bbb2
♦Prior lien 5s series B.
3
x a
12
87 M
107 M
2
x a
mm mm
109
aaa2
x aa
A O
9
107%
aaa2
AfN
86 M
107M
bbb3
a
A
19
108M
87 M
86M
3
xa
mmmm
108 M
♦104M
*104M
x
mm
115M
106M
51
3
y
■mm,
44
aa
3
15
U0M
63M
x
3
7
mmmm
111
*
x aa
7
1UM
2
x a
101M
103M
4
110M
b
x aa
8
23
109M
108M
105M
l'OM
z
xbbb4
AfN
101
2
Paramount Broadway Corp—
2
1st M 8 f g 3s loan ctfs
1955 F a yb
x bbb3
Paramount Pictures 3 Mb deb *47 M 8
y ccc3
Parmelee Trans deb 6s.—1944 A O
x aaa3
Pat A Passaic G A E cons 58-1949 M 8
M 8
T05M
3
aaa4
108M
2
x
Ref mtge 3Mb series C—1966
Paducah A hi 1st if g 4Mb—1955
50
109
a
3M
mm mm
107 M
Pacific Gas A El 4s series
|*Pao RR of Mo 1st ext g 48-1938
{♦2d ext gold 5s.—
—1938
mm
107
x bbb4
debentures————1946 j D
F A x aa 3
Ontario Power N F 1st g 6s—1943
AfN x aa 3
Ontario Transmission 1st 58.1946
/ D x aaa2
Oregon RR A Nay con g 4s..1946
x aaa2
Ore Short Line 1st cons g 68-1946
x aaa2
Guar stpd cons 68—-—-1946
x aaa2
Ore-Wash RR A Nay 4s——1 < 61
ybb 2
Otis Steel 1st mtge A 4Mb—>1962
Pacific Tel A Tel 3Mb ser B—1966
mm
107M
4s
58—1946
G.1964
1st A ref mtge 3Ms ser H—1961
1st A ret mtge 3 Ms ser I—1966
■m
4
110 H 111
5
Pitts Ya A Char 1st 4a guar. 1943 UN x aaa2
2
Pitts A W Va 1st 4Ms ser A. 1958 3 D y b
♦1st
16
4
1
a
F
1953
AfN
Series G 4s guar—
-1957
F
A
Series H cons guar 48—1960
gold
Pur mon 1st M cony 5 Ms.1954
A
111
115M
cc
i
Jan. 1
107
123
z
j
Series E 3Ms guar gold...1949
Rensselaer A Saratoga 6s gu. 1941
65
9M
9M
12
2
For footnotes see page 1399.
54M
105M108%
26
Pittsburgh Cine Chi A St Louis—
A O
Series B 4 Ms guar
1942
UN
Series C 4 Ms guar
1942
AfN
Series D 4a guar
1945
Sales I cons 4 Ms
108 M 109 M
107 M 108 M
105
105M
j
J
...
1st A ref mtge 5s...—2037
FN
{{♦Og A L Cham 1st gu g 4s. 1948
u s
Oblo Connecting Ry 1st 4s—1943
UN
Ohio Edison 1st mtge 4s—1965
M S
1st mtge 4s—-——--1967
J
j
1st mtge 3 Ms
——1972
j D
Oklahoma Gas A Elec 8MB—1906
j
49M
/
Series 3 cons guar 4 Ms
99
111
H5M
D
j
3
18
/ ybb
registered—-———1968
1970
D..—.1981
Gen mtge 4Mb series e
—1984
Cony deb 3 Mb——1962
99
General 4mb series
7M
14M
14M
13M
j
5s
4M
1M
103 M
103
14M
14M
10
m'tdm
99 M
62%
2M
26
96 M
109
c
....
108M
99M
y
"j
10
....
11H
♦94
2
m
1
105
A
105M
84 M
mmmm
J
5M
78
"51M
F
41
24 M
mmmm
105
3M
20
1M
50
22
33 M
5
5
♦108M
♦105M
j xbbb4
FN xbbb3
78M
*97
aaa4
4
20%
18
63
1M
2
31
4M
4'M
m
2
z
V
23
78M
1
cc
cccl
102
22
22M
20 %
25%
22
20
*
18M
18M
a
x aa
2
D
1981
Phlla Co aec 5s series A—
1967 j D xbbb4
Af S x aaa4
Phlla Electrle 1st A ref 3MS.1967
{{♦Philippine Ry 1st s f 4a.. 1937
♦Certificates of deposit
J
3
Phillips Petrol IMs debs.. 1951
Af 8
Pitts Coke A Iron conv 4 M" A *52
21
z
z
J
J
1977
General g 4M» series C
j
{♦Phlla A Read C AI ref 5S-1973
♦Conv deb 6s—
1949 Af 8
20M
j
3
z
4s._ 1943 UN
F A
1974
g
General 6s series B
88
"16 M "20
/
z
D
88
20 M
19M
19M
O
1st
J
97
20
20 M
20M
A
Phlla Bait A Wash
i
Af S ybb
97
21M
21
cccl
UN
50
100 M 103M
50
54
O
1980
Phelps Dodge conv 3 Ms deb. 1952
1st g 4 Ms series
mm
88
cccl
/
26 M
118M
111
x aa
J y bb
J ybb
mm
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 58 series D
2047
Northern States Power Co—
(Minn) 1st A ref M 3 Ms—1967
(Wise) 1st mtge 3 Ms—-1964
Northwestern Teleg 4Mb ext 1944
General 4Mb series
J
Marquette 1st ser A 5s.1956
1st 4s series B
1956 j
4
97M
88
cccl
z
116
Asked
O y b
A
4s
96
2
Debenture g 4 Ms
1960
.—.—Apr 1990 Apr
f A
Peoria A Pekln Un
st 6 Ms..1974
♦Income
95
/ y bb
•
Peoria A Eastern 4s ext
mm mam
100
j
4Mb debentures——1974
Pennsylvania RR cons g 48—1943
Consol gold 4s——1948
4s sterl stpd dollar May 1 '48
Gen mtge 8Mb series c
1970
Consol sinking fund 4mb—I960
General 4 Ms series A—1965
4 Ms registered—
—1965
General 6s series B—..1968
66
57 M
Ref A lmpt 4 Ms series A— .2047
♦Paullsta Ry 1st s f 7s
60
107M 108M
107 M 110M
O
A
53 M
6
cccl
x bbb3
4s Registered————1997 Q 3
Geo lien ry A Id g 3s Jan—2047 Q F ybb 2
3s Registered..——-2047 o a y bbb2
Ref A lmpt 6s series B
Peoples Gas LAG sou 68—1943
Refunding gold 6s———1947 M 8
19
"53M
—.
North Amer Co deb 8 Ha
5
37 M
37
37 M
0
117M
♦Ctfs of dep (issued by reorgan¬
ization manager)
54
Since
A
Bid
Low
Railroad & Indus. Cos.
62
54
Range
Friday's
SdU
U5M
0Cont.)
High
55
Low
123M 125M
123 %
lie"
116
z
manager)———1961
Norf A W Ry 1st cons g
22
108M
z
-----1946
{{♦Norfolk A South 1st g 5s. 1941
mmmm
"el"
107M
107M
j
{ |*N Y West A Bost 1st 4 Ms 1946
u a
Niagara Falls Power 3 Ms—-1966
a o
Nlag Lock A O Pow 1st 58 A-1955
FN
Niagara Share (Mo) deb 5 Hs 1950
{{♦Norf South 1st A ref 68—1961
♦Certificates of deposit—
♦CtfS of dep (Issued by reorgan
58
"66"
J
♦1st A ref 4 Ms ser
{♦N Y Ont A West ref g
14
61
107L
108 M
2
4s—-———--1957
j
D
of 1927.1967
UN
{♦Harlem E A Pt Ch 1st 4s 1954
♦Debenture
No
High
Price
Range or
Last
See k
N. Y. STOCK EXCHANGE
Week Ended Feb. 28
Jan. 1
Asked
58
60M
aaa4
x
{♦N Y New Hav A Hart RR—
M S
♦Non conv deb 4s.------1947
M 8
♦Non-conv debenture 3 M« 1947
A O
♦Non-cony deb 3 Hi-.-—1954
j
J
♦Non-oonv debenture 4a—1955
FN
♦Non-cony debenture 4a.-1956
♦Conv debenture
A
EOg. A
Rating
BONDS
Since
22
Pere
4Mb series B———------*97 ?
FN z b
3
♦N Y L E A W Coal A RB 5
j
J ybb 2
♦N Y L E A W Dk A Impt 5s 1943
M 8 ybb 3
N Y A Long Branch gen 4s—1941
♦Conv debenture
Bid
3
y
3%b ser E—.1900
N Y A Erie—See Erie RR
N Y Gas El Lt H 4b Pow g 5S-1948
Purchase money gold 4a.—1949
N Y A Harlem
b
3
%
1947
D_.— 1965
let Men A ret
N Y Lack A West
Price
i
Low
yb
Conv 6% notes——
N Y Edison 3M" ser
{♦N Y A
Friday's
See
.196}
Range
Range or
Sale
Cos* (Cort.)
Dock let gold 4i4s
Last
Rating
Y. STOCK EXCHANGE!
Week Ended Feb. 28
1, 1941
Week's
Friday
Bank
Ellg. A
BONDS
N.
March
New York Bond Record—Continued—Page 5
1398
•
«
-
-
112% 115%
112M114M
92 M
98
120M 125 M
11
106
*fmmm
14
mm
104 M 108 M
107 M 107 M
{♦lstg 48 unstamped.
1950 A
{♦4s g stamped....—....I960 A
♦Adjustment 5a
Oct 1949 F A
{♦Refunding 4a
..1959 A O
♦Certificates of deposit...
112
116
♦1st eons 6s series A
115
bbb4
•*9lM
90 M
"61M
65
90
x a
3
100 M
101M
62
3
100 M
101 %
26
89%
30
36
3
124M
70 M
80M
106H 106M
123 M 124 M
%
cccl
z
c
x
cccl
9
9M
*M
3M-
9M
2
9
11
"17
8H
"*I§
M
3M
2M
11M
1M
4M
9M
♦8M
cccl
x
1M
*3
.
3M
3M
♦Certificates of deposit
m~fi
z
cccl
Z
CC
2
5
4M.
5
z
1945 m 8
cc
1
4M
4
4M
11
4M
3M
s
cccl
12
12 M
4
10M
""l8
4
6M
5M
12M
99 % 105
xa
99M
100
106m
106M
*121
{Seaboard Air Line By—
115
5
112M
107 M 107 %
80
78M
8 A A Ar Pass 1st gu g 4s
1943 / j y bb 3
Santa Fe Pres A Phen 1st 58.1942 M 8 x aaa2
Scioto V A N E 1st gU 4s
1989 UN x aaa3
x
xbbb4
89
88
90M
t {♦ Atl A Birm 1st gu 4a
1933
100
104M
87 %
91M
Attention Is directed to the new column incorporated in this tabulation pertaining to
bank eligibility and rating of bonds.
Sec77
New York Bond
Volume 152
Bank
BONDS
N. Y.
STOCK
EXCHANGE
Week Ended Feb. 28
SI
bS
sa.
Railroad & Indus. Cos. (Cont.)
{♦Seaboard All Fla 6s A ctfs.1935 F
♦6s Series B certificates
1935 F
8heH Union Oil 2Hs debs...l954 J
Skelly Oil 3h debs
See
Range
Friday's
Bid
A
High
No. Low
c
2H
2H
2 H
33
2H
c
2H
2H
2 H
7
2H
A
aa
2
96 H
97
30
96
99 H
1
48H
49
20
48H
54
20 H
27
70
71
20 H
20
x
aaa4
a
x
105
104
20 H
69 %
102 %
103
103
aaa3
H
102 H
103 H
105
24
10
49
119
106 M
119
1
107H
3
107 H
1
106 H
106 H
26
bbb3
105
105 H
7
bbb3
*102
x
aaa3
X
X
Southern Colo Power 6s A..1947
Southern Kraft Corp 4^8...1940
X
*50
bbb2
bbb3
O xbbb4
102 H 103 H
102
104
104 H 107
119
119
1O0H 108H
108 H
106
105
106
*106
102 H
101H 102 H
106%
H
4s (Cent Pac coll)
4s registered
let 4 Hs (Oregon Lines) A
Gold 4 Ha
.1968 M S
b
Gold 4 Ha
Gold 4 Ha
.1969 MN y b
.1981 M N yb
10-year secured 3Ha
.1946 J
56
54 H
San Fran Term 1st 4s
.1950 A
76 %
75 X
.197
M~8
So Pac RR 1st ref guar
y
106 H 107 H
y
45 H
x
45
47
bbb2
J y bb
2
J y bbbl
4s... 1965
lst 4s stamped
1955
Southern Ry 1st cons g 5e._ 1994
5s registered
1994
Devel A gen 4s series A
1956
49
47
48 H
45 H
47
J y bb
O
43 H
*32 H
49 H
bb
J
x
bbb3
J
x
45H
62
60 H
92
bbb3
O y bb
O y bb
90
1950
o y bb 2
J y bbb2
82 %
1990
1951
J y bbb2
"75 H
Dlv
1st g 5a
St Louis Dlv
1st g 4s
So'western Bell Tel 3Ha B__ 1904
let A ref 3s series C
1908
D
{♦Spokane Internat 1st g 5a. 1955
Standard Oil N J deb 3s
x
aaa4
J
x
aaa4
J
x
aaa4
f g 4s
48 H
59
71
82
47
162
62
100
87 X
60 H
148
77 H
82 H
80
10
64 H
90
93 H
51
103 H 106 H
104
105H
100H 109
104 H
104 %
104 %
27
102 H
102 H
103 X
'30
100 H
100
H
100 %
51
100
x
aa
4
103 H
aaa3
103 H
127
47
x
103 H
127
102 % 106 %
127
128H
113
113H
Texas A N O con gold 5s
1943 J
5
111
109 H
90
39
17
101H
108H 111H
88
92
aaa4
D
105
105
105 H
43
aaa4
J
2000 J
104 H
104 %
*79 H
105 H
82 H
134
*106 H
67
107 a
68
67
67 H
67 %
68H
36
62 H
62 H
72
68H
32
62 H
71H
98%
98H
5
121
bb
4
a
3
1977 A
O
bbb3
Gen A ref 6s series C
1979 A
O
bbb3
68
Gen A ref 5s series D
1980 J
68H
*47
J
z
52 H
'M
54
J
56 H
13
A
O
z
cc
2
z
b
2
z
cc
1
9H
sli
9H
z
cc
1
9H
8H
z
cc
1
8
z
cc
1
9H
9H
8H
—|
~J
105
106 H
104H 106 H
78
82
106 H 108 H
1941 M 8
72
D
bbb3
Tex Pac Mo Pac Ter 6 Ha A
1904 M 8
2
Third Ave Ry
1960 J
2
60 %
59
O y cccl
19K
18H
60 %
20 %
101H
101H
1
100
24
101H
43 H
46 H
97
192
42
7H
9%
9%
7H
9%
9H
104
7H
103 H
79
24
9%
103
105H
77 H
17
91H
94
8
92H
90H
2
cc
29
92
93H
57
55
57
27
51H
61
aa
x
*
67"
-
67
94 H
M.MMM
6
M-MM-
65
67
108H
i-UO/4
*
110H
*123%
*108H
113H
108H
*vO/4
-•»***.
128
5
110
110H
4
113H
110H
7
128H 128H
107 H 108 H
113H 114
109H 111
103
aaa3
3
xx
40
81H
103
1
102
94
102
92 H
93
O xbbb3
108 H
104 H
90 H
95 H
100
104 H
J
x
bbb3
103 H
101H
103 H
O
x
aa
2
106 H
106 H
106 %
A.. 1940 M 8
z
ccc2
19
17 H
19
4
1940 M 8
eer
z
cccl
19
17H
19
47
15
19H
74 H
77
74
75 H
21
71H
79 H
77
25
81H
76
73 H
74
♦5s assented
Western Union Teleg g
4Ha.l950 MN ybb
25-year gold 5s
1951 J
D y bb
30-year 5s
1950 M 8 ybb
2
J
West Shore 1st 4s guar
2
Registered
2301 J
Wheeling ALE RR 4a
1949
Wheeling Steel 4Ha series...1900
Wilson A Co 1st M 4s A
Conv deb 3Ha
M
z
20 H
20 H
b
51H
50%
47 H
51%
2
S
x
aa
A
x
x
bbb3
1955 J
104 H
27
4
47 %
52
48H
54
11
106
106 H
106 %
*103 H
*113
103 H
28 M
29 H
*27 H
29 H
10
106 H
3
......
z
ccc2
z
cccl
z
cccl
z
cc
1
x
aa
3
108 H
9
9H
c
2
1948 M
x
a
4
102
1900 MN
x a
4
100H
107 H
104
114
114
24
27
30 H
26 H
7
29H
•
Ml
-
83
9H
2
109
3
4
z
103
*****
115
9H
28H
xa
75
56 H
105
aaa2
D
80 H
20H
60 H
114H 115
104 % 100 H
J
Wisconsin Public Service 4s..1901 J
{♦ Wor A Conn East 1st 4 Ha.1943 J
3
22
-
7
x
mmrn
32
19H
115
J
♦Certificates of deposit
|*Su A Du dlv A ter 1st 4a.1930 MN
♦Certificates of deposit
Wisconsin Elec Power 3Ha.. 1908 A O
15
104 H
3
O y bb
1947 A
Winston-Salem S B 1st 4a... 1900 J
{♦Wis Cent 50-yr 1st gen 4a.. 1949 J
106 H 107
115
bbb2
J
F
8
20 H
2
2
J y bb
J y bb
.2301 J
76
1
♦Westphalia Un El Power 08.1953 /
75 H
74 H
38
10
7H
9H
108 H 109 H
107»*il07H
MlVl /f
*UI
97
71H
61
114
92
aaa3
1952 A
9%
78
x
J
7H
94
x
D
48
86
92
D
J
11
46
78H
M 8
J
"7 H
2
Warren RR 1st ref gu g 3 Hs.2000 F A
y b
3
Washington Cent lat gold 4s. 1948 Q M
yb
2
Wash Term 1st
gu 3 Ha
1945 F A v o a a ^
Ml
tlNHv
1st 40-year guar 4a
1945 F A x aax3
Westchester Ltg 5a stpd gtd.1950 J D x aaa4
J
4
9%
103
103
M M MMM
MM
8H
43 H
48 H
94 H
z
"m
8H
49 %
44
20
2
O y b
S ybb
1948 M
-
"
*
2
cc
D xbbb2
O ybb 2
110H
106 H 109
20 H
32 H
2
Texas A Pacific 1st gold 5s.
Gen A ret 6s series B
2
109 H
aaa4
...
b
1977 J
West N Y A Pa gen gold 4a..1943 A
3
108H
z
{♦Western Pac 1st 5a
28 H
104 H
*110
J
78 H
6
89 H
34
J
83
bbb3
4
17
30
86 H
bb
aa
13
32 H
73 H
x
aaa4
13
80
14
106 H 108 H
93
*30
1955 A
Western Maryland 1st 4a
1st A ret 5 Hs series A
46
65
1
1955 A
Gen mtge 3 Ha
1907
West Penn Power 1st 5s E..1903
1st mtge 3 Hs series 1
1900
West Va Pulp A
Paper 3a...1954
44
64 H
89 H
69 H
21
ccc2
79
107 %
14 H
68 H
107 H
b
41
15
107
44 H
54 H
84 H
-
z
1945 J
6s debentures
108 H HO
90
z
Walker (Hiram) Q A W—
Warner Bros Pict 6a deba
{♦Warren Bros Co deb 0a
12
60
*83 H
65
1
High
J
♦Ref A gen 5s series B
1970 F A
♦Ref A gen 4 Ha aerlee C...1978 A O
♦Ref A gen 5s series D
1980 A O
Walworth Co 1st M 4s
110
*37
2
No. Low
High
%
Since
Jan.
A
♦Toledo A Chic Dlv g 4a..1941 M 8
{♦Wabash Ry ref A gen 5 Ha A '75 M 8
Convertible deb 4 Ha
109
Is
J
4
75 H
H
b
110
Range
■3
Asked
Low
aaa2
z
A
F
81H
x
bbb3
1939
♦1st lien g term 4a
1954
♦Det A Chic Ext 1st 5a
1941
|*Des Moines Dlv 1st 4a__ 1939
♦Omaha Dlv 1st g 3Hs—1941
x
Bid
45%
14 H
87
z
1953
1939 MN
75
63 H
Price
Railroad & Indus. Cos.
(Cond.)
Va Elec A Pow
3Hs ser B...1908 M S x ax 2
Va Iron Coal A Coke 1st
g 58.1949 M 8 y ccc3
Va 4 Southwest 1st
J y bbb2
gu 6a__.2003 /
1st cons 5s
1958 A O y bb 2
j
Range or
Friday's
Sale
See k
^
Week's
Last
Rating
L
R
87 H
57
J
Texarkana A Ft S gu 5Ha A. 1950
Texas Corp 3s deb
1959
3s debentures
1985 M N
**
N&,
56
110H
103H
57 H
49 H
J
Swift & Co 1st M 3He
195" M N
I'enn Coal Iron A RR gen 5s. 195
J
/
rerm Assn St L 1st cons 6s.. 1944
s
39 H
156
H
O
1953
2Ha debenture
Studebaker Corp conv deb 6s 1945
Superior Oil 3Ha deba
1950
Gen refund
443
56 H
77
28H
103 X
49H
49H
400
107 %
cccl
D
1901
z
40 H
39 H
220
47 H
47 %
110
107 %
52
47 H
92 H
%
44
44 %
213
H
73
48 H
H
76 H
80 H
77 H
37 H
34H
45 H
87 %
58 H
"60 H
Mem
1956
45%
73
80
2
2
Devel A gen 6s
Devel A gen 0Hs._
Friday
Elig. A
h 0
EXCHANGE
i* 1st gold 5a
|*2d gold 5a
Southern Pacific Co—
.1949 J■ D y bb
.1949
y bb
1399
Virginian Ry 3H« series A...1960 M 8
J Wabash RR Co.—
78
....
z
x
1979
3H
3
b
x
3H«—1962
High
y
x
STOCK
Week Ended Feb. 28
x
y cccl
South A Nor Ala RR gu 5a..1963
South Bell Tel A Tel
N. Y.
Jan. 1
z
/
BONDS
Since
Asked
z
x
1951 A
Range or
Sale
Price
k
6
Bank
A
Socony-Vacuum Oil 3a debs, 1964
Southern Natural Gaa—
1st mtge pipe line 4 Ha
Rating
Record-Concluded—Page
Week's
A
1950
3s debentures
Elig. 4
Last
Low
Shlnyetau El Pow 1st 6 Hs... 1952 J D
•Siemens A Haiake deb 0H8.1951 M 5
♦Silesia Elec Corp 6 Ha
1946 F
Silesian-Am Corp coll tr 78—1941
Simmons Co deb 4a
1952
Friday
1st ref 4s
♦Ad) Income 5s
1900 A
Jan
»*Thlrd Ave RR 1st g 5s... 1937 J
Tokyo Elec Light Co Ltd
1st 6s dollar series
.1953 J
Tol A Ohio Cent ref A Imp 334a '60 J
Tol St Louis 4 West 1st 4s.. 1950 A
To! W V 4 Ohio 4s series C.
.
1942 M
J y b
J y bb
D y b
D
x
x
1
46 H
bbb3
O y bb
8
3
*70
3
4
Toronto Ham A Buff 1st g 4s. 1940 j r x a
Trenton G 4 El 1st g 6a
1949 M 8 x aaa3
Trl-Cont Corp 6s conv deb A. 1953 J
J y bb
1
•Tyrol Hydro-El Pow 7H8--1955 M N
z
b
A
z
UJlgawa Elec Power s f 78...1946 M S
UnloD Electric (Mo) 3 Ha
sec 8
1952 F
f 7
58
17 H
65
"98"
i07"
J
*4
.....
....
102
102 H
35
102
103H
100 H
101
44
100
103H
A Tube-
Con v deb 4s
1st mtge s f 3Ha ser D
1
t
"96H "98"
107 H
Youngstown Sheet
.
*105
*107
*
cccl
♦Guar
8
72 H
*104 H
*96 M
aaa2
45
96 H 100 H
1
107 H
20 H
30
y
b
1
*59
J
x
aa
3
105
t»*Union Elev Ry (Chic) 6a. 1945 A
O
z
§ Negotiability Impaired by maturity,
t The price represented Is the dollar quota
per 200-pound unit of bonds.
Accrued interest payable at the exchange rate o
cccl
Union Oil of Calif 6a aeries A. 1942 F
r Cash
sale; only transaction during current week,
a Deferred delivery sale; onlj
transaction during current week,
n Odd lot sale; not Included In year's range.
1982 J
A
x
A
x
aa
1947 J
J
x
aaa3
x
*106 %
aaa4
1959 F
3b debentures
%
H
75
71
105 H
111
aaa3
3
90
...
$4.8484.
106*ijjl07
t Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
102 H
102 %
103 H
25'
102 H 105H
112
U1H
112H
67
111^ 114H
Union Pac RR—
1st 4 h»nd grant 4a.....
4s registered
......
1947
1970 A
34-year 3 H8 deb
35-year 3 He debenture... 1971 M
N
x
aa
Ref rattre 3 Hs ser A
1980 J
D
x
aaa3
1955 A
O
x
a
United Biscuit
3Ha deba
O x aa
96
96 X
75
96 H
97
12
103 H
103H
104
55
106
106
106^
3
debentures—
,
67H
84 H
82 H
*108 H
14!
e
84
73
Sold ex-interest
67 H
on
107
Feb. 27.
76 H
82 H
90 H
108 H 108 H
1 Bank Eligibility and Rating Column—x Indicates those bonds which
eligible for bank investment.
1941 MN
aa
....Nov
1941 MN
1942 MN
aa
May
aa
*100
Nov
,025s
1942 MN
aa
aa
100
*99.28
*99 %
100H
y
Indicates those bonds
or some
May
1.125s
Nov
1943 MN
aa
May
1944 MN
aa
*100
1 376s
Nov
1944 MN
aa
♦100H
1.50e
May
aa
we believe are not bank eligible due either to rating status
provision In the bond tending to make it speculative.
*100
1.25s
H
100 H
,5
*100
101H
101
101H
100H
*100H
101H
100H
..Nov
1 75s
May
1940 MN
aa
Nov
1940 MN
aa
1.85s
May
1947 MN
aa
1.90s
Nov
1.95a
May
1947 MN
1948 MN
aa
*100
101
*100
aa
101%
aa
102 K
101H 102
100
101H
101H 102
102
102 H
101H
1948 MN
aa
*100H
100 H
102
May
Nov
1949 MN
aa
*100
101H
1949 MN
aa
2.15s
May
1950 MN
aa
*100
2.20s
Nov
1950 MN
aa
*100
2.25s
May
1951 MN
aa
2.308
Nov
1951 MN
aa
2 35s
aa
.—Nov
....
102
*100H
*100H
101 %
101%
Indicates Issues in default,
on the ratings assigned to each bond
by the four rating agencies.
The letters Indicate the quality and the numeral Immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
differently, then the highest single rating is shown.
102
101
A great majority of the Issues bearing symbols ccc or lower are in default.
bearing ddd or lower are in default.
101H
102
101H
Transactions
104 H
104
...May
Nov
1952 MN
2.40s
1952 MN
aa
*100
102 H
May
1953 MN
aa
*100
103
2 60s
Nov
1953 MN
aa
2 55e
May
1954 MN
aa
*103 H
*101H
103""
103 H 104 H
102 H 103 H
2.00s
Nov
1954 MN
aa
*102
2.65s
May
1955 MN
b
f 6 H« aerlee
C
1951 J
♦3Hb assented C
♦Sink fund deb 6 Ha ser A
♦3Ha assented A
102 H
H
*103
*
D
32
b
1951
1
33
1951
31H
cccl
1947
33 H
36 H
32
*
1947
Q9
31
United Stockyds 4Ha w w.
Utah Lt 4 Trac 1st 4 ref 5s
1951
bbb3
1944
bbb2
102 %
102 SHf
103 H
20
Utah Power 4 Light 1st 5a.
1944
bbb3
103 H
102 H
104
39
93
15
31H
33 H
28
32
40
~92~"
Cons
cons g
a f
A
x
aa
*107
1957 MN
x
aa
4s series B
112
the
at
York
New
Stock
Exchange,
Slocks
Slate
Railroad A
United
Total
Week Ended
Number of
Mis cell.
Municipal
States
Bond
Shares
Bonds
For'n Bonds
Bonds
Sales
Saturday...
Monday
Tuesday
Wednesday.
HOLIDAY
347,730
356,330
383,570
$5,070,000
$494,000
429,000
646,000
405,990
5,996,000
6,894,000
6,675,000
1,807,230
$29,321,000
$100,000
171,000
$5,664,000
86,000
534,000
5,686,000
42,000
6,728,000
6,470,000
6,286,000
33
91H
93 H
102 Vt 104 H
102 H 105H
Thursday..
Friday
Total
313,610
460,000
25,000
7,160,000
$2,563,000
$424,000
$32,308,000
Week Ended Feb. 28
Jan. 1 to Feb. 28
New York Stock
*107
4s series A.. 1955 F
All issues
Feb. 28, 1941
Sales at
Vandalla
bond
104 M
104 H 104H
32 H
33
32
1951
♦3Hs assented A
a
Daily, Weekly and Yearly
101 % 104
102 X 102 H
103 H 103 H
♦Sec
Where all four agencies rate
103 H
102H
101M 103
102
103 H
100 H 103 H
101 x
2.45s
♦Un Steel Wks CorpQ Ha A.
ln_bankruptcy,_or_ln process ofreorganization.
102
101 %
101H
z
The rating symbols in this column are based
100 H 101
100
100
1.80s
2.10s
100HI100H
101H
iol"
1945 MN
1945 MN
2.05s
believe
_
100.4
1943 MN
1.00s
2.00s
we
*100
;
875s
1.025s
No sales transacted during current week.
Bonds selling flat,
7i 106
68 H
%
♦
"
May
60s
,75s
Friday's bid and asked price.
100 H
undei
112H
96
96 % 101H
103H 107
United States Steel Corp—
Serial
♦
111
3
3
United Cigar-Whelan Sta 6a. 1952 A O y b
4
United Drug Co (Del) 6s
1953 M 8 y bb 4
U N J RR 4 Canal gen 4s__ 1944 M S x aaa4
tlon
105H 107
Exchange
Stocks—No. of shares
1941
1941
1940
1,807,230
3,120,200.
1940
22,282,155
Bonds
Government
State and foreign
Railroad and industrial
Total..
Attention is directed to the
new
$424,000
$458,000
2,563,000
29,321,000
4,933,000
27,801,000
23,115,000
321,902,000
$32,308,000
$28,506,000
$354,634,000
column incorporated in this tabulation pertaining to bank eligibility and rating
of bonds.
$4,931,000
See note k above.
224
$270,254,000
disregarded In the week's range
In a footnote in the week In which they occur.
NOTICE—Cub and deferred delivery eaiee are
of the regular weekly range are shown
March
Exchange—Weekly and Yearly Record
New York Curb
1400
1,
1941
unless they are the only transactions of the week and when selling outside
No account is taken of such sales In oomputlng the range for the year
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Monday last (Feb. 23, 1941) (Saturday, Feb. 22d, being Washington's Birthday and a holiday on
the Exchange) and ending the present Friday (Feb. 28, 1941).
It is compiled entirely from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in which any dealings occurred during
In the
the week
the week covered.
,
Week's Range
Last
Hale
Par
STOCKS
Par
Feb
20
Jan
Feb
22%
Jan
Beech Aircraft Corp
5%
5%
800
5%
Feb
5
5%
200
4%
Feb
"l% ""i%
5%
"166
*
Conv preferred
Feb
11
1%
Feb
Feb
20
1%
21
Bell Aircraft Corp
Jan
Bell Tel of Canada
Jan
Bell Tel of Pa 6 %%
'1*
Southern..60
Alabama Power Co $7 pf-*
$0 preferred
*
Allegheny Ludlum Steel—
7% preferred
100
Alles A Fisher Inc com...*
Alllanceln vestment
♦
Gt
100%
Jan
*11
Jan
Jan
80%
Feb
110
103%
Jan
109
Jan
40
105% 100%
98% 99%
94%
Jan
101
Jan
%
%
Feb
(Mich)..10
Class A conv com
26
Altorfer Bros com
*
Aluminum Co common...*
Feb
Mfg...*
Aluminum Industries com-*
Aluminium Ltd common.*
100
0% preferred
com..l
American Book Co
100
Amer Box Board Co com.l
Feb
Feb
15%
22%
Jan
Jan
Jan
4%
Jan
1
1
*
7% 1st preferred
Feb
165
Jan
Borne Scrymser Co
Feb
110
133% 130
114% 114%
134
"l4%
850
150
133%
113%
10%
1,300
14%
Feb
6%
Fei,
14%
......
"74"
93
%
230
28
20
26
4%
Bourjols Inc
150
65
05
'i«
50
101 %
125
111%
Feb
13%
Jan
107
Jan
117%
27%
Jan
Jan
34
Me
Jan
%
Jan
13%
38%
Jan
Feb
13%
8%
20%
16%
Me
100
%
Feb
Feb
"35%
35%
35%
300
6%
100
35%
6%
1%
Feb
Feb
Feb
38%
6%
21
Feb
27
35%
5%
Feb
Feb
38%
15%
Me
21
3,200
60
21
*i«
•
3
7%
1%
6%
Jan
7% 1st preferred
2d
%
95%
%
Jan
Jan
Brazilian Tr Lt A Pow...*
3%
3%
Jan
6%
6%
35
Jan
Brewster
1
1
9%
Jan
5
%
Jan
Jan
Jan
1,100
150
3%
Feb
Bridgeport Gas Light Co.*
Feb
5%
Jan
%
Jpn
ht
Jan
Jan
65
100
11%
Jan
68%
Jan
Breeze Corp common
Aeronautical
Feb
5%
Feb
%
5%
7%
1,600
8%
Feb
11%
1%
•
1%
300
1%
Feo
1%
*
1%
Feb
30
100
Preferred
Brill Corp class A*
30
Feb
3
%
Jan
%
100
38
40
200
37%
12
12
100
11%
Feb
Jan
50%
*
30%
11%
Jan
Jan
31
*
Am dep rets ord bearer £1
8%
Jan
8%
reg...£l
7%
Jan
8%
%
Jan
B
Class
7%
•
preferred
Jan
*ii
Jan
Brillo Mfg Co common
*
Class A
Amer Cities Power A Lt—
3%
900
9
3%
6%
9%
*
preferred
%
200
a
3%
7
74
Feb
10
*
*
Corp—1
400
Jan
15%
100
25
*
Bowman-Biltmore com
Jan
%
10c
10c
24%
5%
Boback (HC)Co com...*
Bridgeport Machine
Common class B
7%
Feb
13%
38%
•
Jan
American Capital—
Class A common
Feb
19
32
Feb
%
12%
5%
600
1,000
%
%
Jan
93
100
%
7%
40
3,400
27
Feb
70
100
93
93
American Beverage
"28"
"166
"74"
Blumenthal (8) A Co
Jan
18%
High
Jan
5
4%
*
Bliss (E W) common
4%
100
0% preferred
Aluminum Goods
14
21
100
13%
13%
6
0%
19% 21
3%
3%
104% 105%
Low
100
*
common
$3 opt conv pref
*15% *15%
4%
Shares
—
Blue Ridge Corp com
Allied Products
for
Week
High
111% 111%
pf.100
com...*
Conv preferred
*
Berkey A Gay Furniture .1
Blckfords Inc common
*
$2.60 preferred
*
Blrdsboro Steel Foundry
A Machine Co com
---*
$6.60 prior pref
1
100
Bellanca Aircraft com
Blauner's
Allied Intl Investing—
$3 conv pref
Range
of Prices
Low
Range Since Jan. 1. 1941
Benson A Hedges
75%
Warrants
6%
com—1
Jan
Jan
Feb
6%
6%
12%
1
Week's
4%
$1.60 conv pref......20
1
Class B
1
Aluswortb Mfg common..6
Air Associates Inc (N J)..l
Air Investors common...*
$3 preferred
Price
Beaunlt Mills Ino com.. 10
21%
Supply Mfg—
Amer Centrifugal
Sale
(Continued9
High
Liw
19
Class A
Alabama
Last
STOCKS
Range Since Jan. 1,1941
Shares
common-10
Acme Wire Co
Aero
High
Low
for
Week
of Prices
Price
Sales
Friday
Sales
Friday
....26
27
27
27
100
26
Feb
28%
Feb
British Amer Oii regis
Class A with warrants.25
20
26
26
100
25%
Feb
100
Me
Feb
33
34%
500
British Celanese Ltd—
16%
18
11%
British Amer Tobacco—
%
26%
%
12
Class A.....
35
1
Class B..
Amer Cynamld class
101
Amer Foreign Pow
"34%
com..l'
warr...1
Amer Fork & Hoe com...*
American Gas & Eleo—10
29
100
112%
2%
preferred
1,100
Jan
38%
31
Feb
38
Jan
15%
Feb
19%
Jan
Am dep rets ord
Am dep rets ord reg_.10s
Jan
Me
Jan
British Col Power cl A
11%
Feb
12 %
| Brown Co0% pref
2,900
28
Feb
30%
Jan
Jan
111
Jan
113%
Feb
Feb
Jan
15
Feb
14
Feb
100
2
Jan
200
8
Feb
1%
15%
14
100
50
15
14
Brown Fence A Wire com.l
450
Jan
Brown Forman Distillers. 1
he
11%
Amer General Corp com 10c
4%%
%
A.. 10
Class Bn-v
Amer Export Lines
%
Feb
Jan
Jan
ht
11%
150
28% 29
112% 112%
2%
600
'u
100
11%
•
100
Class A preferred
14
2%
8
*
—1
28
27
28
125
27
Feb
3%
29%
$2.60 conv preferred—1
Amer Hard Rubber Co..60
30
30
30
100
29
Feb
33
Jan
Brown Rubber Co com
18
18
18
150
15%
Feb
20
Jan
Bruce (E
17%
11%
17%
50
20
Jan
Bruck Silk Mills Ltd
2,300
16%
11%
Feb
12%
Feb
13%
Jan
2%
8%
Buckeye Pipe Line
60
Buff Niagara A East Pow—
$2 conv preferred
Amer Laundry Mach
20
Amer Lt & Trac com
25} "12%
2%
Amer Mfg Co common.
Preferred
Amer Maracalbo Co
1%
L) Co common..5
1%
11%
Feb
Jan
12
Feb
40%
1%
*
Feb
28%
23%
Jan
Jan
18%
18%
400
18%
Feb
80
Feb
*
98%
19%
99%
Feb
Bunker Hill A Sullivan 2.60
11%
400
Feb
12%
Feb
Jan
Burma Corp Am dep rets..
96%
11%
%
Jan
%
32%
98%
12
500
Jan
Feb
*11
Jan
Burry Biscuit Corp_.12%c
Cable Elec Prod com
*
31
31
31
%
1,400
Me
Me
100
30
%
10
*
*
*
Thread 6% pf..6
1st $0 preferred
$0 series preferred
7
Jan
3%
%
Jan
Jan
6%
700
2%
Feb
%
Me
1,700
%
Feb
58
6%
3%
150
51
Jan
60
Feb
400
6
Feb
8
Jan
Calamba Sugar Estate..20
Calllte Tungsten Corp
.1
100
2%
Jan
FeD
Feb
Jan
Feb
Jan
7% partlc preferred
1,200
1,200
1
6%
Feb
Jan
Jan
Jan
Can Colonial Airways
300
1%
1%
1%
1%
7%
7
1%
7%
Feb
Feb
Feb
91-
Arkansas P & L $7 pref...*
"200
5%
5%
1
4%
5
Feb
5%
Jan
900
6
Ashland OU&RefCo
7%
1,000
"7% "T"
Aro Equipment Corp
Art Metal Works com
4%
Feb
1%
1%
8%
94
Jan
8%
5%
5%
Jan
Jan
Jan
*1#
100
%
1
1,600
1%
100
Me
32
$5 preferred
*
Assoc Laundries of Amer *
1%
1%
*11
%
Jan
Jan
%
Jan
Feo
Me
1
1%
Jan
Jan
Jan
2%
300
2%
17
%
6%
Atlas Drop Forge com...6
Atlas Plywood Corp
*
*
"266
"1% "3%
1
Automatic Products
15
Jan
Jan
5%
100
14%
Jan
Fen
preferred x-w
Aviation & Trans Corp...l
Carman A Co class A
%
3%
3%
10
35%
Babcock & Wilcox Co
*
"26"
"29"
30
5%
33%
Baldwin Rubber Co com.l
Bards town Distill Inc
Barium Stainless Steel
1
4%
32
5%
"T%"
1
1%
1
5%
33%
5%
1%
1
Basic Dolomite Inc com..]
Baumann—See "Ludwlg"
9%
6%
9%
*7
*Me
Jan
600
"766
%
3%
20
3%
7
111%
111
111
100
35
35
35
20
8%
400
JaD
7
35
Feb
39
110%
19
FeD
Jan
Celanese Corp of America
Jan
7% 1st partlc pref
17%
Jan
Cent Ohio Steel Prod
Jan
16
Jan
Cent Pow A Lt
Jan
Jan
109
8%
7%
3%
3
3%
1,200
2%
Jan
132%
127
132%
150
126%
Feb
4%
38
200
4
Feb
4%
35%
175
4%
Jan
Cent States Elec
5%
43%
Jan
99
89%
13%
12%
200
12
Feb
89%
90
140
89%
Feb
8%
8%
100
8%
Feb
0%
7%
3%
Jan
Conv preferred
31%
Jan
2,300
36
25
Feb
250
32
Feb
7%
Jan
FeD
4%
36%
Jan
100
5%
Feb
6%
Jan
2,200
Me
Jan
1%
Feb
1%
Jan
1,000
1
Jan
1
com
preferred
preferred
100
100
100
1,500
9%
6%
Jan
Jan
10%
7%
Jan
Jan
ht
Me
175
T%
1%
%
1%
Me
ht
%
Conv pref opt ser '29.100
Chamberlln Metal Weather
hi
Feb
%
Jan
3%
Feb
4%
Jan
5%
11%
Feb
5%
Jan
Feb
Jan
5%
5%
100
12%
225
Cities Service
$0
common.
11%
105
67
105
67%
50
105
Feo
14%
110%
150
67
Feb
73%
Jan
9
12%
Cheeebrough Mfg
26
Chicago Flexible Shaft Co 5
Chief Consol Mining
Chllds Co preferred
Jan
10
Jan
4
Me
100
.10
preferred
*
*
*
%
2%
100
10
Cherry-Burrell common..6
Corp common
hi
325
3%
Chads
%
Jan
Feb
3%
Co
10
Jan
1%
25
...6
Strip
Mi
1,100
%
ht
95
116%
Feb
%
...100
Jan
Feb
116
7% pfd 100
Jan
3%
134
Feb
Cent A South West Utll 60c
3%
8
35%
12%
1
12,600
6%
19%
96
*38"
*
00m
Jan
2*500
111%
Castle (A M) common..10
Catalln Corp of Amer
.1
Jan
Feb
6%
16
Jan
Feb
Feb
10%
Jan
».e
33%
3%
llie
8%
1%
Feb
%
50
1%
7
City Auto Stamping
114%
*
$6 preferred BB
♦
Cities Serv P A L $7 pref.*
$0 preferred
For footnotes see page 1405.
Feb
Jan
Feb
114%
110%
60c preferred B
Beau Brummell Ties Ino.. 1
1%
Feb
1
Carter (J W) Co common. 1
Chicago Rivet A Mach
5
Jan
Jan
6%
Jan
Barlow A Seelig Mfg—
A com
13
Feb
67%
Baldwin Locomotive—
Purch warrants for com.
5
Jan
8%
%
"T% "~1%
%
1%
10
....*
preferred
Feb
~
28%
Feb
Jan
$0
%
36
Ayrshire Patoka Collieries 1
3
*
100
%
4
1,000
*
Class B
Carnation Co common...*
4%
15%
3%
114% 114%
1
*
26c
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref.100
100
3%
Feb
Tobacco-
7% preferred..
Marconi
Cent Hud G A E
15
15%
3%
15%
3%
18%
13
100
Jan
3%
%
Warrants
common
7% preferred
Jan
300
3%
15%
1%
Jan
1%
1%
3%
Jan
Feb
%
12
Jan
1%
Jan
1%
3%
Feb
3%
*
vot
Feb
2%
"360
1%
•
non
Feb
3%
Feb
10
Class B
3%
1,000
700
Class A voting
100
Celluloid Corp common.15
$7 dlv. preferred
♦
1st partlc pref
.*
"3% "3%
Avery (B F) A Sons com.5
25
25
Jan
200
6%
15
3%
Jan
3%
%
600
Me
6
3%
Automatic Voting Mach.. *
0% preferred w w
2%
200
1%
Canadian Industries Ltd—
Casco Products
Atlantic Coast Line Co..60
Auburn Central Mfg
Jan
65
10%
15%
3%
Carrier Corp common
Atlantic Rayon Corp
Atlas Corp warrants
%
%
7%
Jan
2
Atlanta Birmingham A
100
10%
1%
10%
Canadian Dredg A D Co. *
Canadian Indus Alcohol—
Carolina P A L $7 pref...*
1%
Assoc Tel & Tel class A..*
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries.. 1
Me
Feb
dep 6%% prefshs £1
Carlb Syndicate
......1
Coast RR Co pref
Am
Capital City Products
£1
|Assoclated Gas & Eleo—
Class A
60c
Vot trust ctfs
Canadian
Associated Eleo Industries
Common
%
25
2
...10
Amer deposit rets
ht
Canadian Car A Fdy Ltd—
10%
1%
1%
6%
3%
1
"966
1
Jan
Feb
Feb
Canada Cement Co Ltd..*
Jan
3
2
1%
%
%
Camden Fire Insur Assn..6
1%
3%
2%
Jan
100
%
6%
Jan
1,800
ht
%
Cables A Wireless Ltd—
5%
3%
5%
'ie
58
18%
60c
Feb
Common cl A non-vot--*
0% preferred
Jan
300
Angostura-Wupperman ..1
Apex Elec Mfg Co com... *
Arkansas Nat Gas com...*
66
57%
5%
3%
*
Anchor Post Fence
...25
$1.60 preferred
$5 1st preferred
Feb
61
Am Superpower Corp com
conv
500
Feb
Amer Seal-Kap common..2
$1.20
1%
19
—1
American Republics
Class A
1%
26%
Amer Potash A Chemical.*
Axton-Flsher
1%
80
Amer Meter Co
0%
1
Jan
36%
__„..*
preferred
10
30
29
25
100
Amer Pneumatic Service.*
American
Jan
Jan
$0
100
preferred
0%
2%
%
15%
16%
2%
60
%
4%
4%
55
5%
53
5%
61
5%
56
6
225
4,100
Jan
1,200
100
30
200
FeD
3%
Feb
5%
Jan
Feb
Jan
Feb
69%
6%
48
Feb
70
JaD
Feb
92
7
7
95%
7
4%
Jan
Jan
Feb
48
5%
5%
Feb
10
100%
97
6%
Jan
Jan
Jan
Jan
Jan
Volume
New York Curb Exchange—Continued—Page 2
152
Friday
Sales
stocks
Last
Week's Range
for
(Continual)
Sale
of Prices
Low
High
Price
Citj A Suburban Homes 10
Clark Controller Co
100
(tSince Jan. 1, 1941
Low
6*
15*
2*200
*
Jan
"38 X ~39"
'"ioo
5*
37*
Jan
Jan
Feb
41
~~2% "~2%
"1,360
2%
Jan
2
Feb
2*
"~X
r
Cleveland Tractor com...*
5*
4*
CUnchfield Coal Corp.. 100
Club Alum Utensil Co...*
2
2%
200
Colon Development ord...
%
0% oonv preferred.... £1
Colorado Fuel 4c Iron warr.
Colt'
1%
5% preferred
Jan
Ems00 Derrick A Equip. .6
Jan
Jan
Equity Corp common..lOo
Jan
Esquire Inc............. 1
5*
Jan
3
Feb
Jan
Eureka Pipe Line com..50
Eversharp Ino com
1
Fairohlld Aviation
1
Falrohild Eng A Airplane. 1
Falstaff Brewing
1
17
*
5*
8
Jan
1*
Feb
Fanny Farmer Candy
Fansteel Metallurgical
2*
Feb
4*
Feb
82 *
Jan
Jan
75
75
100
72
57
*
1*
57 X
IX
120
53
Feb
60*
IX
56
4,300
1
Feb
1*
IX
1%
20 *
20 X
IX
21
300
Community Pub Service 25
Community Water Serv_.l
350
20
Jan
Jan
Fire Association
*
11*
11*
100
11*
1*
Jan
Jan
Feb
2
Jan
24*
*
Jan
Jan
Feb
13*
Jan
Conn Oas 4 Coke Secur—
.*
Common
OX
Feb
550
H*
Fcd
2%
100
2*
Jan
"2% "2%
""160
21*
2*
7*
Feb
10*
Feb
4*
Jan
Jan
7
Jan
8
2%
0%
23*
OX
7%
65*
(Phlla).lO
Florida P A L17 pref....*
Ford Motor Co Ltd—
114
113
1*
300
3
6%
2,500
23*
7*
7%
100
300
200
100
Jan
Jan
Jan
2*
6*
22*
0*
7*
Feb
Feb
Feb
8
*
20*
Jan
Jan
Feb
3
28*
Jan
3
Jan
Jan
25*
10*
8*
Jan
69
Jan
Jan
Jan
65*
114*
02*
111*
Feb
300
Feb
119*
1*
100
1*
Jan
1*
Jan
9*
Jan
10*
Jan
Feb
11
Jan
Feb
23
20
•
10
10*
900
♦
Class A non-vot..
Class B voting
10
10
125
10
21
Jan
IX
Jan
4*% series B pre!
4% pre! series C
100
100
108
Consol Oas Utilities
1
l
1%
1,700
2%
2%
6434 1 64)4
Consol Q E L P Bait com.*
100
1*
Jan
600
64*
Feb
118
1*
30
108
117
Feb
40
118
107
105
Feb
1%
1,300
"~3% ~3*
"266
IX
1
1*
Jan
23*
*
Consol Mln A Smelt Ltd..5
Consol Retail Stores
Feb
3*
Jan
2
Jan
2*
Feb
73
Jan
119*
110*
1*
25*
3*
100
10
104
IX
1%
IX
300
IX
Feb
1*
Consol Steel Corp com...*
6
5X
6%
1,500
5%
Feb
8*
Cont O 4c E 7% prior pf 100
Continental Oil of Mex
1
94
93%
..1
Cook Paint A Varnish
104
104
30
70
94
"Tx "6X "~7*
Jan
Jan
89
104
Jan
Jan
Jan
94
Jan
Jan
Feb
"'lx
H
X
Feb
11
Jan
Gen Flreprooflng 00m
*
Gen Gas A El 6% pref B_*
General Investment oom.l
Feb
37
Jan
30
Jan
Jan
4*
lh*
Feb
5*
Jan
*
600
1
Jan
78X
60
70
Jan
*
500
Jan
£1
Crocker Wheeler Elec
*
5*
Croft Brewing Co
1
%
*
1334
534
*
4*
434
"26* "21*
*
Feb
6*
Jan
Jan
Feb
2*
Feb
Feb
15*
Jan
900
4*
Jan
95
Feb
20
52*
Feb
52*
""* ""*
"600
Jan
1*
Feb
Jan
*
Feb
1*
Jan
4*
Jan
15*
Feb
4*
16*
58*
Jan
Jan
Jan
1
15*
57
Jan
83
Jan
25*
*
Feb
31
Fe;.
*
Jan
*
*
Jan
6% preferred A
61
Jan
105
Feb
Jan
Gen Water G A E
*
1*
Jan
Feb
26
200
Jan
2*
4*
Jan
Feb
Jan
1*
Jan
Jan
Jan
*
i~66o
26
*
*
10
»>•
300
56
56
30
55
Jan
Feb
105
105
10
105
Feb
106
33 preferred
•
Georgia Power 36 pref...*
22*
*
*
100
6
Jan
600
Jan
Jan
Jan
20*
40
80
Feb
"""75
40
Jan
Feb
Feb
100
57
*
*
Jan
15*
53
55*
106*
Jan
1
00m
36 preferred
40*
Feb
98
Jan
90
Jan
6
45
325
Gilchrist Co........
Feb
5
Feb
Godohaux Sugars class A.*
5*
Jan
6
Jan
Curtis Llgbt'g Ino com 2.50
Curtis Mfg Co (Mo).....6
1*
Jan
1*
Jan
Darby Petroleum com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A oonv
36
800
3*
Feb
4*
Jan
Goodman Mfg Co
200
18*
Feb
18*
Feb
Gorbam Inc class A
150
9*
Feb
12
Jan
120
25*
5*
Feb
Jan
Gray Mfg Co
1*
Feb
Jan
9
22
22
5*
95*
4,200
50
Grand Rapids Varnish...1
Jan
a;8*
5*
95*
22
Gorham Mfg common. .10
Jan
2*
28*
6*
3 *
Jan
Feb
8*
6
Jan
46
Jan
Jan
x3%
*
Jan
Feb
Feb
Jan
Gilbert (A C) common
*
Preferred
...»
Gladding MoBean A Co..*
Glen Alden Coal..
*
41
100*
96*
Jan
•
5*
"lx "lx
90
52*
Jan
1*
IX
4*
preferred
"six
Jan
Feb
600
«
...10
Cuban Atlantlo Sugar....6
52
52 *
36 conv preferred......*
General Tire A Rubber—
Jan
1
21%
Jan
Jan
General Shareholdings Corp
Common....
..1
X
12*
Crown Drug Co com...25c
26
Jan
33
50*
Gen Rayon Co A stock...*
2,000
Crowley, Mliner 4c Co...*
Grown Cent Petrol (Md).6
Crown Cork Internet A..*
41
Feb
"25
53
Feb
2*
12*
4*
Feb
50*
22*
•
preferred
Feb
1*
80
Courtaulds Ltd—
12%
500
28
Gen Outdoor Adv 0% pflOO
Gen Pub Serv 36 pref
♦
4*
6
Jan
Jan
Jan
21*
Warrants
60
Creole Petroleum
Jan
Feb
Jan
Gen Electric Co Ltd—
Jan
100
-
19*
19*
9*
20*
34
5% preferred
...100
Gellman Mfg Co com
1
General Alloys Co
*
8*
11*
IX
77X
1
Feb
Gatlneau Power Co—
Jan
»l«
1%
77 X
*
50*
conv preferred...100
Gamewell Co $6 oonv pf..*
Feb
32
*
Jan
20*
$3 conv stock.........»
6*
"""760
»I«
Feb
*
8*
4%
11*
7*
"700
7% conv preferred
100
Fuller (Geo A) Co com...1
""600
""s*
Crystal Oil Ref com
100
*
Amer dep rots ord reg. £1
"~i% "~i% "lx
Adrs ord reg stock
21*
*
Conv partlo pref.....15
Fruehanf Trailer Co
1
Jan
"~8H
preferred
21*
1
*ii
Copper Range Co
com..
100
Jan
Jan
Feb
Common
Feb
Cooper-Bessemer com...*
33 prior preference
*
3t> preferred A
dep rets
100 free
Fox (Peter) Brewing Co..6
*
*
Cornuoopla Gold Mines 5c
Corroon A Reynolds
1
Amer
Franklin Co Distilling....1
Froedtert Grain A Malt-
$3 preferred......
*
Conn Telep A Elee Corp. _l
Consol Biscuit Co
1
36
100
700
8
"3"
Jan
OX
Ford Motor of France—
1
V t c ext to 1946
conv
2*
Am dep rets ord reg...£l
Ford Motor of Canada-
Compo Shoe Mach—
5%
High
L010
»16
16*
OX
%
16
2%
1
•
Jan
Jan
1,000
Commonw Distribution. _1
CosdeD Petroleum
*
16*
Fodders Mfg Co
6
Fed Compress <fc W'h'se 26
100
....
Cont Roll A Steel
1
Jan
3
Range Since Jan. 1, 1941
Week
Fiat Amer dep rets......
100
1
8% preferred
Consol Royalty Oil
S3 conv preferred
*
Commonwealth A Southern
Warrants
Price
Empire Power part stock.*
Columbia Oas 4c Eleo—
Columbia Oil A Gas
Shares
3,000
3
Patent Fire Arms.25
for
of Prices
Low
High
Feb
Jan
8
Week's Range
Sale
Par
Cockshutt Flow Co com..*
Cohn & Roeenberger Inc.*
Last
High
Jan
Feb
1
Claude Neon Lights Ino..l
Clayton 4c Lambert Mfg..4
Cleveland Elec Ilium
*
stocks
(Continued)
Ran
Shares
6X
6X
Sales
Friday
Week
Par
1401
z3*
Jan
"8* "Feb
9*"*Feb
19*
4 *
Feb
Feb
Feb
Feb
22
95
99
Great Atl A Pac Tea—
Cuban Tobacco
*
com
Class B
3%
18*
10%
10
26 X
26
Decoa Records common.. 1
534
1
Dennlson Mfg el A com..6
36 prior pref
50
Delay
4
18*
10*
2634
5*
800
Stores
8% debenture
100
IX
101%
IX
4434
101
300
50
35
Jan
20
99*
Feb
101*
Jan
1
Derby Oil 4: Ret Corp com*
A conv preferred
*
Detroit Gasket A Mfg
1
6% preferred
IX
*19"
134
2X
"I9"
IX
2%
~i»"
400
300
"ldo
Feb
10
17*
IX
1*
*
18*
Jan
Feb
Feb
Jan
Gulf Oil Corp
Jan
*
Jan
1134
1134
75
11*
Jan
Feb
12*
Jan
Dobeckmun Co common. 1
4*
Jan
6*
5*
6*"ian
Z70
—10
x70
30
21*
100
"""2* "2*
"366
21*
100
Feb
70
100
6
Jan
7334
74
1*
9
"8* "934
*
234
100
...100
53*
35*
234
5134
preferred
Option
*
*
Helena Rubensteln
24
111
Jan
3
Jan
125
73*
Feb
76*
Jan
400
1*
7*
Jan
1*
Jan
Feb
7*
Jan
Tioo
8*
Feb
10*
Jan
300
2*
Jan
49*
Jan
Jan
15
Feb
3*
58*
Preferred
100
200
)
Feb
Jan
Jan
Feb
8*
1*
42
Jan
Feb
Jan
38
10*
Jan
Jan
1%
25
Jan
ht
Jan
Feb
Feb
33*
110*
Feb
Jan
115
Jan
Feb
8*
Jan
Feb
25*
Jan
61*
*
Jan
65
31
114*
170
109*
111*
6*
100
6*
Jan
34
Feb
42
Jan
11*
Feb
13*
Jan
Heyden Chemical
10
Hoe (R) A Co class A...10
Bollinger Consol G M
6
Holophane Co common..*
Horder's, Ino
*
Hormel (Geo A) A Co com*
Horn (A O Co common..1
Horn A Hardart Baking..*
Jan
Jan
15
15
14
Feb
15*
3*
12*
Jan
Jan
Horn A Hardart
Jan
Jan
Jan
Hubbell (Harvey) Ine
Humble Oil A Ref
3X
54*
59*
1134
Jan
Jan
Hussmann-Llgonler Co... *
Huylefs new com..
1
V t c for 1st pref..
1
Hydro-Electric Securities *
Hygrade Food Prod.-.1.5
Hygrade Sylvanla Corp..*
Feb
Illinois Iowa Power Co
3*
54
59*
10*
1*
3*
54*
61*
11*
1*
Jan
8,400
1,300
3
Feb
54
Feb
2,800
59*
Fen
4*
58*
67*
150
10*
1*
11*
Feb
13
800
Feb
Feb
28
500
Jan
2
Feb
81
3*
3*
Feb
1*
12*
32*
3*
81
Jan
Feb
Jan
Jan
90
85
90
720
67*
Feb
90
Feb
9034
91*
86*
90*
140
70
Feb
90*
Feb
86*
88*
91*
92
1,450
68
Feb
91*.
Feb
925
72
Jan
92
Feb
1405
....*
5% preferred
5*
26*
Jan
Jan
Jan
Feo
25
5*
10*
Jan
Feb
Jan
Jan
1*
5*
10*
25"
6
10*
.
600
100
Jan
Div arrear ctfs
•0 <0
Jan
6*
Jan
Feb
Jan
Feb
25
12
Feb
26
Jan
5
Feb
26
Jan
50
5
Feb
12
100
12
Feb
68
68
25
65
.....
Feb
13*
77*
Jan
Jan
Jan
10 *
Jan
Jan
9*8 *
Jan
11*
Feb
Jan
Jan
13*
Feu
33*
Feb
2*
Feb
33*
2*
Feb
Feb
8*
8*
33*
30*
•
53*
5*
50
T-<
2
10*
8*
26*
12
5
*
"25"
"I"
100
5
Hummel-Ross Fibre Corp
5% conv preferred
Empire Gas 4c Fuel Co—
92
Jan
Feb
Feb
22*
26
ex-warr
•1#
Jan
Jan
1*
8*
100
Jan
10*
1*
•u
*
1*
5*
Henry Holt A Co part A..*
Hewitt Rubber common..5
15*
3*
Jan
Feb
Jan
20
1*
25
w w._
Jan
16
For footnotes see page
130*
*
1
Feb
25
Empire Diet El 6% pf 100
preferred...—.100
634% preferred
100
7% preferred.......100
8% preferred
100
105
Jan
*
14
225
2,350
12
1*
6%
Jan
Feb
1,100
6*
*
Class A..
15
34
1
4
Jan
*
32*
Heller Co oommon
234
53*
38*
11*
*
warrants
Eiectrographlc Corp
Elgin Nat Watch Co
Emerson Eleo Mfg
Jan
6*
128*
...»
15
37 preferred series A
36
Corp
Jan
Feb
Feb
2*
Eastern States Corp.....*
Eleo P 4c L 2d pref A
98
Jan
5
20
31
113% X113
!
11*
Eastern Malleable Iron..25
*
Jan
Feb
25
125
110* 110*
6% conv preferred....60
Hecla Mining Co
25c
East Gas A Fuel Assoo—
35 preferred..
Haseltlne
Preferred
1*
*
10
Eleo Bond A Share com. .6
17*
35*
Jan
Feb
5,100
10
25
Jan
76
Hosiery cl B com *
Duro-Teet Corp common. 1
*
36 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Jan
29
Hat Corp of America—
Jan
21*
111
Dubiller Condenser Corp.l
IH% prior pref
8% preferred
100
Hearn Dept Stores com..5
*
Common...
Hammer mill Paper
Jan
100
Eagle Plcher Lead
Jan
»n
31
6
Harvard Brewing Co
Dominion Tar A Chemical*
Duval Texas Sulphur
99
129* 129*
*
716
39* 40
9
9*
B non-vot common.... 1
Dominion Steel 4; Coal B 26
Durham
•
Jan
Dominion Bridge Co Ltd.*
Duke Power Co
400
Hartford Rayon v t e
1
Hartman Tobacco Co....*
6*
preferred—
preferred
Hartford Eleo Light
Divco-Twin Truck com__l
7%
26
Hall Lamp Co
Am dep rets ord reg...£l
Driver Harris Co
100
Gulf States UtU 35.50 pf.*
Distillers Co Ltd—
Draper Corp
29*
Grocery Sts Prod oom..25c
Guardian Investors
1
Feb
36
*i»
5
*
1*
Jan
Jan
Jan
4*
100
2*
2)4
5*% preferred
»
com stock
7% 1st preferred
Jan
21
Feo
14*
X29
1Q
Feb
Feb
5*
Gypsum Llme&Alabastine*
Diamond Shoe common.. *
Distilled Llauors..
h#
*
Greenfield Tap A Die
Jan
18
10
*
33 preferred
Non-vot
300
60
Jan
10
preferred
•
Goldfleld Consol Mines..!
Greater N Y Brewery.... 1
Gt Northern Paper
25
De Vllblss Co common.. 10
7%
•
preferred
Jan
Jan
IX
30 *
9*
Det Mioh Stove Co com__l
| Detroit Paper Prod
1
Detroit Steel Prod......10
Feb
45
30*
20
1
w w
Detroit Gray Iron Fdy
1*
IX
45
101*
37
33*
33*
30* 30*
113* 113*
16*
10*
53*
54
5*
6
200
125
30*
Jan
31 *
Jan
10
113*
Feb
16*
53*
Feb
Feb
Feb
113*
100
5*
Feb
6*
7*
2,800
1,300
Jan
7
Jan
18
63
Jan
Jan
1*
31
3*
32
5*
*
5*
Jan
"l% "lX
100
*
Feb
*n
Jan
50
5*
Feb
ut«
*
5*
Jan
7*
1*
1*
Feb
Jan
Feb
Jan
""700
50
31
31
2*
29*
3*
32
1,700
5*
5*
500
500
31
2*
29
5*
Feb
Feb
Feb
Feb
1*
38
3*
35
7*
Jan
Jan
Jan
Jan
New York Curb
1402
Last
Week
Sale
of Prices
Low
High
Par
•
illuminating Shares A—*
Imperial Chemical IndusAm dep rets regis
£1
Imperial OU (Can) coup—•
Price
Range
s
for
Low
Shares
9X
ex
6%
ex
8X
6%
6%
8
Imperial Tobacco of Can.5
7%
6% pf.100
7% preferred—
100
IndlaD Ter Ilium Oil—
Non-voting class A
1
Class B
1
Jan
12X
Jan
Mesabl Iron Co.....
6
2,600
Jan
600
6X
Feb
200
TVs
Feb
6%
6%
8%
Jan
Jan
Jan
Jan
3%
800
19%
280
3X
Indiana Pipe line
19%
19
V
9
r
h*
7%
*
International Products
69X
06X
400
%
Feb
Class
A
B v t 0..
Jan
%
Feb
Jan
Jan
Jan
Feb
64X
Feb
73%
Feb
20%
Jan
$2
200
5
Feb
2%
100
2%
Jan
3%
100
ht
Feb
ht
Jan
5
700
4%
Feb
6%
Jan
17
7%
250
6%
Feb
7%
Feb
150
16%
Feb
Feb
117%
Jan
1%
Jan
7
Feb
8
Jan
Feb
16%
17
Mldvale Co
60c
Mid-West Abrasive
7%
10
400
9
200
4X
IX
Feb
Jan
2%
Jan
Mining Corp of Canada.
50
4X
Feb
4%
Feb
Minnesota Mln A Mfg
1%
4%
2X
6,500
IX
Feb
2%
Jan
Jan
Jan
Jan
Feb
Jan
Jan
9%
9%
1,100
8X
Jan
10%
Jan
"3% "3k"
'""ioo
3X
Feb
4%
Feb
Feb
ht
Feb
Feb
700
18
Jan
Jan
14%
Feb
Minnesota PAL
4X
7%
Jan
Midwest Piping
A Sup..
6%
preferred
100
Pub Serv com.
Common.....
Jan
13
Jan
Feb
34%
Jan
Montana Dakota Utll
3X
Feb
3%
Jan
Montgomery Ward A
*
9%
*
Jan
7u
Jan
Feb
55%
Jan
Feb
116%
4%
Jan
Jan
7%
6%
33%
X
2%
Jan
8%
Feb
Jan
1,400
ht
"loo
159% 160%
16%
16%
240
1,300
9X
11X
2 X
Fen
Feb
8%
Feb
36%
Jan
Jan
%
Jan
Jan
10
600
Jan
12X
t
7X
Monogram Pictures com.l
3%
3%
9%
7%
.1
X8X
Monarch Machine Tool..*
Jan
400
8%
7X
ht
$2.50
200
30
29
""2%
*
Jan
6
"175
45%
115%
3%
48%
Mock Jud Voehringer—
%
%
Interstate Hosiery Mills..*
Tl«
47%
*
7% pf 100
Mississippi River Power-
Molybdenum Corp
Interstate Power $7 pref.*
6%
7
*
dlv shares.
non cum
5H
X
9%
Jan
Jan
Midland Steel Products—
5
$1.76 preferred———_*
Interstate Home Equip.. 1
3%
Feb
6
Midland OU Corp—
Feb
%
12%
International Utility—
Class A...,—.........*
$3 60 prior pref
•
Vitamin—1
100
700
50
hi
ht
International
Feb
4%
Missouri
1
%
1
X
Internat Safety Razor B. *
Class B...
200
Middle West Corp com..5
9
3%
%
4%
1%
1
.
v t c
4%
9%
%
4%
109%
%
6%
%
4%
6%
%
Middle States Petroleum
Midwest Oil Co.
2%
Jan
*13%
Mlcromatlc Hone Corp..
Jan
Jan
Jan
18
5%
Feb
Jan
Jan
6
4%
$2 conv preferred
10
International Cigar Macb *
Internat Hydro Eleo—
Pref 13.60 series
60
Internat Industries Inc—1
Internat Metal Indus A..*
Internat Paper A Pow warr
International PetroleumCoupon shares
*
Registered shares ..... „*
Jan
X
X
1%
40
112%
Jan
24
10
Insurance Co of No Am.
Jan
2%
%
•i»
preferred..——100
Feb
6
%
10
3%
21%
X
100
Jan
6
*
Jan
Feb
1
o common
High
X
108%
Preferred
Industrial Finance—
V t
Low
800
1%
34%
%
%
Michigan Bumper Corp..1
Michigan Steel Tube-.2.60
Jan
Range Since Jan. 1,1941
Shares
...—15
Jan
3X
13X
14 H
100
for
Week
High
Metropolitan Edison—
$6 preferred.........
Class
X
%
Low
1
Michigan Sugar Co
8
Week's Range
of Prices
PHce
Corp....26c
Partic preferred
Imperial Tobacco of Great
Britain A Ireland
£1
Indiana Service
Par
High
Metal Textile
...
Sale
(Continued)
Illinois Zinc Co——
Registered
Last
STOCKS
Range Since Jan. 1, 1941
Week
1, 1941
Sales
Friday
Sales
Friday
STOCKS
(<Continued)
March
Exchange—Continued—Page 3
150
<
<N
50
29
Monroe Loan Soc
A
1
Jan
10
Jan
Montreal Lt Ht A
Jan
11%
Jan
Moody Investors part pf.*
3%
Jan
Moore (Tom) Dlst Stmp.l
%
Jan
160%
Pow..*
%
%
500
Iron Firemen Mfg v t c_—*
16
'
15X
Feb
18
Jan
Mtge Bank of Col Am aha
Mountain City Cop com.6c
11%
%
16%
11%
%
300
Irving Air Chute
100
11
Feb
14
Jan
Mountain Producers
2%
1
1
22
2%
174
Jan
Jan
50
16%
Feb
18%
Jan
75
22
22
Feb
26
Jan
X
t
Jan
Jan
| Mountain States Power-
2%
"22""
Feb
Feb
156
Investors
Royalty.....—1
....1
Italian Superpower A
*
Jacobs (F L) Oo
1
2%
Jeannette Glass Co—*
Jersey Central Pow A Lt—
6H% preferred—.100
6% preferred..——.100
100 X
Feb
%
Feb
300
Feb
3%
Jan
400
X
Jan
1%
Feb
109X 109X
Jan
29
30 X
100 x
Feb
104%
Jan
10
109 X
Jan
110
Jan
2,100
25%
23X
116X
Feb
Feb
Jan
Nat Bellas Hess
9
Jan
Jan
X
73%
Feb
Jan
61X
IX
X2%
51 X
IX
2X
10
51%
Feb
64
Jan
300
Jan
Feb
IX
Jan
IK
Jan
Jan
2%
%
Feb
%
1
100
3X
14
Feb
Feb
10
3X
Jan
Feb
14
"98"
98
"99"
"266
10 X
Jan
Feb
3%
Jan
13X
100
98
Feb
13 X
Jan
National Container (Del).l
National Fuel Gas.
*
4%
Jan
National Refining com
*
Nat Rubber Mach
•
National Steel Car Ltd...*
National Sugar Refining.*
National Tea 6 % % pref. 10
National
Transit
12 X
37
12%
Lakey Foundry A Mach..l
4X
Lane Bryant 7% pref.. 100
Lane Wells Co common.. 1
100 X
*
13%
Jan
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred..*
5
Jan
Jan
42
Jan
14%
Jan
1,000
4X
4X
IOOX 100X
10X
10X
1,000
4X
Feb
5X
Jan
10
98 X
Jan
100%
Feb
9%
Jan
10%
Jan
3%
Jan
Jan
15
*
X
100
X
6X
Feb
X
Feb
Jan
7X
Jan
~2X "~2%
"2",ioo
2X
Jan
2X
Jan
600
'jj
Jan
ht
Jan
23%
7%
Feb
Feb
29%
8%
Jan
~7X "~7% """456
X
2%
hi
X
Le Tourneau (R G) Ino..1
Line Material Co
cum
New Engl
Lehigh Coal A Nav
*
Leonard Oil Develop...26
6
Upton (Tbos J) Inc—
6% preferred
—.26
Lit Brothers common....*
Locke Steel Chain.......6
13 X
Lone Star Gas Corp.....*
Long Island Lighting—
Common...
..*
9%
*16
7% pref class A.....100
6% pref class B
100
26 X
X
25%
23 X
22
Jan
19
Feb
Jan
13 X
Feb
2,050
9%
Jan
1%
14%
10%
Jan
150
14
9X
IX
x4X
109
Pow Assoo
Feb
%
Jan
25
Feb
300
22
Feb
31%
28%
1%
Jan
N
Jan
$6 preferred
N Y
es
...
1
Jan
4%
Jan
109%
Feb
6%% preferred
New York Transit Co
100
21%
Jan
24
Jan
»i«
Jan
X
Feb
5% 1st preferred—.100
5% 2d preferred.
100
_.l
1%
Feb
IX
Jan
$6 conv preferred.....*
39%
Jan
41
Jan
26
Jan
26%
Jan
Mangel Stores.....
Manlschewltz(The B) Co.*
Marconi Intl Marine
Communication Co Ltd.
Margay Oil Corp........*
3X
3%
Jan
Feb
ht
Feb
Feb
2%
Jan
28%
Feb
33
Jan
59%
3X
Feb
1%
28X
1
MoCord Rad A Mfg B
•
McWilliams Dredging...*
IX
28X
6%
4X
Mercantile Stores com...*
Merchants A Mfg cl A...1
Participating preferred.*
Merrltt Chapman A Scott *
Warrants—..........
6%% A pref<rred.-.lOO
IX
6X
130 X 134 X
*
Memphis Nat Gas com..6
Jan
10
»n
3%
Jan
Jan
600
1%
Feb
100
6%
130%
4%
69%
2%
7%
Feb
400
50
May Hosiery Mills—-$4 preferred...
....*
Mead Johnson A Co
Jan
9%
2%
Massey Harris common..*
Master Electric Co
Jan
'is
Feb
Jan
Feb
14%
Jan
42%
10%
Jan
44%
12%
12%
2%
92 %
Feb
Jan
11
Jan
Feb
Feb
Feb
87
~~4%"
Jan
2%
2%
900
4%
25%
Jan
8%
6%
2%
Jan
8
Feb
10%
2%
7%
12%
Feb
Jan
Jan
3%
%
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
%
9%
Feb
40
114%
Feb
116%
Feb
5
"165
4%
5%
%
Feb
6%
Jan
%
Feb
Jan
4
116%
115%
6%
lie"
6%
Jan
5%
41%
Jan
Jan
Feb
6%
56%
18%
54%
17%
Jan
Feb
Feb
Feb
129%
56%
18%
150
14%
300
64%
700
125
36%
5%
49%
17%
118
13%
63%
4%
13%
63%
Jan
Jan
Jan
11
Jan
Jan
Jan
Jan
Feb
5X
Jan
Feb
14%
Feb
Feb
Jan
Jan
1
800
1
1
Jan
3%
1
68%
1%
Jan
3%
Jan
18%
Jan
Jan
Jan
Jan
7
350
19
n§"
"56
Feb
113
Feb
19%
7%
116%
103%
18%
xi3~
17%
26%
24%
26%
Feb
105%
Jan
500
23
Jan
28%
Jan
-----
106% 106%
20
106
Jan
107%
Jan
7%
Feb
7
7
35%
200
120
6%
35%
Jan
37
5,900
2%
Feb
Jan
42
Jan
Niagara Hudson Power—
......10
3
2%
70
3%
72%
60
70%
60
3 %
200
70
Feb
79%
10
60
Feb
65%
ha
100
2m
Feb
ht
ha
Class A opt warrants—
Class B opt warrants....
FeD
4X
4X
120
500
16
3X
3X
100
3%
Jan
Jan
Jan
Jan
*i«
81
"80"
81""
"I60
""60
Jan
148
4%
Feb
6% prior preferred—.60
Jan
1405
X
%
300
%
%
Jan
Jan
4
Jan
Feb
29
Jan
NotInd Pub Ser 6% pf.100
7% preferred
.100
Northern Pipe Line
10
Northern Sts Pow cl A—25
Feb
60%
10 %
Jan
Jan
%
3%
Feb
%
Jan
%
Feb
300
Feb
3%
78
Feb
Fep
5%
85
Jan
Jan
X
"52"
76
500
Jan
52
52%
310
70
Feb
84
Jan
Feb
19
73
Feb
23%
23%
62%
Jan
Jan
Jan
%
Jan
Jan
50%
%
3%
Jan
Jan
3%
105
10
104
Feb
110
Jan
111% 113
80
111%
Feb
119
Jan
Jan
1,400
8%
7%
105
111%
Feb
20
20
50
20
Feb
9%
9%
23%
Novadel-Agene Corp....*
24
24
200
24
Feb
30
—4
Jan
Jan
4
19
76
No Am Utility Securities.*
Nor Central Texas Oil
5
Jan
91%
Feb
9
.1
*
North Amer Rayon ol A..*
Class B common...
*
Feb
4
Jan
55%
Noma Electric
..2
Nor Amer Lt A Power-
Common.—.
$6 preferred
Jan
89
Niles-Bement-Pond
*
Nineteen Hundred Corp B1
Nlpissing Mines....—...5
Jan
17
Jan
common
5
Class A preferred..—100
Northwest Engineering..*
28
~~4~X "lx
Jan
Jan
3%
Class B
Ogden Corp com
For footnotes see page
%
17%
Jan
Niagara Share—
Mapes Consol Mfg Co.—*
Marlon Steam Shovel....*
Mass Utll Assoc v t c
1
~"8% ""§%
6
N Y Water Serv 6% pf.100
Common
100
Jan
New York state El A Gas—
Feo
Jan
Jan
250
"~8%
*
......
Feb
X
67
Shipbuilding Corp—
Founders sha
25%
22X
Jan
24%
7% pref—100
27%
21X
X
""l"66
"TOO
10
Jan
22 X
6%
...
Feb
50
Jan
Jan
Y City Omnibus—
Warrants...,
25
25
""225
""4% "4%
64
25
25
"9l"
'"4%
New Jersey Zinc
25
New Mex A Ariz Land.—1
New Process Co
1
N V Auction Co com....*
Jan
IX
4X
109
"96"
54%
N Y Merchandise.
800
20
Jan
2%
preferred
100
$2 preferred
*
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc common
»
6%
N Y A Honduras Roearlo 10
400
1,100
1,000
1,300
♦
Jan
9i«
109
12
10
Jan
26X
23 X
IX
4%
X
11%
4% non-cumlOO
N Y Pr A Lt
Loudon Packing
*
Louisiana Land A Ezplor.l
Louisiana P A L $6 pref..*
Ludwig Bauman A Co com*
Conv 7% 1st pref
100
Conv 7% 1st pf v t o.lOO
Lynch Corp common....6
Manatl Sugar opt warr...
Jan
IX
17
11%
....»
Common...
100
Lefcourt Realty corn..
1
Conv preferred........*
100
700
Nestle Le Mur Co cl A...*
Nevada-California Eleo—
13 H
15
11%
"43%
11%
Neptune Meter class A...*
Feb
38
...*
"43"
Nelson (Herman) Corp...5
Langendorf Utd Bakeries—
Class B.
Jan
17%
800
Nat Union Radio—..—30c
12%
30
12
13%
%
12.60
Jan
38
J). 100
Lake Shores Mines Ltd... 1
"166
139
Feb
16%
%
Nat Mfg A Stores com...*
National P A L $6 pref
•
Navarro Oil Co
13%
Jan
Feb
Feb
14
67
T4~~
10
137%
6
"u"
•
National City Lines com.l
$3 conv preferred
60
104%
Kresge Dept Stores—
4% conv 1st pref..—100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Jan
15%
10%
137% 137%
1
com
Nat Tunnel A Mines
100
Jan
5%
National Candy Co
70
1,500
3%
Jan
Jan
5X
15
National Breweries com..*
10
3X
300
*
Jan
3%
Jan
Feb
2,200
100
...
Feb
Feb
*1.
Knott Corp common..... 1
Kobacker Stores Ino
*
Class A...
preferred
37%
70X
Klelnertd B) Rubber Co. 10
Lackawanna RR (N
6%
23%
117
Jan
70X
Kelin (D Emil) Co com..*
Koppers Co 0% pref
96
Feb
Kirby Petroleum
—...1
Klrkl'd Lake G M Co Ltd. 1
5%
Muskogee Co common...*
Feo
7
51%
3
5%
Murray Ohio Mfg Co....*
Muskegon Piston Rlng.2%
3
*
common
Nachman-Sprlngfllled.
30
3
Mountain Sts Tel A Tel 100
50'
101
"
10
X
2X
Kansas G A E 7% pref. 100
Kennedy's I no
—6
Ken-Rad Tube A Lamp A *
Kimberly-Clark 6% pf.100
Kingsbury Breweries....1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products......1
Feb
94X
7% preferred
100
Johnson Publishing Co.. 10
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
100
*
,
"8% """7% ""8%
"2%
2%
2%
800
2%
Jan
Feb
3%
Jan
Jan
Jan
Jan
Jan
New York Curb Exchange-Continued—Page 4
Volume 152
Friday
STOCKS
Last
{Continued)
Sale
Par
Price
Ohio Brass Co cl B com..•
Ohio Edison $0 pre!
*
Ohio Oil 6% preferred-_100
6% pref (called)
Ohio Power 6% pref
100
100
100
6% 1st preferred
Oilstocks Ltd common
6
Oklahoma Nat Oas com. 15
S3
preferred.....
$53*
conv
50
prior pref
for
Week
of Prices
Low
High Shares
112
111
Par
112
Feb
109«»it Feb
Feb
1165*
Jan
Salt Dome Oil Co
1185*
1105*
Jan
Jan
10
1133*
1083*
"25
1085*
Jan
Savoy Oil Co
"600
193*
Feb
215*
Jan
Schlff Co
common
Feb
54
Jan
Schulte (D A) com
Conv preferred
BcoviU Mfg
200
1133*
53*
13*
33 3*
333*
333*
303*
1,600
1073* 1073*
10
30
1073*
300
6
Jan
Jan
116 3*
6
Jan
Feb
23*
Jan
Jan
83
Jan
343*
315*
1083*
Jan
Jan
Feb
Jan
325*
293*
1063*
86 3*
Jan
Feb
Feb
Page-Hersey Tubes
Pantepec Oil of Venezuela-
675*
Jan
25*
3
12
33*
....10
23*
356
25,300
123*
123*
50
Parkersburg Rig A Reel.-l
713*
23*
25*
175
3,200
Feb
Jan
23*
Feb
25*
803*
33*
Feb
5*
Jan
Jan
Jan
Jan
70
Feb
Jan
3*
Feb
143*
200
5i#
Feb
"11
Jan
Feb
133*
295*
11536
Jan
500
95*
253*
1153*
3*
56
......
253*
263*
20
10
20
Jan
22
Jan
93
93
97
226
84
Jan
115
Jan
113*
11
113*
700
10
13*
600
1
•
......
Jan
Seem an Bros Inc
Jan
13*
13*
Feb
33*
Jan
3
Jan
Feb
13
Jan
36
—*
Jan
63*
Jan
*85*
Convertible stock.....6
$6.50 prior stock
25
13*
Feb
345*
Jan
Allotment certificates.
313*
Jan
32
Jan
23*
103*
Jan
Jan
Feb
143*
Jan
Seton Leather oommon...*
Sbattuck Denn Mining...5
Feb
65
Jan
Shawlnigan Wat A Pow..*
38
11
23*
113*
7,200
500
Feb
38
Feb
Sherwin-Williams
25*
Pennsylvania Edison Co—
•
Pennsylvania Gas A Eleo—
*
ht
*
Jan
Jan
Jan
5*
33*
85*
"w
33*
85*
2,000
5*
Jan
"i«
Jan
200
33*
83*
Jan
35*
Jan
Jan
9
Jan
3*
1,000
Jan
13*
13*
100
**
5*
25*
Jan
Jan
60
-.
13*
Feb
FeD
45
Jan
Jan
45
Jan
3*
3*
33*
Jan
3*
Jan
com—26
"74"
5% cum pref ser AAA 100
.*
37
41
Am dep rets ord reg
1
Sentry Safety Control
1
Serrlck Corp class B.....1
643*
113*
23*
Jan
Jan
Selfrldge Provinc'l Sts Ltd-
60c
23*
5*
42
323*
—26
145*
15*
Jan
Jan
Feb
3*
5*
...»
Selected Industries Ino—
Common
1
Selby Shoe Co
Feb
Feb
5*
Segal Lock A Hardware—1
Feb
Feb
Jan
20
*
Water Service $6 pref..*
Sculln Steel Co com.....*
Warrants.
Feb
15*
12
5*
25
Jan
53*
Peninsular Telephone com*
Class A common
4,400
25
185*
675*
Patch ogue-Ply mouth M ills *
Penn Pr A Lt $7 pref
25*
75
3
•if
75
Selberllng Rubber com...*
American shares.
Paramount Motors Corp.l
$5 series pref....
$2.80series pref
13*
13*
5
Scranton Elec $0 pref
Scran ton Lace oommon.
Scranton Spring Brook
High
Feb
Securities Corp general...1
Jan
Perm Traffic Co
2 3*
Pennroad Corp com
1
Penn Cent Airlines com.l
25*
1
51
50
Low
13*
..*
50
60
Feb
Jan
6
173*
Penn-Mex Fuel
1
"20H "19k "20k
*
$1.40 preferred
Range Since Jan. 1,1941
Shares
Samson United Corp com.l
Sanlord Mills
50
*115
Price
St Lawrence
110J*
1133* 113 3*
Pacific P A L 7% pref—100
Pacific Public Service...
Parker Pen Co
Week
Feb
109
1093*
1
11.30 1st preferred
for
of Prices
Low
High
Corp Ltd...*
Class A $2 conv pref. .50
St Regis Paper 00m
5
7% preferred..
100
215*
Jan
109»*m Feb
"108M "l6 8 k
Sales
Week's Range
Sale
Feb
Jan
Jan
109««tl09»M
*1133*
|
Last
Sigh
Feb
125
*
Pacific Can Co oommon—*
Pacific G A E 0% 1st pf-25
63*% 1st preferred
25
Pacific Lighting S5 pref..*
Low
550
1093* 1093*
112
*
Omar Inc..
Overseas Securities
Friday
STOCKS
{Continued)
Range Since Jan. 1,1941
20J*
—
Ohio P 8 7% 1st pref
Sales
Week's Range
1403
1093*
3*
1.400
33*
300
103*
100
74
743*
1093* 110
250
35*
103*
70
Feb
3*
15*
53*
Jan
3
Feb
103*
723*
Jan
Feb
3*
3*
156
Feb
Feb
Jan
7
Jan
43*
Jan
11
Jan
Feo
8036
Jan
Jan
109
63*
Sherwin-Williams of Can. *
Jan
1153*
63*
Jan
Feb
Feb
1113*
Feb
115
Jan
Silex Co common
13
Jan
13
Jan
»
110
110
20
109
Jan
112
Jan
50
$6 preferred
Penn Salt Mfg Co
175
175
25
175
Jan
182
Jan
Simmons-Boar dm an Pub—
$3 conv pref..
*
233*
Jan
Jan
Jan
*
133*
Jan
14
Jan
Simmons H'ware A Paint.*
23*
Jan
62
Feb
573*
Jan
13*
Jan
100
85
Feb
92
Jan
Simplicity Pattern com..1
Simpson's Ltd B stock...*
233*
236
13*
Perfect Circle Co
*
25
Jan
28
Jan
1073*
Jan
1303*
Feb
Pilaris Tire A Rubber
2
Jan
236
Feb
104
Jan
Pennsylvania Sugar
com
20
Penn Water A Power Co.*
Pepperell Mfg Co
633*
"52 k "533*
"266
33*
400
33*
Feb
6
Jan
""26
53*
116 ,
Feb
no"
Feb
Jan
Jan
'"500
313*
25*
1183*
313*
Singer Mfg Co..
100
Singer Mfg Co Ltd—
Amer dep rots ord reg_£l
Sioux City G A E 7% pf 100
Feb
35*
Jan
Jan
Solar Aircraft Co...
1
43*
Feb
75*
Jan
Solar Mfg Co
Phillips Packing Co
"~2% '"2% "25*
♦
43*
Jan
Phoenix Securities—
Common
1
5
Conv $3 pref series A. 10
Pierce Governor common.*
33
Pioneer Gold Mines Ltd
5*
53*
5,700
6
33
250
"'ik "Ik
1
""900
31
Feb
37
Jan
12
31
Feb
183*
Feb
15*
Jan
Jan
15*
Pltney-Bowes Postage
Meter......
Pitts Bess ALE RR
*
6
50
Pittsburgh A Lake Erie.60
6
6
663*
78
6
45
Jan
6J*
453*
Jan
25
45
66
180
63
Feb
70
Jan
Jan
Jan
3*
13*
7,100
•1#
Jan
Feb
13*
Feb
7% preferred
100
South New Engl Tel
100
Southern Phosphate Co. 10
Southern Pipe Line
10
100
Southern Union Gas...—*
33*
Feb
43*
Jan
23*
4
Feb
23*
Feb
Feb
233*
Jan
203*
50
20
300
5*
Jan
5*
Jan
73*
Feb
85*
Jan
9
Feb
Jan
Jan
85*
Jan
43*
83*
93*
Jan
1063*
Jan
400
"266
9
*it
Feb
1053*
"ie
Jan
4
"16
3*
Jan
Jan
54
1,800
955*
Jan
2,300
1123* 1153*
45
Jan
116
Feb
585*
Feb
Public Service of Okla—
6% prior lien pref...100
7% prior lien pref... 100
Puget Sound P A L—
1093* 1093*
1103* HI
80
50
1083*
1095*
993*
47
51
153*
15
153*
200
95
2,925
973*
495*
97
Spalding (A G) A Bros
1
6% 1st preferred.—...*
Spanish A Gen Corp—
Ana dep rots ord reg—£1
Spencer Shoe Corp......*
Stahl-Meyer Ino..
*
Standard Brewing Co....*
Standard Cap A Seal com
Conv preferred
10
Standard Dredging Corp—
Jan
111
Feb
44
23*
5% preferred..
Feb
Feb
112
Jan
400
"266
23*
100
5
Jan
13*
300
1
Feb
6
55*
05*
360
100
Feb
Jan
Feb
73*
Jan
Standard
4
123*
43*
13
300
200
200
83
Feb
105
149
Feb
1593*
Jan
»i»
Jan
336
123*
Jan
Feb
556
15J*
Jan
Jan
156
12)*
83*
Jan
Jan
18
13*
Feb
93*
Jan
Feb
*i«
Jan
Feb
73*
*1#
Jan
Jan
135*
50
13
Jan
17
Jan
47
20
44
Jan
48
Feb
13*
2
2,700
»i»
Jan
2
Feb
0% 1st preferred.....50
5% 2d preferred......20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
13*
Jan
Sterling Ino.
Reed Roller Bit Co.
♦
173*
45*
Feb
21
Jan
Stetson (J B)
♦
Feb
Jan
1085*
Feb
Feb
•i«
Jan
Jan
»u
Feb
Jan
153*
100
155*
Feb
Jan
1,400
35*
Feb
100
123*
Feb
43*
Jan
5
*3*
4
123*
Feb
15*
Jan
*ie
Jan
7u
Jan
Rice Stlx Dry Goods.....*
Richmond Radiator.....1
1
ei«
16
100
Rochester GAE16 % pfClOO
0% preferred D
100
Rochester Tel 0 3* % prf 100
"266
104
Feb
Feb
107
Feb
200
12
Feb
200
9
Feb
Feb
1
Jan
43*
3*
103*
123*
103*
Jan
pref
20
Rossla International—..*
conv
Drug
Sunray Oil
Class B common..
Swan Finch OU Corp
16
Taggart Corp com
1
Tampa Electric Co com..*
Jan
33*
*125*
3*
Jan
Jan
Tobacco Prod Exports
3
Feb
33*
Feb
1405
33*
23*
3*
57
100
33*
Feb
200
23*
Feb
43*
2 3*
Jan
Jan
Feb
1
Jan
200
Feb
Jan
45*
1,400
23*
383*
Jan
456
Feb
383*
93*
83*
73*
75*
""ik "ik
600
"366
334
325
"l2k "l25*
"LOO
33*
Jan
73*
5*
136
33*
3*
123*
115*
Feb
Feb
Feb
Feb
"11
12
Jan
36
15*
4
Feb
123*
600
15*
2,100
Jan
3*
Jan
Feb
Jan
Jan
156
Jan
Feb
143*
103*
13*
393*
Feb
28
Jan
12
Jan
233*
233*
83*
Jan
73*
Jan
33*
Jan
1123*
23*
17
50
1656
Feb
7
200
63*
Feb
200
Jan
Jan
400
600
Jan
Feb
63*
23*
233*
83*
33*
233*
9
Feb
Jan
"600
3
Jan
Jan
Jan
15
11
15*
Feb
Feb
Feb
Feb
25
12
Jan
Feb
Feb
25
Jan
93*
1133*
Jan
3
Jan
Jan
Jan
Tobacco Secur Tr—
Jan
2 3*
33*
23*
3*
20
Feb
Feb
Texas P A L 7% pref..100
Texon OU A Land Co
.2
....
....
3*
65*
Ordinary reg
Def
registered
Jan
193*
83*
3*
Jan
53
33*
17
Feb
53
Tobacco A Allied Stocks..*
3*
Jan
Jan
Feb
383*
123*
Thew Shovel Co com....5
Feb
23*
he
273*
15*
Jan
7
73*
Tilo Roofing Ino
1
Tlshman Realty A Constr *
53
•
Jan
Feb
20
12
Technicolor Ino oommon.*
Jan
*
1
Jan
3*
*
13*
45*
*
Ryan Aeronautical Co
9
35*
15*
.....
Jan
Jan
Jan
Royalite Oil Co Ltd
Ryerson A Hay nee com—1
Jan
Feb
600
Co...f...
133*
103*
2 3*
Royal Typewriter
Russeks Fifth Ave.
Ryan Consol Petrol
7?*
22
3*
53*% conv pref
50
Superior CU1 Co (Calif)..25
Superior Port Cement—
Feb
2
12
Root Petroleum Co......l
100
10
Jan
104
5
Roosevelt Field Inc....—5
Co 00m
(Hugo) Corp
Stroock (8) Co.......—*
Sullivan Machinery......*
Sun Ray
1043*
Roeser A Pendleton Inc..*
....... ...
Jan
Jan
Rio Grande Valley Gas Co-
Rome Cable Corp com
83*
Jan
Jan
20
5
Jan
43*
3*
16 3*
53*
143*
Btlnnes
li«
33*
Jan
ht
3*
"ik
Feb
153*
Jan
1073*
"2l"k" "21*k
Sterchl Bros Stores......*
123*
Jan
Feb
100
Ordinary shares
Stein (A) A Co common..*
7n
123*
Jan
83*
20 3*
Wholesale Phos¬
*
Reliance Eleo A Engln'r'g 5
2
143*
200
Btarrett (The) Corp vto.l
Steel Co of Canada—
Reeves (Daniel) common.*
Belter Foster Oil Corp..60
Jan
1083* 1085*
phate A Acid Wks Inc.20
8
463*
50c
Jan
Jan
15*
100
Jan
Jan
1
Jan
700
3*
6
100
he
13*
Jan
xi»
Standard Steel Spring
410
5
Jan
Jan
183*
*183*
83*
8
3*
Jan
63*
156
73*
*11
Standard Products Co..
96
500
Jan
21
3*
151
I
Jan
Feb
1
1
Standard Tube cl B
Jan
Jan
Feb
Standard Sliver Lead
85*
Jan
Feb
Jan
Jan
Feb
Jan
Jan
53*
8
1
1085*
83
3*
*
For footnotes see page
23*
"sk "Bk
1
Red Bank Oil Co
$1.20
23*
Preferred
Feb
Jan
165
Jan
Feb
19
143*
85*
•
Jan
436
13*
100
Standard Pow A Lt
133*
Voting trust ctfs
200
20
183*
8
Common
Republic Aviation.......!
Rheem Mfg Co
1
55*
7
10
Standard Oil (Ky)
Standard OU (Ohio)—
673*
183*
Railway A Util Invest A.l
Raymond Concrete Pile—
Raytheon Mfg com
55*
3*
"1613*"
55*
$1.60 conv preferred..20
Standard Invest $53* pref *
149
83
....
preferred
100
.1
63*
Radio-Kelth-Orphuem—
Option warrants
Ry A Light 8ecur com...*
conv
110
Jan
300
3*
Common class B
6% preferred
100
Quebec Power Co.......*
$3
Feb
293*
3*
25
Common.
563*
Pyrene Manufacturing.. 10
Quaker Oats common
*
Preferred A
29
Southland Royalty Co...5
,203*
100
$6 preferred
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com...6
Feb
83*
Publlo Service of Colorado
•
Feo
100
83*
$5 prior preferred
Jan
3*
Southern Colo Pow ol A.25
4
Jan
Feb
313*
293*
Jan
Jan
36
1
Jan
Jan
Jan
3
Feb
Jan
963*
103*
12 3*
Feb
Feb
Feb
133*
4
Feb
1
373*
Feb
29
Jan
....
—
100
"166
Jan
Feb
463*
Feb
115
33*
Jan
Jan
Feb
Producers Corp of Nev._20
Prosperity Co class B
*
$6 preferred
33*
4
2
Feb
Feb
Feb
Premier Gold Mining
1
Prentice-Hall Inc com...*
Pressed Metals of Am..
100
Public Service of Indiana—
$7 prior preferred
33*
"37k "37k"
Feb
'b#
243*
33*
123*
*
a;13*
Feb
453*
293*
773*
100
6% 1st preferred
7% 1st preferred
zl5*
3
300
Jan
73*
Southwest Pa Pipe Line. 10
Southern Calif Edison—
200
13*
._*
200
Feb
104
Jan
393*
30 3*
""306
Power Corp. of Canada..*
Prudential Investors
..1
00m
33*
93*
Polaris Mining Co.....25c
Potero Sugar common
6
Powdrell A Alexander...5
Providence Gas
Mfg
100
35*
35*
South Coast Corp com—.1
South Penn Oil...
26
783*
13
.7.50
Pneumatic Scale com... 10
Pratt A Lambert Co
Boss
23*
63*
1
33*
93*
com
6% 1st preferred
Jan
Sonotone Corp
23*
5% original preferred.25
0% preferred B
25
53*% pref series C
25
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
Feb
100
45
"66"
340
118
1
33*
lie"
33*
109
Skinner Organ
.......5
Smith Paper Mills..
*
1
Philadelphia Co common.*
Phila Eleo Co $5 pref....*
Phila Elee Pow 8% pref-25
110"
109
•
43*
Jan
Jan
Jan
Jan
Jan
Jan
£1
5s
Todd Shipyards Corp....*
88
286
89
260
82
Jan
98
Jan
March
New York Curb Exchange—Continued—Page 5
1404
Last
(Concluded)
Sale
Par
Price
Week's
Range]
of Prices
Low
High
Low
Shares
Toledo Edison 6% pref 10c
10
113
113
Transwestern Oil
1083*
Jan
112
Feb
114
Jan
Class A
£63*
1952
♦Ext 63*s stmp
7
18
Jan
High
7
Jan
20
20
20
2,000
20
Feb
27
Jan
1947
20
20
20
4,000
20
Feb
27
Jan
233*
Jan
27
Jan
•Secured 6a
he
Jan
Jan
1
Jan
'Hanover (City) 7s
1939
£18
23
Jan
Jan
Jan
♦Hanover (Prov) 03<«.1949
£18
25
.1958
53*
Jan
♦Maranhao 7s.......1958
Jan
83*
X
ox
X
6X
OX
SOX
30
Jan
400
6
Feb
8
100
35
"160
»»•
Jan
33*
Jan
♦MedeUln 7s stamped.
1951
Jan
Jan
Jan
Mtge Bk of Bogota 78.1947
♦Issue of May 1927...
£223*
Feb
75*
43*
Jan
3*
Jan
Feb
Feb
3
500
3*
4
83*
43*
83*
43*
83*
♦03*s stamped
405*
25*
Feb
15*
33*
Lima (City) Peru—
133*
£7
63*
Tung-Sol Lamp Works—-1
80c oonv preferred
*
Udylite Corp
—1
lUlen 4 Co scr A pref
•
Series B pref
•
Unexcelled Mfg Co—...10
Union Gas of Canada—•
200
33*
Jan
43*
Feb
200
73*
Jan
9
Jan
9
10
United Chemicals com...*
9
100
83*
1,000
10
83*
10
93*
113*
Feb
Feb
Jan
Jan
13 cum 4 part pref
♦
Un Clgar-Whelan 6ta._10o
71«
3*
7i»
2,800
5*
Feb
5*
3*
3*
3*
100
*«
Feb
»i»
Jan
145*
Feb
Jan
93*
Jan
Feb
Feb
9 3*
303*
Feb
17
Jan
175*
Feb
93*
93*
1,000
173*
63*
3*
3*
"V,66o
3*
3*
3*
3*
Jan
10,000
63*
Feb
75*
Jan
1,000
5*
Jan
5*
Feb
4,000
3*
85*
Jan
5*
Jan
Jan
93*
Jan
15
£9
Jan
Jan
Jan
Feb
Feb
75*
3,800
73*
5*
1065*
63*
Feb
Jan
United Corp warrants
♦Santiago 7s
Feb
93*
303*
3,000
6,000
34 '
93*
£30
173*
63*
03*8—1919
1921
1949
♦53*8
Un Stk Yds of Omaha.. 100
53*
133*
93*
53*
143*
+22 Vi
♦Issue of Oct 1927
♦Mtge Bk of ChHe 6s. 1931
Mtge Bk of Denmark 5s *72
♦Parana (State) 7s
1958
♦Rio de Janeiro 63*8.1959
♦Russian Govt
Union Investment com—
1
Danzig Port A Waterways
Jan
234
3*
83*
,
United Aircraft Prod
Low
S
High
Low
"i«
*u
Inc..
Corp—1
—1
Truna Pork Stores
Week
23*
200
Trl-Contlnental warrants
Tublze ChatUlon
for
of Prices
♦German Con Munio 7s '47
1
10
Co
Week's Range
Sale
High
Feb
Tonopah Mining of Nev.l
Trans Lux Corp
Last
Price
1073*
7% preferred
100
Tonopah-Belmont Dev. 100
Range Since Jan. 1,1941
BONDS
(Continued)
Range Since Jan. 1,1941
for
Week
1941
Sales
Friday
Sales
Friday\
STOCKS
1,
*
United Elastic Corp
1
$7 pref. non-voting.*
United Gas Corp com
1st
"in
Option warrants..
X
107 3* 1093*
3*
3*
3*
300
United Lt 4 Pow com A..*
Common olass B
"u
Jan
82
Feb
85
3*
""300
*i«
Feb
Sl«
500
*i«
Feb
7u
Jan
213*
233*
3,500
193*
Feb
2534
243*
Jan
23
233*
Jan
Power
United Profit Sharing..25c
»i«
300
583*
225
""73* ~~8X
573*
555*
"200
555*
Feb
»i#
Jan
Feb
Jan
61
a
1
1951
x
a
1
105
1956
x
a
1
104
1968 y bbbl
1053*
1967 ybbbl
102
53*
53*
52
U S Lines pref
33*
50
X
33*
52
3J*
150
x
x
1963
y
b
Jan
|Associated Gas A El Co—
♦Conv deb 43*a
1948 zdddl
♦Conv deb 43*8—......1949 zdddl
Jan
Jan
13*
33*
13*
3X
400
13*
700
25*
3*
IX
300
IX
3*
IX
Jan
2
Class B
1
Universal Insuranoe.
8
55*
253*
163*
1,300
6
IX
Utah Pow 4 Lt 37 pref...*
x78X
63*
273*
163*
300
100
*16
15*
Jan
63*
Feb
Feb
Feb
Jan
145*
Jan
27 3*
21
Feb
17
"Hi "IX
x78X
T,66o
Jan
13*
Feb
Jan
15*
78
350
80
835*
Jan
Waco Aircraft Co
6ie
200
#i«
Feb
453*
50
453*
Feb
13*
"ix
300
13*
.1
13*
183*
145*
200
25*
22,900
903*
103*
40
100
65*
1,200
18
14
2X
903*
10}*
65*
»
25*
87}*
103*
65*
13*
25*
23*
Class B
Walker Mining Co
Western Air Express
Western Grocer com
1950
Convertible 6s
...1957
I960
x
1998
x
aa
Birmingham Elec 43*8
1968 x bbb3
1959 ybb 4|
Broad River PoW 6s
1954 y bb
1st 6s series B...
5s series
C
101
10
1948 y cc
63*8—1953 yb
I^Chlo Rys 6s otfs
Jan
Cincinnati St Ry 53*8 A
Jan
11
Jan
Feb
83*
Feb
4 3*
Jan
Jan
1927
1900
y
b
1960
.....1958
y
b
fla series B
Debenture 5s..
3
43*
Jan
Cities Serv P A L 5 3*8
Feb
Jan
Jan
Jan
25*
Feb
900
33*
Feb
Jan
15*
102
Jan
Jan
Feb
(Bait) 33*8 serN
1st ref mtge 3s serP
Jan
Consol Gas (Bait City)—
Gen mtge 43*8
43*
Feb
Cont'l Gas A El 6s
Feb
20
aer
A stamped
Jan
17
Jan
Jan
145*
Feb
Eastern Gas A Fuel 4s
Jan
6 3*
Jan
Jan
Jan
105*
Wilson-Jones
Co....
*
Wisconsin P 4 L 7% pf 100
Wolverine Portl Cement. 10
Feb
73*
400
7
Feb
117
73*
Jan
45*
Feb
2
43*
Feb
Petroleum..... 1
Wool worth (F W) Ltd—
43*
Jan
Woodley
65*
43*
13*
11
83*
117
55*
63*
43*
Jan
43*
x4
45*
1,600
x4
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
53*
45*
Jan 1947
tl8
1951
Bogota (see Mtge Bank of)
♦Cauoa Valley 7s
1948
163*
Cent Bk of German State 4
♦Prov Banks 6s B..1951
Danish 53*8
14
23
Feb
22 3*
Jan
23
Feb
22
Feb
263*
Jan
73*
Feb
1405.
79
68,000
88
903*
26,000
993*
29,000
883* 963*
983* 102 J*
£127
109
83*
126
108
111
1273*
128
1283*
1003*
903*
2
a
x
41,000
91
94,000
90
£543*
2
x
1003* 101
59 3*
101 x 102J*
48,666
1063* 106 3*
1023*
bbb4
5,000
87 3* 130,000
♦Ercole Marelli Eleo Mfg6 3*8 series A
1953
z
1954
x
£117
bbb3
122
£45
5s
...—-
Jan
Gobel (Adolf) 43*s
Grand Trunk West 4s
1053*
105
"993*
1053*
1083* 109
1013* 103
8,000
753*
x
a
783*
Gr Nor Pow 5s stpd
1950
Green Mount Pow 33*8—1903
x
a
1073*
x
aa
1043* 1063*
52
Jan
81
Jan
♦Hamburg El Underground
A St Ry 53*8
——1938
40
26
Jan
26
1003* 1013*
1013* 102
99
1023*
99
99>*
77
£18
813*
753*
773*
23
82 3*
49
83 3*
9,000
5,000
1,000
1,000
«
cccl
£18
eligibility and rat
1043* 1083*
78 3*
753*
1073* 1083*
1033* 1063*
60 3*
60
173*
253*
£22
pertaining to bank
823*
803*
"44",000
9,000
79
Jan
column In this tabulation
72
23
823*
60
24
1003*
100
20
dd
83
13,000
90,000
35
783*
1073* 1083*
1033* 1033*
z
78
22,000
81
60
253*
19,000
75
100 3*
£17
Grooery Store Prod 6s—1945 yb
Guantanamo A West 6s—1958 y b
Guardian Investors 5s--—1948 y c
♦Hamburg Elec 7s__—_—.1935
42
1043* 106
66,000
2,000
8,000
1043* 1043*
1950
Jan
413*
45
2,000
1043*
Tlx
Feb
new
6,000
80
100
1965 y bb
1941 y ccc4
27
Attention la directed to the
1043* 1053*
102
£45
793*
22
893*
883*
126
78
1003* 101
100
4
Feb
783*
102
78
x
Feb
86
^ooo
5,000
42
1043* 104 3*
1953 yb
22
60
533*
1013* 1023*
1063* 1063*
44
1043*
101
ex-warr
a
.1967
1978 yb
1963 z b
963* 1013*
893*
933*
123
.—
£1083* 109 3*
102
102 3*
413*
69,000
"
1053* 1053*
cccl
Erie Lighting 5s
1907 x a
Federal Wat Serv 53*8
1964 y b
Finland Residential Mtge
Banks 6s-6a stpd
1901 y cccl
Florida Power 4s ser O
I960 xbbb3
22
...
2,000, 1083* 1113*
1093* 1103*
£106
80 3*
£323*
1953
20,000
903*
79
422
...1955
For footnotes see page
1943 yb
253*
743*
tl8
£18
..1952
Ext 5s
24
.—
813*
813*
86
Glen Alden Coal 4s...
Jan
95
80
803*
♦Gesfruel 6s
215*
91
49,000
"873*
Georgia Power ref 5s
Georgia Pow A Lt 6s..
$
....
99
aaa4
stamped..—.1944 ybb
Gatlneau Power 33*8 A—1969 x a
Sales
+22 3*
122 3*
893*
99
Gen Pub Utll 63*8 A
I960 y bb
♦General Rayon 6s A——.1948 z ccc2
Gen Wat Wks A El 5s
1943 y bbb2
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
803*
853*
853*
953*
Gary Electric A Gas—
Week
♦6 series A...
x
Jan
for
♦20-year 7s
1954
Jan
GOVERNMENT
BONDS
803*
2
General Pub Serv 5a
AND MUNICIPALITIES—-
102,000
4
Elec Power A Light 5s
2030 yb
4
Elinlra Wat Lt A RR 58—1956 x a
Empire Dlst El 5s
1962 xbbb2
Florida Power A Lt 5s
6s
Wright Hargreaves Ltd
♦Baden 7s
]
1966 ybb
13
1134
Feb
83
893*
aaa4
1966
1969
Westmoreland Coal.....20
55*
89
813*
81
1909 * aaa4
1958 y bb
1944 yb
Westmoreland I no
43*
913*
83 3*
803*
aaa4
Cuban Tobacco 6s
Feb
18
Williams OU-O-Mat Ht—*
Wilson Products Inc.
1
973*
49
Consol Gas UtU Co—
Jan
70
6
31
93
403*
88 3*
6,000
903*
x
—1971
Jan
6s
10
303*
Consol Gas El Lt A Power—
33*
63*
583*
Weyenberg Shoe Mfg.... 1
Wichita River OH Corp..10
Williams (R C) 4 Co
•
183*
73
107 3*
"4",000
903*
x
1951
183*
85
813*
53*s
Conn Lt A Pr 7s A
693*
105
91
823*
813*
1949 y b
Community Pr A Lt 5s— .1957 y bb
Jan
Feb
883*
1023* 104
733* 81
84
1969 y b
1952 y b
Debenture 5s
4,000
41
156
91
b
Feb
6
Cudahy Packing 35*8
Delaware El Pow 63*8
FOREIGN
y
8
1,600
Western Tablet 4 Statlon'y
Common
*
£853*
y
3,000
16,000
6,000
723* 723*
16,000
1053* 1053*
193* 213* 30,000
21
62,000
193*
953* 973* 105,000
41
bb
—1965 ybb
—1952
Cities Service 5s
Conv deb 5s..—.
963*
bb
Feb
33*
25*
33*
20
Amer dep rets
z
Feb
Jan
22,000
203*
1954 y cc
53*8
Cent States PAL
Feb
101
23,000
1033* 104
1023* 102 3*
743* 76 3*
Jan
—1942
1968
151
1013* 102 J*
1033* 1043*
1013* 102
1053*
213*
135*
25*
1053* 1113*
1083* 1123*
"2,066
151
102
x a
Feb
1093* 1273*
3.000
1033*
Cent States Eleo 5s
33*
15*
101
151
Jan
933*
Feb
1143*
aa
Bethlehem Steel 6s...
Jan
5*
1003* 102
46,000
1063* 107
£1063* 1073*
x
Feb
5*
3*
153*
69
1063*
1073* 1093*
Bell Telep of Canada-—
Feb
2
...
100
com
aa
3
»ia
Western Maryland Ry—
Wolverine Tube
b
13*
Jan
123*
643*
106
102 3* 1043*
115
x
'
135*
1
7% 1st preferred
111
11,000
103
5*
5
1
Went worth Mfg
..1.25
West Texas Util 30 pref—*
West Va Coal 4 Coke
*
£99
723*
.1—.
..1
Wayne Knitting Mills
Wellington Oil Co
6e without warrants .—.1947 y bb
'"763*
13*
65
663*
£1043* 106
£1073* 1083*
15
Baldwin Locom Works—
a
Jan
-
13
a
16 34
♦
153*
12 3*
104
93*
100
123*
£101
65*
Watt 4 Bond olass A—.*
35,000
1,000
aa
45*
Wagner Baking v t o
7% preferred.......100
153*
15 3*
x
22
33*
73*
123*
123*
x
Feb
5*
853*
14,000
Canada Northern Pr 5s —1953
Feb
51
24,000
Canadian Pac Ry 6s
Cent 111 Pub Serv 35*s
13
700
8
Jan
443*
123*
a
x
1063* 107
13
1947 y bb
5s with warrants
1083*
1073* 110 3*
1003* 1063*
1283* 130
13
13
Jan
Jan
Feb
Jan
1
3*
49
175*
60
400
8
23*
x
Birmingham Gas 5s...
100
4,000
13,000
47,000
106
47
Avery A Sons (B F)—
Jan
Feb
Jan
08,000
443*
13
Jan
104f* 1063*
12,000
47
13
Jan
Jan
23
1003* 1013*
1283* 1283*
1063* 106 3*
663*
Feb
Jan
h*
IX
34 oonv preferred
6
Van Norman Mach Tool2 3*
7% pref-100
24,000
1977 zdddl
3
1955 y b
♦Conv deb 53*s
3*
53*
6i«
Utility 4 Ind Corp oom._6
Conv preferred.......7
Vogt Manufacturing...—*
Vultee Aircraft Co——1
£1043* 105
106
1063*
1073* 1073*
123*
33*
1
453*
Utility Equities com...10c
35.60 priority stock....1
Petroleum...!
1043* 1053*
1013* 1033*
123*
Atlanta Gas Lt 43*8
1955
Atlantic City Elec 33*8—1904
Utah Radio Products..
Valspar Corp com
9,000
32,000
123*
Assoc TAT deb 53*z A
Jan
3*
55*
Universal Products Co.
Utah-Idaho Sugar
1023* 1053*
..1908 zdddl
♦Debenture 5s...
Jan
16
1
com
1063* 1073*
1043* 1063*
3,000
123*
Feb
13*
3*
»
Universal Corp v t o
2,000
dddl
x
1960
25*
5
3*
33*
1st 37 conv pref
United Stores common.50c
United Wall Paper
Universal Cooler olass A
14,000
1043* 105
1033* 104
105
1053*
1013* 102
£123*
123*
123*
33*
Jan
Feb
Feb
Feb
60c
U 8 Stores common
29 3*
3
...
♦Conv deb 5s
13*
33*
—1
com
U 8 Rubber Reclaiming..*
iol "
bbb3
Associated Eleo 43*s
4
Am Pow A Lt deb 6s
1063*
bbb3
1966
Jan
613*
Jan
Feb
Feb
4
3*
Jan
28 3*
bb
2016
U 8 Plywood Corp—
313* conv preferred.-.20
2
Arkansas Pr A Lt 6a
Feb
3
1,500
2
aa
App&lao Power Deb 6s —.2024
505*
U S and Infl Securities
2
aa
x
x
Jan
Jan
10
900
35*«if debs
Jan
453*
3*
53*
aa
x
1950
1960
1970
25*8 sf debs
65*
Feb
75*
45*
3*
6
S6 1st pref with warr...*
x
y
Feb
Jan
Jan
Feb
44
1
U S Graphite com
Jan. 1
1063* 1073*
1946
1st A ref 5s
33*8 s f debs....
United Specialties com...1
U S Foil Co class B
Range
Since
$
for
American Gas A Elec Co.—
United NJRR4 Canal 100
10% preferred
10
United Shoe Mach com.26
Preferred
25
Week
_
Co—
1st 5s
...
Am dep rets ord reg...
Va Pub Serv
Alabama
1st A ref 6s
Jan
Sales
j
Week's Range
of Prices
1Low
High
1
Jan
United Molasses Co—
U nlversal Pictures
Price
See a
1st A ref 43*8
•
United Milk Products..-*
Venezuelan
BONDS
1st A ref 5s
1st preferred...
U 8 Radiator
Last
Sale
Haling
Jan
3*
Friday
|
Ellg. <fc
Jan
Jan
1
Bank
Jan
1125*
6IS
"x
*
$3 partlc pref
3*
500
7% pref.100
United G 4 E
13
»x»
g
"6,666
25
24
293*
Friday
Last
Week's Range
for
of Prices
Week
1960
♦Hungarian Ital Bk 7%8.—1963
Hy grade Food 6a ▲
1949
6s series B
1949
Price
k
Low
High
*
71%
b
71 %
*71%
71%
13,000
70%
70%
73
74
72%
aa
107 % 107%
l6~666
107% 108%
1963
bbb3
107 %
107
11,000
107
1st A ref 6 %s ser B
1st A ref. 68 8erC
1964
bbb3
105% 106
29,000
1966
bbb3
105 %
105
105% 108
104% 106%
1957
-1968
bb
3
100
bbbl
105
107%
105 %
99 H 100 %
3,000
16,000
b
2
"75_"
1963
b
2
73 %
72 %
74%
1,
91
90
91
♦Indianapolis Gas 5s A
1952
Indianapolis Pow A I.t 3 %sl970
bb
a
31
25,000
100 % 100 %
75 %
75
1960
let Hen A ref 5s
105 % 105%
4.000
32,000
42,000
108
99% 103
100% 101%
72% 79%
78%
71%
91%
80%
4,000
105% 109
1956
b
b
13,000
♦7s series F
1962
b
1
1957
b
3
1952
ccc2
1952
Italian Superpower 6s
1963
cc
I
25 %
45
106%
1946
1945
bbb3
Louisiana Pow A Lt 5s
1967
a
25%
"Tooo
44 %
106
45%
16,000
106%
79,000
105%
4
1
3,000
106% 107%
3T666
10 4% 106%
108%
9,000
107
*22
25
35
b
1952
1947
1971
bbb2
4
*81
77
84
108%
25
90
b
109% 109%
10,000
% 103%
95% 96%
107% 109%
110% 110%
2
aa
2
1965
aa
2
1945
1943
1967
1978
bb
2
bb
2
51 X
bbb2
105%
101
4.000
109% 110%
2,000
100
101
101
52%
16,000
104% 105%
21,000
51%
bbb3
104
bbb3
1955
bbb2
106% 106%
104
104%
Miss Power A Lt 58
1957
bbb3
Miss River Pow 1st 5s
1951
aa
2
110
1960
bb
4
99
58—1945
bb
2
Conv deb 5s
1961
1948
1954
3%s
New Eng Pow Assn 5s
bbb2
103
110
bbb3
3
3,000
14,000
6,000
10,000
112% 114
107% 109
24
26
107% 107% i2"odo
*120% 127%
107%
*104
92
93 %
93% 127,000
121
121
62%
62%
62%
4
61%
61%
62%
10,000
62
4
62%
33,000
109%
*107
93% 94
95%
96%
47:600
100% 100%
2,000
104%
104% 104%
1,000
103 %
103% 103%
105
105%
107% 107%
21,000
62%
aaa3
3
110
"93 %
26
107
111%
120
124
10 1% 109%
88%
120
61
61%
93%
121%
66%
66%
61
66%
107% 109%
92% 97%
3
♦Income 6s series A
1949
bb
4
96
24,000
95% 100
bbb2
a
a
107%
aaaj
aa
b
bb
3%S—1947
1948
Nor Cont'l Utll 5%8
-—1946
Ohio Pow 1st mtge 3%S-.—1968
Ogden Gas 1st 5s
Ohio Public
Serv
1962
4s
1955
Okla Power A Water 5s—1948
Okla Nat Gas 3%s B
103
104%
4
110%
110% 110%
110
110%
3
102%.
1021)5 102%
35%
46
69
80
80
b
39%
35%
36
b
80
78
80
118,000
b
80
78%
80
45,000
69%
69%
80%
55
2
53%
55%
4
101
101%
bbb4
106
106
2
104% 105%
107% 109%
103
106%
7,000
"9~666
102%
102% 102%
2.000
104%
104% 105%
50
50%
109% 109%
27,000
108%
107% 108%
109
109
109%
21,000
18,000
106% 106%
3,000
114
*112%
40
114
40
45
aa
b
50%
bb
aa
a
bbb3
bb
5,000
5,000
*105% 107
103%
105%
54%
113%
58
50%
101
107
105%. 106
1951 yb
80%
77%
y
b
80%
78
80%
80%
62,000
70
80.%.
y
b
80%
78
80%
88,000
70
80%
80
77%
80
68%
21%
21%
80
24%
1957
6s gold debs
1957 yb
♦Starrett Corp Ino 5s. .—1950
Stlnnee (Hugo) Corp—
x
.
ccc2
126,000
20
1,000
7-4s 2d
1946
*30
33%
28%
7-4s 3d stamped
1946
*52
58
43
Certificates of deposit
•Ternl Hydro El 0%s
1
1953 yb
Texas Eleo Service 6a.—,-—1960 xbbb4
x
Texas Power A Lt 68—1950
2
a
21%
1979 ybb
26%
106%
106% 106%
16,000
106% 107%
107
15,000
107
107%
59%
96
"e'ooo
96
99%
59%
96
3
4
108
121% 121%
*118% 122%
2022 y bbb2
0s series A
21%
5,000
24
30
53%
107
11,000
59
62%
7
9%
|*Dlen A Co—
*7%
1950
z
United Eleo N J 4a
1949
x
♦United El Service 7s
1960 y bb
Conv 0a 4th atp
z
x
b
♦1st
8
f 6s
m
1
30
-
m.
m
*•
-
117% 118%
18
23%
1.000
18
*22
*22
cccl
1945
18
18
1
♦United Industrial 0%s—1941
8%
117% 117%
aaa4
3,000
30
30%
30
••
30
United Light A Pow Co—
y
1974
1st Hen A
3
"96%
1952 xbbb3
2
1973 y b
117%
Un Lt A Rys (Del) 5%S—1952 ybb
United Lt A Rys (Me)—
6s series A
Deb 6s series A-
90%
88
1959 xbbb3
5%s
86%
89%
7,000
88
92%
107% 108%
88
b
Debenture 0%s
cons
85
85
1975 y b
Debenture 6s
3,000
106
108%
36,000
96%
117% 117%
83%
86%
86%
93%
48,000
11,000
95
117
83%
18,000
98%
121
88%
Utah Power A Light Co—
x
bbb3
1st Hen A gen 4%s
1944
2022
x
bb
1940
y
bb
*100% 101%
103
103%
101%,102
I960 y bb
1946 y b
101
102
"(LOCO
103
109
31.000
101 % 102
*102% 102%
101
101%
1st ref 5a series B
♦60
Income
m
J.
»
102% 103
*
47)00
101
7,000
4
102
Hotel—
-.-1964
deb
z
4
cc
1951
x
x
aa
2030
1960
x
bbb3
x
aa
West Penn Eleo 5s
West Penn Traction
6s—
2
2
Un 0s..-1944 ybb 2
Wheeling Eleo Co 5s
1941 x aaa2
1966
x
PYork Rys Co 5s stmp—1937
♦Stamped 6s.—
1947
z
bb
1
vbh
63
116% 117
63
64%
105
*100
bbb3
2
Wise Pow A Light 4s
4%
110%
*109
106% 100%
107% 107%
aa
Washington Water Pow 3%8'04
Wash Ry A Elec 4s
West Newspaper
102%
104%
49%
109%
107%
102ii« 102%
53,000
Deo 1 1966
Waldorf-Astoria
3,000
40%
1
1956
6% s series A
"e'ooo
y
1948
1948
Debentures 0s_.
103% 104
No Amer Lt A Power—
No Boat Ltg Prop
6s (stamped)
Deb s f 0s
103%
103
3
1953
1964
Debenture 5s
103% 104
x
x
-1989
Va Pub Service 5% A
3,000
97%
103%
Electrlo—
100% 101%
103% 105
Penn A Ohio—
90
85%
93
Deb 60 series A
3
90
84
*96% 100
y
1945
0s
8,000
17,000
4,000
9,000
15,000
1,000
24,000
102% 106
109
29,000
108%
4
bb
Nippon El Pow 0%s
1,000
2
Tlets (L) see Leonard—
Twin City Rap Tr 5%s—1952 y b
96% 100%
b
bb
196
N Y State E A G 4%s
1980
1st mtge 3%a
1904
N Y A Westch'r Ltg 4s ——2004
23,000
85%
Tide Water Power 6a
100% 102%
b
bb
107
2,000
3,000
52,000
1942
♦Ext 4%s stamped
85%
85%
103% 105
27,000
107 %
aaa2
b
106
97% 99%
100% 101
113% 113%
*21
2
68 stamped
Debenture 6%s
104
110
5,000
10,000
59%
103% 106
102% 105
108
113%
bbb2
aaa2
104
50%
104
New Orleans Pub Serv—
York
Standard Gas A
Standard Pow A Lt 0s
10
*101% 102%
*96% 98
1955
New
Pub Serv
Spalding (A G) 5s
Debenture 0s
1948
1947
1948
1950
83
85
1968 x aa
1951 ybb
2022 y bb
Memphis Comml Appeal—
6s
82
85%
2025 ybb
McCord Rad A Mfg.—
N E Gas A El Assn 5s
83
Sou Counties Gas 4 %s
Conv 6s (stamped)
New Amsterdam Gas 5s—.1948
2
Southeast PAL 6s
20
20
2
bbb2
105%
100% 102
81
87%
2
y
105
9,000
a
1957
So"west Pow A Lt 08
100%
a
b
8'west
137% 138%
x
y
Sou Indiana Ry 4s
1,000
138
x
1947
43% 48
105% 107%
106% 108%
*35% "36%
100% 100%
2
Sheridan Wyo Coal 6a
Mansfeld Mln A Smelt—
bb
28%
31.000
107% 108
3
35%
107
cccl
Long Island Ltg 6s
1956
aa
25%
106 % 106%
31
+22
4
♦Leonard Tlets 7 He
---1948
x
*18
cccl
26
128%
Nevada-Calif Eleo 6s
x
24%
24
127
aa
90%
27
*24%
1
1951 y b
*20
128
2022
ib
1943
+123
New Eng Power
5%s series A
♦Ruhr Gas Corp 6%s
♦Ruhr Housing 6%s
Shawlnlgan WAP 4%s...1967
1st 4%s serlee D
1970
2
6s series A
84
Scullln Steel Ino 3s
105%
102% 105
106% 107
a
|*Nat Pub Serv 6s ctffl—1978
1981
21,000
xbbb2
128
Nebraska Power 4%s
86%
Scripp (E W) Co 5%a
128
2026
2030
98% 101%
84
4
*18
+103 % 109
Nelsner Bros Realty 8s
1952 ybb
138
2
Deb 5s series B
14,000
cc
4
Nat Pow A Lt 6s A
98% 102%
99%
Queens Boro Gas A Eleo—
cccl
3
Nassau A Suffolk Ltg
21,000
98%
99
aaa2
aa
Missouri Pub Serv 5s
100% 102,000
98% 100%
100
100%
98%
3
x
a
4%s
3
X
b
Mississippi Power 5s
3
1950 vbb
x
—
1st A rel 6o
1st A ref 4%s ser D
1951
-1942
Minn PA L
Puget Sound PAL 6%s—1949 ybb
1st A ref 5s ser C
—1950 y bb
1937
103
162
104% 105%
100
102%
♦Schulte Real Est 6s
Jersey Cent Pow A Lt 3%s.l965
Kansas Eleo Pow 3 %s——1966
Kansas Gas A E eo 6s
2022
Mllw Gas Light 4%s
150
*104% 105
♦Saxon Pub Wks 6s
cccl
Midland Valley RR 5s
4
Sou Carolina Pow 5e
♦Isarco Hydro Eleo 7s
4s serlee G
1966
73
7,000
Middle States Pet 0%s
4s series A
43
3,000
Metropolitan Ed 4s E
x a
150%
Pub Serv of Oklahoma—
23
12,000
Mengel Co oonv 4%s
3
17
103%
6a stamped
y aa
6% perpetual certificates
38%
107 % 107%
dd
105% 106%
16,000
Public Servloe of N J—
67%
102 % 102%
a
48,000
150
105%
1949 xbbb4
105% 109
18,000
103
26
12,000
68,000
103 %
76%
26
24
"lLOOO
25%
1
70%
106% 107
105% 105%
107
2
39%
3
aa
,—1941
aa
70
bbb4
Deb 4 Ha
1964
20%
bbb4
1958
♦7s mtgesf
1st mtge 3%s
s f debs 4s
17
16%
21
22%
1957
1966
b
Since
Public Service Co of Colo—
39
19
23
—1961
Lake Sup Dlst Pow 3 %B—.
x
*
1954
Range
Jan.
$
73
*18
a
69
16%
+16
Iowa Pow A Lt 4%s
5a stamped..
*70
x
70
1
6s series B
Corp(Can)4%sB—1959
39%
1
1957
Iowa-Neb LAP 6s-
Power
17
♦6 %s series 0
♦7s series E
Debenture 6s
Price
1953
1958
Safe Harbor Water 4%s.„ 1979
San Joaquin L A P 6s B—1952
International Power See—
Interstate Power 6s
for
Week
See k
of Prices
Low
High
•Prussian Electric 6s
+3
c
b
1967
8 I deb 6He..-May
Week's Range
Sale
(Concluded)
1
110% 110%
*110% 111
aa
Jan.
Idaho Power 3%s..
IU Pr A Lt let 6s ser A
Indiana Hydro Eleo 6a
Indiana Servloe 6a
Last
Since
See
Houston Lt A Pr 3%s
Friday
Rating
Range
Sale
{Concluded)
Sales
Bank
Eug. &
BONDS
Sales
Bank
Elig. &
Rating
BONDS
Jacksonville Gas
1405
New York Curb Exchange—Concluded—Page 6
Volume 152
'
105% 105%
98
*97
99%
*99
5%
109
108
"
37)00
105% 108%
108
5,000
16,000
14,000
105
~7766O
105% 107%
116% 118%
6(' %
59
101
101
97%
09
100%
99
109
108% 109%
106% 108%
103% 106%
Pacific Gas A Eleo Co—
1941
1st 6sserle8 B
1942
1956
1964
1977
Pacific Ltg A Pow 5s
Pacific Pow A Ltg 6s
Park Lexington 3s
-
Penn Cent LAP 4%s
1979
1st 6s
aaa2
ccc2
bbb2
bbbi
1971
6s8erles H.
96%
36
104%
106%
aa
1962
Penn Electric 4s F—
104
aaa4
bbb2
aa
104
*106% 107%
95% 96%
36
36
104% 105
106% 106%
2,000
104
104%
106% 106%
32,000
3,000
18,000
2,000
95%
35
99
38
104% 105%
106
107
104% 106%
*104% 106%
108% 108%
"o'odd
107% 109
105% 105%
107% 108
1,000
105% 106
2,000
107
108
108% 108%
3,000
108
108%
102
Penn Ohio Edisonbb
Deb 6%s series B
1959
Penn Pub Serv 6s C
1947
aa
1964
aa
68 series D
Peoples Gas L A Coke—
1981
-1961
4s series B
4s series D
1972
Phlla Rapid Transit 6s
1962
♦
Pledm't Hydro El 0%s_.l96O
♦Pomeranian Eleo 6s
1953
Phila Eleo Pow 6%a
bbb2
bbb2
aa
bb
107%
A
102%
102
102%
16,000
103%
103% 103%
110% 111
10,000
104%
103% 104%
17,000
109
110%
104% 104%
b
17%
b
*18
20
5,000
4,000
25%
115
102% 104%
17%
22%
29%
93%
86%
96
91%
26%
5s stamped extended
Potomac Edison 5s E
4%s series®
Potrero Sug 7
etpd._
1940
1950
1956
1961
1947
bb
bb
a
ccc2
110%
64
95%
2,000
89
8,000
109% 110
89
a
5,000
110% 111
14,000
64
14,000
95%
88%
59
Deferred delivery sales not Included In year's range, d ExUnder the rule sales not Included In year's range
r Cash sales not In¬
No par value,
Interest,
»
a
cluded In year's range,
2
Ex-dlvidend.
* Friday's bid and asked price.
No sales being transacted during current
week,
♦Bonds being traded flat.
Portland Gas A Coke Co—
6s stamped
I
*
109
110
109% 111
50
i Reported In receivership,
e
Cash sales transacted during the current
week and not Included la weekly or
yearly range:
No Sales.
64
y
Under-the-rule sales transacted during the current week and not
Included In
weekly or yearly range:
No sales.
k
Deferred delivery sales transacted during the current
week and not Included In
weekly or yearly range:
No sales.
Abbreviations
Used
Above—"cod,"
consolidated:
certificates of deposit; "cons,"
"cum," cumulative; "conv," convertible; "M." mortgage; "n-v," non-voting
"v t c," voting trust certificates; "w 1," when issued; "w w," with warrants;
*
Bank
stock;
"x-w"
1
without warrants.
Eligibility and Rating
bank Investment.
Column—x Indicates those
bonds which we
believe eligible for
Indicates those bonds we believe are not bank eligible due either
status or some provision In the bond tending to make lt speculative.
y
z
Indicates Issues In default, in bankruptcy, or
The
rating symbols
In this
column are
based on the ratings assigned to each
bond by the four rating agencies.
The letters
Immediately following shows the number of
cases
the symbols
Indicate the quality and the numeral
agencies so rating the bond.
will represent the rating given by the majority. Where
agencies rate a bond differently, then
A
column In this tabulation pertaining to
great majority of the Issues bearing
ddd or lower are In default.
bank eligibility and rating
In &U
aU four
the highest single rating Is shown.
symbols ccc or lower are all in default.
Issue? bearing
Attention la directed to the new
to rating
In process of reorganization.
of bonda.
See note * above.
The Commercial & Financial Chronicle
1406
March
1, 1941
Other Stock Exchanges
Baltimore Stock
Exchange
Sales
Friday
LUted and
JjOSt
Par
Stocks—
Week's Range
for
Hale
of Prices
Price
Low
High
Range Since Jan. 1, 1941
Shares
Low
High
Vmi H.Davis &
155*
15%
118
15%
Feb
Bait Transit Co com Ttc*
36c
38c
192
28c
Jan
38c
Feb
2.60
6,879
1.65
Jan
2.60
Feb
2.35
1st preferred v t c
100
Brager Eisenberg Inc com 1
30
30
20
Consol Gas E L A Pow—*
643*
65
118
118
100
43*% pref B
7%
Davison Chemical Co com 1
20
100
Maryland & Pa RR comlOO
"l6%
Merch & Miners Transp..*
"18"
Fidelity A Deposit
Feb
20
1173*
Jan
30
Members
Jan
10
Feb
170
6?*
Jan
420
5%
Jan
73*
7%
1153* 1165*
15%
163*
25
1153*
Feb
1203*
130
15%
Feb
i7%
1.00
Feb
1.15
Feb
15
Feb
173*
Jan
283*
Feb
29 3*
S.
Jan
3
494
173*
18
28%
2.50
Mt VerWood Mills pref 100
70
17 J*
40
2.50
7
Jan
2.25
Feb
3.00
Jan
58
72
70
Jan
72
Feb
17
Last
Stocks (Continued)
Par
Week's Range
for
Sale
of Prices
Week
Price
17%
Feb
1.00
1.05
500
1.00
Feb
1.05
Jan
33*
4
Baatlan-Bleasing Co com.*
96 J*
10
94 %
Jan
973*
Jan
ii
11%
20
51%
Feb
543*
Jan
100
11%
Feb
12
Jan
52
a
21%
731
22
21%
Jan
233*
Feb
Range Since Jan. 1, 1941
High
*16
2,100
4,250
33*
Feb
hi
33*
17
50
53*
Jan
Feb
he
Feb
Jan
43*
Jan
183*
Feb
Jan
183*
183*
53*
53*
100
353*
83*
795
33
Feb
373*
1,450
8
Jan
83*
43*
Feb
5
Belmont Radio Corp
*
Bendlx Aviation com
6
35
Berghoff Brewing Corp
1
8
8
Blnks Mfg Co capital
1
5
5
343*
53*
100
5
Bliss & Laughlln Inc com.5
Bonds—
Low
Shares
500
hi
33*
Rights (wl)
96 H
52
18
High
33*
33*
1.00
Jan
Low
33*
hi
3
Aviation Corp (Del)
Aviation A Transport cap.l
21%
CHICAGO
Sales
Friday
Jan
963*
2
Municipal Dept. OGO. 621
La Salle St.,
Jan
161
10
Teletype
Jan
1.00
28 5*
Northern Central Ry
50
Penna Water A Power com*
Principal Exchanges
Bell System
Trading Dept. OGO. 405-406
Jan
713*
1183*
7%
Mt Vern-Wood Mis comlOO
D 8 Fidelity 4 Guar
64%
75*
New Amsterdam Casualty2
North Amer Oil Co com.-l
com._
Feb
283
Feb
73*
1.00
MononWPenn PS 7% pf 25
Seaboard Comm'l
29
17
TVs
Eastern Sugars As com vtcl
Houston Oil pref
UnlUted
Week
—*
Arundel Corp
SECURITIES
CHICAGO
Feb. 22 to Feb. 28, both inclusive, compiled from official sales lists
17
173*
Jan
A 6s flat
3 83*
B 5s
1975
Md Penn RR4s
36
38% $40,500
33J*
Jan
383*
Feb
41
1975
44
40
Jan
44
Feb
14,400
101
1951
52
102
7,500
100
Jan
102
Feb
52
52
2
52
Feb
52
Feb
Jan
183*
Jan
Jan
6
17%
18%
451
163*
Feb
203*
Class A pref
Bruce Co (E L) com
*
6
83*
83*
100
7 J*
Jan
93*
12
500
103*
1
33*
43*
203*
200
33*
Jan
Jan
550
4%
200
193*
113*
20
113*
183*
100
173*
94
230
450
Brown Fence & Wire—
22 to Feb.
33*
43*
6% cumul conv Dref..30
Cmpbl Wyant&CnFdycap*
Castle (A M) & Co com. 10
"203*
203*
113*
183*
Cent 111 Pub 8er $6 pref..*
Exchange
28, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1. 1941
"94"
10
Shares
Low
25c
*
6%
cum pref
1st pref..
2
50
50
Amer Tel 4 Tel
100
Bird & Son
1603*
25c
383
2
1583* 162
Chicago Corp common...l
Jan
2
Feb
Jan
23
Feb
1563*
1683*
9
Feb
103*
973*
343*
503*
183*
9
20
130
313*
303*
483*
48
313*
483*
183*
2,331
215
85
883*
303*
Feb
45
Jan
18
Jan
Jan
Jan
Jan
Jan
Feb
Feb
.
