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ftttanrial
1?
®4f
ammeirict
V
COPYRIGHTED
IC.V0L 152.
IN
1941 9V WILLIAM B. DANA
COMPANY, NEW YORK.
issued week^o 00^13 a copy
ENTERED AS SECOND-CLASS MATTER JUNE 23. 1879, ATTHC
POST OFFICE AT NEW YORK, NEW
YORK, UNDER THE ACT OP MARCH 8, 1S79.
NEW YORK, MARCH 15, 1941
William B. Dana Co.,
25
Publishers,
Spruce St., New York City
BROOKLYN TRUST
THE
BANK
COMPANY
NO. 3951.
CHASE
NATIONAL
BANK
of the city of new york
Chartered 1866
i
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
N E W
respondent bank service
is
Member Federal Deposit Insurance
Corporation
a
traditional
policy of
the Chase National Bank,
YORK
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Hallgarten & Go.
Member Federal
Deposit Insurance
Corporation
Established 1850
Canadian
NEW YORK
Securities
Chicago
London
DIRECT PRIVATE WIRE TO
City of
TORONTO
Philadelphia
PUBLIC UTILITY
Bonds
INDUSTRIAL
T'he
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
NEWYORK
BONDS
Moncure Biddle & Co.
BOSTON
PHILADELPHIA
CHICAGO
PHILADELPHIA
A.C.ALLYNans company
AND OTHER
SAN FRANCISCO
PRINCIPAL CITIES
INCORPORATED
CHICAGO
New York
Detroit
Boston
Philadelphia
Milwaukee
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
(Dramhdbr, Ehdtchman
Company
Capital Funds
.
$37,500,000
Company
Exchange Bldg
Seattle
OTIS & CO.
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
MADISON AVENUE
AND 40TH STREET
INVESTMENT SECURITIES
64
WalllStreet
BOSTON
NewYork
PHILADELPHIA
3
Ms,
of
Penna.
Turnpike
Rev.
1968
Phila. & Reading Term. 1st 3
3^8,'66
Lehigh Coal & Nav. Fund. 4s, 1948
Penna. RR. Serial Sec. 4s, 1950-64
Chicago
R. H. JOHNSON & CO.
Comm.
Ann Arbor RR. 1st
4s, 1955
Connecting Ry. of Phila. 1st 4s, '51
Lehigh Vail. RR. Ann. 43^8 and 6s
Strawb. & Cloth. 1st 5s, 1948
YArnall
ONE EAST
1528 Walnut Street,
&
Co.
Philadelphia
57TH STREET
Canadian Securities
CarlM.Loeb,Rhoades&Co.
61
e
BROADWAY
NEW YORK
London
Gonova
Member
Buenos AI rot
of the
Federal Deposit
Insurance Corporation
o
HART SMITH & CO.
52 William St.
Montreal
NEW YORK
Toronto
Interest exempt
1941
March 15,
Financial Chronicle
Commercial &
The
Federal Income Taxation
from all present
$3,000,000
Rhode Island ;
City of Providence,
2% Bonds
$150,000 annually
Due
in our opinion,
Legal Investment,
April 1, 1942 to 1961,
inclusive
New York, Massachusetts and Connecticut
for Savings Banks in
in the opinion of counsel will
of Providence, payable from
ad valorem taxes levied against all the taxable property therein without limitation as to
rate
amount, except that the tax on intangible personal property is limited by statute
These Bonds, to
constitute valid
be issued for unemployment relief purposes,
and legally binding obligations of the City
or
to
$100 valuation.
forty cents per
These bonds are
offered when, as and
Storey,
Messrs.
BACON, STEVENSON & CO.
HARVEY FISK &SONS, INC.
&.CO. INC.
PAUL H. DAVIS &.CO.
CHICAGO
EDWARD LOWBER
& CO., INC.
October 1, payable In New
Principal and semi-annual Interest, April 1 and
$1,000, reglsterable as to principal and interest. The
considered reliable, and while not guaranteed as to
1, 1941.
denomination of
from sources
delivery.
BLAIR &. CO., INC.
BOSTON
Dated April
tcill be furnished upon
CO. Inc.
MURPHY&CO.
BOND, JUDGE
by us and subject to approval of legality by
Dodge, whose opinion
B. J. VAN INGEN
& CO.
INCOBPOBATED
G.M.-P.
if issued and received
Thorndike, Palmer &
HALSEY, STUART &
ADAMS, McENTEE
2.00%
yield 0.30% to
Prices to
STOKES & CO.
York City. Coupon bonds in the
been carefully compiled
Information contained herein has
completeness or accuracy, we believe it to be correct as of this date.
Notice
Dividends
Dividends
RAILWAY COMPANY
Estradas de Ferro)
PAULISTA
KANSAS CITY
COMPANY
POWER & LIGHT
New
Dividend No. 57
Kansas City, Missouri.
March 7, 1941.
The regular quarterly dividend of $1.50 per
First Preferred,
Series B
York & Honduras Rosario
Mining Company
New York, N.
120 Broadway,
1941.
All persons
declared an
first quarter
1941,
receive the
to
dividends.
C. DAVIS, Assistant Secretary.
H.
AMERICAN
MANUFACTURING COMPANY
Noble and West
this
of
meeting held this day,
interim dividend for the
of 1941, of Fifty Cents
($.50)
a
share on
the outstanding
capital stock of this Company, pay¬
able
on
March 29, 1941, to stock¬
holders
of record
at
the close of
business on March 19, 1941.
are
holding stock of the company
requested to transfer on or before March 14,
such stock to the persons who are entitled
Directors
of
Board
The
The
to
Board of Directors
Company has
The
coupons,
upon
referred dividend
a
?uarterly Stock and of dividend of
$1.25 per
on
Common
the
the regular
share on the
Both
larch
Sayabie 15, 1941. 1941 to Stockholdersbooks will
April 1, The stock record of record
be closed
the close
of transfer of stock at
March 8 to April 1,
for the purpose
of business from
ROBERT B.
United Shoe Machinery
25c. per share
Stock of the Company.
BROWN, Treasurer.
The Directors
of this Corporation
Fiscal Agents,
The
stock.
dividends
both Preferred and
on
payable April 5, 1941, to
of record at the close of business
stock are
March 18,
1941.
WALLACE
M.
KEMP, Treasurer.
167
UNDERWOOD ELLIOTT
dividend
A
capital
clared
of
one
dollar per share on
the
stock of this Company has been de¬
payable April 15, 1941, to stockholders
of record at the
close of business
LIONEL W.
March 20,1941.
UDELL, Treasurer.
FISHER COMPANY
of Directors at a meeting held
March 13, 1941, declared a dividend for the first
quarter of the year 1941, of 50c. a share on the
Common
Stock of Underwood Elliott Fisher
The
Company, payable March
holders of record at the close
1941.
Transfer books
of Directors has declared dividend
No. 839 of thirty-seven and one-half cents ($.37M)
per share of $12.50 par
value Capital
payable March 25, 1941 to stockholders of
3:00 o'clock P. M. March 20, 1941.
Checks will be mailed by Irving Trust Co.,
S.
DUNCAN,
New York,
to
stockholders of
March 21, 1941.
record at
J.
has
par
1941
the close of business
R. FAST, Secretary,
share
on
been declared by
A.A.CLARKE,
Vice Pres.-Treas.
J
'Bread
March 13, 1941.
Common
Cotton Facts
your
message
cost
through
columns.
our
Stock
A dividend of
BAKING
to
moderate
advertising
Dividend No. 80
Fifteen Cents
($.15)
Common Stock has
the Board of Direc¬
tors,
payable April 1, 1941, to
stockholders of record at the close of
business on March 22, 1941.
per
these readers at a
March 5, 1941.
dividend of Thirty (30) Cents per share
been declared on the Capital Stock ($5.00
value) of this Company, payable April 15,
($2.00)
the Preferred Stock has
the Board of Direc¬
tors,
payable April 1, 1941, to
stockholders of record at the close of
business on March 22, 1941-
per
COMPANY
Carry
A
Dividend No. 116
of Two Dollars
A dividend
GENERAL
Disbursing Agent.
R. A. CLARK, Secretary.
COMPANY
Preferred Stock
Treasurer.
Stock,
record
YORK TRANSIT
26 Broadway
BAKING
COMPANY
31, 1941, to stock¬
of business March 22,
The Board
NEW
New York
will not be closed.
C.
March 4, 1941.
GENERAL
Board
HOMESTAKE MINING COMPANY
Dividend No. 839
Dividend
Broad Street,
25
have declared
dividend of 37>£c per
stockholders
DIVIDEND NO.
presentation and surrender of
of the Undersigned.
THALMANN & CO.
the office
LADENBURG,
such coupons at
Corporation
share on the Preferred
capital stock.
They have also declared a divi¬
dend of 62>£c per share on the Common capital
a
Common
UNITED FRUIT COMPANY
15,
of the in¬
15, 1941
and after March
Dividends
of the American Manu-
declared
received funds for the
15, 1941 interest on
prepared to make payment
the holders of the March
Brooklyn, New York
factoring
March
Undersigned will, on
1941, be
terest
Fund Gold Bonds
Undersigned have
LANGLEY, Treasurer.
WILLIAM C.
Streets
7% Sinking
payment of the
the above Bonds.
DIVIDEND NO. 354
Company, at a
Refunding Mortgage
First and
The
March 12, 1941.
Preferred, Series "B", Stock
of the Kansas City Power & Light Company has
been declared payaole April 1, 1941, to stock¬
holders of record at the close of business March 14,
the First
share on
Y.
(Companhia Paulista de
share on the
been declared by
A.A.CLARKE,
Vice Pres.-Jreas.
March 13, 1941.
"Br cat)
MARCH 15,
Vol. 152
No. 3951
1941
CONTENTS
Editorials
1631
The Financial Situation
The Bus Strike
The Insurance
.
_.......l643
Companies and New Deal Inconsistencies 1644
Comment and Review
Text of "Lease-Lend" BilL__.__
1648
._
..1649
Excess Profits Tax Amendments of 1941
Gross and Net Earnings of
United States Railroads for
the Month of January.__
Week
the European
on
Stock Exchanges
—
.1636
1640 & 1692
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
1653
1654
1634
1691
Course of the Bond Market
Indications of Business Activity
Week
on
the New York Stock Exchange
Week
on
1646
1635
the New York Curb Exchange
News
Current Events and Discussions
.1668
Bank and Trust Company Items
.1690
1736
General
Corporation and Investment News
..1785
1786
Dry Goods Trade
State and
Municipal Department
Stocks and Bonds
.1694
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
Dividends Declared
1692
1694
1692
...
Auction Sales
New York Stock
Exchange—Stock Quotations..
♦New York Stock
1704
Exchange—Bond Quotations. 1704 & 1714
Exchange—Stock Quotations
..1720
Exchange—Bond Quotations
..1724
Other Exchanges—Stock and Bond Quotations
1726
Canadian Markets—Stock and Bona Quotations.
1730
Over-the-Counter Securities—Stock & Bond Quotations. 1732
New York Curb
♦New York Curb
ml
*m
Report*-.
Foreign Bank Statements
Course of Bank Clearings
—
1692
1668 & 1701
Federal Reserve Bank Statements
General
55
.^Commodities}^",; 1
The Commercial Markets and the Crops—<r
Cotton
Breadstuff s
♦
—1736
Corporation and Investment News.
^7^ "
Attention
..1639
.1776
—1779
1783
Incorporated in our tables
York Curb Exchange bond.quota-
is directed to the new column
on'New York Stock Exchange and New
tionsjpertainlng to_bank eligibility and rating.
Published Every Saturday
Morning by the William B. Dana Company,
25 Spruce Street, New York City, N. Y.
William D. RIggs, Business Manager.
(Telephone State 0613). LondonEntered as second-class matter
United Stateo and Possessions, $18.00
South and Central America. Spate, Mexico and
Australia and Africa, $23.00 per year,
card
on request. NOTE: On account
must be made in New York funds.
Chairman of the Board and Editor; William Dana Seibert. President and Tr^wer;
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
Edwards & Smith, 1 Drapers' Gardens, London. k.C.
Copyright 1941 by William B. Dana Company.
June 23 1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
Cuba
$21 50 per year, $11.75 for 6 months: Great Britain, Continental Europe (except Spate), Asia,
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and
rates
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements
Herbert D. Seibert,
The Commercial & Financial Chronicle
x
MASSACHUSETTS
INSURANCE
March
LIFE
MUTUAL
COMPANY
Springfield, Massachusetts
Organized 1851
i
Bertrand J. Perry, President
Summary of Annual Statement Figures
December 31,
Admitted Assets
1940
Bonds, Mortgages, and other Assets
.
.
$704,170,43
Interest Due and Accrued
....
8,352,57
Premiums Due and Accrued
....
11,771,029
$724,294,
Liabilities
Policy Reserves
$550,122
Policyholders' Funds
135,524
Policy Claims in Process of Settlement
Dividends to
Taxes Due
Policyholders
.
....
......
Miscellaneous Liabilities
Special Reserves
$706,210,
Surplus
Total
.
.
.
Contingency Funds
.
.
Insurance
In
24,087,
....
United States Registered Bonds included In the above statement
required by law:
18,083
.
.
are
deposited
as
State of Massachusetts, $250,000; State of Georgia. $10,000.
Force
December
31,
1940,
520,290
policies
for
$1,989,685,982
Payments to Policyholders and Beneficiaries in 1940
To Living
Policyholders
To Beneficiaries
.
.
$30,593,720
17,400,901
$47,994,621
Since organization in 1851, this
and their beneficiaries
more
Company has paid in benefits
to its
policyholders
than Nine Hundred and Thirty-Six Million Dollars
15, 1941
The Financial Situation
materialize will
Great Britain to
to enable
serve
THE much-publicized statute book ofhas atNation,
length
been taken
the lease-lend bill
the
tinue to receive
and the President has sent to Congress a
and is scheduled to receive from
to
request for
effect.
the utmost
speed
Britain might
period
This, of
unable to take and pay
A
of
stead of
it
made.
were
the
which
is
we
of
or so
must
heat
and
that
realistic
from the front is
give the matter
Navy,
surrender
our
some
it
outright to the British,
or
that
In
a
we
power of the
ernment and
in the person
be
period of time.
To be sure, a
a
news
necessity of effec¬
Suppression of informa¬
a
good deal has
press
tion"
the part
on
of the
Administration in dispatch¬
ing aid, the nature of which
is
disclosed,
not
to
measure
of
the
quence
could
we
nature of
have started on its way across the
may be said with assurance
great deal could have been sent
defense weapons—again
excepting our Navy
—and, furthermore, not enough to be of decisive in¬
fluence even if we sent all that we had, for the simple
reason
that,
as every one
knows, we have little or
Lease-Lend and Production
Much the
same
conclusion, so far as immediate aid
concerned, must be reached when we turn to the
matter of our
productive effort.
authorizations
and
the
be
no
doubt that
prompt and vigorous
same
will ulti¬
substantially
purpose
very
ity for the production of armament articles.
But when?
Britain from
Certainly not in time to save Great
being crushed
of this nature which
mer are
most
It could be that the
shortly to
appropriations
were
any
time this year. Plants
early last sum¬
at this stage
often not in production yet,
and despite the
vigorous efforts probably will not be in
duction, in some cases, at least, before late
if then.
The designing
and the equipment
nothing.
is
completed.
nearly
further increase our capac¬
Certainly it
a
subsequent
1940 for ex-
30,
can
mately
without
virtually stripping ourselves bare of everything in the
that not
in¬
in the budget
application of nearly an¬
other billion dollars to the
what of such great conse¬
Atlantic?
that
well under way, some
it
There
/question, but
in
sums
June
now
must
Only the thoughtless, it seems to us, could
this moment doubt either the wisdom or
the timeliness of these words.
the
asserted
the
pansion of industrial plant.
Much of this expansion is
School.
of the
year
v
at
British upon passage
At
purpose.
recommended
to
vigilant for us.
Only if the press is free to
perform this function in our policy can we be
sure that wars to maintain democracy do not
result in becoming wars to establish autoc¬
racy.—Dean Roscoe Pound, Harvard Law
days of "prompt ac¬
a
appropriated, authorized or
be
few
equip¬
presented, had been
then
as against the local gov¬
increasingly concentrate power
of the Chief Executive, we must
that the
and
$1,902,000,000,
cluding
of abso¬
time when the
central
in practice
$952,000,000
of the
President
some
rests
means
such
the first
vigilant to preserve the fundamental guar¬
on
which our Federal Government
This
some
large amount of money
for
antees
been made within the past
Presi¬
articles.
a
the world, in
The
next.
production of defense
This is obviously
or
time of rise and establishment
over
rea¬
ment for the manufacture
bigness of everything and the economic uni¬
fication of the land continually add to the
that must be decided with¬
short
a
be
may
facilities
for
to
as
lutism all
do to decide any issue
so
of
the
item of
does it not follow
press
which
dent's estimates include an
to be suffered to vote
doubt
be-
distinction
early deliveries and
of
time of war.
substantial part of
there is very little
no
our
sonably expected next year
plans and movements, movements
of vessels, and the like, is clearly necessary.
Here is the legitimate field of censorship in
tion
participation
of
war,
tive conduct of war.
thought that, bar¬
active
by
in
pending
they ought not
of
rate
those
All
seen
pending war?
Cautious doling out to the
earlier
to those who
argue
the
tween
a
democratic government pre¬
free criticism and free discussion.
If the people, and that means any of them,
cannot be suffered to criticize and grumble
sub¬
debate
of
refused to
can
constitutional policy.
pro¬
be expected to
can
sharp
a
Moreover,
has become clear
sided it
ring
different type of govern¬
supposes
But the fact is that with
even
very
urged for so doing proceeds
on an assumption that American government
cannot wage war and stand up under criti¬
cism.
But our Government has proved it can
do so in the crisis of a great civil war.
delay.
the
a
and
book
production of the goods de¬
sired. Here we must make
ours.
that I have
without
begin
course
of
guarantees of our
do within the
next six months
posed
censorship
out of exi¬
a
measure now
appropriations
increase
Only an overwhelming necessity can justify
the setting aside of one of the fundamental
"saving" of Brit¬
ain that
experience, we
going on ideas taken
Europe, seeking coerced
and importing
unity
ment from
law,
now
o
the
upon our own
belongs to and has grown
gencies
than
and any
relying
outward
In any event,
measure
the
the statute
on
while to consider whether, in¬
Continental
from
when the statements
was
Timely Warning
have not since 1917 been
Britain is not observably
any, nearer
worth
It is
made, but collapse of
much, if
different matter from being
Turn next to the extent
low
have elapsed since some
resources.
for goods due for delivery in
to which
these sweeping statements
were
a
90
at
as
course,
cash
exhaust
the early future.
be saved from destruction within a
Fully 60 days
days.
is quite
of the essence, that
in order that Great
days and sometimes
60
would
order
on
was
fixed
often
there has been no intimation of it.
was that payment for
was necessary
the lease-lend bill that time
during the next
us
but which, by reason of exhaustion
If, however, British funds have been depleted
this extent,
materials
repeatedly said during the debate on
was
so,
What has been said at its worst
take
propriate to pause long enough at this time to
It
to
It would therefore appear ap¬
or
funds, she could not have obtained without our
help.
will vote the funds, and vote
them without delay.
stock.
of
be nowhere the slightest
There appears to
doubt that Congress
as
six months
$7,000,000,000 with which to give it practical
some
con¬
supplies that she has been receiving
full
this
pro¬
year,
and planning of such plants
which must
go
in them is a time-
consuming task at best, to say nothing of the pains¬
taking work which the production of the
machines
reliable information is
trustworthy, a very substantial degree of advance¬
ment has been made during the past half-year in the
represents.
If
apparently
Commercial & Financial Chronicle
The
1032
design and development of the mechanisms of war,
particularly, perhaps, in planes and the engines which
drive them.
Presumably these new plants will be
designed to produce the latest types of these things,
and these latest types of material doubtless need
experimental development to make certain
further
that they
function
expected.
as
^
It
be taken
may
amounts of money,
certainty that the large
a
as
that the President requests for
material itself have little or no
significance for the
Experience lias taught us, or
immediate
future.
those of
who needed such teaching, that mere ap-
us
propriations or the mere placing of orders for this or
that article of defense does not produce the article.
These
huge funds will, if we are fortunate, be trans-
lated
into
but they will do little, except pos-
time next year,
sibly in
tanks, planes, and the like some
guns,
psychological
a
to save the day earlier
way,
if the situation is not taken vigorously in hand?
The quesion is certainly worth careful thought,
Much
Here is
expects to receive meanwhile from manufacturers
who
now
are
shortly will be, engaged in their 3
or
Even acquirement of this material is
likely to be large enough to be decisive, one must
production
not
for months to come, since production on a
suppose,
really large scale
is
still
distance
some
Defense
in
reason
So much for the usefulness of the lease-lend hill
great many official spokesmen have
cited.
now
must
We turn
be
certain other items which
to
given serious and early attention if our
stock-taking is to
fully its normal function,
serve
The first of these is the attitude of the labor
and the
policy of the Administration regarding the
behavior of the unions.
the
unions,
No one,
pro-labor officials whose
apparently not even
name
in Washington is
apparently legion, longer have the temerity to deny
that there is
"labor situation."
a
The older
policy
of
attempting to deal with this situation by ignoring
it
or
denying its existence is obviously
tenable.
Our armament program, moreover,
really got under
few
demands
and
have to be increascd ^veral
fold to present the real
]ogg t() the dcfens{; pr0granl)
since the various parts
be met.
What
interpreted
come
when
they
should their demands not
can,
the
case
at
yr
.
program
can
pectations
dent hag ghown himge]f once more
Wc
f((
sengelcgs
including aid to
The Presi-
with the utmost dispatch.
Qnat Britai
keenly responsive
calling for a cessation of the
in
fefi]i
interrTlptions and delays incidmt upon
jurigdictional dispute among the unions,
The fact
.g> howevCT; that avoidance of delay by
of concessions to the unions which add to the
cost of defense articles, or
ordinary commerce,
of
for that matter articles
well before we are
may
through with this business prove to be fully as costly
avoid
Both the defense proeconomic life for years
to us all as whatever delays are necessary to
the results of such avoidance.
gram
and the course of our
to come would suffer severely from the appearance
of another "silk shirt era," or from the development
of inflationary conditions of which such an era was
once
There can be no
the outward manifestation.
doubt that underlying financial conditions invite,
as
they have been inviting for a long while past, an
era
Nor is there great
of inflationary price changes.
Nothing could so greatly in-
powder in this keg.
crease
the danger of igniting this mass of financial
explosives than
"runaway"
a
wage
situation,
or
the
attainment bv labor unions of the other objectives
they
appear
to be seeking at the present time.
Not
proportionately greater
and the more
short-lived one, if current exA year from this date, or
now
envisaged
ready
are
operation, there is destined to be another call
for substantial numbers of
men
industrial situation which
superimposed
upon
normally by that time
to
prevent
threatening
many
develop-
ments in the labor market is essential at this time,
These considerations make it clear that we need
far
plants
new
feverishly insistent that we
necessary
realized.
are
a]most
are
with the entire program)
under construction or
ready for production and the de-
no
today arousing the American
only the avoidance of delays, but whatever may be
is to make it clear that this armament
whenever the
an
hardly be
today.
is to be
who
^
great 01. much
It is doubtless this aspect
later date.
W)mft
of the mattei, whkh 5g
M
points either at once
warning of what is to
request for $7,000,000,000 additional funds
have done
entail
point
a
One thing the lease-lend measure,
recent
()1)e
greater delay at several other
now
plants
are
doing
are now
mand for workers becomes
than is the
really "tight" save in
to begin making recurrent
other than
as
being equipped
for
flt
del
have launched will be effected without adding to the
areas
they
inter-related in such a way that
j]|n j pr0gram are
likelihood that this defense program upon which we
threatening to disrupt orderly pro-
cedure wherever
days actually
difficulty or interruption may
The unions have not waited
way.
specialized
It
has not
until the labor market became
a
longer
no
(]in| jn gome instances at least
j()st at tbe .)0jnt- 0f
means
for the purpose a
involves much
defense program.
of it in terms of days
logt jn making planes, guns, tanks, ships and the
res^
qqle figures of such days lost are beginning to
^ qUjfe impressive.
They are the more so for the
the future.
Impediments
invoived
customary to speak
jjas grown
purchase from our own establishment articles which
it
Ig
situation which obviously
a
tjlan retardation of the
more
that, except of course as they may be used to
than
March IS, 1941
more
than the creation of
for mediation
conciliation.
or
some new
machinery
Apparently the Ad-
ministration has about completed plans for some
"over-all" board
or
situation in hand.
What
mind is that such
what its nature
other
an
or
organization to take this
we
must bear carefully in
organization
personnel,
can
to prove adequate to the existing
is essential is
a
per se, no
matter
hardly be expected
situation.
What
sharp change in attitude toward
labor and labor matters
on
the part of the Adminis-
wjll, if current plans fructify, be almost feverishly
tration itself.
active, and employment correspondingly large.
labor in this country is continuously downtrodden
the unions feel
now
the situation that
to
demand
concessions,
fight their
what will
they have such control of
can
begin
one
after the other
higher wages, shorter hours and
list of other
ceed to
that
they
they do
own
If
or
that they
a
long
can now pro-
internal fights to a finish,
a year or year
and
a
half hence,
No government which insists that
and which at the very beginning of almost any
dispute which has to do with
wages,
labor
hours and the
like is unavoidably presumed to be at heart sympathetic to at least
earners or
a
part of the demands of the wage
of their professional trouble makers is
likely to succeed
very
well in holding such demands
Volume
in check
and
as
told
make
be that
to such
we
need in addition further machin-
stand with the unions at this
mercial, industrial and agricultural loans by $53,-
for the purpose of
000,000 to $2,075,000,000. This is one of the largest
in the series of advances which began last autumn,
and it is quite in line with the reports of member
a
up
doomed to failure.
Another
rendered
which
problem which the lease-lend measure
requested in connection therewith has
difficult and
more
the
concerns
armament
own
more
great many reports
A
program.
devices under consideration for
ous
funds
obviously required for
The situation
raising the huge
such undertakings.
any
is, of course, not eased by the failure
of the authorities to evince any
in
pressing is that
financing of both this and our
constantly from Washington concerning vari-
come
interest whatever
reducing non-defense expenditures which have
stupendous proportions in recent years,
grown to
Precisely how the Treasury hopes to raise all these
billions is far from clear.
clever schemes for
another
are
time
the time
or
out
custom in such
periods of obtaining
expected to create them much
past have printed the money
Now that the lease-lend bill debate is
of the way
it would be an excellent thing if
of these vital
tion they
questions
were
given the atten-
deserve.
Federal Reserve Bank Statement
-
RAPID credit and currency situation of the counthe expansion now appears to be the rule in
try, with the official banking statistics making the
trend
more
emphatically clear with every passing
The tremendous defense program of the Fed-
week.
era! Government made such a
development inevit-
able, and to that program is now to be added another of aid to Great Britain on d prodigious scale.
The defense program
in itself occasioned the
cau-
tionary statement of the Board of Governors of the
Federal Reserve
better
control
System, Jan. 1, as to the need for
mechanisms and agencies.
In the
light of the aid to Great Britain program, such controls
even
are
when first
by $74,775,000 to $14,210,812,000; an increase
$421,423,000; an increase of foreign deposits by $42,086,000 to $1,163,143,000, and a decrease of other
practical effect resorting to
directly or indirectly from the commercial
they needed.
ances
probability of finding ourselves at
treasuries in times
some
no
sort or
of the Treasury general account by $30,737,000 to
banks which will be
as
one
banks in 101 cities. Brokers' loans by the New York
City banks in the weekly period ended March 12 increased $6,000,000 to $354,000,000.
The Treasury in Washington deposited $73,033,000 gold certificates with the regional banks in
the statement week, raising their holdings of such
instruments to $20,103,279,000. Other cash of the
12 Federal Reserve banks increased slightly, and
their total reserves advanced $81,574,000 to $20,441,853,000. Federal Reserve notes in actual circulation
increased $7,686,000 to $6,047,336,000.
Total deposits with the regional banks moved up $81,555,000
to $16,380,610,000, with the account variations coilsisting of an increase of member bank reserve bal-
What is distressingly
another in
worn
the funds
What is clear is that
special obligations of
likely to succeed.
dubious is the
one
Treasury deposits with
the same weekly period, New York City weekly re-
an
dealing with the existing labor situation is fore-
and the funds
the total of idle funds.
the Federal Reserve banks advanced modestly, which
also modified the member bank reserve figures. For
porting member banks indicate an increase of corn-
organization set
any
the total to $8,811,000,000, and this tended to depress
Administration
warning, but without
a
to feather its nest,
culation increased $6,000,000 in the period, raising
machinery to give practical effect
willing to take such
time
of capital, will be permitted to
managers
different
or
Labor must be told
of the defense program
use
It may
erv
the months pass.
quite plainly that it, no more than the
owners or
1633
The Commercial & Financial Chronicle
152
more
advisable
presented.
now
than they were
Apart from certain disparag-
The reserve
Discounts by the
regional banks fell $892,000 to $1,352,000. Indnstrial advances were up $166,000 to $7,881,000, while
commitments to make such advances increased
$668,000 to $6,561,000. The Federal Reserve banks
again refrained from open market operations, as
holdings of United States Treasury securities redeposits by $66,043,000 to $585,202,000.
ratio remained unchanged at 91.1.
mained ™chanSed at 12,184,100,000.
Business Failures in February
1,129 commercial insolvencies
were
involving $13,483,000 liabilities in February, according to the records of Dun & Bradstreet, a few
more than in January when 1,124 firms failed for
$11,888,000, and considerably more than in February
1940, when 1,042 organizations failed for $13,472,000.
In rising above January, February's bankruptcies
moved contrary to the hitherto invariable downward
trend in that month. In the period since 1894, for
which Dun & Bradstreet's figures are available, February has never until this year risen above January,
which latter month has in the great majority of
11 HERE
r
X
years
established the peak level of the year.
It
would seem, however, that the present instance do¬
to be classed as a phenomenon rather than as
significant reversal of trend. There are hardly
any reasons why, at the present time, failures should
be on the increase, and many for the opposite to be
ing comments by Secretary of the Treasury Henry
serves
Morgenthau Jr., and Secretary of Commerce Jesse
H. Jones, there has been as yet no clear indication of
a
the Administration reaction to the
suggestions and
It remains
fact that January showed
recommendations of the Board of Governors of the
the
Federal Reserve
much less than the usual seasonal degree of increase
System.
^
Available credit remains far more than
and
in the
dition
of
member
$40,000,000 is reported to the total of
bank
excess
reserves
ments, making the aggregate
was
the
adequate,
weekly period ended March 12 an ad-
over
legal
require-
$6,480,000,000.
This
result, chiefly, of an increase of monetary
gold stocks by $81,000,000 to $22,318,000,000.
A
modest decline in non-member deposits with the 12
Federal
crease
Reserve banks also contributed to the in-
of member bank reserves.
Currency in cir-
case.
a
and the record of the two months combined compares
favorably with the same period of 1940; there
2,253 failures in the first two months compared
with 2,279 in the same months of last year,
were
In
the different commercial divisions of the
only the retail group had fewer fail-
failures,
ures
in February than in January; and since in this
division there was a decrease to 719 from 771, the
gains in the other classifications were greater than
indicated by the totals.
Compared with
a year pre-
\
|
February's failures showed reductions in the
and construction groups and increases in the others.
Manufacturing disasters numvious
manufacturing
comparison with 184, involving $4,878,000
month in
in
liabilities last
involved $5,983,000
and
182
bered
Construction failures dropped
$836,000 liabilities in February from 66
February, 1040.
to 58 with
with
$1,655,000
solvencies,
a year
earlier.
Wholesale trade in-
the other hand, increased to 104 in-
on
from 102 involving
Retail rose to 719 with
$4,501,000 from 642 with $4,503,000 in February,
$1,611,000 liabilities
volving
$1,863,000 a year before.
Commercial
1940.
service
66
disasters numbered
compared with 48 with
$552,000 liabilities,
with
$575,000 in February, 1940. v
On
basis, failures in February
geographical
a
higher than in the corresponding month of
were
1940 in most sections of the
with
March 25, 1941
The Commercial & Financial Chronicle
1634
country, but compared
January, increases and decreases ivere rather
evenly distributed among the twelve Federal Reserve Districts.
The most substantial increases on
both bases occurred in the San Francisco District
where there
were
141 failures last month
compared
solvent if they were met. The expectations of increased business thus were quite offset by the exactions of the tax collectors and the demands of employees.
Listed bond dealings were quiet throughout the
current week, with the general trend upward in
United States Treasury obligations. A decline de-
veloped when it became known that $7,000,000,000
would be requested by President Roosevelt as an
initial contribution under the lend-lease bill. But
such recessions quickly were overcome, and the
Treasury made known, Thursday, that it would proceed with its immense financial operations next
week. High-grade corporate bonds were firm, and
underwriters were able to resume flotations. Speculative corporate bonds reflected some inquiry, the
railroad issues being in best demand. Foreign dolwith Axis country
issues depressed while most others tended to improve. Commodity markets were firm, and a little
lar securities fluctuated widely,
impetus for stock purchases
probably was derived
from that circumstance. Wheat and other leading
grains developed strength in the pits. Base metals
January and 98 in February, 1940.
held around previous levels, but only because of Ad¬
The New York Stock Market
with 99 in
exchange dealings remained dull, with changes in
ministration
NOTEWORTHY changes were lacking this week rates of noNew York Stock
consequence,
New York stock market, notwithstandOn the
the
on
ing occasional spurts in prices of
Traders
There
developments in other spheres.
and observe
was
equities.
preferred to sit on the side-lines
and investors still
little incentive to
buying
selling, for
or
every
a
The best
contrary indication.
formance of the week was given
per-
by the market last
Exchange 61 stocks
touched new high levels for the year while 81 stocks
touched new low levels. On the New York Curb Exchange 84 stocks touched new high levels and 70
stocks touched new low levels,
Call loans on the New York Stock Exchange re-
hopeful item of news seemed to be offset almost immediately by
Foreign
against increases.
pressure
mained unchanged at 1%.
On the New York Stock Exchange the sales on
Monday, when prices of leading issues advanced one
Saturday were 153,290 shares;von Monday, 620,710
points, in a turnover of slightly more than
shares; on Tuesday, 509,140 shares; on Wednesday,
Thereafter a slow downward drift
462,300 shares; on Thursday, 340,350 shares, and on
Friday, 321,214 shares.
On the New York Curb Exchange the sales on
Saturday were 28,740 shares; on Monday, 153,690
shares; on Tuesday, 83,160 shares; on Wednesday,
to three
600,000 shares.
took
place, which brought levels at the close, yester-
day,
almost exactly to where they were a week
earlier.
Trading, moreover, declined with the mar-
ket, and in the last two full sessions of this week
the turnover did not
A few issues in the
greatly exceed 300,000 shares.
shipbuilding and aircraft
managed to make a little net progress.
stocks
almost
were
week in the
The
rapid
Great
Utility equi-
motionless, and changes for the
leading industrial stocks were minor.
progress
generally held due to the
oi; the so-called lend-lease,
bill.
Britain
This
passed by both Houses
on
tions of
was
was
With equal
indicated that fresh appropria-
$7,000,000,(KM) would be requested by the
Administration in order to extend all
Great
aid to
Tuesday, and immedi-
ately signed by President Roosevelt.
promptness it
or
actually
measure
Britain, Greece and China.
possible aid to
This, of
course,
on
Thursday, 80,880 shares, and
Stocks moved in an aimless fashion
on
Saturday
in almost
month.
a
Gains and losses
dull and mixed, with sugar stocks the
was
They moved upward from fractions
only feature.
to
more
the day
on
The first hour of
approximated the same number.
than one point, establishing new high levels
for 1941, while steel shares presented
in the second hour.
mixed.
On
an
easier tone
The session ended steady and
Monday
sales
turnover
practically
doubled its volume of Friday, stimulated by the Sen-
Steel and heavy
ate passage of the lend-lease bill.
industrial shares reacted most favorably
soared from
one
to three points.
of the picture, the market
was
as
undaunted by actual
and threatened strikes, since it felt that with
activities.
ure
Congress also is known to be
con-
sidering plans for greatly increased taxation
order to
meet
at least
some
of
the
in
extraordinary
the
gains
On the other side
signified that industry will be asked to speed all
But
on
of last week, the short session being the narrowest
trading
good start of the market at the opening of
business for the week was
81,320 shares;
Friday, 89,360 shares.
Railroad
generally firm, owing to the improved
were
earnings reports of the great carriers.
ties
groups
press-
from the Federal Government these obstacles in
way
of
national
through mediation.
defense
would
Stocks enjoyed
a
be
hurdled
fractionally
costs of the current venture in international affairs,
higher position at the opening, and by the second
Corporate taxes
hour touched
according to
#
on
some
incomes might be raised to 40%,
Washington observers, and there
is talk of i special payroll levies of about 5%.
these indications
strikes
in
were
added
To
reports of spreading
industry, and worker demands for in-
creased pay
which would hardly leave the employers
chalked
up
one
point.
Midday
saw
fresh gains
and, riding on the crest of the
wave
in
the final hour, they established the day's best levels,
The optimism present the day before was lacking
on
Tuesday as traders explored the field of taxation
and the future burdens that will have to be borne.
Volume
The
The Commercial & Financial Chronicle
152
$7,000,000,000 appropriation asked by the Presi-
dent to put
bill in
the provisions of the aid to Great Britain
operation
was
Notwith-
grim reminder.
a
standing the fact that issues appearing most fre-
quently in heavy trades sold off, the number of
stocks of the
general list that advanced
exceeded those that gave
from fractions to
than
more
motor and aircraft
as a
Further contraction
Wednesday
the day
point among steel,
a
shares, while United States Rub-
ber continued active and
closing the list
on
Declines ranged
ground.
improved fractionally.
whole
was
sales volume occurred
in
At
irregularly lower.
on
uncertainty again reared its head.
as
Some improvement
in values took place in the morn-
ing, with further gains the order early in the afterShipbuilding issues stood out
noon.
market
feature
business
on
the
as
the main
strength of expected new
resulting from the heavy losses sustained
by British shipping.
Gains in this group ranged
from fractions to two
points.
dustrial
Steel and heavy in-
issues, however, suffered from reaction in
the
closing half hour, making for mixed changes on
the
day.
The market
on
the
same course as on
Thursday pursued much the
previous day, but with
ther contraction in sales.
the
rule, whether
The final
cline.
the
on
a
fur-
Fractional changes were
the side of the advance or de-
period witnessed liquidation among
heavy industrials, producing a moderately lower
finish.
On
stocks.
Responding to this inquiry, they hardened
Friday investors sought out preferred
and closed in
were
less
less at
shares
a
strong position.
Common shares
fortunate, however, and remained more or
standstill.
a
In the
preferred
enjoyed special favor.
group,
utility
For the market as a
whole, gains on the day were fairly numerous and
ranged from
to three points.
one
A comparison of
closing sales on Friday of this week with final quotations
on
Friday a week ago show a mixed trend.
General Electric closed
33%
on
yesterday at 33% against
Friday of last week; Consolidated Edison
Co. of N. Y. at
Electric at 4
21% against 21%; Columbia Gas &
against 4; Public Service of N. J. at
25% against 26%; International Harvester at 48%
against 48; Sears, Roebuck & Co. at 72% against
73%; Montgomery Ward & Co. at 37% against 37;
Woolworth
at
Tel. & Tel. at
30% against 30%, and American
161% ex-div. against 162.
Western Union closed
20%
at 150
yesterday at 21% against
Friday of last week; Allied Chemical & Dye
on
against 146; E. I. du Pont de Nemours at
143% against 144%; National Cash Register at
13% against 12%; National Dairy Products at 13%
against 13%; National Biscuit at 17% against 17%;
Texas Gulf
at
Sulphur at 35% against 35%; Loft, Inc.,
18% against 18%; Continental Can at 37 against
36%; Eastman Kodak at 132 against 130; Westinghouse Elec. & Mfg. at 95% against 95; Standard
Brands
at
6%
against 6%;
Canada Dry at 12
against 11%; Sehenley Distillers at 9% against
and National Distillers at 21% against 21%.
In
the
closed
9%,
Goodyear Tire & Rubber
rubber group,
yesterday at 18 against 18 on Friday of last
week; B. F. Goodrich at
States Rubber at
Railroad
13% against 13, and United
show
modest
gams
Friday of last week; Atchison Topeka &
Fe at 23% against 233,4; New York Central
on
Santa
at
12% against 12%; Union Pacific at 78 against
6% against 6%.
Steel stocks sold off the present week. United
States Steel closed yesterday at 57% against 57%
on Friday of last week; Crucible Steel at 41%
against 41%; Bethlehem Steel at 78% against 79,
and Youngstown Sheet & Tube at 35% against 35%.
In the motor group, General Motors closed yesterday at 43% against 42% on Friday of last week;
Chrysler at 66% against 66%; Packard at 2%
against 2%; Studebaker at 6% against 6%, and
Hupp Motors at % against % bid.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 35 against 34% on Friday of last week;
Shell Union Oil at 12% against 11%, and Atlantic
Refining at 21% against 20%.
Among the copper stocks, Anaconda Copper closed
yesterday at 24% against 24% on Friday of last
week; American Smelting & Refining at 40 against
40%, and Phelps Dodge at 29% against 29%.
In the aviation group, Curtiss-Wright closed yesterday at 9% against 8% on Friday of last week ;
Boeing Aircraft at 16% against 15%, and Douglas
Aircraft at 72% against 73.
Trade and industrial reports of the week were
generally favorable. Steel operations for the week
ending today were estimated by American Iron and
Steel Institute at 98.8% of capacity, which means
that production is at the highest level in the history
of the industry. The rate compares with 97.5% last
week, 97.1% a month ago, and 64.7% at this time
last year. Production of electric power for the
week ended March 8 was reported by Edison Electrie Institute at 2,835,321,000 kwh., against 2,825,510,000 kwh. in the preceding week and 2,463,999,000 kwh. in the corresponding week of last year,
Car loadings of revenue freight for the week ended
March 8 were reported by the Association of American Railroads at 741,922 cars, a decline from the
previous week of 14,748 cars, but an increase of
121,326 cars over the similar week of last year.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 86%c. against 83%e. the close on Friday of last week. May corn closed yesterday at
62%c. against 61%c. the close on Friday of last week.
May oats at Chicago closed yesterday at 36%c.
against 35%c. the close on Friday of last week,
The spot price for cotton here in New York closed
yesterday at 11.10c. against 10.87c. the close on
Friday of last week. The spot price for rubber
closed yesterday at 22.75c. against 21.62c. the close
on Friday of last week.
Domestic copper closed
yesterday at 12c., the close on Friday of last week.
In London the price of bar silver closed yesterday
at 23% pence per ounce against 23% pence per
ounce the close on Friday of last week, and spot
silver in New York closed yesterday at 34%c., the
close on Friday of last week.
In the matter of foreign exchanges, cable transfers on London closed yesterday at $4.03%, the
close on Friday of last week.
European Stock Markets
^
this week.
Pennsylvania RR. closed yesterday at 23% against
23%
77; Southern Pacific at 8% against 9%; Southern
Railway at 12% against 12, and Northern Pacific at
22% against 21.
stocks
1635
pEW changes of any importance were recorded
this week on stock exchanges in the leading
1
European financial markets. The tendency everywhere was to await the outcome of the Balkan
The Commercial & Financial Chronicle
203Q
struggle and the developments in the intensifying
war between Great Britain and Germany.
One sigannouncement
nificant
however,
made,
was
at
Vichy, the temporary capital of the French Governit was stated, will resume
The Paris Bourse,
ment.
Monday ordinary trading in industrial shares,
next
Dealings
the London Stock Exchange were list-
on
throughout the week now ending, and all price
less
variations
The gilt-edged section im-
modest.
were
proved on Monday, and a few industrial stocks also
advanced, owing to the realization that the lendlease bill
would be signed in
soon
Washington.
even
these small initial
as
slow downward drift was noted in
a
gains
were
But
not maintained,
subsequent
The Amsterdam market displayed a
sessions.
little
strength in the early sessions of the week, but a midrecation
week
brought levels down again to where
they started.
The Berlin Boerse
dull and
was
gen-
erally easy, owing to official warnings of closer control of
industry in the Reich by the Nazi authorities,
Wednesday, when President Roosevelt urged Conto appropriate immediately no less than
$7,000,000,000, under the terms of the bill, to implement the "fixed policy of this Government to make
for democracies every gun, plane and munition of
war that we possibly can." The appropriation request by the President was made in a letter to
Speaker of the House Sam Rayhurn, who immediately placed it before the House. "This Nation has
felt," Mr. Roosevelt wrote, "that it was imperative
for the security of America that we encourage the
democracies' heroic resistance to aggressions, by not
only maintaining but also increasing the flow of
material assistance from this country." In order
to do its part the United States has determined to
become "an adequate arsenal of democracy," Mr.
Roosevelt said. This great arsenal in the United
States, he added, "will be the source of the tools of
defense for all democracies who are fighting to
preserve themselves against aggression."
Details
gross
of the
American War Measures
AMERICAN policy
in
ii
and the
Europe
moved into
distinctly
a
Congress completed
action
phase, Tuesday, when
the so-called lend-
on
lease bill and President Roosevelt added his
ture to this Administration
by the Senate
was
war
conflict in Asia
lesser
new
signa-
Final action
measure.
$7,000,000,000 appropriation request were out-
lined in
with respect to the great
taken last Saturday, the division
March 15, 1941
accompanying letter from Director of
an
the Budget Harold D. Smith. This document indicated that the major items in the request were
$2,054,000,000 for airplanes and aeronautical maferial, $1,350,000,000 for agricultural, industrial and
other commodities and articles, $1,343,000,000 for
ordnance and ordnance stores, and
ships and other marine supplies.
$629,000,000 for
Congressional de-
showing 60 votes in favor of the bill and 31 against,
bate on this proposal probably will continue for a
All
few days, and perhaps for a week or two.
important restrictive amendments
voted
were
down
by the Senate, and the bill approved by the
upper
House
the
provided
extraordinary
lion.
the Chief Executive with all
asked by the Administra-
powers
The House concurred
British viewpoint clear in an address before the
vote of 317 to
House of Commons, Wednesday, in which he referred to the measure as a "new Magna Carta which
by
a
few minutes after the House acted Mr.
a
Roosevelt
attached
his
signature.
Mr. Roosevelt is enabled to make
terials up
Under the bill
existing
war ma-
to a value of $1,300,000,000 immediately
available
to
country
any
whose
defense
against
aggression is considered vital to the defense of the
United
States.
materials
Debate
he
£
this measure, which is officially known
1776,
vociferous
ill is
Any further transfer of American
requires affirmative action by Congress,
on
H. R.
as
merely
was
thorough and conclusive, with
minority firmly convinced that the
a
step
participation in the
the road to full American
on
while the Administration
war,
majority followed the bidding of the White House,
President Roosevelt not
only signed the
with great promptness, but also acted
measure
immediately
thereafter to make available to Great Britain
of the
war
lieved
could
material
be
United States
such
from
the
Navy and Army.
plies thus released
that
stores which
spared
were
not
information
lar services
power
supplies of the
diate aid
on
the ground
might prove useful to the
in progress.
aggressors
in
our regu-
rapidly dispatched under their
China
was
made
the
It appears, how-
made available to Greece.
to
some
airplanes
If any
available,
own
imrne-
over
and
the
supplies recently sent to that country,
information on the subject was withheld.
The
to
significance of the lend-lease legislation began
appear in a more emphatic and indicative light on
not only has regard to the rights and laws upon
which
healthy and advancing civilization
a
can
alone
be erected, but also proclaims, by precept and example, the duty of free
they
ever
may
men
burden of enforcing them."
the
and free nations, wher-
be, to share the responsibility and
British gratitude for
expressed by Mr. Churchill with
measure was
unusual effusiveness.
He
saw
in the measure a
"monument of generous and far-seeing statesmanship," and maintained that "the most powerful dehas, in effect, declared in solemn statute
mocracy
that they will devotoe their overwhelming industrial
and financial strength to assuring the defeat of Naz-
ism in order that nations, great and small,
in security, tolerance and freedom."
may
live
German au-
thorities endeavored to minimize the importance to
the Reich of the
new
lend-lease
legislation.
Such
action by the United States has been discounted for
Details of the sup- " "weeks and months," according to the Berlin spokes-
to the United Kingdom, while
were
above
were
some
advisers be-
that American bombing airplanes in
ever,
also
now
his
disclosed,
German, Italian and Japanese
several conflicts
Prime Minister Winston Churchill made the
tries.
Tuesday with the
on
Senate version of this measure,
71, and
Approval of the lend-lease measure was hailed in
the United Kingdom and criticized in the Axis coun-
men,
evoke
who also indicated that the step would not
change
a
on
the part of the German Govern-
ment in established diplomatic relations.
pression
convoy
was
given, however, that
The im-
American
of ships to Great Britain would result in
indiscriminate sinkings.
maintained silence
trolled
any
press
States must
in
now
on
The Italian Government
the lend-lease bill, but the
Rome
asserted
be considered
of the totalitarian Powers.
admitted
a
good deal of
a
that
con-
the United
full-fledged
enemy
Japanese authorities
concern
regarding the atti-
tude of the United States in international affairs,
under the new legislation.
Volume
Britain and Germany
Great
spokesmen admitted only that a "few" bombs had
been
SHARPLY intensified activity was noted this
week in the aerial and marine warfare of Great
Britain and the German
Reich, with all signs point¬
ing toward still greater mutual destruction during
the
The grim events in the
coming spring months.
Balkans and
in
other
of conflict
theaters
obscure the fact that the test of
Great Britain and
the
course
of the
United States
strength between
The virtual
war.
alignment of the
the side of Great
on
Tuesday, probably
Britain, in the
was
ending.
on
This
the ques¬
hand in the United
favored
use
of material already
Weather
Kingdom.
greater
activity, for the
on
conditions
New types
dropped, without material damage.
airplanes
were
employed by the British in these
attacks, and the presumption seems warranted that
American
airplanes
for the first time.
ish
with
centers
were
being used
on a
large scale
The German fliers attacked Brit¬
great vigor, and extended their
bombings to the port of Glasgow, in Scotland, for
the first time.
of
German
ported
on
Kingdom also
the main
17
was
a
a
particular center
"rolling attack"
re¬
Thursday of the type that laid Coventry
the United
are
Liverpool
attention, with
Cardiff and other ports
on
supplies, and enabled them to order a more
prodigal and effective
also
now
of
low.
signed
the outstanding fact in the
during the week
relieved the London authorities
measure
tion of
war
cannot
Germany probably will determine
lend-lease bill which President Roosevelt
European
1637 1
The Commercial & Financial Chronicle
152
areas
of
bombed, since these
entry ports for supplies.
aircraft
German
in western
were
No less than
reported downed by the
were
British, Thursday, and minor losses of British air¬
planes
German spokesmen claimed
admitted.
were
sizable totals
of
British
airplanes destroyed, and
also conceded few losses in turn.
moon
was
bright and night raids were possible on a scale ex¬
Balkan-Mediterranean Conflict
ceeding previous months of the winter now ending.
On
the
high seas, as well, enhanced activity was
the rule.
Aerial
most
fighting was spectacular this week, but
military experts held to the opinion that the
blockade
counter-blockade remained
and
the most
significant factors in the direct conflict between
Britain
Great
activity
The
was
and
Germany.
The German aerial
largely devoted to the counter-blockade.
grim nature of this warfare was illustrated,
MUCH anxiety prevailed this weekregarding the
in the Balkan
and Mediterranean regions
next
of all sorts continued to
since
the
the
the week ended March 2 totaled
London
worse
only two previous weeks of the war dis¬
results for Great Britain, in the ship¬
Losses announced in London were at
ping sphere.
a
rate
The
correspondent of the New York "Times" re¬
marked that
closed
148,038 tons.
more
than double the
February weekly sink¬
The conclusion was drawn that the German
ings.
drive
British
on
shipping, by
means
aerial and surface raider attacks is
of submarine,
already in full
Since the British authorities must use large
swing.
tonnages for supply
of the British forces in the Near
1.
The
moment
sinkings of British, Allied and neutral ships during
signed
Bulgaria
March
London announcement that German
a
British
those
military experts
regions free for
landed at
were
bill, which Prime Minister Winston Churchill
promptly hailed as a "new Magna Carta," and as
a
"generous and far-seeing act."
men
shipping sunk during the months from
November to March
don scoffed at
totaled 2,037,000 tons, but Lon¬
such claims.
Of interest, in the ship¬
ping war, was a British announcement, last Sunday,
a fast Italian sea raider, the Ramb 1, had been
that
sunk in the Indian Ocean
bombing was on a scale that rivaled the
Aerial
worst
days
of this form of Blitzkrieg, with the Brit¬
giving as much as Great Britain received.
ish fliers
London
dispatches stated that the American lend-
lease measure
to be less
terial.
had made it possible for the British
cautious about use of existing aerial ma¬
Coupled with good night-flying conditions,
this resulted in
men,
by the cruiser Leander.
attacks on Berlin, Hamburg, Bre¬
Kiel and other German
centers, on a scale out¬
doing any previous attacks.
The returning British
fliers indicated that vast areas of such important
German
cities were set
afire.
As usual, German
on
Tuesday mentioned
was
being
reports were unconfirmed,
but they
regarded by military experts generally
as
quite
plausible, since the British Empire Army of the Nile
available for
is
battle
such
The
diplomatic
obscure, although it may turn out in
the end to be of
the
maneuvers.
being waged in the Balkans and the Near East
was even more
Axis.
giving
primary importance.
Yugoslavia,
by German-Italian forces, hesi¬
plunge into full collaboration with
Turkey explored the situation without
any
German
definite signs of
a
decision regarding the
suggestions of last week for
a
rapproche¬
ment.
Greece, which now is in the dead center of the
German spokes¬
asserted, Wednesday, that British and Allied
merchant
anxious to keep
eventual landing of troops.
Piraeus, the port of Athens, and at Salo¬
Such
nika.
on
In all probability
are
large British expeditionary force
a
tated to take the
signed the lend-
any
Indeed, Belgrade dispatches
that
agreement
to center around Greece and
appears
East, and for the long supply routes of the United
that President Roosevelt had
Axis
the
European toehold of Turkey.
Kingdom, this is a most serious matter. The effect
of the British disclosure was offset, however, by the
lease
circulate, but few definite
major strategical consideration of
almost surrounded
news
Rumors
indications of the trend have been made available
the
Tuesday, in
developments in the titanic struggle between
Great Britain and the totalitarian Powers.
eastern
European situation, simply continued with
grim intensity to fight the Italian forces and to
pare
for
any
From the
slavian
pre¬
German onslaught from Bulgarian soil.
Bulgarian capital of Sofia, and the Yugo¬
capital
of Belgrade,
occasional
reports
seeped through to the effect that the Greeks are in¬
clined to
compromise, owing to the military
pressure
of the Italians in the West and the Germans
northern
border.
on
stoutly affirmed, Monday, that Greece would
give
"a single foot of Greek soil to
up
This
sor."
the
But Premier Alexander Korizis
comment
was
never
any aggres¬
borne out fully by the
heavy fighting between the Greeks and Italians in
Albania.
be
Premier Benito Mussolini
was
reported to
supervising in person the Italian operations this
week, but the assaults by the Fascist troops were
beaten
some
back
by the Greeks, who managed to make
progress
in counter-attacks.
Force was active in this
The British Air
phase of the struggle, and
The Commercial & Financial Chronicle
1638
also took
flict.
a
hand in the
general Mediterranean
island of
be
The British attack
assembling.
especially heavy
been bombed
Thursday.
on
Rhodes
British naval attacks
on
was
Italian
troopships and
were
With its borders swollen
of the Allied imposition of
first World War,
as
a
conse-
peace terms after
Yugoslavia
be
well
can
favoring Great Britain and fearing
German and Italian
troops
now are on
re-
Ger-
a
readjustment of territorial arrangements.
man
,
But
almost all of
British Empire forces thereupon pursued the
of steady advances by
engaged in this expedition.
with the
Belgrade dispatches made it clear, this week,
internal conflict is in progress with
respect
the
to
on
position Yugoslavia is to take in the
That the Axis partners
slavian
der"
desire
a
war.
full pledge of Yugo-
participation in their plans for
"New Or-
Europe is hardly to be denied.
in
a
Premier
enemy
columns which
Italian troops withdrew
stand likely in
a
are
or
around
Addis Ababa. In the Italian colony of Eritrea the
are making a determined stand, but lack of
Fascists
adequate supplies is believed to be making their situ-
ation hopeless.
country must be carried
some seven
before the British, with
ported
Balkan
an
con-
into Ethiopia, and every succeeding dispatch told
the
that
completing their
Cairo, this week, that the Italian "house of cards"
soon will collapse.
Italian Somaliland was corn-
Yugoslavia's borders, while virtually all trade of
Axis.
are
quest of the various Italian areas in eastern
pletely cleared of Fascist soldiers late last week.
Europe.
as
-
Africa, and confident predictions were made at
war-
Yugoslavia is of tremendous importance in the
garded
a
ar are
D RITISH forces rapidly
"
officially reported,
developing diplomatic and military conflict of east-
the
w
.
rican
Several
week, with the extent of the damage not yet
quence
Af
have
may
purpose.
disclosed.
ern
Mr. Rendel, who had just arrived at Istanbul after
The Suez Canal has
for this
ships in the Mediterranean
this
the island
on
hotel at Istanbul,
a
journey from Sofia, escaped injury,
reported to
recently by the Germans, who
off from
taken
were
bombing in
a
IS, 1941
which killed six Turks and caused injuries to others,
Rhodes, within sight of Turkey's southern
coast, where German dive-bombers
the object of
was
con-
Royal Air Force bombers attacked the Italian
March
Native troops in
be
to
giving
much
some cases are re-
aid
to
the
British,
especially in Ethiopia, where Emperor Haile Selassie has for some time been rallying his forces. Contrasting sharply with the copious reports of mili-
tary activities in the East African theaters of
is
profound silence regarding the
a
army
war
of General
Wavell, which whipped the Italians in Libya.
Lon-
Dragisha Cvetkovitch and Foreign Minister Alex-
don dispatches of Wednesday suggested that the
ander Cincarmarkovitch
British forces in the Mediterranean region
slavian
for
believed, however relucpact. J But the Yugo-
are
tantly, to be urging such
a
Opposition made itself felt, and
proposal
a
pact of non-aggression and friendship was
a
re-
ported last Sunday to be the answer of Belgrade to
the
German-Italian
stated at
the
suggestions.
Russia,
time, might make
same
friendship for Yugoslavia when the
signed.
This
Yugoslavian
a
treaty is
apparently
found little favor in
Berlin, for spokesmen of the
Belgrade Government
are
to
France and Spain
TV/INTRY rigors and the
VV
countries
re-
as
Great Britain and Germany.
are
force
ish
said in
the
The
deeply indebted to the Nazis and Fascists and also
dispatches to be concentrated opposite
must consider that Reich troops are on the northern
frontiers, and large units of
are
known to be in that
reported German invitation for
a
visit
prominent Turkish personality to Berlin apparently has not been accepted, however, and this bolthe
impression that the Turks will stick by
their alliance with Great
to
Britain, even if they fail
Some military experts believe
fight for Greece.
that
the
large British Army of the Nile is being
concentrated in Turkey, in order to resist
any German
was
march toward
outlined
National
able.
It
on
Baghdad.
Tuesday, in
The Turkish attitude
as
session of the
a secret
Assembly, at Ankara, but
formation
who already
its
a
sters
a conqueror
than half their country, while the Span-
are
the German air force also
by
border
more
The people of both
of
the Greek and Turkish
area.
northern
holds
con-
Some 500,000 German troops
area.
some
on
are
known to favor the British cause, but
the French must deal with
the defenses
war
doubtful neutrals in the struggle between
gime may topple because of antagonism to its plans,
Turkey methodically continued, this week, to rein-
European
of
France and Spain, and both countries must be
sidered
It also is reported that the Cvetkovitch
the
pressures
multiplying steadily the difficulties faced by
reported to be journeying
Reich, this week-end, for definitive confer-
ences.
being
was
gesture of
new
proposal
it
are
reinforced, but the use to be made of the "Army of
the Nile" is not yet clear. There were rumors 011
Tuesday that British troops were being landed in
Greece, but they have not yet been confirmed,
no
reliable in-
to that discussion has been made avail-
was
reported, however, that the Turks
are
regime of Generalissimo Francisco Franco is
Spanish frontier.
lack
find
of
Vichy and Madrid admit
foodstuffs
politic to blame
on
European Continent.
was
an
outburst
at Vichy,
the
presence
the Germans make
embarrassment
a
was
case
A degree of
occasioned, Tuesday, when the
British Ambassador to
part of Turkey in
military gesture.
Bulgaria, George W. Rendel,
by Admiral
a
group
of American
press
correspondents that continued British interference
with food shipments to France might oblige him to
ask permission for use of the French Navy to convoy
ships.
Marshal Petain at the
to the United
same
time appealed
States to permit the purchase and
transport by French ships of 5,000,000 quintals of
wheat, to
carry
his country through the growing
French people in the
Russia will not attack any
Monday,
of Marshal Henri Philippe Petain.
M. Darlan informed
They also
assurances that
the British blockade of the
Francois Darlan, Vice-President of the Council, in
famine.
said to have obtained
a grave
supplies, which they
One result of this situation
planning to evacuate civilians from Istanbul, on the
Straits, in the event of a conflict with the Reich,
are
other
and
Guarantees
were
offered by M. Petain that
such wheat would be distributed and consumed
appeal
came
unoccupied area alone.
immediately after publication of
by
This
a re-
quest by former President Herbert Hoover for British permission
peoples
to send foodstuffs to the starving
of German-occupied
countries, which the
Volume
British
The Commercial & Financial Chronicle
152
authorities
turned
down.
London
dis¬
and
Rome.
patches admitted, on Monday, a degree of concern
tained
regarding the possibility of French naval convoys.
war
The
from
general trend of affairs in both France and
No
genuine
this
on
1639
assurance
until
matter
Some comfort
ends.
after
be
can
be enter¬
can
the
European
gained, however,
Japanese withdrawal from the South Kwang-
a
Spain is arousing apprehensions in the British capi¬
tal, for a degree of "collaboration" appears to be
tung coast of China, which recently was occupied
developing with the Reich that
southerly
erable
may prove
military importance.
of consid¬
with obvious
forced
,
possibilities in more
war
The undeclared
war
which Japan
China continues, but only in
upon
hazard
regard for
areas.
hap¬
a
manner.
Japan and Eastern Asia
"
Discount Rates of Foreign Central
PEACE was restored in awhen representatives of
small section of eastern
Asia, last Tuesday,
French Indo-China and of Thailand
at Tokio
a
Thailand
(Siam) signed
treaty terminating the conflict which
began
months
some
The method
ago.
whereby the Japanese mediators accomplished this
reconciliation is not
not be
Under the terms
ends.
of the treaty,
will surrender to Thailand
of
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
banks.
Present
some
21,750
war
Indo-China
square
miles
any
Rate in
Country
both sides of
on
the Mekong River, which Thailand lost by treaty in
Argentina.
Some rich rice lands
and
few observers in the Far East suggested that
the
a
are
included in the area,
Japanese mediators awarded this territory to
Thailand in the
expectation that the rice production
would be reserved for
Japan.
Effective
Mar.
flict, and
no
It remains
true,
on
as
to the
Vichy attitude.
the other hand, that one of the
danger spots of eastern Asia now has been quieted,
although
Japan
commentators held previously that
many
was
fomenting trouble between Indo-China
and Thailand in order to
provide
a reason
military excursions in that
have
as
pore
and the great chain of islands in The Nether¬
their real
6 1940
the conflict to
the
an
end
was
The plan which brought
the second
proposed by
Japanese, the initial proposal calling for larger
French! sacrifices.
Yosuke
The
Japanese Foreign Minister,
presided
Matsuoka,
as
this
treaty
was
signed and a step taken toward what the Tokio
authorities
call
the
"new
order
Greater
in
East
Asia."
as
Thailand
in other
the
representatives of Indo-China and
signed the treaty in Tokio, developments
spheres suggested that Japan may be play¬
ing for time, in the reported endeavor to establish
hegemony throughout eastern Asia.
firmed
on
Tuesday
a
the effect that
Tokio
con¬
report which the German Gov¬
ernment at Berlin first disclosed last
2K
Hungary...
4
7
India
3
Canada
2H
3
Aug. 16 1936
Mar.11 1935
Dec. 16 1936
4
Japan
5
Java.......
Lithuania
4
July 18 1933
3
6
July
3
Jan.
11936
3X
Morocco
6K
May 28 1935
Danzig....
4
Jan.
2 1937
6
Norway
4K
3K
Denmark
4K
5H
Poland
4K
Sept. 22 1939
Dec. 17 1937
3X
Portugal
4
Aug. 11 1937
3K
May
5 1938
May 15 1933
4K
4K
4K
vakia
..
?,-
England
2
Estonia
4Jf
:
a
Reich authorities made
Mr. Matsuoka,
staff of 11 aides, left Tokio by
airplane on Wednesday for a journey that will take
him to
In the
Germany and Italy via the Russian capital.
course
is
3.29
..
....
Rumania...
Oct. 26 1939
11936
5
South Africa
Finland
4
Dec.
31934
3
Jan.
41939
4K
2K
Spain
France
....
3K
16 1939
3.65
4
7
4K
5
Mar. 29 1939
5
3K
May 17 1940
3
2
*4
Sweden
3K
._
Greece
•
Oct.
Apr.
Apr.
6 1940
4
Switzerland
IK
Nov. 26 1936
6
Germany
Jan.
4 1937
7
Yugoslavia
6
Feb.
1 1935
6K
Not officially confirmed.
Foreign Money Rates
IN bills Friday market discountagainstfor1-32%
LONDON open 1 1-32%, as rates 1 short
on
were
Friday of last week, and 1 1-32@1 1-16% for
on
three months'
bills,
against 1 1-32@1 1-16% on
as
Money
Friday of last week.
Friday
was
on
call at London on
1%.
Bank of Germany Statement
THE Bank's statement as of 225,211,000 marks,
loss in note circulation of March 7 showed a
which reduced the total outstanding to
of this trip the Japanese Foreign Min¬
13,750,535,000
marks, compared with the record high, 14,033,013,000
marks, Dec. 31, and 11,723,799,000 marks a year
Gold and foreign exchange, investments, and
registered increases of 120,000 marks,
ago.
other assets
8,269,000 marks and 119,393,000 marks respectively.
Gold and foreign
exchange
now
aggregate 77,582,000
marks, compared with 77,259,000 marks a year ago.
0.56%, is
Bills of exchange
399,728,000 marks to a total of
proportion of gold to note circulation,
compared with 0.65%
and checks fell off
a year ago.
marks and
14,874,733,000
other daily maturing
obligations, 44,550,000 marks to a total of 1,890,-
Below
765,000 marks.
with
we
furnish the different items
comparisons for previous years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
A 83Ct&
Mat, 7, 1941
Reichsmarks
r""
Gold and foreign exch.
Bills of exch. & checks.
Sllver and other coin..
Advances
Investments
Other assets
Reichsmarks
Mar, 7,
1940 Mar. 7, 1939
Reichsmarks
Reichsmarks
#6,493,000
7/.25C.000
77,582,000
+ 120,000
—3^9.728,000 14,874,733,100 11.667.779,000 7,083.763,000
17£,472,000
al62,610,000 b42l.6ie.C00
37,934,000
b37,327,000
a23,798,000
965,621,000
105,877,000
33,256,000
+8,269", 666
+ 119,393,000 1,178,541,000 I,802,358,000 1,539,755,000
Liabilities—
Notes Jn circulation—
Oth .daily matur.
oblig
Other liabilities
—225,211,000 13,750,535,000 II,723,799,000 7,737,276,000
—44,550,000 1,890,765,000 1,588,974,000 1,027,21 #,000
454,104,000
a594,861,C00 b689,660,000
Prcpor'n of gold A for n
curr. to note circul'n
a
ister
4K
Italy......
May 22 1940
June 30 1932
3
Saturday, to
promptly to Rome and Berlin for "consulta¬
tions."
Such a trip had been rumored previously,
accompanied by
3K
5
...
Colombia..
ney
the first definite information known.
2
May 18 1936
7 1936
Jan. 14 1937
Chile
Foreign Minister Matsuoka will jour¬
but it is noteworthy that the
Aug. 29 1935
Nov. 28 1935
Jan.
The
E ven
.4' Aug. 29 1939
which might
area
objective the British base at Singa¬
lands East Indies group.
Rate
3
6
for Japa¬
nese
Effective
Holland....
1 1936
The Vichy Govern¬
real information is available
Date
2
...
vious
Effect
Country
Bulgaria
Belgium
Pre¬
Rate in
Rate
ment in France authorized the settlement of the con¬
extent of German influence in the
centers are
MarU
vious
3K
.
Eire
1904.
leading
Pre¬
Date
Effect
MarU
Czechoslo¬
territory in Cambodia and Laos,
the
at
rates
shown in the table which follows:
entirely clear, and possibly will
fully disclosed until after the European
Banks
Figures as of Jan. 15,
0.65%
0.56%
+0.01%
1941.
0.99%
b Figures as of *eb. 21, 1940.
expected to discuss Russo-Japanese prob¬
lems, and a closer "coordination" of Japanese policy
with that of the Rome-Berlin Axis.
It may well be
that the American program
Britain under the
of all-out aid to Great
lend-lease bill is prompting the
Bank of England
TPHE
JL
Bank's
March
circulation of
statement
12 showed
a
Statement
for
the
week
ended
further increase in note
£1,141,000, which raised the total out¬
coming exchange of views between the Japanese
standing to £608,420,000, compared with the record
Foreign Minister and the policy-makers in Berlin
high,
£616,904,239, Dec. 25, and £534,899,985 a
The Commercial & Financial Chronicle
1640
A loss in gold holdings of £45,057, together
resulted in a decline of
year ago.
with the circulation advance,
£1,187,000 in
Public deposits
reserves.
000 while other
£1,674,-
rose
deposits dropped £15,002,405.
£15,264,609
and other accounts, which gained
The reserve ratio, 13.0%, is compared
£262,204.
with 12.7%
week
a
schedule of rates
of paper at
now
a
year
ago.
IS,
1941
The following is the
in effect for the various classes
the different Reserve banks:
DISCOUNT
RATES
OF FEDERAL RESERVE BANKS
T^VT; T
Rate in Effect
Date
Previous
Federal Reserve Banks
Mar. 14
Established
Rate
Boston
1
New York
1
1. 1939
Aug. 27. 1937
Philadelphia
1 ^
Sept.
Sept.
IX
IX
4, 1937
2
ix
May 11, 1935
ix
Aug. 27, 1937
2
*1X
Aug. 21, 1937
2
Cleveland...
and 24.2%
ago
in the footnote to the table.
Other
deposits include bankers' accounts, which decreased
March
Richmond
2
and other
The latter consists of
securities, £545,171.
discounts and advances,
which increased £13,907 and
securities, which declined £559,078.
made in the
2% discount rate.
the
items
various
£11,560,000
with
No change
Following
show
we
comparisons for
was
OF ENGLAND'S
BANK
COMPARATIVE
Mar.
Mar. 12,
1941
Mar.
13,
1940
Mar. 16,
15,
2
*1X
Sept.
2, 1937
2
Minneapolis
IX
*1X
Aug. 24, 1937
2
3, 1937
2
Dallas
*1X
Aug. 31, 1937
2
3. 1937
2
San Francisco
*
Advances
Sept.
Sept.
IX
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.
on
Course of Sterling Exchange
FOREIGNvolume, with unimportant pricethe most
limited exchange transactions are of changes.
STATEMENT
1939
Aug. 21, 1937
previous
*
years:
*1X
Kansas City..
security holdings fell off
Chicago
St. Louis
Government
Atlanta..
Mar.
1938
17,
1937
In effect the range
is unchanged from last week.
steadiness in prices not only of
608,420,000 534,899,985 477,248,387 479,475,746 463,815.261
13,411,000 34,929,344
10,625,030
11,109,347 22,846,052
164,108,431 156,684,173 142,019,769 154,713,154 131,225,897
Bankers' accounts. 110,116,926 114,035,495 106,470,458 119,046,337
93,969,062
Other accounts
63,991,506 42,648,678 35,549,311 35,666,817 37,256,835
Govt, securities
146,282,838 136,354,068 97,531,164 112,206,164
94,854,300
Other securities
26,270,599 26,986,749 23,411,038 24,105,505 26,697,629
Dlsct. & advances.
3,218,320
5,998,935
1,706,688
3,640,045
3,764,547
Securities
20,271,664 23,768,429 21,704,350 20,464,460 22,933,082
Reserve notes & coin
23,084,000 46,444,520 49,836,281
47,773,056 50,801,608
Coin and bullion
1,504,563
1,344,505 227,084,668 327,248,802 314,616,869
Proportion of reserve
Circulation.......
Public deposits
Other deposits
to liabilities
13.0%
2%
Bank rate
Gold val. per fine oz_
32.6%
2%
24.2%
2%
168s.
168s.
148s.
28.8%
2%
5Hd. 84s.
32.90%
2%
ll^d. 84s.
ll^d
few other remaining free
narrowly.,
moves
week
has
bankers'
been
a
range
on
merely
months.
mercial
scale
small
a
carried
The
over
supply
Washington sold
weeks
of bankers' bills
small.
Monday
on
previous
a
The
and
and
com¬
Treasury
in
further issue of $200,-
000,000 discount bills due in 91 days, and awards
were
an
at
an
average
of 0.12% discount, computed
annual bank discount basis.
New York Stock
actions.
Call loans
on
the
on
Exchange held to 1% for all trans¬
Time loans
again
were
1%% for 60 to 90
days, and 1%% for four to six months' datings.
:
I
4.43-4.47
on the
the
was
ruling quotation all through the week for both
loans and
continues
up
renewals.
to 90 days and
maturities.
The market for time
money
Rates continued nominal
quiet.
new
1%% for four
to
at 1 %%
six months'
The market for prime commercial
paper
continued to show moderate
improvement this week.
Prime paper has been
coming out more freely and the
demand has been brisk.
Ruling rates
are
%@%%
for all maturities.
week
ago.
con¬
very
demand has been good but
prime bills
hard to obtain.
Dealers' rates as
official,
Zealand, 3.2280-3.2442.
rates for
a
90.09c.@90.91c.
per
American commercial bank
registered sterling continue at 4.02 buying
and 4.04 selling.
In London exchange is not
Italy,
New York
quoted
Germany,
on
of the invaded European countries.
or any
exchange is not quoted
on
In
the invaded
European countries, but German official marks
are
nominally quoted at 40.00 and registered marks at
14.70.
Italian lire
extreme
London
an
are
of
fluctuations
in
free
indication of the firm control which the
authorities
sterling
pegged in New York at 5.05.
narrowness
have
acquired
the whole
over
The Government of India has
area.
fallen in line with London in the matter
of
now
requisi¬
tioning United States securities held by residents of
British India.
will be made
accurate
are no
such
1937,
Payment for the securities turned in
by the Reserve Bank of India.
figures available
as
There
to the volume of
holdings, but the last estimate,
as
of July,
approximately $10,000,000.
Similar req¬
uisitioning orders have been issued in Burma and
was
It is
presumed that when liqui¬
dation of these securities is
THE market for little activity this week. The
prime bankers' acceptances has
shown
for cable
range
$4.03%, compared
quoted by the Bank of England
the Indian States.
Bankers' Acceptances
The
for
of between
of between $4.03% and $4.04
(Canadian
sterling is
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
$4.03%
range
United States dollar); Australia, 3.2150-3.2280; New
The
New York Money Rates
a
unchanged: New York, 4.02%-4.03%; Canada,
were
from
remains
paper
tinue
cur¬
The free pound
and
$4.03
between $4.03% and
was
that the
proves
for free sterling this
range
sight, compared with
Official rates
DEALINGS in the New York money market were
this week, and rates
The
between
$4.03 and $4.03% last week.
with
Money Market
exchanges
operating in the various
rencies have prices under control.
transfers
New York
boards
stabilization
The
the pound but of the
office
of
undertaken, the British
liquidation in New York will handle the
transactions.
It
Federal Reserve Bank of New York for bills
up to and
announced only last week by T. J. C.
Gifford, special agent for the British Treasury in
charge of sale of securities in the New York market,
including 90 days
%% bid and 7-16% asked; for
running for four months, 9-16% bid and %%
asked; for five and six months, %% bid and 9-16%
that the British Government since Feb.
asked.
including
are scarce
and
reported by the
are
bills
serve
The bill-buying rate of the New York Re¬
Bank is y2% for bills running from 1 to 90
days.
Discount Rates of the Federal Reserve Banks
THERE have been
rediscount
no changes this week banks;
in the
rates of the Federal Reserve
recent advances
on
Government obligations
are
shown
was
1
has dis¬
posed of all British holdings in a group of 11 American
preferred and common stocks and six bond issues,
one
Japanese Government bond.
Since Mr. Gifford and his associates began liquidat¬
ing British-owned securities piecemeal in February,
1940,
many
a
total of 122 issues has been marketed.
While
of these securities have been cleared through
the New York Stock Exchange and the New York
Curb
Exchange, it is believed that
a
greater number
have
been
disposed
over-the-counter
the
in
of
The dollar amount involved in the trans¬
market.
actions has not been made
been made known
public,
nor
has anything
presumed that dollar securities held in other
British overseas countries may also be liquidated,
in the
The liquida¬
of those of British India.
case
tion of the British securities is of course an important
factor in acquiring
dollar exchange and lifting the
R.
Bankers
F.
cable advices
"Include Rumania
and
Bulgaria
as
received
Committee,
March 11 from London, stating:
on
as
enemy
territory
as
from Feb. 15,
from March 5, 1941."
both these nations in the United
had already been frozen
States,
The assets of
as is known,
by executive order.
are making every effort to
The British authorities
States.
their exports to the United
extend
maintain and
An index listing importers
and wholesalers
of British made
goods and stocks on hand in the
will be issued on April 1 by the import
United States
committee of the British Empire
merce,
Chamber of Com¬
The index
587 Fifth Ave., New York City.
will be distributed to merchandise managers
of lead¬
ing stores and will be the first of a series to be
six times
a
year as
issued
part of a program to supply and
demand
American
encourage
for
British
circulated to
effect that stocks for export to
the
limited, the British Chamber asserts
damage nor governmental restric¬
are
that neither
war
tions have seriously
reduced export manufacturing
It is understood that similar efforts to
capacity.
maintain export
trade
are
being made in the other
leading countries of the western hemisphere.
Apart from the severe shipping losses of the past
months, British and all international trade has
severe curtailment since 1914.
In the cur¬
18
Total.
Detail of Refined
period the demoralization of international trade
has become intensified almost to the point of com¬
The exact status of British trade
no means be ascertained since
plete destruction.
from
can
on
now
by
the British Board of Trade announced on March 1
that it has ceased
publication of monthly import and
export totals in order to keep
in the dark
as
to ocean
the German submarines
The
shipping movements.
Parliamentary Secretary of the Board said a few
the limited information given out
was of potential value to Ger¬
many.
While the figures had been limited to prin¬
cipal classifications, it was explained that if, for
example, they showed increased imports of food at
certain times, enemy submarine commanders could
days
ago
since the
guess
that
war
even
began
where they might lie in wait for British ships.
market continues easy, with
The London money
call
and
money
against bills available at %%.
Twobills are 1 1-32%, four-months
three-months
bills 1
3-32%, and six-months bills 1%%.
Canadian
exchange
shows
a
softer
undertone,
the whole unchanged from last week.
Montreal funds ranged during the week between a
discount of 15 3-16% and a discount of 14%%.
although
on
The amounts of
follow
are
gold imports and exports which
the
taken from the weekly statement of
United States Department
the week ended March 5,
of Commerce and cover
1941.
$1,245
$1,245
$5,600,910
Russia (U. S. S. R.)
203,070
..................i..-—
Canada
50,342,954
..
British Oceania..
......6,654,451
809,525
......
New Zealand
.........
141,828
......
Australia....
♦
Chiefly $190,023 Spain, $228,953
Chile, $1,185,484 Philippine Islands.
Canada, $160,532 Mexico, $107,703
the Federal Reserve banks was increased
$1,909,377,810.
Referring to day-to-day ratds sterling exchange on
$4.03@$4.03% for bankers' sight
On Mon¬
day the range was $4.03@$4.03% for bankers' sight
and $4.03%@$4.03% for cable transfers.
On Tues¬
day bankers' sight was $4.03@$4.03% and cable
transfers were $4.03%@$4.03%.
On Wednesday
Saturday last
and
was
$4.03%@$4.03% for cable transfers.
sight was $4.03@$4.03%; cable transfers
$4.03%@$4.03%. On Thursday the range was $4.03
bankers'
@$4.03% for bankers' sight and $4.03%@$4.03%
On Friday the range was $4.03
for cable transfers.
@$4.03% for bankers' sight and $4.03%@$4.03%
Closing quotations on Friday
for cable transfers.
were
$4.03% for demand and $4.03% for cable
Commercial sight bills finished at $4,00;
transfers.
60- and
90-day bills
are no
longer quoted.
Continental and Other Foreign
Exchange
IT present at least all Continental countries the
BECOMES increasingly apparent that for are
becoming closely dominated by the German
Reich's
managed monetary and economic plans. Thus far
it can not be discovered that any of the Continental
countries has derived other
or
monetary clearances,
less
than doubtful benefits
Their exchanges, whether of goods
from this control.
all
seem
to be at greater or
disadvantage in terms of their own currency
with respect to
the mark.
Neither Sweden,
suffered
rent
*$2,236,729
63,252,738
Bullion and Coin Shipments—
TJnlted Kingdom
goods
through cooperation with normal channels of dis¬
tribution.
Declaring that an erroneous report has
America
...
during the week ended March 5 by $12,794,166 to
Exchange
Foreign
Refined bullion and coin
chairman of the New York
Loree,
INCL.
Exports
$65,489,467
Ore and base bullion
Gold held under earmark at
burden from sterling.
Mr.
IMPORTS, FEB. 27 TO MARCH 5,
•:Imports
>
It is
as
GOLD EXPORTS AND
issues yet to
to the number of
as
be placed on the market.
1641
Chronicle
The Commercial & Financial
Volume 152
Switzerland, Spain, or Portugal
domination.
the invaded European
nations, the British blockade is largely responsible
for forcing the weaker countries to adhere more or
less closely to Berlin's economic system.
This is
especially seen in the case of Sweden and Finland;
Both these countries are cut off from the rest of the
world to an extraordinary extent, and in the case of
Finland the authorities deem it wiser to lean toward
is in any way
free of German economic
Leaving out of consideration
Germany least their population
become subject to
Soviet rule.
So far
pressure
as
the occupied territories are
to comply
concerned, the
with Berlin demands was em¬
phasized by Premier Thorvald Stauning of Denmark
in a speech before the Student Union of Copenhagen
on March 9.
After a review of the abnormal develop¬
ments of
politics and trade since the outbreak of
the
the Premier said that the Government's chief
task has been the adjustment of Danish trade to that
war,
of
Germany and the creation of
work for the un¬
All Danish sea trade has been eliminated
and Germany has quickly consumed all the agri¬
employed.
cultural surplus, he
made efforts to
not
in
the
said.
In return Germany has
supply raw materials and fuel but
quantities normally used in Denmark.
Premier Stauning
pointed to the danger of inflation
"From the
which has been threatening the Nation.
very
first," he said, "we made an effort to halt
The Commercial & Financial Chronicle
1642
We canceled automatic
price rises.
and until
real inflation has not existed.
now
We must consider the fact that
her
is
position
as
the central
unable to
we are
power
rather
am
of
being
a
While
retrogression.
control.
under Berlin
finance
we
I
explained
The
per
Exchange
the invaded European countries is not
on
The German official mark in
quoted in New York.
nominal trading is
quoted at 40.00 and registered
marks
at
quoted
are
The Italian lira is
14.70.
pegged in New York in
nominal market at 5.05.
a
Swedish kronor in limited trading are steady around
franc) is steady at 23.22, against 23.22.
Hungarian minister of
Budapest
the
to
is 29.6125 cents
for
that they are
means
1941
pengo.
The Swiss franc (commercial
23.84J^, against 23.85.
description
every
This
Jan. 31, 1934
on
15,
are
are
sort of protectorate."
European markets of
established
as
Germany maintains
how far this development will go.
see
dubious
under State control.
now
.
.
in Europe. Germany
naturally believe in independent states,
the time
All
.
governing the essential parts of Europe and
now
I
increases,
wage
March
Chamber
of
Deputies why bank note circulation in Hungary has
Finland closed
on
Greek exchange is no longer quoted.
(nominal).
Spanish
Exchange
(nominal), against 2.05
2.05
at
pesetas
quoted
nominally
are
9.25,
at
against 9.25.
•
increased from 500,000,000 pengoes to 1,300,000,000
during his three
pengoes
that
the
increase
years
caused
was
ordinary" events, but that other
He said
in office.
mainly
causes
by
"extra¬
had been the
the country's territory and the
increase in
000,000 pengo
1,000,-
of the Government.
program
It has been clear for
time that the French
some
Government at Vichy has been coordinating economic
services with
Germany.
the
view to
a
It
was
speeding negotiations with
announced
a
few days
quotations for industrial shares
stock
exchange would begin
on
March 17.
interpreted by French financial observers
an
that
ago
Paris
the
on
This
acceleration of German-French economic coopera¬
tion, with Germans likely to buy heavily into French
enterprises.
The sale
of
private stockholdings in
occupied France is expected to facilitate the transfer
of
part ownership of
hands.
Joint
French industry to German
French-German cooperation is
no
various
being
many industrial fields,
with
slight majority of the shares in French owner¬
a
ship.
Neutral observers
say
difficulty in keeping the
no
the Germans will have
upper
hand against the
divided French and foreign "majority" stockholders.
The
French
Council
three important laws to
tion,
in
measures
force
is
an
amendment to
a
It is
now
required that all
certified, in order that they should
readily acceptable
as
heavy,
formulated
that
bank notes.
It is to
combat
date, which set
In the
following table the output of
On March 13 President Roosevelt froze all funds
sidered
Pesos
Chemicals and paint....181,000,000
manu¬
factures
__663,000,000 Publishing and printing. 176,000,000
...528,000,000 Petroleum refining.....146,000,000
Meat packing.:
Machinery and vehicles.364,000,000 Leather goods
_287,000,000 Dairy products
Soon after Sec¬
States put
and
con¬
Hungary in the
other
Reich.
Secretary Hull asserted that the United
countries
same
under
category as Rumania
the
domination
The action taken with respect to
of
the
Hungarian
Flour
107,000,000
Building..
234,000,000 Cement and lime
106,000,000
Electrical power
220,000,000
The
peso
or
at
nominally quoted
nominal at 16.00,
particular
development which caused the issuance of the
on
March 13.
order
Hungary is the twelfth nation whose
funds have been frozen.
It
joined the Axis formally
about two months ago.
Secretary of the Treasury Morgenthau declined to
say if the action meant that the United States now
considers
The last
York
on
with the
Hungary to be occupied by German troops.
quotation for the Hungarian pengo in New
Tuesday was 19.85 cents (nominal). Parity
new
gold value of the United States dollar
Brazilian milreis
Chilean exchange is
Peru is
against 5.17.
at 5.17,
peso
against 16.00.
The Mexican
peso
quoted at 20.75, against 20.75.
—♦
EXCHANGE During the past week countries in
on the Far Eastern changes is
steady.
Hongkong and Shanghai rates
were
relatively unim-
Cable advices from China
portant.
on
March 10
indicated that the Chinese Government is consider¬
bank deposits in the
United States of Chinese nationals.
owners
war
of these
bonds
inclined
to
in
Under the plan
deposits would receive Chinese
Impartial
payment.
believe
that
this
observers
project cannot
are
prove
successful.
The New York Bankers
mittee made
of
public
Foreign Exchange Com¬
announcement by the Board
an
Currency Commissioners in Malaya through the
Chartered Bank of
the
effect
that
been lost while
no
market
The Argentine official
against 23.10.
5.15, against 5.15.
taken at
was
free
has long been held at 29.78.
closed
is
i
unofficial
Argentine
closed at 23.20,
Malayan
earlier date and there
...112,000,000
258,000,000 Sugar refining
milling
funds, the Secretary of State said, might have been
an
—132,000,000
Metal articles.
by this Government to be under German
domination.
of the
Pesos
Textile and allied
the
laws have been issued.
retary of State Hull explained that Hungary is
dull.
are
some
shown:
dangerous, that the
Hungary in the United States.
auction
principal manufacturing industries in Argentina is
ing the requisitioning of all
of
regulations
up an
provide exchange for
monetary inflation, and not inflation of
credits, which is judged by Vichy to be much less
new
points, selling
new
All the South American units
imports.
peso
since Feb. 28,
case
loss of 40
a
Buenos Aires to
in
steady by the
The Argentine free
direct result of the
as a
on
held
are
has been the
unit suffered
when the
down to 23.10
system
as
The first of
ruling already
requiring payment by check of all debts
checks should be
as
approved
help to reduce note circula¬
exceeding 3,000 francs.
be
has
at least prevent it from rising.
or
these
Ministers
of
new
currencies
exchange controls.
continues
organized to control
only
These
weeks.
was
marking
as
EXCHANGE on thefeatures American countries
Latin from those of past
presents
London
that
en
route from the
Singapore.
seven cases
of
new
The
amount
of
new
reason
engraving office in
announcement
$1 notes and five
$5 notes "have been lost
and there is
face
of $1 and $5 denominations had
currency
to
India, Australia, and China to
$3,100,000
as
cases
stated
of
new
the result of enemy action
to suppose
fallen into enemy hands."
that they
may
have
The Malayan dollar is
nominally quoted in New York at 47.51 cents.
Closing quotations for
23.46, against 23.46
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong and Shanghai during the past week have shown
an
feasier
undertone, fluctuating from day to day.
Volume
1643
The Commercial & Financial Chronicle
152
Hongkong closed at 24%, against 24%; Shanghai at
der collective
5.70, against 5.75; Manila at 49.82, against 49.80;
holding union membership could be employed upon
Singapore at 47%, against 47%; Bombay at 30.33,
the
against 30.33; and Calcutta at 30.33, against 30.33.
paid holidays and vacations, and for hourly rates
buses; providing liberally for sickness benefits,
of
Gold Bullion in European
Banks
'""THE following table indicates the amounts
J.
bullion (converted into
British statutory rate, 84s.
in
the
pounds sterling at the
ll%d. per fine ounce)
principal European banks
dates of most recent statements,
as
of respective
reported to
us
by
special cable yesterday (Friday); comparisons are
shown for the
corresponding dates in the previous
four years:
England
Spalr
Italy
Sweden....
...
Total week.
war.
many
the average, $1,898.54.
All
employees of these companies, including both
skilled and
unskilled, averaged, for one corporation,
There cannot
consid¬
$1,900.23, and for the other, $1,879.63.
erably exceed the annual gross earnings of the great
£
majority of the patrons of these lines, whose nickels
*129,953.742
327,248,802
314,616,869
295,815,871
3,007,350
293,720,843
63,667,000
92,371,000
87,323,000
25,232,000
119,652,000
100,885,000
347,628,740
2,428,750
87.323,000
112,500,000
77,868,000
83,522,000
33,055,000
26,299,000
25,609,000
6,555,000
6,542,000
6,550,000
8,222,000
7,442,000
6,603,000
25,233,000
118,000,000
2,521,900
42,575,000
76,631,000
105,500,000
888,378,963 1,074,734,545 1,098,981,359
896,640,369 1,074,586,365 1.095,443,971
637,859,047
728,276,036
and dimes have
funds, for
war
in Europe has made it impossible to
of the 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
of April 30, 1938, and Mar. 20. 1940. respectively.
The last report from
was
received June 7: Switzerland, Oct. 25: Belgium. May 24; Nether¬
are as
one
supplied the funds,
most of these
or
of the corporations made up an oper¬
ating deficit out of income from investments, out
of which wages
must in the long run be paid.
In¬
deed, the rates of wages and the conditions of em¬
ployment have been so satisfactory that the official
organ
Note—The
from
upon
1937
6,667,000
697,855,904
697,872,689
Prev. week.
received,
£
85,278,000
67,174,000
87,075,000
60,872,000
41,994,000
6,505,000
6,667,000
Denmark..
Norway
other
averaged $2,076.44, while its con¬
concern
1938
6,511,000
16,602,000
97,714,000
132,857,000
84,758,000
Switzerland
ductors
£
3,862,950
63,667,000
23,400,000
63,667,000
Nat.Belg'm
earnings, in 1940, of $2,126.51, and those of
1939
*679,916
242,672,181
*760,858
Netherlands
average
the other
£
242,451,946
3,879,100
x.
Drivers of the corpora¬
tion, which has operated without conductors, had
1940
1941
£
G,_many
paid for similar labor.
be the least doubt that these averages very
Banks of—
Frar.ce y
considerably exceeding those anywhere
wages
else
of gold
bargaining, by which none but persons
of the union, "The Transport Workers' Bul¬
letin," has boasted of them in unmeasured terms,
calling the hourly rate for bus drivers "the highest
France
lands, May 17; Sweden, May 24: Denmark, March 29; Norway.
March 1 (all as of
1940), and Germany, as of Mar. 14. 1941.
•
Pursuant to the Currency and
March
statements for
Bank Notes Act. 1939, the Bank of England
1939, and since have carried the gold holdings of the
date, Instead of the statutory
1,
Bank at the market value current as of the statement
On the market price basis (168s.
per fine ounce) the Bank reported holdings of £1,504.533, equivalent, however
to only about £760.858 at the statutory rate (84s. ll^d. per fine ounce), accord
ing 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,
we show English holdings In the above in statutory pounds.
x 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 recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc). insti¬
tuted March 7, 1940. there are per British statutory pound about 349 francs;
prior 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.
in the United
States," and the agreement itself "the
union's finest achievement in view of the financial
status of the
price which was formerly the basis of value.
All
seems
the
the
company."
Mayor's vehemence in
characterization
fully to be justified, when it is realized that
strike, which
interrupts not only the oppor¬
tunity to work under such gratifying conditions but
the
public service upon the regularity of which so
thousands
many
of
workers
whose incomes
are
smaller than those of the strikers have become
de¬
pendent for their daily comfort, was arbitrarily
tius Strike
The
When
sive
even
Mayor LaGuardia directs his exten¬
vocabulary of invective against unionized voters
"Labor," ordinary citizens are
upon
bound
believe
to
that the
considerably exceeded.
actual strike
as
customary limits upon
disregard of public interest have been
their selfish
as
When he characterizes an
its leader¬
"a tragic mistake" and
"bullheaded, obstinate and stupid," the suf¬
ferers from
interruption of regular service, if it has
occurred in
one
be
sure
ence
of the public
service industries, can
that the intrusion upon
and comfort is
their normal exist¬
flagrantly without warrant or
Unquestionably that will be the verdict with re¬
gard to the complete stoppage, begun on
week,
of the
Monday of
omnibus service supplied upon
Fifth, Madison and Lexington Avenues, and upon
other
important thoroughfares, by the two principal
corporations that still provide surface transporta¬
tion in Greater New
York.
Nor is it to be doubted
that, ultimately, wrhen all the facts have been mar¬
shaled
and
brought home to the more than 3,000
men
who, for the time being, have ceased to func¬
tion
as
wage earners
and have more or less volun¬
tarily accepted idleness, these former employees will
themselves recognize
of fallacious
that they have been the victims
leadership acting upon the impulse of
concealed and ulterior motives
with the material or moral
wholly disconnected
welfare of these workers.
Beginning during the year 1939, the employees of
corporations, through the Transit Work¬
these two
ers'
its
Union by
have been
and
which they have been represented,
operating under a contract, negotiated un¬
of
operation under the contract
expiration date and pending agreement
superceding contract. The employers' po¬
the secure strength of flexibility
liberality, in an unusual degree.
First, they
a
sition
possesses
offered alternative methods of ultimate
to neither of which
sentative
could
the
whose
any
intentions
take warrantable
were
fair and
correct
exception; that is to say,
companies promised in advance to accept media¬
York,
untramelled arbitration of all
be
adjustment
worker or workers' repre¬
tion under the laws of New
any
justification.
this
continuance
after
who call themselves
ship
commenced because the unions did not wish to per¬
mit
or
to agree to an
questions at issue by
qualified and impartial arbitrator that might
mutually
they
the
to continue the employment in
acceptable.
And,
secondly,
offered, pending peaceful settlement in one or
other of these ways,
accordance with the contracts that were so
lauded
in the
time ago.
ers
name
loudly
of the employees but a short
The only answer made.by the union lead¬
employers is to accuse the
to this offer from the
corporations of bad faith, since they, or one of them,
desire to
submit, in any such mediation or abritra-
tion, counter-suggestions believed likely to lead to
economies sufficient to eliminate actual excesses of
operating costs above operating revenues, and since
the
corporations
have not agreed in advance to
accept a one-sided arbitration in which no
of
extremity
injustice against them could be rectified, while
the demands and
gains of the employees and their
representatives would not be in any way limited.
It is very
likely that the company whose opera¬
tions show a deficit may see no reason
not to
why it ought
experiment, for economy's sake, with the one-
TAe Commercial & Financial Chronicle
Jg44
operation in which the other has been
man
At this moment,
cessful.
sue-
when alleged necessities
of the national defense are
March IS, 1941
further impairment of the financial integrity of the
city.
upon man-power
The surface operations, now that the tracks have
requiring its conservation wherever possible,
and
disappeared and have been charged out of the prop-
there is
of any
certainly
pressing
good deal to be said in favor
a
plan consistent with public safety that would
dispense with superfluous employees
and release
competent labor to the essential industries.
other
In
respects, the union leaders, apparently
erty accounts of the balance sheets, can be aban-
doned without great loss to the companies, although
with serious inconvenience to vast numbers of regular
patrons, if they prove to be too seriously and permanently unprofitable. After all, the concerns op-
considering themselves as authorized spokesmen for
erating these lines are not much more than brokers,
the rank and file of the
collecting in nickels or dimes with one hand and
rather than definite.
of them
one
North
publicly threatening to throw into the
as
ing out in wages, taxes, and other expenses with the
other, at the best reserving out of the total a rela-
river,
who seek to
any men
oper-
tively very small fraction for those who have
ate the vehicles while the union officers decree that
plied
they must remain idle and as saying, in a speech
owners or
addressed to the strikers:—
without
"We'll strike first and
We'll
since 1916
seen
Mayor
.
.
The truth
that
is
good deal of this effervescence
a
the nature of whistling through a graveyard
in
that
and
confidence
the
these
of
leaders
in
strength of their position
is
in inverse pro-
public.
The member-
ship of the Transit Workers Union includes employees
of the three divisions of the
formerly
and the
these
Interboro
the
the
it is not
^as
Under unification,
employees have acquired the status of civil-
employees of the municipality of greater
service
New York and their interest
politics, and
draw
Very
many
wholly from
number have
unionization,
union
leaders with high salaries and
union
liberal expense accounts
mmished.
in
lias visibly and rapidly di-
of them
union
are
inclined to with-
affihat.on,
a
already undertaken to do
considerable
and
so,
com-
in the
so
salaries
of the leaders is
general than it
over,
the
was
it is quite apparent that however
interegt must be
in
no
witboot
of
unions
employers, he is quite
a
oppress
none
but private
different person when the
possibilities of union aggression threaten
subways. There, the
id
bonds
and ad
paid and the
the
am
ugerg
and the whole
dependent
upon
te urban transit would be
cheap
impos.
could not be offset
practicabie and conceivable increases in the
ratcs of fare
could the g€ryice be
nor
]l0wever brief the
It
inci al
Here, abandonment
gMe> Exhorbitant sirb
by
^pre-
which the
on
catastrophic loss to the municipality and
ig certain
iod
without
that
geryice within this cit
interrUpted,
witbout h
detriment.
diminution
importance of tbe impairment of
any
and its environg
itg obvions relation to the far
of the
regular transit
the
jntemt in the current omnibus stl.ike arigeg
ter
largest
J
of
problems of
sirbway operation,
'
The Insurance
Companies and New
Deal Inconsistencies
warm may
directly affect himself, however
choose to be when the excesses of the
these
larl
economic and social edifice
More
way
blind he may
leaders
of the
reflmded at maturity.
or
extengiye calamit
be
Mayor's affection for unions the operations of
which
in-
capital investment, hitherto
wic debt and b
b
sented
becoming much less
under private operation.
case
enormous
an
placent paymept of dues for union maintenance and
the
wages were
quite unprofitable and stm unpromising) but
subway operation,
Brooklyn-Manhattan,
Independent subways
destroying the patronage, they would be
the
probably
m
as
If the fares could be raised
creditors.
creased in corresponding amounts.
paid
portion to their vehemence
sup-
and retain their interests
capital
their
relatively indifferent as to whether
.
.
anybody
If Mr. LaOuardia thinks
to pull a blitzkrieg we'll handle him too."
or
he's going
is
negotiate afterwards, . .
town a party that they have not
We're greater than any tin-pot
this
show
pay-
The "Herald Tribune" quotes
the East
or
workers, have been vehement
Now
Securities
comes
and
Exchange
Commis-
sioner Sumner T. Pike and tops the contradictions
in the official Washington attitude toward the life
insurance companies with the greatest contradiction
of them all.
munici-
The SEC released his remarks following an un-
pal enterprise which he has favored and for the
official report which worried through hundreds of
financial results of which he cannot avoid his share
pages over
of
responsibility.
If future demands of the Transit
Workers' Union should further
account of
New
York's
than
that
the
clear
a
disfigure the income
subway system it is
political
appearance
more
of New
York's
Mayor could not remain exempt from the
damaging consequences. Moreover, it is highly significant that the subway contracts with
employees
are
to
expire at the end of next June
the very
bus
and that, at
union meeting which called the strike of the
workers,
tions
resolution looking towards negotiaconcerning a new contract to govern employ-
ment in the
ered and
a
operations of the subways
consid-
adopted.
that both the
It is, therefore, altogether likely
Mayor and the leaders of the unionized
workers of both
the
underground and the surface
systems of transit, look
strike
was
just begun
as a
upon
the relatively minor
preliminary skirmish
in the
the "concentration of economic power in,
and financial control over, production and
distribu-
tion of goods and services" in the life insurance
panies, yet
was
instead
a
on
window-dressing of abuses raked
from the companies' past.
only
as
corn-
unable to find it and concentrated
Citizen Pike commenting
leased by the SEC,
a
up
However, he made them
on
the report re-
report which had not been pre-
pared by the Commission but merely by two of its
employees.
And
centration of
of
power
mended
as
power
a
result of this report on con-
which found
no
concentration
but only concentration of assets, he
that
the
companies
purchase
recom-
common
stocks.
Thus, after praising the companies for the soundness
of their investment policies, an SEC Commis-
sioner, speaking not
as an
SEC Commissioner,
con-
eludes that they should depart from these policies;
greater struggle that all good citizens must hope
and, pursuing the lines of
will be settled without
concentration of financial and economic power, he
interruption to the
service
or
an
investigation of the
recommends the
investing policy for the
kind of
one
companies which would give them financial
economic power.
and
While specifically eschewing any
see
the SBC installed as the Federal regu¬
lator of life
insurance, he proposes a policy which
desire to
1645
Chronicle
The Commercial & Financial
Volume 152
investigation is staying in office longer than any
Administration in American history.
Its argument
is that if it
The
executives' argument.
quite obviously would help to bail the SEC out of its
But in the interest of
difficult problem
Washington is
stocks of
of where to place the common
operating utility companies after the hold¬
ing companies originally set
been removed.
contradiction
which would
in
And
to control them had
take the obvious
order to
this
of
out
up
equity recommendation
give added power, it has been officially
suggested by the SEC that if the companies buy
such stocks
they get non-voting and so non-control¬
Thus the companies' careful in¬
ling equity stock.
vesting policies would be set aside for equity invest¬
ment with
control
no
over
the
in
reflected
Pike
insurance,
Temporary National Economic
the
Committee hearings, the
efficiency and effectiveness,
network of interlocking director¬
a
ates, stringing from the SEC through the
Commission and the Treasury
and reinforced
brain
by
a
sort of Red Cell appointment of
strategic points throughout the
at
trusters
Gesell-Howe report, and the
recommendations, is studded with explicit and
Defense
to the Supreme Court
principal Government bureaus and agencies.
activities of directors
The
sonal financial
gain
and officers for per¬
criticized as though there
fundamentally different in
something
were
are
surance
lobby"
company
was
this
heads and
from the activities of Government bureau
The "life in¬
employees for personal political gain.
equity.
The whole official attitude toward life
as
directorates.
criticizes interlocking
report
That
well it should be continued.
serves
is also the insurance
severely criticized—it
$181,000 in 1938 for lobbying expenses in
disbursed
with,
companies
representing
$75,000,-
perhaps,
000,000 of insurance outstanding—as though Wash¬
implicit contradictions, but one pitfall of contradic¬
tion Mr. Pike did not fall into. He specifically avoided
ington departments never used lobbies.
recommending the SEC as the agency of Federal
the
control
to
be
into the present
shoved
State control.
And he
was
right,
on
melange of
the basis of his
criticisms of State insurance commissions.
For he
criticized the short tenure of office of State insur¬
which is reminiscent of the
commissioners,
ance
rapid turnover of SEC Commissioners; he said the
commissioners'
State
usually
are
heavy, which brings to mind the responsibili¬
very
ties of the
own
responsibilities
SEC, mostly given it by Congress at its
request, over the auction markets, the over-the-
markets, new capital offerings, investment
counter
trusts, utility holding companies, investment coun¬
selors, companies in bankruptcy, and so on.
The Gesell-Howe
remarks
contained
was
a
curious and interesting
many
inconsistencies.
and
contradictions
it
report which preceded Mr. Pike's
For example,
study of the "concentration of economic
power," but virtually all the abuses it found were
among
the small companies outside the Big Six.
It
interlocking directorates between the big com¬
found
panies and the big banks, but no instances where
personal capitalization by directors of the big com¬
The
report severely criticized the accounting
life
insurance
companies
picture to the policy-holder of the costs of his
clear
policy or to the public of the rates and costs
operations of the Social Security Act, which makes
at
is
probably even
separate financial report of its operations—it
no
present impossible for outsiders, or
Security Board itself, to make even
for the Social
remotest
the
guess
as
the overhead
to
partly borne by employers, partly by the
by the Government Printing Office, and so on, and
the same goes for the central bookkeeping costs,
which
rate
are
mingled with the cost of running the sepa¬
old-age pension system.
the life insurance
accounting of
companies the
Security Board would be implicitly exempted,
Social
just
In fact, it is virtually
Congress were to require uniform
that if
certain
the Tennessee Valley Authority and local
as
municipal
power
authorities
specifically
were
exempted from the uniform accounting requirements
of the Utility Act of 1935.