63*
43*
...*
Common
100
100
Eastern Mass St Ry—
Preferred B
363*
100
Eastern SS Lines
123*
4
•
Economy Grocery Stores.*
Employers Group Assn...*
Gillette Safety Razor
Feb
5
Jan
23*
500
2
Feb
23*
Jan
283*
5,800
53*
395
2
*
25
283*
Consolidated Oil Corp...*
Consumers Co—
53*
283*
53*
273*
53*
Jan
2
Jan
310
15
Jan
23*
Jan
Cudahy Packing 7% prf 100
180
803*
2
241
Jan
Cunningham Drg Stores2 3*
50
Jan
23*
123*
Jan
Jan
Feb
17
FeD
Curtis Lighting Inc com 2 3*
Deere A Co com
*
123*
100
487
13*
113*
123*
130
53*
Feb
7
Jan
1,683
43*
FeD
5
Jan
63*
43*
63*
43*
363*
123*
33*
23*
53
383*
64
159
521
29
123*
460
4
123*
25
223*
30
33*
5
35c
23*
34
Jan
33*
Jan
Feb
50
58 3*
Jan
Feb
113*
33*
12 J*
223*
3
Jan
Feb
Jan
Feb
Feb
25
35c
Jan
13
50
123*
Feb
4
100
13
30
4
1183*
53*
53*
1173* 119
70
430
413*
J an
Jan
145*
53*
123*
253*
Jan
35*
Jan
35c
Jan
Jan
Jan
133*
Jan
J8n
Jan
43*
12 3*
Feb
16 3*
Jan
52c
Jan
117
Jan
Feb
26
Jan
53*
129
Feb
Jan
51
he
Jan
hi
Feb
28c
Feb
37c
Jan
100
13c
13c
9
9c
Jan
13c
Feb
4c
10c
440
4c
Jan
10c
Feb
113*
223*
113*
50
113*
Feb
133*
Jan
233*
83*
447
22
Feb
243*
Jan
89
8
Feb
10
Jan
so
233*
Reece Button Hole MachlO
Reece Folding Mach
10
8
1
shawmut Assn T C
103*
»
63*
Suburban Elec Sec—
2d preferred
44
13*
103*
10
63*
44
178
1
Feb
13*
Jan
344
10
Feb
103*
Jan
Feb
83*
Jan
140
44
5
53*
20
Feb
Feb
45
Torrington Co (The)
•
273*
263*
273*
148
26 3*
Feb
303*
Jan
Union Twist Drill Co
United Fruit Co
5
36
35
36
397
33 3*
Feb
36
Feb
*
643*
633*
70%
Jan
358
603*
55!*
Feb
553*
653*
583*
535
58
Feb
603*
Jan
443*
24
44 3*
Feb
453*
Jan
United Shoe Mach Corp.26
25
443*
Utah Metal 4 Tunnel Co.l
Waldorf System
*
43c
43c
8
83*
100
3*
170
"*
3*
500
40c
3*
Feb
50c
Feb
<8
83*
Jan
Feb
3*
Jan
Jan
V t c pref part
shares
..
Crane Co
25
Eversharp Inc
Fox
1
com
Fairbanks Morse
(Peter) Brew com
General Amer Transpcom 5
General Candy class A
5
General Finance
General
Foods
I960
67
193*
43*
1970
Eastern Mass St Ry—
Series A 43*S
1948
Series B fis.
ms
67
203*
500
2,500
1023* 1023*
1,000
103
2,750
1043*
67
Feb
723*
Jan
183*
Jan
25%
Jan
1015*
1023*
Jan
1023*
Jan
Feb
1053*
Feb
Chicago Stock Exchange
Feb. 22 to Feb. 28, both
inclusive, compiled from official sales lists
Friday
Sales
Last
Week's Range
for
Sale
of Prices
Price
*
Low
High
Range Since Jan. 1, 1941
Shares
Low
47
25
33*
Aetna Ball Bear Mfg com.l
Allied Laboratories Inc cm*
473*
76
46
Feb
443*
33*
453*
20
443*
33*
250
23*
293*
*
Feb
33*
Jan
Jan
333*
Feb
23*
400
23*
150
373*
Feb
453*
Jan
300
19
Feb
23
Jan
Jan
450
Feb
63*
Jan
43*
493*
Feb
5
Jan
30
Feb
553*
Jan
100
.....
53*
100
63*
103*
Feb
11
Jan
"433*
23*
Feb
393*
Jan
403*
33*
Feb
483*
Jun
43*
Jan
33*
203*
103*
333*
1,250
50
Feb
600
93*
Feb
Feb
Feb
Feb
850
143*
25
153*
'
33*
Jan
8
Jan
Jan
Jan
16 3*
Jun
Jan
73*
Feb
83*
750
Feb
7
10
"83*
Jan
Jan
2
Jan
9%
Jan
93*
Jan
50
8 3*
Feb
IBbb Spencer Bart com..25
10
373*
Feb
40
11
Feb
133*
Feb
Feb
3*
Jan
234
83*
Jan
29 %
Jan
2134
33*
903*
Jan
Houdallle-Hershey cl B___*
Hupp Motor Car
"113*
910
1
412
3*
Illinois Bulck Co cap
10
Illinois Central RR comlOO
100
2 3*
com
Indep Pneumatic Tool cap*
Indianapolis Pr A Lt com.*
Indiana Steel Prod com
1
"73*
615
63*
50
253*
Feb
Feb
"2l"
391
19
Feb
33*
763*
50
Jan
Jan
Jan
Jan
*
International Harvest Oorn*
483*
215
463*
Jan
Feb
Feb
Jar vis (W B) Co cap
13
910
113*
Feb
14
Jan
Feb
Jan
...
I aland Steel Go ;ap
Ken-RadTube&L'p
51
533*
Jan
Jan
500
3
Jan
50
47
Feb
33*
503*
100
70
101
Feb
1063*
5
550
1
Jan
1
Jan
Jan
33*
Feb
Jan
273*
73*
Feb
13*
113*
Jan
Jan
com A*
Ky Util Jr cum pref
6% preferred
La Salle Ext Unlv
1
/_ 50
com
"48"
Jan
Leath A Co—
Common
*
33*
33*
33*
100
33*
Cumulativl preferred..*
273*
273*
27 3*
50
253*
LlbbyMcNelll&Llbby com7
53*
53*
53*
3,650
5
Feb
13*
13*
100
1
Feb
Jan
Lincoln Printing Co—
*
*
Liquid Carbonic
*
Loudon
Field
10
10
143*
123*
143*
13*
145*
123*
43*
153*
*
Packing com
Marshall
10
•
com
McCord Rad A Mfg A
pf*
Northwest
12 3*
13
Jan
Northwest Bancorp com..*
Jan
7% preferred
7% prior lien
133*
Jan
Jan
Jan
Jan
Feb
Feb
Jan
43*
Jan
53*
43*
Feb
63*
Jan
53*
63*
7,500
33*
Feb
63*
Feo
5
5
5
Jan
5
13*
15
133*
5
3
300
200
J*
50
Jan
13
1,560
3 3*
10
113*
Jan
Feb
3*
Feb
5
3*
5
13
9
130
Feb
5
Feb
13
Feb
50
6
Jan
63*
Jan
363*
63*
373*
550
35
Feb
393*
Jan
93*
93*
50
Feb
11
Jan
63*
"363*
93*
29
29
250
29
Fen
32
Jan
283*
63*
93*
283*
100
27 3*
Feb
63*
300
53*
Jan
323*
63*
Jan
103*
650
93*
Feb
103*
Feb
Jan
North West Util—
Jan
850
163*
900
100
conv
350
Feb
Feb
3,550
53*
Minneapolis Brew com
1.
Montgomery Ward com .*
Feb
143*
13*
53*
5
Middle West Corp cap
5
Midland United conv pf A*
Midland Utilities—
100
100
93*
80
43*
53*
Mlckelberry's Fd Pr com.l
7% prior lien
7% preferred A
6% prior lien
100
13*
153*
143*
*
com
Jan
113*
Feb
100
103*
143*
Feb
100
28 3*
Feb
153*
363*
Feb
Jan
Air Inc com..*
100
100
Feb
168 3*
Jan
Omnibus Corp com
43*
Feb
53*
Jan
Parker Pen Co
103*
113*
113*
113*
300
11
Feb
14
Jan
13
113*
13
210
11
Feb
13
Jan
63
60
63
110
543*
Feb
93*
60
93*
Feb
Feb
63
93*
123*
123*
150
123*
Jan
133*
Jan
49
49
45
Jan
50
Feb
.6
700
10
Peabody Coal 6% pref. 100
Asbestos Mfg Co..
1
2
23*
150
1%
Jan
23*
Jan
Athey Truss Wheel cap
4
33*
33*
150
3
Jan
33*
an
com
Penn Gas A Elec A com
—
*
3*
3*
20
3*
50
3*
For footnotes see page 1409
3
Jan
Hein Werner Motor Parts 3
33*
250
157
Fen
33*
*
com
Jan
7
63*
Hamilton Mfg cl A prt pfdlO
Helieman Brewing cap
1
Jan
28 3*
100
163*
Great Lakes D A D
93*
Jan
300
400
Jan
15
679
13*
223*
Feb
Feb
370
Jan
123*
280
Jan
Jan
193*
Goodyear T A Rub com..*
Feb
103*
293*
293*
1583* 1633*
43*
43*
19
1,500
Noblitt Sparks Ind Inc cp-5
North American Car com20
15
"~4%
Feb
Gillette Safety Razor com *
Goldblatt Bros Inc com..*
533*
513*
123*
103*
Amer Tel & Tel Co cap. 100
Jan
Jan
173*
13*
Feb
333*
Natl Cylinder Gas com
1
National Standard com. 10
High
96
10
Gen Outdoor Adv com...*
Miller A Hart Inc
Week
Jan
Jan
155
Gossard (H W) com
Jan
Feb
200
Gen Motors Corp com..10
63*
Jan
cap.l
com
Jan
Jan
Feb
16
*
com
6
50
16
5
Fmir Wheel Drive Auto.10
Fuller Mfg Co com
I
Jan
Feb
233*
193*
123*
193*
20
*
com
43*
155
Diamond T Motor Car cm2
Elec Hoisehoid Utll Corp 6
Elgin Natl Watch Co...15
Lion Oil Refg Co cap
Boston 4 Maine RR—
7
*
com
30
•
Container Corp of Amer.20
Continental Steel com
Jan
-
50
Common..
Bonds—
Jan
Commonwealth Edison—
13*
100
6
Feb
13*
hi
common
Feb
33*
44
123*
Pacific Mills Co
Armour A Co
83*
633*
750
43*
149
30c
Allied Product Corp com 10
Allts-Chalmera Mfg. Co..*
Jan
100
365
43*
13*
73J
*
93*
723*
9
67
83*
65
43*
Feb
30c
com
Jan
23*
23*
2.50
Adams Oil & Gas
73
Jan
N Y N H 4 Hart RR..100
com
Jan
Feb
Jan
4
NarragansettRacg Assnlncl
com
30
67
13*
Feb
Abbott Laboratories
273*
250
13*
Feb
Acme Steel Co
300
68
42
25c
Par
273*
67
23
193*
43*
Stocks—
Jan
Jan
273*
13*
13*
170
4s
1
Feb
Feb
13*.
17
Jan
Feb
3*
Jan
14
83*
213*
183*
63*
234
Warren Bros..
Feb
50
Feb
31c
cum pref....
6
100
2,500
1
63*
213*
6%
73*
183*
3*
840
30c
Stone 4 Webster
73*
183*
63*
203*
Pennsylvania RR
Jan
63*
13*
1
Old Colony RR
Ctfs of dep.
Jan
112
Jan
Mergenthaler Linotype..*
North Butte
47
Jan
Jan
33*
100
New England Tel 4 Tel 100
Jan
106
1
123*
100
v t c
Club Alum Utensil com
41
10
73*
.
10
com
30
183*
3*
Chrysler Corp common..6
Cities Service Co
Jan
43
1%
Jan
Jan
107
Jan
35c
Mass Util Ass
3*
Feb
123*
cum pref
953*
Jan
3*
*
Common
Jan
3*
%
Loew's Theatres (Bos) ..25
Maine Central—
5%
893*
7
223*
»
Class B
Jan
82
23*
503*
__..._*
3*% prior pref
6% preferred
21
3*
East Gas 4 Fuel Assn—
4
.
Capital
12
17
100
6
Jan
Feb
13*
Class B 1st pref st... 100
Class D 1st pref std.. 100
Boston Pers Prop
*
Copper Range..
Jan
143*
13*
Class A 1st pref
100
Class A 1st pref st...KM)
Class C 1st pref std.. 100
Calumet 4 Hecla
Jan
213*
13*
13*
63*
100
Boston 4 Providence
53*
Jan
Feb
3*
.100
Prior preferred
Feb
3*
3*
100
Pref std
Jan
43
Chic Yellow Cab Co cap..*
Jan
Feb
4
107
107
Convertible preferred
*
Chicago Flex Shaft com.5
Maine-
Common std
*
Cent States Pow & Lt pref *
Chain Belt Co com
*
Feb
h«
*
Jan
13*
193*
92
183*
45c
5
89
Boston Herald Traveler..*
Feb
1,808
203*
9
100
Boston Edison Co (new) .25
Boston Elevated
100
Boston 4
25c
89
*
Boston 4 Albany
13*
203*
50c
$7 preferred
Prior lien pref
High
93
Jan
12
Central & 8 W—
Common.
Amer Pneumatic 8erv Co-
Common
113*
33*
Butler Brothers
Boston Stock
Feb.
Jan
Feb
Burd Piston Ring com
Bait Transit 4s Oat... 1975
Jan
16
75
Borg Warner Corp—
Common...
6
Jan
I
Feb
10
Jan
3*
Feb
Last
Par
Penn RR capital
Low
22%
405*
40
1
105*
Quaker Oats Co oommon.*
Preferred
100
Rath Packing oom
475*
50c
15*
245*
Jan
Otis Steel
365*
Jan
43
Jan
Patterson-Sargent
*
95*
Feb
13
Jan
Reliance Electric
5
'"155*
82
Feb
105
Jan
c
Republic Steel
*
al95*
150
Feb
160
Jan
Richman Bros
Jan
Standard Oil Co (Ohio) .25
23%
405*
22
479
10J*
350
790
130
100
475*
465*
Feb
575*
com
700
2
1
U S Steel
Feb
2
Jan
c
a36
Upson-Walton
"a59~"
*
JaD
15*
Jan
105*
210
95*
Feb
105*
Feb
100
35*
Feb
45i
Jan
White Motor
100
5*
85*
85*
250
85*
Feb
95*
715*
695*
Feb
785*
200
15*
Feb
15*
100
Feb
155*
Jan
285*
Jan
30
Jan
31
FeD
355*
65*
Jan
838
15.
112
Jan
335*
345*
285*
Feb
Feb
165*
225*
355*
Jan
Feb
Jan
385*
Jan
Feb
34
Feb
55
.
75
11
Feb
Feb
705*
65*
Feb
105*
175*
Jan
Feb
Feb
55*
355
45*
Feb
125
85*
Feb
18
125*
Feb
1
45*
50
Jan
Feb
47
Feb
Feb
Jan
Jan
13
50
105*
Jan
15*
725*
15*
722
15*
50
155*
Feb
Jan
715*
11
75*
105*
155*
165*
85*
85*
al35* al4
Weinberger Drug Stores._*
35*
1
25
al85* al95*
345*
335*
a36
a365*
a305* a305*
a585* a605*
335*
35*
1
a85*
155*
*
High
Low
a85*
a85*
*
com
Shares
11
*
95*
6
Reliance Mfg Co com
10
Rollins Hosiery Mills com 4
Schwitzer Cummins cap
1
Sears Roebuck 4 Co cap..*
Serrlck Corp cl B com
1
Week
Price
Par
Thompson Prod Inc
6% preferred
for
of Prices
Low
H.gh
Feb
824
150% 153
..10
Raytheon Mfg Co..
Common
Stocks (Concluded)
High
Low
95
95*
82
82
Range Since Jan. 1,1941
Shares
High
cap 100
com
Week's Range
Week
Price
Range Since Jan. 1,1941
Last
Sale
for
of Prices
23
60
Pressed Steel Car
Week's Range
Sale
Stocks (Conclude*!)
Sales
Friday
Sales
Friday
Peoples Q Lt&Cofce
1407
The Commercial & Financial Chronicle
Volume 152
Signode Steel StrapCommon.
13
_
Preferred
30
Sou Bend Lathe Wks cap.6
Spiegel Inc common
2
20
295*
32
32
200
6
60
55*
St Louis Natl Stk Yds cap *
Standard Dredge pref
Common
66
125*
135*
2
26
Stewart Warner
"26""
6
Sunstrand Macb T'l com.5
Swift International cap.. 15
65*
325*
65
Jan
70
125*
15*
Jan
145*
Feb
255*
Jan
65*
Feb
275*
85*
Feb
36
275*
1,331
75*
421
34
650
Members
York
Stock
29
Jan
2
Feb
Jan
Detroit Stock
Jan
175*
185*
400
195*
25
225*
23 5*
1,350
22 5*
Jan
245*
355*
36 5*
405
345*
Feb
40
Jan
Thompson Co (J R) com.25
Trane Co (The) com
2
55*
115*
55*
15
5
Feb
115*
50
Onion Carb 4 Carbon cap *
United Air Lines Tr cap..6
635*
655*
576
600
Telephone- Randolph 5530
Jan
26
DETROIT
Building
Jan
8wlft 4 Co
Chicago Stock Exchange
Exchange
Ford
Jan
Texas Corp caultal
New York Curb Associate
Exchange
Jan
700
Co.
Watling, Lerchen
New
Jan
300
2
255*
75*
34
55*
20
66
125*
1
Standard Oil of Ind
50
295*
13
U 8 Gypsum Co com___20
United States Steel com..*
7%
pref
cum
x22 5*
175*
65*
12
Jan
615*
Feb
705*
Jan
17
60
Jan
695*
Jan
575*
605*
2,000
55
Feb
705*
Jan
1195*
68
117
Feb
130
Jan
%
350
Feb
1
117
Utah Radio Products com 1
135*
%
%
%
Utility 4 Ind Corp—
Sale
Par
Stocks—
»
Wayne Pump capital
_.l
70
Last
Sale
175*
Feb
205*
102
19
Feb
22 5*
Jan
Briggs Mfg com
*
215*
215*
385
965*
145
905*
Feb
1045*
Jan
Brown McLaren com
1
85c
85c
235
75c
Jan
90c
55*
50
55*
Feb
7
Jan
Burroughs Add Machine.*
75*
75*
256
75*
Feb
85*
15*
100
1
Jan
2
Jan
Burry Biscuit com
40c
40c
40c
200
30c
Jan
450
Jan
70
715*
228
70
Feb
795*
Jan
Capital City Prod com...*
•»
85*
85*
100
8%
Feb
85*
Feb
45*
50
4
Feb
55*
Jan
Consumers Steel
63c
63c
250
63c
Feb
73c
Jan
135*
180
Feb
155*
Jan
Continental Motors com_.l
3
35*
1.310
Feb
4
Jan
72c
72c
630
68c
Jan
78c
15*
Jan
25*
175*
Feb
125*
Exchange
Price
1
105
20
104
Low
Shares
35*
106
50
1055*
35*
50
95
10
100
Procter 4 Gamble
*
US Playing Card
"l%
Jan
15*
Jan
Feb
25*
Jan
3
55*
55*
510
5
Feb
Jan
com
1
25*
165
25*
Feb
10
25*
435*
65*
25*
882
40?*
Feb
485*
Jan
81c
91C
200
75c
Jan
1.00
Jan
7
113
6?*
Feb
7%
195*
145*
Jan
Gar Wood Ind
com
High
1
2
"435*
m
Jan
*
Hoover Ball & Bear com .10
19
19
100
185*
Feb
Feb
Hosklns Mfg com
135*
135*
980
125*
Jan
Jan
45c
Jan
Jan
Feb
Jan
38c
41c
Feb
Kingston Products com..l
15*
15*
15*
2,500
1,100
36c
15*
Jan
15*
Jan
46c
50c
450
46c
Feb
60c
Jan
235*
45*
235*
45*
15*
328
Feb
265*
Jan
15*
15*
15*
19c
4
1075*
1
Jan
4
Jan
Feb
99
Jan
Kresge (S S) com..
Jan
65*
Jan
Lakey Fdry & Mach com.l
Feb
105*
225*
Jan
Jan
12
Jan
McClanahan Oil com
1
Feb
45
Jan
Michigan Silica com
1
*
12
8
8
39
171
10
Jan
Jan
10
LaSalle Wines com
Masco Screw Prod com
rnmm'mrn
m
mm
135*
Feb
Michigan Sugar com
30
Jan
21
54
Jan
Mid-West Abrasive com50c
105*
12
Feb
105*
Feb
615*
Feb
58
Feb
Murray Corp com
Packard Motor Car com
75*
'
525*
335*
440
148
305*
Jan
15*
30
15*
Jan
16
15
50
75*
52
75*
Feb
Feb
22
,
34
Feb
15*
Jan
16
Jan
95*
Jan
m
*
Columbia Gas...
*
10
General Motors
435*
125*
105*
35*
42 5*
135*
181
115*
Feb
.
*
Parke Davis com
Feb
Feb
274
405*
Feb
45*
385*
Jan
Jan
128
mm
5
Reo Motcr com
Stearns
(Fred'k) com
mm
mmm
mm
*
1
Universal Cooler B
*
mmmrnrn
Young Spring & Wire
Union Commercs Billding,
Cleveland Stock
Feb. 22 to Feb. 28,
Cleveland
Range Since Jan. 1, 1941
Par
Stocks
c
Addressog'ph-Mul
Week's Range
for
Sale
of Prices
Low
High
Week
Price
m
14
155* al55*
10
80
95*
163
725*
a
*
*
155*
105*
265*
370
265*
Feb
305*
Jan
145*
15
330
145*
Feb
175*
Jan
9
51
75*
Jan
c
c
*
Glidden Co com
Goodrich (B F)
*
al35*
Goodyear Tire 4 Rubber.*
Preferred
...—*
Hanna (M
c
*
Interlake Steamship
*
Kelley Island Lime 4 Tr__*
Lamson 4 Sessions
c
"42""
12
*
1
National Acme
Natl Mall St Cast com..*
Natl Refining pr pref
Ohio Ob com
For footnotes see page
185*
112
805*
24
al3
45
305*
Feb
Feb
Feb
365*
355*
105
*
*
1409
Feb
65*
Jan
Jan
1%
85*
Jan
Feb
35*
305*
Jan
1,415
1%
55*
2?*
255*
615
85*
Feb
11
Jan
225
15*
Jan
450
1
Jan
425
25*
Feb
15*
Feb
15*
300
65*
570
25*
761
28
95*
15*
15*
25*
15*
Feb
Feb
Jan
Jan
15*
15*
Jan
Jan
Jan
1
200
15*
175
115*
295*
100
11
Jan
348
295*
Feb
15*
1,304
1%
Jan
25*
15*
205*
45*
15*
15*
115*
335*
15*
62c
200
50c
Jan
66C
Feb
45*
300
45*
Jan
5
Jan
100
85*
Feb
10
15 5*
25
155*
350
771
19
45*
85*
Feb
18
45*
Feb
1
Feb
15*
100
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
165*
Feb
1
Jan
Jan
430
1
Feb
25*
200
2
Jan
3
Feb
11c
11c
100
10c
Feb
13c
Feb
105*
mmmmm
mmmrnrn
_
15*
15*
15*
105*
121
105*
Feb
125*
Jan
1
300
Jan
1921
Spring Street, Los Angeles
MEMBER
Los Angeles
Feb. 22 to Feb. 28,
Stock Exchange
both inclusive, compiled from official
Feb
Last
Sale
Jan
Feb
Par
Stocks—
Feb
145*
115*
145*
Feb
Aircraft Accessories
165*
Feb
205*
Feb
Barker Bros
805*
Feb
90
Jan
Barnhart-Morrow Cons—.1
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1941
for
Week
High
Low
Shares
Feb
Feb
Price
sales lists
Sales
Friday
42
45
42
Jan
435*
Jan
12
12
200
12
Feb
12
Feb
Feb
640
35*
Jan
45*
Feb
55
175*
Feb
235*
235*
Feb
Feb
30
15*
115*
21
25
205*
Jan
15*
155*
215*
a7
50
65*
Feb
75*
Feb
2
al7
42
100
alOc
2
Feb
Feb
29
alOc
Blue Diamond Corp
Feb
75*
175*
29
Feb
Feb
Chrysler Corp
Consolidated Oil Corp
2c
665*
665*
*
55*
55*
Consolidated Steel Corp..*
65*
*
185*
Creameries of Amer v t c.. 1
5?*
Preferred
Douglas Aircraft Co
*
Electrical Products Corp.4
Feb
Feb
Exeter Oil Co A com
Jan
Farmers 4 Merch Natl.
1
100
a72
95*
25c
390
55*
18
Jan
25*
275*
Feb
295*
Jan
15*
Jan
25*
Feb
2c
Feb
300
2c
5,000
2c
Feb
6
175*
Feb
175*
Feb
665*
55*
100
63 5*
Feb
68
Jan
2c
6
15*
458
2
al7
al7
65*
185*
1,000
55*
Feb
6
Jan
900
65*
Feb
8
Jan
365
140
55*
55*
a675* a73 5*
115
95*
194
25c
800
95*
25c
390
Jan
1,300
80
15*
alOc
Buckeye Un Oil pref v t c.l
Calif Packing Corp com..*
Feb
25*
50
15*
29
Jan
1055*
110
70
55*% pref..50
1%
Feb
82
25*
1065*
35*
115*
60c
2
a85*
45*
45*
al95* al95*
195*
195*
15*
15*
al25* al25*
5%
15*
15*
Feb
25*
106
245
Jan
Los Angeles Stock Exchange
125*
a65*
cNY Central RR com..*
c
43
295*
103
21
15*
8%.*
Ohio Brass B
al35*
al35*
5
9
a85*
25*
*
Interlake Iron com
al3
106
A) $5 cum pref*
Harbauer Co
65
805*
al3~"
146
103
175*
"a325*
100
a315* a32
a325* a33
103
*
General Electric com...*
General T & R pref
6
STOCKS—BONDS
Jan
265*
5
Eaton Manufacturing
Feb
Telephone VAndlke 1071
Feb
79
100
9
73c
Feb
Jan
Feb
Jan
Cleveland Ry._
9
Jan
Bell System Teletype LA 23-24
Cliffs Corp com
Commercial Bookbinding.*
60c
1
mmmrnrn
„
639 South
High
Low
al05* al05*
755*
735*
com 10
City Ice 4 Fuel
Cl Cliffs Iron pref
Shares
300
Established
Sales
Last
Jan
73c
Akin-Lambert Company
Exchange
both inclusive, compiled from official sales lists
Friday
15*
California Securities
A. T. A T. CLEV. 565 & 566
Telephone: CHerry 6050
*
Jan
2%
1
.
GILLIS Ki RUSSELL co.
15*
155*
mmmmm
Warner Aircraft com
100
45*
85*
mm
"l%
50
Wayne Screw Prod com..4
Wolverine Brewing com. 1
15*
1
mm
United Shirt Dist com
Members Cleveland Stock Exchange
25o
45*
—
mmmrnrn
Specialties
Jan
115*
295*
15*
m
185*
1
1
U nited
5,006
16c
62c
mm
Tom Moore Dist com
U S Radiator pref
Jan
22c
25*
15*
185*
_
Timken-Det Axle com—10
Ohio Listed and Unlisted Securities
15*
1
m
*
Tivoll Brewing com
Jan
95*
15*
mmmmm
10
1
15*
15*
..2
Simplicity Pattern com—1
StdTubeB com.
1
mm
Jan
200
15*
95*
m
Jan
2
65*
28
m
5
Feb
2%
265*
15*
65*
m
Feb
15*
6
rn
Peninsular Mtl Prod com.l
Sheller Mfg com
105*
350
95*
35*
Jan
4
105*
—
*
Scotten-DUlon com
44
m
rnmrnm
m
*
Parker-Wolverine com
Jan
155*
m
10
.
River Raison Paper com. .*
Unlisted—
City Ice.
m
73c
Micromatic Hone com___l
105*
515*
mm
45*
100
73c
"~22C
"
23
300
15*
m
1%
1
Feb
16
135*
mm
2
Feb
Feb
Jan
"41c
95
35*
Jan
Jan
106
25*
Hurd Lock & Mfg com...l
Kinsel Drug com...
39
335*
15*
Jan
Feb
135*
515*
42
20
245*
195*
105*
105*
Jan
15*
2
Rickel (H W) com
25
Feb
500
25
100
Amer Rolling Mill
165*
500
154
50
....
185
15*
135*
*
pref
16 5*
Jan
25*
265*
10
US Printing...
Jan
1H
21
*
25
Nash...
15*
2
135*
265*
Lunkenhelmer
15*
3,703
16 5*
1
265*
*
Kahn
Kroger
15*
25*
20
12
12"
*
15*
25*
mm
Feb
35*
1035*
60
225*
mm
25*
6
Feb
Feb
45*
85*
215*
115*
225*
3
100
Jan
7
104
160
95*
m mm m
Jan
16 5*
512
5
*»
m
-
Jan
24
Hall Lamp com
39
*
Hobart class A
Preferred
35*
965*
85*
95*
10
Hatfield partic pref
100
66
45*
Formica Insulation
Wurlitzer
35*
106
m
Feb
20
20
5
26
m'
m'
1
com
m
mm
125*c
Durham Mfg com
General Finance
25
105
a.
General Motors com
Range Since Jan. 1, 1941
175*
20
m
Detroit Steel Corp com.-.5
Week
175*
20
17c
Frankenmuth Brew com__l
for
of Prices
Low
High
,'mmmm
Det-Michigan Stove com.l
Sales
Week's Range
Crosley Ccrp...
Eagle-Picher.
Jan
Feb
*
Telephone
65*
175*
American Laundry Mach20
Cincinnati
Feb
.17
5
1
Graham-Paige com
Cincinnati Street Ry
Jan
5%
600
175*
Friday
Clnti Gas & Elec pref. .100
Jan
20c
Auto City Brew com.
Baldwin Rubber com
both inclusive, compiled from official sales lists
10Q
65*
Feb
Jan
Jan
Detroit Gray Iron com
Champ Paper pref
Churngold
6
Jan
17c
1,025
55*
Jan
55*
2,195
20c
Atlas Drop Forge com
Feb
5*
225*
Jan
195*
Cincinnati Stock
*
65*
17c
100
720
Det & Clev Nav com
Carthage Mills
6
High
25*
205*
Zenith Radio Corp com..*
Par
2
Feb
2
300
2
135*
com *
Stocks-
Low
Shares
45*
Westnghs El 4 Mfg com.50
Wieboldt Stores Inc com..*
Feb. 22 to Feb. 28,
High
205*
955*
55*
15*
Westn Union Teleg cm .100
Wrlgley (Wm Jr) Co cap.*
Yates-Amer Machine cap.5
Low
1i«
19%
1
Williams Oil-O-Matlc
Price
Range Since Jan. 1, 1941
for
Week
of Prices
195*
175*
5
com
Sales
Friday
Last
Week's Range
Allen Electric com
Common
Walgreen Co
Exchange
compiled from official sales lists
Jan
125*
100
Feb. 22 to Feb. 28, both inclusive,
Jan
625*
125*
615*
Feb
615*
69
Detroit Stock
Jan
105*
Feb
390
10
17
Feb
55*
Feb
685*
Feb
9
25c
390
Feb
205*
55*
685*
95*
Jan
Jan
Feb
Jan
Feb
25c
Feb
Feb
4105*
Jan
The Commercial & Financial Chronicle
1408
Last
Sale
Stocks (Concluded)
Par
Price
Week'8 Range
of Prices
High
Low
43%
43%
43%
435
General Paint Corp com. .*
Preferred
*
6%
6%
6%
175
34
6
Gladding McBean & Co..*
Goodyear Tire A Rubber.*
Hancock Oil Co A com...*
Holly Development Co.-*-l
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp..l
Loe Angeles Investment.
18%
a31%
(ConcludedPar
6
Feb
47%
Jan
Electric Storage BatterylOO
Feb
42%
6%
Feb
General Motors
10
Feb
900
6%
Feb
6%
Jan
Horn & Hard
18%
225
18%
Feb
19%
Jan
031% 031%
35
31%
34
6
18%
100
34
6
34
Feb
34
(N Y) com
Feb
33%
Feb
950
52 %c
Jan
57 %c
Feb
Pennroad Corp vtc
5,875
20c
Jan
36c
Jan
Pennsylvania RR
a23% a24%
5%
5%
1%
2
100
Jan
Phiia Elec of Pa $5 pref.
352
Pblla Electric Power pref
1,512
45c
45c
296
26%
26%
230
c33% a33%
20
26%
25
25
033%
30
30
Pacific Indemnity Co... 10
39%
39%
*
036%
1.40
8%
10
3%
8%
10
28
5%
Jan
6%
Feb
1%
Feb
2%
.
.
Signal Oil & Gas Co cl A.*
Solar Aircraft Co
1
Sontag Chain Stores
*
So Calif Edison Co Ltd..20
Original
preferred....25
6% pref B
5%% preferred O
26
c37%
011%
35c
50
50
—50
1
*
Reading RR
Jan
45c
Feb
26
Feb
28%
Jan
1st
33%
Feb
34
Jan
2d preferred..
preferred
30
Feb
Feb
39%
Jan
Scott Paper..;
36%
Feb
40
Jan
Sun OH
*
1.40
Jan
1%
Jan
Transit Invest Corp pref 25
7%
9%
3%
Feb
10%
Feb
United Corp com
Jan
10%
Feb
*
*
4%
Jan
*
30
Preferred..
United Gas Imp com
2
Transcon & Western Air..5
Union OU of Calif
6%
5%
25%
Feb
28
57
Feb
47%
Jan
29%
29%
29%
446
44%
29%
Feb
Jan
29%
29%
a32% a32%
347
28%
Feb
30%
29%
34%
8%
Jan
34%
Westmoreland Coal
20
10%
20%
5%
Jan
Feb
25
13%
6%
13
Jan
Feb
7%
Jan
2%
24%
Jan
1,546
2
Jan
1,643
22
Feb
96
115%
Feb
30
513
Jan
118
Feb
Jan
31%
Jan
Feb
60
12%
Feb
13%
50
23%
Feb
24
Feb
10
21%
Feb
21%
Feb
2%
50
2%
Feb
Jan
36%
102
Jan
54%
60
33%
53%
3%
37%
Feb
54%
Feb
%
475
«ie
F'eb
Jan
Feb
%
1%
Jan
1%
25%
73
15%
Jan
Feb
30%
8
Feb
10%
188
110%
Feb
117%
602
11%
13%
Jan
14
Feb
Jan
16
Jan
26
25%
4,928
8%
8%
110% 113%
11%
14%
1
210
1%
Jan
12%
15%
802
Jan
Jan
Jan
Jan
St. Louis Listed and Unlisted Securities
Jan
20
84
660
2,691
1,861
4%
Feb
Edward D. Jones & Co.
Established
Jan
Investment
Jan
1922
Securities
31
969
13%
6%
34%
3%
6%
2%
Feb
>ii
10
Jan
Jan
18
4%
013%
Feb
6%
Feb
610
a32% a33%
8%
9%
18%
18%
4%
4%
al3% al3%
Jan
2%
60
Jan
1,172
6%
30%
568
Jan
4
44%
1%
Vega Airplane Co
26
26
18%
Transamerlca Corp..
12%
Feb
Feb
3
44%
Standard Oil Co of Calif..*
6% pref.25
25
6% pref cl A
25%
Jan
6%
25%
*
So Calif Gas Co
Southern Pacific Co
10%
100
400
Feb
3%
6%
25%
44%
29%
032%
033%
10%
25
all% all%
3%
110
2%
53%
*
Westmoreland Inc
60
26
Jan
35%
8%
Feb
29
3
Jan
120
2%
'26""
Feb
300
Jan
48%
Feb
Feb
13%
23%
21%
>
660
34%
30%
13
39%
765
8%
3%
40%
117
High
Feb
23%
21%
2%
36%
53%
200
40
23%
115% 116%
30
30%
23%
115%
170
1.40
851
31%
Jan
a37% o38%
26
26
'""2%
25
Preferred....
Safeway Stores Inc..... *
Shell Union OU Corp
15
*
44
117
30%
2%
6%
2%
22%
2%
Salt Dome Oil Corp
213
10
3%
Feb
32%
42%
117
Low
Shares
333
31%
31%
385
30
39%
a36% 036%
1.40
21
*
*
1
50
55c
Republic Petroleum com.l
Richfield OH Corp com...*
Roberts Public Markets..2
Price
*
34c
Pacific Gas « Elec 00m..25
Ryan Aeronautical Co...l
.
.
Lehigh Coal A Nav
National Pow A Light
31c
45c
Week
10
55c
5%
1%
for
of Prices
Low
High
Horn A Hard (Phila) com.*
55c
024%
..1
Mt Diablo Oil Mng & D..1
Pacific Lighting com
Stocks
High
33c
>
Menasco Mfg Co..
6% 1st pref
5%% 1st pref
Low
Week's Range
Sale
Shares
10
General Motors com
Range Since Jan. 1, 1941
Last
Range Since Jan. 1, 1941
for
Week
1, 1941
Sales
Friday
Sales
Friday
March
887
7
13
Jan
6%
Feb
Boatmen's Bank
Jan
14%
8%
Building, ST. LOUIS
Phone
Members
Jan
St. Louis Stock Exchange
Mining*6c
*6c
6c
1
4c
4o
4c
*
06%
041%
Black Mamm Cons Mng.10
Cardinal Gold Mining
6,000
1,000
Jan
5
Feb
6
5c
CEntral 7600
Chicago Stock E: change
New York Curb Exchange Associate
Postal Long Distance
A. T. T. Teletype STL 693
Jan
4c
Jan
7
Jan
7
Jan
167%
22%
18%
Jan
157%
Jan
Unlisted—
Amer Rad & Std Sanl
Amer
Smelting & Refg
Amer Tel A Tel Co.
Anaconda Copper
60
23%
Atohsn Topk A 8 Fe RylOO
22%
Atlantic Refining Co
25
21%
Corp (The) (Del)3
03%
Aviation
40
06%
06%
a40% a41%
Baldwin Locomotive v t c.
Bendlx Aviation Corp
Bethlehem Steel Corp
15%
-
5
035
*
079%
CaterpUlarTractor Co...*
045%
23%
23%
273
21%
a3%
110
15%
15%
a34% a35
a78% a80%
a45% o45%
40
23%
22%
21%
03%
St. Louis Stock
60
297
..100 Ol60% al58%al62
Feb. 22 to Feb. 28,
Jan
Friday
Jan
24
Jan
Last
Week's Range
21%
3%
Feb
Feb
Sale
of Prices
255
14
Feb
21%
4%
18%
60
35
Jan
35
Jan
American Inv
83%
Jan
Brown Shoe com........*
377
50
83%
Feb
Feb
Jan
27%
Jan
Par
Stocks
25
1
10
Burkart Mfg com
3%
3%
189
3%
Feb
4%
Jan
Continental OU Co (Del).6
17%
17%
17%
200
17%
Feb
Jan
Century Electric Co
Cocoa-Cola Bottling com.l
7%
Class A
1
1
Elec Power A Light Corp.*
General Electric Co
..*
8%
26
3%
32%
General Foods Corp
*
a35%
Goodrich (B F) Co
Intl Nickel of Canada
*
*
13%
024%
Intl Tel A Tel Corp......*
02%
Kennecott Copper Corp..*
Loew's Inc
*
Montgomery Ward A Co *
033%
32%
037
New York Central RR...*
Nor Amer Aviation Inc.._l
12%
14%
North American Co
*
14%
Ohio OU Co
•
06%
50
023%
*
07%
Pennsylvania
RR
Pure Oil Co
....
Radio Corp of America...*
Republic Steel Corp.....*
Seaboard Oil Co of Del...*
Sears Roebuck A Co
*
a4
Standard Brands Inc
Feb
20%
9%
Jan
Columbia Brew com
26
26
100
26
Fab
26
Feb
3%
32%
3%
32%
200
3%
32%
Feb
Jan
Feb
4%
34%
Jan
11%
Feb
13%
Feb
13%
o24% «24%
02%
20
02%
Jan
2%
Feb
33%
32%
Feb
Feb
39
Jan
12%
14%
14%
234
12
Feb
15
Jan
272
13%
Feb
17%
161
14%
Feb
17%
Jan
a6%
a6%
a23% a23%
o7% a7%
15
6%
22%
Feb
7%
Feb
12%
14%
14%
a4
50
034
022%
a35%
United Air Lines Transpt 5
United Aircraft Corp
5
a38%
U S Rubber Co
10
a20%
al9% o20%
•
59%
59%
59%
Feb
Jan
23
19
19%
110
17
Feb
3
Feb
6%
Feb
Emerson Eiec com—
1
Jan
International Shoe com—*
Midwest Plp'g A Sply com*
Mo Port Cement com—25
Low
High
Natl Bearings Metals pf
1st pref....
367
25
Jan
72
Jan
72
8%
Feb
9%
Feb
6%
Jan
Sterling Alum com..
1
Feb
15c
150
29%
8%
38
Feb
25c
Jan
31%
Jan
Jan
Feb
Jan
Feb
Feb
110
Feb
Jan
Feb
5%
1.10
Feb
1.55
7%
7%
425
7%
Feb
8%
Jan
1.00
7%
4%
175
1.15
150
1.00
Feb
1.15
Feb
Jan
Jan
$2,000
68%
Jan
74
Jan
Jan
Feb
Jan
13%
36%
Feb
13%
36%
Feb
Feb
Orders
125
21%
Feb
open
59%
Feb
21%
68%
Feb
462
100
71
Feb
solicited
on
Members New
25
200
1%
3%
1 %
Feb
200
111
98
Jan
Jan
1%
105
6
Jan
.1%
Jan
31 %
77%
Feb
96%
Jan
510
5%
3%
Feb
7%
Jan
Feb
3%
Feb
9
Feb
9
Feb
Jan
3
Jan
38
200
37
Feb
39
Feb
20%
342
19%
Feb
22%
Jan
Jan
2%
Jan
2%
Range Since Jan. 1, 1941
Last
Stocks—
Par
Aircraft Accessories
50
Week's Range
for
Sale
Jan
30
Exchange
Sales
Friday
Jan
Feb
100
Stock Exchange
both inclusive, compiled from official sales lists
Jan
Jan
85c
200
York
Broadway, New York
Francisco Stock
Feb. 22 to Feb. 28,
Jan
Feb
5%
San
Jan
5
29%
2%
arc
Jan
100
9
which
Cortlandt 7-4150
Jan
736
125
Exchanges,
High
4
70
Stock
Private Wire to own offices In San Francisco and Los Angeles
Low
1 %
410
Coast
Schwabacher 6k Co.
Range Since Jan. 1,1941
Shares
Pacific
until 5i30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Jan
10%
19%
Feb
25
1.13
70
35%
leb
9
110
5
Jan
Feb
Feb
70
23
Feb
2%
15
110
6%
St Louis Pub Ser 5s... 1959
37
Feb
37
101
Jan
Wagner Electric com —15
Jan
1%
7%
3%
Feb
6
28
Jan
19%
5%
16
101
Jan
Jan
Feb
Feb
JaD
25
78
Feb
20
200
6%
5
5%
15
24%
22%
180
5%
324
Feb
Feb
405
34
717
99
14%
5
13%
13%
25
37
1%
8%
5%
110
133
350
25
12
90c
19%
38
8
101
6%
1
34
205
.
29%
78%
5%
3%
Westinghouse Air Brake. .*
50
7%
Jan
6
90c
United Eng & Foundry...5
Feb
4
50
Jan
Feb
1.10
Vardaman Shoe com
50
29%
Shamrock OU A Gas com.l
8
5%
14%
101
...100
Jan
*
_5%
50
13%
5
*
22%
Pittsburgh Brewing pref..*
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt..*
Feb
30
13%
100
Natl Candy com
Feb
18%
21%
1%
Pittsburgh Steel Fdy com.*
Ruud Mfg Co
5
50
25c
29%
13%
RIce-Stix Dry Gds com—*
1%
7%
99
29%
Scullln Steel warrants..
4
5%
50
38
25c
150
8
38
15
7
8
*
Key Co com
Jan
20%
100
Mountain Fuel Supply..10
National Flreproofing
3
50
6%
50
50
5
Hyde Park Brew com—10
Hydraulic Pr Brick com 100
Jan
for
Koppers Cc pre!
3
4
Hussm-Ligonier pf ser'36 50
4%
Week
Columbia Gas A Elec Co.*
Fort Pitt Brewing.,
1
Feb
Feb
Feb
8%
of Prices
1%
8%
Jan
12%
15%
19%
50
10
Jan
Week's Range
*
27
25%
13
Feb
Sale
*
Feb
400
25
8%
Last
Arkansas Natural Gas
Jan
25
3%
25
3%
145
Sales
Friday
Allegeny-Lud Steel com..*
Jan
27%
11
both inclusive, compiled from official sales lists
Blaw-Knox Co
Jan
Feb
31
26%
26%
13%
Pittsburgh Stock Exchange
Price
29%
75
30%
13
4
114
26
Par
Feb
35
30%
26%
3%
11
20
19%
25
Stocks—
50
*
Ely A Walker D Gds cbm25
60
o4
Swift A Co
Feb. 22 to Feb. 28,
High
Feb
Feb
Feb
37
071% a72%
8%
8%
13%
Feb
Low
48
2
48
Huttig 8 & D com
*
33%
30%
a71%
8%
"_2%"
1
175
208
125
06%
rnmmmw
205
033% 034
32%
32%
a36% a37
19%
al2% al2%
•
U S Steel Corp
60
Range Since Jan. 1, 1941
for
Week
Shares
5
Falstaff Brew com
121
175
13%
Standard OU Co (N J)...26
(The)
355
a35% a35%
a6%
a6%
a33% 034%
a22% c22%
a35% 035%
13%
13%
038% 039%
Texas Corp
191
8%
High
48
Dr Pepper com
8%
19%
al2%
Socony-Vacuum Oil Co..15
Low
5% pref-.50
3%
Curtlss-Wright Corp
Price
Sales
Jan
*
Columbia Gas A Elec
Exchange
both inclusive, compiled from official sales lists
of Prices
Low
High
Week
Price
10
Atlas Imp Diesel Engine
Bishop Oil Co
_...2
Feb
2.10
Jan
4%
100
4%
Feb
4%
Feb
4%
100
4%
6%
Feb
5
Jan
Feb
4%
"~4%
4%
7%
662
6%
5
109
1.50
1.50
2.00
7%
112%
Feb
Feb
1.50
220
1.50
Jan
1.75
Jan
10
Feb
11%
Jan
Jan
11%
Jan
109
10
*
Byron Jackson Co
High
1.80
1.90
Bank of California N A..80
Low
500
2.00
Alaska Juneau Gold Mln 10
Assoc Ins Fund Inc
Shares
10
10%
249
20
10
10%
347
109
Feb
Unlisted—
Pennroad Corp v t c
13
1
Calamba Sugar com
Calif Art Tile A
*
Calif Packing Corp com..*
Feb. 22 to Feb. 28, both
Central Eureka Mln com.l
inclusive, compiled from official sales lists
Friday
Week's Range
for
Sale
of Prices
Week
Range Since Jan. 1.1941
Crown Zellerbach
com
6
Jan
567
17
Feb
20%
14c
1,000
14c
Feb
17c
Jan
3%
3%
1,840
2.90
Feb
4
Jan
42%
388
40
Feb
27
27
16
26
24
13%
5
17%
40
10
Coast Count GAE 1st pf 25
Cons Chem Ind A
*
Sales
Last
Clorox Chemical Co
"3%
20
17%
14c
7
17%
Carson Hill Gcd Mine cap 1
Philadelphia Stock Exchange
9%
24
158
24
13
13%
1,020
12%
Feb
288
86
Feb
92
7
7
Par
American Stores
*
American Tel A Tel
Price
10%
100
Barber Asphalt Corp
10
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Low
High
9%
10%
158% 162
8%
8%
111% 111%
Shares
Low
9%
Jan
677
Feb
Feb
leb
4
4
150
156%
8%
110%
3%
83
87%
1.50
1.50
1.50
100
350
18
26
41
18%
11%
168%
Jan
9
Jan
50
Emsco Der A Equip Co...5
119
Jan
Fireman's Fund Ins Co..25
5%
Jan
Food Machine Corp com 10
Jan
Emporium Cap well com.
Preferred (w w)
"42
"98%
18%
41%
6%
42
19
44
120
99
209
27%
311
6%
Feb
19%
Jan
Feb
44%
Jan
Jan
Jan
18%
Feb
20%
1,237
40%
Feb
48%
Jan
5
Jan
6%
Feb
Feb
35%
Jan
Chrysler Corp
5
65%
60
General Motors
com
10
42%
155
Feb
71%
1%
Jan
1%
Jan
Genl Paint Corp com
*
6%
6%
100
33%
34%
170
63%
1%
32%
leb
*
66%
1%
Feb
34%
Feb
33%
33%
436
Preferred
Feb
20
Galland Merc Laundry—*
Jan
1.55
Feb
Jan
Jan
Jan
1.40
32
7%
1409.
Jan
Feb
Feb
see page
Jan
27
5%
For footnotes
Jan
15%
100
192
""33%
28%
26
Feb
6%
*
Feb
Feb
6%
6%
Prior pref
Feb
96%
*
com.
42%
7
Budd Wheel Co
Curtis Pub Co
Jan
Feb
98%
27%
18%
4
Jan
High
1,353
25
87%
87%
Di Giorgio Fruit Crp com 10
Stocks—
•
Preferred
7
33%
Jan
The Commercial & Financial Chronicle
Volume 152
Friday
Sales
Last
Par
Week's Range
for
Sale
Stocks (Concluded)
1409
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1941
Shares
Canadian Markets
High
Low
(Continued from
Gladding McBean A Co..*
Golden State Co Ltd
6
Hawaiian Pine Co Ltd...*
Feb
75*
Jan
105*
165*
Jan
300
45
53c
40
40**
5
LeTourneau (R G) Inc...l
Lib by NcNeil A Libby... 7
Lockheed Aircraft Corp_.l
Magnavox Co Ltd
1
Magnln & Co (I) com
*
15
474
5
Feb
50c
Jan
40
125
Feb
Jan
45*
54c
Jan
Toronto Stock
Jan
Exchange
Jan
43
55*
Feb
Sales
Friday
249*
245*
232
245*
Feb
Jan
5**
5**
250
Feb
7
Jan
Sale
24 K
23**
25**
894
5**
22**
Feb
28
Jan
90c
91c
2,300
80c
Jan
1.00
8
8
Jan
85*
Jan
Royal Bank
Range Since Jan. 1,1941
for
Feb
8
Week's Range
last
5**
90c
265
28**
Stocks (Concluded)
100
155
♦
16**
364
15**
Feb
185*
Jan
Royal Ite
2.00
600
1 80
Feb
2.35
Jan
10
325
9**
Feb
10
Jan
St Anthony
j
m
High
150
Russell Industries pref. 100
145
15
Feb
22**
Jan
St Lawrence Corp
100
8**
Jan
95*
Jan
San Antonio
Oliver Utd Filters B
*
Paauhau Sugar Plant...15
39*
3**
200
35*
Feb
4**
Jan
Sand River
5
5
25
79*
8
300
75*
Feb
85*
45*
Jan
Feb
10c
Jan
Jan
14**c
Jan
2**
Feb
2,600
Jan
Jan
2**
100
2.30
4,350
2.03
Feb
2.65
5c
5c
1,000
5c
Feb
7**c
Jan
37c
41c
19,100
360
Feb
59c
Jan
155*
155*
29
15**
Feb
I
PacificAmer Fisheries com5
Senator-Rouyn
Shawlnlgan
Jan
151
2.15
1
5
21
Feb
2**
i
Jan
Feb
145
9**C
*
8**
5
17**
10
166**
2.30
20**
8**
20
Feb
105
17**
145
High
Low
149)*
41
10c
20 J*
Th
Shares
155
17**
*
XVes>Tr
rV eefc
JrilrCteS
Low
Price
1.85
1.95
1
VJ
Par
16 H
5
N Amer Invest 6% preflOO
Nor American Oil Cons..10
1411)
page
Jan
8**
53c
15
Holly Development
March Calcul Machine
Menaeco Mfg Co com
Natomas Co
59*
318
40**
9**
1
Home F & M Ins Co cap. 10
Langendorf Utd Bk B.__*
346
95*
15**
6
6
»
41c
*
8**c
Feb
2
17
Jan
Jan
45*
100
Sherritt-Gordon...
1
70c
65c
70c
6,055
650
Feb
87o
Jan
1.40
1.45
2,557
1.40
Feb
1.65
Jan
Sigma
1
7.75
7.40
7.85
998
7.40
Feb
8.90
Jan
26 **
26**
26**
3.275
Feb
28 J*
Jan
Silverwoods
*
3**
3**
25
3
Feb
4**
Jan
33 **
33 J*
33**
1,726
Feb
30
30
335
Feb
34**
315*
Jan
5**% 1st preferred...25
255*
32**
295*
6
6
'5
6
Feb
6J*
Jan
Pac Light Corp $5 div.__*
Pac Pub Ser 1st pref
*
Pacific Tel A Tel com..100
107
1075*
78
106 5*
Jan
1075*
Feb
4**
4**
9
4**
Jan
5
Jan
17**
462
165*
185*
Jan
Simpsons pref
955*
120
100
Pacific Clay Products cap.*
Pacific Coast Aggregates.6
4 H
Pac G A E Co com.....25
6% 1st preferred
25
Preferred
17
Simpsons "B"
*
Feo
126
Jan
Sl8coe Gold
1
149
Feb
160
Jan
Sladen-Malartlc
287
Jan
5
Jan
Slave Lake
Feb
16
Jan
Standard Chemical
3
13**
3
237
135*
1
1.35
255
1.35
Feb
1.50
Jan
Stedman
135
12**
Feb
145*
Jan
Steel of Canada
8**
85*
1,032
75*
9
Jan
Steep Rock Iron Mines
3 **
3**
550
3
Feb
45*
Jan
Straw Lake
Schleslnger Co B F 7% pf25
6**
6**
6**
20
55*
Jan
Feb
25**
100
25**
Feb
Jan
Sturgeon R
Feb
Sudbury Basin
Sylvanlte Gold
18**
Universal Cons Oil
Vega Airplane Co
'Victor Equip Co com
102
1,218
8**
Jan
105*
Jan
222
7**
Feb
85*
Jan
185*
7,614
Feb
205*
Feb
10**
Feb
Feb
25
Jan
Feb
70
Jan
10
22
60
93c
Feb
1.78
3**c
35*c
11,800
3**c
Feb
4**0
Jan
14
14
Feb
14
Feb
30
17 **c
1,000
17c
Jan
19c
Jan
1.24
1.25
200
1.10
Feb
1.65
Jan
59c
59c
500
57**c
Feb
63o
Jan
2.53
2.65
2,531
2.50
Feb
2.90
Jan
52**
1.25
18c
_1
2.60
1
Feb
40c
Feb
52**
10
52**
Feb
52**
Jan
Feb
55*
145*
Jan
Teck
3.10
3.20
3,945
3.10
Feb
3.75
Jan
Jan
Jan
Texas-Canadian
1
1.00
1.00
500
1.00
Feb
1.05
Jan
8
Jan
9**
Jan
Toburn
1
1.55
1.55
200
1.55
Jan
1.80
9
Jan
Toronto Elevator
*
5,055
2,268
13
85*
100
10
TVs
75*
7**
Feb
1**
09*
6**
270
65*
Feb
7**
Jan
4
4
175
4
Feb
5
Jan
Tamblyn pref
50
Hughes
3.20
1
Preferred
5
19
Feb
21**
Jan
45
45
20
45
33
44
Feb
45
Feb
1
10c
*
10c
1.000
10c
500
Feb
25c
25c
25c
1 **
1**
200
1**
Feb
Uchl Gold
l
25c
22c
26c
9,800
22c
Union
*
125*
12
12**
240
12
34
34
10
34
4
Feb
6**
200
65*
Feb
85*
Jan
Transcont'l
23**
10
22**
Feb
24**
Jan
Twin City
295
5
287
Jan
300
Unlisted—
Atlas Corp com
a6 **
25
159** 160**
666
a23% a24**
30
a6**
Anaconda Copper Mln_.50
Anglo Nat Corp cl A com.*
Atchison TopASanta FelOO
3.35
*
115*
Jan
Feb
Jan
Feb
235*
Jan
Wood Alex pref..:
22
35
55*
Feb
297
7**
Feb
5
am
107
4
Jan
General Eleotrlo Co
*
a32**
a32** 032**
275
20
Idaho Mary Mines Corp..l
Internatl Nick Co Canada *
14 J*
14**
14**
235
5 9*
5**
a249* a245*
3
3**
a3
Radio Corp of America
Bo Calif Edison
Feb
35*
Jan
8c
2**
Feb
3**
Jan
235*
Jan
5
44
248
14
Feb
175*
82
17
Jan
175*
48
35*
17**
Feb
025*
25
35*
47
22 5*
4
Jan
Jan
35*
245*
45*
Jan
Jan
Jan
6
Feb
7
30
7
Jan
7
Jan
255*
29**
537
255*
29**
Feb
28
Jan
Feb
31
Jan
06**
35**
90
6**
Feb
65*
Jan
330
35**
Feb
35**
Feb
17**
10
17**
Feb
Feb
Feb
1.10
1.15
1,600
1.00
Jan
eo **
58**
60**
1,184
565*
Feb
705*
Feb
19*
1**
300
1**
Jan
1**
Feb
70c
75c
700
70c
Feb
81c
Jan
6**
12
6**
Jan
65*
Jan
Inc.
Sales
Decreased
on
8.5%
from
828,356,
a
for
sales
for January, 1941,
had
from
an
market
a
value of
December.
increase of
sales
of
1940,
and
a
announced on
sales on all registered
amounted to $700,-
decrease
value of total
of 16.3% from
Stock sales, excluding rights and warrants,
January, 1940.
Bund
$613,053,085,
sales were
a
decrease of 13.2%
valued
17.7% over December.
rights and
at $147,634,500,
The market value of
warrants in January totaled $140,771.
The SEC announcement further
said:
25,723,379
Total principal amount
of bonds sold was $276,042,265, an increase of 10.9% over December.
The two leading New York exchanges accounted for 93.6% of the market
value of all sales, 92.1% of the market value of stock sales, and 99.8% of
The volume of stock
shares,
a
The
sales, excluding rights and warrants, was
decrease of 20.4% from December's total.
the market value
market
of bond sales on all
value of
total
January, 1941. amounted to
19*c
1,15
Jan
Feb
4**
15
4**
Feb
7**
Feb
80
5
80
Feb
80
Jan
Jan
Feb
80
7c
7c
500
7c
Feb
9C
Jan
5.95
6 .05
6.25
11,315
5.95
Feb
7.00
Jan
6**c
3,000
6c
Feb
7c
Jan
101**
985*
$3,000
Jan
1019*
Feb
98 »*
Feb
99'/*
Feb
6**c
6**c
101
101
98?*
985*
Toronto Stock
Par
Stocks—
19.000
101
Exchange—Curb Section
inclusive, compiled from official sales lists
Sales
Low
Price
*
Bruck Silk
Range Since Jan. 1, 1941
6 9*
Feb
8
Jan
80c
Jan
85c
Feb
2 J*
Feb
4
Jan
39*
2,696
10
Feb
10
Feb
40
22**
Feb
26**
Jan
7**
7 V*
50
7**
Feb
10
8c
8**c
1,000
8c
Feb
10
10
25
25
Kirkland Townslte
...1
Langley's pref
.100
17
.
5
10
17
Jan
15
Jan
10C
17
Jan
Jan
6c
0c
600
5c
Feb
9c
Jan
25**
25**
25
25**
Feb
299*
Jan
5c
Feb
Mandy...
*
Montreal Power
25**
7c
5c
7c
Feb
lc
lc
1.000
9*c
Jan
lc
Jan
1.54
1.35
1.54
3,810
1.35
Feb
2.10
Jan
4**
4 **
4,825
29*
Jan
1.000
49*c
Feb
1
Osisko Lake
Pawnee-Kir kland.... ...1
— ...]
Pend-Oreilie
*
Rogers Majestic A
Temlsk Mining
*
10
400
2 9*
3**
*
Fraser vot trust
5**
80c
*
Dominion Bridge
Jan
7
*
Disher Steel pref
49*
80c
*
Consolidated Paper...
Jan
50
5
69*
09*
...1
Canadian Marconi
High
Low
Shares
High
5
*
Canada Vinegars.....
5 9*e
1
4,500
7c
5
5 **c
5
89*c
Jan
Jan
No par value.
Reports Total Urban Home
sales
on
Increased
1940
December and
decrease of 8.5% from the market
December,
11
Feb
50c
Heavily
to
About
Mortgage Debt in
$19,300,000,000
increased home building and financing
increased the total urban home mortgage
Feb. 28 that the market value of total
securities exchanges
"80
Feb. 22 to Feb. 28, both
National Securities
Exchange Commission
and
Feb
l**c
4
'
16.3% from January, 1940
Securities
9**
900
50c
10
Jan
Feb
Feb
6**
35
l**c
50c
9**
for
18**
Jan
55*
324
Jan
4**
Loan, 2d
FHLBB
The
Feb
1
Week
4**
Market Value of January
Exchanges
1**
of Prices
175*
1.30
The Wahl Co. to Eversharp,
Feb
Week's Range
Odd lot sales,
a
50
Sale
b Ex-etock dividend,
c Admitted to unlisted
trading privileges,
d Deferred delivery,
s Cash sale—not included In range for
year,
t Ex-dividend,
y Ex-rights,
z Listed,
t In default,
f Title changed from
No par value,
Jan
15*
1
Last
17
35**
17**
5
20**
Friday
100
a6
Utah-Idaho Sugar Co com 5
Westates Petroleum pref.l
Feb
Jan
"TIo
Title Guaranty Co pref...*
U S Petroleum Co
1
United States Steel com. *
19**
Jan
6
a4**
29**
69*
215
Feb
7
35 34
195*
Bond*—
Jan
23 J*
700
6
a
19**
Jan
a23**
o2**
a3**
Standard Brands Inc....*
Texas Corp com
25
48
Feb
6c
3
17
25**
West Coast Life Insur
War
18
25
Jan
Feb
"
War Loan, 1st
Jan
4
25
com
6% pref
6**
255*
Jan
Jan
18
*
4.10
39
10
*
Feb
176
14
a23
Ymlr Yankee
14**
5**
4
Riverside Cement Co cl A.*
Shasta Water Co com....*
Jan
Feb
155
1
•
Hargreaves
255*
3,600
al5** al5**
a2%
1
Wright
90
a4
14
Wood-Cadillac
500
a21**
.100
Jan
Feb
3**
3
a4
a23**
4.25
750
19*c
Jan
Jan
Jan
Jan
Feb
8c
a21
*
com
710
50
95*
4**
345*
275*
6
31**
*
a7c
Pennsylvania RR Co...50
3.30
3.55
Winnipeg Electric pref. 100
155
Jan
40
3.20
195*
Winnipeg Electric clA__.*
45*
102
Jan
2.28
3.50
1
Jan
7**
o3*g
Packard Motor Co
*
1.35
12**
5**
Feb
05**
Nor American Co com...10
Olaa Sugar Co
20
Onomea Sugar Co
20
Westons
Wlltsey-Coghlan
375*
a45*
3**
Western Canada Flour...*
Feb
<z209* a21**
a2~\
5*
*
Feb
7Vs
National Distillers Prod..*
North Amer Aviation
1
4
Feb
.80
Feb
a5H
Mountain City Copper...5
Nash-Kelvlnator Corp
5
lie
Preferred
Jan
4
39**
180
am
5
Feb
3.50
3.30
*
760
100
.1
3.10
*
Walkers
1
M JAMA M Cons
Feb
Ventures
*
McBryde Sugar Co
1.27
95c
12
5**
37,025
Jan
Curtlss Wrlgnt Corp
Elec Bond A Share Co
com.
1.59
Jan
Jan
90c
Hawaiian Sugar Co
1.33
3**
365*
12
a21**
Feb
a35**
a35
am
29*
Jan
Jan
Feb
100
4
735
Walte-Amulet
1,840
4
2**
Jan
5
'16
25*
1.59
Jan
a35*
•
1
Feb
Jan
United Steel
Upper Canada
3 5*
25
Jan
38**
5**
25
Jan
46
Jan
14**
Feb
4**
„
Jan
Feb
Feb
4**
United Fuel cl B pref.
Jan
168
o
Feb
39o
.25
Jan
275*
Consolidated Oil Corp
*
Gas
Feb
22
290
a6**
ht
Cities Service Co com.. 10
Cons Edison Co of N V..»
Feb
19**
235*
a6**
a35
1595*
7**
5**
24**
a39*
3
Rights
Aviation A Trans Corp
1
Bendlx Aviation Corp....5
Blair A Co Inc cap
1
Bunker Hill A Sulllvan_2**
Feb
4**
22**
am
5
6
620
5
5
Aviation Corp of Del
So Cal Ed
Resources
United Fuel class A pref. 50
Am Rad A St Sntry
*
American Tel A Tel Co. 100
50c
Feb
6%
23**
Jan
140
Feb
*
1
Jan
20
50
Towagmac
Waialua Agricultural Co-20
Wells Fargo Bk A U T..100
295
Jan
40c
45*
13**
89*
1
60
4**
10
40c
40c
18
153
Vultee Aircraft
Jan
Jan
4**
25
Jan
9**
13
13
101
75*
8?*
714
18**
"i h
141
102
101
7X
com
19**c
Jan
30
*
Sullivan
Union Sugar
Jan
10**
22,455
1
25
10**c
10
1.17
Stuart Oil.
25**
65*
265*
...2
70,300
61**
»
9
Jan
Jan
97c
•
Feb
Transamerlca Corp
Union Oil Co of Calif
43c
1.17
*
12**
Standard Oil Co of Calif..*
Thomas Allec Corp A
*
61c
Feb
14
1.35
12**
8 9*
3 **
*
Feb
30c
35*c
1.35
12**
Spring Valley Co Ltd
51**c
2,100
10**c 13**c
10**
10**
23**
23**
13c
10**
Manufacturing Col
Southern Pacific Co... 100
3.800
31c
54c
_*
Richfield Oil Corp com
»
Ryan Aeronautical Co.. .1
Signal Oil A Gas Co A.._*
Soundvlew Pulp Co preflOO
54 c
1
3
91**
53c
30c
115**
62
Feb
94
100
39
149
13 K
Republic Petrol Co com._l
Rheem
_*
118
1
com
Silverwoods pref
149
*
Rayonier Incorp
Jan
Jan
117
100
R E A R Co Ltd com...
Feb
4**
registered exchanges.
all exempt securities exchanges for
$777,459, a decrease of 20.5% from December.
ican
people to about
$19,300,000,000,
in 1940
debt of the Amer¬
close to the 1928
Federal Home Loan
or
level, it was stated on Feb. 22 by the
The figure, it is stated, represents a pre¬
Bank "Review."
all non-farm resi¬
favorable
real estate market factors noted by the "Review" in its
annual summary of the previous year.
The Board's an¬
liminary estimate of the balance due on
dential mortgages
and is regarded as one of the
nouncement concerning its review
added:
of foreclosed
during 1940. The
by active banks,
savings and loan associations, life insurance companies, and other institu¬
tional mortgage lenders was approximately $2,000,000,000 at the end of
1940 as compared with $2,400,000,000 at the close of 1939.
Another important
properties by mortgage lending institutions
of residential properties held
residential
estimated
The
factor was the large decrease in holdings
"over-hang"
"Review"
stated that
a
large portion of
the over-hang is concen¬
Atlantic seaboard.
holdings of the
institutions are now down to a point where they cease to be a threat to
the stability of the real estate market and to the normal operation of
mortgage lenders, the "Review" added.
trated
In
in
most,
a
few
areas,
of
the
other
particularly along the northern
sections
of
the
country
property
The Commercial & Financial Chronicle
1410
March
1,
1941
Canadian Markets
LISTED AND UNLISTED
Industrial and Public
Utility Bonds
Montreal Stock
Closing bid and asked quotations, Friday, Feb. 28
Exchange
Sales
Friday
(American Dollar Prices)
Ask
'
'
Bid
'
j
Abltlbl P <k P ctfs 58..1953
43
Alberta Pac Grain 6s.. 1946
Algoma Steel 6s
V
Ask
British Col Pow 4348-1960
Federal Grain 6s
1949
66
67 34
66
67 34
6734
7034
Gen Steel Wares 4348.1952
Gt Lakes Pap Co 1st 6s '55
66
69
6334
65
6834
Lake St John Pr A Pap Co
5 34s.
1961
59 34
61
6134
63
69
71
6634
1954
Canada Cement 4348.1951
Canada SS Lines 5s... 1967
6534
67
Canadian Vickers Co 6s '47
36
38
N Scotia Stl A Coal 3
34s '63
58
60
73
65 34
64
67
7134
Power Corp of Can 434b *59
Price Brothers 1st 5S..1957
6834
70
Quebec Power 4s
1962
68
6934
1966
72
74
Dom Steel A Coal 634« 1955
Dom Tar A Chera 4 34 1951
70
72
McColl-Front OH 434 s 1949
Donnacona Paper Co—
for
of Prices
Low
High
Week
Price
Par
Range Since Jan. 1. 1941
Shares
Low
High
:•
45
Massey-Harrls 434 s
1948
Stocks (Concluded)
Week's Range
Sale
Bid
Last
66
General Steel
Wares
434
»
.....--100
Preferred
(Charles)
*
Gypsum Lime A Alabas..*
Hamilton Bridge
88
Feb
9334
Jan
10
54)4
Feb
56
Feb
Feb
4
Jan
334
3
5
75
3
234
334
85
1234
350
3
234
334
1234
Feb
334
Jan
Feb
5
Jan
Jan
13
12
335
11
Feb
9934 100
100
•
334
11
•
100
Imperial Oil Ltd
3
1234
6
Hudson Bay Mining
Jan
10
5434
3
—*
Paper
634
88
3
Preferred
Feb
5434
Gurd
Howard Smith
434
88
Goodyear Tire pref inc'2750
Hollinger Gold Mines
310
434
434
120
98 34
Jan
25
400
2434
Feb
2634
•
2434
2434
9
934
1,326
Imperial Tobacco of Can 6
1234
1234
586
Indust Accp Corp
13
13
*
Jan
9
1434
Jan
100
Jan
Jan
Feb
1034
Jan
1134
Feb
14
Jan
10
13
Feb
1534
Jan
1966
5034
52
Saguenay Power—
4348serle8 B
23 34
International Bronze pref25
23 34
2334
2434
75
Jan
25
Jan
Inti Nickel of Canada
3234
3134
3234
1,186
31
Feb
3634
Jan
73
70
73
50
6934
Feb
*
1334
1334
14
300
13*
Feb
International Power.....*
4fl
68
234
234
3
218
85
85
57
Feb
234
85 •••;• Feb
7434
15*
334
8734
12
1234
140
12
16
634
801
434
Jan
634
Feb
2 34
65
234
Feb
3 a/g
Jan
•
„
6934
Intl Paper & Pow pref.
.100
Intl Petroleum Co Ltd
Famous Players 434B..1951
100
85
...»
12
Intern Power pref
Provincial and
Lake of the Woods
Municipal Issues
Lindsay (C W)__
Closing bid and asked quotations, Friday, Feb. 28
Province of Alberta—
Bid
Ask
Jan
1 1948
40
42
5s..
Oct
1 1942
9934 100 34
4348
Oct
1 1956
39
41
6b
Sept
16 1943
6fl
Mag
1 1969
100 a 10134
94
9534
4s
June
1 1962
85
87
434s
Jan
15 1965
90
92
6s
July
434s
12 1949
82
84
1 1953
Oct
78
8034
1 1941
91
93
16 1954
67
70
2 1959
67
70
Province of Manitoba—
4348
..Aug
6s
June
6s
Dec
15 1960
80
15 1961
76
79
Feb
36
Feb
9
85
8634
Power
79
81
Feb
10
Jwi
Jan
99
Feb
Jan
934
Jan
434
434
434
Feb
9
434
934
195
934
435
9
Feb
534
1234
Jan
12
Feb
5
Feb
5
10434
Jan
107
Price Bros A Co Ltd
May
1 1961
79
81
Quebec Power
Regent Knitting
Corp of Canada...*
*
12
.
5
88
91
4 34s
Oct
1 1951
58
62
St Law Flour Mills pref. 100
St Lawrence Paper pref-100
2
1534
112
1634
Sherwin Williams of Can.*
Steel
Co of
Canada
5
234
2,020
1534
165
112
2
1534
Jan
Ask
53 34
72
54 34
4Kb
Sept
1 1946
73
6e
Dec
66
68
4348
July
8134
1 1954
79 34
73
1 1960
68
69
73 34
10134 102
Jan
112
Feb
15
110
Feb
23
35
Feb
4034
569
16
Jan
17
Jan
15
9
Feb
Jan
9
*
Jan
265
60
Feb
70
Jan
65
60
1034
64
Feb
73
Jan
1034
60
64
234
Jan
1234
1034
20
200
234
234
Feb
Jan
Jan
334
Wabasso Cotton
*
24
24
24
30
24
Feb
27
*
48
48
48
10
46
Jan
50
Winnipeg Electric cl A...*
90
90
90
38
90c
Feb
1.15
90
90
55
90c
Feb
1.00
434
B
*
Preferred
100
434
135
434
Jan
Jan
Jan
50
Jan
25
Feb
7
Jan
50
50
10
45
Jan
50
Jan
2434
100
Zellers pref
Bonds
Jan
Jan
234
17
1634
64
"66"
»
Woods Mfg pref
Dominion Government Guaranteed
Feb
Feb
Western Grocers Ltd
Bid
Canadian Pacific Ry—
Jan
1434
3534
1034
25
United Steel Corp..
Ask
180
16
9
*
Preferred
(American Dollar Prices)
224
5
105
Jan
35
Shawlnlgan Wat A Power.*
Southern Can Power.
99
12
i
105
St Lawrence Corp A pfd.50
Closing bid and asked quotations, Friday, Feb. 28
Jan
9
66
2434
25
2434
Feb
2434
Jan
Banks—
100
29
145
Feb
146
Jan
100
153
153
153
39
153
Feb
162
Jan
Montreal
(American Dollar Prices)
Canadienne
Commerce
Closing bid and asked quotations, Friday, Feb. 28
100
180
180
182
163
180
Feb
193
Jan
280
280
285
280
Feb
284
Jan
150
155
101
150
Feb
166
Jan
Nova-Scotia
Ask
Bid
Canadian Northern
June 16 1955
14
9
68
92
Jan
95
63
9134
9334
2134
10
65
1 1951
Feb
25
15 1946
Sept
20
47
15 1943
434s
434s
Jan
175
934
Nov
Bid
Jan
38
934
June
Canadian National Ry—
2734
Feb
9734
534s
11944
Feb
Feb
4934
25
1
Ss
16 1944
2434
31
760
9
2434
"5234
.100
88
Deo
315
32J4
5234
82
85
July
2434
5034
16
1 1960
6a...
2434
16
16 1952
4 348
Jan
Ottawa Electric Rys
*
Ottawa L H & Power.. 100
Mar
4s perpetual debentures
6s
Sept 16 1942
Feb
29
2034
Sept
Bid
110
Feb
20
4 34s
Pacific Ry—
Feb
25
*
6s
Canadian
110
Ogiivie Flour Mills...:
1 1958
Railway Bonds
Jan
534
140
*
Saguenay Power pref.. 100
St Lawrence Corp
*
Province of Nova Scotia—
Feb
Jan
2,164
*
Feb
Prov of Saslcatcbewan-
434
Jan
2534
2534
*
4s
83
Apr
130
434
434
110
110
Feb
Jan
31
"25 k~
Noranda Mines Ltd
434 a
Apr
4348
L
Natl Steel Car Corp
Preferred
5s
34
100
Mont L H & Power Cons.*
Placer Development..
Province of Quebec—
4 34s
Mar
2 1950
Prov of New Brunswick—
"4
'
National Breweries
Province of Ontario—
5s
Prov of British Columbia—
234
McColl-Fontenac Oil-.-.*
Mitchell (J S) pref
Ask
ic 634
Massey-Harrls. .........*
(American Dollar Prices)
Bid
634
*
Jan
Feb
Ask
Ry—
1 1946
103
86
89
78
100
Royal
155"
100
104
Grand Trunk Pacific Ry—
4s
..Jan
1 1962
145
80
634»
July
145
Montreal Curb Market
9434
4Mb
Feb
1 1956
9134
9234
434 s
...July
1 1967
92
9234
5s........July
1 1969
94
9434
5e
Oct
1 1969
Last
Feb
1 1970
9434
9434
95 34
5e
Week's Range
for
9534
Sale
of Prices
Week
3a...
1 1962
Jan
Feb. 22 to Feb. 28, both
Stocks—
Montreal Stock
Stocks—
Par
Price
Agnew-Surpass Shoe
*
*
8
Asbestos Corp
*
16
Associated Breweries
*
Bathurst Pow A Paper A.*
Bell Telephone
100
Brazilian Tr Lt 4 Power.*
Brit Col Power Corp cl A .*
Bruck Silk Mills
»
100
Can North Power Corp.."
Canada Steamship (new).*
..50
Canadian Bronze
156
*
Pacific Ry...25
*
Ooiisol Mining A Smeltlngd
Distillers Seagrams
...
.....
334
934
Jan
Calgary Pw 6%
Jan
17
1534
Jan
13
Jan
331
15534
Feb
160
Jan
534
Feb
877
325
23
Feb
123
434
1334
Feb
190
Feb
734
2634
534
1534
169
1634
Feb
18
434
Feb
10
96
Feb
734
388
7
Jan
334
600
187
334
1734
Feb
15
35
Feb
103
2
103
Feb
7
225
634
Feb
Feb
634
100
834
534
2034
3534
105
1034
2734
2834
Jan
Jan
Jan
cum prf
Cndn Breweries pref
*
Canadn Industries Ltd B_*
Jan
-
Cndn Marconi Co
Jan
Cndn Pow A Paper Inv
Canadian Vickers Ltd
*
Jan
Jan
Consolidated Paper Corp.*
Jan
Class B
*
2334
930
2034
Jan
22
22
155
22
Feb
117
35
114
Feb
124
Jan
Donnacona Pap Co Ltd A *
Feb
23
Feb
Jan
115
Feb
2234
2234
11234 122 34
10
10
10
2
234
2
234
2
100
—
—
-
-
-
80c
Jan
2
Feb
3
Jan
Fleet Aircraft Ltd
Feb
234
Jan
Ford Motor of Can A
434
434
Feb
634
534
Jan
Fraser Cos vot trust
*
Jan
434
434
135
Feb
225
2.50
Jan
934
75
9
Feb
10
Jan
5
127
Jan
127
Jan
4
Feb
5
Jan
4
50
1.90
Feb
1534
Feb
1834
80
12
Feb
1234
Jan
10234 10234
47
101
Jan
10234
Feb
24 34
25
2434
99
10
95
602
Jan
Feb
27
Jan
Jan
98
Feb
734
734
25
734
Jan
734
Jan
75c
80c
525
70c
Feb
95c
Jan
2134
Feb
25
Jan
22
22
40
182
5
180
Feb
207
Jan
168
1
17534
Jan
17534
Jan
50
310
41
Feb
48
Jan
1334
10
13
Feb
1334
Feb
85c
85c
11
35
-
2
0+ mm
35
25
2
1.50
50
1.50
250
85c
Feb
85c"
Feb
10c
Feb
50c
Jan
2
Feb
334
Jan
Feb
1 95
Jan
734
Feb
1.50
734
734
8
734
Feb
234
334
2,403
234
Feb
75c
334
75c
100
75c
Feb
1.00
Jan
12
1034
Feb
1034
Feb
10
10
1.40
1.40
23
1.60
Feb
1.00
1.40
1.25
14
1.75
6
334
334
334
334
Jan
1.60
F'eb
Feb
1.75
Feb
Feb
734
143
334
Feb
534
Jan
230
334
334
10
4
6
334
Feb
534
Jan
7
Jan
15
6
International Utilities B..1
2,735
1034
2.00
127
1334
*
Jan
Jan
50
*
2
Jan
Jan
168
*
10
85c
734
115
182
-••«-~
__._20
50
434
10
50
10
Feb
3
Jan
2
Feb
434
125
4
Feb
534
1534
420
15
Jan
1534
Jan
734
834
635
7
Feb
1034
Jan
545
15c
Jan
46
2
4
834
15
3634
684
35
Feb
39
Jan
Lake St John P & P
*
2434
2534
2534
890
24
Feb
28
Jan
Mackenzie Air Service
*
185
2234
Feb
26
Jan
MacLaren Pow & Paper. _*
11
Feb
126
Jan
Massey-Harris 5%cmpfl00
400
Jan
1534
35
234
20
25c
Jan
Jan
McColl-Frontenac Oil
25
115
117
6
119
734
34
Preferred.
55
434
""434
Dominion Woollens
155
110
434
117
Jan
Donnacona Paper B
*
Ea Koot Pw 7% cum prf 100
Fairchild Aircraft Ltd
5
17
434
36 34
25
2234
Jan
Feb
99
«,
Cub Aircraft Corp Ltd
*
David A Frere Ltee cl A..*
Feb
Feb
Feb
105
2434
10234
*
Jan
55c
4
240
12
Commercal Alcohol Ltd..*
Consolidated Div Sec pref*
Feb
1,050
1,119
1634
1
Jan
1941
High
75c
12
Cndn Light A Power ColOO
Jan
4
Low
6
16
7% cum pref
100
CndnIntInvTr5%cmpf 100
Jan
9
Range Since Jan. 1,
Shares
110
1634
100
Canada Vinegars Ltd
*
Canadian Breweries Ltd..*
1.90
High
12
Canada A Dom Sugar Co •
Can North 7% cum pfd 100
Jan
1734
2234
*
100
96
1434
1134
434
127
•
10
Low
108
2.00
114
87
preferred
110
Beauharnois Power Corp.*
Beld'g-Cort 7% cum prf 100
Brew&Dlst of Vancou Ltd 5
Jan
Jan
35
634
100
6%
534
*
Feb
Feb
334
1734
103
4
*
5
7
14 34
35
1734
*
English Electric clA
Gatineau
96
7
*
Electrolux Corp
1
Enamel & Heating Prod..*
434
534
1134
Sales
60c
100
Brit Amer Oil Co Ltd
10 34
230
Dom Tar A Chemical
Preferred
High
100
434
434
Dominion Stores Ltd
Dryden Paper..c
Low
310
1634
*
100
Dominion Steel A Coal B 26
480
14
..*
Cockshutt Plow
15
434
1334
1634
100
*
16
1054
1134
15534 156
50
153
24
100
Cndn Ind Alcohol
8
2334
*
Dominion Bridge
Dominion Glass
Shares
23 34
......25
Rights
Canadian
Range Since Jan. 1,1941
534
Celanese_..._.*
Class B
for
Week
534
*
Cndn Cottons pref
Cndn Foreign Invest
1134
15
Cndn Bronze pref
100
Ondn Car A Foundry....*
Preferred 7%
High
1534
"iili
*
Canada Cement
Preferred
Range
of Prices
Low
7
5
Canadian
Sales
Week's
1134
Building Products A (new) *
Bulolo
6% preferred
6% cum pref
Aluminium Ltd
British Columbia Packers.*
Algoma Steel
Preferred
Price
Bathurst Pwr A Ppr Co B*
Friday
Sale
Par
Abltlbl Pow A Paper Co..*
Exchange
Feb. 22 to Feb. 28, both inclusive, compiled from official sales lists
Last
inclusive, compiled from official sales lists
Friday
734
635
734
Feb
934
Jan
434
434
50
5
Jan
434
434
334
8434
Feb
215
4
87
87
55
4
434
150
634
634
10
234
634
234
*24~34
2434
734
2434
734
80
80
75
75
215
14
Feb
Feb
4
Feb
634
234
Feb
2434
734
Feb
80
Feb
Feb
Feb
434
8434
534
Jan
6%
cum
Feb
11
1
Jan
1
11
40
11
Feb
1534
2734
40
2634
Feb
3134
Jan
96
96
15
95
Jan
96
Feb
734
1.00
100
pref
634
100
2734
8
Melchers Distlrs Ltd preflO
534
8
1.00
534
19
'
534
Jan
Jan
Jan
34
534
Jan
Jan
Feb
Mitchell (Robt)
Co Ltd..*
Jan
Moore Corp Ltd
*
8
Jan
Page-Hersey Tubes Ltd..*
234
Feb
Provincial Transport Co..*
634
634
45
634
Jan
634
Jan
Jan
Rogers-Majestic cl A
434
434
250
434
Jan
4J4
Jan
27
934
90
*
734
42
4134
100
Jan
*
Jan
No par value.
r
Canadian market
50
734
Feb
934
Jan
42
185
4134
Feb
4734
Jan
100
5
734
100
Jan
104
Jan
Volume
The Commercial & Financial Chronicle
152
1411
Canadian Markets—Listed and Unlisted
Toronto
Montreal Curb Market
Sales
Friday
Range Since Jan. 1, 1941
Last
Par
Week's Range
of Prices
Week
Price
Low
High
Walker-G & Worts (H)___*
40
Walker-G&Worts $1
19H
19H
cm
pf*
45
100
Stocks (Continued:)
High
Low
Shares
40
39
Feb
47 H
Jan
Da vies
19H
Feb
20 H
Jan
for
of Prices
Week
Price
Par
Delnite
Mlnea—
Beaufor Gold Mines
1
Bidgood Kirk Gold Minesl
12c
Century Mining Corp
1
Jan
1.25
2Hc
Feb
3Ho
23H
23
23 H
427
22 %
Feb
24H
2,900
10c
Feb
17c
Jan
100
192
*
Dominion Bank
5c
2,000
5c
Feb
9c
Jan
18 H
Feb
Dominion Steel class B..25
7H
7%
7H
347
7H
Feb
9%
Jan
Jan
Dominion Stores
*
4H
4H
4H
50
4
Feb
5
Jan
2.65
1,000
2.50
Feb
2.90
Jan
Dom Tar
*
4
4
50
4
Feb
4H
Jan
86 H
Jan
107
100
Inspiration Mln & Dev
1
J-M Consolidated Gld Msl
21c
24c
22,600
21c
Feb
25c
Jan
Dominion Woollens pref.20
Duquesne Mining
lc
lc
1,000
Jan
lHc
Feb
East Malartlo
lHc
lHc
500
He
lHc
FeD
lHc
Feb
Eastern Steel
88c
88c
100
88c
Feb
88c
Feb
Easy Washing Machine. .*
3.50
Feb
4.30
Jan
Feb
1.16
Jan
Eldorado
Feb
47 H
Jan
English Electric cl A..
3.50
96c
1
47
3.70
1,775
1.03
4,900
150
47
47
Preferred
10 He
100
2c
Feb
2c
Feb
Equitable Life
70c
75C
1,800
72C
Feb
1.10
Jan
2H
5c
5c
1,000
5c
Feb
8Hc
Jan
Fanny Farmer
2.50
100
2.60
Jan
2.70
Jan
Federal Kirkland
110
1.70
Feb
2.00
Jan
Fernland
...1
Feb
8
Jan
44,200
10c
Feb
16%c
Jan
7,450
2.45
Jan
2.95
10
Feb
13H
10c 11 He
2.55
2.67
10
65
3
65
2H
"
39c
22
33c
7,900
Jan
Jan
Feb
3
Feb
Feb
2%
210
23
33c
23
Feb
Feb
52o
Jan
75
25
Feb
5H
55
5
Feb
5H
Feb
2.10
1,335
1.97
Feb
2.60
Jan
25H
25 %
255
24 H
4c
2,000
3Ho
Feb
6c
Jan
4c
4c
1,000
3Hc
Feb
6Hc
Jan
100
.25
5H
—.1
1.55
Feb
6H
4c
*
1.53
83H
325
2.05
...25
2.50
35
7
22
38 He
25
*
Falconbridge
87
10
*
-
lc
107
6H
„
2.61
lc
18 H
84 H
87
-100
17H
107
Economic Investment- ..25
91c
"l~55
107
Jan
Jan
Pandora Cadallic Gld Mnsl
Pato Cons Gold Dredging 1
Pend Oreille Mns & Mtls.l
Feb
Jan
18 He
Jan
70c
107
11c
54c
Jan
52c
1
10
Jan
2H
Mines
Feb
Jan
Feb
O'Brien Gold
24
16c
Feb
Murphy Mines
Feb
48c
32c
1.03
17
7%c
2
3.65
340
200
10
1
Jan
1,000
50
5
200
3,000
8c
.
23c
Mclntyre-Porcupine
Jan
49c
8c
2.00
Mai Gold Fields
Jan
192
16Hc 18Hc
23c
Macassa Mines Ltd
Jan
93
191 193
Dominion Foundry
Preferred
2.00
Kirkland Lake Gld Mng__l
Jan
90c
4,650
*
"Thc
Jan
1.05
3 He
Falconbridge Nickel
1
High
16Ho
1.00
2.56
Mines
Feb
2Hc
East Mai artic Mines Ltd.l
Eldorado Gold Mines Ltdl
Joliette-Quebec
Low.....,
12c
3,700
1,400
*
12c
49c
......
12c
Range Since Jan. 1, 1941
Shares
1.05
10c
"8c
Cndn Mai artic Gold Mns_*
High
3 He
5c
10c
Low
m
Petroleum
Dome
*
Sales
Week's Range
Denlson.
Aidermac Copper Corp
Exchange
Last
Sale
for
Sale
Stocks (Concluded)
Stock
Friday
25H
-
«.
.
..
«
»
25
Feb
29
Jan
28
Jan
100
2.61
Feb
3.00
Jan
Fleet Aircraft
*
2.25
300
2.10
Feb
2.25
Feb
Ford
*
15H
15H
15 H
944
3H
14%
Feb
2.25
2.77
2.95
2.75
Feb
3.25
Jan
Francoeur
*
40c
36c
40c
3,422
36c
Feb
540
Jan
Quebec Gold Mining Corpl
20c
20c
1,700
1,000
20c
Feb
20c
Feb
Gatineau Power
*
7H
7H
15
7H
Feb
9H
Jan
San Antonio Gold Mines. 1
2.12
2.12
150
2.12
Feb
2.25
Feb
80 H
80 H
26
80
Feb
90
Jan
Shawkey Gold Mng Co._l
2Hc
2HC
100
3c
Jan
4c
Jan
Gatlneau Power pref— .100
*
Gen Steel Wares
4H
4H
30
Feb
6
Jan
65c
Feb
84o
Jan
Gillies Lake
3Hc
3Hc
3Hc
2,500
4H
3Hc
25Ho
llHc
6Ho
5c
Pickle Crow Gold Mines. .1
Pioneer Gold M of B. C.l
Preston-East Dome
..1
Sherritt-Gordon Mines
1
2.82
~~2~.95
2.82
a
4
-
-
-
—
4
69c
400
52c
53c
200
53c
Jan
60c
Jan
God's Lake
Sladen-Malartic Mines
1
"30c
30c
30c
800
31c
Feb
40c
Jan
Goldale
12c
llHc
12c
2,800
Sullivan Cons
1
59c
58c
59c
3,550
58C
Feb
64c
Jan
Golden Gate
6Hc
6HC
7c
Sylvanite Gold Mines
1
2.52
2.52
100
2.52
Feb
2.52
Feb
Gold Eagle
5Hc
5c
6c
25,500
9,100
"~3~20
3.10
3.20
650
3.10
Feb
3.45
Jan
Goodyear
7c
7c
7c
3,000
7c
Feb
8HC
Jan
6.10
6.10
50
6.55
Feb
7.00
Jan
......
Siscoe Gold Mines Ltd._.l
Tech Hugees Gold M Ltdl
Wood-Cadillac Mines
1
Wright Hargreaves Mas..*
65c
Oil-
Preferred
..50
Great Lake voting trust. _*
*
Preferred
Dalhousie Oil Co Ltd
*
Pacalta Oils Ltd
*
3 He
Toronto Stock
Feb. 22 to Feb. 28, both inclusive,
Feb
*
35
10H
Feb
11H
Jan
26c
9,200
240
Feb
37c
400
2H
Feb
3H
Jan
2c
26,000
lHc
Jan
2Hc
Feb
8%
85
3H
Feb
5H
Sale
Stocks—
Par
of Prices
Hamilton Cotton pref. -30
Hard Rock
High wood..
Week
Price
Low
High
*
Hlnde & Dauch
Low
•
Co
*
Honey Dew.
55c
55c
4
30
55c
6
55c
Feb
90c
Jan
20% pref..
ion
Feb
8
Jan
Imperial Bank
Acme Gas...
*
5 He
6c
5,000
5Hc
Feb
llHc
Jan
Imperial Oil Co
AJaxO&G
1
13c
13c
700
13c
Feb
16c
Feb
Imperial Tobacco ord.
Abitibl pref
6%
100
Alberta Pacific Consol
5H
9c
1
Aidermac
lie
8
8
*
60c
56c
60c
....*
30c
30c
30c
25
Feb
9c
1
Bank field
1.75
100
245
*
Bear Exploration
Beattie Gold
Bell Telephone Co
100
*
:
Bobjo
1
Brantford Cordage pref_25
Brazilian Traction
Brewers & Distillers
Broulan-Porcupine
Brown Oil
1
2,300
1.67
Feb
2.54
Jan
1
14H
Feb
14H
Feb
600
24c
Feb
30C
26c
26c
4c
1,000
Feb
5Hc
Jan
10,100
Feb
4Hc
Jan
25
25
24%
Feb
20%
Jan
52
54
15
52
Feb
55
Feb
8
8
8
117
8
Feb
8
Feb
192
192
192
192
Feb
205
Jan
9
9%
------
5
Feb
10H
Jan
11H
Feb
13H
Jan
1,500
20c
Jan
25C
6H
Feb
9H
9%
1,778
12 H
9H
12
125
•
Feb
100
Feb
31H
32 %
1,468
31H
Feb
36 %
Jan
13%
14
1,505
13H
Feb
15%
Jan
20c
9,200
15c
Feb
27c
1.78
10,684
1.63
Feb
2.45
Jan
Jan
40c
43c
12,100
38c
Feb
41c
Feb
2Hc
4,000
2c
Jan
2Hc
Jan
3,333
3.15
3.50
12,695
3.05
Feb
3.95
Jan
25c
25c
5,100
20c
Jan
30c
Feb
88c
90c
7,600
86c
Feb
1.05
Jan
160
18H
Feb
21
Jan
12
Feb
13
Feb
4.50
Feb
5.15
Jan
13H
Jeiilcoe
5Hc
Nickel..
Jason Mines
1.66
15c
43c
50
Feb
Jan
Kerr Addison
182
11
180
Feb
193
Jan
Kirk Hud
245
245
7
244 H
Feb
250
Jan
Kirk Bake..
Jan
8c
..1
3.50
.1
1
90c
15c
Lake Shore!
1
19
19
19
Jan
lie
13
Lake of the Woods
*
12
12
12
Jan
LamaqueG
4.50
4.50
45
25
519
Jan
Feb
53
Feb
10H
Jan
1,000
Jan
2 He
Feb
48c
1,200
45c
Feb
60c
Jan
4,000
Feb
1.20
Jan
Landed Bank & Loan. .100
45
120
101
Feb
Feb
I.aura Hecord (new)
3
100
156 H
224
156
Feb
Jan
Lebel-Oro.
1
9H
2Hc
9H
155
102H
160H
2Hc
8Hc
20,200
Jan
13Hc
Jan
T-eltch
....1
48c
1.04
7HC
.
1.69
1.80
2,235
1.69
♦
24 H
24%
137
24H
Feb
27
Jan
23 H
23%
38
Feb
26
Jan
3.70
2.55
3.75
3,391
23 H
2.55
Feb
4 30
Jan
1.94
1.75
1.95
2,730
1.70
Feb
2.35
Jan
51Hc
61c
31,050
50c
Fen
62c
Jan
96c
Feb
1.17
Jan
Little Long Lao
3,100
6Hc
Jan
11c
Jan
Loblaw
290
9.50
Feb
10.35
Jan
20H
20H
7
20
Jan
20 %
Jan
Macassa
5H
4H
5%
4H
513
5
Feb
7%
Jan
McL Gockshutt
1
5H
Jan
Madseu Red Lake
1
61c
15H
16H
797
15%
Feb
18H
Jan
1.03
24
155
23
Feb
26
Jan
Malartic (G F>
Maple Leaf Mill..-
1
23
102
Feb
8
4
Jan
87c
32,545
71c
Feb
1.10
7Hc
7Hc
500
7 He
Feb
90
3.70
1,675
3.55
Feb
5.95
Jan
Jan
Mines
Preferred
Jan
3.55
A
B
Jan
Feb
*
Jan
8c
9.50
25
Jan
...»
8H
7 He
74c
Jan
9H
l%c
44
25
1.15
102 H 102 %
8
Jan
25
Jack Waite.
3Hc
3Hc
3Hc
8
Jan
2c
Feb
28,100
Massey-Harris...
*
Preferred
2H
1.03
13,400
90c
1%
1%
190
1.25
3
*
....
3%
2%
100
2H
26
100
"4%
Jan
2.75
Feb
4H
Jan
2H
206
Feb
3
Feb
8%
31 %
Jan
5H
Jan
Jan
25
225
28
2.06
4H
105
Jan
Jan
Jan
3c
3c
500
3c
4Hc
Jan
McGoiJ
13 %
155
13 %
Feb
15
Jan
McColi-Frontenac Oil pflOO
95
95
10
95
Jan
98
7%
8H
60
7%
Feb
10%
Jan
Mclntyre
6
47 H
47 H
100
47
Feb
51H
Feb
1.49
Jan
McKenzle
...1
1.07
1.14
6,650
1.07
Feb
1.32
Jan
21 He
23c
7,200
17c
Feb
24c
Feb
15H
15H
50
15H
Feb
19%
Jan
*
Building Prod
*
Calgary & Edmonton
*
1.15
1.20
3,000
1.15
Calmont
1
19c
19c
500
19c
Feb
24 He
Jan
McWatters
*
Canada Cement
*
4H
4%
75
4H
Feb
6H
Jan
Modern Containlrs
*
Moneta
1.18
4%
.....
Canada Cement pref -.100
95
95
9
95
Feb
100
Jan
Canada Malting
34
35
75
34
Feb
39
Jan
VI oore
7H
Feb
Morrls-Klrkl and
87 H
*
7H
Canada Northern Power._*
128 1
Can Permanent Mtge._100
3H
Canada Steamships
Preferred
7H
Feb
15
78
Feb
Jan
128
Jan
136
Jan
National Grocers
Feb
5
Jan
1
Murphy..
29
Preferred—
297
3H
*
75c
*
149
Feb
20H
Jan
National Petroleum
75
17%
Jan
23
Jan
345
65c
Feb
Jan
National Steel Car
17
1.00
22
23 H
75
22
Feb
25
Jan
70
150
Feb
163
Jan
Canadian Canners cl A..20
19
430
Jan
20
Jan
Noranaa
9H
94
9
Jan
10
Jan
Normetal
6H
9H
Preferred
Preferred
*
22 H
100
Central Porcupine
1
Feb
67 H
Jan
30c
Feb
40c
Jan
Jan
1.15
75c
Feb
160
Jan
3c
3c
1,000
3
Feb
4
Feb
Feb
105
3
Jan
*
Jan
121
Feb
Page-Hersey
Pain our
Porcupine
»
1.12
1
5c
I
3 He
986
4H
Feb
6H
Jan
25
18%
Feb
20 H
Jan
Partanen-Mal artic
1
Jan
Feb
Feb
12c
99 H
1.14
Jan
Jan
182
99%
1.20
3,800
1.10
Feb
1.65
Jan
5c
2,000
50
Feb
8c
Jan
3Hc
5,000
7,100
3 He
Feb
5c
Feb
28c
Jan
99H 100
2.70
2.70
100
2.35
Jan
2.91
Jan
21c
Feb
1.78
1.72
1.78
900
1.65
Feb
1.95
Jan
Perron
1
1.30
1.30
1.48
756
1.42
Feb
1.69
10c
9c
6,800
9c
Jan
17c
Jan
Pickle-Crow
1
2.75
2.71
2.81
1,122
2.60
Jan
3.00
Jan
2.20
2.15
2.30
960
2.05
Feb
2.30
Jan
80c
70c
80c
900
70c
Feb
1.04
Jan
4%
10c
Paymaster
Cons
1
16c
16c
16c
200
15c
Feb
32c
Jan
Chesterville
1
1.35
1.26
1.37
14,818
1.26
Feb
1.74
Jan
15c
15c
1,100
12c
Jan
15c
Jan
74c
70c
75c
14,100
69c
Feb
1.04
Jan
Power Corp..
Premier
5%
Jan
Pressed Metals
1
Powell Rou..
*
1
49%
Feb
*
Chemical Research
«...
Jan
1,275
llo
PacaltaOlls
_*
Pioneer
Cochenour
1.18
51c
Jan
1
31o
Feb
71c
123
1
Feb
1.00
700
Feb
Central Patricia
21Hc
150
5,000
115
Cariboo
Jan
11,300
1.02
6,200
5
4%
Feb
38 H
51c
1
19
Feb
7H
Feb
Feb
12c
Omega
4H
5c
Feb
5c
11c
Okalta Oils
Jan
18H
Jan
51c
O'Brien
Jan
29
*
Jan
Jan
7
71c 73 He
Jan
28
25
P R
5
31
72c
10H
Jan
Canadian Wlrebound
3Hc
25H
65
1,000
900
Feb
Pandora-Cadillac
Jan
190
5c
30c
Feb
118
Feb
30c
22
15
Feb
4H
24%
5
30c
22
121
2c
110
52 H
51
20
120
100
7,500
4%
~52H
125
2H
2Hc
*
235
100
Jan
J
;
6H
2H
Jan
6c
300
*
Mines
22%
117
Jan
47 H
Feb
24c 25%c
1.02
23H
2H
*
Canadian Oil pref
25%c
..5
22%
117
54c
Feb
7%
6H
25
Cndn Ind A1 A
18H
Feb
4lC
2Hc
32
31
22H
Can Car A Foundry
Canadian Celanese
9H
46c
694
5c
31H
Jan
3,500
25
7
*
N1 pissing
19
154 H
19
4H
Jan
3c
49c
42
25
25c
Naybob
150
4%
3c
2Hc
Th
.1
23
154
49c
41
National Sewer A....—.*
75c
4%
3c
20
17%
18
*
Canadian Canners cl B._
"49c
.1
70c
Cndn Bk of Commerce. 100
Preferred
23c
*
128
3%
.1
17%
17
50
Canada Wire cl B
Canadian Breweries
25
7H
........
Corp
78
78
Canada Packers
Chromium
1.82
14
13 H
B uffalo -Canadian
Burlington Steel
C
1.72
14
Feb
5Hc
1.05
3.70
13H
95
International
Jan
*
Buffalo-Ankerlte
Feb
5
International Petroleum. _*
Feb
87c
_
12 H
95
Jan
Feb
24
1,256
95
Feb
10c
"10%
*
Jan
13
12 %
.100
30c
10%
...5
British American Oil
B C Power A
Jan
10H
Jan
81c
7Hc
5H
15c
Feb
105
Feb
80
8
Feb
Feb
Feb
1,500
7 He
10c
9
92
30c
8c
Bralorne
500
200
25
9.50
Biltmore
Jan
11c
9
lie
9
50
56c
3,000
8Hc
Jan
Feb
93
Jan
15c
8 He
Bidgood Kirkland
1.10
93
9H
11H
1.15
1.82
14
36
100
Int Metals pref
A preferred
Feb
10c
102 H
155
12H
Feb
515
7
100
11H
1
-
Jan
750
4,400
7
Jan
7 He
__100
Beatty 1st pref
-
82c
7
17c
11%
*
Bathurst Power cl A
11c
34 H
36
77c
22c
Feb
14c
Base Metals
36
80c
Jan
21c
11c
1,800
6 He
5Hc
100
3H
3
Jan
Feb
*
180
1
Bank of Montreal
Bank of Toronto
5
Intl Met cl A
3Hc
Mines
3%
...1
6c
_
Gold
*
Inspiration
Jan
29
Jan
9c
6Hc
Astoria Que
Aunor
Feb
4c
Arntfleld
_
8Hc
100
—
43
8
Anglo Canadian
4
2,650
12c
Algoma Steel
Ashley
85
27
12c
Copper
Argus Interests
300
9c
9c
25
Alberta Pac Grain pref.100
474
2c
11
4
54
*
Huron & Erie
Abitibi
25Hc
2%
l%c
26c
Hudson Bay
High
10H
3
*
Howey
Shares
15H
26c,
Home oti
for
Jan
5c
*
Range Since Jan. 1, 1941
Week's Range
19H
Jan
3H
1
Sales
Last
3H
2c
Holllnger Consolidated —5
Friday
Jan
2
213
Halcrow-Swazey
compiled from official sales lists
Feb
5c
Feb
Exchange
55
4Hc
*
3s
Jan
Jan
*
Gunnar
Feb
65
80
Feb
Gypsum
3c
Jan
Feb
Feb
Greening Wire
1,000
10c
2H
Jan
Feb
Jan
Feb
14H
Jan
Jan
1.73
Jan
13o
25
Jan
Feb
25c
450
Jan
16Ho
Feb
20
26c
1.12
400
39c
Feb
3H
1.38
700
25c
3Hc
1.12
Feb
3H
2.55
1.14
1.75
*
Home Oil Co Ltd
1.78
25c
"T.78
Calgary & Edmonton Crp*
Jan
15H
Jan
Jan
57c
4Hc
53 H
3
3
Jan
*
76c
67c
50c
65
Jan
71
21
55
55
71
Feb
6
15H
3H
15H
Great Lakes Paper
Great West Sadd
150
50c
3,950
71
*
Hamilton Bridge
Anglo-Canadian Oil Co..*
29c 30 He
*
Feb
.......
1
....
23c
21Hc
23c
*
1
4%
55
88c
88c
88c
100
......_*
8%
8H
8%
35
...
Jan
Feb
6
Jan
88c
Feb
94 Ho
Jan
8
Feb
9H
Jan
Jan
4%
4H
Feb
20c
20c
500
20c
Feb
26c
Jan
1
2.95
2.76
2.95
14,665
Feb
3.40
*
20c
1.30
Commoil
1.25
1.30
700
1.25
Feb
1.55
Jan
Reno Gold
1
lie
10 He
11c
1,500
Feb
13HO
Jan
9
1.30
10c
Coniaurum
Roche L L
1
3c
3c
500
3c
Feb
5c
Jan
Cockshutt..
..........
Consolidated
Cons
Bakeries
Smelters..
Consumers
Gaa
Cub Aircraft
*
4H
"36 ~
100
*
150
4%
11
*
5
4H
36
137
138
85
11
35
75c
85c
.
209
55
500
11
Feb
14
Jan
34 %
Feb
39H
Preston
Jan
137
70c
Feb
Feb
145
1.05
•
Jan
Jan
1
E Dome
No par value.
(Concluded on pale 1409)
The Commercial & Financial Chronicle
1412
Quotations
Ask
Bid
15 1969
a2H■ July
Jan
1
Judo
1
1980
a334» July
a334s May
a334s Nov
1
1975
1
1964
1
1954
1
97 54
9934
10034
10234
10734
1977
1960
a3e
a 3o
a3
34 s Mar
104
109
10734 109
10734 10834
107
a4s
May
<z4s
Nov
1
1958
10834
112
11334
11234 11434
a4s
May
1
1969
113
11434
a 4s
May
1
1977
116
a 4b
Oct
1
1980—
11734
11834
1
1960
15 1976
o334s Jan
1
a4 Kb Sept
1
a4KB Mar
1957
117
..
11634 11734
11734 11834
1962
City Bonds
11734 119
11934
11934 12034
120
12134
1
1
04348 Apr
15
04348 June
1
04348 Feb 15
04348
04348
04348
1964
1966..
1972.
1974
1976
Jan
1 1977
Nov 15 1978
Mar
11981
May
1 1957
04348
04348 Nov
04348 Mar
a4 34a June
0434s July
04348 Dee
o4 34b Deo
Ask
118
12034 122
121
12234
12134 12234
122 34 12334
11834 11934
;
!
Par
A Trust
121
1965...
1 1967
15 1971
1 1979
Harris Trust A Savings. 100
239
83
272
280
100
First National
12534
12734 12834
Bid
Par
Bank of Manhattan Co.10
3s 1981
62.10
m mm
62.10
Highway Imp 434s Sept '63
144
Canal Imp 434s Jan 1964..
144
Can A High Imp 4348 1965
—
14134
42
85
3034
13.65
...
434s April 1941 to 1949.
Improvement—
61.15
4s Mar A Sept 1958 to'67
13434
174
180
700
13434
11134
Bid
First National of N Y..100 1605
4th
3s
ser
Ask
Did
334s s I revenue
10834 10934
1645
125
104
1980
Ask
105
3s serial rev 1953-1975..
52.45
98 34
61.40
2.40%
28
mmm
:
Bronx
18
292
297
Irving
77
215
Guaranty
15
72
Kings County
10
5534
10
101
98
20
Chemical Bank A Trust. 10
25
2834
..20
Manufacturers
3534
1234
1600
3134
37 34
..20
52
54
25
Preferred
100
103
4634
30 34
4834
50
38
New York
25
—
113-4
1(H) 1550
Lawyers
Central Hanover.-
Ask
195
100
5734
—35
County
Brooklyn
jBirf
Par
.100
Fulton
364
10
12
Title Guarantee A Tr. ..12
234
334
Continental Bank A Tr.10
-
-
355
Companies
Ask
Bid
1334
1434
Trade Bank & Trust.. ..10
17
21
Corn Excb Bk A Tr
10134 102
10434
1975
26
<
.--—100
Bankers
Colonial
103 34
15 '76
6th series
3034
47
Sterling Nat Bank A Tr 25
New York Trust
Clinton Trust
15'77
Deo
ser Aug
2934
140
100
Bank of New York...,100
2348 serial rev 1945-1952
334sfith
1734
50
1734
Peoples National
Publlo National
Merchants Bank
Port of New York—
3s
1434
740
100
...
...
Trlborough Bridge—
General A Refunding—
3 34s 2nd ser May 1*76
10
10
...
Barge C T 434s Jan 11945.
2734
13
Penn Exchange
3234
45
2634
National Safety Bank. 1234
...
Authority Bonds
San Francisco-Oakland—
(uncalled) 1976—.
Ask
40
...
California Toll Bridge—
4a
Bid
1234
National City
100
Fifth Avenue
Par
Public
Par
Ask
Hlghway
6s Jan A Mar 1964 to '71
38
National Bronx Bank...50
16 34
Commercial National.. 100
Bid
World War Bonus—
Canal Imp 4s JAJ '60 to '67
mmm
Canal A Highway—
36
Bkof AmerNT ASA 1234
Ask
1534
Chase
Ask
■
535
124
New York State Bonds
Bid
523
FRANCISCO—
SAN
New York Bank Stocks
12234
Bank of Yorktown__06 2-3
62.05
317
86
100
306
Northern Trust Co..—100
250
33 1-3
Bank A Trust
12134 123
12234 124
1
Ask
Bid
Par
Ask
Continental Illinois Natl
11834 120
1 1957
a 1963
Bid
American National Bank
Bensonhurst National.. .60
3s 1974
1941
Chicago & San Francisco Banks
Bid
|
98341 04348 Mar
10034| a4348 Apr
10034
1,
Over-the-Counter Securities—Friday Feb. 28
on
New York
March
47 34
4834
4434
Underwriters
100
80
90
United States
100 1495
20
m
4134
Empire..—---
10134 102
1545
United States Insular Bonds
Bid
Philippine
Bid
Ask
Government—
U S Panama 3s June 11961
124
Telephone and Telegraph Stocks
Ask
120
434s Oct
1959
104
434s July
6s
Apr
1952
104
106
1955
100
101
434s July 1952
118
121
68
Feb
1952
106
109
6s
106
1941
Bid
Par
Ask
108
6348 Aug
Bid
Par
Ask
107
10134 10234
Govt of Puerto Rico—
Hawaii—
Am Dlst Teleg (N J)com_*
July 1948 opt 1943.
D S conversion 3s 1946
5% preferred
110
Peninsular Telep com
110
Conversion 3s 1947.....
116
Emp <
111
Franklin Telegraph....100
2834
80
New York Mutual Tel..25
113
348 Oot 1950 Apr *48..
20
48
Bay State Tel.. 100
—
3s 1955 opt 1945...
_.JA /
3s 1950 opt 1940—
..J&J
38 1956 opt 1946... .M AN
Bid
Ask
10734 10734
10834 10834
10834 10834
334s 1955 opt 1945..MAN
4s 1946 opt 1944
JA7
4s 1964 opt 1944
JA J
10834 10834
11034 111
11034 111
Atlanta 34s. 134s
Atlantic 134a. 134s
99
mmm
99
mmm
Burlington..
r9
Chicago
9934
234
Lafayette 34s, 2s
99
Rochester Telephone—
100
114
25
Sou New Eng Telep... 100
16
$6 .50 1st pref
89
mmm
92
Lincoln 5348.
93
mmm
99
Montgomery—
3a, 334s
B
234
334
Kress (8 H) 0% pref—100
1254
1
Bohack (H C) common.
154
Reeves (Daniel) pref...100
100
18
7
7% preferred
86
North Carolina 54s, 134s._
99
r38
Is. 134s
Phoenix
6s__
101
434s
23
United Cigar-Whelan Stores
99
mmm
Illinois Midwest 434s, 5s..
9934
100
Iowa 434s, 434s...
$5
preferred
mmm
r22
Southern Minnesota..
rl434
99
24
The beet
mmm
mmm
98
"Hedge" security for Banks and Insurance Co*s.
15
Southwest (Ark) 5s
Union Detroit 234s
99
99
Circular
...
on
request
mmm
Virginian Is
mmm
SPECIALIZING
m
91
STORMS AND CO.
Par
Bid
100
82
86
Llnooiu.
4
100
60
54
New York
1
6
100
74
78
North Carolina
100
99
106
100
60
64
Pennsylvania
100
30
40
41
45
100
14
18
100
2
5
Denver
Ask
Par
Bid
Ask
7
FHA Insured
Bid
San Antonio.
115
Virginia
234
Federal Intermediate Credit Bank
Bid
334
1 1941 6.30%
1 1941 6 .30%
1 1941 6 .35%
34% due...
34% due... ..June 2 1941 6 .35%
1 1941 6
.40%
Debentures
Ask
Bid
34s due
mmm'
34% due
mmm
34% due
mmm
348 due
mmm
34s due
Sept 2 1941
Oct
Nov
Dec
Feb
6
Alabama
434s
102
Arkansas 434s
.....
N Y
101
New York
10134 10234
10134 10234
10134 103
102
Massachusetts 434s
102
102
Commodity Credit Corp—
*t%
Aug
1 1941 100 7
Bid
•
100.9
34s
May
151941 100.4
100.2
15 1941 100
100.11
15 1942 100.8
11943 102.22 102.28
Federal Natl Mtge Assn—
2s May 10 1943—
Call May 16 '41 at 10034 101.14 101.20
ma Jan 3 1944—
Jan. 3 1941 at 10114 101.27 101.31
n
a
34% notes July 201941 100.10 100.12
Nov
11941 100.16 100.18
July
15 1942 100.18 100.20
11942 100.30 101
Interchangeable.
Nominal quotation,
toi When Issued
101
102
10234
10334
102
10334
10134 10234
102 34 10334
102
10334
10134 103
101H 103
10134 103 34
lni
102 3*
10134 103 34
10134 103 34
6 Basis price,
r In
reoeivorshlp
to-s With stock.
x
d Coupon,
s Ex Interest.
Quotation shown Is for all
Ex-dlvldend.
Now listed
Now selling on New York Curb Exchange.
♦
100.2
102.4
on
New York Stock Exchange.
Quotation not furnished by sponsor or Issuer.
t Chase Natl. Bank announced
on
each
on
Dec. 31
a
distribution at the rate of $77.50
original $1,000 principle amount of debentures; $75.98 on account of prin¬
ciple and 11.50
U S Housing Authority—
34% notes Nov 1 1941— 100
134% notes Feb 1 1044.. 102.2
10334
34% to 34% must be deducted from interest rate.
s
Corp—
Jan
#
insured Farm Mtges 4 34s
Virginia 434s
West Virginia 434 s
y
Reconstruction Finance
34%
34%
1%
Asked
100.6
15 1941 100.22 100.24
May
11943 100.19 100.21
Federal Home Loan Banks
prloe
maturities
Home Owners' Loan Corp
34%
No par value,
/ Flat
T6X8US 4^8-
10234 10334
As
—
Tennessee 4 34s
103
-
State" 4 34a—
North Carolina 434s
103
Michigan 434s
(Metrop area) 434s..
Pennsylvania 434s
Rhode Island 434s..—
South Carolina 434s
10134 102 34
10334
102
10134 10234
.....
10234
Georgia 434s
Illinois 434s
-
104
Florida 434s
-
434s.-
5s
Delaware 434s
District of Columbia 434s.
Minnesota 434s
6.50%
Obligations of Governmental Agencies
Ask
New Mexico 4348
10334
10134 10234
102
10334
A servicing tee from
Bid
New Jersey
Maryland 434s
.40%
1941 6 .45%
2 1942
Bid
10134 10234
10134 10234
Indiana 4 34s
Louisiana 434s
Ask
1 1941 6 .40%
1 1941 6 45%
1
Mortgages
Asked
125
5e.
Apr
PITTSBURGH, PA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Apr
Apr
1754
41
Commonwealth Building
34s.
34s
1534
•
F.H.A. INSURED MORTGAGES
mmm
72
Indianapolis 5s
834
■mm
101
St. Louis
99
34s. 334s
9934
Phoenix
m -
99
Fremont 434s. 634s..
2s
1354
9934 100
Pennsylvania 134s, 134s
Is, 2s.
Nov
Ask
90
Fish man (M H) Co Inc..*
Oregon-W ashlngton
First Texas 2s, 234s
First Trust Chloago—
1%
Bid
Par
Ask
Bid
/G FoodsInc common..*
mmm
First New Orleans—
34% due...
15934
25
mmm
New York 5s
First
34% due...
156
...
19
mm m
Lincoln 4348
m*m
99
54% due...
32 54
'
134s. 2s
Fletcher
Ask
Lincoln 5s
11
r234
Denver 1348, 3s
First Carolina—
33 54
Chain Store Stocks
Par
Bid
Ask
19
3134
3034
*
25
As
Joint Stock Land Bank Bonds
Bid
17
So A Atl Telegraph
Federal Land Bank Bonds
Bid
Atl
Preferred A
Int Ocean Telegraph...100
4
112
A
Telegraph...25
10134 10S34
100
Pac
on account
634 on Sept. 25, 1939.
of Interest.
Previously paid 5% on July 7,
1939, and
The Commercial & Financial Chronicle
Volume 152
Quotations
1413
Over-the-Counter Securities—Friday Feb. 28 -Continued
on
Insurance
Guaranteed Railroad Stocks
Aetna Life
Mtmkm tirw Y*rk Stotk
120
American Alliance
Extktmg*
Dealers la
Broadway
American Re-Insurance. 10
>
10
12
American Surety.
Automobile
i
26
2H
3*
62
46
51
6*
24*
7*
27*
5
com
Meroh A Mtrs Fire N Y..6
National Casualty..
National Fire
36
98
100
.10
National Liberty
....2
National Union Fire....20
629
New Amsterdam Cas....2
Camden Fire...
Bid
Asked
Alabama A Vicksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
10.50
105
110
Allegheny A Western (Buff Rocb A Pitts)...
6.00
74
78
6.00
72
68*
7*
5
20*
Carolina....
10
28*
22
23*
.6
8
9
Northeastern..
10
24*
26
Northern
Continental Casualty
Eagle Fire
5
32*
34*
6
7*
...10
48*
2.00
28*
31
8.75
88
91
2*
Employers Re-Insurance 10
8.50
14
18
Excess
Canada Southern (New York Central)
-.100
Carolina Clinchfleld A Ohio com (L A N-A C L)_ ..100
Cleve Cln Chicago A St Louis pref (N Y Central) ..100
3.00
37
40
Federal
5.00
87
89*
5.00
71*
75
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock
3.50
81*
84*
Fidelity ADep of Md...2Q
Fire Assn of Phila
10
1
2
43
46
67
51
Firemen's of Newark
8
2.00
48
50
Franklin Fire...
6
30
Fort Wayne A Jackson pref (N Y Central)
..100
5.50
63
Georgia RR A Banking (L A N-A C L)
..100
9.00
Lackawanna RR of N J (Del Lac* A Western).. ..100
4.00
37
50.00
600
Michigan Central (New York Central)
...60
49
3.875
W)._ ..100
25*
43*
45*
47
90
174*
Great Amer Indemnity—1
10
12
161*
52*
140
3.00
23*
Glens Falls Fire
5
Globe A Republic
5
Globe A Rutgers Fire...15
9
10*
12
10
25*
26*
..10
82*
85*
55
57
Halifax
10
4
253
6*
7*
35* 37*
33* 35
119* 123
46* 48*
10
5
Sun Life Assurance....100
Travelers
...100
25*
243
Stuyvesant
85
4
5
200
250
398
408
U S Fidelity A Guar Co..2
U 8 Fire
.4
21*
47*
U 8 Guarantee
73
23
70
6.00
Seaboard Fire A Marine. 10
Standard Aocldent
3.00
6.00
St Paul Fire A Marine..25
26
13
Pittsburgh Bessemer 4 Lake Erie (U 8 Steel)
-.100
41*
23
28*
24*
2*
.10
...5
39
1
27
...10
27
44
St Louis Bridge 1st pref (Terminal
Republic (Texas)
Revere (Paul) Fire
32
25*
1.50
Second preferred
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania).. ..100
6*
10
...50
7.00
34*
64*
38*
6.64
15*
10
99
34*
7.00
5
Providence-Washington .10
60
96
..100
17*
36*
8*
122
Reinsurance Corp (N Y) .2
15
6
48*
4.50
Rensselaer A Saratoga (Delaware A Hudson)
87
2d preferred
Great American..
5.00
4.00
...50
Pittsburgh Fort Wayne 4 Chicago (Peuna) pref.. -.100
Pittsburgh Youngstown 4 Ashtabula pref (Penna) ..100
41
83
118
Seaboard Surety
,_10
Security New Haven_...10
Springfield Fire A Mar. .25
24*
51*
Oswego 4 Syracuse (Del Lack 4 Western)
*
38*
10
Georgia Home
..10
5*
100
96
24* 25*
122* 127
10
Gibraltar Fire A Marine. 10
800
23
4*
25
General Reinsurance Corp 5
39*
46*
15*
14
National .25
Rhode Island
154
148*
18*
34*
44*
2.50
Preferred Accident
66
2.00
—
Delaware (Pennsylvania)
16*
32*
Pactflo Indemnity Co
Phoenix
119
65
8*
147
Pacific Fire
50*
115
61
7*
.12.60
_
Northwestern
9
97* 101
9*
10*
Fireman's Fd of San Fr.25
59
.......6
North River
65
142
New Brunswick
10
New Hampshire Fire...10
New York Fire..
...5
22*
30*
10
-.100
Beech Creek (New York Central)
Boston 4 Albany (New York Central)
38
10
10
City of New York..
City Title....
Connecticut Gen Life
Dividend
Par in Dollars
Preferred
9
2*
609
(Guarantor in Parentheaea)
Morris 4 EBsex (Del Lack 4 Western)
New Yor* Lackawanna 4 western (D L 4
Northern Central (Pennsylvania)
8
1*
2*
Meroh Fire Assur
13*
42*
13*
47*
6*
70*
41*
..._6
Lincoln Fire
Baltimore American...2H
Bankers A Shippers
25
Guaranteed Railroad Stocks
Boston A Providence (New Haven)
6
2*
20
Maryland Casualty
1
Mass Bonding A Ins_.12H
7
45*
•
Knickerbocker
33
1*
18*
69*
38*
Jersey Insurance of N Y.20
12
10*
5*
12*
40*
American of Newark
2-6600
STOCKS
«Sinc*18S9,
23*
9*
18
American Reserve..
GUARANTIED
NEW YORK
10
American Equitable
5
Amer Fidel A Cas Co com 5
American Home.
10
Tel. RE ctor
Ask
31
6
Home Fire Security
10
Homestead Fire
...10
Ins Co of North Amer
10
79*
76*
22*
Rid
Par
Home
.123* 127*
51*
53*
28*
26*
.....
3oscpb Walkers Sons
Companies
ASk
Bid
Par
Aetna Cas A Surety
Aetna
RR)
178*
Hanover..
Hartford Fire
56
Hartford Steam Boiler.. 10
145
138
10.00
-.100
6.00
47
Valley (Delaware Lackawanna A Western)
..100
6.00
50
Vicksburg Shreveport A Pacific (Illinois Central) ..100
6.00
59
Preferred
5.00
52
*
Par,
Alabama Mills Ino
62
63*
67*
23*
Warren RR of N J (Del Lack A Western)
3.50
21
West Jersey A Seashore (Penn-Readlng)
3.00
54
57*
Bid
Ask
Bid
a st
♦
Amer Bern berg A com...*
American Cyanamld—
5% conv pref 1st ser_-10
series
3d
Equipment Bonds
_*
American Arch
2d
Railroad
series
Amer Distilling Co 5%
American Enka Corp
pflO
62.15
1.50
Baltimore A Ohio 4 *s
Bessemer A Lake Erie 2*s
Boston A Maine 6s_.
61 65
1.20
61
1.20
60
Missouri Pacific 4*s
Nash Chat A St Louis 2*8
New York Central 4*s...
3h
2*
31*
15*
34 h
.17*
12 *
11*
11h
3*
12 *
12h
4H
*
90
Nat Paper A
Type com
1
50
New Britain Machine..__*
Ohio Match Co
*
Pan Amer Matoh
Corp..25
16*
79*
18h
Petroleum
Conversion._.l
.07
84
Petroleum Heat A Power.*
1*
2*
Pilgrim
Exploration..... 1
2*
3
Manufacturing. _.*
7*
4*
50*
26*
American Mfg
5% pref 100
2
Arden Farms com v 10
3
62.00
1 60
Pollak
62.40
1.75
Arlington
N Y N H A Hartford 3s
62 25
1 65
Art Metal Construction. 10
37 h
34h
10*
39*
N Y Chic A St Louis 4s
38 h
18
Remington Arms com.
Safety CarHtg A Ltg
Central RRofN J 4*s_
Central of Georgia 4s
61.50
1.00
Northern Pacific 2*s-2*s
61.85
1.40
Autocar Co com
11*
13*
Soovlll
64 00
3 25
No W Refr Line
63.25
2.50
Botany Worsted Mills cl A5
Chesapeake A Ohio 414s..
61 50
1.20
Chic Burl A Qulncy 2Ha..
Chic Mllw A St Paul 6s
61 60
1.25
62.35
1 65
Chle A Northwestern 4 Ha.
Clinchfleld 2*8
61.60
1.20
62.10
1.60
Del Lack A Western 4s
62 50
1 75
Deny A Bio Gr West 4*s.
Erie 434s
62.00
1.60
61.60
1.20
Fruit
Growers
53 partlo preferred...
Mills.......100
...10
0.80
62.00
1.50
62.15
1.60
Cessna Aircraft
61.90
2*s series G A H
61.20
10
Brown A Sharpe Mfg...50
Buckeye Steel Castings..*
1 50
1
Chic Burl A Qulncy...100
Pere Marquette—
2*s-2*8 and 4*8
Reading Co 4*s
61.65
1.25
61.65
1.20
61.60
1
63.00
2.00
Shippers Car Line 5a
1 20
Southern Pacific 4*s
1 50
Kansas City Southern 3s..
62.25
1.70
Southern Ry 4s
Lehigh & New Engl 434s_.
Long Island 434s
61 65
1.25
Texas A Pacific 4s-4*s...
62.00
1.35
Union Pacific 2*8
Louisiana A Ark
62 00
1.50
Western Maryland 2s
62.00
1.50
62 00
1.50
Western Pacific 6s
62 00
1.60
West Fruit Exp 4*8-4*8.
61.60
1.20
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
Wheeling A Lake Erie 2*8
61.60
1.20
Domestic Finance cum pf_ *
...
334a
Maine Central 5s
Merchants
Despatch
2Ha. 434a A 6b
1.25
61.60
....
61.65
1.25
62.40
1.75
$3 conv pref....
Crowell-Collier Pub
61 60
1.15
1.40
Bid
6s
......
Boston A Albany
4Hs
/54
/5 4
.1944
.1943
.....
Cambria 4 Clearfield 4s..
.1945
.1945
.........
Baltimore A Ohio 4s secured notes
.1955
..........
Chicago Indiana A Southern 4s
.1956
...
.1951
.........
.1961
.......
.1995
Chicago St Louis 4 New Orleans 6s....
Chicago Stock Yards 5a
Cleveland Terminal 4 Valley 4s
Connecting Railway of Philadelphia 4a
56 h
92 h
104 h
70
72
Asked
56
56
58 H
93 H
~7i"
75
103 h
59
Dentists Supply com...10
Devoe A Reynolds B com *
111h
...
.1960
/19h
"21*
Dayton Union Railway 334a....................
.1965
100
102
Florida Southern 4s..
Hohoken Ferry 5s
.1945
83
84 h
.1946
49 h
68
60
.1950
74 h
76
.1978
94
98
.1959
.....
113
Illinois Central—Louisville Dlv 4 Terminal 3Ha.
Indiana Illinois 4 Iowa 4s
.1953
Kansas Oklahoma 4 Gulf 5s
...
Memphis Union Station 6s...
Monongahela Railway 334s
New Orleans Ureal Nortnern mooine 6s
New York 4 Harlem
.1966
—
3*8.......
?Ioh
.2000
...
102
.1946
New York Philadelphia 4 Norfolk 4s._..
Norwich 4 Worcester 4Hs..—......
35h
.1948
......
50h
102*
.2032
._
New York 4 Hoboken Ferry 6s
*
...
102
.1947
Talon Ino
.5
48
50*
1
2
6*
HH
"39*
com
T&mpax Ino com
Taylor Wharton Iron A
.*
Steel common..
Thompson Auto Arms.._l
Time Ino......
7*
8h
!
52
31*
29*
70*
34*
33h
32*
74*
31
34
i
1*
11
2*
27
13
50
52
15
16
Gen Machinery Corp com *
21*
23*
Glddlngs A Lewis
Machine Tool....
2
13*
1
*
2*
15*
3*
Humor Corp
Graton A Knight com
100
3*,
5
52*| 57
12*
34
3*
*
United Artists Tbeat com. ♦
United Drill A Tool
7
Class B.
4*
*
100'
Preferred......
5*
*
2*
56* 59*
22
i 23*
*
2*
7% preferred...
100
W1 ok wire Spencer Steel..*
16*
107*
5*
5*
50
com
7*
1*
Veeder-Root Inc com....*
Wilcox A Glbbs
4*
1
i
Class A..............*
United Piece Dye Works.*
.100
Worcester Salt
Good
11*
32
5
Trlco Products Corp.....*
Triumph Explosives.....2
Welch Grape Juice com
Oarlock Packings com..
Gen Fire Extinguisher...*
3
35*
126
Tokhetm Oil Tank A Pump
Warner & Swasey
5*
3
10*
123
.*
Common
55
14h' 16h
31
6
9*
2*
33*
*
Tennessee Products.
61
25
*
Preferred.......
5
58 h
30
Federal Bake Shops
Strom berg-Carlson
23
Foundation Co Amer shs *
Preferred
61*
.1951
Cuba BR improvement and equipment 5a
._*
*
Dun A Bradstreet com...*
Farnsworth Telev A Rad.l
Railroad Bonds
...
20*
1.60
Draper Corp.
Akron Canton A Youngstown 6Ha—.....
18*
Cuban-Amer Manganese.2
62.00
61.80
2*s
40*
48*
Sylvanta Indus Corp....*
25
3 25
6*
37
5*
22
64 00
5
20
30
4*
13
62.00
.S*
109
Standard Screw
27
64
61.60
9*
5*
53*
46*
5*
Illinois Central 3s
Manufacturing..25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
.20
25
11
Great Northern By 2s
*
50
6*
Stanley Works Ino
59 h
1.20
174
5*
19*
4*
City A Suburban Homes 10
61.50
165
17*
3*
Coca Cola Bottling (N Y) *
Columbia Baking com...*
$1 cum preferred....__*
Consolidated Aircraft—
4s. 4348 and 4*s
Grand Trunk Western fis..
15
3
4h
173 h
168
Chilton Co common....10
St Louis-San Fran 48-4*8.
St Louis S'western 4*s._.
Express
2
3h
$1.26 preferred
4s series E
12*
Products...*
Amer
1 65
»
....1
4.00
Pennsylvania 4*s series D
10*
Pepsi-Cola Co
Permutlt Co
4.00
3*s-4s
44*
10*
53
64 60
2*8
4*
29*
23 *
64 60
1.50
Ask
91*
3*
26*
42*
9*
preferred
Canadian National 4*s-5s
Canadian Pacific 4 ha
62 25
I
16*, 18*
Preferred
5%
11*
m
Par
National Casket
50 h
1.25
Malxe
Ask
Bid
22 H
62 15
1 25
31*
*
61.65
61.60
<
25
American Hardware
Atlantic Coast Line 2*s..
49*
75*
33*
Industrial Stocks and Bonds
252*
248*
Utlca Chenango A Susquehanna (D L A W)
10
,
18*
45
York ice Machinery.....*
2*
3*
100
39*
42*
7% preferred
Bonds—
Great Lakes SS Co com..*
41
44
Great Northern Paper..25
39
42
Amer Writ Paper 6s.. 1961
Brown Co 5*s ser A..1946
/42*
44*
Harrisburg Steel Corp
12*! 14
Carrier Corp 4*s....l948
90*
92*
/51*
54*
5
Interstate Bakeries com..*
74*
King Seeley Corp eom...l
Landers Frary A Clark..25
9*
Deep Rock Oil 7s
1937
Stamped.
Elec Auto Lite 2 *s... 1950
24*' 26*
Joues A Laughlin 3*8 1961
Lawrence Portl Cement 100
14*
Long Bell Lumber..
$5 preferred..
14*
16*
15*
Monon Coal 5s.......1955
78
81
13*
15
1 NY World's Fair 48.1941
Old Ben Coal 1st mtg 6s '48
56
58
Panhandle Eastern 3s. 1960
8*
52*
101* 101*
Merck Co Ino common.. 1
83
86
Scovlli
105
$6 preferred ........100
118
Muskegon Piston Ring.2H
13
$5
preferred
*
•
..100
Mallory (P R) A Co
•
Marl In Rockwell Corp
1
l*j
20
8*1
1*
22
.....
Minn A Ont
Pap 6s...1946
Mfg3*s deb..1950
y
....
97*
|/46
Shell Union Oil 2*s..l96l
14*
97*
Western Auto Supp
99
3*s'65
98*
47*
el2*
7*
50*
106
97*
99*
100
Pennsylvania 4 New York Canal 5s extended to.
Philadelphia 4 Reading Terminal 58..
.1949
56
.1941
102
Pittsburgh Bessemer 4 Lake Erie 5s........
.1947
118
Portland Terminal 4s
.1961
92 h
.1947
94
103
...
..........
Providence 4 Worcester 4s_...
Richmond Terminal
Ry 3*s_
.............
.........
.1965
62
Sugar Securities
96
Bid
Bonds
Tennessee Alabama A Georgia 4s.
.1957
.1942
Ant ilia Sugar
60
Terre Haute 4 Peoria 5s........
106
Toledo Peoria 4 Western 4s.....
.1967
102 H
104
Toledo Terminal 4348
.1957
109
111
.1946
92
1951
Baraqua Sugar Estates—
6s
1947
Haytlan Corp 4s
1954
58 -..............1989
New Nlquero
.1951
106
Vlcfceburgh Bridge lst4-6s.....—
Washington County Ry 3Ha...................
.1968
74
.1954
45
.1990
60 h
62*
........
*
Pittsburgh
4g-
.......
8*8
12
Par
/20
For footnotes see oave 1412.
Preferred
Assoc
.....
com.
1
.......1
34
Haytlan Corp com...... •
Punta Alegre Sugar Corp.*
Savannah Sugar Refg
1
13
Bid
n
Ask
18*
*
7*
19*
1*
V ertle ntes-Camaguey
48
/31
/H*
47
West VlrsrlnlR
Sugar—
1940-1942
f9
75*
Canal 3H8-—
Stocks
Eastern Sugar
Estates—
6s
Toronto Hamilton 4 Buffalo 4s..
United New Jersey Railroad 4
Ask
104 *
Sugar Co..
.5
West Indies Sugar Oorp..l
5*
6
29*
31
1*
4
2*
4*
The Commercial & Financial Chronicle
1414
Quotations
"Public
Sold
.
1941
Investing Companies
Par
Affiliated Fund Inc
Quoted
•
Securities—.
1%
Aeronautical
A St
Bid
Par
-
7.49
8.14
Investors Fund
2.37
2.59
A k
|
8.59
8.80
Keystone Custodian Funds
C_„
1
Series B-l
14
28.02
30.71
2.69
Axe-Houghton Fund lnc
Aviation Capital lno
1
established 1879
Principal Stock and Commodity Exchanges
2.98
Series B-2
22.10
24.23
6.83
Series B-3
13.64
14.99
4%
Series B-4
6.55
10.05
10.81
Series K-l
14.42
15.84
17.27
18.77
Series K-2
10.74
11.84
11.80
12.96
Series S-3
Assoc Stand OU Shares... 2
6.19
Series S-2
Inc..
Amer Foreign Invest
Jackson & Curtis
X7.92
Series S-4
3.07
3.42
5.47
6.02
4
Bankers Nat Investing—
3%
...
♦5% preferred...
New York City
Basic Industry Shares.. 10
5
4%
♦Common
115 Broadway
bUS
12%
Corp.
♦Amerex Holding
Amer Business Shares
Members
1,
Over-the-Counter Securities—Friday Feb. 28—Continued
on
Utility Preferred Stocks'
Bought
March
5%
Knickbocker Fund..
1
3.23
7.22
8.75
.
13.08
14.06
Manhattan Bond Fund Inc
6.95
A...1
.08
.18
Maryland Fund Inc.._ 10c
*3.20
Broad St Invest Co Inc..5
20.04
21.66
Mass Investors Trust
1
17.21
18.51
Bullock Fund Ltd
11.60
12.71
IMass Investors 2d Fund-
8.12
8.73
Canadian Inv Fund Ltd.. 1
2.40
3.20
Century Shares Trust...*
Chemical Fund
1
24.04
25.85
8.61
9.32
Commonwealth Invest... 1
3.26
3.54 !
Corporate Trust Shares.. 1
Series AA
1
2.06
1
Boston Fund
Tel. BArclay
British Type Invest
Teletype N.Y. 1-1600
7-1600
Inc
Mutual
Public
Par
17 pre!..
Amer Utll Serv 0% pref.25
Arkansas Pr & Lt 7% pf-."
Atlantic City El 0% pref.
Alabama Power
BUS
Utility Stocks
105% 108%
5
91%
123
6
National Gas A El
New
94
New
125
New
$7
•
83%
Birmingham Elec $7 pref.
86
51%
53%
$0
$0
Blrmlngbam Gas—
$3.60 prior
Pari
Ask
preferred..60
Corp.lO
EngG A E6%% pf
Eng Pr Assn 0% pf 100
Eng Pub Serv Co—
prior Hen pref
•
prior lien pref..
*
cum preferred
*
New Orleans Pub Servloe.*
*
New York Power A Light—
preferred
$7
Light—
Carolina Power &
$7
*
7% pf 100
preferred
Cent Indian Pow
110% 112
100% 103%
preferred
——100
preferred.
100
Cent Pr A Lt 7% pref.,100
$0
7%
101
103%
109% 112%
114
116%
7%
$6 pre!.*
Continental Gas A Elec—
7% preferred
100
Derby Gas A El $7 pref—*
Consumers Power
Federal Water Serv
$0.60 cum
Florida Pr A Lt $7
Light.26
Lt 5% %—100
Interstate Natural Gas...*
Ind Pow A
15
17
54%
56%
64
7%
19%
21%
9%
110% 112%
112
104%
114%
35%
38
*
60%
62%
100
78%
81
$4 preferred
Northern States Power—
(Del) 7%
pref
100% 108%
93%
94%
59%
62
39%
41%
43
40%
112% 115%
50%
58%
111
112
23
25
29
32
Supply...*
Jer Cent P A L
7% pf-100
% 100
102% 103%
72
74%
preferred....—100
0%
7%
100
..100
7% pref...l00
preferred
preferred
Okla G A E
Panhandle
7% pf-100
108% 110%
113% 116%
116% 119
85
87%
34%
36%
Eastern Pipe
*
Line Co
Penna Edison $5
pref
*
*
66
64%
111% 113%
.
Peoples Lt A Pr $3 pref.25
23%
24%
Philadelphia Co—
$5 cum preferred
*
Pub Serv Co of Indiana—
.175—
77%
_*
$7 prior Hen pref
$2
*
113
115%
6% oonv partlc pref..60
Mississippi Power $6 pref.*
$7 preferred
*
Mississippi P A L $0 pref.*
Missouri Kan Pipe Line..5
100
preferred
0%
Pub Serv
5% preferred
*
Mountain States T & T 100
Narrag El 4%% pref...60
Nassau A Suf Ltg 7%pf 100
6%
5%
Sierra Pacific Pow com...*
19%
21%
Southern Nat Gas com.7%
13
14
100
S'western G A E
5% pf.100
103% 105%
107% 109%
79%
82
75%
3%
4%
Texas Pow A Lt
7% pf-100
112% 115%
91%
73%
28
29%
14%
Pub
Utilities Corp
$2.75 pref
*
-*
United
44%
46%
Utah Pow A Lt $7 pref...*
23%
25%
24%
26%
79%
Washington Ry A Ltg Co—
Participating
18
units.
55
56
West Penn Power com...*
19
21%
West Texas Utll $0 pref..*
Amer
Appalach El Pow 3%8 197U
Associated Electric 5s. 1961
Assoc Gas A Elec Corp—
Income deb 3%s—1978
Income deb 3%s—1978
4s.....1978
4%s—1978
1973
Coav deb 4%s
1973
Conv deb 6s
1973
Conv deb 5%s
1973
Income deb
Income deb
Conv deb 4s
62%
19
23%
24
101% 103%
87%
Ask
89%
105% 105%
50
51%
Iowa Southern Utll 48.1970
1950
Gen Mtge 4%s
Kansas Power Co 4a..1964
Kan Pow A Lt
3%s_._1969
1970
1955
Kentucky Utll 4s
/II %
/12
/12%
/13%
/20
/21
12%
4%a
13%
Lehigh Valley Tran 5s 1960
14
Lexington Water Pow 6s'68
Luzerne Co G A E 3 % B '66
22%
Bid
| Ask
103% 104%
102% 103%
104% ,105%
Michigan Pub Serv 4a. 1965
UtU—
52%
New Eng G A
Com ref deb 4%s
/9%
11
103
62%
92%
10
S f lno 4%s-5%8
1986
/8%
/«%
/8%
10
Public Servloe 3%s.l969
Sink fund lno 6-08..1986
/8%
10
Northwest Pub Serv 4a '70
1961
3%
94%
10
63
68
93
1965
4s
Northern
Parr Shoals Power
102% 103%
101
102%
Penn Wat A Pow
58.1952
3%b 1964
1970
3%s
91%
93%
95%
98
1950
6s
Pub Serv of Indiana 4s 1969
103% 104%
Pub UtU Cons 5%8...1948
Cent Maine Power 3%s '70
106% 107%
104% 105
Republic Service—
Collateral 5s
St Joseph
Central Publlo Utility—
'52
/%
107
108
107% 107%
104% 105%
84%
82%
83%
86%
106% 107%
107
108
1947
69
71%
3%S—1970
55%
56%
Sou Cities UtU 5a A... 1958
54
56
Southern Count Gas 3s '71
S'western Gas A El 3%b '70
51%|
53%
101% 101%
105% 106
PubUc Service—
1954
Dallas Pow A Lt 3%s.l967
Series 1955
1
2.32
10.84
Series 1956
1
2.27
Series 1958
1
1.87
Equity Corp $3 oonv pref 1
Fidelity Fund lno
*
15%
16%
15.23
16.39
Plymouth Fund Inc.._ 10c
.32
First Mutual Trust Fund..
5.48
6.08
18.14
Bank stock series... 10c
3.32
5% deb series A
Representative Tr Shs. .10
Republic Invest Fund
series. 10c
Insurance stk
3.80
2.99
Fundamental Invest Inc. 2
14.67
Fundament'l Tr Shares A 2
4.11
_•
3.76
16.08
4.88
-
.
tm m
-* -
*
25.39
2 7.30
General Investors Trust. 1
4.39
4.78
Agricultural shares
4.25
4.68
Automobile
General Capital Corp
3.71
Houston Natural Gas 4a '55
7.03
7.73
Building shares
4.61
5.08
shares
5.34
5.88
Electrical Equipment
7.46
8.20
Food shares
3.68
4.06
2.49
2.75
4.50
4.96
4.78
5.27
Chemical
shares
shares
Merchandise
shares....
Mining shares
6%s stamped
1952
12.76
6.20
—
3.11
3.48
77.37
78.93
7.60
8.29
Selected Income Shares.. 1
3.55
Investors... 10c
5.48
6.06
*
12.93
13.73
Standard Utilities Inc. 60c
.18
.23
*
58%
61%
Super Corp of Amer AA..1
2.03
Clark Fund Inc
Spencer Trask Fund
v-
Trustee Stand Invest Shs—
1
♦Series
D
2.00
1
C
♦Series
1.93
--
Trustee Stand OH Shs—
♦Series
A
1
4.90
♦Series
B
1
4.40
....
-
-
-
-
Trusteed Amer Bank Shs—
25o
Class B
.47
.52
.79
3.60
3.97
Trusteed Industry Shs 25c
.69
3.59
U S El Lt A Pr Shares A...
14%
4.66
5.13
4.21
4.64
.05
.15
Tobacco shares
'Huron Holding Corp
1
1.24
1.36
Investors..5
13.35
2.11
x.92
1.01
1.82
B
Wellington
14.35
xl .88
Income Foundation Fd Inc
1
Fund
Investment
13.20
14.52
Banking
Corporations
%
♦Blair A Co
1%
♦Central Nat Corp cl A..*
Insurance Group shares.
1.16
1.28
Investm't Co of Amer.. 10
16.34
17.66
20
22
*
1
2
♦Class B
10
14%
lOo
%
♦First Boston Corp
16
♦Schoellkopf Hutton A
Pomeroy Tnc com
%
Water Bonds
105%
—
Atlantic County Water—
5s_...
...1958
104%
—
Butler Water Co 5s...1957
105%
106% 107%
1946
—
84%
6s series A
1946
86%
00©00
CO
5a
129
West Penn Power 3a..1970
107
104
West Texas UtU 3%s.l969
69
104% 105%
5%a
I960
Wisconsin Public S 3%a '71
102
1948
105
Pittsburgh Sub Water—
6s
1951
103
Plainfleld Union Wat 5s '01
107%
Richmond Water Works—
1957
1st 5s series A
1948
Ontario
1951
105%
101
77
72
Scranton Gas A Water Co
Indianapoils Water—
1st mtge 3%s
1960
1967
1st A ref 5s A
Joplln Water Works—
1st 5s series A
4%s.
1958
Scranton-Sprlng Brook
Water Service 5a. 1901
1957
Shenango Val 4s ser B.
105%
South Bay Cons
4%a.l959
103
—
103% 106%
5s
102
1961
Water—
1950
104%
99% 101%
99% 101%
102%
70
75
105%
Spring Brook Wat Supply
5s
1965
108% 110%
Springfield City Water—
4s A
19 50
105%
100% 103
Texarkana Wat 1st 68.1958
105
1950
102%
Union Water Serv 5%s
'51
103
Morgantown Water 5s 1965
105%
West
1961
Western N Y Water Co—
1st 5 %s series A
1950
1st 5s series B
....1950
1st conv 5s.
1951
deb 08 extended
1950
107
109
104
106
Kokomo Water Works—
1958
Monmouth Consol Water—
1956
5s
Monongahela Valley Water
5%a
1965
105%
New Rochelle Water—
....1951
1951
97% 100
100% 102%
New York Water Service—
5s
*
1951
-
-
-
Westmoreland Water
I
99% 102
105
«*atci
h
1st 4s.
M uncle Water Works—
5s
102
101
94
—
1952
102% 104
Wichita Water—
1957
95
106%
1948
Water 5s
Gulf Coast Water—
101%. 103%
debs 3%a
102
1948
1st consol 5s
Rochester A Lake
United Pub UtU 6a A. 1960
79%
f
101
Water Service
101 %1102%
a
1950
1st consol 4s.
78%
105
1st A ref 5s
Prior Hen 5s
Community
Ask
Peoria Water Works Co—
1958
5s
BUS
Ask
Bid
Ashtabula Water Works—
1960
66%
■'
3.25
shares
shares
5%a series A
1st mtge 3%a
76%
!108
106% 107%
Western Public Servloe—
8erv 3%s„ 1969
—
-
.37
103
100
RR Equipment shares..
Petroleum
5s aeries B
Inland Gas Corp—
Iowa Pub
—
4.09
Aviation shares.
105
103
■m
Selected Amer Shares. .2%
♦State St Invest Corp
Group Securities—
1970
110% 111%
93%
V*.*,
8 23
3.30
Utlca Gas A Electric Co—
1970
5.30
■'
Scudder. Stevens and
2.40
2.16
Foundation Trust Shs A.l
107% 108
106
3%s
11.93
Putnam (Geo) Fund
Quarterly lno Shares.. 10c
Fiscal Fund lno—
104
V
Federated Utll 5%s... 1957
6.85
-
1.87
24.85
...
Texas Public Serv 58—1961
El Paso Elec
38%
x
23.11
17.07
Fund
Tel Bond A Share 5s..1958
77%
5.93
6.20
10.20
Stock
63%
Detroit Edison 3s....1970
5.36
equipment
No Amor Tr Shares 1953.*
Balanced Fun.d
107% 108%
Dallas Ry A Term 6s. 1951
3 05
Railroad
5s-..
60
6.81
6.71
2.76
Equit Inv Corp (Mass)..5
Toledo Edison 1st 3%sl968
Coll lno 08 (w-s)
8.31
6.16
Steel
103
102% 102%
105% 106%
1902
Cumberl'd Co PAL 3%s*66
10.52
6.07
5.45
1st 5s series A
105% 106%
Sou Calif Gas
102% 103%
/18
19%
106% 107%
90%
92%
3s_._1965
92%
1962
6s series B
Crescent
1951
90%
Cons Gas of Bait 2%s.l970
7.45
9.55
/7.53
Railroad
Eaton A Howard-—
Kankakee Water
...1902
Consol E A G 0s A
5.53
8.16
6.75
equipment
Metals
i 107
Sioux City G A E 4b..1906
Sou Calif Edison
Cons Cities Lt Pow A Trao
6s
105
Ry Lt Ht A Pow
1%
Cities Service deb 6s__ 1963
Income 5%s with stk
5.00
7.40
Machinery
1.13
5%B8erles B
Cent III El A Gas 3% s. 1964
Central Pow A Lt 3%s 1969
8.89
7.32
Oils
2.60
Calif Water Service 4a 1961
Indiana—
109%
Central Gas A Elec—
1st lien oollt rust 6s. 1946
8X6
supplies
Chemical
Insurance stock
16.92
Portland Electric Power—
1st lien coll tr5%s_. 1946
10.67
1.02
1st 5s
6s. 1948
3.95
95
Blackstone Valley Gas
Boston Edison 2%s
4.83
9.(9
Electrical
102% 103%
E Aasn 5a '02
Old Dominion Pow 5s. 1951
Cent Ark Pub Serv
4.37
4.80
64%
103% 104%
104% 105
NY PA NJ Utilities 6a 1956
1968
1970
Automobile.....
104
N Y State Elec A Gas Corp
24
Assoc Gas A Elec Co—
A Electric 3 %s
6.63
25c
110%
104% 104%
Montana-Dakota
23
1958
Sink fund inc 4%s__1983
Sink fund lnc 6s
1983
11.07
1
--
12%
/21%
/21%
/50%
88 without warrants 1940
112
Independence Trust Shs.*
Institutional Securities Ltd
Utility Bonds
64%
10.27
England Fund
--
N Y Stocks lno—
3.15
Bank Group shares
Bid
3-5S.1953
Utility Serv 6s__1964
Amer Gas A Pow
5.19
2.50
Incorporated
Public
1.15
4.82
Steel
X78
15%
136% 107%
1.02
Building
Investing
28%
$3 pref
15
7% pref
18%
19%
Monongahela West Penn
Mountain States Power—
2
16%
18%
89%
(Md) voting shares. _25c
Sovereign
Rochester Gas A Elec—
27%
3.2(
.1
Shares
5.27
•
(Colo) ser B shares
Bank stock
32%
30%
Diversified Trustee Shares
C
4.77
4.78
Low Price Bond Series..
Nation.Wide Securities—
Aviation
28%
26%
15.65
Delaware Fund
4.30
Agriculture
Queens Borough G A E—
28
Associates—
Mass Utilities
_
118
Fixed Trust Shares A... 10
25%
Associates
preferred
Cumulative Trust Shares. *
B
0% preferred D
Mass Pow A Lt
100
D
Ohio Public Servloe—
Republic Natural Gas
Long Island Lighting—
7%
♦Common B shares... 10
♦7% preferred
i
New
_
♦Crum A Forater Insurance
Dividend
108% 110%
Kings Co Ltg 7% pref. 100
100
♦8% preferred
8.4,
—10
National Income Series.
No Amer Bond Trust ctfs.
Pacific Pr A Lt
Jamaica Water
Kansas Pow A Lt 4%
_i
Deposited Insur Shs A...1
Northeastern El Wat A El
1.94
2.33
2.33
♦Crum A Forater com„10
Fund
4 10
National Investors Corp.l
1.94
1
Series A A mod
Series ACC mod
64
61%
103
preferred
cum
Accumulative aeries... 1
62%
.*
cum
7%
Penn Pow A Lt $7 pref
Hartford Electric
4%
9
Corp—
preferred
*
preferred...*
pref..*
$0 cum
8%
7%
Community Pow A Lt—10
Consol Elec A Gas $6 pre!.*
Ask
3%
preferred... 100
Water Serv 0% pf .100
$0
N Y
Central Maine Power—
Bid
Invest
7.67
101% 103
'
105% 106%
Ohio Valley Water 58.1954
Ohio Water Servloe 4s 1964
Oregon-Wash Water Serv—
5s
1957
For footnotes
see
page
108
|
—
106% 107%
58 series B
6" series C
6s series A
97% 100%
1412.
W'msport Water
....1956
1960
1949
5s—1952
101
105
102
103% 105%
Volume
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter Securities—Friday Feb. 28—Concluded
on
If You Don't Find the Securities Quoted Here
In
which you have interest,
our
quotations
stocks and
are
bonds.
In this publi¬
Rid
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lno 4s_. 1958
Atk
Bid
/34
Ludwlg Baumann—
1st 5s (Bklyn)
7
/6
/17
18*
27
28*
62
64
1st 5s (L I)
4-6s
Companies—
3s
Federal Land Bank Bonds
Foreign Government Bonds
Railroad Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
19
Title Guarantee and Safe Deposit
Mining Stocks
U. S. Territorial Bonds
1946
35
/60
7%. 1947
/19
1948
/19
8s*35-40-46-48
/32
/19
Bank of Colombia
7s__
Barranqulila
Bavaria
6*8 to
1945
Hungarian Ttal Bk 7*8 '32
Hungarian Discount A Ex¬
change Bank 7s....1936
Jugoslavia 6b funding 195^
Jugoslavia 2d series 5s. 1956
.
Bavarian Palatinate Cons
Cities 7s to
/18
19
1945
/17*
18
Bolivia (Republlo) 8s. 1947
7B
1958
/3*
4*
/3*
4
Bogota (Colombia) 6*s '47
8s
78
1969
f3*
4
6s
1940
/6*
7%
16
33
3s with stock
35
29
30
Syracuse Hotel
mmm
44*
mmm
Bldg lnc
35*
Atk
fl9»
31
32*
Water 7s...
1948
1950
46
10
12
1961
18
20
1948
33
36
Corp—
1st 4*s w-s
1st mtsre 4«
NOTICES
associated
Co., members of the New York Stock and Curb
V'/• '■'
V:';
.-
as a
Ripley & Co.
He
bond trader until late 1935, when he went with
was a
re¬
Harriman
bond trader with that firm until December, 1937,
joined L. H. Rand & Co., for whom he built up and
aged an industrial bond brokerage business.
ate of the American Institute of
/19
44
Schlosser and Francis A. Wyman have become
at which time he
/3
/19
/19
28
/25*
Schlosser entered Wall Street in 1918 with Bankers Trust Co.,
maining there
/13
/13
mm
23*
Exchanges, where they will be in charge of the firm's bond trading depart¬
Mr.
fZ
22
Westinghouse Bldg—
ment.
/3
/3
1943
Leipzig O'land Pr 6*s '46
Lelpslg Trade Fair 7s. 1953
Luneberg Power Light A
3s
50
—Gustave J.
1958
Bldg—
Wall A Beaver St
48
■-mm
79
Trinity Bldgs Corp—
1st 5*8
1939
2 Park Ave Bldg 1st 4-5s'46
Walbridge Bldg (Buffalo)—
mmm
paid)...
21
1967
1955
1st 3-5s
6*8 w-s
($500
18
(Syracuse)
1st 3s_
Textile
1951
mmm
17
1950
616 Madison Ave—
78*
76*
/14
CURRENT
Land M Bk Warsaw 8s '41
Koholyt 6*s_
11
30
3*s with stook
London Terrace Apts—
1st A gen 3-4S-.
105?
/19
1945
/io
M
37
due 1952
Bid
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s *37
10
1966
61 Broadway Bldg—
31
with Edward A. Purcell &
/19
9
mmm
nominal
1946
61*
1956
Sherneth Corp—
1st 6* e(w-s)
30
44
Foreign Unlisted Dollar Bonds
1946
61*
58
3s with stock
1948
Due to the European situation some of the quotations shown below are
Antioquia 8s
59*
1957
Savoy Plaza Corp—
36*
Lexington Hotel units..
Atk
1943
37
34
Llnooln
income
Roxy Theatre—
38
34
Lefoourt State Bldg—
1st lease 4-6*8
1948
Lewis Morris Apt Bldg—
HAnover 2-6422
59
60 Park Place (Newark)—
1st 3*8—
1947
7*
17*
1st 4s
Anhalt 7s to
15
/16
/24
1st 4-5s
& GO., INC.
31*
5*s stamped
1961
Realty Assoo Sec Corp—
f ctfs 4* s (w-s
1st mtge 4s
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
Hotel St George 4s... 1950
Lefoourt Manhattan Bldg
Inactive Exchanges
26"
6s
Graybar Bldg 1st lahld 6s '46
Foreign Stocks* Bonds and Coupons
23
30
s
Prudence Secur Co—
500 Fifth Avenue—
/5*
3
55
1951
*68
8eo
29
1st 4s stamped
..1948
Fuller Bldg debt 6s... 1944
1st 2*-4s (w-s)
1949
Your subscription should be sent to
/l*
103 E 67th St 1st 6s.
1941
165 Broadway Building—
2*
13
57*
48
1 Park Avenue—
34*
26
35*
55*
46
..
50 Broadway Bldg—
1st Income 3s
50*
33*
2d mtge 6s
40 Wall St Corp 6s... 1958
42 Bway 1st 6s..
1939
1400 Broadway Bldg—
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
Bid
26
4
48*
5*s series Q
Ollcrom Corp v to
mm
30*
1*
/32*
5s 1952
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s '49
Quotation Record is published monthly and
Tel
m
23
6*s (stamped 4s)..1949
U. S. Government Securities
82 William St., N. Y.
5*s series BK
5*s series C-2___
6*s series F-l
29
Deb 5s 1952 legended...
Stocks
BRAUNL
18
3
50
Eqult Off Bldg deb
Stocks
The Bank and
47
1948
Eastern Ambassador
Hotel units
Mill Stocks
•ells for $12.50 per year.
11
Court A Remsen St Off Bid
1st 3*s
1950
Dorset 1st A fixed 2s__1957
Industrial Bonds
ties
67
17
N Y Majestic Corp—
4s with stock stmp. .1956
N Y Title A Mtge Co—
32
1st 4s (w-s)
Public Utility Stocks
Joint Stock Land Bank Securi¬
64
Colonade Construction—
Canadian
Public Utility Bonds
Investing Company Securities
/9
30
Cheseborough Bldg 1st 6s '48
Domestic
Out-of-Town)
Canadian
1957
Chanln Bldg 1st mtge 4s '45
Municipal Bonds—
Domestic (New York and
75
1945
N Y Athletic Club 2s-1965
1948
Brooklyn Fox Corp—
Banks and Trust
1951
1m-
8 f deb 5a.
Broadway Motors Bldg—
are:
Atk
46
1947
Metropol Playhouses
1st leasehold 3*-5s 1944
carried for alt active over-the-counter
The classes of securities covered
Real Estate Bonds and Title Co.
Mortgage Certificates
B'way Barclay lnc 2s..1956
B'way A 41st Street—
will probably ftod tbem In
y«u
monthly Bank and Quotation Record.
cation
1415
Mr. Schlosser, who is
Banking and
a
man¬
gradu¬
member of the New York
a
Security Dealers Association, will specialize in industrial bonds in his
new
capacity.
Mr. Wyman has been associated with
and one-half years,
seven
/19
L.
prior to which he
H.
was
Rand
&
Co.
for the past
with Harris, Forbes & Co.,
Inc. and F. S. Moseley & Co. in Boston and J. S. White & Co. in New York.
Brandenburg Eleo 6s. 1953
Brasll funding 58—1931-61
Brash funding scrip
Bremen (Germany) 7s. 1935
6s
/19
/37*
/54
1945
/19
branch office at 1441 Broadway, New York City.
/19
Mr. Pankin
.
/19
/46
Nassau Landbank 6*s '38
Nat Bank Panama—
15
Caldas (Colombia) 7*8 *46
(A A B) 4s... 1946-1947
(C A D) 4s... 1948-1949
/8*
/17
/3*
/8*
(Colombia) 7s_—1947
(Peru)
7*8—1944
1946
1947
9
18
5
9
of
1962
Mtge 7s
1948
/3
In
1953
fZ
Colombia 4s
1946
83
Cordoba 7s stamped. .1937
/30
/II
/14
14
1949
/ll*
13*
6*8.-1959
f7*
Panama
1915
Sterling
1962
..1956
/25
/2
Porto Alegre 7s
1968
Protestant Churob
16
8
copy boy for the New York "Times."
Later he joined the staff
he entered the manufacturing business,
and since that time has
burlesque publication of the Bond Club of New York to be distributed
Moseley & Co.,
28
Chairman of the
Publication
Straley, of Calvin Bullock, Editor.
Wall
Committee,
Street humorists
and
John
A.
invited to
are
send in contributions early or face conscription of their talents.
/8
n9
Johnston
/19
of
Smith, Barney & Co., who will act
W. Fenton
are
circulation manager;
as
George J. Gillies of Blair & Co., Inc.; L. Walter Dempsey of B. J. Van
/19
1941
at
A. Glen Acheson, of F. S.
Other members of the "Bawl Street Journal" Committee
6s 1936
Before
Bank &
—Plans for publication of the 1941 edition of "The Bawl Street Journal,"
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
5s
National
banker.
and
/52
5% scrip..
Poland 3s
Bank &
Co.
its annual Field Day in June, were announced by
City Savings Bank
Budapest 7s
Costa Rica funding 5s. '61
Costa Rlca Pao By 7*s'49
Vice-President of the
been active in the textile and garment trades, and as a chain store executive
fZ
/19
Panama City 6*8
Prior to his appointment,
of the Public National
of the New York "American," and rose to manage the financial department.
1946
Oberpfals Elec 7s
Assistant
was
career as a
/19
/19
1945
Assistant Vice-President
Mr. Pankin, who has been a bank official for 15 years, started his business
/63
/60
National Hungarian A Ind
7s to
1934
6s
Trust
/19
Oldenburg-Free State—
Central German Power
Cundlnamarca
/19
Nat Central Savings Bk
Hungary 7*8
was
Trust Co., having been associated with the bank for many years.
/4
Central Agrio Bank—
see German Central Bk
Madgeburg 6s
Co., members of the New York Stock Exchange,
George Pankin has been appointed manager of the firm's
Munlc Bk Hessen 7s to '45
Munich 7s to
that, he
Buenos Aires scrip
Burmelster A Wain 6s_ 1940
Callao
that
announce
/3
1963
Cauca Vahey 7*s
Ceara (Brash) 8s
—Lober Brothers &
26
Municipal Gas A Eleo Corp
Recklinghausen 7s. 1947
7 He
1962
Brown Coal Ind Corp—
Call
/19
/32
scrip
fl9
Hungarian Bank—
6*8
Merldlonale Eleo 7s..1957
Montevideo
/19
1940
British
Mannheim A Palat 7s. 1941
38*
Ingen &
/19
Co., Richard de La Chapelle of Shields & Co. and J. Emerson
Thors of Kuhn. Loeb & Co.
Dortmund Mun Utll6*s'48
Duesseldorf 7s to
1945
/19
Dulsburg 7% to
1945
East Prussian Pow 6s. 1953
^
/7
n9
/19
Rio de Janeiro 6%
1933
Rom Cath Church 6*s '46
R C Church Welfare 7s '46
/19
/19
Saarbruecken M Bk 6s.'47
/19
Salvador
/19
—The sixth annual winter outing for employees of Carl Marks
week-end at Oakwood Inn in Great
Electric Pr (Ger'y) 6*s *50
6*8
1963
European Mortgage A
vestment
7*s
7*s income
/19
7s 1957
1966
/16
1967
/2
Mtge 7s. '63
/3
/19
7a Income
f6*
/*
f9
1948
/7*
9
9
8s
8s ctfs of deposit
Frankfurt 7s to
1945
French Nat Mah SS 6s
52
30
German Atl Cable 7S..1945
f\2
Sao Paulo (Brash) 6s. 1943
Saxon Pub Works 7s.. 1945
1948
/19
German Central Bank
Agricultural 0s
German
Conversion Office
Funding 3s
1946
1954
Guatemala 8s
1948
38
Hanover Hars
Water
Wks
Hamburg Electric 6s
1956
/19
1963
50
.1938
/19
For footnotes see page 1412.
in the outing, skiing at the Great
a
Indoor entertain¬
sound on equipment provided
special dinner were provided for the
The main halt of Oakwood Inn contained
J.
an
exhibit
Levy
Levy &
Co.
Harold
and
which
is
B.
Blumenthal,
being dissolved,
formerly
partners
have informed the
of
New
1946
n4
/19
1955 j
66
70
Tollma 78
1947) /17
the
same
1932.
The
personnel
new
and
at
firm will
the
commence
same
address,
business
165
on
March 1,
Broadway, New
York.
18
Stettin Pub Uth 7s
—Representative Sam Ray burn, Speaker of the House, will address the
Bond Club of New York at its next luncheon meeting to be held at the
Uruguay conversion scrip.
1957
Haiti 6s
A special coach and
by the railroad.
—Robert
with
18
3*
43"
was
depicting highlights in each year of the firm's existence.
formed in June,
180
/14
Toho Electric 7a
21*
/10
/2
Marks
York Stock Exchange firm of Robert J. Levy & Co., which was originally
1956
2d series 5s
/19*
German scrip
Gras (Austria) 88
persons took part
included the recording of voices and
group
Mr.
bronze plaque in appreciation of his leadership.
a
Approximately 70
ment
Gimbel,
Mtge Bk Jugoslavia
5s
/19
12*
/19
State
1938
10*
ri9
Saxon State Mtge 6s..1947
Slem A Halske deb 68.2930
Building A Land-
bank 6*8
"
13*
n9
1951
6*8
The outing marked
and
Barrington Sports Center, ice skating and sleigh-riding.
f70
Santander (Colom) 78.1948
35
/8
Fe 4s stamped. 1942
Barrington, Mass.
anniversary of the founding of the firm,
by the firm.
1947
Santa
/32
German
6*
Santa Catharlna (Brash)—
8%
Farmers Natl
15th
presented with
/6
l
deposit—1957
4s scrip...
/17
/2
1967
1966
fs
the
1948
7s ctfs of
In¬
& Co..
New York specialists in foreign securities, and their families was held last
fl9
_
/35
Unterelbe Electric 6s._ 1953
/19
Vesten EJec Rv
7s
1947
/19
Wurtemberg 7s to
1945
fl9
Bankers
the Bond
Club
on
Wednesday, March 5.
Henry S. Morgan, President of
Club, will preside at the luncheon.
—-The current edition of "News Review" showing
and
1940 operating earnings
year-end liquidating values applicable to fire and casualty insurance
stocks is now
being distributed by Huff, Geyer & Hecht, Inc., 67 Wall St.,
New York City.
The Commercial & Financial Chronicle
1416
General Corporation
March
1941
1,
and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
possible to arrange companies in exact
alphabetical position as possible.
NOTE—For mechanical reasons it is not always
However, they
always
Alleghany Corp.—Time for Filing Plan Extended—
The Marine Midland Trust Co.
ACT
SECURITIES
following additional registration statements (Nos.
4671 to 4678, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The amount involved is approximately
The
registration statement for 975,290 shares of beneficial interest. The
shares will be offered to the public at their net asset value plus a charge of
a
7.5% of that amount, except that in transactions of over $100,000, the
charge will be reduced to 4.2%. On the basis of the net asset value of the
Feb. 10, the company said the public offering price would be
shares on
$18.76 a share and that gross proceeds from the sale would amount to
$18,296,440.
Merrill Griswold is Chairman. Massachusetts Distributors,
Inc., is underwriter.
Filed Feb. 20, 1941.
Public Service Co. of Oklahoma (2-4672 Form A-2) of Tulsa, Okla. has
registration statement covering $16,000,000 3H% 1st mtge. bonds
series A due Feb. 1, 1971 and 83,500 shares of 5% cum. prf. stock (par
filed
a
Filed Feb. 21, 1941,
$100).
(Further details on subsequent pages.)
Aircraft & Engine*,
Inc. (2-4673 Form A-l) Kansas City,
Kan., has filed a registration statement covering 220,000 shares of auth¬
common stock ($1 par) and common stock purchase warrants for
100,000 of these shares. Of the total amount registered, 120,000 shares will
be offered to the public upon completion of the registration period, 115,000
representing new financing for the company. The remaining 100,000 shares
will be reserved for exercises of the common stock purchase warrants.
Proceeds from the sale of the shares for the account of the company will be
used for working capital and to improve the current position of the com¬
pany, for purchase of additional equipment and for development work.
R. A. Iiearwin is President.
F. L. Rossman & Co., Colyer, Beckley & Co.,
Inc., and Chapman & Co. are named as underwriters. Filed Feb. 24, 1941.
Rearwin
orized
General Telephone
statement
Corp. (2-4674 Form A-2) has filed
registration
a
covering 40,000 shares preferred stock (par $2.50) and 80,000
stock ($20 par).
New York, as trustee for Alleghany 5s
including June 1, 1941,
the 5s of 1950 may be
submitted, under the terms of the agreement dated Sept. 28, 1939, under
which Manufacturers Trust Co. is holding in trust common stock of Chesa¬
peake & Ohio Ry., common stock of Chesapeake Corp., common and 5%
pref. stock of Missouri Pacific RR., cash and Alleghany Corp. secured
cum.
debentures.
Files
Massachusetts Investors Trust (2-4671 Form A-l) Boston, Mass. has
,
of 1950, and Alleghany Corp. have extended to and
the time, within wjiich a plan of readjustment for
$111,326,440.
filed
alphabetical order.
as near
REGISTRATION STATEMENTS UNDER
OF
FILING
are
Delaying Amendment—
corporation on Feb. 26, filed with the Securities and Exchange
a delaying amendment to postpone the effective date for an
additional 20 days of its plan to change three bond indentures.
The delay
has been necessitated by preparation of data in connection with the require¬
ments of the Trust Indenture Act of 1939 concerning the provisions as to
the trustees of the bond issue duties and responsibilities.
It is expected
that this data may be completed in time for the plan to be offered to bond¬
holders around March 10 to March 15.
The
Commission
Would Use Cash to
Repurchase Debentures-—
has filed a petition with the Federal Court asking
withdraw $1,144,089 from the Manufacturers Trust Co.
escrow account to be placed under the company's 5% bonds, due 1950.
The
funds would be used to purchase the 1950 issue in the open market.
This
fund represents half of the original amount, the first half having been with¬
drawn on July 22 last to purhcase the 5s, 1944, in the open market.
The
court has the petition under advisement.
In addition, a further sum of $609,946 would be used for the purchase of
thr 1944s in the open market.
This sum arises from income on Chesapeake
& Ohio common stock held in escrow at Manufacturers Trust Co. escrow
account and from deposited cash under the 1944s and the 5s, 1949.
Chesa¬
peake & Ohio common would be placed with the latter two issues in lieu of
In addition, corporation
authority
to
cash
j
•
Company officials estimate that if these funds are expended for the
purchase and eventual cancellation of the 1950s and 1944s. fixed charges on
all of three outstanding bond issues would be reduced to such an extent that
a $2 annual dividend payment by the C.
& O, on its common stock—the
principal collateral underlying the three issues—would be sufficient to
cover all such fixed charges.—V. 152, p. 1122.
shares of common
stock will be offered to the public at a price to be filed by
common stock registered will be reserved for issuance if
preferred elect to convert any or all their shares.
The
proceeds, estimated at a maximum of $2,200,000, are to be used by the
company for additional working capital. While no allocation of this working
capital can be made, the company declared that depending upon business
conditions its subsidiary operating companies proposed to make substantial
property additions and that it expected to make additional investments in
Allen
The preferred
The
amendment.
the holders of the
advances to the subsidiaries.
or
Harold V. Bozell is President.
The under¬
.
Brown Hartwell
President.
Lee is
Co.
is named
as
underwriter.
Filed
Fed. taxes
President.
Surtax
Filed Feb. 25, 1941.
Rollins
Hosiery Mills, Inc. (2-4677, Form F-l) Des Moines, Iowa, has
on
inc.
Net
previous list of registration statements
issue of Feb. 22, page 1270.
was
given
$493,212
24,430
b7,014
135,000
14,200
$590,752
390,764
$459,375
254,402
75,200
262,800
Earnings
per
Includes
254,400
share$2.18
$1.74
$362,268
254,400
$83,723
271,200
$0.33
common
...
stock
$110,000 excess profits tax.
2.54,400
$1.42
b Interest, expenses
and
mis-
cellaneous deductions.
Balance Sheet Dec. 31
Assets—
Cash
1940
Trade accts.
$289,506
644,541
862,832
644,783
credit
Customers'
18,959
95,391
Miscell.
curr.
Accrued
advances
2,703
Property, plant &
equipment (net) 1,767,632
Deferred charges.
82,782
Federal taxes
2,507
come
llab.
expenses.
on
25,136
1,488
11,000
Payrolls taxes
10,870
10,735
28,224
bal'ces & claims-
Mlscell. accts. and
-
28,885
Payrolls
661,175
108,318
13,468
_
1939
$300,378
33,855
Trade accounts—
(net).
Other assets (net)
1940
$239,934
Liabilities—
1939
$455,102
hand and
on
deposit
Value of life insur.
The last
10,418
bl2,477
(est.);
profit...
Shares
1941
Brockway Glass Co., Inc. (2-4678, Form F-l) Dubois, Pa., has filed a
registration statement covering 15,000 shares (v. t. c.) common stock
(par $50). Deposit National Bank, trustee. Filed Feb. 26, 1941.
$120,820
Cr 679
21,932
24,300
Inventories
•
$615,627
undistrib¬
on
registration statement covering 40,000 shares (v.t.c.) of common
stock (par $4).
G. Cowles Jr., et al are voting trustees.
Filed Feb. 26,
a
$972,004
16,909
19,343
(net)..
Common dividends
on
filed
$1,004,056
510,845
1938
uted profits
a
(See subsequent pages for further details).
$536,685
415,866
Normal income tax
Feb. 25, 1941.
Pacific Gas & Electric Co. (2-4676 Form A-2)) San Francisco, Calif.,
has filed a registration statement covering $65,000,000 of 3% first & re¬
funding mortgage bonds series J, due Dec. 1, 1968.
James B. Black is
$1,236,403
620,776
686,706
_
Interest
by each are
Bonbright & Co., Inc., 20,000 shares; Paine, Webber & Co., 15,000 shares,
and Mitchum, Tully & Co., 5,000 shares.
Filed Feb. 24, 1941.
1937
1 Q3Q
$1,658,710
a345,000
profit from sales..
Sell., adm. & gen. exps
other deductions
-Earnings-
1940
Gross
writers and the amount of preferred stock to be underwritten
Mica Corp. of America (2-4675 Form A-l), Indianapolis, Ind. has filed
a registration statement covering 4,500 shares of common stock (par $100),
including 1,500 shares to be offered through Brown Hartwell Co. Proceeds
will be used for mill equipment, construction and working capital. Fred V.
Industries, Inc.
Years—
Calendar
9,076
898
in¬
135,000
345,000
estimated.
2,386
Reserves
1,678,791
77,314
Mortgage
b451,800
payable
our
C495.104
271,200
262,800
Capital surplus
in
Long-term note
a Capital stock
1,273,017
1,219,595
1,204,389
Earned surplus.
Aetna Life Insurance Co.—Stock Offered—A block of
40,000 shares of capital stock (par $10), part of the estate of
the late Patrick McGovern, was sold Feb. 25 in the Hartford
over-the-counter securities market at $26.50
deal
share.
a
The
made
by Putnam & Co.
The Hartford National
Bank & Trust Co. was agent.—V. 151, p. 3348.
was
Akron Canton &
Youngstown Ry.
January—
Net ry. oper. income...
Alabama Great Southern
January—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p. 816.
-Earnings-
1940
1941
$237,695
101,088
63,928
Gross from railway
Net from railway
1939
$205,820
1938
$187,786
71,234
39,600
79,152
47,319
$124,051
12,882
defl4,518
Total
a
c
value
1941
1940
$750,758
227,438
115,179
1939
$560,086
98,479
1938
$593,312
152,980
94,925
43,467
$447,935
27,236
28,253
per
Years—
Gross inc. from opera'ns
Law, Inc.- -Earnings-
1940
1939
$344,542
335,460
2,588
Expenses.
Other deductions, net
Prov. for Fed. inc. tax..
$363,007
369,491
Cr4,209
Balance
1940
Sheet
1939
$316,702
Accts. rec., less res
$279,337
Other
187,125
191,969
6,795
98,971
assets,
Land,
Acer.
102,353
for
for
185,483
93,240
188,599
93,240
Customer
Fed.
Allis-Chalmers Mfg. Co.—Debentures Called—
RR.—Earnings—
1941
$1,448,774
359,010
67,340
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 816.
x
After
$887,210
reserve
&c
$862,292
deposits
Class B stock
Total
15,782
18,171
1938
$1,252,078
2 45,305
def22,451
1939
$1,179,824
213,273
def50,299
America—-Acquisition—
Company announced on Feb. 20 purchase of part of the property of the
Crane Foundry Co. in Bridgeport, Conn., to expand present capacity for
manufacture of airplane parts.
The purchase includes 13 acres of the 60
owned by
the Crane
company
and four buildings.—V. 152, p.
American Colortype
972.
Co.—Transfer Agent—
Company has notified the New York Stock Exchange of the appointment
as transfer agent of its common stock,
of the Bank of the Manhattan Co.
effective March 1, 1941.—V. 152, p. 1271.
American Business Shares
—Annual Report—
Earnings for Year Ended Dec. 31,
Expenses
Federal capital stock tax
1940
$261,317
60,132
5,849
,
State franchise tax
Other
inc.
24,000
21,000
665,000
665,000
26,600
26,600
26,600
26,600
1,053
1,053
32,253
38,047
$887,210
$862,292
for depreciation of $78,192 in 1940 and $73,534 in 1939.
Par. $1.—V. 150, P. 1585.
1940
$1,282,960
173,654
def97,189
Dividend and interest income./
7,617
year,
taxes
—
925
213
700
Capital surplus
Total
1939
one
Company has called for redemption on April 1, 1941, at 105)4 and ac¬
$10,321,500 principal amount of its 15 year 4% convertible
sinking fund debentures due Sept. 1, 1952.
The debentures called by lot
will be redeemed at the corporate trust department of City Farmers Trust
Co., 22 William St., New York.
The debentures called for redemption may
be coverted into common stock of the company on or prior to the redemption
date, at which time the right of conversion will expire.
After giving effect
to this retirement of debentures, $15,000,000 principal amount of the issue
will remain outstanding.—V. 151, p. 3385.
$134,297
rate
6% pref. stock
y Class A stock
y
$152,750
6,977
tax
Earned deficit
y
1940
adjustments,
Res.
x$5,934
& gen¬
exp.
Reserve
less
equipment, &c_.
$533,993
523,480
18,448
31
Liabilities—
building
Goodwill
Dec.
x$36,287
eral taxes
5,689
reserves
x
441,090
11,314
Accounts payable.
Prepd. exps. & def.
charges
$416,117
x$2,277
$5,794
Assets—
1937
700
Net profit,
x Loss.
Cash...
1938
$46,449 due within
151, p. 3736.
crued interest,
Aluminum Co. of
Albert Frank-Guenther
Calendar
b Includes
share,
Includes $54,029 due within one year.—V.
Alton
RR.—Earnings-
$1
$3,937,377 $3,460,336
Total
$3,937,377 $3,460,336
Par
1,028,852
Net
income, exclusive of security profits and losses
$194,197
practice had been to com¬
with net dividend and interest income in
determining net income or loss, and undivided profits.
In accordance
with a resolution of the board of directors, net security losses since that date
have been segregated and have not been combined with net dividend and
interest income.
In the above statement dividend and interest income,
expenses and taxes, and net income (exclusive of security profits and losses)
for the period since March 1, 1940 and for the two months ended Feb. 29,
1940 have been combined, in order to reflect the results for the entire year.
Note—Prior to March
1, 1940 the company's
bine security profits and losses
Volume
The Commercial & Financial Chronicle
152
Statement of Changes in Net Assets for the Year Ended Dec. 31,1940
Net assets, Dec. 31. 1939—
$6,577,768
Net income for the year (as
above) (exclusive of profits
or
Statement of Capital Surplus Jan. 1, 1932 to Dec. 31, 1940
Capital surplus, Jan. 1,1932.
Additions Since Jan. 1, 1932—
Discount on preferred stock purchased and retired. .:
Liquidating dividends from Textile Realty Co.
Adjustment in 1933 for land written off in 1931..
Balance of reserve for contingencies Dec. 31, 1940.
losses
on
securities)
Amounts received for subscriptions to capital stock, exclusive of
equalization credits, after deducting selling commissions
194,197
9,440,444
1.875,000
4,125
547,468
_
Total capital surplus..
account to
repurchase
—....
......
2,850
Dec. 31, 1940—
$4,974,381
Note—The major portion ($2,503,897) of the net loss from sale of securi¬
during January and February, during which
months the company's practice was to combine
security profits and losses
with net dividend and- interest income
(amounting for such months to
$12,525), in determining net income or loss and undivided profits.
The
accumulated deficit in the undivided profits account at Feb. 29, 1940
($2,483,376) was charged to paid-in surplus by resolution of the board of
directors, Jan. 9, 1940, approved by stockholders March 1, 1940.
Since
March 1, 1940 net security losses have been
segregated and have not been
combined with net dividend and interest income.
b
Deficit,
Jan.
PIDirectors have declared
a dividend of 30 cents per share on the common
stock, payable March 15 to holders of record March 5.
Like amount
was paid on Jan. 15, last, and
previously regular bi-monthly dividends of 25
cents per share were distributed.—V. 152, p. 110.
American Power & Light Co.—-Accumulated Divs.—Directors
have declared dividends of $1.12)4 on $6 preferred stock
and 93 h cents on $5 preferred stock, both payable April 1 to holders of
record March 10. See also V. 151, p. 3385.—V. 152, p. 111.
American Woolen
Realty
Co.,
Capital surplus, Dec. 31, 1940
By action of the directors witnout action by the stockholders,
.$20,303,784
...
b By
Realty Co.,
a
wholly owned subsidiary, for liquidation and the deficit
subsidiary other than Textile Realty Co.)
were charged off to capital surplus
prior to or as of Dec. 31,1940. The company will reflect future undistributed
earnings as earned surplus since Jan. 1, 1941, against which dividends will
be charged without regard to deficits charged off to capital surplus. Should
subsequent earnings be less than the deficits written off, these dividends
may in effect (though not necessarily for tax purposes) represent distri¬
butions out of capital surplus, c Liquidating dividends from Textile Realty
Co. are credited to capital surplus as and when received.
*
Consolidated Balance Sheet Dec. 31
''
1940
*A.ss(sts~~~~~m
Cash in banks and
on
hand
Accounts receivable—trade, less
Inventories—
reserves.
-
—
1939
Accrued storage, rents, interest, &c.—net. —314,560
Mortgage notes receivable on dwellings....______
10,245
x Textile Realty Co. capital stock and open account
7,604
y Fixed assets
23,122,093
Other assets and prepaid insurance, &c
629,169
Total
Liabilities—
7
$3,951,337
13,462,370
29,819,637
\ 35,807
11,470
4,838
23,102.707
615,872
$4,166,220
14,708,487
36,468,850
__i
_____
$79,427,227 $71,004,038
$17,400,000
1,044,825
11,100,000
656,851
1,437,511
760,000
1,278,837
dividends
Prepaid rents, storage and deposits—
381,107
a
3H % mortgage on American Woolen Bldg., New
Y6r)Z, due July 1,1943
1,100,000
Reserve for contingencies
7 % cumulative preferred stock ($100 par)
35,000,000
1,050,000
83,434
Notes payable—banks
Accounts payable—trade
Accrued liabilities
Reserve for Federal income tax
350,802
Reserve for preferred
z
2,000,000
2,000,000
17,771,230
$79,427,227 $71,004,038
Total
Moses Pendleton, President, says in part:
1,100,000
612,884
35,000,000
20,303,784
Common stock...
Capital surplus
Co., Inc.—Annual Report—
since
..—$11,824,574
from operations since Jan. 1, 1932 (including a reserve for the deficit of a
■
American News Co.—30-Cent Dividend—
Textile
to
a
§1 Par value capital stock outstanding Dec. 31, 1940), $4,974,381; total,
Steamship Co.—50-Cert Dividend
transfers
1932
action of the directors, without action by the stockholders, this action being
permissible under the applicable State law, assets transferred to Textile
Assets—Investments at value based on closing market quotations (cost
$4,959,054), $4,778,906; cash on deposit, $203,596; dividends and interest
receivable, $8,619; due from subscribers (capital stock subscribed for,
not yet issued), $427; due from brokers (securities
sold, not yet delivered),
$6,759; furniture and fixtures, at nominal value, $1; total, $4,998,309.
Liabilities—Accrued taxes, &c., and accounts payable, $7,991; amount
payable for capital stock purchased, not yet received, $15,937; capital
stock and surplus (equivalent fo $2.97 her share on 1,672,358 shares of
American-Hawaiian
including
Crl ,754,464
c
Balance Sheet Dec. 31, 1940
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 31 to holders of record March 15.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
extra dividend of $1.75 was paid on Dec. 28, last, extra of 25 cents
paid on
Sept. 30, last, and extra of 50 cents paid on June 29, last.—V. 151, p. 3385.
1,
3,295,906
10,283,132
—
Net income for year 1940 after preferred dividends
ties shown above was realized
835.
to
adjusted
291,093
Net assets,
p.
Textile
Realty Co.,
$4,561,334; less, transfers from Textile Realty Co., $1,265,428;
net assets charged off since Jan. 1,1932
Profit and loss deficit from opers. since Jan. 1, 1932 (excl. of
transfers to Textile Realty Co.) Dec. 31, 1939, $10,213,893;
adjustments of reserve for taxes, prior years, $69,239; deficit
able for
capital stock repurchased, charged to the distribution
equalize the per share amounts thereof at dates of
($2,891), less comparable amounts received on
subscriptions ($41.06)..
Dividends to stockholders of 4 cents a share each,
paid March 1.
June 1, Aug. 31 and Nov. 30, 1940
$32,128,358
—
a Deductions Since Jan. 1, 1932—
Net book value of assets transferred
_
$4,998,309.—V. 151,
.—$20,261,321
...
14,814
Total
:
$6 786 779
Net loss from sales of securities
($2,691,515)less decrease" in
unrealized deprec'n in market val. of securities
($1,969,372)
722,142
Paym ts for cap. stock repurchased, excl. of equalization debits.
796,312
-Equalization debits (net)—Portion of consideration paid or pay¬
_______
1417
The profit for the year amounted to $5,091,824 before depreciation, and
after depreciation of $1,177,359, and additions to reserve for Federal
income taxes of $760,000, the net profit was $3,154,464, equivalent to
$9.01 per share on the preferred stock, as compared with earnings of $2,311,-
x The
Textile Realty Co., a wholly-owned subsidiary, holds inactive
properties and other assets with an adjusted net book value as of Dec. 31,
1940 of $3,210,896.
The actual value of these assets is not determinable
887 in 1939 wnich
y After reserve for depreciation
and $13,218,947 in 1939.
was equivalent to $6.60 per share on the preferred stock.
Cash expenditures for new machinery and equipment were $970,727 as
compared with $564,601 in 1939.
Due to the greatly increased volume of business in the last half of the
year,
bank loans outstanding
as
of Dec. 31, 1940 amounted to $17,400,000
as compared with $11,100,000 at the end of 1939.
Tnis increase in bank
loans is directly reflected in larger inventories and accounts receivable.
Attention of stockholders is called to the restatement of the surplus
accounts.
Since Jan. 1, 1932 the company has carried a capital surplus
account and also an account known as profit and loss surplus from operations
since Jan. 1,1932. By vote of the board of directors the deficit shown by the
latter account was charged against capital surplus as of Dec. 31, 1940.
Two dividends aggregating $7 per share to apply against the accumu¬
lations on the preferred stock were declared and paid during the
year. The
first,
a dividend of $3 per share, was paid on Feb. 10, 1940 and the second,
dividend of $4 per share, on Dec. 24,1940.
Orders for civilian purposes were greatly curtailed during the second and
third quarters of 1940 due in some measure to a carry-over of merchandise
but largely to a reluctance on the part of the trade to anticipate their normal
a
requirements. Therefore, notwithstanding the full measure of cooperation
given by the company to the Government in its National Defense program,
there has, so far, been a minimum dislocation of civilian business.
As in¬
dications now point to a substantial increase in the demand from the civilian
trade, it is hoped that, with the probable additional Government orders to
be placed, the company's mills will be able to operate at approximate
capacity for the greater part of the current year.
Beginning in June the U. S. Government entered the fabric market
actively and since that time the company has been awarded $54,732,023
in Government contracts.
All of these awards were made on the basis of
competitive bidding at prices fair to both the Government and to the
company but which contained only a very small margin of profit.
These
contracts did, however, permit capacity operations in a number of the
mills during the second half year and, as a result of this advantage, earnings
for this period were $2,760,034 after allowing for Federal income taxes, as
compared with $394,431, before allowing for Federal income taxes, during
the first half year. The profit for 1940, while comparing favorably with that
of recent years, still does not represent a satisfactory return on the capital
invested nor on the volume of sales.
Unfilled orders on hand Dec. 31, 1940 were substantially more than on
Dec. 31, 1939.
With this backlog of orders the outlook for the next few
months appears quite favorable.
■-
[Including all subsidiaries except Textile Realty Co.]
at this date.
since July 1,1931, of $14,443,293 in 1940
z
a
p.
Represented by 400,000 no par shares stated value $5 par share,
Obligation of the Pocono Co., a wholly-owned subsidiary.—-V. 151,
3879.
,
American Water Works & Electric Co., Inc.—Output—
The power output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of January totaled 274,148,926 kilowatt
hours, compared with 239,823,997 kilowatt hours for the corresponding
month of 1940, an increase of 14%.
i
Weekly Power Output—
Output of electric energy of the electric properties of American Water
Work® and Electric Co. for the week ending Feb. 22, 1941, totaled 61,225,000 kilowatt hours, an increase of 19.7% over the output of 51,144,000
kilowatt hours for the corresponding week of 1940.
,
Comparative table of weekly output of electric energy for the last five
years follows:
Week End.
1941
Feb.
1
61,875,000
Feb. 8
61,466,000
Feb. 15
Feb. 22
61,144,000
61,225,000
1940
Amoskeag Co.—Annual Report—
Earnings for Year Ended Dec. 31, 1940
$677,597
87,947
Dividends received
Interest received
$765,544
12,547
Total income
Interest
Expenses
1940
1939
1938
1937
Selling,
gen.
and admin,
expenses......
24,696
Provision for Federal and State taxes
Net income carried to reserve for shareholders (not including
gains
or
losses on sales of securities)
$671,379
—
Analysis of Changes in Reserve for Shareholders and Profit and Loss
Dec. 31, 1939$14,486,051
Net income (as above)
—
671,379
Excess provision for 1940 dividends account shares purchased
and canceled
767
Balance,
——
_
....
Excess provision for 1939 Federal taxes _
Refund account 1936 Federal taxes
2,810,425
2,489,243
2,858,510
Profit from operations $4,925,942
587,948
_
before
other
charges & deprec— $5,513,890
178,743
$4,499,688 x$3.020,914
553,498
455,529
$172,101
546,013
$5,053,186 *$2,565,385
66,281
68,370
..$15,158,275
593,058
80,519
Dividends declared out of 1940 net income
$718,114
Profit
Prov. for doubtful accts.
Flood loss and expenseLoss on fixed assets sold
43,793
191,610
7,920
,177,359
a760,000
scrapped
Interest charges
—
Pensions.
-
-
Provision for deprecia'n.
Add'n to reserve for Fed.
income taxes
—
81,799
2,099,229
129,410
270,722
13,764
2,122,542
z418,727
1,735
12.631
9,381
on undistributed
profits.—
u—_.
Surtax
after
Profit
23.947
$3,154,464
Preferred dividends.1,400,000
$2,243,895 *$4,911,502 *$1,854,902
1,050,000
1,149,645
$1,754,464
$1,193,895 y$4,911,502 y$3,004,547
Surplus.—...
x
Loss,
y
Deficit,
z
—
Tax provision has been adjusted for comparative
furposes to the amount of taxes paid,'
'ederal
profits tax.
excess
31,
1940—
$14,411,532
-
Assets—Cash, $905,132; receivables (secured), $846,358; investments
(book value), $14,675,022; total, $16,426,512.
Liabilities—Bank loans, $1,400,000; reserve for Federal income taxes.
$21,921; dividends payable, $593,058; reserve for shareholders and profit
and loss (represented by 71,846 $4)4 cum. pref. and 89,911 common shares,
nopar), $14,411,532; total, $16,426,512.
•
Notes—The approximate value of the securities owned, based upon mar¬
ket quotations or other estimated fair value Dec. 31,1940, was $10,998,207.
This value should not be construed as the amount for which the securities
could be sold or purchased.
During the year 1,000 company preferred shares were purchased at an
average of $71.32 per share and canceled.—V. 151, p. 3879.
,
^
.
Federal
income taxes
Dec.
-
1,842
71,322
Balance Sheet Dec. 31, 1940
44,133
42.785
11,524
2,177.570
133,874
Payments account Moore's Falls Corp., charged to profit & loss
Cost of 1,000 preferred shares purchased and canceled
Balance,
—....
.
or
67
___________
Net loss from sales of securities.......—
Other income & credits.
10
.» _ — ■
_.t
Total
2,816,164
—
56,920
— -
—-.—
Sales, less disc., returns.$76,560,111 $64,935,976 $42,038,076 $75,061,505
Costof sales, excl. of dep. 68,818,005
57,625,863
42,569,748
72,030,895
„
52,042,000
52,341,000
52,614,000
52,478,000
—V. 152,, p. 1271.
_ _ _
Consolidated Income Account for Calendar Years
1937
1938
1939
46,094,000 39,300,000
45,923,000
39,717,000
45,846,000 39,654,000
45,493,000 If 40,054,000
52,404,000
52,899,000
51,071,000
51,144,000
a No provision is necessary for
Anaconda Copper Mining
.
Co.—50 Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 24 to holders of record March 11.
This compared
with 75 cents paid on Dec. 23, last; 50 cents paid on Sept. 23 and June 24,
last; 25 cents on March 25, 1940; 50 cents on Dec. 21, 1939 and 25 cents
paid in preceding quarters.—V. 152, p. 670.
-
Arbor
Ann
Net from railway
$358,066
83,220
A. P. W. Paper
$324,721
67,912
32,644
$334,459
56,255
46,83 1
—
24,678
Net ry. oper. income—
—V. 152, p. 817.
must be
$258,795
9,905
def22,178
Co., Inc.—Earnings6 Mos. Dec. 31
July 1 '39 to July 1 '39 to
Jan. 11 '40 Jan. 13 '40
1938
—....
1937
$1,524,028
1,110,077
$1,955,805
1,388,145
326,676
.$1,962,644
Cost of sales bet. deprec.
1,540,174
Sell., admin. & gen. exps
334,686
Net sales
$1,466,557
1,085,902
288,057
252,764
1
$87,784
2,080
Gross profit
Miscell.
earns,
(net)---
bg 00©
^
-t
$92,598
10,623
$161,187
Drl,534
ISS
Dr
$232,850
103,008
2,780
80,693
$159,653
96,561
2,900
77,210
$81,975
96,768
2,906
83,227
$75,483xprof$46,369
$17,018
$100,926
$89,865
77,769
2,879
84,700
Total.
Depreciation
Net loss..-
x Earnings per share on 159,201 no mr shares common stock amounts to
$0.29.—V. 151, p. 3386.
•
A. P. W. Properties,
Inc.—Earnings1939
1940
r 6 Months Ended Dec. 31—
$13,794
$16,368
Rental from A. P. W. Paper Co., Inc
Interest earned
84
$13,891
$8,015
5,749
2,222
$5,965
3,112
2,222
$44
ve
97
$16,452
1,217
3,862
3,358
$631
—
Total
Adminsitrati
expense.
Taxes
Depreciation
Net income
Dividends declared—paid—class A stock
Class B stock
635
3,958
3,333
the litigation arising from the investigation are continuing
tion of Mr. Dabney, special counsel to the trustee.
Arkansas Power & Light
Period End. Dec. 31—
Co.—Earnings—
1940—12 Mos—1939"
$9,978,136
$9,686,868
1940—Month—1939
$876,608
$809,029
Operating revenues
Operating expenses, excl.
direct taxes.
Direct taxes
298,678
340,563
118,396
4,044,335
199,884
Prop, retire't
105,000
106,000
1,287,000
3,915,702
1,269,365
1,275,000
$273,046
1,106
$244,070
2,143
$3,126,834
10,766
$3,226,801
12,773
$274,152
147,032
$246,213
146,373
25,765
0351
$3,137,600
1,757,781
229,114
03,730
$3,239,574
17.616
$1,154,435
$1,265,153
949,265
res. approp
Net oper. revenues
Other income (net)
_
Gross income
Interest
on
mtge. bonds.
Other int. & deductions.
Int. charged to construe.
0780
1,519,967
Net income
$110,284
$74,426
Dividends applicable to pref. stocks for the period
949,265
Balance...
1,756,576
221,896
04,051
$205,170
,
a
Title to Special Funds—The trustee of the company is continuing the
investigation of the ownership of funds transmitted by the company to
Transfer and Paying Agency, Irving Trust Co., Chase National Bank and
Public National Bank & Trust Co. for the payment of principal of and
interest and dividends on certain securities of the company payable before
the filing of the petition for reorganization on Jan. 10, 1940. A petition
to determine title to these funds is being prepared and will shortly be filed.
the company to be
Insurance Co., et al,
stockholders of the company on behalf of and in the right of the
company, against Howard C. Hopson and others, was denied by Justice
Shientag with a long opinion.
An appeal to the Appellate Division of the
New York Supreme Court is pending
Suits instituted in Kentucky on behalf of Kentucky-Tennessee Light &
Power Co. for the recovery of rebates on coal and other alleged diversions
of assets by former officers and employees are proceeding toward trial.
A companion action brought against the National Surety Corp. on the
blanket fidelity bond in favor of System companies was settled during
December.
This settlement included not only the claims in suit but also
all other claims against the surety under blanlet
fidelity bonds up to
March 2, 1940, the date upon which the trustees were appointed.
As a
result of this settlement, authorized by the Court's order of Dec. 23, 1940,
the trustee of the company has now received and holds the sum of $175,000
subject to the Court's order for equitable distribution between KentuckyTennessee Light & Power Co. and the other System companies insured
by the bond.
'
On Jan. 9, 1941, an action was commenced on behalf of the trustee of
the company, the trustees of the corporation and various system sub¬
sidiaries against Howard C. Hopson, members of his family, his family
trusts, partnerships and corporations and others to recover assets diverted
from the System.
On Jan. 31, 1941 on the petition of the trustee of the company, with
the concurrence of the trustees of the corporation as to the objectives sought
to be obtained, an order was procured, directing Howard C. Hopson,
members of his family and their personal trusts, partnerships and cor¬
porations and John I. Mange and his family trusts and corporations, to
show cause why their assets should not be impressed with a trust in faVor
of the estate of the company, the corporation and their subsidiaries.
This
order to show cause contained a temporary restraining order forbidding the
removal, transfer or disposition of property in the possession or under the
control of the respondents, pending the outcome of proceedings brought
or to be brought to impress such property with a trust in favor of the System
and directing the restoration thereof to the company and its subsidiaries.
The order to show cause is now set for hearing on Feb. 28, 1941.
The restraining order was later modified so as to permit the payment
of carrying charges, household and living expenses and the sale of or exchange
of property from time to time, subject to the approval of the trustee of
the company or his representative and subject also to the continued control
of the Collector of Internal Revenue with respect to such property as is
Recovery Litigation—The motion of the trustee of
substituted in the case of Manufacturers Mutual Fire
suing
as
.
s
_
.
..
T
.
.
.
151, p. 3879.
under the direc¬
preliminary step in this litigation, the Court, by its order of Jan. 20,
1940. has required the trustee of the company to file by March 1, 1941 a
petition setting forth all the claims which he has against the estate of the
Associated Gas & Electric Corp. or against the property now in the posses¬
sion of the trustees of the corporation.
Mr. Dabney is now engaged in
the preparation of this petition.
As
.
Balance
-Y.
1941
to the
1938
1939
1940
1941
1,
Recap Plan Litigation—Before a plan of reorganization can be submitted
Court the rights of security holders as affected by the recap plan
clarified.
The investigation of the recap plan and preparation for
RR.—Earnings—
January—•
Gross from railway
March
Chronicle
The Commercial & Financial
1418
.
.
A
.
under Federal tax liens.
Weekly Output—
Utility Service Corp. reports that for the week ended Feb. 21,
of the Associated Gas and Electric group was 109,177,864
(kwh).
This is an increase of 15,079,466 units or 16.0% above pro¬
duction of 94,098,398 units a year ago.—V. 152, p. 1272.
The Atlantic
net electric output
$315,888
Note—Above statement includes provision of $39,801 and $100,530 for
Federal excess profits tax in the month of December, 1940, and in the
12 months ended Dec. 21, 1940, respectively.—V. 151, p. 3880.
units
Associated Gas & Electric
Corp.—Trustees' Report—
Denis J. Driscoll and Willard L. Thorp, trustees of the corporation have
Arnold Constantable Corp.—12
Y^-Cent Dividend—-
Directors have delcared a dividend of 12 K cents per share on the common
stock, par $5, payable March 25 to holders of record March 11.
This
compares with 25 cents paid on Jan. 27, last; 12K cents on Dec. 16, Sept. 27,
June 27 and March 25, 1940; 25 cents on Jan. 25, 1940; 12M cents on
Dec. 29, Sept. 25, June 27 and March 21, 1939, and 25 cents on Jan. 27,
1939.—V. 152, p. 261.
Artloom Corp.
-Earnings-
Calendar Years
Gross profit on sales
1939
z$767,629
332,817
1940
z$722,365
333,081
Expenses
Inventory adjustments.
Idle plant expense
Liquidation losses
Profit-
1938
y$340,494
282,760
68,628
66,590
48,977
48,048
97,160
$389,284
9,437
$434,812 loss$126,462 loss$141,587
Dr5,122
36,768
Dr387
Federal taxes, &c
$398,721
xl44,000
$429,691
120,000
actions of prior years.
Drl73
09,216
Special prov. for price
adjustment, &c._
15,000
70,000
$239,547
31,143
50,000
$248,907
54,500
$1.04
$1.09
loss$89,694 loss$141,974
7,233
12,748
Adjt. arising from trans¬
x
loss$96,927 loss$l54,722
31,318
38,756
Nil
Nil
Includes $31,000 estimated U. S.
excess profits tax.
y After deducting
of sales amounting to $1,638,725 in 1938 and
$1,773,576 in 1937.
After deducting $4,156,040 in 1940 and $3,974,219 in 1939 cost of sales
$234,790 in 1939 other expenses not included in
and $172,779 in 1940 and
above standard cost.
Balance Sheet Dec. 31
Assess—
x
1940
LiaMUies—
1939
Land, bldgs.,ma¬
chinery, &c.— .$1,973,452 $1,826,934
Patents, &c
l
209,391
Cash
Accts. & notes rec.
Investments
Inventories
Deferred charges.
Miscell. assets-...
-
1
123,922
661,291
z811,049
1,705
1,206,574
18,968
1,705
1,220,315
20,869
1,214
1940
Preferred stock...
y
$444,900
1,500,000
375,000
320,169
Common stock..
Notes payable
Accounts payable.
Customer accounts
—credit balance
Misc.
curr.
400,000
288,581
4,760
6,402
80,839
55,315
191,603
Accrd. wages, &c.
U. S. & Pa. taxes.
157,282
Long-term debt.
Surp. arising from
purch. & retire't
of pref. stock
Surp. arising from
.
119,692
835,909
value.....
Total
677,504
119,692
$4,221,140 $3,856,250
x After
depreciation of $1,351,002 in 1940 and $1,275,151 in 1939.
Represented by 200,000 no par shares,
z Accounts only.—V. 152, p. 261.
Associated Breweries of Canada, Ltd.—25-Cent Div.—
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 31 to holders of record March 15.
Dividend of 60
cents was paid on Dec. 21, last; dividends of 25 cents were paid in each of
the three preceding quarters; year-end dividend of 75 cents was paid on
Dec. 22, 1939, and regular quarterly dividend of 20 cents was paid on
Sept. 30, 1939.—V. 151, p. 2932.
Associated Gas & Electric Co.—Trustee's
Report—
The fifth report of the trustee submitted to the Federal District Court
states in part:
over
into
1942.
Executive Changes—In recent weeks certain changes in the executive
personnel of a number of the Systemste operating properties have occurred.
These changes follow:
R. D. Jennison, former President of Utility Management Corp. (now
entitled Atlantic
New York State
Utility Service Corp.), has become the President of
Electric & Gas Corp., a subsidiary in the NY PA NJ
Utilities Co., subholding group.
Omrod Titus, former Executive
Vice-President of New York State
President of Metropolitan Edison Co.,
subsidiary in the NY PA NJ Utilities Co. subholding group.
E. H. Werner, former Executive Vice-President of Metropolitan Edison
Co., has become President of Pennsylvania Edison Co., another subsidiary
in the NY PA NJ Utilities Co. subholding group, succeeding J. H. Shearer,
Electric & Gas Corp., has become
also
a
retired
N.
E.
Drexler, former Vice-President of Virginia Public Service Co.,
subsidiary in the General
has become President of Tide Water Power Co., a
Gas & Electric Corp. subholding group, succeeding Miles Carey,
R. H. Ferguson, former System executive, has succeeded H.
resigned.
V. Arm¬
strong, deceased, as President of Kentucky-Tennessee Light & Power Co.,
a subsidiary in the Associated Electric Co. subholding group.
Rates—Reductions in electric rates totaling approximately $1,097,000
have been made since the last report of the trustees.
This figure does not
make any allowance for whatever recovery of revenues will follow such
reductions.
The
made by Metropolitan
rate
largest reduction—approximately $1,002,840—was
Edison Co., and results in the termination of the
Financial—On Jan. 10,1940, when the reorganization
120,976
reduct. in stated
-..$4,221,140 $3,856,2501
.
proceedings began,
payable to banks and other similar obligations of subsidiaries of
Electric Corp. amounted to $14,534,628.
On Feb. 1,
1941, such payables had been reduced to $6,034,820, which includes $1,856,
500 of new obligations incurred primarily for construction requirements of
certain operating subsidiaries.
The average interest rate on such obliga¬
tions at Jan. 10,1940 was approximately half again higher than the average
interest rate on the $6,034,820 of such obligations outstanding at Feb. 1,
notes
120,976
Earned surplus
y
1941—The budget for construction by System operating
companies in 1941 will require estimated cash expenditures of about $28,000,000.
This compares with actual cash expenditures in previous years
as
follows: 1938, $14,808,000; 1939, $17,884,757; 1940 $25,000,000 (ap¬
proximate)
The estimates, as received from the operating companies and finally
revised, indicate a construction budget for 1941 of $37,000,000, of which
$7,000,000 represents uncompleted work carried over from 1940.
The
estimated casn required is $34,000,000, but it is estimated that the actual
expenditures will amount to approximately $28,000,000 because several
major projects probably will be deferred.
Also material and equipment
deliveries are being delayed more and more by the manufacturers, which
will make it impossible for the companies to complete all the work they
plan to do, resulting in approximately $9,000,000 of construction being
general rate proceeding instituted by the Pennsylvania P. U. Commission
on June 29, 1937.
50,000
100,000
.....
_
1939
$444,900
1,500,000
4,798
3,119
96,912
58,062
liab
Reserves
Divs. pay. on com.
stock
Total-
Atlantic Utility Service Corp.—On Jan. 29, 1941, the name of the Utility
Management Corp., System service company, was changed to Atlantic
Utility Service Corp. (AUSCORP.).
The change was made following
certain developments designed to continue the evolution of this company
as a purely service organization for the System.
carried
cost
x
The report in part states:
condition thereof.
Construction for
1937
y$370,269
366,648
Other income
Balance to surplus
Dividends on pref. stock
Divs. on common stock.
Earns, per sh. on com..
submitted to the Federal District Court the fifth report on the operation
of the business and the administration of the corporation and the present
Associated Gas &
1941.
The following transactions and developments
of
a
financial nature from
Nov. 15, 1940 to Feb. 15, 1941 are reported:
Associated Utilities Corp.—Associated Utilities Corp., a subsidiary of
Associated Gas & Electric Corp. sold $150,000 of Florida Public Service Co.
1st mtge. series C, 4% bonds, due 1955, and used $147,960 of the proceeds,
Nov. 25,1940, to pay the balance of principal due on its 4% demand note
on
dated Jan.
13, 1938 in the original amount of $300,000.
the note removes all public interest
Elimination of
in this important direct subsidiary.
Florida Power
Gas & lectric
Corp.—Florida Power Corp., a subsidiary in the General
Corp. subholding group, had a bank loan of $600,000 matur¬
ing on Jan. 28, 1941, and bearing 1H% interest.
This maturity was met
by the issuance of a new note for a like amount payable 90 days after
date bearing 2% interest.
This loan was made in anticipation of longterm financing of Florida Power Corp.'s 1941 construction program.
Velum*
The Commercial & Financial Chronicle
152
W General Utility Investors Corp.—On Dec. 23, 1940, General Utility In¬
vestors Corp., a subsidiary in the NY PA NJ Utilities Co.
subholding
group, extended the maturity date of its bank loan of $755,000 to May 15,
•
1941.
At
the
time, the corporation obtained a reduction in the
interest rate from 4to 2M%.
On Dec. 30, 1940, the corporation made
a payment of
$5,000 on the principal amount of this note, leaving a balance
same
of principal remaining unpaid of
$750,000.
Lexington Water Power Co.—Southeastern Electric & Gas Co., subsidiary
holding company of General Gas & Electric Corp., made a capital con¬
tribution out of its investment portfolio to it
ssubsidiary, Lexington Water
Power Co., of $110,000 5% 1st mtge. bonds due 1968 and
$125,000 of 5H %
convertible sinking fund debentures due 1953 of the latter company.
These
used
were
ments on
by Lexington Water Power Co. to
both issues on Jan. 1, 1941.
meet
sinking fund require¬
NY PA NJ Utilities Co.—A nine months' bank loan in the amount of
$1,000,000 of this company, a subsidiary holding company of Associated
Gas & Electric Corp.,
maturing on Jan. 11, 1941, was renewed for an
additional nine months' period at 2K % compared to 4% on the former loan.
balance
of
amounting to
subsidiary in
the Associated Electric Co.
subholding group, maturing on Nov. 26, 1940,
was renewed on that date for
an additional nine months, payable $25,000
monthly at 2% % interest compared to 5% on the former loan.
principal,
loan of this company,
a
Keystone Public Service Co.—Five monthly payments totaling $41,667
were anticipated during the month of
Jan., 1941 on a bank loan of this
company, a subsidiary in the NY PA NJ Utilities Co. subholding group,
reducing the principal amount of this loan to $200,000 as of Jan. 31, 1941.
York
Bus
Co.—A
bank loan
of this company,
a
subsidiary in the NY
PA NJ Utilities Co. subholding group,
maturing on Dec. 26, 1940, was
renewed on that date by the issuance of a new demand note of
$10,000
representing the balance of principal due on the maturing note.
$500 was
paid on the new note on Dec. 29, 1940.
It is expected that the company
will make monthly reductions on the
principal, so as to liquidate the note
during 1941.
v/,^ v,:
.
Edwardsville Water Co.—On Nov. 1, 1940 this company, a subsidiary in
Water Cos:, Inc. subholding group, sold to the North¬
the Northeastern
Mutual Life Insurance Co. $150,000 3>3% 1st mtge. bonds due
1965, at 100.
Of the proceeds, $80,000 was used to retire, at 100, all the
5^% 1st mtge. bonds of the company, $11,200 was used to pay off notes
held by the patent company, and the remainder is to be applied to con¬
western
struction.
Metropolitan Edison Co.—On Dec. 5,1940, the Securities and Exchange
Commission issued
an
order against Metropolitan Edison Co.
forbidding
the payment of dividends on its outstanding common stock until it has
accumulated $4,279,562 in its earned surplus account or
effectively in¬
creased its capital by that amount.
This order was the outgrowth of a
proceeding instituted under Section
12(c) of the Public Utility Holding Company Act of 1935 by the Commission
on
Dec. 1, 1939, prior to the reorganization proceedings.
Commission
counsel had contended that the company had an earned
surplus deficit
equivalent to $6,111,330 less the amount shown as earned surplus on the
company's books.
As of Sept. 30, 1939, the earned surplus deficit, under
the latter theory, would have amounted to $5,192,169.
The statutes of
Pennsylvania, to which Metropolitan Edison Co. is subject, are susceptible
of the interpretation that an earned surplus deficit precludes the
payment
of dividends on any class of stock until that deficit has been removed.
Accordingly, if the theory of Commission counsel were sound, Metropolitan
Edison Co. might have been forced to cease paying dividends on all its
preferred and common stock until.t^he alleged deficit had been eliminated.
The company adhered to the position throughout the
proceeding that
neither in fact
nor
in law did it have
an
earned surplus deficit.
In the
latter stages of the proceeding, however, the
dividends
to
on
its
$4,279,562
The
or
common
company offered to withhold
stock until its earned surplus had been built up
its capital account effectively increased by that amount.
basis for this proposal was that the balance sheets of
Metropolitan
Co. for prior years may have contained a
Edison
representation
upon
which preferred stockholders relied that surplus
earnings to the extent of
$4,279,562 had been capitalized and were, therefore, unavailable for
dividends to the common stockholders.
The Commission, in its opinion, stated that, since determination of
whether the company has an earned surplus deficit
depended largely upon
interpretations of Pennsylvania law as to which there was dispute, and in
view of the fact that the company indicated that it
contemplated a com¬
plete readjustment of its financial structure in the near future, the Com¬
mission made no finding as to whether the
company has an earned surplus
deficit
or
note.
The Commission further found that the restriction on
stock dividends, as proposed by the
company, until $4,279,562
had been accumulated in its earned
surplus account or until its capital had
been effectively increased by that amount was
common
to insure the financial
that dividends on the
necessary and appropriate
integrity of the company.
Accordingly it ordered
stock be prohibited in accordance with the
common
proposal.
f.'.
Pending the proposed recapitalization by the company and such further
as
might be appropriate or necessary, the Commission left the
actions
record open and reserved jurisdiction to modify its
findings and order.
At
the same time, it reserved to the
company the right to petition for such
modification.
It should be noted that the
mon
stock
6rder of the Commission applies only to com¬
dividends; it does not affect dividends on the preferred stock
of the company.
Bar Order—On Jan. 30, 1941 Judge Vincent L. Leibell of the U.
S.
District Court for the Southern District of New York
granted the appli¬
of the trustees of Associated Gas & Electric
Corp. for an order
barring the trustee of Associated Gas & Electric Co. from asserting any
cation
claims
against the
corporation or its assets unless asserted by March 1,
Associated Gas & Electric Co. was the top holding
company in the
System at the time the reorganization proceedings were in¬
stituted on Jan. 10, 1940, through its
holdings of all the common stock
of Associated Gas & Electric Corp.
The corporation, in turn, directly
1941.
Associated
indirectly controls the subsidiary operating and subholding companies
The separate reorganization proceedings for the company
corporation effected a suspension of the control formerly exerted
by the company over the corporation.
1
The same order bars indenture trustees of the
company under which the
company issued debentures from asserting any claims against the corporation
or its property unless asserted by April 1, 1941.
All persons who, accord¬
ing to the corporation's records had claims against the corporation for
services performed or supplies furnished on or before the date
(Jan. 10, 1940)
of the filing of the petition for reorganization are
similarly barred from
the assertion of their claims unless asserted within 60 days from the date
of the entry of the order (Jan. 30, 1941).
The entry of the bar order constitutes the first
step in the determination
of claims which must be taken before any plan of reorganization can be
effected.
The trustees of the corporation are informed that the trustee of the
company will contend, among other things, that the assets of the corporation
are not assets of the corporation but belong to the
company: that certain
security holders of the company have rights to the assets of the corporation
senior to the rights of the holders of some or all classes of securities issued
by the corporation and that the holders of certain securities of the company
should share in the assets of the corporation on an equal basis with all or
some of the holders of securities issued by the
corporation.
In the absence of the successful assertion of some or all of such
claims,
the trustee of the company would be entitled to assert against the estate
of the corporation merely the junior rights of the company as a holder of
all the stock of the corporation (junior of course to notes, debentures and
other indebtedness of the corporation) and of other claims
comprising
chiefly a note which by its terms is junior to the notes and debentures
issued by the corporation now held by the public.
It is thus apparent that the successful assertion by the trustee of the
company or by holders of its securities of claims which it has been indicated
or
of the System.
and the
be asserted would reduce the share of income and assets of the estate
of the corporation which would otherwise be available to meet the claims
of the holders of publicly held notes and debentures issued by the
are to
corporation.
Regardless of what contentions may be made by the company trustee,
he is now required to file with the trustees of the corporation proofs of
claim, petition or other pleadings setting forth any and all claims which
he may have or claim to have.
Following the assertion by the company trustee and the company in
denture trustees of such claims as
they may assert within the time limited
to
them, the trustees of the corporation contemplate making application
Court for further orders determining what steps should be taken
respect to requiring claims to be filed by security holders in their
own behalf.
Pending the entry of further orders, no security holder of the company
to
the
with
of the corporation is
or
required
or
permitted to file
claim
any
or
take any
other action with respect to asserting a claim against the corporation or
its property.
Appointment of Mr. Rogge—Judge Leibell has appointed O. John Rogge
as special counsel to the trustees of the corporation to conduct and direct
the litigation described above.
(
Sioux Falls Gas Co.—This company, a subsidiary in the Associated Elec"
subholding group, was dissolved on Jan. 16, 1941.
The dissolution
followed the sale of the assets of the company on March 29, 1940 to Central
Electric & Telephone Co. of Sioux City, Iowa.—V. 152, P. 1272.
trie Co.
Northern Pennsylvania Power Co.—A nine months' loan of $185,000 of
this company, a subsidiary in the NY PA NJ Utilities Co.
subholding
group, maturing on Dec. 9, 1940, was renewed on that date for an addi¬
tional nine months at 2>£% compared to
3>i% on the former loan.
Pennsylvania Electric Co.—The
$200,000, of a nine months' bank
1419
Atchison Topeka & Santa Fe
[Includes Gulf Colorado &
Santa
Fe
Ry.—Earnings—
Ry-Panhandle
Month of January—
Railway operating revenues
Railway operating expenses-—.--.
Railway tax accruals!!
Other debits
or
credits
,
-
—
Net railway operating income--—V. 152, p. 973. " ■
V
Atlas
Sante Fe
1,511,130
Dr34,056
—
:
&
1,217,713
Dr29,736
540,062
1,814,350
^
Ry,]
1941
1940
$14,319,983 $11,967,662
10,960,447
10,180,152
:
'
r-
V,";,:
i Vv
Corp.—Annual Report—
F. B. Odium, President, states in part:
The indicated asset value of the common stock of company at
Dec. 31,
approximately $12.26 per share.
As compared with the figure
30, 1940, last reported to stockholders, this
represents an increase of 83 cents per share.
The indicated asset value
at Dec. 31, 1939, was $12.80 per share.
Thus for the full year of 1940,
despite a decline of approximately 15% in common stock prices generally,
the decline in asset value of the stock of company was only about 4%,
that is to say, 54 cents per share.
Dividends of 50 cents per share were
paid during the year on the common stock.
The substantially better than
market average performance during the year as indicated above was due
in part to results of general portfolio operations, in part to the working
out of and improvement in special holdings, and in part to purchase of the
company's own outstanding stock below asset value.
During the year 1940 a total of $2,729,623 was paid to stockholders
in dividends, of which $1,305,016 was paid on the outstanding preferred
stock and $1,424,607 was paid on the outstanding common stock.
Net income for the year 1940, including $1,739,243 net realized profit
on
securities, amounted to $2,521,022.
'
The more important developments in your company's progress during
1940,
was
of $11.43 per share at June
1940
were as
follows:
^
_
^
.
The reorganization of Utilities Power & Light Corp. was completed.
corporation is called Ogden Corp. and your company owns
approximately 76% of the outstanding common stock.
At the time the
reorganization was completed early in 1940, Ogden Corp. had outstanding
bonds and preferred stock as well as common stock, but the bonds and
preferred stock were all redeemed during the first half of the year.
Current
(1)
The
successor
being made with respect to the reorganization of subsidiaries
Ogden Corp,
This is a big task and in the opinion of your management
1941 to complete.
Nego¬
tiations are under way for the sale of various of the operating properties
and the physical integration of others.
When the work of reorganization,
sales and integration is completed, it is presently expected that Ogden
Corp. will be liquidated.
When this is accomplished, it is the opinion of
your management tnat Atlas Corp. will receive substantially in excess of
the sum at which the shares are carried in the attached financial statement.
(2) The newly reorganized Radio-Keith-Orpheum Corp. has been in
operation since January, 1940, when it took over the assets of its predecessor
company.
While this moving picture company is now suffering from
loss of some foreign markets as a result of the war and as yet has not had
sufficient time to adjust itself to a cessation of long-continued reorganization
proceedings, your management is optimistic as to its long term outlook.
The enterprise, in addition to its production unit in Hollywood and its
world-wide distributoin system, operates approximately 100 moving picture
theaters, a substantial number of which are located in Greater New York.
Your company owned at Dec. 31, 1940, approximately 28% of the preferred
stock and approximately 39% of the common stock of RKO, including the
120,000 shares of common stock to be received under allowances made
by the Court in connection with the reorganization.
(3) Bonwit Teller, acquired in 1931, continues to show progress and
to maintain an outstanding position as a women's specialty store.
(4) A large interest in Franklin Simon & Co. was acquired by your
company in 1936.
Since then much progress has been made.
During
tne past year, for the first time since 1931, operations of Franklin Simon
& Co. resulted in a profit before charges for depreciation.
(5) A substantial amount of cash was obtained during the first half of
1940 as a result of the redemption by Ogden Corp. of its outstanding
bonds and preferred stock.
Your company has continued to maintain a
substantial cash position due to the many problems connected with the
war abroad, the defense program at home, and the uncertainties related to
taxes. At the year end, the cash, less amount payable for securities pur¬
chased, totaled $8,575,865, which represented about 15% of net assets.
(6) During the year 1940 $15,793,789 of investment securities were
purchased and $27,300,717 of such securities were sold, including $16,795,000 received upon redemption of Ogden Corp.'s debentures and pre¬
ferred stock.
To the extent that portfolio changes do not represent a net
change in cash position, they reflect the judgment of the investment com¬
mittee as to desirable shifts in securities, considering many factors including
particularly the relationship of price of the securities to earnings applicable
tnereto and to the base for excess profits taxes.
<7) Pursuant to the often announced policy, your company has con¬
tinued during 1940 to buy for retirement its outstanding stock.
35,966
shares of preferred stock at an average cost of $46.93 per share and 285,234
shares of common stock at an average cost of $7.95 per share were acquired
in the market during the year at a total cost of $3,955,134.
The preferred
stock has been retired by action of the directors.
Authorization to retire
the common stock will be requested from the stockholders at the annual
meeting.
Company expects to acquire additional preferred stock when
it seems advantageous to do so and also expects to continue from time to
time the purchase of common stock so long as the adequate coverage is
maintained for the outstanding preferred stock and the common stock is
selling for substantially less than its asset value.
'8) The portfolio of general market securities amounting to $30,055,630
at Dec. 31,1940, and representing about 55% of net assets, may be generally
classified as follows:
Bonds, 6.2%; preferred stocks, 17.4%; common
stocks, 76.4%.
progress is
of
will consume at least the remainder of the year
,
Consolidated Income Account for
Stated Periods
[Including Investment Company Subsidiaries]
—Years Ended Dec. 31— 2 Mos. End.
1940
1939
Dec. 31, 38
Period—
Income—Dividends—$1,611,557
365,277
107,318
224,427
b$2,084,152
1,102,373
$1,338 467
Interest
_
Underwriting fee
Miscellaneous
Year End.
Oct. 31*
38
$357,242 x$1,561,699
$1,114,040
42,721
284,706
$399,963
214,639
$1,852,118
1,118,998
------
5,713
—
Total income-
Expenses.
1,224,067
Excess of income from
1
•
; ^
divs., int., &c., over
$981,779
$114,400
$185,325
basis of avge. costProv. for Fed. inc. taxes
1,739,243
1,119,852
11,800
dl55,856
d6,179,813
4,000
Prov. for contingencies-
200,000
y27,700
342,749
expenses
—
—
Net prof, on sale of sees.
on
Net profit for period--c$2,521,022 c$l,222,451
a
$733,119
.
Amounts shown in the above
income account
—---
d$25,469ad$5817,143
for the year
after eliminating portions thereof applicable to minority
senting a net loss of $5,731.
1938 are»
interests, repre¬
b The amount of income shown above included $386,554 dividends and
$200,055 interest from non-consolidated majority-owned subsidiary com¬
panies.
Aggregate changes in surplus accounts of all non-consolidated
The Commercial & Financial Chronicle
1420
majority-owned subsidiary companies as reported by such companies for
the 12 months ended Dec. 31, 1940, before deducting dividends and interest
Atlas Corp. and its subsidiaries, indicate a net increase of
approximately $889,000 applicable to Atlas Corp.'g interest in such com¬
March
1/1941
stock for which it will subscribe, and which it
by the transfer of assets pursuant to its agreement with
the shares of capital
purchase,
payable to
panies.
The balance of the stock, 146,968 shares, is offered to
subject to the purchase agreement.
will
the
company.
Amounts shown in above statements of income for 1940 and 1939 are,
c
portions thereof applicable to minority interests, repre¬
d Loss.
after eliminating
senting a net Income of $573 and $4,369, respectively,
Includes $119,382 received in the form of debentures and preferred
stocks as dividends on common stock held,
y Includes $15,000 surtax on
undistributed net income of a subsidiary.
x
Statement of
Consolidated
Surplus and Net Unrealized Depreciation for the
Year Ended Dec. 31, 1940
(1) Capital Surplus—
3l, 1939, after deducting $1,344,172
Balance at Dec.
treasury and $10,858,968 dividends paid to Dec. 31,
Dividends paid—On 6% preferred stock ($3 per share)
On common stock (50 cents per share)
»
of
(b) Up to 868,992 shares of capital
subscribed for by other stockholders.
1939--$39,460,368
1,305,016
1,424,607
of cost over par value of capital stocks acquired
Excess of cost over par value ($5 per share)
285,234 shares of common stock in treasury at Dec. 31,
1940, $841,240; less excess of par value ($50 per share) over
cost of 35,966 shares of preferred stock retired on Dec. 31.
Net
excess
during the year:
of
Balance of capital surplus at Dec. 31, 1940
Net
$36,000,082
Deficit—
1939
$2,963,824
2,521,022
income
Deficit at Dec. 31, 1940-
.
I
it, m
,
Net unrealized depreciation at Dec. 3i, 1940
i-
ii..,-
....
a$15,668,648
at Dec. 31, 1940, after deducting net unrealized
depreciation of assets
$19,888,632
Surplus
—
The adjustment to
a
reflect net unrealized depreciation
at Dec. 31,
1940,
decrease of $1,165,744 in management's valuations of in¬
vestments in and receivables from non-consolidated majority-owned sub¬
includes
net
a
This decrease in management's valuations less $586,609
during the period in respect of dividends and interest
companies results in a net decrease of $579,135 as compared with
the aggregate net increase in surplus accounts reported by these companies
of approximately $889,000.
The aggregate net decrease in management's
valuations of investments in and receivables from non-consolidated majorityowned subsidiary companies since dates of acquisition amounted to $784,425,
as
compared with a net decrease of approximately $469,000 in surplus
accounts as reported by such companies.
sidiary companies.
to income
credited
from such
Note—Net unrealized depreciation at Dec. 31, 1940, includes adjustment
for $94 net
appreciation applicable to minority interests.
Consolidated Balance Sheet Dec. 31
[Corporation and Its Investment Company Subsidiaries]
Assets—
1939
1940
Cash------
$9,141,271
450,000
Accrued int., divs., and accounts receivable
245,625
Portfolio holdings
b30,055,630
Invest, in and rec. from non-consol. controlled cos.cl5,325,940
Other investments
d369,361
e
Expenditures
790,471
Claims and expenditures.-Deferred charges
120,852
a
-
$3,217,815
Receivables.
_
164,436
51,216,851
6,107,400
1,242,933
-----
Total
.
fi
o~86
-
583
38,712
$56,499,150 $63,074,730
-
Liabilities—
Dividends payable on issuable capital stocks...-Due to brokers for securities purchased
Other accounts payable and accrued expenses.
Provision for current year taxes
—-
Provision for contingencies
Amount applicable to minority interests-..
6% preferred stock cumulative (par $50)
Common stock (par $5)
Capital surplus-- —
Earned deficit
i
Net unrealized depreciation
Total
....
$192,218
565,405
316,026
100,484
1,172,401
13,999
20,634,750
13,615,235
h36,000,082
442,802
15,668,632
$208,494
46 841
189 979
gl98,611
1,305,020
71,846
22,433,050
15,041,405
39,460,369
2,963,824
12,917,061
$56,499,150 $63,074,730
Under allowance by District Court in connection with reo ganization
Radxo-Keith-Orpheum
Corp.
b Representing securities for which
market quotations are available priced at Dec. 31, 1940, market quotations
(cost $47,053,273).
c Cost $13,677,196, carried by the management for
purpose of this statement at the above amount,
d Cost $689,017, carried
by the management for purpose of this statement at the above amount,
e In connection with the reorganization of Utilities Power &
Light Corp.
f Notes and accounts receivable $658,416 and expenditures of $924,067
in connection with companies in process of reorganization, carried by the
management for purpose of this statement at the above amount,
g In¬
cludes $121,000 provision for Federal income tax which would be payable
upon realization of the net unrealized appreciation of investment of a
subsidiary,
h Of which $3,524,765, representing par value of common
stock in treasury, is restricted as to dividends under Delaware law,
i Excess of cost over market or management's valuations of assets.
a
of
Note—Costs
company
are
based
with respect to investments acquired at inception of the
through consolidation which became effective on Oct. 31, 1936,
on market quotations or, in the absence thereof, appraisals bv
the board of directors as of that date.
To Pay
25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 25 to holders of record March 7.
Like amounts were
paid
on
Oct. 25 and June 5, 1940 and on Dec. 4 and
on
June 30,
1939.
—V. 151, p. 1272.
Aviation
Corp.—Offering of Stock—Listing, &c.—
The New York Stock Exchange has authorized the listing of
1,445,555
(par $3) upon official notice of issuance pursuant
offering to stockholders, making the total number of shares applied
shares of its capital stock
to an
for
5,793,513.
The company is offering to holders of record its capital stock on Feb. 24,
1941, subscription warrants which will entitle the holders thereof, or their
assigns, to subscribe for 1,445,555 shares of the authorized and unissued
capital stock in the ratio of one share for each three shares then held, at
the purchase price of $3.50 per share.
The warrants will be dated Feb. 24, and the subscription rights will
be terminated March 10, 1941.
No fractional shares or scrip will be issued,
but bearer fractional subscription warrants may be combined at the office
of the warrant agent, Schroder Trust Co., 48 Wall St., New York, on or
before
March
10 in order that the holders of bearer fractional warrants
entitling them in the aggregate to subscribe for one or more share may exer¬
cise the privileges conferred thereby to subscribe for one or more full shares
of capital stock.
The stockholders, at a special meeting held on Feb. 17, 1941, authorized
an amendment to the certificate of incorporation of the corporation, so
as to increase the authorized capital stock from 5,000,000 shares ($3 par)
to 7,500,000 such shares, and approved the issuance and sale of the 1,445,555
shares of capital stock.
Aviation & Transportation Corp., the parent and an affiliate of this
company, with offices at 420 Lexington Ave., New York, has agreed to
subscribe to 429,595 shares of capital stock to be offered to it as a stock¬
holder, and in addition to purchase up to 868,992 additional shares not
subscribed for by other stockholders, at the offering price of $3.50 per
share, and Aviation & Transportation Corp. has agreed to pay for all
_
stock that are not purchased or
.
any
Miscellaneous assets taken
as of the close of business
If the value of the assets,
Aviation & Transportation Corp.
(3)
at a value of $68,052, the book value
on Feb. 17, 1941, being $76,921.
above mentioned, to be transferred by
to the company
exceeds the aggregate
price of the shares finally determined to be purchased by Aviation &
Transportation Corp., as mentioned aboye, the company will, in such
event, pay to
Aviation & Transportation'
Corp. cash in an amount repre¬
such assets and the aggregate
to Aviation & Transportation
senting the difference between the value of
price of the shares so to be issued and sold
$442,802
Surplus at Dec. 31, 1940, before deducting net unrealized
depreciation of assets
$35,557,280
(3) Net Unrealized Depreciation (Excess of Cost Over Market or
Managements Valuations of Assets)—
At Dec. 31, 1939
--$12,917,031
Add adjustment to
reflect net unrealized depreciation at
Dec. 31, 1940
2,751,588
'
In
(c)
730,664
Balance at Dec. 31,
„
& Transporta¬
stockholder of
event Aviation & Transportation Corp. will transfer to
the company at the values hereinafter stated:
(a) 100,356 shares of common stock and 8,468 shares of preferred stock
of Auburn Central Mfg. Corp. at a aggregate value of $475,000.
(b) 87,800 shares of founders stock of New York Shipbuilding Corp.
taken at a value per share of $26.57, or an aggregate of $2,332,846.
(2)
thereof
1940, $110,576
(2)
for, at a price of $3.50 per share:
(a) The 429,595 shares of capital stock to which Aviation
tion Corp. is entitled to, and agrees to subscribe for, as a
the company.
excess
value of 419,719 shares of common stock in
cost over par
k
stockholders not
Corp.
On Feb. 18, 1941, Aviation & Transportation Corp. entered into an
agreement witn the company, providing substantially as follows:
(1) Aviation & Transportation Corp. will transfer to the company its
assets (other than 1,288,786 shares of capital stock of the company now
owned by it and not less than $200,000 in cash) of a value sufficient to pay
Agreement with Aviation & Transportation
°°(4)
Aviation & Transportation Corp. agrees that it will take final steps
(voted by stockholders Fen. 24) and will, so far as practicable,
capital stock of the company as it may receive,
pursuant to the contract, to its stockholders and will offer for sale such
shares of the capital stock as may not be so distributed, from time to time
either (a) on the New York Stock Exchange or on the Chicago Stock
Exchange at the market; or (b) at the last sales price on the New York Stock
Exchange in accordance with such rules and regulations of the New York
Stock Exchange as may be applicable.
,
(5) Aviation & Transportation Corp. agrees to transfer the assets so
to be acquired from it by the company within 24 hours of notification
received by it from the company of the number of shares of capital stock
which it is obligated to purchase under the agreement, but in any event
to transfer such assets sufficient in value to pay for the shares of capital
stock of the company which it has agreed to subscribe for and purchase
as a stockholder at the time such subscription rights are exercised.
Assets to Be Acquired from Aviation & Transportation Corp.—The 100,356
shares of common stock and 8,468 shares or preferred stock of Auburn
Central Mfg. Corp. are to be acquired by the company at a fixed price
of $475,000 which has been the approximate average market price of said
securities for the last few months and the price recently offered therefor
by an independent, non-affiliated party desiring to acquire the same.
The stock of Auburn Central Mfg. Corp. represents a present majority
of the outstanding stock of both classes and control of Auburn Central
Mfg. Corp. so obtained will afford the company additional plant facilities
at Connersville, Ind., which will be useful to Vultee Aircraft, Inc., and
Aviation Mfg. Corp., the subsidiaries of the company, and others, in
connection with the manufacture of metal stampings and assemblies and
other parts for aircraft and aircraft engines.
The 87,800 shares of founders stock of New York Shipbuilding Corp.
are to be acquired by the company at $26.57 per share, which price was
computed by averaging the last sales price of participating shares of said
corporation on the New York Stock Exchange for each market day during
the 30-day period immediately preceding Feb. 18, 1941, the date on which
the contract for the transfer of the assets of Aviation & Transportation
Corp. to the company was executed.
The prices of participating stock,
rather than founders stock, are used for this purpose because of the broader
market for such shares on the New York Stock Exchange.
The par¬
ticipating and founders stock are, however, in all respects equal,, except
that founders stock has the sole voting power.
Tne 87,800 snares of founders stock of New York Shipbuilding Corp..
together with the 15,000 shares tnereof now owned by the company will
represent ownership of 20.56% of all the outstanding stock of New York
Shipbuilding Corp. and 58.74% of the outstanding founders stock, which has
sole voting power.
New York Shipbuilding Corp. is operating on a profitable
basis and had, according to the management, unfilled orders (which are
subject to cancellation on certain terms and conditions) in the approximate
amount of $520,000,000 as of Nov. 30, 1940 and approximate net income
based on unaudited accounts for the ll months ended Nov. 30, 1940 of
$2,175,000 after estimated Federal income and excess profits taxes.
Such
unfilled orders at the present rate of production will keep its shipyard
operating at capacity for the next four years.
The miscellaneous assets, will, when converted into cash, add to the gen¬
eral corporate funds of the company and increase the working capital avail¬
able for the company and its subsidiaries.
The miscellaneous assets carried on the books of Aviation & Transporta¬
tion Corp. at the close of business on Feb. 17, 1941 at $76,920 are to be
taken at a value of $68,051 by company and had an aggregate cost of
Aviation & Transportation Corp. of $96,160.
.
The cost to Aviation & Transportation Corp. of the assets thereof to be
conveyed to company is as follows:
.
The 100,356 shares of common and 8.468 shares of preferred stock of
Auburn Central Mfg. Corp. to be acquired from Aviation & Transportation
Corp. were acquired by the latter company in the reorganization of Auburn
Automobile Co.
Aviation & Transportation Corp. bad an original invest¬
ment of $4,430,737 in the capital stocks, debentures, notes, and accounts
of Auburn Automobile Co.
In the reorganization of that company Aviation
& Transportation Corp. received in addition to the 100,356 shares of common
and 8,468 shares of preferred stock of Auburn Central Mfg. Corp. 28,235
shares of Aviation Corp. capital stock.
A value of $211,726 was assigned
to Aviation Corp. stock and a value of $475,000 was assigned to the com¬
bined preferred and common stocks of Auburn Central Mfg. Corp. received
in said reorganization.
The 87,800 shares of New York Shipbuilding Corp. founders stock to be
acquired from Aviation & Transportation Corp. were acquired by the
latter company at various dates and had an aggregate cost of $1,437,821.
The acquisition of the foregoing assets of Aviation & Transportation
Corp. was authorized under the terms of a plan of exchange approved by the
holders of a majority of stock of Aviation & Transportation Corp. and
the holders of a majority of the stock of Aviation Corp. at meetings held
respectively, Feb. 14 and Feb. 17, 1941.
Proceeds and Purpose of Financing—Company will utilize $1,250,000 of
cash received by it from the sale of the securities offered to discharge its
present bank loans aggregating $1,250,000.
Any additional cash received
by it and not used to pay for assets of Aviation & Transportation Corp.
acquired will be utilized by the company in the conduct of its expanding
business activities and those of its operating subsidiaries, Aviation Mfg.
Corp. and Vultee Aircraft, Inc.
to dissolve
distribute such shares of
„
,
Capiializaiion as of Feb. 18, 1941
Authorized
*
Does not include
Outstanding
*4,336,667 shs.
offered and
See also V. 152, p. 974,
7,500,000 shs.
Capital stock ($3 par)
1,445,555 shares of capital stock now
11,291 shares of capital stock held in treasury.
1272.
■
Aviation & Transportation Corp .—To Dissolve—
The stockholders of the corporation on Feb. 24 voted to dissolve the com¬
pany, giving effect to the plan previously approved whereby virtually all
assets are to be sold to Aviation Corp. (which see) in exchange for stock
in that
company.—V.
152,
p.
1272.
Autocar Co.—Tenders—
The Chase National Bank is inviting tenders
for the sale to it for the
sinking fund of first mortgage sinking fund 7% convertible gold bonds
modified as provided in a supplemental indenture dated Aug. 27, 1936,
in an amount sufficient to exhaust the moneys in the sinking fund on March
15, 1941.
Offers at prices not to exceed the unpaid balance of the principal
a premium of 7H % plus accrued interest will be received before March
15 at the corporate trust department of the bank, successor trustee, 11 Broad
St., New York.—V. 152, p. 1272.
and
Volume
The Commercial & Financial Chronicle
152
Axton-Fisher Tobacco Co.—$11.25 Preferred
Directors have declared
stock, payable
on
record March 1.
Dividend—
dividend of $11.25 per share on the 6% preferred
of accumulations on March 15 to holders of
Dividend of $1.50 was paid on Dec. 20, last, this latter
a
account
being the first dividend paid since Dec. 31, 1936 when a regular
dividend of $1.50 per share was distributed.—V. 152, p. 976.
Baldwin Locomotive
quarterly
Works—Bookings—
Charles E. Brinley,
President of the company, announced that the
dollar value of orders taken in January by the Baldwin Locomotive Works
and
subsidiaries, including Mid vale Co., was $12,721,046 as compared
$3,194,000 for January, 1940.
Consolidated shipments, including
Midvaie, in January aggregated $5,487,974 as compared with $2,828,198
for January, 1940. On Jan. 31, 1941, consolidated unfilled orders, including
Midvaie, amounted to $158,652,646 as compared with $151,336,668 on
with
Jan. 1, 1941 and with $42,889,497 on Jan. 31, 1940. Intercompany trans¬
are eliminated from all of the above figures and Mr. Brinley stated
that future monthly announcements of orders, shipments and unfilled
actions
orders will be made
the
on
same
Baltimore & Ohio
basis.—V. 152, p. 1272.
RR.—Six-Day Week for Rail Men—
This railroad announced on Feb. 24 that,
effective
on
the
half for Sundays and holidays.
a
five-day week since 1932.
The workers have been on
v
;
Officials of the road said the management
several weeks ago to seven crafts affected.
submitted plans for the change
The mechanics were told that
calling for resumption of
national defense had brought about an emergency
the old schedule.
Holders
of Bonds Get Tax Ruling—
The Commissioner of Internal Revenue has placed in the
hands of his
capital gains and losses to be taken for
various agents a ruling concerning
income tax purposes in connection with the Baltimore & Ohio plan of
modi¬
fying its interest charges.
Individual
that
the
on
will be ruled upon by the agents but in general it is held
old securities a gain or loss, depending upon the original
cases
seven
purchase price, can be taken on the date on which the B. & O. plan was
consummated.
That date also can be used to fix the price of the modified
securities received under the plan for future tax pruposes.
The issues affected are Baltimore & Ohio 1st 5s, due
&
1948; B.
O.
Southwestern Division 5s, due 1950; B. & O. secured notes, due (as extended)
1944; B. & O. ref. & gen. mtge. bonds, series A, B, C, D, E and F; B. & O.
4Ms, due 1960; Buffalo, Rochester & Pittsburgh Ry. consol. 4Mb, due
1957, and Cincinnati, Indianapolis & Western RR. 1st 5s, due 1965.
The Commissioner stated: "It is the opinion of this office that the question
conv.
of when
a
particular security holder derives gain of sustains loss depends
actually changed.
Apparently it
actually altered the securities in
accordance with the terms of the plan, and accordingly the year 1940 is the
proper year for the determination of gain or loss."
The Commissioner ruled that the modifications in respect of the following
issues were not such as to result in taxable gain or loss to the holders:
Pittsburgh, Lake Erie & West Virginia 4s, due (as extended), 1951; Lincoln
Park & Charlotte RR. 1st 5s, due (as extended), 1949; Reconstruction
Finance Corporation notes and Buffalo & Susquehanna 1st 4s, due 1963.
upon when the terms of his security are
1940
until
not
was
the
that
company
Earnings, for Month of January
Month
Freight revenues
Passenger revenues
Mail
revenues
Express
279,081
____
265,094
94,082
512,597
.
revenues
All other operating revenues
100,257
448,978
.$16,378,065 $14,474,441
1,483,155
1,232,157
3,701,077
3,795,396
360,594
367,945
5.458,960
5,617,118
120,881
135,876
474,432
455,902
Dr27
Cr4,053
Railway operating revenues
Maint. of way and structures
Maintenance of equipment
.
Transportation expenses
Miscellaneous operations
.
General expenses
Transportation for investment
Net revenue from railway operations
Railway tax accruals
Equipment rents (net)
Joint facility rents (net)
$4,522,646
1,006,671
210,930
142,840
.
;
..
$3,130,393
977,509
224,999
161,576
$3,162,205
..
Net railway operating income
$1,766,309
—V. 152, p. 1273.
Co.—Earnings-—
[Including Baltimore Coach Co.]
1941
$1,151,283
959.254
Month of January—
Operating revenues.
Operating expenses
..
,
—
$192,028
115,131
$150,792
105,175
$45,617
1,028
—.
$77,878
$46,645
-.
5,188
5,188
$72,690
$41,456
—.
_
Operating income.
Non-operating income
Gross income
Net income
—.
.... .
-
—
.
.
^...
..
.
.
— _
...
_
.
-
-
-'».
-
is made for
Note—No deduction
_
„- ... -
.
bentures.—V. 152, p.
908,312
982
—
Fixed charges
1940
$1,059,105
$76,896
Net operating revenues
Taxes
-
-
_
-
.
*
.
—
interest on series
A 4%
and
5% de-
819.
1941
$553,166
Oper. exps. (incl. maint.
& depreciation)
Net
Tax
$766,727
351,143
345,913
413,555
$205,294
54,700
$229,285
57,650
$353,172
$134,602
5,926
-
152,
1938
1939
$266,939
133,502
71,872
137,370
77,323
49,288
819.
P.
$250,753
105,334
42,069
4
.
Beech Aircraft Corp.—Deliveries—
Corporation reported on Feb. 25 that the U. S. Army Air Corps has
accepted for production the Type AT-7 Beechcraft, deliveries of which
are to be at a constantly increasing rate as the corporation's additional
production facilities are placed in full operation.
The Type AT-7 Beechcraft is an all-metal, low-wing monoplane with retractable landing gear and
twin rudders.
It has a wing span of 47 feet 7 M inches, is 34 feet 2 % inches
in length and has a gross weight of 7,850 pounds.
It is powered with two
Pratt & Whitney 9-cylinder 450 h. p. engines and carries a crew of five.
This is the first training airplane procured solely for training student pilots.
Other types of Beechcrafts under the Defense Program, to a total value
of more than $24,000,000, are rapidly being made ready for full-speed
production.
Peak output is expected to be reached by mid-summer, when
expansion of manufacturing floor space from 125,000 to 550,000 square
feet is entirely completed and more than 3,000 workers are added to the
present staff of 2,600.—V. 152, p. 976.
.
-XV-
Beech-Nut
Directors
Packing Co.—Extra Dividend—
Feb. 24 demared
on
an
-4
>>
extra dividend of 25 cents per share in
$1 per share on the common
stock, both payable April 1 to holders of record March 10.
Similar amounts paid on Jan. 2, last; a special dividend of $1 was paid on
Dec. 14, last; extra of 50 cents paid on Oct. 1, last.
See V. 151, p. 980 for
detailed record of previous dividend payments.—V. 152, p, 113.
addition to the regular quarterly dividend of
Bell Aircraft
Corp.- -Earnings-
Cost of goods
sold
_
i
Operating profit
Total
on
$450,438
$5,188,001
4,852,498
—
440,625
$9,813
4,341
$335,5(3
-
Other income (net)
Loss
1939
1940
Calendar Years—
40,742
...
-
$14,155
3,401
$376,245
—
operation of airport
91,500
1,550
$284,745
$9,203
Provision for Federal income tax.
Net
profit
Earnings per common share
-
D.
Lawrence
$0.03
$1.14
Bell, President, states:
Undelivered orders as of Jan. 30, 1941 amounted to $62,500,0(0
almost
orders
divided
equally between United States and Great Britain, including French
over by the British.
Of this amount, approximately $60,-
taken
800,000 is for Bell P-39 Airacobra type single-engine pursuit airplanes
the balance, approximately $1,700,000 is for Bell Recoil Adapters
machine guns.
Completion
and the early part of 1942.
and
for
of the above orders is scheduled through 1941
The year 1940 saw Bell Aircraft Corp. transformed from an experimental
laboratory to a production plant.
This has resulted in extensive enlarge¬
ment of every department and creation-of many new ones.
To handle the
volume of orders on hand it was necessary to expand machine tool and
manufacturing equipment extensively.
This has resulted in development
of certain new types of production machinery and equipment which is
accelerating production and reducing the degree of mechanical skill required.
Volume orders obtained on Airacobra airplanes have permitted the estab¬
lishment of production line methods in the interest of rapid and efficient
production..
From January, 1940 to January, 1941 the number of employees increased
1,000 to approximately 5,000 and is still increasing rapidly.
Over the same period the corporation's floor space increased from 200,000
square feet to more than 500,000 square feet, all on a rental basis.
A new
assembly plant of 240,000 square feet is now under construction.
Addi¬
tional executive and supervisory personnel have been and are still being
added to direct this operation efficiently.
A school for training inexperi¬
enced production employees has been established.
As evidence of the
harmonious relationship between the corporation and its employees, the
term of the existing Labor Agreement with Local No. 501, United Auto¬
mobile Workers of America, C. I. O., was recently extended to Jan. 1, 1943.
The corporation entered into a facility contract with the U. 8. Govern¬
ment in October, 1940 for the erection of a new assembly plant, to cost
approximately $1,200,000 and to have 240,000 sq. ft. of floor space.
This
.
from about
The contract for this assembly plant
instalments,
title to such
plant will revert to the Government at the ened of five years, subject to an
option whereby we may purchase if at any time prior to the expirationjof
such period.
To preserve corporate funds needed for operating capital an
agreement has been entered into for bank loans, secured by assignment of
the facility contract, which will provide the total amount required for such
facility as the construction progresses, said loan being repaid through the
occupancy
1938
1939
$575,198
358,462
Operating income.
Other income
1940
$556,707
$194,704
60,102
from opers__
accruals._
rev.
Net ry. oper. income.-—v.
Ry.—Earnings— 1
1940
$276,650
1941
'alls is now (16 miles from presentplant) and is expected to the Niagara
Slant Airport under construction on a 66 acre site adjacent to be ready for
Bangor & Aroostook RR.- -Earnings—
Month of January—
Gross oper. revenues-
Beaumont Sour Lake & Western
January—
Gross from railway.
$259,087
Net from railway-110,755
.
Traffic expenses
Baltimore Transit
capital whicn we believe would impair our
ability to operate," according to President Haskell.
Sales
1941
1940
-...__$14,413,508 $12,810,074
1,078,797
850,038
of January—
director, who has financed the company during the whole period of its losses,
is agreeable to the proposal.
Unless 75% of the aggregate amount of bonds outstanding agrees to the
extension the company reserves the right to withdraw the offer.
President Haskell points out that for 1940 the company had a net income
of $335,318, and that it has large orders on hand and expects to make
substantial profits in 1941.
"Tnese profits, however, will not he available for retirement of bonds on
Sept. 1, 1941, if the company is to continue to operate, but will be needed
for working capital,'' bondholders are advised.
4'The company commenced
business Jan. 1, 1940, after over 10 years of operations at a loss, with in¬
adequate working capital.
Receipts have had to be turned immediately
into the purchase of materials and supplies.
Profits must for some time
remain in the form of work in process unless the company ceases to take
orders or is able to obtain other financing.
"The company does not want to curtail its operations.
Most of its orders
are to fill the requirements of tne defense program.
We assume that bond¬
holders desire the company to carry out those orders and like orders which
may be received.
;
;
"We
have
made
attempts
to
loan funds to retire bonds but find
bankers reluctant to loan funds to retire bonds and insistent upon restric¬
tions in the use of our working
March 1, railroad
mechanics of the entire system would go on a six-day, 48 hour week.
This
change from the present five-day, 40 hour basis will affect between 12,000
and 15,000 men, it was said.
They will receive straight time for six days
and time and
1421
$150,594
1,477
$171,635
$274,104
231
16,669
$152,071
61,836
4,125
$171,866
63,046
4,236
$257,435
59,657
•J-:
2,938
79,068
about April
1,
1941.
provides for repayment to us by the Government, in 60 equal
under the Government five year reimbursement plan and the
Government's repayment plan.
medium of the
Balance Sheet Dec. 31
$140,528
61,492
3,372
Gross income
Int.
on
Other
funded debt
—
-
deductions
1940
213,069
993,501
15,527
11,928
2, 163,641
4,644
1,257,968
Provision
596,692
462,994
normal
Accounts receivable
$75,664
Net income
$86410
$104,584
$194,840
-V. 152, p. 819.
Cash
Basic Dolomite,
Directors
mon
with
Inc.—To Pay 20-Cent Dividend—
have declared a
Baush Machine Tool Co.—Bond Extension
Sought—
„
bonds, outstanding in the amount of $370,100,
by the company to consent to an additional extension of the
maturity (originally an 8% issue due Sept. 1,1936, but extended to Sept. 1.
1941, with reduction in interest rate to 5%) until Sept. 1, 1944, with 5%
interest.
President George D. Haskell, in a notice to bondholders, says:
"To induce bondholders to consent to such extension promptly the company
The holders of the 5%
pay
March
a
31,
premium of 2%
rec.
contracts
a
98,450
U. 8. Governm't
67,102
1 91,634
1,707
est.
in¬
.
on
12,776,019
—
360.000
Reserve........
250,000
Com. stock (SI par)
250,000
Paid-in surplus—. 1,882,590
design
rights and draw¬
I
1
ings—-------Deferred charges.. 3, 562,352
-16,561,674
1,882,590
408,877
124,132
...16,561,674
2,467,587
Earned surplus
513,384
2,467,587
Total
a
future experimental and
contract).—V. 152, p. 113.
For
sales
Bessemer & Lake Erie RR.January—
Gross from railway
Net from railway.
—
— _
Net ry. oper. income—
—V. 152, p. 820.
Total
development
1941,
other
for
Fed.
taxes—
Amounts
the
Airplane
asked
on all bonds delivered for extension prior to
as an equivalent for a part of the cost of refinancing
methods.
Commencing April 1, 1941, the company will
pay $5,000 monthly to meet sinking fund obligations."
The company is indebted in large amounts to a director of the company
and proposes to pay current interest on these amounts and make no pay¬
ments on account of principal or interest in arrears, the notice states.
The
will
with
42,056
payable.
&c
come
cilities under con¬
tract
600,949
191,605
Accounts
Emergency plant fa¬
_
through
-
of record March 1. This compares
12 Vi cents paid in three preceding
"
5,
quarters, 25 cents paid on Dec. 15, 1939, 6H cents paid on Sept. 15 and on
June 15, 1939 and 12M cents paid on March 15. 1939.- -V. 151, p. 3387.
are
(net)
dividend of 20 cents per share on the com¬
stock, payable March 15 to holders
37 & cents paid on Dec. 16, last;
~
Fixed assets
100,000
Notes payable.—.
Acer, wages, taxes,
value
surren.
of life insurance.
Inventories
$
$
Liabilities—
$
9 ,135,110
Cash.
1939
1940
1939
$
Assets—
1941
$934,249
227,691
170,820
expense
(received
under
—Earnings—
1940
$611,565
42,789
57,719
1939
$419,974
def.53,779
def57,751
1938
$301,098
def203,328
def215,945
Biltmore Hats,
$115,731
38,320
Prov. for Income taxes.-
1937
1938
1939
$120,762
21,177
1940
$119,868
20,106
$74,581
12.974
Common
68,000
Shs.
stock (no par)
80,000
com.
Earnings
x
_
_
50,000
80,000
x$1.24
$0.97
share
per
$99,762
14,196
50,000
80,000
$61,607
5,856
50,000
80,000
$0.77
$99,585
$77,411
-
dividends
dividends
$1.07
dividends to date of retirement.
Ofter allowing for preferred
Balance Sheet Nov. 30, 1940
Assets—Cash.
accounts
$200;
receivable
$200,181; inventories,
(net),
$422,430; cash surrender value of life insurance, $5,240; land, buildings,
machinery
and equipment
(net), $104,772; deferred charges, $1,475;
total, $734,299.
Liabilities—Bankers' advances, $67,507; accounts payable and accrued
,
and payroll, $30,463; compensation insurance claims (estimated)
$6,000; Federal and State taxes on income (estimated), $252,000; preference
(16,436 no par shares), $410,900; common (par value $1 a share),
$135,819; earned surplus, $2,145,802; total,
The Securities and Exchange Commission has called a public hearing for
of corporation to issue and sell to two insurance
companies $9,000,000 of 2M% debentures.
The corporation plans to use proceeds from the debentures to redeem
$396,000 of first mortgage 5% bonds of a constituent company and to
expand its own electric generating, transmission and distribution facilities,
—V. 152, p. 1124.
March 12 on the application
Burlington-Rock Island RR.—EarningsGross from railway..—
$85,475;
Net from railway
Net ry. oper. income
—V. 152, p. 821.
Prop, retire't res. approp
Amort, of ltd.-term inv.
441,752
68,462
600,000
309
taxes
____
$102,563
Gross income
Interest
on
Other int. & deductions.
Net
$1,221,608
4,701
$1,072,510
5,464
397
$1,077,974
dividend of five cents per share on the common
of record March 7. Dividends of 10 cents
Sept. 30, last and on Nov. 15, 1939.—V. 149, p. 2226.
paid
were
on
Calumet & Hecla
Deplet. and deprec..
profits tax, since
a203,962
profits are indicated,—V. 152, p. 261.
Black & Decker Mfg.
Co.—40-Cent Common Dividend—
Sept. 20, last.—V. 152, p. 1124.
(Sidney) Blumenthal
poration Certificate—
&
Inc.—To Amend Incor¬
Co.,
Commerce
Commission
Brager-Eisenberg, Inc.—Extra & Larger Dividend—
an extra
dividend of $1.50 per share in addition
quarterly dividend of 50 cents per share on the common stock, both
payable March 3 to holders of record March 1.
This compares with $1
provision for Federal excess
a
30, 1939.—V. 151, p. 2934.
Bristol Brass Corp.—To
Class A Stock—
Directors have declared
a
share and
Payment
$620,747
439,065
$2,115,973
611,590
$736,181
91.613
28,116
$181,682
41,425
$1,504,383
44,740
$1,183,449
$764,297
389,959
Operating profit
367,910
03,314
78,322
$223,107
334,549
Cr 1,542
<
i
2,307
$1,549,123
368,503
Cr2,931
a207,200
$321,379 loss$112,207
206,955
86,294
$906,003
Other income
Total income
Depreciation
Oth er deductions
Federal taxes
Net
.....
$589,220
profit
Dividends
379,417
Surplus
Pay 50-Cent Dividend—
Includes
a
$11,400
excess
$114,324 def$198,501
$474,784
244,925
344,925
345,175
$0.93
Nil
$2.63
profits tax.
b Includes $96,700 surtax on
Consolidated Balance Sheet Dec. 31
ASsets—
Inventories
$969,384
777,652
1,306,906
1,241,788
62,984
98,044
on
98,866
page
of this department.—V. 150,
In last week's Chronicle we announced
dividend of 50 cents per
that
share on
3,583,328
81,122
p.
227,703
capital stock tax
54,417
89,537
Prov. for old age &
53,109
54,509
28,367
28,426
4,001
unadjust. credits
Capital stock— 4,050,220
4,050,220
fit tax—......
Prov. for returned
castings
y
Earned surplus
x
Total
the company on
com.
Feb. 17
stock payable Mar. 14,
or
Budd Wheel
x
,
$7,311,385 $6,862,155
3,075 shares.
y
2,379,216
Treasury stock.. Dr27,560
4,907
2,162,261
Dr27,560
$7,311,385 $6,862,155
Total
Represented by 348,000 no par shares.—V. 151, p .3883.
Canadian Breweries, Ltd.—Accumulated Dividend—
a dividend of 75 cents per share on account oj
the $3 cum. pref. stock, payable April 1 to holders of
leaving arrears of $6.75 per share.—V. 151, p. 3553.
Directors have declared
accumulations
on
Co.—Participating Dividends—
The board of directors at a meeting held Feb. 21 declared the regular
quarterly dividend of $1.75 per share and a participating dividend of 75
cents per share on the preferred stock of the company.
The dividend will be
payable March 31, 1941 to holders of record at the close of business March
17, 1941.—V. 151, p. 3882.
(F.) Burkart Manufacturing Co.—Annual ReportYears Ended Nov. 30—
profit from sales,
1940
after
deducting cost
Shipping, selling, administrative & general
Provision for depreciation
1939
of
550,919
40,863
expenses
Other deductions
8,306
Profit
464,344
36,635
7,427
$643,491
4,264
$1,306,433
252,000
4,151
$647,755
124,678
Tax overprovision for prior years
Net profit.
Previous surplus
$1,058,585
1,727,428
$523,076
1,533,895
$2,786,012
43,928
543,276
$2,056,972
53,006
55,516
before taxes
on
Federal and State taxes
income.
on
income
Total surplus
Preference dividends.
Common dividends
....
Canners, Ltd.—Dividends—
a participating dividend of five cents per snare in
regular quarterly dividend of 25 cents on tne first preferred
stock and a participating dividend of five cents in addition to a regular quar¬
terly dividend of 15 cents per share on the second preferred stock, all pay¬
able April 1 to nolders of record March 15.
Directors also declared a dividend of 12 H cents per share on the common
addition to
a
stock, payable Apil 1 to holders of record March 15.
were
paid on Jan. 2 and Oct. 1 .last.—V. 151, p. 3553.
$1,151,891
$1,300,740
5,693
income
Canadian
Directors have declared
Similar amounts
goods sold, excl. of provision for depreciation.. $1,900,827
ence
Federal
unemploy. bene¬
record March 15,
over
and
3,658,372
2249.
declared on the
common stock since the dividend of 25 cents per share which was paid on
Dec. 31, 1940.—Y. 152, p. 1274.
Excess of cost
56
Prov. for Fed. inc.
tax
(net)
The statement, the company informs
is decidedly in error as no dividends have been paid
Profit
137,970
taxes
Unclaimed wages &
first
to stockholders of record of Feb. 28.
Other
local
assets
Deferred charges..
(E. L.) Bruce Co.—Dividend Correction—Last Dividend
of 25 Cents on Common Paid Dec. 31—
a
220,233
120,724
payable.
Dividend payable.
$141,595
332.471
Accounts
Prov. for State and
2d mtges. rec...
Brockway Glass Co., Inc.—Registers with SEC—
given
1939
$143,133
Payroll accrued...
61,676
Land contracts and
fixed
1940
Liabilities—•
1939
1940
—V. 151, p. 3228.
See list
431,219
undistributed profits.
Investments
dividend of 50 cents per share on the common
Crll, 883
b286,500
$209,803
344,925
$1.71
Shs.cap.stk.out.(no par)
Earnings per share
Total
stock, par $25, payable March 15 to holders of record Feb. 28.
This com¬
pares with $1.50 paid on Dec. 16, last; dividends ot 50 cents paid in three
preceding quarters; $2 paid on Dec. 15, 1939; $1 on Sept. 15, 1939 and
regular quarterly dividend of 25 cents per share paid on June 15, 1939.
Gross
1937
1939
$1,164,105
427,924
$1,091,836
Gross profit
Expenses
$1,470,991
A ccts. receivable..
708,010
Company has called for redemption on April 1 at $30 per
accrued dividends, 2,000 shares of its outstanding class A stock.
will be made at the New York Trust Co.—V. 151, p. 3388.
us,
1938
1940
$1,598,692
506,856
Calenaar Years—
Cash
Brillo Mfg. Co., Inc.—To Redeem
declared
Dec. 11,
25 cents was paid on Oct. 2, last.
Extra dividend of 75 cents was paid on
and B stocks on Feb. 18.
paid on Oct. 1, last; $2.50 paid on Jan. 22, 1940 and $1.60 paid on Jan.
i
781
$779,019
$2,443 $1,866,777
profits tax.—V. 152, p. 1275.
the plan
Directors have declared
to
$7,232,640
3,105,092
1,988,479
272,293
last, and regular semi-annual dividend of
—V. 151, p. 3553.
RR. Corp.—Reorganization—
in a supplemental report has
of reorganization approved by its order of March 22,
1940, in the following particulars:
Taxes—All taxes due from the debtor to the Commonwealth of Mas¬
sachusetts and any of its cities, towns or political subdivisions, would be
assumed and paid by the reorganized New York New Haven & Hartford RR.
Claims—Tne reorganized New York, New Haven & Hartford RR. should
agree to hold the debtor harmless from any claim of the Old Colony RR.
trustees; and the reorganized New York, New Haven & Hartford RR.
should assume and discharge any and all claims against the debtor, not
otherwise provided for in the plan, which, as of the date of the confirmation
of the pian, have been allowed by the court.—V. 151, p. 2565.
Interstate
$3,148,222
2,358,974
786,024
Campbell, Wyant & Cannon Foundry Co. (& Subs.)
Boston & Providence
The
82,315
$8,023,269
5,396,887
1,833,477
13,886
Cambridge Investment Corp.—Liquidating Dividend—
Company paid a liquidating dividend of $22.54 per share on the class A
Preferred stockholders at this annoual meeting on March 13 will consider
amending the Certificate of Incorporation so as to make the duration of the
corporation perpetual.—V. 151, p. 3738.
modified
No
a
48,491
$713,594
Net profit
Directors have declared a dividend of 40 cents per share on the common
stock, payable March 31 to holders of record March 14. Previously regular
quarterly dividends of 25 cents per share were distributed. In addition extra
dividend of 10 cents was paid on Dec. 20, last, and extra of 25 cents was
on
..
S3,099,731
31,011
Federal income tax..
__
37,150,325
$7,992,258
$195,318
Total income......
1937
1938
1939
1940
sold._ $7,544,505
Dr6,925
Rev from copper
Other inccme
$7,537,580
4,796,280
1.823,745
Note—No provision has been made for Federal excess
paid
Consolidated Copper Co.—Earnings
Years Ended Dec. 31—
Cost of sales...
no excess
Ltd -Five-Cent Dividend—
Calgary & Edmonton Corp.,
Directors have declared a
$624,492
429,174
Balance
defl7,955
payable March 10 to holders of record Feb. 28.
$474,764
429,174
$64,588
$52,875
3.216
def5,558
dividend of $1 per share on account of accumu¬
$45,590
income
Dlvs. applicable to preferred stocks for the period
6,920
stock, payable April 7 to holders
549,000
52,817
1938
$114,022
$100,700
Co.—Accumulated Dividend—
Calaveras Cement
Directors have declared a
lations on the preferred stock,
—V. 151, p. 2345.
$1,226,309
549,000
54,210
$114,875
45,750
4,537
$102,923
45,750
4,298
mtge. bonds.
3,708
$114,478
360
Net oper. revenues
Other Income
4,970,194
977,629
600,000
3,720
5,160,988
1,036,702
50,000
310
477,964
95,031
50,000
direct
Direct taxes,
1939
1940
$110,060
4,953
defll,980
1941
$85,989
defl5,940
def32,881
January—
$43,699;
1940—12 Mos —1939
$7,873,908
$7,773,151
1940—Month—1939
$725,867
$675,002
Proposed
Issue—
Birmingham Electric Co.—Earnings—
Period End. Dec. 31—
$3,610,387.—Y. 151, p. 2935.
Niagara Electric Corp.—Hearing on
„
j
$100,105; Dominion and Provincial taxes Including,
debentures, $145,000; common stock (80,000 no par shares),
earned surplus, $292,512; total, $734,299.—V. 150, p. 1927.
charges,
Operating revenues
Operating expenses, excl.
1941
stock
Buffalo
Net income
1,
taxes
Ltd.—Earnings—
Years End. Nov. 30—
Net earns, after deprec.
Preferred
March
The Commercial & Financial Chronicle
1422
52,390
271,638
Canadian
Cottons, Ltd.—Extra Dividend—
Directors have declared
an
extra dividend of $2 per share
of $1 per share on the common stock, both
payable April 1 to holders of record March 15.
Like amounts were paid
on April 1, 1940.—V. 151, p. 2345.
Canadian National Lines in New
January—
Gross from railway.____
Net from railway
Net ry. oper. income
—V.
1941
$124,341
23,049
33,783
England—Earnings—
1940
$148,271
def4,747
def61,749
1939
$111,288
def20.608
def66.446
1938
$95,204
def25,405
def70,828
152, p. 821.
Canadian National Ry.—Earnings—
Earnings of System for Week Ended Feb. 21
1941
during the year
Gioss
revenues
1940
Increase
$4,944,875
stated value of shares of prefer¬
stock purchased
in addition to
the regular quarterly dividend
$4,142,741
$802,134
—V. 152, p. 1275.
Balance at Nov. 30
$2,145,803
$1,727,428
Balance Sheet Nov. 30, 1940
Assets—Cash, $101,738; receivables, $754,459; inventories, $1,773,106;
$856,847; unexpired
other assets, $89,438; property, plant and equipment,
insurance premiums, $34,799; total, $3,610,387.
Liabilities—Notes payable to bank and through broker, $550,000; trade
payable, wages, commissions, payroll taxes, &c., $79,402; accrued
accounts
Canadian Pacific Lines in Maine—EarningsJanuary—
Gross from railway
Net ftom railway
Net ry. oper. income
—V. 152, p. 978.
V
1941
$422,375
184,867
130,899
1940
$389,353
186,507
139,711
1939
$244,277
80,453
42,990
1938
$327,305
101,509
61,718
Volume
The Commercial & Financial Chronicle
152
Canadian Pacific Lines in
Vermont—Earnings—
Central
January—
1941
Gross from railway.$114,461
Net from railway
4,405
Sill,068
De/5,524
S84.037
De/26,943
$62,415
De/50,949
—vri52OPpr978COme""" jDe/23,461
De/32,9C9
Def53,727
Def79,778
Canadian Pacific
1940
1939
1938
•
Ry.—Earnings—
1940
$2,783,000
\K
152, p. 1274.
Increase
$452,000
Canadian Wirebound Boxes, Ltd.—Accumulated Div.—
The directors have declared
dividend of 37
cents per share on account
on
tbe $1.50 cum. class A partic. stock, no par value,
payable April 1 to holders of record March 15.
A like amount was paid in
each of the 14 preceding
quarters.
Accruals after the current payment
Frank R. Palmer has been elected Vice-President in charge of Sales of this
and E. J. Poole Jr., General Manager, has been named Vice-
PresidentIn charge of manufacturing.—V.152, p. 978,
Caterpillar Tractor Co.—Earnings—
12 Mos. Ena. Jan.2\—
1941
1940
1939
1938
$76,414,577 $59,134,789 $49,056,812 $61,620,639
v;.:
expenses, &c., less miscellaneous income
61,022,002
■
'•
■
48,908,389
48,127,310
42,433,840
Gross profit (inventory
estimated)...
$15,392,575 $10,226,400
2,549,513
2,539,453
Interest earned
Interest paid
Prov. for Fed. taxes
$7,686,947
0267,953
45,784
1,718,099
$4,202,786 $11,290,478
0353,672
0493,559
9,056
6,236
1,229,041
2,143,275
$8,218,441
Profit
$6,622,973 $13,493,329
2,420,187
2,202,851
$12,843,062
Cr 187,648
119 ,C96
a4,693,174
Depreciation
>,191,017
Net profit
a
Including
excess
$9,634,525
$3,318,361
profits tax.
Balance Sheet Jan. 31
1941
1940
6,823,105
A sscts
3,030,075
8 ,336,399
7,760,655
21 ,616,555
20,668,009
44,055
Notes
in 1940.
332,404
39,231
current)
(non-
.57,793,724 50,802,8501
_
b Represented by 1,882,240 no par
Central of Georgia
1941 and $14,112,443
shares.—V. 152, p. 822.
Net ry. oper. income—
—V. 152, p. 822.
.,270,689
$1,153,218
154,392
48,382
39,976
$1,333,43
139,59:
5,189
See Public Service Co. of Indiana.—V. 151. p.
Sell Bonds Pri¬
vately—The Securities and Exchange Commission on Feb. 21,
exempted the issue and sale of $400,000 1st mtge. 3XA%
bonds series D, due March 1, 1966, pursuant to Section 6 (b)
of the Holding Company Act of 1935.
.
sold at private sale to the John Hancock Mutual
Life Insurance Co. of Boston, at the
principal amount thereof plus accrued
of the issue is to provide part of the funds necessary to
defray construction costs of an addition to Central Ohio's "Woodcock
Stacion" at Bluffton, Ohio, and the installation therein of a 7,500 kw.
steam turbo-generating unit; a 90,000 pound per hour boiler, and various
other extensions and improvements to plant and property.
The P. U. Commission of Ohio on Jan. 24, 1941, entered an order ap¬
The
—V.
152,
p.
proving the issue.
Period Ended Dec. 31-—
1940
$450,939
61,653
:
Total operating revenue
Purchased power
150,365
Operations
17,424
Maintenance..
32,945
Fed. inc. taxes)
1939
$423,671
57,480
139,245
16,705
34,509
1940
$1,674,692
230,412
564,571
79,339
134,650
$188,552
1,949
& retire'ts
...
Amortization of debt disc't & expense
Amortization of premium on debt
Taxes assumed on interest
Net income
Amortization of intangibles
on
$175,733
1,545
$665,719
7,513
$190,501
39,000
44,280
544
5,863
0401
171
$177,278
35,500
45,375
39,456
$200,298
67,018
39,385
$101,044
2,983
$86,196
2,983
1,311
$309,055
11,934
$81,902
$297,121
prior years inc. tax assessments
Balance to surplus
CY961
10,523
Cr410
1,055
179,788
996
30,829
•01.628
1,193
Balance Sheet Dec. 31,1940
Assets—Property, plant and equipment, $7,158,228; investment and fund
$10,422; cash, $199,123; accounts receivable, $162,948; notes
accounts,
receivable, $7,441; notes receivable discounted
(contra), $1,932; materials
and supplies, $75,407; prepayments—insurance and taxes, $30,001; una¬
mortized debt discount and expense, $236,257; unamortized intangibles,
$255,591; suspense, $445; total, $8,137,796.
Liabilities—Long-term debt, $4,371,000; 3Y% serial notes, $100,000;
accounts pavable, $70,570; consumers' deposits (refundable), $6,314; notes
receivable discounted (co tra), $1,932; interest accrued, $73.683; State, local
and Federal taxes, accrued, $56,306; other accrued items, $2,674; deferred
credits, $54,422; reserves, $736,584; $6 pref. shares (cumulative, no par),
$1,322,000; surplus appropriated for increasing shareholders
equity,
$43,5,^5; stock in treasury (228 shares), Dr.$20,520; common shares (20,000
no-par shares),
$1,000,000; earned surplus, $319,245; total, $8,137,/96.
,
—V. 152, p. 422.
.
,
1938
$182,138
33,973
7,081
Chefford Master Mfg. Co., I nc.—Earnings-—
Weeks Ended—
Feb. 8, '41
Feb. 10, '40
$657,765
$549,721
'
$256,528
166,099
Net
$48,753
3,767
$95,486
7,629
$52,520
6,231
$87,857
$46,289
.
profit (before Federal taxes),
-V. 152, p.
$181,408.
132,655
$90,429
5,057
Net profit on operations.
Other income.
Total income
368,313
401,236
Cost of goods sold
1276.
Chesapeake & Ohio Ry.—Bonds Called—
All
of
the
refunding
outstanding
and
improvement
3
Apri
City.
mortgage
bonds, series F, due Dec. 1,1963 have been called for redemption on
at 105.
Payment will be made at J. P. Morgan & Co., N. Y.
Earnings for the Month of January
1941
1940
$10,337,673 $10,760,750
4,192,739
4,440,911
Net ry. oper. income—
2,831,473
3,465,628
—V. 152, p. 979.
|
Gross from railway.
Net from railway
1939
$9,136,438
3,404,917
2,429,471
1938
$8,565,335
3,058,886
2,044,459
Chicago Burlington & Quincy RR.—Earnings1941
$8,215,495
2,723,134
Net ry. oper. income.1,664,455
—V. 152, p. 822.
-January—
Gross from railway
Net from railway...—
1940
$7,940,191
1,818,105
751,666
1939
$7,255,688
1,833,382
752,484
1938
$6,922,031
1,192,776
32,011
Chicago City Ry.—Receiver Would Resign—
Federal
Judge C.
E.
Woodward at Chicago acting in the absence of
Federal Judge Michael L. Igoe, has refused to accept the resignation of
Edward E. Brown, President of First National Bank, Chicago, as receiver
and deferred action on the request until March 3, when
Judge Igoe will have returned.
Mr. Brown had asked that nis resignation be effective Feb.# 28, or before
a new five-man
board takes over active control of the Chicago Surface
of the company
Lines in place of the former
_
,
,
„
board of operating engineers.—V. 152, p. 980.
Chicago & Eastern Illinois Ry.—Earnings—
January—
Gross from railway
$673,232
153,000
$98,061
income.
Prov. for renewals, replace.
Interest on long-term debt
Interest on unfunded debt
Int.
69,494
822.
Net from railway.
Income from operations
Non-operating income (net)
Feb. 26 elected
deceased.—V. 152,
v;y:v;^
on
was
,
12 Mos.
-3 Months-
Gross
$233,249
Net sales
purpose
Taxes (excluding
$263,769
113,070
77.J18
Net from rail way..
Net ry. oper. income.
January—
2489.
Central Ohio Light & Power Co.—To
De
Treasurer,
Charleston & Western Carolina Ry.- -Earnings1940
1939
;
1941
January—•
from railway
,
iCentral Indiana Power Co.—Merger Plan—
These bonds are to
Mervin, Vice-President and
1276.
Gross
Issue
,
?
C.
President of tnis company to succeed C. R. Messinger,
P.
Interest expense.
Central Hudson Gas & Electric Corp.—Proposed
-
..
Dc/62,536
The corporation has filed a petition with the New York P. S. Commission,
requesting authority to issue and sell $13,265,000 first mortgage bonds, 3%
series due 1971, to refund all of 3H% bonds outstanding in an equivalent
amount.
Subject to the approval of the P. S. Commission, arrangements
have been made for the sale of the new issue to a group of institutional
buyers at 105 plus interest.—V. 152, p. 2489.
.
•
»'
*
■
Chain Belt Co.—New President—
1938
1939
1940
$1,542,331
284,356
145,659
'
Gross profit
Total expenses
Ry.—Earnings1941
January—
Gross from railway
Net from railway
Sell Certain
-To
Light Corp.-
of $300,000.
owned sub¬
sidiary of Central States Power & Light Corp. proposes to sell to the Okla¬
homa Natural Gas Co. for $1,500,000 all of the gas properties and gas
property rights owned and operated by it in Oklahoma, together with all
materials and supplies and accounts receivable of and certain claims for
unbilled gas delivered by it.
Central States Power & Light Corp., it is stated, proposes to file a de¬
claration with the Commission for authority to utilize the funds received
from the proposed sale of the properties and securities to acquire for re¬
tirement its 5y2% first mortgage and first lien gold bonds, due 1953.—
V. 152, p. 979.
32
57,793,724 50,802,850
Total
for depreciation of $15,263,598 in
reserve
&
■
___.
4,509,000
9,411,200
9,411,200
13,733,577 13,733,577
20,955,116 15,560,035
4,000,000
...
Earned surplus
After
4,618,598
25,819
Capital surplus
a
848,488
1,000,000
941,120
1,691,526
for red
pay.
Power
'ff.-s-:
;
livered by Central States Production Corp., for a consideration
Central States Power & Light Corp. of Oklahoma, a wholly
J.
Res. for Fed. taxes
pres.
States
by Central States Production Corp., an associate company of Central
States Power & Light Corp. in Oklahoma, together witn all materials and
supplies and accounts receivable of and certain claims for unbilled gas de¬
2,784,500
1,207,289
pay.
b Common stock.
Total...
157,095
■/,"/
by Central States Power & Light Corp. for a consideration of $1,000,000.
The contract of sale with respect to this transaction provides, under
certain specified circumstances, for the delivery of properties and property
rights in lieu of securities.
(c) All of the gas properties and gas property rights owned and operated
Pref. stock not yet
buildings,
equipment, &c_20 ,973,610 19,304,878
Prepaid insurance,
taxes, &c_.
691,542
owned
payroll &
(curr.).
Dividends payable
and goodwill...
Land,
3,842,126
expenses
Notes
Patents, trade inks.
a
Accounts payable.
Accrued
rec.
less reserves....
Inventories
!,531,613
$2,565,142
583,858
47.56C
(a) All of the gas properties and gas property rights owned and operated
by tbe corporation in Oklahoma, together with all materials and supplies
and accounts receivable, and certain claims for unbilled gas delivered by the
company, for a consideration of $1,900,000.