And, incidentally,
policy-holders—the chief abuse found by the Arm¬
smiled
on
sentatives
neither licensed as insur¬
agents are in all States, nor required to
ance
trained
It
are
but
salesmen,
by savings banks, repre¬
life insurance
of which
'% It complained of
ill-trained
and
practices
agency
ago.
years
insurance
as
agents
are
be
in many States.
pointed out that the Armstrong investigation
recommended
growth,
a
that
aside and the
since
Pike
growth.
an
on
ilfe
insurance
company
1906, and it laid the groundwork for Commis¬
sioner
life
limit
the recommendation had been set
companies' assets had grown 800%
to
discuss
possible checks to future
Yet, it stated that "the development of the
insurance business in
this country represents
the
most
interesting contradictions in the
Washington attitude appear when the practices of
Washington officialdom itself are laid alongside the
criticisms of the life insurance
companies.
First, the companies are criticized for the
self-
perpetuation in office of directors of mutual com¬
panies.
Yet the Administration which finances this
uniform
annuity rates, surrender values, and sur¬
charges, it also presents tables
render
almost incredible
of
into criti¬
companies for combining to use certain
insurance
of
indicating an
discrepancy between the net costs
companies.
different
(The com¬
largely explained
by technicalities, including the fact that some com¬
panies show a higher net cost at earlier stages in
panies say these discrepancies are
the life of a
vice
policy than at a later stage, and others
versa.)
The insurance
the last decade
of their
creased
companies are criticized because in
they have greatly increased the size
holdings of uninvested cash.
decade
same
the United
During the
States Treasury has in¬
the amount of "working
mally carries
outstanding achievement"!
But
United
partly by the Post Office, partly
States Treasury,
though the report goes at great length
35
costs of
security insurance, for the collection costs are
social
cism of the
Report
of lapse,
This is in curious contrast to the
surrender, &c.
panies of their position had resulted in loss to the
strong
of
failing to give a
as
balance" it nor¬
from around $400,000,000 to some¬
thing around $1,500,000,000.
And
lastly, the companies are criticized for divert¬
ing so large a proportion of the Nation's "savings"
into conservative investment channels that the ad¬
venturing of capital is discouraged.
same
But during the
period Congress has dicouraged the adventur¬
ing of capital by numerous methods, conspicuous
The Commercial &
1646
March
Financial Chronicle
15, 1941
political appeals, including the argu-
basis to a system in which the benefits do not correspond to the premiums, and in which the reserves
after 1955 will be inadequate.
SEC Chairman
Douglas once proposed an insurance fund for under*
writers of new corporate flotations, and another for
the underwriters of foreign bond issues in New
York, neither of which could possibly have any actuarial basis. Federal ventures into the insurance
field have almost invariably, as Thomas Edison once
warned of Government ventures into hydro power,
mixed in a little business and a little politics until
no one knows where one begins and the other
leaves off.
Underneath the whole attitude of Washington
toward insurance there lies, finally, a fundamental
contradiction in its attitude toward the public,
Over and over again in the insurance report there
appears the assumption that the public is not competent to choose what it wants for itself. It is, runs
the thought, imposed on by the insurance companies
Social Security Act to the
right and left, through over-selling, particularly of
country; vide the Administration's consistent con-
industrial insurance, which goes chiefly to that economic class which forms the voting mainstay of the
Administration. Yet this same Washington opinion
them the capital gains tax and the present
among
which
instead of
heavy taxes on corporate equity earnings
definitely
financing
debt
encourage
equity financing.
The companies
severely criticized for per-
are
mitting or encouraging high-pressure methods on
the
part of their salesmen in the selling of insurSome of the
ance.
methods
The agent, presumably, over-sells the cus-
report.
by emphasizing the benefits and minimizing
tomer
the costs,
by playing on the weak side of his pros-
For instance, excerpts are given
pect, and so on.
from
sales
one
of
ods
pamphlet suggestions on selling
obviously held up to ridicule in the
are
outlining four effective meth-
course
meeting objections—-the direct
return, or
"boomerang" method; the indirect return, or "admission-but" method;
the emphatic denial,
could all be found
ods
in
standard
used to sell the
ments
centration
These meth-
by cursory analysis to be
its benefits and
on
and the bitter attack
"head-on"
or
method, and the "passing-up" method.
on
the
disregard of its costs,
opposition's 1936 refer-
has
which holds that the public is not competent, with¬
out Washington help, to buy life insurance or, in
fact,to buy anything from toothpaste to automobiles,
itself ventured
widely into the insurance business
which is sold by private business, nevertheless is
with
perfect record of ignoring actuarial
to the
ences
in
payroll tax.
fact, the report
been
has
for
made
almost
an
calculations and
private
the insurance companies
on
calling that insurance which, in
company,
Federal bank
since the risks
eral
deposit insur-
depend
the business cycle.
on
unemployment insurance looked
instead looks
now
the present attack on insurance companies is to gain
Fed-
at first
Federal power over them; the rest is window-dress-
as
into heavy losses,
run
standing gap in Federal control over financial insti-
unsponsored report, and the making of unofficial
the old
as
Security Act
Gross and Net
Financial
for
results
of
month
the
within four
was,
original set-up, shifted
over
from
of
in
operations
were
1941.
based
were
course
a
grounded
upon
month of modest business activity.
species
ment's notice.
But the
being stimulated throughout
the country modified the usual
January decline in business
provided the railroads with
freight upon which they
now
a
rely
to
a
large degree.
of this year as compared to the same period of
earnings
1930.
any
were
their best levels
at
for
1940.
January since
any
Net earnings, before taxes, were on a scale exceeding
other January in the history of the transportation busi-
ness,
1929.
ried
They
only the initial month of the final boom
save
Fortunately,
away
at
the
conducted
economy,
managers
start
their
and thus
of
of the railroads
1941
affairs
were
by
with
boom
the
were
year
of
not car-
manifestations.
greatest
possible
able to carry to the net earnings
column a sizable part of the increase of gross earnings.
The railroads
of
now
face, in their
own way,
problems that loom for the country
program
countries
of unrestrained
whose
defense
aid to Great
from
steadily
as
a
whole.
Britain
aggression
is
The
and other
regarded
as
their
additions to
facilities through
at hand.
.
Recent statistics of railroad operations supply an encourindication of the
aging
exception.
trend,
and
last January was no
Every district and region of the United States
found its business increased in that period, as against the
similar month of last
year.
In all districts, moreover, net
earnings increased along with gross.
There were no great
natural difficulties encountered in the month,
usual cold and
snow.
1940 also
was
Some
such
as un-
It may also be added, however, that
the comparison is accurate in this respect,
month.
the same sort
augmenting
equipment and a high standard for the equipment already
In
Gross
But the most important and vital links of
the transportation industry are ready for the test, and are
good deal of the heavy
consequence carrier gains were sizable for the first month
Some of the railroads,
it must be admitted, are not in the best possible shape to
render such service.
Financial and other ravages of the
desperate decade of the 1930*s cannot be repaired at a mo-
In the ordinary course of affairs January
vast defense program which is
As the principal
for even more efficient service than was required in
the course of the first World War.
railroad activia
be expected to occasion ever
rapid production in key industries.
carriers of the Nation the railroads naturally will be called
Indeed,
to which
solidly than in
more
more
reasonable, and if
more
the business gains upon which the increased
boom.
vital for America now can
United
the
January suggest that the great
subjected
are
is afoot beyond what seems to be.
Earnings of United States Railroads for the Month of January
railroad
the prospects would be excellent if the taxation
the railroads
statements by officials, all indicate that something
of
years
actuarial
an
carriers got off to a good start for the year
and
The oblique approach to Federal control,
tutions.
Federal old-age insurance under Title 8 of
systems.
are
$30,000,000,000 of invest-
the hedging, the trial-ballooning, the issuing of an
the Social
war
now
ments, the insurance companies remain the one out-
private mortgage guaranty
safe
as
States
Controlling
ing.
crop
Federal
over-priced.
Federal Housing Administration insurance is
about
is of
There can be little doubt that, as insurance com¬
executives say privately, the main purpose of
pany
already proved its actuarial unsound-
insurance has
ness;
of
and banking, if properly set up, and (b) able to
pick the right candidate for political office,
reliable actuarial basis,
no
though it would promptly
ties
(a) able to find its way through the financial re¬
ports of complicated operations like life insurance
savings and loan insurance, and unemploy-
ance,
ment insurance can have
and
a
would be promptly condemned as
not insurance at all.
its
which
Administration
an
what might
for January of
be called a "normal" weather
importance may well
attach,
on
the other
hand, to the elimination last year of the special land-grant
rates
on
Federal
Government transportation
requirements,
In these days of rapidly expanding United States Government activities, normal charges probably aided the Western
Volume
carriers to
the Class
of
I railroads
increase of $31,769,210, or 9.21%.
to
amounted
month of
with
an
gain of $20,164,047, or 22.84%.
a
a
drop of $248,172.
Increases and decreases of $100,000 or more,
Net earnings last January
gross
$108,463,461, against $88,299,414 in the same
1940,
It headed the gross list
and net lists of decreases.
gross
reported gross earnings last January
$376,628,399, against $344,859,189 in January, 1940,
Chesapeake & Ohio was the only road in both the
The
For the country as a whole
peculiar degree.
a
1647 J
The Commercial & Financial Chronicle
152
in
We now
in both the
systems,
and net earnings of the separate roads and
January, as compared with the same month of 1940, are
tabulated below:
present the comparison in tabular form:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE
OF
Gross
expenses
Ratio of expenses to earnings.
Til crpn
the
which
$4,107,481
2,832,962 Pere Marquette
2,352,321 Nashv Chatt & St Louis.
a2,072,196 Central of Georgia
Baltimore & Ohio
1,903,62-1 Cine N O & Tex Pac.._-_
Union Pacific
1,866,296 Alabama Great Southern
Southern.
1,435,492 Rich Fred & Potomac
Atlantic Coast Line—_
1,048,343 Pitts & Lake Erie
the
Seaboard Air Line
—
a
simplified form the measure of
N Y N H & Hartford
Pacific
Northern
relation to its bearing on the revenues of
trade activity in
Chicago Milw St P & Pac
Illinois Central
month under review, we have brought
the roads during the
Great
Northern
together in the table below the figures indicative of activity
Chicago & Nor West
Reading
in the
Erie
important industries, together with those per¬
more
taining to grain, cotton and livestock receipts and revenue
freight
of January, 1941,
for the month
loadings
car
St Louis Southwestern..
Elgin Joliet & Eastern..
Bessema & L. Erie.
as
compared with the corresponding month in 1910, 1939, 1932
1941
'
1929
1932
1939
1940
Boston & Maine
144,697
131,395
Georgia Sou & Florida..
Spokane Port & Seattle.
Chicago Great Western.
New York Connecting..
Yazoo & Miss Valley...
Chicago & Eastern 111—
_
123,648
120,783
117,854
115,537
111,514
_
Florida East
Coast
New Orl & Northeastern
111,059
Kansas
101,046
City Southern..
100,789
Louisiana & Arkansas
Total
(55roads)....—$31,704,511
Decrease
Chicago Burl &Quincy__
Grand Trunk Western..
N Y Chicago & St Louis.
$423,077
Chesapeake & Ohio
Del Lack & Western
233,342
Lehigh Valley
179,357
Total (3 roads)
$835,776
a These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Automobiles (units):
Production
165,814
163,947
144,704
Missouri-Kansas-Texas..
322.684
Gulf Mobile & Ohio
January
168,853
Alton
292,974
287,850
285,845
275,304
239,870
237,464
Wabash.
Texas & Pacific
and 1929:
(passenger
trucks, &c.).a..
500,931
432,279
305,205
196.191
119,344
401,037
84,798
342,168
Building ($000):
Constr. contr. awarded b
409,968
251,673
cars,
Nashville,.
Louisville &
203,521
190,671
187,796
172,369
Virginian
815,573
726,161
591,062
588,237
573,177
567,012
561,500
534,697
513,046
495,571
490,609
481,895
478,312
468,539
418,135
392,951
Missouri Pacific
Chicago R I & Pacific.—
St Louis-San Fr (2 rds)
In order to indicate in
208,897
_
Norfolk & Western
to
country,
turn.
now
we
activities of
business
general
Or;
fe
43,905,000 44,976,000 35,750,000 27,892,000 52,140,000
3,897,000 7,337,000
4,975,000 5,622,000 4,952,000
Bituminous.c
Pa. anthracite.d—
Freight Traffic:
Car loadings, all (cars).e *2,740,095 x2,557,735 x2,288,730 x2,266,771 *3,571,455
Cotton receipts, South¬
735.209
ern ports (bales)_f._.
173,309
1,200,877
178,989
771,170
Livestock receipts: g
6,136
8,344
25,236
2,764
2,416
7,685
3,085
17,362
City (cars)...
5,825
9,087
Omaha (cars).......
1,792
2,231
2,641
5,478
7,272
z2,152
z2,807
zl,695
z2,385
Chicago (cars)
Western flour and grain
and
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
; JANUARY
zl,975
(000 bushels)..
zll,827
zlO.867
Z13.776
zl8,573
Corn (000 bushels)...
Z17.695
zlS.023
Z16.336
zl 1,080
Z25.474
Z43.689
(000 bushels)...
z3,949
z4,706
z7,411
z4,689
zll,095
Barley (000 bushels)..
Z7.805
Z8.362
Z7.941
zl,872
z4,392
zl,169
3,855,454
5,029,196
Wheat
*
Oats
z780
z2,392
zl,238
z424
Pig iron production.k—
4,663,695
4,032,022
2,436,474
1,089,518
Steel ingot
6,943,084
5,768,729
3,555,274
1,634,584
Rye (000 bushels)
Iron & Steel (net tons):
production.!.
feet):
•v'-
Lumber (000
Shipments _m
....
received.m
Orders
Z855.431
Z478.500 zl,323,297
Z969.171
zl,242,195 zl,053,721
Z959.867
Z983.152
Z699.866 zl,352,105
z727,383 zl,481,187
zl,222,629
United States
a
States
of
east
Mountains),
Bureau of Mines,
and
g Reported by major stock yard
h New York Produce Exchange,
Institute,
Steel
m
National
in
x Four weeks,
1 American Iron
Association
*
(number
Five weeks.
20%,
shipments 26%,
iron
and
a
cotton
15%.
Agricultural
at Southern
receipts
bales from
15%, steel
movements,
group were
What
we
however,
to only 178,989
movement of rye was
while most other items in the farm
either up a little
or
down a little.
have said above applies exclusively to the
the
of
ports dropped
771,170 bales last year;
also markedly reduced,
roads
Building contracts rose 55%,
automobile production
the whole, considerably lighter than a year earlier;
were, on
country
as
a
whole.
Turning
now
rail¬
to
the
separate roads and systems, the exhibits are found to be in
consonance
There
or
with the results shown in the general totals.
were
55 railroads whose gross incomes rose $100,000
above
more
the
net
Chicago R I & Pacific...
Chicago & Nor Western.
723,117
685,144
Western Pacific
Illinois Central
650,130
Chicago & Eastern 111...
St Louis-San Fr (2
returns,
in
Similar results
more,
which
47
roads
and four, reductions.
Southern Pacific, Atchison Topeka &
were
the greatest
recorded
gains
of
The Pennsylvania,
Santa Fe, Baltimore &
dollar improvement in both the gross
and net classifications.
ary was
was
up
_
Erie
.
Chic Milw St P & PacNorfolk & Western
Elgin Joliet & Eastern...
N Y Chicago & St Louis.
St Louis Southwestern..
Gulf Mobile & Ohio
Pacific
Northern
Cine N O & Texas Pac..
N Y N H & Hartford...
The Pennsylvania's gross in Janu¬
$4,107,481 greater than a year earlier, and its net
—
the operations of the New York Central and the
Cincinnati Chicago & St. Louis, Michigan Central,
Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $927,668.
These figures cover
leased lines—Cleveland
Cincinnati
Of the three main geographical
ment
in
both
the gross
these three districts
region,
part of the Southern District, improved
33.02%.
With respect to gross
with a gain of 13.88%,
better results than did the Southern
trict) third with a gain of
earnings, the Central Western region,
showed
somewhat
In this classification,
third with an increase
of 10.54%.
Our summary by groups is as follows. As pre¬
viously explained, we group the roads to conform with the
classification of the Interstate Commerce Commission.
The
boundaries of the different groups and regions are indi¬
region, which had a gain of
12.99%.
also, the Southwestern region was
cated in the footnote to the table;
SUMMARY BY GROUPS—MONTH OF JANUARY
Gross Earnings
Inc. (+) or Dec.
(—)
region (10 roads)...
(23 roads)
15,340,371
71,965.720
14,471,255
+ 869,116
68,754,909
+ 3,210,811
+ 4.67
(18 roads).
81,761,812
74,242,415
+ 7,519,397 + 10.13
Central Eastern region
$
169,067,903 157,468,579 + 11,599,324
(51 roads).
+ 7.37
Southern District—
Pocahontas region (4
53,328,164
23,516,530
47,197,002
22,767,385
+6,131,162 + 12.99
+ 3.29
+ 749.145
Total (30 roads)
76.844,694
69,964,387
+6,880,307
+ 9.83
35,793,057
33,313,235
+2,479,822
+ 7.44
66,331,697
28,591,048
58,247,197
+8,084,500 + 13.88
25.865,791
+2,725,257 + 10.54
Southern region (26
roads)..
roads).
District—
of
$2,049,552.
The Atchison
Topeka
(15 roads)
(16 roads)
Central Western region
gain
$1,572,026 in net.
of
$2,352,321
in
gross
and
one
— .
roads).....
&
Total (51 roads)....
a
$
%
+ 6.01
Great Lakes region
Total
1940
$
Northwestern region
increase
1941
District and Region
Eastern District—
Southwestern region (20
had
earnings
its net earnings
by 41.24%, the best of any region, while the Central West¬
ern region
(Western District) was a close second with an
increase of 40.75%, and the Southwestern
(Western Dis¬
a
consequently headed the list of roads showing net gains,
Fe
are
of improve¬
classifications.
broken down into regional
and net
subdivisions, however, it appears that the Southern
proportion of its gross gain of $2,832,962 down to net, and
Santa
divisions of the country,
the Western District showed the greatest degree
The Southern Pacific carried a greater
$1,488,906.
an
—
Pere Marquette
Alton
Western
with
319,763
Total (47 roads)......$20,116,434
288,464
Decrease
273,655
$289,270
259,129 Central RR of New Jer__
248,172
223,698 Chesapeake & Ohio
210,568
212,149 Union Pacific
150,951
196,191 Great Northern
195,818
Total (4 roads)
$898,961
185,356
Wabash
shown in
Ohio and the New York Central were among the roads that
showed
Virginian
582,426 Missouri-Kansas-Texas.
546,242 Yazoo & Miss Valley
500,040 Pittsburgh & Lake Erie.
487,104 Georgia Sou & Florida..
369,553 New York Connecting..
330,392 Nashv Chatt & St Louis.
594,901
roads)
Louisville & Nashville—
New England
or
Reading
January, 1940, and only three whose gross
decreased by that amount.
$100,000
145,537
144,764
131,501
128,959
127,385
127,050
125,360
122,367
116,979
114,719
109,612
103,692
103,137
101,107
821,299
a818,056
When
building construction must have supported
opening month of 1940.
lumber
158.103
Chicago Great Western..
Central of Georgia
Rich Fred & Potomac—
Alabama Great Southern
905,029
1 Com¬
substantially greater volume of freight in January last than
in the
Grand Trunk Western..
Southern
Seaboard Air Line
Texas & Pacific.
Chicago Burl & Quincy.
Atlantic Coast Line
New York Central
companies
operations in the heavy indus¬
These statistics reveal that
and
k "Iron Age".
Manufacturers'
Lumber
of reporting mills varies in different years),
tries
Commission,
Association of American Railroads.
piled from private telegraphic reports,
in each city,
Coal
Bituminous
National
c
e
(figures for 37
b F. W. Dodge Corp.
Bureau of the Census,
Rocky
d United States
Pennsylvania
a
Note—Figures in above table issued by:
$184,902
172,853
171,050
Bessemer & Lake Erie—
1,056,964
Fe
■
z917,844
zl,077,133
Production _m—
V;
OF
Increase
$2,049,552
1,572,026
1,392,253
1,488,906
Southern Pacific (2 rds).
Atch Topeka & S
Baltimore & Ohio
Missouri Pacific
receipts: h
Flour (000 barrels)...
and the
Central,
In¬
Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is an increase of $2,244,565.
Northern
Cincinnati
Increase
Coal (net tons):
Kansas
.'"''v
$227,964
224,507
209,963
Western Pacific
Southern Pacific (2 rds)
Underlying these railroad performances are, as indicated
above,
MONTH
Increase
Atch Top & Santa Fe
New York Central
$88,299,414 + $20,164,047 +22.84%
$108,463,461
'
JANUARY
<?/>
Pennsylvania
—0.17%
+ 9.21%
+4.5%
—394
(74.40)
(71.09)
_
Net earnings
(+)
Dec.
or
$376,628,399 $344,859,189 + $31,769,210
+ 11,605,163
268,164,938 256,559,775
earnings
Operating
(+)
232,825
232,431
Mileage of 132 roads
Inc.
1940
1941
Month of January
130,715,802 117,426,223 + 13,289,579 + 11.32
of
Total all distr'cts (132
roads)
376,628,399 344,859,189 + 31,769,210
+ 9.21
March
The Commercial & Financial Chronicle
1648
Net Earning*
15, 1941
1989, and 518,772 bales in 1938. The disappearing export
staple is of course responsible for the smaller
in
market for the
Inc. (+) or Dec.
$
$
$
1940
1941
1940
1941
Mileage
District & Region
4,004,782
(—)
%
18,734,684
18.928,299
+ 12.30
ti
+ 19.48
as
6,700
26,073
24,495
47,918,176
41,667,765
+6,250,411
+ 15.00
38,138
6,093
..
57,413
38,012
6,065
16,581,633
10,472,704
11,740,042
+4,841,491
+ 375,249
+41.24
+ 3.72
44,231
Total
24,530
57,268
New Eng. region.
44,077
6,718
26,165
Exports were also at a low level in Janu¬
The overland movement, which is more related
port movement.
1939.
ary,
+6.47
+259,145
+2,304,645
+ 3,686,621
4,263,927
21,039,329
22,614,920
domestic mill takings than to foreign demand, was not
Total
27,054,237
10,097,455
21,837,497
+ 5,216,740
+23.89
45,693
56,374
29,268
7,272,010
17,680,345
8,538,693
5,813,705
12,661,452
6,418,995
+ 1,458,305
+ 25.08
+ 5,118,893
+2,119,698
+40.75
130,932 131,335
33,491,048
24,794,152
+8,696,896
+35.08
Nor'western region
45.521
Cent. West, region
56,320
29,091
So'western region,.
+ 33.02
RECEIPTS
OF
is detailed in the following tabulation:
COTTON
JANUARY
11199932267380
bales.
Galveston**
Houston
•
39,258
56,898
2,162
Orleans
New
....
64,850
232,431 232,825 108,463,461
88,299,414 +20,164,047
+ 22.84
&c.
Pensacola,
Commerce Commission,
groups
and the following indicates the confines of the different
and regions:
New England Region—Comprises the New
Lakes Region—Comprises the
Great
New England and the westerly shore
a
line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
to the mouth of the Ohio River, and
Louis and the Mississippi River
north of the Ohio River to Parkersburg, W. Va.,
thence to the southwestern corner of Maryland and
and a line
by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of
Pocahontas
Kentucky and the southern boundary of Virginia to the Atlantic.
Region--Comprises the section
north
of the southern
boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN
DISTRICT
Northwestern Region—Comprises the section adjoining Canada lying west of the
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from
Chicago to Peoria and thence to St. Louis, and north of a line
by the Mexican boundary
from St. Louis to Kansas City and thence to El Paso and
to the Pacific.
and by the Rio Grande to the Gulf of Mexico.
in the
In the opening month of
year 42,056 bushels of the several different
moved compared with 41,350 bushels in the
aggregate, than in January, 1940.
the
current
grains
were
corresponding month of 1940.
Heavier movements of corn,
particularly, and also wheat, were responsible for the gain
in the total.
Other grains, especially rye, were conveyed
in smaller quantities than in January, 1940.
In the fol¬
lowing table we give, in the usual form, details of the
Western grain movement:
Five Weeks Ended Feb. 1
■"
J?*"''-:'
Flour
Year
{000 Omitted)
Wheat
{bbls.)
{bush.)
{bush.)
1,082
1941
926
1940
Chicago.
Minneapolis
1,070
1940
Milwaukee
1940
947
24
5,608
93
1,149
1,389
749
518
3,503
1,066
1,266
1,606
1,509
1,180
3,931
116
127
50
107
1,553
633
149
641
363
53
941
33
73
2,499
4
421
20
240
2,208
379
229
4
6
78
1940
(1941
6,942
668
296
----
1941
Toledo.
{bush.) {bush.)
Barley
{bush.)
1,281
1941
.......
Rye
4,486
1940
Duluth
Oats
3,452
1941
...
Corn
79
-
"
•
-
-
»
-
-
465
1
'
—
1940
746
118
26
6
586
3,673
296
15
2
464
Indianapolis and Omaha.. (1941
2,444
504
61
St. Louis.
(1941
657
917
250
1940
653
642
983
430
31
215
Peoria
(1941
216
323
143
76
326
334
114
227
122
1,215
1940
57
98
2,055
746
1940
v
223
1941
Kansas City
2,696
1,689
127
Wichita
1,585
1,163
1941
85
305
97
154
256
1941
1940
Sioux
City
-
-
-
-
•
W
-
1,262
15
102
2
796
4
216
50
2
1
137
-
1941
+?.';
"ioi
144
1940
.
St. Joseph
18
1940
~"~2
"no
60
112
17
6
23
1941
1,975
11,827
17,695
3,949
780
7,805
1940
Total all
2,152
10.867
15,023
4,706
2,392
8,362
The movement of cotton in
January, particularly to South¬
sharply reduced scale. The port receipts
ports, was on a
during the month totaled only 178,989 bales, in comparison
with 771,170 bales in the same month of
1940, 173,309 bales
ern
Text of "Lease-Lend" Bill
Measure
4,433
853
104
7,420
4,554
962
85
400
874
496
3,500
6,723
2,021
1,662
1,274
1,418
5,946
5,138
1,462
53
7
124
771,170
173,309
518,772
312,134
410,916
1119992038647543870.
194
383
Finally, we add a summary of the January comparisons
and net earnings of the railroads of the coun¬
try for each year back to and including
1909:
Mileage
Gross Earnings
Month
of
Year
Year
Inc. (+) or
Per
Year
Year
January
Given
Preceding
Dec. (—)
Cent
Given
Preced'g
1909
1914
_
......
...
1922
1925
1926
1927
1928
......
......
......
1929
1930
1932
1933
......
1934
......
1935
1936
1937
1938
1939
_
1940
......
$181,027,699 $171,740,858
207,281.856
180,857,628
204,168,709 199,186,255
210,704,771 213,145,078
208,535.060
246,663,7i
233,073,8
249.958,641
220.282,196
236,880,747
267,043,635 220.203,595
307,961,074 267,115,289
282,394,665 294,002,791
395,552,020 284,131,201
494,706,125 392,927,365
469,784,542 503,011,129
393,892,529 469,195,808
500,816,521
395,000,157
467,887,013 501,497,837
483,195,642 467,329,225
480,062,657 484.022,695
485,961.345 479,841,904
456,560,897 486,722,646
486,201,495 457,347,810
450,526,039 486,628,286
365,416.905 450,731,213
274,976,249 365,522.091
228.889,421 274,890,197
257,719,855 226,276,523
263,877,395 257,728,677
298,704,814 263,862,336
330,968,057 298,664,465
278,751,313 330,959,558
305,232,033 278,600,985
344,718,280 305,232,033
376,628,399 344,859,189
+$9,286,841
+ 5.41
+ 26,424,228
+ 14.61
+2.50
+4,982,454
—2,440,307
—1.15
+ 18.28
+ 38,128,677
—6.76
—16,884,807
—16,598,551
—7.01
+ 46,840,040
+21.27
+40,845,785
—11,608,126
+ 15.29
—3.95
+ 111,420,819
+ 39.21
+ 101,778,760
—33,226,587
—75,303,279
+ 105,816,364
—33,610,824
+ 15,866,417
—3,960,038
+25.90
—6.61
—16.05
+26.79
—6.70
+3. 0
—0.82
+ 1.28
+ 6,119,441
—30,161,749
+28,853,685
—36,102,247
—85,314,308
—90,545,842
—46,000,776
—6.20
+6.31
—7.42
—18.93
—24.77
—16.73
222,456
229,204
219,515
225,292
225,862
225,941
239,402
235,179
234,469
246,958
247,159
248,238
239,882
232,710
232,210
231,513
234,236
235,627
235,886
235,498
236,105
236,590
238,808
240,417
237,888
235,607
243,732
246,959
247,620
248,477
240,046
232,655
232,511
232,492
235,395
235,678
238,698
236,149
236,944
237,846
239,476
240,833
242,350
242,677
244,243
241,881
239,444
238,245
+ 31,443,332
+ 13.90
+6,148,718
+ 34,842,478
+ 13.20
+ 32,303,592
+ 10.82
237,078
235,990
—52,208,245
+ 26,631,048
+ 39,486,247
+ 31,769,210
—15.77
235,422
+ 9.56
242,175
242,332
242,365
241,991
241,337
239,506
233,824
233,093
232,431
+2.39
+ 12.94
+ 9.21
238,393
236,857
236,041
234,853
233,820
232,825
Net Earnings
Month
of
Year
Year
January
Given
Preceding
$49,900,493
$40,841,298
50,062,699
53,280,183
52,960,420
45,495,387
65,201,441
52,473,974
51,552,397
79,069,573
83,475,278
56,393,506
50,946,344
1912......
45,940,706
64,277,164
52,749,869
51,582,998
78,899,810
87,748,904
17,038,704
1915....
1916......
36,222,169
85,908,709
28,451,745
57,421,605
93,279,686
Per
Increase
(+) or
Decrease (—)
+$9,059,195
+ 6,330,807
—2,333,839
—7,019,714
+ 18,781,777
—12,451,572
Cent
+22.18
+ 12.65
—4.38
—13.25
+41.28
—19.10
—1.70
—890,982
+ 27,347,413
+8,679,331
—66,436,574
—79.59
+22,340.495
+ 160.94
+49,809,654
—60,351,362
+29,089,649
+ 35,012,892
—9,412,390
+ 137.99
+ 17,341,704
+ 946,994
+ 20.72
+53.05
+ 10.98
71,952,904
45,940.685
45,603,287
62,262,469
........
1924....
...
1929.
______
....
13,881,674
36,099,055
88.803,107
28,331,956
58,266,794
93,366,257
83,680,754
101,323,883
102,281,496
99,549,436
94,151,973
117,764,570
94,836,075
72,023,230
45,964,987
44,978,266
+ 17,284,203
+ 38.43
51,351,024
67,383,511
77,941,070
46,633,380
72,811,019
62,258,639
51,905,000
67,380,721
77,971,930
46,609,996
72,810,660
88,299,414
—10,907,615
+ 15,478,511
+ 10,560,349
—31,338,550
—17.52
+26,201,023
+ 15,242,192
+ 56.21
+ 20.164,047
+ 22.84
83,953,867
101,022,458
102,270,877
99,428,246
93,990,640
117,730,186
94,759,394
88,052,852
108,463,461
—2,853,250
—5,558,796
+ 23,578,213
—23,005,176
—22,883,171
—26,082,545
—361,700
—67.96
+ 102.67
+ 60.09
—10.08
+0.93
—2.79
—5.58
+ 25.04
—19.53
—24.13
—36.21
—0.79
+29.82
+ 15.67
—40.19
+
20.93
as Passed
by Congress and Signed by President Roosevelt
Designed to Make Available War Materials to Great Britain and
Other Democracies
Bill Enacted Under Title "An Act to Promote the Defense
of the United States"
Further below we are giving the text of the so-called
"Lease and Lend" measure, which became a law this
week,
following its final disposition by Congress on March 11, and
its signing by President Roosevelt on the same
day.
The
legislation embodied the President's "lease and lend" pro¬
posals for aiding Great Britain and other democracies resist¬
ing aggression; it gives the President authority to have
manufactured .and procured "any defense article for the
government of any country whose defense the President
350
9,799
29
of the gross
1941
WESTERN FLOUR AND GRAIN RECEIPTS
162
2,065
178,989
1924
considering them collectively, was a little heavier,
158
Jacksonville
1923
The traffic in grain in January over the Western roads,
.___
125,666
2,038
1920
Southwestern Region—Comprises the section lying between the Mississippi River
a line from St. Louis to Kansas City and thence to El Paso,
south of St. Louis and
65
3,357
367
1915
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
13,120
2,611
Charleston
Total
east of a line from Chicago through Peoria to St.
150,566
7,102
154,558
2,033
15,382
1,123
4,736
Brownsville
Norfolk
section on the Canadian boundary between
of Lake Michigan to Chicago, and north of
54,256
99,354
43,605
1,542
1,266
161,609
15,601
49
Wilmington...
England States.
49,701
3,400
1936
66,448
7,071
—
Lake Charles
EASTERN DISTRICT
1937
1938
161,607
165,481
2,064
53,232
151,721
164,836
1,918
13,086
368,115
41,938
8,516
Savannah
NOTE—Our grouping of the roads conforms to the classification of the Interstate
1941, INCLUSIVE
1939
18,444
673
Mobile
1936 TO
1940
1,216
Corpus Christ!
SOUTHERN PORTS FOR MONTH OF
AT
FROM
1941
Ports
Beaumont
Total
in com¬
with 219,238 bales in January, 1940, and 131,167
bales in the same month of 1939.
The January port move¬
ment for six years
Southern region..,
aggregating 170,220 bales,
reduced,
markedly
parison
deems vital to the defense of the United States."
The Act
likewise authorizes the President "to sell, transfer title to,
exchange, lease, lend
or
otherwise dispose of, to any such
government any defense article manufactured or procured
under the provisions of the Act.
The measure has been
enacted under the title of "An Act to Promote the Defense
of the United States."
Introduced in the House on Jan. 10
by Representative McCormack of Massachusetts it is known
"H. R. 1776".
The Senate bill (S. 275) was introduced
as
Volume
the
same
ments
available therefor,
To communicate to any such government any defense
(4)
tion, pertaining to
under paragraph
President deems satisfactory, and the
(c) After June 30, 1943, or after the passage of a concurrent resolution
by the two Houses before June 30, 1943, which declares that the powers
conferred by or pursuant to subsection (a) are no
mote the defense of the United States,
of any
department or agency shall exercise any of the powers conferred by
powers may
or
before the passage of such concurrent resolution, whichever is the
Sec.
All
4.
contracts
defense article
United States, and for other
defense article or defense information
As used in this Act—
2.
by
use
possession of such
officer, employee, or agent of such foreign govern-
anyone not an
C
5.
'/'-.VC
The Secretary of War, the Secretary of the Navy, or the
(a)
department
or agency
of the Government involved shall,
information is exported, immedi¬
inform the department or agency
disignated by the President to
714), of the quan¬
administer section 6 of the Act of July 2, 1940 (54 Stat.
the manufacture, production, processing, repair,
tion of any article described in this
(b)
The President from time to time, but not less frequently than once
every
90 days, shall transmit to the Congress a report of operations under
servicing, or opera¬
subsection;
Any component material or part of or equipment for any article
sentatives,
6.
Sec.
the case may be, is not in session.
as
There is hereby authorized to be appropriated from time to
(a)
the purposes
under
Such term "defense article" includes any
article described in this subsection:
Manufactured or procured pursuant to section 3, or to
which the United
foreign government has or hereafter acquires title, possession,
control.
3
from
any
"defense
information"
means
any
plan,
specification,
head of any other department or agency
Navy,
or
the
jurisdiction, or otherwise procure, to the extent to which funds are
available
time by the
therefor,
Congress,
of any country
or
or
contracts
both,
any
are
authorized from time to
defense article for the government
whose defense the President deems vital to the defense
Sec.
(2) To sell,
transfer title to, exchange, lease, lend, or otherwise
defense
(1) shall in
dispose of, to any such government any defense article, but no
not
manufactured
or
procured
under paragraph
be disposed of under this paragraph, except after consulta¬
with the Chief of Staff of the Army or the Chief of Naval Opera¬
way
tions of the
any
Navy, or both.
way
The value of defense articles disposed of
under authority of this paragraph, and procured
value of such
from
The
defense articles shall be determined by the head of the
shall not exceed $1,300,000,000.
funds heretofore appropriated,
department or agency concerned or
officer as shall be designated in
hereafter appropriated to
ment, other than from
such other department, agency or
the manner provided in the rules and
Defense articles procured from funds
regulations issued hereunder.
any
department or agency of the Govern¬
funds authorized to be appropriated under this
Act, shall not be disposed of in any way under
authority of this para¬
by the Congress in
graph except to the extent hereafter authorized
the Acts
7.
for which such expended
by law, during the fiscal year in which such funds
received and the ensuing fiscal year; but
are
in no event shall any funds so
The Secretary of War, the Secretary
of the department or agency
30, 1946.
of the Navy, and the head
shall in all contracts or agreements for the
fully protect the
rights in and to
authorized to be disposed of
such patents shall be paid to
disposition of any defense article or defense information
any
appropriating such funds or otherwise.
such article or information which is hereby
and the payments
collected for royalties on
the owners and holders
Sec.
8.
of such patents.
The Secretaries of War and of the
Navy are hereby authorized
ammunition, and implements of
which section 3 is
applicable, whenever the President deems such purchase or acquisition to
be necessary in the interests of the defense of the United States.
Sec. 9. The President may, from time to time, promulgate such rules
to
purchase or otherwise acquire arms,
war
of the United States.
article
respective appropriation or appro¬
rights of all citizens of the United States who have patent
of the Government—
To manufacture in arsenals, factories, and shipyards under their
(1)
received
with the approval of the
shall,
received be available for expenditure after June
time to time, when he deems it in the interest of national
defense, authorize the Secretary of War, the Secretary of the
made
government
shall be available for expenditure for the purpose
(a) Notwithstanding the provisions of any other law, the Presi¬
dent may, from
accomplish
priations out of which funds were expended with respect to the defense
article or defense information for which such consideration is received, and
funds were appropriated
design, prototype, or information pertaining to any defense article.
Sec. 3.
section
Director of the Budget, revert to the
term
appropriated, such
be necessary to carry out the provisions and
of this Act.
(b) All money and all property which is converted into money
(4) Any agricultural, industrial or other commodity or article for
defense.
The
Clerk of the House of
time, out of any money in the Tressury not otherwise
described in this subsection;
States or any
deems incompatible with the public
Reports provided for under this subsection shall be
Representatives, as the case may be, if the Senate or the House of Repre¬
amounts as may
(3)
article
exported.
transmitted to the Secretary of the Senate or the
Any machinery, facility, tool, material, or supply necessary for
(2)
so
interest to disclose.
(1) Any weapon, munition, aircraft, vessel, or boat;
in
section 3 shall contain
by gift, sale, or otherwise, or permit
this Act except such information as he
The term "defense article" means—
tion
for the disposition of any
without the consent of the President, transfer title to or
by the Senate and House of Representatives of the United States
to Promote the Defense of the United States".
any
of 1939.
made
agreements
when any such defense article or defense
of America in Congress assembled. That this Act may be cited as "An Act
(b)
or
defense information pursuant to
or
by which the foreign government undertalkes that it will not,
clause
its
,
American vessel into a combat area in
violation of section 3 of the Neutrality Act
a
vessels of the United States.
Nothing in this Act shall be construed to authorize or to permit the
(e)
authorization of the entry of any
tities, character, value, terms of disposition, and destination of the
Be it enacted
or
earlier.
(d) Nothing in this Act shall be construed to authorize or to permit the
authorization of convoying vessels by naval
and information
(a)
July 1, 1943,
agreement with such a foreign government made before
head of any other
purposes.
Sec.
1946, any of such
be exercised to the extent necessary to carry out a contract
or
ately
the defense of the
longer necessary to pro¬
neither the President nor the head
pursuant to subsection (a); except that until July 1,
or
ment.
AN ACT
promote
indirect
benefit which the President deems satisfactory.
Sec.
to
(a) shall be those which the
benefit to the United States may be
payment or repayment in kind or property, or any other direct or
•
Further
such government.
The terms and conditions upon which any such foreign government
(b)
receives any aid authorized under subsection
passed the amended bill. These changes were agreed
to by the House on March 11 by a vote of 317 to 71 and the
President signed the measure later the same day.
The text of the bill as enacted into law follows:
[H. R. 17761
Informa¬
defense article furnished to such government
To release for export any defense article disposed of In any way
(5)
60
[CHAPTER 11—1st SESSION]
any
(2) of this subsection.
under this subsection to any
to 31
[PUBLIC LAW 11—77th CONGRESS]
defense article for any such government,
all such services by private contract.
to procure any or
or
authorized from time to time by
or contracts are
the Congress, or both, any
Consideration of various amendments
started.
was
continued until March 8 when the Senate by a vote of
place in good working order, to the extent to which funds are
to
text of the Senate bill
otherwise
made
To test, inspect, prove, repair, outfit, recondition, or
(3)
day by Senator Barklev of Kentucky.
The
as then introduced appeared in our
issue of Jan. 18, page 363, and the introduction of the bill
in Congress was noted on page 205 of our Jan. 11 issue.
Elsewhere in these columns today we refer to the final con¬
gressional action on the bill, and also under another head,
mention is made of the President's request for an appropria¬
tion of $7,000,000,000 to carry out the objectives of the
legislation.
-i
i-- • ■
Hearings on the 'lease-lend" measure began before the
House Foreign Affairs Committee on Jan. 15 (see Jan. 18
issue, page 364) and were concluded on Jan. 29. This group
favorably reported the measure to the House by a vote of
17 to 8 on Jan. 30; reported in issue of Feb. 1, page 755.
The Senate Foreign Relations Committee began its hearings
on Jan. 26, continued to hear testimony until Feb. 11 and
favorably reported the measure by a vote of 15 to 8 on
Feb. 13 (page 1063, Feb. 15).
The House, meanwhile,
began debate on the bill on Feb. 3 and passed its version of
the legislation by a vote of 260 to 165 on Feb. 8; mentioned
in these columns of Feb. 15, page 1063.
General Senate
debate on the measure began on Feb. 17 (see issue of Feb. 22,
page 1214) and continued until March 4 (see issues of March 1
page 1358, and March 8, page 1516) when action on amend¬
on
1649
The Commercial & Financial Chronicle
152
produced within the jurisdiction of any country to
and regulations as may
be necessary and proper to carry out any of the
exercise any power or authority con¬
Act through such department, agency, or officer
provisions of this Act; and he may
ferred
as
on
him by this
he shall direct.
change existing law
of the United States, except
procurement, and repair
of defense articles, the communication of information and other noncombatant purposes enumerated in this Act.
Sec. 11. If any provision of this Act or the application of such provision
to any circumstance shall be held invalid, the validity of the remainder
of the Act and the applicability of such provision to other circumstances
Sec.
10.
Nothing in this Act shall be construed to
relating to the use of the land naval forces
insofar
as
such use relates to the manufacture,
shall not be affected
thereby.
Approved, March 11, 1941.
Signs Bill Amending Excess Profits Tax Provisions of Second
Congress Under Title of "Excess Profits
Amendments of 1941"—Text of Newly Enacted Bill Which is Designed to Remedy
President Roosevelt
Revenue Act of 1940—Measure Passed By
"Hardships" Resulting from Law Passed Last October
President
Roosevelt
on
March 7 signed the legislation
amending the excess profits tax provisions of the Second
Revenue Act of 1940.
This measure, which is designated
as the "Excess Profits Tax Amendments of 1941," received
congressional approval on March 3 when the House
accepted amendments made by the Senate in passing it
earlier the same day.
The House originally approved the
measure on Feb. 25.
The new legislation, designed to prevent undue "hardships" under the Second Revenue Act of
1940, (approved Oct. 8, 1940) because of unusual cases
final
arising
thereunder, is retroactive to the date when the
(the so-called "Excess Profits tax—Plant Amor-
Revenue Act
tization" measure) became effective on Oct. 8. It is estimated that the amendments will save corporations about
$23,000,000 on 1940 income returns and cause an estimated
loss in tax revenues of $70,000,000 in the case of 1941 incomes
and $100,000,000 a year thereafter.
Passage of the new tax measure was expedited m Congress
to place it on the statute book before March 15; it was introduced in the House on Feb. 24 by Representative Doughton,
Democrat, of North Carolina, who is Chairman of the
House Ways and Means Committee.
With the signing of the bill by the President, the following
reported in United Press accounts:
was
The Commercial & Financial Chronicle
1650
excess
over
carry
unused excess profits credit for two years.
an
the amount
and
This
that If a corporation's earnings are below the point at which the
profits tax would apply, it can carry the excess credit over to be
to
means
in
is one which permits a corpora¬
Most Important provision of the new law
tion
corporation which has not shown similar growth.
Other provisions give relief to
relief provision allowing any
to Commissioner of Internal
corporation, under certain conditions, to apply
Revenue for relief.
issue of March 1, page 1359, wherein we referred
adoption of the bill by the House on Feb. 25 (final
congressional action was noted on page 1516 of our March 8
issue) we quoted from the report of the House Ways and
Means Committee a summary of the principal features of
In
our
to the
The text of the Second Revenue Act of 1940 was
the bill.
such
taxable
by which the deductions of such
exceed the deductions of such
year
for which the tax under this sub¬
chapter is being computed."
SEC. 4. COMPUTATION
In addition, there is a general
law.
for
class to be disallowed
subparagraphs with respect to any taxable year
class for the taxable year
certain types of "hardship" cases which
have developed under the original
condition of the business en¬
"(ill) The amount of deductions of any
class
proportionately, than a
ings record, and thus avoid paying heavier taxes,
of a change at any tune in the type,
shall not exceed the amount
profits tax base of growing corporations.
corporation to reflect its growth in its earn¬
It permits a rapidly expanding
1941
other deduction in its oase period,
some
consequence
under such
corporation could make
Another provision is a new
higher earnings before the tax would apply.
of
15,
gaged In by the taxpayer.
added to its credit the following year.
formula for figuring the excess
a
of operation, size, or
manner
'
The result would be that in the second year the
is not
March
OF AVERAGE BASE PERIOD NET
IN¬
COME.
Code Is amended by
thereof "subsectioon (d)"
striking out "subsection (c)" wherever occurring therein and insert¬
ing In lieu thweof''subsection (g)".
(a)
(1) of the Internal Revenue
Section 713 (a)
striking out "subsection (b)" and inserting in lieu
and by
Section 713 <b) of the Internal Revenue Code Is amended to read
vb)
as
follows:
"(b) Base Period.—
"(1) Definition.—As used in this section the term "base period'—
"(A) If the corporation was in existence during the whole of the
forty-eight months preceding the beginning of
given in these columns Oct. 19, 1940, page 2251.
Following is the text of the new Act, entitled the "Excess
Profits Tax Amendments of 1941."
taxable year beginning after Dec. 31,1935,
taxable year beginning before
and ending with the close of its last
Jan. 1,
(PUBLIC LAW 10—77th CONGRESS]
"(B)
(CHAPTER 10— 1st SESSION]
its first taxable
under this subchapter, means the period commencing with
year
the beginning of its first
1940; and
In the case of a corporation which was in existence during
only part of the forty-eight months preceding the beginning of Its
first
[H. R. 3531]
subchapter, means the forty-eight
taxable year under this
months
AN ACT
preceding the beginning of its first taxable year under this
subchapter.
To amend certain provisions of the Internal Revenue
Code relating to the
profits tax, and for other purposes.
excess
Beit enacted by the Senate and Home of Representatives of the
United States
of America in Congress assembled, That this Act may be cited as the "Excess
Froflts Tax Amendments of 1941".
SEC.
2.
"(2) Division into halves.—For the purposes of subsections (d) and
(f) the base period of the taxpayer shall be divided into halves, the
first half to
"(c)
the beginning of the base period.
Dejicit in Excess Profits Net Income.—For the purposes of this
tion the term
UNUSED EXCESS PROFITS CREDIT.
be composed of one-half the entire number of months in
the base period and to begin with
"deficit In
(a)
read
Section
as
710
(b)
of the Internal
(3)
Revenue Code is amended to
follows:
c;edit carry-over for
subsection
the taxable year, computed in accordance with
(c)
(b) Computation of Excess Profits Credit Carry-over*—Section 710 of the
Internal Revenue Code is amended by adding at the end thereof the follow¬
ing
new
subsection:
Definition of unused
"(1)
excess
profits credit*
credit for any
means
taxable
year
if any, of the excess profits
beginning after Dec. 31,
1939,
the
over
excess
profits net income for such taxable year, computed on the basis
of tne
excess
"(2)
profits credit applicable to such taxable year.
Computation
of
profits
excess
excess
profits credit carry-over for any taxable year shall be the sum of the
following:
"(A)
"(1)
The unused
profits credit for the first preceding
excess
profits net income for the last half of its base period, reduced
the average base period net income shad
under subsection
"(2)
For the
profits
credit
first
such
for
excess
"(A) for each taxable year of twelve months (beginning with
shall be
ence,
"(i)
3.
ABNORMAL
Sections 711 (b)
amended to read
"(ii)
profits credit for the third preceding
"(G)
IN
BASE
excess
of—
beginning after Dec. 31, 1939,
same percentage
over
of such daily
of the average invested capital of the preceding taxable year;
PERIOD.
year
of less than twelve months consisting
of that part of the remainder of its base period
not
was
in existence,
during which it
shall be the amount ascertained for
a
in such taxable year of less than twelve months and divided
Received.—The credit for dividends received
full
under subparagraph (A), multiplied by the number of days
year
follows:
Dividends
year
equal to the
an amount
"(B) for the taxable
DEDUCTION
equal to 8% of the
invested capital as is applicable under section 720 in reduction
(1) (G), (H), and (I), of the Internal Revenue Code are
as
an amount
the daily invested capital for the first day of the tax¬
payer's first taxable
preceding
taxable year."
SEC.
of subsections (e) and (f), if the taxpayer was in
the beginning of its base period) during which it was not in exist¬
plus
"(ii) the unused
purposes
income—
of—
excess
(f), if greater than the amount determined under
existence during only part of the 48 months preceding the beginning
profits net income for the first preceding taxable year exceeds the
"(I) the
be the amount determined
of its first taxable year under this subchapter, its excess profits net
The unused excess profits credit for the second preceding
taxable year,
sucn
hatf, is greater than such aggregate so reduced for the first half, then
taxable year reduced by tne amount, if any, by which the excess
sum
be the amount determined
(e), subject to the exception that if the aggregate
by the aggregate of the deficits in excess profits net income for
taxable year; and
"(B)
Definition.—For the purposes of this section the average base
period net income of the taxpayer shall
subsection (e),
carry-over.—The
credit
and in deter¬
an excess
"(d) Average Base Period Net Income—Determination.—
excess
profits credit.—The term 'unused
excess
the excess,
For the purposes of this
such
mining the amount thereof, the adjustments provided in section 711 (b)
(1) shall be made.
under subsection
"(c) Excess Profits Credit Carry-over.—
deductions plus the credit
for dividends received exceeded the gross income.
subsection in determining whether there was
Unused excess profits credit.-—The amount of the excess profits
"(3)
sec¬
profits net Income' with respect to any
excess
taxable year means the amount by which the
shall apply, without limitation, to dividends on stock of domestic
the number of
corporations;
by
of such taxable year.
"(3)
"(H) Payment of Judgments, and So Forth.—Deductions attri¬
butable to
any
claim,
award,
judgment,
or
decree against the
but in
excess
in the four
of 125% of the average amount of such deductions
previous taxable
equal to such
years,
shall be disallowed in
an amount
"(4)
the
"(e)
shall the average base period net income be less than
For the computation of
of certain
case
Average
Base
base period net income in
average
reorganizations,
section 742.
see
Period Net Income—General Average.—The
average
base period net Income determined under this subsection shall be deter¬
mined
excess;
no case
zero.
taxpayer, or interest on any of the foregoing, if abnormal for the
taxpayer, shall not be allowed, and if normal for the taxpayer,
In
days in the twelve months ending with the close
as
follows:
"(1) By computing the aggregate of the
"(I) Intangible Drilling and Development Costs.—Deductions
excess
profits net Income
attributable to intangible drilling and development costs paid or
for each of the taxable years of the taxpayer in the base period, re¬
incurred in
duced, if for
or
for the drilling of wells or the preparation of wells
for the production of oil or gas, and for development costs in the
case
of mines, if abnormal for the taxpayer, shall not be allowed,
and
if normal
for
average amount
years,
"(J) Abnormal
the
the
taxpayer,
an amount
excess
125%
of
equal to such
of the
excess:
and
Deductions.—Under regulations prescribed by
Commissioner,
determination,
but in
of such deductions in the four previous taxable
shall be disallowed in
for
with the approval of the Secretary, for the
the
purposes
of
this
subparagraph,
of the
Deductions of
tions of such class
"
(ii)
any
were
class shall not be allowed if deduc¬
If the class of deductions
equal to such
normal for the taxpayer,
in
excess
of 125% of the
of deductions of such class for the four pre¬
vious taxable years, they shall
"(K) Rules for
was
were
be disallowed in
an
amount
of Subparagraphs
(H),
(I),
and
If the taxpayer was not in existence for four previous
taxable years, then such average amount specified in
sum
of such deficits, excluding
"(2) By dividing the amount ascertained under paragraph
(1)
by
By multiplying the amount ascertained under paragraph
(2)
the total number of months in all such taxable years; and
"(3)
by twelve.