(b) All of the outstanding bonds, notes payable, accounts payable and
capital stock of Utilities Production Corp., a wholly owned subsidiary,
$
Liabilities$
Cash
Notes & accts.
1940
1941
'A'j
Central
Properties—
and securities:
company
operating
1,015,727
390,679
,,-v
Corporation has filed with the SEC a declaration (File 70-254) regarding
the proposed sale to Oklahoma Natural Gas Co. of the following properties
151, p. 3556.
Carpenter Steel Co.—New Officials—
of sales,
1938
1939
.1940
$3,271,679
a
will amount to $2.25 per share,—V.
Cost
Jersey—Earnings—
January—
1941
railway..... $3,251,393
Net from railway.
726,457
Net ry oper. income...
117,559
—V. 152, p. 822.
Gross from
of accumulations
Net sales.
Mines, Ltd.—Extra Dividend—
an extra dividend of two cents per share in addi¬
quarterly dividend of four cents per share on the common stock,
both payable March 31 to holders of record March 15.
Like amounts paid
on Jan. 2, last.
Extra of one cent was paid on Sept. 28 last; extras of two
cents were paid on June 28, March 29 and Jan. 2, 1940; 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. 151, p. 3556.
a
Central RR. of New
1941
$3,235,000
revemies
—V.
Gold
Directors have declared
tion to
Earnings for Week Ended Feb. 21
~
Patricia
1423
Net ry. oper. income
1941
$1,494,880
415,263
214,973
1940
$1,379,343
:
289,903
81,169
1939
$1,231,186
253,937
43,184
1938
$1,252,455
236,800
31,064
—V. 152, p. 1276.
Chicago Great Western Ry.—New Officers—
This
company,
successor
to
the Chicago Great Western RR. Co., on
of directors and
Feb. 20 took title to the new properties and a new board
list of officers came into existence.
Directors will be:
Harold W. Burtness, also the Vice-President in
a new
of
Charge
Transportation; James E. Davidson, President Nebraska Power
Co.,
Omaha; Howard A. Fitch, President Kansas City Structural Steel Co.;
Samuel M. Golden, Vice-President in Charge of Maintenance of Way;
Patrick H. Joyce, President and Chairman of the Executive Committee;
William H. Klauer, Chairman Klauer Mfg. Co., Dubuque, Iowa; Andrew
C. O'Donnell, President O'Donnell Fruit Co., Pittsburgh; John W. O.
Leary, Chamber of Commerce of the United States; Benjamin F. Parsons,
Secretary and Assistant to the President; Eugene A. Schmidt Jr., Metro¬
politan Life Insurance Co.; Robert W. Schupp, Follansbee, Shorey & Schupp
Chicago attorneys; Ralph M. Shaw, Chairman of the Board and General
Counsel of the company; William H. Sievers, Comptroller; Oscar Townsend,
Vice-President in Charge of Traffic, and Harold O. Washburn, VicePresident American Hoist & Derrick Co., St. Paul.
Major officers who were not also elected directors are:
Edwin D. Shaw,
Vice-President, New York; and Alfred A. Sieg, Treasurer.
Mr. Joyce stated the property acquired by the new company is in
excellent physical condition, and that motive power, equipment and all
other facilities are in condition to handle promptly the National defense
traffic as well as the normal traffic of the railroad.—V. 152, p. 1276.
Chicago Great Western RR.—Properties
Pursuant to an order entered in
Transferred—
the Federal District Court for the North¬
District of Illinois, Eastern Division, on Feb. 15,
of the company have been transferred to the Chicago
ern
1941, the properties
Great Western Ry.
The Commercial &
1424
,
Gross from
The
the old company is without
1939
$6,208,259
629,176
2,756
def214,747
Chicago Rock Island &
Pacific Ry.—Earnings—
Gulf Ry.)
[Includes Chicago Rock Island &
Net railway
—V. 152. p.
provision is made for such stock in the plan of reorganization.
bonds will be issuable initially in coupon form in
of $100, $500 and $1,000.
All income mortgage bonds will be
fully registered and such bonds will be issuable initially in denom. of $100
$500 and $1,000.
The par value of both the new preferred stock and new
common stock will be $50 per share.
Interest from Jan. 1, 1938 to Jan. 1, 1941 at the rate of 4% per annum,
amounting to $12 per $100 principal amount will be paid on the new first
mortgage bonds.
Interest to the extent earned for the calendar years
1938 and 1939 will be paid on the new income mortgage bonds, amounting
to $6.86 per $100 principal amount of such bonds.
Checks for such interest
will be drawn to the order of the person to whom such new bonds are issued.
Interest on the new income mortgage bonds to the extent of $6.64 per
$100 principal amount of such bonds, representing interest for the calendar
year 1940 plus all unpaid accumulations of interest, will be payable on
and after April 1, 1941 to holders of record on March 15, 1941, by the
Chemical Bank & Trust Co., New York, paying agent for such bonds.
This additional interest will be paid by such paying agent to the persons
to whom new income mortgage bonds are issued upon exchanges made
after xVlarch 15, 1941.
No interest will be paid on fractional bonds represented by scrip certifi¬
cates until such certificates have been consolidated and exchanged for
whole bonds, which bonds will bear interest from Jan. 1, 1938.
1940
$6,310,443
1,124,195
305,819
1941
$6,898,680
January—
Gross from railway
Net from railway
value, and accordingly
1938
$6,117,514
D4.D91
def779,795
152, p. 1277.
—V.
Commission and the Court have found that
Interstate Commerce
868,54 1
income
Net ry. oper.
^
1940
$6,876,991
661,918
railway
Net from railway..
stock
the common stock of
1941
$7,367,605
1,553,685
January—
mortgage
1941
1,
Ry.—Earnings—
Chicago & North Western
order to carry out the plan of reorganization of the old
This plan is now effective.
Holders of the old company first
bonds and preferred stock should deposit their securities with
the exchange agent, J. P. Morgan & Co., Inc., 23 Wall St., New York,
N. Y., on or after March 3, 1941.
f,
,
For each SI,000 principal amount of old bonds and unpaid interest the
holder will be entitled to receive: $285 of new first mortgage 4% bonds,
$172 of new general income mortgage 4H% bonds, $515 par value of new
5% preferred stock, $172 par value of new common stock and checks
representing interest (referred to below).
For each two shares of old preferred stock and accumulated dividends
thereon the holder will be entitled to receive one share of new common
(new company), in
company.
,,
March
Financial Chronicle
1,847,312
-
1,059,371
operating income
1125.
1939
$6,099,649
1,076,059
268,348
no
$1,659,027
from railway...499,911
Net ry. oper.
Cincinnati New Orleans &
Net
184,409
70,272
Net ry. oper. income
—V. 152, p. 1276.
Net from railway
Net ry. oper. income
—V. 152, p. 823.
1940
Calendar Years—
-$4,709,366
Gross earnings
162,515
100,479
Net ry. oper. income—
—V. 152, p. 822.
Chicago Indianapolis &
580,775
807,305
57,858
$1,790,131
66,641
$3,663,042
$1,946,003
Depreciation
536,028
Federal income taxes—
744,080
522,670
241,267
$766,347
427,676
58,318
$1,856,773
463,062
200,505
Total income.—
,
846,000
.
131,479
772,252
$1,182,067
129,026
534,636
$280,354
127,509
59,404
$1,166,515
82,698
bl,140,817
$633,202
$518,405
$93,441
def$57,000
237,616
$5.91
237,616
$4.43
237,616
$0.64
237,671
$4.56
$1,536,933
profit
dividends
Preferred
Common dividends
standing (no par)
Earnings per share
Louisville Ry.—Earnings—
1940
$829,640
229,455
1939
$702,691
1938
$668,839
56,141
27,292
89,728
def89,973
defl24,650
Net ry. oper. income
—V. 152, p. 1125.
...
1940, $155,235 in 1939, $99,899 in
and $114,877 in 1937 for social security taxes,
b Includes $713,000
dividend paid Dec. 1, 1937 in 7% preferred stock.
After deducting $217,769 in
a
Gross sales less
31, *38 Jan. 1, '38
returns..$26,698,413 $25,853,626 $24,073,981 $26,406,785
Cost of goods
sold, incl
publicity, occupancy &
buying expenses
22,048,665
20,648,434
22,517,568
$3,697,916
profit
825,017
2,593,969
42,135
$3,804,961
$3,425,547
10,819
77,145
14,228
70,712
14,003
$3,889,217
11,553
74,435
Maintenance and repairs
Deprec. & amortization.
Taxes other than Fed.
71,826
Cap. stock & social
Notes
46,000
51,000
55,000
46,500
3,089,867
3,295,760
3,011,783
able & payrolls.
accounts
&
receivable (net).
secur.
49,373
52,488
3,448
1,000
3,024
4,187,415
4,331,226
38,172
800
buildings,
machinery, &c._
pref.stk.8ubs.
18,474
9,166
1,927,900
Treasury stock.. Dr222,725
1,927,900
4,996,760
608,180
1,204,978
Dr249,625
.11,759,460
9,392,888
7%
cum.
pref. stk.
4,996,760
608,180
Capital surplusEarned surplus... 1,838,180
b Common
c
stock.
Def. charges & pre¬
paid
$605,734
88,380
$272,935
92,351
$373,261
114,506
$474,084
81,222
operations
Profit from
Other income
expenses..
11,759,460
Total
inc. before pro v.
for Federal taxes—
Net
$487,767
$555,306
taxes, cap. stock tax,
normal income tax
242,002
178,918
146.854
$308,849
2,108,710
$218,432
1,976,824
$518,929
1,977,165
Cleveland Electric Illuminating Co.
$2,302,112
341,181
Shs. cap. stock (par $5).
$0.92
Earnings per share.
$2,074,103
341,181
$0.90
346.181
$0.63
Liabilities—
Cash
$320,341
729,091
$553,888
178,257
Accounts
Dec. 28, '40
payable.
Sec'd indebtedness
Dec.
171,361
241,246
customers-..
45,000
800,000
374,299
460,488
2,479,500
Inventories...... 2,528,211
Other assets.
14,856
1,594,570
Acer, taxes & pay.
3,146,235
Sundry payables._
419,536
5,153
Reserves..:
179,481
postage stamps.
Accts. <fc notes rec.
assets
Deferred charges..
43,469
Due
Capital stock
Treas. stock
Paid-in surplus
2,922
184,379
1,730,905
Dr54,019
1,069,964
2,074,103
Z>r54,019
1,069,964
2,302,112
x
417,155
y
Earned surplus
$9,759,433
y2,657,635
on
$6,825,924
6,377,719
$7,101,798
Balance
x
...$6,854,944 $7,074,548
Represented by shares of $5 par.
p.3390.
x
$6,854,944 $7,074,548
Total
y
5,000 shares (at cost).—Y. 151,
$7,332,181
6,377,719
$954,462
Includes non-operating revenues
Directors
have declared
a
record March 5. Dividend of $4.50
was paid on Dec. 16, last; and dividends of 50 cents were paid on Oct. 15,
July 15 and April 15, 1940; this latter being the initial dividend.—V. 151,
S
Cash &
sees,
on
149,235
153,010
3,232,057
Payroll accrued-
3 ,384,000
2,984,000
Taxes accrued..
&
Acc'ts
Deposit for
ment
of
2 ,994,642
2,968,431
5,068
8,052
750,000
750,000
RR.—Plan Held
Appeals at Chicago on Feb. 18 held up the
3 ,338,010
3,591,280
from
154,814
by bondholders.
approved in Federal District Court Nov.
The road filed notice of appeal Dec. 14, 1940.
A nearing on a petition to restrain the ICC from offering
13,
1940.
the reorganiza¬
before disposition of the appeal was continued
15 to March 5 because of the absence of Judge
Igoe, who has jurisdiction over tne plan.
After that con¬
tinuance, the road took the petition to the Court of Appeals.
L.
Earnings for Month
1941
January—
Gross from rail way
Net from railway.
Net ry. oper.
—V. 152, p.
income...
1276.
$9,702,449
2,842,651
1,756,422
in
pend.
159,889
decision.
Other current
&
387,189
69,285
34 581,713
32,129,392
accrued liab._
| Reserves for de¬
prec. & retire¬
209,760
ment of prop¬
liquid'g
erty and plant
34,499
38,716
Other reserves-.
59,495
62,871
853,221
Deferred charges
254,477
Earned surplus.
14 869,340
13,425,485
173,365,038 158,837,4231
Total
prohibits the Interstate Commerce Commission from
submitting the program to bondholders.
In asking for tue order the road
attorneys alleged the list of bondholders held Dy the ICC was incomplete
and inaccurate.
The ICC previously had set Feb. 20 for a vote on the plan
The court's order
tion plan to the bondholders
in U. S. District Court Feb.
611,138
418,016
750,000
appeal of the
case.
was
286,862
580,085
rate
itors' notes
reorganization plan for the road until disposition of the road's
The reorganization
286,862
Electric revs,
banks & cred¬
Up Until Appeal Is Settled—
The U. S. Circuit Court of
in
Pref. divs. decl.
ma¬
Inventories
Bals.
accrued
suspense
pay¬
municipalities
Chicago Milwaukee St. Paul & Pacific
571,281
3,892,781
payable..
Interest
notes
tured interest-
rec.
726,333
293,113
Consumers' dep.
Time deposits..
a
$
25,498,900
40,871,520
40,000.000
4,460,485
750,000
Acc'ts
hand
on
stock. 25,498,900
c Common stock
40,871,520
Funded debt... 50,000,000
b Ser pref
13 ,478,083
dep. with trus
Cash
1939
$
Liabilities—
Prop. & plant.. 148 ,223,464 144,647,638
Acc'ts
p.3555.
provision
1940
1939
S
notes receiv..
dividend of $1.50 pr share on the common
$724,078
of $28,214 in 1940; $44,264 in 1939;
Consolidated Balance Sheet Dec. 31
1940
Assets—
receivable
stock, payable April 1 to holders of
6,377,720
$448,205
1938; and $117,897 in 1937.
y Includes $3,345 for
for Federal surtax on undistributed profits.
Other acc'ts and
Chicago Mill & Lumber CoDividend—
-
$50,870 in
and in banks.
Total
$8,316,288
6,958,860
$1,357,428
pref .& com. stk.
320,199
1,730,905
582,438
583,204
345,667
30/39
$526,797
$696,323
45,000
Bank loans
Paper supplies and
$9,408,867
2,582,943
income-
Net
Divs.
Comparative Balance Sheet
U.S. Govt, bonds.
revenue....$11,604,813 $10,477,231
3,288,525
3,145,050
Int.& Fed. inc. taxes, &c
Net oper.
Dec. 28, '40 Dec. 30/39
18,611,321
$1,976,824
346.181
$1.50
86,546
1937
$28,370,754
17,646,737
Operating expenses
$2,108,710
declared
& Subs.,)—Earns.
19,196,496
20,426,734
$2,496,095
519,272
$2,195,2.55
85,295
$2,417,559
343,456
$2,387,407
\
1940
1939
1938
$32,031,547 $29,673,728 $27,055,604
Calendar Years—
Gross earnings.
x
Assets—
Total
of $5,062,176 in 1940 and $4,645,796
in 1939.
b Represented by 249,838 no par shares,
c Represented by 370
(639 in 1939) shares preferred stock, par $100, and 12,222 shares common
stock, no par value.—V. 152, p. 1277.
175,184
$313,304
2.074,103
Net profit for year
9,392,8881
After reserve for depreciation
a
$694,114
$365,286
Prov. for Fed. social sec.
Michael
241,267
42,405
on
Land contra, rec..
Land,
...
Payable by empi's
against
closed banks
a
93,814
1,590,000
Fed'l
for
income taxes
Buchanan L. Co.
Claims
128,398
taxes, &c.
Reserve
Inv.in andadvs. to
3,150,995
—
expenses
Capital
— -
Invest, in securs..
Selling, gen. & adminis.
551,140
Current accts. pay¬
1,609,748
2,784,909
44,709
Vai. life ins. polic's
1939
$
883,600
Liabilities—
Liabilities—
$
1,500,823
Cash...-.-—
Inventories..
23,000,497
1940
$
1939
$
3,041,686
///A'
Assets—
Dec. 28, '40 Dec. 30, '39 Dec.
1938
stock
Consolidated Balance Sheet Dec. 31
1940
Co.—Earnings—
Chicago Mail Order
Dividends
26,692
undist. profits
Surplus
104,275
Gross from rail way.....
taxes
1937
$2,597,436
$735,130
31,217
Net
1941
$830,874
242,146
Net from railway
Gross
Corp.]
1938
$1,315,905
Shs. common stock out¬
January—
Years Ended—
1939
$2,721,829
821,382
1938
$310,511
84,756
58,420
$303,348
81,758
64,786
$385,920
117,148
79,457
263,059
231,349
$1,900,447
45,556
Other income
1938
$1,367,941
172,855
1939
1940
1941
$434,983
railway
Net from railway.,
377,798
1938
$1,144,710
1,104,182
Midland Ry.—Earnings—
Chicago & Illinois
1939
$1,486,907
592,063
429,201
1940
$1,545,894
530,713
$3,605,184
Expenses, &c
Surtax on
January—
def89,949
Texas Pac. Ry.—Earnings
[Including Clark-Celpor Tool
Fed. excess profits taxes
Gross from
1938
$1,329,974
136,857
Co.—Earnings—
Clark Equipment
33,840 De/107,271
*
1941
$1,749,415
742,862
521,997
January—
Gross from railway
a
1939
$1,266,693
112,977
def95,454
1940
$1,481,897
276,434
44,492
823.
—V. 152, p.
Operating profit
1939
$1,446,160
325,173
1940
$1,535,379
3.54,374
1941
1941
$1,444,477
237,272
income.-.
3,430
January—
Gross from railway
Net from railway
Earnings far the Month of January
January—
Gross from railway
Minneapolis & Omaha Ry.—Earnings
Chicago St. Paul
New first mortgage
denom.
of January
a
After
reserve
Total..—
for doubtful accounts and notes
173,365,038 158,837,423
shares,
2,355,547
1,561,168
1,217,732
437,013
1938
1939
$8,096,095
,
$7,629,762
1,263,962
102,411
c
Co.—Preferred Stock Offered
the company was carried
public, at par, of 30,000
5% cumulative preferred stock ($100) by F.
& Co., Inc., and Prescott, Jones & Co., Inc.
Cleveland Graphite Bronze
—New capital financing in behalf of
out Feb. 27 with an offering to the,
shares
of
Eberstadt
Preferred stock
is
entitled
to
cumulative preferential dividends at the
5% per annum, payable Q-M.
Preferred as to assets to extent of
$105 per share in voluntary, and $100 per share in involuntary, liquidation,
plus divs.
Red. in whole or in part on 30 days' notice at $105 per share,
plus divs.
Sinking fund, equivalent to 5% of first $500,000, 714 % of next
$500,000, and 10% of all in excess of $1,000,000 of net earnings for previous
rate of
1940
$9,167,752
and
Repre¬
of $207,010 in 1940
$209,084 in 1939.
b Represented by 254,989 no-par
sented by 2,324,564 no-par shares.—V. 151, p. 3390.
year, to
be applied to purchase or redemption of preferred stock.
Volume
The Commercial & Financial Chronicle
152
Capitalization Giving Effect to This Financing
'
>
Authorized
30,000 shs.
400,000 shs.
„
5%
cum. pref. stock ($100
par)
Common stock ($1 par)
1941ti0n
Outstanding
30,000 shs.
321,920 shs.
Business—The company, formed in 1919, is one of
the leading manufac¬
turers of lined
bearings and bushings for use principally in the automotive
Calendar Years—
1940
a
After Federal and
profits
State
—633,788
income
and
taxes
m
operation at the end of the year
including 50
including 38 supermarkets
1939.—V. 152, p. 981.
1939
1938
$4,954,480
4,027,644
329
1,966
$2,362,503
71,625
56,096
$342,989
109,746
Income from operations
Non-operating income (net)
$2,069,941
216,417
$2,418,599
248,603
$452,735
Gross income..
I.
Provision for renewals, replacements & retirem'ts.
Interest on long-term debt....
$1,853,523
$2,169,996
$373,220
......
_
Operating profit
.
Other income
Total income
Other deductions
•
..
Net profit before Federal taxes
income
Provisions for Federal Taxes:
tax
Declared value
excess
Colorado Central Power
442,961
profits tax.
Operating
Operating
1940
Interest on unfunded debt
Taxes assumed on bond interest
$546,868
400,138
$167,743
1,757
$146,730
7,557
$169,500
39,508
30,309
1,192
$154,287
37,769
34,004
1,005
1,379
...
1939
$587,385
419,643
expenses...
922
CV596
451
...
Amortization of debt expense
Amortization of premium on debt
Provision for Federal and State income taxes
63,562
40,232
Excess profits tax
'
revenue
t
79,514
384,640
^
Co.—Earnings—
12 Months Ended Dec. 31—
581,881
on
i
.
Normal income
CVS80
26,164
88,303
Balance to surplus
$1,322,258
$4,310,061
on
common
per share on common.
7 I'7'7
hand
on
$4.11
demand
891,769
Other current assets-
Investments
,y
30,051
..
Common stock
..
...
Earned surplus
4,439
321,920
4,988,000
..
(net)...2,328,927
assets
29,001
........
Deferred charges
$6,188,316
Total
$6,188,316
Cluett, Peabody & Co., Inc. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1940
1939
Gross sales leas
returns..$25,035,544
Cost of sales & expenses.
21,739,293
1938
1937
$22,878,848 $20,174,568 $21,571,163
19,722,986
18,354,189
19,547,385
$1,899,891
204,222
$2,516,782
224,462
526,781
121,076
173,412
2,128
971,589
Gross from railway
416,950
Net from railway
Net ry. oper. income...
—
458",932
1,004,178
.7,;-v.
-
0540,551
■Suit
Corp.-
by
$468,482
33,591
def59,751
Stockholder
;!
1939
$110,080
20,549
6,129
1938
$94,579
1,943
def4,583
823.
Commercial Solvents Corp. (&
$1,110,965
237,930
576,149
$728,242
237,930
480,140
$671,988
5,324,315
$956,269
4,501,718
$296,886
4,292,997
$10,172
4,284,616
on sale or retire¬
ment capital assets
p.
1940
$86,005
3,937
defl,789
......
$3,058,200
237,860
1,864,071
Profit
152,
1941
$103,606
12,440
4,801
'
$2,773,849
237,790
1,864,071
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1910
Sales.
..
.... ...
i
.
...
.
1939
1938
1937
$43,775,248 $34,245,045 $31,446,413 $45,938,426
41,399,705
32,616,013
30,895,879
44,032,545
.
Costs and expenses.
Operating income
$2,375,543
931,203
$1,629,032
580,973
$550,534
440,925
$3,306,746
Other income
11,835
adjust.;
Electric
1938
$428,610
36,689
def59,546
Columbus & Greenville Ry.—Earnings—
January—
—V.
0989,182 Crl,014,813
;
.
...
1939
$561,410
147,491
55,618
An opinion dismissing the bill of
complaint in a stockholders' suit to
enjoin the execution of a plan submitted in the Federal Court as a settle¬
ment of the pending anti-trust suit of the Federal
Government against the
corporation, Columbia Oil & Gasoline Corp. and others was handed down
Feb. 20 by Judge John P. Nields at
Wilmington, Del.
Findings of fact by a special master appointed by Judge Nields in the
case were approved in the Court's
opinion.
David Young 3d, holder of 100 shares of Columbia Gas
common, charged
"reckless and illegal distribution and waste of the assets of Columbia Gas"
and held that the plan was unfair and
disadvantageous to Columbia Gas;
that it was adopted for the purpose of
enriching certain directors and stock¬
holders of Columbia Oil at the expense of Columbia Gas.
The opinion, after
considering Mr. Young's objections, finds the ex¬
change of properties, principal feature of the proposed plan of divestiture
fair and equitable.—V. 152, p. 1126.
$3,239,307
210,209
657",414
Previous earned surplus.
$2,210,005
170,179
189,904
$991,459
229,400
342,583
891,907
5,248
$1,905,882
674,553
x162,761
Miscell.
adjustments
Prov. for contingencies.
$6,159,064
a67,096
Shs.com .stk.out. (no par)
per share
Earnings
$5,457,987
$4,601,718
$4,294,788
yl,789
100,000
Prov. for unrealized loss
on Canadian
exchange
$6,091,968
677,844
$3.74
$5,324,315
677,844
$4.16
228,257
Prov. for depreciation..
Inventory writedown.
Federal tax
.
See b
.
c691,168
reserve
249,532
Non-recurring income.
Minority interest in net
a
133,672
-
Total income
Other deductions..
V\'-\
...—
$4,501,718
677,844
$1.28
------
$4,292,997
677,844
$0.72
Includes $147,304 refund of
processing taxes and interest applicable
years, and $15,457 adjustment of prior year provision for
depre¬
1
$2,580,434
271,244
336,829
240,756
Crl7l,190
profits of subsidiaries.
Crl2,130
.
Common dividends
144,687
$2,387,321
659,219
$1,600,390 loss$294,358
$1,586,917
1,582,127
$1,728,102
Net income
$1,600,390 def$294,358
prior
ciation of Canadian
exchange,
After deducting $37,660 for adjustment of
After deducting $382,221 in 1940; $269,217
y
for taxes, prior years, z
1939 and $120,645 in 1938 provision for United States and Canadian
income taxes,
a Includes
$117,096 loss on disposition of idle plants, equip¬
ment, &c., less $50,000 reserved provided from surplus in prior
reserve
in
years.
Consolidated Balance Sheet Dec. 31
1940
Assets—
1939
$
Real estate
$
2,800,748
Cash
3.720,387
a Accts. receivable
4,665,193
Sundry receivables
163,996
2,427,952
4,265,066
Miscell. lnvestm'ts
141,562
6,613,347
Goodwill,
patents,
rights,
names,
1940
Liabilities—
v.
2,622,556
trade
b Common
$
Accounts
$
4,405,986
3,397,000
payable
<fe accr. liabilities
190,313
1939
"
stock.
4,405,986
Preferred stock... 3,397,000
&c
137,280
Merchandise
6,194,358
Deferred charges..
331,574
Accrued taxes
Surplus
Shares capital stock out-
a
Profit
on
390,141
985,352
129,121
Due under contract
103,297
300,000
59,448
100,000
1,647,628
6,091,968
Earned surplus
Total
—
17,835,346
16,438,991"
Total
59,448
17,835,346
16,438,991
After
deducting reserve for cash discount and doubtful accounts
amounting to $206,530 in 1940 and $134,720 in 1939.
b Represented by
677,844 shares of no par.
c After depreciation of $5,318,699 in 1940 and
$5,198,236 in 1939. d Arising from sale of common stock at price in excess
of stated value.-—V. 152, p. 1126.
a
Coca-Cola Co.—Government Contract—
Brecon Loading Co., a wholly owned subsidiary of this
company,
been awarded a $14,394,001 contract by War Department on a
has
cost-plus
for
operation
$1,091,000 represents cost of equipment and $13,303,001
of plant.
Bag loading plant will be operated in con-
$0.91
$0.61
2,636,878
Nil
2,636,878
$0.60
sale of stock of affiliated company,
consolidated subsidiary,
Note—The excess of the corporation's equity in the 1940 earnings of
Commercial Molasses Corp. and subsidiaries and Thermatomic Carbon
Co., both affiliated companies not wholly owned and not consolidated, over
dividends received from those companies during the year amounted to
$87,647.
Consolidated Balance Sheet Dec. 31
1940
1939
$
Cash
1940
S
1,807,831
Liabilities—
1,080,639
Accts., notes & accepts. receivable 8,659,697
Dep.
on
Accounts payable.
8,578,792
Due
grain fu¬
ture contracts..
to
8,038
3,784,871
yLd.,bldgs.&eqpt. 3,823,252
4,197,712
Inventories......
3,502,098
royalties,
int., &c.
Reserves...,
wages,
x
Common stock..
1
1
Capital surplus
2,376,771
298,518
Earned surplus
Total
300,135
..20,915,131 20,042,568
$
182,090
400,818
Accrued
Investments _..._z2,453,301
intangibles
1939
649,470
1,000,000
Commer'l
Molasses Corp..
86,044
Deferred charges..
$
467,772
Bank loan
Goodwill and other
fixed-fee basis for management services, training personnel and
operation
of an artillery ammunition bag-loading plant on a site of
approximately
20,000 acres located at Childersburg, Ala.
Of total award
2,636,878
less loss on sale of partial
&c.
b Depreciation for the year on
buildings and equipment acquired or installed subsequent to Dec. 31, 1932
amounted to $258,910.
Effective Jan. 1, 1940 depreciation applicable to
manufacturing facilities has been charged to production cost instead of
directly against income and as of the same date molasses has been charged
to production cost on the last-in, first-out basis,
c Includes $87,000 pro¬
vision for estimated excess profits tax.
interest in
1,647,628
5,324,315
Capital surplus.
2,636,878
-
549,893
1,280,125
Res. for contlng..
Pref. divs. payable
d
$4,790
•
standing (no par)
Earnings per share
Assets—
s
&
$2,023,778
493,004
■:
Net profit
Preferred dividends
Common dividends
c
Gas
1940
$600,179
186,365
95,314
Net ry. oper. income...
—V. 152, p. 823.
706,618
prov. for red. of
invent, to market
Income from royalties
&c. (net)..,
Ry.—Earnings—
1941
$1,820,379
79,512
,
Spec.
x
Colorado & Southern
January—
Gross from railway
Net from railway
$3,155,862
83,445
Prov.for U. S. & Canada
income taxes
Prov. for Fed. surtax.._
Other charges (net)
to
on
$3,296,251
88,827
"III
Depreciation
Miscell.
accounts payable, $29,791; con¬
(refundable), $28,650; notes receivable (contra), $12,383;
long-term debt accrued, $4,987; miscellaneous interest accrued,
$2,269; taxes, Federal, State and local, accrued, $59,624; insurance accrued,
$1,827; other accrued items, $2,900; deferred liabilities,
$26,658; reserves,
$570,123; common stook (10,000 no-par shares), $300,000; surplus, $139,110;
total, $1,882,324.—V. 150, P. 1427.
interest
$3,385,078
236,378
Other income.
Surplus
Liabilities—Long-term debt, $704,000;
sumers' deposits
Dismissed—
-V. 152, p.. 1278.
z
Comparative Balance Sheet Dec. 31,1940
assets,
$1,693,171; investments, $1; cash, $60,906;
receivable, $72,510; notes receivable—merchandise contracts dis¬
counted (contra), $12,383; materials and
supplies, $14,252; prepayments,
$3,901; cash deposited with trustee, $225; unamortized debt expense,
$24,974; total, $1,882,324.
Columbia
6,215
Total
$73,497
Assets—Capital
57,391
Other assets
7,234
>
$71,827
accounts
$126,102
717,804
..
..
Reserves for dividends
48,250
46,222
,
"
Accounts payable (trade)...
Accrued liabilities.
Other current liabilities....
$732,751
-
$3,370,338
$0.96
Sheet Dec. 31, 1940
Inventories..2,047,789
Intangible
$4,310,061
$5.42
Liabilities—
Accounts receivable (trade)--.
Fixed assets
240
$4,988,000
"V
&
deposits—-
321,920
600
:
480
_
v'"::Balance
Cash
804,800
643,840
exchange
Balance surplus end of period
Assets—
$3,692,498
240 shs. of
on
common reserved for
Earnings
$5,115,461
$309,657
stock:
Paid in cash
Prov for above divs.
<
$3,382,840
$5,632,320
Dividends
•V
$1,745,123
$3,370,338
excess
As of the close of the
year 552 stores were in operation,
supermarkets which compared with 566 stores,
$8,928,507
5,960,947
604,727
-$10,582,219
7,924,791
Selling, general & admin, expenses
656,841
Provision for doubtful accounts
(net)
2,269
535,499
estimated Federal
taxes.
$1,998,316
V
,
Gross sales, less
discounts, &c.
Cost of goods sold..
1939
$46,239,556 $40,079,757
983,788
680,929
Net profits, before income taxes
a Net income
.
1940
Southern Grocery Stores, Inc.]
v.
3
Income Account Years Ended Dec. 31
,
Inc.—Earnings—
Sales..
has agreed to apply, upon the request of the under¬
writers, for the listing of the preferred stock on the New York Stock
Ex¬
s,
in National
organizations,"
use
[Consolidation in 1940 of David Pender Grocery Co. and
Listing—-Company
V
of the Government's policy to
ability of successful industrial
of War Robert P. Patterson said.
managerial
Colonial Stores,
to use the proceeds of the issue, amounting
$2,895,000, based on the sale of tne 30,000 shares, before provision for
expenses in connection with the
offering, for new and enlarged plant facilities
or for additional
working capital.
change.
example
an
Negotiations for construction of the plant are now in progress and will
be announced when
completed.—V. 152, p. 422.
£or£25^7T^01?ipany intends
to
is
the
Undersecretary
industry. Its customers include manufacturers in the automobile, truck,
aircraft, agricultural implement, electric
motor, diesel, marine engine and
other
industries.( During 1940 it commenced the manufacture of lined
bearings for use in aircraft engines.
Company is participating in produc¬
tion
resulting from the National Defense Program, and
expects to be called
on to meet
increasing requirements along these lines.
*
smokeless P°wder Plant at that location announced Jan. 24,
"This
defense
1425
Total
954,810
498,399
78,741
89,977
6,593,452
4,325,514
6,593,452
4,325,514
8,312,753
6,484,939
....20,915,131 20,042,568
x Represented
by 2,636,878 no par shares,
y After reserves,
z The
corporation's equity in surplus (after dividends) of Commercial Molasses
Corp. and subsidiaries
since
since acquisition
Commonwealth Water C o—Bonds
Placed Privately—The
them
has placed privately with insurance companies an
issue of $5,010,000 3lA% 1st mtge. bonds dated Dec. 1,1940
and due Dec. 1, 1965.
Proceeds will be used to retire a like
amount of 43^s called for payment March 29 at 105)^ and
ries increased
end of 1940.
1140.
elected a director of this
refunding of that subsidiary's publicly-held debt.
Generating Corp. paid $1,050,000 of its indebtedness
Other changes of lesser importance resulted in a net
<
Co.-—Annual Report—
stockholders, states in
fyJ.,'',: ■v.-,:v: ,
Results—Principally because of intensified industrial activity in the
Chicago area, operating revenues were greater in 1940 than in any previous
year.
The resulting gain, however, was largely offset by increased pro¬
visions for taxes, particularly Federal income taxes.
Net operating income
was only slightly greater than in 1939, but further substantial decreases
in interest charges (in which the conversion of debentures into stock was
an important factor) and in other deductions brought about an increase in
Charles V. Freeman,
Chairman, in his remarks to
part:
net income from
winter.
of the company's stock
current
Through
the
of a 25,000-kilowatt
in its Joliet Station.
in 1940 were $154,805,524,
increase of 6.1%. The full effect
of the national defense program has not as yet been felt, but the stimula¬
tion of industrial activity which occurred in 1940 was the major cause of
increased revenues from practically all classes of customers.
Electric and
gas revenues comprised 89% and 10.4%, respectively, of the 1940 total.
Each class of electric service contributed to a 7.4% increase in kilowatthour sales, and to a 5.8% improvement in electric revenues, over those for
1939.
An increase of 7.2% in sales to residential and rural customers
resulted in 4.6% greater revenues from this class of customers.
Sales to
commercial and industrial customers increased 10.4%, and revenues from
kilowatts.
v
—
group
914,205,915
1,074,821,020
891,696,727
1,045,839,372
7,181,920,642
6.684,807,513
7.4%
Operating Revenues (Subsidiary Compaies)
Class of Sserive—
1940
1939
Residential
$11,525,927
$10,703,137
Commercial
1,256,044
1,153,469
Industrial—Other than interruptible
696,397
645,405
Interruptible
2,102,516
1,868,242
Sales to public authorities
14,437
10,282
__
457,789
Total..
—
__
$16,172,916
$14,879,092
Sales of gas in therms were 9.7% greater
than in 1939.
Total oper.
Operation..
Maintenance
9.7%
on
funded debt
and expense.
constr'n.
pref. stocks
determined.
Public
1940. This
in Natural
the
of
$1,837,019) comprised collateralized notes of Midland United Co. (in
reorganization) carried at $4,111,995, real estate carried at $2,628,895 not
utility operations, and other items carried at $1,099,091.
The sale of the investments in the pipeline company was effected in pur¬
suance of the company's policy of liquidating, as reasonable opportunities
become available, all investments not directly related to the utility opera¬
tions of the Edison group of companies.
used in
Property Account—The consolidated property account at the end of 1940
^summarized, by companies, below:
Tangible
Properties
Intangibles
Total
Commonwealth Edison Co
$399,684,827
$7,939,407
$407,624,234
Public Service Co. of No. Illinois 173,178,495
5,089,820
178,268,315
Western ^United Gas & Elec. Co.
40,474,565
2,811,700
43,286,265
Illinois>Northern Utilities Co...
22,683,955
5,058,985
27,742,940
Chicago District Electric Gen¬
42,293,734
Corp.
.....$679,663,621
42,360,557
1.348,045
1,348,045
Other subsidiaries
Total..
66,823
$20,966,735
$700,630,356
com.
41,402,975
11,196,028
77,470
41,197,015
14,104,585
303,742
39,519,397
16,751,563
457,841
38.932,477
17,557,842
112,043
1,500,000
Cr559,227
1,525,899
Cr375,470
1,397,198
Crl81,090
1.412,523
Cr757,253
Consol.
:
209,020
1,127,324
2,170,176
14,649
264,936
2,234,708
net
Dividends
income.__29,170,756
22,078,960
25,414,590
15.804,601
19,701,625
10,541,755
16,202,437
10,687,245
$2.32
$2.43
$2.37
sh. on cap.stk
b The above statements
include earnings and expenses
4,281,722
$679,663,621
$25,248,457
$704,912,078
of the company does not include approximately
$27,250,000 of indirect construction expenditures and other items forming
a proper part of the cost of tangible property but not capitalized in prior
years.
Otherwise, the company's tangible properties are carried substan¬
tially at original cost.
The carrying value of the tangible properties of Public Service Co. of
Northern Illinois includes approximately $5,250,000 of similar indirect
$2.08
of all companies
(consolidated). In order to arrive at the true
consolidated net income, deductions have been made for the net income of
subsidiaries applicable to stocks acquired for periods prior to acquisition.
are now
subsidiaries
Consolidated Balance Sheet
Dec. 31 (Incl.
Assets
Property, plant and equipment
Cash on deposit with trustees
Cash to be applied to construction
x Investments (at cost or less)
expenditures
Deposits for matured debt
12,611,462
46,576,742
United States Government
362,891
and interest
obligations (at cost)
y
30,116,486
17,604,700
Receivables..
Materials and
11,585,938
546,908
supplies.
Prepaid insurance, taxes and other expenses
z Debt discount and expense
39,021,721
1,328,284
Other deferred charges
38,987,602
1,103,456
27,247,205
17,423,454
10,489,627
598,679
41,585,421
849,222
V
$261,787,900
226,933
4,330,632
Capital stock ($25 par)—.
Minority interests
$842,478,217
1939
$314,128,500
220,248
Liabilities—
3,681,441
324,875,300
Funded debt.
payable
362,891
2,562,794
26,613,493
1,289,156
Matured debt and interest.
Accrued interest
Accrued taxes
Customers' deposits
deferred liabilities
additional taxes..
Insurance and other reserves
Earned surplus
1939
$681,122,806
309,688
7,929,555
14,831,502
$864,914,519
1940
Total
Accounts
Subsidiaries)
1940
$704,912,078
247,310
Cash
Undetermined liability of
4,281,722
90,466
722,402
119,587
639,123
17,948
Contributions in aid of
360,000
Reserves for depreciation reserve
sition.....
The property account
180,000
stockholders'
Sundry current and
value of sub¬
sidiary stocks over underlying
book values at dates of acqui¬
Excess of carrying
Total
127,988
593,093
ints. in income of subs.
miscellaneous investments decreased
Pipeline Co. of America.
The profit on this sale was added to
reserve for the remaining miscellaneous investments.
erating
180,000
180,000
Dividends on
of subsidiaries
which
now
i
116,944
541,422
Other int. charges
Amort, of debt discount
payable for 1940.
Tax provisions are necessarily estimated and are,
therefore, subject to adjustment on the basis of the actual liability as finally
tax is
..The $7,839,981 balance at Dec. 31, 1940 (for which there were reserves
40,295,934 38,580,687 37,759,608
;':■■■-r.■■ vf-
v;: v:\
:
Gross income
Int.
Earns, per
Gas
1,075,303
16,846,842
Other
$9,956,626, principally because of an increase of approximately one-third
in the effective rate of tax, which is now 24%.
No Federal excess profits
Investments—The carrying value of
16,867,804
Interest
?
Expenses and Taxes—Operating revenues in 1940 were $8,- ;
931,679 greater than in 1939.
Operating expenses, maintenance, taxes, and
depreciation, in the aggregate, increased $8,663,004.
Of this amount,
$2,792,195 represented increased operating expenses (largely the direct
result of geater sales) and $5,112,957 represented increased provisions for
taxes.
Provisions for Federal income taxes increased from $5,879,760 to
from $10,511,959 at the end of 1939 to $7,839,981 at the end of
decrease resulted principally from the sale of all investments
16,942,842
40,564,609
.
Chicago & II1. Midland
Ry. dividends...
Int. charged to
196,607,527
18,942,797
4,316,985
17,876,310
Net oper. income
Other income:
Therms of
215,696,737
19,115,442
4,834,475
income..
Provision for deprecia'n.
purposes.
Total....
20,411,338
5,879,760
Federal surtax on undist.
Gas revenues im¬
Gas Sold (Subsidiary Companies)
1940
1939
Increase
81,376,502
72,665,874
12.0%
Commercial-----9,239,253
8,160,725
13.2%
Industrial—Other than interruptible
14,553,697
14,883,954Dec.2.2%
Interruptible
108,362,038
99,267,866
9.2%
Sales to public authorities....
169,829
113,691
49.4%
Other gas utilities.
1,995,418
1,515,417
31.7%
21,447,429
9,956,626
Federal taxes....
Federal income tax.
The volume of sales to residential and commercial customers
increased 12 % and 13.2 %, respectively, while revenues from these customers
increased 7.7% and 8.9%, respectively.
A substantial part of the resi¬
dential and commercial increases resulted from a larger volume of sales for
Class of Service—
Residential
139,545,175 140,120,883
52,232,222 53,504,884
7,914,545 ' 7,674,461
revs...154,805,524 145,873,845
56,866,777 54,074,582
8,093,773
8,269,389
miscell.
&
local
State,
proved 8.7 %.
space-hearing
111,008
Water
8.7%
40,768
772,509
Heating
Increase
7.7%
8.9%
$
124,697,307 124,831.963
13,982,818 14,330,408
711,891
710,052
793,257
104,700
154,998
165,255
137.749,091 130,178,162
16,172,916
14,879,092
Electric
bl937
$
$
$
Operating revenues—
i;
1938
1940
Gas.
45,743
531,852
(Including Subsidiaries)
for Calendar Years
1939
Consolidated Income Account
7.9%
12.5%
40.4%
12.2%
16.2%
Other gas utilities
Other gas revenues
1939.
at the close of
Gas
_
100,100 stockholders at the year-end, the
exceeding 100,000. This compares with 87,700
were
number for the first time
2.5%
2.8%
.
studies
normal
companies will place
and also provide a
developed in relation to continuing
defense industries and
requirements, from both
Stockholders—There
Electric railroads
Total
of companies have been
sufficient reserve.
10.7%
9.7%
3.7%
Other electric utilities—
It is now planned to
growth of load.
It is believed that the program of the
them in a position to meet such demands as may occur
Commercial and industrial:
2,673,023,547
760,384,818
226,267,349
company's Fisk Station has
place one in service in the fall of
1942 and the other in the fall of 1943.
The rated capacity of each unit
will be approximately 150,000 kilowatts, but the net addition to effective
capacity will be somewhat less due to the necessity of removing certain
older units to make room for the new installations.
b The national defense activity has focused attention on the power re¬
sources of the more important industrial areas.
The plans of the Edison
Electricity Sold (Including Subsidiaries)
1940
1939
Increase
1,166,005,891
1,087,595,700
7.2%
2,957,976,566
834,195,632
234,715,618
■■ ,■>
.
additional units in the
Installation of two
of anticipated power
Large power and light
Small power and light
Sales to public authorities.
peak loan of the winter of
approximately 2,150,000
■
been authorized.
7.3% larger.
Hours of
Kilowatt
high-pressure topping unit and additional boiler capacity
This project is also expected to be completed next fall.
Thus, there is expected to be available for the
1941-1942 net effective capacity aggregating
Operating Revenues—Total operating revenues
Class of Service—
service
110,000 kilowatts to the
through bringing into
temporarily without boiler
capacity.
Arrangements are being made, to be completed during the
year,
for a supply of washed coal for the company's Crawford Station.
improved boiler performance, this will add about 30,000 kilowatts to
station's effective capacity.
Public Service Co. of Northern Illinois is proceeding with the installation
compared with $145,873,845 in 1939, an
Residential and rural.
which is now
generating equipment
service
the conversion of $52,-
r::,;
were
at the
topping
satisfactorily on the construction program
during the current year.
This project will add
effective capacity of the system, in part
1,199,692 shares of Edison stock, remained outstanding.
Net income for
1940, adjusted to reflect elimination of all debenture interest, would have
been approximately $2.18 per share on the 13,764,832 shares of Edison
stock which would have been outstanding if all the debentures had been
these customers
progressing
total
340,600 of debentures.
As a result, despite the increase in net income,
earnings per share were $2.32 for 1940, compared with $2.43 for 1939.
At the end of 1940, $29,992,300 of the 3K % debentures, convertible into
converted.
■
Work is
company's Northwest Station.
The 50,000-kilowatt high-pressure
unit and additional boiler capacity are expected to be placed in
$25,414,590 to $29,170,756.
During 1940, the number of outstanding shares
10,471,516 to 12,565,140 through
increased from
funds for construction.
& Illinois Midland
investment in Chicago
to its
company.—V. 151.
/
Commonwealth Edison
,
Public
Corp.—New Director— \
Compo Shoe Machinery
J. Victor Loewi has been
p.
Company added $900,434
Ry. in connection with the
Chicago District Electric
to the company.
decrease of $53,325.
Power Supply—During 1940, the company brought into service the fourth
generating unit in its Powerton Station near Pekin, 111., and the related
220,000-volt steel-tower transmission line and terminals connecting this
station with the Crawford Station in Chicago.
The rated capacity of this
unit is 105,000 kilowatts, bringing the present net effective capacity of the
Edison group of companies to approximately 1,985,000 kilowatts.
The
peak load during the current winter season has been approximately 1,600,000 kilowatts, about 100,000 greater than the peak load of the preceding
Utilities Co. to provide
been approved by the New Jersey State Board of
Commissioners.—V. 151, p. 1428.
been
Subsidiaries—Company's total investments in its subsidia¬
from $210,286,942 at the end of 1939 to $211,284,051 at the
Loans aggregating $1,200,000 were made to Illinois Northern
Investment in
interest.
The issue has
of the tangible
$11,000,000
of the
including all
original cost, it is estimated that the carrying value
properties of all the company's subsidiaries is approximately
more than their original cost.
Thus, it is estimated that the original cost of the tangible properties
company and its subsidiaries is approximately $696,000,000,
such uncapitalized construction expenditures.
Since these costs were not
capitalized as incurred, the right of the companies to include
as part
of original cost under the classifications of accounts has not yet
established.
v.;.
' "":
part of
companies not wholly -
company
Utility
1, 1941
Including this amount as
capitalized in 1937.
construction expenditures
and of Thermatomic Carbon Co.
Dec. 1, 1935 has increased by
company's reorganization on
that
$428,521.
Both these companies are affiliated
owned and not consolidated.—V. 151, p. 3391.
March
Financial Chronicle
The Commercial &
1426
construction
1,508,656
133,611,759
10,572,190
2,600,000
1,723,821
40,515,079
377,270,900
1,103,456
3,547,525
18,261.033
1,602,270
1,445,524
125,410,284
9,469,227
2,615,764
1,198,307
34,857,653
.$864,914,519 $842,478,217
Includes $6,608,500 in 1940 and $5,708,066 in 1939 of Chicago &
Illinois
Midland Ry., subsidiary company not consolidated,
y After
reserve of $1,660,613 in 1940 and $1,678,365 in 1939.
z Applicable prin¬
cipally to refunded issues and being amortized over lives of refunding or
Total..
x
refunded issues.
The Commercial & Financial Chronicle
Volume 152
Income Account for Calendar Years
of the Company Only
-$101416?619
Operating
revenues (electric)—
$96,333446
UDeration
oo QTA T/io
97 nm
«7aa
Operation.
—7—7.'. 39.370J42 37.971,709
Maintenance
4,872,090
4,988,838
State, local & miscell. Federal taxes
15,427,073
14,613,655
federal income taxes
6,272,000
4,233,629
■Provision for depreciation
10,342,068
9,991,602
$92*926?649
oq
oitt
ha
38,156,318
4,656,901
13,740,384
3,342,893
9,929,842
1940
A
Net operating income.
income.......
$24,132,646 $24,533,713 $23,100,311
4,603,768
12,937,249
9,459,496
$37,069,895 $33,993,209 $27,704,079
8,384,628
9,486,958
10,685,646
Other interest
charges
349,601
64,580
236,882
Amortization of debt disct. & expense
754,338
749,900
786,095
Interest charged to construction
Crll5,000
Cr501,533
CV326.700
on
.
funded debt
—
—
.
..—$28,372,320 $22,611,286 $17,228,182
Super-Power
Co. of 111., included above:
Applicable to shares acquired July
26, 1938, for
acquisition
periods
prior
Special deposits.
1,173,031
167,084
1,492,274
Cash
4,203,264
1,400,416 Accts. payable.
1,483,403
173,238 Other curr. liab.
1,546,434 Deprec. reserves 19,640,263
3,883,733 Res. for doubtful
accounts.
180,000
5,548,413 Res. for slow or
doubtful assets 1,173,031
2,218,140
852,957
3,228,399 Contrib,forexts.
828,831
57,690 Mlscell. reserves
Slow & doubtful
assets
(contra)
rec.
Accts. and notes
receivable
Temp, cash inv.
Prepayments.-.
Misc.
70,171~000
180,000
1,400,416
835,704
1,960,305
for
ad vs.
construction
1,132,569 Unamort.
19,181
2,254,457
1,954.334
1,962,994
16,404,671
188,040
186,315
137,716
.
142,805
177,592
11,686,543
prem.
ondebt......
$28,372,320 $22,611,286 $17,083,466
22,079,960
Total
10,541,755
15,804,601
x
Subsidiary Corp.
...179,602,356 172,043,1121
Represented by 1,167,397
no par
..179,602,356 172,043,112
Total
shares.—V, 152, p. 824.
Cornell-Dubilier Electric Corp.—Earnings—
Balance Sheets Dec. 31
1940
Property, plant and equipment
deposit with trustees
Cash to be applied to construction
expenditures
on
Investments......
..
------
—-—
Deposits for matured debt and interest
United States Government obligations (at cost)
y Receivables
Materials and supplies
Prepaid insurance, taxes and other
3 Months Ended Dec. 31—
a Net income
Earns, per share of common stock
0Company Only)
Assets—
expenses..
_
Debt discount and expense
Other deferred charges
x
Total
1939
$390,250,749
263,094
7,929,555
211,909,809
29,564,074
757,073
$407,624,234
201,307
212,718,009
34,989,604
204,475
26,083,507
11,454,297
6,987,292
385,519
22,314,043
1,131,255
25,226,798
11,393,529
6,300,377
421,459
23,949,543
643,643
..$724,093,542
Liabilities—
$708,609,703
1940
1939
Capital stock ($25 par)
$261,787,900
297,042,900
2,803,288
757,073
2,739,209
13,562,754
—$314,128,500
244,647,300
3,637.765
Matured debt and interest.
204,475
Accrued interest
1,789,428
Accrued taxes
19,707,579
Customers' deposits
766,787
Sundry current and deferred liabilities
566,241
Reserve for depreciation reserve
90,562,810
Undetermined liability of additional taxes
10,572,190
Insurance and other reserves
1,300,000
Contributions in aid of construction
685,803
Earned surplus
35,524,664
Funded debt
Accounts payable
_.
_
1939
1940
$145,596
_—_
$161,634
$0.55
$0.61
.
.
a After all
charges and Federal taxes, including
tax in 1940 quarter.—V. 151, p. 1889.
Federal excess profits
Commonwealth & Southern Corp.—Weekly Output-—
The weekly kilowatthour output of electrical energy of subsidiaries of
Commonwealth & South Corp. adjusted to show general business
conditions of territory served for the week ended Feb. 20, 1941, amounted
the
to
in
185,910,987, as compared with 157,020,086 for the corresponding week
an increase of 28,890,901, or 18.40%.
1940,
Monthly Output— 7.7 ■-Vv.' -7 7".
7j7j7:,'
V^777■ J
Gas output of the Commonwealth & Southern Corp. system
month of January was 2,199,173,100 cubic feet, as compared with
for the
2,258,-
143,600 cubic feet for January, 1940, a decrease of 2.61%.
Total output
for the year ended Jan. 31, 1941, was 18,405,335,700 cubic feet, as com¬
pared with 16,514,955,600 cubic feet for the year ended Jan. 31, 1940,
an increase of 11.45 %.
Electric output of the Commonwealth & Southern Corp. system for the
month of January was 863,626,542 kwh., as compared with 756,782,464
kwh. for January, 1940, an increase of 14.12%.
Total output for the
year ended Jan. 31, 1941, was 9,000,849,997 kwh., as compared with
7,970,426,030 kwh. for the year ended Jan. 31, 1940, an increase of
12.93%.
77..jy; Jyyy
■■■""■'V';;:.;.•
:;77-7
990,287
489,491
87,064,874
9,469,227
1,300,000
240,952
30,361,748
preferred stock, $6 series, payable April 1 to holders of record March 14.
A payment of like amount (which is one-half of the regular rate) was made in
each of the preceding 23 quarters.
$724,093,542
$708,609,703
Applicable to refunded issues and being amortized over lives of refundy After reserve.
Period End. Jan. 31—
1941—Month—1940
1941—12 Mos.—1940
Gross revenue
...$14,468,188 $13,338,597$153,235,956$142,079,769
,,
Total
Accumulated Dividend—
,
■
^
5,172,715
2,689,661
5,383,335
1,816,635
59,984,591
25,340,813
55,562,360
19,951,348
—1,651,051
1,479,329
18,380,637
16,631,678
expenses.....
Taxes..
Weekly Output-
Prov.
with the following summary of weeSy^ITowatt
hour output of electrical energy adjusted to show
general business con¬
ditions of territory served by deducting sales outside of
territory to other
i
—Kilowatt Hour Output1941
1940"
Week Ended—
Feb. 22
Feb. 15
Feb.
Feb.
■
150,490,000
147,778,000
151,017,000
150,696,000
8—
1
Increase
-
and
Gross income——
Net
income—..
Divs.
x
11.9
10.8
on
pref. stock..
Balance..
9.0
■7
deprec.
Int. and other deduct'ns
Per Cent
134,462,000
133,834,000
138,573,000
138,695,000
for
amortization---
us
utility companies.
the
Earnings for Month and 12 Months Ended Jan. 31 (Incl. SuJbs.)
Operating
Company has furnished
■
The directors on Feb. 25 declared a dividend of 75 cents per share on
...
ng issues,
**
Custs.
61,135
50,802
206,542
UnadJ. credits..
Surplus........ 12,424,789
Includes the earnings and expenses of Super-Power Co. of Illinois, a
subsidiary liquidated Dec. 31, 1938, and also includes Commonwealth
x
assets
■'
®
Cash.
cur.
Sinking fund...
Deferred charges
157,037
2,293,490
1,884,042
Acer, ilabillties.
5,712,936
2,283,955
3,651,844
93,865
69,097
50,611
1,151,763
39,414,812
22,292,100
on cap.
stock........
144,716
Dividends........
Cash
Premium
6,000,000
to
T..^income
$'''■•
$
6,000,000
Material & supp.
r»S.aS?ce"V--r-—
of net mc. of
Deductions
Liabilities—
$
Har. Wat. Pr.
Int. & divs.
income.
Interest
1939
1940
1939
d>
Utility plant...151,209,680 144.352,941 x Common stock 39,414,812
Miscell. Invest..
1,150,260
1,196,510 Pref.stk.ser.B. 22,292,100
Oth. phys. prop
1,192,692
6,892,800
1,192.692 Pfd. stk. ser. C.
Invest, in Safe
Long-term debt. 69,552,500
Corp
Other
1427
Consolidated Balance Sheet Dec. 31
x
8.7
-
$4,954,761
2,988,665
$4,659,298 $49,529,914 $49,934,382
3,078,080
36,096,527
36,434,923
$1,966,095
749,817
$1,581,219 $13,433,387 $13,499,459
749,805
8,997,756
8,997,597
$1,216,278
$831,414
Reflects deduction for full preferred stock
$4,435,630
$4,501,861
dividend requirement at the
$6 per share per annum.
Dividends were paid in full to Jan. 1,
1935, and at the rate of $3 per share per annum since that date.
Note—The consolidated net income includes the entire net income of the
consolidated subsidiary companies applicable to the common stock of such
companies owned by this corporation, all of which was not distributed in
dividends.
Net income of the corporation alone for the 12 months ended
Jan. 31, 1941 amounted to $7,327,294.72 or $4.88 per share on the out¬
standing $6 preferred stock.—V. 152, p. 1278
rate of
—V. 152, p. 1278.
Commonwealth Investment Co.—-Annual
Report—
Earnings for the Year Ended Dec. 31. 1940
Dividends received
$76,355
Interest received
9,148
Total income
$85,503
18,210
Expenses.
Net income before provision for Federal income tax and
gain
realized from sales fo marketable securities
9,371
1.
$76,664
650
York, Inc.—Annual
Company on Feb. 24 mailed to stockholders copies .of Its annual report
stockholders which is to be
$67,292
Net gain realized from sale of marketable securities
Net income before provision for Federal income tax
Provision for Federal income tax
Consolidated Edison Co. of New
Report—
for 1940, preliminary to the annual meeting of
held at the company's offices March 17.
The report shows a net income of $36,454,864, an increase of 0.07% over
the previous year and equivalent, after dividends on the preferred stock
earnings of $2.23 a shaer on the common stock.
This compares with
$2.22 in 1939.
Total operating revenues for Consolidated Edison System
companies amounted to $256,928,608 in 1940, which Is an increase of
$2.29% over 1939.
in comparing the financial results of operations in 1940 with 1939, the
report says: "More service was sold bringing in $5,757,201 of additional
to
Net income for the year
Earned surplus since Jan. 1, 1939, at Jan. 1, 1940
$76,014
5,029
Total..
Surplus Charge—Dividends declared, cash, 16 cents
a
$81,042
74,098
share..
revenues.
Earned surplus Dec. 31, 1940...
$6,944
Balance Sheet Dec. 31, 1940
Assets—Cash—demand deposits, $73,296: capital shares sold, not de¬
livered, $705: interest receivable, $3,479; investment in marketable se¬
curities, at cost, $1,823,947; total, $1,901,428.
Liabilities—Accounts payable, $3,129; accrued taxes, $1,550; treasury
stock purchased, not received, $1,436; common capital stock (par $1),
$431,223; paid-in surplus. $1,457,144; earned surplus, $6,944; total,
$1,901,428 —V. 151, p. 2797.
Consolidated
Baltimore
Gas,
Electric
Light
&
Power
Co.
of
(& Subs.)—Earnings—
846,592
786,946
749,080
760,360
Gross oper. revenue..$39,195,928 $36,584,939 $34,557,028 $34,735,495
Operating expenses..... 20,940,149
Depreciation
3,869,012
6,200,237
Taxes.......
Net oper. revenue....
Miscell. non-oper. rev..
$8,186,529
660,189
absorbed by higher operating
$1,601,564 by higher depreciation charges."
Operating expenses were up slightly, the report shows, the increase over
the preceding year being accounted for generally by the use of more fuel
and other materials in the production of increased quantities of electricity,
gas and steam, and also by higher expenses for maintenance.
The report points out that In 1940 depreciation charges—amounting to
$26,617,908—exceeded those for 1939 by nearly 6H%.
The amount set aside by the Consolidated Edison System companies In
1940 for taxes was $58,520,682, an increase of 7 % over 1939.
Stockholders
are told that Federal taxes show the largest
gain, principally by reason
of the rise in the Federal Income tax rate.
The companies local taxes
,
amounted to $32,272,607 in 1940 as compared with $14,606,573 In 1929.
The company tells the story of the upward trend of taxes over the past 10
in a series of seven charts depicting the amount of taxes per dollar of
revenue, per common share, per meter, per employee, &c.
On the subject of generating capacity the report says that the installed
capacity of Consolidated Edison System is kept well ahead of requirements.
The report says that the New York area is primarily a producer of con¬
sumer goods, for the manfacturer of which relatively little power is used.
It is not anticipated that unusually large demands will be made upon the
Consolidated Edison System in connection with the National defense
years
Calendar Years—
1940
1939
1938
1937
Rev. from electric sales.$28,920,963 $26,793,752 $24,984,797 $24,965,617
Rev. from gas sales
9,428,372
9,004,241
8,823,151
9,009,518
Rev. from steam sales..
Of this amount $3,670,266 was
taxes and
19,234,132
18,574,199
3,387,776
5,326,024
3,345,257
4,981,479
18,098,774
2,859,407
5,106,581
$8,637,007
657,605
$7,656,093
720,631
$8,670,732
557,785
program.
Stockholders
.
are
told that changes made in electric and gas rates in 1940
meant savings in customers' bills of more than $800,000 a year.
About
half of this reduction was in municipal electric charges.
The report con¬
tinues:
"Rate reductions have been made in each of the
11
years since
the end of 1940.
reductions were
made; on the basis of present use the total of these annual savings is about
$55,200,000, which is the amount customers are saving this year, compared
1929 which, on a cumulative basis, totaled $35,423,100 to
These savings are based upon customers' use at the time the
Net
$8,846,718
$9,294,612
$8,376,724
2,591,394
2,488,781
2,523,584
2,712,115
$6,255,324
1,106,597
4,202,629
$6,805,831
1,042,123
4,202,629
$5,853,139
1,115,315
4,202,629
$6,516,403
1,115,315
4,202,629
Surplus Dec.31—$946,099
$1,561,079
11,686,543
$535,195
10,388,163
$1,198,459
12,488,826
1,167,397
1,167,397
$4.94
1,167,397
$4.06
1,167,397
$4.41
revenue
$9,228,518
Fixed charges and other
charges.—
Net income.
Preferred dividends
Common dividends.____
_
Profit and loss surplus.. 12,424,789
Shares com. stock out¬
standing (no par)
per share
Earnings
$4.63
with what they would have paid at 1929 rates."
Electric sales by Consolidated Edison System companies reached a new
high, amounting to 6,589,836,153 kwh., an increase of 2.81% over the
previous year.
Gas sales were 41,321,625,500 cubic feet,Jan increase of
2.74%.
Steam sales were 11,282,813,000 pounds, an increase of 8.31%.
There was an increase in electric sales to residential customers of over
2H% ia kilowatt hours.
The average of residential use of electricity in
1940 was 631 kwh., which is an increase of 30% over the average use in 1935.
In discussing this increase in customer use, the report says: "The metro¬
politan area or New York is generally considered an excellent field for the
promotion of two of the newer uses for electricity—air conditioning anc(
The Commercial &
1428
appears to
There
lighting.
fluorescent
March
Financial Chronicle
1941
1,
Sheet Dec. 31
Companies!
Comparative Consolidated Balance
be an immense field for air con¬
[Company and Subsidiary
ditioning in this territory and the installations already made in certain
districts have had a perceptible effect upon summer load characteristics.
1940
possibilities extend both to the large commercial installations and the
so-called room type of conditioner for business offices, hotel rooms and
private homes.
Fluorescent lighting is becoming more and more popular,
especially when used in combination with Mazda lighting for display
purposes where a high intensity of illumination is required and for store,
showroom, theater and similar uses."
,
The report also says that without exception each of the large low-cost
modern housing developments built in the companies' territory within the
1$39
The
^
,
Combined
Earnings
/
.
^«nergy!?.-.-?!-^20i,746.781
10,793,348
2,499,392
From sales of steam
From miscell. sources
Gross oper. re
Netearnings
1938
$
$
1937
$
,
41,023,445
^ v
Total
40,115,599
a
197 277,694 187.554,530 183.358,732
10,044,868
9,b70,191
9,822,431
2,628,035
2,647,555
1,875,476
55,267,671
55,905,179
458,194
535,365
—
500,169
Non-oper. revenue
Non-oper. rev. dedue'ns
55,190,500
Gross income
17,693,767
Int. on long-term debtMisc. int. .amort. of debt
discount & expense &
487,080.
55,918,268
17,275,590
53,982,157
468,562
487,727
53,962,992
17,961,912
I
4,792,652
3,225,715
—
J. 1,383,148,373
1,353,464,465
199,602.829
391.907,912
199,602,829
391.907.912
—
------
160,000,000
196,717,000
1^3'097,000
2.730.737
254,007
5,485,992
2'£30,737
306,704
5,891,558
-»
81,811
a69,787
•
36,454,864
36,428,119
34,893,619
22,942,804
10,924,038
22,943,054
10,926,282
5,991,928
o,o/u,zojl
6,719,409
3,647,554
147,946,214
145,533,054
22,943,054
10,688,491
A
155,549
Total
Represented by 2.185,590 no-par shares,
shares.
a
1,383,148,373 1,353,464,465
b Represented by 11,471,027
no-par
10,922,950
11,471.027
$>.2.23
2,561,277
[Consolidated Edison Co. of
1,942,373
1,024,282
income applicable
11,471,027
$2.22
11,471,527
$2.09
to minority interest
subsidiary companies, b Includes write-off in
York World's Fair bonds of $738,372.
of Dec. 31
New York, Inc., separately]
Comparative Balance Sheet as
88,645
>
standing (no par).—
Earnings per share
11,471.527
$2.17
650,689,436 641,500,135
3,186,509
3,186,509
7,620,802
8,014,119
.
Capital stock expense
Other physical property
in capital stocks of
-
InKrS in 8Ubsidiary COmPanieS:
1939 of investments in New
Comparative Income Statement for Calendar
[Consolidated Edison Co. of New York, Inc.,
"
Bonds"
1939
1940
■r;•K-
Years
328,675,089 328,660,315
5,547,087
4,228,449
5,345,000 11,345,000
-
1938
$
Operating revenues:
From sales of electric
energy—.106,182,657 104,076,301 100,074,675
34,785,170 34.405,888 34,464.603
5,864,598
6.114,106
4,878,594
From miscell. sources-
$ w.j*
Cash-
98,573,475
33,863,937
Taxes
28,753,855
28,041,285
20,618,516
879,687
27,102.071
20,550,189
753.757
24,703,860
21,015,155
1,233,846
10,711,121
47,780,114
10,711,290
46,898,503
11,113,000
44,485,170
10,282,065
415,022
bl,123,294
616,337
644,977
19,516,675
1,047,335
45,984,054
Gross income
Int. on long-term deot—
Liabilities—'
>t.\••••.•'
..
'-r-
-•!.."•<?'■*{'.
.137,892,000 137,898,000
160,000,000 160,000,000
6,702,429
6,838,125
2,730,737
2,730,737
192,860
213,740
424,196
62,825
3,435,402
3.730,243
payable and sundry accruals
Dividends payable.
—
— —
Matured long-term debt & int. unpaid (contra)
Payables to subsidiary companies
J
Customers' deposits
-*i
Accounts
—
Taxes accrued_-
----------
Earnings for Quarters Ended Dec. 31 (Including Subsidiaries)
Miscellaneous reserves
1938
Surplus—
1,725,141
1,684,815
1,563,045
10,536,675
10,548,198 10,242,056
3,169,821
3,097,828
2,682,969
$52,559,897 $52,227,052 $49,940,225
—10,719,407
10,788,438
10.666,300
3,031,174
2,960,363
2,756,092
633,150
673,358
781,076
.
*
Sales of electric energy
Sales of gas
-
.———i—
Sales of steam..
Other operating revenue-
Total.
a
no
-
Consolidated
Edison
the corresponding week of
■■■■
$13,873,701 $14,614,240 $13,088,306
4,430,216
4,318,897
4,446,840
179,795
1,260,692
269,547
pref. stocks of sub. cos
25,446
26,459
21,000
-
long-term debt
on
Net income
$9,238,244
$9,008,192
$8,350,919
Net
Divs.
3 Months Ended Dec. 31—
Sales of eiectric energy (M. kwh.)._.
Sales of gas.__
Other operating revenues
______
Total operating revenues—
Operating expenses
Depreciation..
Taxes (incl. prov. for Fed. inc. tax)..
Operating income —
Non-operating revenues
Non-operating revenue deductions.
——.
Gross income
long-term debt
Other interest
Net income
_.
1940
1939
$9,201,615
$1,086,995 $11,052,863
285,389
3,424,818
$9,792,051
3,424,821
65,278
65,278
783,339
783,339
$823,332
$736,328
$6,844,705
$5,583,890
Continental Motors
Corp.—Outlines Proposed Refinanc¬
ing Plans—Unfilled Orders at New Peak—
New preferred stock financing plans by which the corporation intends
retire its entire outstanding loans from the Reconstruction Finance
Corporation are outlined in a letter from C. J. Reese, President, to the
company's stockholders, calling a stockholders' meeting to be held in
Richmond. Ya. on March 26 to authorize the proposed refinancing program.
The company now has no preferred stock outstanding.
Corporation originally borrowed $1,000,000 from the RFC in June 1935.
A subsequent loan was made in the amount of $300,000 in July, 1939.
to
$6,476,361
4,966,140
113,972
The two loans have been reduced
by repayment, an aggregate of $681,291
Feb. 20, 1941.
improvement in the condition of your com¬
pany," Mr. Reese's letter states, "the directors have reached the conclusion
that refinancing should be undertaken with a view to eliminating the
remaining outstanding
"With
continued
on
marked
funded indebtedness to the RFC and to
provide additional working capital.
"Through such refinancing, restrictive conditions of the loan agreement
relating to payment of dividends on the common stock will be removed
which will enable your directors to declare out of future earnings such
dividends as in their best judgment are warranted at the time.
"In this connection, the company's present unfilled orders are the largest
in its history.
While many of these orders are either financed, or may be
$8,513,479
Amortization of debt discount and expense and miscellaneous deduc¬
including write-off in 1939 of investment in New York World's
Fair bonds of $447,499.
a
tions,
$1,516,608 $15,783,912 $14,541,694
429,614
4,731,049
4,749,643
—V. 152, p. 824.
1938
$11,176,765 $12,578,832 $11,328,529
2,677,748
2,677,822
2,677,822
37,998
699,395
137,228
$8,461,019
$1,173,999
285,389
expense
$37,887,566 $37,764,882 $36,705,318
19,327,785
19,336,706
20,042,297
3,739,500
3,089,962
3,708,500
8,027.944
7,491,264
7,096,698
$7,228,412
5,606,604
256,184
-
pref. stock..-pref.
stock
384,732
of
Balance.
975,017
945,601
901,699
8,794,472
8,874,949
8,680,996
$27,557,399 $27,254,686 $26,427,174
8.877,4b9
8,988,373
8,925,924
1,452,698
1,521,823
1,352,220
$6,792,337
4,638,923
254,495
income
on
Amort,
Income Statement of Company Only
Sales of gas (M. cubic feet)
Sales of electric energy—,
$1,558,731
Gross income
Int. and other deduct'ns
a Amortization of debt discount and expense and miscellaneous deduc¬
tions, including write-off in 1939 of investments in New York World's Fair
bonds of $738,372.
b Held by the public, and share of net income applicable
to minority interest in common stock of subsidiary companies.
on
1
■
1941—Month—1940
1941—12 Mos.—1940
Gross revenue
$4,412,587
$4,001,011 $45,841,290 $40,899,389
Operatingexpenses
1,601,954
1,582,365
17,842,624 16,918,140
Taxes
751,902
472,037
6,984,754
4,719,554
Prov. for depreciation__
500,000
430,000
5,230,000
4,720,000
Other interest
b Dividends
a
1940, an
Period End. Jan. 31—
__
Interest
amounting to
141,900,000 kilowatt hours for
increase of 7.4%.—V. 152, p. 1278.
I
■):,,) ■■:■■■■!'S
.
Operating income
—
-$13,919,869 $14,828,159 $13,075,181
Non-operating revenues
-----105,667
Dr88,868
133,971
Non-operating revenue deductions.
151,835
125,051
120,846
on
production of the
the week ended Feb. 23. 1941,
Consumers Power Co.—Earnings—
.
a
1
152,500,000 kilowatt hours, compared with
—
—
-1069635132 1063203,468
b Represented by 11,476,527
of New York announced
Co.
3,894,443
— -
-—
Represented by 2,188,890 no par shares,
shares.
par
electric plants of its system for
$66,943,628 $66,649,211 $64,143,693
Operatingexpenses
30,887,612
30,824,202
31,799,140
Depreciation
7.009,807
6,783,236
5,983,605
Taxes (incl. prov. for Fed. inc. tax).. 15,126,340
14,213,614
13,285,767
5,691,700
3,673,558
216,987
40,636,345
3,315,861
1,042,146
797,910
.102,051,922 101,411,460
Output—
Total operating revenues.—
Interest
-— —
-
7,217,843
3,346 365
113,712
44,943,763
3,555,780
3,894,443
kwh.)—
Sales of gas (M. cubic feet)
Sales of steam (M. pounds)
—
-
Reserve for depreciation of utility plant
Injuries and damages reserve--.
Employees'provident reserve
Fair bonds of $447,499.
Sales of electric energy (M.
-
Interest accrued.
Deferred credits
35,945,530
1939
A-vV
199,995,714 199,995,714
-.392,09o,820 392,095,820
—
Debentures
1940
2,622,876
-=■- ■■
stock.
Mortgage bonds
35,169,166 .33,558,128
a No provision for Federal surtax on undistributed profits was deemed
necessary, b Includes write-off in 1939 of investment in New York World's
34,857,911
1,757,185
—
—
-
1,303,124
11,316,341
535,110
3,116,662
1069635132 1063203,468
$5 cumulative preferred
b Common stock
debt disct. & exp. and
Net income
11,756,263
1,317,611
13,469,789
657,822
2,931,797
-
a
of
miscell. deductions
-
213,740
1,1/3,032
23,8114,853
13,064,453
Total
26,821,639 a25,227,211
27,514,714
Operating income
Non-oper. revenue
Non-oper. rev. dedue'ns
192,860
1,208,934
— —
-
Prepayments. Unamortized debt discount and expense.
Other deferred debits
—
-
1,186,061
28,594,13»>
Receivables from subsidiary companies
Materials and supplies
«39,379
8,401,500
1,160,807
-------
_
«
3,388,443
Accounts receivable, less reserve
1,921,851
146,832,425 144,596,295 139,417,873 134,359,264
74,548,898
73,923,155 75,440,481 74,468,925
14.428,000
13,878,000 10,053,680
9,959,267
Operatingexpenses
Depreciation
(incl. provis'n for
Fed. income taxes)-.. 30,340,813
,§1Z'5S
——
depos. with N, Y. State Ind. Comm.--Cash deposit for redemption of matured longterm debt and matured int. (contra)
Interest and other special deposits
1937
■
From sales of gas
-
expenditures
Securities
v—v
.
in^Stments.::::.
Other
Cash restricted for new capital
separately]
1939
1940
.
Utuftyplant
Advances
Gross income
1,404,016
79,129,529
89,757,602
6,719,409
4,275,470
>j
amort,
5,689,243
1,225,990
Employees'provident reserve
Miscellaneous reserves--..-
35,b62,563
22,942,054
2,589,860
int.,
1I»uod,/oo
14»741»91o
5,440,334
-----
Surplus
Bal.car'd to surp.acct.
common stock out¬
Miscell,
9,936,831
9,694 ,094
Defer?^??S:::::::::::::::---i--.-
953,651
1,037,674
stock:
Total oper. revenues..
l»ov7 ♦bw
1,572,873
137,821,000
160,000,000
Interest^accrued"
of utility plant-
.
1,527,163
137,815,000
Customers'deposits----
Reserve for depreciation
1,125,320
4,288,669
2,267,321
-
Long-term debt of subsidiary companies
Accounts payable and sundry accruals. _ ... - Dividends payable
— -Matured long-term debt and interest (contra).
Shs.
net
23,227,145
15,744,060
stockholders:
~14,774:.
Mortgage bonds
I
of »oOUj"7o
23,720,106
19,647,657
J«290,o55
-—1
Debentures
7n,
306,704
3,U65,8o8
54,33o >881
———
^cumulative preferred stock
Prffflrrpd
8,7Ul,500
2o4,007
2,348,547
#«#
T&xes accrued
95,349
$5cum. preferred..—
On affil. com. stock
And
2,303,356
n
Injuries and damages reserve—
Net income
a
-
—
—-— —
_
Common
53,041,340
16,269.577
b2,132,748
pref. stock of
subsidiary cos. held by
minority stockholders
on company
Common
2,251,877
—
Stocks of sub. cos. held by minor,
on
Divs.
i
-»*.
-
reserve-——
bSrSzz.T::::::::.....
53.090.731
434,872
484,263
946,520
miscell. deductions
Divs.
(Incl. Subsidiary Cos.)
251,171,407 240895,721 235,172.238
117,0ol,96o 115,929,086 117,080,596 114,603,668
26,617,908 25,016,344 18.828,893
18,517,477
57,991,064 54,320,798 51,004,075 48,960.363
Operatingexpenses
Depreciation.
,,
less
Prepayments
—
Unamortized debt discount and expense
Other deferred debits—
venue..2567928^608
Taxes
'■
,
Accounts receivable,
Materials and supplies—
41,220,810
41,889,087
From sales of gas.
Hqch
; ■
$
f'bRQKfiQ
1,289,869
5,588,443
capital expenditures.Securities depos. with N. x
State Ind. Comm.
Cash deposited for redemption of matured longterm debt and for matured interest (contra) Interest and other special deposits
Cash restricted for new
of the year, not
of those who hold both the common and
Statement for Calendar Years
1940
1939
J«209,465
-
Other investments.
None of
available.
eliminating duplicates in the case
preferred stocks.
Capital stock expense-^..
Other physical property—
,
past few years nas used all of the companies' services
these projects has installed its own generating facilities.
There are at present 132,580 stockholders at the end
1,248,581.789 1.233.114.156
5,716,135
5,71b,13o
cumypilnt
(
Volume
partially financed through advance payments, nevertheless your directors
deem it desirable that additional capital be secured."
The sale of convertible preferred stock appears to
offer at this time
the most advantageous program, Mr. Reese states, adding that negotiations
are now pending with Van Alstyne, Noel & Co., of New York, for the sale
of 60,000 shares of $1.25 cumulative convertible preferred stock of $20 par
value.
The proceeds in addition to retiring the company's loans from the
RFC, will furnish working capital to meet the needs of the company's
expanding business.
"It
is
proposed that the authorized preferred stock be limited in the
aggregate to 125,000 shares, of which the 60,000 shares now proposed to
be sold would constitute the first series," the letter continues.
"More¬
over, it will be necessary (at the stockholders' meeting) not only to authorize
the new preferred stock, but to increase the authorized common stock from
3,000,000 shares to 4,000,000 shares, primarily in order to make available
common shares into which the proposed new convertible preferred stock
could be converted."—V. 152, p. 1279.
Gross profit
$2,725,665
1,104,597
37,005
$2,833,631
Expenses
1
•
T
*1937
*1938
zl939
1940
1,322,551
41,636
$2,812,804
1,293,561
34,737
>
$1,543,844
40,083
$1,469,444
46,101
$1,584,063
48,655
$1,515,545
$1,632,718
$1,536,042
443,427
387,282
333.297
15*397
338,682
37,479
60,367
$1,125,103
$1,079,017
$1,245,436
Crl5,894
Crll,940
Z)r 13,145
$1,090,958
1,200,000
$1,232,281
1,200,000
$1,172,607
1,200,390
$60,987 def$109,042
$32,291
def$27,783
$1.82
$2.05
$1.95
$1.90
shs.
$1,202,745
y Gross sales were $4,129,904 (1939, $4,102,770), cost of goods sold, dis¬
tribution, administrative and general expenses were $2,538,432, and
depreciation, of $47,628, leaving profits from operations $1,543,844.
z Including subsidiary.
The subsidiary was dissolved June 30, 1939.
;
1940
Liabilities—
1939
1940
Assets—
x
X/W":'''-
Balance Sheet Dec. 31
;
Land,
$687,512
Capital stock—$1,200,000 $1,200,000
Accts. payable—
46,238
44,494
Accrued
payrolls,
62,154
56,914
gen. taxes, &c_.
Accr. income taxes
422,485
361,977
$652,145
848,848
773,550
sees..
2,038,855
2,013,273
Accrued interest..
5,198
5,208
Acc'ts receivable..
168,260
161,295
Dividends payable
240,000
300,000
413,245
448,992
103,662
95,526
Capital surplus.—
Earned surplus—
1,240,953
1,055,054
1,240,953
994,056
Cash
Marketable
Inventories
Other tang, assets-
1
1
31,430
Interest paid (net)
..$4,261,644 $4,203,634
$416,969 in 1940 and $400,781 in 1939.
After depreciation of
sented by
y
Repre¬
600,000 shares, par $2.—V. 151, p. 3742.
on
on sale
equipment sold or abandonedof SS. Lumberman.
Profit
c
Consolidated Income Account for Calendar Years
(incl
sctlcs
'■
<ii
■
••
'
Net
''''
-
$24,114,815 $18,705,290 $25,268,327
brokerage sales of sub)$30,464,677
23,339,894
19,172,531
Cost of sales.
15.295,294
19,201,297
Selling, adm. & gen. exp.
2,361,345
1,690,557
1,748,504
2,027,710
Net profit from oper_.
Provision for bad debts,
$4,763,438
$3,251,727
$1,661,492
$4,039,320
4,912
18,923
24,065
11,891
28,882
42,706
107,990
56,879
120,871
96,305
60,393
Cr63,907
$4,715,820
160,647
$3,100,749
156,001
$1,563,840
142,938
30,644
$3,825,658
105,178
36,714
$1,737,422
$3,967,550
175,372
less recoveries
Rental expense, &c
Flood loss
Loss
capital as retired
on
Profit
Int. & disc, earned, &c_.
31,214
Rental income
Net profit before defc.,
int. & Federal taxes
Int.
on
first mtge. bonds1
on debentures.
f
Interest
Int.
on
$3,287,964
$4,876,467
156,664
126,921 /
term bank loans.
Other deductions
Prov. for Fed. inc. tax.,
160,645
25*643
293,043
1,241,245
1,180,417
15,542
38,124
34,200
1,261,111
39,018
1,216,800
39,228
$1,448,900
195,313
$29,470
234,376
$1,784,105
860,876
$1,253,587 def$204,906
$1.85
$0.04
$923,229
$2.28
.
Net profit carr.to surp $2,227,682
Common dividends
1,171,880
$1,055,802
$2.85
.
24*935
b528,000
b Includes $138,900 for surtax
Includes $414,000 excess profits taxes,
undistributed profits.
a
on
199,115
66,552
11,524
al,187,000
Prov. for depreciation.
Amort, of bond discount
...
163,687
184,893
lb", 171
\
_
Surplus
Earnings per share
Consolidated Balance Sheet Dec. 31
1940
1939
$
Assets—
i
profit
Dr65,902
x$185,765
$166,415
-
a Inclusive of handling expenses at
selling points but before providing
for depletion or depreciation,
b And timber rights, expenses of timber
department, and taxes and expenses of non-operating property,
c And
approaches replaced by earth fills,
x Loss.
Balance Sheet Dec. 31, 1940
Assets—Cash, $122,270; trade accounts and notes receivable (net),
$147,932; sundry accounts and notes receivable (net), $17,151; inventories,
$122,123; plant, properties, &c., $6,471,427; deferred charges, $41,455;
total, $6,922,358.
Liabilities—Note payable, $1,000,000; accrued property taxes, $84,961;
accounts payable, &c., $57,718; accrued payrolls, $43,524; accrued social
security taxes, $13,502; reserve for Federal income tax, $11,750; reserve
for Federal capital stock tax, $1,750; accrued property taxes (non-current),
$203,203; capital stock (63,500 no-par shares), $6,350,000; deficit, $844,048;
total, $6,922,358.—V 152, p. 1279.
Crescent Public Service Co.
-Earnings-
(& Subs.)
1939
1940—3 Afos.
12 Mos. '40
$696,882
118,590
28,817
218,092
30,354
63,407
2,516
$2,796,594
475.267
118,030
870,813
134,035
268,422
10,318
$252,401
5,940
$235,106
9,888
$919,707
a!2,032
$258,341
79,993
bl02,888
61,558
1,820
$244,995
85,744
104,190
57,518
458
$931,739
330,945
a201,387
241,708
1,820
$12,082
def$2,916
$155,879
$747,492
Operating revenue
126,133
35.402
232,792
30,653
67,875
2,236
Purchased power
Purchased gas
Operations
Maintenance
Taxes, incl. Fed. inc. taxes of subs..
Depletion
Income from operation
Non-operating income (net)
$
,
1939
1940
$
Liabilities—•
$
payable.
int., waged,
345,977
832,831
516,978
1,186,977
296.000
Accounts
Cash In banks and
Income deductions of subsidiaries—
coll. tr. 6% inc. bonds, ser. B
Prov. for renewals, replace. & retire'ts
Int.
on
1,044,918
Acer,
Cust .accts .& notes
taxes, bonus, &c
less reserves
1,757,532
1,676,406
125,000
102,046
Excludes $5,250 interest on
Crescent Public Service Co. series B bonds
subsidiary company,
b Semi-annual interest of 3% for the
six months ending March 31, 1941, was provided for in full during the last
quarter of 1940.
■:
Consolidated Balance Sheet Dec. 31, 1940
owned
by
a
Assets—Capital assets, $10,544,595; special deposits, $1,531; investments,
$9,687; cash, $339,337; notes receivable, $647; notes receivable (contra),
$14,315; accounts receivable, $322,278; materials and supplies, $110,058;
prepayments—insurance, taxes, &c., $49,162; deferred debits, $615,457;
total, $12,007,067.
Liabilities—Capital stock of subsidiaries, $1,316,920; funded debt, $8,417,100; 3H% serial notes, $100,000; notes payable. $18,204; accounts
payable, $129,815;
consumers' deposits (refundable), $103,062; notes
receivable (contra), $14,315; unredeemed ice coupons, $98; accrued interest,
$186,958; accrued taxes, $137,323; miscellaneous accrued liabilities, 11,245;
deferred credits, $81,714; reserves, $1,938,477; unrealized profits, $67,760;
common stock (par $1), $60,606; earned surplus (deficit), $585,699; capital
surplus, $9,168; total, $12,007,067.—Y. 151, p. 3393.
Dakota Central Telephone
1940
$806,809
462,844
53,168
Calendar Years—
Local service revenues-Toll service revenues—
Miscellaneous revenues.
$1,322,821
Total...
Co.—Earnings1939
446,143
40,950
$765,038
443,801
42,038
$1,267,681
1937
1938
$780,587
$1,250,878
.
.
;
$760,921
496,350
41,209
$1,298,480
263
10,044
24,092
22,839
$1,322,557
412,716
286,935
Depreciation expense—
266,414
Traffic expenses..
183,117
Commercial expenses—
21,244
Operating rents...- — 130,821
Gen. and miscell. exps—
158,334
Taxes.
$1,257,636
358,328
283,299
254,187
136,972
23,323
115,287
165,223
$1,226,786
331,857
275,851
231,091
124,596
21,529
131,725
160,494
$1,275,641
512,962
287,027
224,968
131,433
25,808
126,361
148,142
$137,024
Dr477
$78,985
1,307
$50,358
1,834
$181,061
1,063
$137,501
a8,848
$77,677
a9,103
$48,524
111,734
$179,997
98,527
$146,349
$86,780
$160,258
$278,524
Uncollec. oper. revenues
Total oper. revenues- Current maintenance—
-
820,005
Prov. for Fed. inc.
125,000
receiv.
86,474
3,410,931
Balance to surplus
a
1937
1938
1939
1940
net/
x$l19,863
$178,165
11,750
-
Myrtle Point-Eden Ridge RR. bridges
Provision for Federal income taxes..
of America (& Subs.)—Earnings—
Container Corp.
CyOns
x$81,893
Dr37,969
Profit
Profit
Gross income
x
Total
$4,261,644 $4,203,634
Total.....
$49,091
48,102
82,882
—
-
18,276
Goodwill
Deferred charges..
$49,091
1,818,641
151,765
157,385
136,627
.
.
— —
-----,
Period Ended Dec. 31—
1939
•
y
buildings,
mach'y & equip.
$205,171
3,495
.
...
(net)-
Provision for normal Federal income tax
Dividends declared incl. dividend payable in January of following year,
:fV->
$2,313,509
$94,862
4,803
78,500
—
$3,060,828
2,490,595
72,526
138,145
154,391
$208,666
41,327
72,477
-----
—
Gross profit
Other income
1939
1940
—
— —
Selling, administrative and general expenses
Dr30,138
$1,140,997
1,080,000
(net)
Eliminate Pref. Stock—
Co.—Earnings—
Depletion
Depreciation...
$1,484,506
51,536
—
Other income
x
Coos Bay Lumber
Calendar Years—
Net sales of lumber and by-products
a Cost of
goods sold
Profit
$1,583,928
Operating profit-
Continental Can Co., Inc.— To
Stockholders at their annual meeting on March 25 will consider eliminat¬
ing all reference to the $4.50 cumulative preferred stock and of the reduction
of capital represented thereby.—V. 152, p. 1279.
Total income
b T xes on timber lands
Cream of Wheat Corp.—Earnings—
Calendar Years-
years
1429
The Com/netual & Financial Chronicle
152
Sinking fund pay¬
ments due within
2,450,532
hand
on
rec.
Notes
recelv.
: '
due
within a year
Sundry cur.
Inventories
Other
rec.
& invest
Land
a
802,254
3,485,447
3,644,189
1,561,735
3,463,006
Buildings,mach.,
equipment,
&c. 14,103,820 13,878,294
taxes
a
...
250,000
b4,100,000 c5,126,000
Capital stock.
15,625,060 15,625,060
671,494
Capital surplus—
671,494
Earned surplus— 3,652,714
2,804,075
Construct, work in
charges
chgs.
Net loss
a
with Northwestern Bell Telephone Co. no Interest
payable for the year 1939 on advances from that company.
Under agreement
was
Comparative Balance Sheet Dec. 31
1940
Assets—
275,998
progress
Def'd
Loss before fixed
Interest deductions
year
Funded debt
Net operating loss
Net non-oper. income—
Telephone plant-.$7 ,173,640
8,697
Other Investments
to
future operat'ns.
187,062
338,039
Goodwill & pat'ts.
1
1
1939
,798,093
Notes sold trustee
Bell Telep.
Co— 2,998,683
Notes receivable--
4,692
13,469
52,037
11,285
97,864
4,691
Acc'ts receivable--
130,232
128,016
current liabilities
Prepayments
Other def'd debits.
9,413
8,219
10,533
Acer. liab. not due
10,059
1,995
property
Cash
Total....
a
—
26,415,052 26,109,612
Total
...26,415,052 26,109,612
of $10,992,835 in 1940 and $9,897,678
Bonds and debentures.—-V. 152, p. 1279.
After reserve for depreciation
in 1939.
b Term bank loan,
c
Crown Zellerbach Corp.
(& Subs.)—Earnings—
9 Months Ended Jan. 31—
Net sales
1941
1940
.$49,383,401 $41,715,622
1,545,086
1
Depreciation and depletion
Costs and expenses
—
3,137,727
——
Miscellaneous charges (net)
-
-
U.S. and Canadian income & excess
profits taxes.
a
244,119
411,392
1,555,838
-
-
65,282
$5,657,933
$5,797,632
$1.68
stock
$1.62
adjustments.—V. 152, p. 1279.
Includes Canadian exchange
3,026,438
46,523
Minority interest
Net profit
Earnings per share of common
124,566
225,670
5,404,857
service
Acc'ts pay.
Surplus..
$7,526,026 $7,134,210
Total—
—V. 150, p.
Decca
2,418,683
224,244
27,566
135,368
127,689
126,015
& other
94,067
Deferred credits &
miscell.
351,698
$51,280,185 $43,009,125
36,682,909 31,908,424
Total income
fund.
Advance billing for
217,314
32,211
of pension
reserves
Deprec. reserve
941,805
351,698
operating income
Dividends from Fiberboard Products, Inc
a
13,797
146,081
funds ...
supplies.
^
—. — ...
-
Other
Interest....-
Working
Mat'ls &
28,515
.... .
1939
stock...$1,867,192 $1,867,192
Adv. from Northw.
physical
Miscell.
1940
Liabilities—
Common
10,002
Total
7,987
2,166,766
def27,184
8,153
2,243,170
125,112
-.$7,526,025 $7,134,210
1276.
Records, Inc.—January Sales Up 40%—
January of over $621,000, an
net sales of approximately
$440,000 for January of 1940.
February production and sales volume are
reported progressing at a favorable rate, continuing materially higher than
for the similar period a year ago.
At the present time the company has
approximately 376,000 shares of capital stock outstanding, of which only
about 27,000 shares are held in England.—V. 151, p. 1568.
Company reports net sales for the month of
or more than 40% compared with
increase
The Commercial & Financial Chronicle
1430
Delaware
Duluth Missabe & Iron Range Ry.—Bonds
Fund, Inc.—20-Cent Dividend—
a dividend of 20 cents per share on the common
15 to holders of record March 1.
Extra dividend
of 20 cents was paid on Dec. 24, last, year-end dividend of 20 cents was
paid on Dec. 15, last, and previously regular quarterly dividends of 15 cents
per share were distributed.
See also.—V. 151. p. 3886.
J. P. Morgan & Co.
Directors have declared
stock, payable March
Netfrom railway!
Net ry. oper. income
1938
$1,803,217
191,820
23,699
Net ry. oper. income—
—"Y. 152, p. 826.
Chairman of the Boari* of Managers,
leased lines to determine what can be done to
The road through James M. Davis,
is making a special study of its
The Lackawanna itself has no funded debt except equipment trust certifi¬
Reconstruction Finance Corporation loan, but guarantees the
cates and a
payment of interest and dividends on stock and bonds of leased lines and
lines forming a part of the system, amounting in 1940 to $155,534,160, with
paymentsof $7,083,255.
Ofsucb securities Lackawanna owned $21,908,930
par value, income on which was $846,153.
Operating revenues of the company last year were $51,891,975, an mcreaseof $1,437,536 over 1939. Revenutsfrorn the transportation of anthra¬
cite decreased $1,117,562, however, Mr. White attributing the decline to
the fact that in 1939 there was a temporary bulge in anthracite shipments
to Canada following the outbreak of the war; a heavier consumption of hard
coal because of the stoppage of bituminous production in the spring of 1939;
and the loss of some anthracite originated tonnage because of the opening
of a new coal breaker on a competing line which diverted originated tonnage
frOIR tlxo T'yyftQTiph,
White said that in
Net ry. oper. income
Duluth Winnipeg & Pacific
District increased only
getting its share of the increased
traffic available.
Robert
Clarence
Winthrop was elected
Woolley, resigned.
M.
Mr. White and John G. Enderiin
the board of managers to succeed
Retiring managers were reelected and
reelected President and Secretary-
to
were
Treasurer, respectively.
1941
$4,596,200
1,279,251
799,465
Net from railway
Net ry. oper. income
1940
$4,829,542
1,237,561
707,006
1938
$3,562,450
566,410
96,195
—V. 152, p. 825.
Net ry. oper. income
S.
District Judge J. Foster Symes at
Reject Plan
Durez Plastic &
further
Ry.—Earnings—
1940
$121,936
27,552
defl58
1939
$118,888
26,347
5,960
roctd
Although Jesse H. Jones, head of the Reconstruction Finance Corporation,
a creditor of the road, approved of the ICC plan, it was not approved by the
other groups and the hearings, which began two years ago, were reopened.
Earnings for the Month of January
January—
1941
Gross from railway
Net from railway
1940
1939
$2,150,127
468,958
$2,106,619
503,401
240,109
244,967
Net ry. oper. income
1938
$1,851,806
394,542
145,021
$1,736,892
241,174
def27,928
—V. 152, p. 1127.
Denver & Salt Lake
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 1280.
Ry.—Earnings—
1941
$228,741
144,403
104,996
Detroit & Mackinac
January—
Durham Public Service Co.—Notes
Approved—
The SEC has approved the application filed pursuant to the Public
Utility Holding Company Act of 1935, regarding the issuance and sale of an
unsecured 234% note in the principal amount of $400,000, due Sept.
1,
1943.
The note will be purchased by John Hancock Mutual Life Ins Co.
and proceeds will be used to retire on March 1, 1941,
$400,000 Durham
Traction Co. 5% 1st mtge bonds.—V. 152, p. 1128.
Period Ended Dec. 31—
Operating
$48,865
def376
def7,550
Net ry. oper. income
1939
1938
$216,451
78,717
82,284
$187,392
38,776
50,361
1939
1938
.
1940
$802,469
115,551
264,035
60,971
72,593
$60,763
1,204
$289,320
5,808
$73,269
1,066
21,708
$61,967
$295,128
3,807
86,921
$50,494
_
$193,803
28,757
76,162
10,683
17,437
$71,022
2,247
—
Taxes (incl. Fed. inc. taxes of subs.).
$38,381
Income from operation
Non-operating income (net)
Gross income
Fixed charges of subsidiaries
.
Fixed charges of East Coast P. S. Co_
Balance-
Prov. for renewals, replace. & retire.
for Federal income tax of
East Coast Public Service Co
893
22,692
Provision
a
$55,070
7,791
1,000
cCr509
$60,004
$37,382
$81,235
637
—V. 152, p. 1127.
renewals, replacements and retirements at
the end of each calendar year.
The above statement shows results for the
three months ended Dec. 31 before deducting such
appropriations.
b Represents adjustment of over accrual
during nine months ended
Sept. 30, 1940, and prior
Consolidated Balance Sheet Dec. 31, 1940
Assets—Capital assets, $3,159,278; cash on deposit with trustees, $14,135:
investments (at cost), $372; cash, $161,620;
cash, special
deposit (REA), $2,523; notes receivable, $26,232; accounts
receivable,
$70,227; material and supplies, $43,272; prepayments—insurance,
taxes.
&c., $9,255; total, $3,486,915.
Liabilities—Long-term debt, $2,327,939; notes payable, $12,448; accounts
payable, $47,242; consumers' deposits (refundable), $10,933; interest on
long-term debt accrued, $36,072; taxes—State, local and
Federal, accrued,
$10,029; insurance accrued, $2,863; other accrued
liabilities, $2,208;
deferred credits, $11,838; reserves,
$518,183; common stock ($1 par),
earned surplus, $117,035; capital
surplus, $359,608; total, $3,486,915.—V. 151, p. 2642.
miscellaneous
1940
1939
1938
$822,494
473,996
294,555
$862,948
505,384
361,548
$722,383
412,204
297,342
$563,319
250,049
165,265
Dresser Power
$296,504
241,185
115,058
1940
1939
1938
1937
$10,853
2,876
3,644
6,824
$11,163
2,300
4,361
9,094
$17,423
3,805
7,449
8,202
$2,491
$4,591
$2,034
$77,413
Includes loss
x
on
sale of securities of $77,700.
Balance Sheet Dec. 31
1940
1939
S
Assets—
1941
1941
Corp.—Earnings—
Net loss
Earnings for Month of January
January—
Gross from railway
Net from railway
Net ry. oper. income
—Y. 152, p. 826.
States
Income—divs. received xloss$65,959
Taxes
3,002
Registrar & transfer fees
4,286
Other expenses
4,165
Detroit Toledo & Ironton RR.—Correction—
Detroit & Toledo Shore Line
years.
c The liability for Federal income taxes of
the company for 1940 is esti¬
mated at $2,102.98.
Previous years' provisions, based upon examinations
made by the Internal Revenue Bureau, indicate an over
accrual through
the year 1939 of $2,612.26, resulting in a net over accrual
of $509.28 indi¬
cated above.
The item in last week's "Chronicle" appearing under the name of Detroit
Toledo & Trenton RR. should have appeared under the name of Detroit
Toledo & Ironton RR.
January—
Gross from railway
Net from railway
Net ry. oper. income—.
V. 152, p. 1280.
It is the policy of the company's sbusidiaries to make
appropriations
to their respective reserves for
Calendar Years—
$48,334
1,095
def4,853
S
1940
1,000,000 shares
stock—18,517,594
Other investments 1,316,541
on
deposit.—
42,384
$405,925
247,928
128,263
$367,076
193,799
95,147
525
$7 pref. stk.
ser. A
3,900,000
3,900,000
1,433,566
S6 pref. stk.
Com. stock
ser.
B
6,000,000
6,000,000
2,733
no
par
572,-
sbs.). 6,313,305
6,313,305
Capital surplus...
$269,157
138,469
63,323
Total
1,000,000
1,000,000
Earned surplus...
1938
2,661,765
2,739,178
19,876,518
19,953,893
.19,876,518 19,953,893
Total...
-V. 151, p. 2190.
Ebasco Services
Corp.—Would Merger Properties—
Inc.—Weekly Output—
For the week ended Feb.
20, 1941 the system
The Securities and Exchange Commission announced Feb. 26 that
Public
Service Co. of Indiana and its wholly owned
companies of Ebasco Services Inc., which
Power & Light Co., Electric Power &
Corp., has filed a declaration or
Company Act regarding the proposed transfer of the assets of the
subsidiary
to the parent company and the retirement of the
subsidiary s outstanding
Light Co.,
subsidiary, Dresser Power
application (File 70-258) under the Holding
bonds.
The Dresser company
is engaged in the construction at Dresser, Ind.,
of a 50,000 kw. electric generating unit which is expected to be
completed
and ready for operation about May 1, 1941.
It is also the owner of certain
electric
884
563
18,517,594
RR.—Earnings—
1939
$
884
Accrued taxes
common
Cash
1939
S
Liabilities—
Unclaimed divs
St.Regis Pap. Co.,
132
1940
$204,398
123,672
bCr9,509
Balance to surplus
Eastern
$52,421
2,968
def3,262
12 Mos. '40
$203,545
29,595
71,923
12,549
18,456
revenue
Operation
a
(& Subs.)—Earnings—
1940—3 Mos.—1939
Purchased power
Ry.—Earnings—
1941
Gross from railway
Net from railway
1940
$320,467
160,159
172,303
16,539
deflO.189
Chemicals, Inc.—Bonds Called—
action.
The court previously had rejected a debtor's plan, an insurance group
plan and a so-called discussion plan, the result of a New York conference
on the reorganization.
On Dec. 6, 1940, it said the ICC plan would be accepted with certain
adjustments, cnief of wnich called for a new $10,000,000 issue of common
stock to be sold to the Burlington, Missouri Pacific, and Chicago, Rock
Island & Pacific roads, giving tnem sole control of voting power of the
1938
$112,735
on April 1, 1941 at 10334% and accrued interest to that date, and
may be
presented for payment at the Marine Midland Trust Co. of New York,
trustee, 120 Broadway, N ew York.
The called debentures may be converted
into shares of the company's common stock at any time prior to the close
ofbusiness on their redemption date.—V. 151, p. 3394.
Denver, Feb. 24 indicated he
would disapprove of the Interstate Commerce Commission's proposed
reorganization plan for the road next March 7.
Judge Symes also indicated he would overrule a motion by the insurance
group committee, joined in by the Central Hanover Bank & Trust Co., and
Guaranty Trust Co. of New York, on that day, which he set as the closing
of all hearings on reorganization plans for the road.
He ordered that all parties be notified of the closing date and indicated
he would gitfe a full explanatory opinion of his decision to overrule tne dis¬
missal motion and his rejection of the ICC plan.
An order will be entered referring the proceedings back to the ICC for
1938
$132,549
def28,391
def49,405
Company is notifying holders of its 10 year 434% convertible debentures
that $60,000 principal amount of the issue have been called for redemption
Maintenance
Denver & Rio Grand Western RR.—Court to
U.
1941
$153,289
149,929
217,759
East Coast Public Service Co.
1939
$4,088,512
971,354
491,526
1939
$135,774
def5,015
def22,594
—V. 152, p. 826.
Earnings tor Month of January
January—
Gross from railway
I
January—
Gross from railway
Net from railway
1940 the company's receipts from connections
Lackawanna is
38,330
23,417
1938
$123,930
def413,880
def514,496
—V. 152, p. 826.
increased 12%, whereas cars loaded in the eastern
534%, indicating the
$169,170
1939
$84,087
def440,837
def560,001
Ry.—Earnings-
1940
$151,115
def4,667
def20,823
1941
January—
Gross from railway
Net from railway
retire property of no present or prospective use in the company's operations
William White, President, told the annual meeting of stockholders Feb. 25.
Mr.
1940
$130,306
def383,122
def539,724
1941
$104,356
def481,025
def826,638
Duluth South Shore & Atlantic
of Some of Leased Lines—
ment
Called—
sinking fund agent, has drawn by
as
Earnings for the Month of January
Gross from railway.
Net from railway
—V. 152, p. 825.
Delaware Lackawanna & Western RR.—Studies Retire¬
1941
April 1 at the New York office of J. P. Morgan & Co. Incorporated.
January—
1939
$2,096,784
692,731
528,908
1940
$2,451,700
763,489
511,431
1941
$2,383,220
670,184
476,643
January—
railway
Gross from
Incorporated,
1,
lot for redemption on April 1, 1941, at 105%, $600,000 principal amount of
first mortgage 334 % bonds, due 1962. Payment will be made on and after
RR.—Earnings—
Delaware & Hudson
March
transmission
lines and an electric sub-station which it
recently
The company is engaged in no other business and has
con¬
tracted to sell its generating and transmission facilities to Public
constructed.
as
as
follows:
are
inputs of client operating
subsidiaries
of
American
Light Corp. and National Power &
compared with the corresponding week during 1940 were
-Increase-
Oper
Subs, of—
1941
1940
Amer
Power & Liirht Co... 135,279,000
Elec. Power & Lt. Corp
65,107,000
Nat. Power & Light Co
87,925,000
120,814,000
59,656,000
75,863,000
Amount
14,465,000
5,451,000
12,062,000
%
12.0
9.1
15.9
The above figures do not include the
system inputs of any companies
not
appearing in both periods.—V. 152,
p.
1280.
Service
Co. of Indiana.
It is proposed that
except
will
Dresser Power Corp. will transfer all of its assets
Co. of Indiana and that that
company
payment of $4,800,000 of 3%-4% first mortgage bonds, due
1942-April 15, 1958, of the subsidiary company. The bonds are
$1,000 to Public Service
assume
Oct. 15,
to be called for
redemption,
accrued interest.
or
purchased, at not
more
than face value plus
To obtain the necessary funds to retire the
bonds, Public Service Co of
Indiana proposes to issue and sell $4,650,000 of 3 34
% first mortgage bonds,
series B, due March 1, 1971, to John Hancock Mutual Life
Insurance
at
104 M.
See also under Public Service Co. of Indiana.—Y,
150, p. 2421
Co.
Economic Investment Trust, Ltd.—Dividend—
Directors have declared a dividend of
$1.3734 per share on the^comstock, payable April 1 to holders of record March 20. This compares
6234 cents paid on Oct. 1, last; $1.1234 paid on April 1, 1940; 6234
mon
with
cents on Oct.
2, 1939; $1.1234 paid on April 1, 1939; one of 6234 cents on
Oct. 1, 1938; 3734 cents on
April 1, 1938; and dividend of 6234 cents per
share paid on Oct. 1, 1937.—V.
151, p. 1279.
_
Eddy Paper Corp.—New Directors—
At the recent annual stockholders
H. Kiefer, were elected directors,
members.—V. 152, p. 1280.
meeting K. W. Schneider, and George
increasing the board from 12 to 14
Volume
Net sales
a
Earnings per share on common stock
After all charges and
897,055
$2.14
1,020,223
$2.46
Net profit...
a
[Excluding Municipal Acceptance
1940
1939
..$26,481,080 $24,911,899
31—
Dec.
Ended
Federal taxes.—V. 152, p. 1280.
1940
$
Plant and
1940
$
20-yr. 4%
11,069,031 11,056,028
3,698,145
3,577,006
Due
,
645,000
9,257,323
7,120,322
Inventories
Corp.—Earnings—
Revenue..........
:S $92,175
—............u-.-
79,050
9,025
i
...
..........
Com.
year,
applicable to prior
737
less expenses)...........
Net credit to surplus.
3,947
Dec. 31, 1939
Surplus before depreciation at
Dec. 31, 1940
$8,784
;
Balance Sheet Dec. 31, 1940
Assets—Cash, $25,471; accounts receivable, $5,124; property, $1,073,118;
deferred charges, $3,394; total, $1,107,108.
Liabilities—Accounts payable, $3,499; accrued interest on first mortgage,
$1,504; 1st mtge. 4%s, $190,000; inc. mtge. 4H% bonds, $893,300; security
deposits and rentals collected in advance, $526; capital stock ($1 par),
$9,493; surplus before provision for depreciation, $8,784; total, $1,107,108.
118,602
169,562
finance chgs., &c
goodwill,
34,218,358
Total
31,821,6011
1941
$2,375,617
Net from railway
1,051,103
Net ry. oper. income—
603,206
—Y.il52, p. 826.
Fall River Gas Works Co.—Earnings—
1941—Month—1940
1941—12 Mos—1940
$89,800
$89,983
$956,672
$923,257
488,861
509,648
48,420
49,750
68,737
59,132
5,769
5,361
165,580
191,947
14,939
17,277
31—
Perioa End. Jan.
Operating revenues
Operation.
1940
$1,982,666
720,711
395,104
1938
$954,516
141,315
27,246
1939
$1,480,356
524,889
322,331
Erie RR.—Earnings—
1941
$7,595,367
2,473,834
income...
1,577,219
Net ry. oper.
1940
$7,117,055
1,973,794
1,080,317
1938
$5,506,109
1,082,767
217,934
1939
$6,274,752
1,542,651
745,105
Equitable Life Assurance Society of the United States
—Annual Report Shows Benefits Paid During Year $205,000,000—$7,000,000,000 Insurance in Force—
An average of $561,290 a day was paid out by the company in benefit
payments to policyholders and beneficiaries in 1940 .according to the Society's
annual report made public Feb. 25.
Total benefit payments for the year
1,049
$135,981
7,200
$140,081
613
Net income
$15,854
$11,798
$14,805
$128,781
$131,138
5,000
Co.—Bonds Called—
10-year 3K% debentures, due Oct. 1,
been called for redemption on April 1 at 103 and accrued interest.
will be made at the Cleveland Trust Co., Cleveland, Ohio or at the
A
total of $1,200,000
City Bank of the City of N.
First Boston
Y.—V. 151, p. 3746.
1938
c$3,175,461
1937
c$938,052
376,940
500,129 ■> 805,124
723,680
225,512
261,228
311,124
203,175
$3,901,606
$4,331,337
2,634,048
,864,907
5,996,130
299,411
1940
1939
$3,299,154 b$3,569,981
31—
Years End. Dec.
b Profits
group insurance $90,011,508, making a total of $380,531,379.
At the
the Equitable had $4,772,825,860 of ordinary insurance and
$2,364,094,782 of group insurance in force, a total of $7,136,920,642.
Demonstrating the rapid growth of "planned" insurance programs, the
report shows that of the death claims settled under individual policies
last year 44% of the benefits, or $24,918,719, was left with the Society for
payment in accordance with income plans.
Ten years ago only 11% of
maturing claims was left with the Society to fulfill a definite program.
The lapse and surrender rate in 1940 were the lowest in 20 years.
Pointing out that interest rates have become the most important single
factor affecting life insurance costs today, the report states that during the
past 10 years there has been an increase in the amounts available for distri¬
bution to policyholders as dividends from mortality savings and expense
provisions, but that the amount available from interest earnings, in contrast,
has steadily declined. The earnings rate on the Society's assets declined from
3.38% in 1939 to 3.27% in 1940, reflecting the decline in general interest
all-time lows.
Equitable has set aside for payment in 1941 to
dividends $33,508,570.
The total of dividends paid
rates to
The
amounts to
$1,043,517,000.
members as policy
since organization
,
....
,
$2,564,466,180 of assets at the year-end, aiding industry
public utilities, railroads, the government, and home
owners in every State of the Union.
Principal investments included U. S.
Government obligations, $222,619,036; public utility bonds, $475,078,157;
railroad bonds, $410,654,430; railroad equipment obligations, $46,542,585;
industrial bonds, $259,887,483; other bonds, $60,476,866; preferred and
The Society had
and small business,
guaranteed stocks, $48,560,059; first mortgages, $327,952,152;
$154,703,074; and loans to policyholders $216,989,036.
Federal Mining &
Directors have
Smelting Co.—-$1
declared a dividend of $1 per
real estate,
share on the common stock
Like amount was paid
Sept. 20, last; 25 cents
five-for-one split up
this last being
1937.—V. 151, p. 3088.
payabie March 20 to holders of record March 10.
on Dec. 20, last, and compares with 50 cents paid on
dividend paid since
Fairbanks, Morse & Co.
1940
.....$29,590,948 $24,489,630
5,003,150
Operating profit
Deprec. on bldgs. & eq
Amort, of debs. disc. &
prems.
on
debs,
of Municipal
0296,464
$2,749,699
Miscellaneous income
profit
Preferred dividends
Common dividends
Net
x
Incl. $179,210 in
214,583
461,000
0146,956
0209,241
$2,469,884
CV133.855
Corp
433,856
1937
$30,596,349
3,281,713
844,897
See note
_
1,498,987
220",767
232,039
x602,250
81,500
Crl66,216
Cr260,733
5558-539
62,474
149,631
1,199,190
undistributed income
1937 for surtax on
and $642,950 in
208,153
d433,712
20,516
d297,902
22,306
388,080
25,062
665,822
640,228
•
Deprec. of furn. & fixts.
Adjust, of book value of
sees, to market value
0517,015
at Dec. 31
0131,749
Decreases in reserves—
for
Prov.
for
inc. tax
Fed.
a075,000
period
1938.
$1,166,658
700,000
$1,360,701
750,000
Net income..-
Dividends paid..
Cr143,527
Cr402,377
$2,148,431
84,334
1,178,540
y
Includes
$576,327 e$2,484,005
250,000
,
Eas™rr^°oL5.00:??.°
$2.72
$2.33
$1.15
Nil
Excess provision for taxes made in prior years,
b From trading in
securities on own account, on joint accounts and as participating in syndicate
accounts,
c Less losses realized,
d Includes provisions for Lederal and
a
Loss.
and State taxes, e
Assets—•:
Cash
Balance Sheet Dec.
1939
1938
$3,652,863
10,816,880
1,050,000
$4,260,385
15,213,465
1,235,975
24,627,314
10,890,468
371,722
118,493
61,390
7,280
21,666
24,882,681
10,692,965
2,161,029
1,584,100
50,688,508
174,012
79,438
5,064
22,081
.$57,713,566 $76,858,838
$110999,703
.
_
Deposits on securities
31
}?|0
$4,142,436
l,151,8bU
-
borrowed
.
1,119,354
Bankers' acceptances-..
Trading securities:
16,081,148
Government secur..
12,244,158
Miscellaneous bonds and stocks—
217,034
Securities carried for joint accounts..
Good faith deposits
_----- - Securities sold, not yet delivered.___ 22,440,o79
Miscell. accts. & accured int. receiv'Ie
232,915
Furniture and fixtures (less deprec.) 53,503
United States
Deferred charges_
Total-.
zdAoa
-
-
-
Liabilities
_
Collateral loans
payable—
Deposits on securities loaned...Securities sold not yet purchased..
Securities purchased not yet received-
profits
unearned disct., taxes,
$110999,703
-
$10)
5,000,000
n'yMo
—
2,790,340
265.
National Stores,
Inc.—Earnings1939
1938
$1,013,851
$1,C23,862
31profit before deprec.
Fed.
normal tax &
14 Weeks
1937
profit
C<treasurystockV
'
stick:::
provision necessary
Flintkote Co.—To
$1,102,692
$992,304
247,733
al83,628
229,222
131,015
238,870
142,666
247,182
112,758
$582,489
surtax
on com
Months-
1940
Period End. Dec.
No
229,346
151,679
38,341
300,000
---
-Y. 152, p.
a
52,104,746
214,049
5,000,000
4,000,000
2,179,639
&c..
contingencies
Total
Pe?S
16,134,286
25,155,082
308,847
99,088
193,327
71,591
300,000
5,000,000
4,000,000
1,712,981
241,028
305,266
21,450
300,000
taxes)
—
Capital stock (par
Paid-in surplus
Earned surplus
Net
33,288,872
84,040
13,931,010
23,361,618
.$57,713,566 $76,858,838
and excess
Miscellaneous
&;
qoq
291,861
(incl. Federal income
Accrued taxes
cht
22,607,398
o2,760
7,660,921
14,442,542
Due customers-—
Net
25,240",762
7,095
Tax stamps
Depreciation
^for^depreciation amounted to $736,623 in 1940; $769,990
in 1939
income tax)
_
96,107
179,663
y2,408,000
Federal taxes
Acceptance
See note
$20,957,452
70,112
d469,512
16,566
2,576,727
.
(other than Fed'l
Taxes
Federal normal tax
re-
deemed
Interest
Net profit
See note
2,789,271
General expenses
Interest on bank loans.
$4,291,709
2,447,478
281,875
-3
Consolidated Income Account
Net sales.
Total income
First
(& Subs.)—Earnings—
for Calendar Years
1939
1938
and miscell. income.-
Reserve for
paid on June 20 and March 20, 1940; and following a
company paid a dividend of $1.50 per share on Dec. 20,1939,
the first common
earned on sees. held..
Commissions serv. chgs.
Res. for
Dividend—
1948 has
Payment
National
Corp.—Earnings—
Int., discount and divs.
new
8,944
676.
—V. 152, p
Explaining what happened to the Equitable premium dollar in 1940, the
report shows that to each $1 of premium income 27 cents was added as
earnings on the Society's investments, making a total income for the year of ,
$1.27.
This $1.27 was used as follows: benefit payments to widows and
children; to educate sons and daughters; to provide carefree old age, &c.,
49 cents; set aside as reserve funds to meet future benefit payments, 49
cents; operating expenses and taxes, 11 cents; additions to contingency
reserves and surplus, five cents.
Policyholders received as dividend the
remaining 13 cents.
Pointing out that individual members of the Society had cooperated with
the management in turning out this year's report as a genuine human docu¬
ment, Thomas I. Parkinson, President of the Society, stated:
"People in all walks of life make up the membership of a large life insur¬
ance institution.
They want the essential facts and figures to measure the
status and progress of this company, but they don't want merely a mass of
dry statistics. There is no sound reason why an annual report should not be
made interesting as well as informative, and contain human interest material
as well as financial data.
,
;/>
"The old concept of an annual report as purely a formal, legalistic docu¬
ment is giving way to a new concept of a humanized and simplified report
that can be readily understood by the average policyholder.
Time-worn
end of the year
$200,081
60,000
$20,855
$12,412
accruals.
reserve
amounted to $205,432,000.
precedents and conventions which have tended in the past to keep reports
to a rigid form are being discarded in favor of reports that have readerinterest comparable to that of a modern magazine or newspaper."
New Ordinary life insurance sales in 1940 amounted to $290,519,871 and
3
$195,981
60,000
$17,412
5,000
Balance
Retire,
$200,078
$195,946
35
Firestone Tire & Rubber
—V. 152, p. 827.
$20,854
$17,412
Net oper. revenues
Non-oper. income (net).
Gross income........
Interest charges.
January—
Gross from railway
Net from railway
34,218,358 31,821,601
Total
Represented by 599,596 no par shares, c After reserve for depreciation
$11,981,005 in 1940 and $11,662,154 in 1939, d After reserves of $456,638
in 1940 and $490,744 in 1939.
e Of which $5,399,305 is not available for
cash dividends on common shares under trust indenture restrictions.—V
152, p. 676.
:
//
of
Taxes
Ry.—Earnings—
January—
90,824
300,425
9,177,390
Unearned interest,
Maintenance
—V. 139, p. 1082.
Gross from railway
305,849
89,266
Capital surplus
300,425
e Earned
surplus. 10,428,102
Res've for contlng.
89,596
206,001
a
.
Elgin Joliet & Eastern
315,217
1,743,481
<&c_
$4,837
.................
............
Surplus before depreciation at
299,798
73,461
215,499
in proc. of amort
Patents,
16,133
12,017
.
divi¬
1,708,336
consolidated
Other Investments
Bonds disc. & exp.
Surplus credit (refund of real estate taxes
shares
dend payable
Prepaid Insur., &c.
$4,099
Net income before depreciation
1,985,821
4,278,479
Accrued interest.
owned subs, not
Expenses..
Interest on first mortgage...
1,184,242
expenses,
&o
Invests, in wholly-
Earnings for Year Ended Dec. 31, 1940
4,840,000
550,000
payable- 2,118,732
fund debs.
1,315,000
Accept. Corp.
18 East 41st Street
3,605,000
Accounts
6,544,606
Munic.
from
13,071,120
sinking
Accrued
7,432,95S
receivable
Electric Corp. above.
T
stock. 13,071,120
Notes pay able
d Accts. and notes
See under Associated Gas &
'
$
Liabilities—
Common
a
equip¬
ment, &c
Corp.]
1939
A ssets—
c
Cash
Edwardsville Water Co.—Bonds Sold Privately—-
31
Consolidated Balance Sheet Dec.
(& Subs.)—Earnings—
Edison Brothers Stores, Inc.
Year
1431
& Financial Chronicle
The Commercial
152
$663,624
$721,157
$632,363
818,567
818,066
817,566
$0.71
$0.81
$0.88
for excess profits taxes.—V. 151, p.
Pay 25-Cent
817,065
$0.72
3236.
Dividend—
declared a dividend of 25 cents per share on the common
stock
navable March 25 to holders of record March 15.
Dividend
was na& on Dec723, last, and on Dec. 20,1939 and compares
paid on Dec. 20, 1938 and a regular quarterly dividend
Directors have
Dec. 20, 1937.
of $1
with 60 cents
of 25 cents paid on
The Commercial & Financial Chronicle
1432
Consolidated Income Account for
Calendar Years
Florida Public Service
[Including United States and Canadian Subsidiaries]
*
1940
Net sales
1937
$19,897,748 $17,164,148 $15,147,709 $15,163,867
Cost of goods sold (excl.
of depreciation)!
Total operating revenues--ODerating expenses
$2,404,415
1,128,998
woo,,job
—
Electricity and gas purchased for resale
12,096.337
14,231,804
11,022,755
10,972,185
profit on sales,
before depreciation. $5,665,944
Selling, admin. & general
expenses
3,286,561
Depreciation
439,407
0§§'Z91
170,214
364,441
185,700
$659,946
22,538
—
—
-
$4,191,682
$4,124,954
2,883,895
462.612
2,582,238
592,223
2,763,511
455,005
$1,721,305
205,367
$950,493
176,556
90,000
75,000
92,500
$2,161,865
222,710
$2,016,672
223,065
$1,202,049
172,414
$1,359,632
132.604
502,605
361,225
217,817
Operating income
Other income (net)
$973,166
221.605
-
36,080
$558,944
238,777
Gross income
Balance-
Royal
Net
$1,939,976
221,889
revenue
profit
from
293.966
oper¬
Balance
Other charges (net)
$682,484
239,868
145,000
1,098
25,701
131,962
Interest on debentures
Interest on miscellaneous long-term debt
ation abroad (est.)
1of9
233,748
$522,864
-
Provision for taxes
$5,067,812
1939
268,971
213,339
Maintenance--
Provision for retirement
Gross
1941
1940
$2,406,628
-
.;
-
1P
Co.—Earnings—
Years Ended Dec. 31—
1938
1939
March
construction
Miscellaneous income deductions
1,121
25,849
—-
Other interest
Amortization of debt discount and expense
■---
■
4,850
Cr740
Interest charged to
Cr821
831
...
Federal, State & foreign
taxes-
Net
income trans,
earned
$1,436,550
surplus
685,196
a
$1,432,383
672,996
d$2.10
Dividends
Earnings
a$2.11
share
per
Net income—
$811,818
402,208
b$l:21
Foote-Burt
$1,005,423
668,746
c$1.50
*
On 677,546 (no par) shares of common stock,
b On 672,996 (no par)
common stock,
c On 670,346 shares common stock,
d On 685,196
■
shares
Selling, administrative and general expenses
$
Cash
b Accts. receivable
Notes
receivable
Inventories
d Plant and prop.
3,249,300
2,149,246
110,239
2,438,133
7,233,283
Investments
e
112,129
and mlscell
Accrued
2,248,596
$
1,149,349
595,98t
303,333
freight,
dlsc'ts,
royalties, &c
47,236
29,710
Notes pay. (curr.)
Prov. for current
Pats., royalty con¬
tracts, &c
Prov.
122,911
expenses
90,772
for
Profit before taxes on income
400,854
205,495
399,822
Earnings per share of capital stock
6,567", 550
Capital surplus
104,358
104,358
Earned surplus
4,123,297
3,261,195
Total-.-.
15,365,349 11,571,527
Total
.15,365,349 11,571,527
b After provision for doubtful accounts,
c After provision for doubtful
notes,
d After allowance for depreciation and depletion of $5,439,529 in
1940 and $5,170,241 in 1939.
e Acquired in
settlement of indebtedness,
f Represented by 685,196 (677,546 in 1939)
—
Balance Sheet Dec. 31,1940
$230,342; trade accounts receivable
(net), $526,0791
(net), $522,761; investments and other assets, $157,044;
and equipment (net), $989,549; patents, trade-marks,
goodwill, &c., $1; deferred charges, $10,962; total, $2,436,738.
Liabilities—Notes
payable
to
banks,
$150,000;
accounts
payable,
$197,647; customers deposits, $45,572; accrued taxes, $31,600; Federal taxes
on
income (estimated), $347,000; capital stock (97,457 no par shares),
$1,165,780; surplus, $530,433; treasury stock (3,216 shares, at cost),
Dr. $31,294; total, $2,436,738.
V. 152, p. 1281.
Assets—Cash,
plant
property,
Fort Worth & Denver
no par shares.
Gross from
Federal Judge Louie W. Strum at Jacksonville, Fla., Feb. 21,
appointed
former U. S. Senator Scott M. Loftin and Edward W.
Lane, President, of
91,112
42,343
1939
1940
$450,934
102,890
railway
23,214
Net from railway
Net ry. oper. income
Appointed—
City Ry.—Earnings-
1941
$440,160
January—
—V. 152. p. 425.
Florida East Coast Ry.—Trustees
$371,708
188,352
$3.94
inventories
2,025,000
6,696,899
6
-
Net profit
Dividends paid-
532,617
_
guarantees, &c.
Notes payable
f Common stock
$718,714
177,000
170,000
Federal normal and declared value excess-profits taxes (est.).
Federal excess-profits tax (estimated).
product
..
less depreciation,
$713,989
3,109
1,616
Interest earned (net).
Sundry income
Additional assessment for prior year
225,000
Federal, State &
other taxes
Prepaid and defd
-
241,761
payrolls,
5,200,283
15,000
—
1939
$
Accts. pay., trade
1,689,445
47,236
Real estate--
1940
lAabilUtes—
2,153,366
$1,058,037
279,216
64,832
__
depreciation
for
Provision
Operating profit-..
1939
$
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1940
Consolidated Balance Sheet Dec. 31
1940
c
$271,639
Gross profit
(no par) shares common stock.
Assets—
V $156,295
—V. 151, p. 3089.
to
1938
$443,179
74,742
9,745
$584,239
174,442
94,874
—V. 152, p. 827.
Four Wheel Drive Auto Co.—30-Cent Dividend—
the Atlantic National Bank, Jacksonville, as trustee and cotrustee of the
The company is now in bankruptcy with a view to
reorganization.
The appointment came after a hearing for counsel
stock, payable March 20 to holders of record March
and stockholders relative to the trusteeship.
first dividend
road.
representing all creditors
Directors have declared
a
dividend of 30 cents per share on the common
10.
This will be the
paid since Dec. 15, 1937 when 30 cents
per share was also
distributed.—V. 151, p. 1721.
Earnings for the Month of January
r
January—
railway
1941
$1,320,755
450,808
283,993
Gross from
Net from railway
Net ry. oper. income-.-
1940
1939
$1,209,241
381,928
258,403
1938
$1,090,067
397,312
$1,022,650
259,079
199,344
324,087
—V. 152, p. 1128.
Florida Power Corp.
Other taxes--
-
Other income (net)
-
Gross income
on
mortgage bonds.
Interest
on
debentures
Interest
on
miscellaneous long-term debt.
Other interest
-
Amortization of debt discount and expense
Interest charged to construction (credit)
$1,276,755
54,154
$1,272,647
400,000
99,151
3,972
38,518
106,772
3,072
Provision for Federal income taxes
$3,762,890
1,419,991
95,312
260,376
301,898
112,390
296.168
$1,224,985
47,662
Maintenance
Provision for retirement
1939
$4,124,189
1,778,610
78,345
329,214
287,158
126,865
299,011
-;
$1,330,909
$681,721
Net income
-V.152, p. 1129.
400,000
103,319
4,230
,•
36,078
108,527
2,965
Florida Power &
Light Co.—Earnings-
1940—Month—1939
1940—12 Mos.—1939
Operating revenues-_
$1,382,788
$1,242,240 $15,774,796 $14,033,560
Operating expenses, excl.
direct taxes
506,087
505,924
6,175,972
6,171,137
Direct taxes
196,765
112,716
1,856,138
1,350,612
Prop, retire't res. approp
233,466
116,667
1,800,000
1,400,000
-
Net oper. revenues
$446,470
$506,933
$5,942,686
221
2,650
2,651
(net)-,
Operating income
$446,691
143,959
Gross income
on
mtge. bonds
deb. bonds
$507,154
138,755
$5,945,336
436,876
$5,114,462
457,509
$590,650
216,667
Other income
Int.
$645,909
216,667
110,000
15,225
$6,382,212
2,600,000
1,320,000
$5,571,971
2,600,000
1,320,000
223,262
Other int. & deductions-
110,000
16,965
Int. charged to construe
CV8,745
General
x
-
216,602
Cr40,335
income
$255,763
$304,017
Divs.apphcable to preferred stock for the period
$2,285,945
1,153,008
$1,132,937
Dividends
accumulated
$275,701
and
Note—No provision has been made for Federal
excess
profits
are
excess
profits tax, since
indicated.—V. 151, p. 3888.
Company has called for redemption,
on
March 7,1941, its 5% debentures,
5% debentures the opportunity to exchange said 5% debentures for a like
principal amount of debentures of the company, designated as its 3A%
Debentures due 1952.
The 3A% debentures are substantially the same as
the 5% debentures except for the difference in interest rate, and the in¬
denture pursuant to which they are issued is likewise
substantially the same
as the indenture under which the
5% debentures are outstanding except
for the changes made necessary or advisable by the Trust Indenture Act of
1939.
Holders of the 5% debentures who desire to make the exchange must
debentures to the company's agent, Guaranty Trust Co.,
New York, on or before the date and hour above stated.
,
Debenture holders surrendering their 5% debentures for exchange under
the offer will receive 3A% debentures in temporary form in
aggregate
principal amount equal to the principal amount of the 5% debentures so
surrendered, and payment in cash of an amount equal to the interest accrued
on the 5% debentures from Feb.
1, 1941 to March 7, 1941, less an amount
equal to the interest accrued on the 3A% debentures during the same
period.—V. 152, p. 985.
General Finance Corp.
have
Corp.—Preferred Dividend—
declared
a
dividend
of $8.75
Fostoria Pressed Steel Corp.—Common Dividend—
Directors have declared
dividend of 25 cents per share on the common
stock, payable March 29.
Dividend of 50 cents was paid on Dec. 30, last,
and of 25 cents was paid on Sept. 30 and on
July 15, last, this latter being the
first dividend paid since July 1, 1936, when 15 cents
per share was dis¬
tributed.—V. 151, p. 3889.
a
1940
1939
1938
$1,668,996
904,193
215,760
57,296
Operating expenses
Interest charges and expenses
Variable pay to personnel
Additional provision for losses
$1,550,159
917,078
194,157
26,546
88,400
73",300
25,050
$403,346
54,171
173,015
$0.40
$339,079
53,564
173,015
$0.33
$163,960
$1,335,701
819,999
191,691
"
Provision for Federal income taxes
Net income
Dividends on preferred stock
Dividends on common stock
per share on common stock-
135",000
54,503
214,54o
$0.13
Consolidated Balance Sheet Nov. 30
1940
$
Cash
1,530,590
Cash
1939
Notes
12,169
291,935
b
Equity in rec'bles
269,382
rec'bles
c
.
Investment
Cash
surr.
40,179
investments
co.
autos.
Total
a
cln
(net).
$
207,255
Res. for dealers
144,111
85,103
230,126
542,091
277,777
481,023
5L829
Deferred income._
69,579
343,000
56,503
9,724
102,086
105,233
88,500
Res've for rec'bles
343,875
16,548
sold
5%
(contra)
conv. debs
269,382
695,000
6% pref. stock-
23,155
19,472
Other receivables &
Deferred charges.Furn. & fixt's and
1939
8,682,500
pay. & accruals.
Reserve for taxes.
101,905
value of
life Insurance
$
Reserve for losses.
receivable-.11,525,127 11,454,554
Deals in process.
curr.
Liabilities—
Collat. trust notes. 8,937,000
Acc'ts & insurance
a
Other
1940
$
1,123,263
deposit with
note pay. trustee
d Deb. sink. fund.
share on account of
accumulations on the 7% cumulative preferred
stock, payable April 1 to
holders of record March 15.
Last previous distribution was the
regular
quarterly dividend of $1.75 paid on Jan. 2, 1933.—V. 151, p. 3395.
per
(& Subs.)— Earnings—
Years Ended Nov. 30—
Gross income
Repossessed autos
Foster Wheeler
Directors
Co., Inc.—Time for Ex¬
series A, due Feb. 1, 1952, at the redemption price of par and interest.
Prior to such redemption the company has offered to the holders of the
$1,428,709
1,153,008
unpaid to Dec. 31, 1940, amounted to
$5,766,501, after giving effect to dividends, amounting to $2.19 a share
on $7 preferred stock and $1.87 a share on
$6 preferred stock, declared for
payment on Jan, 2, 1941.
Dividends on these stocks are cumulative.
no
Investors
American
Assets—
Balance
x
Feb. 24, declared the
Company has announced the extension of its offer of Feb. 3 to holders
of its 25-year 5% debentures to exchange such debentures for 3A% de¬
bentures due 1952. Holders of the 5 % debentures are offered the opportunity
to make such exchange up to 3 p.m., March 6,1941.
Earnings
Net
on
changing Debentures Extended—
$5,111,811
221
Rent from lease of plant
on
meeting held
full 6% interest on the income notes 1972s, payable April 1, 1941 to the
holders of record at the close of business March 31, 1941.—V. 152, p. 985.
surrender such
Period End. Dec. 31
Int.
Preferred Dividend—
dividend of 10 cents per share on the preferred
(Robert) Gair Co., Inc.—Interest Declared—
$627,306
Operating revenues
Operating expenses
Electricity purchased for resale
a
The directors of this company, at a
1940
Interest
Directors have declared
Co.—10-Cent
stock, payable March 14 to holders of record Feb. 28.
This compares with
50 cents paid on Dec. 28, last; 25 cents paid on March 15, 1940; $1 paid on
Dec. 20, 1939 and an initial dividend of 10 cents paid on April 1, 1939.
(& Subs.)—Earnings—
Years Ended Dec. 31—
Operating income
Fruit of the Loom
78,525
68,815
84,772
101,961
16,833
21,010
6% pf. stk., ser. A
5% pf. stk., ser. B
Common
stock
865,075
surplus
Capital surplus
775,284
519,071
Dr6,061
Earned
e
Treas. com. stk.
713,000
891,630
870,930
200,000
865,075
599,123
514,390
—14,351,350 13,303,3551
Total
14,351,350 13,303,355
Collection and insurance charges, &c.
b Sold on a non-recourse basis,
Mid-America Insurance Co., subsidiary not consolidated,
din-
Volume
eluding
current
2,760 shares
The Commercial & Financial Chronicle
152
deposit
requirements.
cost.—V. 152, p. 1282.
at
General Foods Corp. (&
Period End. Dec. 31—
Net sales
a Nefc
Profit...
b
Earnings
per
share
Held
e
for
sale
Subs.)—Earnings—
General Printing Ink Corp. (&
.
...
1940
b On 5,251.440
no
Subs.)—Earnings—
1939
...$10,611,154
..
Cost of goods sold,
selling
and general expense..
the
1938
$9,982,477
1937
$9,372,042 $11,102,033
9,574,149
8,966,969
8,592,045
outstanding
1433
debt
below:
mortgage
the
of
company
and
for
Profit from operations $1,037,005
$1,015,509
69,825
$779,996
20,383
$800,379
$1,556,556
160,885
JfasQUtTBCL
$84,307,292
32,259,925
817,950
658.875
789,800
300,300
1,331,481
5,803,875
110,000
6,232,891
— ...
$1,382,404
$1,085,334
jAjTtOUTlt
1 $80,935,000
34,231,000
Atlanta Water & Elec. Power Co., 1st 5s, 1943
779,000
Rome Ry. & Light Co., 1st 5s, 1946-627,500
Macon Ry. & Light Co., 1st consol. 5s, 1953_.
718,000
Athens Ry. & Elec. Co., 1st & ref. 5s, 1950—
273,000
Columbus Elec. & Power Co., 1st & ref. bonds—
6s, series A, 1947
1,292,700
5s, series B, 1954
5,527,500
Atlanta Northern Ry. Co., 1st 5s, 1954-100,000
I
For general corporate purposes
general
* Funds
Georgia Power Co., 1st & ref. 5s, 1967
9,719,629
*
Other income credits...
15,377
Gross income.
$1,052,382
Miscellaneous charges..
...
Prov. for Fed. & Cana¬
__
dian income taxes
Common
b214,904
$836,855
204,696
441,000
$894,368
204,696
588,112
$663,667
204,696
367,980
$1,180,768
$191,159
735,000
$0.86
dividends
136,712
$101,560
735,000
$90,991
735,960
$0.94
$0.62
$202,114
735.960
$1.32
required.
b Include8
Balance, surplus
Shares of common stock
Earned per share
No
a
for Federal excess profits
undistributed profits.
provision
$17,868 surtax
on
taxes
205,896
772,758
Assets—
1940
Cash
Other accts.
1939
SI,517,296 SI,313,208
218,729
224,264
1,389,669
1,328,459
14,019
29,083
4,277
5,405
1,893,265
Accrued int.
1,995,316
28,442
28,539
rec..
rec
Inventories
Investments
.....
Deposits with
Liabilities—
1940
Accounts payable.
Divs.
35,172
1939
$472,358
$447,118
51,174
279,201
145,234
277,201
Taxes accrued
Other accruals
b $6 pref. stock...
103,891
3.411,600
2,037,349
37,118
Deferred
charges..
Total
a
on
mortgage bonds
miscellaneous long-term debt
Other interest
Amortization of debt discount and expense
Interest charged to construction
Net income
$197,234
156,950
3,325
13,163
9,788
Cr90
"
$37,359
—V. 152. p. 1282.
$14,098
Georgia RR.—Earnings—
January—
1941
Gross from railway
Net from railway
1940
$385,850
102,637
92,188
;
1939
$297,703
41,176
32,197
1938
$288,477
58,873
58,532
$255,400
4,632
488
,._.y
Georgia Southern & Florida Ry.—Earnings—
1,906,382
100,317
reserves
$218,206
156,748
3,159
11,301
9,774
Crl35
on
45,000
1,892,952
January—
163,990
for depreciation of
1941
Total...
$7,152,569 $7,063,333
$2,918,323 in 1940 and $2,843,849 in
b Represented by no par shares but of
c Par $1.—V.
151, p. 3561. 2498.
a
declared value of $100
Net from railway
Net ry. oper. income.__
—V.
per
152,
1940
1939
1938
$371,658
146,680
80,813
Gross from railway
$7,152,569 $7,063,3331
After
1939.
share,
$191,031
6,203
1,242
Net ry. oper. income
45,000
1939
$1,199,462
356,193
297,423
86,739
151,156
10,375
106,544
$216,963
Gross income
Interest
—V. 152, p. 985.
provision
69,584
139,331
37,323
98,467
Operating income
Other income (net)...
735,000
res. for pur.
of pf. stk. under
retire,
$1,120,583
236,449
322,464
.
„
Other taxes
3,411,600
cCommon stock..
735,000
Earned surplus
2,058,001
Cash
Land, buildings
mach'y & equip.
1940
expenses
Maintenance
Provision for retirement
Provision for Federal income taxes
51,174
payable
mu¬
tual insur. cos..
Operating
Inte-eet
Consolidated Balance Sheet Dec. 31
Notes & accep. rec.
Cust'rs accts. rec.
Years Ended Dec. 31—
Total operating revenues
Electricity purchased for resale
190,966
$132,612,389
Exclusive of accrued interest.—V. 152, p. 1282.
Georgia Power & Light Co.—Earnings—
174.152
a215,527
Net income for year..
Preferred dividends
a
entire
Principal
1940—3 Mos.—1939
1940—12 Mos.—19
$40,535,532 $35,279,218 $152924,209
$145614,242
4,830,840
2,647.397
15,244,077
15,118,063
$0.89
$0.47
$2.77
$2.75
par shares common stock.—V.
Calendar Years—
Net sales.
employees-
corporate purposes as set forth
After all charges, expenses, provisions for
taxes. &c.
151, p. 3237.
a
to
$226,961
42,988
17,134:
$231,276
59,137
35,407
$212,202
39,924
21,530
828.
p.
Glen Alden Coal Co.—To
Pay 25-Cent Dividend—
Directors have declared
General Reinsurance
Corp.—Annual Statement—
stock,
The
annual statement of the corporation as of Dec.
31, 1940, reveals an
underwriting gain of $618,377 on earned premiums of $5,236,855. Earned
investment income, after amortization of bond premiums and
investment
expense and taxes, was $368,980.
The corporation had total admitted assets of
$17,292,610, at the end of
the year. Its loss and loss expense reserves amounted to
$7,109,232, and its
unearned premium reserve was $2,147,806.
After the foregoing reserves
and after reserving for taxes, commissions and other
liabilities, the state¬
ment shows capital $1,000,000, surplus $6,000,000 or a
surplus to policy¬
holders of $7,000,000, and in addition a
voluntary reserve of
Admitted
assets
were
approximately 170%
$119,115.92.
of all liabilities.
Bond in¬
vestments and cash totaled $10,348,159, which amount exceeded
the total
liabilities other than capital and voluntary reserve of
$10,173,454.
Cash
and Government bonds amounted to 34
of total admitted assets.
.A
o
Qpf
%■.
i,
1939
5s
■
Cash
1940
S!
3,699,355
Liabilities—
1939
$
4,977,771
claim expenses..
Res. for unearned
$
Res. for claims and
12,807,510 11,937,556
Investments
Premiums in course
of collection....
658,445
Accrued interest..
65,702
588,448
61,480
7,109,232
premiums
2,147,806
for commis.,
taxes &oth.liab.
61,598
t
Total
—V.
176,640
Voluntary reserveCapital stock
916,416
119,156
1,000,000
6,000,000
663,056
1,000,000
6,000,000
17,292,610
17,741,895
17,292,610 17,741,895
Total
25
cents
was
since
Oct. 20,
share
was
paid
on Dec. 28, 1939, this latter being the first dividend
paid
1938, when a regular quarterly dividend of 12H cents per
distributed.—V. 151, p. 3238.
Glen Rock Electric Light & Power Co.—
The Securities and Exchange Commission held a public
the application (File 70-239) under the Holding
hearing Feb. 28
Company Act of this
proposed issuance and private sale or $325,000 of
3first mortgage bonds, series due 1966 to the Northwestern
Mutual
Life Insurance Co., Milwaukee, Wis., at 100.—V. 152,
p. 1130.
on
company regarding the
Goodyear Tire & Rubber Co. of Canada, Ltd.—Extra
810,676
■
Directors have declared
"'''
:
extra dividend of $1.50 per share in addition
to the regular quarterly dividend of 62 cents per share on the
common
stock, both payable April 1 to holders of record March 15.—V. 150, p. 1137.
2,146,732
Surplus
assets
of 50 cents was paid on Dec. 20, last; 37M cents was
paid on Oct. 21, last;
25 cents paid on July 20, last; 12^ cents on April 20, 1940, and one of
7,103,431
Res.
Other admitted
a dividend of 25 cents per share on the
common
value, payable March 20 to holders of record Feb. 28. Dividend
Dividend—
Balance Sheet Dec. 31
1940
no par
an
Goodyear Tire & Rubber Co.—To Amend Incorp. Ctf.—
Stockholders will be asked to vote
on
an
amendment to the articles of
incorporation enlarging the purposes of the company to permit manufactur¬
ing products for national defense. A letter to stockholders announcing the
meeting on March 31 reveals that the company is now manufacturing gas
masks, designs and parts for army and navy bombers and pursuit
ships,
airplane wheel and brakes and that the company will supervise and operate
a
Government-owned ammunition loading plant to be constructed near
Charlestown, Ind.—V. 152, p. 1283.
151, P. 3396.
Grand Trunk Western
General Telephone
See list
given
on
Corp.—Registers with SEC—•
first page of this department.—V. 152,
General Theatres
p.
January—
1130.
Equipment Corp.—25-Cent Div.—
Directors have declared a dividend of 25 cents per share on the
capital
stock, payable March 17 to holders of record March 10.
Like amount was
paid on Dec. 20, last; dividends of 20 cents were paid on Oct. 15, July 15
and on April 18, 1940; 15 cents paid on Dec. 18 and on Oct.
16, 1939, and
25 cents paid on July 14 and April 17,1939, and on Dec. 22, Oct.
18, July 16
and April 1, 1938.—V. 151, p. 3396.
Georgia & Florida RR.—Earnings—
Net ry. oper. income
1941
$145,900
Increase
$17,320
Georgia Power Co.—27 Insurance Companies to Take
$101,271,000 Bonds—The company announced Feb. 24 that
it will sell its proposed issue of $101,271,000 1st mtge. bonds
3lA% series due 1971 to a group of 27 insurance companies
at a 103% and accrued interest.
The insurance companies
the amounts to be taken
Aetna
Life
Insurance
which will participate in the transaction, and
by each follow:
Co.,
$1,500,000;
Bankers
Life
Co.,
$850,000;
Canada Life Assurance Co., $400,000; Conn. General Life Insurance
Co.,
$1,000,000; Connecticut Mutual Life Insurance Co., $1,000,000; Equitable
Life Assurance Society of the U. S., $19,000,000; Equitable Life Insurance
Co., $400,000; Fidelity Mutual Life Insurance Co., $771,000; Guardian Life
Insurance Co., $250,000; John Hancock Mutual Life Insurance Co.,
$7,000,000: Home Life Insurance Co., $300,000; Life Insurance Co. of
Virginia,
$200,000; Massachusetts Mutual Life Insurance Co., $3,000,000; Metro¬
politan Life Insurance Co., $19,000,000; Mutual Benefit Life Insurance
Co.. $2,000,000-, Mutual Life Insurance Co., $6,500,000; National Life &
Accident Insurance Co., $250,000; New England Mutual Life Insurance
Co., $1,800,000; Northwestern Mutual Life Insurance Co., $8,500,000;
Pan-American Life Insurance Co., $50,000; Penn Mutual Life Insurance
Co. $2,000,000; Phoenix Mutual Life Insurance Co.. $750,000; Provident
Mutual Life Insurance Co., $1,500,000; Prudential Insurance Co. of
America, $19,000,000; Sun Life Assurance of Canada, $1,000,000; Teachers
Insurance & Annuity Association, $750,000; Travelers Insurance
Co.,
$2,500,000.
The Georgia P. S. Commission on Feb. 24 approved the porposed
$101,271,000 bond issue. The bond issue is subject to approval of the Securities
and Exchange Commission.—V. 152, p. 1282.
Purpose of Issue—The net proceeds from the sale of the new bonds
(estimated at $104,659,876 after deducting expenses), together with the
proceeds of bank loans aggregating $13,500,000 and of an additional
investment in cash in the common stock of the company by Commonwealth
& Southern Corp. (Del.) in the amount of $14,337,319, plus funds on
deposit in sinking funds in the amount of $115,194 at Jan. 31, 1941, an
aggregate of $132,612,389, will be used for the redemption or acquisition of
1939
1938
$1,802,321
298,619
96,923
$1,420,759
19,309
defl97,006
504.290
286,118
Great Lakes Paper
Co., Ltd.—Accumulated Dividends—
Directors have declared
a dividend of 25 cents per share on the
$2 cumu¬
participating preferred stock, class A and class B both payable
April 1 to holders of record March 20.
Dividends on both issues are in
arrears $8.25 per share.—V, 151, p. 3397.
lative
Great Northern
1940
$128,580
1940
$2,124,647
—V. 152, p. 828.
Earnings for the Week Ended Feb. 14
Operating revenues (est)
—V. 152, p. 1282.
RR.—Earnings—
1941
$2,364,517
662,393
387,469
Gross from railway
Net from railway
January—
Ry.—Earnings—
1941
$6,086,406
866,245
27,581
Gross from railway
Net from railway
Net ry. oper. income
1940
1939
$5,590,835
1,017,196
229,426
$5,169,885
738,414
def99,283
—V. 152, p. 828.
Greif Brothers
1938
$4,585,003
360,545
def496,583
Cooperage Corp.—Would Withdraw Stock
Corporation on Feb. 26 asked the Securities and Exchange Commission
for authority to withdraw its class A common stock from
Exchanges in
Boston and Chicago.
Representatives of the concern testified at a
by the SEC that activity
hearing
the Exchanges no longer justified
maintaining
The company intends to keep its listing on the
152, p. 1283.
on
agents in those two cities.
Cleveland Exchange.—V.
Green Bay & Western
January—
Gross from railway....Net from railway
Net ry. oper. income
RR.—Earnings—
1941
$168,860
61,560
36,856
1940
1939
$148,683
43,455
23,849
1938
$145,607
52,350
31,111
—V. 152, p. 1130.
Gulf &
$120,063
27,944
15,407
Ship Island RR .—December Report—
Income Account Items for December and 12 Months
Month
of December
1940
Net ry. oper. income...
Other income
Jan. 1 to Dec. 31
1940
1939
1939
$8,033
5,846
x$27,312
5,396
x$171,921
32,841
x$257,223
24,930
$13,879
x$21,916
1,907
x$139,080
2,052
x$232,293
2,065
4,803
x$23,823
5,213
x$141,132
58,492
x$234,358
63,173
22
22
274
274
chgs.. Inc.$8,902
Deprecia'n (way & struc¬
tures and equipment-4,395
$29,058
$199,898
$297,805
2,992
43.179
40.218
Total income
Misc. deduc's from inc..
152
Inc.avail.for fixed chgs
$13,727
Interest deductions
Other deductions
Loss after fixed
x
Loss.
The Commercial &
1434
&c., other than
those
$6,701
$1,700
deposits
.
bills receivable
balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Special
103,316
48,175
100.785
18,556
547
Loans and
24,616
23,767
200,091
68,936
Traffic and car-service
Materials and supplies
Other current assets
A total of
16,166
32,647
18,862
619
399
called for redemption on April 1 at 105 and accrued interest.
Payment will be made at the Central Hanover Bank & Trust Co.,
City—V. 150, P. 1601.
Total current assets
Hibbard, Spencer, Bartlett & Co.—Earnings—
31—
©1940
el939
1938
Years End. Dec.
profit on sales
Cash discounts no purchases and sales (net) _
$93,676
327,950
3,764
37,675
6,381
4,634
32,650
6,403
matured unpaid
Other current liabilities
$469,446
$255,380
13,525
152,804
liabilities
Tax liability—U. S. Government taxes
Other than U. 8. Government taxes
—V. 152, p. 828.
Total current
railway
Net from railway
Gross from
income
Includes Gulf Mobile & Ohio RR. and
—V. 152, p. 828.
Net ry. oper.
x
Co.—To Reduce Note Interest—
Company has filed with the Securities and Exchange Commission a
declaration (File 70-256) regarding a proposed agreement with the Chase
National Bank, New York, regarding a reduction of the interest rate from
3% to 2%% on an unsecured promissory note of the company payable to
the bank. The reduction is to 6e evidenced by an endorsement on the note
which originally was In the principal amount of $4,000,000, due serially
Nov. 15, 1939 to Oct. 1, 1945.
The unpaid principal now amounts to
m
3397.
Corp.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 26 to holders of record March 12.
This compares
with 45 cents paid on Dec. 16, last; 25 cents paid on Oct. 15 last, and 20
cents paid on July 15 last, and on Dec. 22. 1939, this latter being the first
dividend paid since 1937.
During that year 90 cents per share was dis¬
tributed.—V. 151, p. 3397.
Period End. Jan. 31—
Operating revenues
Operation
$49,805
33,266
2,670
7,255
$53,683
35,920
Net oper. revenues—
$6,614
(net).
1941—12 Mos.—1940
Taxes
Non-oper. income
Gross income
$8,095
$91,936
$87,645
87
$92,023
35,000
$87,706
35,000
$5,179
$57,023
$52,706
42
48
731
661
$3,699
Net income
$5,130
$56,292
Total surplus
Dividends paid
Down—
York Stock Exchange Feb. 24 issued the following notice:
The Exchange is informed that A. W. Porter, Inc. in taking down shares
out of the block of 200,189 shares of common stock of the corporation
authorized for listing on the Exchange upon official notice of issuance upon
sale to A. W. Porter, Inc. pursuant to a firm commitment at $2 per share
for resale to the public at the market price of the stock then prevailing on
the New York Stock Exchange plus
an amount equal to the regular
brokerage commission established by the Exchange.
The underwriter and any selling group formed may make purchases or
sales of the stock in the open market or otherwise in order to stabilize the
distribution.
President—Directors—Big Defense Order
Received—
the election of Rensselaer W. Clark as President and
director of the corporation and of the election of William B. Cudlip and Ira
A. Moore as directors was made Feb. 26 simultaneously with announcement
that the company's contract to supply more than $5,000,000 of wing as¬
semblages and parts to Brewster Aeronautical Corp. has been consummated.
Delivery of the Brewster contract was accompanied by a first payment
of $1,338,480.
Hayes also received payment for 200,000 common shares, in
the amount of $450,000, from A. W. Porter & Co., Inc., bankers for the
corporation.
Announcement of
Earnings for 3 and 12 Months
Period Ended Dec. 31,
Gross revenues
Ended Dec. 31; {Incl. Subs.)
3 Months
$564,400
1940—
—
583,729
Operating expenses, costs, &c
12 Months
$1,597,956
1,881,441
$19,329
$283,485
839
Operating loss.
Other income
5,043
$18,490
wholly-owned subsidiaries.
Consolidated net loss
$362,820
626
840
$39,220
Loss
66,835
17,543
$39,846
Interest
$278,442
17,095
4,261
Loss
Net profit
$361,982
—Y. 152, p. 1283.
Hearst Consolidated Publications, Inc.—Class A Div.
dividend of 4354 cents per share on account
on the class A stock, payable March 15 to holders of
record March 1.
Dividend of like amount was paid on March 15, 1940.
—V. 151, p. 1898.
Directors have declared a
of accumulations
(H. J.) Heinz Co.—New President—
The election of H. J. Heinz
to the
on
2d as President of
this company, to succeed
was announced
place left vacant by his late father, Howard Heinz,
The new President, who had been assisting his
Feb. 25.
is 32 years old.
W. J. Shortreed, a director, has
years,
Schiel, former Secretary to Howard
directors.—V. 138, p. 156.
Hercules Powder Co.,
father for eight
been made a Vice-President and A. L.
Heinz, and L. M. Melius were elected
Inc.—60-Cent Dividend—
declared a dividend of 60 cents per share on the common
stock, no par value, payable March 25 to holders of record March 14.
Year-end dividend of $1.05 was paid on Dec. 20, last; regular quarterly
dividends of 60 cents per share were distributed in each of the three pre¬
ceding quarters; year-end dividend of $1.65 was paid on Dec. 22, 1939,
and previously quarterly dividends of 40 cents were paid.—V. 152, p. 829.
Directors have
$5,098,810
394,515
$5,582,259
666,698
47,4o9
d8,344
(net)
b398,223
$5,331,437
593,113
$5,341,457
600,000
200,629
------
c30,525
14,999
Surplus, Dec. 31
Shs .cap .stk .out. (par$25)
Earnings per share
$4,673,771 $4,714,933
197,430
197.000
, $1.94
$3.64
$4,738,324
200,000
$3.01
$4,726,458
200,000
$3.02
of 27,098 shares of treasury stock,
credited back to earned surplus to offset
representing net premiums in excess of
par paid in acquiring all treasury shares,
c Consists of $15,236 provision
for additional assessments of Federal income taxes for prior years and
$15,289 provision for additional assessments of social security taxes for prior
years,
d Over accrual of Federal income and social security taxes, e In¬
b Premium on sale
Includes surtax,
a
$599,532, of which above amount is
charges in the past to this account
Consolidated Balance
Sheet Dec. 31. 1940
marketable securities at cost, $500,000; notes
and accounts receivable, $2,966,857; inventories, $3,229,800; advance to
Employees Savings & Loan Association (paid in Jan., 1941), $45,677;
real estate, building & equipment (less, reserves for depreciation of $884,258)
$3,740,338; land and warehouse building (less, reserve for depreciation of
$162,000), $198,127; deferred charges, $79,385; total, $11,141,057.
Assets—Cash, $380,871:
payable, $785,721; accrued liabilities, $79,720,
$313,332; capital stock ($25 par value), $5,000,000: paid-in
$235,826; earned surplus, $4,726,458; total, $11,141,057.—V.
Liabilities—Accounts
accrued taxes,
surplus,
151, p. 3890.
Home Title Guaranty
Co.—-New Director—
director of this company at the monthly
19, it was announced by Henry J. Daven¬
President.—V. 152, p. 427.
Hudson & Manhattan
RR.—Earnings—
1941
$652,724
Operating income
Non-operating income
...
$196,407
10.729
$202,513
of January—
Gross operating revenue
Operating expenses and taxes
1940
$644,539
$192,591
9,922
Month
...
$207,136
155,067
123,246
153,343
119,296
Income charges
x
Interest
—
Deficit
On adjustment
448,132
460,133
Gross income
income bonds
$70,125
1 $71,177
outstanding in the hands of the public
5%.—V. 152, p. 680.
Electric
Houston
Co.—Plan
of
Readjustment
of the
Capital Structure—
and certain
its remaining
Company does the entire bus business in Houston, Texas
territory outside the city limits. During 1940 it changed over
street railway operations to bus operations and its fleet at the end of 1940
consisted of 327 buses.
Its principal franchise, which is in Houston, runs
until October, 1951.
Its capital structure, as at Feb. 1, 1941, consisted of $2,524,300
1st
mortgage bonds,
series B 61 due June
1, 1950 (old bonds) held by the
and $5,000,000
company).
eliminating the
abandoned street railway property, the
public, and $857,202 of equipment notes held by banks
capital stock held by Galveston-Houston Co. (its parent
In view of existing money rates and the necessity of
company's book investment in the
board of directors adopted a plan of readjustment
of the company which has been approved by the
of the capital structure
board of directors and
Galveston-Houston Co. The plan and its objectives are:
(1) Company has reduced its capital stock from $5,000,000 to $2,000,000
a decrease of $3,000,000.
This reduction created a capital surplus, which,
together with other amounts in depreciation reserve and earned surplus,
enabled the company to write off a book investment of $3,816,000 in
abandoned street railway property.
(2) Company has called for redemption on April 1, 1941 all old bonds
outstanding at the principal amount thereof and accrued interest to the
stockholders of
date of
redemption.
(3) Company, as provided in the
1941, which is part of this plan, gives
bond exchange offer, dated Feb. 1,
bonds an oppor¬
the holders of the old
principal amount
A 5%, to be due
issued under a new
tunity to exchange their old bonds for an equal aggregate
of a new series of first & refunding mortgage bonds, series
June
Depreciation.
$727,228
4,456,808
154,259
■
Special pensions
at
The New
New
$383,878
4,714,933
$601,863
4,673,771
Miscell. deductions
x
679.
offering price during the
$603,133
4,738,324
Net income for year..
$52,045
Manufacturing Corp .—Stock Taken
Hayes
69,000
123,200
38,273
61
$8,095
2,916
Interest charges
—V. 152, p.
6,743
34,226
84,310
2,924
$3,743
accruals
64,975
70,692
Fire loss
port,
359,772
29,499
79,813
$6,659
2,917
Balance
Retirement res.
68,412
2,437,936
72,544
24,411
62,914
al36,578
29,130
2,887
25,309
180,399
44,441
3,957
$556,729
$557,748
347,277
46
Maintenance
2,567,343
32,363
paid
Deprec.on bldgs. & eqpt.
Prov. for Fed. inc. taxes.
Serv. div. to employees.
Cary D. Waters was elected a
meeting of the board held on Feb.
Co.—Earnings-
1941—Mon h—1940
2,605,677
2,132,090
$3,615,870
cludes subsidiaries.
Harrisburg Steel
Haverhill Gas Light
$2,681,960
nr~,
Interest
Dividend—^
Hamilton Cotton Co., Ltd.—Accumulated
Directors have declared a dividend of 75 cents per share on account of
accumulations on the $2 cum. sinking pref. stock, par $30, payable April 1
to holders of record March 15.
Dividend of $1.75 was paid on Jan. 2, last;
75 cents paid on Oct. 1, July 2 and April 1, 1940; and dividends of 50 cents
were paid in preceding quarters.
Accumulations after the current dividend
$3.p5 per share.—V. 151, p.
98,318
$3,424,399
Surplus of subs. not previously consolidated..
Credits to surplus
Gulf States Utilities
will amount to
89,957
■
Previous surpl us
1941
xl940
$1,742,174 $1,456,329
528,551
269,422
252,101
50,651
Gulf Mobile & Northern RR.
$3,100,000.—V. 151, p. 1130.
81,742
Expenses & local taxes..
Provision for bad debts-
10,698
170,816
RR.—Earnings—
Gulf Mobile & Ohio
January—
o2,067
69,281
$339,126
$158,863
52,830
payable.
34,600
miscell.
...
Total income
Audited accounts and wages payable
Miscellaneous accounts payable
1937
$3,479,330
28,174
38,222
$2,563,829
$3,290,591
$3,436,782
$3,540,663
Int., rentals and
....
...
Selected Liability Items—
Traffic and car-service balances
N. Y.
Gross
income
$543,534
1941
$53,500 first mortgage
1958 has been
179,603
45,575
Cash
Interest
1939
1940
1,
Co.—Bonds Called—
5% sinking fund gold bonds, due Oct. 1,
Helvetia Coal Mining
Dec. 31
Balance Sheet Items
Selected Asset Items—
Investments in stocks, bonds,
of affiliated companies
March
Financial Chronicle
1,
1950
(date of maturity of
old bonds) to be
mortgage.
lend to the company the amount needed
period (not more than five years) to
pursuant to the bond exchansre offer.
Galveston-Houston Co. will borrow the money from First National Bank,
Boston, and six banks in Houston, Texas, at an interest rate of 5% per
annum for a period (not to exceed five years) to be agreed upon depending
upon the amount of money to be borrowed.
The bank loan will be secured
by the pledge of, or an agreement to pledge, all the funded debt, notes
and capital stock of its subsidiaries, i. e.: the company, Galveston Electric
Co. and Texas Bus Lines owned and to be acquired by Galveston-Houston
Co., pursuant to the plan, as provided in an agreement made with the banks.
(4)
Galveston-Houston Co. will
(not in excess of $2,500,000) for a
redeem all old bonds not exchanged
For
the
agreement to make the
sum of $18,750.
loan,
Galveston-Houston Co. paid the
banks the
of its loan
principal
(5) Company will issue to Galveston-Houston Co. as evidence
a 5% promissory note, secured by the pledge of an equal aggregate
amount of first & refunding mortgage bonds, series B 4M%, due April 1,
1948, to be issued under the new mortgage securing the series A 5%
which note, together with the series B 4 % % bonds held as collateral for such
note, will be pledged by Galveston-Houston Co. as part of the collateral
for the bank loan. Such note will provide for principal payments of at least
$250,000 a year, payable semi-annually, which money will be applied
Galveston-Houston Co. to principal payments on its bank loan.
These
bonds,
by
amount of the
will be
the
the
principal payments will release an equal aggregate principal
pledged series B 4H% bonds, of which $100,000 principal amount
used each year to satisfy the sinking fund requirements under
mortgage
and $150,000 principal amount will be canceled, thereby improving
security of the series A 5% bonds.
The plan enables the company to eliminate its book investment
street railway property abandoned in 1940 and to effect a saving in
charges. Certain dividend and other restrictions will also be
the discharge of the old mortgage.
in the
interest
removed by
Volume
Che Commercial & Financial Chronicle
152
Pro Forma Income Statements Years Ended Dec. 31
1938
Operation
$3,179,917
$3,045,550
$3,232,766
350,811
-
$2,689,130
543,636
1,477,062
T?.tal
1,568,280
503,042
390,590
$3,330,090
1,612,455
473,739
427,513
$778,943
333,795
$770,854
334.205
$816,382
321,071
$445,148
$436,649
$495,311
Maintenance
a
Idaho Live Stock Lands,
1940
1939
Operating revenues: Bus department $2,199,071
Railway department_ _:
846,479
438.733
Taxes—General
Gross income before depreciation.
_
Depreciation d
Gross inc. bef. deduct, of int., &c__
150,172
Interest
c
1435
46,021
126,215
on equipment notes, &c
Maximum interest requirements
1941 to holders of record Feb. 19, 1941.
This brings to $23 per share the total of liquidating distributions to date
stock of $10 par value.
on
Illinois Bell Telephone
$323,074
Due to major street railway abandonments the company has no lia¬
bility for 1938, 1939 or 1940 Federal income taxes or for Federal excess
profits tax in 1940.
b These amounts have been accrued to provide a
reserve against which
property retirements will be charged as they occur.
Co.—To Pay $2 Dividend—
Directors have declared a dividend of $2 per share on the common stock,
payable March 31 to holders of record March 20.
Dividends of $2.50 was
paid on Dec. 14, last; $2 per share were paid in the three preceding quarters:
$2.50 was paid on Dec. 15, 1939, and previously regular quarterly dividends
of $2 per share were distributed.
Bonds Listed—
The Chicago Stock Exchange has approved the application of company
to list
Balance
Inc.—Liquidating Dividend—
At a special meeting held Feb. 18, 1941, the board of directors declared
Liquidating Dividend No. 4 at the rate of $5 per share, payable Feb. 28,
$50,000,000 first mortgage 2% % series A bonds, due July 15, 1981.
—V. 152, p. 1131.
a
The amounts
to
or
accrued equal the normal depreciation deductions claimed
be claimed on Federal income tax returns.
Special appropriations
so
from surplus in connection with the abandonment of portions of the street
railway property during 1938, and 1939 have been made in the amounts of
$250,000 and $425,000, respectively,
c On first and refunding mortgage
bonds, series A 5%, due June 1, 1950 to be held by public and 5% promis¬
sory note to be issued to Galveston-Houston Co.
Pro Forma Balance Sheet
as at
Dec. 31, 1940
[Adjusted to give effect to the plan of readjustment of the capital structure]
Assets—
Liabilities—
&
incl.
..$6,875 862
5,464
eqpt.,
Other investments
Cash..
250,666
Special deposits
28
Accounts receivable
Receivables from assoc.
20,988
7,384
92,251
10,793
cos
Materials and supplies
...
Prepayments
Equipment notes, pay.
Accounts payable
$2,000,000
a2,524,300
serially
878,314
100,208
13,774
Interest accrued
Other curr. & accrued 1 labs
...
Reserves..
19,4 87
1,634
1,613,160
Deferred credits
...
13,923
$7,263,437
Total
First and refunding mortgage bonds, series A 5%, due June 1, 1950 to
a
held
by public and 5% promissory note to be issued to GalvestonHouston Co.
The 5% promissory note will be secured by the pledge of an
equal aggregate principal amount of new first and refunding mortgage
bonds, series B 4 34%, due April 1, 1948.—V. 152, p. 1283.
Hussman-Ligonier Co. (& Subs.)—Annual Report—
Earnings for Year Ended Dec. 31, 1940
Net sales, exclusive of finance
Cost of goods sold
charges, distributors' earnings, &c. $2,761,686
2,015,644
expenses.
434,569
Selling, administrative and general
Other income charges
10,965
...
Net profit from manufacturing operations
Financial department operations
...
Net profit before provision for Federal income taxes
Provision for Federal normal income and defense taxes
$300,508
98,607
$399,115
Imperial Tobacco
Directors have declared
This will
1, 1940
$610,289
30,478
136,729
...
....
$443,081
$1.59
$244,667; notes and accounts receivable, $3,213,312;
inventories, $700,984; other current assets, $12,589; investments, $24,535;
property, plant and equipment, $473,086; patents, dies, patterns, &c., $1;
deferred charges, $52,118; total, $4,721,293.
Liabilities—Notes payable to banks (unsecured), $1,955,000; accounts
payable, $153,683; accrued liabilities, $137,907; deferred liability, $54,999;
reserves for losses, $113,788; unearned discount, $156,913; 5H% preferred
stock, $549,050; common stock (172,336]^ no par shares), $1,134,660;
earned surplus,
$443,081; capital surplus, $22,212; total, $4,721,293.
—V. 151, p. 553.
RR.—Official Promoted-—
The promotion of R. E. Connolly to Vice-President of this railroad was
announced on Feb. 23.
Mr. Connolly has been Treasurer of the company
became Secretary and Treasurer in 1933.
He will become
Vice-President on March 1 and will be in charge of the accounting, treasury
and
and secretarial departments.
Income Account Items for
December and 12 Months.
—Month of December—
1939
1940
Net ry. oper.
Other income
—Jan. 1 to Dec. 311940
1939
$14,638,099 $15,717,031
119,156
3,112,320
3,049,590
Total income—
$2,352,416
419,236
$1,934,482
$2,771,652
ncome...
$2,053,638 $17,750,419 $18,766,621
15,076
53,028
51,308
Misc. deduc. fr. income.
2,955
cents, plus
ordinary shares on
Telephone Corp.—Earnings—
1941
$152,411
148
of January—
Operating revenues
Uncollectible operating revenue
1940
$140,458
136
Operating revenues
Operating expenses._
...
—
$152,263
82,240
$140,322
Net operating revenues
i..
Rent for lease of operating property.
$70,023
50
26,753
$65,657
50
20,694
Operating
taxes
___
_
—
Net operating income
Net income.
—
...
$43,220
31,786
$44,913
32,019
74,665
—V. 152, p. 987.
Inland
Steel
Co.—Stock
Offered—Alex. Brown & Sons,
offered, after
the close of the market, a block of 10,000 shares of capital
stock (no par).
The stock, priced at 11M a share, does not
represent new financing.—V. 152, p. 830.
Paul H. Davis & Co. and associates on Feb. 26
Inspiration Consolidated Copper Co.—25 Cent Dividend
Directors have declared a dividend of 25 cents per share on the common
stock
payable March 25 to holders of record March 10.
Dividend of 50
paid on Dec. 24, last, this latter being the first dividend paid since
cents was
July 7, 1930 when 50 cents was also
distributed.—V. 151,
International Great Northern
Gross from railway
Net from railway
Net ry. oper. income—
—V. 152, p. 830.
1940
$932,457
92,769
def39,692
1941
$1,028,889
192,679
57,603
p.
3241.
RR.—Earnings—
1939
$962,298
102,154
def58,419
1938
$1,012,056
113,426
def65,944
International Harvester Co.—Annual Report—
of the report issued by the company for 1940 follows:
$4.11 per share of common
Net income was $23,161,110, equivalent to
stock, after provision for preferred dividends.
Because of the spread of war conditions during 1940 and the resulting
hazards and lack of information concerning operations of the company's
Consolidated Balance Sheet, Dec. 31, 1940
Assets—Cash,
since 1918
Ltd.—Dividends—
1940 of 22^
Month
A summary
Balance, Dec. 31, 1940
Earnings per share on common stock
Illinois Central
Canada,
of
final dividend for
bring payments on ordinary stock in respect of 1940 to 62
preceding years.—V. 150, p. 1438.
January—
$302,808
307,481
Total surplus.
Preferred dividends, $2.75 per share
Common dividends 80 cents per share
Co.
a
usual interim dividend of 10 cents, both payable on the
March 31, to holders of record March 7.
96,307
Net profit
Earned surplus, balance, Jan.
1938
$434,294
121,738
61,214
98,636
Taxes accrued
Capital surplus
be
Net ry. oper. income
1939
$428,522
112,212
57,499
1940
$525,708
180,010
103,137
—V. 152, p. 1284.
Indiana Associated
Capital stock ($10 par)
Long-term debt
..$7,263,4371
Total
Co.—Earnings—
1941
$500,798
163,473
88,704
cents a share, same as for three
Dated Feb. 1, 1941].
Prop., plant
intangibles
Illinois Terminal RR.
January—
Gross from railway
Net from railway
foreign subsidiaries, the annual report this year is presented on a non-con¬
solidated basis.
The assets of subsidiary companies are not included in
the report
as
heretofore, but in their place is included the dollar cost of
Harvester Co. in the capital stock of sub¬
the investment of International
sidiaries and advances to them.
therefore, reflects the profit derived
The 1940 income of the company,
from sales of the International Harvester Co. in the United States, profit
on sales to subsidiary companies and the dividends of subsidiary companies.
1940 profits of the changeover to a non-consolidated basis
slight.
Citing reasons for this slight effect on income, the report stated: "As
the dividends received during 1940 included practically all profits of sub¬
The effect on
was
sidiary companies which could have
been remitted, and as it has been the
practice in recent years when reporting on the consolidated basis to provide a
reserve against that part of the net income of subsidiaries not readily remittable, the effect on the net income of the changeover to a non-consoli¬
dated basis is slight."
Total 1940 sales of the company in the United States, and sales of prod¬
ucts manufactured in the United States to foreign subsidiaries amounted to
$274,682,000.
Sales to dealers and users in the United States showed an
increase of 33.4% over 1939 sales, when put on a comparable basis.
By
lines of products, tractor sales increased 66%, farm implements 24.5%,
motor trucks 16.1% and steel, binder twine, &c., 35.8%.
Total dollar sales by lines for the year were:
1940
1939
$81,192,000
Tractors
$48,924,000
58,702,000
82,525,000
25,609,000
47,139,000
~
Inc.avail.for fixed chgs $2,768,697
162,420
Rent for leased roads.
14,584
Inc.after fixed charges
tures &
$18,715,313
2,073,170
14,229,536
180,962
1,188,152
15,859
2,322,407
14,311,052
183,802
$1,383,368
$653,589
$880,130
$2,220,403
534,638
519,840
6,370,888
Cr31,892
6,488,720
1,208,325
Other deductions
Deprecia'n
$2,038,562 $17,697,391
..
Interest deductions
(way, struc¬
equipment)__
192,204
Balance Sheet Items Dec. 31
1940
Selected Asset Items—
Investments in stocks, bonds, &c., other than those
$3,197,508
of affiliated companies
Cash.
-
—
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net bal. receivable from agents and conductors—
Miscellaneous accounts receivable
Materials and supplies
12,215,288
721,795
20,048
1,508,036
1,326,378
5,936,419
6,439,330
453,369
receivable—
54,482
Other current assets
1939
Selected Liability Items—
Funded debt maturing within six months *
Traffic and car service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
liability—U. 8. Government taxes
Other than U. S. Government taxes
—
$3,608,800
2,041,871
5,446,317
216,357
1,569,026
2,314,539
39,535
512,331
$2,861,000
1,843,896
5,846,787
188,005
1,430,994
2,261,276
39,482
538,584
$12,139,976 $12,149,024
1,008,767
1,043,699
3,181,754
3,395,529
which will become due on account of principal of
long-term debt (other than current Account) within six months after close
of month of report.—V. 152, p. 830.
♦
Includes payments
Operating in other foreign countries
Sales to subsidiary
71,073,000
18,858,000
6,772,000
3,743,000
19,882,000
22,717,000
$274,682,000 $212,454,000
companies were on a cash basis payable in dollars.
Working capital of the company was increased by $18,696,000 during
the 1940 fiscal year.
This increase in working capital was due principally
to the net earnings retained in the business of $7,255,000, and to repay¬
by subsidiary companies of advances amounting to $11,086,000.
Discussing efforts to remove working capital of foreign subsidiaries from
possible effects of war, the report said:
"During 194G the subsidiary companies succeeded in remitting funds to
the United States in payment, not only for substantially all shipments of
ments
$151,290
13,958,584
643,695
18,219
1,079,449
1,320,503
9,122,916
5,998,194
451,175
47,784
$28,675,145 $32,640,519
Total current assets
Tax
Steel, binder twine, &c
Sales to subsidiary companies of products made
in the United States—Operating in Canada.
Grand total..
Federal income taxes—
Interest and dividends
Farm implements
Motor trucks
the
goods made to them from the United States during the year, but in addi¬
of the amount owing at Oct. 31, 1939.
These remit¬
tances from subsidiary companies resulted from a definite and successful
effort to keep the foreign investment in close accord with the reduced work¬
ing capital requirements resulting from restrictions affecting most foreign
operations.
A substantial part of the company's capital has thus been
removed from the possible effects of war and of exchange depreciation
and restrictions."
During the year $7,051,105 was transferred from surplus to a special
reserve for foreign investment,
bringing the total in this reserve up to
$30,000,000.
Discussing this reserve, the report stated:
"Five years ago, because of increasing exchange depreciation and re¬
strictions and possibilities of war. the board of directors began building up
on the parent company's
books a special reserve for foreign losses and
exchange fluctuations, shown in the consolidated balance sheets of 1936
to 1939.
The events of the last year make it clear that a larger reserve
ehould be carried against the many contingencies affecting the value of the
company's foreign investment.
War conditions not only involve exchange
losses and damage or loss of physical properties, but also will affect to an
unknown extent future operating conditions, markets and earning power, all
of which affect the net value of the company's investment.
"How large the reserve against the company's foreign investment should
be is, of course, debatable, but after careful consideration by the manage¬
ment and the board of directors, it was felt that this reserve should be
tion for a large part
The Commercial & Financial Chronicle
1436
Trustees
$30,000,000. or approximately equal to one-half of the total Investment in
companies doing business in foreign countries.
Accordingly,
the reserve previously accumulated has been increased to $30,000,000 by
a charge to surplus account.
"It should be pointed out that the reserve of $30X00,000 for foreign
investment is approximately equal to the cash dividends received by tne
company on its foreign investments during the last 12 years.
In addition
thereto, the company has earned a profit on goods manufactured in the
United States sold to foreign subsidiaries.
This export trade of the com¬
stockholders,
were
52,000, compared with 46,900 in October, 1939.
employees in the United States, exclusive of executive
$96,900,000, compared with $78,400,000 for the 1939 fiscal
year.
The 14 executive officers of the company received $560,000 in 1940,
compared with $512,000 in 1939.
Discussing the company's participation in national defense work, Sydney
G. McAllister, President, reported that crawler-type tractors, motor trucks
and special ordnance materials are now being manufactured
by the com¬
pany for the military services of the United States and for friendly foreign
Total payrolls to
was
<
fiscal year, which began
in business over the cor¬
responding quarter of the previous year, Mr. McAllister stated.
Income Account Years Ended Oct. 31 (Excluding Sub. Cos.)
Results of the first quarter of the present 1941
1, 1940, have shown a substantial increase
Protective Committee Asks
Nov.
a
securities, &c
subsidiary companies (less
taxes withheld at source)
...
3,446,673
Contribution to pension fund trustee
-------D/T ,910,617
Interest on receivables,
International
318,751
Dr665,575
Dr820,155
302,345
before prov. for Fed. income tax. 28,077,231
Provision for Federal income tax
5,151,121
5,287,810
1,411,000
22,926,110
3,876,810
235,000
1,076,000
3,000,000
23,161,110
86,207,074
7,952,810
90,763,708
109,368,184
5,717,068
10,188,568
Corp.—Earnings—
$46,595
1940—6 Mos.—1939
$94,466
$85,107
1940—3 Mos —1939
Net
profit
$49,588
Earnings per share--_$0.23
$0.24
$0.46
$0.42
x After depreciation,
amortization, Federal income taxes, &c.—V. 151,
p. 3563.
98,716,518
5,717,068
Miscellaneous credits
Vitamin
Period End. Dec. 31—
x
y
Dr 155,536
182.091
—
50 cents per share on the common
record March 15.
Previously regular
quarterly dividends of 37Yi cents per share were distributed.
In addition
extra dividend of $1 was paid on Dec. 16, last.
See also V. 151,p. 3241.
Dividends received from
Miscellaneous charges-..---
Salt Co.—50-Cent Dividend—
Internationa]
stock, payable April 1 to holders of
2,616,677
3,535,767
22,954,969
3,559,651
Net income from sales
fair and equitable plan of
Directors have declared a dividend of
274,682,399 212,454,166
Cost of goods sold
208,366,559 171,959,387
Selling, collection, administrative and gen. exps_- 34,403,129
29,462,769
Depreciation
- ——
6,707,742
6,665.333
Provision for losses on receivables
2,250,000
1,750,000
——
~
-
that it will appear on their behalf
that it will endeavor to formulate
reorganization.—V. 151, p. 3891.
man, states in a letter to bondholders
in the pending court proceedings, and
1939
$
$
dealers and users in the United States
248,028,605 185,993,730
subsidiary companies.-.
———
26,653,794 26,400,436
Total
for Proxies—
protective committee for holders of the bonds has
The committee, of which Lee S. Buckingham is Chair¬
The formation of a
been announced.
Net sales:
To
Cisalpina et al
Italian companies are
obliged to deposit in New York, with Bankers Trust Co. as trustee, prior
to each interest date, an amount in United States dollars sufficient to cover
the interest.
Because of exchange restrictions imposed by the Italian
Government, it has been impossible for the Italian companies to provide the
dollar exchange on the semi-annual interest payment dates commencing
July 15, 1940.
It is for that reason that interest on the bonds of Inter¬
national Power Securities Corp. has not been paid during the same period.
The corporation has been notified by the Italian companies that a
"counter value" in lire has been deposited with the Italian Government
Exchange Control Board, in an amount intended to provide the necessary
dollars as soon as the exchange restrictions are removed.
Statements received by this corporation from the Italian companies
indicate that the earnings are amply sufficient to meet the service of their
obligations, and that bonds in an amount sufficient to discharge the sinking
fund requirements of July 15 and Aug. 1, 1940 have been deposited in a
special account in Italy. Subsequent sinking fund payments have been met
by the deposit of bonds with the trustee in New York.
of the various indentures, the
Under the terms
the United States was
To
preferred stock and common stock of this company
of the corporation at Sept. 30,
notified on Feb. 24 that tne balance sheet
Impresse Elettriche and Societa Generale Elettrica
both subsidiaries of the Edison Co. of Milan, Italy.
$8,167,215,
1940
X of the United States
"Chandler Act") in the United
Chapter
Per
for the fiscal year 1940 was 17.5% greater than for
In October. 1940, the average number of employees in
powers.
for relief under
1940 shows funded debt in the aggregate sum of $16,855,000.
This debt
consists of three series of bonds, secured by obligations of Societa Volta
Average employment
^
applied
of the bonds.
Holders of bonds,
ixi tJ)ip 1930
officers,
N. Y.,
District of New Jersey. They believe this procedure
may afford the corporation necessary Court protection to await transfer
by the Italian companies to New York of the dollar credits for the service
has not only provided a
previous year.
1941
1,
Glen Cove,
Aldred,
E.
States District Court,
reasonable profit over the years, but has
of the overhead costs of United States factories, thereby
lowering the cost of producing goods for the domestic trade and has provided
additional employment in this country."
The report shows the total investment of the Harvester company in
subsidiary companies at Oct. 31, 1940, was $61,210,270.
Of this total, the
largest investments were in Canada, Eufope, Argentina and Australia,
and in the International Harvester Export Co.
The company's 1940 taxes were $14,062,000 compared with $8,938,000
the
John
follows:
as
Bankruptcy Act (generally known as the
absorbed its portion
Capital expenditures of the company for the fiscal year were
compared with $7,699,000 for the previous year.
are
Company President, and John J. Murphy of Kearney, N. J., a lawyer.
The board of directors, with a view to conserving assets for creditors and
subsidiary
pany
named
March
..
Iowa-Nebraska Light & Power
Co.—Sale—
approved the sale of the Nebraska
the Nebraska Consumers Public Power
District at a sale price of $19,465,000, subject to certain adjustments for
accounts and supplies.
The gas properties of the company in Nebraska are not affected by the
sale.
Also excluded is an electric power transmission line from Plattsmouth
to the Missouri River crossing.—V. 152, p. 123.
The Federal Power Commission has
Inc. from oper.
Net income from
x
operations
Other credits:
Reduction of reserve
a
b Reversal
electric facilities of the company to
Island Creek Coal
y Net income...- —
—
Surplus at beginning of ypar__--_
Total
-
-
-
$7 per share..
_
dividends
—
Transferred from reserve for special maintenance
Transferred to reserve for foreign investment-.---Preferred dividends at
Common
6,792,376
Cr9,500,000
7,051,105
9,500,000
(W. B.) Jarvis Co.—Earnings—
y
86,411,443
$4.05
a
For
losses
86,207,074
,
Nil
$4.11
Surplus at end of year
Earnings per share on common
Earnings per share on common
$0.53
(estimated excess of reserve applicable to
b Of 1938 provision for development and ex¬
authorized in 1938, expenditures charged to cost of goods
receivables
on
$
Assets—
46,718,804
Cash
c
$
48,331,754
Net
17,484,294
recelv'les.d95,121,153
Net Inventories- e96,810,799
Net
1939
$
25,171,033
75,814,120
e80,474,694
property-.fl01,968,980 101,271,264
61,210,270
72,271,521
Inv. in subs
brother assets--
1,592,213
1,854,848
Deferred charges
841,689
725,636
Divs.
37,989,666
24,711,295
1,429,267
Pref. stock div.-
1,429,267
Com. stock div.
1,698,094
$754,593
$501,099
90,000
$941,708
b213,000
stock-
$728,708
431,250
$622,593
600,000
$411,099
$1.73
on common
132,000
$517,686
262,500
profit
$2.08
$1.37
1,698,094
239,589
2,410.560
5,871,042
1,786,884
—
credits-
R68CrV6Si
Income Account
2,669,812
Dev. & ext.—
2,025,975
Firelnsur'ce—
5,372,396
For. Investm't 30,000,000
2,481,535
2,015,657
5,263,567
22,948,895
Pref. stock ($100
81,672,400
81,672,400
169,829,000 169,829,160
Earned surplus. 86,411,443
86,207,074
par)
$2.43
a
Federal
and
income
undis¬
for 6 and 12 Months Ended Dec. 31
1940—12 Mos.—1939
1940—6 Mos.—1939
Period Ena. Dec. 31—
Net income after all
charges
Spec'lmalnt--
225,000
300,000
$88,000 excess profits taxes,
b Includes surtax on
tributed profits $49,700.
Note—The company's fiscal year now ends June 30.
Accts. payable
h Def'd
$904,373
37,335
Includes
a
&c
subs
32,294
$500,465
shares
g Curr. Invoices,
to
36,570
$754,593
a280,000
Federal income taxes
Earns, per sh. on
$
242,332
633
Total income
Net
payrolls,taxes,
Marketable se¬
curities
a
1940
Liabilities—
$1,178,999
172,301
Other income
(Excluding Subsidiary Companies)
1939
1940
$709,336
$797,686
Operating profit
$1,043,851
257,087
32,171
$797,686
Depreciation
sold.
Balance Sheet Oct. 31
1937
1938
1939
$989,193
169,907
21,600
profit
Gross
receivables of prior years).
tension program
Years End. Dec. 31
6 Mos. End.
Dec. 31, '40
Period—
Sell. & adminis. expense
x
Co.—Output—
1941, this company mined 400,304 tons of coal.—V.
During January,
151, P. 3891.
$796,686
$322,918
$1,175,902
$754,593
280,000
517,686
53,700
269,218
360,500
815,402
132,000
622,593
$1.73
$0.90
$2.72
$2.08
ex¬
profit taxes
Net inc. after all charges
Equal to per share (300,000 shares)
cess
Except Federal income and excess profit taxes.
a
1 Common stock
Condensed Balance Sheet
421,748,202
Total
405,914,8701
Total
421,748,202 405,914,870
b Includ¬
ing investment in associated companies, $500,000 in 1940 and $550,413
in 1939.
c At lower of cost or market,
d After deducting reserve for
losses, 1940, $20,951,867; 1939, $19,498,486.
e After deducting reserve
a
Including employees, $111,083 in 1940 and $96,908 in 1939.
1940, $103,949,030; 1939,
$98,568,525.
g Including $612,287 in 1939 representing amounts pay¬
able to banks in foreign countries,
h Including in 1940 $363,226 and in
1939 $363,287 representing accumulated net gains from transactions in the
company's capital stock, principally in prior years.
I Shares of no par
value; issued, 4,409,185 shares, less in treasury, 163,460 shares in 1940,
and 163,456 shares in 1939.—V. 151, p. 2047.
of $22,000,000.
f After depreciation reserve:
Cash
Industries, Inc.—Earnings—
$49,164
4,462
4,973
Operating profit
Other deductions
(net)...
Reserve for Federal taxes.
Net income
$39,728
$0.10
—
a
Earnings per share
a
On 388,800 shares of common stock ($1 par).
Balance Sheet Jan. 31, 1941
Assets—Cash, $91,166; receivables (net), $136,894; inventories (less
reserve), $311,407; other assets, $54,662; property, plant and equipment
(net), $167,780; patents, trade-marks and goodwill, $1; deferred charges,
including dies, tools and molds, $37,888; total, $799,799.
Liabilities—Accounts payable, $142,025; taxes accrued and payable,
$14,760; reserve for loss on commitments, $1,925; reserve for Federal taxes,
$4,973; long-term bank loan, $75,000; common stock ($1 par), outstanding
388,000 shares, $414,126; capital surplus, $131,242; operating surplus,
$15,748; total, $799,799.—V. 151, p. 3090.
International
Power
Securities
Corp.- ■Trustees
Ap-
pointed by Federal Court—
Federal Judge Thomas Glynn Walker at Newark, N. J., Feb. 24, ap¬
pointed trustees on the company's application to reorganize under Sec. 10
of the National Bankruptcy Law.
503,012
$89,025
80,458
60,124
income taxes—
311,807
Cap. stock (par $1)
300,000
1,522,262
147,809
300,000
1,267,076
434,200
822,591
311,246
Land
$177,132
Reserve for Federal
Earned surplus
aBldgs.,mach'y &
equipment
Patents.-—------
1
1
Prepaid insurance.
9,712
10,497
Total
$2,391,659 $1,854,034
Total
$2,391,659 $1,854,034
After reserve for depreciation.
Dividend—
a dividend of 37 K cents per share on the common
7. This compares with
paid on Dec. 28, last; 37H cents paid on Oct. 10, June 28 and on
March 28, 1940; 50 cents paid on Dec. 28 and Oct. 7, 1939; dividend of 25
cents was paid on July 14, 1939, and a dividend of 50 cents was paid on
April 15,1939, on the smaller amount of stock then outstanding.—-V. 151,
Directors have declared
$215,078
165,914
Selling and general expenses
11,300
34,505
123,072
332,632
11,300
Accts. receivable.Inventories
Dec. 31 '40 June 30 '40
Accounts payable.
Accrued llabils—
40,156
37 YrCent
Earnings for the Period Aug. 1, 1940 to Jan. 31, 1941
Gross profit on sales
$907,826
val. of
life Insurance---
a
International
$693,639
surr.
Liabilities—
Dec.SI, '40 JuneSO'iO
Assets—
Cash
stock, payable March 14 to holders of record March
50 cents
p.3748.
Jerseyville & Eastern RR.—Acquisition and Operation—
The
Interstate Commerce Commission
on
Feb.
12 issued
a
certificate
authorizing the acquisition and operation by this company of part of a
line of railroad formerly owned by the Chicago Springfield & St. Louis Ry.
in Jerseyville, Jersey County, 111.
The line extends from the east right-ofway line of the Alton RR. to the east line of State St., approximately
0.4598 mile of main line and 1.0715 miles of side track, in Jerseyville,
Jersey County, 111.
The company was incorp. Dec. 18, 1940, in niinois, with an authorized
capital stock of $12,500, for the purpose of acquiring and operating the
line in question.
The Interstate Commerce Commission on Feb. 12 also authorized the
road to issue not exceeding $6,500 of common stock (par $100), to be sold
at par and the proceeds used in connection with the acquisition of the
railroad
as
mentioned above.
Justrite Manufacturing
Co,—Earnings—
1940
$23,940
6 Months Ended Dec. 31—
Net income before Federal taxes
—V. 152. p.
681.
•
1939
$28,121
Volume
The Commercial & Financial Chronicle
152
Kansas City Public Service Co.—Earr ings—
m
Period End. Dec. 31—
Operating
3547,307
426,012
5,916
expenses
General taxes
Social security taxes
10,210
Depreciation
65,956
Laclede Gas Light
Calendar Years—
1940—12 Mos.—1939
1940—Month—1939
Total oper. revenue
$560,819
427,211
Crll,415
10,201
69,221
$6,236,768
5,132,145
232,340
122,686
830,362
$6,261,518
5,144,739
219,536
125,192
782,270
$39,211
62
Int.
on
Net
x
loss
x$80,765
1,402
2,365
$65,699
4,643
14,265
260,764
x$8,817
46,692
186,667
96,420
x$78,400
446,248
14,265
335,704
$27,431
bonds
RFC obligations.
Other fixed charges
on
~x$10,220j
$39,273
3,742
15,898
47,063
Gross income
Interest
$65,602
98
$213,972
Total
2,952,439
1,201,747
303,499
523,096
$7,120,731
3,117,349
1,193,010
313,604
511,650
$7,028,729
3,142,446
1,133,097
327,200
504,284
$7,307,934
3,014,574
1,183,699
$2,341,816
2,116,942
$1,985,119
2,119,897
$1,921,702
2,148,148
$2,268,480
2,144,787
$224,874
-
expense
x$l34,779
x$226,446
$123,593
$7,322,598
.
Maintenance expense.
Retirement expense
Operating profit
Net income
Loss,
x
y
Comparative Balance Sheet Dec. 31
direct
Property,
$573,495
$539,026
$6,545,235
$6,313,031
203,591
2,555,119
704,273
660,000
4,447
2,566,665
883,786
660,000
5,349
$2,621,396
6,605
$2,197,231
6,924
55,000
Amort, of ltd-term inv-
330
391
Net oper. revenues.._
$263,948
4,873
$219,179
$268,821
45,000
15,000
18,174
Crl98
$223,306
60,000
15,000
8,616
Cr579
$2,628,001
658,500
$190,845
$140,269
$1,587,516
520,784
Direct taxes
50,626
7,900
7,900
1,232,581
A ccts. receivable.. 1,124,298
890,143
955,729
351,700
1,066,696
1,530,330
5,000
co_-
Cash
Unbilled Income..
366,700
Inventories
Other income (net)
4,127
874,722
1,335,243
Deferred charges..
Accounts payable.
Payrolls payable..
330,519
79,840
308,301
77,541
Accrued accounts.
1,080,723
1,020,204
47,171
138,622
Matured interest..
Consumers'
Refunds
on
Y
mtge. bonds....
Int.
on deb. bonds
Other int. & deductions.
Int. charged to construe.
180,000
202,348
Cr363
con¬
income
Balance
.
1,827,398
unadj. cred's
18,4 89
Capital surplus... 6,152,164
M lsc.
Earned surplus.--
$1,191,532
520,784
$1,066,732
no
excess
profits
are
indicated.—V. 151, p. 3892.
Kansas City Structural Steel
Years Ended Dec. 31—
Bills
rendered
Co.—Earnings—
1940
1939
1938
Lake
$1,442,229
$2,614,251
$2,161,317
Cost of bills rendered
1941
$30,929
def43,097
def63,838
__
1,497,056
Gross profit
1,248.454
2,147,073
1,724,454
$270,961
$193,775
$467,178
$436,863
169,495
30,803
40,983
Crl85
161,667
30,506
40,144
Cr729
170,439
34,998
40,478
1,145
162,842
27,342
33,449
176
$29,865
x$37,813
$220,117
ministrative expenses.
Provision for deprec'n..
Taxes, excl. Fed. income
Bad debts (less recoveries)
Profit..
3,284
3,419
9,653
Stockholders voted
,
holders
was
on
Net operating profit..
$34,205
19,978
Other expenses (net)
x$34,529
19,604
$223,536
46,766
$222,706
16,063
33,500
$143,271
30,000
$204,642
500
State income taxes
income
$13,727
Preferred dividend
.
-
Loss.
on
Balance Sheet
as
Liquidate—
650
The vote of the stock¬
men.
until the liquidation is completed.
They estimated this would take six weeks or more.
No definite decision
has been reached on how the liquidation will be accomplished.
Offers have
been received from prospective purchasers, it was said, and the plant may
be sold as an operating unit.
Officials said the liquidation was due to in¬
ability to obtain raw materials and failure to realize a profit on sale of steel
at market prices.—V. 150, p. 3980.
Lehigh & Hudson River Ry.—Earnings—
1938
1939
$137,953
48,623
21,348
1940
$133,020
40,410
14,788
1941
$161,275
56,339
25,598
January—
railway
Net from railway
Net ry. oper. income
—V. 152, p. 832.
$106,816
28,985
3,736
2,000
x$54,133
45,000
Provision for Federal and
Assets—Cash
$34,140
def49,33S
def70,481
Feb. 20 to liquidate the concern and close its plant
The plant employs about
unanimous.
Gross from
1
1938
1939
$23,562
def41,432
def78,966
Officials said operations would continue
Other operating revenue
(sale of scrap)
Lebanon.
at
$213,053
4,340
Selling, general and ad¬
x
64,095,145 64,235,888
1940
$29,560
def45,691
def66,888
Lebanon Steel & Iron Co.—To
on
completed contracts..
Net
Total
Superior & Ishpeming RR.—Earnings—
January—
railway
Net from railway
Net ry. oper. income—
—V. 152, p. 1133.
Gross from
com¬
pleted contracts
64,235,8881
1937
$1,768,016
on
64,095,145
20,980
6,245,588
2,816,748
3,015,646
Represented by 107,000 shares ($100 par).—V. 151, p. 2802.
x
$670,748
Note—No provision has been made for Federal excess profits tax, since
1,479,302
2,151,880
1,479,302
Reserves
Total
Net
Dividends applicable to pref. stocks for the period
39,911
141,600
depos.
to
sumers
Gross income
Int.
$
2,500,000
2,500,000
x Common stock.. 10,700,000
10,700,000
Funded debt
36,000,000 36,000,000
City of St. Louis
729,551
gross receipts tax
729,551
equipment
57,605,228 57,872,907
Special deposits— 1,548,472
1,555,482
Adv. to alfil.
1939
$
Liabilities—
Preferred stock.—
$2,204,155
720,000
180,000
113,255
Cr632
res. approp
206,356
58,100
55,000
Prop, retire't
$
plant &
Investments
taxes
1940
1939
$
Assets—
1940—12 Mos—1939
333,089
508,091
After deducting refunds to be made.
1940
1940—Monti*—1939
Operating revenues
Operating expenses, excl.
_
Deductions from income
~~ $338^598 ~~$874,618
Co.—Earnings—
1938
1937
,668,178 y$6,950,136
360,551
357,798
1939
1940
revenue
Operating
Loss.—V. 151, p. 3892.
Kansas Gas & Electric
Period End. Dec. 31—
Co.—Earnings—
Operating revenues
$6,947,728 y$6,753,943
Non-operating revenue.
374,870
366,788
Taxes
Operating income
Non-operating income.'
1437
at Dec. 31, 1940
hand and in banks, $34,279; customers' notes, $2,018,
Lehigh & New England RR.—Earnings—
January—
1941
Gross from railway.$360,801
Net from railway.147,458
Net ry. oper. income...
110,672
—V. 152, p. 832.
-YCv''\'v '■
1938
1939
$283,719
77,254
68,918
$254,691
34,539
34,152
1939
$3,354,070
1,165,717
635,618
1940
$370,168
139,884
105,772
1938
$3,665,234
811,794
276,146
V'
and accounts receivable
(less reserve of $2,838), $265,823; sundry accounts
receivable, $6,957; inventories, $635,721; sundry notes and accounts re¬
ceivable, $60,409; investments, $51,510; plant and equipment (less reserve
for depredation of $1,031,797). $519,311; prepaid expenses and deferred
charges, $5,350; total, $1,579,359.
Liabilities—Notes payable (banks), $225,000; accounts payable (trade),
$137,341; accrued expenses, $36,040; provision for State income taxes, $500;
first mortgage 5% income bonds, due Aug. 1, 1944, $217,437; 6% cumu¬
lative preferred stock (par $100), $750,000; common stock (7,447 shares
no par),
no value; surplus (earned since date of reorganization, March 1,
1935. less deficit at such date), $213,041; total, $1,579,359.—V. 150,
p. 128-1. -
Kansas Electric Power Co.—To Issue New
Lehigh Valley RR.—Earnings
January—Gross from railway
Net from railway..
Net ry. oper. income
—-V.
ferred stock.
or
Shares not taken under the exchange offer are to be offered
publicly through underwriters.
The names of the underwriters are to be
furnished by amendment.
The proceeds, together with other funds of the company, will be used for
the redemption of unexchanged shares of the 7% preferred stock and 6%
junior preferred stock.
The voting rights proposed to be accorded the 5% preferred stock will
have the effect, in certain contingencies, of decreasing the voting power of
the shares of common stock of the company now outstanding.—V.
151, p.
152, p. 682.
$9,648,670 $17,917,462
2,323,059
2,124,960
$18,136,964 $13,203,585
$7,325,611 $15,792,502
86,947
117,391
63,812
99,162
Net mfg. profit
89,340
45,177
559,729
Interest earned..
Royalties,
rentals,
properties income
Kansas Oklahoma & Gulf
earned
Net loss of wholly owned
subsidiaries
1941
$203,787
120,708
82,238
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 832.
1940
$206,242
124,596
88,409
1939
$220,774
140,712
100,289
dl8,191
Dr74,363
Dr40,118
cDrl87,387
$13,938,916
$7,856,743
$16,579,534
3,247,513
2.319,641
750,000
2,975,910
141,832
add'l res. for
invest, in other corps.
for
Prov.
Loss
1938
$193,203
102,425
69,201
330,000
206,900
Kroger Grocery & Baking Co.—50-Cent Common Div.—
a
dividend of 50 cents per share on the
common
17 to holders of record Feb. 28.
Dividend of 60
paid on Dec. 2, last; 50 cents on Sept. 3 and on June 1, last, and a
dividend of 40 cents was paid on March 1,1940.—V. 150, p. 1132.
stock, payable March
cents was
La Luz Mines,
Ltd.—Earnings—
Earnings for the Quarter Ended Dec. 31, 1941
Tons ore milled
(gross)
Marketing charges
Metal production
-
79,845
$644,298
11,854
Operating and administrative costs
Reserve for depreciation and deferred development
Estimated net profit
$632,444
215,676
89,616
$327,151
—V. 151, p. 3893.
Lane-Wells Co.—Acouisition—
Company has purchased from Fred P. Spraul and Roy R. Renouf, the
patents, packer and liner-hanger stocks, and goodwill of Olympia Packers
and Liner Hangers, according to Rodney S. Durkee, President of this
company.
The newly
acquired line will be known as Lane-Wells "Olympic" packers
and liner hangers and will be sold and serviced through the Lane-Wells
branch offices in California and the Mid-Continent and Gulf Coast fields.
Manufacturing will be transferred from the Olympic Products plant, Los
Angeles to the Lane-Wells Co. plant at Los Angeles.—V. 151, p. 3092.
64,500
167,035
392,000
63,059
on
disposal of equip.
ll",898
38,582
1,675,000
"lb",244
23,260
78,570
500,000
141,044
770,000
b2,200,000
General* contingencies..
190,438
Empl. stk. subscriptions
Federal income taxes
c5,125,000
$9,992,766
8,760,370
profit
Dividend
$3,930,460 $10,518,918
3,131,849
9,959,936
$8,062,753
6,881,940
$558,982
$4.19
a After
deducting materials used, labor, manufacturing expenses and
adjustments of inventories,
b Includes provision of $150,000 for esti¬
mated surtax on undistributed profits,
c Including subsidiary's loss on
sale and demolition of capital assets of $155,764.
a Net profit from sale
or liquidation of investments in other corporations, including subsidiaries,
$1,232,396
$3.97
Balance, surplus
Earned per share
e
$798,611
$1.57
$1,180,813
$3.21
Includes $1,625,000 excess profits tax.
Balance Sheet Dec. 31
1940
a
$
16,305,797
797,382
785,455
Land, bldgs., &c.14,892,611
Gas properties
10,353,244
Cash
Notes & acc'ts rec.
3,294,524
7,330,401
Inventories
Plant
8.871,166
2,277,423
6,055,979
2,292,199
5,613,076
1,895,172
2,074,927
&C-. 3,133,492
2,964,354
16,464,837
7,840,731
Acc'ts payable, &c.
Accrued taxes, &c.
for
tingencies,
con¬
Earned surplus...17,697,234
Paid-in surplus—
lmpt. & re¬
1939
$
$
stock..15,723,937 15,707,863
Liabilities—
b Common
Reserve
1,500,000
U. 8. Gov't sees..
1940
1939
$
Assets—
Net
355,849
104,160
&c
Net
Directors have declared
391,768
216,344
6,078
143,677
225,832
93,712
38,398
62,548
..$19,260,311
Selling, adv., adminis.,
3,248.171
general, &c., expenses
Cost of patent licenses..
Total income
off,
Ry.—Earnings—
179,358
7,918
101,428
13,531
135,452
Other income
Discounts
401,797
&c.,
income
Gas
58,409
60,782
261,928
Dividends received.
Federal capital stock tax
Patent acquisitions ch'gd
2944.
1937
1938
1939
1940
Calendar Years—
Mfg. profits
$19,947,647 $15,323,147
Deprec. on mfg. props..
1,810,683
2,119,562
a
Preferred—
has filed with the Securities and Exchange Commission
application (File 70-260) regarding the proposed issuance
and sale of 26,450 shares of 5% cumulative preferred stock ($100 par).
The company proposes to offer to holders of its outstanding 7 % preferred
stock and 6% junior preferred stock the privilege of exchanging their
shares for the new 5% preferred stock on a sharerfor-share basis plus cash
equal to the difference between the redemption price of the outstanding
preferred stocks and the initial public offering price of the new 5% pre¬
declaration
1940
$4,339,617
1,373,887
787,998
Libbey-Oweng-Ford Glass Co.-"Earnings—
The company
a
1941
1941
$4,160,260
1,354,626
820,445
7,951,561
placement fund. 10,377,456 10,694,213
Investments
2,702,843
736,539
Other assets
821,126
876,432
Empl. stk. subscr.
69,608
Deferred assets—
272,306
82,545
262,334
Total...
a
After
52,411,501 46,947,884
depreciation,
Total
52,411,501 46,947,884
by 2,515,830 no-par shares
1939.—V. 152, p. 1285.
b Represented
1940 and 2,513,258 no-par shares in
in
The Commercial & Financial Chronicle
1438
Lehman Corp.—To Purchase
The
Securities
Directors have declared a dividend of 25 cents per
stock, payable March 31 to holders ol record March
first dividend paid in some time.—V. 151. p. 990.
Corp.—Applications Withdrawn—
Net ry. oper.
—V.
Gas
Corp.
Application of Lone Star Gas Corp. with respect to the acquisition of
common stock of Community Natural Gas Co. in connection with the
above.—Y. 152, p. 1133.
def51,691
income
Long Island Lighting Co.—Annual Report—
Barrett, President. Both in 1939 and
the company set aside .$576,000 from net income, by order of the
Commission, which was invested in new utility plant.
Mr. Barrett reported, "No dividends were paid because of the necessity of
using all available funds in the business. We were glad to obtain so many
new customers, but needed large new investments for facilities to take care
of them.
Some expansion and replacements were also required to keep up
with the increased use of our service by existing customers. The total cost of
absolutely necessary additions during the year was $2,589,570. Neverthe¬
less, we have bren required to defer certain profitable projects because
additional funds
were not
available.
"The company also reduced its notes
payable by $815,000.
There has
been no practicable source of sufficient funds for these purposes, except
from the company's operations.
In the meantime, by the reinvestment of
its earnings, the company is steadily building up its surplus accounts and the
value behind its stocks, and is putting itself in better financial
condition."
Declaring that company's territory continues to show a remarkable
population increase, Mr. Barrett continued, "We added 6,296 electric
customers and 3,780 gas customers to our lines in 1940, with practically all of
this growth in the residential class.
by the company in
Taxes continued
one year since
Louisiana & Arkansas
This addition
was
the largest experienced
come."
1940 taxes totaled $2,059,641, compared with $1,830,366 the year
before.
Consolidated Income Account for
Calendar Years
1938
1939
1940
1937
Operating revenues—
From sales of electric
$13,456,192 $12,724,898 $12,403,396 $11,951,105
9,239,275
8,840,622
8,655,105
8,278,025
155,351
163,467
134,612
184,912
energy
From sales of gas
Miscellaneous
Totaloper.revenues._.$22,850,818 $21,728,987 $21,193,113 $20,414,044
Operating expenses
9,763,400
9,124,790
9,266,157
9,290,341
Premiums for officers &
employees pensions.-.
Maintenance-
1,561,784
2,012,950
1,663,689
2,299,429
Depreciation
Taxes (incl. provision for
Federal income tax)..
1,698,533
1,711,746
3,464,409
3,217,751
2,803,671
Operating income
$5,380,923
Non-oper. income (net) J>
Dr9,505
$5,565,055
Dr5,669
$5,298,926
17,377
$5,390,501
15,944
$5,371,418
2,707,467
424,818
$5,559,386
2,725,577
515,469
$5,316,303
2,710,876
533,472
$5,406,445
2,634,582
626,798
60,071
45,904
28,921
70,380
^
173,671
$587,444
183,512
92,643
Light Co.—Earnings
1940—12 Mos.—1939
1940—Month—1939
$755,161
$736,192
$8,269,556
$7,644,920
384,157
149,471
67,256
347,270
92,860
79,545
4,360,188
1,153,362
806,998
3.945,739
941,242
769,015
$154,277
$216,517
1,940
$1,949,008
11,532
$1,988,924
11,504
$218,457
$1,960,540
72,947
7,730
875,230
79,829
Crl,919
$2,000,428
875,433
80,791
Cr3,225
$75,742
$137,780
Dividends applicable to pref. stock for the period.
$1,007,400
356,532
$1,047,429
356,532
$650,868
$690,897
Operating revenues
Oper. exps., excl. direct
taxes.
Direct taxes
Net oper. revenues—
Other income (net)
1,102
$155,379
72,928
7,026
Gross income
Interest
on
mtge. bonds,
Other int. & deductions.
Int.
charged to construe
0317
.
Net income
Balance
Note—Above statement includes provision for
Federal
December, 1940, and $42,205 for the
Dec. 31, 1940—V. 151, p. 3893.
of $30,901
for
Louisville & Nashville
January—•
Gross from railway.....
Net from railway.
Net ry. oper. income...
—_
—V.
excess profits tax
12 months ended
RR.—Earnings—
1940
$8,653,490
2,213,269
1,432,260
1941
$9,122,029
2,759,511
1,848,437
1939
$7,464,607
2,063,596
1,374,036
1938
$6,578,599
1,129,619
559,049
834.
152, p.
McKesson & Robbins,
Inc.—Trustee Sues—
William J. Wardall, trustee, filed suit, Feb. 24, in the New York Supreme
Court for $1,241,370 against the legatees and trustees of the estate of the
late Oliver Gould Jennings, who was a director of the company from Sept.
He died on Oct. 13, 1936.
the charge that Mr. Jennings as director had
$399,750, which impaired the capital, and had
permitted the crude drug department and the Canadian subsidiary to be
used in the fictitious transactions by which the late F. Donald Coster de¬
frauded the company.
These transactions resulted in losses of $841,620 to
the parent Maryland company and its Connecticut subsidiary up to April 28,
1936, the complaint charged.
The defendants asked dismissal of the suit under the statute of limita¬
tions.
They declared also that the estate had been distributed under order
of the Probate Court of the District of Fairfield, Conn., which had set a
time limit ending on April 19. 1937, for filing of claims against the estate.
The legatees named are: B. Brewster and Lawrence K. Jennings, sons;
Mary Brewster Jennings, widow; Kate Prentice Jennings and Beatrice
Black Jennings.—V. 152, p. 1286. M
28, 1928, to April 28, 1936.
The suit
for
voted
336,195
1,224,538
1,368,796
3,743,377
1939
1940
$686,483
246,417
139,59?
1941
$787,272
329,433
Louisiana Power &
a
than $8 per share of preferred stock or 68 cents per share of common stock,
"has doubled in the last four years, and now greatly exceeds our net in¬
def63,211
Ry.—Earnings—
.
Period End. Dec. 31—
1930."
"relentless upward trend," Mr. Barrett stated, with
most of the increase in Federal income taxes. He said that the heavy burden
of taxes for the Long Island Lighting Co., which was equivalent to more
1938
$1,744,527
232,620
152, p. 834.
January—
Gross from railway
Net from railway
Net railway oper. income
—V. 152, p. 834.
stockholders Feb. 24 by Edward F.
in 1940,
1939
$1,825,775
265,015
def97,964
1940
$1,867,661
1,275,198
def37,662
1941
$1,883,197
326,561
Prop, retire, res. approp.
Net income of the company for 1940 amounted to $1,572,630, compared
with $1,425,419 in the previous year, according to the annual report sent to
This will be the
20.
Long Island RR.—Earnings—
•January—
railway
Net from railway
Gross from
drawal of the following applications and declaration (File 70-126) of Lone
Star Gas Corp., Texas Cities Gas Co. and Community Natural Gas Co.
Application of Texas Cities Gas Co. for approval of the sale of its utility
properties and assets to Community Natural Gas Co.
Application of Community Natural Gas Co. regarding the acquisition
of utility properties and assets of Texas Cities Gas Co.
Declaration of Community Natural Gas Co. regarding the creation and
issuance of 40,000 shares of common stock ($100 par), part of which were
to be used in payment for the utility properties and assets of Texas Cities
Gas Co. and part to be issued to I one Star Gas Corp. to be credited, at
par value, on the notes of Community Natural Gas Co. held by Lone Star
share on the common
*
Exchange Commission has consented to the with¬
and
1941
1,
Leland Electric Co.—2o-Cent Common Dividend—
Own Stock—
The Securities and Exchange Commission announced Feb. 27 that a
hearing has been set for March 6 in the Commission's Washington offices
on the application (File 812-125A3) filed under the Investment Company
Act by the corporation for an order permitting it to purchase a maximum
of 15,000 shares of its own capital stock.
The shares are to be purchased
during the next 90 days from persons not affiliated with the corporation's
management.—V. 152, p. 1133.
Lone Star Gas
March
was
a
based
dividend
on
of
MacKinnon Steel Corp.,
The directors have declared
a
Ltd.—Accumulated Dividend—
dividend of ^1.25
per
share on
cents was paid on March 15, 1940, and dividends of
paid in nine preceding quarters.—V. 151, p. 3094.
Dividend of 87
Gross income
Int. on long-term debtb Interest
_
Miscell. deductions, incl.
Balance
$2,179,062
$2,272,439
$2,043,034
$2,074,684
850,916
850,916
850,916
850,916
$1,328,146
Approp. to surplus-576,000
$1,421,523
576,000
$1,192,118
544,000
$1,223,768
$845,523
$648,118
196,241
$1,223,768
457,851
403,027
Mack
Trucks, Inc. (& Subs.)—Earnings—
Calendar Years—
Net sales
a
Net profit
a
—.
1940
1939
$44,052,346 $35,569,455
1,805,821
682,987
$3.02
$1.14
After all charges, depreciation and Federal income taxes,
shares of
$1.75
no
par
value
common
b On 597,335
stock.—V. 151, p. 3401.
940,396
Divs. paid or declared on
Maine Central RR.-
prer. stock of sub. cos.
held by public-
Net inc. for the year—
a
were
b Earnings per share
minority interest
account
of accumulations on the 7% cum. pref. stock, par $100, payable March 15
to holders of record March 1.
Like amount was paid on Dec. 15, last.
-Earnings—
Month of January—
Divs.
on
Divs.
on
a
—
$752,146
7% cum.pf.stk
6% cum.pf.stk.
Invested in
new
...
—
utility plant,
— —
b Includes amortization of debt discount
and expense and premium, less interest charged to utility plant.
1940
"
$521,566
Utility plant—
Capital stock expense
Other physical property
Special deposits and funds
—
Miscellaneous investments
Cash
Accounts receivable.
Materials and supplies
—
Prepayments, insurance, &c
$647,965
utility and in proceedings before the Commission
1,784,534
97,031
1,978,279
103,881
.*
—141,831,292
Manchester Terminal
Corp.—Earnings—
1941
Marion Reserve Power Co.
Periou Ena. Jan. 31—
Total operating revenues
7,475,000
17.912.300
3,000,000
7,475,000
17,912,300
3,000,000
120,444
13,841,500
60,006,700
6,525,000
117 575
13,841 *500
61,001,100
7,160,000
841,986
212 616
—
.
advances for construction of services..
Consumers'deposits
Interest and taxes accrued.
Undeclared cum. divs. on pref. stk. of subs
Reserve for depreciation.
------
Unamortized premium on long-term debt
Contributions in aid of construction
Revs.
&
int.
thereon
held
in
suspense
Miscellaneous
Premiums
on
reserves.
__
preferred stocks sold
Appropriated surplus invest, in
new
property
Earned surplus
Total.
x
—
209,812
3,293,504
2,568,224
2,212,174
10,837,856
173,786
2,271,672
324,414
388,953
164,498
3,536,000
5,974,424
141,831,292
Represented by 3,000,000 no par shares.—V. 151, p. 2650.
3,376i920
2 234 017
1 620 180
9*.512',832
on
on
2 163 612
'
154,252
367,978
164 498
2 960 000
5,1831665
139,43691 <?
$283,491
1,792
$285,283
330,293
119,039
18,325
$3,404,909
1,475,981
245,068
$3,157,579
1,389,632
215,765
176,412
90,755
191,391
278,176
207,311
excess
res.
11,854
36,231
mortgage debt..
serial notes
$85,380
22,604
2,807
$93,547
31,354
2,125
$961,392
276,500
34,405
$1,000,311
376,250
1.695
3,076
39,173
37,345
$58,273
13,461
$56,992
$611,314
14.128
160,863
$560,666
169,219
$44,812
$42,864
$450,451
$391,447
taxes
ProV. for retirement
Net
1941—12 Mos.—1940
$3,379,715
$3,136,733
20,845
25,195
$319,910
1,805
11,728
13,604
29,039
profit
earnings
26.050
Amort, of debt disc't and
exp.& oth. deduc.
Net
Div.
(net)1
income
accr. on
136 915
'
pending
ratedecision
Federal income &
Int.
-Earnings
1941—Month—1940
35,790
General taxes
Int.
$30,281
$321,716
130,092
22,369
Operation
Maintenance
995,031
1940
$72,674
6 Months Ended Jan. 31—
Net loss after all charges
—V. 141, p. 2439.
Liabilities—
Customers
$48,686
-V. 152, p. 834.
139,436,946
Series A 7% cum. pref. stock ($100 par)
Series6% cum. pref. stock ($100 par)
x Common stock
Minority int. in common stock and surplus of
subsidiary companies
Preferred stocks of sub. cos. held by public.
Long-term debt
Notes payable----Accounts payable
616,893
$263,410
Non-operating income..
Total
""$665,579
384,555
Net income....
Deferred expenses in connection with inventories of
Other deferred charges
$548,191
117,388
Net ry. operating income
Other income
Deductions (rentals, interest, &c.)
1939
$
$
129,596,177 127,116,046
1,882,614
1,882,614
1,172,847
1,184,963
1,162,310
1,059,709
17,964
50,503
820,930
1,049,735
3,261,139
3,066,608
1,927,544
1,838,931
108,202
105,675
•
301,969
215,469
Dr28,323
>
.
Equipment, rents—Dr..
Joint facility rents
Total income
Consolidated Balance Sheet Dec. 31
0
</\.sscts
$1,093,952
320,526
234,114
Crl5,495
126,399
Taxes.
trans¬
ferred to surplus.
$4,079,408
2,985,456
$1,060,711
Net operating revenue
Balance of inc.
1940
1941
$4,224,112
3,163,401
Operating revenues
Operating expenses
$5 pref. stk
Bal. avail. for
com.
stk
—V. 152. p. 989.
Marshall Field & Co., Inc.—Slock Offered—A group of
Chicago dealers headed by Central Republic Co. of Chicago
on Feb. 25 offered a block of 34,000 shares of common stock
(no
pari after the close of the market at 14^.
It is
the offering represented British holdings.
that
^
believed
Volume
The Commercial &
152
To Stabilize Price
Minneapolis & St. Louis RR.—Earnings—
of Common—
Republic Co., Chicago, has filed with the Securities and Ex
change Commission on behalf of all the members of the stabilizing group a
notice of intention to stabilize the price of the common stock on the N ew
York Stock Exchange and the Chicago Stock Exchange to facilitate an
offering of 5,000 shares of that stock.
According to this notice, the offering was first made after the close of the
New York Stock Exchange on Feb. 18, 1941 at the last sale price of the
stock on the New York Stock Exchange on that date.—V. 152, p. 1287.
Centra]
Net ry. oper.
—V.
152, p.
See list given on
Trust—Registers with SEC—
first page of this department.—V. 152, p.
684.
Minneapolis, St. Paul & Sault Ste. Marie
[Excluding Wisconsin Central
of January—
$977,574
40,582
Freight revenue
Passenger revenue
Total
90,698
5% cum.
89,428
$1,096,126
Maintenance of way and structures expense
March 15 to holders of record
March 6.
Maintenance of equipment
3566.
to $2.50 a share.—V. 151, p.
186,208
215,388
34,828
567,886
56,067
Traffic expenses
Transportation expenses
General expenses
$48,476
Net railway revenues
Withdrawn—
Metropolitan Edison Co.—Applications
with¬
(File 32-166) of Metropolitan Edison
and Exchange Commission
Securities
drawal of the following applications
Co. and Northern Pennsylvanai Power
has consented to the
Co.:
the assumption of
of Metropolitan Edison Co. regarding
the following bonds:
Application
liability
on
(a) Sayre Electric Co., 1st mtge. 40-year 5%
April 1, 1947..—
(b) Northern Pennsylvania Power Co., 1st and
$277,500
refunding mtge.
1,369,900
gold bonds, series A, 5% due June 1,1956
5% series due 1962--
2,089,600
Applications regarding the transfer by Northern Pennsylvania Power
Co. to Metropolitan Edison Co. (as a part of a plan of merger involving the
transfer by Northern Pennsylvania Power Co. of all of its property and
(c) 1st and refunding mtge. gold bonds,
securities:
VaLey Co. (now NY PA N J Utilities Co.) 6% debentures of
franchises to Metropolitan
(1)
Mohawk
Edison Co.) of the following
2031 in the principal amount
of $53,300.
(2) Mohawk Valley Co., 61% consolidated refunding bonds of 1981 in the
principal amount of $406,100.
(3) Waverly Electric Light, Heat & Power Co., 600 shares of common
stock, having book value of $100,000.
(4) J. P. Ward Foundry Co., 10 shares of 6% cumul. pref. stock (par $50).
(5) The Utility Management Corp., 1,840 shares of common stock.—
V. 152. p. 1134.
Merrimack Mfg.
a
dividend of $5 per share on account
of ac¬
3 to
last,
the 5% cumulative preferred stock, payable March
holders of record Feb. 27.
Dividend o* $7.50 vas paid on Dec. 20,
on
paid on March 1,1940. this latter being the first dividend
paid since March, 1931, when $2.50 per share was distributed.
Current payment will reduce accruals on the issue to $32.50 per share.
—V. 151, p. 3401.
and one of $5 was
Meyer-Blanke Co.—To Pay 25-Cent Dividend—
Directors have declared a
dividend of 25 cents per share on
the common
This compares with
June 12 and March
12, 1940; 75 cents paid on Dec. 22, 1939 ; 30 cents paid on Sept. 12, June
14 and on March 14, 1939 and 40 cents on Dec. 22, 1938.—V. 151, p. 3567.
stock, payable March 12 to holders of record March 6.
60 cents paid on Dec. 12, last; 40 cents paid on Sept. 12,
of America—Registers with SEC—
Mica Corp.
Interest being accrued
—-
1938
1939
$105,716
41,640
21,261
$107,862
53,395
34,069
$143,162
83,339
60,348
$118,086
59,098
38,331
Net from railway..
Net ry. oper. income—
Pay SI.50 Dividend—
Directors have declared
a
Mississippi
March 22.
This compares with
1, and July 1, last; $1 on April 1,
1940; $3.50 paid on Dec. 16, 1939 $1.25 on Oct. 2, 1939; $1 on July 1, 1939
and 75 cents paid on April 1, 1939.—V. 152, p. 1287.
(& Subs).—
Regulator Co.
Consolidated Income Account for Calendar
dl937
dl938
dl939
bl940
Years
—$15,933,565 $14,004,947 $11,263,632
11,685,396
10,877,363
9,499,163
Net sales
Cost & oper expenses—
445,637
463,935
460,762
railway
Net ry. oper. income
—V. 152, p. 990.
$1,303,707
$3,635,584
62,490
a5,193
44,155
5,305
26,122
$3,869,876
el,046,598
profits taxes.
225,000
$2,733,216
$1,353,055
$3,667,011
542,198
271,608
Mississippi Power & Light
Miscellaneous income
Gross income
Prov. for Federal taxes,
to
32,436
78,156
40,206
$2,158,582
$1,003,289
122,800
1,243,800
1,243,800
$2,929,249
92,100
1,865,700
621.900
621,900
$3.87
Preferred dividends
Common dividends
Shs. com. stk. (no par)
_
_
$3.27
Earnings per share
a
Interest earned only,
122,800
$1.41
621,900
$4.52
subsidiaries,
$109,000. d Including
e Including Canadian
b Including domestic and Canadian
Including Federal tax on undistributed profits of
domestic, Canadian and
European subsidiaries,
c
taxes.
$110,629 by the company and its domestic
English, Swedish and Netherlands subsidiaries.
Note—Net sales for 1940 incl.
and Canadian subsidiaries to
Consolidated Balance Sheet Dec. 31
al940
$
$
3,929,220
Gash
3,488,419
1,899,042
recelv'le.
«
Accts.
e
44,122
3,536,920
108,057
24,624
179,841
Investment
d Real
Patents
261,268
3,265,681
174,294
$1,322,826
$1,371,878
on
869
5,460
$56,532
68,142
10,457
$1,328,286
800,000
112,128
$1,373,493
817,700
109,588
def$5,002
def$22,067
pref. stock for the period—
$416,158
$446,205
403,608
403,608
mortgage bonds-
Other int. and
Common
deduct'ns
$12,550
$42,597
Note—Above statement includes provision of $427 and $7,800 for Federal
excess profits tax in the month of Dec., 1940, and in the 12 months ended
Dec.
31,
1940.—V. 151, p. 3894.
Arkansas Ry.—Earnings—
1940
1941
$104,352
22,248
Net from railway
—
$93,510
21,364
8,371
Gross from railway
8,496
income
Net ry. oper.
1939
$87,199
13,404
3,277
3,070,000
3,291,499
3,291,499
891,990
4,472,300
891,990
3,911,733
3,109,326
163,815
—V. 152, p. 836.
Missouri Illinois RR.—Earnings-
Net from railway
Net ry. oper.
—V. 152, p.
1940
$182,877
86,914
income
836.
1939
$157,115
67,853
59,234
1941
$190,932
96,490
58,179
January—
Gross from railway
43,594
January—•
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 836.
Missouri Pacific
Net ry. oper.
income
1940
$2,191,038
405,862
75,066
1941
$2,354,985
522,841
174,747
8,077
1938
$2,297,972
411,526
78,539
1939
$6,547,651
1,494,029
592,204
1938
$6,527,091
1.242.230
[333,029
1939
$2,215,037
346,416
RR.—Earnings—
1940
$7,357,576
1,784,214
914,628
1941
$8,083,737
2,371,640
1,524,162
152, p. 836.
Mobile Gas Service Corp.—Interest Declared—
a meeting held on Feb. 14. 1941, the board of directors declared the
interest to be payable on April 1, 1941 on the first
mortgage income bonds, series A and B, due Oct. 1, 1956, equivalent to:
3]^% of the principal of the series A bonds; 3% of the principal of the
At
following amounts of
series B bonds
On
payments indicated above, the accumu¬
the series A and series B income bonds will amount
respectively.—V. 151, p. 2948.
April 1, 1941 after interest
lated unpaid interest on
to
20Yi% and 16%,
Molybdenum Corp. of
America—Earnings1940
1939
$11,832,297
9,803,252
$6,562,231
5,464,737
Calendar Years—
Sales
Cost of sales.
Shipping costs and freight on
ship-
Total..
—
16,978
22,108
46,585
$1,075,385
213,058
$742,505
212,371
Operating profit
$1,711,598
$862,326
98,926
$530,133
109,551
profit on sales
Administrative and selling expense--
Othercharges.net
Provision for depreciation
depletion—
income tax
Prov. for Fed. normal income tax—
Prov. for Federal excess profits taxes
Provision
for
Net
300,469
88,866
44,590
136,702
24,000
339,000
300,000
40,798
65,477
14,963
117,958
Total
English and Swedish subsidiaries.—V.
Minneapolis Northfield & Southern
on
March 10 at 100.—V.
J
149, p. 114.
152, p. 1134.
Ry.—Bonds Called
$100,000 6% extended 1944 bonds have been
A total of
tion
*$524,201
$0.90
*$234,711
$0.40
for prior years' surplus adjustments.
Consolidated Balance Sheet Dec. 31, 1940
13,791,008 12,237,497
Including domestic and Canadian subsidiaries,
b Including domestic,
European subsidiaries,
c Represented by 621,900 no par
shares,
d After reserve for depreciation of $1,559,681 in 1940 and $1,a
e
$778,438
$1.34
40,335
82,173
6,051
57,309
* After correcting
Canadian and
493,239 in 1939.
profit
Earnings per share on common
64,225
13,791,008 12,237,4971
-
1938
$4,772,764
3,983,674
$2,012,067
-
Prov. for Penn. State
24,657
74,719
1938
$84,963
15,355
def2,929
"-<;k
Missouri-Kansas-Texas RR.—Earnings—
goodwill
franchises
1938
$93,862
18,457
7,204
shares
(no par)
Paid-in and capital
Prepaid licenses &
Prepaid, exps., &c.
1,615
216
Gross
and
Trademarks
760,000
$55,663
$70,242
66,667
8,577
ments to customers
3,070,000
preferred
c
780,000
811,007
series B
Earned surplus
plant
est.,
conv.
&c
surplus
44,618
and equipment .
penses,
4%
61,891
4,118,862
accounts
Value of life insur.
531,366
1,533,853
payable-
Accrd. taxes & ex¬
Empl8. and sundry
Inventories.
Accounts
bl939
S
Liabilities—
1,626,169
Trade notes & accounts recelv.
al940
bl939
A
63,333
$70,026
Gross income
—V.
Net income
4,318,814
907,552
_
Net oper. revenues
Other income
Net from railway
$2,528,602
122,800
1,865,000
621,900
Miscell. deductions
4,634,110
1,007,353
Property
Gross from railway
62,749
6,928
$7,358,244
462,087
88,563
65,000
retire, reserve
appropriations
$7,744,289
126,109
Directtaxes.
$669,646
483,187
January—•
advances
Netherlands subs.,
Invest, in, and
written off--—------
1946—12 Mos.—1939
$744,322
direct taxes
Int.
1938
$60,015
2,464
def7,208
Co.—Earnings—
1940—Month—1939
Operating revenues
Operating expenses, excl,
c697,555
profit from oper_Int. & divs. received
27,927
Period End. Dec. 31—
1939
$62,772
6,850
def2,692
1940
$67,184
14,419
5,718
1941
$101,392
39,782
Net from
466,484
$2,663,649
a7,077
Net
excess
$15,810,214
11,708,146
$3,802,532
6,917
60,428
Depreciation
15,346
Central RR.—Earnings—
January—
Gross from railway
January—
dividend of $1.50 per share on the common
Minneapolis-Honeywell
1938
$1,744,806
defl9,456
def341,443
—V. 152, p. 1288.
Missouri
stock, payable April 1 to holders of record
$5 paid on Dec. 24, last; $1.50 paid on Oct.
Fed.
income
1939
$1,754,865
71,884
def215,726
Ry.]
1940
$2,074,970
279,481
1941
$2,166,290
337,781
41,033
Net from railway
3,721
$29,259
-
&c_
[Including Wisconsin Central
January—
—V. 152, p. 835.
Mid vale Co.— To
4,950
$72,765
and paid
Gross from railway
12,813
$25,538
Balance
1940
1941
January—
Gross from rail way..---
$38,350
$67,815
Deficit before interest on bonds,
Dividends applic. to
RR.—Earnings—
Midland Valley
$16,243
10,455
11,652
10,401
Loss before interest..
Net ry. oper.
95,204
12,906
-
Net loss after rents
Net income
given on first page of this department.
See list
$78,961
$78,216
Rental of terminals
Co .—To Pay So Dividend—
Directors have declared
cumulations
155,616
227,688
35,457
550,862
47,542
$46,455
18,855
Net loss after taxes
Hire of equipment
Other income (net)
gold bonds, due
"
94,931
Taxes
The
1940
$966,136
40,561
$1,108,854
revenues
dividend of $1.75 per share on the
a
1st pref. stock, par $50, payable
Dividend of $1.37M was paid on Dec. 23, last; 6214 cents was paid on Nov.
9, last; and last previous distribution was the semi-annual dividend of
$1.25 paid on Dec. 31, 1938.
After payment of current dividend, arrears as of Dec. 31 will be reduced
1938
$660,635
72,781
def3,399
Ry—Earnings
Ry.l
1941
All other revenue
Mengel Co.—Preferred Dividend—
Directors have declared
income-.836.
1939
$666,203
124,515
34,347
1940
$716,566
135,561
46,095
1941
$731,282
145,451
52,006
January—
Gross from railway
Net from railway
Month
Massachusetts Investors
1439
Financial Chronicle
called for redemp¬
Assets—Land,
(less provision for
plant, buildings, machinery and equipment,
depreciation of $423,482), $517,059; mineral lands—New
$26,137;
provision for depletion, of $598,872), $625,469; mineral lands
.—Arizona (less provision for depletion of $86,566), $19,901; Boriana Mine
—Under option and lease (less provision for depletion of $76,756), $129,887;
placer mining claims—held through California Scheelite Corp., $623,689;
Mexico (less
Placer Mining claims—California, $28,100;
lease—New Mexico, $3,847; exploration
mineral claims under option and
and development costs—leased
The Commercial & Financial Chronicle
1440
claims—Colorado, $9,064; investments (at cost). $507,233: operating mine
and mill supplies. $73,237; cash, $963,082; accounts receivable (less pro¬
vision for bad debts of $2,540), $1,258,024; advances to suppliers of raw
materials, $140,847; inventories, $2,306,164; other assets, $41,392; patents
and processes, $1; total, $7,273,135.
Liabilities—Five year 6% debentures, $577,944; bankers' acceptances
payable, $1,528,378; merchandise acceptances payable, $36,754; accounts
payable, $251,953; accrued payroll, taxes, interest, &c., $39,722; accrued
Federal and State taxes, $686,989; equity of minority interest in California
Scheelite Corp., $41,179; capital stock ($1 par), $577,944; capital surplus,
$2,038,460; earned surplus, $1,493,812; total, $7,273,135.—V. 152, p. 836.
Monarch
Directors
mulations
Feb. 27.
Knitting Co.—Accumulated Dividend—
have declared
a dividend of $7 per
share on account of accu¬
the preferred stock, payable March 21 to holders of record
Like amount was paid on Feb. 29, last.—V. 150, p. 1444.
on
Monarch Machine Tool
Co,—Earnings—
Years Ended Dec. 31—
1940
Other income
$2,892,767
2,134,086
140,969
32,023
$2,654,309
66,147
1,405,059
-_
1939
$7,137,375
4,142,600
384,856
44,390
Sales, less dealers' discounts, allowances, &c
Cost of products sold
Selling, administrative and general expenses
—
$649,735
on
income—
Net income
Dividend paid.
Earnings
per
2,793
$529,577
225,119
$3.53
$5.63
Balance Sheet Dec. 31, 1940
Assets—Cash, $1,799,112; United States Postal Savings bonds (at cost),
$7,500; notes, trade acceptances and accounts receivable (net), $1,050,653;
inventories, $582,070; cash surrender value of insurance on life of officer,
$29,491; prepaid insurance, $9,122; plant and equipment (net) $1,152,345;
patents and trade-marks, $16,318; total, $4,646,611.
Liabilities—Accounts payable, $649,218; accrued items, $131,636; pro¬
vision for Federal taxes on income, $1,405,059; common stock (215,997
shares of no par value), $1,000,200; earned surplus, $1,490,859; trea-
sur^stock (6,000 shares, at cost), Dr. $30,361; total, $4,646,611.—V. 152,
Monongahela
(G. C.) Murphy Co.—Stock Offered—A registered secon¬
dary offering of 52,500 shares (no par) common stock was
made after the close of business Feb. 27, when the registra¬
tion became effective, by a group headed by Smith, Barney
& Co.
The shares, which include 50,000 shares in the estate
of the late J. S. Mack, former Chairman of the Board, were
offered at a fixed price of $62 net per share.
It was an¬
nounced that stabilization operations have been effected on
the New York Stock Exchange and that further similar
operations may be effected.
The complete offering group and the percentages of par¬
ticipation are:
Smith, Barney & Co
January—
Net ry. oper.
Blyth & Co., Inc
Merrill Lynch, E.
-
1941
$395,055
235,077
97,461
income
——
-
A.
Pierce
Cass at t
1939
$335,393
192,687
90,225
1938
$223,208
99,729
defl,014
—V. 152, p. 990.
Shields & Co
9.5%
5.7%
5.7%
4.7%
4.7%
3.8%
3.8%
3.8%
3.8%
3.8%
Moore, Leonard & Lynch
Singer, Deane & Scribner
A. G. Becker &
&
—
Co., Inc
Eastman, Dillon & Co
L. F. Rothschild & Co
5.7%
Stroud & Co., Inc
E. H. Rollins & Sons, Inc
5.7%
Spencer Trask & Co
The company is a Pennsylvania corporation dating from 1919 and It
has had a record of growth in sales and earnings in the chain store variety
field that is unusual.
The company's outstanding capitalization consists of $635,316 of term
indebtedness, such as purchase money mortgages and instalment notes,
non-callable; 40,000 shares of 5% cumulative preferred stock, $100 par
value, and 480,000 shares of no par common stock.
Comparative Income Account for Calendar Years
1940
Calendar Years—
-
Other
1939
1938
1937
204
202
201
200
$53,365,581 $47,284,970 $42,190,212 $42,522,252
110,012
64,636
60,604
67,584
Number of stores
Sales
income
Total income
1940
$467,511
276,789
143,695
19.0%
10.4%
9.5%
Hayden, Stone & Co
Kidder, Peabody & Co
Ry.—Earnings—
Gross from railway
Net from railway
$53,475,593 $47,349,606 $42,250,816 $42,589,837
47,619,573
42,377,115
38,332,562
37,968,471
792,972
746,524
698,365
607,496
Operating expenses
Depreciation
Reserve for Federal and
State income taxes
1,631,100
823,000
614,500
Int. paid or accrued-.68,412
Flood loss and expenses.
76,325
98481
18,821
17*341
681,000
167,200
101,533
31,754
25,000
$3,307,822
200,000
1,561,625
480.500
$6.47
$2,489,867
200,000
1,561,625
$3,007,383
200,000
1,719,464
480,500
480,500
$5.84
Provision for surtax
Monsanto Chemical Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 15 to holders of record Feb. 26.
Year-end dividend
of $1.50 was paid on Dec. 14, last, and regular quarterly dividends of 50
cents per share were previously distributed.
A year-end dividend of $1.50
was paid on Dec. 15, 1939.—V. 151, p. 3894.
Montana Power Co. (&
Period End. Dec. 31—
Operating revenues
$1,712,279
Operating expenses, ex¬
cluding direct taxes..
530,329
Direct taxes
459,026
Property retir. and de¬
pletion reserve approp.
154,988
Provision for empl. relief
Net
income
Preferred
dividends
common
shares.-
Earned per share
1940—12 Mos.—1939
$1,516,183 $17,615,593 $15,058,960
1940
497,342
253,084
5,308,174
3,697,273
4,712,464
2,611,572
Assets—
127,506
1,791,865
1,613,748
$638,251
Dr791
851
$6,818,281
Dr2,l75
$6,121,176
Dr6,885
$567,145
157,170
44,125
$639,102
158,001
44,125
37,189
CY50
$6,816,106
1,890,312
529,495
478,533
Cr5,928
$6,114,291
1,905,981
529,495
437,512
Cr8,527
Net income-$327,686
$399,837
Dividends applic. to pref. stock for the period
$3,923,694
957,534
1940
Liabilities—
S
2 906,424
3,004,631
72,100
56,275
3,979
7 520,084
3,229
6,429,237
17,163
-
Inventories
..
Investments-
40,319
Cr2,155
Int. charged to construe.
—
$2,966,160
50,000
50,000
accts.
1,635,828
payable..
1,050,662
(current)
111,393
438,326
Reserve for Federal
Furn. & fixtures,
im¬
provements—-13 ,232,678 12,490,764
leaseholds,
Income
taxes.„
1,473,387
Long-term loan.—
1,041,566
45,316
245,839
expenses.
568,922
930,304
Preferred stock.—
4,000,000
4,000,000
Common stock..
1,729,800
1,300,391
1,729,800
1,300,391
Earned surplus--.il,686,578
Other real estate.-
Prepaid
10,322,105
R68€rVG8-
224,245
y
Total
Balance
S
1,241,652
Term indebtedness
122,938
•
Paid-in surplus
$2,292,302
Note—Above statement includes provision for Federal excess profits tax
$157,916 for the month of Dec., 1940, and $454,122 for the 12 months
ended Dec. 31, 1940.—V. 152, p. 432.
1939
S
1,487,283
Accrd.exps.& other
$3,249,830
957,528
Interest on mtge. bonds.
Interest on debenturesOther int. and deduct ns
.
Accounts payable.
Dividends payable
19,363
Deposits in closed
x
Gross income
1939
$
Cash
Misc. accts. rec_-_
$567,936
$4.77
Consolidated Balance Sheet Dec. 31
& restricted bks.
Net operating revenues
Other income (net)
$3,363,535
200,000
1,922,000
480,500
$6.58
dividends.
Common
No. of
Subs.)—Earnings
1940—Month—1939
1941
the last seven years executive officer of the Allied and Associated Mortgage
Companies of Baltimore, wbich were formed to liquidate the mortgages
United States Fidelity & Guaranty
117,366
$1,183,103
858,100
share
1,
identified with the guarantee of the
Co.—V. 145, p. 4121.
Lazard Freres & Co
Total income
Other deductions
Provision for Federal taxes
March
y
24,043,584
22,227,7441
Total
24,043,583 22,227,744
x After
depreciation of $5,756,571 in 1939 and $6,311,033
Represented by 480,500shares (no par).—V. 152, p. 1288.
in
1940-
of
January—
Gross from railway-Net from
—-
railway
Net ry. oper. Income.-,
1941
$155,884
56,713
55,788
1940
$167,088
63,985
64,353
1939
1938
$126,053
35,074
45,727
$132,232
36,601
45,975
—V. 152, p. 685.
Company offered to common stockholders at the close of business
Feb. 24 the right to subscrioe at $100 per share for 148,991 shares of cumu¬
lative preferred stock, 4M% series ($100 par), at the rate of one share of
cumulative preferred for each 6 shares of common neld.
Subscription war¬
rants for the cumulative preferred are exercisable
beginning Feb. 25 and
until 3 p. m. March 6, 1941.
All preferred shares not subscribed for upon exercise of the
subscription
warrants will be
purchased by a group of 38 underwriters headed by Lehman
Brothers and Glore, Forgan & Co., which may make a public
offering of
shares
thereafter
Net proceeds to the company, up to approximately $11,750,000, will be
applied to the payment of bank loans.
Of the balance, if any, approxi¬
mately $1,135,000 will be applied to the construction of a new building
and purchase and installation of new
machinery and equipment; up to
$312,500 may be loaned to Ecusta Paper Corp. to complete an advance for
the installation of cigarette paper making
facilities; and any
remaining bal¬
general working capital.
The continuous increase in the company's sales has
required greater in¬
ventories and has resulted in larger accounts receivable, which
during the
last five years have been financed in part by bank loans.
It is expected
that bank loans will amount to approximately
$11,750,000 by March 15,
ance
will be added to
1941.
Upon completion of this financing, the outstanding capitalization of the
company will comprise 148,991 shares of cumulative preferred,
4M%
series, and 893,949 shares ($10 par) common stock.
or
The new cumulative preferred stock is redeemable at $105 per share
before April 1,1944, at $104 per share thereafter, and on or before
entitled
to
the
benefit
of
sinking fund beginning with the fiscal vear
starting April 1, 1942, sufficient to redeem 1% of the total number of
preferred shares outstanding at the end of the preceding fiscal year.
The New York Stock Exchange has authorized the
listing of 148,991
shares of cumulative preferred stock,
4H% series on official notice of
issuance and satisfactory distribution.—V. 152,
p. 1288.
it*
Mortgage Guarantee Co., Baltimore—Plan Approved—
A
plan for reorganization of the company prepared by Frank B.
Ober, trustee, has been approved by the U. S. District Court for Maryland.
The plan nas been endorsed, with certain
qualifications, by the Securities
and Exchange Commission as fair and feasible under
the bankruptcy laws.
The plan provides for the formation of a new
company to be known-as
the Certificate Holders Liquidation
Corp. to act as an agency for the
orderly liquidation of the properties in behalf of certificate holders and other
new
creditors.
To
the
corporation
will
be conveyed all assets of the
Gurantee Co. and its subsidiaries.
Under the plan, certificate holders in properties owned
new
Mortgage
by Mortgage
Guarantee Co. will receive certificates of the new
corporation which rep¬
resents interests in the same properties
by which they are now secured.
Directors of the new company have made
arrangements to have J. C.
Edens act as its President and executive officer.
Mr. Edens has been for
during the first 10 days of Feoruary,
cars
during the comparable period of February, 1940.
During the period, sales
February last
a gain of 75% over the
Sales during January showed
month in 1940.—V. 152, p. 1135.
year, a
gain of 120%.
National Biscuit Co. f&
Subs.)—Earnings—
Consolidated Income Statement for Calendar Years
1940
1939
1938
1937
Gross sales
$103,670,459 $98,078,477 $97,486,877 $101942,900
Earnings for year
19,438,784
17,129,603
18,930,644
18,668,812
Depreciation
3,166,791
2,855,530
3,066,772
2,871,499
Federal & foreign taxes.
4,776,082
2.378.962
3,424,115
2,997,542
Provision for foreign ex¬
change adjustment
347,085
105,753
Write-down of plants,&c.
400,000
400,303
752,733
Netprofit
Preferred divs. (7%)--.
Common dividends
Revalua'n of securities
$10,748,826 $11,933,702 $12,047,038 $11,895,111
1,736.161
1,735,699
1,735,699
1,735,699
yl0,059,517
10,048,717
10,052,317
10,047,809
CY6.929
Balance
Shares
com.
...
z$l,046,852
stock
$149,286
$259,022
$118,532
6,289,448
x$1.43
6,289,448
x$1.62
6,289,448
6,289,448
$1.61
out¬
standing (par $10)...
Earnings per share
x
x$i.64
After deducting $400,000 in 1940; $400,303 in 1939 and $752,733 in 1938
write-down of plants, real estate,
machinery, intangibles, &c., in addition
to depreciation,
y Including $2,515,779 payable Jan. 15, 1941.
z Deficit.
Note—No provision made or believed required for U. S. excess profits
tax.
on
a
Corp.—Car Sales Doubled—
Nash
totaled 2,268 units against 1,029 units in the first 10 days of
Consolidated Balance Sheet Dec. 31
1940
April 1,
1949, at $103 per share thereafter and on or before April 1, 1956, and at
$102.50 thereafter, plus accrued dividends in each case.
The shares are
new
W. A. Blees, General Sales Manager of Nash Motors reported on Feb. 20,
increased sharply over January and were more than twice as great as sales
same
(Philip) Morris & Co., Ltd., Inc.—Stock Offered—
title
Nash Kelvinator
Domestic sales of
Montour RR.—Earnings—
A cop/e—
32,311,530
1,257,500
49,606
2,920,019
9,214,108
206,552
29,931,611
757,500
18,500
2,462,223
9,481,999
304,801
81,862,216
897,073
81,336,066
1,020,159
128,718,604
125.470,736
2,170,550
2,515,779
6,428,464
7,740,415
24,804,500
62,894,480
12,508,404
9,656,014
2,029,003
4,825,559
7,705,925
24,804,500
62,894,480
13,555,256
9,656,014
.128.718.604
125,470,736
United States bonds
Other bonds
-
Accounts receivable
Raw materials, supplies & finished product
Notes and mortgages receivable
Company's capital stock purchased for resale to
employees
Plants, real estate, mach'y, intangibles, &c
Prepaid expenses and deferred charges
Total
Liabilities—
Accounts payable
Common dividend payable
Reserve for Federal and foreign income taxes
Insurance and contingent reserve
Preferred stock (par $100)
Common stock (par $10)-
Earned surplus
Capital surplus
Total
-V. 152, p. 1288.
1939
®
Cash
157,877
The Commercial & Financial Chronicle
Volume 152
Nashville
Chattanooga & St. Louis Ry.—Earnings—
January—
1941
Netry
V.
$1,472,764
282,211
income...
225,521
836,
oper
152, p,
1939
1940
Gross from railway
Net from railway
National Supply Co.—Annual Report—
It
1938
$1,098,147
168,322
66,207
$1,282,007
334,873
235,291
$1,262,801
281,104
170,473
1441
Consolidated net profit of the company and subsidiaries for 1940, after
for income taxes,
amounted to $1,630,297, compared with
provision
$1,190,787 in the previous year, according to the annual report released
for publication Feb. 21 by A. E. Walker, President.
Tne year's operations resulted in net profit before provision for income
taxes of
National Dairy Products Corp.—New Treasurer—
George H. Rutherford
was on
Feb. 21 elected Treasurer of this corpora¬
tion, to
succeed A. A. Stickler, who resigned last November.
The con¬
troller's office has been made an elective rather than an appointive position,
and A. Boag Jr., present Controller, has been re-elected.—V. 152, p.
271,
National Distillers Products Corp.
Subs.)—Earns.
',!Consolidated Income Account for Calendar Years
Ul:.
1940
1939
1938
Net
1937
sales
__$70,927,647 $59,170,887 $63,900,866 $61,938,849
50,905,091
39,767,218
40,794,299
40,919.244
Net realiz. of def. profit
on
certain
long-term
sales...
0158,300 01,336,000 Drl ,707,000
yCost of sales...
Gross profit
Miscellaneous income.__
Total income
Sell., adm. &
11,520,796
680,350
12,515,950
756,710
1940," says Mr. Walker.
"We are not liable in 1940 for any tax under
the provisions of the excess profits tax law, and from preliminary analysis,
long as existing credit provisions continue, it does not appear
will be liable for
any excess profits tax until our reported net
after normal tax approximate $4,500,000."
so
and expense
76,052
b2,226,750
income
...
on common
stock.
Balance, surplus
Profit and loss surplus..
Shs.com.stk.out. (no par)
Earns, per sh. on com
84,355
xl,077,707
88,149
xl,919,102
88,141
al,891,927
$6,711,962
4,090,896
$7,007,124
4,090,896
$7,850,506
4,073,786
$7,861,969
5,601,456
$2,621,066
20,494,612
2,045,451
$3.28
$2,916,228
17,873,546
2,045,451
$3.43
$3,776,720
16,707,164
2,036,896
$3.85
$2,260,513
10,989,666
2,036,896
$3.86
Includes capital stock taxes,
y Includes depreciation of $601,859 in
1940 and $560,879 in 1939.
In 1938 $537,738 and in 1937 $508,715 was
x
provided for depreciation of plants and
capital stock taxes (no
excess
Consolidated Income Account for Calendar
Net sales to customers.
Cost of sales
Selling and general
Total
$4,888,195
741,526
income.
...
Taxes (other than Fed. inc. taxes)...
Miscellaneous
Provision for income taxes
Consolidated net profit
$4,077,638 $ 4,369,980
711,919
702,551
$5,629,721
1,617,012
421,422
1,155,863
yl41,957
z663,169
$4,789,557
1,643,701
407,349
1,146,585
xll6,960
a284,177
$5,072,531
1,685,401
$1,630,297
;
Depreciation
$1,190,787
$1,283,767
466,958
145,546
155,653
48,515
1,089,569
339,607
500,893
1,190,228
110,428
a301,813
Dividends paid in cash—
Prior pref. stock, 5^% series.....
Prior pref. stock, 6% series
...
profits taxes payable).
Consolidated Balance Sheet Dec. 31
_______
Net income from operations
Interest
Years
1940
1939
1938
..$60,617,365 $53,397,275 $52,771,359
49,452,335
43,492,702
42,496,252
6,276,835
5,826,935
5,905,126
expenses.
Other income
but was charged to
equipment
profit and loss account as products were sold,
a Includes Federal capital
stock taxes and provision for surtax on undistributed profits,
b Includes
that we
earnings
The company to date has booked defense contracts for approximately
$7,000,000, Mr. Walker announces.
These are principally for Diesel
engines, shell forgings, gears and airplane parts.
The company is in a
position to accept orders for substantially more during 1941, he said, and
when required it is expanding plant capacity and installing new machinery
for defense production for which its
plants are suited.
Commenting on the changing conditions resulting from the defense pro¬
gram, Mr. Walker states that the company is in a position to contribute
materially to defense production and at the same time continue to manu¬
facture and sell its regular lines.
11,206,937
682,312
of debt discount
Prov. for Fed. taxes
Net
10,973,796
782,907
__
Amort,
"The marked increase in provision for income taxes reflects the effect
of the increases in the Federal normal and defense tax rates for the year
...$20,771,467 $21,441,845 $22,058,903 $21,731,286
gen. exp_.
Interest
Divs.
$20,180,856 $20,739,669 $21,399,567 $21,019,605
590,611
702,176
659,336
711,682
$2,293,466, compared with $1,527,706 in 1939, an increase of 50%.
Provision for income taxes required $663,169, against $336,919 for this
purpose in the previous year, an increase of 97%.
1, 441,389
1,645,239
$2 10-yr. preference stock
418.857
x Consists of
$61,787 loss on»foreign exchange, $52,292 loss on disposition
of capital assets,
and $2,881 miscellaneous deductions,
y Consists of
$117,010 loss on disposition of capital assets and $24,947 miscellaneous
deductions,
z
Includes Federal normal income and defense taxes of
1 942,014
1,588,722
$593,836, foreign income taxes of $22,760 and State income taxes of $46,573.
stock taxes.
2 152,033
1,065,157
Dividend payable.
1 022,724
891,622
1,022,724
364,379
393,895
883,000
235,000
...
1940
1939
1940
Assets—
1,938,284
3,129,945
Bank loans
1939
8
Liabilities—
$
S
Cash........
...
1 750,000
.
Notes & acc'ts rec.22,552,945 21,855,524
Inventories
36,278,236 31,922,559
Accounts payable.
Accrued liabilities.
Invest, in & adv. to
Res. for Fed. inc. &
affil.
cos. &
misc.
cap.
inv, at cost, less
5,927,924
5,617,924
442,528
reserve
518,581
count & expense
Prepaid insur. and
other def. chgs.
pensation plan..
Debs.
535,056
532,282
Prop'y, plant &
equipment
12,553,225 10,818,116
one
_
within
red.
year..—...
10-yr. conv. 3H%
debs, due 1949.-21,108,000 22,000,000
a Common stock. .28,175,651
28,175,651
Earned surplus...20,494,612
Total
397,772
Res. for add'l com¬
Unamort. debt dis¬
b
Due to affil. cos...
a
80,225,424 74,397,7061
17,873,546
......80,225,424 74,397,706
Total
of !
by 2,045,451 no-par shares,
b After depreciation
$4,965,331 in 1940 and $4,416,403 in 1939—V. 152, p. 1288.
Represented
a
National
taxes.
Consolidated Balance Sheet Dec. 31
$
Cash
$
4,727,671
Mkt. sec., at cost. 2,379,877
a Notes & accounts
2,382,464
receivable
Accts.
and
rec.
employees).
32,425
37,487
23,864,897 23,094,454
Investm'ts & other
5,306,490
4,972,265
Fixed assets
1940
1939
1938
26,030,739 26,325,957
Deferred charges..
Pats. & licenses...
388,720
431,293
3,097
22,074
1937
$3,660,708
3,332,997
$3,448,143
3,031,997
$2,920,728
2,635,658
$2,627,370
2,288,458
$327,711
206,194
$416,146
178,497
$285,070
214,499
$338,912
215,350
$121,517
62,965
Cost of sales & expenses
$237,649
47,994
$70,571
35,383
$123,562
$184,482
278,648
$285,643
278,796
$105,954
247,896
$180,327
268,079
131,845
131,845
87,897
$124,998
$273,787
$175,651
Other charges.
Other income
a
72,944,870 73,206,084
income debentures
...
Loss for the period.
a
not
_.
$235,005
Including operating, selling, general and administrative expenses, but
including provisions for depreciation and depletion.
Comparative Balance Sheet Dec. 31
1940
.
1940
1939
$
Assets—
Cash
S
hand and
S
Liabilities—
1939
'
271,238
68,161
276,603
xNotes & accts .rec.
145,276
461,279
Accounts payable.
Notes payable....
359,093
Accrued liabilities-
Inventory
894,026
758,437
deposit
Incompleted
struction
$
After
Property,
and
plants
equipment-13,045,035 13,248,999
Patents & goodwill
Unamort.
244
278
portion
and expense
Term indebtedness
3 ,270,100
3,317,900
483,432
351,587
Reserves..-.--...
270,863
Com. stk. (par $5)
2 448,910
278,224
2,448,910
8 841,653
1940 and $1,482,454 in
65,549
799,133
564,128
85,111
11,165
&c
14,876,398 15,009,5391
Total
14,876,398 15,009,539
y
National Gypsum
for
1939
$1,001,307
1,327,701
941,000
$1.06
$1.10
profits taxes, &c.
31, 1940, before
excess
Dec.
Co.—Earnings—
31—
$765,742
$718,894
$8,641,568
$8,393,333
321,607
107,481
3,818,360
1,445,786
3,595,231
1,299,305
52,500
52,500
630,000
630,000
800
1,945
13,600
23,340
$249,639
$235,361
$2,733,822
$2,845,457
direct
Direct taxes
Property retir.
reserve
appropriations.
Amort,
of
1940—12 Mos.—1939
1940—Month—1939
326,267
136,536
revenues
taxes
limited-term
investments
Net oper. revenues
Other income
94
266
1,313
1,828
$235,627
$2,735,135
742,500
Other int. and deduct'ns
$249,733
61,875
17,500
9,132
Int. charged to construe.
0286
$2,847,285
742,500
210,000
110,629
JDrl,445
Co.—Acauisition—
Company will enter the rock wool field in the near future with acquisition
Alexandria, Ind.
The intended
purchase would add to National's facilities three plants in Alexandria, Ind.,
Dover, N. J., and Dubuque, Iowa, as well as one of the best known brands
of rock wool insulation in the industry.
To cover the proposed acquisition, National plans to issue 60,000 shares
of its common stock and not more than .3,500 shares of its preferred.
Ap¬
on
Int.
on
plications for approval of the securities is being made to the Securities and
Exchange Commission.
Melvin H. Baker, President of National Gypsum, commenting on the
entry of the company into the rock wool field, stated that "Gimco" manu¬
factures a complete line of rock wool products including rock wool batts,
blankets and granulated rock wool for house construction, as well as many
forms of rock wool for industrial use.
f-.
General Insulating, which has been in business for 30 years, was a pioneer
in the rock wool field and had sales of approximately $1,200,000 in 1940.
Its products have second largest distribution in their field, Mr. Baker said.
—V. 152, p. 271.
National Malleable & Steel
Castings Co.—To Pay 25-
mtge. bonds
deben. bonds
Net income
61,875
17,500
8,918
0311
$147,645
Divs. applic. to pref. stocks for the period
$161,512
Balance.
of the General Insulating & Materials Co. of
...
210,000
112,699
03,820
$1,673,756
499,100
$1,782,711
$1,174,656
$1,283,611
499,100
been made for Federal excess profits tax since^no
indicated.—V. 152, p. 272.
Note—No provision has
excess
profits
Nehi
are
Corp. «.& Subs.)—Earnings1939
1938
$6,065,596
1,368,756
Sell., advert. & adminis. expenses—
3,058,554
$5,122,899
$4,197,475
995,997
2,483,221
1,889,595
$1,638,286
$1,449,272
$1,311,883
1940
Calendar Years—
Net sales of product
1,190,406
Cost of sales
Gross profit...
Miscellaneous and other income
62,420
Cash
discounts
allowed
and
46,454
$1,521,752
$1,358,337
122,030
other
miscellaneous deductions._
a
72,479
$1,700,706
Total income
Expense
Cost of trade mark litigation
Prov. for Fed. & State income taxes.
177,241
151,534
24,470
132,252
b414,000
26~495
295,000
302,000
$952,743
$1,048,722
78,491
643,761
85,197
618,000
$934,307
86,628
515,000
listing new shares.
b Includes
Dividend—■
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 22 to holders of record March 8.
Dividends of $1 was
Dec. 21, last; 25 cents were paid in three preceding quarters; $1
was paid on Dec. 21, 1939, and a regular quarterly dividend of 50 cents was
paid on Dec. 22. 1937.—V. 151. P. 3404.
paid
Co.—Earnings—
1940
Gross income
1939 and $28,352
After reserve for depreciation and depletion of $2,692,699 in
1940 and $2,425,430 in 1939.—V. 152, p. 1288.
Cent
b After
After deprecia¬
$1,183,374
Nebraska Power
28,303
8, 1936).
After allowance for doubtful items, &c., of $19,071 in
1940.
c
After all charges, provision Federal income and excess
net income for the quarter ended Dec.
Int.
in
3,197,569
prepaid
Total
x
1939.
Consolidated
Period End.
8,841,653
Unexpired insur'ce
prem.,
3,744,577
1.72,944,870 73,206,084
Total
profits tax but after the year-end contribution of
$120,000 to a retirement annuity fund, was $407,084, or 31 cents per share.
—V. 151, p. 2805.
7,904
.
2% notes
2,300,000
2,400,000
5)4% prior pf. stk.22,640,400 22,640,400
6% prior pf. stock. 6,468,700
6,468,700
$2 10-yr. pf.stock.11,181,480 11,181,920
Common stock
11,549,280 11,555,170
Deficit (since June
of bond discount
expenses,
a
.
Oper. exps., excl.
17,824
Deferred liability
7,300,000
bonds,
Calendar Years—
Net income
Operating
Capital surplus
239,041
mtge.
3H% series
of $1,504,505 in 1940 and $1,435,406 in 1939.
reserves
of $1,487,680 in
provision
92~286
contr.
struction
13,675
245,353
Other assets
y
8,459
contr.
7,100,000
Reserves
Average number shares of com. stock outstanding
($1 par)
Earnings per share of common stock
3,350
incompleted con¬
con¬
2,815,622
652,227
[Including Domestic Subsidiaries]
235,204
Advance billings on
on
on
-H
100,000
284,177
2,744,731
100,000
note
1st
M
1,165,152
200,000
56,765
a
131,845 |
1,399,429
200,000
&c
2,468,265
1,500,000
tion of $14.719,i95 in 1940 and $14,438,766 in 1939.—V. 152. p. 1288.
National Cylinder Gas
Prov. for depr. & deplet¬
ing on 5% cum. con v.
interest,
Sinking fund pay's
Instal. due on 2%
Surplus
^Total
reserves
Profit.
2,793,155
Res. for Inc. taxes.
assets
c
Accounts payable.
Notes pay., bank.
Acer, taxes, wages,
10,343,719 10,878,194
(officers
b Inventories
$
$
Liabilities—
4,929,129
1939
1940
1939
1940
A.wefs—
;:
Fireproofing Corp.—Earnings-
Calendar Years—
Net sales
a
Federal income
Net income
Dividends paid—preferred
Common
on
a
In connection with stock dividend and
$39,000, provision for Federal excess*profits..taxes.
c^The company also
The Commercial &
1442
paid a stock dividend amounting to $824,000
Stirplus.
Cash
on
Accounts
hand and
demand depositajl,578,962
aocts.
118,868
285,078
14,883
b
16,041
88,290
312,200
2,039,649
442,251
319,821
1,141,875
Common shares- 1,030,000
1,299,375
1,005,125
1,671,625
592,165
533,668
9,890
87,198
State inc. taxes-
stock--
1st pref.
a
48,923
309,707
120,009
Prov. for Fed. and
111,250
340,545
receivable
$136,926
138,083
taxes, Ac
Prep'd ins., taxes,
206,000
def.adv. expense
Fixed assets—-
Capital surplus
Earned surplus.-cTreaa. stock
(Dr.)
Goodw., trademka.
and formulae
Net ry. oper. income—
*
After depreciation of $230,698
$4,449,536 $4,200,227
Total
in 1940 and $281,448 in 1939.
Represented by 14,500 no par shares in 1940 and 16,500 shares of no
par value in 1939.
b Represented by 1,030,000 no par shares in 1940 and
206,000 shares of no par value in 1939.
c Represents cost of 115 shares in
1940 and 1,014 shares in 1939 of 1st pref. treasury stock.—V. 152, p. 1288.
a
New Westchester & Boston Ry.—Payment on Bonds—
Co., 140 Broadway, N. Y. City, as trustee for the
bonds of 1946 effective Feb. 24 will pay $37.50 on each $1,000
bond, in accordance with a court order of Feb. 7, 1941.
The announcement said that "it cannot be stated definitely what disposi¬
tion will be ma.de of the remaining property in Westcnester County, and we
are unable to state when or if a further distribution will be made to the
bondholders or to estimate the amount thereof."—-V. 152, p. 434.
The Guaranty Trust
first 4J^%
RR.—Earnings—
1941
1940
1939
Gross from railway. —-$33,808,774 $31,736,578 $27,503,163
Net from railway
9,104,229
8,286,173
6,466,333
Net ry. oper. income
4,750,949
3,796,096
2,147,005
—V. 152, p.
Sales
Cost and expenses
$990,111
444,873
$738,053
361,984
$1,448,605
357,880
$1,210,119
385,855
160,056
$1,100,037
L ,806,485
349,796
141,750
38,250
39,914
$1,434,984
365,125
172,989
150,460
40,740
27,192
283,543
195,436
249,750
81,400
29,314
$443,694
$678,478
$421,713
Other income
Total income
Amortiz.
&
depreciation
Interest
Prov. for Fed. inc. tax--
Prov. for other taxes
Miscell. deductions.,
Net profit
7% preferred dividends4%% Pref. dividends
($1 par)
share
com. outst.
per
78,260
30,690
31,144
115,009
256,114
307,355
204,891
$2.72
$967,042
x83,613
y57,754
409,862
118,752
256,144
$77,111
204,891
$1.62
Surplus
Earnings
188,435
110,369
256,114
Common dividends
Shs.
1937
1938
$755,025
455,094
Operating profit-
$46,817
$415,813
204,931
204,891
$1.47
$4.05
x Retired; represents payment for period Nov. 1, 1936 to May 14, 1937.
Disbursements for period May 1, 1937 to Nov. 1, 1937.
z Shares of
no par value.
Consolidated Balance Sheet pec. 31
y
1940
Assets—
a
Cash
1939
1940
1939
$
Liabilities—
$
$
6,002,125
1,054,690
Fixed assets
6,075,596
Amounts payable.
1,559,342
Funded debt
$
723,861
2,050,000
958,877
1,986,000
23,852
Accts. receivable..
39,825
31,146
Accrued interest.-
Life ins. cash val._
80,255
71,467
2,655,548
& lease deposits.
41.078
Prov. for taxes...
24,014
Rents paid in adv.
3,251,938
Other assets.----91,356
Deferred charges..
679,480
Inventory
Serial pref. stock
555,012
Liab. for pur.
of
12,143
9,256
180,000
191,200
2,309,500
2,339,500
108,646
.
Reserve.-----.—
108,646
y
cost
j
100,000
100,000
properties
Total
stock.
Total.
11,199,669 10,989,790
204,891
—
204,891
5,318,647
Common
5,235,535
11,199,669
10,989,79]
—V, 152, p. 991.
1941
$52,115
21.956
8,816
Net ry. oper. income-..
a
1940
expenses.
—
$4,760,631
1,331,527
.
1939
$4,594,523
1,398,343
278.999
Provision for retirements
455,378
Federal income taxes
392,826
26,000
440,984
511,218
212,526
-
profits taxes
Other taxes
-----
____
Operating income
income
Gross
on
416,516
$1,735,514
$1,770,933
75,714
70,940
(net)
income.,..
Interest
$1,811,228
639.150
42,826
long-term debt
Other interest...
Amortization of debt discount and expense
Interest charged to construction.
Net income
Preferred stock dividends.
HI
<
Net from railway
Net ry. oper. income
4o,419
Crl ,237
45,419
CV256
1941
$368,091
157,990
75,493
32.376
$1.1 1,184
202,263
■
New Orleans & Northeastern RR.
January—
Gross from railway
$1,847,873
639,150
$1,085,069
198,360
.
—V. 151, p. 2655.
1940
1939
$257,032
84,637
32,320
Dec. 31—
1940—Month—1939
Operating revenues
$1,812,491
Oper. exps., excl. direct
taxes
779,466
Direct taxes
353,492
Property retir. reserve
appropriations
197,647
$288,088
74,905
23,266
1933
$199
45
28.082
def25,514
$1,793,551
730,749
1940—12 Mos.—1939
$20,453,266 $18,964,860
8,772,624
3,360,289
305,587
2,361,397
2.349,814
$481,886
$486,934
641
633
$5,068,029
2,725
$4,482,133
1,553
$482,527
178,866
22,906
$487,567
187,533
17,261
$5,070,754
2,181,306
$280,755
$282,773
Dividends applic. to pref. stock for the period.
$2,627,341
Net oper. revenues...
Other income (net)
Gross income
mtge. bonds
Other int. and deduct'ns
Net income
-
Note
excess
reorganized company should acquire the properties,
of the Old Colony.
In consideration for such proper¬
Old Colony RR.—The
assets and franchises
ties and assets, the reorganized company
trustees of the Old Colony $2,467,200 of
should issue and deliver to the
its 1st & ref. bonds, series A,
$3,289,600 of its income bonds, series A, $5,345,600 of its preferred stock,
series A, and $5,345,600 of its common stock.
In addition the reorganized
company should assume and pay the reorganization expenses of the Old
All claims of the principal debtor or
Colony, current liabilities, and taxes.
against the Old Colony or its trustees, ana all claims of the
its trustees against the principal debtor or its trustees or
Bankers Trust Co. should be released, discharged and canceled.
its trustees
Colony
or
Upon the request of the reorganized company, the
possible, after Dec. 31, 1942, estimate for the
operating properties of the Old Colony
No provision has been made for Federal
profits.are indicated.—V. 152, p. 1289.
Old
the
Commission will, as
calendar years 1941
had not been operated as a
yearly
262,107
$4,483,680
2,284,038
252,576
544.586
$1,947,072
544,586
$2,082,755
$1,402,486
excess
in
and rentals by an amount equal to the annual contingent
interest charges on the income bonds to be issued in the acquisition of the
properties of the Old Colony, then the reorganized company will be under
no obligation to continue passenger service on the so-called Boston Group
of Old Colony properties.
If such a request is not made before Dec. 31,
1942, the reorganized company may make a similar request before Dec. 31,
1945, in which event the Commission will make simlar estimates of average
yearly loss in revenue and average yearly savings in expenses, taxes, and
rentals for the years 1941 to 1945, inclusive with like attendant results as
above provided for the years 1941 and 1942.
reorganized company should acquire
the Boston & Providence; provided,
Boston & Providence approved by
this Commission is accepted and confirmed.
As part of the consideration for such properties, the reorganized company
should assume and pay all taxes due to the Commonwrealth of Massa¬
chusetts, and (or) any of its cities, towns or political subdivisions thereof
from the Boston & Providence.
The reorganized company should also
assume and discharge all claims against the Boston & Providence which
have been allowed up to date of confirmation of a plan of reorganization;
and the reorganized company should hold the Boston & Providence harmless
from any claim against it by the Old Colony's trustees.
Boston & Providence RR. Corp.—The
Boston Railroad Holding Co.—The provision for the disaffirmance of the
principal debtor's guaranty of the stock of the Boston Railroad Holding Co.
that such provision should not be construed to impair
any lien of the publicly held preferred shares of the Holding company on
the assets of the Holding company.
is modified to provide
Bankers
Suit—The provision in the
Trust Co.
plan with respect to the
of the Old
indemnification of the Bankers Trust Co. in event of the success
Colony's trustees in their suit against the Trust company is eliminated in
view of the modification providing for the dismissal of this suit and its
settlement in connection with the acquisition of the Old Colony's properties
by the reorganized company.
the petition of the Empire
contain suitable provisions
in respect of the collateral
provide that in the event the court should grant
Trust Co. the indenture securing the notes shall
carrying out the decree of the court.
Earnings for the
Month of January
1940
$7,034,177
741,034
904,152
c Net after charges
b8,337 def217,818
a The
leases of the following companies were rejected on dates stated
brlow but net railway operating income includes the results of operations
of these properties: Old Colony RR. Co., June 2, 1936.
Hartford &
Month
1941
of January—
$7,601,189
a900,114
a,116,594
Net railway operating income.
Income available for fixed charges
-Earnings—
9,092,791
3,931,049
Balance-
provide that (1) in the event the court approves, the Rhode Island Hospital
National Bank should be allowed to set off against the principal debtor's
note held by it the monies which the principal debtor had on deposit with
it at the institution of the bankruptcy proceedings; (2) The Merchants
National Bank of Boston should De given the right either to accept the re¬
organization securities which would be issued against the collateral pledged
under the principal debtor's note held by it or to dispose of the collateral
and receive for the difference between the amount due on the note and the
net proceeds received from the sale of the collateral, its pro rata share of the
reorganization securities available for distribution to unsecured creditors;
(3) The First National Bank of Boston should be allowed its pro rata share
of the reorganization securities available for distribution to unsecured
creditors for the 4,900 shares of Providence, Warren & Bristol stock held as
part of its collateral.
trust notes are modified to
270.281
on
the treament to be accorded
Island Hospital National Bank, the Merchants National
and the First National Bank of Boston are modified to
Total operating revenue
New Orleans Public Service Inc.—
Int.
Rhode
the
Bank of Boston,
Collateral Trust Notes—The provision of the plan
-Earnings—
—V. 152, p. 837.
Period End.
Bank I^oans—The provision with respect to
to
the properties, assets and franchises of
that the plan of reorganization of the
378.402
Other
plan of reorganization approved by the report and order of the
Interstate Commerce Commission of March 22, 1940, is modified in the
following particulars, according to a supplemental report decided Feb. 18,
and made puDlic Feb. 26:
expenses, taxes,
Jersey Power & Light Co.—Earnings—
Total operating revenues-.,
_
Hartford RR.—Reorganization
Modified—rWoutd Include Old Colony RR—
10,359
ago.
excess
New York New Haven &
The
23,186
Years Ended Dec. 31—
Federal
27,011
if the
14.31% above production of 108,671,000 cu. ft. in the corre¬
sponding week a year ago.—V. 152, p. 1289.
Maintenance.
160,805
part of such system in 1941 and 1942.
If such estimate of average
loss in revenue does not exceed such estimate of average'yearly savings
or
Operating
124,476
14.904
New England Gas & Electric Association
This is an increase of 2,373,921
29.18% above production of 8,136,759 kwh. for the corresponding
New
$159,089
84,548
1938
England Gas & Electric Association—Output—
year
1939
$249,289
192,702
$43,301
Gas output is reported at 124.219,000 cu. ft., an increase of 15,548,000
ft.,
1940
$217,050
156,245
257,648
Net ry. oper. income
•—V. 152, p. 837.
Plan
1938
1941
$337,833
259,382
30,115
For the week ended Feb. 21
week
Connecting RR.—Earnings—
January—
Gross from railway
Net from railway
1939
reports electric output of 1C,510,680 kwh.
cu.
1289.
$56,910
1940
$60,255
32,426
23,788
—V. 152,p.837.
or
Net ry. oper. income
and 1942 the average yearly loss in revenue and the average yearly savings
in expenses, taxes, and rentals of the system of the reorganized company,
Ry.—Earnings—
January—
railway
Net from railway
Gross from
kwh.,
Net from railway
—V. 152, p.
soon as
Nevada Northern
New
& St. Louis RR.—Earnings—
1940
1939
1938
$4,056,059 $3,330,002 $2,866,118
1,362,859
1,014,588
593,151
1,032,730
794,914
538,7o7
117,438
1941
$4,293,523
1,682,622
January—
New York
$22,492,308 $22,638,645 $20,143,025 $22,420,935
21,648,533
19,404,972
20,972,330
21,737,283
.
defl73.036
1289.
Gross from railway
Earnings—
1939
1940
Calendar Years—
$24,386,472
3,941,992
New York Chicago
stock, payable April 1 to holders of record March 12.
Dividend of like
amount was paid on Dec. 27 last, and previous by regular quarterly dividends
of 20 cents per share were distributed.
In addition extra dividend of 20
cents was paid on Dec. 27, last.—V. 151, p. 3246.
Brothers, Inc. (& Subs.)-
1938
January—
Natomas Co.—25-Cent Common Dividend—
Directors have declared a dividend of 25 cents per share on the common
Neigner
88,785
—V. 152. p. 837.
New York Central
$4,449,536 $4,200.2271
Total
1938
$221,406
88.239
^
2,039,649
<fec..
Adv. material and
*
$109,927
payable-
Acer, commissions,
$1,349,715
Notes, accept, and
Inventories--
Net from railway
1, 1941
& Mexico Ry.—Earnings—
1940
1939
$250,444
$236,416
112,474
93,056
89,809
117,753
96,713
1941
$232,940
88,836
January—
Gross from railway
1939
1940
Liabilities—
1939
1940
At sets—
New Orleans Texas
which was charged to capital
Consolidated Balance Sheet Dec. 31
March
Financial Chronicle
profits tax since
no
Connecticut Western RR. Co., July 31,
Bristol RR. Co., Feb. 11, 1937.
Boston
19,1938.
b Effective
as
of these dates, no charges
1936.
Providence, Warren &
& Providence RR. Corp., July
for the stated leased rentals are
included covering the Old Colony RR., Hartford
RR. Providence Warren and Bristol RR. and
& Connecticut Western
and Providence
Boston
RR. Corp. leases,
c For the purpose of showing the complete account for
the operated system, includes accrued and unpaid real estate taxes on Old
Colony and
Boston and
Providence properties;
charges against said properties for
also accrued and unpaid
Boston Terminal Co. taxes and bond
interest.
Plans Purchase
of Additional Equipment—
The trustees, estimating better than a 5% increase in gross income and a
17.4% increase in net railway operating income for 1941, are planning
purchase of five new electric locomotives, 10 additional diesel switching
locomotives, and are giving consideration also to the purchase of 1,000 box
Volume
The Commercial & Financial Chronicle
152
25 cabooses, and 5 grill cars, it is revealed in a report of estimated
Income, expenses and capital expenditures just submi(ted to the United
States District Court by Howard S.
Palmer, James L. Loomis, and Henry
cars,
B.
Sawyer.
Other improvements planned include instalation of 23,400 tons of rail.,
the ballasting of 13.8 miles of track between
Berlin and Meriden, rebuilding
a number of
bridges, construction of a new passenger station at Meriden,
and new freight facilities at Boston.
Completion of the projected bridge rebuilding program, it was stated,
will
the last of the wooden'-deck trestles between New York and
the shore line, thereby eliminating the hazard of traffic interrup¬
remove
Boston
on
tion from
fire.
"Increased industrial activity because of the national defense program,"
the trustees as the principal reason for the anticipated $90,-
299*99® gross income, which would be an increase of 5.1% over 1940's
*85,604,109.
Freight revenue is expected to increase from $50,512,702 in
1940 to $53,500,000. which would represent a
5.9% increase while passenger
revenue is expected to rise from $26,342,490 to
$27,400,000, an increase
of 4%.
Net railway operating income is estimated at $10,890,000, an increase
°f 17.4% over 1940.
Total operating expenses for the coming year are
estimated at $64,410,000, representing an increase of $2,210,764, or 3.6%
over 1940.
This would mean an operating ratio of 71.57, or 1.09 points
lower than in
1940.
Maintenance of way expenses for 1941 are estimated at $11,500,000, an
increase of $9C2;420 or 8.5%, due principally to the rail and tie instalations,
track
ballasting, bridge reconstructionand some track
Capital expenditures are estimated at $3,055,873.
and
signal changes.
Maintenance of equipment expenses are estimated at $14,100,000, an
increase of $582,231 or 4.3%, due principally to increased locomotive and
passenger car repairs.
Capital expenditures are estimated at $708,575.