"(f) Average Base Period Net Income—Increased Earnings in Last Half of
Base Period.—The average base period net income determined under this
"(1)
as
follows:
By computing, for each of the taxable
base period,
deficit in
excess
the
years
of the taxpayer in
profits net income for such year, or the
excess
profits net income for such
year;
"(2) By computing for each half of the base period the aggregate of
the
excess
profits net income for each of the taxable
reduced, if for
one or more of such years
such
computation, if
any
sum
of such deficits.
taxable
year
years
in such half,
there was a deficit in excess
For the purposes of
is partly within each half of
the base period there shall be allocated to the first half an amount of
(J).—For the purposes of subparagraphs (H), (I), and (J)—
"(i)
profits net income, by the
excess
profits net income, by the
excess.
Application
of such taxable years there was a deficit
one
the greatest;
its
abnormal for the taxpayer, and
but the deductions of such class
average amount
than
subsection shall be determined
classification of deductions—
"(i)
in
more
such sub¬
the
the
excess
case
profits net income
may
or
deficit in
excess
profits net income, as
be, for such taxable year, which bears the same ratio
paragraphs shall be determined for the previous taxable years
thereto
it
entire number of months in such taxable year; and the remainder
was
in existence and the succeeding taxable years
which
begin before the beginning of the taxpayer's second taxable
year
under this subchapter.
If the number of such succeed¬
ing years is greater than the number
necessary to
obtain
an
aggregate of four taxable years there shall be omitted so many
of such
sary to
"(ii)
succeeding
years,
beginning with the last,
as are neces¬
gross
"(3) If the amount ascertained under paragraph (2) for the second
the difference by two;
"(4)
reduce the aggregate to four.
base
excess
is not
a consequence
of an increase in the
income of the taxpayer in its base period
or a
decrease
the
shall
half is greater than the amount ascertained for the first half, by dividing
Deductions shall not be disallowed under such sub¬
mality or
the number of months falling within such half bears to
be allocated to the second half;
amount
paragraphs unless the taxpayer establishes that the abnor¬
as
M
By adding the amount ascertained under paragraph (3) to the
ascertained under paragraph
(2) for the second half of the
period;
"(5) By dividing the amount found under paragraph
(4)
by the
number of months in the second half of the base period and by multi¬
plying the result by twelve;
Volume
The Commercial & Financial Chronicle
152
1651
"
"(.6)
The
ascertained
amount
period
base
average
under
income
net
(.5)
paragraph
determined
under
(2)
be the
shall
the decrease in the tax under this subchapter for the previous
taxable
subsection,
this
which
in
year
the
without regard to this section be
subsection shall in
of the exclusion of the whole
no
net income for any
be greater than the highest excess
case
taxable year in the base period.
of such limitation if any taxable year
annual basis
"(7)
For
the
placed on
the
of this
purposes
subsection,
the
under
tax
would
reason
this
but the amount of
subchapter which
have resulted
taxable
for the
intervening between such previous taxable year and such future
years
tions of such
profits net
excess
income
abnormal
taxaole year because of the inclusion in the gross income of the por¬
'
<
of such
part of the abnormal income from
a
such decrease shall be diminished by the aggregate of the increases in
by multiplying by twelve and dividing by the number
of months included in such taxable year.
or
the gross income for such previous taxable year;
For the purpose
is of less than twelve months,
the excess profits net income for such taxable year shall be
an
profits
includible, which resulted by
whole
except that the average base period net income determined under this
abnormal income
net
attributable to such intervening
'
income for
any
taxable
"(A)
By reducing the
which bears the
SEC.
profits net income by an amount
excess
ratio thereto
same
years."
ending after May 31, 1940, shall not be
year
greater than an amount computed as follows:
as
May 31,1940, bears to the total number of months in such taxable
By adding to the amount ascertained under subparagraph
amount which
an
bears the
same
ratio to the excess profits
preceding taxable year as such number of
months
1940, bears to the number of months in
after May 31,
such preceding year.
the
under
ascertained
amount
which bears the
in section 713 (b)
subparagraph
ratio to the
same
1940, by adding
(B)
taxpayer;
amount
an
of months after
May 31, 1940,
preceding taxable
year
over
of
NET
taxpayer whose first taxable year
a
of
as
(1));
or
of the taxable years in such base period
one or more
of the
of events
occurrence
and
abnormal
in
the
case
of such
"v'
■
"(3) the amount that would have been its average base period net
profits net income for
excess
case
normal production, output, or operation was interrupted or diminished
because
the second preceding taxable year as the excess of such
income—
number
.'..-v."•
"(A) if the character of the business
the number of months in such
been
bears to the number of months in such
the
during
same
period; and
second preceding taxable year."
(c) Section 713 (c) of the Internal Revenue Code Is amended by striking
out
follows:
as
PERIOD
1, 1940, is different from the character of the business engaged
"(2) that in
is less than such number of months after May 31,
to
BASE
(1) that the character of the business engaged in by the taxpayer
preceding taxable year.
If the number of months in such preceding taxable year
4'(C)
ABNORMAL
in during one or more of the taxable years in its base period (as defined
profits net income for
excess
(a) General Rule.—In the
Jan.
The amount added under this subparagraph
shall not exceed the amount of the
last
OF
under this subchapter begins in 1940, if the taxpayer establishes—
44
net income for the last
such
PERIOD EARNINGS.
INCOME.
44
"(B)
BASE
"SEC. 722. ADJUSTMENT
and
year;
(A)
ABNORMAL
6.
Section 722 of the Internal Revenue Code is amended to read
the number of months after
of Jan.
as
■■
1, 1940, had
of the taxable years of such
each
base
>
"(B) if none of the abnormal events referred to in paragraph
(2) had occurred; and
"(c)" and inserting in lieu thereof "(g) ".
"
(d)
(C) if in each of such taxable years none of the items of gross
Section 743 (a) of the Internal Revenue Code is amended by striking
out "section 713
income
(c)" and inserting in lieu thereof "section 713 (g)".
SEC. 5. ABNORMALITIES IN INCOME IN TAXABLE PERIOD.
Section 721 of the Internal Revenue Code is amended to read as follows:
"(1) Abnormal income.—The term 'abnormal income' means income
income of the taxpayer for any
abnormal for the taxpayer to
derive income of such class, or, if the taxpayer normally
derives income
(d)
production, low selling price of the product of the taxpayer, or low
business engaged in during one or more
"
Income arising out of a claim, award, judgment, or decree,
■
"(O) there is a difference in the ratio of nonborrowed capital
development of tangible property, patents, formulae,
period;
combination of the foregoing, extending over
taxpayer's accounting period or method of accounting; or
In the case of a lessor of real property, income
are
(as computed
of the
gross
net income for
(A) 125 % of
the
as
excess
previous or future taxable year
prescribed by the Commis¬
In the case of amounts otherwise
if the taxpayer either transfers sub¬
shall be determined under regulations
approval of the Secretary.
sioner with the
attributable to future taxable years,
in complete liquida¬
taxable year in which
stantially all its properties or distributes any property
tion, then there shall be attributable to the first
such transfer
or
distribution
able year in which the
such latter taxable
(or if such year is previous to the tax¬
year) all amounts so attributable to future
not included in the gross
44
occurs
abnormal income is includible in gross income, to
income of a previous taxable year.
Computations of Tax for Current Taxable
(c)
taxable years
Year.—The tax under this
in which the whole of such abnormal
would without regard to this section be includible, shall not exceed
subchapter for the taxable year,
income
the
sum
v
taxable year computed
of the portion of the net abnormal
"(2)
attribuble to any other taxable year, and
under this subchapter
previous taxable year to which any
more
for each
last
such taxable year shall be placed on an annual basis
such
year;
taxpayer's normal-
and
than 10% thereof.
this section shall not reduce the tax payable under this subchapter for the
taxable year below 6% of
year.
the taxpayer's normal-tax net income for such
The tax under this subchapter computed with the application of
subsection
(a) shall
be increased by an amount equal to 10%
of the tax
computed without reference to this section.
"(e) Application for Relief Under This Section.—The taxpayer shall com¬
pute its tax and file its return
taxpayer,
within six months from the date prescribed by law for the filing
of its return,
to be
under this subchapter without the application
The benefits of this section shall not be allowed unless the
of this section.
makes application therefor in accordance with regulations
prescribed by the Commissioner with the approval of the Secretary,
except that if the
Commissioner in the case of any taxpayer with respect
liability of any taxable year—
(1) issues
a
preliminary notice stating
a
deficiency in the tax
imposed by this subchapter such taxpayer may, within ninety days
after the date of such notice,
"(2) mails
a
a
make such application,
of such
or
notice of deficiency (A) without having previously issued
preliminary notice thereof or (B)
within ninety days after the date
preliminary notice, such taxpayer may claim the benefits of
attributable, computed as if
income
this section in its petition to the Board or in an amended petition in
Computation of Tax for Future Taxable Year.—The amount of the
abnormal income attributable to any future taxable year shall, for the
by law for the filing of the return, the application of this section shall not
portion of such net abnormal income is
an
amount
for such
equal to such portion had been included in the gross
previous taxable year.
"(d)
net
the
Extent of Reduction in Tax Under This Section.—The application of
"(d)
The aggregate of the increase in the tax
which would habe resulted
for
the application of this section would result In a diminution of
"(2)
by
"(1) The tax under this subchapter for such
income which is
(3))
(a)
For the purposes of this paragraph,
than twelve months, the excess profits
the tax otherwise payable under this subchapter for the taxable year
44
without the inclusion in gross income
such base period.
tax net income for
to the tax
of:
(3) shall not exceed the excess profits net income
the purposes of subsection
without reference to this section, exceeds 6 % of the
125% of
abnormal income.
Other Years.—The amount of the net ab¬
bears to the amount of such
(b) Amount Attributable to
years
in part derived
of the amount of such abnormal income over
normal income that is attributable to any
or
or
(2)
its average base period net income
taxpayer,
the tax under this subchapter for the taxable year computed
"(1)
through the expen¬
whole
(a) (3).
(1) and (a)
be applicable unless—
direct costs or expenses, deductible in determin¬
diture of which such abnormal income was in
such average amount
ratio
both subsections (a)
or
Limitation on Application of General Rule.—This section shall not
"(c)
income of the same class determined
ing the normal-tax net income of the taxable year,
44
but for such purposes
by multiplying by twelve and dividing by the number of months
included in such taxable year.
regulations prescribed
paragraph (1), and (B) an amount which bears the same
(1),
if such last taxable year is of less
"(3) Net abnormal income.—The term 'net abnormal income' means
by the Commissioner with the approval of the Secretary,
for
taxable year in
(A) to (F), inclusive, shall be subject to regulations
the amount of the abnormal income less, under
applicable to any
under subsection (a)
irrevo¬
(a)
If subsection
44(4)
The classification of income of any class not described
to the amount of any
,
income on the basis of the assumptions made in subsection
prescribed by the Commissioner with the approval of the Secretary.
under
(d), except paragraphs (2) and (4)
computing excess profits net income and deficit in excess profits net
-
paragraphs shall be classified under the one which the taxpayer
the average amount
diminished.
period net income determined under sub¬
(3) shall be computed in the same manner as provided in
(a)
section 713
44(F) Income consisting of dividends on stock of foreign cor¬
in subparagraphs
competitor, with the result that the competition
The average base
(3)
section
included
for the taxable year by reason of the termination
porations, except foreign personal holding companies.
All the income which is classifiable in more than one of such sub¬
cably elects.
,
a
of such competitor was eliminated or
by reason of a change in
"
of the lease; or
or
the assets of
Income includible in gross income for the taxable year
"(E)
capital; or
44(E) the taxpayer acquired, before Jan. 1, 1940, all or part of
rather than for a different taxable year
in gross income
or
"(D) the taxpayer was in existence during only part of its base
period of more than 12 months; or
the
for production
operation; or
to total
Income resulting from exploration, discovery, prospecting,
or any
in its base
years
(A) there is a difference in the products or services furnished; or
"(B) there is a difference in the capacity
?
-
of which required more than 12 months; or
the performance
of the taxable
period only if—•
interest on any of the foregoing; or
or processes,
abnormal.
of Jan. 1, 1940, shall be considered different from the character of the
"(B) Income constituting an amount payable under a contract
or
as
"(2) The character of the business engaged in by the taxpayer as
graphs shall be held to describe a separate class of income:
research,
of the taxpayer, shall not be considered
the output
if the taxpayer was not in existence for four
in existence.
"(D)
,
44(1) High prices of materials, labor, capital, or any other agent of
"(2) Separate classes of income.—Each of the following subpara¬
"(C)
as
"(b) Rules for Application of Subsection (a).-—For the purposes of sub¬
section (a)—
previous taxable years, the taxable years during which the taxpayer
(A)
(3) shall be considered
base period net income of the taxpayer for the purposes of this
subchapter.
physical volume of sales owing to low demand for such product or for
vious taxable years, or,
a
section 742, as the case may be,
or
the average
of the gross income of the same class for the four pre¬
average amount
or
of
items
(3) is greater
income of the taxable year is in excess of 125% of the
in the gross
"
of the
none
than the average base period net income computed under section 713
of such class but the amount of such income of such class includible
was
and
then the amount established under paragraph
"(a) Definitions.—For the purposes of this section—
taxable year under this subchapter if it is
abnormally large,
"(4) that the amount established under paragraph
"SEC. 721. ABNORMALITIES IN INCOME IN TAXABLE PERIOD.
of any class includible in the gross
been
had
deductions had been abnormally small; and
purposes
of this subchapter,
taxable year.
"(1)
be included in the gross income for such
for such future taxable year
The tax under this subchapter
shall not exceed the sum
of—
the tax under this
puted without the
of such net
subchapter for such future taxable year com¬
inclusion in excess profits net income of the portion
and
abnormal income which is attributable to such year,
accordance with the rules of the Board.
If the application is not
filed within six months after the date prescribed
reduce the tax otherwise determined under this subchapter by an amount in
excess
of the amount of the deficiency finally determined under this sub¬
chapter without the application of this section.
net income has
If the
average
base period
been determined under subsection (a) for any taxable year,
the Commissioner may, by regulations approved by the Secretary, prescribe
the extent to which the limitations prescribed by this subsection may
be
The Commercial & Financial
1652
waived for the purpose of
be regarded as
SEC. 7. CONSOLIDATED RETURNS OF INSURANCE COMPANIES
SEC.
LIFE OR MUTUAL.
THAN
IS,
1941
prescribed'under section 733 (a),
may
capital investments."
ADJUSTMENT IN CASE OF INCONSISTENT POSITION.
11.
Code is
of chapter 2 of the Internal Revenue
of subchapter E
1
Part
Section 730 (e) (6) of the Internal Revenue Code is amended to read as
March
under the rules and regulations
determining the tax under this subchapter for a
subsequent taxable year."
OTHER
Chronicle
the end thereof the following new section:
amended by inserting at
follows:
201
under section
taxation
to
WITH PRIOR
INCORPORATION
8.
OF
PARTNERSHIP
OR
SOLE
"(a) Definitions.—For the purposes of
PRO-
tax.—The term 'income tax' means an income tax
imposed by chapter 1 or chapter 2 A of this title; Title I and Title IA
of the Revenue Acts of 1938, 1936, and 1934; Title I of the Revenue
"(2) Income
striking out "owned by such other corporation." and inserting in lieu thereof:
'
"owned
by such other corporation, or
"(D) Substantially
all the properties of
partnership in
a
an
or
(e)
refers to section 112 (b) (5),
as
or to
which
a
Title II of the Revenue Acts of 1921 and
correspond¬
Act of 1917; Title I of the Revenue
ing provision of a prior revenue law, is or was applicable."
Act of Oct. 3,
(4) of the Internal Revenue Code is amended by
Section 740 (b)
(b)
Revenue Act of 1917; or an
■'
■
:V. v';',-; :V:-
V.V:
•„
the
1939, shall not be considered a prior taxable year.
following new subsection:
"(b) Circumstances of Adjustment.—
Sole Proprietorship.—For the purposes of sections 740 (a) (1)
"(h)
740 (b)
(5), and 742 (g), a business owned by
(D),
"(1) If—
,
sole proprietorship shall be
a
"(A) in determining at any time the tax of a taxpayer under
partnership."
considered a
this subchapter an item
Section 742 of the Internal Revenue Code is amended by inserting
(d)
liability of such taxpayer or a predecessor for a prior taxable year
or
"(B) the treatment of such item in the prior taxable year or
with the approval of the Secretary, as if such partnership had been a cor¬
regarded
as a
(b)
corporation shall be considered
(1)
as
(A), the partnership
would effect an increase or decrease in the amount of the income
so
14
-
previously determined for such taxable year or years, and
taxes
having distributed all its
dividend."
net income as a
consistently with the determination under this subchapter
years
For the purpose of such computations, in making the adjustment
by section 711
and
years,
shall be made, under rules and regulations prescribed by the Commissioner
poration.
accorded such item in the determination of the income-tax
ment
In the case of a partnership which is a component corporation by
virtue of section 740 (b) (5), the computations required by this Supplement
for income taxes required
affecting the determination of the excess
profits credit is treated in a manner inconsistent with the treat¬
at the end thereof the fol owing new subsection:
"(g)
beginning after Dec. 31.
"(3) Prior taxable year.—A taxable year
partnership whose properties were acquired."
Section 740 of the Internal Revenue Code is amended by inserting
(c)
provisions, as amended or supple¬
mented.
"(5) In the case of a transaction specified in subsection (a) (1) (D),
at the end thereof the
income, war profits, or excess profits tax
imposed by any of the foregoing
V
1918; or Title II of the
Revenue Acts of 1921 and
III of the
Title
semicolon and the following:
■
1918; Title I of the Revenue
Act of 1916; or section II of the
1913; a war profits or excess profits tax imposed by
striking out the period at the end thereof and Inserting in lieu thereof a
"or
the Revenue Acts of 1926 and 1924:
Acts of 1932 and 1928; Title II of
exchange to which section 112 (b) (5), or so much of section 112
(c)
applicable revenue Act.
tax under the
a
Section 740 (a) (1) (C) of the Internal Revenue Code is amended by
this section—
Taxpayer.—The term 'taxpayer' means any person subject to
"(1)
PRIETORSHIP.
(a)
ADJUSTMENT IN CASE OF POSITION INCONSISTENT
INCOME TAX LIABILITY.
734.
"SEC.
207."
or
SEC.
companies subject
Insurance
"(6)
■Sfy.
"(C)
on
the date of such determination of the tax under this
subchapter correction of the effect of the inconsistent treatment
SEC. 9.
Part
PROCEDURAL PROVISIONS.
1 of subchapter E
amended by inserting at
of the prior taxable years is prevented (except
in any one or more
of chapter 2 of the Internal Revenue Code is
the end thereof the following
of section 3801) by the operation of any law
for the provisions
new section:
or
rule of law (other than section
3761, relating to compromises),
then the correction shall be made by an adjustment under this section.
ABNORMALITIES
OF
REVIEW
732.
"SEC.
BY
BOARD
OF TAX
taxable year such
inconsistent treatment is not adopted, then
the correction shall not
chapter for any taxable year is disallowed in whole or in part by the Com¬
a
such
APPEALS.
Petition to the Board.—If a claim for refund of tax under this sub¬
"(a)
be made in connection with such suosequent
determination.
missioner, and the disallowance relates to the application of section 711
the taxpayer
by registered mail.
mailed (not counting Sunday or a
as
the ninetieth
day) the taxpayer may file
such petition is so filed, such
a
determination
net effect of
Within ninety days after such notice is
legal holiday in the District of Columbia
Tax Appeals for a redetermination
of
a
a
position maintained by the Commissioner (in case the
the adjustment would be a decrease in the income taxes
previously determined for such year or years) or by the taxpayer with
determination is made (in case the net effect of the
respect to whom the
petition with the Board of
the tax under this subchapter.
Such adjustment shall be made only if there is adopted in the
"(2)
(H), (I), (J), or (K), section 721, or section 722, relating to ab¬
normalities, the Commissioner shall send notice of such disallowance to
(1)
(b)
subsequent determination of the tax under this subchapter for
If in
adjustment would be an increase in the income taxes previously deter¬
If
years) which position is inconsistent with the
mined for such year or
notice of disallowance shall be deemed to be
accorded such item in the prior taxable year or years which
treatment
notice of deficiency for all purposes relating to the assessment and collec¬
was not
correct under the law applicable to such year.
tion of taxes or the refund or credit of overpayments.
Deficiency Found by Board in Case of Claim.—If the Board finds that
"(b)
there is
overpayment of tax in respect of any taxable year is respect of
no
which the Commissioner has disallowed, in whole or in
refund described in subsection
is
a
part,'a claim for
(a) and the Board further finds that there
deficiency for such year, the Board shall have jurisdiction to deter¬
mine
the
amount
of such
upon
Finality of Determination.—If in the determination of the tax lia¬
"(c)
with respect to which such inconsistent position is adopted.
year
"(2) If more than one adjustment under this section is made because
inconsistent position is adopted with respect to one
bility under this subchapter the determination of any question is
necessary
solely by reason of section 711 (b) (1) (H), (I), (J), or (K), section 721,
or
section 722, the determination of such question shall not
or
be reviewed
more
than
year
be assessed and shall be paid
notice and demand from the collector.
under this subchapter,
one
ascertained
taxable
the separate adjustments, each an amount
(d), shall be aggregated, and the
provided in subsection
as
aggregate net increase or
decrease shall be added to
subtracted from the
or
otherwise computed under this subchapter for the taxable year with
tax
respect to which such inconsistent
redetermined by any court or agency except the Board,"
SEC. 10. CAPITALIZATION OF ADVERTISING,
The adjustment authorized
increase shall be added to, and if a net decrease shall be subtracted
a net
from, the tax otherwise computed under this subchapter for the taxable
deficiency and such amount shall, when the
decision of the Board becomes final,
-
"(c) Method and Effect of Adjustment.—(1)
by subsection (b), in the amount ascertained as provided in subsection (d),
if
positions
are
adopted.
"(3) If all the adjustments under this section, made on account of the
adoption of
ETC., EXPENDI¬
TURES.
inconsistent position or positions with respect to one taxable
an
under this subchapter, result in an aggregate net increase, the tax
year
imposed oy this subchapter shall in no case be less than the amount of such
(a)
Part 1 of subchapter E of chapter 2 of the Internal Revenue Code is
amended by inserting at the
"SEC.
733.
end thereof the following
CAPITALIZATION OF ADVERTISING, ETC., EXPEND-
the
excess
purpose of computing
profits credit, a taxpayer may elect, within six months after the
its return for its first taxable
date prescribed by law for filing
this subchapter, to charge to
taxable years in its
of
adjustment under this section there shall first be ascertained the
an
amount
Election to Charge to Capital Account.—For the
capital account
applicable base period
so
year
under
much of the deductions for
on account
.
"(d) Ascertainment of Amount of Adjustment.—In computing the amount
ITURES.
"(a)
aggregate net increase.
new section:
of expenditures for
of the income taxes
previously determined for each of the prior
taxable years for which correction is prevented.
tax
The amount of each such
previously determined for each such taxable year shall be (1) the tax
shown
by the taxpayer, or by the predecessor, upon the return for such
prior taxable year, increased by the amounts previously assessed (or col¬
lected without assessment)
deficiencies, and decreased by the amounts
as
advertising or the promotion of good will, as, under rules and regulations
previously abated, credited, refunded, or otherwise repaid in respect of
prescribed by the Commissioner with the approval
such tax; or
be regarded as capital
investments.
of the Secretary,
Such election must be the
may
same
for
(2) if no amount was shown as the tax by such taxpayer or
such predecessor upon
all such taxable years, and must be for the total amount of such expendi¬
tures which may
lected without
excess
be
so
regarded as capital investments.
In computing the
"(1) For taxable years in the base period unless the election author¬
"(2)
under
any
taxable
year
prior to the beginning of the base period.
Effect of Election.—If the taxpayer exercises the election authorized
The net income for each taxable
considered to
disallowed,
deductions shall not be
diminished earnings and profits.
applied
as
if it were
in the base period;
"(2)
year
year in
the base period shall
be the net income computed with such deductions
and such
a part
considered
as
having
This paragraph shall be retroactively
of the law applicable to each taxable
year
and
The treatment of such expenditures
as
deductions for
a
taxable
in the base period shall, for the purposes of section 734 (b)
(2),
Amendment to Chapter 1.—Section 23 (a) of the Internal Revenue
Code is amended by adding at the end thereof a new paragraph, applicable
taxable years beginning after
if
Dec. 31, 1939, reading
as
increase
case
or
assessment, shall
credited,
(1) to such corporation
refunded,
be
or
decreased
otherwise
There shall then be ascertained the increase
of the item consistently
(or col¬
by
repaid
or
the
in
decrease
with the treatment
there shall be added interest thereon computed as if the
decrease constituted
a
deficiency or
be, for such prior taxable year.
may
an
overpayment, as the
There shad be ascertained the
difference between the aggregate of such increases, plus the interest attribu¬
table to each, and the aggregate of
amount of the
such decreases, plus the interest attribu¬
decrease
so
ascertained shall be the
adjustment under this section with respect to the inconsistent
treatment of such item."
ADMISSIBLE ASSETS OF DEALERS IN SECURITIES.
SEC.
12.
I*
Section 720 (a)
(a)
read
as
(1) (A) of the Internal Revenue Code is amended to
/
follows:
"(A)
follows:
for advertising or the promotion of good will which,
made by such tax¬
but such amounts previously
To the increase or decrease so ascertained for each such tax for
each such year
,
-
Stock in corporations except stock in a foreign personal-
holding company, and except stock which is not a capital asset;
and"
computing its excess profits credit under chapter
2E, claimed the benefits of the election provided in section 733, no
deduction shall be allowable under paragraph
no return was
accorded such item in the determination of the tax liability under this sub¬
"(3) Expenditures for advertising and good will.—If a corporation
without
abated,
solely from the treatment
has, for the purpose of
for expenditures
or
deficiencies,
each such tax previously determined for each such year which results
such year."
(b)
to
respect of such tax.
as
table to each, and the net increase or
be considered treatment which was not correct under the law applicable
to
collected
or
previously
chapter.
subsection (a)—
"(1)
be
For
assessment)
assessed,
in
ized in subsection (a) is exercised, or
"(b)
or
amounts
profits credit, no amount on account of such expenditures shall be
charged to capital account:
the return,
such predecessor, then the amounts previously assessed
payer
(b)
Section 711 (a)
(2) (A) is amended by inserting after "companies" a
period and the following:
on
stock which is not a
"This subparagraph shall not apply to dividends
capital asset".
Volume
EC.
1653
The Commercial & Financial Chronicle
152
that it disclaims the
13. ALLOWANCE OF EXCESS PROFITS CREDIT.
Section 712 of the Internal Revenue Code is amended to read
for the taxable year, the computation
and information based on such credit may be omitted
"SEC. 712. EXCESS PROFITS CREDIT—ALLOWANCE.
"(a) Domestic Corporations.—In the
in existence before Jan.
was
shall be
year
1, 1940, the
excess
year
case
of all
domestic
excess
In the
profits credit in
case
(For allow¬
714.
of certain reorganizations of corporations,
The Course of the Bond Market
section 741.)
see
"(b) Foreign Corporations.—In the case of a foreign corporation engaged
In trade
business within the United States or having an
or
of business therein, the first taxable year of
begins
office
or
months prior to such date and which at any time
the United States
had
or
an
office
or
is
being computed.
profits credit for
section
High-grade railroad bonds improved fractionally during
the
results in the lesser tax under
taxable
year
shall be an amount computed under
East Coast
have
EXCESS
14.
1973.
taxable year for which the tax under
computed.
this subchapter
There
but gains
under this subchapter that it disclaims the use of the
or
Gulf
read
United
Internal Revenue Code as follows the sec¬
1953.
precedes the beginning of subsection (a) is amended to
tion heading and
follows:
as
acquiring corporation the
excess
election of the taxpayer made in its return
as
date, shall be computed as
point
or
better have been confined to the
In the latter classification would be included
4%s, 1962; General Steel Castings 5%s, 1949;
&
West
Indies
Mercantile
Studebaker
Marine
for the taxable year, be computed
2
about
around
CREDITS ON RETURNS.
points,
and
Norwegian
profits credit computed under section
713
or
tentative taxes,
one
with the credit computed under
showed little changes.
higher,
section 714; and the return shall
Commissioner, by regulations
for such computations.
while
tionally.
new
V.
8.
given in
MOODY'S BOND
Mar. 14_- 117.77
106.21
117.4
113.31
106.56
90.48
Aaa
Aa
Baa
A
frac¬
YIELD AVERAGES f
(Based on Individual Closing Prices)
1941
R.
R.
P.
Avge.
Corpo¬
Average
Corporate by Groups *
Corpo¬
rate *
loans
the following tables:
Daily
Corporate try Ratings *
Avoe.
Govt.
Mexican
Moody's computed bond prices and bond yield averages
are
(Based on Average Yields)
Bonds
Colombian 6s have been two points
activity advanced
Japanese Government issues have been slightly
MOODY'S BOND PRICES f
Daily
Sao Paulo coffee 7s
lower.
If the taxpayer states in such return
Aver ages
con¬
Argentine issues
pre¬
approval of the Secretary, may prescribe as
scribed by him with the
Panama bonds continued
mixed, with strength in Mendoza 4s, contrasting
the return under this
contain computations of two
with the credit computed under section 713 and
contain all information which the
little
lost part of their early gains, while other Brazilian issues
subchapter for any taxable year shall
1941
(the
ground);
highs, evidently in expectation of the
with declines in Buenos Aires issues.
section 714, whichever
results in the lesser tax under this subchapter,
recent
have been
Computation of excess profits credits.—In the case of a taxpayer
under section 712 or section 741 is entitled to have the excess
necessary
lost
bonds showed
summation of the debt adjustment plan.
(b) of the Internal Revenue Code is amended by striking
"(b) Returns.—" and inserting in lieu thereof the following:
one
1941,
Commonwealth issues fluctuated irregularly, and Canadian
"(b) Returns.—
which
6s,
change, while Italian and German issues have been lower.
actually in existence before such
follows, in lieu of the method provided in section
16. COMPUTATION OF
"(1)
6s, 1945; At¬
Cigar-Whelan Stores 5s, 1952, and United Drug 5s,
loans have been slighthly better.
Section 729
con v.
Steamship Lines 5s, 1959
The foregoing, with the exception noted, scored gains
rose
713:".
out
offerings.
they reached new highs; the obligations of Denmark also
as
follows, and if the taxpayer was not
SEC.
United
Among foreign bonds strength in Belgian issues continued
741, its average base period
income ( for the purpose of the credit computed under section 713) if
taxpayer was actually in existence before Jan. 1, 1940, shall, at the
profits credit of which is allowed under section
the
American
Service 5s, 1958;
ranging from one to three points.
"In the case of a taxpayer which is an
net
a
International
CORPORATIONS.
So much of section 742 of the
been made by
have
Cities
Pressed Steel Car 5s, 1951;
for such taxable year."
AVERAGE BASE PERIOD NET INCOME OF ACQUIRING
14.
of
the Otis Steel
laws, be applicable to the computation of the tax under
lantic
SEC.
2016;
were no new
lower grades.
the use of the credit computed under
714, the credit so disclaimed shall not, for the purposes of the
revenue
advances
Light 6s,
Industrial bonds have been irregularly higher this week,
Effect of Disclaimer of Credit.—If the taxpayer states in its return
section
&
Light & Power 6s, 1975, and United Light & Railways 6s,
computed under section 713 or section 714, whichever amount results in the
713
appreciably
Power
period, the excess profits credit for any taxable year shall be an amount
internal
Some demand developed for speculative issues,
and
poration which was in existence on the date of the beginning of its base
"(b)
but here also net results showed on sizable gains
losses.
or
"(a) Allowance.—In the case of a taxpayer which is an acquiring cor¬
for the taxable year
week,
of course,
follows:
"SEC. 741. ALLOWANCE OF EXCESS PROFITS CREDIT.
credit computed under section
utility bonds have held in price this
Lower grades have been reasonably more irregular,
cated.
this subchapter is being
Chicago & Northwestern
changes having been relatively narrow and no trend indi¬
TIONS.
lesser tax under this subchapter for the
1941 high of 73%, up
a new
been
strong, as have
grade
,
PROFITS CREDIT OF ACQUIRING CORPORA¬
Section 741 of the Internal Revenue Code is amended to read as
as
Louisiana & Arkansas
Chicago Milwaukee St. Paul & Pacific issues
been
Best
chapter for such taxable year."
well
as
rails.
laws, be applicable to the computation of the tax under this sub¬
revenue
SEC.
credit computed under
disclaimed shall not, for the purposes of the internal
section 714, the credit so
issues
rail
ad¬
5s,- 1968,
mortgage
Among bankrupt roads, Florida
4^s, 1959, reached
2% points.
under this subchapter that it disclaims the use of the
credit computed under section 713 or the use of the
general
Medium-grade
112.
to
5s, 1969, rose 1 point to 86.
Effect of Disclaimer of Credit.—If the taxpayer states in its return
for the taxable year
Pennsylvania
%
lower-grade bonds registered gains.
714.
"(c)
week.
vanced
for which the tax under this subchapter
In the case of all other foreign corporations the excess
any
only slight for either high-grade or
medium-grade issues.
within
place of business therein, the excess
section 713 or section 714, whichever amount
Changes in the averages of corpo¬
have been
bonds
rate
profits credit for any taxable year shall be an amount computed under
this subchapter for the taxable year
prices of United States Government bonds advanced
moderately this week.
during each of the taxable
in such forty-eight months was engaged in trade or business
years
The
place
which under this subchapter
date in 1940, which was in existence on the day forty-eight
on any
Act of 1940.
Approved, March 7, 1941.
corporations the excess profits credit for any
taxable year shall be an amount computed under section
of
Act shall be effective as of the date of
The amendments made by this
enactment of the Excess Profits Tax
taxable
for which the tax under this subchapter is being computed.
ance
SEC. 17. EFFECTIVE DATE.
profits credit for any taxable
results in the lesser tax under this subchapter for the
other
from the return.
"(2) No return required.—"
of a domestic corporation which
computed under seciton 713 or section 714, which¬
an amount
ever amount
case
of
of one of such credits in the computation
use
the tax under this subchapter
follows:
as
rate
U.
Indus.
96.54
109.97
113.31
Mar. 14
Corporate by Ratings
Aaa
Aa
3.38
2.78
2.99
A
Corporate by Groups
Baa
3.36
4.38
R. R.
P. U.
3.97
3.17
Indus.
2.99
13— 117.62
106.21
117.40
113.12
106.56
90.48
96.54
109.97
113.12
13
3.38
2.78
3.00
3.36
4.38
3.97
3.17
12— 117.22
106.21
117.40
113.12
106.56
90.34
96.38
109.97
113.12
12
3.38
2.78
3.00
3.36
4.39
3.98
3.17
3.00
11— 117.30
106.21
117.40
113.12
106.56
90.34
96.38
109.97
113.12
11
3.38
2.78
3.00
3.36
4.39
3.98
3.17
3.00
10— 117.32
106.04
117.20
113.12
106.56
90.34
96.38
109.97
112.93
10
3.39
2.79
3.00
3.36
4.39
3.98
3.17
3.01
117.40
3.00
3.00
113.12
106.56
90.20
96.23
109.97
8
3.39
2.78
3.00
3.36
4.40
3.99
3.17
7— 116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
7-.-
3.39
2.78
2.99
3.37
4.40
3.99
3.17
116.91
106.04
117.40
113.31
106.39
90.20
96.23
109.97
112.93
6.
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.01
5— 116.77
105.86
117.40
112.93
106.39
89.92
95.92
109.97
112.93
5
3.40
2.78
3.01
3.37
4.42
4.01
3.17
3.01
116.67
106.04
117.40
113.12
106.39
89.92
95.92
109.97
112.93
4
8.39
2.78
3.00
3.37
4.42
4.01
3.17
3.01
3_. 116.67
106.04
117.40
113.12
106.39
89.92
96.07
109.97
112.93
3
3.39
2.78
3.00
3.37
4.42
4.00
3.17
3.01
1— 116.92
105.86
117.40
112.93
106.21
90.06
95.92
109.97
112.93
1
3.40
2.78
3.01
3.38
4.41
4.01
3.17
3.01
117.20
112.75
3.18
8— 117.01
6
—
4—
106.04
113.12
3.00
112.93
106.21
89.78
95.92
109.79
3.40
2.79
3.01
3.38
4.43
4.01
21— 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
21
3.42
2.80
3.02
3.39
4.45
4.03
3.19
3.02
14.. 116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
7— 116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
Feb. 28— 116.93
105.86
Feb.
28-
7—
3.02
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
31
3.37
2.75
2.97
3.37
3.95
3.18
117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
24
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
17— 118.06
106.56
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
3.96
3.16
2.96
10—
118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3..
89.78
3
2.93
Jan. 31
24.
.
95.92
110.15
114.46
3.37
2.73
2.93
3.37
4.43
4.01
3.16
97.31
110.52
114.66
High 1941
3.42
2.80
3.02
3.39
4.47
4.03
3.20
95.62
109.42
112.75
Low 1941
3.35
2.72
2.91
3.35
4.34
3.92
3.14
2.92
106.74
89.92
96.07
110.88
114.85
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.36
109.60
99.52
79.37
86.38
105.52
106.56
Low
1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
116.02
112.37
101.4:
84.81
90.48
107.80
111.25
Mar. 14,1940.—
2 Years Ago—
3.59
2.85
3.04
3.66
4.80
4.38
3.29
3.10
113.89
109.06
98.57
84.55
90.34
104.66
108.16
Mar. 14, 1939—
3.71
2.96
3.22
3.84
4.82
4.39
3.47
3.27
106.39
118.60
114.85
106.74
105.52
117.00
112.75
106.04
High 1940 119.63
106.74
119.00
115.04
1940 113.02
99.04
112.19
116.53
102.63
Mar .14*39 114.77
100.65
1
f
1
Yr. Ago
Mar .14*40
2 Yrs.Ago
•
These prices are
average
1
3.02
Year Ago—
computed from average yields on the basis of one "typical" bond (3Ji % coupon, maturing in 25 years) and do not purport to show either the
movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative
the bond market.
/
indexes was published in the issue ol July 13. 1940, page 160.
level or the average
yield averages, the latter ueing the true picture of
t The latest complete list of bonds used In computing these
movement of
2.97
91.05
114.46
106.39
106.74
1941 115.89
Low
4.38
89.23
118.40
118.65
High 1941 119.05
Low
Jan.
113.70
The Commercial & Financial
1654
THE
STATE
TRADE—COMMERCIAL
OF
Business
numerous
business
is
activity
strikes, and present
indications point to further
expansion as time goes on, unless the
tion becomes a more
definite
holding at peak levels despite the
serious menace.
labor situa¬
There are now very
taking
indications that the Government is at last
IS,
1941
feature of the week was the
the West Gulf area, mov¬
outstanding weather
The
EPITOME
Friday Night, March 14, 1941.
March
Chronicle
heavy storm that came up from
ing eastward to south Atlantic districts and thence north¬
eastward to the Canadian Maritime Provinces.
This storm
accompanied by heavy precipitation in the South and
heavy snowfall in the Middle and North At¬
lantic States.
Sub-zero temperatures were reported only
from the interior of the Northeast and a few northern
was
abnormally
steps to cope with
Rocky Mountain localities, but the freezing line extended as
far south as the south-central portions of the East Gulf
Plans for the
States.
this highly threatening labor disturbance.
creation of a super-labor mediation board are
expected to be brought near to completion tomorrow when
President Roosevelt confers with the labor advisory group
of the National
Defense Advisory Commission, advices
from
It is apparent that the Administration,
has done everything possible to curry favor of organ¬
The
temperatures reported were 8 degrees
lowest
N. Y., and 10 degrees at Big Piney, Wyo., on
the 11th.
Precipitation was heavy in the South and gen¬
eral east of the Appalachian Mountains.
It was unusually
wet in the Florida and the East Gulf States, where most
at
Canton,
Washington state.
stations
which
In the far Northwest and the
ized
labor, is going to be forced into a
must take a firm stand
position whetfe it
in the matter of strikes or else see
The labor and
defense program scuttled.
the all-important
problems have contributed in no small measure to the
reactionary trend of the securities market in the face of
tax
highly favorable business and
The
of
"Journal
of business activity
registered 117.7, which compares with a revised figure of
117.9, the all-time high of the index reached the previous
week.
The current week's figure represents a gain of 24.3%
over a
year ago,
Domestic
when the index stood at 94.7.
orders for steel are continuing to run
well in
although the recent sharp decline in
orders from Great Britain has reduced the total volume of
orders from the high level that prevailed during January.
One major producer, for example, reported orders as run¬
ning about 140% of capacity during that month.
During
February, however, British orders dwindled, bringing total
orders down to about 125% of capacity.
Buying for British
account is expected to expand over the next few months.
Observers state that since there is no reason to believe
domestic orders will fall off, backlogs of unfilled orders
should continue to be piled higher on xjroducers' books.
Consumption, in the meanwhile, is expected to rise fur¬
ther also.
Consumption during February ran at about 94%
of capacity, and is now estimated to be at the rate of about
96%, with a slight further rise likely during April.
Electric production in the week ended March 8 exceeded
the previous week's for the third time in succession, and
was 15.1% above the 1940 comparative, the Edison Electric
Institute announced yesterday.
At 2,835,321,000 kwh., out¬
put compared with 2,825,510,000 kwh. in the week ended
March 1, and 2,403,999,000 a year ago.
Total loadings of revenue freight during the week ended
last Saturday amounted to 741,922 cars, a decline of approxi¬
mately 1.9% from the previous week's level, according to
excess
of
capacity,
the Association
of American
Railroads, in
a
report yester¬
This decline was contrary to the usual seasonal ex¬
day.
perience for the week.
However, the gain over a year ago
equaled 19.5%, while against the corresponding wreek of
1939, the gain was 26.1%.
One of the principal factors in last week's showing was
believed to be the effect of the storm which moved up the
Atlantic
seaboard.
Engineering construction awards for
the four weeks of
February, $435,401,000, are the third highest ever reported
by "Engineering News-Record," being exceeded only by the
January volume and the total for last October. The Febru-,
ary weekly average, $108,850,000, is 101% above the aver¬
age for the five weeks of February, 1940, but 7% below the
near-record weekly average for the five weeks of January.
Private
basis, tops
the 1940 month by 74%, but is 1% under last month.
Pub¬
lic awards are up 116% compared with a year ago, but down
9% compared with a month ago.
The Federal portion of
the public total exceeds last year by 652%, but drops 7%
from last month.
State and municipal construction is 16%
and 14% lower, respectively, than a year ago and a month
construction,
on
the weekly
little precipitation,
In the New York City
except locally.
following the heavy fall of snow the early part of the
week, the /weather generally has been fine and clear.
The weather on Friday was moderate as temperatures
area,
Clear and moderately
ranged from 26 degrees to 47 degrees.
cold weather is the forecast for Friday
industrial reports.
Commerce" index
reported weekly rainfalls of two inches or more.
Pacific area there was very
average
mometer readings
lower in the
night, with low ther¬
of 30 degrees in the city and 10 degrees
Partly cloudy weather attended by a
Saturday, with
the probability of little change on Sunday.
Overnight at Boston it was 24 to 41 degrees; Pittsburgh,
20 to 34; Portland, Me., 10 to 40; Chicago, 23 to 38; Cin¬
cinnati, 23 to 36; Cleveland, 20 to 39; Detroit, 26 to 38;
Milwaukee, 22 'to 36; Charleston, 34 to 59; Savannah, 39
to 62; Springfield, 111., 21 to 40; Oklahoma City, 28 to 40;
Salt Lake City, 27 to 50, and Seattle, 32 to 59.
suburb?.
temperature is expected for
rising
slowly
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 Mar. 10 as follows:
(August. 1939=100)
Argen¬
Aus¬
Can¬
tralia
ada
land
New
Mex¬
Eng¬
tina
Java
Zeal'd
ico
Swe¬
den
Switz¬ United
erland
States
'
194®—
-/
'■
May
120
118
120
116
113
112
131
132
112
June
118
118
120
144
116
113
114
131
136
109
July
August
118
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
September-
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
114
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
143
1941—
Weeks end.:
Jan.
4..
rll4
128
126
150
121
110
119
144
169
119
ago.
Jan.
11..
rll3
127
126
150
121
111
119
144
172
120
Passenger car and truck production this week was esti¬
mated by Ward's automotive reports today at 131,410 units,
the heaviest
single week's output since May 15, 1937.
Assemblies at that time reached 139,507 cars and trucks.
Last week's production totaled 125,915 vehicles.
A year
Jan.
18..
113
127
126
150
121
111
118
144
172
121
Jan.
25—
114
127
127
150
121
111
120
144
172
Feb.
1-
rll5
126
126
rl50
120
111
rll9
144
173
121
Feb.
8..
114
126
126
*150
121
113
119
145
170
120
126
rl27
*149
121
113
ago
this week it totaled 105,720 units.
The
Feb.
15..
119
145
170
120
Feb.
22..
114
125
127
*149
121
114
119
146
170
119
1—
*114
125
128
*149
122
114
119
153
*170
119
Mar.
♦
in business activity continued this
week, with trade and industry taking part, a nation-wide
survey showed today.
Although weather conditions again
upward
120
115
Prelim Lnary.
r
Revised.
trend
Revenue
Car
Freight
March
8
Loadings In Week
741,922 Cars
totaled 741,922 cars, the Association
announced on March 13.
This was
weather was attributed in most instances
cars
to the extended
demand for home furnishings and automobiles, Dun & Brad-
street, Inc., reported today.
According to this agency, the increase in retail trade
volume over 1940, for the entire country, was between 6%
and 10%.
Wholesale houses reported no let-up in the steady stream
of orders for current and future needs.
Loading of
revenue
Ended
Totaled
proved a handicap to spring selling, retail sales maintained
a
rising tendency, and scored gains over last year, when
trade already was approaching its pre-Easter peak.
The ability of trade to rise in the face of unfavorable
freight for the week ended March 8
of American Railroads
an
increase of 121,326
19.5% above the corresponding week in 1940 and an
increase of 153,496 cars or 26.1% above the same week in
1939.
Loading of revenue freight for the week of March 8
was a decrease of 14,748 cars or 1.9% below the preceding
week.
The Association further reported:
or
Miscellaneous freight loading
cars
below the preceding
corresponding week in
totaled 317,953 cars, a decrease of 7,312
week, but an increase of 62,380 cars above the
1940.
/
Loading of merchandise less than carload lot freight totaled 158,910
a
decrease of 455
cars
1655
The Commercial & Financial Chronicle
Volume 152
the
cars,
above the corresponding week in 1940.
Coal loading amounted to 158,936 cars,
preceding week and 290,007 cars in the seven days ended
A comparative table follows:
March 9, 1940.
below the preceding week, but an increase of 9,621
cars
from connection8
revenue freight loaded and received
decrease of 1,371
a
below
cars
the preceding week, but an increase of 35,650 cars above the corresponding
week in 1940.
Loaded
Grain and grain products loading totaled 31,113 cars, a decrease of
cars
below the preceding week,
but
an
increase of 565
'
cars,
a
an
increase of 693
cars
Mar. 8, Mar. 1, Mar. 9, Mar. 8, Mar. 1, Mar. 9,
1940
1941
1940
1941
1941
1941
decrease
above the
1940.
Live stock loading amounted to 9,914 cars, a decrease of 592 care below
the preceding week, and a decrease
week in 1940.
of 1,058
cars
below the corresponding
In the Western Districts alone, loading of live stock for the
28,064
25,236
24,585
21,689
Chicago Burlington A Quincy RR.
Chicago Milw. St. Paul A Pac.Ry.
16,225
17,723
13,728
21,294
17,544
15,812
16,723
3,229
14,109
9,132
11,779
3,243
1.695
1,688
1,746
2,434
3,141
3,773
1,824
Gulf Coast Lines..——
International Great Northern RR
ceding
Missoufi-Kansas-Texas RR
week, and
Forest
below
a
decrease of 808 cars below the corresponding week
Missouri Pacific RR
-V,
'\-v
products loading totaled 38,375 cars, a decrease of 2,368 cars
the preceding
Ore loading amounted to
and an
12,602
cars,
an
increase of 2,200
increase of 420
cars
above the
above the corresponding
cars
week in 1940.
Coke loading amounted to 14,119 cars, a decrease
but
an
3,726
12,479
36,366
4,479
5,026
3,516
11,767
46,887
13,430
10,921
48,009
13,148
5,643
5,786
Norfolk A Western Ry
22,478
23,002
17,946
6,440
5,906
73,714
74,835
54,961
49,546
49,129
6,332
6,468
5,804
6,812
6,747
N. Y. Chicago A St. Louis Ry
Pere Marquette Ry
increase of 5,157
of 125
cars
7,949
Southern Pacific Lines
8,159
5,594
25,690
7,089
10,969
7,185
10,137
4,994
29,092
6,298
4,948
11,046
10,943
8,849
5,979
....
8,826
below the
above the corresponding
cars
9,812
1,463
2,242
2,652
8,947
37,452
10,458
4,348
38,612
5,163
28,633
Pittsburgh & Lake Erie RR
Wabash Ry
preceding week,
16,613
46,795
4,135
7,761
7,249
9,154
12,432
1,794
2,595
Pennsylvania RR
week, but an increase of 6,811 cars above the cor¬
responding week in 1940.
preceding week,
14,990
45,622
...
New York Central Lines
8,656
10,436
9,514
20,757
Chicago A North Western Ry
15,982
9,919
19,809
10,226
17,826
Ry.
5,367
7,113
20,149
7,234
37,307
17,699
38,633
17,344
Baltlmore A Ohio RR...
Atchison Topeka A Santa Fe
week of March 8 totaled 7,347 cars, a decrease of 225 cars below the pre¬
in mo.
Weeks Ended—
V'''
Chesapeake A Ohio Ry
preceding week, but
in
Received from Connections
Own Lines
on
Weeks Ended—
V"'/T'?p>\ ]
above the cor¬
cars
products loading for the week of March 8 totaled 18,632
corresponding week
''J''• v':''!;
In the Western Districts alone, grain and grain
responding week in 1940.
of 1,967 cars below the
2,945
354,235 363,001 290,007 238,944 239,239 188,822
Total
week in 1940.
CONNECTIONS
TOTAL LOADINGS AND RECEIPTS FROM
All districts reported increases compared with the corresponding weeks
(Number of Cars)
in 1940 and 1939.
Weeks Ended—
1941
1940
2,740,095
2,824,188
2,557,735
2,488,879
2,288,730
Chicago Rock Island A Pacific Ry_
2,282,866
Week of March 1
756,670
634,636
594,424
Illinois Central System
St. Louis-San Francisco Ry
Week of March 8
741,922
620,596
588,426
4 weeks of January
4 weeks of
February
-
1939
Mar. 8,
7,062,875
6,301,846
Mar. 9,
1, 1941
1940
Not available
26,151
Not available
34,950
35,765
30,552
14,802
15,115
12,180
49,752
77,031
42,732
Total
Total.
Mar.
1941
5,754.446
In the
following
we
undertake to show also the loadings
for the week ended March 1,
The first 18 major railroads to report for the
March 8, 1941 loaded a total of 354,235 cars
for separate roads and systems
1941.
During this period 106
freight
compared with the
week ended
of revenue
their own lines, compared with 363,001 cars in
on
REVENUE FREIGHT LOADED AND
Total Loads Received
Freight Loaded
1941
1940
from
1939
1941
1940
1941
580
Bangor & Aroostook
& Maine
Chicago Indianapolis A Louis v.
625
590
I,907
8,312
1,312
2,019
1,970
206
196
7,459
1,444
7,215
1,559
12,141
10,352
1,556
2,495
1,236
2,064
12
Detroit A Mackinac
Detroit Toledo & Ironton..
23
51
51
1,337
4,414
8,649
1,249
4,508
8,685
2,330
9,293
8,264
1,891
7,709
7,257
243
261
116
1940
1941
2,633
2,117
4,397
13,902
9,348
2,179
1,278
7,939
3,255
1,547
2,050
249
Grand Trunk Western
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
—
Maine Central
—
Monongahela
Montour
New York Central Lines
N. Y. N. H. & Hartford
294
11,285
4,856
11,721
5,704
Erie
437
14,662
Detroit A Toledo Shore Line...
157
129
166
1,745
9,634
3,592
5,492
2,122
47,851
II,985
1,455
1,645
8,311
7,987
2,756
4,041
2,805
3,801
1,840
1,886
38,710
9,736
4,423
35,141
9,407
1,627
4,837
339
3,610
11,832
7,709
1,793
1,338
6,613
2,952
232
43
26
45,831
13,456
38,135
12,190
2,076
1,762
13,430
10,124
1,330
5,070
1,130
956
N. Y. Chicago & St. Louis
N. Y. Susquehanna A Western.
5,786
5,646
498
407
479
1,584
Pittsburgh A Lake Erie
8,196
6,468
5,973
5,755
5,197
Pere Marquette
7,148
6,747
Pittsburgh A Shawmut
Pittsburgh Sbawmut A North..
Pittsburgh A West Virginia
650
463
403
430
341
335
331
214
745
997
698
Rutland
592
607
538
1,537
1,007
Wabash
6,298
4,324
5,425
3,468
5,074
Wheeling A Lake Erie..
3,535
1,924
1,121
10,943
3,914
8,737
3,184
171,345
142,341
134,729
189,786
157,140
New York Ontario A Western.
...
....