The report anticipates that the transportation ratio will be the lowest
for any year since 1932, estimating transportation expenses at $32,710,000,
an increase of
only $522,737 or 1.6% over 1940, notwithstanding the esti¬
mated increase of $4,395,891, or
5.1% in gross.
Railway tax accruals are estimated at $6,800,000, an increase of $192,346
2.9%; equipment rents at $2,900,000, an increase of $175,249, or 6.4%;
and joint facility rents at $5,000,000, an increase of $201,886, or
4.2%.
New
152, p.
1136.
New York Ontario & Western
January—
1941
Gross from railway._£__
Net from railway._____
Net ry. oper. income.__
Ry.—Earnings—
1940
$445,443
16,340
def56,134
1939
$449,031
8,949
def59,425
New York Steam
$552,245
36,920
def45,921
Corp.—Earnings—
1940
Operating revenue.
Operating expensesDepreciation.
Taxes
_______
______
Operating income
1939
$10,850,747 $10,101,478
6,811,015
6,528,716
700,000
600,000
1,635,177
1,606,607
1938
$9,723,407
6,491,607
421,433
1,595,749
$1,704,555
73,270
61,166
$1,366,155
79,874
29,455
$1,214,618
76,407
32,766
$1,716,659
$1,258,259
1,532,764
160,226
93,455
745
$1,416,574
979,370
214,278
38,911
40,045
$143,970
300,000
x$543,335
Reservation of net income
$503,873
300,000
Surplus
$203,873 def$156,030 def$543,335
Non-operating
Non-operating
revenues
revenue
deductions
Gross income
Interest
on
long-term debt
979,370
199,269
33,402
Miscellaneous interest
Amortiz. of debt discount & expense.
Miscellaneous deductions
Net income
a
a
tne Empire Trust
Co., temporary trustee, of the $2,100,000 issue, of which
$1,615,000 is outstanding.
The plaintiffs said $193,000 held by the trustee
should be paid out to bondholders.
Tne plaintiffs said they held $110,000 of the bonds and that there were
500 holders in all.
They said the bonds, issued in 1927 and due in 1937, were
secured
by a mortgage on property at 527-51 West 33rd and 528-56 West
The property was leased to the United States Post Office Dept.,
10-year renewal signed in 1938 called for an annual rental of $192,000, they said.—V. 151, p. 3751.
34th St.
and the
New York
Susquehanna & Western RR.—Earnings-—
January—
1940
$299,067
129,038
69,177
1941
$300,888
118,123
52,679
Gross from railway
Net from railway..
Net ry. oper. income.__
1939
$287,207
120,320
43,792
1 938
$305,134
128,280
52,886
—V. 152, p. 837.
Niles-Bement-Pond Corp.—New Director—
Directors elected George Herbert Day of the law firm of Shipman
Goodwin of Hartford a director of this comnany.—V. 150. p. 3834.
Norfolk & Southern
January—
railway.____
Net from railway
Net ry. oper. income—
—V. 152, p. 838.
&
RR.—Earnings—
1941
$387,356
76.709
26,520
Gross from
1940
$327,531
23,085
def23,838
1938
1939
$310,044
8,012
def35,015
North American Rayon Corp.—To Redeem
$284,579
defl4,884
def58,835
Pref. Stock-—
Directors have authorized the redemption of 20,000 shares of the 6%
prior preferred stock, out of 50,222 shares of such stock presently out¬
standing, upon 60 days' notice at $50 per share, subject to obtaining a
Treasury Department license.
The redemption date was not fixed by the
board, pending issuance of such license.—V. 151, p. 3405.
15,149
North Star Reinsurance Corp.—Annual Statement—
The financial statement of the corporation
of Dec. 31, 1940 reveals
as
that the company's 1940 premium income was $2,836,442 as compared with
$1,900,547 in 1939.
The statement also shows that during the year just
closed the company's unearned premium reserve increased from $2,121,895
to $2,805,393, or more than $683,000, and that the reserve for claims and
claim expenses increased from $228,782 to $340,433.
The statement shows
capital of $600,000, surplus of $1,044,332, indicating surplus to policy¬
holders of $1,644,332.
Total liabilities other than capital of $3,205,342 were more than covered
by a combined total of cash and bond investments of $3,317,145. Invest¬
ment income earned net of expense was $118,761. The statement showed an
underwriting loss for the year of $298,675, more than 80% of which was
due to the increase in the unearned premium reserve.
The ratio of ad¬
mitted assets to total liabilities was 151%.
Cash and Government bonds
amounted to more than 50% of admitted assets.
Balance Sheet Dec. 31
1940
Liabilities—
1940
1939
$2 ,127,280
$1,122,287
1,250,825
& claim expenses
,163,460
38,500
1,885,360
Bonds
Common
stocks..
Mortgages.
1939
Reserve for claims
,189,865
Assets—
Cash in banks
______
Res.
Res.
for
$228,782
2,805,393
2,121,895
commis¬
sions, taxes and
other liabilities.
217,394
294,617
preceding cos___
$340,433
unearned
for
premiums
38,500
Balances due from
64,890
59,516
13,014
14,015
Capital
600,000
600,000
22,939
13,271
Surplus
1,044,332
1,526,085
..$4,849,674 $4,541,652
Total
_
Other admitted as¬
Loss.
x
Inc.—Bondholders
Station,
A suit for an accounting and distribution of funds said to be due to
bondholders was filed in New York Supreme Court Feb. 26 by James C.
Read and 8 other holders of 5H % first mortgage gold bonds of the company.
The suit was against the Bank of Montreal Trust Co.. former trustee, and
Accrued interest.
For acquisition of bonds or of new property,
Service
1938
$586,551
80.929
defll,226
—V. 152, p. 837.
Calendar Years—
Postal
Sue Banks—
or
—V.
York
1443
sets
Earnings for the 3 Months Ended Dec. 31
1940
Total operating revenues
Operating expenses.
Depreciation
_______
Taxes.
1938
$2,960,363
49,139
$2,756,092
46,885
$3,080,504
1,952,242
200,000
423,118
Other operating revenues_____
1939
$3,031,174
49,330
Revenues from sales of steam
$3,009,502
1,880,735
171,000
422,337
$2,802,977
1,841 049
157,136
411,863
$505,144
16,310
21,509
$535,430
20,458
7,784
$392,929
18,678
10,136
Operating income
Non-operating revenues.
Non-operating revenue deductions.__
Gross income
$499,945
244,842
48,951
$401,470
361,778
48,414
30
$548,104
244,842
54,032
8,351
39,121
$197,771
100,000
$201,758
100,000
x$23,434
Miscell. reservation of net income._
Balance..
Sales of steam (thousand pounds)____
$97,771
3,169,821
$101,758
3,097,828
x$23,434
2,862,969
Interest
on
long-term debt.
Miscellaneous interest
Amortization of debt disct. & exp
Miscellaneous deductions
8,351
Net income.
a
__________
a
x
Appropriated net income for acquisition of bonds
or
13,813
899
...
of new property,
Loss.
Comparative Balance Sheet Dec. 31
Assets—
1940
Utility plant_
Cash.
Accounts and notes receivable (less reserve)
Investment in associated
company
Sees, deposited with N. Y. State Indus. Comm'nCash restrict, for purchase of bonds or payable for
new
Total
Common stock
7,604
300,000
5,297
5,980
1,409,761
69,209
37,333
1,161,488
38,545
784,956
236,258
80,069
$62,705,933 $62,758,512
__
'
■
13,320,000
3,943,800
5,569,280
27,982,000
6,600,000
56,252
'
604,150
•
b Series A cumulative preferred stock
c
$6 dividend cumulative preferred stock
First mortgage bonds 3XA%
Advances from associated companies
Payable to associated companies
payable and sundry accruals
Accounts
494,111
83,205
Interest accrued
Taxes accrued.
Customers' deposits.---.
—
Matured long-term debt & interest unpaid (contra)
Customers'advances for construction
—
20,917
5,980
122,507
33,078
Contributions in aid of construction
2,418,000
168,012
175,595
Reserve for depreciation of utility plant
Injuries and damages reserve
Employees' providend reserve
Preferred stock retirement & betterments reserve.
209,650
d Appropriated net income
200,000
400,000
299,396
Appropriated surplus
Surplus.
e
Total
16,200
66,250
751,554
Unamortized debt discount and expense
Other deferred debits
a
16,200
,! 64,648
200,000
property
Special deposits..J.
Deposit for matured long-term debt and interest
unpaid (contra)
Materials and supplies
Prepayments
Liabilities—
1939
$56,174,015 $56,093,153
.568,383
568,383
1,110,928
1,108.819
784,809
891.599
1,462,773
1,450,231
Capital stock expense.
Other physical property.
—
-
-
.
Total.,
—V. 151. p.
■
_—$4,849,674 $4,541,652
:
' ''
'
Northern Indiana Power
,
Co.—Proposed Merger—
See Public Service Co. of Indiana.—V. 150, p.
Northern States Power Co.
1943.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Feb. 22, 1941 totaled 32,177,828 kiiowatt-hours, as compared with
28,867,517 kilowatt-hours for the corresponding week last year, an increase
of
11.5%.—V. 152, p.
Northwest
1289.
Airlines, Inc.—Listing on Stock Exchange—
Stock Exchange has authorized the listing of 234,920
(no par), which are issued and outstanding, and
additional shares of common stock on notice of issuance upon
exercise of option granted to the President of the company, making the
total amount applied for 244,920 shares.
Company was organized in Minnesota, April 16, 1934 and succeeded to
the business of Northwest Airways, Inc. (Del.) on May 24, 1934.
North¬
west Airways,
Inc. (Del.) had previously succeeded to the business of
Northwest Airways, Inc. (Mich.), on Oct. 1, 1929.
In succeeding to a
prior corporation each corporation took over the personnel and substantially
all of the assets of its predecessor.
Company and its predecessors have been engaged in the transportation
by air of passengers, mail and property since Oct. 1, 1926.
The principal
route over which the company now operates extends from Chicago, 111.,
to Seattle, Wash., and Portland, Ore., via Milwaukee and Madison, Wis.,
Rochester and St. Paul-Minneapolis, Minn., Fargo and Bismarck, N. Dak.
Miles City, Billings, Butte, Helena and Missoula, Mont.; Spokane, Wenatchee and Yakima, Wash.
It also operates between Fargo, N. Dak. and
Winnipeg, Manitoba, and
between St. Paul-Minneapolis, Minn, and
Duluth, Minne.-Superior, Wis.
A substantial amount of interline business
is enjoyed by the company, arising principally from its connections at
Chicago with the routes of other airlines to the East, South and Southwest.
Mail is carried over the entire system for the United States and the Canadian
Governments within their respective jurisdictions.
In addition to the
foregoing, but as a minor part of its business, the company furnishes equip¬
ment and personnel for chartered flights, sells repair parts and supplies,
and performs service for others.
New York
The
shares of common stock
10,000
Earnings for Seven Months Ended January 31, 1941
Total revenue
Total expenses
_____
$2,511,056
2,348,370
$162,686
Operating profit--
10,451
Other income.
•
13,320,00,y
3,943.800
5,569,280
27,982,000
7,100,000
58,430
724,942
602,107
152.032
20,854
37,333
127,524
33,078
2,213,411
154,314
175,595
167,720
$173,137
10.124
Total income
Other deductions
Taxes
on
29,388
income
$133.624
Net profit
Comparative Balance Sheet
Jan.31'41
Assets—
Cash
Accts. ree'le
Inventories
-
$271,795
June 30*40
Accounts payable.
(net)-
418,445
608,528
—_
156 630
104,706
Federal, State, &c.
inc. taxes (est'd)
80,955
93,962
plant &
equipment (net) 1,696,522
1,611,634
Current
Property,
air mail route.
.-
48,737
48,737
41,149
110,657
for
75,646
80,500
287,500
__
195,000
385,000
22,290
15,202
unin¬
sured losses.
___
5% pref. stock
stock.__
Common
76,092
8,333
1,359~200
surplus.__
41,799
Earned surplus.__
251,878
Paid'in
$62,705,933 $62,7.58,512
Total
-$2,714,234 $2,892,522
-Y. 152, p. 1289.
Total
$548,588
47,568
ma¬
Deferred income
Reserve
$462,177
44,999
260,0(H)
debt
turities
Long term debt—
Cost of U.S. Govt.
Deferred charges.-
300,000
Represented by 360,000 no par shares,
b Represented by 39,438 no
par shares,
c Represented by 58,070 no par shares,
d For acquisition of
bonds or of new property,
e Invested in new property.—V. 151, p. 2655.
Jan. 31*41 June 30 '40
Liabilities—
$314,296
Accrued expenses.
Other assets
a
1581.
45,100
1,314,500
41,811
119,665
^.$2,714,234 $2,892,522
The Commercial & Financial Chronicle
1444
Northern Pacific
Net ry. oper, income—
under lease by New Haven, on the ground that the
could not stand losses from the Old Colony operations.
Ry.—Earnings—
1941
$5,148,732
884,433
634,822
January—
Gross from railway
Net from railway
1940
$4,587,232
660,735
458,638
1939
1938
$4,189,735
$3,761,352
def97,411
def301,375
514,330
271,210
Calendar Years—
1940
Local service revenues..$24.806,210
Toll service
9,558,897
1,952.940
revenues
Miscellaneous
revenues.
Total
Uncoil, oper. revenues..
1938
1939
1937
$23,996,931 $23,366,725 $22,841,065
9,160,453
8,806,805
9,118,582
1,885.465
1,821,536
1,736,771
$36,318,047 $35,042,849 $33,995,067 $33,696,418
100,736
96,880
112,119
102,062
Oklahoma Natural Gas Co.—Earnings—
1941
Total oper. revenues__$36,217,310
Depreciation
6,968,291
4,998,986
5,528,307
2,907,283
537,096
expense
Traffic expenses
Commercial expenses
Operating rents
Gen'l & miscell. expenses:
Exec. & legal depts
447,059
1,286,918
461,058
1,264,259
538,666
366,446
368,979
$4,818,555
j
4,243
benef_
275,972
257,727
231,784
549,482
340,178
535,675
402,120
244,470
5,316,817
203,458
4,593,418
196,832
4,466.688
4,420.339
1,714,160
769,156
$6,921,086
$6,329,074
b793,370
$6,362,222
b Dr25.941
fixed charges
Interest
$7,483,316
1,341,795
$6,895,145
1,221,682
$7,122,445
1,202,441
$7,051,762
1,038,861
Net inc.avail, for divs.
Divs. on pf. stk. (6H%)
56,141,521
$5,673,463
$5,920,004
5,000",000
5,000"000
6,000,555
$6,012,902
90,975
6,000,000
$1,141,521
$673,46,3
$920,004
def$78.C73
struction—Cr
Taxes
Net oper. income
Net non-oper. income
Divs.
Amortization of debt discount and expense
Inc. bal.car'd tosurp.
1934 and 1935 in respect of property in the State of Nebraska.
This adjust¬
from a substitution of depreciation rates prescribed by the
Nebraska State Ry, Commission for rates which had been used by the com¬
pany.
b Under agreement with Tri-State Telephone & Telegraph Co.
and Dakota Central Telephone Co. no interest was receivable for the years
1940 and 1939 on advances to those companies.
The amount shown for
1938 includes $803,943 for interest on such advances, of which $102,426
was not currently earned.
Earnings for the Month %f January
1941
1940
Uncollectible operating revenue.
$3,044,714
5,218
$2,904,989
7,293
Operating revenues
Operating expenses.
$3,039,496
2,100,477
$2,897,696
1,983,593
$939,019
454,225
$914,103
405,248
....
taxes.
Net operating income..
Net income
—V.
152,
$484,794
416,512
$508,855
448,422
Balance Sheet Dec. 31
1940
sscts1
1940
1939
$
$
"
Liabilities—
Telephone plant 146,424,129 142,652,720
Miscell. physical
P property
182,677
34,977,477
Other lnvestm'ts
28,924
53,765
Cash & spec, dep
791,505
592,306
cos
Working funds.
Accts. receivable
Tel. & Tel. Co 23,510,395
a
113,702
Material & suppl
3,447,148
1,806,709
Deferred debits.
494,834
1939
S
100,000,000
Adv. from Amer.
193,232
35,355,407
Investm't in sub.
$
Common stock. 100,000,000
Notes sold...
Customers'
&
5,675,482
21,740,000
108,421 Accts. payable &
current liabils.
3,077,627
liabili¬
1,683,537 Accrued
ties not due..
482,489
Northwestern Pacific
January—
2,216,551
2,228,316
3,785,057
76,339
application has also been filed with the California Railroad Com¬
for authority to issue and sell first and refunding mortgage bonds
"G" 4s, and also to provide in part for construction ex¬
An
to refund the series
penditures.
of production plant expansion begun two years ago,
has ample capacity to provide for present needs, and is
actively with its program for additional facilities to assure a
power and gas supply adequate to meet all possible demands in this terri¬
tory, including the growth of load induced by national defense activities,
until the year 1945.
Fixed charges on outstanding funded debt,
before the deduction of
Federal income taxes, were earned 3.57 times in 1940, compared with 3.44
times in 1939.
Net income after all charges excepting Federal income taxes
and dividends, amounted to $32,743, 711, or $2,326,058 more than in the
preceding year.
The provisions for Federal taxes on net income last year,
however, amounted to $8,070,803, or $3,331,301 in excess of the correspond¬
ing 1929 total, with the result that the balance available for dividends on
preferred and common stocks decreased $1,005,243.
Earnings for the conmon stock were equivalent to $2.68 per share in 1940, compared with $2.84
in 1939.—V. 152, p. 1140.
Under the program
the
company
proceeding
Pacific Indemnity
__
Net ry. oper. income...
—V.
152,
p.
reserve
46,580,151
surp.
900,000
4,929,750
3,422,069
Total
188,645,036
183,821,575
quarterly dividend of 50 cents per share on the common
stock, par $10, both payable April 1 to holders of record March 15.
Previously regular quarterly dividends of 40 cents per share was distribu¬
tion.
In addition the following extra dividends were distributed: 20 cents
on Jan. 2, last; 10 cents on Oct.
1, and July 1, 1940; 25 cents on April 1,
1940; 20 cents paid on Jan. 3, 1940, and 10 cents paid in each of the 11
preceding quarters.—V. 151, p. 3097.
Pacific
Telephone & Telegraph Co.—Annual Report—
Consolidated Income Statement of System for
1940
$209,931
def51,923
def80,628
1938
1937
Local service revenues..
89,928,921
35,147,467
4,063,293
85,703,889
33,156,914
3,789,801
81,852,839
31,130,323
79,103,294
31,321,035
3,109.712
revenues
Miscellaneous
Total.
revenues.
129,139,681 122,650,604
revenues..
511,090
482,299
Uncoil, oper.
$208,581
def45,325
def71,059
1938
$213,867
defl00,527
defl31,403
Traffic
expense.
expenses
Gross
$2,006,620
621,310
394,675
Provision for depreciat'n
250,000
revenue
Operating
Operating
expenses
Taxes
-1940
1941—12 Mos.—1940
$1,828,304 $20,650,781 $19,488,235
573,141
6,660,628
6,367,534
290,678
3,621,433
3,011,909
225,000
2,825,000
2,525,000
$7,583,791
3,424,934
Divs.
Divs.
Net income
Divs. on pref. stock
$451,978
155,577
$453,268
155,577
$4,144,924
1,866,923
$4,158,857
1,866,923
Shares of
$296,401
$297,691
$2,278,001
$2,291,934
on
com.
1941
$21,200
5,923
__
495
1940
$22,485
3,802
def2,836
1939
Earns, per share
20,479,183
1,775,176
1,469,328
21,482,176
1,779,920
Cr9,727
Cr9,731
Cr9,732
Cr9,730
stock.
17,244,411
18,761,294
4,920,000
14,440,000
948,441
2,250
4,920,000
12,635,000
19,131,610
4,920,000
13,086,250
$1,125,360
1,805,000
$7.40
1,805,000
$7.87
4,920,000
11,732,500
$591,911 def$598,706
on com.
1,805,000
$6.83
1,805,000
$7.67
No provision for surtax.
1940
jAs8€tS"mmmm
*5
$30,359
$41,139
8,509
1,390
19,435
11,323
Colony RR.—To Be Included in New Haven Reorgan¬
ized System—Rejects Application for Abandonment of Lines—
The Interstate Commerce Commission has issued an amended plan for
reorganization of the New York New Haven & Hartford RR. providing for
inclusion of the Old Colouy RR. in the reorganized system.
At the same time the ICC rejected an application of the Old Colony
trustees for abandonment of that road's so-called Boston group of lines.
In the original "final plan" for New Haven reorganization, the ICC made
no provision for inclusion of the Old Colony properties, formerly operated
§
1,517,696
1,397,617
325,000
Sinking fund
325,000
1,283,175
95,094
deposits
Working funds.
1,603.807
6,443,005
5,318.345
10,397
8,249
Accts. receivable 12,435,103
Prepayments
Disc,
on cap.
stk.
Other def. debits
5
Liabilities—
3,602,611
4,817,811
237,860
77,522
11,380,848
3,148,355
4,817,811
262,286
1939
$
stock. 180,500,000 180,500,000
Preferred stock. 82,000,000
82,000,000
Common
54,568,000
54,568,000
33,300,000
22,550,000
15,297,089
15,878,656
2,251,418
Bonds
2,132,410
Advs. from Am.
Tel. & Tel. Co
Cash and special
Mat'ls & suppls.
Notes receivable
1940
1939
Telephone plant514,509,467 493,360,850
Other lnvestm'ts
718,357
627,730
Misc. pbys. prop
1938
Old
22,560,834
1,774,038
1,664,917
Comparative Consolidated Balance Sheet Dec. 31
Oklahoma City-Ada-Atoka Ry.—Earnings—
Net ry. oper. income.
—V. 152, p. 839.
21,892,001
1,773,450
stock out¬
Common Dividend—
regular^ quarterly dividend of 25 cents paid on March 15,
January—
Gross from railway
Net from railway
21,280,362
201,814
$721,980
pref. stk. (6%).
on common
Surplus
x
Co.—25-Cent
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 15 to holders of record Feb. 27.
Last previous pay¬
the
,.
standing (par $100)--
'—V. 152, p. 839.
was
20,236,330
242,853
Net inc. avail, for divs. 18,276,980
$7,543,720
3,398,796
ment
22,425,074
135,760
Other fixed charges
Realease of premium on
funded debt (net)
$739,486
286,218
Match
21,743,074
148,927
for
Other interest
$740,635
288,656
Balance.
122,168,305 115,976,148 113,015,543
22,089,024
23,119,234
24,624,365
17,579,323
18,045,446
17,795,274
17,324,603
17,867,623
18,670,625
20,065,982
9,390,988
9,578,573
10,125,445
10,453,649
523,773
563,479
566,604
542,720
9,282,122
9,617,671
10,380,930
11,931,294
16,947,791 xl5,545,348
17,579,987
20,055,235
25,581,668
18,254,968
1,851,288
available
fixed charges.
interest
Bond
Gross income
Int. & other deductions.
Ohio
taxes
Net oper. income
Net non-oper. income..
Income
1941—Month
3,518,985
116,502,148 113,534,041
526,000
518,498
Total oper. revenues. 128,628,591
Current maintenance...
Gen. and miscell. exps_.
1939
838.
31—
Calendar Years
1939
Commercial expenses...
152, p. 993.
Ohio Edison Co.—Earnings—
^ Period End. Jan.
Co.—Extra and Larger Dividend—
tion to the regular
44,726,042
credits
4,611,138
73,562
RR.—Earnings-
1941
$242,177
def20,683
55,711
Registered with SEC—
mission
Operating rents
Gross from railway
Net from railway
adjustment
Company on Feb. 25 filed with the Securities and Exchange Commission,
registration statement (No. 2-4676, Form A-2) under the Securities Act
of 1933 covering $65,000,000 of 3% 1st & ref. mtge. bonds, series J due
Dec. 1, 1968.
The statement was filed in the Commission's San Francisco
Regional office.
The use of the proceeds, the redemption provisions, the names of the
underwriters and the underwriting discounts or commissions, as well as the
offering price of the bonds, will be furnished by amendment.
Depreciation
188,645,036 183,821,575
plan of capital
a
Toll service
1,016,271
Surplus reserved
To trustee of pension fund.—V.
approved
a
5,927,481
1,048,007
Deprec'n
a
have
1940
Deferred
Tota'-..
Pacific
bill¬
ing & paym'ts
Unapprop.
Co.—Acquisition Voted—
of
involving the acquisition of all outstanding stock of Richmond Sanitary
Co. in exchange for 82,051 shares of Pacific Can.
It is believed that all
details will be concluded within the next 60 days.—V. 152, p. 993.
dep.
adv'ce
$1,354,535
has no liability for excess profits tax.—V. 152, p. 1290.
Pacific Can
Stockholders
273,151
$2,125,132
Balance for common stock and surplus
The company
101,945
273,165
-
Directors have declared an extra dividend of 25 cents per share in addi¬
993.
p.
319,000
Pacific Gas & Electric Co.—Bonds
ment resulted
Operating
prior preference dividends
78
689.540
Accruals for 1937 were reduced by an adjustment of $274,360 relating
depreciation expense for the year 1936 and accruals for 1936 were reduced
by an adjustment of $393,429 relating to depreciation expense for the years
revenues
$1,819,172
89,540
Net income.
215,992
to
Operating
$3,071,479
$1,065,677
55,480
65,646
65,504
$5.50 convertible prior preferred dividends...
Preferred dividends
x
for
stock
on com.
$3,581,659
$633,125
189,424
(net)-Cr7,613
49,425
$2,717,297
Gross income.--
Bond interest
Interest—bank loans
530,980
337,774
Other gen'l expenses..
Expenses charged con¬
$4,198,852
1,127,373
Retirement reserve accruals—
202,592
566,844
330,237
license contracts
available
$4,822,798
1,241,140
—
Convertible 6%
357,535
$4,198,773
Utility operating income
Other income (net)
479,764
1,253,457
,
237,753
731,165
267,572
Federal and State income taxes
Services receiv, under
Income
271,479
782,405
436,880
General taxes
Other income charges
414,239
1,364,883
Acctg. & treas. depts.
Prov.
for employee's
service pensions.
Employees' sickness &
accident
disability,
death & oth.
$34,945,969 $33,882,948 $33,594,356
6,677,304
6,647.101
6,589,986
4,994,768
4,881,167
a4.660,945
5,375,342
5,286,958
5,343,429
2,809,626
2,668,761
2,738,371
530,071
536,151
532,950
$8,517,597
3,082,334
Maintenance
x
1940
^
$9,707,893
3,398,573
Operating revenues
Operation
Gross income
Current maintenance
Originally the ICC
plan for separate reorganization of the Old
See also New York New Haven & Hartford RR.—Y. 152, p. 1730.
Colony.
12 Months Ended Jan. 31
Northwestern Bell Telephone Co.- -Earnings—
1, 1941
reorganized system
also declined to approve any
7
—V. 152, p. 1137.
March
sold
Notes
to
trustee of pen¬
sion fund
Cust.
dep.
and
adv. paym'ts.
Accts.
pay.
other
and
current
7,944,679
6,265,105
11,266,674
9,394,065
477,248
liabilities
472,610
Accrd. liabilities
not due..
Deferred
credits
Deprec. reserve. 150,874,532 142,256,382
Surplus.--7,423,161
6,403,969
Total
545.902,802 522,421,198
Total
545,902,802 522,421,198
Volume
The Commercial & Financial Chronicle
152
■
Comparative Income Statement (Company Only)
group are: Morgan
& Co., Inc.; Mellon
Stanley & Co., Inc., Harriman Ripley
Securities Corp.; Smith, Barney & Co.;
Kidder, Peabody & Co.; Dick & Merle-Smith; Merrill
Lynch, E. A. Pierce & Cassatt; Stroud & Co., Inc.; E. W.
Clark & Co.; Biddle, Whelen & Co.; Elkins, Morris &
Co.;
Graham, Parsons & Co.; W. H. Newbold's Son & Co., and
Calendar Years—
1940
1939
1938
1937
Local service revenues__$52,272,802 $49,931,091 $47,920,921 $46,466,502
Toll service revenues... 21,262,244
19,942,215
18,703,719
18,980,699
Miscellaneous revenues.
2,216,639
2,106,335
2,001,449
1,810,664
„
Total.
„
Uncoil,
^.$75,751,685 $71,979,642 $68,626,090 $67,257,866
240.690
oper. revenues..
262,800
252,598
Total oper. revenues. $75,510,995 $71,752,342 $68,363,290
Current maintenance... 15,392,105
15,073,867
14,036,030
$67,005,268
13,587,045
10,651,489
11,460,103
5,452.731
394,573
5;891,851
y8,775,460
Depreciation
10,873,848
13,238,564
5,951,550
407,488
expense...
Traffic expenses.
Commercial expenses...
.
Operating rents
Gen. and miscell. exps..
Operating taxes
7,490,868
11,065,760
.
Net oper. income_._.$ll,090,811
Net non-oper. income... 10,888,544
227,299
10,635,620
12,308,024
5,825.786
10,842,342
11,724,359
5,522,414
427,032
6,023,721
9,484,136
429,157
6,626,293
9,710,918
Yarnall & Co.
.
$11,142,675 $10,303,253 $10,792,015
10,660,650
10,519,689
10,572,562
$21,979,355 $21,803,326 $20,822,943 $21,364,577
1,773,460
1,774,038
1,774,305
1,778,868
1,631,354
1,412,468
733,356
1,226,299
2,250
Other interest
Other fixed charges
Release
of
prem.
Cr9,728
Net inc. avail, for divs.$18,584,269
on pref. stk.
(6%)
4,920,000
Divs.
Divs.
on common
stock.
12,635,000
Surplus
y
$1,029,269
Cr9,731
Cr9,732
119933
Cr9,730
$18,626,551 $17,832,072 $18,859,833
4.920,000
4,920,000
4,920,000
13,086,250
11,7.32,500
14,440,000
$620,301
$1,179,572
def$500,167
to
No provision for surtax.
1940
-
j^gscts-——
1939
-
S
1940
controlled
in
Other Investm'ts
Misc. phys. prop
Common stock. 180,500,000
Preferred stock.
cos.153,104,927
148,804,927
624,683
711,987
1,098,117
S
978,943
thereon, which include a passenger terminal, terminal building and retail
market.
The terminal, in the central part of Philadelphia, is used
by all
regularly scheduled passenger trains of Reading Co. entering or leaving
that city.
The general offices of Reading Co. and a restaurant, stores
1939
S
Liabilities—
§
Telephone plant304,353,567 290,532,833
Investments
•'
180,500,000
82,000,000
and offices
82,000,000
Bonds.54,568,000
54,568,000
Adv.
from
Tel. & Tel. Co. 33,300,000
325,000
325,000
Cash & spec.deps
943,573
1,167,194
Working funds.
Mat'ls & suppls.
Notes receivable
72,622
3,385,634
2,990,444
3,492
4,034
Accts. receivable
7,797,786
1,764,444
4,817,811
156,627
6,962,678
1,610,180
4,817,811
203,127
22,550,000
Accts.pay.&oth.
Accr'd liabilities
Disc,
on cap. stk
Oth. def. debits
.
57,030
Notes
sold
to
trustee of pen¬
sion fund
10,022,902
Cust.
dep.
1,395,978
current liabils.
not due......
Deferred
credits
5,193,713
3,829,863
7,221,892
.
478,448,284 459,166,189
.
Total
6,197,288
394,284
Security—Prior to settlement, the company will furnish to the under¬
an opinion of counsel for the Terminal
company that the bonds,
completion of the present financing, will be secured (1) by a first lien
(subject to: (a) current taxes; (b) irredeemable ground rents of approxi¬
mately $1,000 a year on portions of land; (c) reversionary rights, if any, as to
portions of land condemned for railroad purposes; (d) the rights, if any,
of lessees under existing sub-leases from Reading Co. for certain portions
of mortgaged premises not used for railroad purposes; and (e) certain minor
easements and objections not deemed material) on all real estate, franchises
and other property owned by the Terminal company; and (2)
by a first
lien on the rights of the Terminal
company under its lease to Reading Co.
writers
399,965
upon
91,741,568
5,622,452
478,448,284 459,166,189
-V. 152, p. 1140.
Payne Furnace & Supply Co.-—Accumulated Dividend-—
Directors have declared
accumulations
April 15
on
a dividend of 30 cents per share on account of
the convertible preferred class A and B shares, payable
to holders of record
April 1.
and dividends of 15 cents were paid
Jan. 15. 1940.—V. 151, p. 3570.
which will be subordinated to said lien.
Pennsylvania RR.—Earnings of Regional System—[Excluding Long Island RR. and Baltimore & Eastern RR.]
Month of January—
1941
1940
Railway operating revenues
$42,685,143 $38,566,523
Railway operating expenses
31,757,444
29,123,252
*
.....
$10,927,699
2,749,300
559.353
559.354
144,428
212,596
........
Railroad retirement taxes
Equipment rents—Dr. balance.
Joint facilities
rents—Dr.
Net railway operating
balance
income..
...
$6,702,668
1932
1935
59,443,271
1,952,048
534,086
533,893
436,439
156,950
1936
1937
1938
1939
1940
$5,829,855
1940
1939
$339,512
def87,221
def207,498
Month of January—
Operating revenues
Operating expenses
1941
$3,124,077
2,158,710
1940
...
$591,907
84,175
60,484
$341,968
104,783
58,356
$536,773
115,017
$447,248
$178,828
93,675
104,177
Miscellaneous income deductions
Rent for lease of roads and equipment
Interest
on
debt
$651,788
5,205
7,521
267,319
$551,425
6,019
7,519
267,713
$272,504
6,324
5,631
271,163
Net income
Deficit.—V. 152, p. 841.
$371,743
$270,173
Philadelphia Acceotance Corp.—New President—
Philadelphia & Reading Terminal RR.—Bonds Offered
banking group headed by Drexel & Co. on Feb. 28
offered $8,000,000 first (closed) mortgage bonds, of which
$3,500,000 are serial bonds and $4,500,000 are sinking fund
bonds.
The $3,500,000 serial bonds dated March 1, 1941,
and maturing March 1, 1942-1951, inclusive, and bearing
coupons of 0.50% to 2.625%, are being offered at par, and
the $4,500,000 sinking fund 33^% bonds dated March 1,
1941 and due March 1, 1966, are offered at 99.
Principal,
interest and sinking fund payments of all the bonds, which
are offered subject to authorization by the Interstate Com¬
merce Commission, are unconditionally guaranteed by en¬
dorsement by Reading Co.
Other members of the offering
1938
$889,464
5,171,502
1,255,058
1939
-
......
1940
$4,079,141
2,148,868
2,231,431
1939
1938
$806,762
103,434
335,413
1937
$819,150
141,830
341,205
100,315
169,976
151,634
142,500
17,764
48,500
$120,175
108,174
$481,143
86,538
86,538
$135,981
86,538
$394,605
$33,637
$49,443
$154,056
a
Land, buildings,
1939
Liabilities—
1940
1939
c
7% cum. pref.
stock.
$2,914,413
.$2,472,600 $2,472,600
513,635
456,471 c7% cum. 2d pref.
stock
500,000
500,000
986,132
871,500
872,853 b Common stock.
871,500
33,790
35,647 Acc'ts payable, &c
398,592
230,217
Fed., State <fc local
taxes
accrued..
294,281
51,478
5,778 Res. for conting..
100,000
100,000
615,658
586,007 Surplus..
3,044,532
3,090,414
2,388,972
2,441,426
17,633
45,348
32,901
mach'y &equlp.$2,751,051
Customers'
:
acc'ts
receivable
Other acc'ts rec...
employees mdse.
accounts
receiv.
Inventories
Def. recond'nexp.
Prepaid
expenses.
Cash alloc, to pur:
150,000
mach'y..
new
150,000
x$10,614
The election of Charles W. Collom as President of this corporation has
been announced by the company.—V. 147, p. 1787.
—-A
6,427.217
Balance Sheet Dec. 31
of
x
8,963,548
8,954,856
8,830,910
8,713,934
8,691,015
8,462.171
8,418,369
8,340,641
8,307,314
$1,219,957
153,981
342,018
54,000
1940
Cash val. life insur
Total income
Net
Income
3,314,928
4,228,789
6,715,523
5,682,053
5,714,173
6,515,071
6,839,345
3,295,309
4,721,651
$45,882
Salesmen's ad vs. &
Net railway operating incomeOther income
Fixed
Charges
$8,886,915
"
Balance
$495,872
153,904
$676,884
81,626
58,485
:a.
:
'
Net profit
Divs. on pref. stock
Cash....
Operating income. ..........
Equipment rents (net)
Joint facility rents (net)
1940
$724,562
183,087
333,420
:
1939
$769,549
177,642
:
Co.-—Earnings-
..
social security taxes. }•
State I
income taxes
J
$2,393,175
1,897,303
$965,367
288,484
.,
Prov. for Fed. &
Assets—
Railway tax accruals.
:
-
Phoenix Hosiery
1938
_
.
1937
Calendar Years—
;
$2,899,570
2,130,021
$12,201,843
13,192,337
15,670,379
14,512,963
14,428,107
15,206,186
15,301,516
11,713,678
13,062,292
14.734,531
1936
__
Operating
profit
Income charges
Depreciation for year
Prov. for Fed. & State]
$305,313
defl22,514
def253,436
Pere Marquette Ry.—Earnings—
'
Net Inc. Before
Fixed Charges
1935
$1,489,794
1,071,884
1,241,171
1934
1,350,230
—V. 152, P. 391.
Pennsylvania-Reading Seashore Lines-—Earnings-r'
$374,651
—...
1932
1933
Leonard T. Beale was elected a director of this railroad, to succeed to
the place left vacant by the death of Howard Heinz.—V. 152, p. 1138.
defl06,653
def245,185
■
During this period debits to profit and loss, other than dividend appro¬
priations, after deducting all credits thereto other than transfers from in¬
come and appropriations of income in prior years, were as follows:
New Director—
1941
$389,305
def79,017
Net ry. oper. income— def230,180
—152, p. 841.
Total Railway
Oper. Revs.
-$70,614,089
51,806,374
49,464,052
53,078,431
51,373,733
59,291,758
58,754,351
48,479,998
56,744,549
63,797,976
1933
Earnings of Company Only
January—
.
Earnings of Reading Co. (Guarantor) for Calendar Years
1934
January—
1941
1940
1939
1938
Gross from railway
$42,603,255 $38,495,774 $32,896,733 $28,465,622
Net from railway
10,948,035
9,459,129
8,253,264
5,473,948
Net ry. oper. income—
6,733,386
5,516,274
5,033,689
2,241,760
Gross from railway
Net from railway
v
.■
Provisions of the first mortgage with certain exceptions may be amended
by the Terminal company and the trustee with the approval of holders of
66 2-3% in principal amount of outstanding bonds affected.
Like amount paid on Jan. 15, last,
on Oct. 15, July 15, March 28 and
Net revenue from railway operation......
Railway taxes.»;
Unemployment insurance taxes
located in the terminal building.
Capitalization—Upon the issuance and sale of the new bonds, the capital¬
ization of the company will be as follows: $8,000 first mortgage
bonds,
now being offered: and
170,000 shares ($50 par) capital stock.
All the
capital stock outstanding is owned by Reading Co.
1,315,031
Deprec. reserve. 96,859,201
Surplus—.——
6,986,633
Total.
10,447,702
and
adv. paym'ts.
are
Purpose—Proceeds from the sale of the bonds ($7,845,625 and accrued
interest) will be used, together with funds of Reading Co. (which will pay
the expenses of the issue), to pay at or before maturity the
$8,500,000 out¬
standing Philadelphia & Reading RR. 50-year 5% bonds due May 1,
1941 (guaranteed as to principal and interest by the Terminal
company).
Am.
Sinking funds..
Prepayments-
Company—All the Terminal company's property is leased for 949 years
Reading company, which owns all its outstanding stock (par $8,500,000).
This property consists of certain land in Philadelphia and the
improvements
Comparative Balance Sheet (<Company Only) Dec. 31
.
■
,
on
funded debt (net)
'V
v;
The $3,500,000 serial bonds dated March 1,
1941, mature at the rate of
$350,000 per annum and bear interest respectively as follows: 1942, 0.50%:
1943, 1.00%; 1944, 1.25%: 1945, 1.50%; 1946, 1.75%; 1947, 2.00%;
1948,2.25%; 1949, 2.375%; 1950, 2.50%; 1951, 2.625%.
The $4,500,000 sinking fund
3^% bonds are dated March 1, 1941, and
are due March
1, 1966.
Sinking fund of $300,000 per annum for sinking
fund bonds, commencing Jan. 1, 1952, calculated to be sufficient to
retire
such bonds at or before maturity.
Interest on serial and sinking fund bonds payable M. &
S.inPhila., Pa.
Serial bonds redeemable at the option of the Terminal
company as a
whole at any time on 30 days notice, at 100 and int.
plus a premium of
l-10th of 1 % for each 6 months period or fraction thereof from the
redemp¬
tion date to the date 6 months before maturity.
1
*
Sinking fund bonds red. at option of the Terminal company as a whole
at any time or in part on
any interest date on 30 days notice, at the follow¬
ing prices and accrued int rest: on or before Feb 28, 1946, at 104; there¬
after, on or before Feb. 28, 1951, at 103; thereafter, on or before Feb. 29,
1956, at 102; thereafter, on or before Feb. 28, 1961, at 101; and thereafter
at 100.
Sinking fund bonds redeemable through the sinking fund at 100 %.
In the opinion of counsel for the underwriters, serial bonds and
sinking
fund bonds will, when issued, be legal investments for
savings banks in
the States of Pennsylvania and New York.
Income avail, for fixed
charges.
Bond in teres
1445
Total-...
$7,484,585 $7,513,130
Total...
$7,484,585 $7,513,130
a After
deducting reserve for depreciation of $5,151,321 in 1940 and
b Represented by shares of $5 par.
$4,954,884 in 1939.
c Represented
by shares of $100 par.—Y. 152, p. 994.
(Albert) Pick Co., Inc. (& Subs.)—Earnings—
Calendar Years—
1940
Gross income from sales.
Sell. & adminis. exps...
1939
$806,778
807,725
$769,435
803,370
$52,919
Profit
Other income less other
deductions
1937
1938
$888,354
835,435
loss$947
loss$33,935
43,527
50,022
54,941
$1,062,065
942,186
$119,879
r
56,164
—A—
Net
inc.
before
eral taxes
Prov.
Fed¬
income
Common dividends
per
sh.
on
$21,006
9,071
3,092
28,877
$71,104
6,630
38,266
Preferred dividends
stock (par $1)
$49,075
$40,004
7,083
25,607
$17,914
7,573
17,106
$147,166
8,905
60,929
$0.38
$0.19
$0.06
$0.81
on
Net income
Earns,
$176,043
$96,446
25,343
on
for Fed. taxes
income
com.
The Commercial & Financial
1446
Consolidated Balance Sheet Dec. 31, 1940
security investments, less reserve, $10,423; accounts receivable, employees,
$199; prepaid and deferred charges, $8,454; land, building?, machinery and
equipment (less reserve for depreciation of $167,170), $80,307; patents, $1;
total, $1,455,440.
Liabilities—Amounts
payable, $193,310; dividend payable, $21,194;
accrued liabilities, $82,694; provision for such Federal normal income tax
as
may
have to be paid on income applicable to instalment sales, $15,000;
interest on instalment notes and accounts receivable, $5,063;
unearned
preference stock ($5 par value), $97,575; common stock ($1 par value),
$169,555; capital surplus, $754,817; earned surplus, $116,233; total, $1,~
455,440.—V. 151, p. 3898.
1, 1941
before Jan. 31, 1969, plus a premuum of
7 M % reduced successively by H of 1 % on the first day of February in
each of the years 1942 to and including the year 1968.
The new preferred
stock is redeemable at the option of the company after at least 30 days
notice at $112.50 a share plus accrued dividends if redeemed on or before
July 1, 1944, and thereafter at $110 a share plus accrued dividends.
The price at which the bonds and new preferred stock will be offered to
the public is to be furnished by amendment to the registration statement.
The prospectus states that no facilitate the offering it is intended to
stabilize the prices of the bonds and the 5% preferred stock.
This is not
an assurance, it states, that the prices will be stabilized or that the stabiliz¬
ing, if commenced, may not be discontinued at any time.—V 152, p. 1140.
interest and If
Assets—Cash, $75,135; notes and accounts receivable (Including $275,749 of instalment accounts) less reserve, $769,236; inventories—at the lower
of cost or market (including $41,564 merchandise in transit), $511,685;
March
Chronicle
redeemed
on or
Public Service Corp. of New
Jersey—Dividend—
25 declared a quarterly dividend of
stock, payable on or before March 31,
to stockholders of record March 7.
During 1940 the dividend was 60 cents
per share per quarter.
In view of all the uncertainties existing at the
present time and the probability of increased taxation, the board thought
it wise to be conservative in this respect until more information is available
of Directors on Fen.
Board
The
55 cents per share on the common
Pittsburgh Coal Co.—Earnings—
Period End. Dec. 31—
Net profit
x
Earns,
per
Nil "
$3.59
Nil
$0.15
After
$1,255,893 y$l,068,787
$125,330
of com.
stock
x
1940—12 Mos.—1939
1940—3 Mos.—1939
$585,233
—
sh.
depreciation, depletion, amortization of debt discount
Federal income taxes, &c.
y Loss.—V. 152, p. 688.
and expense,
1938
1939
$1,274,209
98,098
175,330
1940
$1,885,026
319.096
350,075
1941
$2,057,395
428,687
472,397
Net from railway
Net ry. oper. income
$897,977
defl68,131
def72,551
Pittsburgh & Shawmut RR.—Earnings—
1940
$72,628
Net from railway.
22,013
12,738
16,853
6,649
4,753
Net ry. oper. income
1 938
$44,117
defl2,190
defll,112
1939
$53,269
210
—V. 152, p. 842.
Pittsburgh Shawmut & Northern RR.—Earnings—
1941
$135,801
77,382
43,347
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 842.
1938
$86,155
17,167
defl,169
1939
$99,768
38,971
24,115
1940
$121,374
47,250
31,185
Pittsburgh & West Virginia Ry.—Earnings—
1941
$379,388
134,153
120,658
January—
Gross from railway
Net from railway
Net ry. oper. income
1938
$224,679
46,294
48,910
1939
$268,120
78,782
66,210
1940
$393,151
135,939
122,706
—V. 152, p. 842.
Pond Creek Pocahontas
Co.—Output-^—
Portland Gas & Coke Co.—Preferred
3753.
preferred stock
15, to holders of
made on Oct. 1,
6% preferred.—V. 152, p.
Directors have declared a dividend of 87 cents on the 7 %
1140.
Period End. Dec. 31—
1940—Month—1939
1940—12 Mos.—1939
Teleg.& cable oper. revs. $2,017,431
$1,882,535 $21,283,066 $21,115,438
Repairs
117,098
156,453
1,434,745
1,302,128
Deprec. & amortization.
188,835
159,691
2,341,549
1,916,296
All other maintenance..
122,040
114,069
1,385,030
1,314,260
Conducting operations..
1,502,458
1,398,307
16,509.500
15,694,960
Relief depts. & pensions.
50,500
33,815
581,695
578,672
All oth. gen. & misc. exp.
32,365
38,544
505,123
428,384
$4,135
15,000
72,153
operating revenues.
$18,344
$1,474,576
$119,262
5,000
70,000
1,062,208
60,000
964,300
47,384
$83,018
1,464
$70,728
1,672
$2,606,784
38,156
$1,143,562
24,725
$84,482
22,778
$69,056
247,923
$2,568,628
455,944
$1,118,837
2,980,893
$107,260
$316,979
$3,024,572
$4,099,730
: Operating income
Non-oper. income
Gross income
Ded'ns from gross inc..
income
152, p. 275.
Public Service Co. of Indiana,
Inc.—Proposed Merger—
See Public Serivce Co. of Indiana.—Y. 150, p.
Public
Service
Preferred Stock—
a
Co.
of
3214.
Oklahoma—Registers Bonds and
•!
< i:
Company on Feb. 24 filed with the Securities and Exchange Commission
registration statement (No. 2-4672, Form A-2), under the Securities Act
of
Corporation is presently engaged in the personal finance business in
Maryland and Virginia, and anticipates expansion into other States.
Loans
of $300 or less, for useful purposes, usually payable in 10 to 20 monthly
instalments, are made to employed persons of good credit character.
The business is licensed by and under the supervision of the banking de¬
partment of the States of Maryland and Virginia,
Upon completion of the present financing, the company's capitalization
will consist of 24,982 shares of class A common stock (no par) and 82,191
shares of class B common stock (no par).
The principal purpose of this financing is to provide additional capital
for increasing the loan volume in the existing loan offices of the company
and for additional offices in various States in line with its present expansion
program.
The company's balance sheet as of Nov. 30, 1940, shows total current
$307,655 and total current liabilities of $133,260.
interest and dividend obligations have been met in full on time.
All
Consolidated
net
profits, after taxes
equal to $2.75
was
1933, covering $16,000,000 of 3%% frst mortgage bonds, series A, due
Feb. 1,1971, and 83,500 shares of 5% cumulative preferred stock ($100 par).
The company proposes to offer the new preferred stock in exchange to
plus
public offering price of the new
hares not taken under the exchange offer the be and 7% prior lien stock,
Sreferred stock and the redemption price of will 6% offered publicly through
underwriters.
The net
proceeds to be received by the company, together with treasury
funds, will be used for the retirement of securities as follows:
$16,000,000 of 4% first mortgage bonds, series A, due Feb. 1,
1966, requiring for principal and a premium of 4% $16,640,000
8,350,000 of 7% prior lien stock and 6% prior lien stock,
requiring for par value and a premium of 10%
9,185,000
Interest and dividends accrued to the respective redemption dates of the
securities to be redeemed will be paid from treasury funds.
-
Public
Service Co.
of
Indiana—Amended Plan Filed—
Securities
The
Exchange
and
Commission
Holding Company
consolidation
Act
the
of
Indiana Power Co.
,
...»
Kansas
are
pany after at
redeemable in whole
or
300,000
300,000
300,000
300,000
200,000
200,000
200,000
200,000
200,000
25
that
(File 34-43) for a report on a proposed plan of
companies and their subsidiaries, Northern
three
and Dresser Power Corp., into Public Service
Co. of
of Public
Haute
Terre
of Indiana, Central Indiana Power Co. and
Inc., except 161,451 shares of common stock
by Central Indiana Power
Service Co.
Electric Co.,
of Public Service Co. of Indiana which is owned
which will be canceled by the consolidation.
The trustee also
beneficially 11,237 4-6 shares of $6 cumulative prior preferred stock
shares of the preferred stock of
Terre Haute Electric Co., Inc.
On April 30, 1940, an application was filed under the SEC for a report
on
the proposed plan of consolidation and a declaration covering the
solicitation of proxies and consents of stockholders.
During the hearing
before the SEC, and since the conclusion of those hearings, the proposed
plan of consolidation has been substantially revised.
Under the plan as now proposed, the authorized capital stock of the new
corporation will be 2,300,000 shares, of which 300,000 shares (par $100)
will be preferred stock (the preferred stock to be issued in connection with
the proposed consolidation plan to be 5% cumulative preferred stock,
(series A) and 2,000,000 shares (no par) will be common stock.
The com¬
mon stock to be issued in connection with the proposed consolidation plan
will have a stated value of $25 per share.
The existing shares of Service company, Central and Terre Haute (except
shares owned by constitutent corporation which shares shall be canceled)
will be converted into shares of the new corporation on the basis of the
following tabulation, and will receive a cash payment, which, if the plan is
consummated on June 1, 1941, will be as follows:
Co.
and
owns
of Public Service Co. of Indiana and 1,486
c—Shares of New Corp.—
Cash
Payment
Preferred
(1) Service company;
$7 cum. prior pref. stock, plus divi¬
dends at May 31, 1941
a $6
cum.
prior preferred stock,
plus dividends at May 31, 1941.
b $6 cum. prior preferred stock,
plus dividends at May 31, 1941$6 cum. preferred stock, plus divi¬
dends at May 31, 1941
Common
1 sh.
1 sh.
$29.54
1 sh.
1 sh.
21.75
5.87 shs.
6 shs.
0.37 sh.
Common stock
(2) Terre Haute:
a
Preferred
stock,
plus
dividends
plus
dividends
stock,
1.50
1.20 shs.
May 31, 1941
b Preferred
4.80 shs.
4 shs.
1.50
1 sh.
2 shs.
11.25
1 sh.
2 shs.
11.25
at
May 31, 1941
Common stock, j
(3) Central:
7% cum. preferred stock, plus divi¬
dends at May 31, 1941
6% cum. preferred stock, plus divi¬
dends at May 31, 1941
Common stock
0.72 sh.
beneficially owned by the trustee of the estate of
Midland United Co.
b Shares beneficially owned by Midland trustee,
c To
be issued in exchange for each share.
^
Upon consummation of the consolidation of the constituent corporations,
the existing shares of Northern and Dresser, and such of the existing shares
of the other constituent corporations as are owned by constituent corpora¬
tions will be canceled and no shares of the new corporation will be issued in
a
Exclusive of shares
,
1,700
lieu thereof.
The proposed allocation of shares of the new corporation to the holders
of the various classes of shares of Service company, Central and Terre
150.000
None
1,70a
1,700
1,700
l,15o
1,150
1,150
1,150
1,150
900
900
900
None
...
The bonds
$800,000
2,000,000
1,750,000
1,750,000
1,750,000
850,000
800,000
575,000
525,000
500.000
500,000
500,000
500,000
350,000
350,000
Pref. Shs.
4,175
11,500
None
10,000
10,000
4,900
4,175
4,175
3,000
2,900
2,900
2,90j
2,900
2,000
2,000
Feb.
Indiana, Inc., a new corporation.
The companies are all subsidiaries in
the Midland United System.
The trustee of Midland United Co. owns all of the outstanding common
at
Bonds
announced
Public Service Co. of Indiana, Central Indiana Power Co. and Terre Haute
Electric Co., Inc., had filed an amendment to an application under the
The underwriters are as follows:
Glore, Forgan & Co., Chicago
Bonbright & Co., Inc., N. Y. City
Halsey, Stuart & Co., Inc., Chicago
Harriman Ripley & Co., Inc., N. Y. City.
...
Harris, Hall & Co. (inc.), Chicago—
The First Boston Corp., N. Y. City
A. G. Becker & Co., Inc., Chicago
Tucker, Anthony & Co., N. Y. City
^
Lee Higginson Corp
Chicago.,*
Blyth & Co., Inc., N. Y. City
Kidder, Peabody & Co., N. Y. City
Lehman Brothers, N. Y. City
Stone & Webster and Blodget, Inc., N. Y. City.
Central Republic Co., Chicago
W. C. Langley & Co., N. Y. City
E. H. Rollins & Sons, Inc., Chicago
A. C. Allyn & Co., Inc., Chicago
Stern, Wampler & Co., Inc., Chicago...
The Wisconsin Co., Milwaukee
Bacon, Whipple & Co., Chicago
Blair, Bonner & Co., Chicago.
Dean Witter & Co., San Francisco
The Illinois Co., Chicago
Sills, Troxell & Minton, Inc., Chicago
Farwell, Chapman & Co., Chicago
G. H. Walker & Co., St. Louis
Stern Brothers & Co., Kansas City, Mo
The Ranson-Davidson Investment Co., Wichita,
share
fiscal
year.—Y. 152, p. 1140.
holders of its 6% and 7% prior lien stock on a share for share basis
cash equal to the difference between the
and after interest on outstanding
the class A common stock out¬
on
standing at the end of 1940 fiscal year, compared with $2.27 per
on the outstanding class A common stock at the end of the
1939
stock
Net telegraph & cable
Net
6% convertible debenture bonds, series B, due Jan. 15,
1965, at par, and 17,000 shares of class A common stock
(no par) at $15 per share.
Merger Would Be Effective June 1—
Telegraph, Inc. (& Subs.)—Earnings—
Uncollectible oper. revs.
Taxes assign, to oper—
Offered
—Reichart, DeWitt & Co., Inc., are offering $250,000 25-year
debenture bonds,
Dividends—
and 75 cents on 6% preferred stock, both payable March
record March 5.
Previous payments on these issues were
1938, when $1.25 was paid on 7% and $1.07 on
$3,837,013 $37,774,873 $39,405,531
2,646,708
23,092,020 25,796,691
$3,802 103
2,550,303
1291.
assets of
Company mined 194,772 tons of coal in January, 1941.—V. 151, p.
Postal
Net income from oper.
Bal. avail, for divs.&sur
Prudential Personal Finance Corp.—Securities
1941
$81,434
January—
railway
Gross from
31 (Incl. Subs.)
1941—Month—1940
1941—12 Mos.—1940 /
earnings........$13.122,133 $12,523,327 $140926,057 *134640,472
Oper. exp., ma int., depr.
and taxes
9.320,030
8,686.314 103,151,185
95,234,941
—V. 152, p.
152, p. 1290.
—V.
Earnings for Month and 12 Months Ended Jan.
Period End. Jan. 31—
Gross
Pittsburgh & Lake Erie RR.—Earnings—
January—
Gross from railway
—V.
about the future.
Interest,
725
anticipated capital needs.
Furthermore, all the constituent corporations, except Dresser, have
demand or short-term note obligations owing to the Midland trustee or a
150,000
in part at the option of the com¬
least 30 days' notice at the principal amount and accrued
Haute, as shown above, is based on a consideration of various factors,
including property values, present and potential earnings, the priority of
interests, comparative contributions of the constituent corporations to the
new cor]k>ration,
and the providing of a sound capital structure for the
new corporation.
Both Service company and Central have substantial deficits and therefore
Even if it were possible at the present time
corporations, the payment of dividends by
financial policy, because they, as now
constituted, would not have the means of assuring the financing of their
cannot
legally pay dividends.
to eliminate the deficits of these
either of them would not be a sound
Volume
The Commercial & Financial Chronicle
152
wholly-owned subsidiary thereof, which obligations, together with accrued
and unpaid interest thereon, aggregate
approximately $1,500,000.
Under
the proposed plan these obligations will be
exchanged for common stock of
the new corporation, thereby freeing funds for
capital purposes.
portion of the revenues of Service company are derived
utility property leased from Terre Haute.
This property
should be consolidated in a single ownership with the properties of Service
company if a sound financial structure and operating property is to be
A substantial
from
electric
assured.
proposed consolida¬
tion, if consummated, will result in increased efficiency in the rendering of
service.
It is also believed that the problems in respect of the financing
necessary for future additions and betterments, in respect of assuring an
adequate power supply and continuity of service for all parts of the territory
served by the constituent corporations, and in respect of assuring payment
of dividends to
stockholders, will best be met through the consummation
of the proposed consolidation.
It is also believed that the credit rating of
the new corporation will be
substantially higher than that of the constituent
corporations, thereby giving the new corporation greater ability to attract
needed capital.
Subject to obtaining necessary approvals and authorizations, it is further
proposed that, as a part of the consolidation plan, the Midland trustee and
the constituent corporations enter into an
agreement whereby, among other
things, it will be agreed that, as of June 1, 1941, the Midland trustee will
sell to the
new corporation, for
$1,580,700, payable in common stock of the
corporation at $25 per share, securities as follows:
Par Value
Amount
Demand
notes
payable to
Midland
Estimated
Principal
or
Fair Value
and
trustee
1940
[Giving Effect to Consummation of Proposed Consolidation Plan]
(Based
on net
income of the constituent corporations for the year
ended
Dec. 31, 1940.)
Operating
revenues:
Electric
$18,446,239
2,186,108
628,797
139,640
-
Gas
Water
.
-
Sundry
The constituent corporations operate In the same general areas of the Statt
of Indiana, and at many points operations
by two or more of the constituent
corporations are in adjacent areas or within the same areas.
In the opinion
of the managements of the constituent
corporations, the
new
1447
Pro Forma Statement of Net Income for the Year Ended Dec. 31,
Total
$21,400,786
Power purchased
1,840,136
Gas purchased
908,295
5,716,390
1,217,242
2,341,732
1,041,418
2,225,697
-
Operation
Maintenance.
Provision for depreciation
Provision for taxes:
Federal income taxes
Other taxes_.
Net operating income
Other income (loss)
$6,109,873
177,674
—
Gross income
Interest
on
$5,932,199
2,519,371
553,789
37,067
long-term debt
Amortization of debt discount and expense
Miscellaneous deductions
Net income
$2,821,971
Annual dividend requirements on proposed new preferred stock
to be outstanding after consummation of consolidation plan. _
Remainder—applicable to common stock-Earnings per share: Preferred
Common-.
741,279
$2,080,691
$19.03
-
-
1.88
-------
accrued interest thereon:
$361,718
370,028
95,861
134,322
Terre Haute
Accrued int. to May 31,1941:
Terre Haute
Service company.
Total
;v
Pro Forma Balance Sheet
[Giving Effect to Consummation of Proposed Consolidation Plan]
$961,929
26,500
26,500
150,000
50,000
44,615
1st mtge. 6 % bonds of Indianapolis, Columbus &
Southern Traction Co. due Feb. 1, 1948
Capital stocks of West Indiana Utilities
Co.:
Preferred—1,500 shares
Common—500 shares
Capital stocks of Terre Haute & Western Ry.
Co. (in receivership):
Preferred—1,500 shares
Common—2,000 shares
Promissory note of Central payable to Traction
Light & Power Co., due Aug. 31, 1944
3% serial note of Northern, due Feb. 27, 1946--
150.000
200,000
.
Total
j
—
Nil
447,655
100,000
447,655
$2,086,083
$1,580,698
100,000
It is also proposed that in the above mentioned
agreement, the Midland
trustee will agree to purchase from the new
corporation, for $2,000,000 in
cash,
additional 80,000 shares of its common stock, such price being at the
rate of $25 per share.
The following tabulation shows, as of May 31, 1941, the
aggregate par
or
an
involuntary liquidating value of outstanding preferred stocks plus accrued
and unpaid dividends and the aggregate par or stated value of
outstanding
common
and
stocks,
compared with the par or stated value of the preferred
stocks of the new corporation to be issued plus the cash to be
common
as
paid, in exchange therefor.
a Par or
In- Aggreaale Cash & Par
voluntary
v
Lii/uidat-
Cash
$
Total
5
5
'
8,057,700
'■
■'
2,014,425
2,380,245 12,452,370
$6 prior preferred:
Owned by Midland
trustee
1,751,853
Publicly held
56 preferred
.
1,751,850
155,897
10,585,350
106,233
1,751,850
26,558
23,106
155,897
10,585,350
10,585,350
Terre Haute:
6% preferred stock:
-
Owned by Midland
v
Publicly held
176,160
865,998
2,202
178,362
12,798
1,023,840
5,625,517
2,812,759
632,870
1,384
9,071,146
19,834
18,696
12,300
6,150
Total preferred..35,050,445
Common stocks:
14,825,590
17,373,252
3,052,605 35,251,447
4,765,643
2,000,000
2,000,000
63,135,895 14,825,590 24,138,895
3,052,605 42,017,090
b
Service
co.
2,000,000
mon to be Issued
in exchange
1,580,700
1,580,700
new com¬
•
trustee for cash
2,000,000
present
preferred stocks
2,000,000
14,825,590 27,719,595
Total
Of
3,052,605 45,597,790
plus accumulated unpaid dividends
to
May 31,
1941, and par or stated value of present common stocks,
b Less common stock of
service company owned by Central,
c For other assets and in settlement of notes
payable and accrued interest thereon.
The
Midland trustee
capital stocks of Service
shares of the
beneficially
company,
owns all of the outstanding common
Central and Terre Haute, except 161,451
stock of Service company which stock is owned by
Central and will be canceled in connection with the proposed plan of con¬
common
solidation, 11,937 4-6 shares of the $6 cumulative prior preferred stock of
Service company, and 1,468 shares of the preferred stock of Terre Haute.
If the proposed consolidation plan is consummated, the interest of the
Midland trustee in the new corporation will be as follows:
1
Common StockStaled
No.
Value
of
Percent of Total
Shs. Outstanding
Com¬
Com. St
Shares
mon
Pref.
To Be Received in Exchange forCash
x
Terre Haute securities:
Common.
Preferred.
$6 prior preferred stock of Service
company, 11,937 4-6 shares
stocks
of
Service
80,000
63,228
80,000
7,046.4
5.70%
7.22%
0.63%
0.~~
1,751,850
70,074
6.32%
5.57%
2,599,703
2,165,940
103,988.13
86,637.6
9.38%
7.81%
8.27%
6.89%
7.22%
6.37%
5.03%
6.37%
com¬
Central
Service company (excl. of 161,451 shares owned by Central)
Central.
1
pany and
—
Totalx
,
<
•*
'. *
.
$14,825,590
27,719,595
65,946,948
718,663
—
Miscellaneous deferred liabilities
14,367
Accounts
Due to
964,906
41,719
1,048,973
1,704,696
605,889
payable
affiliated companies
Accrued interest—
Accrued taxes—State, local, &c
Federal income taxes and accrued interest thereon
Miscellaneous current liabilities
—
Depreciation reserve
Reserve for possible adjustment of utility plant account and (or)
depreciation reserve
Contingency reserve for Federal income taxes
143,033
7,404,123
1,478,341
330,644
298,299
reserves
Total--
$123,245,786
—
x Public Service Co. of Indiana—1st mtge.
bonds, series A,
4%, due
Sept. 1, 1969, $38,000,000, and serial debentures, 3%%, maturing semi¬
annually to Sept. 1, 1949, $9,100,000.
Dresser Power Corp.—1st mtge.
3%-4% bonds, maturing serially to April 15, 1958, $4,800,000.
Terre
Haute Electric Co., Inc.—1st consol. mtge. 5% gold bonds, due May 1,
1944, $3,739,000.
Northern Indiana Power Co.—1st mtge. bonds, series
A, 4K%, due Jan. 1, 1965, $9,500,000, and serial notes, 3%, maturing
annually to Feb. 27, 1945, $400,000.
Central Indiana Power Co.—
collateral U. S. Government notes, 2.73% maturing serially to 1959,
$407,948.—V. 152, p. 159.
Public Service Coordinated
The annual report
follows:
Transport—Reorganization
of the Public Service Corp. of New Jersey reports as
reorganization of Public Service Coordinated Transport and its
lessor companies, including the merger of certain wholly owned subs.,
was consummated during the year.
On June 28, 1940, the following com-
?anies, formerly lessors, were merged into Public Service Coordinated
'ransport: Camden Horse RR. Co., Camden & Suburban Ry. Co., Con¬
Traction Co., New Jersey & Hudson River Ry. & Ferry Co.,
Orange & Passaic Valley Ry., Rapid Transit Street Ry. Co. of the City of
Newark, Riverside Traction Co., South Orange & Maplewood Traction Co.,
and on Nov. 30, 1940, West Jersey Traction Co., Camden & Trenton
Traction Co. and Highland Improvement Co., formerly wholly
owned
subsidiaries of lessor companies, were merged into Public Service Co¬
ordinated Transport.
Under provisions of the plan of reorganization, a new first & refunding
mortgage was executed by Public Service Coordinated Transport and bonds
in four different series, designated collectively as the "initial series
and
shares of no par value common stock (stated value $10 per share) of Public
Service Coordinated Transport were issued, in conversion, to the holders of
the capital stocks of the lessor companies as follows:
For the 3,062 shares of capital stock of Camden Horse RR. (par $25),
there were issued 7,655 shares (no par) common stock to Public Service
Corp. of N. J.
For the 55,006 shares of capital stock of Camden & Suburban Ry. (par
$25), of which 20% was paid, there were issued $52,000 of bonds, 5%
series, and 26,203 shares (no par) common stock to Public Service Corp. of
N. J.
(Of the $52,000 of bonds of the 5% series received by Public Service
Corp., $39,000 were contributed without consideration by Public Service
Corp. of N. J. to enable Public Service Coordinated Transport to effect the
conversion of 2,600 shares of capital stock of Camden & Suburban Ry. which
were outstanding in the hands of the public.
Prior to conversion, however,
these 2,600 shares of capital stock of Camden & Suburban Ry. were ac¬
quired by Public Service Corp. of N. J.)
For the
$2,000,000
1,580,700
2,000,000
176,160
—
Interest-bearing obligations....
Common
'
4,765,643
new com¬
mon stock to be Issued to Midland
a
5% preferred stock ($100 par)
Common stock (1,108,783 shares no par)
x Long-term debt
Customers' deposits
,
solidated
Aggregate stated value of
Aggregate stated value of
r
■
The
& Central.26,085,450
Total
c
'■ ■ *
of Company and Lessor Companies—
9,071,146
Terre Haute
•
1.036,638
Central:
7% preferred
6% preferred
$123,245,786
Liabilities—
.
149,002
trustee
Total.—
Miscellaneous
Value)
$
12,452,503
$108,446,814
1,000,000
792,736
4,345,802
Deferred charges and prepaid accounts, less reserves
431,030
Estimated increase in other assets and liabilities—net
208,315
Cash
3,917,949
Accounts receivable (including instalment accounts), less res._
2,447,350
Due from affiliated companies
12,476
Material and supplies—priced substantially at average cost,
less reserve
1,643,313
Construction fund—Dresser Power Corp
Miscellaneous investments and special deposits, less reserve._
Unamortized debt discount and expense
(525 Stated
Preferred
(5100 Par)
5
Service company:
57 prior preferred
Stated Val. of New Sties.
Common
ing Value
Preferred stocks:
or
of May 31, 1941 (New Corporation)
Utility piant—including intangibles
$961,929
Other securities:
as
$12,274,353 490,974.13 44.28 % 39.06%
Of constituent corporations and accrued interest, and mortgage bonds
and other securities.
*
The following summary shows the pro forma capitalization of the
corporation:
new
Per Cent
Amount
of Total
Capital stock:
Common—No par value ($25 stated value), 1,-
t >' 108,783.8 shares.
..$27,719,595
—
Preferred—5% series ($100par), 148,255.9shs._
Long-term debt: Mortgage bonds———
—
Serial notes and debentures
Total
-
-
...
14,825,590
56,039,000V
9,907,948/
$108,492,133
25.55%
13.67%
60.78%
100.00%
61,592 shares of capital stock of Consolidated Traction Co. (par
$100), owned by the public, there were issued $6,159,200 of bonds, 4%
series; and for tne 82,950 shares of capital stock of Consolidated Traction
Co. (par $100), owned by Public Service Corp. of N. J., there were issued
$3,496,200 of bonds, 4% series.
For the 25,000 shares of capital stock of New Jersey & Hudson River Ry.
& Ferry Co. (par $100), there were issued 250,000 shares (no par) common
stock to Public Service Corp. of New Jersey.
For the 10,000 shares of capital stock of Orange & Passaic Valley Ry.
(par $100), there were issued $300,000 of bonds, 6% series, to Public Service
Corp. of N.J.
For the 3,959 shares of capital stock of Rapid Transit Street Ry. Co. of
the-City of Newark (par $100), owned by the public, there were issued
$395,900 of bonds, 5H% series, and $395,900 of bonds, 6% series; and for
the 1,081 shares of capital stock of Rapid Transit Street Ry. Co. of the
City of Newark, (par $100) owned by Public Service Corp. of N. J., there
issued $102,900 of bonds, 4% series, $5,200 of bonds, b%% series,
($401,100 principal amount of bonds, 6%
series, were contributed without consideration by Public Service Corp. of
N. J. to enable Public Service Coordinated Transport to effect the con¬
version of 4,011 shares of capital stock of Rapid Transit Street Ry. Co. of
the City of Newark which were outstanding in the hands of the public.
Prior to conversion, however, 52 of these 4,011 shares of capital stock of
Rapid Transit Street Ry. Co. of the City of Newark were acquired by
Public Service Corp. of N. J.)
For the 1,080 shares of preferred stock of Riverside Traction Co. (par
$50), owned by the public, there were issued $54,000 of bonds, 5% series;
and for the 4,250 shares of preferred stock of Riverside Traction Co. (par
were
and $5,200 of bonds, 6% series.
^
The Commercial &
1448
March
Financial Chronicle
$50), owned by Public Service Corp. of N. J., there were issued $189,700
series, $6,300 of bonds, 5% series, and $50 of non-interest
bearing negotiable scrip.
,
„
For the 2,928 shares of common stock of Riverside Traction Co. (par
$50) owned by the public, there were issued $79,000 of bonds, 5% series,
and $56 of non-interest bearing negotiable scrip: and for the 12,015 shares of
common stock of Riverside Traction Co. (par $50), owned by Public Service
Corp. of N. J.; there were issued $230,000 of bonds, 4% series, $19,100 of
bonds, 5% series, and $16 of non-interest bearing negotiable scrip.
For the 1,500 shares of preferred stock of South Orange & Maplewood
Traction Co. (par $100), there were issued 7,319 shares (no par) common
stock to Public Service Corp. of N. J. For the 750 shares of common stock
of South Orange & Maplewood Traction Co. (par $100), there were issued
of bonds, 4%
rj
3,660 shares (no par) common stock to Public Service Corp. of N. J.
Note—Bonds of the 5% series, having a total face value of $133,000,
public on conversion of the preferred and common stocks of
Riverside Traction Co., each have attached to them a contract whereby
Public Service Corp. of New Jersey agrees with the holder thereof that it
will at any time purchase such bond at the face value thereof plus accrued
issued to the
share on the outstanding
1939.
These taxes do not
cents per
cents in
common
1,
1941
stock, compared with 34.5
include Federal excise taxes on
radio
$1,680,256.
products sold and on radiograms transmitted, amounting to
Capital additions and improvements during the year in plant facilities
and equipment for manufacturing, broadcasting, communications and re¬
search, including additions to the patent capital account, amounted to
$4,723,390, compared with $4,609,486 during 1939., Of the 1940
capital
additions,
approximately $1,000,000 was due to manufacturing plant
expansion in connection with Government orders.
At the year-end the total number of employees was 25,038, an increase
of 2,125 over the preceding year.
The sources and distribution of the $128,491,611 consolidated gross
ncome of RCA for 1940 are tabulated in the report as follows:
♦
Amount
$67,377,641
45,378,307
10,287,859
5,447,804
"
Source—
Manufacturing
Broadcasting-
Communications
*
All other sources.-.
—
—
$128,491,611
Increase
20.2%
11.5%
17.8%
9.2%
16.3%
interest.
capital stocks of the companies merged, which were owned by Public
Service Coordinated Transport, were canceled in the mergers, no new
stock or obligations being issued therefor.
Immediately following merger of the lessor companies into Public Service
Coordinated Transport on June 28, 1940, Public Service Corp. of New
Jersey, in accordance with the plan of reorganization, assigned to Fidelity
Union Trust Co. as trustee of the new first and refunding mortgage of
Public Service Coordinated Transport, $38,410,500 of bonds and a note of
Public Service Coordinated Transport and its former lessor companies,
receiving in exchange therefor $4,902,400 of first and refunding mortgage
bonds (of which $440,100 were contributed without consideration to enable
Public Service Coordinated Transport to effect the conversion of the stocks
of certain lessor companies) and 2,560,772 shares of no par value common
stock of Public Service Coordinated Transport.
Public Service Corp. of New Jersey also, in accordance with the plan of
reorganization, assigned without consideration to Fidelity Union Trust
Co., as trustee under the new first and refunding mortgage of Transport,
bonds of Transport having a. face value of $7,500,000, which cost the corpo¬
ration $7,061,744.
Of this cost, $3,455,507 was charged on the books
of Public Service Corp. of New Jersey against the reserve for losses of
Transport and affiliated transportation companies, and the balance, viz.,
$3,606,237, was charged to surplus on the books of Public Service Corp. of
The
Jersey
.
/•
t
principal amount of bonds of each of the several "initial series,"
bearing negotiable scrip and shares of no par value common
stock (stated value $10 per share) issued by Public Service Coordinated
Transport, were: First & ref. mtge. bonds—4% series due 1990, $14,640.300; 5% series, due 1990, $210,400 ; 5%% series, due 1990, $401,100;
6% series, due 1990, $701,100; non-interest-bearing negotiable scrip, $122;
common stock (no par), 2,855,609 shares.
Income Account for Calendar Years
The
non-interest
[Company and Subsidiary Companies, Incl.
1940
yl939
Operating revenues
$28,320,041 $27,309,662
Calendar Years—
16,184,458
Operating expenses
Lessor Companies]
1938
xl937
$26,997,599
15,325,043
4,182,440
3,646,844
2,715,785
2,861,813
2,895,463
2,882,938
$26,135,034
15,296,280 15,325,836
Deprec. & retire, exps__
2,907,804
Taxes
2,991,432
4,284,099
2,932,274
2,786,841
$2,114,420
24,835
$2,010,168
33,280
$1,417,601
20,036
$1,878,867
45,919
$2 ,139,255
$2,043,448
$1,437,637
$1,924,786
891,395
1,789,102
1,129,495
2,442,887
681,824
21,337
120,000
2,006
1,649
541,178
308,555
30,454
120,000
2,081
6,120
451,596
486,090
12,001
120,000
2.891
5,346
40,994
1,178,773
4,121,927
Maintenance
— __
Operating income
Other income (net)
Gross Income
Gross inc. applic. to sees,
of lessor cos. not owned
by the companies
on long-term debt of
Int.
oper. cos.:
Bonds
Other long-term debtRent for leased road
Taxes assumed on int___
Other int. charges
Miscel. inc. deducts
Restated,
x
-V.
150,
.
y Includes
3835.
Month
43.190
$359,181
1941
1940
$ii5Z,yy»
$122,998
$77,115
and excess profits
-
depreciation, amortization, Federal income
taxes and other charges.—V. 1.52, p. 1292.
After
Purity Bakeries Com.—Debentures Called—
April 1, $1,000,000 principal amount of
debentures due Jan. 1, 1948.
Call price
Principal amount of the debentures outstanding^onDec. 28, 1940, was $5,400,000.—V. 152, p. 994.
Directors have voted to redeem on
outstanding 5% sinking fund
is 103 plus accrued interest.
Quaker Oats Co.—Smaller Common
Dividend—
Rayonier,
Inc.
(& Subs.)—Earnings—
1941
9 Months Ended Jan. 31—•
1940
$7,236,112
depletion
1,147,980
of other income
400,900
Int. & other exps. net
Provision for Federal income taxes
$2,879,585
914,624
258,598
1,365,737
281,170
Provision for
1939
$2,797,923
876,779
218,725
280,988
1,289,542
excess
profits taxes
materials, supplies, sustaining program
and advertising; payments to
associated broadcasting stations; research,
ministration and other operating expenses
Dividends to stockholders—
Net
revenue
from railway operation
Railway tax accruals..-
.
—;
Railway operating income
Equipment rents (net)
Joint facility rents (net)
_
Net railway operating income.
-V.
1940
$5,550,382
3,724,540
619,621
$1,825,842
515,014
$1,333,606
Dr61,240
Cr3,028
$1,310,828
Dr129,969
Cr2,0i5
$1,275,394
$1,182,874
$1,953,227
Radio Corporation
of America—Annual Report for 1940
report of the corporation for the year 1940, released
by David Sarnoff, President, shows a net profit of $9,113,156,
an increase of $1,030,345 over 1939.
Total gross income from all sources amounted to $128,491,611 in 1940,
compared with $110,494,398 in 1939, an increase of $17,997,213.
Operations for 1940 compared with 1939 show an increase in gross income
of 16%, an increase in net profit of 13%, and an increase in the number of
21st annual
27
employed of 9%.
payment of all preferred dividends, earnings applicable to the
stock were equivalent to 42.5 cents per share compared with
35 cents per share for 1939.
Total taxes paid or accrued amounted to $7,580,403, an increase of
$2,791,154 or 58% over the preceding year.
This was equivalent to 54.6
persons
After
common
7,580,403
5,990,523
3,122,633
—,
$128,491,611
14.6%
15.3%
5.7%
58.3%
49.4 %
16.3%
provide increased facilities and working capital for Government orders,
and to meet requirements of increased business, arrangements were made
in Oct., 1940 with a group of banks to borrow up to $15,000,000 for a term
of five years at 114% interest, with the privilege of repayment in whole
To
in part at any time prior to
borrowed, and the remainder is
or
maturity. At that time $5,000,000 was
available, subject to call until April 15,
$4,000,000 in bank loans outstanding on Dec. 31, 1939,
bearing interest at l%%, and due in April, 1941, one-half was repaid in
March, 1940, and the balance was repaid from the proceeds of the new loan.
Major General James G. Harboard. Chairman, and David Sarnoff,
President, speaking for the board of directors, stress the importance of all
services of radio to national defense.
They report that -with RCA co¬
operating actively with the Army and Navy, and other departments of
the Government in all fields of radio, activities in research, engineering,
communication and manufacturing have been greatly intensified and
expanded.
Every effort is pledged by the RCA Chairman and President
that radio will continue increasingly to serve the Government and the
people of the United States in the current emergency.
The review of operations points out that because of a free radio and a
free press, American owning more than 50,000,000 radio receivers in homes
and automobiles, are the best informed people in the world, for in this
country the uncensored broadcasting system spreads the true meaning of
democracy.
The more than 850 broadcasting stations are described as
comprising a vital industry and a strong arm of defense reaching every
Of the
1941.
part of the country.
The report on manufacturing
operations states: "Factories are operated
by the RCA Manufacturing Co. at Camden and Harrison, N. J.; Indian¬
apolis and Bloomington, Ind., and Hollywood, Calif.
Wholly-owned sub¬
sidiary companies also operate plants in Canada and South America.
"Sales of RCA Victor radios and radio-phonographs
increased. There
were also substantial increases in sales of records, radio tubes and special
products.
The trend toward 'a radio for every room in the home' became
more pronounced and contributed to greater sales volume.
The popularity
of recorded music continued to gain.
'Personal radios,' the camera-size
receivers introduced by RCA, created enthusiasm in every market reached.
"Development of aviation radio apparatus has been expedited and
expanded for communication and navigational aids in military and civi
aviation."
of
under "Marine
is revealed
It
are
Operations" that 1,200 American ships
equipped with RCA radiotelegraph apparatus, an outstanding example
modern installation being that of the SS. America.
Approximately
a
1,000 smaller craft are equipped with radiotelephone sets ranging in power
designed and built by the Radiomarine Corp. of America.
from 5 to 75 watts,
Carrying an increased volume of radiotelegraph traffic, ever since the
broke out in Europe, the international circuits of R. C. A. Communica¬
war
countries, maintaining direct and in most
uninterrupted service.
1940 operations in the field of world-wide communications
further states: "Equally important for commerce and national defense,
this communication system avoids censorhsip, errors and delays which
The report on
might occur at intermediate relay points.
The United States is thereby
protected against the loss or 'blackout' of overseas communications through
cutting of submarine cables in wartime.
Supplementing its globe-circling
channels, RCA operates a domestic radiotelegraph systems that links 12 key
cities in the United States.
Greenland, Belgian Congo, Finland, Martinique
established during the year.
"New direct circuits to
and Egypt were
"Radiophotos in large numbers were
London,
Buenos
handled between New York and
in the technique of trans¬
which have appeared regu¬
Aires and Berlin.
Advances
greatly improved pictures,
larly in the newspapers."
Reporting on television, "now standing on the threshold of a public
service, which has great potentialities," continued progress is seen, with
special attention directed to the increased brightness and detail of television
pictures; projection of 15 by 20-foot pictures on a theatre screen; enlarged
pictures for the home and development of automatic radio relay stations
which hold great
promise of linking various
cities in an ultimate television
network.
Consolidated Income Statement
1940
Years Ended Dec. 31
1939
1937
1938
.$
.$
$
$
oper.127,846,113 109,844,444 a99,2*40,627
645,498
649,954
767,482
Total
111,852,876
786,622
gross
inc.
from
99,968.109 112,639,498
128,491,611
110,494,398
exps-111,133,616
141,138
96,567,423
116,844
86,676,979
250,063
97,217,721
301,829
3,202,201
3,010,620
3,067,788
650,000
Seee
b4,251,500
650,000
Seee
2,066,700
3,445,295
transferred to surp.
9,113,156
Conv. 1st pref. divs—
Divs. on B pref. stock--
3,152,890
66,796
2,770,837
8,082,811
3,152,896
68,321
2,770,792
3,152,902
69,840
2,770,724
9,024,858
3,157,512
d481,031
2,770,683
3,122,633
2,090,802
1,418.605
2,615.632
$0.43
$0.35
$0.30
$0.42
all
sources
♦
Cost of sales, gen. oper.,
development, selling &
administrative
Interest
--------
Depreciation
Amortization of patents.
goodwill
Prov. for Fed. inc. taxes
152, p. 688.
The
Feb.
>
Carried to surplus
Amort. of
Reading Co .—Earnings—
1941
$6,032,277
4,079,050
41,625,619
3,993,339
$1,421,431
Equivalent to $2.17 per share of common stock in 1941 and 50 cents
share of common stock in 1940.
Earnings for the quarter ended Jan. 31, 1941, shows consolidated net
profit of $892,844 after depreciation, depletion, Federal income and excess
profits taxes, &c., to 60 cents a share on 963,871 shares of common stock,
comparing with $555,041, or 25 cents a common share, in January quarter
of 1940.—V. 152, p. 1140.
a
per
Month of January—
Railway operating revenues
Railway operating expenses
$66,179,094
Taxes.
Gross income from
_a$3,031,953 a$l,425,193
ad¬
Wages and salaries to employees..
Depreciation and interest
Other income
Net profit
Increase
talent, rent, sales
mission resulted in
1 Directors have declared a dividend of $1 per share on the common stock,
payable March 25 to holders of record March 1.
Previously regular
quarterly dividends of $1.25 per share had been distributed.—V. 150, p.
Profit from operations
Provision for depreciation &
;
cases
Co.—Earnings-
of January—
Net profit
iset prorit.
a
Cost of raw
tions, Inc., now extend to 43
Puget Sound Pulp & Timber
a
1,717
$1,827,147
lessor companies merged prior to Dec. 31, 194 .
$664,459
$120,135
Net loss
1,380
80,403
3,581
distributed as follows:
Amount
Consolidated gross income was
Net
Divs.
income
for
on common
600,000
See e
1,683,700
600,000
310,000
c2,117,300
year,
stock.
Surplus^
Earns.per sh.on com.stk.
7,412,072
1938 a policy was adopted, taking into income the profits
on sale and rental of photophone equipment as payments became due.
In
1937 such profi's were recorded as payments when received.
If the policy
had remained unchanged, income for the year 1938 would have been de¬
creased by $222,006.
b Including $774,300 provision for excess profits
tax.
c Including $46,000 for surtax on undistributed profits,
d Includ¬
ing cumulative arrears to Dec. 31,1936 of $26.25 per share on 15,393 shares.,
$404,066.
e The directors of National Broadcasting Co., Inc., a 100%
owned subsidiary included in the consolidated accounts discontinued in
1938 the policy of amortizing goodwill which involved an annual charge of
$310,000.
The balance of goodwill remaining on the subsidiary s books
at Dec. 31, 1938, amounted to $1,876,722.
a
As of Jan. 1,
Note—The
operations
of foreign
subsidiary companies following the
practice of prior years have been included in the consolidated statement of
income and are converted into dollars at the prevailing monthly exchange
export rates.
The net income so included amounted to $382,918 in 1940
and $272,859 in 1939, after charging thereto provision for exchange adjust¬
ments to reduce net current assets of such subsidiaries to the prevailing
Volume
The Commercial & Financial Chtonicle
152
exchange export rates at Dee. 3L 1940 and 1939.
Dividends of $181,959
were received from foreign subsidiaries in
1940; none in 1939.
Income Account for
Assets—
1939
Inventor
_
es
$
13,440,164
16,87^,396
16,181*298
14,249",189
14,737,488
10,805,338
______
17,409,673
20,007,888
Notes & accts. receivable
(non-current)
Investments
b Fixed assets
Pats.,contr., &c., less
res
Deferred charges
457,708
f6,679,887
31,470,428
8,585,036
1,861,394
378,133
f6,889,439
31,448,144
8,453,263
2,212,050
quantity discounts
Cost of goods sold
1937
1938
$
e
543,686
7,164,460
31,089,038
8,029,609
2,040,832
$
Depreciation
15,103,296
al06,845
12,329,813
11,818,755
Taxes other than Fed. inc
Sell., gen. & admin, exps
Prov. for doubtful accfts
T
Total
93,739,980
103,940,419
Liabilities—
__
Com. divs. payable
Notes payable
20,974,741
804,907
2,770,837
go,000,000
15,841,894
2,770,792
g4,000,000
90,799,549
13,259,869
e
$3.50
cum.
2,532", 024
2,673,307
5,441,301
5,441,301
473,028
8,801,343
30,967,130
8,179,104
1,594,033
14,574,441
.__
Total
285,839
27,762,032
23,653,014
Net
..103,940,419
Net
8,000,000
2,407,184
5,441,301
20,531,335
93,739,980
90,799,549
89,373,348
Liabilities—
55,847
3,611
1,764
$376,171
Raw material, labor,
Depreciation
expense,
Profit from goods sold_,
Other income-
&c., taxes....
....
Total
•
134,500
75,000
146,49
$376,17
Mills, Inc.—Annual Repor
Jan. 4, *41
Dec. 31, '39
$21,924,811 $22,914,188
303,615
389,606
20,055,247
20,973,575
1,039,469
1,013,129
supplies, &c
$526,479
3,756
x
No excess profits taxes
$537,977
17,250
$530,235
xl39,365
$555,227
108,500
$390,870
;
Net profit for the period
$446,727
payable.
Balance Sheet
Jan.
4,
1941
Assets—Cash, $819,380; accounts and notes receivable, less reserves,
$3,935,197; inventories, valued at the lower of cost or market, $7,808,327
investments, at cost less reserve, $97,909; land, buildings, machinery,
equipment, &c. (less reserve for depreciation of $23,272,577), $14,691,372;
prepaid and deferred charges, $121,650; total, $27,473,835.
Liabilities—Notes payable, $4,960,000; accounts payable and reserves for
Federal, State and capital stock taxes, $483,137; 6% preferred stock,
$7,500,000; common stock (par $25), $7,500,000; earned surplus, $7,030,698;
total, $27,473,835.—V. 152, p. 995.
Rockwood &
a
declared a dividend of $1.25 per share on account of
the 5% preferred stock, payable March 3 to holders of
18.—V. 151, p. 3252.
Feb.
record
Co.—Preferred Dividend—
have
accumulations
on
Rogers-Majestic Corp., Ltd.—Sale Voted—
Shareholders at a special meeting unanimously approved on Feb 14 sale
shares and bonds of Rogers Radio Broad¬
castings, Ltd., to Small Electric Motors (Canada), Ltd.
Under the plan Rogers-Majestic will proceed with the incorporation
of a new company to be known as Rogers-Majestic, Ltd., which will take
over all assets except those of the broadcasting company.
The securities of the new company will be sold to Small Electric for
$645,000 net payable in cash.
This will be available for distribution to
shareholders at the rate of $3 a share.—V. 152, p. 843.
of all the company assets, except
.
Rollins
RR.—Bonds
See list
Commerce Commission on
company to issue not exceeding
$6,500,000 gen. mtge. sinking fund 3% bonds to be sold at
par and accrued interest and the proceeds applied to the
redemption of $4,000,000 of Washington Southern Ry. 4%
first mortgage gold bonds and $2,680,000 of company's
general mortgage gold bonds.
'
The report of the Commission states in part:
authorized
$13,698
6,479
income
Common stock ($1 par)
Earned surplus
Total profit
regular quarterly cash dividend of 20
cents a share on the common stock, payable April 1 to holders of record
March 14.
In addition, a dividend of 10% in common stock was declared
on the common, payable May 1 to holders of record March 14.
Directors
authorized an increase in tne company's $1 par common stock outstanding
by 158,000 shares to 1,742,895.
The board also authorized the restoration of the 1937 wage dividend plan
for factory workers now paid on an hourly basis.
The plan calls for added
monthly wages on the basis of the company's average earnings for the prior
three months
It is expected that payments under the plan will start soon
after the beginning of tne new fiscal year on March 31.
The company said it had liquidated completely its investments in France,
Italy and Norway and "materially reduced" its remaining investments in
Europe.—V. 152, p. 995.
19
Federal
Reserve for Federal and State income taxes.
Directors
Privately—The
for
Discounts
Remington-Rand, Inc.— Stock Dividend—Restores Wage
Feb.
payable—trade
Provision
Riverside & Dan River Cotton
Dividend Plan—
Potomac
Accounts
Accrued liabilities
Years Ended—
Income from sales of cloth, yarns, &c
Inc.—Registers with SEC—
&
$36,629
on
Total
See list given on first page of this department.—V. 149, p. 2096.
Fredericksburg
$44,369
-V. 152, p. 437.
77-B proceedings for 555,254 1-10 shares of old common stock
$4,485,550.21 debentures previously held.
The indicated market
values thereof (based on New York Stock Exchange and Curb Exchange
quotations) at Dec. 31, 1940 and 1939 were $3,284,303 and $2,970,484,
respectively,
g Notes payable of $4,000,000 at Dec. 31,
1939 (interest
1H% per annum) were paid off during 1940 prior to maturity.
$5,000,000
was borrowed Oct. 15,1940 repayable on or prior to Oct. 14, 1945
(interest
at 1^% per annum).—V. 151, p. 3574.
Richmond
$117,582
Other assets
14,574,441
of Section
Sold
6,952
$161,742
and
25 declared
$43,582
9,698
Fixed assets (net)
Deferred charges
represented by the following securities: 44,757 106-1000 shares of $100
par value 6% convertible preferred stock (dividends cumulative from
Feb. 1, 1940), 316,328 2-24 shares of $1 par value common stock and
555,253 % option warrants, which were received in 1940, upon termination
Feb.
$54,066
28,122
deposit and on hand...$221,795
Accounts receivable..
58,945
Inventories
34,209
10,400,000
456,526
2,493,471
6,109,067
f Includes $64,452 in 1940 and $275,004 in 1939 investment in and
advances to associated and other companies (net); and $6,614,435 in 1940
and 1939, the cost of investment in Radio-Keith-Orpheum Corp., and
on
$145,704
.....
Balance Sheet Dec. 31, 1940
Cash
a At
the lower of cost or market,
b After reserves of $51,731,687 in
1940; $51,435,908 in 1939; $53,503,003 in 1938, and $51,156,062 in 1937.
c
Represented by 13,348 no par shares in 1940, 13,363 no par shares in
1939, 13,693 no par shares in 1938 and 15,393 no par shares in 1937 (re¬
demption value $100 per share),
d Represented by 13,881,016 no par
shares,
e
Represented by 900,844.8 no par shares.
Directors
600
$37,424
6,158
125,000
income
10,719,273
329,631
27,762,032
16,528,905
Rearwin Aircraft & Engines,
600
$50,292
3,775
$286,742
income
600
$139,329
6,375
Prov. for Federal income
89,373,348
14,574,441
293,227
27,762,032
19,061,504
14,574,441
286,160
27,762,032
$193,544
85,138
4,101
3,445
62,835
600
Other income
first
conv.
preferred stock
$5 B pref. stock.
d Common stock
Earned surplus
c
193,7
$253,280
103,712
3,879
5,075
1 89,720
Assets—
Serial notes
Res. for contingencies._
General reserves
1938
$557,898
263,508
3,949
9,790
140,720
$275,207
11,535
Operating profit-
}
Accts. pay. & accruals._
Pref divs. payable
1939
$765,470
340,808
5,576
9,060
134,218
Gross sales less trade and
17,468,406
Cash
Marketable securities
Notes & accts. receivab
Years Ended Dec. 31
1940
Consolidated Balance Sheet Dec. 31
1940
1449
Interstate
Hosiery Mills, Inc.—Registers with SEC—
given on first page of this department.—V. 151,
Ruberoid Co.
the
Consolidated Income Account for
less
returns,
1734.
Calendar Years
1939
1940
Sales,
p.
Subs.)—Earnings—
1938
1937
dis¬
counts &
allowances..$17,369,902 $15,993,717 $16,688,983 $16,619,242
Cost of goods sold
13,660,385
12,574,973
10,930,623
13,181,297
Sell,, admin. & gen. exp.
2,659,290
2,635,007
2,243,918
2,590,187
#
$1,050,226
$783,737
$514,442
$847,758
assoc.co
31*751
38*645
mark, sec., &c.
4,333
5,164
al58,092
37,434
4,655
120,567
8,033
22",608
36,535
13,614
4,218
16,424
$1,108,918
$864,081
$728,237
$997,000
13,046
13,691
27,736
21,659
13,222
4,175
Miscellaneous
35,963
c22,964
d234,845
26,395
b99,959
115,908
33,061
64,144
66,165
$802,100
517,148
397,806
$608,128
Dividends
$515,472
238,684
397,806
$750,510
a795,612
397,806
$1.30
$1.89
Trading profit
Add:
The bonds have been sold at par and accrued int., $3,600,000 thereof to
the New York Life Insurance Co. and $2,900,000 to the Equitable Life
Assurance Society
Int.
Earnings for the Month of January
v
January—
M
Gross from railway
1941
$1,078,744
392,968
181,309
1940
$886,948
261,467
111,983
1939
$753,253
195,150
74,781
liquidating
div., &c
Div. on inv.in
of the United States.
Net from railway.
Net ry. oper. income.__
of
Excess
1938
$709,866
on
Profits on sale of
ketable
mar¬
securities.-
Miscellaneous Income.
i30,660
Total income
33,094
Loss
—V. 152, p. 1141.
disposal of mach.
equipment
Interest paid
on
and
Rieke
Metal
Products
Corp.—Stock Offered—Webber-
Simpson & Co., Chicago, and Robinson, Miller & Co., Inc.,
offered 23,000 shares of common stock
($1 par) at $11.25 per share.
This offering does not repre¬
sent new financing on the part of the company, the shares
having been acquired from a group of stockholders.
New York, on Feb. 25
Transfer agent, La Salle
National Bank, Chicago. Registrar,
Continental
Illinois National Bank & Trust Co., Chicago.
Capitalization—Bj an amendment to the company s articles of incor¬
poration effective Nov. 16, 1940, the company's capitalization was changed
from 15,000 shares of common stock (no par) to 75,000 shares of common
stock (par $1), 15,000 shares thereof being issued in exchanged for the
15,000 shares of common stock, no par.
The increase in the capitalization
of $60,000 reflected the par value of the 60,000 additional shares issued
as a stock div dend, such stock dividend being charged to earned surplus.
The 15,000 shares of common stock of no par which were exchanged for
15,000 shares of common stock, $1 par, were paid for in cash at the rate
of $1 per share.
Dividend Record—Since Jan. 1, 1937, the company has declared and paid
cash divs. in the Aggregate amount of $171,195.
In addition the company
on Oct. 30,
1940, distributed a stock dividend consisting of 2,115 shares
of common stock (no par) held in its treasury and charged to earned surplus
the sum of $25,062, being the cost to it of such treasury shares.
As of
Nov. 16, 1940, the company distributed a stock dividend consisting of
60,000 shares of common stock (par $1) and charged the sum of $60,000
to earned surplus.
on
sale of market¬
able securities
deduct'ns
Prov. for Fed. inc. tax..
Prov. for Fed. surtax...
Shares outstanding
Earnings
History and Business—Corporation was incorporated in Indiana Oct. 29,
Its manufacturing plant and principal execuitive offices are located
at 500 West Seventh St., Auburn, Ind.
Company is engaged in the
business of manufacturing and selling heavy metal stampings to manu¬
facturers of steel drums and containers, such stampings consisting principally
of flanges, plugs, rings and seals to be used as closures and seals for metal
barre s and drums.
Its products have been engineer-designed to meet
specific closure problem, to provide strength, lightness and perfect cohesion,
to secure absolute security against leakage, waste, tampering and pilferage,
and to save on shipping and handling costs.
Such products are specified
by leading corporations and are furnished to manufacturers of metal
barrels and drums in various countries.
1924.
Underwriting—By an agreement dated Dec. 16,
holders agreed to sell to Webber-Simpson & Co.,
of 23,000 shares of common stock at $9 per share.
Loss
1940, the selling stock¬
Chicago, an aggregate
per
437,587
397,806
$1.53
$2.02
share
55,458
158,936
14,699
a Includes
$55
928 paid in 4% series A dividend notes,
b Includes
$30,000 provision for loss on consumers' notes sold to First Bancredit Corp.
c After deducting $30,000, provision in 1939 for loss on consumers' notes
sold to First Bancredit Corp., reversed in
d No provision for excess profits tax.
1940,
as
no
longer required,
Consolidated Balance Sheet f)ec. 31
1940
1939
1940
Assets—
Liabilities—
Cash...
2,987,846
Marketable
a
2,373,960
53,875
1,860,589
1,765,417
sees—
Trade accts. and
notes receivable,
wages,
b Sundry
accts. &
notes receivable
.
Ad vs. to employees
22,858
5,717
19,467
9,344
231,525
3,049,401
126,392
bilities
140,595
224,374
62,810
160,903
Reserves
d
561,990
533,178
Capital stock... 13,034,164 13,034,164
1,937,347
1,652,395
—
78,080
equipment, &c— 8,761,606
126,331
168,199
274,000
Reserve for Federal
Earned surplus.
and
advances—
c
600,648
commis¬
sions, &c.
Income tax
2,729,397
Investments
S
398,888
Sundry accrued lia¬
Adv. pay. on pur.
ot raw materials
Inventories
1939
S
Trade accts. pay'le
Accrued
salaries,
8,572,442
Land, bldgs. and
Deferred charges.
Total
a
—
.
-
136,573
16,557,154 16,290,082
Total....
16,557,154 16,290,082
reserves of $158,793
in 1940 and $143,349 in 1939.
b After
of $33,257 in 1940 and $37,012 in 1939.
c After reserves to reduce
After
reserves
reproductive values to sound values as appraised, together with subsequent
provision for depreciation, amortization and depletion in the amount of
$5,675,813 in 1940 and $5,141,311 in 1939.
d Represented by 397,806
no par shares after deducting 41,136 shares reacquired and held in treasury
at cost of $459,395-—V. 152, p. 1294.
Rome & Clinton
Earnings of Company
RR.—Dividend—
stock on
divi¬
Company paid a dividend of $2.50 per share on its common
Jan. 2 to holders of record Dec. 21.
Previously regular semi-annual
dends of $2.75 per share were distributed.—V. 133, p. 4327.
(& Subs.)—Earnings—
Period Rnd. Jan. 31—
1941—3 Mo*.—1940
1941^ Mos.—1940
Net profit
$642,453
$661,871 $1,186,372 $1,168,731
Earns, per sh. on com.$2.15
$2.22
$3.93
$3.86
Royal Typewriter Co., Inc.
After
x
and excess profits taxes.
consolidated in above figures.—V.
depreciation. Federal income taxes
Rustless Iron & Steel Corp.—To Amend By-Laws—
Common and preferred stockholders at a special meeting on March 11
will consider amending the voting rights of preferred stockholders when in
default of dividend payments, and authorizing the borrowing from banks
not exceeding $800,000 in addition to present bank loan.—V. 152, p. 688.
Rutland RR.—Earnings—
1941
$273,670
def7,644
def26,549
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 1294.
Dividend—
Pulp & Paper Co.—20-Cent
St. Helen's
share on the com¬
payable March 10 to holders of record March 3. This
compares with 60 cents paid on Sept. 1, last; 20 cents on June 1 and March 1,
1940 and 60 cents paid on Dec. 1, 1939.
See also V. 151, p. 1289.
declared a dividend of 20 cents per
Directors have
mon
Lead Co. (& Subs.)—Annual Report■—
Production in Tons {St. Joseph
Ore
Mined
6,209,863
5,255,960
3,816,637
5,536,952
3,804,451
3,382,403
3,269,864
2,652,944
3,233,172
4,465,794
Year—
1940
1939
1938...
1937
1936
1935
1934
1933
1932
1931
Lead Con-
centrales
225,041
202,003
157,188
212,827
147,160
133,044 J
124,240
114,651
147,242
196,481
Lead Co. and Subsidiaries)
Pig Lead
Zinc ConSlab Zinc
85,571
74,681
60,797
71,031
54,590
47,214
46,353
34,741
34,677
63,348
138,307
107,600
146,274
101,999
92,611
86,060
78,248
92,242
131,586
Consolidated Income Account
Equivalent
44,406
38,188
29,606
34,519
26,400
22,857
22,389
16,898
17,017
31,498
Calendar Years
1938
1939
1937
$38,507,829 $30,362,606 $19,646,828
29,153,371 22,195,677
16,179,892
$32,776,805
22,118,672
1940
a
centrates
Equivalent
154,281
Gross sales
Cost of sales
$3,466,935 $10,658,133
595,907
558,961
profit from oper. $9,354,458
748,954
Sell., gen. & admin, exp.
Capital stock and mis¬
128,214
cellaneous other taxes
$8,166,928
70,083
67,121
78,830
$8,477,290
$7,448,797
138,175
and exp.
on
$7,586,972
1,064,639
805,346
bl,305,670
$2,873,815 $10,078,330
1,058,924
672,486
42 445
depreciation--
Depletion.
ten
1,059,034
309,602
173,923
562,655
1,055,575
426,041
21,832
off
$5,111,942
4,400,280
Net income
$5,292,908
3,911,360
$1,331,256
1,955,680
$7,127,945
4.889,199
$711,662 $1,381,548 def$624,424 $2,238,746
1,955,680
1,955.680
1,955, ,80
1,955,680
Earnings per share
$2.61
$2.71
$0.68
$3.64
a Including
royalty earnings of $4,196 in 1939, $29,136 in 1938 and
$86,908 in 1937.
b Includes Federal excess profits taxes of $254,745.
c Includes surtax on undistributed profits of $32,857.
Balance, surplus
Shs. cap. stk. (par $10)-
subsidiaries of the parent company
Notes—All
with the exception of
Aguilar Corp. and its foreign subsidiary, are included in the above sum¬
maries.
The equity of St. Joseph Lead Co. in the net profits of Aguilar
Corp. and its foreign subsidiary, not included in the above summaries,
before provision for depletion of ore reserve values in excess of cost, was
$489,894 for the year 1940. $562,360 for 1939 and $441,617for the year 1938;
after provision for depletion of ore reserve values in excess of cost, St. Joseph
Lead Co.'s portion of the net losses of said subsidiaries was $504,097 for
1940, $231,157 for 1939 and $76,113 for the year 1938.
Gross profit (be¬
fore depreciation and depletion) of the foreign subsidiary on its sales in
1939 to St. Joseph Lead Co. of products which remained in the inventories
of the latter at Dec. 31, 1940 and 1939 amounted to approximately $293,000
in 1940 and $116,000 in 1939.
No inter-company profits or losses are included in the above summaries.
Consolidated Balance Sheet Dec. 31
1940
$
cap'l assets,
12,593,011 13,535,062
net
1,785,941
Cash
on
hand and
12,400,614
in banks
Notes & accts.
2,584,798
rec.
2,989,622
58,046
42,895
5,080,285
139,325
Inventories
Mlscell. assets
subs,
to
5,557,932
144,099
144,192
1,346,688
696,154
181,276
profits.
Deferred credit.
148,039
22,358
12,544
„„
1,122,063
1,123,611
313,327
94,774
Ltd.—Accumulated Dividend-
share on account of
$50, payable April 15
to holders of record March 31.
Dividend of 90 cents was paid on Dec. 23,
last; 20 cents were paid on Oct. 15, July 15, and April 15, 1940; dividend
of $1 was paid on Dec. 1, 1939, and one of 50 cents was paid on Dec. 15,
1938.—Y. 151, p. 3252.
par
Net from railway.
Net ry. oper. income--—V. 152, p. 843.
1940
$771,833
320,211
$763,769
346,187
1938
$870,391
391,557
227,283
229,626
243,879
281,160
1939
Louis-San Francisco Ry.—Earnings—
Earnings of System
of January—
Operating revenues
Operating expenses
Net railway operating income
Other income
Total income
Other deductions
1939
$126,545
18,408
$100,936
def7,860
def35,559
def30,653
defl8,148
def44,161
& Electric Co.—Earnings—
*1940
San Diego Gas
1939
Years Ended Dec. 31—
$9,452,396
3,310,068
1,397,698
1,379,851
$2,007,587
$2,841,995
602,222
60,646
10,821
$2,010,032
620,000
61,954
7,751
Crl5,332
-
-
$8,633,639
3,094,155
$2,841,972
Operating revenues
Operation
Maintenance and repairs—
Cr20,479
-
Amortization of limited-term investments
Provision for Federal income taxes
Net
operating income
income
-
Interest on funded debt
Amortization of debt discount and expense
Other interest
charged to construction
Interest
9,239
8,261
$2,174,399
$1,332,545
Miscellaneous deductions
Net income
x
2,445
23
income
Gross
429
1,170,172
237,775
458
1,122,078
132,500
- -
Taxes
Other
743,669
647,621
Depreciation
Preliminary.
and corporation
provision for Federal income and State bank
franchise taxes for the taxable year 1940 have been adjusted
give effect to deductions which will be
subsequent to Jan. 1, 1940, to
claimed in 1940 tax returns for
premium
redemption
and
unamortized debt discount and expense,
and duplicate interest applicable to
expense
bonds redeemed in 1940.
Common Dividend—
of this company, on Feb. 25 announced that the
has declared a dividend of 7 XA cents per share on the
payable on Marcn 15, 1941, to stockholders of record
Like amount was paid on Feb. 15, last.
See also V. 152,
W. F. Raber, President
board of directors
stock,
Feb. 28, 1941.
p.
843.
Schumacher Wall Board Corp.—Earnings—
1941—3 Mos.—1940
1941—9 Mos.—1940
profit....$74,778
$44,198
$182,393
$134,879
including provision for Federal income and excess
profit tax.—V. lo2, p. 995.
Period Ena. Jan. 31—
a
Net
After all charges,
a
Scran ton Lace Co.—2 h-Cent Dividend—
of 25 cents per share on the common
stock, payable March 31 to holders of record March 10.
Dividend of $1
was paid on Dec.
14, last; 50 cents was paid on Sept. 30, last; 25 cents
paid in two preceding quarters; 75 cents on Dec. 14 and Sept. 30, 1939, and
previously regular quarterly dividends of 25 cents per share were dis¬
Directors have declared a dividend
tributed.—V. 151, P. 3253.
Seaboard Air Line Ry.—Earnings—
January—
1941
$5,166,244
1,263,149
income—
666,423
Gross from railway
Net from railway——
Net ry. oper.
—V. 152, p.
1940
$4,575,182
1,090,296
538,310
1938
$3,619,672
607,289
101,511
1939
$4,044,208
873,525
361,013
1296.
Servel, Inc.(& Subs.)—Earnings—
y
1938
1941
1940
1939
$269,703
$354,166
$278,484
$0.15
$0.20
$0.15
3 Mos. End. Jan. 31—
x
Net profit
Earnings per share
Federal income taxes, &c.
stock.—V. 152, p. 690.
After depreciation, interest,
shares (par $1) common
y
$33,183
$0.01
On 1,781,426
Association—Earnings—
1940
$321,542
Income—Cash dividends
stocks & in
of another corporation.-
■
1939
$274,385
1938
$219,408
Divs. received in pref.
com.
stock
Interest
on notes
1,072
11,933
1,165
1,334
$323,688
$287,482
$220,742
38,011
5,822
35,866
5,017
35,023
3,015
9,523
6,561
5,598
530
542
615
$269,800
40
$239,495
1,501
$176,491
738
$269,072
$237,994
$175,752
243,722
234,102
156,749
$25,350
receivable
Administrative expenses
Provision for capital stock tax.
Provision for Federal income tax
1941
$4,553,671
1940
$3,973,743
3,415,481
3,467,506
15,598
196,500
13,127
$842,830
5,749
$209,626
7,784
827,232
on
dividend paid at the source
and divs_
for the year
Net income from interest
Net loss from sales of sees,
Net
$3,892
$19,004
1,072
partic. in earn, of National Shaw¬
mut
Bank
687
:
Net earnings for the year
Dividends to shareholders
—
——
$837,081 $201,842
1940
stocks (aggregate cost per books $359,784),
$286,951; common stocks (aggregatecost per books $4,500,046), $3,794,629*
shares of capital stock of seven suburban banks, $1,680,259; collateral and
unsecured notes receivable and accrued interest, $33,601; cash in banks
$665,255; total, $6,460,695.
Liabilities—Reserve for Federal income and capital stock taxes, $12,350;
common stock (390,000 shares of no par value) amount determined by the
trustees as capital Dec. 19, 1933, $5,000,000; capital surplus, $2,226,596;
unrealized depreciation (excess of cost over market) of securities, other than
bank stocks, Dr$778,250; total, $6,460,695.—V. 151, p. 3576.
Assets—Bonds
and
pref.
Shepard-Niles Crane & Hoist Co.—$1 Dividend—
The directors have declared a dividend of $1 per
share on the common
stock, payable March 3 to holders of record Feb. 20.
This compares
with $1.50 paid on Dec. 2 and Sept. 3, last; 50 cents paid on June 1 and
March 1, 1940; $1.50 paid on Dec. 1, 1939; 25 cents paid in each of the
five
and
^Balance available for interest, &c
1940
$103,766
1,956
Balance Sheet Dec. 31,
1941
$748,277
321,418
Month
1938
$94,980
def4,299
1941
Net ry. oper. income
—V. 152, p. 843.
Balance
St. Louis Brownsville & Mexico Ry.—Earnings—
January—
& Gulf RR.—Earnings—
San Antonio Uvalde
January—
Gross from railway
Net from railway
Tax
Directors have declared a dividend of 25 cents per
Gross from railway
1941 were $31,911,041, compared
Feb. 17, 1940.
weeks period ended Feb. 15, 1941, were $62,379,481,
compared with $57,078,916 for the eight weeks ended Feb. 17, 1940.
Stores in operation this year number 2,519 against 2,837 a year ago at
this time.—V. 151, p. 1295.
Total interest and dividends
ore
$34,791,867 32,784,629
Total
accumulations on the 4% cum. class A stock,
St.
weeks ended Feb. 15,
$29,972,023 for the four weeks ended
Sales for the eight
9,581,144
-V. 152, p. 1141.
St. Lawrence Corp.,
995.
Sales for the four
with
Shawmut
reserves
34,791,867 32,784,629
Total
def43,947
defl9,450
def36,032
Inc.—Sales—
Years Ended Dec. 31—
surplus...10,511,359
Reserves
112,935 Revaluation of
149,847
taxes, &c
11,487
Trust Co.—V. 152, p.
Safeway Stores
x
62,966
98,845
175,610
Other.
Earned
Prepaid Insurance,
...
Ry.—Interest—
Berryman Kenwood, trustee, has announced that pursuant to a court
order dated Feb. 7, 1941, funds will be available on and after Feb. 25,
1941 for the payment of the semi-annual instalment of interest, due Jan. 1,
1936, on St. Louis Southwestern Ry. 4% second mortgage income bond
certificates, due Nov. 1, 1989.
Payment will be made at the New York
s
not
consolidated
excess
counts receiv'le.
$
Liabilities—
Capital stock
19,556,806 19,556,842
(trade) 1,646,555
1,181,343
Wages payable-..
8,497,523 Accrued taxes:
Fed'l income and
1,904,561
Other notes and ac¬
& Texas Ry.—Earnings—
1940
1939
1938
$107,282
$124,976
$109,801
defl,781
18,989
def2,739
1941
$122,470
20,393
St. Louis Southwestern
1939
Accts. pay.
Due
Investments & ad¬
vances.
1940
1939
S
Assets—
Total
def283,628
Net ry. oper. income...
—V. 152, p. 843.
common
Cash dividends paid
def65,157
Gross from railway
Net from railway
75,0^0
cl ,329,491
Mill
Obsoles. of Doe Run
Federal income taxes.-,
Abandoned leases writ¬
234,719
St. Louis San Francisco
94,934
bonds
and notes
Prov. for
1938
$3,389,906
^87.405
Note—In the above figures
$8,287,597
Gross income
Int.
648,048
260,158
Januxny—
$9,983,396
Drl89,694
$2,840,853
32,962
Gross
1939
$3,415,928
506,288
Net ry. oper. income...
—V. 152, p. 1295.
stock, par $10,
St. Joseph
Only
1940
$3,829,049
832,978
Net from railway
office of Bankers
1938
$225,089
def57,700
def88,273
1939
$260,434
1,834
def23,940
1940
$281,279
27,712
5,606
1, 1941
1941
$4,387,038
1,108,175
January—
Gross from railway
*
Note—Foreign subsidiaries are not
151, P. 3900.
March
Commercial & Financial Chronicle
The
1450
preceding quarters, 50 cents paid on June 1 and on March
a dividend of $1.50 paid on Dec. 1, 1937.—Y. 151, p. 1290.
1, 1938,
Volume
The Commercial & Financial Chronicle
152
Simms Petroleum
Co.—Liquidating Dividend—
Square D Co.—Earnings—
The trustees have declared
a
liquidating dividend of 50 cents per share
$10, payable March 17 to holders of record
March 3.
Similar amount was paid on Oct. 15 and May 15, last; Dec. 11,
July 11, and on April 11, 1939; Oct. 10 and on Feb. 29, 1938.
A dividend
of 75 cents was paid on Nov.
3, 1937; dividends of 50 cents were paid on
Aug. 3, April 30, and Jan. 9, 1937; $1.25 was paid on July 29, 1936; $1 on
Jan. 27, 1936; one of $1.25 on Oct.
18, 1935, and one of $10 per share on
July 5, 1935.—V. 151, p. 1909.
stock,
common
par
^The) Sisters of Divine Providence, Pittsburgh, Pa.—
Bonds Offered—Norman Ward & Co.,
Pittsburgh, are offering
at 100 and int. $200,000 1st
mtge. (0.50, 1.L0, 1.25, 1.50,
1.75, 2.00. 2.25, 2.375, 2.50, 2.75 and 3%) serial real estate
Legal for trust funds in Pennsylvania.
bonds.
.
Dated March 1, 1941; due Sept. 1, 1941-March 1, 1951.
1451
Principal and
int. (M. & S.) payable at Peoples-Pittsburgh Trust
Co., Pittsburgh, Pa.,
trustee.
Bonds in coupon form, denom. $1,000.
Any or all unmatured
bonds may be called for payment at
any interest date on 30 days'
to the trustee at 100.
Calendar Years—
Net
corporation existing under the laws of Pennsylvania, and will be secured by
a first
mortgage lien on properties valued at over $1,560,000.
The Congregation of the Sisters of Divine Providence was founded at
Mayence, Germany, in 1851.
The Sisters began their religious, educational
and charitable work in western Pennsylvania in
1876, when the Congre¬
gation established St. Peter's Province at Pittsburgh with six Sisters.
In 1881 this community was incorporated under an Act of the General
Assembly of the Commonwealth of Pennsylvania with the corporate name
The Sisters of Divine Providence."
Today in this community aie 440
Professed Sisters, 16 Novices and 10 Postulants.
The proceeds of this bond issue will refund at a lower interest rate the
present bonded debt of $200,000.
I
.
(The) Sisters of St. Francis, Mt. Providence, Pitts¬
burgh, Pa.—Bonds Offered—Norman Ward & Co., Pitts¬
burgh, are offering at 100 and int. $65,000 1st mtge. (1.00,
1.50, 2.00, 2.375, 2.75 and 3%) serial real estate bonds.
Legal for trust funds in Pennsylvania.
'
Dated March
1, 1941; due March 1, 1942-Marcn 1, 1950.
Principal
(M. & S.) payable at Peoples-Pittsburgh Trust Co., Pittsburgh,
Pa., trustee.
Bonds in coupon form, denom. $1,000.
Any or all unma¬
tured bonds may be called for payment at any int. date on 30 days' notice
1938
1937
$1,757,831
948,679
$2,923,043
831,550
445,074
335,850
1,093,756
449,118
$4,133,242
Cr27,581
$1,282,545
8,043
$473,302
13,157
$1,380,168
24,096
a2,134,600
3,020
236,010
56,346
b293,300
$2,023,203
$1,038,491
$403,799
$1,062,773
of
& adver.
Soods sold expenses.. $6,324,666
1,359,873
.
Operating profit..
Other deductions (net).
Prov. for Federal and
State income taxes
Add '1
for prior yrs
assess,
Net profit
Div. on cl. A non-par
value pref. stock
Div. on cl. B non-par
67,779
value common stock.
Div. on cl. B com. stock-
55,160
120,351
_
Divs.
on 5% cum. conv.
pref. stock
100,000
...
Div.
These bonds will be the obligations of The Sisters of Divine Providence, a
1939
$2,849,462
1,121,844
1940
cost
less
Admin. & general exp...
previous
notice
sales,
on common
stock.
......
1,179,808
.
601,755
257,895
481,404
Includes $135,000 Federal declared value excess profits tax,and $980,000
Federal excess profits tax.
b Includes $48,500 Federal surtax on un¬
a
distributed
profits.
v
Note—Provision for depreciation of properties for the year amounted to
$171,064 in 1940, $109,005 in 1939, $110,929 in 1938 and $108,191 in 1937,
and the cost of tools and dies charged to expense during the year aggregated
$93,467 in 1940, $107,505 in 1939, $79,569 in 1938 and $111,267 in 1937.
Balance Sheet Dec. 31
Assets—
U.
1939
1940
Cash...
8.
Treasury
bills (at
589,985
1,139,540
2,312,680
29,854
cost)
Receivables
1,588,690
Inventories..
3,301,248
21,850
a
Other assets
b Land,
Real estate
Construction
1940
pay.,
$109,278
pay¬
rolls, &c
639,228
130,594
486,318
58,358
(est.) 2,134,600
313,400
Accrd.
Int.,tax.,«fec
Prov.
for
Fed.
St8te taxes
1,698,602
2,476,517
55,903
Div.
56,235
in
&
pref. stk.
on
payable
Res.
44,300
130,000
progress
130,000
and int.
Tools,dies, jigs,&c.
Improvs, to leased
Goodwill
1
to the trustee, at 100.
These bonds will be the
Patents
1
39,000
conting's
39,000
77,016
..$8,695,811
for
25,000
5%
1
71,019
1939
$779,797
customers
Accts.
buildings,
mach., & equip.
c
Liabilities—
Notes payable
Adv. payments by
$473,387
$1,006,383
$6,537,733
obligation of "Lithuanian Sisters of the Third
Order of St. Francis of Assisi in the Diocease of Pittsburgh," a corporation
of the first class incorporated July 11, 1923, in Pennsylvania, and will be
secured by a first mortgage lien on 33.68 acres of land with the properties
erected thereon at
total cost in
of $350,000.
The first foundation of the order of the "Sisters of the Third Order of
a
excess
St. Francis" was founded in the United States in 1877.
In 1941, in the
community of the Sisters of the Third Order of St. Francisco at Mt. Prove
dence are 179 professed Sisters, 8 Novices and 10 Postulants.
This ordidoes a very wide religious, charitable and educational work covering maer
parishes, having 15 Sisters as far away as Sao Paulo, Brazil.
The proceeds of this bond issue will retire bank loans incurred for the
purpose of completing the new building of St. Francis Academy.
Deferred charges.
Directors have declared
a
dividend of $1.50 per share
on
accumulations
on
the
a
6% cumulative preferred stock, payable March 1 to
holders of record Feb. 25.—V. 145, p. 3668.
Southern Pacific
Staten Island
1941
1940
.$20,400,220 $17,503,418
14,462,443
13,613,405
Net revenue from railway operation
Railway tax accruals.......
Equipment rents (net)
Joint facility rents (net)
Net railway operating
$5,937,777
1,533,226
952,291
39,124
,
$3,413,136
income
$3,890,014
1,537,919
858,013
48,755
$1,445,327
—V. 152, p. 1297.
January—
Gross from railway.
Net from railway
Net ry. oper. income...
—V. 152, p. 844.
Southern
Lines—Earnings—
1941
$843,778
102,570
71,373
1941
$10,137,788
3,470,541
railway operating income.
2,096,942
—Third Week of Feb.
January—
1941
Gross earnings
(est.)...
1297.
$3,220,521
1940
1939
$8,702,296 $8,001,241
2,413,578
2,371,298
1,359,811
1,370,585
Jan. 1 to Feb. 21—
1940
1941
1940
$2,562,234 $23,211,462 $19,310,142
Southwestern Associated Telephone
Co-Earnings-
Month of January—
Operating revenues
Uncollectible operating revenues
1941
$139,571
300
300
Operating revenues
Operating expenses
$139,271
84,235
$115,664
$55,036
20,333
$43,811
10.713
$34,703
$33,098
Net operating revenues
Operating
taxes
Net operating income
—V. 152, p. 997.
$115,964
71,853
Spokane International Ry.—Earnings—
January—
Gross from railway
Net from
railway..::..
Net ry oper. income...
—V. 152, p. 1297
1941
$60,121
19,028
1940
$58,339
16,342
1939
$65,474
21,000
10.820
7,850
13,890
1938
$42,096
defl,884
def8,700
January—
Ne?f
Net
railwayromrail way .I...
ry^aper
_
income
1941
$773,064
259 836
1940
$641,669
166,276
$642,100
176,058
1938
$597,414
149,238
108,698
46,169
59,179
49,584
1939
—V. 152, p. 845.
Standard Gas & Electric
Co—Weekly Output—
the public utility operating companies in the Standard
system for the week ended Feb. 22, 1941, totaled 145,-
Electric output of
Gas & Electric Co.
On
406,353 kilowatt hours, as compared with 125,811,506 kilowatt hours for
the corresponding week last year, an increase of lo.6%.—V. 152, p. 1297.
Dec.
21,
1940,
company
borrowed
$2,000,000
from
two
banks!
note was for $200,000 and bears an interest rate of 2% % until
ma¬
turity. Unless their maturity is accelerated, the notes in each series mature
serially commencing with June 1, 1942, and on June 1 of each year there¬
after until June 1, 1946.
Proceeds were used to pay $2,000,000 principal amount of noter payable
eight banks, $1,000,000 of which was due June 1, 1941 and the remainder
June 1, 1942.
Dec. 21, 1940 company also issued to a company which furnishes
On
supplies, a series of six promissory notes, all dated Dec. 21, 1940, each
note in the principal amount of $200,000 bearing interest at the rate of 3%
a year.
The notes mature serially beginning Jan.31, 1942, and on Jan. 1
of each year thereafter until Jan. 31, 1946 when the last note of the series
is payable.
The notes were given in payment of a similar amount of in¬
debtedness in open account.
The indebtedness of $1,200,000 is subordinated according to agreement
to
payment in full of the $2,000,000 term bank loans and any and all other
$8,500,000, including the unpaid balance
$2,000,000 bank loans, according to the report.—V. 151, p. 1737.
bank indebtedness not exceeding
of the
Strawbridge & Clothier, Inc.—Accumulated Dividend—
Directors have declared a dividend of $1 per share on account of accu¬
mulations on the 7 % cum. pref. stock, payable March 26 to holders of record
Feb. 15. Dividends of like amount were paid on Jan. 30, last; Dec. 30, last,
preceding quarters.—V. 152, p. 439.
Issue Preferred Stock—
Stockholders at their annual meeting on March 11 will be asked to approve
amendments to articles of incorporation to permit issuance of 100,000 shares
class A preferred stock, probably carrying a 4)4% dividend
If the new issue is approved, the company plans to offer the new
of $100 par
rate.
preferred stock, par $100, of which there
are
within
first five years at $120 and accrued dividends to date of redemption, and
thereafter at $115 and accrued dividends. The present 6% preferred stock
is callable at $115 and accrued dividends.
Proxy statement accompanying notice of the annual meeting states that
"for several years interest rates and the dividend rates on preferred stoek
have been much lower than heretofore.
To have a 6% preferred stock out¬
standing constitutes a heavy charge against the company's earnings and
seems excessive in the light of present market conditions.
The company
has long delayed action while many other corporations have redeemed their
outstanding stock by the sale of new securities.
The company therefore
feels compelled to take action to bring its securities in line with its com¬
petitors.
■
Stockholders will also be asked to approve change in articles of incorpora¬
tion enlarging the company's powers and giving it the right to engage in a
general shipbuilding repairing, and drydocking business and permit it to
manufacture and sell machinery, equipment and apparatus of every kind
and description.
This is proposed so the company may be in a position,
if it desires, to carry on the business now conducted by its wholly-owned
subsidiary, the Sun Shipbuilding & Dry Dock Co.
Sun Shipbuilding & Dry Dock Co. is operated at present as a separate
unit.
During 1940 this unit completed and delivered three cargo vessels,
seven oil tankers and two seatrains and at the year-end was working on
contracts for eight cargo vessels, four passenger-cargo vessels and 32 tankers,
under contracts amounting to $114,000,000.
The company is also working on three destroyer tenders and three seaplane
tenders for the U.S. Navy, amounting to $78,000,000.
Four new ways are
under construction at the company's yards, in addition to the eight now in
use.—V. 152, p. 997.
Sunshine Mining
Co.—Earnings—
Years End. Dec. 31—
* 1940
Inc. from ore productionx$5,326,804
Spokane Portland & Seattle Ry—Earnings—
Gross from
1938
$121,686
def4,892
def38,189
also 100,000 shares outstanding on a share-for-share basis.
The new class A preferred stock would be redeemable at any time
Ry.—Earnings—
Gross from railway..
—V. 152, p.
1939
$137,474
4,250
def33,165
through issuing to each a series of five promissory notes, according to a
report filed with the Securities and Exchange Commission.
Each promis¬
stock to holders of present 6%
Net from railway
Net
1938
$507,400
def66,957
def81,583
$132,567
6,575
def30,464
& Co., Inc.—Borrowed $2,000,000 from
Stokely Bros.
Sun Oil Co.—May
1939
$546,734
21,658
7,359
1940
$779,939
104,360
80,945
$6,537,733
Banks—
and in
Southern Pacific SS.
.$8,695,811
1940
1941
$136,285
5,509
defl9,807
Net ry. oper. income
—V. 152, p. 845.
on
Earnings for the Transportation System
Month of January—
Railway operating revenues
Railway operating expenses
Total
1,949,459
Rapid Transit Ry.— Earnings—
January—
Gross from railway
Net from railway
to
Co.—Earnings—
January—
,
1941
1940
1939
1938
Gross from railway
$15,407,481 $12,921,307 $11,733,805 $11,137,921
Net from railway
4,612,309
2,793,042
2,289,053
1,379,798
Net ry. oper. income...
2,687,543
959,134
608,768
def419,631
Capital surplus
490,041
Earned surplus... 2,706,711
After allowance for doubtful accounts of
sory
dividend of 45 cents per share on account of
1
,000 In 1940 and $57,350
1939.
b After allowance for depreciation of $1,736,453 in 1940 and
$1,576,591 in 1939.
c Not used in operations.— ■V. 152, p. 1297.
a
the common
(T. L.) Smith Co.—Accumulated Dividend—
Directors have declared
_
2,000,000
421,360
490,041
in
Slogs-Sheffield Steel & Iron Co.—$1.50 Common Div.—
stock, payable March 21 to holders of record March 10. This compares
with $3 paid on Dec. 21, last; $1.50 paid on Sept. 20, last; 75 cents paid
on June 21 and on March 21, 1940; $2 on Dec. 21, 1939, and 50 cents on
Sept. 21 and on March 21, 1939.—V. 151, p. 3577.
30,432
properties
Total
cum. conv. prf.
stock
2,000,000
Com. stk. (par $1)
421.360
Inc. from mlscell. sources
Gross income
Deductions
Net profit year
Dividend
—
....
....
...
...
Surplus—
Earas.per sh.on cap.stk.
x
Less Polaris Mining
1939
1938
x$6,040,387 x$6,883,876
1937
$9,133,410
280,659
148,837
43,601
31,761
$5,607,463
2,893,197
$6,189,223
3,015,985
$6,927,476
3,273,540
$9,165,171
3,763,714
$2,714,266
2,382,114
$3,173,238
2,382,114
$3,653,936
3,275,406
$5,401,457
4,466,463
$332,152
$1.89
$791,124
$2.13
$378,530
$2.45
$934,994
$3.63
Co. receipts.
1
'
Due
Consolidated Balance Sheet Dec.
Condensed Balance Sheet Dec. 31
Assets—
Cash
_
on ore
settlements
Accounts receivable
-
_
Accrued interest
United States bonds
Stock in other companies
Notes and mortgages
Concentrates on hand—
Inventory
Prepaid insurance
1940
$3,187,647
379,857
16,993
•
5,913
334,436
394,875
217,519
18,806
rights
Buildings, machinery, equipment, See
1939
--
A go
$2,739,066
446,963
25,805
machinery, &c._$1,612,741
334,436
382,439
395,155
1
1
719,898
11,604
717,990
12,308
20,523
22,273
94 OOO
6,525
8,000
201,924
CMh".1,297,629
$4,872,468
$4,694,454
613,368
Unretired stock.
Investments
securities
Market,
$155,141
$128,501
908,021
148,882
458,008
3,044,541
6,500
Ad vs.
917,799
148,882
payable
Capital stock
464,627
3,179,518
6,500
i
Reserves
Earned surplus
Paid-in surplus
Inventories.
x
$4,872,468
After
-V. 152, p.
depreciation
$4,694,454
1297.
has selected by lot for redemption
of the sinking fund, $100,000 principal
amount of 314% debentures, due April 1, 1950, at 100 and accrued interest.
Payment will be made on and after April 1 at the New York office of Dillon,
3255.
Read & Co.—V. 152, p.
1939
1940
$2,451,098
542,709
$1,552,001
522,200
$1,410,749
461,141
205,965
&
201,104
194,695
157,177
367,000
173,000
194,000
$1,148,603
420,780
$1,340,284
425,077
526,062
530,776
$3.15
$662,106
433,381
215,905
$1.52
$598,431
435,091
413,336
$1.37
State
and capital
taxes
tax
income
Aver.no.shs.capstk.out
Capital stock dividendsEarnings per share
$2.72
Includes $81,000 for excess
Operating revenues
Operating expenses
$285,936
152,385
$281,115
154,535
$2,049,780
1,056,253
$1,988,932
1,067,917
Operating income..
Non-operating income..
$133,550
18,182
$126,580
23,542
$993,527
125,898
$921,014
163,668
$151,732
217,330
$150,122
214,941
$1,119,425
1,497,058
$1,084,682
1,520,242
$65,598
$64,819
$377,632
$435,559
Gross income.
Deductions
Net loss
Thomson Electric Welding
Pa.—Bonds Offered—
University at
Directors have declared a
1, 1941.
int. date after Dec.
Shipyards Corp.—$1.50 Dividend—
Todd
dividend of $1.50 per share on the common
value, payable March 15 to holders 9f record March 1. This
Directors have declared a
stocks,
no par
with $2.50 paid on Dec. 30, last; $2 paid on Dec. 16; $1.75 on
Sept. 16, last; $1 on June 15, last; 75 cents paid on March 15, 1940, 50 cents
paid on Dec. 15, Sept. 15 and June 15,1939 and previously regular quarterly
dividends of $1 per share were distributed.
In addition a special dividend
$1.50 was paid on Dec. 15, 1938.;—V. 151, p. 3758.
compares
Tokyo Electric Light Co., Ltd.—Earnings—
(In Japanese Yen)
1938
83,110,686
363,921
2,814,283
3,649,683
98,277,698
79.924,314
89,938,574
71,585,562
83,405,712
92,674,901
18,352,753
18,353,384
18,353,012
18,353,581
2,628,795
Interest
income
675,730
Total income
111,027,654
Sundry
Operating expenses
Netprofit
an
x
by Temple University of the principal amount of the bonds in
amount equal to at least 2% of the maximum amount of the bonds out¬
plus an amount equal to the interest on all bonds previously
retired by such annual reductions.
North Philadelphia Trust Co., Philadelphia, trustee.
The purpose of this issue of bonds is to refund the issue of $1,000,000
1st & ref. mtge. 20-year bonds due July 1, 1942, and called for payment
on
Jan.
1, 1941.
--
Includes maintenance
standing,
,
depreciation, interest, taxes and all other charges.
Balance Sheet Nov. 30
(In Japanese Yen)
1940
Assets—
Offices &
Power
13,714,066
equip.
14,029,335
1941
$236,207
74,081
42,019
January—
Gross from railway
Net ry. oper.
—V.
Ry.—Earnings—
income
152, p. 845.
&
1938
1939
1940
$244,727
77,917
40,841
$194,359
46,895
17,793
$206,578
55,550
24,806
Terre Haute Electric Co.,
137,
p.
1941
Prov.
on con¬
January—•
90,181
20,784
11,668
Gross from railway
Net from railway.Net ry. oper. income.
—V.
152,
p.
1939
70,054
11,122
867
1938
62,641
def 1,607
def 10,486
89,371
2,351
defl0,836
losses
of for'n bonds
Inv. in affil. cos. 20,000,000
20,000,000
Funded
22,286,759
89 469 079
Accts. payable.. 32,067,481
Accrued interest
8,499,394
13,076,955
Empl's savings.
5,043,219
4,262,813
Bank
1941
$2,402,870
1,651,133
Operating expenses
Railway tax accruals.
160,138
92,915
Cr3,467
Equipment rentals (net)
Joint facility rents (net)
$2,115,020
1,534,333
157,912
100,486
3,502
34,461
$536,612
3,035
charges
322,271
$354,031
3,726
322,053
Net income
$211,306
$28,252
Total income
Miscellaneous deductions.
-V. 152, p. 845.
1,371,343
Depreciation
1,278,992
37,956
Costs and expenses
41,345
$161,620
14,417
Balance
Other income
$219,413
y30,338
1940—12 Mos.—1939
$6,394,805
$6,671,013
5,510,221
5,345,063
158,597
$725,986
51,787
173,895
$1,152,055
y67,709
8,000
17,800
214,849
183,593
5,900
(contra)
682,846
Secs.dep. (contra)
93,825
Surplus
16,835,353
16,834,157
3,946,196
For'n exch. susp.
373,317
Consigned mdse.
564,456
*
debt
12,245,070
15,664,942
682,846
598,611
93,825
Total
7,215,760
598,611
103,740
profit for
the term
994,941,446 994,497,342
151.
Net
2,315,973
103,740
(contra).
18,352,753
18,353,384
994,941,446 994,497,342
Total
3578.
p.
Tri-State
Telephone & Telegraph Co.—Earnings—
1940
1939
1938
1937
revenues.
$4,934,165
1,456,533
309,927
$4,572,694
1,365,947
290,539
$4,805,681
1,294,939
264,555
$4,667,399
1,316,746
237,909
$6,700,624
17,081
$6,229,181
13,349
$6,365,176
$6,222,055
Uncollectible oper. revs.
21,296
28,969
$6,883,543
1,423,429
1,052,928
909,861
542,991
261,376
$6,343,880
1,333,389
1,018,515
984,539
464,124
247,057
471,122
601,782
$6,193,086
1,387,926
1,105,374
1,113,097
476,729
211,534
487,706
534,874
Calendar Years—
a
Local service
Toll service
revenues
revenues
Miscellaneous
Total
Total oper. revs
Current maintenance
(& Subs.)—Earnings—
1940—3 Mos.—1939
$1,570,919
$1,539,750
Period End. Dec. 31—
Net sales
10,534,489
3,800,208
17,926.813
364,031
1,152,588
4,899,969
Securities depos¬
$318,787
35,244
$502,151
Net railway operating income
Other income
10,500,000
4,439
1,853,181
6,228,116
3,800,208
deposits.. 21,195,079
(contra)
-V.
deb.
redemptions..
Receipts in adv.
Deposits
Suspense rets
Suspense pay'ts.
ited
10,500,000
Unclaimed
1,744
Cashonhand
1940
red.
debt.-.411,799,802 425,340,833
500,000
Consigned mdse.
of January—
Operating revenues
Thatcher Mfg. Co.
8,266,583
on
168,828,233 170,462,024:
548,336
3,122,547 ; Unclaimed divs.
disct. & exps.
-Earnings-
Month
Fixed
87,264,893
16,882,244
12,090,053
co..
Bills receivable.
Unamort.
Texas & Pacific Ry.-
future
47,940,411
Prepayments
845.
for
4,867,594
90,446,400
49,703,375
sumers' prem.
Loans....
1940
6,000,000
3,092,727
res.
Constr'n works.
Accts. receivable
Ry.—Earnings—
6,000,000
6,311,384
6,623,594
Installa.
Investments
Texas Mexican
1939
28,621,000
Empl. retire,
Tax reserve
Mdse. & stores.
1051.
jf-.-f
Special reserve..
8Ubstations-428,515,842 339,856,349
Dlstrib'n lines-156,060,568 158,848,264
affiliated
Inc.—Merger Plan-
•.
1940
Share capital...429,562,000 429,562,000
Legal reserve... 30,461,000
plants,
Loans & advs. to
See Public Service Co. of Indiana.—V.
'
Liabilities—
1939
transmis. lines
Net from railway
65,052,131
bonds contains a provision for the annual
reduction
Tennessee Central
1937
79,096,155
269,078
2,585,970
1,454,507
1939
90,016,787
3,380,083
3,109,949
1,770,878
1940
Sale of electricity
104,217,476
Inc. from investments._
3,505,653
x
The deed of trust securing the
Co.—Pays SI Dividend—
dividend of $1 per share on the common stock,
payable March 1 to holders of record Feb. 18. Dividend of $2 was paid on
Dec. 26, last; $1 was paid on Dec. 2, last; $1.50 paid on Sept. 3, last; $1
on June 1, last, and 50 cents on March 1, 1940, and on Dec. 1, 1939.—V.
152, p. 133.
par
Interest payable J. & J.