Total.
4,711
2,597
1,051
397
475
Richmond Fred. A Potomac...
368
297
308
11,293
24,362
9,334
20,464
8,119
18,835
5,693
7,057
17,437
14,549
541
372
386
768
827
134
134
145
927
748
115,703
100,246
92,800
84,430
70,167
16,723
2,486
21,294
4,056
14,245
2,360
18,414
3,385
12,779
2,295
17,930
3,629
12,432
9,844
2,635
7,212
3,247
32
5,309
30
Seaboard Air Line....
Southern System
Tennessee Central
Winston-Salem
Southbound...
Total
603
403
389
29,005
2,134
36,091
1,564
1,020
20,149
1,653
793
16,068
1,443
297
293
285
4
Cambria A Indiana
1,963
1,469
1,672
14
20
Central RR. of New Jersey—
Cornwall
7,295
5,857
5,443
13,286
11,603
Cumberland A Pennsylvania..
328
Llgonier Valley
Long Island
190
131
31
39
897
497
549
2,757
Penn-Reading Seashore Lines.
Pennsylvania System
1,264
74,835
994
978
1,493
54,266
Reading Co.
16,507
57,529
13,801
14,470
10,007
3,306
3,214
49,229
20,106
3,473
8,006
2,620
1,525
38,180
Buffalo Creek A Gauley..
529
174
......
A North Western
Great Western
Milw. St. P. & Pacific.
St. P. Minn. A Omaha.
861
Duluth Mlssabe A I. R
19,339
4,100
661
T
556
285
-
238
12,126
9''
5
74
50
35
33
16,609
2,152
6,632
169,849
130,894
117,409
121,330
97,672
Total...
21,175
9,919
16,566
5,906
3,688
1,522
8,653
4,299
1,143
52,408
Chesapeake A Ohio
Virginian
22,829
17,466
4,691
44,986
41,429
17,347
14,095
208
562
160
690
514
475
498
385
Elgin Jollet A Eastern
...
Ft. Dodge Des Moines A South.
6,647
6,422
9,148
5,752
Great Northern
383
382
228
128
165
11,090
9,750
9,249
3,706
2,501
508
...
Green Bay A Western
489
553
714
602
250
159
82
57
Minneapolis A St. Louis
1,708
1,518
Minn. St. Paul A S. S. M
5,756
4,868
9,172
1,417
4,583
7,806
2,450
3,270
4,361
1,821
2,217
3,116
Lake Superior A
Ishpemlng—
105
87
248
242
1,729
1,306
1,835
1,132
74,530
69,480
55,142
41,088
17,599
3,259
17,210
2,544
18,528
2,593
7,113
2,891
5,327
2,167
443
529
348
126
66
17,723
2,625
14,054
2,050
10,436
7,560
789
794
11,017
14,272
2,484
10,246
3,050
2,623
10,198
2,697
10,662
3,201
8,810
2,628
746
.....
81
2,403
86,784
Spokane Portland A Seattle...
Total
244
10,798
Northern Pacific
Spokane International...
651
745
1,505
1,151
2,749
2,345
2,355
2,982
2,037
640
532
610
9
Central Western District—
—
Bingham A Garfield
Chicago Burlington A Quincy.
Chicago A Illinois Midland...
Chicago Rock Island A Pacific
Chicago A Eastern Illinois
Colorado A Southern
Denver A Rio Grande Western
Denver A Salt Lake
...
Nevada
Northern
North Western Pacific..
Peoria A Pekin Union
Southern Pacific (Pacific)
Union Pacific System
—
974
720
1,029
1,743
1,514
1,414
794
1,101
571
410
1,961
1,905
1,626
115
118
394
596
380
9
14
0
0
20,494
19,897
382
291
13,949
13,095
13,063
5,692
1,368
8,414
4,226
450
...
998
1,886
939
23,691
Missouri-Illinois—.—.....
697
10
—
1,793
606
Fort Worth A Denver City.—
Illinois Terminal
94
1,124
6,247
10
356
405
1,067
1,316
2,414
1,647
105,970
Total.
345
1,667
Western Pacific....——
24,585
23,002
4,821
726
3,150
9,154
3,758
7,679
Utah
Pocahontas District—
Norfolk A Western
947
1,320
5,384
5,176
Duluth South Shore A Atlantic.
Toledo Peoria & Western
Total......
1,126
1,573
Northwestern District-
Chicago
Chicago
Chicago
Chicago
Alton
38,633
3,085
Ohio
Bessemer A Lake Erie
2,524
2,695
1,102
433
......
Atch. Top. A Santa Fe System
Alleghany District—
Akron Canton A Youngstown.
3,241
3,077
1,049
Piedmont Northern
Nashville Chattanooga A St. L.
Norfolk Southern
103
3,318
Delaware A Hudson
Delaware Lackawanna A West.
22
1,358
6,307
9,502
239
Central Indiana
Central Vermont
Union (Pittsburgh)
Western Maryland
1939
1940
Southern District—(Concl.)
Ann Arbor
Baltimore A
from Connections
Freight Loaded
Railroads
1
Total Loads Received
Total Revenue
Connections
Eastern District—
Boston
roads showed increases when
week last year.
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MARCH
Total Revenue
Railroads
same
94,805
95,204
60,906
46,863
Southwestern District—
Burlington-Rock Island—...
120
132
115
223
335
3,229
1,688
3,279
1,663
3,228
1,612
1,342
2,134
Litchfield A Madison
348
375
128
403
403
377
1,313
Midland
634
618
581
229
1,593
1,303
1,104
3,734
1,609
2,772
1,794
2,595
1,009
2,230
1,563
1,006
2,321
Missouri A Arkansas..
133
186
177
368
290
Columbus A Greenville
225
286
297
324
395
Missouri-Kansas-Texas Lines.
170
151
151
751
453
Missouri Pacific
3,871
12,880
3,688
12,075
3,516
Durham A Southern
4,479
16,639
2,560
8,667
1,030
1,034
Southern District—
Gulf Coast Lines
Alabama Tennessee A Northern
254
219
Atl. & W. P.—W. RR. of Ala-
824
Atlanta Birmingham A Coast.
Atlantic Coast Line
701
10,970
4,146
Central of Georgia
Charleston A Western Carolina
Clinchfield
1,019
Florida East Coast
139
216
776
728
1,713
1,450
564
489
1,055
881
10,007
9,205
7,636
5,204
Louisiana A Arkansas
3,852
3,645
3,226
1,170
1,488
International-Great Northern.
—-
Southern.......
Valley
32
43
109
97
Qua nab Acme A Pacific
St. Louis-San Francisco
1,014
996
699
1,866
1,657
367
287
234
622
3,602
23,409
xl ,455
2,989
13,202
25,331
Macon Dublin A Savannah
130
150
140
Mississippi Central
171
140
144
Illinois Central System
Louisville A Nashville
Note—Previous year's figures revised.
....
St. Louis Southwestern
3,248
20,858
21,099
Gulf Mobile A Ohio
223
Kansas Oklahoma A Gulf
Kansas City
36
Galnsville Midland...
Georgia.
Georgia A Florida
165
19,414
19,504
* Previous figures,
467
3,116
7,078
583
253
Texas A New Orleans
Texas A Pacific
Wichita Falls A Southern
188
2,063
1,719
1,743
1,233
11,767
"
962
2,011
1,678
879
299
67
120
69
122
103
7,964
2,573
7,261
4,280
6,662
2,326
6,712
3,849
6,367
2,085
5,648
3,260
3,479
4,824
4,632
2,979
3,103
3,848
132
110
193
51
56
12
24
27
100
28
54,611
46,834
43,373
43,784
35306
6,311
3,553
633
396
x
10,526
5,450
....
245
2,417
2,412
Wetherford M. W. A N. W—
Total.
Gulf Mobile A Northern only.
The Commercial & Financial
1656
advanced from 177.4
week ago to 180.8 this Friday. This is a new high for 1941,
and exceeds any previous levels established since Oct. 4,1937.
a
principal individual changes were the increases
prices of cotton, hides, rubber and wheat.
The movement of the Index was as follows:
The
Fri.
Mar. .8-
Mar. 10
Tues.
—
Mar. 11
Wed.
Mar. 12
-
Thurs. Mar. 13-
Mar. 14
Fri.
175.5
172.6
158.6
171.8
149.3
180.8
177.4 Two weeks ago, Feb. 28-177.2 Month ago, Feb. 14
-178.4 Year ago, Mar. 14
—179.5 1940 High—Dec. 31
Low—Aug. 16
1703
179.3 1941 High—Mar. 14
Low—Feb. 17
180.8
Mar. _7
Sat.
Mon.
in the
171.6
Gained for Sixth Consecutive
Retail Prices in February
Month, According to Fairchild Publications
Retail
Price Index
advance in retail prices during the
quotations gaining for the sixth consecutive
with
month,
particularly red lead, litharge, tung and linseed oils and
turpentine.
Inedible fats and oils rose about 1)4% and are more than
12% above the early January level.
Higher prices for scrap steel in the Chicago market, quicksilver, pig
lead, lead pipe and heating equipment were more than offset by lower
prices for pig tin and tin manufactures such as cans, solder and babbitt
metal, causing the metals and metal products group index to decline slightly.
Average wholesale prices for lumber dropped 0.3% because of lower quota¬
tions for oak flooring and yellow pine boards, drop siding and lath. Prices
were higher for maple flooring, yellow pine finish, flooring and timbers, and
for gum, oak and poplar lumber.
Price changes in agricultural commodity markets were mixed.
Grains
advanced 0.3% as a result of higher prices for barley, corn and rye, although
wheat at Chicago and St. Louis declined.
Quotations were also higher
for heavy hogs, sheep, poultry, butter, eggs, flour and corn meal, and for
most edible fats and oils.
Lower prices were reported for cotton, calves,
paint materials,
month, according to the Fairchild Publications retail price
index.
The index on March 1, at 94.5 (Jan. 3, 1931 equals
100), comnares with 94.2 the previous month, a gain of
3/10 of 1%.
The index shows an increase of 2.1% as com¬
pared with March 1 a year ago.
Quotations also show an
increase of 6.3% above the 1939-40 low.
However, they
still continue 2.2% below the 1937 high.
Under date of
March 14 Fairchild Publications further said:
Prices of meats as a group
with
As
and women's apparel recording the greatest gains.
furnishings with an increase of
5.1%, led. As compared with
compared with the 1939-40 low, home
6.2% and women's apparel with a gain of
high, however, men's apparel showed the greatest decline.
Commodities showing gains during February included silks,
woolens,
the 1937
commodities for
floor
Only men's hosiery
electrical household appliances and china.
decline during the month.
All the other commodities
coverings,
showed
a
fractional
included in the index remain
unchanged.
indicated for the rest of the year,
according to A. W. Zelomek, economist, under whose supervision the index
is compiled.
The advances later in the year should be accelerated as
current replacement levels are reflected at retail.
Higher than current retail prices are
THE FAIRCHILD
and a
subgroup indexes from March 1 to March
(2) percentage changes in
8, 1941.
(1926—100)
Percentage Changes to
Feb.
8,
1941
1941
1940
1941, from—
9.
1.
8,
Mar. Mar. 8
Feb.
22,
Mar. Mar.
Commodity Groups
,
Mar.
Feb.
1,
1941
1941
8,
Mar.
9.
All commodities.
80.6
80.5
80.4
80.5
78.3
+0.1
+ 0.1
Farm products
70.5
70.4
70.2
70.7
68.5
+0.1
—0.3
+2.9
73.2
69.9
73.2
73.1
102.5 102.1 101.9 102.2 102.4
73.3
75.4
75.6
76.3
76.6
+0.4
+ 0.3
+ 5.0
+0.4
+ 0.3
73.4
Foods
Hides and leather products.-..
+2.0
+ 0.1
+ 1.6
+4.5
72.6
72.6
72.7
72.9
72.8
0
—0.4
—0.3
Metals and metal products
97.9
98.0
97.9
97.8
95.5
—0.1
+ 0.1
+2.5
Building materials. ....—....
Chemicals and allied products..
99.5
99.5
99.3
99.4
93.3
0
+0.1
+ 6.6
78.7
78.6
78.5
78.6
77.1
+0.1
+0.1
+ 2.1
90.8
90.7
90.2
90.5
89.8
+0.1
+ 0.3
+ 1.1
Miscellaneous commodities
76.8
76.7
76.7
76.8
76.8
+0.1
0
0
Raw materials
74.1
73.9
73.7
73.8
72.2
+0.4
+2.6
Semi-manufactured articles ....
Manufactured commodities....
82.2
82.0
81.4
81.2
79.7
+0.3
+ 0.2
+ 1.2
+ 3.1
83.8
83.7
83.7
83.8
81.4
+ 0.1
0
+2.9
82.8
82.7
82.6
82.6
80.4
+0.1
+0.2
+3.0
84.8
84.7
84.5
84.6
83.1
+0.1
+ 0.2
+ 2.0
Textile products
Fuel and lighting
materials
All commodities other than
- - -
All commodities other than
3, 1931=100
farm
products and foods..
Copyright 1941 Fairchild News Service
TO MARCH 8,
1933
1940
Composite index.
69.4
92.6
93.7
Piece goods
Mar. 1,
Jan.
Feb.
2,
Mar.
1,
1,
1941
1941
1941
93.9
94.2
04.5
MARCH
FROM
CHANGES IN SUBGROUP INDEXES
PERCENTAGE
Dec. 1,
1940
May 1,
+0.4
farm
products
PUBLICATIONS RETAIL PRICE INDEX
Jan.
changes from a week ago, a month ago,
1940 and the percentage
year ago
Housefurnishing goods
hosiery, furs, men's shirts and neckwear, furniture,
women's
sheets,
.
(1) index numbers for the principal groups of
the past three weeks, for Feb. 8, 1941, and for March 9,
The following tables show
major groups comprising the index remain unchanged,
furnishings
home
lard sufficient to offset higher prices for
fresh pork.
with
piece goods, women's apparel and home furnishings advancing during the
month.
As compared with a year ago, all of the major groups advanced,
the
Two of
declined 0.4%, as reductions were reported for
veal, cured pork and
fresh beef,
for cheese and fresh milk (Chicago).
fruits and vegetables and
cows, most
There was a further
1941
higher prices for certain
for hides and skins and
advance of 2.7% in prices
IS,
in industrial commodity markets was an
Among the important changes
Moody's Commodity Index Advances Sharply
Moody's Daily Commodity Index
March
Chronicle
1
1941
Increases
Silk
65.1
85.9
86.8
87.0
87.3
87.6
Men's apparel
70.7
88.8
89.3
89.3
89.3
89.3
Women's apparel
71.8
91.8
92.2
92.5
93.0
93.3
Infants' wear
76.4
96.6
97.7
97.6
07.6
97.6
Home
70.2
94.1
95.6
95.7
95.8
96.0
67.5
69.1
69.1
furnishings
Grains
0.3
Hides and skins..
Other farm products..-.
Paint and paint materials
0.3
0.3
Clothing
4.5
2.7
2.2
Crude rubber
2.1
Oils and fats....-__-^-_—1.5
Other foods
Cereal
0.7
—
Cotton goods
Plumbing and heating
Piece goods:
Bilks
57.4
Woolens
69.2
86.9
Cotton wash goods
68.6
103.5
69.3
88.5
89.4
89.8
103.4
103.3
103.3
0.2
0.1
0.1
Other miscellaneous
0.1
Other building materials
Decreases
69.7
88.0
103.2
Furniture
0.5
0.5
products
-
——
0.2
Nonferrous metals
2.0
0.5
0.4
Lumber..--0.3
Petroleum products
0.2
Cattle feed
Domestics:
Sheets
65.0
94.0
93.5
93.6
93.6
93.8
Blankets & comfortables
116.8
117.2
117.2
72.9
109.8
116.7
Hosiery
59.2
77.0
73.4
Aprons & house dresses.
75.5
106.0
106.4
Corsets and brassieres..
83.6
93.0
92.9
Furs
66.8
99.3
Underwear
69.2
87.3
76.5
64.9
Underwear
Shirts and neckwear
Fruits and vegetables
Livestock and poultry
Meats
1
Anthracite
...... .
0.1
0.1
0.1
„__a
...
.......
.
Iron and steel
Women's apparel:
73.3/
73.2
73.3
106.4
106.6
106.6
92.9
92.9
92.9
106.9
108.8
110.3
111.7
85.9
85.9
87.0
87.0
88.6
88.0
88.0
88.0
88.0
87.6
87.6
87.5
87.4
87.3
69.6
92.0
92.0
92.0
92.0
92.0
74.3
86.4
86.0
86.0
86.0
86.1
Hats and caps
69.7
82.5
83.3
83.4
83.5
83.5
Clothing, Inch overalls..
70.1
91.0
92.1
92.1
92.3
92.3
Shoes
76.3
93.6
94.8
94.7
94.7
94.7
74.0
101.4
103.8
103.8
103.6
103.6
Shoes
Men's apparel:
Hosiery
Infants'
.
_
wear:
Socks
Underwear
74.3
95.0
95.2
95.2
95.2
95.2
Shoes
80.9
93.5
94.1
93.9
93.9
93.9
Furniture
69.4
100.8
102.7
103.2
104.3
104.8
Floor coverings
79.9
123.0
127.6
127.8
127.7
50.6
54.8
53.8
53.7
53.5
60.1
76.1
76.0
76.0
76.0
76.0
Elec. household appliances
China
72.5
82.0
79.9
79.7
79.7
for the two months of
53.5
Luggage
$248,360,649
Total
compilation made by Merrill Lynch, E. A.
Pierce & Cassatt, 27 chain store companies, including 2 mail
order companies, reported an increase in sales of 12.16%
for February, 1941 over February, 1940.
Excluding the
two mail order companies, 25 other chain store companies
reported an increase in sales of 9.63%.
Sales for the 27 companies showed an increase of 12.49%
a
79.8
1941
over
the two months of 1940.
127.8
Musical instruments
Sales
Store
Chain
February
According to
Note—Composite
arithmetic averages
94.7
94.0
81.5
index is a weighted
of subgroups.
aggregate,
94.9
Major
94.4
group
Excluding the two mail order companies, 25 other chains re¬
ported an increase in sales of 9.89%.
„
Inc.
1941
1940
Inc.
%
%
%
%
$
are
60,633,528
64,131,506
26,185,326
8,316,000
1,772,200
3,490,000
4 Grocery.
11 5 & 10c
6 Apparel.-
Wholesale Commodity Prices
Week Ended March 8,
1940
%
1941
94.8
indexes
Advanced Slightly During
According to Bureau of
2 Months Ended Feb. 28
Month of February
Chains
2 Drug
1 Shoe
1 Auto supply
56,313,340 7.67 118,177,995 108,292,228 9.13
59,009,143 8.68 124,433,445 114,756,965 8.43
22,787,413 14.91 54,715.543 48,346,540 13.17
7,795,631 6.68 16,912,242 15,523,358 8.95
2,768,357 23.31
3,413,607
1,471,285 20.45
5,903,000 21.6
7,176,000
2,696,000 29.4
Labor Statistics' Index
2 Mall order
164,528,560 150,072,812 9.63 324.828.832 295,590,448 9.88
83,832,089 71,366,090 17.47 167,298,303 141,897,834 17.90
27 Companies
248,360,649 221,438,902 12.16 492,127,135 437,488,282 12.49
25 chains
Widespread but moderate price advances occurred in
wholesale commodity markets during the first week of
March, Commissioner Lubin of the Bureau of Labor Statistics
reported on March 13. "Continued increases in prices for
leading imported commodities, together with higher prices
for hides and skins and certain cotton textiles, brought the
Bureau of Labor Statistics' index up 0.1% to 80.6% of the
1926 average," Mr. Lubin said.
The Labor Bureau also had the following to report:
Seven of the 10 major commodity group indexes advanced for the week.
Foods,
farm
hides
and leather
products and textile products
0.4%
each
increased
0.1%.
Although metal prices
generally steady except in the scrap markets, which
were
unsettled,
weakening prices for pig tin caused the metals and metal products
index
and
products, chemicals and allied products, housefurnishing goods and
miscellaneous commodities
were
rose
to
materials
fall 0.1%.
were
group
Prices of building materials and fuel and lighting
unchanged from
Prices for leading imported
silk, jute and rubber again
a
rose
as
cocoa
beans,
sugar,
sharply as a result of increased shipping
Cotton textiles, including drills, duck, flannel, gingham, percale and print
early January level.
Price
March
Average Unchanged During Week
8, According to National Fertilizer
There
was
no
change in
commodity prices last
the general level of wholesale
are
currently averaging nearly 5% above the
Prices were also higher for working clothing.
according to the price index
week,
This index
100.4% of the
1935-39 average, the same as in the preceding week.
The
index was 99.9 a month ago. and 98.6 a year ago.
The
Association's report, under date of March/ 10, went/ on
compiled by The National Fertilizer Association.
in
the
ended
week
March
8
remained
at
to say:
trend
of
industrial
index representing
commodities
foods advancing to the
cheese, flour,
more
than
upward
last
week,
highest point reached in over a year.
with
the
and
A fractional
caused by lower quotations for meats,
oil, and peanut oil.
corn
items advanced and
prices
was
the prices of all commodities except farm products
decline in the food price average was
difficulties and higher rates.
cloth continued to advance and
Ended
Association
The
week ago.
commodities such
Commodity
In the farm product group eight
wheat
other grains.
eight declined, with lower livestock, poultry and
counterbalancing
advances
in
cotton
and
The Commercial & Financial Chronicle
Volume 152
The
textile
result
of
kerosene.
declines
The fuel price index turned upward,
work
and
the
in
The
coal
prices
index
metal
which
reflected
index representing
offset
in
decline
a
rising prices for steel
of miscellaneous
also higher, with increases in hides and rubber offsetting
was
in
private
bituminous
lead.
and
commodities
higher, with nine items included in the
scale
declining.
none
higher
An advance
tin,
scrap,
somewhat
was
advancing and
group
the
index
linseed
meal
and
the prices
During the week 33 price series included in the index advanced and 19
declined; in the preceding week there were 23 advances and 18 declines;
in
the second
preceding week there
28 advances and 42
were
Per Cent
Year
Month
25.3
Preced¬
ing Week
Ago
Ago
Mar. 1,
1941
Feb. 8,
1941
Mar. 9,
92.4
91.5
74.6
73.8
77.8
72.6
72.9
76.0
Cottonseed oil
Farm products
Cotton...
83.3
Livestock
■
97.8
Grains
80.7
93.2
92.4
93.4
88.2
97.1
92.5
96.2
100.9
95.9
84.3
83.4
with
averages
building
are
industrial
and
5%;
buildings,
72%;
bridges,
6%,
waterworks,
and
sew¬
7%.
erage,
New England's gain is greatest, 262%, followed by Middle
Three
regions
Mississippi is
Middle
report
west of Mississippi,
14^%;
up
West
is
15%
West, 17% lower.
increases
a
month
last
capital
for construction
by 614%.
year
in
000,000
funds
" '
Capital
purposes
The month's
Federal
'
i
New
New
ago;
.
92%; Middle West,
January averages.
West of
2%, and New England, 0.3%.
South, off 15^%, and Far
the
over
Middle Atlantic, up
below
91.6
76.6
Fats and oils
23.0
1940
92.3
Foods
February
144%; South, 114%;
82%, and Far West, 41%.
Week
Total Index
of
commercial
Atlantic,
(1935-1939=100*)
Mar. 8,
1941
Croup
20%; earth¬
194%.
Losses are
sewerage,
63%.
and
of a year ago.
Latest
Each Croup
Bears to the
in
20%, and bridges,
those of a month ago reveal
large-scale private housing, 2%;
drainage, 319%, and unclassified construction, 8%.
De¬
reported in streets and roads, 9%; public buildings, 16%;
Comparisons
earthwork
57%;
waterworks,
4%, and unclassified construction,
roads,
Geographically, all sections of the country top their respective averages
declines.
WEEKLY WHOLE8ALE COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association.
and
increases
89%;
housing,
drainage,
streets
creases
feed.
cattle
in
1657
for February,
$585,123,000, tops
financing total is made up of $509,of shipbuilding facilities and
construction
for
doubling naval ordnance manufacturing facilities, $30,927,000 in State and
93.8
94.0
81.1
17.3
Fuels
102.1
101.3
101.5
105.4
10.8
Miscellaneous commodities..
111.3
110.9
109.8
111.9
loans
and
municipal
for
bond
$24,250,000
sales,
industrial
$1,478,000
in
Reconstruction Finance Corporation
construction, $19,468,000 in
corporate security issues,
loans for low-rent
Housing
Authority
the
months of 1941 totals $679,-
8.2
Textiles
115.0
114.5
113.0
107.8
7.1
Metals
103.4
103.3
103.1
101.4
6.1
Building materials
116.4
116.4
112.7
104.5
1.3
.3
Chemicals
104.0
104.0
103.9
100.0
105.8
105.8
106.0
106.1
111,000, an increase of 284% over the $176,453,000 reported for the period
.3
Fertilizers
102.1
102.1
104.0
103.1
.3
Farm machinery
99.8
99.8
99.7
100.4
100.4
99.9
$509,000,000 in Federal appropriations
in private investment, and $39,391,000 in Federal funds for non-Federal work.
and drugs
Fertilizer materials
100.0
....
All groups combined
100.4
98.6
United
in
States
housing.
New
last
for
construction
The
year.
Federal
financing
volume
for
two
includes
construction,
$130,720,000
-
uuaugeu
yenuu
Indexes
on
1926-28 base
t
jaii.
average
iruui
10
xyoo-oy
average
as
Mar. 8,1941, 78.2; Mar. 1, 78.2; Mar. 9,1940,
were:
iuu.
76.8.
1941, Totals
2,835,321,000 Kwh.
The Edison Electric Institute in its current weekly report
estimated that
production of electricity by the electric light
and power
industry of the United States for the week ended
March 8, 1941, was 2,835,321,000 kwh.
The current week's
output is 15.1% above the output of the corresponding week
of 1940,
when the production totaled 2,463,999,000 kwh.
The output for the week ended
be
to
2,825,510,000
like week
a
kwh.,
March 1,1941, was estimated
of 14.0% over the
increase
an
year ago.
PERCENTAGE INCREASE
FROM PREVIOUS YEAR
Week Ended
Week Ended
Week Ended
Mar. 8, 1941
Major Geographic
Regions
Week Ended
Mar. 1, 1941
Feb. 22, 1941
Feb. 15, 1941
New England
Middle Atlantic
17.1
13.3
16.7
14.0
11.8
10.6
14.5
11.7
Central Industrial
18.1
16.7
17.4
16.5
9.1
10.7
8.6
17.5
14.8
Rocky Mountain
12.3
10.7
10.7
7.5
11.5
10.9
12.7
13.2
14.9
modities
United
the
to
British West Africa.
British
Kingdom,
Malaya,
and
However, this gain was almost entirely
the value of exports to Japan
Total United States exports
rose only
1% or $3,000,000, to $325,000,000 in January.
United States imports
decreased to $229,000,000 in
January from $253,000,000 in the preceding month as a
result of smaller entries of goods from various countries,
including Canada, the United Kingdom, Australia, British
South
Africa, Japan, Netherlands Indies, and Belgian
Congo.
The increases in imports from Mexico, Uruguay,
Cuba, and Philippine Islands during January failed to
counter-balance
declines
in
imports from these other
offset by a decline of 40% in
and 10% to Latin America.
countries.
13.3
Pacific Coast
Exports to British Empire countries in January increased
12% in value as compared with December, mainly on
account of relatively large shipments of war-related com¬
8.8
19.6
With Geographic Areas
Leading Countries in January, 1941
United States .Foreign Trade
and
Electric Output for Week Ended March 8,
13.5
West Central
Southern States
...
Total United States.
DATA
FOR
14.0
15.1
WEEKS
RECENT
(THOUSANDS
OF
KILOWATT-HOURS)
Exports to British Empire countries rose to approximately
$224,000,000 in January, a gain of $24,000,000 over De¬
cember and of $16,000,000 over the average value of ship¬
ments during the second 6 months of 1940.
This means
that British Empire countries in January took 69 percent
total United
of
Change
1937
1941
1940
1941
Week Ended
1929
1932
from
1940
4
Jan.
Jan.
11
2,704,800
2,834,512
Jan.
18
2,843.962
Jan.
2,473,397
+9.4
2.244.030
1,619,265
2,592,767
2,572,117
+ 9.3
2.264.125
1,602.482
+ 10.6
2,256.795
2,214,656
1.598.201
2,201.057
2,199.860
1,588,967
1,588,853
1,578,817
+ 13.5
2,211.818
1,545,459
+ 14.9
2,207,285
2,199,976
2,212,897
1.512.158
25
2,829.959
2,565,958
+ 10.3
Feb.
1
2,829,690
2,541.358
+ 11.3
Feb.
8
2,522,514
+ 11.9
Feb.
15
2.823,651
2.810,419
2.475.574
2,455.285
2,479,036
+ 14.0
2,463,999
+ 15.1
Feb. 22
Mar
1
2,820,161
2,825,510
Mar.
8
2,835,321
States exports,
the largest proportion for
month of the war period.
Exports to the United Kingdom in January showed a
gain of $15,000,000 over December to $117,000,000, the
largest total for any recent month.
During last August,
any
Percent
1,519,679
1,538,452
1,542.000
1,733,810
1,736,729
1,717,315
1,728,203
1,726,161
1,718,304
1,699,250
1,706.719
1,702.670
Engineering Construction Third Highest on Record—
Tops All Previous February Totals
Engineering construction awards, according to a report
on March 11, for the four weeks of February, $435,-
issued
shipments of obsolete United States ordnance
resulted in a higher total of $126,000,000,
but except for that month the January total represents the
largest for the war period. The gain in exports to the United
Kingdom over December was largely accounted for by
increases in shipments of heavy iron and steel, and the sale
of merchant vessels, which were valued at $23,700,000 and
$5,400,000, respectively.
Exports to the United Kingdom
of aircraft valued at $19,300,000, were approximately as
the emergency
and of explosives
large as in December, while those of metal-working ma¬
chinery, valued at $18,000,000, were about $2,600,000
than in December.
Increased shipments of aircraft
lower
mainly accounted for the relatively high value of exports to
and the Gold Coast in January—$4,800,000
and $6,900,000, respectively—and also for the iDcrease in
401,000, are the third highest ever reported by "Engineering
News-Record," being exceeded only by the January volume
and the total for last October.
The February weekly aver¬
British Malaya,
$108,850,000, is 101% above the average for the five
weeks of February, 1940, but 7% below the near-record
December to $11,800,000.
age,
weekly average for the five weeks of January.
awards
construction,
are
on
116% compared with a year ago, but down
up
9% compared with a month ago.
The Federal portion of
the public total exceeds last year by 652%, but drops 7%
from last month.
State and municipal construction is 16%
and 14% lower, respectively, than a year ago and a month
ago.
The report also said:
Values
of
awards
noted:
December to $11,600,000,
Shipments
1936.
exports declined
considerably
value for
monthly
of last
—
Federal
The
the
1940.
year,
their
the
over
last
for
an
$584,549,000
$435,401,000
174,679,000
137,920,000
January of last year.
297,481,000
to the
of
409,870,000
February,
1941
6 months of 1940.
$270,928,000
98,992.000
171,936,000
137,869.000
34,067,000
(Four Weeks)
135.011,000
92.389,000
274,859,000
205,092,000
opening
two-month
the volume for the period in 1940.
with
429%;
industrial
the classified construction groups, com¬
1940, show increases in public buildings
buildings, 58%; commercial building and large-
those for February,
in
Exports to Europe,
amounted to only
the $106,000,000 reported In
exclusive of the United Kingdom,
$10,000,000 in January, a total much below
While United States goods continue to be shipped
U. S. 8. R., Ireland, Sweden, Finland, Portugal, Spain and Greece
total United States exports, shipments
Europe during January.
Empire countries, as a group de¬
value of $115,000,000 in December to $98,000,000 in Jan-
amounting to about 3 percent of
were
negligible to all other countries in
United
States
creased from a
ary,
imports from British
which total was higher, however, than
countries in January of last year.
was
760% gain in Federal work.
The current month's averages in
pared
only
automobiles, heavy iron and steel, and various other
$8,500,000 were $2,000,000
in December but only slightly under the average in the second
(Five Weeks)
$1,019,950,000,
period ever reported, and
Private awards are double
year's awards, and public construction is 130% higher due to
total
However, among the various countries,
January exports to Mexico of
January, 1941
February award volume brings 1941 construction to
highest
120%
$6,000,000 from
which had increased greatly during the final months
showed a marked falling off from December—the result of
commodities.
less than
State and municipal
.
showed a further decline of
exports to Mexico,
{Five Weeks)
Public construction
gasoline
$59,210,000 in January and dropped below the high average
February, 1940
Private construction
August,
heavy steel products and
of machine tools,
Exports to Latin America
December to
from a value of $19,300,000 in
the smallest monthly aggregate since
smaller shipments of
for the three months are;
Total construction
South Africa from $11,000,000 in
The Commerce Department also
Exports to Japan dropped in January
the weekly average basis, tops
the 1940 month by 74%, but is 1% under last month.
Public
Private
exports to the Union of
the value of imports from those
The change from December to January
largely accounted for by decreases in imports
and zinc from Canada, by
cline in
rubber from Ceylon.
of newsprint, aluminum
de¬
smaller entries of wool from Australia; by a
Africa; and by smaller imports of
Imports from British Malaya totaling $30,050,000 In
diamond imports from South
The Commercial &
1658
December included larger
of tin. Imports from the
United Kingdom dropped from a value of $13,600,000 in December to
$9,700,000 in January mainly because of reduction in entries of whisky
compared
$29,950,000
with
in
January
as
amounts
of crude rubber but smaller amounts
non-British countries, as a group, were
from
approximately
The Netherlands Indies
furnished decreased amounts of crude rubber in January, Japan supplied
smaller quantities of raw silk, and the Belgian Congo furnished less cobalt
and uranium.
However, imports from a number of countries increased
during January.
From Uruguay imports reached the unusual total of
$6,500,000 as a result of substantial increases in the entries of unmanu¬
factured wool from that country.
Imports of sugar from Cuba and the
Philippine Islands also showed Increases in January, and entries of cattle,
tomatoes, and coffee from Mexico were larger than in December.
Imports from Europe, excluding the United Kingdom, dropped to
$10,400,000 in January from $37,800,000 in January, 1940, and $12,600,000
in December.
The imports in January were largely from Portugal and
$8,000,000 smaller in value than in December.
Spain which still have free access to
U.
S.
R.
S.
such as Belgium cut
The imports of cut
diamonds, continue to arrive in the United States.
in
from Belgium but via
In accordance with usual practice, however, the diamond
January
other countries.
not received directly
were
imports are credited in the United States statistics to the country
complete tabulations
December and January:
Following
months of
the
are
of origin.
the
covering
IMPORTS
w-
.....
-
-
Southern North America.
South America
...
Jan.,
Jan.,
1941
1940
;
Africa
Jan.,
Dec.,
1940
1940
66,575
10,995
11,276
Asia
Oceania
Dec.,
1940
Europe
52,146
49,695
8,242
16,625
5,181
22,047
51,996
30,144
19,964
31,562
98,193
2,099
8,033
26,187
43,611
15,773
48,017
97,790
8,040
13,663
1941
20,119
36,586
24,474
46,837
85,070
5,347
10,203
Districts
Argentina
10,157
Australia
9,701
Belgium
115
Belgian Congo
9,658
5,300
4,142
4,734
6,726
'3,916
...
1,486
5,071
a
38
1,173
132
11,186
4,331
1,241
11,613
7,849
1,894
4,886
2,153
629
British East Africa..
British India
593
524
561
849
10,046
9,216
7,878
12,704
11,644
322
Brazil
815
9,220
Bolivia
921
525
949
625
500
8,780
7,122
29,946
41,913
3,825
30,054
35,486
4,765
1,188
4,045
591
219
310
which
8,207
7,600
7,375
1,981
5,436
10,105
1,502
61,886
133
157
119
3,259
Ceylon
3,361
5,396
2,955
...
Chile
China
8,035
Colombia
4,823
^
Costa Rica
734
Cuba
7,239
2,657
Curacao (Netherlands W. Indies)
Dominican Republic
4.826
4,670
1,208
1,657
1,933
4,999
6,709
8,048
4,483
752
593
666
549
721
583
585
367
512
460
1,960
2,074
1,888
619
245
292
457
358
397
986
34
Richmond, Atlanta, Chicago, St. Louis, Minneapolis,
City, Dallas and San Francisco:
11
land,
1,929
38,508
1,285
1,819
1
1,442
7,307
674
202
256
845
El Salvador
French Indochina
Germany,
Austria,
593
a
318
.
543
ness
December and was substantially higher
1940, after allowances had been made
tomary seasonal changes,
the Federal Reserve
Boston said in its "Monthly Review" of March 1.
during
January,
493
2
2,513
200
532
Gold Coast...
141
201
6,909
Greece
750
1,054
1,205
1,669
1,043
1,740
23
13
Guatemala
898
754
858
1,230
677
1,235
681
586
572
586
719
530
1,255
2,430
1,320
2,374
155
194
316
905
859
716
786
142
154
485
1,585
1,394
mated
977
210
959
181
133
8,300
9
84
25
.......
(Persia)
Iraq
Ireland
Italy
Japan
In part,
adds:
the building
During
quite general in most lines of industry, with
The
V
.
and
an
by
0.2%
of 26.1% over the
production in Janu¬
:
.
of
amount
increase
pairs,
exceeding
12,444,000
total
1940,
1940.
ary,
been
have
to
December,
New England during
by mills in
consumed
cotton
raw
other January
102,508 bales, an amount higher than in any
was
The amount of raw
New England mills during
January was considerably higher than in January a year ago.
The number of wage-eax-ners employed in 1,740 representative manu¬
facturing establishments in Massachusetts during January was 0.7% smaller
than the number employed in these same concerns during December, 1940,
and there was a
decrease of 1.8% in the amount of aggregate weekly
and
since
1930
wool
consumed
1940, by 11.4%.
exceeding January,
daily
a
on
basis in
average
according to the Massachusetts Department of Labor and Indus¬
payrolls,
tries, but these declines were reported to be less than
the average seasonal
2.3% in employment and 3.4% in payrolls.
declines of
Second
(New York) District
The Federal Reserve Bank of New York, in
presenting its
monthly indexes in its "Monthly Review" of March 1, states
that "available statistical data for February indicate that
general business activity held at approximately the January
level."
The "Review" goes on to say:
a
494
252
1,899
1,274
/
2 563
29,707
19,343
11,588
22,197
14,033
10,391
1,108
7,998
13,212
937
433
29
71
89
10,553
8,507
1
1
2,052
47
19
Netherlands Indies
Newfoundland and Labrador
3,966
6,184
6,319
12,461
19,387
15,212
631
808
558
1,093
1,513
1,068
New Zealand
1,198
1,442
1,018
555
136
continued at 97% of capacity during the first half
Steel mill operations
of
February, subsequently declining moderately as a result of strikes and
but rising to 96^% in the last week of the month.
shutdowns for repairs,
Shortages of certain non-ferrous metals—zinc and aluminum in particular—
781
a
Hongkong....
Iran
than in
for cus¬
Bank of
Feb. 8 car loadings in this district were 6.9%
higher than during the corresponding four-week period a year ago.
During January sales of 81 reporting New England department stores
and apparel shops were 2.6% higher than in January, 1940, with increases
occurring in five of the six New England States. . . .
Production of boots and shoes during January in New England is esti¬
450
1,301
3,794
Czechoslo¬
vakia, Poland
Honduras.
District
First (Boston)
England during January the level of general busi¬
activity continued to rise over the level which prevailed
In New
460
Egypt
France
New York, Philadelphia, Cleve¬
Kansas
7,524
5,179
449
Ecuador
Finland
Review" of the Federal
give from the "Monthly
we
Reserve Districts of Boston,
483
6,459
1,456
62,439
6,108
6,314
10,965
25,569
28,857
1,893
2,431
9,026
5,269
1,394
41,618
....
British Malaya
Canada
in the various Fed¬
the following extracts
Indications of the trend of business
eral Reserve districts is indicated in
January
370,082 322,317 325,355 241,992 253,082 228,636
Total...
Federal Reserve
Business Conditions in
Summary of
The gains were
EXPORTS
172,705 116,389 126,772
42,252 63,266 62,449
27,710
33.824 30,022
38,568 31.825 29,188
the composite index.
industry particularly reflecting extensive increases over a year ago.
Jan.,
Northern North America
of bonuses.
tion
seasonal, that in trade
earlier month
high level reached in the
of extra holiday employment and partly zi t'<C distribu¬
The increase of January, 1940, was 41% in manufactur¬
the four-week period ending
Geographic Division
and Country
1940.
That for wages in wholesale, retail
compared with 199 in December and 95 in
ing, 31% in trade, and 44% in
the summary
Thousands of Dollars (000 Omitted)
as
These declines from December were
result partly
a
Atlantic shipping routes, from the
although some goods from German-occupied areas,
diamonds
124,
was
being most marked owing to the
and from Switzerland, in part by airplane,
via the Pacific,
in January,
111
trade
January, 1940.
as
and textile manufactures.
Imports
December and
and service
1941
March
Financial Chronicle
encountered
were
of
distribution
by
manufacturers, partly, no doubt, owing to uneven
some
available
machine
and
tools,
The
supplies.
priorities under the defense
imposed
were
first
industry-wide
mandatory
applying to producers of aluminum
Feb. 24 by the Office of Production
program,
Management.
Automobile
from
23,800
production in the United States and Canada was stepped up
January to upwards of
daily in
cars
Electric
February.
25,000
cars
a
day in
production and railway freight traffic during the
power
779
...
Kwantung
Mexico
Netherlands
Norway
Panama, Republic of
Peru
Philippine Islands
Portugal
1,151
4,325
Spain
7,743
5,769
1
1,716
20
1,599
4,613
263
450
19
34
2,021
6,219
1,723
1,326
1,335
7,857
1,587
1,077
97
250
2,000
1,739
958
5,672
1,611
6,782
7,350
Production
683
1,090
Bank
continued
trend.
the
January
During
the
of
index
748
1,414
357
6,387
2,424
2,447
2,293
825
458
773
89
235
252
571
398
788
152
39
Turkey
1,877
247
300
2,535
376
168
Union of South Africa
6,795
11,038
11,836
2,961
4,479
3,515
13,066
6,902
2,501
1,957
14,174
1,811
9,742
in
6,452
to those which characterized
3,875
Union of Soviet Soc. Republics..
United Kingdom
859
855
2,259
6,663
Venezuela..
a
1,152
2,334
13,610
2,602
3,870
3,505
1,695
6,026
67,152 101,313 116,631
Uruguay
77
Less than $500.
Activity Continued to Advance
Sharply in Mid-February, Reports Canadian Bank
of Commerce
estimated long-term
January was traceable
goods lines.
In
producers'
the
national
dui-able
goods industries—many of them of key importance
defense
program—conditions
production
month.
during January were similar
the closing months of 1940.
Steel mill opera¬
97% of calculated capacity, but despite the record volume
tions moved up to
a
further increase in order backlogs was reported during
work
Construction
unusually active, considering weather
was
conditions, and operations continued to rise steadily in branches of
where direct national
defense needs
most
are
industry
powerfully felt—for example,
Production
reached 957 in
aircraft, machinery of many different classes, and shipbuilding.
of
A. E.
of
in
was
of steel
Industrial
further
certain
the
Canadian
102%
of
rise
January
and trade computed at this
part to the retarding effect of seasonal adjustments in
industries, 6uch as steel and cotton textiles, where current output
being pushed in the ordinary low month of December and hence where
seasonal expansion in January was virtually a physical impossibility.
In
addition, there were recessions in a number of consumers' non-durable
711
1,165
Thailand (Siam)
Trinidad and Tobago
level
to
considerable
considerable
in
487
1,937
Switzerland
in
production
December
the
at
failure
The
Trade
and
of
index
7,812
3,604
Sweden.
Figures for the same period on
seasonal changes.
usual
store sales and retail automobile sales showed
increases over the preceding month and over February, 1940.
department
511
61
for
adjustments
held their January levels after
of February approximately
1
1.827
4,866
1
4,261
1,528
2,432
1,880
9,058
Panama Canal Zone.
5,970
first three weeks
airplanes
of
military
types
was
reported
to
have
Arscott, General Manager of the Canadian Bank of
Commerce, Toronto, announced on March 11 that the bank's
January compared
index of industrial activity at
mobiles, showed marked stimulation from increasing employment and pay¬
mid-February registered 139
(1937 equals 100),
as compared with 133 at mid-January.
percentage of current factory capacity utilized rose
from 96 to 100.
Activity in the various heavy industries
was mainly
accountable for this accelerated rise, but in¬
The
ranging from slight to moderate, in the other groups
contributory factors. Mr. Arscott's announcement con¬
creases,
were
tinuedFoodstuffs
recorded
the
first
general
rise
since
November.
The
auto¬
continued
along the rising trend of activity which began
last autumn, and operated at a rate 50% above that of a year
ago.
The
corresponding increase over February, 1940, in the iron and steel'trades
87%.
Our
as
wage
for
rolls, and to
tion
of
the
facilities
to
an
to
some
consumers'
extent from
national
December.
in
defense
payroll index for January, 1941,
with
166
manufacturing
for
December
wages
alone
and
was
was
106
157,
153
for
as
(1937 equals
January,
1940.
compared with
100),
The
*163
in
durable goods,
concern
effort
over
will
especially passenger auto¬
the possibility that intensifica¬
lead
to
a
diversion
of productive
Field stocks of passenger cars were built up
military needs.
unusually high level, partly in anticipation of such a diversion and
partly in anticipation of heavy spring sales.
Among producers' non-durable goods
creased operations less
number
somewhat
of
than usual
from
consumers'
Its
over
industries, cotton textile mills in¬
December and woolen mill activity
exceptionally
non-durable
goods
high
lines,
December level.
In a
which also had
mo6t of
operated at comparatively high rates in the preceding month, there was a
marketings led to a pro¬
tobacco manufacturing
production increased less than usual; and wheat flour production
was
curtailed.
In retail trade changes in business volumes more or less
followed the usual seasonal
patterns^ except for the exceptionally large
tendency
nounced
for
production
contraction
in
to
decline.
meat-packing
and shoe
compared
index
manufacture of
decreased
motive industries
was
The
799
with
consumer
demand for motor
cars.
Reduced
operations;
Volume
In dollars
and
estimated long-term
There
trend; series reported
also adjusted lor price changes)
are
were
Jan.,
Nov.,
1940
Jan.,
1941
Dec.,
1940
1940
Index of production and trade...
such
textile
93
99
Producers' durable goods
Producers' non-durable goods.....
94
107
115p
116p
98
105
109p
105p
Consumers' durable goods
Consumers' non-durable goods......
77
80
80 p
89 p
98
101
adverse
........
...
90
92
95 p
95
101
102 o
partly
103 p
consumer
128
138
89
94
84
101
94
91
94
108r
.................
..........
Bituminous coal
Crude petroleum
high
87 p
93
85
99
104
I06p
106p
Tobacco
all
in
125
138
127
for
Wool consumption
110
151
164
145p
Shoes.
111
112
124p
115p
103
111
113
96
88
95
97
94
97
103
105
106p
91
101
105
105p
Residential building contracts
42
62
67
Nonresidential building & engineering contracts.
45
83
103
69
Primary Distribution—
Ry. ireight car loadings, mdse. and mlscel
88
94
99
100
Ry. freight car loadings, other
88
95
88
88
107r
87
87
mm*
86
86
92
---
......
Meatpacking
Tobacco products
Man-hours of employment
Construction—
...
Exports
Imports
Distribution to Consumer—
Department store sales (United States)
Newipassenger
99
99
......
96
New
of demand deposits.
(1919-25 average=100)
York
125
61
59
29
Not adjusted for trend,
p
104
105
113
115
115
28r
r
105p
115p
in
record level
1940, despite some curtailment in manufacturing operations for inventory appraisal and repairs to machinery."
The Bank also had the following to say:
erected
defense
Active
for
extent
sible
the
from
various
The
some
The
principal
:7-7-;7-:
7'.^
:h>
has
This
goods.
an
resulted
key materials and skilled labor.
in this district during January
reductions
the output
in
were
of
or
threatened
declined
somewhat.
actual
consumers'
The
goods.
continued operations near capacity in
Construction
residential and non-residential buildings continues active.
Employment and
trade
of
Sales
tinued
merchandise
general
usual
in
industry and
wholesale
In
through retail distributors
trade
decrease
some
in
there
is
con¬
was
also
The movement of freight increased further in the month, when
ordinarily some decline.
Fourth (Cleveland) District
In
28
Feb.
its
"Monthly
Business
Cleveland
of
Bank
Reserve
continued at the high pace set in the
Review"
the
reports that "since
Federal
many
im¬
January, save that several new monthly records were estab¬
lished."
The Bank further states:
Operating schedules in a few continuous production industries like steel
early
rearranged
February
in
in
order
that
The Bank likewise says:
is usually a
there
January
decline in total employment and
sharp
However, employment,,
maintained at about the high level reached
manufacturing industries as a whole the level of em¬
durable goods industries was
in
December.
For
in January was
ployment
14% and that of manufacturing payrolls 21%
greater than last year.
Recent months have shown
There
further gain in
a
was
of
volume
residential
which
month.
District
furniture
twice
than
more
were
the January furniture shows; this volume
about 30% heavier than last
in
sizable gains
Paper mills in the district also
January.
business for the period.
District
in January, and
the larger stores for the first two weeks of February indicate
of
Volume
new
in the
seasonal gain in
heavy as a year earlier
as
manufacturers report a sharp
volume of new orders because of
showed
in January,
awards declined slightly
counterseasonal increase of 8% in total construction contracts
a
was
demand.
retail
Although
there
business at district steel and
reflecting a desire to build up field stocks as well
the season,
for
strong
a
new
Manufacture of automobiles has been maintained at record
last year.
levels
as
January in
and these orders booked were substantially heavier
malleable casting plants,
than
practically record output in the steel industry.
products in substantial demand, ingot capacity continues strained.
With all
buying has continued exceptionally good.
consumer
department store sales showed a 10% gain over last year
portant Fourth District industries have operated near the
practical limits of capacity for some time, there was little
fundamental change in the general rate of activity during
were
Fed¬
Chicago states that Seventh District
awarded
more
goods
business
figures are available, from the
for which
eral Reserve Bank of
was
reported.
the latest month
reported for November, but was 15% greater than in December
.
declined
but the demand for durable consumers'
January,
active.
in most major lines of
payments
wage
in January but continued well above a year ago.
reduced
were
.
businesses, such as merchandising and construction.
"•
unusually active demand
in
.
earlier, which compares with a gain of 11% for the United States
in
■■■■<
.
Tennessee during January was at a
payrolls due to letdowns following the holiday season.
This year declines
were
evidenced in non-durable goods industries and in non-manufacturing
basic industries, at least through the balance of 1941.
both
than
7
•
Large backlogs assure
earlier.
many
of
basic materials.
and declined 1% in January, when it
Alabama and
in
whole.
In
to
contracts already awarded continued
...
earlier winter months.
of heavy goods was well sustained at levels substantially above a
output
year
on
the consistent high level of consumer
facilities and has created
activity
principal
purchases,
private
were
industrial activity has
special
new
operations
in
levels
high
In the Feb. 27 issue of its "Business Conditions" the
peace-time to defense production has required substantial
plant
certain
Industrial
has been
.;'777 ',7:
strategic
of
shortages
stimulated
also
obtaining supplies of
;
The shift
has
business
incomes.
expansion of
large increases
January
on
New
district.
The value of con¬
was considerably below that of
the
Seventh (Chicago) District
steady and
Many plants
substantial amount of
in
than the usual amount
while distribution by
usual.
pig iron production in the Alabama area reached successive
December,
year
&3 a
of accumulating inventories in anticipation of pos¬
purpose
in
a
Further
a
in prospect.
buying
difficulties
and
installed.
are
stimulus to civilian
for
renovated,
or
has been
than
mills
in
more
December,
for
less
and the highest for any month in about 11 years.
power production in the six States of this district declined 1%
Electric
January continued near the peak levels reached at the end
been
little
awarded
the
industrial activity continued high.
and
reported
textile
at
in
the Atlanta
"Monthly Review" of Feb. 28.
trade
a
conditions
is taken from
declined by slightly
volume
production
last year,
of
Government orders
District
higher than in January last year.
in
equipment
was
business
of
summary
declined
activity
banking activity in the Third Federal Reserve District in
have
activity
consumers,
daily rate 4% higher than in December, slightly higher than in January
Philadel¬
phia in its "Business Review" of March 1 that "business and
sharp advance since the beginning of the program last June.
is being planned
or
correspondingly high.
were
sales
contracts
9%
Coal
a
cars
record
firms
The rate of
was
materials for national defense has shown
to
the tempo of
rapid pace.
a
Third (Philadelphia) District
The production of
every
Department store sales in January,
peaks in November and December,
Revised.
It is reported by the Federal Reserve Rank of
industries is under way
December, but construction activity
at
Preliminary.
the
struction
23
30
103
goods
following
January
from
City
average=100)
used
Department store
57
62
of
ago.
Federal Reserve
reached
Wage rates (1926 average=100)
*
102p
101
106
In
Wages*—
Cost of living (1935-39
of
sales
wholesale
Velocity of Deposits*—
Velocity of demand deposits, outside New York
City (1919-25 average=100)
Velocity
107
103r
106
100
year
Federal Reserve Bank's
loop
99r
a
The
100p
98r
107
of
Sixth
99
95
1940,
exceeded January,
plants used
airplane
and
Sixth (Atlanta) District
99
car sales
Cost of Living and
and
90
Variety chain store sales
record for
a
output also reached a new
January
in
mills set
textile
yarn
materially above
1941, exceeded
January, 1940, sales by 18%, most of which represented the movement
of additional merchandise, since price changes in the year were not marked.
Furniture sales were 26% larger in January than a year ago, and wholesale
trade advanced 19% over the same perod.
New automobiles registered last
month in the district outnumbered January, 1940, registrations by 25%,
55
...
Mall order house sales
rayon
future.
near
distribution
In
a
Grocery chain store sales
.
working at or near capacity,
increased demand for commercial
shipyards
and
Further expansion of many
the
that
Manufacturing Employment—
Employment
.
on
manufacturers
lines,
.
Cotton
consumption in January, and
level.
for.
110
87
partly
rises.
power
high 1940
due rather to unusually
was
generally
are
facility and employed all skilled workers they could secure and make room
......
....
coal
by
made
defense orders and
production
93 p
.........
Electric power
Cotton consumption
last
industries
purchasing
as
cotton
127
District
on
goods
Industrial Production,—
Steel
comparison
Fifth
95 p
Distribution to
December
and the
endeavor except coal mining showed submonth than in January, 1940, and the
in January, such as tobacco manufacturing
activity
greater
affected by Christ¬
debits to indi¬
sales, and
automobile
figures than to low figures this year.
98 p
103 p
Primary distribution
trade,
industrial lines which take holidays in
some
Every field of
industry.
stantially
102p
102p
in lines directly
recessions
retail
as
but
their output
advanced
Production of:
seasonal
some
business,
mas
vidual accounts,
Automobiles
1659
The Commercial & Financial Chronicle
152
(Adjusted lor seasonal variations
deteriorated
facilities
reports from
Trade of apparel stores increased
of 18% over a year earlier.
increase
an
recorded
January over the first month of 1940.
Sales of shoes at retail
close to the same gain, and those of furniture and housefumishings
were
much
14%
in
as
30% higher than
as
during January totaled 14% greater
a
year
ago.
District wholesale trade
than last January.
Eighth (St. Louis) District
In
Fed¬
Feb. 28 "Business Conditions" summary the
its
eral Reserve Bank of St. Louis reports
that "stimulated by
steadily
increasing volume of defense expenditures and
might be renewed, but in many cases suspensions at one plant were offset
an
Incoming business continued in large
volume, especially for heavy goods and other items directly related to the
defense program, though some leveling off in demand for certain types of
products, especially style merchandise, appeared in mid-February.
Retailers
generally had ordered spring and summer lines in somewhat greater quanti¬
expanding civilian consumer demand, Eighth District trade
and industry during January and the first half of February
maintained the high rate of activity which characterized the
by resumption of output at another.
ties
usual when
than
consequently
goods
were
first offered, and the subsequent decline
Though reorders were received
sufficient volume to maintain backlogs,
indus¬
largely seasonal in nature.
was
by manufacturers, they were not in
prompt shipments being made according to requests.
In some other
tries unfilled orders continue large, after reaching record levels.
improvement was evident in Ohio industrial employment during
Further
Greatest gains reported last month were at electrical
machinery factories and automobile plants.
Although dollar value of sales declined somewhat more than seasonally
from the high December total, volume of retail trade at reporting Fourth
January.
District
since
.
-
.
department
stores
last
month
was
the
best
for
any
January
1929.
since
28
try in the Fifth
Federal Reserve District continued on the
months." The following is also from
high levels of recent
the "Review":
.
.
7-
January
exceeded
of any
that
1940.
this district represented a dollar value of
to $399,883,000 the volume of such contracts let
Since Jan. 1 there has been a substantial volume of
by the several
expanded manufacturing activities
other seasonal occupations, the general em¬
ployment situation developed noticeable improvement, and in a number of
localities was reported the most satisfactory at this particular time in more
and
than
agencies.
As
a
result of
gains in agricultural and
a
decade.
most
machine
production extended to practically all lines investigated, but
in iron and steel, aircraft, engines, railroad equipment,
marked
tools
and
other
national defense program.
lines
directly
or
indirectly
stepped up to 93% of rated capacity in the first week of
the highest rate since May, 1937, and compares wth
and
68%
a
year
by
affected
the
Output of steel ingots at mills in this area was
was
earlier
i
bringing
1.
Increased
"Monthly Review" of the Federal Reserve
Bank of Richmond indicates that "January trade and indus¬
Feb.
in
orders for a wide variety of commodities placed
Government
was
The
Navy Departments in
June
additional
made
year,
$11,900,708,
Fifth (Richmond) District
'
and
showing
and in the case of certain units new high records were
During December major defense contracts awarded by the
last
established.
War
the
lines
certain
In
month
From the review we also quote:
of 1940."
final quarter
ago.
Operations
at
February.
87.5%
lumber mills
This
month
and wood
a
^
for this season, and as has
orders exceeded current output.
reported in January production at cotton textile
working plant* were at an unusually high rate
months,
been the case for a number of
increase was
moderate
A
Activities at
full capacity.
December
from
amount
factories
January.
to
...
Ninth
Sugar Stocks on Jan. 1, 1941,
Over Last Year Due to Decline in
Javan
new
with a number of plants operating at
increased in about the usual
mills,
shoe
March
Chronicle
The Commercial & Financial
1660
15, 1941
Increased 97%
Stocks of sugar on hand in Java, Dutch
Jan. 1, 1941, amounted to 918,310 long
Exports
East Indies, on
tons as against
date last year, an increase of 451,951
approximately 97%, according to advices received
by Lamborn & Co., New York.
The firm's announcement
466,359 tons on the same
tons, or
(Minneapolis) District
Review" of the Federal Reserve
"business advanced to the
highest January level since 1929 or 1930."
The following
during 1940 totaled 794,277 tons as
is also from the summary:
previous year, a decrease of
Feb. 28 "Monthly
The
Bank of Minneapolis reports that
January business volume in this district, aside from seasonal changes,
resumed the upswing started in July, 1940, after declining slightly in
December, and
the largest for the month since 1929 or 1930.
was
and the largest January sales volume since
1929.
Country store sales, however, were in about the same volume as in
January, 1940, but were larger than in any other January since 1929. . . .
gain of 5%
over a year ago
volume
The
of
following indicators, declined seasonally during January but was
larger than in the same month in any other recent year.
Electric power
one
during January but was 10% larger than
earlier and was the largest January production on record.
The
Minnesota manufacturing employment also declined
seasonally,
year
index
declined seasonally
of
9% larger than in January, 1940, and was substantially larger than in
was
January of our eight-year records.
Flour production in the
increased seasonally but was slightly smaller than one year
other
any
Northwest
cut
shipments
increased
the
during
month,
38%
were
in 1940, and were the largest January shipments since 1925.
larger than
The
oil
Linseed
earler.
lumber
of
about
in
was
the
volume
same
as
one
earlier.
year
calves were slightly larger than
and
cattle
Slaughterings of
than
more
crop
553,503 tons.
during 1940 totaled 1,578,287 tons, or 27,825
the 1939 outturn of 1,550,462 tons.
For the current
a
crop
of around 1,720,000 tons is
indicated.
in March.
Java during 1940 totaled 332,059 tons
1939 it amounted to
Weekly Statistics of Paperboard
National
activity in the paperboard industry.
members of this Association represent 83% of the
to
The
total industry, and its program includes a
week from each member of the orders and
a
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
and
District
precipitation
month
successive
Percent of Activity
Production
Orders
Received
Period
lead
heavy,
As a consequence, the
War activity is being felt in this
Sentiment is better and
buying have been approximately 13% above the
Oonstructon is exceptionally active.
Zinc and
employment any payrolls are increasing.
weeks
early
unusually
was
January being fully 75% above normal.
both wholesale and
retail
of last year.
shipments
ore
by
stimulated
being
are
the
prices
Hog
war.
rose
rapidly in December and January, and in February most of the gains were
Cattle prices
held.
year
ACTIVITY
Tons
Remaining
Current
Tons
Cumulative
1940—Month
of-
Payments by check
high.
remain
and bank loans are 18% higher.
8% above last
are
The investments of banks are lower.
528,155
420,639
679,739
167,240
72
71
February......
453,518
137,631
70
71
March...
outlook is the best in many years.
crop
area
in
MILL
Unfilled
City Reserve Bank:
moisture
equal
in January,
business and agricultural con¬
ditions in the Tenth (Kansas City) Federal Reserve District
is taken from the Feb. 28 "Monthly Review" of the Kansas
third
based
the time
on
regarding
following
the
statement each
production, and
figure which indicates the activity of the mill
operated.
These figures are advanced to
100%, so that they represent the total industry.
also
Tons
For
Industry
received by us from the
Paperboard Association, Chicago, 111., in relation
give herewith latest figures
We
Orders
The
while in
311,672 tons.
1940, but hog and sheep slaughterings were smaller.
Tenth (Kansas City)
tons
1941
Harvesting of this
is expected to commence
Sugar consumption in
by the
production
falling off in exports, which
contrasted with 1,347,780 tons in the
is due primarily to the
Sugar production
in this district, as measured
production
manufacturing
The increase in stocks
season,
...
Department store sales in this district in January were somewhat larger
than in the same month one year earlier.
City department stores reported
a
added:
429,334
449,221
129,466
69
70
April
520.907
456,942
193,411
70
70
72
January
682,490
508,005
624,184
247,644
76
509,781
79
73
544,221
452,613
72
73
August........
587,339
487,127
236,693
196,037
74
73
September
468,870
470,228
162,653
163,769
^ 72
73
670,473
648,611
184,002
79
73
488,990
509,945
161.985
77
73
May..........
June
July
October
....
November
464,537
479,099
151,729
January...........
673,446
629,863
202,417
75
February
608,521
548,579
261,650
81
73
71
December
1941 —Month
of—
-
mm
'•
—
.
Week Ended—
1941—
Jan.
4
100,798
101,099
153,111
59
Jan.
11
161,994
77
69
18
168,364
185,003
72
Jan.
25
of manufacturers in the Eleventh District and the distribu¬
Feb.
1
202,417
79
75
Feb.
8
150,012
134,135
130,750
133,032
133,091
78
According to the Dallas Federal Reserve Bank "the output
137,150
138,863
147,634
149,001
130,847
Jan,
219,026
79
75
Eleventh (Dallas) District
tion of commodities to consumers continued heavy in Janu¬
exceeding the respective totals for the opening month
of 1940 by a substantial margin."
In its March 1 "Monthly
Business Review" the Bank further commented, in part:
ary,
Employment
level
than
and
payrolls
maintained
were
at
considerably
a
higher
by less than the
average seasonal amount from December to January, and on a seasonally
adjusted basis they were near the all-time high.
At reporting wholesale
trade firms business increased noticeably to a level 17% higher than in
January last year.
The value of constructon contracts awarded declined
somewhat from the record total reported in December, but continued much
greater than in the corresponding month a year earlier.
Daily average
crude oil production declined fractionally from December to January, but
refinery operations were stepped up, crude oil runs to stills being the
highest of record.
Production and shipments of lumber increased sharply,
following the usual year-end decline.
Operating schedules were about
those of a year ago at meat-packing establishments and at mills producing
cotton
a
year
textles,
Department store sales declined
ago.
products
cottonseed
tile and structural
iron
and
steel
and
flour.
Production of
brick
and
products continued to expand.
Twelfth (San Francisco) District
Gains
in
District
Twelfth
business
during the last half
of
1940, in part originating in and made possible by expan¬
sion in production facilities, were generally extended in
January and February, it was noted by the San Francisco
Federal
Reserve
March 1.
in
Conditions"
"Business
its
of
production,
influences
and
As
in
payrolls
the
employment
considered.
immediately
advanced
further,
sea¬
months,
preceding
expansion occurred principally in the defense and durable goods industries.
Activity
at
supplying
further,
Furniture
less
aircraft
shipbuilding
industries
while
gains
manufacturing
than
is
capacity
usual
levels,
spurred
and
these two
advanced
on
in
January.
while
the
plants
and
in
the
numerous
with
materials, equipment, and
also
took
place
automobile
and
in
and
assembling
smelting
by demands that, temporarily at least,
of
appeared
firms
parts
number
the
Local steel production
mining
was
industry.
to
recede
remained at about
non-ferrous
metals,
to be in excess
appear
of
current production, continued at the high levels of recent months.
New
private residential building, which customarily declines slightly in January,
advanced substantially, and on a seasonally adjusted basis attained a record
for
recent
January
years.
was
.
.
somewhat
Non-residential
.
lower
than
the
construction
totals
for
the
initiated
during
preceding
several
months.
material
were
well
been
largest
district
which
advances
maintained
in
defense
heavy
in
in
retail
January.
localities in
which
industries—aircraft
defense
construction
trade
154,524
138,549
234,260
Feb. 22.
148,723
135,763
247,271
80
77
Mar. 1-
155,262
141,176
261,650
82
77
8
154,001
138,165
277,115
80
78
Mar.
Note— Unfilled orders of the
not
district
January Employment in Non-Agricultural?Industries
Was at Highest Level of any January on Record,
of Labor Perkins Reports—Total of
36,343,000 Workers Was 1,100,000 Above January,
1929, and 1,868,000 Over January, 1940—Employ¬
ment on Public Construction and Relief Programs
Secretary
Advances, While Jobs in Regular Federal Services
Decline
With 36,343,000 workers employed in the non-agricultural
industries in January, employment was at the highest level
in any January on record, being over 1,100,000 above that
January, 1929, and 1,868,000 greater than in January,
1940, Secretary of Labor Perkins reported on Feb. 27.
"The largest portion of the gain during the year was in
manufacturing industries, in which 780,000 more workers
of
employed than in January, 1940," she said.
"Em¬
on construction projects also was considerably
above last year's level, more than 600,000 additional workers
being employed.
The only major group showing decreased
employment over the year interval was mining, in which
the loss of 8,000 workers was due to reductions in coal mining
and crude petroleum.
January employment was 956,000
less than in the preceding month as compared with a decline
of 1,166,000 between the same two months a year ago.
The
major portion of the decline was of course in retail-trade
establishments, in which employment was reduced by 650,000 in January following the seasonal increase due to Christ¬
mas
business.
Despite this decline, employment in retail
establishments remained substantially above the level of a
year ago."
Secretary Perkins also stated:
were
Continued expansion in many lines
centers
have
Los
not
December-January decline of 2.1%, or nearly
and
principal
and
rapidly
shipbuilding—are
the
concentration
expanding
located, or in
of
troops
are
a
whole the year period increase amounted to
10%.
sales at department stores in other
principal population
been as large as those in San Diego and
as
Tacoma, retail
Angeles, San Francisco, Portland and Seattle has nevertheless
improved recently.
of manufacturing activity, particularly
producing materials for National defense, resulted in a
January.
The current
the
and
While increases in
trade in
filled from stock, and other items made necessary adjust¬
less-than-seasonal decline in factory employment in
In San Diego department store sales in January were 40%
higher than in January, 1940, while in Tacoma the gain amounted to 88%.
the
do
Compensation for delinquent
prior week plus orders received, less production,
necessarily equal the unfilled orders at the close.
reports, orders made for or
ments of unfilled orders.
during November and December
Dollar gains in recent months have
occurring.
For
76
Feb. 15
81
in the industries
The
74
ployment
The Bank further said:
Industrial
sonal
Bank
78
decrease of 0.9%, or 74,000 factory
workers, was less than half the usual
employment and payrolls last month stood
levels
on
200,000 workers.
Factory
above all preceding January
record.
While winter weather conditions tended to
curtail employment on con¬
building construction
employment on Federal,
building construction projects showed only a negligible decline.
In the Fed¬
eral, State and local government service, not including the armed forces, the
struction
was
less
release
projects,
the January decline in private
pronounced than in previous years and
of
Post
Office
Department
handle Christmas mail more than
employees
engaged
temporarily
to
offset the gains shown in other branches
Volume
of Government service.
The employment changes in the remaining groups
not marked and followed
were
The above estimates relate to civil non-agricultural employment
and do
Corps, the Work Projects Administra¬
tion, the National Youth Administration,
The Labor Department also had the the following to report
concerning the January employment record:
The decline from
factory
These
defense
decidedly
were
smaller
seasonal,
than
activity having partially offset declines due to customary shut¬
downs for inventory taking and repairs.
are
factory
of 2.1%, or $4,900,000 in weekly
a decrease
losses
2.1%
193,000 in number of workers and 4.0%
or
or
been reported in
17 of the 21 years for which data
available, and in
payrolls in 19 years.
The January, 1941, employment index for all manufacturing industries
combined
115.2
was
(on the basis of 100 for the 1923^-5 base period), a
gain of 9.7% since a year ago.
119.8
or
The corresponding payroll index stood at
20% above the level of January, 1940.
Durable-goods employment showed
interval and
a
slight gain (0.3%)
a
large expansion (17.9%)
very
corresponding payroll changes
gain of 31.5% for the
over
the month
over
The
the year interval.
decrease of 0.8% of the month, but a
were a
The January, 1941, indexes were 118.0 for
year.
employment and 130.6 for payrolls.
Non-durable-goods
January, 1941, but showed
January,
+7.3%.
The
1941.
fell
employment
a
1.9%
from
1940,
December,
to
gain of 2.6% between January, 1940, and
corresponding
payroll
changes
The current employment and payroll
—3.9%
were
and
112.6 and
indexes were
Of the 157 manufacturing industries surveyed,
74 showed gains in em¬
ployment between December and January and 54 reported larger
most of the
Defense
payrolls,
employment increases being contra-seasonal.
industries
which
in
particular interest has centered in recent
months and which showed substantial employment
Earners
Industry
gains are listed below:
b
Wage
a
Gain
Earners
Industry
<
b
Wage
a
Gain
Screw-machine prod
26,300
Ammunition
10,500
The largest gains over the year were
Employment on Public Construction
4,000
2,600
Abrasives
32,500
11,600
129,600
9,200
Aircraft
138,500
71,100
80,700
41,700
in
the
month
ended
15,
increase of 21,000 over the
an
Machine-tool accessories
a
Estimated number, January,
A further
during the
month.
Gains on these defense projects were offset to a. degree by a seasonal
decline of 16,000 in the number of men engaged in the construction of roads.
The number of persons at work on all types of projects in January was more
than three times the number at work in the same month a year ago.
Pay¬
roll disbursements of $99,235,000 were $16,348,000 more than in the
sponsible for a gain of 43,000 on building construction
increase in employment
month ended Dec.
Contractors
on
was
projects.
reported on airport construction
15.
States Housing Authority
low-rent projects of the United
Approximately
the month ended
15, a decrease of 6,000 from the preceding month, but a gain of 10,000
the month ended Jan. 15, 1940.
Payroll disbursements of $4,276,000
42,000
Jan.
were
third consecutive month.
employment for the
curtailed
building-trades workers were employed during
$611,000 less than in December.
employment on construction
Administration touched the lowest
point since August, 1935.
Only 18,000 men were employed in the month
ended Jan. 15, 7,000 less than in the month ended Dec. 15.
Wage pay¬
ments of $1,960,000 for the month were $743,000 less than in the preceding
With
end
the
of the
in sight,
program
projects financed by the Public Works
month.
EMPLOYMENT AND PAYROLLS ON CONSTRUCTION PROJECTS FI¬
NANCED WHOLLY OR PARTIALLY FROM FEDERAL FUNDS AND
STATE FUNDS, JANUARY, 1941
ON ROAD FINANCED FROM
(In Thousands)
r
500
Payrolls
Employment
b Gain from December to January.
1941.
Change from
Change from
Program
Jan.,
employment
gains
were:
foundries
and
machine
(3,700),
Among
brass, bronze, and copper products (2,600), and chemicals (1,200).
In any other month
employing
more
workers in January, 1941, than
for which employment indexes have been computed
(back to 1923) were steel (533,600), foundries (465,500), aircraft (138,500),
shipbuilding
brass,
(129,600),
machine tools
bronze,
and
(112,000),
products
copper
largest
employment declines
industries: sawmills
were
(12,000),
seasonal
beet
and
sugar
(11,500),
few months.
Financed by regular
The employment and payroll indexes, 91.2% and 84.5%
of the 1929 averages, stood at the highest January levels in 10 years.
De¬
44.9%:
dry goods and general merchandise stores, 27.4%; women's clothing, 24.2%;
men's clothing, 23.2%; shoes, 24.1%: family clothing, 23.5%; and jewelry
partment stores curtailed employment by 36.2%, variety stores,
The only gains in retail employment were in automobiles,
0.3%; farmers' supplies, 2.2%; and fuel, 3.3%.
wholesale
In
trade,
the
usual
seasonal
occurred between mid-December and
employment
mid-January.
decrease,
1.7%,
All of the important
wholesale lines shared in this decrease with the following exceptions in
ported
by
dealers
in general
merchandise,
Financed by
which
Both employment and payroll levels were
Quarries and non-metallic mines reduced
the number of their workers less than seasonally by 9.1%, and payrolls
decreased 14.8%, reflecting reduced operations caused by winter weather.
9% above January, 1940.
Employment and payrolls in this industry remained
power
ment
considerably higher
In crude-petroleum production, an employ¬
0.7% was accompanied by a payroll gain of 1.1%.
and
telegraph
companies
and 0.2%
and street railways and buses.
1940.
increased their forces by 0.4%,
reported in electric light and
were
Hotels reported a January employ¬
pick-up of
5.4% and 7.7% above January,
gain of 0.7%, and laundries showed a better-than-seasonal
The January employment loss of 2%
less than usual for that
average,
+ 118
+67
9,761
—1,129
+743
for the months ended Dec. 15 and
maximum number employed dining any one
Employment and payrolls on Federal-aid roads
are for the calendar month; January, 1941, figures are estimated,
c Payrolls are
the totals for the months ended Dec. 15 and Jan. 15; employment represents the
maximum number employed during any one week in the corresponding month,
d Employment and payrolls are for the calendar month; January, 1941, figures
period.
estimated.
Employment in Regular Federal
Services
post-office workers employed during the
holiday season resulted in a decrease of 7,000 in the number of persons
employed in the executive service in January.
Payroll disbursements of
$177,185,000 to the 1,179,000 employees in the executive service were
$6,421,000 less than in December.
Showing a gain of 74,000 over December, the steadily increasing armed
forces of the United States Government reached a total of 958,000 in
The
discharge of temporary
January.
Payroll
disbursements of $59,514,000
were
$2,927,000 more
than in December.
EMPLOYMENT
IN REGULAR FEDERAL SERVICES,
PAYROLLS
AND
JANUARY,
1941
(In Thousands)
Payrolls
Employment
Dec.,
Jan.,
1941
a
1940
1940
a
—7
+240
958
+74
+523
0
0
Legislative
a
$
+33,053
677
—4
+79
1,310
+4
+ 13
0
Judicial
1940
177,185 —6,421
69,514 +2,927
+1
6
—
1,179
3
-
Jan.,
Dec.,
1940
$
$
Military..
,
Jan.,
1941
Executive
V;
Change from
Change from
Service
+30,548
Preliminary.
Employment on Relief Programs
Work relief projects
persons
of the WPA furnished employment to
1,841,000
in January, an Increase of 32,000 over December but a decrease
from January, 1940.
Wage payments of $101,670,000 were
in dyeing and cleaning plants
December
Employment on Federal agency
WPA declined 2,000 in January, leaving 64,000
persons at work.
Payrolls amounted to $3,077,000.
The NYA reported a decrease of 6,000 in the number of students em¬
$1,522,000 greater than in
projects financed by the
ployed on the student-work program
standing
and an increase of 94,000 on the out-
of-school work program.
month, the employment index, 101.2% of the
7.7% above January, 1940.
Employment in
by 0.7% and payrolls by 2.8%, both items being
over 11% below the January, 1940, levels.
Insurance companies increased
their forces slightly by 0.2% and payrolls rose 1.2%.
Employment in private building construction decreased 9.3% from
December to January and weekly payrolls, 11.0%.
The employment de¬
crease was less than seasonal, the average decline over the nine-year period
since 1932 being 12.3%.
The level of employment in January, 1941, was
1929
295
+1
of 351.000
0.9%, employment and payroll levels being
was
+1
—23
(0.2%) and
by a payroll decrease of 3.1%.
Telephone
—115
+1
b Payrolls are the totals
and payrolls declined by
payrolls decreased by 5.1%, also due to decreased production.
In metal
mines, a slight contra-seasonal employment gain of 0.5% was accompanied
while seasonal losses of 0.7%
+ 10
—7
15; employment represents the
week In the corresponding
goods, 5.4%;
Bituminous coal mines curtailed their working forces slightly
ment loss of
—6
3
Jan.,
fell off 1%
$
99,235 + 16,348 +7%076
—611
+ 1,289
4,276
—743 —10,368
1,960
42
--
9.8%, reflecting decreased production during the first half of January.
than at this season last year.
+ 567
120
Preliminary,
a
1940
\
+21
State roads.d
Jan.
Jan.,
18
RFC.c
and leather and leather goods, 5.2%.
over
1
13.2%; jewelry and optical
goods, 7.8%; farm products, 5.9%; amusement and sporting
In anthracite mines employment
1940
Financed by PWA.c
products, 0.5%; iron and steel scrap, 0.4%; and machinery, equip¬
and supplies, 0.2%.
The principal percentage decreases were re¬
ment
a
774
gains were reported: farm supplies, 5.9%; forest products, 6.9%; paper and
paper
1940
Federal ap¬
propriations. b
U. S. Housing Authoriiy.c
are
stores, 22.7%.
1940
$
Employment in retail trade declined seasonally by 15.6% and payrolls
by 13.2%, due to the release of temporary employees engaged to handle
Christmas trade.
Jan.,
Dec.,
a
(80,700), and engines (71,100).
occurred in the
canning
(10,200), confectionery (8,000), cigars and cigarettes (7,600), furniture
(6,400), baking (5.800), and newspapers (5,500).
The decline of 11,800
in meat packing indicated a leveling-off after the large gains of the past
The
following
Dec.,
1941
(12,000),
shops
electrical machinery (9,200), steel (6,900), agricultural implements
the industries which were
Jan.,
1941
showing
Other manufacturing industries affected by defense activity and
large
preceding
activity on the construction of Army camps was re¬
Increased
month.
Jan.
2,000
Machine tools.
Federal agencies rose to 774,000
financed from appropriations to regular
600
Shipbuilding..
Engines
construction projects
Preliminary figures indicate that employment on
800
Aluminum manufactures
negligible.
Florida, and Connecticut.
1,000
7,300
machine tools (8,867),
The wage-rate
(9,004),
January, 1940,
registered in the South
Atlantic and West South Central regions where employment was up by
10%.
The States showing the greatest increases compared with January,
1940, were the District of Columbia, Louisiana, Mississippi, Maryland,
over
1077.
sawmills
(3,311), and hardware (3,118).
Employment levels in the various States were well above
$9,300,000 in weekly
are
(16,035),
aircraft
The seasonally expected recessions
Decreases in factory employment from December to January have
wages.
and
changes reported for non-manufacturing industries were
in every case.
December to January of 0.9%, or 74,000 in
coupled with
was
payrolls.
dustries in which substantial numbers of workers
engines
6.7% and
Some of the in¬
received pay raises were
of the 4,908,067 wage earners covered.
foundries (6,004), chemicals
the armed forces.
or
These increases averaged
employment information in January.
affected 89,852
generally the usual seasonal trends.
not Include the Civilian Conservation
employment
1661
The Commercial & Financial Chronicle
152
EMPLOYMENT AND PAYROLLS ON
RELIEF PROGRAMS, JANUARY, 1941
(In Thousands)
brokerage firms declined
payrolls 49.7% higher, than in January, 1940.
The employment declines over the month interval were general throughout
the country with all geographic divisions reporting reduced employment.
The sharpest recessions occurred in the New England States (16.6%) where
usual severe January weather conditions curtailed building operations, and
In the East South Central States (39.0%) where war material plant con¬
40.2% higher, and weekly
struction in Tennessee
*
General wage-rate
by only 262 of the
approached completion.
reported
27,401 manufacturing establishments which
supplied
Change from
Change from
Jan.,
Jan.,
Program
1941
Dec.,
Jan.,
1941
Dec.,
Jan.,
a
1940
1940
a
1940
1940
$
$
WPA program:
Federal Agency
64
—2
—33
1.841
+32
—351
Student work program.c
445
—6
+7
Out-of-sohool work program.c.
425
+ 94
+ 103
Corps.d...
298
+ 12
—39
Projects operated by WPA.c..
—72
—1,334
101,670 + 1,522
—4,528
3.077
NYA projects:
a
2,262
—845
—601
7,965 + 1,443
+2,149
+408
—1,365
13.336
b Payrolls are the totals for the months ended Dec.
employment represents the maximum number employed during
Preliminary,
Jan. 15;
%
projects under
WPA.b
Civilian Conservation
increases between Dec. 16 and Jan. 15 were
Payrolls
Employment
15 and
any one
The Commercial & Financial Chronicle
1662
week In the corresponding month,
c
Figures
for the calendar months ended
are
d Figures on employment are for the last day of the month;
Dec. 31 and Jan. 31.
payrolls for the entire month.
ESTIMATES
NON-AGRICULTURAL
EMPLOYMENT
15, 1941
mining, building construction, laundries,
The data for manufacturing,
and dyeing and
cleaning cover wage earners only; those for railroads cover
employees while the data for water transportation cover employees on
all
TOTAL
OF
March
The data for
December, Dec. ,1940
1941
1940
a
Total
non
-
1940
and firm members, corporation officers,
to
Payrolls
Employment
Jan., 1941
Index
Industry
agricultural
Index
% Change from—
% Change from—
Jan.,
Jan.,
36,343,000 37,299,000 —956,000 34,475,000 + 1.868,000
employment
supervisory.
executives, and others whose work is mainly
1940,
Jan.,
January,
to
Jan., 1941
inary)
in deep-sea trades only.
other industries exclude proprietors
(Prelim¬
vessels of 1,000 gross tons or over
Change
Change
January,
1941
Dec.,
Jan.,
1941
Dec.,
*
Employees in non-agricul-
1940
1940
*
1940
establishments...... 30,200,000 31,156,000 —956,000 28,332,000 + 1,868.000
:>■"
Jan.,
1940
+781,000
1,618,000
1,714,000
—96,000
9,698,000
853,000
1,012,000
3,010,000
3,039,000
—29,000
2,935,000
+75,000
Trade
6,187,000
6,062,000
+ 125,000
Finance, service & misc.
4,140,000
6,884,000 —697,000
4,180,000 —40,000
1
4,078,000
+62,000
3,921,000
3,931,000
—10,000
3,694,000
+227,000
Food products...
c
—2.3
c
c
—3.8
c
958,000
884,000
+74,000
435,000
+ 523,000
Groceries & food spec'les
c
—0.2
c
c
—1.3
c
c
—1.5
c
c
—2.8
c
b Includes
Dry goods and apparel..
Mach., equip. & supplies
c
+0.2
c
c
—1.8
c
c
—5.9
c
C
—3.5
c
c
—0.2
c
—4.0
Manufacturing
...
10,479,000 10,553.000
—74,000
855,000
—10,000
845,000
Mining
Construction
+ 606,000
Federal, State and local
government
naval forces.
Included In estimates
Not
of
total non-agricultural employment,
The estimates of "Total civil
Farm
Congress.
non-agricultural employment," given
on
the
gainful work in the United States in non-agricultural industries, excluding
for
shown
as
"Employees in
and
workers
"Employees
separately for each of
available
are
on
(lncl. bulk tank sta'ns)
week ending
seven
establishments"
are
Tables giving
major industry groups.
request.
working at
the middle of each month.
nearest
any
time during
The totals for the
United States have been adjusted to conform to the figures shown by the
Census of Occupations for the number of non-agricultural
1930
"gainful
workers" less the number shown to have been unemployed for one week or
at the time of the Census.
more
Indexes
of
combined,
and
employment
class
payrolls for all manufacturing industries
I steam railroads, and
for those non-manufacturing in¬
The three-year average 1923-25 is used as a base in
computing the indexes
for the manufacturing industries and the five-year average
I
railroads.
steam
for
For
other
the
1929 is
prior to
Bureau's records, and the 12-month average
computing the index numbers.
1935-39
for 1929 is used
as a
base in
These indexes are not adjusted for seasonal
OF EMPLOYMENT
PAYROLLS OF WAGE
AND
MANUFACTURERS.
OF
d87.8
—33.9
+6.0
Apparel
+ 1.7
75.4
—19.3
+3.3
Furniture A furnishings.
75.9
—7.3
0
67.8
—11.1
+2.6
Automotive
87.5
—0.6
+ 7.5
82.5
—3.2
+ 13.2
Lumber A bldg. mat'ls..
73.1
—3.9
+4.4
68.4
—5.7
+5.7
Telephone and telegraph..
Electric light and power...
d80.0
+0.4
+ 5.2
dl03.6
+0.1
+6.4
d90.7
—0.7
+ 1.7
d 105.5
—0.5
d68.2
—0.2
—0.8
d71.0
—2.9
+2.8
50.3
—1.0
—2.3
38.5
—9,8
—26.6
89.9
—0.2
—2.1
86.7
—5.1
—0.3
Public utilities—
Mining—Anthracite
Bituminous
i
coal
72.4
+ 9.1
70.4
—3.1
+ 10.6
Quarrying & non-metallic.
41.3
—9.1
+ 9.3
36.2
—14.8
+22.2
Crude petroleum produc'n.
60.2
—0.7
—4.7
56.5
+ 1.1
—3.2
93.2
+0.7
+2.0
f84.0
—0.1
+0.5
ServicesHotels (year-round)
+ 0.9
+ 5.4
89.8
+0.6
+7.7
101.2
—2.0
+7.7
73.5
—3.0
+ 12.2
c
—0.7
—11.1
c
—2.8
—11.7
+0.2
+ 1.6
c
+ 1.2
+3.8
—9.3
+40.2
c
—11.0
+49.7
c
c
c
c
Insurance
♦
c
Preliminary,
a
+0.9
£76.9
Revised series—Retail trade Indexes
indexes to 1937 Census,
e
tions of subsidiary, affiliated and successor
by the U.
computed,
p. Maritime Commission.
EARNERS IN MANUFACTURING INDUSTRIES—ADJUSTED TO 1937
a
AND b.
(Three-Year Average
CENSUS
1923-25=100.0)
Payrolls
Employment
Dec.,
Jan.,
*Jan.,
Dec.,
1940
1940
1941
1940
106.2
107.0
Dec.,
Jan.,
*Jan.,
Dec.,
Jan.,
Jan.,
1940
1940
1941
1940
1940
1941
Jan., <
1940
Non-durable Goods
121.6
108.3
130.8
133.2
106.2
Cast-iron pipe
silver
131.3
129.5
120.9
139.9
142.1
119.3
138.7
134.7
117.2
172.6
178.0
124.4
87.9
rolling mills...
Bolts, nuts, washers and rivets.
87.4
74.4
93.9
97.1
64.8
and
plated cutlery) A edge tools..
Forglngs, Iron and steel
110.0
110.2
104.7
109.7
115.2
93.0
91.2
88.4
72.3
123.5
118.8
85.8
Hardware
112.4
112.5
103.5
130.0
128.4
108.9
96.9
96.5
82.2
89.0
93.1
70.8
189.3
196.1
158.0
216.8
227.9
160.2
103.4
102.6
83.2
108.8
107.8
73.9
Plumbers' supplies
Stamped and enameled
ware...
water
heating
apparatus A steam fittings..
Stoves
Hosiery
Knitted outerwear
Knitted underwear
Knit
cloth..
103.1
78.0
85.0
98.8
64.6
93.4
Woolen and worsted goods..
Wearing apparel.........
Clothing, men's............
90.4
73.4
89.0
86.0
62.6
87.5
89.9
91.5
81.4
134.0
134.3
129.7
119.7
121.2
109.5
82.0
83.9
90.9
81.6
81.5
84.8
160.4
146.1
61.5
142.4
146.2
143.8
147.4
71.4
59.4
54.5
47.4
77.4
75.4
73.5
74.2
66.0
147.5
137.3
125.1
129.8
112.1
65.3
72.8
52.4
54.4
99.9
100.9
86.5
93.3
96.3
73.1
116.6
117.3
116.1
92.5
95.6
87.5
86.2
80.1
56.5
108.1
105.5
160.5
164.5
162.2
117.8
125.7
113.5
112.8
115.4
115.9
122.6
112.0
109.4
123.9
111.5
133.9
95.0
113.5
113.2
96.9
96.1
141.5
136.1
97.5
Shirts and collars
Wlrework
207.2
206.8
171.9
238.6
242.0
188.8
...
135.9
112.4
167.2
162.8
119.1
151.5
143.2
135.2
185.2
171.3
155.8
135.6
134.7
126.4
151.3
147.8
128.6
129.7
125.6
101.7
162.9
157.5
112.4
210.4
125.3
331.2
303.5
161.8
Foundry A machine shop prods.
117.1
114.1
97.2
128.1
126.6
95.2
Machine tools..
285.2
276.0
196.8
412.2
394.2
258.5
Radios and phonographs......
Textile machinery and parts...
146.3
158.0
136.4
140.9
162.9
121.7
88.9
86.1
86.2
97.5
90.6
83.5
Typewriters and parts
130.8
132.2
122.6
141.0
147.3
111.3
Transportation equipment b
152.2
Aircraft b.................. 4945.0
149.2
116.7
170.4
168.9
119.8
4686.3
2274.6
5746.4
5257.0
2197.0
144.8
119.9
78.7
54.5
41.5
119.6
103.3
115.0
98.2
90.6
97.4
83.2
78.5
82.3
88.0
95.8
79.8
73.2
91.6
79.1
85.8
87.5
89.5
86.1
119.5
119.9
132.4
117.0
144.1
141.4
134.2
137.7
131.1
255.5
...........
87.4
130.4
140.5
Canning and preserving.......
Confectionery
85.8
121.1
Baking
Beverages
289.5
299.4
278.8
260.2
254.9
90.5
94.5
88.8
79.6
83.8
74.6
91.2
103.3
91.0
79.9
92.7
80.6
87.7
87.6
103.0
80.3
100.5
82.9
76.8
77.8
79.0
72.1
72.8
67.9
69.3
66.3
59.2
60.9
56.0
115.7
125.0
111.8
119.3
137.3
118.9
94.6
235.8
69.7
82.1
265.1
62.6
...
.....
Flour
Ice
222.9
...
Food and kindred products
Butter
58.5
60.8
122.1
93.6
Leather and its manufactures
Boots and shoes........
Leather
139.7
104.4
73.9
119.6
Millinery
Engines, turbines, water wheels
Automobiles
89.0
89.6
111.8
93.6
........
98.0
109.3
98.9
....
96.6
87.3
116.5
and windmills
95.9
65.0
Silk and rayon goods
121.5
and supplies....
72.3
100.5
77.0
100.3
Agricultural implements, (inai.
tractors)
Cash registers, adding mach's
and calculating machines
Electrical machinery, apparatus
84.8
76.2
139.6
.....
cans and other tinware
Tools (not lnol. edge tools, mar
chine tools, files and saws)..
Machinery, not lncl. transporter
tlon equipment.
95.6
74.8
64.8
.........
Corsets and allied garments..
Men's furnishings
Tin
87.5
92.7
82.3
Clothing, women's
92.8
Structural A ornamental metalwork
Dyeing and finishing textiles.
Hats, fur-felt
97.6
95.9
82.4
90.9
Carpets and rugs....
Cotton goods..
Cotton small wares
94.6
100.4
100.5
Fabrics
103.5
99.5
82.4
Textiles and their products
122.1
Blast furnaces, steel works and
bot
companies.
Manufacturing Industries
Iron and steel and their produots,
not including machinery
and
Not available,
of board, room and tips cannot be
f Cash payments only; value
Durable Goods
Steam
c
adjusted to 1935 Census, public utility
and motor bus opera¬
Covers street railways and trolley
1941
lncl.
1939 census figures,
Revised series—adjusted to preliminary
Interstate Commerce Commission,
b Source:
+3.6
101.3
...
Dyeing and cleaning
Brokerage
PayroUt
Employment
+3.8
Metalliferous
*Jan.,
(not
+3.8
96.8
+7.4
EXCEPT AS INDICATED IN FOOTNOTES
Manufacturing Industries
Cutlery
—2.0
+ 1.4
g Based on estimates prepared
NUMBERS
+5.8
—2.6
as a
non-manufacturing in¬
not available from the
variation.
INDEX
c
—13.2
d84.5
—37.0
d
years
c
—3.3
c
c
—23.4
Water transportation
class
c
+4.0
Building construction
information
+4.2
79.2
January,
for
c
—3.7
30.3
...
—15.6
103.6
merchandising.
1941, with percentage changes from December, 1940, and January, 1940.
base
c
c
d95.9
General
Laundries
dustries for which information is available, are shown below for
dustries
■"•f
—0.8
c
d91.2
Food
in domestic service.
persons
non-agricultural
in
The figures represent the number of persons
the
products
Automotive
non-
figures for each group, by month, for the period from January, 1929, to
date
+0.3
+20.4
Street railways A busses.e.
The series described
casual
persons,
—1.7
90.9
.....
Retail
agricultural establishments" excludes also proprietors and firm members,
estimates
+ 2.9
—2.1
Petrol. & petrol, prod'ts
military and naval personnel, persons employed on WPA or NYA projects,
and enrolles in CCC camps.
The
—0.6
all9.8
(1929=100)
first line of the above table, represent the total number of persons engaged
self-employed
99.8
Class I steam railroads _b
Trade—Wholesale
members of the National Guard inducted Into the Federal service by Act of
in
+9.7
(1935-39=100)
utilities
a
—0.9
Manufacturing
Transportation & public
b Military &
all5.2
(1923-25=100)
—8,000
87.3
94.2
89.7
70.5
85.1
71.4
60.2
65.6
59.0
58.9
67.4
52.9
57.6
57.4
63.4
66.7
69.8
.....
cream
....
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
Tobaooo manufactures
73.4
Chewing and smoking tobaooo
and
snuff....
Cigars and cigarettes.........
Paper and printing.......
Boxes, paper......
...
.....
67.8
60.4
66.6
58.4
57.9
67.0
51.0
116.7
119.9
115.1
115.0
120.7
110.0
118.2
125.2
116.6
130.9
145.3
121.6
117.6
129.4
129.3
115.8
142.1
115.9
114.1
127.3
128.5
64.8
66.0
52.8
58.8
62.3
47.3
Paper and pulp..............
Printing and publishing:
115.6
Cars, eleotrio A steam-railroad.
Locomotives...
49.4
45.7
28.3
55.0
50.1
27.2
Book and Job—............
103.0
105.3
102.6
94.2
97.9
91.6
238.3
Newspapers and periodicals.
Chemicals
petroleum
and coal
116.4
121.1
113.5
108.0
116.0
105.7
125.8
125.5
121.0
141.6
144.0
131.0
118.9
119.8
121.6
131.0
139.0
133.5
144.9
145.5
130.3
159.8
.....
Shipbuilding.
221.3
137.5
304.6
290.1
148.0
Nonferrous metals and their prod.
Aluminum manufactures
131.0
131.1
109.8
145.8
149.6
108.7
212.4
208.6
170.1
265.3
264.0
192.7
Brass, bronse and eopper prods.
172.1
168.1
135.7
221.2
219.3
150.3
Clocks and watohes and tlme-
recordlng
Jewelry
devices..
products.
...
Petroleum refining.........
Other than petroleum refining.
Chemicals
127.5
126.9
120.9
151.9
149.9
135.8
188.7
187.9
112.9
123.5
105.4
105.2
121.7
99.6
117.0
115.7
118.5
132.3
130.5
129.2
148.3
146.7
103.5
195.5
196.0
120.9
105.7
119.6
92.9
96.0
104.4
89.0
81.4
97.3
72.7
110.2
92.8
98.3
102.0
74.2
78.6
71.7
71.2
85.2
61.3
97.5
96.6
86.9
101.2
102.6
86.5
Paint and varnishes
126.8
126.2
123.5
137.6
138.9
128.5
71.0
73.7
67.3
66.8
71.5
58.8
315.1
313.5
335.9
334.4
320.4
97.4
90.3
84.8
92.6
74.6
Rayon and allied products
Soap
313.5
93.7
Silverware and plated ware
111.6
73.1
Lighting equipment
90.6
107.6
................
106.1
85.2
84.8
83.5
107.1
106.3
100.3
98.9
97.5
90.0
111.6
111.1
69.0
66.9
59.1
80.3
81.3
56.4
77.9
76.9
73.6
98.0
96.4
85.6
168.3
166.6
150.3
172.2
173.9
144.8
115.2
116.2
105.0
119.8
122.4
99.8
118.0
117.6
100.1
130.6
131.6
99.3
112.6
114.8
109.7
107.7
112.1
100.4
Smelting and refining—copper,
lead and sine
Lumber and allied products
Furniture
......
Cottonseed—oil, cake A meal
Druggists' preparations...
Explosives
..........
Fertilizers
Lumber:
.........
Rubber products....
Rubber boots and shoes.....
...
Millwork
69.8
71.5
61.5
56.6
59.7
47.0
62.2
64.7
59.5
57.0
60.4
51.1
85.1
88.9
77.7
78.8
85.8
66.9
Brick, tile and terra cotta
63.4
65.8
57.0
53.4
67.2
63.8
71.7
57.7
60.3
72.4
50.5
115.0
116.8
105.6
131.5
137.6
113.1
95.0
105.1
85.4
80.9
82.5
94.1
43.4
Cement
103.1
Sawmills.
....
Stone, clay and glass produots...
Glass
Rubber tires and Inner tubes...
Rubber goods, other..
Summary
All Industries.*
.......
Marble, granite, slate and other
products.
Pottery.
♦
In
38.0
........
45.1
38.8
26.1
33.3
23.9
104.0
105.6
92.4
93.9
101.3
80.7
Durable goods.*
Non-durable goods a.
January, 1941, Indexes preliminary; subject to revision,
a Adjusted to preliminary 1939 Census figures,
b Revised on basis of complete survey of aircraft industry
Indexes not comparable to indexes appearing In press releases dated earlier thnn November, 1940. Revised figures available in mimeographed form.
August, 1940.
Volume
Bank
The Commercial & Financial Chronicle
152
Debits
for
Week
Ended
Above
a
March
Year
5,
15.5%
1941
Ago
Debits to deposit accounts (except interbank accounts), as
reported by banks in leading cities for the week ended
March 5, aggregated $10,329,000,000.
Total debits during
the 13 weeks ended March 5 amounted to
$125,389,000,000,
0*11% above the total reported for the corresponding period
a year
ago. vAt banks in New York City there was an in¬
crease of 8% compared with the
corresponding period a year
and at the other reporting centers there was an increase
of 13%.
These figures are as reported on March 10, 1941,
by the Board of Governors of the Federal Reserve System.
ago,
SUMMARY BY FEDERAL RESERVE DISTRICTS
Week Ended
13 Weeks Ended
Mar.
1941
Boston
Mar. 5,
1941
6,
1940
average
Flour
1940
$551
$458
$7,275
$6,151
3,883
52,133
48,482
571
456
6,704
Cleveland
723
603
9,033
Well Maintained
of
Flour
short
production
month
showed
up
.
of
405
318
4,859
4,045
Atlanta.
339
279
3,549
16,741
3,282
1,528
1,268
Louis
312
252
4,063
18,368
3,818
Minneapolis
188
182
2,098
Central
295
262
3,720
3,464
Dallas
237
210
908
772
3,167
10,152
2,843
San Francisco..
$10,329
3,866
$8,943
$125,389
$113,066
3,552
47,746
5,620
4,675
843
716
67,253
10,391
City
Total, 274 reporting centers
New York City *
140 Other leading centers *
133 Other centers
*
Centers for which bank debit figures
the
5,337,961
it
barrelsi,
5,260,277-barrel
figure
of
February
last
the
Southeast
and
the
eastern
division
of
the
West alone in
The
latter, consisting of Illinois and eastern Missouri
including those at Chicago and St Louis, increased
monthly production 19,210 barrels.
Other
sections
mills,
its
showed
A
natural
detailed
decreases from
table
January to February.
below, giving monthly
appears
and
yearly comparisons:
8,947
available back to 1919
are
Totaling
Y;
44,396
59,516
9,155
Chicago
St
well maintained during February,
was
holidays.
registering gains over the output of
the previous month.
The former, including mills in Ken¬
tucky, Tennessee, Virginia and Georgia, made a gain of
1,630 barrels over the January production.
2,065
Kansas
.
in^Holiday Month
February, 1941
well against 5,665,946 barrels for January and
outstripped
6,053
7,445
Richmond
Philadelphia
Production
revealed
Mar. 6,
4,272
New York
production.
These figures, furnished by "The Northwestern Miller"
by
plants accounting for 64% of the national flour production,
Federal Reserve District
Mar. 5,
On March 1, 1941, unfilled orders as reported
by 396 softwood mills were
1,048,989,000 feet, the equivalent of 31 days' average production, com¬
pared with 779,064,000 feet on March 2, 1940, the equivalent of 23 days'
year.
(In Millions of Dollars)
1663
TOTAL MONTHLY FLOUR PRODUCTION
(Reported by mills producing 64% of the flour manufactured in the United States)
February,
Previous
February,
February,
1941
Month
1940
1939
Northwest.....
1,148,026
1,178,101
1,160,450
1,097,91 i
Southwest
1,989,958
2,170,483
February,
1938
1,040,041
1,787,043
748,608
Lumber production during the week ended March 1, 1941,
3% less than in the previous week; shipments
was
were
6%
greater; new business, 1% greater, according to reports to
the
National
Lumber
Manufacturers
Association
from
809,625
878,169
1,876,286
720,765
1,780,067
Buffalo
Report of Lumber Movement Week Ended March 1, 1941
Central West—Eastern dlv.
468,629
494,020
524,564
451,429
248,583
229,371
124,551
246,328
116,098
266,047
268.548
152,461
*299,704
Western division
Southeast
North Pacific Coast
hardwood
*
orders
new
Year-to-Datc
Comparisons
weeks
corresponding
new
nine
orders
weeks
shipments
of
of
shipments
1940;
24%
were
18% above
was
above
the
shipments
20% above the orders of the 1940 period.
were
1941
date
to
business
new
For the
11% above production, and
was
10% above production.
were
compared with 22%
year
ago; gross
a
year
stocks
33%
Unfilled orders
ago.
on
March 1,
33%
were
1941,
week
for
for
and
board
the
the corresponding
current
week
ended
March
week of
a
1,
year
1941,
for
the
follows,
ago,
previous
in thousand
feet:
Hardwoods
Softwoods
Softwoods and Hardwoods
1941,
1940
1941 Week
1941 Week
1941
Previous
Week
Week
Week
(Revised)
302
Mills
Production
100%
112%
111%
248,966
Orders
91
221,556
Shipments
245,142
_
.
Lumber
470
We give
495
9,706
100%
231,262
191,562
237,836
112%
259,824
208,733
245,689
10,474
108%
255,616
214,717
252,209
and
Shipments
Weeks Ended March 1
herewith, data
470
10,858
Production
,
on
During
Four
identical mills for four weeks
ended March 1, 1941 as reported by the National Lumber
Manufacturers Association on March 13:
An average
of 485 mills report as follows to the National Lumber Trade
Barometer for the four weeks ended March
—TNEC
1, 1941:
Softwoods
Hardwoods
—
1940
1941
1940
898,075 728,673 952,203 777,501
41,445 46,344 45,719
39,525
1941
1940
981,929 786,166
42,756
35,630
939,520 775,017 997,922 817,026 1,024,685 821,796
Production during the four
weeks ended March 1, 1941, as reported by
21% above thai; of corresponding weeks of 1940.
Softwood
production in 1941 was 23% above that of the same weeks of 1940 and
40% above the record of comparable mills during the same period of 1939.
Hardwood output was
11% below production of the 1940 period.
Shipments during the four weeks
those of corresponding
ended March 1,1941, were 22% above
weeks of 1940, softwoods showing a gain of 22%
and hardwoods, a gain of 16%.
Orders received during the four
above those of corresponding
weeks ended March 1, 1941, were 25%
weeks of 1940.
25% above those of similar period of
Softwood orders in 1941
were
1940 and 42% above the same weeks
Hardwood orders showed a gain of 20% as compared with corre¬
1, 1941, gross stocks as reported by 399
softwood mills were
production (threecompared with 3,524,029,000 feet on March 2.
3,049,394,000 feet, the equivalent of 86 days' average
year average
1938-39-40) as
Control
of
Oil
Oil
Output
Off—
Gain—Standard of California
The defense aspects
of the domestic petroleum industry
spotlight at the final hearings of the Cole sub¬
will hold the
committee of the House of
Representatives which has been
investigating the petroleum industry for
many
months in
effort to determine the need for Federal legislation of
are
scheduled to
open
in
Washington
an
the
on
March 25.
Witnesses
on
the tentative schedule for the
hearings include
representatives of the Office of Production Management,
Secretary of War, Secretary of Navy, Secretary of the In¬
terior, railroads, pipelines and of the Interstate Compact
Commission.
Current indications are that the final hearings
will bd practically a reopening of the 2-year-old investigation
in view of the sharp changes in underlying conditions because
of the Nation's defense program.
Chairman Cole recently returned
from a vacation in the
South, and on his way to Washington stopped off in Georgia
to investigate reports that important defense projects in¬
volving construction of pipelines from the Southeastern
refining area to the Northern Atlantic seaboard area was being
delayed because of the inability of the backers of the project
to obtain right-of-way for a line through Georgia.