Bonds call¬
31, 1941 at par and int.
Bonds may be
registered as to principal upon application.
Legal investment for trust
funds in Pennsylvania.
Denom. $1,000, $500 and $100.
The bonds are the direct obligation.of Temple University and are secured
by a mortgage on land and buildings appraised at $1,700,000 on Sept. 10,
any
835.
6 Mos. End. Nov. 30—
Dated and issued Jan.
on
Ry. System—Earnings—
1941—Month—1940
1941—7 Mos.—1940
$1,194,848 $1,210,331 $8,380,977 $8,394,726
908,913
929,215
6,331,197
6,405,794
Net oper. revenue
and interest.
able
preferred stock and common stock
Taxes
$1,000,000 1st & refunding mortgage 20-year
4^% bonds was recently offered by the
Bank & Trust Co. of New Yotk has been
Period End. Jan. 31—
Consolidated Balance Sheet Dec. 31, 1940
of
Commercial National
-V. 152, p.
Temple University, Philadelphia,
Co.—Registrar—
Thermoid
The
profits tax.
Assets—Cash, $1,028,295; customers' accounts receivable (less reserve)»
$735,081; miscellaneous accounts receivable (less reserve), $19,820; mer¬
chandise, materials and supplies, $1,994,284; prepaid expenses and deferred
charges, $51,931; investments and advances, $464,429; land, buildings,
machinery and equipment (net), $5,420,819; rights, patents and processes
(less amortization), $2,728,443; total, $12,443,102.
Liabilities—Accounts payable and accrued expenses, $508,447; provision
for Federal and State taxes, $531,178; capital stock (437,816 no-par shares),
$7,146,805; paid-in surplus, $603,420; earned surplus, $3,979,937; reacquired
stock held in treasury (17,807 shares at cost, of which 3,300 shares are under
sales options at $17.50 per share during 1941 to 1943, inclusive), Dr.$326,685
total, $12,443,102.—V. 152, p. 1297.
An issue
$5,576,096 $5,641,261
Total
16,781
Third Avenue
a540,000
and processes
for Fed.
Prov.
a
660
appointed Registrar of the convertible
of this company.—V. 152, p. 3578.
1937
1938
584,606
$2,479,174
earnings
Deprec. of plant & equip
rights, patents
Net
152
$5,576,096 $5,641,261
(16,731 in 1939) shares company's own convertible preferred
shares of common, b After depreciation of $2,627,650
in 1940 and $2,647,118 in 1939.
c Represented by 132,000 no par shares,
d Represented by 146,836 no par shares.—V. 152, p. 1144.
a
Amort, of
stock
29,777
assets of reorgan¬
Sylvania Industrial Corp. (& Subs.)—EarningsCalendar Years—
inc.
7,549
1,129,404
ized banks.....
April 1, 1941, through operation
Net
10,576
25,661
_
non-Jiquld
Part. In
Dillon, Read & Co., as Paying Agent,
on
82,918
stock at cost and four
Called—
Superior Oil Co.—Debentures
1,414,383
35,806
1,198,395
--
—
Deferred charges.
Total
Total
628,689
to salesmen
and employees..
....
Taxes
363,574
272,496
597,586
82,918
Capital surplus—
Earned surplus— 1,379,959
Accruals, taxes, &c.
Miscell. reserves..
of affil.
consolidated
Indebt. of affiliate
not consolidated
Securities
TAahi li
••
Current liabilities
1939
1,546,285
35,971
618,945
a
Accts. & notes rec.
Total
1940
$1,320,000 $1,320,000
1,596,173
d Common stock.
1,596,173
57,700
Notes payable
235~524
269,263
Accounts payable.
stock
24,453
Ac..
not
153",590
$1,501,387
'
1941
Convertible pref
c
Licenses, formulae,
1,
31
Liabilities—
1939
1940
—
b Real est., bldgs.,
550
126,558
16,993
8,000
164,870
..
Real estate—surface
x
March
Chronicle
The Commercial <f Financial
1452
Gen. & miscell. expenses
Taxes
;
522,467
563,273
$6,215,832
1,411,705
1,052,260
1,057,171
526,756
260,345
516,704
510,689
Net oper. income
Net non-oper. income..
$1,407,217
Drll,840
$880,201
17,805
$1,223,297
Drll,152
$875,844
81,609
Inc. avail, for fixed chg $1,395,377
806,076
$898,006
b71,751
$1,212,145
719,697
$957,454
671,744
$589,301
$826,255
$492,448
$285,710
Depreciation
Traffic
expense
expenses
Commercial expenses
Operating rents
Other deductions
$176,037
36,741
31,999
$249,751
35,187
83,627
$777,774
153,064
122,538
Netprofit
$107,296
$130,937
$502,172
$787,867
103,693
36,707
103,963
110,119
$0.18
114,909
146,827
415,894
220,239
$0.59
$2.53
1938, $587,000 in 1937 which is subject to refund; the amount for 1938 is
benefit
required for refund, and the amount for 1939 is subject to refund in the event
the May 2, 1939 order of the Commission pertaining to rates in St. Paul is
Total income
Federal
x
inc.] taxes, &c—
$1,219,764
224,497
207,400
■
Other interest..
Preferred
dividends
Common dividends
Earns, per
x
sh. on com—
Includes
Federal
taxes, bad debts,
&c.
and
y
$0.02
State employment
insurance,
old
age
Includes $16,212 profit on securities sold.
Net income
a
Includes approximately $36,000 in 1940,
$157,500 in 1939, $592,000 in
Volume 152
not
upheld,
The Commercial & Financial Chronicle
b Under
argreement with Northwestern Bell
Telephone
payable for the year 1939 on advances from that
Co. no int. was
1940
Assets—
1939
$
1940
$
Invest, in sub. cos.
Other investments
Liabilities—
343,559
1939
7,490
130,460
S
S
5,681
411,481
1,027
1,837,319
Audited accts. and
16,845
522,444
384,797
of pension fund.
Customers' depos.
& advnace
^
•
„
,
314,540
363,606
Interest receivable
Misc. accts. receiv.
bill'g
197,985
payable
other
curr.
218,339
490,671
ages reserve fund
549,721
Accts.
Mat'ls & supplies.
Injuries and dam¬
598,190
and payments..
182,548
490,904
&
due
Def.
credits
miscell.
and
42,485
reserves
Unapprop. surpl..
386,552
Total
31,153,162 30,200,483
1941
$531,076
405,334
.Z.II-II.
$536,734
389,639
$125,742
revenues
$537,873
1,139
$147,095
50,123
Net operating revenues
taxes
48,156
Net operating income
Net income.
—V. 152, p. 998.
''v:
$77,586'
$96,972
29,092
n,202
Transcontinental & Western Air, Inc.—■Earnings-—
Calendar Years—
1940
Gross operating revenues
Net loss after charges
net
verted into
applicable to 1939 under
an
1
P. 3903.
Truax«Traer Coal Co. (&
.
3 Mos.End.Jan.31—
1941
aNetprofit
b$344,790
1939
Aeronautics Board last
mail rates for the airline.—V. 151,
....60,215,996 60,481,665'
Created
by reduction in
1938
$178,307
Report—
banks under seven-year serial bank loans with
final maturity
From the proceeds of these loans the entire amount of
a
notes
outstanding Dec. 31, 1940 was paid off. The balance of $2,536,000 in
funds will be applied during the current
year to the expansion and
development
of plants.
Under
the
above rearrangement of bank loans
In subsequent years
only $450,000 in 1941.
pay off $600,000 of its loans annually until
Feb. 1, 1948 when $450,000 will be due unless it has been
previously an¬
ticipated.
Income Account for Calendar Years
Union Investment Co.—To
Pay 10-Cent Common Div.—
Directors have declared a dividend of 10 cents per share on the common
stock, payable April 1 to holders of record March 20.
Dividends of like
amounts were paid on Dec. 18, Nov. 18, Oct. 1, July 1 and March 16,
1940, and on Dec. 18, Oct. 17 and July 17, 1939.—V. 151, p. 3411,
Union
Pacific RR.
(& Leased Lines)—Dec. Report—
Income Account Items for December and 12 Months
<
Month of December
1940
1939
Net ry. oper. income-_
Other income
$3,199,839
915,822
9,497
Depreciation
Idle plant expenses
a Write-off of
capital
Prov. for contingencies.
Extraordinary charges..
Federal
1937
1938
$2,244,553
$1,033,575
909,990
721,231
15,608
16,493
3,916
"84,968
100,000
18421
(estimated)
b665,000
180,000
10,000
175,000
Net inc. for the year._c$l,509,520
Divdeinds declared
d723,129
$1,138,955
d537,316
$281,934
e87,307
$1,439,939
d719,418
a
Assets not fully depreciated at time of disposal or retirement,
cludes $144,000 Federal
excess
b In¬
profits tax. c Earnings equivalent to $1.24
d On preferred and class A stocks,
e On
share of common stock,
preferred stock only.
Condensed Balance Sheet Dec. 31
per
1940
Assets—
Cash...
.
_
b Accounts
i
rec'le.
1,663,720
13,807
d Other assets.
Accts.
2,800,345
1,251,810
1.289,296
Inventories
other intangibles
Deferred charges..
:•••):
812,700
42,691
919,649
100,000
Dividends payable
Accrued liabilities.
7% pref. stock—— 2,439,500
$7
lb
126,994
157,486
8,612,908
8,362,726
Plant and village
Total
1,964,000
13,867
15,000
properties
$
,
T? pQprVPH
current) —....
Patents, licenses &
c
Liabilities-- I
Notes payable..
Accts. payable...
a
1,258,172
(non-
rec.
1940
$
.
3,164,257
...
non-cum.
14,885,983
13,844,407
&
$
503,113
43,654
407,885
2,494,500
$6,275,594 $40,180,101 $37,916,098
632,597
5,796,451
4,554,090
Inc.avail.for fixed chgs $5,546,492
1,180
1,194,330
f
2,641
$5,642,997 $34,383,650 $33,362,008
1,292
17,163
21,382
1,207,231
14,888,913
14,342.300
2,641
31,694
31,694
$4,348,341
$4,431,833 $19,445,880 $18,966,632
Other
deductions
Deprec'n (way & struc¬
tures & equipment
659,547
102,899
Federal income taxes...
Dividend appropriations;
On
138,094
299,413
137,697
299,415
stock....
200
5,114,464
Earned surplus... 3,055,471
Total
....
5,099,820
2,358.324
14,885,983 13,844,407
Of which
for
Twin
doubtful
City Rapid Transit Co. (& Subs.)—Earnings—
Calendar Years—
Rev. from transportat'n
Other revenue
Total oper. income
1940
1939
1938
1937
$8,368,887
35,932
$8,381,508
$8,385,405
59,308
$9,026,619
$8,404,819
$8,436,146
971,929
759,370
$9,078,505
963,618
614,106
34,572
836,439
651,502
$8,444,713
955,049
785,704
747,873
2,558,240
37,962
711,529
652,799
$1,879,114
854,190
$2,005,545
893,586
$1,995,556
1,046,244
$2,654,797
1,192,771
$1,024,924
$1,111,959
15,285
$949,312
18,109
$1,462,026
13,514
$1,038,438
849,728
77,127
$1,127,244
898,200
79,491
$967,421
$1,491,107
928,188
83,075
953,057
78,089
$111,583
$149,552
loss$43,842
$459,961
220,000
220,000
202,000
210,000
220,000
Nil
Nil
Nil
1,018,153
Way and structures
Equipment
Power,
753,040
721,989
2,474,573
31,268
a
Conducting transporta'n
Traffic.
Motor bus expenses
j- 912,576
General & miscell. (net).
'
Net oper. revenue
Taxes
Operating income.
Non-oper. income.
_.
Gross income
Int.
on
funded debt.
Miscellaneous
Net income
Dividends on pref. stock
Shs.
com. outst.
(no par)
Earns, per sh. on com—
13,337,660
3,984,139
200
2,415
2,865
common
7,469,565
2,525,115
13,337,660
3,984,58
.
Balance Sheet Items Dec. 31
^V
■
1940
Selected Asset Items—
$
Investments in stocks, bonds, &c., other than those
of affiliated companies
124,019,567
•
Cash
Special
$
153,717,795
40,461,012
x2,257,440
12,992
deposits
Loans and bills receivable
Traffic and car-service balances receivable...
Net balance receivable from agents & conductors..
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Other current assets
....
Total current assets
Selected
1939
23,964,443
37,574
5,214,393
1,355,788
4,168,354
24,076,646
703,593
v
180,129
4,052,722
1,399,429
5,039,883
25,802,335
6,482
743,870
200,635
$78,430,347 $61,247,373
Liability Items—
Traffic and car-service balances payable.
Audited accounts and wages payable.
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
1,436,594
-V; 9,427,982
979,463
y4,284,778
Unmatured interest accrued
;
'
Unmatured rents accrued
Other current liabilities
—
Total current liabilities
3,604,640
644,931
36,067
y2,702,072
23,116,527
1,575,743
4,974,666
1,191,717
9,190,912
1,001,123
4,105,376
3,585,504
1,620,341
36,377
676,468
21,407,818
3,460,121
5,098,497
x Includes
$2,080,319.40 deposited with trustees to redeem first lien &
refunding mtge. 4% and 5% bonds called for redemption at 107^ with
accrued interest to Sept. 1, 1940.
y Includes principal of above bonds
unredeemed plus premium and interest thereon to Sept. 1, 1940.—V. 152,
p.
1298.
Union Premier Food
Period End. Feb. 22—
Stores, Inc.—Sales—
1941—4 W/cs.—1940
$2,576,123
$2,297,132
Stores in operation
—V. 152, p. 846.
1941—8 Wks.—1940
$4,892,950
$4,473,688
73
67
paid-in
surplus..
$627,380 in 1940 and $534,739 in 1939 is current, b After
accounts of $60,952 in 1940 and $50,000 in 1939.
c After reserve for
depreciation of $7,604,530 in 1940 and $6,873,915 in
1939.
d Cash restricted in foreign country converted at free rate of ex¬
change in effect at Dec. 31 (less reserve for exchange loss).—V. 152, p. 846
a
reserve
7,725,373
513,202
636,924
288,334
On preferred stock...
Sales
conv.
cl. Astk.(par$l)
Com. stk. (par $1)
Capital
1939
2,500,000
1939
$6,691,622
1,145,130
Tax liability—U. S. Government taxes
Other than U. S. Government taxes
1939
$
..
1 to Dec. 31—-
1940
2,826,532
Misc. deduc's from inc._
$2,282,032
564,004
State income
&
taxes
1939
Jan.
$3,164,996 $23,358,960 $20,233,188
3,110,598
16,821,141
17,682.910
$3,865,090
.
1940
Net inc. after deduction
of all charges
Pay 75-Cent Div.—
a dividend of 75 cents per share on the common
stock, payable April 1 to holders of record March 7.
Like amount was
paid on Jan. 1, last; and compares with 60 cents paid on Oct. 1, July 1 and
April 1,1940; dividend of 50 cents paid in each of the four preceding quarters
and 40 cents on Jan. 3, 1939.
Dividends of the company in 1938 were
$2.40 a share, in 1937 payments amounts to $3.20.—V. 151, p. 3903.
$224,454
charges was $1,509,520, (compared with
$1,138,955 in 1939), or to $1.24 per share on common stock (after preferred
and class A dividends.)
Bank loans were reduced by $536,000
leaving a balance outstanding as of
Dec. 31, 1940, of $1,964,000. On Feb. 1, 1941,
company borrowed $4,500,-
new
60,215,996 60,481,665
capital,
y 220,000 shares no
par.
z For
refunding 5K % series B bonds.—V-
Union Carbide & Carbon Corp.—-To
Inc. after fixed chgs—
company is obligated to retire
the company is obligated to
Total
17,191,076 16,806,276
189,395
179,439
8,718,725
8,718,724
3,640,775
3,456,230
Directors have declared
For the nine months ended Jan. 31,1941, net
profit amounted to $347,171,
equivalent after preferred dividends to 74 cents a common share, against
$213,255, or 43 cents a share, for the same nine months of last year.—V.
152, p, 998.
000 from
surplus.
secured dividend notes first lien and
Rent for leased roads...
Interest deductions
date of Feb, 1, 1948.
Capital
Profit and loss
Total
a
Tubize Chatillon Corp.—Annual
274.779
ciation..
After all charges including normal Federal income taxes, b
Equivalent
to 76 cents per share on 440,851 shares of common stock in
1941 and equiva¬
lent to 45 cents per share of commin in 1940.
Net income for 1940, after all
864,656
291,411
x
Total income
1939
b$206,321
833,688
Unadjusted credits
Subs.)—Earnings—
1940
85,192
due)
38,262
order of the Civilian
new
4,218
81,466
Tax liability
Res've for injuries
785,446
$11,572,221
$8,308,263
232,455xprofl07,133
September, when it established
6,314
(not
84,538
operating loss of $188,827 reported for 1939 had been con¬
profit of $107,133 by the allowance of additional mail revenues
a
118,666
82,751
Misc. accts. pay..
Acer, interest
687,096
1940
$532,300
1,224
revenues
Operating revenues
Operating expenses
The
129,665
11,800
151,p. 2665
Earnings for the Month of January
x
801,532
11,100
56,246
Disct. and exp. on
fund. dt. amort.
x
Operating
1,651
2,780
56,994
740,387
presented..
wages payable..
and damages
Reserve for depre¬
5,269,095
138,620
60,012
.31,153,162 30,200,483
Uncollectible operating
■
2,177
40,280
43,116
Depreciation res.. 5,726,178
Surplus reserved..
412,511
Operating
not
Deferred assets...
liabs.
Accrued liabs. not
Total
$
Secured div. notes
mtge. prop, sold
1,027
Cash
l ,822,895
Loans & notes rec.
251
7,000,000
15,925,000 16,126,940
18,450
70,023
Misc. phys. prop.
Other investm'ts..
11,800
5,681
Notes sold to trust.
478,208
11,100
1939
$
374,641
158,139
Deferred debits-..
1940
Liabilities—
Common stock..11,000,000 11,000,000
Preferred stock... 3,000.000
3,000,000
Mortgage bonds.. 15,195,800 15,997,600
y
Deposlts in lieu of
541,738
receivableMaterial & supplies
Dep. with trustee
z
Co
18,254
funds...
Accts.
1939
$ •
$
Bond & equipm't-56 ,255,109 56,470,170
western Bell Tel.
.325,558
Cash & special dep.
1940
Assets—
Telephone Plant..29,182.395 28,212,057 Common stock
7,000,000
Misc. phys. prop.
380,838
379,838 Adv. from North¬
Working
Consolidated Balance Sheet Dec. 31
company^
Balance Sheet Dec. 31
1453
54,638
708,703
2,468,086
51,886
777,491
771,112
2,501,712
41,047
654,693
714,033
29,081
$1,13
United Gas
The
Improvement Co.—SEC Hearing Postponed
Securities and
Exchange Commission has postponed a hearing on
March 6.
The hearing
integration proceedings against the company to
originally was scheduled for Feb. 27.
The
Commission has directed the company to show why it
•,*
should not
immediately begin divesting itself of far-flung utility properties in com¬
pliance with the so-called death sentence clause of the Holding Company
Act.
The utilities listed
by the SEC
were
the Arizona Power Corp. in Arizona,
the
Concord Gas Co. and the Manchester Gas Co. in New Hampshire,
the Wyandotte County Gas Co. in Kansas, and the Nashville Gas & Heating
Co. in Tennessee.
Weekly Output—
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 Feb. 22, 1941, 122,809,471 kwh.; same week last year, 106,053,570
kwh., an increase of 16,755,901 kwh. or 15.8%.—V. 152, p. 1298.
United
Engineering & Foundry Co.—50-Cent Dividend
Directors have declared a dividend of 50 cents per share on the common
stock, par $5, payable March 10 to holders of record Feb. 28.
Year-end
dividend of $2 was paid on Dec. 24, last and regular quarterly dividend of
50 cents per share was distributed on Nov. 14, last.—V. 152, p. 439.
United
Light & Power Co.—Arranging to Sell Northern
Natujral Gas Co. Stock to Comply with Holding Company Act—
The! company has engaged Blyth & Co. to form a syndicate to sell to the
public the system's interest in Northern Natural Gas Co., Donald R.
Richberg, United counsel, told the Securities and Exchange Commission
at a hearing Feb. 24.
This is one of a series of steps planned by United to
comply with the corporate simplification sections of the Utility Holding
Company Act.
,.
United has requested the bankers to study the Northern Natural Gas
Co. and to offer their suggestions as soon as possible as to the changes which
might be required in the capital structure of that company to make the
offering attractive to the public. Mr. Richberg said these changes probably
will include a reduction in the par value of the company's common stock
and
an
The changes also may
of the company, he said.
by Northern Natural Gas
be involved, the attorney said.
Co. to acquire some physical properties may
As a result of discussions with the SEC staff during the past 30 days, Mr.
RIchberg said United was now in a position to comply promptly with such
orders as the SEC may think necessary to require, authorize or approve the
following transactions looking to simplification of the United system:
(1) Dissolution of Milwaukee Solvay Coke Co. and the change of the
name of the Milwaukee Coke & Gas Co. to Miklwaukee Solvay Coke Co.
(2) Transfer by Rolfe Products Co. of all of its assets to its parent. Mason
City Brick & Tile Co. and the dissolution of the former company.
(3) Disposition outside of the system of the Mason City Development Co.
(4) Sale by Iowa-Nebraska Light & Power Co. of the common stock and
open accounts of the Maryville Electric Light & Power Co., now owned by
Iowa-Nebraska, to its parent, Continental Gas & Electric Corp., at cost
to the Iowa-Nebraska Co.
(5)
Transfer of all the assets of the United Light & Power Industrials,
United Light & Rys. Co. and the dissolution of the
to its parent,
Industrials Co.
Transfer by United American Co. of all its assets to its parent,
Ry., and dissolution of the former.
Transfer by the Hillsboro Ice & Coal Co. of all its assets to its parent,
Columbus & Southern Ohio Electric Co., and dissolution of Hillsboro.
(8) Disposition to outside interests or to Continental Gas & Electric
Corp. of the securities of Point Pleasant Water & Light Co., owned now by
(6)
United Light &
(7)
Columbus & Southern Ohio.
Power Co.,
1971.
(2) The issuance and sale by Virginia Electric & Power Co. of $3,930,000
notes, payable serially from May 1, 1941 to and incl. Nov. 1, 1946.
(3) The donation of $1,000,000 by Engineers Public Service Co. to
Virginia Electric & Power Co.
,
The bonds are to be sold at 106 H plus accrued int., to three insurance
of
^
($1,000,000 to each)—John Hancock Mutual Life Insurance
Penn Mutual Life Insurance Co. and New England Mutual Life
companies
Co.,
Insurance Co.
according to
Washington dispatches to the
company.
(c) Railways company would also purchase 78,000 shares of the common
of the new company for $7,800,000 in cash and would contribute
$5,700,000 in cash to the paid-in surplus of that company.
(d) The new company would acquire all of the securities of the first lien
companies, with three minor exceptions, from United Light & Power in
consideration for the assumption by the new company of $16,000,000
Virginian Ry.—Earnings—
Net ry. oper. income
—V.
152,
Fort Dodge Gas & Electric
Co.; Moline-Rock Island Manufacturing Co.; Peoples Power Co.; Peoples
Light Co., Cedar Rapids Gas Co.; La Porte Gas & Electric Co.; Iowa City
Light & Power Co.; Ottumwa Gas Co.; Tri-Clty Railway Co., Illinois;
Clinton, Davenoprt & Muscatine Railway Co.; Tri-City Railway Co,,
Iowa; Mason City & Clear Lake RR. Co., Tenn., and the United Light &
Power Service Co.
Upon completion of the transactions, the new company will be an oper¬
ating company solely and will then issue and sell at private sale $6,000,000
of first lien bonds, the proceeds of which will be used to redeem $5,422,000
principal of 5J^% first lien bonds and the balance, if any, will be added to
working capital of the new company. The $10,578,000 of 6% first lien bonds
now outstanding cannot at this time be refunded because they are noncallable until 1947.—V. 152, p. 846.
Corp.—10-Cent Common Dividend—
W
Directors have declared a dividend of 10 cents per share on the common
stock, payable March 17 to holders of record March 7.
Last previous pay¬
ment was made on Oct. 20, 1939 and also amounted to 10 cents per share.
—V. 151, p. 1294.
1940
$3,896,253
890,791
315,703
1939
$3,550,133
753,167
174,968
1938
$3,163,980
359,648
def229,137
848.
p.
1941
$4,189,227
1,164,446
604,536
January—
Gross from railway
Net from railway
Net ry. oper. income
V. 152, p.
1300.
Inc.—20-Cent Common Dividend—
Waldorf System,
Subs.)—Earnings—
1941
$114,860
3 Months Ended Jan. 31—
Net income
share on the common
Directors have declared a dividend of 20 cents per
stock, payable April 1 to holders of record March 15.
Dividend of like
amount was paid on Dec. 20, last, and previously regular quarterly divi¬
dends of 15 cents per share were distributed.
In addition, extra dividend
of 20 cents was paid on Dec. 20, last.—V. 151, p. 3759.
Walker & Co.—Accumulated Dividend—
of 62 % cents per share on account of
stock, no par value, payable
Directors have declared a dividend
accumulations on the $2.50 cum. class A conv.
April 1 to holders of record March 15.
Like amount was paid on Feb. 1,
last, and compared with 50 cents paid on Dec. 2 and Oct. 15, last; 62>$
cents paid on Aug. 31, June 1, and March 1, 1940; dividends of 75 cents
were paid on Dec. 23, 1939, and dividends of 50 cents were paid Dec. 1,
Sept. 1, July 15, and March 1, 1939, and on Dec. 20 and Dec. 1, 1938.—
V. 152, p. 277.
Pay $7 Preferred Dividend—
Waltham Watch Co.—To
Directors have declared a dividend
stock, payable March 14 to holders
of $7 per share on the 7% preferred
Like amount was
paid since
of record Feb. 26.
paid on March 15, 1940, this latter being the first dividend
Oct. 3, 1938, when $1.75 per share was paid.—V. 150, p. 1458.
Warren Bros. Co.—Valuation—
Arthur Black, appointed by the
U. S. District Court at Boston to act
Special Master to determine the valuation of the properties of this com¬
which is in the process of reorganization, has submitted his valuation
report to the Court. He finds that the present fair value of all the properties
of the company is $9,277,972.
The value given the Cuban bonds held by
the company is $4,829,265 and all other property $4,448,707.
In deter¬
mining this valuation, Special Master Black accepted the company's figures
of the value of assets other than the Cuban bonds.
This estimate of the
pany,
company, viz., $4,448,707, was made as of October, 1940.
Tne valuation found for the Cuban bonds of $4,829,265
57
or a
upon a
is divided as
Master gives a value of
bonds of 1955, he decided
total of $2,364,984.—V. 152, p. 848
$4,323,300 bonds of 1977 the
For the
follows:
total of $2,464,281, and for the 4.379,600
value of 54, or a
1940
$151,068
Directors have declared
accumulations
record
on
March 1.
a
dividend of 50 cents per share on account
the preferred stock, payable March 15
Like amount paid on March 15, 1940.—V.
Wesson Oil & Snowdrift Co.—25-Cent
March 15.
of
to holders of
150, p. 3994.
Common Div.—
Directors have declared a dividend of 25 cents per snare on
the common
Dividend of 50 cents
Aug. 26, last and previous distribution was the regular quarterly
dividend of 12cents per share paid on July 1, 1939.—V. 152, p. 696.
was
1939
$148,073
Inc.—Accumulated Div.—
Weber Show Case & Fixtures,
stock, payable April 1 to holders of record
United Stockyards Corp. (&
„
$1,657,591
821,434
661,054
as
The so-called "first lien" companies include:
a
1939
$1,917,091
1,048,225
809,402
1940
Wabash Ry.—Earnings-
Thereupon, the first lien companies and United Power Manufacturing
United States Sugar
1938
$2,219,014
1,248,162
996,531
1941
$2,387,667
1,406,529
1,024,907
January—
l
new company.
notes will
principal
The balance of the proceeds from the sale of the
notes, together with the proceeds from the sale of the bonds, and the con¬
tribution, will be used for capital additions and improvements increasing
the company's electric generating capacity in its Reeves Avenue Power
Station at Norfolk, Va., which is estimated to cost approximately $4,190,000
and for other construction purposes.—V. 152, p. 1146.
cash.
Erincipal amount of first lien bonds and the payment by it of $13,500,000
(e)
StateRich¬
x
amount of $4,430,000.
stock
would transfer all of their assets to the
,
,
"Wall
pliance with the Utility Holding Company Act.
The SEC now is preparing a definitive order calling on United to make
these changes.
As envisioned by both the company and the SEC staff, United has three
alternative methods of complying with the law:
(1) Dissolutionof the United Light & Power Co.;
Merger of United Light & Railways Co. into the top holding com¬
pany; and,
(3) Merger of Contingental Gas & Electric Corp. into United Light &
Railways, coupled with the dissolution or other elimination of American
Light & Traction Co. as an intermediate holding company.
As outlined to the SEC staff, the transfer of tne first lien properties to a
new comoany would be effected in the following manner:
(a) United would own all the capital stock, 15,000 par value, of the new
company, known as Peoples Light & Power Co. and would sell this stock to
United Light & Railways for $5,000 in cash.
(b) The railways company would transfer all of the securities of United
Power Manufacturing to the new company for common stock of that
National Bank,
mond, $171,938.
According to the application, the proceeds from the sale of the
be used to retire certain notes now outstanding in the aggregate
Street Journal" which states further:
The United Power Manufacturing Co., a servicing company for the
Iowa-Illinois utilities, also would be taken over by the new company.
Formation of the new company to take over these properties is one of a
series of steps planned by United to simplify its corporate set-up in com¬
the following banks: First
_
,
^
.
The notes are to be sold to
Boston, $2,947,500; First & Merchants National Bank, $491,250;
Planters Bank & Trust Co., $319,313; and Central National Bank,
Net from railway..
Changes in Corporate Set-Up Planned—
Light &
of $3,000,000 of 3M % first
Gross from railway
Plans for the formation of a new operating company to take over its
"first lien" properties in Iowa and Illinois have been developed by United
1, 1941
The issuance and private sale by Virginia Electric & Power Co.
& refunding mtge. bonds, series C, due March 1.
(1)
increase In the number of shares outstanding.
include the capitalization of some of the surplus
The question of additional equity financing
Inc.
March
The Commercial & Financial Chronicle
1454
paid
on
West
After all charges including Federal income and excess profits taxes.
—V. 152, p. 695.
a
Disinfecting Co. (& Subs.)—Earnings—
Year Ended Nov. 30, 1940
$3,926,369
Consolidated Statement of Income,
Sales, less returns and allowances of $218,383
Upressit Metal Cap Corp.—Accumulated Dividend—
The directors have declared
a
dividend of $2 per share on the $8 cumu¬
Cost of sales
L715-400
-
1,948,182
Expenses
lative preferred stock, par $100, payable on account of
accumulations, on
April 1 to holders ot record March 15.
Dividend of $4 was paid on Dec. 20,
last; $2 were paid on Oct. 1, July 1 and April 1, 1940, and on Dec. 20,
Oct. 2, July 1 and April 1,1939, a dividend of $3 was paid on Dec. 21,1938
and dividends of $2 were paid on Oct. 1, July 1 and April 1, 1938.—V. 151,
p. 3412.
$262,787
Operating profit
46,216
Other income
Total income
Other
$309,003
77,025
....
deductions
32,853
Depreciation and amortization
Utah Power &
Light Co.—Accumulated Dividend—
Directors nave declared
a
Utah
a
$89,880
24,574
12,468
a
1940
$119,243
35,074
15,067
1939
$83,245
17,690
7,148
1938
$68,716
9,066
def4.978
dividend of 75 cents per share on the common
stock, payable March 15 to holders of record March 1.
This compares
with $2 paid on Dec. 16, last; $1 paid on Sept. 16 and June 15, last; 50c.
paid on March 15, 1940; dividend of $2 paid on Dec. 15, 1939, and pre¬
viously 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. 151, p. 3904.
Victor Equipment Co.—Accumulated Dividend—
Directors have declared
a
dividend of 50 cents per share on account of
accumulations on the $1 cumul.
profit for the year—»
Dividends paid
Earnings per share on common
pref. stock, payable March 15 to
holders of record March 5.
Like amount paid on Dec. 16, last; dividend
of 25 cents was paid on Sept. 14, last.—V. 151, p. 3258.
Viking Pump Co.—Special Dividend—
a special dividend of 50 cents per share on the
stock, payable March 15 to holders of record March 1.
Special
dividends of 30 cents and regular dividend of 50 cents was paid on Dec. 15,
hand and in banks, $228,725; notes and municipal
$7,677; accounts receivable, $501,927; miscellaneous
$4,273; merchandise inventories, $684,596; merchandise
in transit, $11,771; other assets, $68,175; containers on hand and in trade,
less reserve, $37,758; total fixed assets (net), $1,138,255; machines and
appliances supplied to customers prior to 1917, $390,249; patents, trade¬
marks and formulae
(net), $238,172; deferred charges, $93,994; total,
S3 405 577
Liabilities—Note payable, oank, $100,000; accounts payable, $109,972;
accrued liabilities, $73,763; reserve for Federal and Canadian income,
and excess profits taxes, $35,933; customers' credit balances, $14,124;
mortgage instalments payable, $40,000; due to employees, $9,330; mort¬
gage payable, 43^%, $430,000; common stock (137,500 shares, no par),
$1,375,000; surplus arising from appreciation of fixed assets, $30,402;
surplus, $1,187,053; total, $3,405,577.—V. 148, p. 3397.
were paid in the three preceding quarters; 75
Dec. 15, 1939, and dividends of 25 cents per share were paid
Sept. 15, June 15, and March 15, 1939.—V. 151, p. 3412.
last; dividends of 40 cents
on
Virginia Electric & Power Co.—New Financing—
The Securities and
Exchange Commission on Feb. 21 issued an order
granting the application (70-238) filed under the Holding Company Act
by the company and its parent (Engineers Public Service Co.), with regard
to the following transactions:
on
receivable,
West Virginia
Pulp & Paper Co. (&
3 Months Ended Jan. 31—
Profits from operations
Total income
Provision for deprec. and
Interest
and
depletion__
of debt
Net profit
-V. 152, p.
$1,753,310
24,216
$1,140,224
74,589
$2,250,876
913,78o
$1,777,526
777,2b6
$1,214,813
664,735
95,340
312,100
150,337
118,838
42,076
$957,301
$754,583
$389,164
67,690
Federal
income taxes._
for quarter.
1301.
Western Pacific
*1.445.081
331,626
income—
141,971
railway
Net from railway.
Net ry. oper.
—V. 152. p.
RR.—Earnings—
1941
January—
Gross from
849.
i^n9oo/i
$2,129,780
121,096
amortization
expense.
Provision for
Subs.)—Earnings
®i
...
Other income, net
common
cents paid on
Nov. 30, 1940
accounts receivable,
conv.
Directors have declared
$165,648
137,500
$1.29
.
.
Condensed Consolidated Balance Sheet as at
warrants
1941
Veeder-Root, Inc.—To Pay 75-Cent D:vidend—
Directors have declared
33,477
_
Net
Assets—Cash
Ry.—Earnings—
January—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p. 847.
profits taxes.
dividend of $1.75 per share on the $7 cum.
dividend of $1.50 per share on the $6 cum. pref. stock,
both payable on account of accumulations on April 1 to holders of record
Marcn 6.
Like amounts were paid on Jan. 2, and Oct. 1, last.—V. 152,
page 277.
pref. stock, and
Prov. for Fed. and Canadian income and excess
1940
*1.217.117
204,576
lb,31/
1939
1938
$1,134,659
214,862
28,981
$992,759
def57,521
def249,963
The Commercial & Financial
Volume 152
Western Auto
Wheeling & Lake Erie Ry.—Earnings—
Supply Co.—Earnings—
Net
1939
■
Gross
1937
1938
153,902,633 $45,302,174 $36,335,436 $36,911,994
sales
Cost of sales & sell., gen.
and admin. expenses
47.758,200
Maintenance and repairs
120,687
"
32,092,706
32,173,789
98,833
213,217
285,323
803,055
294,814
344,090
461,254
39,523,452
142,438
284,502
419,756
1,148,133
978.210
402,286
367,709
67,327
257,922
365,996
867,953
346,761
$3,667,982
$3,586,108
$2,336,772
$3,042,962
538,097
.
444,880
349,983
338,194
-
Prov. for depr. & amort.
Taxes
Rentals
Prov. for doubtful acc'ts
1941
$1,425,875
490,326
361,949
January—
Income Account for Calendar Years
1940
1455
Chronicle
from railway
Net from railway
Net ry. oper. income
—V,
1939
$1,113,607
370,998
296,695
1940
$1,353,901
439,389
359,120
$715,
67,
38,301
152, p. 849.
Co.—Extra Dividends—
Winsted Hosiery
Directors have declared an extra dividend of
$1 per share and the regular
quarterly dividend of $1.50 per share payable on Feb. 6, May 1, Aug. 1
and Nov. 1 to holders of record Jan. 28, April 15, July 15 and Oct. lo.
respectively.—V. 152, p. 1147.
Net operating profit
Other income.
Wisconsin Central
Ry.—Earnings—
$4,206,079
137,574
Provision for
$4,030,988
95,533
$2,686,755
121,415
$3,381,156
37,753
1,033,928
Total
Income deductions.....
765,551
477,500
534.280
45,653
288,293
Federal &
Net
288,000
income
b $230,456 paid on class A and B
$2,087,840
864,073
751,368
$2.77
$3,169,904
1,352,462
751,368
$2,746,578
1,502,736
751,368
$3.65
Dividends paid
Shs. com. stk. ($10 par).
Earns, per sh. on com..
$4.22
$2,475,177
bl,132,097
751,368
Comparative Balance Sheet Dec. 31
1940
Cash
$
7,256,645
Marketable
10,165
securs.
Notes & acc'ts
4,713,500
rec.
12,513,213
Capital assets... 1,251,566
Inventories
*
26,255
Other assets
Deferred charges..
1940
588,106
1939
$
1939
$
%
Liabilities—
1,033,564
972,000
7,847,879
972,000
6,604,037
26,359,450 20,253,849
Total
deducting reserve for depreciation of $365,385 in 1940 and
$306,539 in 1939.
z Represented by 751,368 shares of common stock,
par $10.—V. 152, p. 1301.
After
Western Maryland
Ry.—Earnings—
1940
$1,839,638
187,732
386,576
Maint. of way aDd structures.
Maintenance of equipment
$1,754,872
176,134
395,683
39,984
463,114
7,577
47,734
42,247
458,164
Traffic expenses
Transportation expenses
6,916
50,194
Miscellaneous operations
General expenses
585
6,589
$708,394
160,000
$631,235
110,000
$548,394
.Dr 13,758
$521,235
Cr 15,667
Drl2,701
$547,096
7,152
$524,201
13,238
$5.54,248
276.299
$537,439
283,216
$277,949
$254,223
Transpt. for investment—C'r.
Taxes.
Cr 12,460
Other income.
——
Net income
—V. 152, p. 849.
Cos.—New Chairman—
19 Charles Stetson was elected Chairman
caused by the death of W. Rodman PeaAll other officers were re-elected.—V. 151, p. 2517.
At the annual meeting held Feb.
of the Board, filling the vacancy
body.
Western Ry.
of Alabama—Earnings—
1941
$174,913
41,767
20,195
January—•
Gross from railway
Net from rail way....
-
Net ry. oper. income
—V. 152, p.
1938
$131,480
10,698
def2,623
1939
1940
$142,042
14,346
2,366
$141,695
19,762
6,036
1940
1939
1938
1937
$32,513,454 $18,114,332 $14,153,415 $33,180,563
24,221,661
15,996,145
13,473,263 27,786,903
Calendar Years—
Gross sales
Cost of sales
1,594,497
$2,118,187
1,649,407
1,511,900
$5,393,659
3,594,848
$9,886,291
399,709
$3,767,595
268,670
$2,192,052
841,101
$8,988,508
1,728.487
3,894,976
733,296
357,134
yl .006,640
$0,591,606
5,550.486
$2,765,029
1,575,500
$993,816
388,590
$6,253,381
See z
$41,120
$1,190,129
$605,226
$6,253,381
3,172,110
$1.76
3,172,111
$0.72
3,108,912
3,108,912
$8,291,794
Net inc. from oper
Other income
-
Gross income
Income deductions
$680,152
Provision for Federal and
State income taxes
Net profit
Dividends paid in
cash.
.
Surplus
of
capital
cap.stk.
$0.32
$2.01
Including $12,000 surtax on undistributed profits, z During 1937 pay¬
ments amounting to $2.25 per share were distributed to stockholders from
paid-in surplus, which was created in 1935 by a reduction of the stated
value of the capital stock.
Three more payments were made from paid-in
surplus: 25 cents per share on April 30, 1938; 25 cents per share on July 31,
1938, and the remainder, approximately 25 cents per share, on Oct. 31,1938.
Note—-Provision in the amount of $638,930 in 1940 and $656,009 in 1939
for depreciation of holdings and equipment has been charged against earn¬
ings for the year.
Consolidated Balance Sheet Dec. 31
1940
8.
$
15,340,596 15,129.346
Notes
&
7,316,377
$
Liabilities—
Govt., &c.,
mktble. secure..
a
1940
1939
$
Cash
U.
4,904,567
1939
$
payable. 1,253,501
Adv. billing & oth.
Accounts
1,015,624
royalties, &c__. 4,783,261
1,399,232
262,623
10,384,791
78,001
9,879,454
Res. for contlngs.,
1,719,489
investments 5,460,898
964,762
5,637,756
Min.
rec.
Total
Total
&
(at
a
9,891,885
9,820,203
953,585
1,258,666
in
1,679,307
1,661,389
$105,878
$40,396
Wolverine Natural Gas Co.—Bonds CalledA total of $43,000 5%
March
100.—V.
15 at
bonds of 1942 has been called for redemption on
p. 718.
151,
(Alan) Wood Steel Co.—Accumulated Dividend—
Directors
a dividend of $2.25 per share on account of
on the 7% cumul. pref. stock, par $100, payaole March 20
record March 10.
This compares witn $3 paid on Dec. 13;
have declared
$2.50 paid on Sept. 20, last; $1.12H on June
15, last; 87 H cents on March 25,
1939, 75 cents on June 15,
152, p. 1301.
1940; $1.75 on Dec. 21, 1939; $± on Nov. 17,
1939, and 50 cents paid on Dec. 28, 1938.—V.
Woodward Iron Co.—Correction of
The net income for the year
page
1301.
Electric Co.—New President—
Worcester County
Thomas G.
Earnings—
1940, appearing in the "Chronicle" of Feb. 22,
1301, should read $1,425,214.—V. 152, p.
of
He
Dignan, since 1934 Vice-President and General Manager
this company and its predecessor
succeedr Samuel
Moor6»
unit, has been elected President.
Frank C. Smith directors
Frederic B. Washburn.—V. 145, p. 3516.
Stockholders elected George Avery White and
succeeding Mr. Moore and
Worthington Pump & Machinery Co.—Preferred Div.—
Directors have declared dividends of
$1.1214 per share on both series of
company's 414% prior preferred stocks payable March 15 to holders of
record March 5.
Dividends of like amounts were paid on Dec. 14, 1940,
these latter being the first dividends paid since September, 1938.—V. 151,
p. 2517.
Wright-Hargreaves Mines, Ltd.—Extra Dividend—
At a meeting of the Board of Directors held Feb. 17, a resolution was
passed, authorizing payment of the regular quarterly dividend of 10 cents
per share, plus an extra dividend of 5 cents per share, in Canadian funds,
on the no par capital stock of the company, April
1, to stockholders of
record, Feb. 28.
On Jan. 2 company paid extra of 5.55 cents and quarterly dividend of
11.1 cents and on Jan. 20 an extra of 11.1 cents in Canadian funds.
Pre¬
vious to this dividends had been payable in United States funds on 10-cent
quarterly basis with extra of 5-cents.—V.
Yazoo & Mississippi
151, p. 2962.
Valley RR.—December Report—
Net ry. oper.
Other income
1
Jan.
-Month of December
1939
1940
to Dec. 31
1939
$337,175
17,976
$2,121,051
$2,096,097
910
141,598
88,402
$355,151
income
1940
$53,050
$2,262,649
2,331
$2,184,499
$2,260,318
993,990
$2,182,074
Misc. deduc'ns from inc.
199
$53,960
2,000
Inc.avail.for fixed chgs
Rent for leased roads
$354,952
80,296
274,542
$51,960
79,789
Cr27,942
114
114
40,514
41,859
Total income
Interest deductions
Other deductions
2,425
__
Deprecia'n (way & struc¬
tures & equipment)..
1,264,959
1,369
954,059
1,226,994
1,021
511,273
495,520
1940
...
1939
1
Selected Asset Items—
Investments in stocks, bonds, &c.,
of affiliated companies
other than those)
$2,405
56.829,321 52,222,415
subsidiary
,566
Earned
1,432
(3,172,par.34,893,217 34,893,217
surplus...13,283,454 13,242,333
Total
56,829,321 52,222,416
from employees—1940, $182,633; 1939, $278,539
Oess reserves for doubtful items—1940, $315,778; 1939, $328,684). b
for doubtful items—1940, $90,000; 1939, $75,000).——V.
3104.
Special
-
deposits
Loans and bills receivable
$2,405
149,357
33,591
1,887
156,151
Miscellaneous
accounts receivable
Materials and
supplies
59,824
3,415
304,745
225,486
380,373
320,014
296,706
204,927
486,320
331,446
Traffic and car-service balances
receivable
and conductorsi
Net balance receivable from agents
330
40,578
$1,525,030
Total current assets
908
20,466
Interest and dividends receivable
Other current assets
$1,491,494
$303,423
598,694
3,065.063
425,925
$268,153
932,928
6,022,616
425,925
11,667
305,109
Selected Liability Items—
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous
accounts
payable
unpaid
Other current
11,667
341,780
261,777
liabilities
236,049
$8,202,447
$5,008,329
Total current liabilities.
Tax liability—U. 8. Government taxes
Other than U. 8. Government taxes
Yellow Truck & Coach
Net sales.
111 shs. no
Including amounts due
Cash
Calendar Years—
cap.
Cap. stk.
reserves
p.
$50,148
9,751
...
'
„
nominal
Deferred charges
8,581
$114,460
-
131,363
133,899
97*,308
714,254
—V. 152, P. 1147.
com¬
pensation, &c.„
int.
841
70,759
income
stk. & surplus of
_
value)
Total
-
taxes,
workmen's
net
book value
Pats,
Accrued
Deferred credits to
accts.
not current.
prop.,
-
Interest being accrued and paid
Unmatured rents accrued.-
8,342
4,495,358
54,296
Inventories
Dr4,789
...
Unmatured interest accrued
864,252
contracts
5,431,662
Accrued int. ree'le
67,414
Equity in uncom¬
pleted contracts
not billed
$53,697
Dr3,547
$119,249
Net profit after rents
Interest matured
custs.
uncompleted
to
chgs.
on
accts.
receivable
b Notes
31,978
Other income (net)
—V. 152, p. 849.
$119,898
34,985
31,217
$205,422
54,194
Net profit after taxes
Rental of terminals
I
y
A ssets—
$200,520
80.621
$83,883
stock
outstanding (no par).
Earns, per sh.on
29,214
449,746
34,966
$289,305
Net railway revenues
Taxes
1000.
Westinghouse Air Brake Co. (& Subs.)—Earnings—
Shares
.
General expenses..
to holders of
1941
Western Massachusetts
Traffic expenses
accumulations
Month of January—
Fixed charges
154,890
28,700
450.723
37,985
Balance before interest on bonds, etc.
6,000,000
Earned surplus
26,359,450 20,253,8491
Maint. of way and structures expense
Maint. of equipment
Transportation expenses
$978,844
100.957
163,441
$1,057,436
95,833
...
Income before interest
2.000,000
debentures
x
59,386
revenues
Hire of equipment
7,513,680
2,130,568
7,513,680
4,787,487 t Capital stock
10,165 Accounts payable. 2,316,652
3,821,833 Acer, taxes, wages,
&c
1,658,440
10,256,699
1,002,524 Unearned handling
charges
50,799
29,523
345,618 Time bank loans..
15-year 3^% s. f.
Paid-in surplus
Total
Total
$899,34£
22.620
56,879
$3.29
stock and $90,641 on the new common
stock.
Assets—
Freight revenue
Passenger revenue
All other revenue
State income taxes
Prov. for excess prof, tax
Prov. for Federal surtax.
1940
1941
$974,227
23,822
Month of January—
Less
151,
b Profit from
operations
Provision for depreciation.Federal income taxes
Excess
profits taxes
Net profit
Mfg. Co. (& Subs.)—Earnings—
a 1940
1939
$97,326,308 $58,862,137
10,760,148
4,856,987
957,591
913,470
2,210,034
667,043
1,778,547
$5,813,976
•
$3,276,474
Preliminary,
b Including the company's proportion of net profits or
losses of wholly owned and controlled companies not consolidated.
Before
provision for depreciation and Federal income and excess profits taxes
—V. 152, p. 134.
a
March
The Commercial & Financial Chronicle
1456
The Commercial Markets and the
1,
1941
Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS—RUBBER—HIDES—DRY
at 6.10c. a pound this morning, but
withdrew the offers.
Local closing: Mar.,
6.01; May,'6.10; July, 6.18; Sept., 6.24; Dec., 6.32; Jan.,
6.35.
On the 25th inst. futures closed 2 points off to 2 points
up, with sales totaling 589 lots.
Cocoa was set back by
profit-taking after advancing 10 to 20 points to new high
prices for the season, with Mar. at 6.23c.
News of ad¬
vancing freight rates furnished the motive for the further
rise.
The cocoa quota conference has become a secondary
consideration for the time being.
Warehouse stocks de¬
creased 2,100 bags.
They now total 1,384,551 bags com¬
pared with 1,112,527 bags a year ago.
Local closing: Mar.,
6.01; May, 6.09; July, 6.16; Sept., 6.24; Dec., 6.33; Jan.,
6.37.
Gn the 26th inst. futures closed unchanged to 2 points
net higher, with sales totaling 469 lots.
Wall Street took
profits in cocoa, with the result that the market fell 12 to 15
points before the movement ran its course, and fresh buying
caused prices to rally.
During early afternoon the list was
3 to 6 points lower, with Mar. at 5.95c.
Turnover to
that time was 325 lots.
Primary countries withdrew offer¬
ings when the market broke.
They are asking more than
6c. a pound.
The Maritime Commission's comments on
steamship priorities were hailed as a bullish factor.
Ware¬
house stocks increased 4,000 bags.
They now total 1,388,593 bags compared with 1,112,527 bags a year ago.
Local
closing: Mar., 6.02; May, 6.11; July, 6.18; Sept., 6.24;
offered
COMMERCIAL EPITOME
Aera
cocoa
subsequently
Friday Night, Feb. 28, 1941.
Coffee—On the 24th inst. futures closed 12 to 17
net
points
higher for the Santos contract, with sales totaling 143
lots.
The
with
sales
Rio contract closed
5
to
10
points net higher,
Santos coffee recovered
totaling 8 lots.
good volume after opening 8 to 10 points lower.
end of the third hour the market
was
higher, with July selling at 8.05c.,
initial price of 7.93c.
make
after
further
the
hard 4s
There
announcements
a
unchanged to 3 points
2 points, against
up
were rumors
regarding
pre-Lenten holidays.
on
At the
an
that Brazil would
minimum
The official
prices
Santos price
off 100 reis, or about 2 points.
The actual
quiet, with only scattered Brazilian offers be¬
cause
of holidays
Monday, Tuesday and Wednesday.
The Army was reported to have accepted J. Aron's price
of 7.27c. for 5,000,000 pounds of Santos coffee, New Orleans
delivery.
Ecuador's quota of 150,000 is reported near
exhaustion.
On the 25th inst. futures closed 5 to 2 points
net higher, with sales totaling 80 lots, all in the Santos
contract.
At one time prices for Santos futures were 5 to
7 points higher.
The pre-Lenten holidays in Brazil re¬
stricted trading.
Tomorrow will be first notice day for Mar.
contracts.
A fair volume of tenders is expected.
Prompt
acceptance of the coffee tendered is expected to narrow
differences and firm the market, while the alternative might
bring temporary weakness in Mar.
Venezuela is known
to have exceeded her export quota to the United States.
on
market
was
was
Guatemala and Ecuador
are
have
allotments.
nearly filled
mentioned
as
other
areas
that
Non-signatory coun¬
tries have also been heavy shippers and sellers.
This prob¬
lem awaits the effective date of the agreement and the con¬
vocation of the Inter-American Coffee Board, the adminis¬
trative body.
On the 26th inst. futures closed unchanged
to 1 point net higher for the Santos contract, with sales
totaling 60 lots.
It was first notice day for Mar. contracts
and 77 notices were issued against the Mar. Santos con¬
tracts.
These were immediately stopped and the tone was
firm.
Trading except for switches, was limited to Mar.,
which sold at 7.83c., up 1 point.
The Brazilian holiday
their
restricted interest somewhat.
to be
waiting
The trade
as a
whole appears
for two important developments—further
details on Brazilian minimums and the first meeting of the
Inter-American Coffee Board, which can only take place
after the agreement is made effective either by full ratifica¬
tion or, as expected, by protocol by the countries which have
already ratified.
On the 27th inst. futures closed 1 to 3 points net higher
for the Santos contract, with sales totaling 30 lots.
Santos
coffee was quiet but steady.
The market stood unchanged
to 2 points higher in early afternoon, after opening gains of
4 to 7 points.
New seasonal highs were touched by several
now
positions, including May, which sold at 8.07c. The actual
stocks alreadv here.
Nothing has yet been announced by Brazil regarding minimums, although
some word
was
expected following the
Mardi-Gras holidays.
There is talk of a price advance next
week by a large United States distributor.
Within the next
10 days or two weeks, traders expect the Inter-American
agreement will be declared in effect by those who have
ratified.
Today futures closed 4 to 8 points net higher for
the Santos contract with sales totaling 133 lots.
Santos
coffee was 4 to 5 points higher on an increased pace of trading.
Twenty notices were issued against Mar. contracts and
promptly accepted by "longs".
The actual market was
quiet, but still steady. There was talk of new and higher
Colombian minimums.
Venezuela was reported to have
adopted an "export license system."
market continues quiet as roasters use
Prices closed
as
follows:
March, 1941
May
5.651 July.
5.821
5.98
6.05
September
Santos coffee prices closed as follows:
March, 1941
May
July
7.89
8.08
September
D ecem ber
_
8.41
_;
8.57
8.25
Cocoa—On the 24th inst. futures closed 16 to 17
points
with sales totaling 464 lots.
As usual the
cocoa market registered new
highs as the rise continued,
standing 10 to 11 points above Friday's close during early
net
higher,
afternoon.
to 100
Since
points in
Feb.
1
the
market
had
advanced
95
orderly movement.
Trading was active
today, turnover to early afternoon reaching 320 lots.
Manu¬
facturers and Wall Street were buyers,
absorbing hedge
selling and profit-taking.
Three Mar. notices were issued
on this,
the first Mar. notice day.
They were promptly
stopped.
The notice were unexpectedly few.
Warehouse
stocks decreased 1,100 bags.
They total 1,386,617 bags
compared with 1,113,882 bags a year ago.
West African
an
Dec., 6.35.
points net lower.
Manufacturers and Wall
On the 27th inst. futures closed 2 to 5
403
totaled
Transactions
lots.
Street buying absorbed offerings in the cocoa market, rallying
prices 2 to 6 points in moderate trading.
The turnover to
early afternoon was 250 lots.
The market appeared to be
consolidating its position. Primary sources persist in refusing
to offer cocoa at concessions.
Spot cocoa was quoted ex dock
pound. Warehouse stocks increased
total 1,389,243 bags against 1,110,565
bags a year ago.
The Brazilian cocba movement is slowing
down.
Afloats today total 81,800 bags whereas a month ago
they amounted to 112,000 bags.
Interior receipts have
fallen off sharply, it is reported.
Local closing: Mar., 6.00;
May, 6.08; July, 6.14; Sept., 6.21; Dec., 6.30.
Today
futures closed 4 to 8 points net higher.
Trading in cocoa was
moderate, but the tone was firm, prices standing 6 to 9 points
net higher during early afternoon.
Turnover to that time was
New York at 6.20c.
700 bags.
160
They
Demand
lots.
a
now
came
from
manufacturers
and
Wall
Street, readily absorbing profit taking.
Warehouse stocks
increased 1,000 bags.
They total 1,390,259 bags compared
with 1,108,500 bags a year ago.
Local closing:
May, 6.12; July, 6.19; Sept., 6.27; Dec., 6.38.
Mar., 6.06;.
Sugar—On the 24th inst. futures closed 4 to 1 point net
higher for the domestic contract, with sales totaling 447
lots.
The world sugar contract closed unchanged to 2 points
net lower, with sales totaling 36 lots.
The raw market
continued firm and a good demand for refined developed.
In the raw market Sucrest paid 3.10c., 5 points over the
existing spot price, for 8,000 tons of Philippines now loading
and 1,500 tons due Apr. 15.
Nothing was offered under
3.10c. and not much at that level.
refiners late
on
Friday announced
In the refined market*
an
advance of 10c., to
$4.55.
Sucrest was back in the market at $4.55 for Apr.
and $4.60 for May-June against $4.50 early last week for
those
closed
three
1
to
month
deliveries.
On the 25th
inst.
futures
2
points net higher for the domestic contract,
with sales totaling 623 lots.
The world sugar contract
closed unchanged to 1 point off, with sales totaling 202 lots.
Domestic sugar futures were in new high ground, with gains
of 2 to 3 points., This was the seventh consecutive session
of new highs for aggregate gains of about 12 points.
In the
raw
market the spot price advanced 7 points to 3.12c.,
when Sucrest bought 4,000 tons of Philippines due Mar.
20.
Earlier sales included 1,500 tons of Philippines due
Mar. 2 at 3.10c. to Sucrest and 24,000 bags of Cubas,
loading Mar. 7, at 3.10c. to Pennsylvania.
Offers of raw
sugar were light because of a tight freight situation.
It
was said that business from Cuba to United States Atlantic
ports was done at 35c. per 100
pounds, north side of the
Island, and 37L£c. south side for Mar. and Apr. clearance.
On the 26th inst. futures closed 1 point up to 1 point off
for the domestic contract, with sales totaling 352 lots.
The world sugar contract closed
point up to unchanged,
with sales totaling 35 lots.
The turnover in the domestic
market was heavy.
The raw market was firm with nothing
offered at under 3.15c.
Shipping priorities for strategic
materials may tighten the already serious
About 8 lots of Cubas, Philippines and
shipping situation.
Puerto Ricos were
offered at 3.15c.
Sucrest is withdrawing its $4.60 MayJune refined offer today.
Meanwhile other refiners are
delivering at a capacity rate at $4.45 before the advance to
$4.55.
Orders are piling up and not being accepted for more
than three days ahead.
The House Agriculture Committee
Volume
The Commercial & Financial Chronicle
152
consider an amendment to the sugar act which would
permit the re-allocation of any Philippine deficit among
may
domestic
rather
other than Cuba.
than
areas
:
.
as
now,,
foreign
among
areas
"
,
On the 27th inst. futures closed unchanged to 2 points
higher for the domestic contract, with sales totaling 332 lots.
The world sugar contract closed unchanged to 134 points net
higher, with sales totaling 26 lots. Domestic sugar surged
into new high ground on a net advance of 2 to 3 points, as
jaw sugar sold at higher prices since October, 1939, and de¬
mand for refined sugar continued good.
In the raw market
sales were reported at 3.15c.
This price was 3 points above
the best so far and 5 points over the ruling "spot" price.
Pepsi-Cola took 7,700 tons of Philippines due April 3a and
7,750 tons, due April 20th, while McCahan bought a cargo
of Puerto Ricos, second half April
shipment. It was thought
that a half dozen lots of Philippines, Cubas and Puerto
Ricos, in March and April positions, were available at 3.15e.
Refiners need raws to cover the refined orders being sub¬
mitted, but are said to be fearful of a quota increase. Today
futures closed 3 to 5 points net higher, with sales totaling
738 lots in the domestic contract.
The world sugar contract
closed 3 to 1 point net higher with sales totaling 158 lots.
Domestic sugar futures were in new high ground in active
trading reflecting a firm and active market in actual raw
sugar.
Hedge lifting coupled with new buying comprised
most of the demand.
Selling was principally profit taking.
Gains of 3 to 4 points were maintained in early afternoon.
In the raw market further sales were reported made today at
3.15c. following additional sales late yesterday, establishing
the spot price at that level, up 5 points, and highest since
October, 1939. Freight continued to be the ruling factor.
It was reported 38c. was bid for Cuban space to North
Hatteras points.
Three or four lots of nearby raws were on
offer at 3.15c., while 3.17 and 3.19c. was asked for
other
tonnage.
.
K
Prices closed
March-
_
follows:
as
*—«,
_
; .—*
—;
-
.2.191 September.
,
„
... .
2.251 January
May
July
.
.
..._2.32
2.33
2.291
Argentine Sugar Production in 1940 Reached New High
Record of 540,374 Tons
Sugar production in the Argentine Republic during the
calendar year 1940 reached a new
high with 540,374 metric
according to advices received by Lamborn & Co.,
New York. This compares with 521,584 tons in the previous
year, an increase of 18,790 tons or approximately 3.6%.
The 1939 crop was the largest up to that time.
The firm's
tons,
announcement goes on
to state:
Distribution of sugar for
proximated 480,000 tons
crease
as
1
1
<
consumption in Argentina during
1940 ap¬
contrasted with 425,000 tons in 1939, an in¬
of 55,000 tons, equivalent to
13%.
A portion of this increase has not
been consumed but has gone into the "invisible" supply.
Argentine exports during 1940 totaled 44,000 metric tons. Of this quantity
28,000 tons
to
shipped to Uruguay, 10,000 tons to Bolivia and the
were
balance
Europe and other South American countries. In the previous year the
18,000 tons went to Uruguay, 9,000
exports totaled 30,000 tons, of which
tons to Bolivia and the balance to
countries.;
,
Stocks of sugar on hand in the
metric tons
Europe, Africa and other South American
as
Argentine on Jan. 1, 1941 totaled 413,892
against 396,998 tons on hand at the beginning of 1940.
Lard—On the 24th inst. futures closed 12 to 17
points net
higher. The market ruled firm during most of the session
today. Prices at one time during the day reached maximum
gains of 15 to 17 points, virtually all of which gains were held
to the close.
Western hog receipts totaled 77,400 head,
compared with 98,300 head last year.
Chicago hog prices
were 10c. lower.
Sales ranged from $7.25 to $7.90.
On the
25th inst, futures closed 2 to 7 points net lower.
Trading
was
relatively li^ht, with price movement very narrow.
Chicago hog prices on the close were mostly 10c. higher. Sales
ranged from $7.35 to $8.00. Western hog marketings today
totaled 77,100 head compared with 93,700 head for the same
day last year. On the 26th inst. futures closed unchanged to
2 points higher.
The market was quiet but steady. Prices
unchanged to 2 points higher at the opening. Chicago hog
prices were mostly 10c. higher, due to the continued small
run of hogs to market.
Sales ranged from $7.40 to $8.05.
Western hog marketings totaled 63,000 head compared with
70.200 head for the
same
day last year.
On the 27th inst. futures closed 5 to 7
points net lower.
opening range was 5 points net lower.
Hog prices at
Chicago declined 10c. Receipts for the Western run totaled
79,300 head against 70,600 head for the same day last year.
Sales of hogs at Chicago ranged from $7.35 to $8.
Today
futures closed 2 to 8 points net higher.
This market was
firm today in sympathy with strong grain markets and lower
hog receipts than looked for.
The
DAILY CLOSING PRICES OF LARD FUTURES
Sat.
Mon.
Tues.
Wed.
—
March
May
July
September.
October.
—
H
O
L
6.40
6.55
6.70
IN CHICAGO
Thurs.
Fri.
6.20
6.22
*
6.20
6.12
6.20
6.32
6.50
6.65
6.35
6.52
6.67
6.30
6.42
6.60
6.32
6.47
6.65
;
Pork—(Export), mess, $26.25 per barrel (8-10 pieces to
barrel); family (50-60 pieces to barrel), $19.75 (200-pound
barrel).
Beef: (export), steady.
Family (export), $21.25
per barrel (200-pound barrel).
Cut meats: quieter. Pickled
hams: picnics, c. a. f.—4 to 6 lbs., 13c.; 6 to 8 lbs.* 12%c.;
8 to 10 lbs., 1234c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
19%c.; 18 to 20 lbs., 19%c. Bellies: clear, f. o. b. New York
1457
—6 to 8
lbs., 17c.; 8 to 10 lbs., 17%c.; 12 to 14 lbs., 15%c.
N. Y.—16 to 18 lbs., not
quoted,
18 to 20 lbs., 1234c.; 20 to 25 lbs., 1234c.; 25 to
30 lbs., 1234c.
Butter: firsts to higher than extra and pre¬
mium marks: 26% to 31%c.
Cheese: State, held '39, 25 to
25 %c.; held '40, 2134 to 2234c.
Eggs: mixed colors: checks
to special packs: 1534 to 1834c.
f
Bellies: clear, dry salted, boxed,
Oils—Linseed oil market is reported
as largely routine,
quoted 8.8 to 9.0.
Quotations: China wood:
Tanks, spot—26% bid; drums—27% bid. Coconut: Crude:
Tanks, nearby—no quotations. Corn: Crude: West, tanks,
nearby—.06% bid, offered at .06%'
Olive: Denatured:
Drums, spot—$2.25 bid.
Soy Bean: Crude: Tanks, De¬
catur basis—.05% bid; New York, l.c.l., raw—.072 bid.
Edible: Coconut: 76 degrees—.08 bid, offered at .09.
Lard:
Ex. winter prime—8% offer.
Cod: Crude: not quoted.
Turpentine: 45 to 48.
Rosins: $2.21 to $3.41.
with tank
cars
Cottonseed
contracts.
March
April
May
June
Oil sales yesterday, including switches, 98
Crude, S. E., val. 534Prices closed as follows:
-
6.47@ 6.49 July
August
6.50®
n
September
6.59®
October
6.64®
n
6.60® 6.71
6.73®
n
6.76® 6.77
6.79@ 6.80
Rubber—On the 24th inst. futures closed 12 to 8
points
higher for the No. 1 Standard contract, with sales totaling
The new standard contract closed 10 points net
higher, with sales totaling 65 lots.
Rubber was steady in
quiet trading, prices firming 9 to 15 points in sympathy with
strength in the Singapore market.
The turnover to early
afternoon totaled 29 lots, including the exchange of 90 tons
for physical rubber.
Transactions in the new contract
aggregated 18 lots.
In Washington Jesse Jones, head of the
RFC, announced, that this country had purchased 113,893
tons of rubber for the Government reserve, including 63,264
tons now in the United States, 23,776 tons afloat, and 26,253
tons awaiting shipment.
London closed unchanged to l-16d.
higher. Singapore was l-32d. to 34d. higher. Local closing:
No. 1 Standard contract: Mar., 20.88; May, 20.80.
New
Standard: July, 20.30; Sept., 20.10; Dec., 19.90.
On the
25th inst. futures closed 28 to 25 points net lower, with sales
of 88 lots, for the No. 1 Standard contract.
The New Stand¬
ard contract closed 27 to 22 points net lower, with sales
totaling 55 lots.
Dealer buying advanced nearby rubber
prices, but the market in general hesitated and active months
generally were lower during the early session. The news that
the rubber quota had been retained unchanged had small
effect on the market.
Trading was fairly active, the turnover
to midday reaching 69 lots, of which 38 lots were on the old
contract.
Fifty tons were exchanged for physicals. London
closed l-16d. to 34d. higher.
Singapore was unchanged to
l-32d. lower.
Local closing: No. 1 Standard: Mar., 20.60;
May, 20.55. New Standard: July, 20.03; Sept., 19.88. On
the 26th inst. futures closed 7 to 10 points net lower for the
No. 1 Standard contract, with sales totaling 99 lots.
The
New Standard contract closed 3 to 13 points net lower, with
sales totaling 97 lots.
Firmness in Singapore was largely
responsible for the stiff tone of the rubber market here, prices
during early afternoon standing about 11 points net higher.
Trading was fairly active, turnover to that time totaling 98
lots, of which 61 were on the old contract.
British dealer
buying was reported. London closed unchanged. Singapore
was l-16d. to
34d. higher.
Local closing: No. 1 Standard:
Mar., 20.53; May, 20.45.
New Standard: July, 20.53;
Sept., 19.75; Dec., 19.55.
On the 27th inst. futures closed 13 tol8 points net higher
for the No. 1 Standard Contract, with sales totaling 88 lots.
The New Standard Contract closed 15 to 23 points net higher,
with sales totaling 91 lots.
Rubber futures rallied to more
than regain yesterday's losses.
In the early afternoon the
market was 6 to 15 points net higher.
Trading was fairly
active with a total of 141 lots, of which about half were on
the old contract.
Traders were watching developments in
the shipping situation closely.
No March notices were
issued, although today was first notice day. London closed
unchanged.
Singapore was unchanged to l-32d lower.
Local closing: No. 1 Standard: March, 20.65; May, 20.63.
New Standard: July, 20.65; Sept.,
19.95; Dec.^ 19.78.
Today futures closed 10 to 13 points net higher for the No. 1
Standard Contract, with sales totaling 24 lots.
The New
Standard Contract closed 13 points net higher, with sales
totaling 23 lots. Renewed tension in the Far East was the
governing influence in the rubber market.
It caused dealer
and trade covering which advanced prices 15 to 20 points
to new highs for the recovery.
Sales to early afternoon
reached 46 lots.
Eighty tons were tendered on March
contracts.
London closed 34^ 1° 5-16d higher.
Singapore
was
l-32d lower.
Local closing: No. 1 Standard: March,
20.75; May, 20.76.
New Standard: July, 20.28; Sept.',
20.08; Dec., 19.91.
net
54 lots.
Hides—On the 24th inst. futures closed 32 to 43
points net
higher, with sales totaling 270 lots.
The opening range was
unchanged to 3 points lower.
Prices advanced during the
morning, and at 12:30 p. m. were 16 to 23 points above the
previous close.
Transactions totaled 144 lots up to early
afternoon.
Light speculative buying was the principal
factor in the advance.
Local closing:
March, 12.97;
June, 13.16; Sept., 13.33; Dec., 13.38.
On the 25th inst.
futures closed 2 to 13 points net lower, with sales totaling
198 lots.
The opening range was 6 points lower to 4 points
The Commercial d Financial Chronicle
1458
the morning.
by 12:30 p. m.
Transactions totaled 142 lots up to midday.
There were
2,240,000 pounds tendered for delivery against the March
contract.
Local
closing:
March,
12.95: June,
13.10;
Sept., 13.23; Dec., 13.25.
On the 26th inst. futures closed
15 points up to 6 points off.
Of the 201 lots traded today,
Trading
higher.
Prices
were
was fairly active during
2 to 13 points below the opening
switching operations accounted for 132 lots.
Commission
house buying was evident in the March delivery all day.
Trade and dealer interests were operating on both sides of the
market.
The actual hide market was relatively quiet today.
In Chicago about 3,000 heavy native steers sola at 123^c.,
which is Ytfi. higher and one car of New York heavy native
steers went at 13c., also
Ac. better than the previous
transaction.
Local
closing:
New Standard Contract:
March, 13.08; June, 13.10; Sept., 13.22; Dec., 13.23.
On the 27th inst. futures closed 7 points up to 13 points
with sales totaling 89 lots.
The opening range
points lower. Further slight declines were in evidence
during the morning.
Prices by 12.30 p. m. were 8 to 16
points below the previous close on speculative selling in
sympathy with the stock market."" Local closing: Mar.,
13.15; June, 13.14; Sept., 13.09; Dec., 13.10. Today futures
closed 12 to 18 points net higher, with sales totaling 291
lots.
Raw hides opened 2 points lower to 6 points higher.
The market was firm during the morning and advances of
as much as 29 to 40 points were in evidence by early after¬
noon on speculative and trade buying.
Transactions totaled
189 lots.
There were 2,000,000 pounds tendered for delivery
against the Mar. contract.
Local closing: Mar., 13.29;
June, 13.26; Sept., 13.27; Dec., 13.25.
net
lower,
was
5
owners are reported maintaining
the rates asked for the use of their
Round trip East Coast South
American trade, March, $7.25 per ton.
Another vessel, de¬
livery Gulf-round trip Far East trade, March loading.
A
steamer, round trip Canadian trade, March, $6.50 per ton.
Linseed:
Plate to North of Hatteras, $18 per ton.
Ore:
South Africa to Hatteras, $15 f.
South Africa to Hatteras,
$15 f. i. o. per ton; Brazil to Sydney, N. S., $12.50 per ton;
Takoradi to Baltimore, $16 per ton.
Philippines to Balti¬
more, offers scarce.
Sugar: Philippines to United States
Atlantic, asking $24 to $25.
Queensland to Halifax-St.
John, $21 per ton.
Time Charter: West Indies trade,
$4.75-5.25 per ton.
Canadian trade, $6.25 per ton. North
of Hatteras-South African trade, $7 per ton.
North Pacific
Ocean
Freights—Ship
firm attitude in regard to
merchant vessels.
Time:
March 1, 1941
position, which prior to today's opening had been
a net figure, after deduction of 325,000 pounds
notices outstanding, of 475,000 pounds.
There was con¬
siderable liquidation in Mar.
Spot certificated tops were
quoted at 128.5c. nominal.
Nichols & Co., Boston, re¬
port quotations of 205.5c. for worsted piece goods as com¬
pared with 116.8c. for wool top futures as of the same time
and State.
Local closing: Mar., 128.0; May, 124.0; July,
119.8; Oct., 116.8; Dec., 115.3.
On the 27th inst. futures closed 5 to 10 points net higher.
the Mar.
reduced to
Trading
over
was
relatively light, but with a firm tone apparent
Sales for the day totaled about
most of the session.
pounds, according to ring estimates,
against 530,000 officially reported for the previous day.
Spot certificated tops sold today, with a lot of 5,000 pounds
changing hands here, at a basis of 130c. a pound for par top.
The lot sold was a minus one top.
This is the highest price
which has been paid for certificated tops since they have
been quoted and dealt in on the ring here on the present
basis.
Local closing: Mar., 129.0; May, 124.5; July, 120.4;
Oct., 117.5; Dec., 115.8.
Today futures closed 1 point off
to 2 points up.
Wool tops were firm in comparatively light
trading today.
Total sales on the New York exchange to
midday were estimated in the trade at about 200,000 pounds
of tops.
Dealings on the opening were confined to the March
and October positions, but later in the session all active con¬
tracts changed hands.
At the best prices of the morning
active deliveries showred advances of 3 to 6 points over the
70
lots
or
350,000
closing levels of the previous day, while at the lows they were
unchanged to 5 points above yesterday's last quotations.
New high levels were recorded by the July, October and
December options.
Local closing: Mar., 129.0; May, 124.5;
July, 120.6; Oct., 117.4; Dec., 116.0.
a
to
Panama, $4.50.
.
Coal—Shipments of anthracite for the current calendar
up to and including the week ended Feb. 8 have
amounted to 13,173 cars, as compared with 13,476 cars
during the same period in 1940, showing a decrease of close
to 15,150 tons.
Shipments of bituminous coal into this
territory during the week ended Feb. 8 have amounted to
2,579 cars, as compared with 2,465 cars during the corre¬
sponding week in 1940.
Calendar year shipments of bitu¬
year
minous
coal
amounted
have
to
14,696
cars,
as
compared
with 14,864 cars during the same period in 1940, indicating
a decrease estimated
at 8,400 tons.
According to figures
furnished
by the Association of American Railroads, the
shipments of anthracite into eastern New York and New
England for the week ended Feb. 8 have amounted to 2,654
cars, as compared with 1,851 cars during the same week in
1940, showing an increase of 803 cars, or approximately
40,150 tons.
Tops—On the 24th inst. futures closed 1 point off
points up.
Wool tops moved narrowly in a quiet market
today.
Total sales on the New York exchange to mid¬
day were estimated in the trade at only about 100,000
pounds of tops.
At the best prices of the morning active
contracts recorded no change to an advance of 3 points
over the closing levels of the previous trading day,
while
at the lows they were unchanged to 2 points below Friday's
last quotations.
Trading interest was confined chiefly to
the July, Oct. and Dec. contracts.
Local closing: May,
124.0; July, 119.9; Oct., 116.6; Dec., 114.8.
On the 25th
inst. futures closed 2 to 8 points net higher.
The wool top
market was more active and higher today, with prices
Wool
to 8
moving in
a range
of 2 to 10 points.
Sales for the day were
estimated in the trade at about 100 lots, or 500,000 pounds,
comparing with 265,000 officially reported for the previous
day.
Trade buying, scattered hedging and considerable
transferring characterized the session.
Mar., July and
Dec. contracts all set new highs.
Sixty-five Mar. delivery
notices representing 325,000 pounds of tops were issued and
stopped in the course of trading today, all being Boston
delivery.
Certificated stocks last reported were 575,000
pounds, and open interest before today's trading was 890,000
pounds.
Walker & Co. were reported to have issued 64
of the notices and Beatty, Gorham & Hyde 1.
All were
stopped by Nichols & Co. * Boston reported good demand for
fine spot wools.
Local closing: Mar., 128.8; May, 124.4;
July, 120.3; Oct., 116.8.
On the 26th inst. futures closed
8 points off to 3 points higher.
Wool top futures were
somewhat irregular in moderate
dealings today.
Sales
moved in a range of 5 to 8 points.
Transactions were
estimated in the trade at about 110 contracts or 550,000
pounds,
Tuesday.
compared
with
450,000
officially
reported for
There were no further delivery notices against
Silk—On the 24th inst. futures closed
Ac.
up
to \Ac.
off for the No. 1 contract, with sales totaling 32 lots.
The
tone of the silk market was heavy.
Fifty bales were ten¬
Moreover prices in Yokohama
and grade D silk in the Yokohama
spot market declined 20 yen to 1,395 yen a bale.
Here
futures were 1 to 2c. lower, with Sept. at $2.61, off 2c.
The price of crack double extra silk in the spot market
was 43^c.
lower at $2.63 a pound.
Local closing: No. 1
Contracts: Mar., 2.60; May, 2.61; July, 2.61
Aug., 2.613^;
Sept., 2.613^.
On the 25th inst. futures closed \lA to l/fc.
net lower, with sales totaling 49 lots.
The market opened
unchanged, sagging lower as the session progressed, with
prices at noon standing 1 to 13^c. net lower on a turnover
of 14 lots to that time. Twenty bales were tendered for
The price of crack double
delivery on Feb. contracts.
extra silk in the spot market uptown was 2c. lower at $2.61
a pound.
In Yokohama Bourse prices were 2 to 17 yen
lower.
The price of grade D silk in the outside market
declined 15 yen to 1,380 yen a bale.
Local closing: Mar.,
2.58A\ May, 2.593^; July, 2.61; Sept., 2.61.
On the
26th inst. futures closed 5 to 6c. net higher for the No. 1
contract, with sales totaling 101 lots.
Short covering and
dealer buying rallied the silk market
to 53^c. in active
trading.
Forty-two bales were tendered on contract and
soon
were
taken up.
Switching from Mar. to deferred
positions was done at advanced prices.
The turnover to
early afternoon totaled 66 lots.
In the New York spot
market crack double extra silk was bid up 6c. to $2.67 a
dered
were
on
the Feb. contract.
3 to 17 yen lower
pound.
The strength here reflected higher prices in Yoko¬
hama, where Bourse quotations were 12 to 38 yen higher.
Grade D silk in the spot market was 15 yen higher at 1,395
yen a bale.
Local closing: No: 1 Contracts: Mar., 2.63
May, 2.65; June, 2.663^; July, 2.67; Sept., 2.67.
On the 27th inst. futures closed lc. up to lc. off.
Sales
totaled 40 lots.
Silk started 2% to 3c. higher on buying in
to strength in primary markets, where new high
prices for the season were registered. Later, Japanese selling
depressed the list, which this afternoon stood half a cent
net lower.
Sales to that time totaled 24 lots.
Fifty bales
were tendered on the March contract.
In the uptown spot
market the price of crack double extra silk advanced 3c. to
$2.70 a pound.
Yokohama Bourse prices closed 7 to 17
yen higher.
Grade D silk in the spot market rose 45 to
1,440 yen a bale.
Local closing: No. 1 Contracts: April,
2.65; May, 2.65; July, 2.66; Aug., 2.66; Sept., 2.663^.
Today futures closed 1 to 2 c. net higher, with sales totaling
approximately 14 lots. Tender of 140 bales on March con¬
tracts was posted.
The price of crack double extra silk
in the spot market held unchanged at $2.70 a pound.
On
the Yokohama Bourse prices were 14 to 18 points higher.
The price of Grade D silk in the spot market was unchanged
at 1,440 yen a bale.
response
COTTON
Friday Night, Feb. 28, 1941
The
Movement of the
Crop,
as
indicated by
our
tele¬
For the week
ending this evening the total receipts have reached 41,552
bales, against 48,964 bales last week and 55,381 bales the
previous week, making the total receipts since Aug. 1, 1940,
2,615,521 bales, against 6,127,532 bales for the same period
of 1939-40, showing a decrease since Aug. 1, 1940, of 3,grams
from the South tonight, is given below.
512,011 bales.
Volume
The Commercial & Financial Chronicle
152
Receipts at—
Sat.
Galveston
Houston
Mon.
Tues.
Wed.
Thurs.
4,012
247
3,638
416
2,020
294
3,733
Corpus Christi.
843
1,801
456
537
793
5,262
6,351
12,167
5",342
4",708
426
101
21,714
1,056
,
125
_
New Orleans
Mobile
in spot cotton appears to be expanding again.
all buying is for domestic mill interests, with
Total
Fri.
"394
135
"""5
Savannah
4
12
51
3
76
Norfolk
127
7,371
6,489
8,998
1,014
10.919
6,761
41,552
The following table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks
tonight, compared
with last year:
1940-41
1939-40
Stock
Receipts to
Feb. 28
This
Since Aug
Week
1, 1940
This
Brownsville
Houston
Corpus Christi
Beaumont
New Orleans
Gulfport
Since Aug
Week
530,905
15,596
12" 167 1,048,153
125
147,672
8,588
715,021
21,714
10,529
1~056
25,146
758
6,351
__
1, 1939
2",451
;
-
_
Pensacola
Jacksonville
""12
760
Lake Charles
148,381
35,432
"79
Norfolk
127
188
14,085
44,845
92,779
813,057
75,394
90,527
50,210
15,139
775
16
29,099
5,600
18,277
Wilmington
744",943
996,469
74,025
105,358
532,099
61,051
51,618
1,795
59,190
38,442
35,911
8,020
44,634
15,517
Charleston
757,023
964,570
138", 326
26
Savannah
*
1,971
1,589
119,892
32,691
4,313
10,235
25,879
1,500
1,487
1,175
1.011
26,578
11,000
29.572
New York
1,180
Boston
817
BaltimoreTotals....
*
1940
1941
28,172 1,552,827
41,153
50,391 1,820.145
177,894
66,915
56",6i3 2,096,072
297
Mobile
41,552 2,615,521 138.982 6,127,532 3,040,484 2.817,329
Included in Gulfport.
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
19*0-41
Receipts atGalveston
1938-39
1939-40
6,351
28,172
50,391
56,613
2,451
775
16
1937-38
4,656
8,438
9,585
1,001
1936-37
1936-36
10,091
5,b33
33.494
5,756
2,318
9,597
13,035
19,413
140
29,268
16,285
29,791
1,065
1,158
20
801
810
1,391
79
602
188
125
297
376
918
576
486
779
"127
823
600
2,867
4,985
1,130
41,552
138,982
25,736
82,658
64,149
48,205
Houston
12.167
New
21.714
Orleans.
Mobile
1,056
Savannah
12
Charleston
Wilmington
__
Norfolk
All others
Total this wk_
1.761
740
359
Since Aug. 1__ 2,615,521 6 127,532 3.081,634 6,475,114 5,558,919 6,040,495
The exports
for the week ending this evening reach a total
bales, of which 81 were to Great Britain, 1,786
to Japan, 5,576 to China, and 18,691 to other destinations.
In the corresponding week last year total exports were
113,028 bales.
For the season to date aggregate exports
have been 642,627 bales, against 4,688,174 bales in the
same period of the previous season.
Below are the exports
of 26,134
for the week:
Week Ended.
Feb.
28,
Exported to—
1941
Great
Exports from—
France
Italy
Japan
China
Other
Total
18",691
many
Houston
18,691
26,134
708
708
""81
Norfolk.
81
New York
Los Angeles
1,078
5,576
1,786
6,576
18,691
25,048
81
Total
8,742
8,149
46,208
6,754
3,408
14,733 113,028
17,714
96,696
....
Total
1940
12,477
45,274
Total
1939
10,809
6,653
3" 755
6,654
Exported to—
Great
Exports from—
Britain
France
Italy
many
China
Japan
21,723
Galveston
Houston
138,621
Corpus Christi
23,225
113,139
New OrleansMobile
■
'
28,461
3,559
Norfolk
314
New York
Boston
-
.
-
.
....
.
-
....
29,892
352 114,882
-
.
8,207
...
....
1,680
....
2,280
....
Other
415
1,617
'
....
.
-.
-
-
.
.....
.
•
....
-
-
.
....
974
Los Angeles
3,827
Francisco
Seattle
....
.
..
.
....
...
....
....
.
-
.
.
•
-
—
-
...
.
....
157,369
28,461
3,559
....
....
-
.
.
.
mm
M
.
26,398
2,313
2,313
6,606
57,442
4,461
5,846
25,420
....
.
«...
137
137
21,421 228,624
642,627
....
58,739
651,418
368,933 352,937
26,712
16,193
11,286
....
'
Total 1939-40 1559,028
1938-39
41,950
-
.
33,669
....
....
333,843
Total
262,062
25,505
■
-
....
.
53.647
600
'
....
'
..
Total
33,456 431,589
353,774 233,815
695,076 329,310 988,297 4688,174
639,164 55,998 510,051 2514,672
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Leaving
Great
Ger¬
Britain France
Other
Coast¬
many
Foreign
wise
Orleans.
_
3,000
1,689
236
600
Houston
Stock
Total
2,000
21,897
Galveston
New
900
5,000
24,186
1,136
Savannah__—
Charleston
Mobile
Norfolk
Other ports
Total 1941__
r
600
76,050
5,916
1940
Total 1939
Total
1,000 bales.
to be introduced in Congress
of the lend-lease bill brought
about a rally in the cotton market today, and in the late
trading prices turned strong and closed 4 to 14 points net
higher.
New crops came in for better support, owing to
talk of 100% parity loans on major commodities the conrng
year.
The market opened steady 3 to 5 points higher.
Trading early was light, but the pace was swifter later in
the
day.
Hedge selling was light all day.
Memphis
brokers bought new crop months, influenced by political
talk in Washington that the Administration wanted 100%
parity loans for major commodities. Passage of the lendlease bill was also thought to forecast the shipment of surplus
commodities to England.
Total sales in the leading spot
markets were 25,054 bales, against 19,669 last year.
On
the 25th inst. prices closed 2 to 8 points net higher.
Prompt
stopping of Mar. notices, a scarcity of contracts and lack
of hedges, brought about another rise in local cotton market
today.
The opening range was steady 1 to 5 points net
higher, and the market advanced to net gains of 5 to 11
points on talk of a high loan and a bullish farm program.
Later,
some
irregularity developed when Washington
reported that Secretary of Agriculture Claude Wickard
was
not
backing any particular plan.
Hearings on the
Bankhead bill, which would give farmers 100% parity prices,
will start Thursday.
The Commodity Credit Corporation
reported that to Feb. 20 there had been pledged 3,032,804
bales; repossessions totaled 231,223, leaving the net loan
stock 1,801,581.
Total sales in the leading spot markets
of the South were 19,208 bales, compared with 45,061 last
year.
The average price of middling at nine designated
spot markets was 10.23c.
On the 26th inst. prices closed
1 point up to 3 points net lower.
Trade and mill buying
were offset by hedge selling in the cotton market.
Prices
were 2 higher on near months to 2 lower on distant early
this afternoon.
Wall Street, Bombay and mill interests
were buyers on the
opening, which was unchanged to 4
points higher.
Brokers with mill connections bought more
than 5,000 Mays during the early dealings.
Purchase of
several thousand bales of Dec. was credited to Bombay
interests.
Spot firms bought July but sold Dec.
Southern
selling and hedge offerings supplied the contracts.
Twentytwo Mar. notices were issued at the opening.
It soon be¬
came apparent that important spot interests were taking up
24,133
50,903
17,3.34
5,886
7,726
49,189
959.570
972,283
530,963
148,381
35,432
50,210
29,572
283,751
5,589 30,322 3.010,162
5,012 149,299 2,668,030
8,445 77,162 2,292.948
of prompt
measures
passage
That caused Mar. shorts to
the Mar. notices.
and created
active during
lar
and
was
moderately
the past week, with prices more or less irregu¬
to a relatively narrow range.
Business
confined
to cover
the
27th
inst.
prices closed 1 to 6 points net lower.
Cotton turned easy at the close of a quiet session in mixed
trading by spot firms, which accounted for most of the
trading.
Prices were firm on the opening, the market regis¬
tering advances of 1 to 3 points at the start of trading.
The character of the market was the same as yesterday.
buyers of nearby positions,
houses were buyers of
be replacement buy¬
The offerings were credited to the South.
Bombay
said to be trading on both sides of the market.
An
That is to say,
while
Wall
trade firms
Street
and
were
commission
the distant options, some of it said to
important spot firm was selling March on a scale up. Trade
price-fixing continued all through the forenoon in the near
months, with the result that the chief strength of the mar¬
ket was in that division.
The South reported that both
spot cotton and loan equities were firmly held in eastern
sections at prices equivalent to from 10.75c. to 11c. for
middling.
Today prices closed 4 to 6 points net higher.
Trade buy¬
ing caused a further moderate rise in cotton, absorbing
moderate hedge sales.
Prices during early afternoon were
2 to 5 points net higher.
The opening range was 2 points
lower to 1 point higher in mixed trading of limited volume.
The usual hedge pressure came from the South.
Commis¬
sion houses also were sellers.
On the other hand, trade
buying furnished the principal support.
After the opening
the market developed a definitely upward trend, with the
result that by midday advances of 3 to 7 points had been
registered.
Trade interests were buyers of May, July and
months
while
contracts,
was
in
outside
demand
for
new
crop
Local professionals were sellers,
Sales of cotton in the Southern spot
evidence.
especially of March.
markets yesterday were reported as 26,000 bales, against
17,000 bales on the corresponding date last year.
The official quotation for middling upland cotton in the
New York market each
day for the last week has been:
F<b. 22 to Feb. 28—
Sat.
Middling upland 15-16 (nom*l)_ Hoi.
.
Mon.
10.90
Tues.
10.97
Wed. Thurs.
10.91
10.90
Fri.
10.94
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
Speculation in cotton for future delivery
run
firm tone in the spot month which
sold at
May was in good demand by a Wall
Street house supposed to have been buying for mill interests.
The firm took about 10,000 Mays.
Offerings tended to
increase on the bulge and held the market in check.
a
10.44, up 2 points.
October
Shipboard Not Cleared for—
Feb. 28 at—
no reports
Cotton shipments this week total less
interest.
favorable view of tax
was
Ger¬
Practically
On the 24th inst. prices closed 4 to 14 points net higher.
Predictions of light tenders on Mar. contracts today, more
ing.
From
Aug. 1 1940 to
Feb. 28, 1941
Total
than
On
Ger¬
Britain
San
export
and talk
Totals this week-
Galveston
of
125
6",l30
1459
on
contract
on
March 6.
Premiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent ful
The Commercial & Financial
1460
discount for
Yz inch and 29-32 inch staple and 75% of the
15-16 inch cotton at the 10 markets
average premiums over
on Feb. 27.
March
Chronicle
therefore obliged to omit our usual table of the
supply of cotton and can give only the spot prices
Liverpool:
We
are
visible
at
1941
1 Inch
Inch
Inch
Inch
and Up
,34
.28
22
on
.44
on
.59 on
.66
on
on
.38
on
.53
on
.60
on
.73
on
on
.31
on
.47 on
.54
on
.67
7.99d.
11.43d.
7.27d.
8.54d.
_
Good Middling
on
.42
Strict Middling......
Middling....
Strict Low Middling
on
on
.10
.21
.72
1.44
.....
Middling.......
...
.19
on
on
.78
on
.12 off
Basis
.06
.63 off
.52 off
.47 off
.37 off
1.38 off
1.32 off
1.28 Cff
1.25 off
.17
on
Strict Middling
Middling
Strict
Low
on
.31
.19
.67 on
.42
on
.55
on
detail below:
.06
on
.17
on
.63 off
.52 off
.47 off
.3/ cff
1.32 off
1.28 off
1.25 off
.35 off
.21 off
.16 off
.35 off
.30 off
.83 off
.78 cff
.72 off
ments
highest, lowest and closing prices at New
have been as follows:
York for the past week
1,713
15,122
204
8,050
94,342
362
84
42,381
551
15
453
17
Feb. 22
Feb. 24
Feb. 25
1,454
3,066
477
167.386
2,069
159,157
359
39,176
506
36,005
29
30.566
664
759
54.645
37,420
91
44,579
49,101
36.647
42,506
26,044
57
66,161
40,604
481
1,923
1,962
1,564
Feb. 27
Feb. 28
Jonesboro
(1941)
10.32-10.39 10.38-10.43 10.40-10.45 10.39-10.44 10.37-10.43
Closing.
10.34
10.42-10.43 10.40-10.42 10.39
—
10.43
—
23
12,795
Rock—
2,939
100.094
4,078
136,820
Newport
Pine Bluff.
287
760
33,915
6
3,482
6,969
84.619
749
Walnut Rge
213
50,402
138.838
64,321
754
40,245
123
10,421
68
11,023
57
66
34.099
741
42,267
43
4,007
91,772
3,010
34,805
221,757
3,733
4,176
Athens
10.34n
10.4077
10.4077
10.3777
10.4177
10.29-10.36 10.36-10.40 10.38-10.44 10.35-10.43 10.35-10.40
Closing.
10.34
10.39-10.40 10.40
—
10.35-10.36 10.40
—
Range..
Closing
10.3677
10.31n
.
10.3577
10.3077
10.3577
HOLIDAY 10.16-10.28 10.27-10.34 10.30-10.34 10.25-10.32 10.23-10.30
Range..
10.28
Closing.
August—
Range..
Closing
10.33
—
10.31
—
10.1777
10.2077
10.1277
10.1777
10.0477
10.0777
9.9977
10.0477
Range..
9.79- 9.93
9.88- 9.99
9.91- 9.97
9.87- 9.93
9.87- 9.93
Closing.
9.91
9.94
9.91
9.8677
9.92
—
—
—
November—
29,900
300
11,000
500
31,000
540
33,851
229
375
32,484
60
16,076
103,586
300
40.302
34
150
38,122
1,493
4,258
80,524
85
73,039
27,976
97,875
1,544
35,686
16,282
107,449
153,089
18,358
1,840
9.9277
9.9077
9.9077
9.8577
9.9177
9.80- 9.90
9.89- 9.94
9.90- 9.96
9.85- 9.91
9.85- 9.90
Closing.
Jan.(1942)
Range..
9.89
9.91
9.90
9.85- 9.86
9.9177
9.80- 9.86
9.89- 9.89
9.87- 9.87
Closing.
February—
Range..
Closing.
9.8777
9.8977
9.8777
Range..
Yazoo
—
2,898
19,391
234
17,210
139
5,128
40
16
19,144
116
11,532
15,237
32,901
1,073
City
1
306,822
4,794
3.583
418,643
9.83- 9.87
9.8277
9.8877
143
March
10.37 Feb. 28 10.43
10.35
8.10 May 18 1940 10.62 Jan.
~
551
19,683
35,263
84
47,793
2,267
43,858
14,648
2,838
7,904
8,036
129
2,159
254
251,543
3,831
7,890
327,886
Feb.j 27
10 1941
Jan.
8.59 Aug
July—.... 10.23 Feb. 28 10.32 Feb. 25
7 1940 10.51 Jan.
11 1941
....
.
9.79 Feb. 24
October
9.99 Feb.
18 1940 10.59 Nov. 22 1940
8.70 Oct.
25
November..
December..
9*80 Feb"
"9~96 Feb"_26 X28" Dec." "l9" 1940
24
9*96 ~Jan.~16~ 1941
198
5,631
2,000
-
6,576
20,103
~
9,920
1,404 314,960
95,891
1,818
54,965 2836,932
40
26,880
7,392
2,662
239,491
76,605
67,511
782,778
24
10.487
140
2,168
27
10,700
"95
2,990
"50
15.563
50
58,514
696
1,369
46,627
2,176
34,193
1,654
3,096
223
27,552
*296
51
73,893
6,518
3,989
36,225
1,264
382
66,318
6,778
7,988
48,772
55,532
37,839
502
1,384
28,177
128
38,652
18
215
55,672
1,310
14,087
__
Paris
Rohstown.
_
M
-
Marcos
Texarkana
-
-
34
_
Waco
4
2,626
66
3,248
29,433
29,176
2,711
~~67
2,045
614
86,138 5538,467 136,416 2795.204
Includes the combined totals of 15 towns in Oklahoma.
above
totals
show
that
the
interior
stocks
have
decreased
during the week 13,333 bales and are tonight
365,288 bales more than at the same period last year. The
receipts of all the towns have been 74,848 bales more than
in the
same
week last year.
New York
1S41* ____10.94c.ll933
1940
11.43c. 1932
1939
______
534
249
Brenbam
10 1941
8.00 May 18 1940 10.61
Feb. 25
10.44 Feb. 26
36,493
89,579
19,581
16,404
"~22
2,099 103,818
98,001
2,531
Tenn., Memp. 108,527 3174,285 100,714 1024,772
816
402
35,132
21,252
Texas, Abilene
1941—
April
May
66,313
62,798
710
8,300
8. C.. Gr'vllle
The
Range Since Beginning of Option
1,774
3,845
Oklahoma—
♦
Range for Week
42
3,677
226,969
32.567
7,257
26,598
Total,56townP 160,986 5965.873 174,319 3160,492
Option lor—
September
180,312
2
14,498
.
San
Range for future prices at New York for the week ended
Feb. 28, 1941, and since trading began on each option:
August
723
__
...
St. Louis
Nominal.
June
133,845
13,617
4
Greenwood.
233
2,329
_
Dallas
December—
77
4,384
La., Shrevep't
Miss., CI arks d
Austin
Range..
Closing.
,
600
15 towns *_
October—
44,237
119,224
135,342
19.100
N.C., Gr'boro
10.0371
15,829
592
24,436
Mo
September—
Range..
Closing.
251
3,298
223,595
Vlcksburg..
10.15n
852
900
Natchez
.
1,874
410
___
Jackson
10.25-10.26 10.30
—
1,637
Macon
Atlanta
Columbus.
July—
31,716
134,091
36,368
87,530
38,504
Golumbus..
Rome
June—
37,212
1,026
2,561
3,063
3,933
Augusta
Range..
506
9,134
98,802
38,339
130,365
62,631
14,332
39,432
108,164
131,436
1~437
Ga.. Albany..
April—
Range..
Closing.
May—
8,953
72,335
61,393
654
City
Forest
Hope
Range..
198
1,053
Ark., Blytbev.
Little
Mar
27,106
51,284
115,056
Friday
Feb. 26
124
1
1,928
24,224
133,564
Thursday
Wednesday
Tuesday
282
44,822
16,027
53,741
27,561
31.480
Selma
Mar.
Week
Season
970
1,271
Helena
Monday
Week
30,739
Ala.. Birm'am
Eufaula
Stocks
ments
28
Montgom'y
Middling spotted Bhall be tenderable only when and If the Secretary of Agri¬
culture establishes a type for such a grade.
a
1940
Ship¬
Receipts
Feb
Week
Week
Movement to March 1,
1941
Stocks
Ship¬
Receipts
Towns
.22 cff
.97 off
28,
Movement to Feb.
.07 off
.50 (ff
Saturday
in
corresponding period of the previous year—is set out
on
Even
1.05 off
Futures—The
that is, the
the movement,
on
.44 off
aMlddllng.
4.42d.
.5A
.58 off
....
6.38d.
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Spotted—
Good Middling
5.54d.
4.12d.
7.19d.
7.74d.
Towns,
4".30d".
on
1.38 off
1.44 off
Strict Middling
5.13d.
"4.07d".
.35
on
.12 off
.21 off
.72 off
....
Lp# Middling.
Middling.
7.74d.
9.54d.
.47
on
on
.22
10
Interior
the
At
.55 on
off
off
off
Extra White—
Good Middling
1938
on
.35
.
Middling Fair
Strict Good Middling..
Low
31-32
Inch
White—
15-16
Middling uplands, Liverpool
Egypt, good Glza, Liverpool
Broach, fine, Liverpool...-----Peruvian Tanguis, g'd fair, L pool
C. P. Oomra No. 1 staple, superfine, Liverpool—._
...
1939
5.29d.
1940
864d.
13 30d.
Feb. 28—
29-32
1941
1,
9.05c.
Quotations for 32 Years
6.35c.
7.10c.
__11.20c.
1931
1938.
9.27c.
1937 __.__13.84c.
1936 _____11.20c.
1930
15.00c.
1929____.20.80c.
1928
18.70c.
1935
1934
12.55c.
1927
12.40c.
1926
*
_____
1925 ___—26.05c.
1924___._28.50c.
40.75c.
1923
1922
18.55c.
1921
1917-_.-17.75c.
1916 _____11.60c.
1915
8.60c.
1914
13.00c.
11.50c. 191&__40.75c. 1912
1920
12.70c.
10.35c.
14.65c.
_____
1919 ___._26.25c.
1911 __.__14.55c.
19.45c.
1918
1910 _____14.90c.
32.70c.
1941 quotation is for 15 16.
1942—
January
February...
9.80 Feb. 24
9.89
9.49
Feb. 25
Feb.
17 1941
9.83 Jan.
24 1941
Volume of Sales for Future
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which.we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Open
New York
Market and Sales at New York
The total sales of cotton
Feb.
21 Feb.
22 Feb.
24 Feb.
25 Feb.
26 Feb.
27
Contracts
Feb. 27
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
week at New York
are
market for spot and futures closed on the same
Futures
Spot Market
Saturday
Monday
Tuesday
SALES
Market
Closed
days:
Closed
Contract
Spot
Total
HOLI day
Nominal.
726
Nominal
Thursday.
Friday
Nominal
Nominal
Barely steady.
Steady
Nominal
300
1,300
_
1,300-
300
600
Steady
Steady
Steady
___
726
1,300
Wednesday.
1,300
600
1941—
March
10,100
May
July..
19,900
18,600
13,400
Holi¬
18,300
29,000
22,600
15,900
3,700
12,200 -13,800
21,800 32,800
16,900
3,300
19,700
10,800
*87,300
355,000
368,900
175,500
69,200
December.
700
100
3,100
89,700
day
1,900
13,500
3,000
200
October
10,100
8,200
10,300
68,100
75,310
44,600 1,059,000
6,100
4,700
1942—
January
Total ail futures
63,900
Open
New Orleans
Feb.
19 Feb.
20 Feb.
21 Feb.
22 Feb.
24 Feb.
25
Total week.
Since Aug. 1
reports Friday night.
Aug. 1 in the last two
March
2,350
May
July
2,650
1,600
2,200
October.
3,200
2,650
2,150
3,750
5,550
300
150
1,650
December.
1,850
3,000
3,200
The results for the week and since
follows:
1
Holi¬
8,100
2,500
Via Rock Island
Via Louisville
8,000
day
Via Virginia points
Via other routes, &c
Holi day
1940-41
Feb. 28—
Via St. Louis
Via Mounds, &c
3,400
7,100
91,458
years are as
Shipped—
1941—
4 226
21,455
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Contracts
Feb. 25
4,226
70 058
1939-40
Since
Week
14,648
4,900
1,485
196
3,609
10,299
Aug. 1
308,231
175,180
14,843
13,918
107,502
405,237
Since
Week
8,036
4,200
10
888
3,682
20,242
Aug. 1
248,247
201,575
8,633
6,767
117,726
572,440
1942—
January
Total gross overland.
"166
March
Total all futures
*
10,100
9,850
16,300
29,200
Includes 4,300 bales against which notices have been Issued, leaving net
contracts of
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
/
cotton
Supply of Cotton—Due to war conditions,
statistics are not permitted to be sent from abroad.
2,285
37,058 1,155,388
297
15,161
185
6,109
218
6,054
18,504
399,021
6,842
193,670
18,689
407,415
7,357
214,885
.16,448
617,496
29,701
940,503
ODen
83,000 bales.
The Visible
35,137 1,024,911
Total to be deducted..
Leaving total net overland *
*
Including jnovement by rail to Canada.
Volume
The Commercial & Financial Chronicle
152
The foregoing shows the week's net overland movement
this year has been 16,448 bales, against 29,701 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits
of 323,007 bales.
: ■
a
decrease from
Sight and Spinners
Takings
Week
Aug. 1
138,982
29,701
140,000
8,168,017
1,201,915
308,683 11,448,035
*50,278
365,155
6,127,532
940,503
4,380,000
of
Four Manufacturers Will Make 2,000,000 Bale Covers
Cotton Under 1941 Program—Th/e Surplus
Marketing
Administration of the Department of Agriculture announced
Feb.
21
the
approval of the applications of four
--238,000
*13,333
takings
consumption to Feb. 1
—
—
Total in sight Feb. 28———
—-
North, spinn's'takings to Feb. 28-
919,610
909,878
_
Came into sight during week.-.224,667
258,405
—
10,279,810
33,478
------
12,732,800
——
1,750,319
1,134,511
32,461
Decrease.
Movement into sight in previous years:
Week—•
Bales
1939—March 2— ———128,457
1938—March 4——140,607
1937—March 5
-——164,255
—
-u
8.894,082
12,793,042
-12,018,509
—
1936
—
operation Jan. 27,
to encourage the use of United
wrapping cotton bales of the 1941
crop. It is similar to the cotton bagging programs conducted
by SMA in 1938-39 and in 1939-40 under which a total of
approximately 2,000,000 bale covers of cotton were made
1941
States grown cotton for
and sold.
Bales
Since Aug.
1938
1937
"patterns" or bale covers provided for under the 1941
Cotton-Bagging-for-Cotton-Bales Program. Manufacturers'
exceeded the maximum quantity
specified under the program.
The program was placed in
offers to make the patterns
The announcement goes on to state:
The allotments made to the four manufacturers whose
approved were
as
applications
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Below
Allotment
Lane Cotton Mills Co., New Orleans, La
San Antonio Cotton Mills, Southton, Texas
Closing Quotations for Middling Cotton
Monday
j Tuesday
Feb. 28
Friday
Wednesday Thursday
%
.15-16
%
15-16
Vi
15-16
Vi
il5-16
%
115-16
K
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Galveston
9.89
New Orleans-
.09
39
10.19
9.94 10.14
Holi day
9, 89 10 ,09!
15-16
In.
9
10.14
26 10. 46 10. 22 10 .42 10
10.45
9 .95 10 .15 10
10.20
94 10. 14
9.79
99i 9.84 10.04
85 10, 05
10.24
Mobile
,39 10.29 10.44
25 10, 45 10, 25 10 .40 10 3010.45
-
Savannah
Norfolk
10.15 10 35 10.20
Holl day
10.40,10. 20
10.25'l0, 05
10. 40 10 ,20 10 .40 10 20:10.40
Montgomery.
10.00 10 20 10.05
Augusta
10.39 10 64 10.44 10.6910. 45 10 ,70 10 .40 10 .65 10 45 10.70
Memphis
9.75,10
Houston
9.92.10 ,121
Little Rock—
9.70
9
Dallas
9.72!
9 97
00
10 25 10 .0010 .20 10 05:10.25
9.75 10.00
9 .75 10 00
9 75 10.00
9.98 IO.I81
9. 98 10 ,18
9 ,93 10 .13
9 98 10.18
9.75
9.95
9, 75
9 ,95
9 .70
9 .90
9 ,75
9.77
,90*
9. 75 10 00
10.02'
9. 77 10 02
9 .72
9 .97
...
patterns
patterns
patterns
patterns
---..2,000,000 patterns
—
Participating manufacturers
on-
1,000,000
775,000
165,000
60,000
-
Little Rock Textile Co., Little Rock, Ark
Morrllton Cotton Mills, Morrilton, Ark.
Total
Saturday
were
follows:
Manufacturer—
Week Ended
manu¬
facturers to make, sell and deliver the maximum of 2,000,000
cotton
marketed--
Interior stocks in excess
Excess of Southern mill
*
Week
Aug. 1
2,615,521
617,496
4,935,000
—
over
1939-40
Since
Since
Receipts at ports to Feb. 28
41,552
Net overland to Feb. 2816,448
South'n consumption to Feb. 28- -180,000
Total
ago
market for the low grade 1940-41 cotton, but that conversion into bags
would offer a solution of the problem.
Prior to the war the jute used In the manufacture of bags was imported
from India, but it is now difficult to obtain sufficient quantities owing to
the scarcity of freight space due to the war.
-'.v V-
1940-41
In
a year
1461
are
required to make
or
sell the patterns
before July 1, 1941.
The 1941 Cotton-Bagging-for-Cotton-Bales Program is one of the projects
which have been undertaken to stimulate development of new uses and new
markets for United States cotton.
When these projects become com¬
mercially self-supporting, SMA officials expect that they will contribute
materially to increased domestic use of cotton.
Commercial development in the manufacture of cotton patterns already
is apparent.
As an indication of this trend, in three years of operation of
the program, and despite a rise in the price of raw cotton, payments for
making the bale covers have been reduced from 28 cents per pattern to
15 cents,
Annual crops ranging from 11,000,000 to 12,000,000 bales would require
the use of 100,000 to 150,000 bales for the manufacture of the bagging
needed to bale such crops. The maximum quantity of 2,000,000 bale covers
called for under the 1941 program will require the use of approximately
22,000 bales of cotton.
9 .77 10.02
9.95
CEA Publishes
New Orleans Contract Market—The
closing quotations
for
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Monday
Tuesday
Feb. 22
Feb. 24
Feb. 25
Wednesday
Friday
Thursday
Feb. 27
Feb. 26
Feb. 28
> V:
1941—
March
10.43
10.52
——
May
10.395-.40a
10.46
-—
10.42
;
10.45
HOLIDAY 10.31-10.32 HOLIDAY 10.36-10.37 10.31
•
10.475-.48a 10.51
10.34
July.
9.94
October
9.91
December.
9.98
9.955-9.96a
——
9.96rc
9.92
9.925-9.940
9.88
1942—
January
9.885-9.89a
..
9.915-9.93a 9.835-9.85a 9.895-9,90a
Tone—
Spot
Steady
Futures
Steady
..
Nominal.
6 Bid.
a
Steady
Steady,
Steady
Steady
Steady
Steady
Wool Top
New Monthly Summary on Trade in
Futures—The Commodity Exchange Adminis¬
tration announced
Feb. 21 the first issue of "Trade in
on
Wool
Top Futures," a new monthly summary of statistics
on futures trading in wool tops.
The bulletin gives daily
figures on volume of trading, open contracts and prices
during the month.
Regarding the new publication the
CEA said:
One of the purposes of the Commodity Exchange Act, as pointed out by
M. Mehl. Chief of the Commodity Exchange Administration, is to
provide public information on futures trading in supervised agricultural
commodities.
Monthly bulletins on futures trading in grain and cotton,
similar to the new bulletin on wool tops, have been issued regularly by the
Commodity Exchange Administration for some time.
J.
All data in the new bulletin relate to futures trading on the market con¬
ducted by the Wool Associates of the New York Cotton Exchange, usually
referred to as the New York Wool Top Exchange, the only such market In
the United States.
Trade in wool top futures may be obtained on request from the Washing
office of the Commodity Exchange Administration or from any
Asked.
ton
ccc
on
1940-41
Cotton
Loans—The
Corn-
modity Credit Corporation announced Feb. 19 that through
Feb. 17, 1941, loans made on 1940-41 crop cotton by the
Corporation and lending agencies aggregate $144,669,973.32
on 3,004,737 bales.
Cotton remaining under loan aggregates
2,820,625 bales."
Cotton loans completed and reported to the Corporation
by States are as follows:
of its field offices.
Returns by Telegraph—Telegraphic advices to us this
evening denote that the western two-thirds of the cotton
belt has been wet and the eastern third mostly dry.
Rain
Rainfall
Days
Inches
High
3
0.95
62
■■Thermometer
Low
Mean
Alabama
Number
Bales
114,734
60,299
-
Arizona
Arkansas
California
105,669
269,265
Georgia
164,090
151
Louisiana
97,490
72,170
11,489
Mississippi
Missouri
-
-
New Mexico
5,331
North Carolina
40,454
-
South Carolina
Tennessee
-
165,005
115,839
12,640
-
693
Virginia
309,436
Total
$129,663,387.82
15,006,585.50
3,004,737
145,033
39,079
$144,669,973.32
6,937,704.45
1,982,908.15
2,695.301
Loans by
cooperatives—
Total
------
——
Repayments
—
Cooperative repayments
——_
2,820,625
$135,749,360.72
0.33
56
25
41
3
K. 1.24
36
48
4
32
39
41
46
Corpus Christi
5
5
0.76
0.73
60
59
Brownsville
Del Rio
2
44
Fort Worth
Houston
Amount
$5,493,336.19
2,843,815.83
5,016,405.76
13,434,473.15
7,320.73
7,846,662.19
4,715,966.28
3,314,649.73
533,415.37
245,582.65
1,915,233.71
7,788,668.35
5,856,605.01
617,232.34
70,000,842.92
33,277.61
51
4
Austin
Abilene
State
39
Amarillo
5
57
47
Texas—Galveston.
agricultural products, thus replacing jute gunny bags, has
been proposed by Rafael Garcia-Mata,
Director of the
Argentine National Cotton Board, according to a cable from
Buenos Aires on Feb. 21 to the Argentine Information
Bureau in New York City.
The cablegram added:
The
production of cotton for 1940-41 is expected to be 80,000 tons, of
which low grade quality normally accounts for about half.
It is pointed out that if the low grade cotton fiber were
processed into
coarse fabric for bagging, there is no reason why these cotton bags could
not be used for flour, potatoes, rice, yerba mate, sugar and tannin, which
commodities require about 50 million sacks annually.
Mr. Garcia-Mata
considers that the switch to cotton bags would absorb 18,000 tons of
low grade cotton fiber.
The disposal of the balance of the 1939-40 crop was facilitated through
Spain's recent purchase of the bulk of the low grade production, while
the local mills take most of the fine grade fiber available.
It is pointed
out that unless Spain repeats its purchases, it will be difficult to find a
66
64
1.30
0.88
70
58
61
3
0.67
54
San Antonio
2
0.49
62
Waco...
3
1.37
56
3
0.44
56
3
1.01
0.81
64
3
Palestine
Oklahoma—Oklahoma City—
Arkansas—Fort Smith.
4
Little Rock
Louisiana—New Orleans
Shreveport
Mississippi—Meridian
Vicksburg
1.23
0.27
3
2
0.33
0.22
3
3
35
37
33
39
65
dry
El Paso
v
2
0.52
54
Florida—Jacksonville
Miami.
48
48
23
32
33
52
1
0.08
67
0.44
84
1
0.13
Tampa.
2
1.01
57
73
4
0.36
0.41
63
50
0.47
0.08
0.48
0.09
63
58
40
49
"
30
28
2
Augusta
2
Macon.
1
South
Carolina—Charleston..
Raleigh.....
Wilmington
3
1
...
2
3
A
0.16
0.26
Chattanooga.
3
0.70
0.16
Nashville
3
0.32
2
Tennessee—Memphis
37
43
34
Atlanta
V
47
46
42
2
______
50
68
46
:r.
;
41
45
39
Pensacola
Georgia—-Savannah
47
34
37
25
50
Montgomery
49
49
"■
40
61
0.48
53
37
30
27
37
52
1.53
3
53
25
26
.'■'v.:'
52
56
54
53
4
North Carolina—Asheville
Argentina Considering the Use of Low Grade Cotton
for Bagging Agricultural Products—-A plan to utilize a
large quantity of Argentina's low grade cotton for bagging
3.29
0.10
52
45
59
48
28
39
47
43
56
32
44
45
16
50
22
36
36
54
26
40
49
25
42
47
50
24
36
37
24
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
New
Orleans
Memphis
-
-
Nashville
Shreveport
Vicksburg..--
Receipts
Above zero of gauge.
Above zero of gauge.
-Above zero of gaugeAbove zero of gauge.Above zero of gauge.
-
from
the
Feb. 28, 1941
Feet
2.5
6.7
9.6
16.0
6.3
Mar. 1, 1940
Feet
4.5
20.0
16.1
5.1
18.2
'
Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The
figures do not include overland receipts nor
they are simply a statement of the;
Southern consumption;
The Commercial & Financial Chronicle
1462
weekly movement from the plantations of that part of the
crop
March
BREADSTUFFS
which finally reaches the market through the outports:
1938
1939
1940
1938
1939
1940
1938
1939
1940
Friday Night, Feb. 28, 1941.
Flour—Demand for flour has tapered
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
83.863 227,545
89,957 3258.633 3534,867 3508.828 140.255 225,422
73,904
to be
86.664 210,127
85.302 257,101
77,815 3260,298 3498.072 3496,222 88,219
64,534 3284.365 3449.968 3471,589 109.399
54,236 3323.846 3389,066 3448,226 101.106
44,595 3339.502 3346,020 3434,970 78,200
173.332
05.209
week's
13.
208,997
39,901
179,786
30,873
31,339
01,055 240,688
62,644 189,049
20
27
17.
24.
31.
1941
1941
1939
1940
42,596 3301.310 3265.094 3400.270
38.827 3306.0Q8 3189.004 3369,048
37,387 3295,489 3127.764 3329,120
169.951
33,323
41,434
31,994
40,723
54,214
3.
11.
1939
1940
1941
Jan.
181,553
196,677
137,532
1939
1940
all
moving at a steady rate, and mills expect to fill out a
26,999
94,692
5,798
34,853
81,531
Nil
21.
28.
16,596 108,960
41,552 138,982
Nil
88,704
Nil
28,219
the
a
highest level in about
shows:
(1) That the total receipts
plantations since Aug. 1, 1940, are 3,828,906 bales;
in 1939-40 were 6,552,196 bales, and in 1938-39 were 4,392,943 bales.
(2) That although the receipts at the outports
the past week were 41,552 bales, the actual movement from
plantations was 28,219 bales, stock at interior towns having
decreased 13,333 bales during the week.
fingers
of crop
no
d.
ings, Common
Middl'g
Twist
Middl'g
Upl'ds
Cotton
32s Cop
to Finest
Upl-ds
Cotton
ings, Common
to Finest
Twist
d.
s.
12
d.
d.
d.
s.
s.
d.
@12
9
8.41
15
s.
15H@10
the grain futures
was
on
d.
d.
less
or
more
3
7.95
of
@12
0
8.19
week's lows.
almost
12
3
15.14
12
0
@12
15.22
12
6
@12
9
9
8.54
13—
8.37
Nominal
Nominal
12
6
@12
9
8.43
Nominal
Nominal
8.78
16K@16J* 12
8.53
available
Not
27-
6
@12
9
8.70
1940
1941
able for
natural
after
yesterday's rousing boost
Mill buying was lacking,
8.59
15.25
6—
markets at times today,
and carried other grains
which carried wheat prices 6c. above last
4c.,
Dec.
20—
the downgrade
along.
Prices yielded as much as 134c. a bushel at the
lowest, but recovered part of the extreme losses to close
% to lc. under Monday's final quotations.
The reaction
@12
@15H 12
6
Feeble attempts to rally were
to lc. net lower.
evidence in
was
14.95
On the 25th inst. prices
7934c. for July in the final hour.
Nov.
29„
dearth of offers in July and Sept. contracts,
a
rapidly, reaching peaks of 8434c. for May and
rose
but wheat
814 Lbs. Shirt¬
8)4 Lbs. Shirt¬
32s Cop
in the farm program, including the crop.
contemplated. Wheat dropped as much
y8c. during the first hour, but when increased purchase
orders revealed
in
1939
for the sudden rush to buy, cited
cause
damage and indications by Government officials that
closed
1940
It was the sharpest upturn
loan system, was
steady.
Production is being curtailed. We give prices
today below and leave those for previous weeks of this and
for comparison:
month.
a
factors, including the Hitler speech, recent reports
material change
prices
last year
definite
on a
numerous
and cloths
is
dull, languid trade into
Market veterans, who were unable to put their
in months.
as
from
Manchester Market—Our report by cable tonight
prices closed 2% to 3%c.
inst.
roaring bull market, with prices soaring almost 4c. to the
The above statement
Manchester states that the market in both yarns
24th
the
An outburst of buying after mid-session trans¬
higher.
Nil
from the
99,000 barrels
previous week.
Wheat—On
net
February activity.
Feb. 22, compared with 131,000 barrels
formed the wheat pit today from a
Nil
21,967 117,323
70,930
27,531
29,078 3228,672 2956,982 3212,973
25,681 3195,258 2897,286 3174,825
21,337 3173,825 2845,482 3138,203
25,7361 3160.492 2795,204 3096,651
50,328 168,665
55,381 177,019
48,964 122,734
7.
in
to complete
operations in order
exports from the United States fell to
for the week ended
Nil
21,395 135,347
Feb.
14.
Flour
7,890
7,605
89,025
46.212 105.463
43,199 3281,765 3072,688 3291,719
35,546 3262.404 3016,687 3246.532
149,768
232,095
to be well
Deliveries were reported
nearby requirements.
on
Dec.
0.
off from the in¬
creased pace of last week, as consumers appear
covered
Nov
29.
1941
1,
was
favor¬
pending farm legislation
mitments until uncertainties over
and
weather
winter wheat and traders hesitated to make com¬
war
Proposed farm
developments began to clear up.
Jan.
3-
15.70
12
11—
15.08
12
17-
15.71
12
24-
16.63
12
16.68
31-
12
12
16^@17Ji 12
6
9.29
12
3
4
8.98
8.75
Nominal
12
0
8.75
8.69
Nominal
12
@13
@12
3
@12
1H@12
IK
Nominal
4K
8.30
Unquoted
12
114 @12
4K
8.29
1
4J4
8.30
4H
8.12
4J4
8.04
4K
7.99
10^
10^
10^
10H
10H
8.77
7M@12 10H
7K@12 1014
7H@12 10 K
7H@12 10H
8.50
7H@12
7J4@12
7H@12
7H@12
7H@12
8.74
8.65
Feb.
7—
15.65
14—
15.55
12
21-
15.49
12
28-
15.55
12
Unquoted 12
8.58
Unquoted
12
8.50
Unquoted
12
8.64
14.54
12
J4@12
1 J4@12
1 J4@12
1 J4@12
centered upon two bills, one
calling for 100% of parity loans and the other providing a
certificate plan.
On the 26th inst. prices closed % to lc.
net higher.
A late rally of about a cent a bushel in wheat
prices today carried the market back up to around the level
reached on Monday's sharp advance.
Buying was asso¬
Washington
in
legislation
ciated with the firm tone of securities and cash wheat
the
of cotton from the United States the past week
News—As shown on a previous page,
Shipping
exports
have reached
made up from
26,134 bales.
The shipments, in detail, as
mail and telegraphic reports, are as follows:
Bales
Bales
NEW
NORFOLK—
YORK—
To Sweden.
LOS
HOUSTON—
ANGELES—
1,078
5,576
To China
Cotton
708
To Japan
To Japan
York
81
To Great Britain.
15,888
2,803
To Finland
26,134
Total..
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Statistics—Regulations due to the war
Foreign Cotton
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
in
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
prices of spot cotton have been as follows:
Market,
Mid. upl'ds
Futures
Quiet
decl. to 1
I
pt. adv.
Quiet;
3 points
decline
•
P. M.
Prices of futures at
Thursday
Friday
Quiet
Quiet
New Contract
1941
Steady;
Sat.
4
to
7
Steady;
4
Quiet;
pts. 2 to
advance
points
advance
3
Tues.
Quiet;
un¬
un¬
changed
Quiet;
Steady;
1 point
Quiet;
un¬
un¬
advance
changed
changed
Liverpool for each day
Mon.
Quiet;
changed
pts.
advance
Wed.
are
given below:
Thurs.
Frl.
On
27th
the
prices
inst.
and then
May
34
closed
d.
*
d.
8.26
*
8.27
d.
8.24
8.25
d.
d.
d.
d.
d.
d.
d.
d.
8.28
8.28
8.29
8.29
8.30
8.29
8.29
8.29
8.29
8.29
8.30
8.30
8.31
8.30
8.30
8.30
8.31
8.31
8.31
*
8.29
8.26
8.30
8.30
*
8.22
8.20
8.25
8.24
8.27
8.25
8.26
8.25
8.25
8.25
December
*
8.20
8.17
8.21
8.21
8.22
8.22
8.23
8.22
8.22
8.22
January, 1942
*
8.19
8.16
8.20
8.20
8.21
8.21
8.22
8.21
8.21
8.21
*
Closed.
to
%c.
net
lower.
134c. about mid-session today,
The early setback was a
recovered half the loss.
partly of selling inspired by weakness of securities
and slow flour demand.
Later, when this selling had been
result
of
some
credited
export activity,
helped to rally prices. Iran was reported in the market for
wheat at New York, while 450,000 bushels of Canadian were
sold for March clearance from Philadelphia to the United
Reports from the Balkan area and
Kingdom.
uncertainty
continued to unsettled
trade.
Receipts of additional moisture in the eastern and
northern portion of the hard winter wheat belt and in the
domestic
the
farm
attracted
soft
wheat
attention.
Snow covering
reported over a large area.
area
also
program
Today prices closed % to 134c. net higher.
Wheat prices
almost 2c. a bushel in the first half hour of trading
today to the highest level in more than a month, but then
lost part of the gain during the remainder of the session.
The market's behavior was similar to that last Monday,
when
Short covering and mill and
farm legislation proposals, reports of
crop damage and of German troop movement in Rumania
accounted for the upturn, while profit-taking was blamed
for the reaction.
Traders attributed the buying to com¬
prices
rose
almost 4c.
investment buying on
mission house accounts, which might
Close Noon Close Noon Close Noon Close Noon Close Noon Close
October
July
*
estimated at 81% of capacity
Wheat prices fell as much as
8.64d.
8.65d.
8.56d.
to
Feb. 28
March
were
shot up
Quiet; 1 pt.
f
Feb. 22
8.55d.
8.54d.
CLOSED
Market,
March
week
was
Quiet
Quiet
j
opened
4:00
Wednesday
[
M.
Market
Tuesday
.
|
\
12:15
P
Monday
last
compared with 50% the previous week, while in the North¬
west business was reported at 135%.
Small orders made
up the bulk of trade, millers reported.
about
.
.
Saturday
Southwest
interests reported
exhausted, short covering and scattered purchases
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
Spot
Milling
activity.
to mills or associated with reports
Liverpool Imports, Stocks, &c.
and
flour business
expanded sharply last week, but has been retarded by the
recent wheat price bulge.
Reports indicated selling of cash
wheat in the country diminished with the recent market
advance, with holders apparently hoping for even better
prices, particularly in view of Washington proposals regard¬
ing farm legislation.
Flour business was also reported to
have diminished after expanding last week.
Sales in the
flour
8.31
8.31
8.32
or
commercial interests.
but
its
extent
could
have been for investors
Some mill buying was in evidence,
not
confirmed.
be
Short
cov¬
Scattered crop complaints
from the Southwest, firmness of securities, rumors con¬
cerning proposals regarding farm program revisions and
talk of possible additional exports to Spain and Mexico,
were
market factors.
Open interest in wheat, 45,790,000
ering
accelerated
the
upturn.
bushels.
!
The Commercial & Financial Chronicle
Volume 152
DAILY
CLOSING
PRICES
OP
Sat.
No. 2 red
DAILY
WHEAT
May
July
September—.
PRICES
OF
WHEAT
Sat.
H
Season's High and When Mads
DAILY CLOSING PRICES
Fri.
104J*
104&
83
79H
7854
7854
IN
79
7954
7854
Season's Low and When Made
I
.
...
70
7354
7354
May
July
7754
7854
7754
Aug. 10. 1940
Feb. 17, 1941
Feb. 17. 1941
7954
7754
7954
7754
7954
7754
7954
7754
7954
May
July
October
4154
Nov. 15, 1940 May
43
Nov. 14, 1940 July...
10, 1941 September... 44
5254
5254
..
September
51
...
DAILY CLOSING PRICES
higher.
Influenced by the pronouncedly strong action of
futures, and with wheat showing a substantial setback, corn
naturally followed suit. On the 26th inst. prices closed yc.
to ye. net lower.
Corn prices were about steady, purchases
associated with industrial and commercial buying being offset
by hedges placed against the increased volume of country
marketings. Cash houses also were reported on the selling
side.
On the 27th inst. prices closed % to %c. net lower.
Corn
prices declined almost lc., with the market weakening in
sympathy with wheat and due to continued liberal receipts,
totaling 251 cars.
Bookings to arrive, which were in excess
of 200,000 bushels yesterday, continued on a liberal scale,
with most of this grain coming
ers
said that
from Illinois points.
prices in territory
favorable than
in
more
this market
near
distant
where the
areas
Trad¬
are more
corn
hog
price ratio encourages feeding.
Today prices closed M to
%c. net higher.
Corn held firm despite continuation of
hedging associated with additional bookings to arrive.
Re¬
ceipts totaled 174 cars, or slightly less than yesterday.
However, there was good industrial demand for arrivals.
Out of 261 cars received at Chicago yesterday less than
half
were
sold
on
the
market
spot
and
traders
some
Mon.
4954
Tues.
6054
5054
IN WINNIPEG
Thurs.
Wed.
5054
5054
50#
Fri.
50#
4954
5054
6054
....
...
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Mon.
Sat.
4754
May
July.
Tues.
48
4454
Wed.
4854
Thurs.
4954
4554
45
4854
44#
Fri.
4854
44#
October.
Closing quotations
follows:
were as
FLOUR
Standard Mill Quotations
5.55@5.80 [Soft winter straights
5.30 @5.55| Hard winter straights
Spring patents
First spring clears
5.05@5.30
5.30@5.55
'GRAIN
Oats. New York—
Wheat. New York—
No 2 red, c.i f., domestic
10454
Manitoba No. 1, f.o.b. N Y
Corn
No. 2 white
40 lbs
feeding
Chicago, cash
7854
...
4854
6054
Rye. United States, cJ.f.
Barley, New York—
New York-
No 2 yellow, all rail
6554
.53-6554 n
......
...
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and sihce Aug. 1 for each
of the last three years:
Flour
Wheat
Corn
Oats
66^ 19616s
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Rye
Barley
bush 56 lbs bush 48 lbs
131,000
156,000
1,170,000
158,000
15,000
382,000
Chicago
Minneapolis
103,000
13,000
231,000
66,000
2,000
1,000
2,000
2,000
Duluth
63,000
7,000
15",000
Toledo
64,000
114,000
49,000
35,000
Buffalo
26,000
138,000
64,000
12,000
226,000
96,000
439,000
120,000
91,000
25,000
98,000
20", 000
W. 000
1,953,000
3,396,000
2,679,000
2,604,000
3,334,000
3,162,000
788,000
1,339,000
1,634,000
Since Aug. 1
1940 .... 12,322,000 203,851,000
168,023,000
Milwaukee.
Indianapolis
St.
Louis.
248,000
23,000
654,000
48,000
99,000
.
Peoria-
38,000
Kansas City
16,000
Omaha
St.
27,000
258,000
10,000
Joseph.
Wichita
ex¬
RYE FUTURES
OF
Sat.
Corn—On the 24th inst. prices closed iye. to lj^c. net
wheat futures, there was good buying in the corn market
and some hasty short covering, with corn showing substantial
gains at the close. On the 25th inst. prices closed %c. to lc.
net lower.
The^e was considerabe profit taking in corn
Feb. 21, 1941
Feb. 21.1941
Feb. 21,1941
Jan.
May
July....
October
WHEAT FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
OF
1463
When Made
Season's Low and
Season's High and When Made
CHICAGO
Wed. Thurs. Fri.
8354
83
83 H
79# 78W 79#
Tues.
8314
79#
Not. 15,1940 May
Nov. 18.19401July
Jan.
7, 1941]September
89V4
8554
8354
.
Mon.
L
_
Thurs.
105H
FUTURES
O
-
May
July
September
104J*
YORK
Wed.
Tuei.
Mon.
HOL. 105%
CLOSING
NEW
IN
Sioux City.
66,000
9,000
17,000
18,000
42,000
211,000
471,000
27,000
551,000
2,000
51,000
4,000
36,000
60,000
22,000
43,000
~~2"666
26,000
pressed belief that part of the arrivals represented Govern¬
ment corn going into storage.
748,000 bushels.
DAILY
OF CORN IN NEW YORK
Sat. Mon.
Tues.
Wed.
Thurs.
HOL.
_
DAILY CLOSIxMG PRICES
Sat.
H
O
L
.
7954
Mon.
Tues.
61
6054
60
6154
6154
61
7854
Nov. 18, 1940 May
Nov. 18,1940 July
Jan. 16,1941 September
...
7854
Fri.
7854
6054
6054
59 54
6054
6054
5954
60 54
6054
6054
5454
5854
5854
Aug. 10. 1940
Sept. 23. 1940
Feb. 17, 1941
ing was light, with the undertone heavy as a result of the
wheat and
%c. net higher.
corn
markets. /
Oats were firm in sympathy with wheat
DAILY CLOSING
PRICES
OF
OATS
Sat.
H
O
L
September
Nov. 15, 1940 May
Nov. 15, 1940 July
Jan. 15, 1941 September
DAILY CLOSING PRICES
May
July
Tues.
36
3254
3154
Thurs.
3554
31#
31#
3054
3054
—
2854
3054
30
35
3154
3054
Fri.
3554
381,000
186,000
3454
3554
3354
3154
3154
3554
3354
—-
31#
Aug. 10, 1940
Oct.
9. 1940
Feb. 17, 1941
3554
34 54
33#
33#
— -
3154
35543354
3154
Rye—Oo the 24th inst. prices closed lHc. to l%c. net
Heavy buying anf short covering, influenced by the
strong action of the wheat market, caused prices for rye
futures to soar, and substantial net gains were registered.
Rye reached new lows for the season early in the day.
On
the 25th inst. prices closed y8e. to y8e. net lower.
The
reactionary trend of wheat values had its effect on rye
futures, and influenced considerable selling in the latter
market, though rye prices did not sell off quite as much a3
wheat and corn.
On the 26th inst. prices closed ye, to
y2e. net higher.
Rye futures held firm todav, influenced
largely by the firmness of wheat.
On the 27th inst. prices closed %c. off to %c. higher.
Trading was mixed, with the market irregular.
However,
rye values held up comparatively well in view of the heavy
sagging of wheat prices. Today prices closed % to %c. net
higher. Trading was light, fluctuations narrow, but under¬
tone firm in sympathy with the strength of wheat and corn
higher.
values.
DAILY CLOSING
13,164,000 236,271,000 155,306,000
13,539,000 235,910,000 180,678,000
Total receipts of flour and grain at the seaboard ports for
the week ended
May
juiy:;.:::
September..,
OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
H
o
L
4254
4454
4554
4154
43%
4454
Saturday, Feb. 22, 1941, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
127,000
2,000
Boston
16,000
Baltimore..
30,000
15,000
New Orl'ns*
16,000
4254
44
4554
4254
4554
Rye
Barley
bush 56 lbs bush 48 lbs
58,000
Philadelphia
New
York.
1,000
8,000
134,666
16,000
107,000
11,000
9,000
48,000
13,000
12"66O
1,000
14,000
Galveston..
Can. Atlan¬
tic ports
1,005,000
.
204,000
1,222,000
172,000
32,000
12,000
1,000
1,789,000
15,966,000
1,763,000
335,000
128,000
107,000
Tot. wk, '41
Since Jan. 1
1941
259,000
1,960,000
702,000
237,000
145,000
106,000
1,973,000
15,909,000
9,863,000
1,500,000
703,000
668,000
Week 1940.
Since Jan. 1
1940
*
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Feb. 22, and since July 1, are shown in the
annexed statement:
New York
Boston
Philadelphia
Baltimore
Can. Atl. ports..
Total week 1941.
Since July 1,1940
Total week 1940.
Since July 1, 1939
a
4254
4454
45#
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
58,855
84,000
a58,855
282,000
2,417,000
74,525,000 21,676,000 3,784,170
108,000
518,000
284,000
390,000
220,000
1,005,000
282"000
84,000
314",000
396~666
46,285
127,000
2,611,000 1,038,000
100,000
85,713,000 22,688,000 2,963,846 3,212,000 3,004,000
229,000
9,655,000
Complete export data not available from Canadian ports.
The
visible
supply of
grain,
comprising the
stocks in
at principal points of accumulation at lake and sea¬
board ports Saturday, Feb. 22, were as follows:
granary
GRAIN STOCKS
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
42,000
13,000
9,000
2,000
134,000
322,000
60,000
115,000
534,000
385,000
66,000
876,000
9,000
18,000
205,000
39,000
1,000
87,000
Wheat
Bushels
United States—
New York
Philadelphia, x
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
—
-
Kansas
1,026,000
8,406,000
3,935,000
7,244,000
3,980,000
St. Joseph
City.-.-.---.-- 28,395,000
2,759,000
7,879,000
7,094,000 13,565.000
Sioux City.-..-...----
798,000
6.363,000
Indianapolis.——
1,687,000
790,000
Peoria
Chicago
"
....
afloat
Milwaukee
1,651,000
1,439,000
996,000
660,000
10,455,000 13,135,000
283,000
592,000
1,000
2,000
1,000
126~666
1,000
20,000
138,000
8,000
336,000
2,000
10,000
3,000
3,000
11,000
1,000
Omaha
St. Louis
PRICES
49,267,000 9,276,000 65,063,000
68,149,000 20,166,000 83,839,000
72,225.000 19,253,000 69,737,000
3054
When Made
OF OATS FUTURES IN WINNIPEG
Sal. Mon.
Tues.
Wed. Thurs. Fri.\
33#
.
—
October...
Wed.
3554
Season's Low and
Season's High and When Made
38
3454
3254
FUTURES IN CHICAGO
Mon.
....
1938
on
May
July
September
May
1939
Today prices closed Vs to
corn.
July
451,000
1,441,000
1,705,000
1,149,000
When Made
prices closed %c. to l#ic. net
higher. The strong bullish action of the wheat market also
influenced oats.
Hasty covering of short commitments was
a real factor.
On the 25th inst. prices closed 3^c. to %e. net
lower.
The oats market ruled heavy in sympathy with
wheat and corn weakness.
On the 26th inst. prices closed
Y±e. to y8e. net lower.
Oats eased with corn.
There was
little interest in the trading.
On the 27th inst. prices closed % to %c. net lower.
Trad¬
and
384,000
CHICAGO
Wed.
Thurs.
Fri.
Oats—On the 24th inst.
lower
Same wk '40
IN
Season's Low and
Season's High and When Made
66
6554
6354
8054
OF CORN FUTURES
.
May
July
September
23,-
110,000
CLOSING PRICES
No. 2 yellow
May
July......
September
corn,
324,000
Same wk *39
Open interest in
Tot. wk.'41
3,698.000
83,000
24,000
47,000
206,000
433,000
"
6*000
5,000
166,000
152"66O
75LOOO
1,448", 000
571,000
2LOOO
199,000
262,000
1,156" 000
The Commercial & Financial Chronicle
1464
Wheat
Oats
Corn
Bushels
Barl eu
Rye
Bushels
Bushels
Bushels
Bushels
Minneapolis
25,681,000
10,357,000
1,236,000
1,748,000
3,565,000
JDuluth
18,780,000
115,000
2.680,000
194,000
661,000
313,000
3,000
888,000
5,000
2,000
180,000
746,000
308,000
484,000
Detroit-Buffalo
"
3,881,000
afloat.—
3,037,000
75,000
Total Feb. 22, 1941—-133,100,000 61,690,000
Total Feb, 15. 1941—134,923,000 62,225,000
Total Feb. 24, 1940--100,554,000 39,562,000
x
4,251,000
5,275,000
6,553,000
5,493,000
6,704,000
7,606,000 10,039,000 13,113,000
4,333,000
Philadelphia also has 1,000 bushels Argentine
corn
March
1, 1941
Small Grains—The abnormally cold weather was hard on winter whe
in the southern portions of the belt where not
but
temperatures
reported.
continuously
were
low
protected by a snow cover
and no important heaving is
Three to five inches of snow occurred in central and western
Kansas and widespread precipitation to the southward of
In the southwestern belt wheat made but little growth
that State.
because of low
temperatures, but the general condition remains favorable.
In Kansas
reports of damage from winter killing are very conflicting.
West of the
Rocky Mountains a generally favorable outlook is maintained.
The seed¬
ing of spring oats in the southern Great Plains is being seriously delayed
by continued wet soil.
in store.