"At the hearings on March 25, the Committee will hear
testimony bearing upon the vital need for petroleum in the
national defense, its importance in commerce and industry,
and whether the critical condition in Europe and Asia has
presented an urgent need for Federal legislation to safe¬
guard
our
petroleum supply
through the prevention of waste,
and the establishment ana maintenance of sound, economic
conditions in the oil industry as outlined in the letter to the
under date
of
Southeastern
Committee in
a
pipeline
Nov.
29,
1939, from President
"The hearings also will cover
situation as presented to the
letter of Jan. 23, 1941."
Following the disclosure that
Secretary of the Interior
advisability
the construction of pipelines between the mid-continent
Ickes had asked defense authorities to study the
of
oil field and the Atlantic Seaboard, it was learned that such
plans will be supported by defense officials concerned with the
petroleum industry's branch of the national defense pro¬
gram.
An official of the Office of Production Management
explained that there are now two pipelines proposed to cross
that territory.
One is the Plantation Line, owned jointly
by the Standard Oil Co. of New Jersey and Shell, which would
from Baton Rouge, La., to Greensboro, N. C., the other
the Southeastern Line, jointly owned by Gulf and Pure Oil,
run
which is to carry
St.
Joseph,
gasoline from Chattanooga, Tenn., to Port
Fla.
already is under construction,
Oil-Shell pipeline has not yet been started.
While the Gulf-Pure Oil line
sponding weeks of 1940.
On March
Federal
Changes Price Postings
the
1941
Possible
Necessary—Crude
Roosevelt," Mr. Cole said.
Orders
Shipments
(In 1,000 Feet)
of 1939.
429,884
4,863,569
Inventories
Crude
Committee
Production
these mills, was
643,389
5,178,098
Sees
Industry
greater than
13% less.
were
Softwoods and Hardwoods
Record
615,786
5,260,277
Includes Indiana; since 1938 under Central West, eastern division.
industry which
Supply and Demand Comparisons
The ratio of unfilled orders to gross stocks was
a
591,251
5,665,946
Petroleum and Its Products—Cole Committee Resumes
March 25—Secretary Ickes Enters Pipeline Picture
.
Reported production for the nine weeks of 1941 to date
and
546,958
and
softwood mills.
Shipments were 12%
11% above production.
Compared with the
corresponding week of 1940, production was 21% greater,
shipments 24% greater, and new business 19% greater. The
industry stood at 136% of the average of production in the
corresponding week of 1935-39 and 127% of average 1935-39
shipments in the same week.
The Association further
reported:
and
289,741
5,337,961
Totals.
regional associations covering the operations of representa¬
tive
126,182
786,794
1940, the equivalent of 101 days' average production.
the
Standard
In both
question
pipeline construction programs, there has been the
of
crossing
railroad right-of-ways involved
but
The Commercial &
1664
Typical Crude per Barrel at
Prices of
Production Management hold that
construction of the two pipelines, which would be of
officials of the Office of
the
Corning, Pa
ment
REFINED
A
support.
move
developed
for Federal regulation
new
a
on
1.05
Western Kentucky
.90
Mid-Cont't, Okla., 40 and above— 1.03
Rodessa. Ark., 40 and above
.125
Smackover, Ark., 24 and over.....
.73
of the petroleum industry
and
practices
similar to that
ARY
panies.
commenting
In
upon
a
study
on
the control of the
petroleum industry by major oil companies which was pre¬
pared for the Committee under the direction of R. C. Cook,
Anti-Trust Division expert, Mr. Anderson pointed out that
the industry is controlled by 20 major oil companies which
have developed from some of the original
Standard Oil
group as well as some non-Standard competitors, all of them
being full integrated and acting as a group monopoly prac¬
tising indentical policies.
While the major oil companies have only 60% of the in¬
vested capital, Mr. Anderson pointed out, they control a
much higher share of the operations and facilities of the
industry.
Although they control less than 25% of the oil
wells, their ownings are by far the most productive, since
they account for 52% of crude oil production.
The majors,
refine 85% of the crude oil, he continued, and the deficiency
of their own oil supply is made up by purchasing from
independent operators, who sell in a buyers' market, since the
major companies control the available pipelines.
The major oil companies, he pointed out, own or have
under lease over 70% of all the proven oil reserves in the
United States and follow a policy of developing them rather
slowlv, because of their ability to buy crude oil at the wells
at their own uniform posted price and transport it back to
their refineries on a low-cost basis.
The majors, it was
maintained, have been able to build their refnieries at the
strategic locations and for the most part they are
immense plants capable of turning out many products at
most
It was emphasized that they have an almost
monopoly of patents.
The independents are
hampered not only because of lack of patents but by the
large royalties they must pay when they may use them, it
low-unit cost.
complete
was
stressed.
Independent refiners are forced to locate in or near oil
fields owing to lack of transportation facilities, Mr* Ander¬
son contended.
He added that the majors purchase much of
independent's gasoline so that it will not reach inde¬
distributors.
The majors have their strongest
control in pipelines and tankers, he continued, and in the
case of pipe lines the control is very similar to that held by
the
pendent
Standard
Oil
interests.
There
are
no
independent com¬
panies engaged solely in the transportation of oil by pipe¬
line, except nine companies which were Standard Oil units,
he indicated.
The total for the week, however, was
day less than estimated March domestic
the United States Bureau of Mines.
California, Texas and Louisiana showed higher totals while
their increases were offset to a major degree by lower pro¬
duction totals in Oklahoma, Illinois and Kansas.
Inventories of domestic and foreign crude oil gained 1,393,000 barrels during the final week of February, rising to 263,176,000 barrels, the United States Bureau of Mines reported.
Domestic crude stocks rose 1,450,000 barrels, but this was
22,000 barrels
demand
as
slump of 57,000 barrels in holdings of
Stocks of California heavy crude, not
included in the 4definable" crude stocks, totaled 12,199,000
barrels, up 18,000 barrels from the previous week.
Standard Oil Co. of California, effective March 12, ad¬
justed crude oil prices in San Joaquin and Elwood fields
a
an advance of 5 cents a barrel on heavy
maximum reduction of 10 cents a barrel up to
37 gravity, with a top for higher gravities of $1.19.
The
basic quotation of $1.03 on 27 gravity Signal Hill oil remains
unchanged.
Price changes follow:
which
involved
March
LUBRICATING
a
12—Standard Oil of California advanced heavy oil crude prices
in San Joaquin and
Elwood fields 5
cents a barrel, but cut c ude up to 37
degrees 10 cents a barrel.
March 13—Union Oil Co. met the changes posted by Standard of Cali¬
fornia in the San Joaquin and Elwood fields.
ADVANCED
PRICES
IN
CERTAILED—RISE
—
REFINERY
STOCKS
GASOLINE
brought
Further improvement in the motor fuel markets
advance of 3-10ths to 4-10ths cent a gallon in
tank
car
prices of gasoline throughout New York and New England,
with the exception of western New York State.
Dealer
will be adjusted
in depressed price
areas."
No changes were made in posted gasoline prices in
the greater New York City area in the March 12 advances.
Pennsylvania lubricating oils also moved into higher
price ground during the week on the betterment in the
position of crude and finished products.
Neutral oils,
low-pour test, showed a gain of 1 cent a gallon while cylinder
stocks were marked up ^ cent a gallon.
Incidentally,
passage of the lease-lend bill meant little to the lubricating
and commercial consumer prices
tank wagon
accordingly, the company said, "except
that England will continue her
market since oilmen assume
of lubricants
purchases
heavy
from Curacao,
Colombia
and Venezuela.
sharp advance in gasoline
A
prices in 50 cities during Feb¬
disclosed in statistics gathered by the American
Institute.
The average retail price of gasoline,
before taxes, on March 1 was 12.27 cents a gallon, up 9
points from the Feb. 1 postings and 18 points bettern than
the 7-year low of 12.09 cents a gallon reached on Dec. 1,
last.
However, the March 1 figure was sharply below the
13.34-cent figure shown on the comparable 1940 date.
Sharp curtailment in refinery operations during the initial
week of March held down the rise in stocks of motor fuel to
a figure lower than normal at this time of year.
A cut of
2 points in refinery operations cut them to 80.9 % of capacity,
the lowest figure in many weeks.
Daily average runs of
crude oil to stills were off 80,000 barrels to a total of 3,505,000
ruary was
Petroleum
^
barrels.
Inventories of finished,
showed
ended
unfinished and aviation gasoline
during the week
the
gain of only 261,000 barrels
a
March 8, according to the mid-week report of
Petroleum Institute.
Total holdings were
American
97,-
178,000 barrels of finished and unfinished motor fuel, which
includes 6,539,000 barrels of aviation gasoline.
Breaking
the totals down disclosed that motor fuel stocks were about
the total
fuel oil
barrels, divided evenly between light
90,500,000 barrels, which is 5,000,000 barrels under
at this time last year.
Withdrawals from
held
stocks
were
2,571,000
and heavy oils.
Price changes
follow:
prices of gasoline 3-10ths
New England with the
12—Socony-Vacuum lifted tank car
March
to 4-10ths cent a
gallon throughout New York and
exception of western New
York State and metropolitan New
11—Pennsylvania lubricating oils moved up
U. S. Gasoline (Above
St. OH N. J.$.06
Socony-Vac. .06
-.06J4
T.Wat. Oil. .08H-.08H
ports
$.04^-.05H
.06H-.07
.05 H
.04J4-.05H
|North Texas
...
S.OliNew Orlearv_$.05#-.05tS
.$.055! Los Angeles.... .03 >$-.05 Tulsa—..... .04 -.04K
(Bayonne)
Fuel Oil, F.O.B.
Refinery or Terminal
$1.00-1.25
$1.25
Bunker C
New Orleans C
California 24 plus D
N. Y. (Harbor)—
Phlla., Bunker C
$1 00
L
1.75
Diesel
Gaa OH. F.O.B. Refinery or
i
7 plus
Terminal
Gasoline, Service Station, Tax
York
.171
Boston....
Included
$.166,Buffalo..
$.17(Newark
Brooklyn
•
iTulsa........—*.02-.03
$.0531
Chicago—
$.041
28.30 D
N. Y. (Bayonne)—
•
Orleans.
Car, F.O.B. Refinery
Kerosene, 41-43 Water White, Tank
t
New
Gulf
.07 >$-.08
New York—
zNew
Chicago
Tulsa
RlchOU(Oal) .08 ^-.08 J*
Warn* r-Qu.
Refinery
Other Cities—
$.07K-.08
Gulf
08J4-.08 H
Shell Eaat'n .07H-.08
Texaa
-.08yi
York City.
Yt to 1 cent a gallon.
65 Octane), Tank Car Lots, F.O.B.
New York—
New York—
a
outlined by
offset partially by
foreign petroleum.
oils, and
—
GASOLINE
an
The majors own
Petroleum Institute.
LIFTS
INDEX RISES IN FEBRU¬
SMALL
March
89% of the crude oil trunk pipelines, 97%
of the gasoline pipelines and 87% of the oil tankers, Mr.
Anderson said in his comment.
Although pipelines have
been declared common carriers by statute, they have not
been so in fact, because of shipping restrictions and other
controls, he observed.
Operating costs of controlled pipe¬
line companies, compared with tariff rates charged, usually
give the major shipper-owner an advantage of i to 2 cents
a gallon through the payment of dividends to such owners,
it was emphasized.
Daily average production of crude oil during the initial
week of March rose 1,200 barrels to hit a total of 3,633,450
barrels, according to the mid-week report of the American
$1.03
1.10
.73
Michigan crude...
.70-1.03
Sunburst, Mont
...
.90
Huntington, Calf., 30 and over... 1.18
Kettleman Hills, 39 and over
1.35
...
Rusk, Texas, 40 and over
—
Darst Creek...
—.—...
PRICE
FUEL
shown)
Eldorado. Ark., 40
PRODUCTS—SOCONY-VACUUM
OPERATIONS
conditions in the petroleum
regulation in a form
employed with regard to public utility com¬
—
PRICES—MOTOR
front during the week when Dewey
industry may lead to Federal and State
.............
Illinois
Anderson, Executive Secretary of the Temporary National
Economic Committee, warned that continuance of present
monopolistic
$2.30
1.02
Bradford, Pa
1941
15,
Wells
P. I. degrees are not
(All gravities where A
should be pushed
along as rapidly as possible.
The companies are being en¬
couraged to build with their own money, it was declared, but
suggestions have been made that the pipeline sections built
mainly for defense needs meet with some measure of Govern¬
major importance to the defense program,
March
Financial Chronicle
.......
.1851 Chicago..—.—...
$.17
.17
Not Including 2% city sales tax.
for Week Ended
Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
March 8, 1941, was 3,633,450 barrels.
This was a gain of
1,200 barrels from the output of the previous week.
The
current week's figures were below
the 3,655,500 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during March.
Daily average produc¬
tion for the four weeks ended March 8, 1941, is estimated
at 3,633,350 barrels.
The daily average output for the week
ended March 9,
1940, totaled 3,828,550 barrels.
Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended March 8 totaled 2,275,000 barrels,
daily average of 325,000 barrels, compared with a daily average of
302,286 barrels for the week ended March 1, and 280,250 barrels daily
Daily Average Crude Oil Production
March 8, 1941, Gains 1,200
a
for
the four weeks ended
whether
bonded
separation
in
or
for
March 8.
domestic
weekly statistics.
These figures include all oil imported,
but it is impossible to make the
use,
Receipts of California oil at Atlantic Coast ports during the week ended
8 amounted to 97,000 barrels, a
daily average of 13,857 barrels, all
March
which
of
was
gasoline received at the port of Philadelphia.
Reports received from refining companies owning 86.2% of the 4,535,000estimated daily potential refining
capacity of the United States
basis,
that
the industry as a whole
ran
to stills, on
Bureau of Mines
a
3,505,000 barrels of crude oil
daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines
of
as
the
end
the
of
week
The current weekly report
that the estimated
of the U. S. Bureau of Mines
production of Pennsylvania
was 1,090,000 tons,
an increase of 142,000 tons over the preceding week.
In
comparison with the corresponding week of 1940 there was
an increase of 224,000 tons (about 26%).
showed
anthracite for the week ended March 1
barrel
indicate
1665
The Commercial & Financial Chronicle
Volume 152
97,178,000 barrels of finished and
ESTIMATED
UNITED
COMPARABLE
PRODUCTION
STATES
DATA
gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,495,000 barrels during the week.
B.ofM.
Change
Weeks
Week
State
Ended
from
Ended
Ended
Require¬
Allow¬
Mar. 8,
Previous
ables
1941
Week
Mar. 8,
1941
Mar. 9,
ments
1940
{March)
Oklahoma--
437,400
400,000
b402,750
—10,500
Kansas
194,200
198,200
bl91,500
—11,000
407,500
201,100
b4,350
+50
3,800
72,800
418,800
163,500
West Central Texas.
71,000
79,000
+200
101,100
30,300
+ 100
30,200
West Texas.
Coal equivalent of weekly output.
236,800
+700
235,800
72,500
—150
374.5G0
205,950
+600
204,900
255,350
—1,050
255,650
51,340
38,346
52,638
1941 and corresponding periods in other years.
PRODUCTION
PENNSYLVANIA
OF
ANTHRACITE
AND
COKE
BEEHIVE
(In Net Tons)
253,600
Coastal Texas
ESTIMATED
398,000
Southwest Texas
6,084
Includes for purposes of historical comparison and statistical
272,300
72,450
374,450
—750
East Texas..
5,814
convenience the
production of lignite, b Total barrels produced during the week converted to equiva¬
lent 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 com¬
petitive with coal. (Minerals Year book, 1939, page 702). c Sum of nine full weeks
a
108,000
33,500
_
1,700
5,818
86,449 105,468
1,631
1,975
90,115
1,466
10,790
Daily average
Crude Petroleum b—
ended March 1,
+4,750
101,300
North Texas
10,330
1,722
8,794
1,798
Total, including mine fuel
Four
Week
lated
Panhandle Texas
1929
1940
1941
Bituminous Coal a—
Actual Production
3.2C0
Calendar Year to Date c
Mar. 1, Feb. 22, Mar. 2,
1940
1941
1941
(Figures in Barrels)
Nebraska
CRUDE
Week Ended
DAILY AVERAGE CRUDE OIL PRODUCTION
Calcu¬
COAL, WITH
PETROLEUM
SOFT
OF
OF
PRODUCTION
ON
(In Thousands of Net Tons)
unfinished
251,400
East Central Texas.
_
85,750
1,327,400 C1352489 1,349,400
Mar. 2,
1940
Feb. 22,
1941
Total Texas
Calendar Year to Date
Week Ended
Mar. 1,
1941
1940
1941
j
1929
c
c
+4,400 1.345,650 1,481,550
Pa. Anthracite—
North Louisiana
69.750
—300
69,800
67,550
Total,
226,350
+4,050
224,350
215,000
fuel
..
Coastal Louisiana—-
incl.
colliery
291,300
306,190
296,100
+3,750
294,150
282,550
Arkansas
69,700
70,700
+ 150
20,300
b20,600
+ 200
70,500
19,200
69,250
Mississippi
335,200
326,550
—4,600
326,400
412.700
22,600
bl9,150
—1,750
19,850
10,300
96,500
86,300
—8,000
89,700
39,800
—400
39,800
64,550
85,150
+4,100
80,700
69,950
21,900
18,250
—200
18,600
16,850
3,900
103,900
3,700
104,200
3,650
948.000
866,000 9,447,000 8,826,000 13,601,000
901,000
823,000 8,976,000 8,385,000 12,622,000
124,300
20,717
95,350
47,700
83,900
1,090,000
United States total..
Total Louisiana
Comm'l production b 1,036,000
Beehive Coke—
a-.
120,400
3,950
113,800
Illinois—Indiana....
69,569
nois and Indiana)..
Michigan
Wyoming
,
Colorado
New Mexico
110,000
Total East of Calif. 3,059,100
California..
These
103,250
3,018,550
596,400 d571,500
3,633,450
Bureau of Mines' calculations of the requirements of domestic crude
are
duction,
contemplated
withdrawals from
crude oil
Inventories
must
from the Bureau's estimated requirements to determine the amount
be
of
deducted
new
crude
to be purchased, v
b Oklahoma,
ended 7
in.
a.
operations,
b Excludes colliery fuel,
^
ESTIMATED
and Indiana figures
are
for week
upon the
1,318,873-barrel figure effective
as
of Feb.
1
for two
1.
It is based
months and gives
from district
subject to revision on receipt of monthly tonnage reports
and State sources or of final annual returns from the operators.)
(In Thousands of Net Tons)
Week Ended—
Feb.
State
Feb. 22, Feb.15, Feb. 24, Feb. 25. Feb. 23,
1929
1939
1940
1941
1941
;V
Avge.
1923e
4
3
3
347
357
294
280
398
72
81
68
64
169
159
138
154
166
298
231
1
1
1
1
1,236
1,194
1,092
1,251
(f)
1,683
(f)
1,993
509
470
406
423
510
613
01
Alaska
57
63
78
111
174
161
173
207
174
852
805
699
953
556
226
4
-i-.;
Alabama..
-
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Indiana
Iowa.
This is the calculated net basic 31-day allowable as of March
OF COAL, BY STATES
(The current weekly estimates are based on railroad carloadings and river ship¬
•
c
19,537
ments and are
Illinois
Kansas, Nebraska, Mississippi,
March 5.
1,015,900
7,450
coal shipped by truck from authorized
c Adjusted to comparable periods In the three
:r. ■ ■,
' "•
WEEKLY PRODUCTION
+ 1,200 3,633,350 3,828,550
oil based upon certain premises outlined in its detailed forecast for the month of
March.
As requirements may be supplied either from stocks, or from new pro¬
387.400
32,300 1,030,100
19,810
5,383
Includes washery and dredge coal, and
—23,800 3,023,850 3,210,550
+25,000
609,500
618,COO
614.900
3,655,500
a
a
years.
Eastern (not incl. Illi¬
Montana
20,067
Daily average
7,450
Kansas and Missouri—...
175
Kentucky—Eastern
852
.
(f)
(f)
409
87
136
244
242
219
210
404
in the number of shutdown days in various districts, East Texas March shut-down
Maryland
36
39
38
31
61
51
days totaling nine; Panhandle, five, and rest of State, with minor exception, 10 days.
Michigan
12
9
15
9
18
26
Montana
65
66
56
62
89
80
consideration to accretions due to
d Recommendation
new
wells completed during February, and changes
of Conservation
Commltte of California Oil Producers.
Note—The figures indicated above do not include
might have been surreptitiously produced.
any
MARCH 8,
Daily Refin¬
Crude Runs
Gasoline
Stocks
ing Capacity
to Stills
Produc'n
Fin¬
at Re¬
ished &
Po¬
ten¬
tial
Rate
P.
C.
port¬
ing
East Coast
643 100.0
Appalachian..
Ind., 111., Ky.
156
743
420
76.9
Okla.,
fineries
Re¬
Unfin¬
a
Stocks
of
f63
f37
476
694
2,503
2,637
2,218
1,953
2,888
3,087
147
126
132
114
127
8
12
18
15
25
92
72
57
89
152
96
340
333
301
268
288
212
35
37
30
38
1,937
1,962
1,728
1,558
2,086
1,127
715
716
591
562
685
673
120
124
114
112
159
156
1
f4
f7
8,736
11,967
10,956
Tennessee-
West Virginia—Southern a
a
Stocks b Stocks
Gas
of Re¬
Oil
sidual
tion
and
Fuel
Oil
line
Incl.
ished
Daily
Oper¬
Natural
Gaso¬
Dis¬
Aver.
ated
Blended
line
Avia¬
tillates
86.0
91.0
119
83.8
441
3,269
387
477
90.2
596
89.0
2,137
18,957
2,774
3,070
19,426
Wyoming
e892
*
Other Western States.c
Total bituminous coal..
10,809
8.472 E. C'st
77
■: Y
*
1
10,385
10,330
9,105
948
1,217
940
986
1,409
1,902
11,278
Total, all coal
11,602
10,045
9,722
13,376
12,858
758
a
and
86.7
b
Pennsylvania anthracite .d
553
1,489
Northern
73
;
23
Gaso¬
P. C.
280
71
460
Utah
Kans.,
Missouri—
49
475
141
Pennsylvania butuminous
VirginiaWashington.
District
55
578
...
Texas
(Figures in Thousands of Barrels of 42 Gallons Each)
58
60
581
North and South Dakota
Ohio
1941
53
27
23
27
25
New Mexico
estimate of any oil which
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK ENDED
Western
280
59.6
129
77.2
631
8,775
2,398
1,071
89.2
842
88.2
2,642
15,434
5,078
Louisiana Gulf
164
97.6
122
76.3
313
3,309
793
No. La. & Ark
101
51.5
44
86.5
124
577
294
551
Rocky Mtn—
121
56.0
35
51.5
195
1,643
170
457
California
836
87.3
445
61.0
1,251
16,440
9,938
70,208
1,583
86.2
3,165
80.9
10,115
90,228
31,874
95,692
6,950
555
1,680
6,539
96,917
dll,175 100,292
24,289 103,112
4,199
G.'
Rest of State, Including
counties, c Includes Arizona,
250
32,429 97,372
33,725 £97,510
& W.; C. & O.; Virginian; K. & M.; B. C. &
the B. & O. in Kanawha, Mason and Clay counties, b
6,289
1,380
Includes operations on the N
on
the Panhandle District and Grant, Mineral and Tucker
Inland TexasTexas Gulf..
-
Reported
Est. unreptd-
340
1,282
1,920
349
Inter'r
826
1.473
6,936 G. C'st
2,128
4,535
Mar. 1, '41.
4,535
3,505
3,585
11,495 f 97,178
11,781
6,348
*U.S. B.ofM.
Mar. 8, '40.
c3,551
Estimated Bureau of Mines'
pipe lines,
Georgia, North Carolina, and South Dakota included with
"other Western
* Less than 1,000 tons.
♦
Anthracite
Shipments During February,
3,808,336 Net Tons
1941, Total
Shipments of anthracite for the month of February, 1941,
reported to the Anthracite Institute, amounted to
3,808,336 net tons.
This is an increase as compared with
February, 1940, of 645,734 net tons.
as
Mar. 8,'41-
and
f Alaska,
Calfi.
♦Est.tot.U.S.
*
California, Idaho, Nevada and Oregon, d Data for Pennsylvania anthracite from
published records of the Bureau of Mines, e Average weekly rate for entire month,
States."
3,122
b Included
basis,
in finished
At refineries, bulk terminals, in transit
and unfinished gasoline total,
c March,
a
1940, daily average,
d This is a week's production based on the United States
of Mines March, 1940, daily average,
e 12% reporting capacity did not
Shipments for February this year show a decline of
401,820 net tons, when compared with the preceding month
of January.
gasoline production,
f Finished 90,007,000 barrels; unifnished, 7,171,000
barrels,
£ Revised downward 1,137,000 barrels in California
district, due to
error
in reporting.
report
by
Shipments
Bureau
originating carriers
(in net tons)
February,
January,
February,
1941
Weekly Coal Production Statistics
1941
1940
849,993
980,626
678,592
778,048
Delaware & Hudson RR. Corp
706,919
381,190
539,937
334,451
Pennsylvania RR
395,556
422,816
317,852
Reading Co
-
Lehigh Valley RR
The Bituminous Coal
Division, U. S. Department of the
Interior, in its latest weekly coal report disclosed that the
total production of soft coal in the week ended March 1
is
estimated at 10,790,000 net
tons.
This is
an
increase of
4.5% over the output in the preceding week,
and is the highest figure recorded for any week since March,
1937.
Production in the week of 1940 corresponding with
that of March 1 amounted to 8,794,000 tons.
Total production of soft coal in 1941 to date amounts to
90,115,000 net tons.
Compared with 86,449,000 tons pro¬
duced in the corresponding period of 1940, this indicates an
increase, in the current year, of 3,666,000 tons, or 4.2%.
460,000 tons,
or
were
reported as follows:
Central RR. of New Jersey
Delaware Lackawanna &
New York
Ontario
Western RR.
-
377,128
619,189
301,812
463,950
275,326
302,670
266,577
1940
954,275
919,062
480,112
651,776
461,201
480,573
423,655
99,635
90,886
350,721
98,050
191,552
214,275
179,726
292,134
3,808.336
& Western Ry
Lehigh & New England RR
Total
413,710
574,782
January,
4,210,156
3,162,602
4,762,423
74,760
Preliminary Estimates of Production of Soft Coal
for
Month of February, 1941
of
According to preliminary estimates made by the Bureau
Mines and the Bituminous Coal Division of the United
The Commercial &
1666
ANTHRACITE
the Interior, bituminous coal output
during the month of February, 1941, amounted to 41,450,000
net tons, compared with 37,277,000 net tons in the corre¬
sponding month of 1940 and 44,070,000 tons in January,
1941.
Anthracite production during February, 1941, totaled
States Department of
4,430,000 net tons, as against 3,546,000 tons a year ago
and 4,977,000 tons
in January, 1941.
The consolidated
statement of the two aforementioned organizations follows:
Total
Number
Average per
Cat. Year
for
of
Working
to End of
Day
February
{Net Tons)
{Net Tons)
Working
Month
Days
{Net Tons)
Percent
41,450,000
4,430,000
500,700
Beehive coke
1,014,700
26
1,695,000
Elec. Power Utilities
February, 1940 {Revised)—
1,577,000
Includes for purposes of
a
Industrial
anthracite and semi-anthracite outside of Pennsylvania.
b Total production, including colliery fuel, washery and dredge coal and coa1
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
Feb. 1, 1941
Consumers Hands on
Coal in
Division,
United
States Department of the Interior, showed that
stocks of bituminous coal held by industrial consumers and
retail dealers in the United States as of Feb. 1, 1941,
amounted to 48,520,000 net tons, which was a decrease of
4.9% from the preceding month and 20.6% higher than a
current
The
the
of
report
Bituminous
January,
an
increase of
Coal
amounted to 33,481,000 net tons in
2.6%
0.9% over a year ago. Deliveries by retail dealers amounted
to 11,000,000 net tons during January, which was 22.6%
higher than the preceding month
year ago.
At the daily rate
and 13.6% less than a
of consumption prevailing in January,
Feb. 1, at the
39 days. At the current rate of
deliveries, the Feb. 1 reserves at the retail yards were suf¬
ficient to last only 19 days, compared with 28 days' supply
on Jan. 1, 1941.
there
enough bituminous coal on hand
was
industrial plants, to last
STOCKS AND CONSUMPTION OF BITUMINOUS COAL IN
STATES, INCLUDING RETAIL YARDS
+ 14.6
—10.2
+4.5
+27.6
+ 33.3
102,548
+4.0
—19.9
46 days
20 days
—10.6
+ 70.0
150,592
34 days
38 days
resentative Plants d)
—8.0
106,788
97,004
220,618
92,125
—6.8
Consumed during month
120,814
+ 10.1
—11.6
49 days
55 days
74 days
47 days
—10.9
+4.3
179,588
167,411
Stocks, end of month..
181,929
Commission,
Collected by the Federal Power
THE UNITED
(Determined Jointly by W. H. Young, Research Section, Bituminous Coal Division,
and Thomas W. Harris Jr., Chairman, Coal Committee, National Association
of Purchasing Agents)
Coke
and
Domestic Anthracite
dropped 25.1% from
of domestic anthracite
dropped 7.0% and domestic coke 22.7% at 242 representative retail yards.
Stocks
Jan.
1
anthracite
of
Feb.
to
storage yards
producers'
in
At the same time, stocks
1941.
1,
STOCKS
OF
SUMMARY
ANTHRACITE AND COKE
DOMESTIC
OF
% of change
Feb. 1,
1941
242 Selected Dealers
From
Year
Previous
1940
1940
1941
c
From
Feb. 1,
1,
Nov.
1,
Jan.
Month
Ago
+7.7
Anthracite, net tons...
304,758
327,571
312,648
282,907
Days supply a
Coke, net tons
33 days
45 daye
49 days
25 days
-l?:?
+ 32.0
53,923
69,729
81,512
43,754
—22.7
+ 23.2
Days supply
43 days
47 days
81 days
19 days
—8.5
+ 126.3
703,893
939,227 1,112,325
647,375
—25.1
+8.7
a
Anthracite in producers'
storage yards b
Calculated
a
the
at
rate
of
deliveries to
b Courtesy Anthracite Institute,
Non-Ferrous
c
customers in the
Metals—Domestic
"Metal and Mineral Markets"
that pressure
states
preceding month,
Subject to revision.
Consumers Get 30,000
Tons of Latin-American Copper
the preceding month and
over
+3.0
—1.8
-8.1
144,149
116,901
year ago.
Industrial consumption
Ago
Con¬
Retail Stocks,
of
Year
{Selected Rep¬
393,600
historical comparison and statistical convenience the
production of lignite and of
Stocks
From
Previous
99,390
151,714
132,493
121,682
Days supply, end of mo.
9,168,000
3,546,000
155,300
Anthracite, b
Beehive coke
a
24.9
39,277,000
1940
mmm
Railroads {Class I) b—
Stocks, end of month..
Consumed during month
a
514,000
Beehive coke
Bituminous coal.a
1940
e
b Collected by the Association of
American Railroads,
c Calculated at the daily rate of consumption during the pre¬
ceding month,
d 75 firms reported for January, 1941 and December, 1940, 80 firms
for October, 1940 and 81 firms for January, 1940.
e Subject to revision.
4,977,000
Anthracite.b
1940
of Change
From
Jan.,
Dayssupply.endofmo.c
9,407,000
44,070,000
Bituminous coal.a
Oct.,
Stocks, end of month.. 1,252,751 1,216,695 1,197,711 1,092,989
233,421
234,174
213,346
209,521
Consumed during month
145 days
Days supply, end of mo. 185 days 177 days 159 days
1,727,000
{Revised)—
January, 1941
Dec.,
Month
1941
sumers
Anthracite-b
AND
ELECTRIC POWER UTILITIES, RAILROADS.
INDUSTRIAL PLANTS (NET TONS)
AT
Jan.,
Other
Bituminous coal-a
15, 1941
OTHER
February, 1941 {Preliminary)—
24
March
Financial Chronicle
This Month
in its issue of March 13
from Washington aimed at stabilizing
prices for non-ferrous metals appears to be exerting influence
on consumers, judging by the behavior of the market during
the last week.
At least 30,000 tons of copper will be released
to domestic consumers by the Metals Reserve Co. during
March.
A movement is on foot to curb speculative activity
in
Commodity
the
on
copper
Exchange.
demand, but the price showed no change.
Lead was in
Tin, cadmium,
quicksilver prices advanced.
Nickel was placed under
priority status.
Producers of ferromanganese and
ferrochromium reaffirmed prices on second-quarter business.
The publication further reported:
and
official
Copper
Jan.,
1941
{Preliminary)
% of
(Revised)
Change
Net Tons
utilities a
Net Tons
11,336,000
—3.2
—2.9
258,000
408,000
13,260,000
6,201,000
13,990,000
5,921,000
Total Industrial stocks.
41,920,000
42,978,000
—2.5
Retail dealer stocks.....
6,600,000
8,020,000
—17.7
48,520,000
50,998,000
Coal-gas retorts c—
Cement mills b
....
.
Other Industrials d_.
Railroads (class I) e—
+ 12.8
—9.2
slightly
that
the
news
utilities
4,670,000
a
Beehive coke ovens b
7,061,000
817,000
Steel and rolling mills c
1,043,000
152,000
Coal-gas retorts c
Cement mills b
407,000
...
11,150,000
Other Industrials d
-
were
concerned, with occasional sales by custom
duty-free
+ 7.0
—11.1
—19.7
+ 6.8
8,072,000
+ 1.4
32,637,000
8,970,000
+2.6
+ 22.6
41,607,000
+4.6
Additional Known Consumption—
314,000
85,000
trade...
296,000
89,000
Do¬
for February showed a
statistics
reduction in
Blister stocks were down 14,561 tons.
February figures of the Copper Institute,
in tons, follow:
February
January
Production:
Crude..
a83,280
Refined
a93,840
79,093
93,654
119,736
112,808
+6.1
—4.6
Electric power utilities
73 days
74 days
—1.4
Byproduct coke ovens
Steel and rolling mills
43 days
28 days
45 days
—4.4
26 days
+ 7.7
Coal-gas retorts
53 days
31 dyas
51 days
+ 3.9
27 days
+ 14.8
Other industrials
37 days
42 days
—11.9
Railroads (class I)
23 days
Domestic
41 days
38 days
-10.5
11
119,758
112,819
all6,854
Totals.....
Stocks, refined
97,689
Corrected.
of shipments by mills and
Estimated copper content
foundries during
in December and 74,000
according to the American Bureau of Metal
January was 124,(kO tons, against 109,000 tons
in
January last year,
Statistics.
-32.1
34 days
22
-4.9
28 days
...
Export..
23 days
39 days
19 days
...
Deliveries, refined:
tons
Days Supply, End of Month, at—
copper
+ 0.9
a
Coal mine fuel
smelters at 12He.
mestic sales for the week totaled 23,419 tons.
—1.4
43,481,000
....
This was interpreted as
curb price-disturbing sales in
continued at 12c., Valley, so far as the mine operators
+ 11.0
11,000,000
Retail dealer deliveries.
Bunker fuel, foreign
on
The quotation
zinc.
stocks of refined of 19,165 tons.
8,181,000
Total Industrial
Commodity Exchange.
pointing to action similar to that taken to
33,481,000
Railroads (class I) e._
Grand total
4,737,000
6,999,000
736,000
975,000
171,000
507,000
10,440,000
the
of transactions
—5.2
Consumption by—
Electric power
will be delivered
Next in importance as a market development was
that the authorities In Washington are looking into the nature
The January and
Byproduct coke ovens b
trade is concerned about
Private estimates indicate
than 30,000 tons of foreign-origin copper
here during March.
The
Grand total.
more
month.
—6.4
+4.7
and billing Latin-American
owned by the Metals Reserve Co., the
the volume that will be delivered this
10,184,000
827,000
284,000
436,000
Byproduct coke ovens b
Steel and rolling mills c
With all details cleared in reference to moving
copper
10,973,000
9,887,000
933,000
Stocks, End of Month, at—
Electric power
Dec., 1940
Cement mills
Total Industrial.
Retail dealer
Grand total.
quantity 339 tons went to Mexico; 389 tons to
Brazil;
1,388 tons to Great Britain;
Industrial Anthracite
Stocks of anthracite increased
8.1% at Class I'railroads, and
the
demand
for
lead
3.0% at electric power utilities,
common
continued active, with the undertone
further change last week.
Sales of
yesterday totaled 10,359 tons, which
lead for the week that ended
compares
with 13,440 tons in the week previous.
Producers estimate that
covered so far as March is concerned,
with the April position already provided for to the extent of 55%.
Quotations remained unaltered at 5.75c., New York, which was also the
contract settling basis of the American Smelting & Refining Co., and at
consumers' requirements are nearly
5.60c., St. Louis basis.
decreased
6.8% at the other industrial plants during
Imports of pig lead during
total 11,330 tons
January amounted to
originated in Mexico, 2.743 tons
15,755 tons, of which
in, Peru, 1,681 tons in
Australia, and 1 ton elsewhere.
Zinc
utilities, advanced 4.0% at
the other industrial plants during the
Consumption declined 1.8% at electric power
same
Hong-kong;
and 377 tons elsewhere.
Lead
Though
January.
I
the Argentine; 1,133 tons to
1,266 tons to China and
quite firm, quotations underwent no
Collected by the Federal Power
Class
United States dining January, con¬
totaled 15,276 tons. Of this
sisting almost wholly of foreign origin metal
10,087 tons to Japan; 297 tons to British India;
Commission, b Collected by the U. S. Bureau
of Mines,
c Collected by the Bituminous Coal Division,
d Estimates based on
reports collected Jointly by the National Association of Purchasing Agents and the
Bituminous Coal Division from a selected list of 2,000 representative manufacturing
plants.
The concerns reporting are chiefly large consumers and afford a satisfac¬
tory basis (for estimate,
e Collected by the Association of American Railroads,
includes powerhouse, shop and station fuel.
a
Exports of refined copper from the
railroads,
period.
and
10.1%
at
The O. P. M. announced the
ducers
wou-d contribute metal
which a J pro¬
their output for
formation of a zinc pool to
by setting aside 5% of
Volume
The Commercial & Financial Chronicle
152
allocation against urgent defense needs.
The plan is subject to modifica¬
tion from month to month.
The
price situation in
Prime
holding to 7Mc„, St. Louis.
to put a top to
scrap
Sales of the
amounted to
Western
was
unchanged, producers
Interest centered in the
zinc prices, and
common
zinc
grades
a
in Washington
move
decision is expected
of zinc during the week
soon.
March
ended
3,405 tons, against 3,014 tons in the week previous.
5,507 tons, and backlog was 102,039 tons.
8
Ship¬
ments last week tota.ed
97.1% of capacity in January and with
of 70.0% in February a
year ago.
Steel output
tion
of
in February represented an average produc¬
tons per week, compared with average
weekly output of 1,567,288 tons per week in January and
1,093,512 tons per week in February, 1940.
PRODUCTION
OF
OPEN
HEARTH.
INGOTS
Demand for tin was fair during the last week and
prices averaged a little
higher than in the week previous.
There was still some nervousness about
in
the Far
East.
Tin-plate mills
are
operating at between
operating rate
an
1,562,G03
AND
Tin
the situation
1667
BESSEMER AND
STEEL
FOR
ELECTRIC
Estimated Production—
Calculated
All Companies
i
Weekly
Production, All
Number of
Month
Period
Net
follows:
was as
Percent of
Capacity
Weeks in
Companies
Tons
75 and 80% of capacity.
Straits tin for future arrival
STEEL
CASTINGS
(Net Tons)
1941-a
January
February
May
51.125
51.000
March
7
51.500
51.375
61.125
51.375
51.000
March
8
51.625
51.500
March
10
51.875
51.750
51.375
11
51.625
51.500
51.125
12.
83.4
1,302,196
4.43
4,527,141
70.0
4,390,090
63.5
1,093,512
990,991
4.43
14,685,960
72.4
1,129,689
13.00
4,100,722
4,967,033
5,659,725
61.2
955,879
4.29
71.8
1,121,226
1,319,283
4.43
84.5
14,727,480
72.5
1,132,012
13.01
50.875
March
5,768,729
51.750
Chinese tin,
March
7,
51.625
99%, spot,
50.875c.; March
8,
51.375
nominally
was
as
51.000c.; March
10,
First quarter
50.875
follows: March
6,
50.625c.;
51.250c.; IV arch
;
11,
April
May.
June
51.250c.; March 12, 51.250c.
DAILY
PRICES
OF
METALS
("E. &
M. J."
4.43
V
.
4.00
1940—b
51.125
March
1,567,288
1,562,603
March
50.875
96.8
February
50.750
97.1
January
June
51.125
6,250,413
First six months
April
6
6,943,084
Second quarter
March
March
QUOTATIONS)
4.14
4.29
Straits
Dom.,Refy. Exp., Refy.
Tin
New York
Lead
New York
29,413,440
72.4
1,130,851
26.01
July
Electrolytic .Copper
5,727,485
83.0
August
6,187,286
6,056,941
90.7
1,295,811
1,396,679
1,415,173
4.28
Third quarter
17,971,712
87.7
1,368,752
13.13
Nine months.......
47,385,152
77.6
1,210,658
39.14
6,643,975
96.1
96.6
94.1
1,499,769
1,508,215
1,469,197
4.43
6,470,243
6,493,849
Fourth quarter
19,608,067
95.6
1,492,243
13.14
Total
66,993,219
82.1
Zinc
8t. Louis
St. Louis
September
March
6
11.825
10.450
51.375
5.75
5.60
7
11.775
10.450
51.625
5.75
5.60
7.25
March
8
11.775
10.4.50
51.750
5.75
5.60
10.450
52.000
5.75
5.60
7.25
4.43
7.25
11.775
4.42
7.25
March
89.5
March 10...
March 11
11.800
10.500
51.750
5.75
5.60
7.25
March 12
11.775
10.450
51.875
5.75
5.60
7.25
11.788
10.458
51.729
5.75
5.60
7.25
October
November
Average..
Average prices for calendar week ended March 8
are:
Domestic
copper
j.
December
4.29
4.42
f.o.b.
refinery, 11.783c.; export copper, f.o.b. refinery, 10.450c.; Straits
tin, 51.417c.; New York lead, 5.750c.; St. Louis lead, 5.592c.; St. Louis
a
zinc, 7.250c.; and silver, 34.750c.
on
1,281,431
reports by companies which In 1939 made
are "M. & M. M.'s" appraisal of the major United States
reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
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.
In the trade, domestic copper prices are
quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
on sales
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to f.a.s. transactions, doJar basis.
Quotations, for the present
reflect this change in method of doing business.
A total of .05 cents is deducted
duction.
open
b Based
52.28
98.26% of the
100% of the Bessemer and 84.39% of the electric ingot and
The above Quotations
markets, based
Based
open
hearth,
steel for castings pro¬
by companies which in 1939 made 98.06% of the
hearth, 100% of the Bessemer, and 78.15% of the electric Ingot and steel for
on
reports
castings production.
Note—In 1940 the percentages of capacity operated are calculated on
weekly
capacities of 1,410,130 net tons open hearth, 114,956 net tons Bessemer, and 36,011
net tons electric ingots and steel for castings, total,
1,561,097 net tons; based on
annual capacities as of Dec. 31, 1939, as follows:
Open hearth, 73,721,592
tons; Bessemer, 6,009,920 net tons; electric, 1,882,630 net tons; and in 1941
calculated
net
are
weekly capacities of 1,430,102 net tons open hearth, 134,187 net
tons Bessemer, and 49,603 net tons electric Ingots and steel for
castings, total,
1,613,892 net tons; based on annual capacities as of Dec. 31, 1940, as follows:
on
Open hearth, 74,565,510 net tons; Bessemer, 6,996,520 net tons; electric, 2,586,320
net tons.
'.y
•
y,;
•,
;
\y
•
■■■. ■
yv
.
.
.
,
from f.ajs. basis (lighterage, <fec.) to arrive at the f.o.b. refinery quotation
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: March 6, spot, £266,
three months, £266; March 7, spot, £267, three months,
£26634; March 10, spot, £269, three months, £268^4;
March 11, spot, £268^, three months, £267; and March
12, spot, £269, three months, £266}^.
United States Steel
Corp., Shipments 8% Below January
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
February, 1941, totaled 1,548,451 net tons.
The February
shipments compare with 1,682,454 net tons in the preceding
month (January), a decrease of 134,003 net tons, and with
1,009,256 net tons in the corresponding month in 1940 (Feb¬
ruary), an increase of 539,195 net tons.
For the year 1941 to date shipments were 3,230,905 net
tons, compared with 2,154,848 net tons in the comparable
period of 1940, an increase of 1,076,057 net tons.
In the table below we list the figures 'by months for vari¬
ous periods since January, 1929:
Steel
Production
at
99%—Speeding
Up
of
Defense Work Expected
The "Iron Age" in its issue of March 13,
reported that
enactment of the Lease-Lend Bill will
speeding
up
immediately result in
of defense construction all along the line,
a
par¬
ticularly shipbuilding, in increased pressure from industry
and from Congress upon the Administration to stiffen its
attitude on strikes in defense plants, and in an expansion of
the mandatory priorities system to include more
products in
which shortages loom.
The "Iron Age" further reported:
Government control is becoming more stringent in the matter of
priorities,
allocations and prices in aid of the defense program, whhe at the
the program is being crippled by a wave of strikes.
dependence of industry,
effect
man
on
defense
some
of these strikes
manufacturing than
same
time
Because of the inter¬
having
are
a
more
mere statistical calculation of
serious
loss of
hours would indicate.
,
The
1939
1938
1932
1,145,592
1,009,256
870,866
747,427
464,524
1,364,801
845,108
771,752
795,689
607,562
745,364
885,636
1,086,683
570,264
522,395
627,047
550,551
509,811
524,994
484,611
449,418
422,117
429,965
369,882
355,675
1,388,407
1,605,510
1,617,302
1,701,874
1,529,241
1,480,008
1929
Administration
portant factor in the
settling of
increase in steel prices.
1,682,454
February
1,548,451
March
931,905
April
907,904
May
1,084,057
1,209,684
June
——--
1,296,887
July
August
September
1,455,604
1,392,838
October—
1,572,408
November
1,425,352
December
1,544,623
615,521
635,645
1,345,855
1,406,205
1,443,969
730,312
14,976,110 11,752,116
*44,865
7,286,347
749,328
765,868
294,764
316,417
340,610
336,726
299,076
250,008
1,500,281
1,262,874
1,333,385
1,110,050
931,744
Yearly adjust..
'
Total..
*
'
m—mm+ ±
.
-
•
-
-
-
-
11,707,251
cents
an
a wage
no
increase of
increase of 10 cents per
present a twin
problem which
wage
be solved
must
before the end of this month if labor troubles and consequent loss of pro¬
duction
are
be averted.
to
It is the opinion
solutions will be found.
defense mediation
1
in Washington and in the industry that compromise
In the event that strikes
threatened,
are
a
national
board might be quickly formed under the broad powers
granted the President Dy Congress in this emergency.
The strongly pro-
labor attitude of the Administration, however, offers iittle assurance that
decisions
will
be reached
consistent
with
industry that price increases be avoided
of negotiations
with labor,
29,159
7,315,506
4,323,845 16,812,650
an
announced before a wage
-'escalator"
the
so
there
desires of Government and
far
as
has
possible.
been
a
Pending the
further
delay in
steel prices, long past due, and if they
settlement has been arrived
at
are
tney may include
clause.
Nickel has become the fiftn product on which mandatory priorities have
during the
subject to adjustments reflecting annual tonnage reconciliations.
1940, are
These will be
year
comprehended In the cumulative yearly shipments as stated in the annual report.
4.
Output
Declined
Shorter
in
February,
Reflecting
was announced on
Iron and Steel Institute.
6,250,413 net tons of
nickel
steel
alloys,
Under the nickel priority the distribution of all
including stainless,
naturally becomes
of
one
Mandatory priorities are not even being considered
although
preference ratings
issued
by
the
for steel
Army
Munitions Board entitle the holders to special consideration on
open
March 12, 1941, by the American
shorter month, steel output in February
somewhat below the January total of 6,943,084 tons.
the
Output last month, however, was 38% above production in
February, 1940, when 4,527,141 net tons of steel were
produced.
During the month just closed the steel industry operated
at an average of 96.8% of capacity, which compares with
magnesium and enoprene.
generally,
Month
hearth, Bessemer and electric furnace steel ingots and cast¬
ings
been applied, the others wnich preceded it being machine tools, aluminum,
strict
allocation.
Production during February of
was
im¬
and other disputes in the steel and
hour and its counter demand for
per
announcement of second quarter
Decrease.
Reflecting
an
The refusal of the Steel Workers Organizing Com¬
4,329,082 16,825,477
*5,237
*12,827
Note—The monthly shipments as currently reported
Steel
becoming
hour, together with the demands of tne United Mine Workers for
outcome
Tot. by mos.
wage
scarcely escape
mittee to accept the United States Steel Corp.'s offer of
increase and shorter hours,
January
can
bituminous coal industries, since it has been insistent tnat there shall be
2 Yi
1940
1941
Washington
A survey
of normal deliveries
on
products
and
Navy
deliveries.
major steel products reveals that the
longest promises are on lighter gages of hot roiled annealed sheets, in which
annealing and pickling facilities are the choke point rather than rolling
capacity.
Nornal deliveries on various products,
as
reported by principal
producers are as follows: Hot rolled carbon steel bars, four months by largest
producers and five and six months by others; hot rolled alloy steel bars, from
four to seven months; cold
cold finished alloy steel
months in most cases,
finished carbon steel bars, two to four months;
bars, six to
but four to
seven
seven
months; structural shapes, three
months in extreme cases; plates,
ranging from three months by one small producer to four months for five
companies having the bulk of the capacity and in extreme
cases
five
to seven
months; hot rolled sheets, four months in most cases, and five to six months
The Commercial & Financial
1668
95 and 99%,
exception, are between
accumulated and
-
Stabilization Division of the National Defense Commission,
Pittsburgh.
This will mean a reduction at
yet prices have turned strongei, this week in several
by the Price
other points,
Age" scrap composite is up 16 cents to $20.33.
markets, and the "Iron
'IKON
THE
AGE" COMPOSITE PRICES
11, 1941, 2.201c. a Lb.
2,261c.
March
Based
steel bars, beams, tank plates,
rolled strips.
2.201c.
2.281c.
„
One year ago
on
wire, rails, black
One week ago
One month ago
r
Steel
Finished
-
pjpe, sheets, and hot
These products represent
85% of the United States output.
Low
Hioh
2.201c.
2.286c.
2.612c.
2.612c.
2.249c.
2.062c.
2.118c.
1.953c.
1.915c.
1.981c.
2.192c.
2.236c.
1940
1939
1938
1937
-
1936
1935
1934
1933
1932
1931
1930
1929
Pig
$23.45
March 11, 1941.
One mouth ago
on average for basic Iron at Valley
furnace and foundry Iron at Chicago,
Philadelphia,
Buffalo,
Valley,
and
Southern Iron at Cincinnati,
22.611
One year ago
Low
urn
1940
10
16
18
4
10
8
2
2
15
29
9
29
Apr.
May
Oct.
Jan.
Mar.
Jan.
Jan.
May
Mar.
Dec.
Dec.
Oct.
Iron
,..,..$23 45<
23.451
....
2.211c.
2.236c.
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
1.883c.
1.962c.
2.192c.
2
3
17
9
28
1
24
3
0
13
7
28
(Based
Gross Ton
a
One week ago
Jan.
Jan.
May
Mar.
Dec.
Oct.
Apr.
Oct.
Sept.
Jan.
Jan.
May
2
civilian
0
16
Aug. 11
May
14
1934
May
16.90
Jan.
27
1933.
16.90
Dec,
13.56
Jan.
1932.
14.81
Jan,
13.56
Dec.
6
1931.
16.90
Jan.
14.79
Dec.
16
1930.
18.21
Jan.
15 90
Dec.
10
1929.
t8.71
May
18.21
Dec.
17
5
14
3
second quarter
Steel Scrap
No.
on
1
melting
heavy
stee
quotations at Pittsburgh. Philadelphia
Pig iron
of
month
a
Chicago,
0.26%
One year ago
A Ai.
1941
Low
Dec.
1939
left
11
$20.00
Feb.
30
10.04
Apr.
14.08
May
16
7
Oct.
Nov. 22
11.00
June
21.92
Mar. 30
12.92
books
Dec
21
12.67
June
0
1935
13.42
Dec.
10
10.33
Apr.
1934
13.00
Mar. 13
1933
12.25
Aug.
-
9.50
Sept. 25
8
0.75
Jan,
3
1932
Jan.
12
6.43
July
5
1931
Jan.
6
8.50
Dec. 29
Feb.
18
11.25
Dec.
9
Jan.
15.00
1930
1929
29
14.08
Dec.
3
Iron and Steel Institute on March 10 an¬
The American
reports which it had received
steel companies having 96%
industry will be 98.8% of
capacity for the week beginning March 10, compared with
97.5% one week ago, 97.1% one month ago, and 64.7% one
telegraphic
that
indicated that operating rate of
of the steel capacity of the
This represents an increase of 1.3 points,, or 1.3%,
Weekly indicated rates of steel
operations since Feb. 5, 1940, follow:
year ago.
preceding week.
the
73.0% Sept.
70.9% Sept.
May 20
71.7
6
May 27
3
Feb.
12
68.8
Feb.
19—
June
Feb.
28
Mar. 18
07.1%
65.9%
64.0%
64.7%
62.4%
4
Mar. 11
Mar. 25
60.7%
July
Apr.