Note—Bonded grain not Included above:
Oats—Buffalo, 133,000 bushels; New
Erie, 228,000; total, 361,000 bushels, against 1,047,000 bushels In
1940.
Barley—New York; 36,000 bushels; New York afloat, none; Buffalo, 55,000;
Duluth, 82,000; in transit—rail (U. 8.), none; total, 173,000 bushels, against 1,552,000 bushels in 1940.
Wheat—New York, 2,873,000 bushels; New York afloat,
779,000; Boston, 1,844,000; Philadelphia, 887,000; Baltimore, 1,761,000; Portland,
1,437,000; Buffalo, 9,297,000; Buffalo afloat, 699,000; Duluth, 14,108,000; Erie,
1,989,000; Albany, 8,307,000; in transit—rail (U. 8.), 2,126,000; total, 46,107,000
bushels, against 29,417,000 bushels In 1940.
York,
none;
Wheat
Canadian—
Corn
Oats
Rye
Barley
Bushels
.'<•
Bushels
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 59,002,000
Ft. William <ft Pt. Arthur
1,148,000
356,000
869,000
1,707,000
3,642,000
1,575,000
1,043,000
3,605,000
6,497,000
2,525,000
6,487,000
11,708,000
89,073,000
2,515,000
5,517,000
5,696,000
2,905,000
7,693,000
5,275,000
2,525,000
6,553,000
——
Other Can. & other elev.297,845,000
Total Feb. 22. 1941.-445,920,000
Total Feb. 15. 1941 .—445,634,000
Total Feb. 24, 1940.-296,349,000
594,000
Summary—
American
.133,100,000 61,690,000
445,920,000
4,251,000
Total Feb. 22, 1941.-.579,020,000 61,690,000
Total Feb. 15, 1941 —.580,557,000
62,225,000
Total Feb. 24, 1940—396,903,000 39,562,000
10,748,000
—
Canadian..
-
The world's
6,497,000
5,517,000
7,800,000 12,070,000
10,820,000
8,008,000 12,400,000
19,314,000 12,944,000 20,806,000
shipments of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Feb. 21 and since July 1, 1940, and
July 1, 1939,
shown in the
are
following:
Wheat
Corn
,
THE DRY GOODS TRADE
New York, Friday
number of
Since
Since
Week
Since
Since
Feb. 21,
1941
July 1,
July 1,
July 1,
1939
few months
1939
Feb. 21,
1941
July 1,
1940
Bushels
ArgentinaAustralia
Bushels
Bushels
Bushels
3,539,000 108,703,000 125,596,000
3,992,000 29,748,000
1,216", 000 58,612,000 113,150,000
11,293,000
Black Sea.
.
1940
Bushels
284,000
21,515,000
22,658,000
2,795,000
747",000
29,624",000
74,613,000
2,520,000
32,908,000
Other
countires
6,200,000
Total
17,808,000
...
4,755,000 177,507.000 297,595,000
1,031,000
53,659,0(H) 132,974,000
CCC Reports on 1940 Corn Loans—The
Commodity
Credit Corporation on Feb. 21 announced that as of Feb.
15,
1941, returns on the 1940 corn loan program show that
69,473 loans have been made for a total of 65,845,844 bushels
valued at $40,115,441.90.
Feb. 15 were reported as
bushels.
Loans
Repayments for the week ended
12 loans for
a
total
of
10,571
by States follow:
Stale
No. of Loans
Illinois
Bushels
8,655
Indiana
Amount
9,100,546
$5,551,145.26
734
.
630,094
384,344.28
37,793
37,850,646
23,088,406.80
446
Iowa
333,549
23,385
202,017.91
/
786-90
2,778,950.12
1,310,645.68
Kansas
Kentucky.
10
Michigan
3
5,709
Missouri
2,555
Nebraska
9,704
14,264.85
1,290
Minnesota
4,565,326
2,150,896
8,371,375
North Dakota
5,096,238.22
67
79,824
303
174,013
106,147.93
3,484
2,560,857
1,543,520.90
Ohio
South Dakota
Wisconsin
36,641.22
10
4,043
2,331.83
69,473
65,845,844
$40,115,441.90
_
Total
Weather
Report for the Week Ended
Feb.
26—The
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended Feb. 26, follows:
The outstanding feature of the week's weather
was the persistent sub¬
temperatures in all sections east of the Rocky Mountains,
except
in the extreme northeast and
upper Lake region.
The low
temperatures were emphasized because of the previous prevailing warmth
throughout nearly the entire winter.
In fact only two prior weeks, those
ending Dec. 3 and Dec. 17, were abnormally coid over large areas.
normal
small
"high ' over the northern Plains, with pressure readings ranging from
1030 millibars (30.40 inches) to 1040 millibars
(30.70 inches)
At the
beginning of the week some stations in this area reported minimum tem¬
peratures as low as —30 degrees and the daily minima were
persistently
below zero throughout the week; in fact, Devils
Lake, N. Dak.
had a
Weekly mean temperature of —10 degrees.
/
The weekly mean temperatures ranged from about 6
degrees to as many
as
14 degrees below normal everywhere east of the
Rocky Mountains
except locally in the Northeast and extreme South.
West of the Rockies
temperatures were generally above normal.
Precipitation was moderate to heavy in much of the South, but
elsewhere
east of the Great Plains only small amounts occurred in
the Lake region
Rains
or snows
were
Mountains.
San Diego
Thus
San
general in the southern Plains and west of the
Rocky
Heavy rain again occurred in California, especially the southas weekly totals!
Diego had more than the February normal and Los Angeles
reported 2.4 inches and Los Angeles 5.1 inches
nearly twice the normal for the entire month.
Frequent rains in the South, especially the Southwest, and low
tempera¬
tures generally east of the
Rocky Mountains, made conditions unfavor¬
able
in
for
the
seasonal
operations on farms.
In fact, the persistent wetness
Great Plains, especially Oklahoma and
Texas, has caused
delay in normal operations; in Oklahoma work is reported as
lower
material
three weeks late and the continuous rains
ing.
Also, the cold weather
necessary.
The
was
soil-moisture
hard
on
situation
interfering with spring seed¬
livestock with increased feeding
are
continues
abundant,
satisfactory
to
over¬
although some limited areas, principally in parts of the South¬
east and northern Rocky Mountain
sections, need more.
Good rains near
the close of the week were
decidedly helpful in Florida.
Because of low temperatures winter
crops made but
most
Southern
States, although
the coid weather.
Citrus trees
no
widespread harm
little progress in
reported from
was
in good condition in Florida and show
heavy bloom in the lower Rio Grande Valley.
West of the Rocky Mountains conditions were
are
again generally favorable.
Temperatures continued above normal and practically the entire area had
additional precipitation, much of it in substantial
amounts.
Wet weather
is
interfering with farm operations in the
California.
Livestock
were
favored in
south Pacific area,
western areas.
especially in
more
r
in relation
to
the pace of
as
the Government enters markets for additional
supplies of the types of goods required for the rearmament
4
.
■
Spurts of activity were witnessed in various sections of the
during the past week,/ while comparative
quietness prevailed in others.
Demand for print cloths
turned unexpectedly active at times, and mills were able
to dispose of quite sizable quantities.
Converters were the
principal buyers with deliveries extending over the first half
of the year.
Demand for sheetings was described as spotty
in that commission houses handling staple lines reported
light sales, while those specializing in specialties claimed
that they were obliged to refuse the majority of orders
submitted owing to delivery difficulties.
Prices for drills
continued to display an upward tendency with an extreme
scarcity noted in spot supplies.
Aside from Government
business, inquiry for ducks was said to be light.
According
to reports, the defense forces will
shortly send out invitations
for large quantities of numbered and shelter tent grades.
Delivery difficulties continued to hinder business on industiral specialties.
Osnaburgs were in light demand with
prices continuing firm.
Demand for rayons was also
light which was not surprising in view of the well sold ahead
position of most mills.
Prices continued to show a strength¬
ening trend.
Prices for print cloths were as follows: 39-inch
80s, 7% to 7^c.; 39-inch 72-76s, 7^c.; 39-ineh 68-72s,
65A to 6^gc.; 3834-inch 64-60s, 5 Me., and 383^-inch 6048s,
4>£c.
wholesale markets
Woolen
Goods—Developments in the men's wear division
completely overshadowed by the immense amounts of
business to be placed for Army supplies within the near
future.
Until this business is distributed, it was not ex¬
pected that mills would have much time to solicit business
were
for civilian fabrics.
mills will
areas
An unusual feature of the week was the
persistence of high pressure
with little change from day to day, over a
large northwesterh area
The
weather map of every morning from Feb. 18 to 25
showed an extensive
small
was
program.
Bushels
No. Amer.
directions
fair
in a
January and early February.
It appeared to be a case of
buyers being well covered and mills too tightly sold ahead
to entertain additional business.
The respite, however, was
more or
less welcomed in all divisions because, with the
prospective heavy defense orders, many merchants were
kept busy rearranging manufacturing schedules so as to be
able to take care of the Army orders.
Prices remained
firm throughout, and some sections of the market were
unable to accept orders profered owing to their inability
to meet delivery specifications.
In regard to the sold-up
position of mills, analysis of the unfilled orders for gray
goods disclosed that backlogs all over were considerably
larger than they were in the year 1937, but that the dis¬
tribution of business was quite different.
At present, the
largest backlogs consist of items suitable for military and
industrial purposes, whereas in 1937 materials for civilian
use comprised the bulk of the business on the books of mills.
Indications are that the industry in general will assume
war-time characteristics on a larger scale during the next
Week
Exports
Night, Feb. 28, 1941
While markets for dry goods continued to display a
amount of activity during the past week, the volume
One of the chief
problems confronting
be to fit in civilian orders with the forthcoming
Army contracts.
Many manufacturers are already allotting
goods to customers on the basis of previous annual sales and
are
not allowing purchases of a speculative nature.
It
appears to be a foregone conclusion that the combination
of defense and civilian business will
keep mills operating at
the highest capacity since March, 1918.
Continued im¬
provement was noted in the demand for women's wear, and
shortages
in various sections of the market.
blankets likewise continued to expand, with
were apparent
Demand for
mills for the most part operating at
capacity.
In some
instances, mills were refusing additional business pending
the placing of Army contracts.
Wool underwear and hosiery
mills maintained full operations and were
expected to con¬
tinue at this rate during the next several months.
Foreign Dry Goods—Linen markets ruled relatively quiet
Prices continued firm, and importers
disclosed that yarn for men's and women's handkerchiefs was
becoming so scarce that curtailment of production abroad is
expected.
Meanwhile,
the
United
States
Agricultural
Adjustment Administration took a step towards increasing
the domestic production of flax by announcing that it would
pay a subsidy of $5.50 a ton on all flax grown in this country.
The quality of American
flax, which is used principally for
toweling, is not so good as European flax.
Furthermore, it
is higher priced than the
European product, but the AAA
subsidy is expected to take care of this differential.
Burlaps
ruled quiet.
The supply situation was eased by the arrival
of three vessels at New York during the week with an esti¬
mated total of
more
than
20,000 bales.
Domestically
lightweights were quoted at 7.05c., and heavies at 9.40c.
during the past week.
Volume
152
1465
The Commercial & Financial Chronicle
'
State and City
Department
and "no
new taxes" were the keynotes of speeches delivered
by most governors before 42 State legislatures convening
early in 1941, the Council of State Governments said on
Specialists in
Feb. 17.
Illinois & Missouri Bonds
Prime emphasis was placed by virtually all governors upon the necessity
for complete cooperation in defense efforts.
Emphasis was placed upon the
functioning of defense councils and, in some instances, the enactment of
model laws for sabotage prevention, explosives control, home guard creation
and protection of property was called for.
Montana, Oregon and Wyoming governors gave increased Federal taxa¬
tion for defense as a major reason for restraint in imposing State taxes.
An
exception to the trend was Governors Lee O'Daniel of Texas, who favored
a 1.6 % transaction tax to furnish revenue for social security.
Funds needed
to meet fundamental State responsibilities, he said, should be raised by
Stifel. Nicolaus & CoJnc.
Founded 1890
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
taxation—now.
ST. LOUIS
O'Daniel
Taxes—Governor
was
for
abolition
of the poll tax,
was
as
The Governor of South Dakota favored repeal of
Indiana's governor.
the
individual net income tax and reduction of the sales tax; the Governor
Utah favored amendment of income tax laws to include
News Items
Arkansas—Highway Refunding Bonds Taken hy RFC—The
Reconstruction Finance Corporation bought all of the $136,330,557 of State of Arkansas tax-exempt highway refunding
bonds offered for sale
Federal
on
Feb. 27 at Little Rock.
Jesse Jones,
Loan
Administrator, said the 3Yi% interest rate
by a nation-wide syndicate of bankers which
originally considered participating in the loan to the extent
of $90,000,000 was too high.
demanded
Of the bonds bought by the RFC $118,330,557 will bear interest at the
rate of 3K% and $18,000,000 at 3%.
The bonds to be refunded bore an
average interest rate of 4.4%.
The refunding will save Arkansas approxi¬
mately $28,000,000 over the life of the bonds, Mr. Jones said.
"In our several conferences with the bankers," Mr. Jones said, "they
indicated to us they would not bid for as much as $90,000,000 and that
%. We thought this rate too high for
a tax-exempt bond of a sovereign State and offered to join the bankers by
taking one-half or even more if the issue carried a lower rate. Yesterday
the bankers seemed more uncertain as to what they would do and as it was
necessary to call the outstanding bonds on March 1, unless the refunding
issue is to be delayed until October, we decided to offer to buy the entire
issue and at a substantially lower rate than the bankers would make at this
the interest rate would have to be 3
time.
"The average rate of interest on the new issue, on the basis of our pur¬
chase, is approximately slightly less than 3.2% which, by comparison with
of other States, is still a high rate. We will
the $18,000,000 of 3% bonds with interested
investors at par. The remainder of the issue will be available to the market
when conditions appear to warrant."
The banking syndicate which had discussed participation in the refunding
was headed
by the Chase National Bank; Kuhn, Loeb & Co., and the
Mercantile-Commerce Bank & Trust Co. of St. Louis, and comprised
the yield on outstanding bonds
allow Governor Adkins to place
some
250 members.
Housing Loan Scheduled—The
first emission of New York State bonds for the financing of
housing projects was scheduled for Tuesday,
Mar. 11, in an announcement released on Feb. 26 by Con¬
low-rental
The securities will be 50-year serial
total of $19,600,000.
The rate of interest will
be left up to those submitting tenders, with the lowest rate
determining the successful bidder.
Tremaine.
troller
bonds, to
a
Constitutional Contention in 1938, authorized $300,000,000 of housing bonds, subject to law, and the Legislature in 1939 made
immediately available $50,000,000 of this sum out of the $150,000,000 that
was set as a temporary "ceiling" on the housing bond issues.
The forthcoming $19,600,000 will be for the Fort Greene housing project
in Brooklyn, which already is under way.
The contract was signed last
June by Edward Weinfeld, State Housing Commissioner, and the city's
authorities.
The State has to date advanced about $1,500,000 on the
undertaking through temporary borrowings.
Several other State projects are at various stages of readiness, but funds
for their financing will not be needed for some time.
The State also votes
annual subsidies for individual projects, but does not start payments until
the project is completed.
Controller Tremaine pointed out that while the State acts as borrowing
agent and underwriter for local housing authorities, the bonds are full
State obligations and are exempt from all Federal and State income taxes.
In outlining the details of the sale, the announcement read, in part, as
The State, at the
follows:
"The
forthcoming sale
will conform
to
the
In
be
required to name the rate of interest which the bonds will bear, such in¬
terest rates being in multiples of 14 of 1 %, and not more than a single rate
of interest being permitted for the whole issue.
Bidders may condition
their bids upon the award to them of 'all or none' of the issue, and the
award will be made to the bidder whose offer figures the lowest interest
cost to the State after deducting the amount of the premium, if any.
"No bids will be accepted for separate maturities or for less than par,
and all bids must be accompanied by a good faith deposit of at least 2 %
of the par value of the bonds bid for.
"The Controller, under the law, reserves
are
the right to reject any or all
of the State."
not, in his opinion, advantageous to the interest
Mortgage Moratorium Extension Asked—Extension of the
on mortgage foreclosures
until Jan. 1, 1944,
method of "tapering off" the relief were proposed on
moratorium
and
a
Feb. 26, by Senator
man
Carl Pack, of the Bronx and Assembly¬
John D. Bennett of Nassau.
They suggested a provision to limit over-all payments to
7% after the due date of a mortgage in order to avoid the
moratorium being declared unconstitutional.
New
York
Governor
State—Governor
Lehman,
acting
Names
under
the
Defense Council—
first major defense
legislation passed by the 1941 Legislature, on FebI. 25
the permanent State Defense Council.
Lehman sent the
for
confirmation.
named
nominations of 10 members of the council to the Senate
The Ostertag law creating the council provided for
membership of the Governor, Leiutenant Governor and legislative leaders
and makes the Governor chairman.
Members appointed by Lehman to serve at his pleasure include:
Dr. Carl E. Ladd of Ithaca, Paul Schoellkopf of Niagara Falls, A. F.
Sulzer of Rochester and Charles E. Wilson, F. E. Williamson, Gustave O.
Strebel, Thomas J. Lyons, John M. Hancock, Mrs. Anna Rosenberg and
Thomas A. Morgan,
United
Labor—"During this emergency period, it will be necessary
...
to
extraordinary precautions to safeguard
.
.
.
the just rights of
labor," said Governor Murray D. Van Wagoner of Michigan.
North
Carolina's Governor made a similar expression and the governors of New
use
Hampshire and Montana stressed labor's right to bargain collectively.
At least 10 governors favored liberalization of the unemployment com¬
pensation Act, most often by reduction
of the waiting period before benefits
begin and by an increase in the amounts of the benefits.
Delaware and
Michigan governors urged increases in tne benefits under workmen's com¬
pensation laws while other chief executives favored liberalizing or moderniz¬
Indiana, Michigan and Connecticut legislators were asked
consider wage and hour laws.
The governors of California and West
Virginia called for a State labor relations Act and Connecticut's Governor
for a State labor relations board.
Governor Dwight H. Green of Illinois
ing these laws.
to
proposed an organization of labor and business representatives to serve as a
clearing house for re-employment ideas and plans. Pennsylvania's Governor
suggested that emergency methods of arbitrating labor disputes affecting
defense contracts might be needed.
old age assistance benefits
Five governors stressed in¬
asked that the State
Work-Relief Act be changed to permit the department of public assistance
to operate work relief projects jointly with other State departments, counties
and municipalities; Ohio's Governor stressed the need to centralize public
assistance and relief functions in the counties.
The Governor of California
favored job-training for the unemployed and work-relief instead of outright
relief; he also urged universal compulsory health insurance.
The Governor
of Nebraska favored relief administration through local agencies, under
one program rather than many.
Welfare—Nine governors wished to increase
and
one
to extend benefits to more persons.
The Governor of Pennsylvania
creased aid to children.
Education—The governors
of North Carolina and Arkansas
wanted t<>
Governor, to standardize their pay; and
Pennsylvania, to guarantee teachers a minimum salary.
Massachusetts legislators heard their Governor recommend a full-time
placement director for every high school and the organization of a permanent
local youth planning board in every community.
He suggested also the
possibility of a State education loan fund.
Vocational education received
impetus from the defense program.
increase teachers' pay; Vermont's
all of New York City.
States—Governors
Urge
Defense
Cooperation,
Economy, No New Taxes—Close cooperation with the Na¬
tional defense program, strict economy in State government,
Civil Service—The governors of seven
ment of merit systems
States recommended the
for State employees.
establish]]
California's Governor recom"
administration be placed under civil service.
Administration—many of the governors favored reorganization of State
mended that the State relief
this
government or at least consolidation of agencies.
An exception to
trend was Governor Henry F. Scbricker of Indiana, who advocated a return
the standards of government prior to the State Reorganization Act of
to
1933.
Many of the governors asked for longer terms of office.
Legislators of
Dakota and Kansas heard recommendations that the governor s
extended from two to four years, and in New Jersey a recommenda¬
tion that the term be extended from three to four years.
The South
Dakota Governor recommended also an increase in the $3,000 yearly
salary paid in that State.
In North Dakota, the Governor favored the
election of all State and county officials for four years, while the governors
of New Mexico and Colorado favored extending the terms of office for elec¬
tive State officials to four years.
South
term be
Elections—New Jersey and North Dakota governors proposed that Stat®
presidential election years.
The Governor ol
Pennsylvania favored requiring re-registration of persons failing to vote in
any general election; the Governor of Rhode Island, the enactment of a
direct primary law; the Governor of Indiana, a State-wide primary for the
nomination of all State officials; and the Governor of Delaware, permission
for absentee balloting.
elections come on other than
usual pattern established
some years ago by the Controller in the marketing of State bonds.
other words, the bids will be received in sealed form and bidders will
bids which
living in the State and non-residents whose incomes are derived from Utah
industries; the Governor of Idaho, abolition or reduction of real and personal
property tax; the Governor of Wyoming, repeal of the 2% sales tax and
enactment of a 1.5% gross receipts tax; the Governor of North Carolina,
complete exemption of essential foods consumed in homes from the sales
tax; and West Virginia's Governor, an increase in personal income tax rates.
the Governor of
York State—Initial
New
of
Federal employees
Bonded Debts of Various
States Reduced in
Year—Substantial
made in the outstanding bonded debt of the
various States during 1940, according to reports made to
the "Wall Street Journal" by a number of State treasurers.
Of 27 State governments which submitted figures on their outstanding
indebtedness, 25 reported smaller obligations, against two which had in¬
creases.
The majority of the States also reported increased income for
reductions
were
the past year.
A compilation
of the reports for the 27 States
tion of $119,669,210 in
shows an aggregate reduc¬
The figures are based
outstanding bonded debt.
reports as of the end of June, 1940, for those
interim reports after the end of the fiscal year.
Total debt of the 27 States was $2,122,286,420
on
States which make no
for the latest reporting
periods, against $2,241,995,630 12 months previously.
Largest reductions were made by the States having the largest aggregate
outstanding bonded debt.
New York State, for instance, led the States
in the volume of outstanding debt, and also in the total reduction
New
showed $635,544,000
a reduction
York's report was for rhefiscal year ended June 30, and
at the middle of 1940, against $671,731,000 a year previously,
$36,187,000.
■
■
„T„.
,
Second largest reduction was made by the State of Illinois,
debt $12,740,000 to $161,418,500 at the end of 1940, as
158,500 a year previously.
of
,
..
.
_
.
which reduced
against $174.-
United
States—1940
National Income Mounted to
$73,800,000.000—Preliminary estimates of the Department
of Commerce show that the national income in 1940 totaled
$73,800,000,000, an increase of $4,400,000,000 over 1939.
National income last year was at the highest level In any year
since 1929 and compared with the 1932 low of $40,100,-
000,000.
Jesse
share
H.
of
Jones,
defense
Secretary of Commerce, said that, "since the major
activity was concerned with industrial materials and
of national income was paced by the commodity
producing industries."
"These industries—agriculture,
mining, manufacturing and contract
construction—in the aggregate produced a net product in 1940 vaiued at
$2,700,000,000 more than in 1939, an increase of 10%."
Income payments to individuals last year totaled $74,300,000,000, com¬
pared with a total of $70,100,000,000 in 1939.
equipment, the expansion
The Commercial & Financial Chronicle
1466
"The flow of income to individuals advanced sharply during the second
half of 1940 and closed the year substantially above the preceding year-end
figure," Mr. Jones said. "During the second quarter, income was disbursed
at the annual rate of $73.000.000,^00. By the final quarter, it had advanced
to $77,000,000,000, reaching an annual rate of $78,000,000,000 in Decem¬
ber."
March
1, 1941
Municipals
California
_
Bond
BANKAMERICA COMPANY
Proposals and Negotiations
Los Angeles
San Francisco
New York
Representative
Telephone WHitehall 3-3470
52 Wall St.
Alabama
Municipals
Steiner, Rouse
a
CALIFORNIA, State of—WARRANTS SOLD—An issue of $2,416,551.90 general fund registered warrants was offered for sale on Feb. 25
was awarded to R. H. Moulton & Co. of Los Angeles at 0.50%plus
and
Co.
premium of $2,013.
1941.
a
Members New York Stock Exchange
BIRMINGHAM, ALA.
Due on or about Nov. 26,
Dated Feb. 28, 1941.
FRESNO COUNTY SCHOOL DISTRICTS (P. O. Fresno),
BOND OFFERING—We are informed by E.
NEW YORK
Calif.—
Dusenberry, County Clerk,
bids until 10 a. m. on March 7. for the purchase
of the following not to exceed 5% semi-ann. bonds aggregating $66,000:
that he will receive sealed
Direct Wire
ALABAMA
ALABAMA, State of—WARRANTS SOLD—The State Public Schools
Corporation sold recently warrants aggregating $700,000 at 1%, divided
follows:
$350,000 to the First National Bank of Birmingham, $250,000
to the Birmingham Trust & Savings Co. of Birmingham, and $100,000 to
the First National Bank of Montgomery.
Dated March 4, 1941.
Due
on Sept. 30,
1941.
These warrants were Issued to finance payment of
$40,000 Malaga School District bonds.
Due $1,000 in 1942; $2,000 in
1943 to 1951, and $3,000 in 1952 to 1958.
Enclose a certified
check tor $1,000, payable to the Board of Supervisors.
26,000 Fresno Colony School District bonds.
Due $2,000 in 1942 to
1954.
as
teachers' salaries and other obligations as they come due for the remainder
of the current scholastic year.
Enclose
certified
a
check^or $1,000, payable to the Board
of Supervisors.
Dated March 1, 1941.
Denom. $1,000.
Prin.
ful money at the County Treasurer's office.
A
exceed 10 days, will be allowed the purchaser
and int. payable in law¬
reasonable time, not to
for the purpose of determin¬
ing at his own expense the legality or the proceedings
had in connection with
taken up and paid for
they are ready for delivery.
the issuance of the bonds, and the bonds must be
ANNISTON, Ala,—BOND OFFERING—We are informed by W. 8Coleman, Chairman of the Board of City Commissioners, that he will offer
for sale at public auction on March 4, at 3 p. m., a $16,000 issue of coupon
improvement bonds, series 331.
Interest rate is not to exceed 5%, pay¬
able M-S.
Denom. $1,000.
Dated March 1, 1941.
Due on March 1 as
follows: $2,000 in 1942 to 1947, and $1,000 in 1948 to 1951. Prin. and int.
payable at the Chase National Bank in New York. Legality to be approved
by Storey, Thorndike, Palmer & Dodge of Boston. A certified check for
$1,000, payable to the City Treasurer, is required with bid.
MONTGOMERY, Ala.—BOND OFFERING—Sealed bids will be re¬
ceived until noon on Mar. 18, by J. L. Cobbs, City Treasurer, for the
pur¬
chase of a $75,000 Issue of not to exceed 4% semi-ann. street
improvement,
bonds.
Dated Feb. 1, 1941.
Denom. $1,000.
Due Feb. 1, as
follows: $7,000 in 1942 to 1946 and $8,000 in 1947 to 1951.
Rate of in¬
terest to be in multiples of M of 1% and must be the same for
all of the
bonds.
Principal and interest payable at the Chemical Bank & Trust
Co.. New York.
These bonds, issued under the "Municipal Bond Code"
of the State are general obligations of the city.
series BD
(These bonds were originally offered on Feb. 25, as noted here—V. 152
1313—but all bids received were rejected as unsatisfactory.)
TARRANT CITY, Ala.—BOND REDEMPTION NOTICE—It is stated
by Z.D. McCuen, City Clerk, that the city has available for the purchase
of public improvement refunding bonds of the issue
dated April 1, 1937,
and which mature April 1, 1967, the sum of
$8,090.48, and the city wili
receive from holders of such bonds sealed tenders until March
18, at noon.
Such tenders must specify the numbers of the bonds so tendered or offered
for sale to the city, and the price at which the same are tendered or offered.
Bidders or offerers of such bonds may stipulate, if desired, that their tenders
p.
are
for the purchase of all or none of the bonds tendered.
Bidders shall
state in their tenders that the bonds
tendered, if purchased
will be delivered at the City Bank Farmers Trust
by the city,
Co., New York, on
March 31.
Enclose a certified check for 1% of the face amount of the
bonds tendered, payable to the city.
within five days after notice has been given that
(P. O. Los Angeles), Calif.—SCHOOL
Hall School District bonds offered for
1313—were awarded to G. W Bond & Soa of
Los Angeles, as 3s, paying a price of 101.025, a basis of about 2.58%.
Dated March 1, 1941.
Due $1,000 on March 1 in 1942 to 1945.
j
LOS
BOND
ANGELES
COUNTY
SALE—The $4,000 New
sale on Feb. 25—V. 152, p.
NORTH RIVER SANITARY DISTRICT NO. 1 (P. O. Oildale),
Calif.—BOND OFFERING CANCELED—It is stated by Chester W.
O'Neill, District Secretary, that the Board has rescinded the resolution
fixing March 6 as the date of sale for the $215,400 not to exceed 5% semi¬
annual sewage disposal bonds—V. 152, p. 1313.
A new date of sale will
be announced In the near future, he reports.
Dated June 1, 1941.
Due
from June 1, 1942 to 1961.
ONTARIO, Calif —BONDS SOLD—A $94,000 issue of
part of a
CITY. Calif.—BOND ELECTION—A election is said to
have the voters pass on the issuance
following bonds aggregating $250,000: $150,000 port, $75,000 park
and $25,000 playground bonds.
REDWOOD
be scheduled for March 25 in order to
of the
COUNTY (P. O. Sacramento), Calif.—SCHOOL
by T. F. Patterson, County Clerk, tbat a $463,District tax anticipation notes was
purchased on Feb. 24 by the American Trust Co. of San Francisco. at
0.23%, plus a premium of $6.00.
Denom. $100,000, one for $63,000.
Dated Feb. 27. 1941.
Due on May 29, 1941.
Legality approved by
Orrick. Dahlquist, Neff & Herrington of San Francisco.
SACRAMENTO
NOTE SALE—It is stated
000 issue of Sacramento Unified School
COLORADO
DENVER (City and County),
ARIZONA
municipal air¬
Feb. 19 by the California
100.30.
These bonds are
total issue of $150,000, approved by the voters on Jan, 21.
port bonds is said to have been purchased on
Bank of Los Angeles, as 2s, paying a price of
Colo.—BONDS OFFERED— Sealed pro¬
posals were received until 11 a. m. on Feb. 27, by F. E. Wilson, Manager
of Revenue, tor the purchase of a $2,914,200 issue of Special Improvement
District bonds.
These bonds are being issued to refund presently out¬
BONDS
standing refunding and improvement district obligations of the city
county, all secured by special assessments and from other funds as
vided by the charter of the city and county.
Markets in all Municipal Issues
STERLING, Colo.—BONDS SOLD—It is reported that $7,500
improvement bonds were purchased recently by a local investor.
PHOENIX, ARIZONA
"
ARIZONA
ARIZONA, State of—REVENUE
BOND LA W SCOPE ENLARGED—
from Phoenix advise that the State Legislature has under
consideration a measure (H. B. No. 46), which seeks to
enlarge the scope
or the Municipal Revenue Act, to include all
municipal utilities, and would
also remove the time limitation thereon.
News reports
DANBURY, Conn .—BOND SALE—The $150,000 series C coupon
corporate/ construction water bonds offered Feb. 24—V. 152, p. 1314
were awarded to the Harris Trust & Savings Bank of Chicago as
at
a price of 100.81, a basis of about 1.34%.
Dated Oct. 1, 1940, and due
$14,000 annually on Oct. 1 from 1941 to 1950, incl.
Other bids:
Bidder—
ARKANSAS, State of—BONDS SOLD TO RFC—A news dispatch
as follows on the disposition of the
huge State highway refunding bond issue offered for sale on that date, as
noted here in detail on Feb. 22—V. 152,
p. 1313:
from Washington on Feb. 27 reported
an interest in a refunding of $136,-
330,557 by the State of Arkansas failed to make
amount has been taken
an
offer and the entire
Of the total, $18,000,000 will bear interest
1 K%
inn'o»i
JM-282
IS!
DELAWARE
(State of)—BILL AUTHORIZES BUILDING BOND
ISSUE— Under the provisions of a bill recently introduced in the Legis¬
lature, the State is authorized to issue $100,000 4% bonds to finance a
portion of the cost of constructing and equipping a gymnasium and R. O.
T. C. building at the University of Delaware.
DELAWARE
'•Governor Adkins and his associates had expected to make this
refunding
3% rate, but it could not be accomplished at this particular time, even
with cooperation between the bankers
syndicate and the RFC," Mr. Jones
SSJu#
"RFC
officials have been conferring with the
underwriting syndicate
T£? syndicate expected to bid for approximately $90,issue, which is the amount of bonds necessary to be called for
payment on April 1. The RFC had been requested to
buy the $46,000,000
callable for payment on July 1.
nnn8noei?Lweaeks*
000.00 of the
I'ln our several conferences with the bankers the last few days, they
ideated to us that they would not bid for as much as $90,000,000 and
that the
,
interest rate would have to be 3
H %. We have thought this rate too
a tax exempt bond of a sovereign State, and offered to
join the
^ taking one-half or even more if the issue carried a lower rate.
Yesterday the bankers seemed more uncertain as to what they would
as it was necessary to carry the
outstanding bonds to March 1,
unless the refunding issue is to be
delayed until October, we decided to
oner to buy the entire
issue, and at a substantially lower rate than the
bankers would make at this time.
^
do, and,
"The average rate of interest
the
issue, on the basis of our purapproximately, but slightly less than, 3.2% which, by comparison
withthe yield on outstanding bonds of other
States, is still a high rate.
We will allow the Governor to
place the $18,000,000 3% bonds with
Arkansas and other interested investors at
par. The remainder of the issue
w
rnJre £7?
£
market when conditions appear to warrant."
Government unit was par for the maturities from 1969
^nA9;2 1968 the coupon rate placed at 3% and with the series due from
SH?
1943 to
carrying a 3 % % coupon.
on
new
c»ase, is
*
*
CALIFORNIA
ALAMEDA COUNTY (P. O. Oakland) Calif.—SEWER BOND
ELEC¬
TION—It is reported that an election will be held
vote on the issuance of $200,000 Oro Loma
bonds.
FLORIDA
at the rate of 3% and will be
at a
«^er
1H%
by the Reconstruction Finance Corporation, Federal
tax exempt, the balance carrying 3 M % also with
exemption from taxation.
The smaller amount is still available to
private investors at par and the rest
will be available to the market when conditions
appear to warrant
This refunding will save the State of Arkansas
approximately $28,000,000
over the life of the bonds.
high for
-
—
Loan Administrator Jesse II. Jones announced.
^
?n
InhJ%te
R. D. White & Co.....
Halsey, Stuart & Co., Inc
Blair & Co., Inc
ARKANSAS
^Banking groups which had indicated
special
CONNECTICUT
REFSNES, ELY, BECK & CO.
.
ana.
pro¬
on
March 20 in order to
Sanitary District
sewer system
issue
BARTOW, FlaBONDS VALIDATED— It is reported that an
of $1,131,000 refunding bonds has been validated.
FLORIDA, State of—MUNICIPAL SITUATION
DISCUSSED—'The
following information is taken from the February issue of the bond bulletin
prepared monthly by A. B. Morrison & Co. of Miami:
.■
Prices on Florida municipals continue to sag lower, particularly in those
issues not receiving dealer support. Offerings continue few in number. As a
whole business is very quiet. Investors are not anxious, apparently, to buy
bonds, for certainly there is no wide-spread demand. The softness or the
market has had its effect on refunding plans, and dealers have backed away
from several situations where two or three months ago they would have been
falling
each other to get the contracts.
County recently sold, after considerable dickering, $2,000,000
and $4,000,000 causeway revenue 4 J£s, both at a slight premium.
The causeway revenue bonds are highly speculative and while eventually
they will probably pay out, it appears it will be some years before revenues
equal debt service charges. The causeway runs from Miami to Virginia and
Biscayne Keys, south of Miami Beach, both undeveloped territory.
One
of the parks will be on the northern part of Biscayne Key, and the park
and
he remainder of the key must be developed before any substantial
revenue is available.
It is rumored that one of the large banking groups
here in Florida will take over the greater part of the issues.
The Florida Supreme Court recently handed down an interesting decision.
Under our Florida constitution, as most of you know, homesteads to the
value of $5,000, are exempt from taxation, excepting for debt service on
bonds issued prior to November, 1934, or on bonds refunding such obli¬
gations.
Also, under Florida laws, only freeholders can vote on bonds.
What the Florida Supreme Court said, in effect, was that a freeholder who
wouldn't be taxed for a new bond issue couldn't vote on it, for he paid no
over
...
...
Dade
Park 3
}
This, to our mind, is plain fair play and common sense.
The influx of tourists right now is large, but they are late arriving,
#
part of it.
and
The truck farmer has had a poor year, generally
speaking, with excessive rain, frosts and cold weather generally.
Evidence continues to multiply that the Legislature convening in April
■will likely take away one cent of the gas tax going to counties, but extend the
tax to those counties where it has expired.
And there is talk of a super¬
highway, toll supported, down the East Coast; also rumors of a State¬
wide refunding of county road bonds backed by a pledge of money from the
State Road Department.
the season will be short.
The Commercial & Financial Chronicle
Volume 152
JACKSONVILLE, Fla.—ACTION
DEFERRED ON BOND REFUND-
IM? PLAN—The Jacksonville "Times-Union" of Feb. 20 carried the fol¬
lowing report:
v
City Commissioners yesterday delayed action on a proposed $3,000,000
bond refunding program for another week and in the meantime invited
other propositions
looking towards the exchange of low-interest bonds
foroutstanding bonds drawing a higher rate of interest.
The Commissioners have had before them for the
past week a proposal
by Natt Wagner, New York bond house executive, offering to undertake
„ex?hange
S3,000,000 worth of bonds, which mature in 1942, 1943,
1944, 1945 and 1946, on the basis of 4% until maturity and at 2>£% over
a
period of years.
It had been
previously estimated that the plan would save the City
more than $1,000,000 in interest.
The affected bonds now draw interest
at 4H, 5 and 5>£% and
average 4.9%.
Consideration of the proposal was recommended last week
by Finance
Commissioner Fred M. Vlaz, who said that impending Federal legislation
to permit taxation of
municipal securities would force interest rates upward.
He added that some kind of a bond exchange
program
take advantage of existing low interest rates.
would be desirable
to
V
At
yesterday morning's special meeting of the Commission, Mr. Valz
reported that local bankers had told him informally that they were skeptical
of the Wagner plan to issue 2)4% bonds.
He said they had expressed
belief that the bohd market condition does not warrant such an optimistic
'View.
'
One of the Commission's actions was to request written statements of
the reaction of the city's three largest banking institutions to the Wagner
proposal.
The action to invite further proposals followed the appearance
of
Clyde C. Pierce, head of a local bond brokerage concern bearing his
name, and George W. Simons, Jr., consulting engineer, who has had wide
experience in bond refunding work.
Both said they would like to submit proposals of their own, and Mr.
Pierce, commenting upon the Wagner offer, protested that Mr. Wagner's
fee was too high for the service sought to be performed.
Mr. Pierce also
expressed doubt as to Mr. Wagner s ability to handle the bonds on a 2)4 %
basis.
He suggested that the city could do all that Mr. Wagner had pro¬
posed to do and at a saving equal virtually to what would be Mr. Wagner's
fee.
Mr.
Simons said he
fiscal agent for numerous Florida
municipalities and had handled the refunding of several millions of dollars
worth of bonds.
He said he could submit a proposition within a week.
had acted
as
a
GARY,
1467
Ind.—WARRANT SALE—'The First
his motion.
it cannot be done anyway,
Mr. Valz explained
yYy;,Y'-Y-Y' • Y.'.-V:'/'
' v,
year,
■
■rYY'vy
PINELLAS COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. O.
Clearwater), Fla.—BOND OFFERING—It is stated by G. Y
Fuguitt,
Secretary of the Board of Public Instruction, that he will receive sealed
bids until 11
a.
m.
on
11, for the purchase of the following not to
March
exceed
4)4% semi-ann. general refunding bonds aggregating $116,000:
$109,000 Special Tax School District No. 12 bonds.
Due April 1, as
follows: $3,000 in 1953, $19,000 in 1954, $16,000 in 1955, $18,000 in 1956,
$20,000 in 1957, $22,000 in 1958, and $11,000 in 1959.
Enclose a certified
check for $2,000 payable to the Board.
$7,000 Special Tax School District No. 5 bonds.
Due April 1, as fol¬
lows: $4,000 in 1953, and $3,000 in 1954.
Enclose a certified check for
$200, payable to the Board.
Dated April 1, 1940.
Denom. $1,000.
Prin. and int. payable in New York City.
The bonds are coupon bonds,
non-registerable; general obligations; payable from an unlimited tax to
be levied upon ail taxable property (including homesteads) within the dis¬
tricts.
The bonds have been validated, printed and executed, and will be
delivered with the approving opinion of Masslich & Mitchell of New York,
with charge, and will be delivered at any city in tne United States desired
by the purchaser without additional
20, 1941.
expense
to him on or about March
-
COUNTY
(P.
O.
Int. Rate
Bidder—
SANITARY DISTRICT (P. O. Gary), Ind.— WARRANT
A. Sabo, City Comptroller, will receive sealed bids
m. on March 15 for the purchase of $30,000 not to exceed 4%
GARY
OFFERING—John
until
10
a.
interest temporary loan warrants.
1941.
The warrants are payable
Abbeville),
Ga.—BOND
PURCHASE
ILLINOIS
111.—BOND OFFERING—The City Clerk will re
ceive sealed bids until March 7 for the purchase
of $53,000 judgment bonds.
CAIRO BRIDGE COMMISSION (P. O. Cairo),
111.—BOND CALL—
Ray Williams, Chairman, has announced that all outstanding Cairo
Bridge Commission 4% bridge revenue bonds (Cairo, Illinois-Wickliffe,
Kentucky, Bridge), dated April 1, 1936, due Oct. 1, 1962, and redeemable
on any interest payment date
after April 1, 1938, have been called for
redemption on April 1, 1941.
Such call is made in accordance with pro¬
visions of Article II of the trust indenture securing said bonds, and pur¬
suant to a resolution of the Cairo Bridge Commission.
The aggregate
principal amount of said bonds so called for redemption is $1,574,000,
each bond being in the denomination of $1,000 and said bonds constitute
all of the bonds of an issue of $1,800,000, numbered 1 to 1,800, inclusive,
except $226,000 bonds which have heretofore been called for redemption.
Payment of the principal amount of said bonds so called for redemption,
together with a premium of 5% of such principal amount, will be made
upon the surrender of said bonds in negotiable form, accompanied by all
Oct. 1, 1941, and subsequent coupons, at the Chemical Bank & Trust Co.,
New York.
Coupons maturing April 1, 1941, and prior thereto, will be
paid upon the presentation and surrender of such coupons.
Interest on said bonds shall cease to accrue from and after April 1, 1941.
CREEK
REFINANCED
SPECIAL
BY RFC—E.
DRAINAGE
M. Dunn,
DISTRICT,
III.—DEBT
District Treasurer, recently re¬
ported that the district's indebtedness had been refinanced by a loan from
the Reconstruction Finance Corporation and that principal and interest
charges are being regularly paid.
(P. O. Chicago), 111.— WARRANT OFFERING—
The County Treasurer will receive sealed bids until March 3 for the pur¬
chase of $6,569,193 tax anticipation warrants.
COOK
Due Dec. 5,
Dated March 5, 1941.
of certain taxes heretofore levied
legal opinion of Matson,
Ross, McCord & Ice of Indianapolis will he furnished the successful bidder
at the district's expense.
No conditional bids will be considered.
and
now
out
in course of collection and the approving
HYMERA,
Ind.—BOND
receive sealed bids until
10
OFFERING—The
a.
m.
Board
of
Trustees
will
March 8 for trie purchase of $4,000
on
Dated March 8, 1941.
4H% street improvement bonds.
Denom. $100.
Due
$400 on Oct. 1 from 1941 to 1950, incl.
Interest semi annually.
Transcript of proceedings may be inspected at office of Walter F. Wood,
Attorney, Sullivan, Ind.
No conditional bids will be considered.
KOKOMO, Ind.—BOND SALE—The $69,000 coupon refunding bonds
offered Feb. 25—V. 152, p. 1158—were awarded to John Nuveen & Co. of
Chicago, as 1 )4s. at par plus a premium of $91.77, equal to 100.133, a basis
of about
1.22%,
Dated March 10, 1941, and due as follows: $4,000
July 1, 1942; $5,000 Jan. 1 and July 1 from 1943 to 1948, incl., and $5,000
Jan. I, 1949.
Second high bid of 100.031 for 1Us was made by Charles K.
Morris & Co. of Chicago.
Other
bids:
Rate Bid
Int. Rate
Bidder—
Raffensperger, Hughes & Co
1)4%
Baum, Bernheimer Co
Fletcher Trust Co.
1 Ml %
100.56
100.538
100.256
100.22
100.28
100.159
1J^%
1 M%
Harriman Ripley & Co
City Securities Corp
154%
Kenneth S. Johnson
2%
IDAHO
COEUR
Idaho—BOND OFFERING—Sealed bids will be
received until 7 p. m. on March 3 by P. N. Panabaker, City Clerk, for the
purchase of a $50,000 issue of coupon city bonds.
Interest rate is not to
exceed 6%.
All bids shall specify (a) the lowest rate of interest and pre¬
mium, if any, above par at which the bidder will purchase such bonds,
or (b) the lowest rate of interest at which the bidder will purchase such
bonds at par.
The bonds are to be issued pursuant to and as authorized
by Ordinance No. 794 of the city, passed and approved on Feb. 3, 1941.
Each bidder (except in the case of a bid which may be received from the
State, or its Department of Public Investment) shall accompany such bid
by a certified check for 5% of the amount of such bid, payable to the city.
The bonds will not be sold for less than par and accrued interest to the date
of delivery.
-YY" ;;y.
?:::
D'ALENE,
IOWA
SCHOOL DISTRICT (P. O. Belmond), Iowa—BONDS
OFFERED—Bids were received until Feb. 27 at 2 p. m. by Edna M. Kemp,
BELMOND
District Secretary, for the
purchase of $28,000 school bonds.
DAVENPORT, Iowa—PRICE PAID—The City Clerk states that the
$310,000 2% semi-annual refunding bonds sold to a syndicate headed by
Vieth, Duncan & Wood of Davenport, as noted here—V. 152, p. 1314—
were pin-chased at par.
Due on Nov. 1 in 1950 to 1960.
INDEPENDENT SCHOOL DISTRICT (P. O. De»
Iowa—BOND ELECTION—The Secretary of the Board of
22—V. 152, p. 1314—
that an election will be held on March 10 in order to vote on the issuance
of $990,000 school building bonds.
Y;-.
Directors confirms the report given here on Feb.
$5,000 in 1952 to 1960.
CLEAR
1.20%
2%
2%
Benjamin Lewis & Co
John Nuveen & Co. (plus $58.58 premium)
Gary Trust & Savings Bank
Moines),
CONTRACT—It is reported that Brooke, Tindall & Co. of Atlanta, have
contracted to purchase as 4s, at par approximately $100,000 funding bonds,
maturities to be determined later, and $45,000 refunding bonds, due
BLOOMINGTON,
Co. of
DES MOINES
GEORGIA
WILCOX
Trust
a
which may be entered into with Mr. Wagner
"If Mr. Wagner or anyone else who might
by Oct. 1 of this
continuance of any contract
beyond Oct. 1.
be employed cannot do this
&
was awarded on Feb. 17 a total of $145,000 corporate fund
park fund warrants at 1 %, plus a premium of $44.81.
Dated Feb. 15,
1941, and due May 15, 1941.
Other bids:
Mr. Valz moved thabthe Commission meet again next Wednesday morn¬
ing after he had expressed himself opposed to
Bank
South Bend
and
COUNTY
MASON CITY, Iowa—BOND OFFERING—11 is stated by R. A. Potter,
City Treasurer, that he will receive sealed bids until 10 a. m. on April 7,
for the purchase of $100,000 coupon airport bonds.
Dated March 1, 1941.
Denom. $1,000.
Due Nov. 1, as follows: $3,000 in 1942, $5,000 in 1943 to
1955, $6,000 in 1956 to 1958 and $7,000 in 1959 and 1960.
Alternative
bids will be considered for bonds maturing as above without option of
prior redemption and also for bonds maturing as above but with bonds
maturing in 1946 to 1960, optional for redemption prior to maturity on
May 1, 1946, or on any interest payment date thereafter.
Bidders snould
specify the interest rate, and, all other conditions being equal, preference
will be given to the bid of par and accrued interest or better specifying tne
lower coupon interest rate.
Prin. and int. (M.-N.), payable at the City
Treasurer's office.
The city will furnish the bonds and the approving
opinion of Chapman & Cutler, of Chicago, and all bids must be so con¬
ditioned.
Enclose a certified check for 3 % of the par value of the amount
of bonds bid for.
-
CITY SCHOOL DISTRICT (P. O. Sioux City), Iowa—
BOND ELECTION—It is reported that an election will be held on March
10 in order to have the voters pass on the issuance of $20,000 building
addition bonds.
Y' YY
';Y -y>
SIOUX
STORM LAKE,
Iowa-BOND SALE—The $30,000 semi-annual airport
152, p. 1314—were awarded to local
paying a premium of $65. equal to 100.21, a basis of about
Dated March 1, 1941.
Due $1,500 from March 1, 1942 to 1961.
bonds offered for sale on Feb. 24—V.
banks
as
1.98%.
2s.
WEBSTER COUNTY (P. O. Fort Dodge), Iowa—BOND SALE—The
$130,000 issue of funding bonds offered for sale at public auction on Feb. 25
—V. 152, p. 1314—was awarded to Halsey, Stuart & Co., Inc. of Cnicago,
as IHs, paying a premium of $155, equal to
100.119, a basis of about
1.22%.
Dated Jan. 1, 1941.
Due on Jan. 1 in 1942 to 1949.
WOODBURY
(P.
COUNTY
O.
Sioux
City), Iowa—BOND SALE
that the $12,000 Garretson
DETAILS—The County Treasurer now reports
Drainage District No. 1 bonds sold to the Carleton D. Beh Co. of
Moines, as noted here—V. 152, p. 1314—were purchased as 3s at par,
mature $4,000 on June 1 in 1941 to 1943.
■
,
Des
and
,
INDIANA
KANSAS
FORT
WAYNE, Ind.—OTHER BIDS—The $125,000 series Y municipal
airport bonds awarded Feb. 20 to R. K. Webster & Co. of New York as
l^s, at par plus a premium of $427.50, equal to 100.342. a basis of about
1.19%, as reported in V. 152, p. 1314, were also bid for as follows:
Bidder—
Int Rale
Premium
Paul H. Davis & Co. and Estabrook & Co___—,«.*
IH%
$975.00
Harriman Ripley & Co., Inc—.
IH%
878.00
City Securities Corp
114%
834.00
Harris Trust & Savings Bank
1 M%
825.00
Fort Wayne National Bank
—
1K %
666.00
John Nuveen & Co
—IH%
529.00
Halsey, Stuart & Co., Inc
114%
490.00
Lazard Freres & Co_________
114%
447.50
Paine. Webber & Co
114%
258.00
Northern Trust Co. of Chicago..,
114%
222.50
Blair & Co., Inc.
114%
1,424.00
Central Securities Co. of Fort Wayne
154%
400.00
Kenneth S. Johnson, Indianapolis
154%
375.00
Seasongood & Mayer
2%
62.85
CITY, Kan.—BOND OFFERING—It is stated by Howard
Payne, City Clerk, that he will receive sealed bids until March 10, for the
purchase of a $750,000 issue of airport bonds.
KANSAS
.
—
..........
WYANDOTTE
COUNTY
(P.
O.
Kansas
City), Kan.—BONDS
purchased on Feb. 27
SOLD—An issue of $106,000 poor relief bonds were
by Paine, Webber & Co. of Chicago, and Soden & Co, of Kansas City, at
100.03, a net interest cost of about 1.38%, on the bonds divided as follows:
$76,000 as 1H», due on March 1; $11,000 in 1942 to 1947, and $10,000 in
1948, the remaining $30,000 as lMs, due $10,000 on March 1 in 1949 to
1951.
Dated March 1, 1941.
Prin. and int. (M-8) payable at the State
Treasurer's office.
Legality approved by Bowersock, Fizzell & Rhodes of
Kansas City.
— _
KENTUCKY
—
—
Ind.— WARRANT OFFERING—John A. Sabo, City Comp¬
troller, will receive sealed bids until 11 a. m. on March 17 for the purchase
of $130,000 not to exceed 2% interest temporary loan warrants, con¬
sisting of $105,000 corporation fund, $12,000 park fund and $13,000 sinking
fund.
The warrants bear date of Feb. 15,1941, and mature May 15, 1941.
Denoms. to suit purchaser.
The warrants are payable out of taxes hereto¬
fore levied and now in the course of collection for each of said funds, a
sufficient amount of which taxes has been appropriated and pledged to the
payment of said warrants and the interest thereon.
The temporary loans
are being made for the purpose of securing funds to meet current expenses
which are payable out of said three funds respectively prior to the collection
of the spring instalment of taxes in 1941.
The approving opinion of
Matson, Ross, McCord & Ice. of Indianapolis, will be furnished to the
purchaser at the expense of the city.
GARY,
Ky—BONDS SOLD—The City Treasurer states that
$75,000 2%% semi-annual stadium and r^reation field revenue bonds
were purchased on Feb. 14 at a price of 100.75.D
NEWPORT,
SOMERSET, Ky.—BONDS SOLD—It is stated by Mayor
Norfleet that
$120,000 3H% semi-annual sewer system and disposal plant bonds have
been purchased by the Bankers Bond Co. of Louisville, at par.
Due on
Jan. 1 as follows:
$4,000 in 1944 and 1945: $5,000, 1946 to 1948; $6,000.
1949; $7,000, 1950 and 1951, $8,000, 1952 to 1955, and $9,000 in 1956
to 1960.
MARYLAND
MARYLAND (State of)—BILL PROVIDES FOR $30,000,000 REVENUE
BONDS—A bill authorizing the State Roads Commission to build a highway
project, including a bridge, over Baltimore Harbor and to issue
revenue bonds has been introduced in the State Legislature.
$30,000,000
^
The Commercial & Financial Chronicle
1468
SALISBURY, Md.—
BOND City IREFFO
ehTN Clerk will receive
sealed bids until 8 p. m. on March 17 for the purchase of $55,000 not to
exceed 4% interest right-of-way bonds.
Denom. $1,000.
Due as follows:
$1,000 from 1942 to 1946, incl.; $2,000, 1947 to 1951, incl.; $3,000, 1952 to
1956, incl., and $5,000 from 1957 to 1961, incl.
MASSACHUSETTS
GLOUCESTER,
Mass .—OTHER BIDS—The $75,000 water bonds
100.933, a basis of aoout
reported in V. 152, p. 1315, were also bid for as follows:
awarded to Tyler & Co. of Boston as 134s, at
1.38%,
as
Bidder—
Gloucester National Bank..
Int. Rate
1 34%
Cape Ann National Bank, Gloucester
Halsey. Stuart & Co., Inc
Estabrook & Co
Gloucester Safe Deposit & Trust Co__..„-__,.
F. Brittain Kennedy & Co___.
Lee Higginson Corp
Kidder, Pea body & Co..
Whiting, Weeks & Stubbs
K. H. Rollins & Sons, Inc_„..
R. L.Day & Co
Bond, Judge & Co.._
-
Rate Bid
100.44
134%
134%
100.39
1 34%
1 34 %
100.28
100.256
100.18
134%
100.177
1 34%
*,.■
100.125
100.063
100.874
100.842
100.79
100.765
134%
lh%
1%%
154%
_
l%%
LEOMINSTER, Mass.—BOND SALE—The Merchants
National Bank
issue of $15,000 1 34 % water bonds at
price of 100.39.
Due serially from 1942 to 1956, incl.
Other bids:
Tyler & Co., 100.33; Second National Bank of Boston, 100.25; First Na¬
tional Bank of Boston, 100.168.
of Boston
was
awarded
on
Feb. 27
an
a
MALDEN, Mass.—NOTE OFFERING—J. Howard Hughes, City Treas¬
urer, will receive bids until noon
on
March 5 for the purchase of $500,000
notes issued in
anticipation of revenue for the current year.
Dated March 6,
1941 and due $250,000 Jan. 15, 1942, and $250,000 Feb. 17, 1942.
Notes
will be authenticated as to genuineness and
walidity under advice of Ropes,
Gray, Best, Coolidge & Rugg of Boston,
MASSACHUSETTS (State of)—NOTE OFFERING—William E. Hur¬
ley, State Treasurer, will receive sealed bids until noon on March 3 for the
purchase of $4,000,000 notes dated March 6, 1941, and due March 2, 1942.
Issued under the provisions of Chapter 49 of the Acts of 1933 as
amended,
creating an Emergency Finance Board, being in renewal of $4,000,000
notes due March 6, 1941.
Award of loan is subject to the approval of the
Governor and Council.
The notes are direct obligations of the Common¬
wealth 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.
Principal and interest payable in Boston or New York
at option of purchaser.
MASSACHUSETTS
(State
of)—BOND
SALE—The
$1,500,000
Metropolitan Additional Water Loan of 1926 bonds offered Feb. 24—Y.
152, p. 1159—were.awarded to
a
group
composed of the Bankers Trust Co.,
Harris Trust & Savings Bank, and Roosevelt &
Weigold, Inc., all of New
York,
124s, at a price of 102.76, a basis of about 1.57%.
Dated Jan. 1,
1941, and due $60,000 annually on July 1 from 1946 to 1970, incl.
Reoffered at prices to yield from 0.90% to
1.70%, according to maturity.
Other bids, all for 124% bonds, were as follows:
as
Bidder—
Rate Bid
Halsey, Stuart & Co., Inc.; Blair & Co.. Inc.: Ladenburg, Thalmann & Co.; Graham, Parsons &
Co.; Darby & Co., Inc.; Adams,
McEntee & Co., Inc.; George B. Gibbons & Co.; First of Michigan Corp.; Bond, Judge & Co., and H. T. Greenwood & Co____
First National Bank of New
York; R. W. Pressprich & Co.; North¬
ern Trust
Co., Chicago; Newton, Abbe & Co.; Hornblower &
Weeks and Preston, Moss & Co
Phelps, Fenn & Co., Inc.; Shields & Co.; C. F. Childs & Co.;
Boatmen'8 National Bank,
St.
Louis; Schwabacher & Co.;
Perrin, West & Winslow, and Chace, Whiteside & Symonds
Lazard Freres & Co.; B. J. Van Ingen & Co.,
Inc.; Equitable
Securities Corp., and Edward Lowber Stokes & Co
First Boston
Corp.; Estabrook & Co.; R. L. Day & Co.; Whiting,
Weeks & Stubbs, and Lee Higginson Corp__
Stone & Webster and Blodget,
Inc.; Harriman Ripley & Co.;
Kidder, Peabody & Co., and F. S. Moseley & Co
Lehman Bros.; Hemphill, Noyee & Co.; Eldredge &
Co.; Bacon,
Stevenson & Co.; Charles Clark & Co.; H. C. Wainwright &
Co., and Alfred O'Gara & Co__„
Chase
National
Bank
of
102.459
101.65
101.319
101.127
100.25
MILLBURY, Mass.—NOTE
SALE—The Merchants National Bank of
awarded on Feb. 27 an issue of $100,000 notes at
0.263% disDue Nov- 28, 1941.
Other bids:
Second National Bank of Boston,
was
0.271%; First National
Bank
of
Boston,
0.35%.
NEWBURYPORT, Mass.—NOTE SALE—The issue of $210,000 notes
offered Feb. 25—V. 152, p. 1315—was awarded to the First & Ocean Na¬
tional Bank of
Newburyport at 0.18% discount.
Due Nov. 7, 1941.
Leavitt & Co. of New York, second
high bidder, named a rate of 0.295%
for New York
delivery.
NEWTON, Mass.—NOTE
SALE—The issue of $600,000 notes offered
Aviv,37 was awarded to the Boston Safe Deposit & Trust Co., Boston, at
™
discount.
of
Due
Nov.
£ NORTHAMPTON,
Boston
1941.
Jackson
The
a rate
Mass.—NOTE
Merchants
National Bank
of 0.187%.
SALE—The
Merchants National
issue of $160,000 notes at
28, 1941 and due Nov. 14,
& Curtis, of Boston second high bidder, named a rate
was
awarded
0.15%, interest-to-follow
of
13,
Boston, second high bidder, named
on
basis.
Feb.
Dated
24
certificates,
;VV;,o•// ;-:v
v..
./'i
•,
MONROE COUNTY (P. O. Monroe), Mich.—TENDERS WANTED—
F. E. Gillespie, Clerk or the Board of County Road Commissioners, will
receive sealed tenders of various bonds
refunding
11
a.
aggregating $102,000 of the highway
dated March 1, 1939.
Tenders will be received until
March 22, and shall fully describe the bonds in question, and
issue,
on
m.
stipulate the lowest price at which they will be sold to the sinking fund,
but not to exceed par and interest.
NANKIN TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O.
Inkster),
Mich.—TENDERS WANTED—Mrs. Mabel VanVlear, District Treas¬
will receive sealed tenders of 1938 refunding bonds and certificates of
urer,
indebtedness, dated Jan.
1, 1938, until 7 p. m. on March 11.
Offerings
specify bond and (or) certificate of in¬
should be firm for five days, and
debtedness numbers and denom.
TROY
TOWNSHIP, Oakland County, Mich.—BOND OFFERING—
Glenn W.
Ladd, Township Clerk, will receive sealed bids until 10 a. m.
March 1 for the purchase of $90,000 not to exceed 6% interest
supply system revenue bonds.
Dated March 1, 1941.
Coupon
bonds in $1,000 denoms.
Due March 1 as follows: $2,000 from 1945 to
1950, incl.; $3,000, 1951 to 1954, incl.; $4,000, 1955 to 1958, incl., and
$5,000 from 1959 to 1968, incl.
Principal and interest (M-S) payable at
the Township Treasurer's office.
These bonds are part of an authorized issue of $J80,000 for the purpose
of refunding outstanding water revenue bonds of the township and for the
construction of extensions to the water supply system.
The remaining
$90,000 of said issue are being offered in exchange to the holders of the out¬
standing bonds to be refunded, and these bonds can be sold only if the
holders of the present bonds consent to such exchange.
The bonds are not
a general obligation of the township, but are payable only from and secured
by a first lien on the revenues of said system.
A certified check for $1,500, payable to order of the Township Treasurer,
is required.
The township will pay the cost of printing the bonds and of
approving legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
(EST)
on
water
WAYNE, Mich.—BONDS SOLD—The $375,000 coupon water and sewer
system revenue bonds for which no bids were received Feb. 11—V. 152,
p. 1160—were subsequently sold at private sale to a group composed of the
Peninsular State Co., Detroit; Otis & Co., Cleveland, and the H. C. Speer
& Sons Co. of Chicago, as 334s, at a price of 96, a basis of about 3.96%.
Dated March 1, 1941.
Denom. $1,000.
Due March 1 as follows: $10,000
in 1943 to 1948, $15,000 in 1949 to 1956, $20,000 in 1957 to 1962, and
$25,000 in 1963 to 1965.
The village reserves the right to redeem at par
in inverse numerical order, on any interest date on or after March 1, 1944,
$25,000 bonds maturing March 1, 1965; $25,000 bonds maturing March 1,
1964 on any interest date on or after Sept. 1, 1946; $25,000 bonds maturing
March 1, 1963, on any interest date on or after March 1, 1949.
MINNESOTA
BELLE CREEK TOWNSHIP (P. O. Goodhue), Minn.—BOND SALE
DETAILS—The Township Clerk now reports that the $40,000 road im¬
provement bonds sold to the State, as noted here last September, were
purchased as 3s at par, and mature on July 1 as follows: $2,500 in 1945 to
1954, and $3,000 in 1955 to 1959.
DETROIT
LAKES, Minn.—BONDS VOTED—At an election held on
are said to have approved the issuance of $50,000 sewage
Feb. 18 the voters
ST.
101.08
r
Boston
MICHIGAN STORM SEWER DRAIN DISTRICTS, Mich.—STATUS
REFUNDING
OPERATIONS—The
Bondholders'
Committee
for
OF
Michigan storm drain districts issued under date of Feb. 17, a report to
holders of certificates of deposit setting forth the current status of the in¬
debtedness of the various districts whose bonds are represented by such
plant bonds.
New
York; Salomon Bros. ~ A Hutzler;
Blyth & Co.; Union Securities Corp.; L. F. Rothschild & Co.,
and E. II. Rollins &
Sons, Inc
1, 1941
$316,000 coupon highway improvement refunding issues offered
Feb. 26—V. 152, p. 1315.
In this connection, it is stated that a syndicate
including bond houses in Lansing, Detroit, Toledo and New York advised
the Highway Department by telegraph that they declined to bid for the
bonds pending decision of a Supreme Court case and the outcome of legis¬
lation now before the State Legislature clarifying certain legal questions
which have arisen as a result of the 1940 land sale by the State Land Board.
State Highway Commissioner G. Donald Kennedy intimated that action
on the matter would be deferred until the State Supreme Court and the
State Legislature clarified the situation.
102.104
101.933
March
for tbe
until
PAUL, Minn.—BOND OFFERING—Sealed bids will be received
10
a.
m.
on
March 5, by Harold F.
Goodrich, City Comptroller, for
the purchase of a $275,000 issue of coupon public welfare bonds.
Interest
rate is not to exceed 6%, payable M-S.
Denom. $1,000.
Dated March 1,
1941.
Due March 1, as follows: $25,000 in 1942, $26,000 in 1943 and 1944,
$27,000 in 1945 and 9146, $28,000 in 1947 and 1948, $29,000 in 1949 and
1950, and $30,000 in 1951.
Bids may be submitted in multiples of 34 or
l-10th of 1%.
Bonds must bear one rate of interest.
No bids will be
considered which are not in accordance with the notice of sale or for less
than par and accrued interest.
The bonds are to be issued under authority of and in all respects in full
compliance with Chapter 120, Laws of 1933, as amended by Chapter 48,
Session Laws of 1935. Chapter 105, Session Laws of 1937, and as further
amended by Chapter 108, Session Laws of Minnesota for 1939, and Council
File No. 1211523, approved Feb. 1, 1941.
Under and by the terms of the
resolution, the faith and credit of the city are irrevocably pledged to pay
the principal and interest at maturity on the bonds.
The approving
opinion of Thomson, Wood & Hoffman of New York, and James T. Denery
of St. Paul, will be furnished.
Bonds will be furnished by the city, but
delivery shall be at purchaser's expense.
Enclose a certified check for 2%
of the amount of bonds bid for,
payable to the city.
an
Feb.
MISSISSIPPI
0.157%.
BILOXI,
Mi88.—BONDS SOLD—The City Clerk states that $30,000
3%% semi-annual refunding bonds validated by the Chancery Court last
MICHIGAN
BAY
offered Feb. 24—V.
at
December have been sold.
CITY, Mich.—NOTE SALE—The $70,000
152,
p.
tax anticipation notes
1315—were awarded to the Bay City Bank,
0.75% interest.
Dated Feb. 18, 1941, and due on or before Sept. 27,
The National Bank of Bay City and the
Peoples Commercial &
Savings Bank, Bay City, jointly, bid a rate of 1%.
1941.
w
CLIO, Mich.—BOND
SALE—The issue of $112,000 refunding bonds
p. 1315—was awarded to Crouse & Co. and Cray,
Detroit, jointly, as 3s at par plus a premium of $78,
S9U J10 100.069, a basis of about 2.99%.
Dated March 1, 1941 and due
1. as follows: $2,000 in 1942; $3,000, 1943 to 1947, incl.; $4,000,
1948 to 1952, incl.; $5,000, 1953 to
1962, incl.; $6,000 from 1963 to 1965,
?£ e£,ed Feb. 24—V. 152,
McFawn & Co., both of
,,
\,,and S7'°Q0 in 1966.
callable
Bonds maturing March 1, 1965 and 1966
are
on
any interest date on or after March 1, 1944, in inverse numerical
Second high bid of 100.11 for 2s, 3s and 3
34s was made by N. V.
Sattley & Co. and the First of Michigan Corp., both of
order.
Detroit, jointly.
DEARBORN, Mich .—BOND
ment bonds offered Feb. 25—V.
Co. or Detroit.
The next
SALE—The $29,200 2% district assess¬
152, p. 1315—were awarded to Crouse &
highest bidders
Detroit.
was
the Peninsular State Co. of
GULFPORT, Miss.—BOND OFFERING— It is stated by Ivan Ballenger,
City Clerk, that he will receive sealed bids until 10 a. m. on March 6, for
purchase of $60,000 coupon airport bonds.
Interest rate is not to
exceed 6%, payable F-A.
Dated Feb. 1, 1941.
Denom. $1,000.
Due as
follows:
$2,000 in 1942 to 1946, $3,000 in 1947 to 1956 and $4,000 in 1957
to 1961.
Rate of interest to be in a multiple of 34 of 1%.
Prin. and int.
payable in lawful money at the Guaranty Trust Co., New York.
The full
faith, credit and resources of the city are irrveocably pledged for the pay¬
ment of the principal and interest of the bonds as they severally become
due.
The city will have all bonds prepared without cost to the purchaser.
The unqualified approving opinion of Charles & Trauernicht of St. Louis,
will be furnished by the city and said bond issue has been validated under
the laws of the State, all without cost to the purchaser.
Enclose a certified
check for $1,200.
•
the
HUMPHREYS COUNTY
Associated
HAMTRAMCK, Mich.—NOTES
NOT SOLD—E. W. Thomas & Co.
of
Chicago, in an informal proposal for the $135,000 not to exceed
6% interest
anticipation notes offered Feb. 25—V. 152, p. 1315, offered to
dispose
°-j
'ssue within 48 hours at 5% interest.
City was scheduled to con¬
sider the offer at a
meeting on Feb. 27.
tax
LIVONIA TOWNSHIP (P. O.
Farmington), Mich.—BOND SALE—
$75,000 water supply system revenue bonds offered Feb. 7—V.
152,
were awarded to Otis &
Co., Cleveland, and the Peninsular State
Co., Detroit, jointly, as 334s, at a price of 98.535. a basis of about
3.67%.
Dated July 1
1940, and due July 1 as follows: $3,000 from 1943 to 1946,
1 he
p. 864-
j&L°00, 1.947; $5,000, 1948 to 1950.
1958'
incl" and S3,000 in 1959.
P
Bidder—
Polk-Peterson Corp
H. C. Speer & Sons Co
siier, Roose & Co
incl.; $6,000, 1951; $5,000 from
Other bids:
Zn<. Rate
with
the
above
named
firm
in
the
public reoffering
are:
White, Dunbar & Co., and Scharff & Jones, both of New Orleans, the
Equitable Securities Corp. of Nashville, O. B. Walton & Co., and the
Leland Speed Co., both of Jackson, J. G. Hickman, Inc., of Vicksburg,
and the Max T. Allen Co. of Hazlehurst.
Dated Oct. 1, 1940.
Denom.
$1,000.
Due April 1, as follows: $40,000 in 1942, $42,000 in 1943 and 1944,
$44,000 in 1945, $46,000 in 1946, $47,000 in 1947, $49,000 in 1948, $50,000
in 1949, $52,000 in 1950, $53,000 in 1951, $55,000 in 1952, $57,000 in 1953,
$60,000 in 1954, $62,000 in 1955, $64,000 in 1956, $67,000 in 1957, $69,000
in 1958, $97,000 in 1959 and $107,000 in 1960.
Principal and interest
payable at the Citizens Bank & Trust Co., Belzoni.
IUKA SCHOOL DISTRICT (P.O. Iuka), Miss.—BONDS SOLD—The
of the School Board states that $15,000 4% semi-ann.
Superintendent
Rate Bid
4 %
100.909
4%
1%
97:11
school
bonds
have
been
purchsaed at
1940.
par
by the local bank.
Denom.
q« 614
'MICHIGAN (State of)—BONDS NOT SOLD—E. H.
Barkell, Director
of Finance, State
Highway Department, reports that no bids were submitted
(P. O. Belzoni) Miss.—BONDS OFFERED
TO PUBLIC—The First National Bank of Memphis, and associates, are
offering for public subscriptions at prices to yield from 2.00% to 3.20%,
according to maturity, an issue of $1,103,000 3 24% semi-ann. direct obli¬
gation refunding bonds.
$1,000.
Dated July 1,
JACKSON,
Allred,
Miss .—BOND OFFERING—It is stated by Mrs. F. B.
City Clerk, that she will receive sealed bids until 10 a. m. on
following not to exeed 6% semi-annual
bonds, aggregating $139,000:
March 11, for the purchase of the
coupon
The Commercial & Financial Chronicle
Volume 152
1469
$67,000 street intersection of 1941
bonds.
Due
$4,000 in 1942, and $7,000 in 1943 to 1951.
on April
1 as follows:
Issued for the purpose
portion of the cost of completed street paving
undertaken in conjunction with the Works Projects
of funding the city's
projects
Municipal Bonds
Administration.
tion
with
the
and the water works
owners,
bonds will be retired from
revenues
tion
to rate
as
or
be effected at the Jackson-State National Bank, Jackson.
The legal opinion of Thomson, Wood & Hoffman, of New York, will be
furnished to the successful bidder.
The city will pay the costs for printing
and validating the bonds.
Enclose a certified check for $2,780, payable to
the
city.
MADISON COUNTY ROAD DISTRICTS (P. O. Canton) Miss.—
BOND OFFERING—Sealed bids were received until midnight on Feb. 26,
by A. C. Alsworth, Clerk of the Board of County Supervisors, for the
purchase of funding bonds aggregating $14,000, divided as follows:
$5,750 Road District No. 2 bonds. Due as follows:
and $750, 1952.
8,250 Road District No. 5 bonds. Due as follows:
1943 to 1952, and $750 in 1953 to 1956.
$500 in 1942 to 1951,
$250 in 1942, $500 in
Denom. $250.
Dated Jan. 1, 1941.
The rate of interest to be fixed by
purchasers in bids, interest payable semi-annually.
Bids to include any
considerations of premium, expense of validation. Bonds will be validated
Mississippi Code 1930.
Due March 1
follows:
as
and $11,000 from
„
HERMANN
1.10%
1.10%
1.10%
1.20%
1.20%
Dick & Merle-Smith
SCHOOL
DISTRICT
(P.
O.
Hermann),
Dated Feb. 1, 1941.
said to
100.277
Manufacturers & Traders Trust Co.; Kean, Taylor &
Co.; George B. Gibbons & Co., Inc. and Adams
McEntee & Co., Inc__
Smith, Barney & Co. and Harriman Ripley & Co.,Inc
-
'
have
100.14
1.20%
1.20%
1X%
ix%
—
.
O. F. Childs & Co. and Sherwood & Co.
Blair & Co., Inc. and Goldman, Sachs &Co
Mercantile-Commerce Bank & Trust Co., St. Louis,
and R. D. White & Co.
100.109
100.201
100.199
'
1X%
100.16
ix%
IX%
1.30%
100.157
100.015
100.11
Hemphill, Noyes & Co.; E. H. Rollins & Sons, Inc.,
'
and Otis & Co
Salomon Bros. & Hutzler-_
—
Weigold, Inc_
Kidder, Peabody & Co.; Estabrook & Co. and B. J.
.
'
Van Ingen & Co., Inc___-
100.105
1.30%
i.auy
-
N. Y.—BOND ELECTION—An election will
the question of issuing $90,000 marine basin bonds.
be
BABYLON,
March 18
on
been purchased by
a
N.
Y.—BOND
For 1.10 % Bonds
—100.13
_
100.061
sewer
Dated
n
--100.307
Hemphill, Noyes & Co
—100.307
Kidder, Peabody & Co_
_____ 100.279
Harris Trust & Savings Bank, Chicago, and Roosevelt & Weigold,
First National Bank, Chicago
_______ ——
-
jointly-
local bank.
held
SALE—The $100,000 coupon or
registered series I general bonds of 1941 offered Feb. 25—V. 152, p. 1317—
were awarded to Harriman Ripley & Co., Inc., New York, and the National
Commercial Bank & Trust Co., Albany, jointly, as 1.10s, at a price of
100.16, a basis of about 1.07%.
Dated Feb. 1, 1941 and due $10,000 an¬
nually on Feb. 1 from 1942 to 1951 incl. Other bids;
BINGHAMTON,
"
CLAIR, Mo.—BONDS SOLD—A $6,000 issue of 2H% public
system bonds is
Feb. 1,1941.
100.021
100.017
100.016
100.319
For 1.20% Bonds
Mo—BOAT)
LEGALITY APPROVED—A $49,000 issue of 2% semi-annual school
bonds is said to have been approved as to legality by Charles & Trauernicht
of St. Louis.
Rate Bid
Int. Rate
Bidder—
State Bank of Albany
Gordon Graves & Co
MISSOURI
ST.
One bond for $961.39, others $1,000 each$11,961.39 in 1942; $12,000 in 1943
1944 to 1951 incl.
59,275.26 public improvement bonds.
One bond for $275.26, others
$1,000 each.
Due March 1 as follows:
$6,275.26 in 1942;
$6,000 from 1943 to 1950 incl. and $5,000 in 1951.
13,285.01 assessment bonds. One bond for $285.01, others $1,000 each.
Due March 1 as follows:
$6,275.26 in 1942; $6,000 from 1943
to 1950 incl. and $5,000 in 1951.
All of the bonds are dated March 1, 1941. Other bids:
$111,961.39 home relief bonds.
Union Securities Corp. and Roosevelt &
under Chapter 10,
N. Y.
L
relieve the purchaser from his obligations under the terms of the contract
of sale and entitle the purchaser to the return of the amount deposited with
the bid.
The bonds are registerable as to principal alone and will be de¬
livered to the purchaser or purchasers on April 1, or as soon thereafter as
may
NEW YORK,
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
amount.
The enactment at any time prior to the delivery of the bonds, of Federal
legislation which in terms, by the repeal or omission of exemptions or other¬
wise, subjects to a Federal income tax the interest on bonds of a class or
character which includes these bonds, will, at the election of the purchaser,
delivery
76 BEAVER STREET
of the
city's water works. However, all bonds of each issue will be valid and legally
binding obligations of the city and the city is authorized and required by
law to levy on all taxable properties in the city such ad valorem taxes as
may be necessary to pay the bonds and the interest thereon without limita¬
Government Bonds
Tilney & Company
WPA.
14,000 water works of 1941 bonds.
Due April as follows: $3,000 in 1942,
$1,000 in 1943 to 1945, and $2,000 in 1946 to 1949.
Issued for
funding the cost of laying and (or) relaying water mains under
streets embraced in paving projects undertaken in conjunction with
the WPA. '
"\.,v <;;V ;■/:
1/. ■
Denom. $1,000.
Dated April 1, 1941.
Rate of interest to be in a
multiple of X or 1-10 of 1% and must be the same for all of the bonds.
Prin. and int. payable at the Chase National Bank, New York.
The bonds
will be awarded to the bidder offering the lowest rate of interest without
reference to premium, and where two or more bidders offer the same rate of
interest, the bonds will be awarded to the bidder offering the highest pre¬
mium.
Bids must be for all or no part of the entire issue and at not less
than par and accrued interest.
The street intersection bonds will be retired
from ad valorem tax collections: the street improvement bonds will be
retired from collections of special assessments against abutting property
-
Housing Authority Bonds
58,000 street improvement of 1941 bonds.
Due April 1 as follows: $7,000
in 1942 to 1945, $6,000 in 1946 to 1949, and $3,000 in 1950 and
1951.
Issued for refunding the property owner's portion of the
cost of completed street paving projects undertaken in conjunc¬
-
—
— —
—
-100.237
100.201
----—100.201
Marine Trust Co., Buffalo, and R. D. White & Co., jointly—
100.14
Bankers Trust Co., New York
'--— -100.129
C. F. Childs & Co.. and Sherwood & Co., jointly.
Bacon, Stevenson & Co
—
-
Manufacturers & Traders Trust Co., Buffalo, and Adams,
MONTANA
& Co.,
RICHLAND COUNTY HIGH SCHOOL IMPROVEMENT DISTRICT
(P.
O.
Sidney),
Mont.—BOND
SALE DETAILS—The District Clerk
states that the $60,000 school bonds sold to Kalman & Co. of St. Paul,
as noted here—V. 152, p. 1316—were purchased at a price of 100.066, a net
interest cost of about 2.36%, on the bonds divided as follows: $30,000 as
2s, due $3,000 from March 1, 1942 to 1951; the remaining $30,000 as
2Ms, due $3,000 from March 1, 1952 to 1961
Callable after five years.
jointly...
Halsey, Stuart & Co
Phelps, Fenn & Co__
For IX% Bonds
Weeden & Co
Board, that $119,000 1 X% semi-ann. refunding bonds have Deen ex¬
changed with the original holders.
Denom. $1,000.
Dated Jan. 1, 1941.
Due on July 1 as follows: $19,000 in 1942, and $20,000 in 1943 to 1947;
callable on July 1, 1946.
Prin. and int. (J-.J) payable in Fremont.
KEARNEY, Neb.—BOND ELECTION—It is reported that
on
an election
the issuance of $60,000 airport
bonds.
on
March 11 in order to have the voters pass on
$40,000 electric light and
power
plant
revenue
election
the issuance of
an
HAMPSHIRE
BERLIN, N. H.—NOTE SALE—Harriman Ripley & Co., Inc., New
York, purchased on Feb. 25 an issue of $100,000 tax notes at 0.48% dis¬
count.
Dated March 1, 1941 and due Dec. 15, 1941.
Legal opinion of
Storey, Thorndike, Palmer & Dodge of Boston.
Other bids:
National
Shawmut Bank of Boston, 0.55%; First Boston Corp., 0.56%, plus $8.50
premium; First National Bank of Boston, 0.56%.
NEW
N.
COOPERSTOWN, N. Y.—BILL PROVIDES FOR WATER SYSTEM—
No. 976, referred to the Villages Committee,
provide for a municipal water works
system and to issue bonds for such purpose.
Under the provisions of S. Int.
the charter of the village is amended to
GERMANTOWN
H.
on
industrial needs of the
NO.
2
AND
(P.
O.
CLERMONT
Germantown),
CENTRAL SCHOOL DIS¬
N. Y.—BOND OFFERING—
Vernon Miller, District Clerk, will receive sealed bids until 2 p.m.
March 5 for the purchase of $156,000 not to exceed 6% interest coupon
registered
school
bonds
of
1941.
Dated March 1,
1941.
Denom.
follows: $10,000 from 1942 to 1954 incl.; $11,000
1956.
Bidder to name a single rate of interest,
expressed in a multiple of X or 1-10 of 1 %.
Principal and interest (M-S)
payable at the Farmers National Bank, Hudson, or at the Irving Trust Co.,
New York City.
The bonds are unlimited tax obligations of the district
and the approving legal opinion of Hawkins, Delafield & Longfellow of
New York City will be furnished the successful bidder.
A certified check
for $3,120, payable to order of the Board of Education, is required.
Due March 1
as
1955 and $15,000 in
KORTRIGHT FIRE DISTRICT (P. O.
JERSEY
J .-MAY EXCEED DEBT LIMIT—Governor Cnarles
LYNDHURST
100.07
100.10
—
—
Bloomville), N. Y.—BONDS
SOLD—An issue of $5,000 3% fire fighting equipment bonds was sold to
L. H. Roberts of Bloomville, at a price of 101.
Due $1,000 annually on
Feb. 1 from 1942 to 1946, inclusive.
bill to permit the borough
legal debt limit to buy lands for development of an airport
to meet
!Q2-2§9
CHATEAUGAY, N. Y.—BONDS VOTED—At an election on Feb. 11
voters authorized an issue of $26,000 town hall bonds.
$1,000.
BENDIX,
100.151
-- —
_______
the
or
bonds.
Edison signed into law a legislature-approved
to exceed its
<oA
--100.189
--100.159
_ _ —
-
-----
—
Salomon Bros. & Hutzler
in
NEW
_
--
—
E. H. Rollins & Sons, Inc
TRICT
PAXTON, Neb.—BOND ELECTION— It is reported that
will be held
_
For 1.30% Bonds
FREMONT SCHOOL DISTRICT (P. O. Fremont), Neb.
-BONDS
EXCHANGED—It is stated by Andrew Harvey, President of the School
April 1 in order to vote
-A
Dick & Merle-Smith, and George B. Gibbons & Co_
Blair & Co., Inc. and Goldman, Sachs & Co —
NEBRASKA
on
100.097
100.068
.100.051
--—
Union Securities Corp
will be held
McEntee
—
area.
TOWNSHIP, N. 3.—REFUNDING
ACTIVITIES—
According to the minutes of the Local Government Board meeting of
Feb. 17, the township is planning to file documents dealing with the refund¬
ing of its callable bonds and, In addition, the Board of Education is making
a study of the possibilities of refunding its indebtedness in order that the
debt service calendars and coupon rates may be coordinated.
W MARGATE CITY, N. J.—BONDS EXCHANGED—Russell H. Denny,
City Clerk, reports that $285,000 4% refunding bonds have been exchanged
with the original holders.
Dated Dec. 1, 1940 and due Dec. 1 as follows:
$5,000 from 1942 to 1949 incl. and $49,000 in 1951 to 1955 incl.
H
(P. O.
MONTGOMERY UNION FREE SCHOOL DISTRICT NO. 6
Maybrook), N. Y.—REFUNDING ISSUE APPROVED—Harry D. Yates,
Deputy State Comptroller, reports that on Feb. 19 he signed an order
authorizing the district to issue $10,000 refunding bonds to mature in equal
annual instalments over a period of not to exceed 10 years, with the first
instalment due in the fiscal year which begins on July 1, 1942.
NEW
YORK, N. Y.-DEFINITIVE BONDS READY FOR DELIVERY
bonds of the issue of $60,000,000 3% serial bonds dated
1, 1940 and due Oct. 1, 1941 to 1970, incl. became available and on
after Feb. 27, 1941, at the office of the City Comptroller (Stock and Bond
Division) Room 830, Municipal Building, New York City.
Temporary
bonds will be received for exchange at that office between 9 a. m. and
—Definitive
Oct.
p. m. Mondays to Fridays inclusive (no exchanges will be made on
Saturday) and should be endoresed by a rubber stamp or otherwise with the
of the bank, firm or corporation making presentation for exchange.
2
name
T SEASIDE
HEIGHTS, N. J.—BONDS SOLD—'The First National
Bank
of Toms River purchased the $12,000 4% sewage treatment plant outfall
sewer bonds which were unsuccessfully offered last December, paying par
plus a premium of $48, equal to 100.40, a basis of abou 3.88%.
$2,000 annually on Dec. 1 from 1941 to 1946, inclusive.
WEEHAWKEN
Due
NEW
YORK
Allotments
N. 3.—BOND CALL—Township Clerk
Leo P. Carroll announces that the municipality has exercised its right to
redeem on April 1, at par and accrued interest, $50,000 general funding
bonds dated April 1, 1938, constituting a part of an issue of $550,000 and
consisting of 50 $1,000 bonds payable on April I, 1949.,
Obligations will
be redeemed at the Commonwealth-Merchants Trust Co., Union City.
(State of)—NOTE SALE—Morris S.
Tremaine, State
Comptroller, sold on Feb. 24 by allotment to various banks and other
throughout the State, an issue of $100,090,00 0.20% tax
anticipation notes, dated Feb. 25, 1941 and due June 30, 1941.
institutions
TOWNSHIP,
were as
follows:
'•
.
.
$2,600,000, Chase Nationai Bank; National City Bank, The Bank of the
Trust Co.;
& Traders
Trust Co., Buffalo: Marine Trust Co., Buffalo; J. P. Morgan & Co.; Barr
Brothers & Co.; Harriman, Ripley & Co.; Lehman Brothers; Salomon
Manhattan Co.; Bankers Trust Co.; Central Hanover Bank &
First National Bank: Guarantey Trust Co.; Manufacturers
bonds
Brothers & Hutzler; Smith, Barney & Co.
$1,800,000, Chemical Bank & Trust Co.; Continental Bank & Trust Co.;
Empire Trust Co.; Kings County Trust Co.; National Commercial Bauk &
Trust Co., Albany; Public National Bank & Trust Co.; Schroeder Trust
Co.; State Bank of Albany, Albany; Blair & Co., Inc.; Blyth & Co.; C. J.
Devine & Co.; First Boston Corp.; Phelps, Fenn & Co.; R. W. Pressprich
Trust Co. of Buffalo, and Barr Bros. & Co., Inc., New
&
$210,000.00 refunding bonds.
Denom. $1,000. Due March 1 as follows:
$10,000 in 1942; $20,000 in 1943; $40,000, 1944; $60,000 in
1945 and $80,000 in 1946.
Co.;
_
NEW
YORK
AUBURN, N. Y.—BOND SALE—The $394,521.66 coupon or registered
offered Feb. 25—V. 152, p. 1161—were awarded to the Marine
York, jointly, as
as 1.10s, at a price of 100.132, a basis of about 1.07%.
Sale consisted of:
$1°000,000,
„
Brooklyn Trust Co.; Bronx County Trust Co.; City Bank
National Bank & Trust Co.; Irving Trust
Liberty Bank, Buffalo: Manufacturers Trust Co.; United States
Trust Co. of New York; C. F. Childs & Co.; Goldman Sachs & Co.; Halsey,
Farmers Trust Co.; Commercial
The Commercial & Financial Chronicle
1470
Stuart
Co..
&
Inc.; Ladenburg, Thalman & Co.; Lazard Freres &
W. Rich & Co., Inc.; Stone & Webster
Mellon Securities Corp.; D.
B,«On.CBank
Co.:
and
of New York; Federation Bank & Trust Co.; Fifth
Lawyers Trust Co.; South Shore Trust Co.,
Sterling National Bank & Trust Co;. Swiss American
Avenue Bank of New York:
Rockville
Center;
Corp.; Trust Co. of North America; Bacon, Stevenson & Co.: Eastman,
Dillon & Co.: Emanuel Sc Co.; George B. Gibbons & Co., Inc.; Heidelbach,
Ickelheimer & Co.; Kidde., Peabody & Co.; Merrill, Lynch, E. A. Pierce &
Harriman & Co.; Fiduciary Trust Co. of
Brothers,
Brown
$400,000,
New York; First Trust Co., Albany; Fulton Trust Co. of New York;
Underwriters Trust Co.; A. C. Allyn & Co.: Dick & Merle-Smith; Dominick
& Dominick; Eldredge & Co.; First of Michigan Corp.; Glore, Forgan &
Co.; Hannahs, Ballin & Lee; Harris Trust « Savings Bank; Hemphill,
Noyes & Co.; Lee, Higginson Corp.; G. M.-P. Murphy & Co.; Otis & Co.,
Inc.; Union Securities Corp.
$200,000, Baker, Weeks and Harden; Francis I. du Pont & Co.; Ernst &
Co.; Harvey Fisk & Sons Inc.; Ge-tle/, Stearns & Co.; Hallgarten & Co.;
Mackenzie & Co., Inc.; Robert C. Mayer & Co.; Paine, Webber & Co.,
Riter & Co.: L. F. Rothschild & Co.; H. L. Schwamm & Co.; Shields &
Co.; Stern, Lauer & Co.; White, Weld & Co.
YORK
NEW
(State
of)—BOND
OFFERING—Morris
S.
Tremaine,
the
State Comptroller, will receive sealed bids until noon on March 11, for
purchase or $19,600,000 not to exceed 4% interest housing bonds.
Dated
March 15, 1941.
Due $400,000 annually on March 15 from 1943 to 1991,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
Principal and interest (M-S) payable at the Bank of the Man¬
K of 1%.
New York City.
condition their bids upon the award to them of all but no
hattan Co.,
Bidders may
part of the entire $19,600,000 bonds and the highest bidder on the basis of
"all or none" will be the one whose bid figures the lowest interest cost to the
State after deducting the amount of premium bid if any.
No bids will be accepted for separate maturities or for less than par value
of the bonds nor unless accompanied by a deposit of money or by a certified
check or bank draft upon a solvent bank or trust company of the cities of
Albany or New York, payable to the order of the "Comptroller of the State
of New York" for at feast 2% of the par value of the bonds bid for.
No
Interest will be allowed upon the good faith check of the successful bidder.
All proposals, together with the security deposits, must be sealed and
endorsed "Proposal for bonds" and enclosed in a sealed envelope directed
to the "Comptroller of the State of New York, Albany, N. Y."
The Comptroller reserves the right to reject any or alf bids which are not
in his opinion advantageous to the interest of the State.
Approving opinion of the Honorable John J. Bennett Jr., AttorneyGeneral of the State, as to the legality of these bonds and the regularity
of their issue will be furnished the successful bidder upon delivery of the
bonds to him.
If the definitive bonds of this issue can not be prepared and delivered at
a
time to suit the purchaser, the State reserves the right to deliver
interim
certificates pending preparation of the definitive bonds, and will endeavor
to have these Interim certificates ready for delivery on or about March 15,
1941.
The net debt of the State of New York, on Feb. 1, 1941, amounted to
$663,503,599.87 which is about 2.6% of the total assessed valuation of the
real and personal property of the State subject to taxation for State purposes.
PELHAM
Trustees is
MANOR, N. Y.—PROPOSED BOND ISSUE—'The Board of
considering an issue of $75,000 drainage improvement bonds.
wil1
PELHAM, N. Y.—BOND OFFERING— E. B. Rich, Village Clerk,
receive sealed bids until 3:30 p. m. on March 4 for the purchase of $10,000
not to exceed 6% interest coupon or registered general improvement bonds.
Dated Feb. 1, 1941. Denom. $1,000. Due $1,000 annually on Feb. 1 from
1942 to 1951 incl.
Bidder to name a single rate of interest, expressed in a
multiple of M or l-10th of 1%. Principal and interest (F-A) payable at
the Village Treasurer's office, or at the Chemical Bank & Trust Co., New
York City.
The bonds will be general obligations of the village, payable
from unlimited ad valorem taxes and the approving legal opinion of Thom¬
son, Wood & Hoffman of New York City will be furnished the successful
bidder.
A certified check for $200, payable to order of the village, is re¬
quired.
PLEASANT VALLEY FIRE DISTRICT (P. O. Pleasant Valley),
N. Y.—BOND SALE—The $12,000 coupon or registered fire house bonds
offered Feb.
25—V. 152, p. 1317—were awarded to R. D. White & Co.,
New York, at 2.20s, at a price of 100:42, a basis of about 2.13%.
Dated
March 1, 1941 and due $1,000 on March 1 from 1942 to 19.53, incl.
Second
high bid of 100.08 for 2 As, was made by
Union Securities Corp., New York.
Other bids:
Bidder—
;
Int. Rate
.
Marine Trust Co. of Buffalo.___
2.40%
2.40%
2M %
2.60%
2.60%
2.75%
3%
Manufacturers & Traders Trust Co. of Buffalo
Vassar Bank, Poughkeepsie.
_
George B. Gibbons & Co
Roosevelt & Weigold, Inc
Fallkill National Bank & Trust Co., Poughkeepsie
Poughkeepsie Savings Bank
Rate Bid
100.354
100.151
Par
100.31
100.22
100.208
Par i
March
1, 1941
interest (M-S), payable in New York City in
legal tender; general obligations; unlimited tax; coupon bonds registerable
as to principal alone; delivery on or about March 19, at place of purchaser's
choice.
There will be no auction.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of A 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 premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and ac¬
crued interest will be entertained.
Bids must be on a form to be furnished with additional information and
must be accompanied by a certified check upon an incorporated bank or
trust company, payable unconditionally to the order of the State Treasurer
for $800.
The approving opinion of Masslich & Mitchell, New York City,
will be furnished the purchaser.
Denom. $500; principal and
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
of any Federal income tax law, the successful bidder
taxable by the terms
may, at his election,
be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit
accompanying his bid will
be returned.
CAROLINA, State of —SINKING FUND BONDS SOLD—
The various State of North Carolina bonds aggregating $650,000, prev¬
NORTH
iously held by the State Sinking Fund Commission, offered for sale on
Feb. 21—V. 152, p. 1318—were awarded to the First National Bank of
New York, at a price of 114.61.
The issues mature in 1943 to 1948, and
carry coupon rates of 4% to 5%.
ROANOKE
N.
RAPIDS,
C.—BOND
SALE— The
$12,500
coupon
semi-annual jail bonds offered for sale on Feb. 25—V. 152, p. 1318—were
awarded to E. J. Prescott & Co. of Minneapolis, paying a premium of $61,
equal to 100.488, a net interest cost of about 2.91%, on the bonds divided
follows:
$2,500 as 2j^s, due $500 from Feb. 1, 1942 to 1946; the re¬
maining $10,000 as 3s, due $1,000 from Feb. 1, 1947 to 1956.
as
YOUNGSVILLE, N. C.—BOND OFFERING—Sealed bids will be re
ceived until 11a. m. on March 4, by W. E. Easteding, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
$3,000 water bonds, dated March 1, 1941, maturing annually, March 1,
$500, 1944 to 1949, incl., without option of prior payment.
Denom. $500;
principal and interest (M-S), payable in legal tender in New York City;
general obligations; unlimited tax: delivery on or about March 20, at place
of purchaser's choice.
There will be no auction.
The bonds will be awarded at the highest price, not less than par and
accrued interest, offered for the lowest rate of interest bid upon, not ex¬
ceeding 6% per annum in a multiple of H of 1%.
Bids must be accom¬
panied by a certified check upon an incorporated bank or trust company
payable unconditionally to the order of the State Treasurer for $60.
The
right to reject all bids is reserved.
The approving opinion of Masslich &
Mitchell, New York City, will be furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
of
by private holders from bonds of the same type and character shall be tax¬
Federal income tax law, the successful bidder may,
able by the terms of any
at his
election be relieved of his obligations under the contract to purchase
the bonds and in such case the
deposit accompanying his bid will be re¬
turned.
DAKOTA
NORTH
ALSEN
SPECIAL
SCHOOL DISTRICT
(P. O. Alsen), N.
Dak.—
SALE—The $13,000 semi-ann. refunding bonds offered for sale on
Feb. 24—V. 152, p. 1318—were purchased by the First State Bank of
Munich, as 3s, paying a price of 100.20, a basis of about 2.97%.
Due on
or before Jan.
1, 1950.
BOND
CROSBY, N. Dak.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on March 3 by O. Woolfrey, City Auditor, for the purchase
of a $45,000 issue of water revenue bonds.
Denom. $1,000 and $500.
Due $500 in 1942 and 1943, $1,000 in 1944 to
1951, $1,500 in 1952 to 1956,
$2,000 in 1957 to 1966, $3,000 in 1967, $2,500 in 1968 and 1969, and $500
The city reserves the right to hold all bids received for a period
of 30 days.
Enclose a certified check for 5% of the bonds bid for.
in 1970.
KRAMER, N. Dak.—BOND OFFERING— Sealed bids will be received
Village Clerk, for the pur¬
Interest rate is not to exceed 6%, payable
semi-annually. Due $500 in 1942, 1944, 1946, 1948 and 1950. A certified
until 8 p. m. on March 10, by J. F. Naumann,
chase of $2,500 village bonds.
check for 2% of the bid is
NORTH
BY
required.
State of—BOND RFEUNDING BILL PASSED
SENATE—An enabling bill, which authorizes the Industrial Commis¬
DAKOTA,
sion to refinance North
rates
Dakota
s
bonded indebtedness at current interest
has been passed by the State Senate.
In a long debate on Feb. 24
voted to reject the bill, 25 to 22, but an hour later the
the Senate first
measure was
revived and passed, 36 to 13.
Farmers & Manufacturers National Bank Pough¬
keepsie
ROCHESTER,
Feb. 21
3
.
were
N.
Y.—NOTE
SALE— The
_
%
Par
$980,000 notes offered
York, at 0.18%
awarded to the First National Bank of New
All of the notes bear date of Feb. 27, 1941.
They will be payable at the
Central Hanover Bank & Trust Co., New York.
Legal opinion of Reed,
Hoyt, Washburn & Clay of New York City.
Other bids:
Bidder—
Int. Rate
Premium.
0.22%
0.27%
0.40%
0.48%
$2
National City Bank of New York and Bank of The
Manhattan Co__
Barr Bros. & Co
Dick & Merle-Smith
Chase National Bank of New York
13
TROY, N. Y.—PROPOSED BOND SALE— Edward J. Ronan, City
Comptroller, reports that an issue of $300,000 refunding bonds will be
offered for sale early in April.
NORTH
CAROLINA
BURLINGTON, N. C.—BOND SALE—The
coupon
semi-annual bonds
aggregating $258,000, offered for sale on Feb. 25—V. 152, p. 1318—were
awarded to a syndicate composed of R. S. Dickson & Co. of Charlotte;
Barcus, Kindred & Co. of Chicago; Fox, Reusch & Co. and P. E. Kline,
Inc., both of Cincinnati; and Ryan, Sutherland & Co. of Toledo, as follows:
$123,000 water bonds, paying a price of 100.006. a net interest cost of
about 3.15%, divided $58,000 as 3Ks due on March 1, $2,000
in 1943 to 1951, and $5,000 in 1952 to 1959; the remaining $65,000
as 3s due $5,000 on March 1 in 1960 to 1972.
135,000 street and public improvement bonds at a price of 100.005, a
net interest cost of about 3.17%, divided as follows:
$91,000
as 3Hs due on March
1, $4,000 in 1942, $6,000, 1943; $7,000,
1944 to 1951; $3,000, 1952 to 1958, and $4,000 in 1959; the re¬
maining $44,000 as 3s due on March 1, $5,000 in 1960 and 1961,
$4,000 in 1962 to 1967, and $2,000 in 1968 to 1972.
FAYETTEVILLE,
water
and
public
N.
C.—BOND
improvement
bonds
SALE—The
aggregating
coupon
$381,000,
semi-annual
offered for
Feb. 25—V. 152, p. 1318—were awarded to a syndicate composed
of R. S. Dickson & Co. of Charlotte; the Harris Trust & Savings Bank of
sale
on
Chicago; the First of Michigan Corp. of Detroit, and the Southern Invest¬
Co. of Charlotte, paying a premium of $7.05, equal to 100.0018,
net Interest cost of about 2.72%, on the bonds divided as follows:
$100,000 as 23^s, due $10,000 from Feb. 1. 1944. to 1953; the remaining $281,000
as 2^s, due on Feb. 1
$15,000 in 1954 to 1957, $25,000 in 1958 to 1965,
$16,000 in 1966, and $5,000 in 1967.
ment
a
MOCKSVILLE,
ceived until 11
a.
N.
m.
C.—BOND
on
March 4,
OFFERING— Sealed bids will be re¬
by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of $40,000 water and sewer bonds
Dated March 1, 1941.
Due March 1, in
numerical order, lowest numbe-s first, $1,500, 1943 to 1954; $3,500, 1955 to
1960, all inclusive, and $1,000,
OHIO
BARNESVILLE, Ohio—BOND OFFERING—3. C. Wells, Village Clerk,
$22,600
4% coupon delinquent tax bonds.
Dated March 1, 1941.
One bond for
$2,600, others $2,500 each.
Due Sept. 1 as follows: $2,600 in 1942 and
$2,500 from 1943 to 1950, incl.
Bidder may name a different rate of inter¬
est provided that fractional rates are expressed in a multiple of H of 1%.
Interest M-S.
Delivery of bonds will be made outside of the village at
the purchaser's expense.
Printing of bonds will be furnished by the village.
A certified check for $2,500, payable to order of the village, is required.
will receive sealed bids until noon on March 14 for the purchase of
interest, plus a premium of $18.
Sale consisted of:
$600,000 public works notes.
Due Aug. 27, 1941.
323,000 pavement reconstruction notes.
Due Oct. 27, 1941.
57,000 pavement reconstruction notes.
Due Oct. 27, 1941.
1961, without option of prior payment.
CLARK COUNTY (P. O. Springfield), Ohio—BOND SALE— The
$42,117.24 bonds offered Feb. 24—V. 152, p. 1162, 1318—were awarded to
the BancOhio Securities Co., Columbus, and the First National Bank &
Trust Co., Springfield, jointly, as lj^s, at par plus a premium of $78, equal
to 100.185, a basis of about 1.47%.
Sale consisted of:
$29,677.61 poor relief deficiency bonds.
Dated March 1, 1941 and due
as follows:
$2,677.61 April 1 and $3,000 Oct. 1, 1946, and
$3,000 April 1 and Oct. 1 from 1947 to 1950 incl.
12,439.63 delinquent tax bonds. Dated March 1, 1941 and due April 1 as
follows: $3,439.63 in 1945 and $3,000 from 1946 to 1948 incl.
Second high bid of 100.161 for 1 Jis was made by Stranahan, Harris &
Co., Inc., Toledo.
COLUMBUS, Ohio—BOND OFFERING—Helen T. Howard. City Clerk,
on March 6 for the purchase of $100,000
will receive sealed bids until noon
4% coupon fire department bonds. Dated April 1, 1941. Denom. $1,000.
Due $10,000 on Oct. 1 from 1942 to 1951 incl. Bidder may name a different
rate of interest, provided that fractional rates are expressed in a multiple
of H of 1%.
Principal and interest (A-O) payable at office of the agency
of the City of Columbus in New York City.
The bonds may be registered
as provided by law and are payable from ample taxes levied within the tax
limitations. Legal opinion of Squire, Sanders & Dempsey of Cleveland will
be furnished the successfulbidder.
A certified check for 1% of the bonds
bid for, payable to order of the City Treasurer, is required.
COLUMBUS GROVE, Ohio—BOND
OFFERING—Smith B. Williams,
Village Clerk, will receive sealed bids until noon on March 15, for the
purchase of $20,900 3H% coupon lateral sanitary sewer bonds.
Dated
Sept. 1, 1940.
Due as follows:
$550 Sept. 1, 1941; $550 March 1 and
Sept. 1 from 1942 to 1959, incl. and $550 March 1, 1960.
Bidder may
name a different rate of interest, provided that fractional rates are expressed
in a multiple of A of 1%.
Interest M-S.
A certified check for $209,
payable to order of the village, is required.
(These bonds were originally
offered on Feb. 15, but the sale was postponed because of an error in legal
advertising.)
DOYLESTOWN,
Ohio—BOND
OFFERING—E.
V.
Sharp,
Village
Clerk, will receive sealed bids until noon on March 15 for the purchase of
$5,500 4% coupon sanitary sewer and sewage disposal bonds.
Dated
Nov. 1, 1940.
Denom. $250.
Due $250 annually on Nov. 1 from 1942
to 1963, incl.
Interest M-N.
Bidder may name a different rate of inter¬
est provided that fractional rates are expressed in a multiple of lA of 1%.
A certified check for $55, payable to order of the village, is required.
FRANKLIN
COUNTY
(P.
O.
Columbus),
The $250,000 poor relief delinquent tax
Ohio—BOND SALE—
bonds offered Feb. 26—V.
152
The Commercial dr Financial Chronicle
Volume 152
V' 1162—were awarded to Otis & Co. of Cleveland, as 1Mb. at par plus a
Sremium 1941 and due as follows: $14,000basis of 1 aboutSept. 1 from 1942
of $1,281, equal to 100.612, a March and 1.39%. Dated
Ia,rch 1,
™
1949, incl. and $13,000 March 1 and Sept. 1, 1950.
Second high bid
100.164 for 1Mb was made by Stranahan, Harris & Co., Inc., Toledo.
Int.Rate Premium
Bidder—
BankOhio Securities Co
Int. Rate
of
Premium
250.00
1,705.00
drainage system construction
coupon
Dated
bonds.
April
1,
1941.
Due $1,000 yearly on Aug. 1 from 1942 to 1949, incl.
different rate of interest, expressed in a multiple of
M or 1%.
Interest semi-annually.
This issue was authorized at an
election held for that purpose.
A certified check for $100, payable to order
of the village, is
required.
may name a
HOPED ALE,
Ohio—BOND OFFERING—Martin
J. Houten, Village
Clerk, will receive seaied bids until noon on March 14, for the purchase of
$15,000 4% coupon water works revenue mortgage bonds.
Dated April 1,
1941.
One bond for $200, other $400 each.
Due sa follows: $400 April 1
and Oct. 1 from 1942 to 1959, incl. and $400 April 1 and $200 Oct. 1, 1960.
Bidder may name a different rate of interest, provided that fractional rates
are expressed in a
multiple of M of 1 %.
A certified cneck for 1 % of the
bid is required.
I RONTON,
Ohio—BOND OFFERING—Ralph F. Mittendorf, City
Auditor, will receive sealed bids until noon on March 5 for the purchase of
$9,000 6% delinquent tax bonds. Dated March 1, 1941. Denom. $1,000.
Due $1,000 on March 1 from 1943 to 1951 incl. Bidder may name a different
rate of interest, provided that fractional rates are expressed in a multiple
of
^ of 1%. Interest M-S. Principal and interest payable at the First
National Bank, Ironton.
The bonds are being issued to pay the city's
unsecured indebtedness incurred prior to Jan. 1, 1941. A certified check for
$90, payable to order of the city, is required.
NAVARRE VILLAGE SCHOOL DISTRICT (P. O. Navarre), Ohio—
BOND OFFERING—Mrs. Katherine Dagres. District Clerk, will receive
sealed bids until 10
a. m. on March 8 for the purchase of $7,500 4% coupon
building bonds. Dated March 1,1941. Denom. $250. Due $1,250, Nov. 1,
1941; $1,250 May 1 and Nov. 1 in 1942 and 1943, and $1,250 May 1. 1944.
Bidder may name a different rate of interest, provided that fractional rates
are expressed in a multiple of
M of 1%,
Principal and interest (M-N)
payable at the County Auditor's office.
Final approving opinion of tran¬
script of the proceedings is to be furnished by the purchaser at his own
expense.
Each bid must be on the basis of Massillon, Ohio, delivery, and
accompanied Dy a certified check for $500, payable to order of the Board of
Education.
OHIO
(State of)—PRIVATE SALE CLAUSE STRICKEN FROM
REFUNDING BILL—Opponents of State Legislation permitting private
Tne bill, which permitted municipalities to refund outstanding bonds
without advertising or taking of bids, was sent back to the Taxation Com¬
the
OHIO STATE
BRIDGE COMMISSION (P. O. Columbus), Ohio—
A. Schiffer,
Secretary-Treasurer, announces the
redemption on April 1, 1941, of the following described bridge
revenue refunding bonds:
Steubenville Weirton Bridge, 1H %, aggregating $44,000. Dated Sept. 1,
1940. Due Oct. 1, 1950, and redeemable April 1, 1941.
Payment of the principal amount of said bonds so called for redemption,
together with a premium of 2% of such principal amount, will be made
on or after
April 1, 1941, on surrender of said bonds in negotiable form,
accompanied by all Oct. 1. 1941, and subsequent coupons, at the Chemical
Bank & Trust Co.. New York, or at the State Treasurer's office. Columbus.
Coupons maturing April 1, 1941 and prior thereto, will be paid upon the
BOND
CALL—-Robert
PAINT TOWNSHIP SCHOOL DISTRICT (P. O. Wooster), Ohio—
BOND ELECTION—An election
of Issuing $6,000 building bonds.
will
be
held March
15
on
the question
improvement bonds offered Feb. 24—V. 152, p. 1163—were awarded to
the BancOhio Securities Co. of Columbus, as l^s, at par plus a premium
of $7.50, equal to 100.03, a basis of about 1.495%.
Dated March 1, 1941,
and due Nov. 1 as follows: $2,000 from 1942 to 1946 incl. and $3,000 from
1947 to 1951 incl.
Second high bid of 100.944 for
Webber & Co., Cleveland.
l%s was made by Paine,
Other bids:
Bidder—
Int. Rate
Braun, Bosworth & Co
Stranahan, Harris & Co
Van Lahr, Doll & Isphording
&
1H%
1H%
1M %
Co
\%%
Assel, Goetz & Moerlein
J. A.
White & Co
„
Provident Savings Bank & Trust Co
2%
2%
2 M%
Rate Bid
100.416
100.29
100.15
100.02
100.632
100.356
POINT MARION, Pa.—BOND OFFERING—Milo K. Ruse, Borough
Secretary, will receive sealed bids until 7:30 p. m. on March 17, for tne
Purchase of $10,000 4% $1,000. street$2,000 on Dec. bonds of 1940. Dated
>ec. 1, 1940.
Denom. coupon Due improvement 1 in 1943, 1944, 1946,
1947 and 1948.
Interest J-D.
The bonds have been approved by the
Pennsylvania Department of Internal Affairs and are free of Pennsylvania
State tax.
A certified check for $150, payable to order of the Borough
Treasurer, is required.
STRATTANVILLE
SCHOOL
DISTRICT,
Pa .—BOND SALE—The
$4,800 3M% coupon school bonds offered Feb. 21—V. 152, p. 1019—were
awarded to the First National Bank of Clarion, at a price of 103, a basis
of about
Dated Sept. 1, 1940 and due $400 annually on Sept. 1
3.02%.
from 1942 to 1953 incl.
SCHOOL DISTRICT (P. O. Box 541,
Paoli), Pa.—BOND OFFERING—Norman J. Browne, District Secretary,
WILLISTON
will
receive
TOWNSHIP
sealed
bids
until
10
a.m.
on
March
29
for the purchase of
$44,000 1, 1M, lYi, 1M, 2, 2M. 2M. 2M or 3% coupon, registerable as
principal only, building bonds.
Dated March 1, 1941.
Denom. $1,000.
Due $2,000 annually on March 1 from 1942 to 1963 incl.
Bidder to name
a single rate of interest for the entire issue.
The bonds and interest thereon
will be payable without deduction for any tax or taxes, except succession or
inheritance taxes, now or hereafter levied or assessed thereon under anypresent or future law of the Commonwealth of Pennsylvania, all of which
taxes the district assumes and agrees to pay.
Bonds will be payable
from ad valorem taxes within the taxing limitations placed by law upon
school districts of this class.
A certified check for 2 % of the bonds bid for,
payable to order of the District Treasurer, is required.
Bonds will be issued
subject to approving legal opinion of Townsend, Elliott & Munson, of
Philadelphia, and subject to approval of the Pennsylvania Department of
to
Internal Affairs.
WILSON,
Pa .—BOND
SALE—The $67,000 refunding bonds offered
152, p. 1163—were awarded to Mackey, Dunn & Co. of Phila¬
lMs, at par plus a premium of $199.66, equal to 100.298, a
basis of about 1.46%.
Dated March 1, 1941 and due March 1 as follows:
$2,000 in 1943 and $5,000 from 1944 to 1956 incl. Second high bid of 100.25
for lMs was made by Easton National Bank.
Feb. 24—V.
delphia,
as
YORK, Pa.—BOND SALE—The $100,000 general improvement bond
1163—were awarded to the First Boston Corp.,
price of 101.618, a basis of about 1.05%. Dated
March 1, 1941 and due March 1 as follows:
$15,000 from 1947 to 1952,
incl. and $10,000 in 1953.
Other bids included the following:
Bidder—
Int. Rate
Rate Bid
E. W.Clark & Co., and W. H.Newbold's Son & Co.
1M%
101.109
offered Feb. 28—V. 152, p.
Stroud & Co
WILLOUGHBY RURAL SCHOOL DISTRICT, Ohio—BOND SALE—
The $60,000 construction bonds offered Feb. 24—V. 152, p. 1163—were
warded to the State Teachers Retirement System, as 2Ms, at par plus a
premium of $126, equal to 100.21,
100.90
1M%
RHODE
a
basis of about
Other bids:
Bidder—
2.23%.
CRANSTON, R. I .—BOND ISSUE BILL SIGNED—A bill authorizing
city to issue $1,500,000 sewer bonds has been signed by the Governor.
the
R.
PROVIDENCE,
Weil, Roth & Irving Co
McDonald-Coolidge & Co
F.
Fitzpatrick,
time thereafter be converted into registered bonds of the above
of the holder, and when so registered they
as to both principal and
interest.
Registered bonds
cannot be changed back into coupon bonds.
The principal and interest
of coupon bonds will be payable in any coin or currency of the United
States of America which, at the time of payment, is legal tender for public
and private debts, at the fiscal agency of the City of Providence in New
York City.
The City of Providence transmits by mail interest on all
registered bonds, if desired.
Bonds will be ready for delivery as soon as
possible, and will be subject to accrued interest from April 1, 1941, to date
of delivery.
These bonds payable out of unlimited ad valorem taxes, except that the
tax on intangible personal property is limited by statute to forty cents
per $100 valuation.
,
Proposals should be accompanied by certified check payable to the order
of the City Treasurer for 2 % of the par value of the amount of bonds for
which the bid is made.
at
any
BancOhio Securities Co
Premium
$331.25
214.00
86.50
660.00
OKLAHOMA
DISTRICT
(P.
O.
Billings),
become registered
....
A
...
SOUTH
CAROLINA
CHERAW, S. C.—BOND OFFERING CONTEMPLATED—In connec¬
tion with the $60,000 paving bonds offered in November, 1939, of which
$35,000 were sold at that time, it is stated by D. L. Tillman, Town Clerk,
that the remaining $25,000 will be reoffered in a few months.
SOUTH CAROLINA, State of—CERTIFICATE OFFERING—Sealed
will be received until noon on March 11, by Jeff B. Bates, State
bids
Treasurer, for the
ficates
purchase of a $2,500,000 issue of State
Denom. $1,000.
Dated March
of indebtedness.
Highway certi¬
15, 1941. Due
Okla.—BOND
2j|%
2M%
2H%
OFFERING—Sealed bids will be received until 7:30 p. m. on March 3, by
E. Patton, District Clerk, for the purchase of $8,000 building bonds.
The bonds win be awarded to the bidder
offering the lowest rate of interest and agreeing to pay par.
A certified
check for 2% of the bid is required.
Due $1,000 in 1944 to 1951, incl.
opinion of Reed, Hoyt, Washburn & Clay, of New York, that the certificates
are valid obligations of the State, such opinion to be paid by the purchaser.
Enclose a certified check for 1% of the amount of certificates bid for, pay¬
able to the State Treasurer.
TENNESSEE
OREGON
BAKER, Ore.—BOND OFFERING—Sealed bids will be received until
m. on March 5, by Mabel Nelson, City Clerk, for the purchase of
$5,500 not to exceed 6% annual improvement bonds. Denom. $500. Dated
March 15, 1941.
Due $500 from March 15, 1942 to 1952 incl. Prin. and
interest payable at the office of the City Clerk.
A certified check for 5%
of the amount bid. payable to the above Clerk, is required.
OFFERING—Walter
jects to a Federal income tax the interest on certificates of indebtedness of a
class or character which includes these certificates of indebtedness, will, at
the election of the purchaser, relieve the purchaser from his obligations under
the terms of the contract of sale and entitle the purchaser to the return of
the amount deposited with the bid.
Purchasers will be furnished with the
2M%
2%%
-
Pohl & Co__
2 p.
I .—BOND
City Treasurer, will receive sealed bids until 2 p. m. on March 7 for the
purchase of $3,000,000 unemployment relief bonds.
Dated April 1, 1941
and due $150,000 annually on April 1 from 1942 to 1961 incl.
Interest A-C.
Bidders for these bonds shall be required to name the rate of interest that
said bonds shall bear but in no multiple of less than M of 1 %.
Such rate
of interest when bid shall apply to the entire issue of said bonds.
All bids
must be at par, or better.
No bids will be considered which include a
figure below par.
Either coupon bonds of $1,000 each, or registered bonds
in sums of $1,000, $5,000, $10,000 or $20,000 each, as desired, will be
issued for the whole or any portion of said loan, and coupon bonds may
245.00
Dated Feb. 15,
Int. Rate
P. E. Kline, Inc
SCHOOL
ISLAND
CRANSTON, R. I.—NOTE SALE—Stephen W. Tourtellot, of Provi¬
dence, was awarded on Feb. 21 an issue of $150,000 notes at 0.35% discount.
Due in three months.
Other bids: First National Bank of Boston, 0.37%;
Charles Clark & Co., 0.73%.
$250,000 on March 15 in 1943 to 1952 incl. Bidders are invited to name the
rate of interest which the certificates are to bear, in a multiple of % or 1%,
such rate to be the same for all the certificates.
The certificates will be
issued in coupon form, with the privilege of registration as to principal only
or as to both principal and interest.
Delivery will be made in Columbia or
New York at the option of the purchaser.
Prin. and int. (M-S) payable at
the State Treasury, or at the agencies of the State in the Cities of Charleston
and New York.
The certificates will be awarded to the bidder offering
to take them at the lowest rate of interest, at a price not less than par and
accrued interest to the date of delivery.
The enactment at any time prior
to the delivery of the certificates of indebtedless, of Federal legislation
which in terms, by the repeal or omission of exemptions or otherwise, sub¬
1941 and due $3,000 on Oct. 1 from 1942 to 1961 incl.
Second high bid of
100.84 for 2Ms was made by Braun, Bosworth & Co. of Toledo.
^BILLINGS
191.019
-
Dougherty, Corkran & Co
100^3^
TAYLOR TOWNSHIP SCHOOL DISTRICT (P. O.
Broadway),
Ohio—BOND OFFERING—Howard L. Hisey, District Clerk, will receive
sealed bids until noon on March 10 for the purchase of $48,000 4% school
house improvement bonds.
Dated Jan. 1, 1941.
One bond for $700,
others $1,100 each.
Due as follows: $1,100 April 1 and Oct. 1 from 1942
to 1962 incl.; $1,100 April 1 and $700 Oct. 1, 1963.
Bidder may name a
different rate of interest, provided that fractional rates are expressed in a
multiple of M of 1%.
Interest A-O.
A certified check for $480, payable
to order of the Board of Education, is required.
Joe
HOUTZDALE SCHOOL DISTRICT, Pa.—PROPOSED BOND SALE—
W. C. Arnold, District Secretary, reports that an offering of $15,000 4%
school bonds will be made in the near future.
denominations at the option
STEUBENVILLE, Ohio—BOND SALE—The $25,000 (unvoted) street
Pohl
airport
PENNSYLVANIA
for
presentation and surrender of such coupons.
Interest on said bonds shall cease to accrue from and after April 1,1941.
^
semi-annual
committee
by unanimous vote struck out the offending
section.
As it now stands, the Ward bill permits subdivisions to refund out¬
standing bonds, subject to the approval of the State Board of Tax Appeals.
Provisions of the Uniform Bond Act, which requires public advertising, will
govern the refunding.
call
$40,000
Feb. 25—V. 152, p. 1163—were awarded to Atkin¬
New York, as lMs, at a
sale of refunding bonds in Ohio recently won their battle to have the con¬
troversial "secret sale" provision stricken from the law.—V. 152, p. 1162.
mittee and
on
HARRISON TOWNSHIP (P. O. Natrona), Pa .—BOND SALE DE¬
TAILS—The issue of $6,000 coupon bonds sold to the First National Bank
of Natrona—V. 152, p. 1319—bear l%%.
1,677.00
1,051.00
1,005.00
2,555.00
HARPSTER, Ohio—BOND OFFERING—Walter Turney, Village Clerk,
yBl receive sealed bids until noon on March 31, for the purchase of $8,000
^enom. $1,000.
Bidder
Ore.—BOND SALE—The
bonds offered for sale
son-Jones & Co. of Portland, as 1 Ue, according to the "City Recorder."
Dated Jan. 15, 1941.
Due $4,000 from Jan. 15, 1942 to 1951, incl.
$380.00
m
Halsey, Stuart & Co., Inc, Chicago
Braun, Bosworth & Co. and Fullerton & Co., Toledo
and Columbus, Onio
ih%
Wn Sutherland & Co., and Hawley, Shepard & Co.,
Toledo
1 H%
Dowry, Sweney, inc., Hayden, Miller & Co. and
Fahey, Clark & Co,, Columbus and Cleveland
1 H%
Van Lahr, Doll &
Isphording, Inc., Cincinnati
State Teachers Retirement System of Ohio
4%
MEDFORD.
1471
CHATTANOOGA, Tenn.—BOND ISSUANCE CONTEMPLATED—
It was announced recently by Mayor Bass that he is planning to issue bonds
to fund the city's floating debt of $272,150 and will refund other bonds ma¬
turing in the next few years.
CLARKSVILLE,
received until 2 p.
Tenn .—BOND OFFERING— Sealed bids will
be
on March 6, by J. H. Marable, Commissioner of
m.
Finance and Revenue, for the purchase of a $16,000 issue of fire fighting
equipment bonds. Interest rate is not to exceed 3 %, payable semi-annually.
Dated May 1, 1941.
Denom. $1,000. Due May 1, as follows: $1,000 in
1942 to 1951, and $2,000 in 1952 to 1954. Purchaser to furnish bonds, pay
attorney fee for approving issue, and to bid not less than par and accrued
interest.
Reasonable allowance for printing and attorney fee may be con¬
sidered. Prin. and int. payable at Chemical Bank & Trust Co., New York,
or at the City Treasurer's office.
O. Greeneville), Tenn.—BONDS SOLD—It is
reported that $75,000 2% semi-annual school bonds have been purchased
by Jack M. Bass & Co. of Nashville. Due in 1942 to 1949.
GREENE COUNTY (P.
,
LEXINGTON, Tenn.—BONDS SOLD—It is reported that $21,500
ZH% semi-annual refunding bonds have been purchased jointly by the
First National Bank of Lexington, and the First State Bank of Henderson*
MARION COUNTY (P. O.
Jasper), Tenn.—ADDITIONAL INFOR¬
purchase $962,000
MATION—We are now informed that the contract to
refunding bonds, awarded recently, as noted here—V. 152, p. 1164—was
given to C. H. Little & Co. of Jackson, and Clark & Co. of Nashville,
jointly, for 3H% coupon bonds, dated Oct. 1, 1940, and maturing serially
from April 1, 1943 to 1968.
Denom. $1,000.
Interest payable A-O.
SHELBYVILLE, Tenn.—BOND OFFERING—It is stated by J. B"
Frierson, Secretary-Treasurer, that he will offer for sale at public auction on
March 5, at 2 p.m. a $300,000issue of 3% semi-annual water works revenue
bonds. Dated March 1,1941. Due on March 1 in 1944 to 1970. Legality to be
approved by Chapman & Cutler of Chicago.
A certified check for 2%
of the par amount of the bid is required,
SULLIVAN
COUNTY
NOT HELD—It is stated
(P. O. Blountville), Tenn.—BOND SALE
by T. R. Bandy, County Judge, that the sale
bonds, which had been
of the $50,000 not to exceed 314% semi-annual road
scheduled for Feb. 21—V. 152, p. 1164—was not
vetoed the bill
providing for the issue.
held, as the Governor
Dated March 1, 1941.
Due on
March 1 in 1943 to 1946.
TEXAS
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O. Amarillo),
Texas—BONDS SOLD—An $80,000 issue of building bonds, approved by
the voters at an election held on Feb. 15, has been purchased by R. A.
Underwood & Co. of Dallas, as 154s and 2s.
Due from March 1, 1942
to 1951.
.
AMARILLO
JUNIOR
COLLEGE
DISTRICT
(P.
O.
Amarillo),
Texas—BONDS SOLD—A $70,000 issue of construction bonds is said to
hzve been purchased by R. A. Underwood &
Due on March 1 in 1942 to 1951.
Co. of Dallas, as 154s and 2s.
BREMOND, Texas—BONDS SOLD—The following revenue bonds ag¬
gregating $60,000, approved by the City Council on Feb. 10, are said to
have been purchased at par by the Ranson-Davidson Co. of San Antonio:
$40,000 water system, and $20,000 sewer system bonds.
CHILDRESS INDEPENDENT SCHOOL D STRICT (P. O. Chil¬
dress), Texas—MATURITY—The District Secretary states that the
$56,000 354% semi-annual refunding, series of 1941 bonds sold at par to
R. A. Underwood & Co. of Dallas, as noted here—V. 152, p. 1320—are
due on March 1 as follows:
$7,000 in 1950 and 1951, $8,000, 1952 to 1954,
and $9,000 in 1955 and 1956.
FORT WORTH, Texas—BOND ELECTION—The City Secretary states
an election will be held on March 4 in order to have the voters pass on
issuance of the following bonds aggregating $3,000,000; $1,250,000
that
the
airport;
garage,
$1,112,000 street improvement; $320,000
and $158,000 sanitary sewer system bonds.
incinerator;
Texas—BONDS
AUTHORIZED—'The
City
Council
is
said
to have passed an ordinance providing for the issuance of $100,000
general improvement bonds.
LAMAR UNION JUNIOR COLLEGE DISTRICT (P. O. Beaumont)
SALE POSTPONED—We are informed by L. K. Wall,
Secretary of the Board of Trustees, that the sale of the $850,000 not to
exceed 4% semi-ann. coupon school bonds, originally scheduled for Feb. 20,
as described in detail here previously—V. 152, p. 1164—has been postponed
to Feb. 28, at 7 p. m.
Details of the offering remain unchanged from the
original set-up.
Texas—BOND
LUBBOCK, Texas—BOND SALE—The following bonds aggregating
$250,000, offered for sale on Feb. 25—V, 152, p. 1020—were awarded to
1.75%, according to maturity.
.
Norfolk, Va.
proposal will be considered which proposes to pay less than par
interest for the bonds.
Comparison of proposals will be
ascertaining the amount of interest to be paid by the district
throughout the life of the issue at the proposed rate and deducting there¬
from the amount of premium bid, thus determining the lowest net interest
cost.
Froms for bidding and detailed financial statement may be had
upon request.
The approving opinion of Thomson, Wood & Hoffman
of New York will be furnished the purchaser without cost, and will recite
that the bonds constitute "valid and legally binding obligations of the
county, issued for and on behalf of the district and Board of Supervisors
of the County has the power and is obligated to levy taxes on all taxable
property within the district for payment of said bonds and interest thereon,
without limitation of rate or amount."
Enclose a certified check for
$3,500, payable unconditionally to the County Treasurer.
(These are the bonds that were originally scheduled for sale on Feb. 18,
the offering of which was postponed because of illegal maturities—V. 152,
p. 1320.)
No
and
Dated Feb. 10, 1941.
PALESTINE, Texas —MATURITY
The
City
Secretary states that
the $55,000 2)4% semi-annual refunding bonds sold to three local banks
at par, as noted here—V 152
1164—are dated Oct. 1,1940 and mature
on April 1 as follows:
► ,000,
$5,0C0 in 1941 to 1943;
1944 to 1949, and
$4,000 in 1950.
.p.
ROGERS INDEPENDENT SCHOOL DISTRICT (P. O. Rogers)
Texas—BONDS SOLD—A $50,000 issue of 3)4 and 3 Y%% semi-ann. bonds
is said to have been purchased
101.30.
Due in 1942 to 1961.
RUNNELS
COUNTY
by Garrett & Co. of Dallas, at a price of
(P.
O.
Bellinger),
Texas—ADDITIONAL
INFORMATION—The County
Judge states that the $50,000 2% semi¬
house improvement warrants purchased jointly by R. K.
Dunbar & Co. of Austin, and William N. Edwards & Co. of Fort Worth,
as noted here—V.
152, p. 1320—were sold at par and mature on Feb. 15
annual
as
court
follows:
SAN
accrued
made by
WASHINGTON
City Clerk states that
Feb. 20 by Dean Witter
Due as follows:
$1,000
in 1942 to 1946, and $3,000 in 1947 to 1961.
The city reserves the right
to pay for and redeem any or all of the outstanding bonds of the issue at
par on any interest payment date in inverse order on or after three years
from their date, by giving 30 days' notice of such intended redemption by
SHELTON,
Wash.—BONDS
$8,000 in 1942 to 1946, and $10,000 in 1947.
MARCOS, Texas—BONDS SOLD—An issue of $170,000 electric
SOLD— The
$50,000 water revenue bonds were purchased on
& Co. of San Francisco.
Dated April 1, 1941.
publication.
•
WISCONSIN
BELOIT, Wis.—BONDS AUTHORIZED—'The City Council is said to
adopted a resolution providing for the issuance of $825,000 school
have
bonds.
OFFERING—Both sealed and oral bids will
FOX LAKE, Wis.—BOND
City Clerk, until March 3 at 2 p. m. for
of the following 2% semi-annual bonds, aggregating $10,000:
be received by V. G. Hamilton,
the purchase
$7,500 street improvement bonds.
Due on March 1: $500 in
$1,000, 1945 to 1951.
Due on March 1: $1,000 in 1942 and
2,500 funding bonds.
1944 and
1943, and
$500 in 1944.
The purchaser will
city officials.
The Attorney
the opinion of the Assistant
Attorney General in charge of the certification of municipal bonds, that
"the proceedings, as shown by the record and the clerk's certificate, are
regular and valid and are hereby approved," and "that the bonds may
now be printed and will be certified by the Attorney General
upon pre¬
$1,000 and
Dated Sept.
$500.
1, 1940.
supply the printed bonds to be executed by the
General's office has notified the city that in
sentation for that purpose."
MANAWA, Wis.—BONDS PUBLICLY OFFERED—Heronymus, Balls& Co. of Sheboygan, are offering for general investment $25,000
4H% semi-annual water works and sewage mortgage, second series bonds.
Dated Jan. 1, 1941.
Denominations $1,000 and $.500.
Due Jan. 1 as
follows: $1,000 in 1944 to 1949, $2,000 in 1950 to 1956, and $1,000 in 1957
to 1961, bonds maturing on and after Jan. 1, 1956, are subject to redemp¬
tion in whole or in part, in inverse numerical order on any interest payment
date, on and after Jan. 1, 1955, at 102 and accrued interest to redemption
date.
Prin. and int. payable at the Farmers State Bank, Manawa.
Legal¬
ity approved by Chapman & Cutler of Chicago.
chmider
MILWAUKEE
annually thereafter.
_
DISTRICT (P. O. Princess.
KEMPSVILLE MAGISTERIAL SCHOOL
Anne), Va .—BOND OFFERING—It is reported by John B. Dey, Chair¬
man of the School Board, that he will receive sealed bids until 3 p. m. on
March 6 for the purchase of an issue of $175,000 coupon school bonds.
Denom. $1,000.
Dated March 15, 1941.
Due March 15, $7,000 in 1942
to 1966, incl.
Rate of interest to be in multiples of % of 1%. and must
be the same for all of the bonds.
Interest payable at the Chase National
Bank, New York, or at the National Bank of Commerce. Norfolk, or at
the County Treasurer's office, as the purchaser may specify; delivery on
or aoout March 15 at place of purchaser's choice, in New York City or
the Citizens National Bank of Lubbock:
$175,000 electric light improvement and construction bonds.
Due $5,000
on
the 10th day of each month beginning Jan. 10, 1942 and
ending Nov. 10, 1944.
Interest payable Aug. and Feb. 10, 1942
and thereafter interest will be payable semi-annually on Aug. and
Feb. 10 of each year; except interest will be paid at maturity on
bonds maturing between regular paying interest dates.
75,000 water works improvement and construction bonds.
Due $25,000
Feb. 10, 1942 to 1944.
Interest payable Aug. 10, 1941 and semi-
successful bidder reoffered
prices to yield from 0.60% to
BONDS OFFERED FOR INVESTMENT—The
the above bonds for public subscription at
Denom.
GIDDINGS, Texas—BOND OFFERING—Sealed bids will be received
$70,000 not to exceed
Due in not more than
HOUSTON,
VIRGINIA
DANVILLE, Va.—BOND SALE—^-The $200,000 issue of coupon semi¬
annual refunding, series "N" bonds offered for sale on Feb. 27—V. 152,
p. 1320—was awarded to Halsey, Stuart & Co., Inc. of New York, as 1.70s,
paying a price of 100.416, a basis of about 1.66%.
Dated March 1, 1941.
Due $10,000 from March 1, 1943 to 1962, inclusive.
$160,000
until March 3, by the City Clerk, for the purchase of
4 % semi-ann. electric light and power revenue bonds.
20 years.
1/1941
March
The Commercial & Financial Chronicle
1472
COUNTY
(P.
O.
Milwaukee),
Wia.—NOTE OFFER¬
informed by C. M. Sommers, County Treasurer, that he will
(CST) on March 17 for the purchase of a
$3,800,000 issue of not to exceed 5% coupon corporate pin-pose notes.
Dated April 1,1941.
Due on April 1,1942; callable on Feb. 1, 1942. Notes
will be furnished at the county's expense in such denominations in multi¬
ples of $1,000 as are desired by the purchaser.
Denominations should be
designated by 1 p. m. on the day on which the bids are opened.
The notes
may be registerable as to principal only.
Rate of interest to be in multiples
of Y\ or l-10th of 1%.
Interest coupons are attached to the notes.
Pay¬
able Jan. 1, 1942 and April 1, 1942.
Purchaser must pay accrued interest
to date of delivery.
The notes will be awarded to the bidder offering to take
the entire issue at not less than par whose bid provides the lowest total
interest cost to the county calculated to the call date, Feb. 1, 1942.
The
legal opinion of Chapman & Cutler, of Chicago, will be furnished at the
expense of the qounty.
All resolutions required for the above issue are being submitted to said
ING—We
are
receive sealed bids until 10 a. m.
attorneys for preliminary approval, prior to passage by the County Board.
Consequently, no delay is expected in securing final approval.
There ir
no
litigation threatened or pending affecting the sale of the issue.
Nc
special bidding forms are necessary.
Principal and interest payable at
the office of the fiscal agent of the county in New York, or at the County
Treasurer's office.
Delivery will be made on or about April 1, at the
expense of the county, to Chicago, or any point within a radius of 100
miles from Milwaukee.
Delivery beyond must be paid for by the pur¬
chaser.
It is expected that a block of approximately $7,000,000 relief
bonds will be issued in June of this year.
No deposits are required with bids.
WEST
ALLIS,
Wis.—BOND
OFFERING—It
is
stated
by
Fred A.
light plant revenue bonds is said to have been purchased by Crummer &
Co. of Dallas, as 2>4s and 3s.
Due on Jan. 15 in 1942 to 1961; optional
Jan. 15, 1951.
Sanlader, City Clerk, that he will receive both sealed and oral bids until
March 18, at noon, for the purchase of a $300,000 issue of school bonds of
1941.
Interest rate is not to exceed 3%, payable F-A.
Dated Feb. 1,
SUNDOWN INDEPENDENT SCHOOL DISTRICT (P. O. Sundown),
Texas—BOND OFFERING—It is reported that sealed bids will be received
two
Due as follows: $10,000 in 1947 to 1951 and $25,000 in 1952 to
1961.
Rate of interest to be in multiples of M of 1 %, but no bid combining
different rates of interest will be accepted.
Prin. and int. (F-A)
1941.
until March
1, by the Secretary of the Board of Education, for the pur¬
issue of $115,000 school building bonds.
Interest rate is not
%, payable semi-annually. Due in 10 years.
These bonds were
approved by the voters at an election held on Feb. 1.
chase of
an
to exceed 3
payable at the City Treasurer's office.
These bonds must be sold and dis¬
posed of for not less than par and accrued interest to date of delivery.
Bidders must furnish their own legal opinion and blank bonds.
Enclose a
certified check for not less than 5% of the bonds bid for.
UTAH
WYOMING
BEAVER, CITY, Utah—BOND OFFERING— It is stated by Sadie M.
Patterson, City Recorder, that she will receive sealed bids until 8 p.m. on
March 4, for the purchase of $130,000 electric light revenue bonds.
In¬
terest rate is not to exceed 6%, payable M-S.
Dated March 1, 1941.
Due $6,500 March 1, 1944 to 1963.
Callable for redemption in inverse
numerical order on any interest paying date on and after five years at par
and accrued interest to the date fixed for redemption, plus a premium of
$4,000 for each $100 of bonds redeemed.
The bonds are being issued to
pay for the cost of constructing a new hydro-electric plant and improving
the present distribution system and will constitute a first lien against the
net revenues ol the plant, which revenue is more completely set out in the
engineer's report, a copy of which may be obtained by writing to the Rocky
Mountain Engineering Co., 201 Wilda Building, Denver, Colo.
FREMONT SCHOOL DISTRICT
BOND
NO.
26
(P.
O. Morton), Wyo.-
OFFERING—Sealed bids will be received until 7 p. m. on March 18,
Wall, Clerk of the Board of Trustees, for the purchase of the
following school bonds:
by W.
S.
$4,400 bonds.
to
in
Dated April 1, 1941.
1955.
2,600 bonds.
Dated May 1, 1941.
Due $400 in 1947 and $500 in 1948
' <
Due $500 in 1942 to 1946, and $100
1947.
Denoms. $100, $400 and $500.
Interest rate is not to exceed 4%, pay¬
issues must be with¬
able semi-annually.
Each bid on each or both of said
out condition or reservation, and accompanied by a
certified check on
a
district treasurer in the sum of money equal
5% of the amount of the bid.
No bid for less than par and accrued
interest will be considered.
The district will furnish printed bonds and the
national bank, payable to the
to
VERMONT
RUTLAND, Vt.—BOND ELECTION—An issue of $30,000 high schoo
addition bonds will be considered by the voters at an election on
March
4
approving opinion of Myles P. Tallmadge, of Denver.
The district reserves the right to reject any and all bids and to sell said
or either issue thereof, at private sale after the date of sale if deemed
bonds,
for the best interests of the district.
@FedFRASER