1
Apr.
8
61.7%
61.3%
60.9%
60.0%
61.8%
65.8%
70.0%
July
July
15
Apr. 22
Apr.
Apr.
29
May
6
May 13
Sept.
80.3%
June 10
84.6%
June 17._.._87.7%
June 24
86.5%
July
July
Sept.
Sept.
Oct.
82.5%
9..>..91.9%
16
92.9%
23
92.6%
30
92.6%
7
94.2%
14
94.4%
21.....94.9%
28
95.7%
2
74.2% Oct.
86.4% Oct.
86.8% Oct.
96.0%
88.2% Nov. 4
96.1%
90.4% Nov. 11
96.0%
90.5% Nov. 18
90.6%
89.5% Nov. 25
96.9%
89.7% Dec. 2
91.3% Dec.
9.....96.0%
1
8
15
22
29
Aug.
1940—
1940—
1940—
1940—
Mar.
5
Aug. 12
Aug. 19
Aug. 20
operating
units
drop
635
1940
16
96.8%
Dec. 23
80.8%
Dec. 30
95.9%-
Dec.
1941—
for
125,915,
the week ended March 8 was scheduled to
which compares with 103,560 for the same
week.
to
New
steel
plates,
Mhe
next
year
This includes about 550,000 tons of
being distributed for 200 Government cargo
more.
or
shapes and bars now
the same type is pending, requiring
60 more vessels for the British, to be
of steel, also pends.
Steel ingot
gained one point to 97%%.
Rises
occurred at Pittsburgh by two points to 98, Chicago by one point to 100,
and Buffalo by 2% points to 93.
Birmingham dropped 10 points to 90%,
and Cincinnati 2% points to 95.
Unchanged were: Eastern Pennsylvania
An
ships.
100 more of
An option for
180,000 tons
production last week
option
of
275,000 tons of steel.
built
at
at
here
95,
and needing
Cleveland at 85%, New England at 92, St. Louis
Wheeling at 88.
93, Youngetown at 97, and Detroit at 92.
to
$19.96.
■
price
:
yr:
13
97.2%
98.5%
20
96.5%
and
Jan.
compared with 98% in the preceding week and 96%% two weeks ago.
27
97.1%
Feb.
3
96.9%
Feb.
10
97.1%
Feb.
17
Feb.
24
3
94.6%
96.3%
97.5%
Mar. 10
United States Steel is estimated at 96%, against
98.8%
Mer.
The
week of previous years, together with the
••
'
-
V. S. Steel
Industry
%
99
+
%
65%
—2%
%
57%
—2
—1
31%
+ 1%
—1
93
+4
63
+2
—
—1
62%
55%
—1
55
considered
1938
30%
+ 1
29
1937
88
+2
81
1936
58
+2
52
+2
1935
48
—1
1934
48
+1
49
steel
the
industry
multiply,
one
though
none
are
of continuing record-breaking buying.
expect an ease of pressure in second half, such is not yet in
of
side
brighter
now
The
+1
49
of
epidemic
An
"machinery
areas
fatigue" has developed on a mild
and shortages of certain coating and
is the
fact that consumers have
places on order
for the major part of their 1941 requirements, which should
Week
with
the
Federal
Reserve
+
balances increased $75,000,000.
arose
Additions to member bank
from increases of $81,000,000 in gold stock,
%
—
1933
14%
25%
56%
1930
74
%
—
—1
%
1928...
84
+ 1%
1927
92%
+ 1
..6....
an
55
$6,000,000 in
money
in circulation,
and
$4,000,000 in Treasury cash.
Excess reserves of member
on March 12 were estimated to be approximately
banks
—1
—1%
57
+ 1
68
—2
92%
+
78
+4
—2
89
100
+
%
+1
+1
%
85
increase /of $40,000,000 for the week.
week ended March 12 will be
The statement in full for the
on pages 1702 and 1703.
Changes in member bank reserve balances and related
items during the week and year ended March 12,1941, follow:
found
Increase
Mar.
ury currency,
banks,
14%
24%
%
—1
97
$7,000,000 in Reserve Bank credit, and $3,000,000 in Treas¬
and a decrease of $24,000,000 in non-member
deposits and other Federal Reserve accounts, offset in part
by increases of $30,000,000 in Treasury deposits with Federal
—
'
80
—2
+
:
14%
26%
+ 2%
94%
1929
46%
42
1932
$6,480,000,000,
Banks
During the week ended March 12 member bank reserve
Reserve
Independents
%
+
96
64%
Strikes hinder in several
reserves
immediately rreceding:
approximate changes, in points, from the week
1939.
many
by
production
following table gives comparisons of the percentage of
with the nearest corresponding
1940
of the iron and steei
cut production in several instances, such as galvanized
sheet manufacture, which has fallen four points in a week to 77%.
books
96% % in the week before,
Leading independents are credited with 99%,
two weeks ago.
95%
98
the over-all picture is
the
;v
'■
Jan.
alloying materials
On
•
production for the week ended March 10 is
placed at 98% of capacity, according to the "Wall Street
Journal" of March 13.
This compares with 97*/£% in the
previous week and 96% two weeks ago.
The "Journal"
further reported:
Steel ingot
1931
scale.
y
composites finished steel was unchanged at
$56.60, but iron and steel rose 3c. to $38.26 and steelworks scrap gained 5c.
"Steel's"
Among
Though occasionally some maker notes a temporary letdown in
Problems
unsolvable.
sight.
1,000,000 tons of
shipbuilding programs will require an additional
over
Jan.
0
Jan.
markets, on March 10 stated:
Though
Feb. 28.
on
production
1941
"Steel" of Cleveland, in its summary
demand,
A net loss of three furnaces for the month
150,127 net tons.
to
202
29
1937
Feb.
opened.
are
production in February was an all-time record for the second
year at 4,203,557 net tons, but on a daily basis production fell
Automobile
Nov. 10
17.75
1938
from
who
billets,
forging
at $34, mill, no longer can
9
3
7
Jan.
$22.00
1940
nounced
fearing cutting off of
:y:.
...
Hioh
1936
of buying and the large
for
Feb.
One month ago
Automobile makers surprise
ready.
not yet
the long-protracted spell
formerly purchased much rerolling
get rerollers and must pay $40
forging billets, forcing a $6 a ton rise in the cost of many forgings.
A leading steelmaker has averaged up delivery promises, finding them
five to seven months.
Concrete bars and structurals are i£ree to four
months; light steel six to seven months, except where coatelF when deliv¬
eries range from 10 to 12 months.
W
Pig iron price irregularities aopcar in western Pennsylvania apd eastern
Ohio, partly because steelmakers nevpr followed merchants in 'the $1
advance of several weeks ago. - The situation may be clarified soon when
of
Consumers
billet tonnages
Mar.
(Based
are
by both
supplies.
12
17.83
$20 1
trade
constantly purchased, the buyers perhaps
July
18 73
...
has
producers
but
steel
the
tonnages
Sept
Jan.
20.25
March 11. 1941, $20.33 a Gross Ton
delivery,
19.61
9
One week ago
become exceedingly brisk to make up for lost
time, though with oome producers still able to promise delivery in two
months.
Canned food needs for armed forces intensifies tin-plate buying.
Some steel users have implied that they are willing to buy for 1942
demand
20.61
Nov.
•/
galvanzed sheets, the shortage of
limiting the latter.
Tin-plate
122.61
Nov. 24
1935
11 months for several makers of
to
rope
zinc
Dec. 23
18.84
17 90
1937
1916
possible where needs are well standardized, as in bolt and nut manufacture.
only very few items can second quarter steel still be purchased.
Promised deliveries on current orders range from three weeks for wire
On
June 21
..
for the time being at
be issued,
to
are
Sept. 19
*.123.45
22.61
23.25
23.25
19.73
-
1939
1938
not
war,
to Great Britain are involved.
week is the news that no steel priori¬
least, as a result of the report
on
steel supply by Gano Dunn to President Roosevelt.
An important development of the week is that no more steel preference
ratings are being named, a change which resulted from President Roose¬
velt's declaration of Feb. 28 that there would be no need for priorities cm
steel for the present.
It is learned, further, that the preference ratings
named in the past resulted from misunderstanding, since preference ratings
can
be given only to items on the critical list—and steel at no time has
been thus classified.
Although there will be no further preference ratings
on steel,
at least in the immediate future, volunteer cooperation in taking
care of essential requirements
will continue, so that to a large extent the
net effect will be about the same as under a preference ratings systm.
The bulk of steel orders is now for late third quarter delivery.
Many
consumers are now turning in specifications
for fourth quarter, this being
ties
will be below the figures set for
some
is merely in a state
which means that materials are being
destroyed, hence without need for continual replen¬
than1 actual
important development of the
An
which will be promulgated this week
Differentials on iron and steel scrap,
Moreover, the United States
1941
15,
ishment, except, of course, where exports
this rate or higher, while others, with one
8 districts of 13 operating at
rather
defense
of
J
Meanwhile, steel production is being pushed upward close to its practical
limit
The Cleveland-Lorain district has attained a rate of 100%, making
of 10 months.'
purchasing.
future
case
galvanized sheets, three to? our months for the major producers,
In others;
with one extreme case
March
Chronicle
12,
1941
$
1,000,000
Bills discounted
U. 9.
Government securities,
advances
.
(not
(—)
Mar. 13, 1940
S
—1,000,000
—2,000,000
—293,000,000
2,184,000,000
including
$7,000,000 commitments, Mar.
Other Reserve bank credit
or Decrease
Since
direct
and guaranteed
Industrial
(+)
Mar. 5, 1941
12)
—2,000,000
8,000.000
51,000,000
+ 8,000,000
+17,000,000
Volume 152
The Commercial & Financial Chronicle
Increase
(+)
Decrease
or
1669
Increase
(—)
(+)
12,
Mar. 5, 1941
1941
$
Total Reserve bank credit.......
2,244,000,000
Gold stock.....
22.318,000.000
Treasury currency
Member bank
S
3,106.000,000
reserve
balances
14,211,000,000
8,811,000.000
2,196,000,000
Money In circulation
Treasury cash
Treasury deposits with F. R. banks.
Mar. 5, 1941
Mar. 13, 1940
$
+7.000,000
+81,000,000
+3,000,000
+ 75,000,000
+6,000,000
+4,000,000
or
Decrease (—)
Since
Since
Mar.
—280,000,000
+4,036,000,000
+121,000,000
+1,772,000,000
+1,348.000,000
—166,000,000
421,000,000
+30,000,000
—105,000,000
Non-member deposits and other Fed¬
eral Reserve accounts..
2,028,000,000
—24,000,000
Liabilities—
$
Demand deposits—adjusted.
Time deposits....
U. 8. Government
.
deposits
.
9,322,000,000
..........
+ 69,000,000
644,000,000
1,000,000
.
Foreign banks
Borrowings
$
$
—69,000,000 + 4,021,000,000
+16,000,000
+167,000,000
+1,000,000
— 215,000,000
.23,362,000,000
5,470,000,000
357,000,000
Inter-bank deposits:
Domestic banks
+18,000,000
+1,000,000
.
194
Mar. 6,
1941
Feb. 26,
+1,103,000,OOo
—84,000,OOo
+l,000.00o
+1,027,000,000
.....
......
British
Returns
of
Member
Banks
in
Chicago—Brokers'
New
York
Government Again Rejects Plan for Feeding
Belgium—Says Admission of Relief Supplies
Would Benefit Germany—Former President Hoover
Answers Objections
;
of
and
City
Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
Chicago member banks for the cur¬
banks and also for the
The British Government
March 9 again rejected a pro¬
011
rent
posal by former President Herbert Hoover to help feed the
conquered peoples in Belgium and the other small democra¬
Monday:
cies.
In a statement issued by the British Embassy in
Washington it was explained that "they [the British] feel
obliged to reaffirm their determination not to permit the
week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
A8SET8 AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE
blockade
CITIES
(In Millions of Dollars)
of
New York City
Mar. 12 Mar.
5
Chicago
Mar. 13
Mar. 13
Mar. 12
1941
1940
1941
1941
1940
$
S
$
$
$
Loans and Investments—total..
Loans—total
$
Commercial,
10,892
5
10,843
9,013
2,698
2,690
3,223
3,159
2,980
726
720
561
2,022
1.675
522
512
379
116
22
504
35
2,335
and
96
paper
Loans to brokers and dealers..
91
354
348
-
,
carrying securities
,
166
Real estate loans
21
ill
18
35
38
63
'
,
165
ill
Loans to banks
159
54
55
113
20
20
73
76
29
29
43
392
Other loans
393
370
14
1
....
49
Treasury bills
Treasury notes
1,622
1,523
785
145
149
164
United States bonds.......
2,903
2,901
2,500
779
777
730
211
guaranteed
147
180
517
510
389
by
the
United States Government...
1,583
1,4.50
1,247
126
126
146
1,321
405
408
345
6,756
6,156
952
939
902
85
Reserve with Fed, Res. banks..
Cash In vault
1,516
6,755
Other securities
82
79
36
36
27
271
272
232
43
1,597
101
99
82
343
344
370
44
Liabilities—
Demand deposits—adjusted
11,038
11,007
8,992
2,047
1,745
2,040
753
751
508
509
502
14
14
44
96
96
85
3,963
3,947
2,526
1,063
1,049
941
592
587
665
7
7
8
U. 8. Government deposits.....
701
British
the
Other liabilities
310
308
283
14
13
11
1,506
Capital accounts
1,510
1,489
266
266
and
in
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 System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business March 5.
reporting member banks in 101 leading
following principal changes for the week ended March 5.
in commercial, industrial and agricultural loans,
prevention
principles
to
the
ways
him
demand
deposits-adjusted, and
an
increase of $69,000,000 in deposits
credited to domestic banks.
and
he
goods,
possesses
render
to
the
an
New York City, $11,000,000 in the Chicago district, and $60,000,000 at all
reporting mrmber banks.
the
the
as
Demand deposits-adjusted decreased
$41 000,000 in the San Francisco
into
City.
Time de¬
posits increased $16,000,000.
Deposits credited to
foreign banks increased $18,000,000.
Increase
Mar. 5
1941
(+)
Feb.
1941
26,
or Decrease
Since
(—)
Mar. 6. 1940
$
$
26,668,000,000
9,592,000,000
+ 218,000,000
+ 3,313,000,000
+ 97,000,000
+1,001,000,000
5,287,000,000
+ 60,000,000
+ 932,000,000
323,000,000
+ 4,000,000
—12,000,000
502,000,000
Loans—total
$
+24,000,000
—136,000,000
Commercial, Industrial and agri¬
cultural loans
Open market paper.
brokers and dealers in
securities
loans
for
purchasing
or
455,000,000
1,229,000,000
—3,000,000
39,000,000
carrying securities........
Real estate loans...
+ 3,000,000
—
—22,000,000
1,757,000,000
+ 9,000,000
+ 45,000,000
—17,000,000
+211,000,000
Treasury notes.......
840,000,000
2,554,000,000
+113,000,000
-—1,000,000
+168,000,000
+ 829,000,000
United States bonds
7,064,000,000
+12,000,000
+ 561,000,000
Loans to banks
Other loans...
Treasury bills..
Obligations guaranteed by United
2,774,000,000
3,844,000,000
Reserve with Fed. Reserve banks_.l 1,910,000,000
Cash in vault
509,000,000
Balances with domestic banks..
3,427,000,000
Government..
....
Other securities
-
to
a
blockade
It
enemy.
is
using in
into
aggravate his
as
possible
which he controls and utilizes for
Every import of foodstuffs into
used
the
by
whole
the whole
war
machine.
occupied
of
and
area
fuel
the
factories
Their
the occupied territories.
on
and
by
and
their
wages.
to
create
Their surplus
the
disparity
those allowed to the
All these territories are
Great Britain by sea and air.
carry
food from one part of
to another are devoted instead to the transport of troops
and
bombs
for
the
campaign
against
rolling stock of the occupied countries has been
as
supplies
territories to
in Germany and
bases for his attacks
enemy as
of
ther laborers are attracted
this helps
and
rations
Railways and roads which should be used to
the
range
of countries overrun
range
food and better
more
enemy
today between
populations in
by the
the
Great
Britain.
The
looted, and as far afield
Balkans, Belgian and French wagons are even at this moment carry¬
I
ing German troops and munitions.
As
result, surplus products of
a
of
are
district
one
are
urgently required.
prevented from moving
The surplus production
Norwegian fisheries and of the farms of Denmark and The Netherlands
is not
it
equitably divided
Germans who
the
is
separate
of
direct
the
claim
right to profit by all local surpluses in
They disclaim the obligation
their control.
under
area
the Norwegians, the Danes and the Dutch;
to
deficiencies except those in Germany itself.
Every
foodstuffs into any one part of the occupied area thus constitutes
good
arrival
among
any
local
therefore,
technique of exploitation.
Unfor¬
doubt that the admission of relief
to the German
encouragement
tunately,
there
be
can
no
supplies would benefit the enemy.
Saying that they respect the argument that the "duty of
feeding the hungry overrules all other considerations," the
British statement explained that
"there need be no scarcity
starvation if the enemy would
distribute his supplies equitably."
It was further said:
Even
it
if
were
that immediate shortages of food were likely,
admitted
would regard it as false humanitarianism to agree
Government
the British
and
to the areas concerned,
the admission of foodstuffs
that the result of this
the long run
action would be
knowing
as
they do
to prolong the war and to add in
to the sum of human misery.
They believe that the conquered
peoples have now had sufficient experience of German domination to realize
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended March 5, 1941, follows:
summary
Assets—
him
produces,
attempting to organize these
their
of
part
taken
are
exists
civilian
to
Deposits credited to domestic banks increased $40,000,000 in New York
City and $69,000,000 at all reporting member banks.
drive
to
or
forced to work for the enemy;
are
Germany by promises of
products
which
district, $32,000,000 in the Chicago district, and $69,000,000 at all reporting
member banks, and increased $22,000,000 in New York
the
of
costly and burdensome
as
areas
over
over
are
amounting to famine
reporting member banks.
Loans and investments—total
integral
an
extends
The Germans
enemy.
form
blockade
it must extend
so
agriculture
Loans to brokers and dealers in securities in¬
Chicago district, $48,000,000 in the St. Louis district, and $113,000,000
blockade, but
occupiedt|erritory conflicts directly with one or other of these objectives.
Just
creased $24,000,000.
Holdings of United States Treasury bills increased $72,000,000 in the
This follows, in part:
machine
war
imported
distribution of supplies within
a
Commercial, industrial, and agricultural loans increased $33,000,000 in
that
The British there¬
oil
an
nor
economic
of
which
goods
difficulties,
blockade
food
a
whole
deprive
uneoonomic
make
States
which their policy rests.
on
against
intended
$93,000,000 in
Other
relief of distress."
or
The blockade is not
each
balances with Federal Reserve banks and $69,000,000
Declaring
"would like to play an effective part
elsewhere which
the
and $113,000,000 in holdings of United States Treasury bills, decreases of
Loans to
nations."
little
those
to
freely to others where they
The condition statement of weekly
A
and
fore consider it desirable to restate certain basic facts and
248
Complete / Returns of Member Banks of the Federal
Reserve System for the Preceding Week
at all
Food for the Small Democra¬
on
since it was made known by Prime Minister Churchill last
August, and later amplified in December by Lord Lothian,
the British Ambassador to the United States, the statement
explained that the whole problem of relief was "considered
afresh" in view of the body of opinion in the United States
transport,
reserve
[March 9]
Committee
same
the
his military operations and war potential.
Borrowings
Increases of $60,000,000
day
Executive
the
on
of
behalf
in
nothing has altered the attitude of the British Government
transport
banks.".
cities shows the
by the admission
territory under enemy
any
effort" and "uphold the ideals of democracy to
war
world
j.rj,
dPfiAfiitfl*
Foreign banks
in
statement
a
directed
Time deposits
Domestic
reply to this Mr. Hoover
of the National Committee
50
Balances with domestic banks..
Other assets—net..
rntpr-hftTilf
into
.
cies, stating that "our full proposals in no way impair the
Other loans for purchasing or
Obligations
In
issued
2,075
Industrial
agricultural loans
Open market
Mar.
undermined
or
overseas
control."
1941
Assets—
be weakened
to
supplies from
+8,000,000
+ 374,000,000
—11,000,000
+ 380,000,000
—93,000,000 +1,499,000,000
—21,000,000
+ 52,000,000
—46,000,000
+ 316,000,000
the
justice of this view.
The statement added, in conclusion:
British
The
Government
are
satisfied that relief of countries in enemy
would, whatever the conditions might be, postpone the day of
occupation
primary duty to rid Europe of Nazi
peoples to physical and spiritual free¬
They cannot allow themselves to be deflected from this goal and,
in full realization of their responsibility,
they therefore feel obliged to
reaffirm their determination not to permit the blockade to be weakened
or undermined by the admission of supplies from overseas into any territory
victory.
They
regard
it
as
their
tyranny and to restpre the conquered
dom.
under enemy control.
Mr. Hoover, in answering
these objections, said that "the
occupied democracies is far worse than
statement would seesL-to indicate."
He also
food situation in the
British
the
stated:
We
care
do
for
not
these
agree
that
people,
or
there are enough
supplies
on
the Continent to
that the supplies will ever be evenly distributd.
caused
acutely a
shortage of fats.
No people—American, Belgian, or British—can survive
without fats, meaning meat, dairy products, vegetable oils, &c.
British
Devastation by
considerable
the German Army and the blockade combined have
shortage
of
bread
supplies
everywhere,
but
more
reports state that the fat supply of
reduced 40%.
Our reports show over
the Continent as a whole lias been
fighting levels, the shortage falls
And the Belgians
democracies.
be exhausted.
the first to
are
And, as the Germans are not
50%.
likely to reduce their fat supplies below
even
more
violently upon the occupied
Regarding his committee's latest proposal to experiment
a plan for feeding a limited number of Belgian children
and destitute adults, Mr. Hoover said:
In January we submitted our plan to the Belgian Government in London,
and on Jan. 30 they urged it strongly upon the British Government.
At
the same time we began negotiations with the Germans, who responded
on
Feb. 26, and their undertaking was transmitted to the Belgian Gov'
'
eminent.
,
their
On
bread
grains
have
Germans
the
part
ships will be
effect
Government.
British
part of the plan is
A further
Britain.
Great
or
British objections:
These arrangements answer
the supplies, it will amount to more food values sent
furnish their part of
possibly have taken from Belgium, or fed to
own army.
The effect is to reduce, not increase, German supplies.
It would, in fact, increase their transportation burdens by the amount
Belgium than they could
into
their
2.
of
If the Germans
directly or indirectly to the Germans.
No food goes
1.
be paid by
imposed upon either
Thus no burdens are
Government.
the exiled Belgian
America
that only ships not available to the British
that the cost of imports from overseas is to
be used, and
shall
,
relief on the
that agreements are complied with.
We do not believe
of this undertaking has yet been fully considered by the
and see
the
that
,
already shipped 800,000 bushels of
imports, no requisition or absorption of native food; that
free of attack; that a neutral commission shall supervise
ground
,
Belgium.
They are now initiating a shipment of
They also agree that there shall be no interference with
into
3,200,000 bushels.
amounted to 69,900 shares, or 17.95% of^ the total volume
0n that Exchange of 416,720 shares; during the preceding
Week trading for the account of Curb members of 68,010
shares
14.87% of total trading
Was
The
with
March 15, 1941
Chronicle
The Commercial & Financial
1670
of 429,470 shares,
available the following data for
commissjon made
the week ended March 1:
based upon weekly reports
The data pushed are
York Stock Exchange and the
These reports are classified as
members.
filed with the New
their respective
New York Curb Exchange by
follows:
received
New York
Exchange
Total number of reports
New York
Extkange
. nRft
1.066
transactions as specialists
2. Reports showing other transactions Initiated on
1. Reports showing
floor.—
3- I^£rt8 showIng other transactions
the
99
^
62
635
609
odd-lot transactions are handled solely
Note—On the New York Curb Exchange,
by specialists in the stocks in which they are registered and the round-lot transactions
QfMjffn'n^^x^TorTstwt^hwefo? SiS
other handt all but a fraction of the odd-lot transactions are effected by dealers
As a result, the round-lot transactions of
specialists In stocks In which they are registered are not directly comparable on the
engaged solely In the odd-lot business.
two exchanges.
The number of reports in the various classifications may total more than
the number of reports received because a single report may carry entries in
more than one classification.
TOTAL ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS * (SHARES)
J ' 1
Week Ended March 1,1941
T°w*\T
n eek
imports.
If the guaranties
3.
38
178
Initiated off t e
Reportashowing"no"tranVacti'o'ns".""111111111111111
4.
7QQ
799
183
-
and contribution of food from the Germans are not
be at once withdrawn. If the
guaranties are violated, then the time by which the war could possibly be
extended can be measured.
The maximum benefit Germany could obtain
would be seizure of the imported stocks—and those on hand at any time in
A. Total round-lot sales:
Belgium would not feed Germany for one whole day
4. It would not be furnishing food to persons working for the Germans,
b. Round-lot
then the whole operation would
carried out,
it
since
and
It
6.
The
military
The
little nations who
the
among
We believe
have been our life-long national
people to interest itself
children, and the committee has
it to continue its efforts
solution by which the lives of these helpless people may
a
appeared
Belgium
Feb. 22,
these columns
in
page
page
were
Total sales
referred
in
to
our
14
Dec.
on
17
March
according
March 9, from Vichy,
to
Press
advices
cooperation,
with
the
of private
of
transfer
part-ownership
Germans have bought or are
big French
of French
5,915
410,805
Short sales
416,720
Total sales
industry to
German hands.
the account of members:
Transactions of specialists In stocks In which they are
B. Round-lot transactions for
1.
registered—Total purchases
which monopolizes most of the
4,435
41,850
,
Othersaies.b
the upper hand
...
against the divided French and foreign
46,285
Total sales
will have no difficulty keeping
"majority stock¬
225
Short sales
Othersaies.b
is not expected
tried three days
resumption of sale of industrials on the Paris Bourse
to result in the
wild activity which occurred when it was
last summer—due,
time,
observers said,
it is believed,
ownership have been agreed
restricted by
j
9,100
Total sales
in advance.
3. Other transactions Initiated off the floor—Total
Trading is expected to be
1,135
13,380
Othersaies.b
law requiring all bearer shares
changed to name-bearing shares, with all transfers
strictly controlled.
14,515
Total sales
V
4. Total—Total purchases..
Trading
on
New
York Stock and New York
Week Ended March 1
and
Othersaies.b
69.900
Total sales
Exchange Commission made public
yesterday (March 14) 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 March 1, continu¬
ing a series of current figures being published weekly by the
Commission.
Short sales are shown separately from other
Customers' other sales.c.
33,431
Total purchases
Total sales
*
The term
"members" Includes all Exchange members,
trading of 2,019,860 shares.
On the New York Curb Ex¬
change member trading during the week ended March 1
rules are Included with "other
Shares In members' transactions as per cent of
In calculating these percentages,
twice total round-lot volume.
the total of members'
with twice the total round-lot volume on
members'
their firms and their
special partners.
partners, Including
a
18,180
.....
Trading on the Stock Exchange for the account of mem¬
bers during the week ended March 1 (in round-lot trans¬
actions) totaled 405,920 shares, which amount was 19.67%
of total transactions on the Exchange of 2,057,440 shares.
This compares with member trading during the previous
week ended Feb. 22 of 350,095 shares or 16.61% of total
0
33,431
Customers' short sales
of
17.95
Odd-lot transactions for the account of specialists:
C
sales in these figures.
4.12
79,675
5,795
64,105
Short sales
Curb Exchanges During
Securities
3.03
19,835
purchases
Short sales
regulation and only a few stocks will be quoted.
Trading will be further restricted by a new
Member
8,875
to heavy German buying.
the amounts to be transferred to German
on
10.80
16,100
2. Other transactions Initiated on the floor—Total purchases
holders."
The
43,740
....
Short sales....
organized controlling many
slight majority of the shares French-owned.
Neutral observers believe the Germans
This
Cent a
French-German corporation is being
industrial fields with only a
The
Per
Week
Other sales_b
advertising.
A joint
1, 1941
Total round-lot sales:
buying blocks of 45 to 49% of the shares in
banks and Havas-Publicity,
ACCOUNT OF MEM¬
STOCK TRANSACTIONS FOR
(SHARES)
Total for
acceleration
Germans likely to
stocks in occupied France is expected to facilitate
19.67
NEW YORK CURB EX¬
THE
'
acquire large interests in French enterprise.
The sale
ON
Week Ended March
A.
the
SALES
of
which also said:
economic
STOCK
in industrial shares
Associated
interpreted by financial observers as marking an
German-French
AND
CHANGE
Paris Exchange to be Resumed
The Paris Bourse is to resume trading
of
405,920
ROUND-LOT
BERS *
was
321,870
—
Total sales
Trading
This
403,190
84,050
othersaies.b
3475.
3.06
-
short sales
issue,
TOTAL
on
66,020
4. Total Total purchases
1223 ;
Lothian,
57,420
-y•
w
Britain's former objections, as reported by the late
Lord
5.93
8 600
sales" b" IIII"—""I"""I"""""II"
Hoover's proposals in behalf of
Great
' —
59,750
Short sales
Other
v
v
Previous reference to Mr.
120,110
—
"*
"
"
—
3. Other transactions initiated off the floor—Total purchases
evidence that millions of Americans wish
finding
97,510
Total sales
1
humanity which saves the lives of countless
be saved.
22,600
Other sales.b
prevention of such catastrophes.
We have no hesitation in saying that
such action will uphold democratic ideals in the world.
It is not false
toward
10.68
123.810
Short sales
it is a duty of the American
in
every
219,790
noor-Total purchases
millions of
of this committee is to raise a voice for those
purpose
friends.
166,940
2. Other transactions Initiated on the
•>
,
,
helpless
I
Total sales
concluded by saying:
Mr. Hoover
52,850
-
salesIbLIIII.I
Other
219,630
—-
Short sales
to the Germans.
gain
in which they are
I. Transactions of specialists In stocks
otherwise available for the British.
could result in no military loss to the British or
plan
for
dealers and specialists:
transactions for account of members, except
registered—Total purchases—
would not be using ships
5.
—2,057,440
Total sales
children.
to
Cent a
saS'bV.V"IIIIII"IIII"IIIIIIIIIIIIIIIIII 1,934^970
the 0dd-lot accounts of odd-lot
(and thus necessarily the unemployed),
limited to the destitute
is
other
r*"
J22 47Q
transactions Is compared
the Exchange for the reason that the total
transactions includes both purchases
and sales, while the Exchange
volume includes only sales.
b Round-lot short sales
c
which are exempted from
restriction by the Commission
sales."
Sales marked "short exempt" are
included with "other sales."
Volume
Odd-Lot Trading
At the
New York Stock Exchange During
on
Securities
and
Commission
Exchange
Yesterday's action
yesterday
listed trading department.
published by the Commission. The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists.
The program,
authorized under the Securities Exchange
Act, which provides unlisted privileges on an exchange in
registered on another national securities
exchange, is subject to approval of the Securities and Ex¬
change Commission.
securities listed and
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
Issuance
Total
;
♦
STOCK
•
The Chicago exchange is the only
board besides the New York Stock Exchange which at present has no un¬
dealers and specialists who handle odd lots on the New York
Stock Exchange, continuing a series of current figures being
'
"realistic study" on com¬
policy of 19 years' standing during which
reverses a
unless they were formally listed here.
of stock transactions for the odd-lot account of all odd-lot
'•
a
by the three committees.
refrained from trading in shares listed on other exchanges
the local exchange
(March 14) made public a summary for the week ended
March 8, 1941, of complete figures showing the daily volume
authorized
time the governors
same
mission rates, to be made
Week Ended March 8
The
1671
The Commercial & Financial Chronicle
152
of
Bonds
Taxable
of
$1,600,000
of
■
for Week
!•
Vi
■
Week Ended March 8, 1941
Fletcher
11,545
Number of shares
292,459
Dollar value
11,722,289
Number of orders:
Customers' snort sales
266
Customers' other sales .a
11,492
Customers'total sales
11,758
Number of shares:
Customers'short sales
5,773
278,072
Customers' other sales.a
made in
was
Indianapolis
283,845
Dollar value...
9,388,796
Round-lot sales by dealers:
These
redemption optional March 1, 1943, have been authorized by
the Board of Directors of the Land Bank to obtain funds
$1,637,000 of 3^4% bonds, optional for redemption
Of the total issue, $1,000,000 approved by
the Farm Credit Administration have been offered publicly
to redeem
May 1, 1941.
by Lee Higginson Corp. and Alex. Brown & Sons, at 100%.
The balance of the total issue of new bonds will be used as
for
short-term
a
240
......
Round-lot purchases by dealers:
Number of shares
<•
-
1
,
The
transaction
Co..
Trust
with
■
.
,
75,080
owner
this
odd-lot orders, and sales to liquidate a long
position
many
New York Stock
Exchange Decreased
The New York
Feb. 28 settlement
March 8 that
of business
the
on
date, as compiled from information ob¬
member
firms, was 487,151 shares, compared with 498,427 shares 011
Jan. 31, both totals excluding short positions carried in the
the
odd-lot
Exchange
of
accounts
from
odd-lot
all
settlement date, the total
ers' accounts
Of
the
there
existed,
The
28
which
which
in
in
or
issues
a
occurred
exclusive
of odd-lot
short
a
in
change
The number of issues in which
Jan.
As
of the
Feb. 28
the
short
the Exchange
on
interest
of
than
more
position of
on
short interest
a
In
the
short
was
position,
tabulation
following
was
is
short
2,000
interest
existing at the c]ose of the last business day for each month
since
Sept. 30, 1938:
28
669,530
Nov. 29
587,314
Dec. 30
500,961
Oct.
31
—
Mar. 31
May 31
Federal
Tlie recall
The
4Ya.%
488.815
Jan.
31
498,427
530,594
Feb.
28
487,151
Dec.
31
1941—
Exchange Short Interest Declined in
of stocks dealt in 011 the New
the month of February, 1941,
.
non-voting common
(Del.) common
finan¬
City, announced on March 13 that beginning immediately
prepared to give borrowers the benefit of a 4% interest
rate on new 4\i% Federal Housing Administration-insured
loans.
The new plan, it is stated, will enable borrowers to
it is
off 25-year FHA-insured mortgages in 22 years, and
in 17 years, 11 months. Interest savings
pay
be material.
Bowery Savings Bank pioneered two years ago in
reducing its rate on FHA-insured loans from the then legal
maximum of 5% to 414%; this action was mentioned in our
issue of March 11, 1939, page 1401.
Since then, the bank
The
made
has
4%% loans totaling more than $15,500,000 in
The
new
plan, which has been approved by
FHA authori¬
115
said
1,139
Electric Bond A Share Co. common
National Container Corp.
movement to reduce the cost of home
cing in New York City and in Westchester, Nassau and
Suffolk Counties, The Bowery Savings Bank, New York
500
Feb. 28, 1941
E. W. Bliss Co.
a
Paying
650
V
American Cyanamid Co. B
Launching
Enable
22 Years
576
'
;
Loans—Will
be used, according to the bank, at
the option of the borrower.
The bank estimates that when
a borrower pays off a 25-year mortgage in 22 years, he can
save $139.32 interest on each $1,000 of principal.
Savings
on a 20-year mortgage paid off in 17 years, 11 months, can
be as much as $101 interest on each $1,000 of principal.
The plan requires no larger down payments than at present
and, except during the first years of a loan, no larger monthly
payments.
In explaining the plan, an official of the bank
They were:
'
Insured
cash and commitments.
reported as of Feb. 28, 1941, amounted to 10,276 shares,
compared with 13,247 shares reported on Jan. 31, 1941, it
was announced by the Exchange on March 10.
Four issues showed a short position of 500 shares or
more.
FHA
Off 25-Year Mortgage in
wili
485,862
for
8, page 1514,
Bowery Savings Bank of New York City to Give Home
Borrowers Benefit of 4% Interest Rate on New
459,129
454,922
29
position
1*4% bonds on account
provision was referred to in
20-vear mortgages
31
....
bonds
previous issue of
these columns March
515,458
Oct.
Mar. 29
Exchange
a
31
381,689
Feb.
short
total
Curb
of
carrying a tax exemption
of
479,243
474,033
*517,713
530,442
Sept. 30
1940—
Apr. 30
During this same period it had total
$16,235,599.
31
Aug. 30.
479,344
February
York
to
outstanding of $14,730,000.
July
523,226
j
Jan.
Curb
statute,
amounting
446,957
♦Revised.
New York
indebtedness of the institution $5,180,000.
At the
which is being liquidated in accordance with
it had a total of loans on farm lands in central Indiana
peak of the bank's business,
428,132
Dec. 29
651,906
June 30
it is estimated that remaining outstanding bonds of
Bank will be $4,240,000 and the hank debt will be
28
529,559
—
Land
June
*662,313
667,804
....
Apr. 28
Stock
May 31
447,543
536,677
-
Feb. 28
this
Nov. 29
31
Nov. 30..
1939—
under the recent statute which removed the
issued
Federal taxation, are free from State and local taxation.
part of the refunding program of the joint stock institution
from
481,599
435,273
570,516
July 31
Aug. 31
Sept. 29
588,345
Oct.
Jan.
1940—
1939—
1933
Sept. 30
issue, Mr. Schiltges called attention to
Stock Land Bank was one of the
He also pointed out
$940,000, making total
reported as of Feb. 28,
the
the refunding
1935 the Fletcher Joint
bonds,
new
Joint
411 compared with 433 on
shown
on
shares
than
more
which sold
banks to redeem higher coupon bonds.
completed May 1
the
1941. 4
31,
dealers'
is
F. Clippinger, Vice-
Feb. 28
5,000
the month.
during-
the
short interest in all odd-lot deal¬
1,228 individual stock issues listed
were
shares
dealers.
and
79,0G1 shares, compared with 74,102 shares
Exchange's announcement added:
was
31.
Jan.
on
members
its
that
on
in
of these
When
Stock Exchange announced
the short interest existing as of the close
H.
a 1.10% Federal income tax
taxable basis indicates the high
informed investors have for bonds of the Fletcher Joint Stock
fact that
exemption
During February
Stock Land Bank.
bond department, said today that dealers familiar
feel that a net of 1%% on
Commenting
first
on
Land
said:
Bank.
Land
round lot are reported with "other sales."
the
by
Stock
arranged through the bond department of Fletcher
was
of the Joint
of security,
type
exempt yield,
regard
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers'
tained
the Joint
The announcement regarding the sale further
Bank.
68,030
.......j.....
68,270
Short Interest
by
loan
•
...............
.......................................
President in charge of the
a
March 9 by Wm. B. Schiltges,
Indian¬
refunding
collateral
'
............
Total sales...
a
011
The securities issued are $1,600,000 of IY2V0 farm
bonds of tlie Fletcher Joint Stock Land
bonds, which mature on March 1, 1946, with
apolis.
loan
011
Customers'total sales.........
Other sales-b.-...
of
Bank securities since the effective
date 011 March 1 of tlie new Federal law providing for Fed¬
eral taxation of both Federal bonds and instrumentalities
taxable joint stock Land
Bank.
which is less than
Land Bank
President of tlie Fletcher Joint Stock Land Bank of
Odd-lot purchases by dealers (customers' sales):
Short sales...
Stock
Announcement of what is believed to be the first sale
Odd-lot sales by dealers (customers' purchases):
Number of orders.
Number of shares:
Joint
:
500
(Del.) common...
Jan.
31, 1941
~
•
ties at Washington, may
«.
FHA
100
to
regulations now require a mortgagor to pay at
reduce principal and meet
least $5.42 a month
interest charges on each $1,000 of the
original
If he wishes to use the new plan, he will
more per $1,000 of original principal for the first
The bank will apply this extra 93 cents toward
and also will give the borrower the benefit of a
applying against principal the M% interest which
principal of a 25-year 4 M % loan.
Chicago Stock Exchange to Trade in Unlisted Securi¬
ties—Will Ask SEC for Approval of 20 Issues
The Board of Governors of the
Chicago Stock Exchange
approved recommendations of three of its com¬
trading in unlisted securities. In announcing
this action, Arthur M. Betts, Chairman of the Board, said:
on
March 5
mittees for the
Immediate steps will be taken to
20 issues
the necessary applications for
in the territory served by the
prepare
which have wide public interest
Chicago Stock Exchange.
The
Chicago "Journal of Commerce"
of March 6 stated:
pay
five
93 cents a month
years
reduction
4%
of the loan.
of principal
interest rate, also
the mortgagor saves.
At the end of five years,
extra payments
by the mortgagor cease but he
of the 4% rate and the bank continues t<
M% interest which the mortgagor saves. The
plan works in the same way on 20-year mortgages, except that the mort¬
gagor pays 90 cents a month more on each $1,000 of principal for the first
five years of the loan.
As a result, for five years the mortgagor pays $7.10
a month per $1,000 of principal instead of $6.20, the regular FHA rate.
.
. .
continues to receive the benefit
apply against principal the
The Commercial &
1672
Variations of the plan enable a new borrower to
start with a regular 4 H
of the loan, he makes lump sum pay¬
whenever, during the first five years
The
%
the immediate benefit of a 4% rate
FHA-Insured mortgage and to receive
principal of a 25-year
30-year loan by 25%.
of loans and discounts to total deposits on
27.97, in comparison with 27.75 on June 29, 1940, and
percentage
1940,
was
Dec.
principal of a
loan by 20% or the
Co.
&
Ickelheimer
Heidelbach,
Kempner
Partner of Spencer B. Koch
Become
to
& Co.
announcement issued on March 13, the
New York private banking firm of Heidelbach, Ickelheimer
& Co., founded in 1876, is being liquidated and arrangements
are being made to transfer deposits and other liabilities of the
company to the Commercial National Bank & Trust Co. of
According to
an
The following is the announcement:
New York.
firm of Heidel¬
Following the death of the late Henry R. Ickelheimer, the
Co., of which he was the senior member, is being
Ickelheimer &
V:
'
liquidated.
•-
Sondheim and
business
Spencer B.
New York Stock Exchange, who have been
Oscar R. Lichtenstein, Phineas
The surviving partners are
The two former intend retiring from active
S. Marshall Kempner.
Kempner plans to become, at a later date, a partner of
Koch & Co., members of the
in the investment business over 25 years.
of the Federal
Co. of
New York will assume substantially all of the deposit liabilities, liabilities
on
outstanding checks, acceptances, and other bills of exchange, and
liabilities arising under letters of credit of Heidelbach, Ickelheimer & Co.
The Commercial National Bank & Trust Co. of New York will likewise
An arrangement
is being made, subject to the approval
whereby The Commercial National Bank & Trust
Reserve Board,
Co., in liquidation, certain
agent for Heidelbach, Ickelheimer &
as
securities
other
and
held
property
for the
custody by the said firm
in
had
Superintendent
The firm was founded in 1876 and had played a prominent
international banking field.
The firm had been intimately
Co., prior to its dissolution,
The firm of Heidelbach, Ickelheimer &
private bankers under the supervision of the State
as
of Banking.
role
In
the
community, its late senior partner
identified with the banking life of the
having been
Co.
of New
Bank & Trust
founder-director of The Commercial National
a
York,
well
as
having held
as
banking and industrial
other
Dec. 8, last, had also been a
and the Chamber
of Commerce of the State of New York.
Reference to his
died
Mr. Ickelheimer, who
on
member of the New York Stock Exchange
death
issue of Dec. 14, page 3500.
Heidelbach, Ickelheimer & Co. had, on Dec. 31, 1940,
total assets of $10,245,311 and total deposits of $5,871,823.
Capital account of the firm was maae up of $2,000,000
permanent capital and $2,191,655 of surplus.
appeared in
our
Bank Assets
National
and
Deposits
Dec. 31, 1940,
on
Than on Any Previous Call Date,
Reports Comptroller of Currency Delano—Assets
Totaled $39,733,962,000 and Deposits Amounted to
$35,852,424,000
Were
Higher
Currency Preston Delano announced
total assets and total deposits of
Comptroller of the
3
March
on
National
Hawaii
banks
and
the
that
deal with ghost towns or subdivisions is
prevent them, A. R. Gardner, President of the Federal
Home Loan Bank of Chicago told representatives of the
The best way to
to
member savings, building and loan associations in Illinois
and Wisconsin at their annual meeting at the Palmer House
in Chicago on Feb. 22.
"The demand for the high percentage
long-maturity loan continues strong," Mr. Gardner said,
"and the cost of new construction continues to#mount. This
combination of factors presents one of the serious problems
which confronts our institutions, and the problem is all the
more complicated because it is induced by, and more or less
closely related to, the Nation's intensive defense program.
Even in communities which are not catalogued as in need
of additional dwelling units to house defense workers, the
real estate boom virus is at work."
Virgin
the
Islands
the
of
United
States
ay:
than
call
previous
any
on
Comptroller's announcement further said:
plentifully supplied with working capital. Long-term
credit is available.
Earnings are good and reserves are growing.
Private capital is replacing United States Treasury and Home Owners'
Loan Corporation investments in member institutions at a much more
retirement schedule. In
of Treasury
This leaves a total of
$3,629,300 Treasury and $22,087,000 HOLC investments in the savings
rapid rate than is required by the Government's
individuals,
partnerships
$7,954,096,000,
728,000;
postal
cash
and
respectively;
deposits
of
credit
deposits of
banks
in
States
deposits
savings
letters
of
banks
foreign
corporations
political
travelers'
of
cubdivisions
certified
checks
$6,575,298,000,
countries
$17,939,331,000
of
increase
of
141,000,
discounts,
$848,546,000,
10.88%
or
Investments
guaranteed,
12-month
in
or
since
United
Savings
overdrafts,
December
of
deposits
of
included
totaled
corporatons
Total assets of the bank's member institutions are
an
increase of
an
$984.-
1939.
Government
obligations,
direct and fullv
aggregating $9,752,605,000, showed increases in the six- and
of $641,379,000 and
$678,670,000, respectively.
The
$2,094,056,000,
obligations held
respectively.
totaling $3,915,435,000, which
on
Dec.
31, 1940,
were
$7,658,549,000
Other bonds, stocks and securities held,
included obligations of
States
and
political
subdivisions of $2,008,472,000. increased $121,386,000 since June and $177,794,000 since December, 1939.
,
Cash
of
$718,799,000, balances with other banks
120,067,000,
12-month
The
which
increased
Reserve
banks
$1,242,963,000
of
and
of
$6,414,354,000, and
$7,986,914,000,
$2,616,454,000
a
total
in
of
$15,-
the six-
and
periods, respectively.
on Dec. 31, 1940, was $1,527,237,000,
preferred stock of $195,657,000.
Surplus of $1,309,533,000,
profits of $467,984,000. and reserves of $231,644 000. a total
$2,009,161,000, increased $67,369,000 since June and $136,946,000 since
December 1939.
Bills
payable,
rediscounts,
aggregated $3,127,000.
an
$245,000 since December
and
other
liabilities
for
borrowed
increase of $217,000 since June and
a year
exclusive of deposit and debenture interest, expense
penses,
ago.
an
money
increase of
and commission,
It paid dividends at the annual
1939.
almost identical with those for
and $46,575 into
undivided profits.
Loans outstanding to the member savings, building and
loan associations in the two States were $29,858,333,.as of Dec. 31, and
14£% and carried $82,571 into the legal reserve
rate of
amounted to $17,317,111.
advances during the past year
new
addressing the meeting was Charles E. Broughton,
Chairman of the Bank's Board of Directors, who had the
Also
following to
say:
y
not^nTyXfor
munitions and implements of
war but adequate housing for those who rriust produce these essentials, and
as a result great responsibilities have been placed upon our member insti¬
tutions and this bank which serves them. I Your associations constitute the
The defense program calls
largest group in the business of home financing,
Government
for the
This bank enters 1941
•
The
Recorded
Mortgages
consin in 1940
Reports 99,005
and Wis-
Illinois
in
-
recording last
of 99,005 home mortgages in
reported by the Federal Home
Feb. 22.
Total new indebtedness
year
and Wisconsin
Illinois
Chicago
Bank of
Loan
Home
Home
That
$15,156,035 stands as a reservoir of credit to
aid in your program.
Federal
history.
with the largest cash balance in its
balance representing
cash
and it is only reasonable
in a defense housing program.
expect leadership
to
was
Loan Bank of Chicago on
$310,526,000 to buy, build, remodel or refinance was thus
of
secured, and the volume was 12.9% more than in 1939, A. It.
Gardner, President of the Bank, said.
December mortgages
recorded on home properties in the district showed an up¬
$2,700,000 from November in contrast to a decline
of
turn
$1,200,000 between the same two months of 1939.
Chicago Bank's announcement added:
of
monthly
undertaken
as
for* less
of mortgages
tally
the
The
in real estate are based on
These witnesses to the rising tide of interest
$20,000 which has been
than
past two years.
Considerably heavier reliance on savings, building and loan associations
a source of funds is seen in a detailed analysis of the mortgagees in 1940.
members cf the Federal Home Loan
The associations, majority of which are
Bank
of
36.5% of
furnished
Chicago,
the
mortgage
money
last year as
compared with 31.7% the year before.
Less
costly houses and in
$3,197 in 1940.
areas,
statistics
cases
lower percentage of loan to prop¬
to
however.
Cook
for
some
reduce the average loan from $3,367 in 1939 to
The smaller loans were more generally outside the metro¬
combined
erty value
and
The
average
loan
home
Counties
Milwaukee
was
shown
$4,832
in the combined
compared
with
In both years approximately 46% of the dollar
volume of mortgages recorded in the district were in the metropolitan areas.
$4,900
the
year
before.
Influence of the
for
more
October
money
was
ings and May
In
the
May and October leasing periods was seen in the tendency
to
be
borrowed
ran
a
over
the
home
ownership
at
these
times.
for volume of home mortgage record¬
close second.
December 8,548 loans were
increase
for
the peak month of 1940
same
obtained for a total value of $26,632,000,
previous year being 2.5%.
month of the
Over 80 Federal Savings and Loan
Associations Passed
$1,000,000 Asset Mark in 1940—-10 Others Excelled
$5,000,000 Mark
More than 80 Federal savings
^unimpaired capital stock
included
undivided
of
Federal
with
reserves
$429,036,035, he indi¬
of private capital in their struc
ture.
Speaking of the bank's operations, Mr. Gardner said that it had net
income of $412,854 during the year ended Dec. 31, 1940 and that its ex¬
cated, thus indicating the preponderance
politan
$10027,773,000,
were
9.24% since June, and
States
$518,760,000.
of
periods
direct and indirect
and
including
checks,
cashiers'
latter including deposits
the
$360,630,000.
time, deposits 0f individuals, partnerships, and
$7,129,006,006 and represented 16,354,844 accounts.
and
$2,358,230,000;
of
and
outstanding
with
Loans
HOLC investments were retired.
institutions of this district.
and
deposits of $487,-
States Government
$18,981,000;
of
and
of
and
United
and
and time deposits
July, 1940 and January, 1941 $1,145,900
the two months of
the
The deposits on the last call date consisted of demand
of
sitting on top of the world.
The institutions which this bank serves are
In general they are
on
condition reports,
date.
The total
assets of the 5,150 active banks were $39,733,962,000, an
increase of $2,848,882,000 over the amount reported by the
5,170 active hanks as of June 29, 1940, the date of the
previous call, and an increase of $4,414,705,000 over the
amount reported by the 5,193 active banks on Dec. 30, 1939,
the date of the corresponding call a year ago.
The de¬
posits on Dec. 31, 1940, totaled $35,852,424,000, increasing
$2,778,017,000 and $4,239,432,000 over the amounts reported
as
of June 29, 1940, and Dec. 30, 1939, respectively.
The
higher
the
operations Mr. Gardner had the following to
Bank started
Dec. 31, 1940, the date of the last call for
were
■/; ,rV.
^
Contrasting conditions now and eight years ago when
Alaska,
States,
United
continental
the
in
Income
Reported at $412,854
of Bank for Year
were
directorships.
Long Maturity
Says at Annual
A. R. Gardner
Indicated,
and $1,401,500 of
account of its customers.
acted
v
Meeting of Chicago Home Loan Bank—Net
Liquidation—De¬
In
posits and Other Liabilities of New York Private
Banking Firm to
be Assumed By Commercial
National Bank & Trust Co. of New York—S. M.
receive
Dec. 31,
28.61 on
Continued Demand for High Percentage,
Loans
and Mr.
'
1939.
30,
1941
15,
Bowery Savings Bank which reduce the
ments to The
bach,
March
Financial Chronicle
and loan associations passed
the $1,000,000 mark in assets in 1940, while 10 others moved
into the class of $5,000,000 and above, according to the
annual classification made by economists of the Federal
issued Mar. 1.
The Board indi¬
by the public in all Federal associa¬
Home Loan Bank Board,
cates that investments
tions
now
total $1,388,000,000, an
It is also stated:
increase of 25% in 1940.
Volume
An
The Commercial & Financial Chronicle
152
analysis of the statistics shows that there
associations
with
of
assets
Federals of $295,000,000
As of Jan.
1,
there
$1,873,000,000,
19% in the last
or
431
were
Federal
$1,000,000 and $5,000,000, and 66 had
are
increase in total
an
Federal
1,441
now
assets
year.
in
with
excess
between
assets
make
up
the
and
the
on
economic
Investments
results
in
for Last Half of 1940
The
Federal
has
received
$3,561,362
in
investments it
on
associations
loan
throughout the country, James Twohy, Governor of the
Federal Home Loan Bank System, announced on Mar. 1.
This, it is stated, brings to $38,572,335 the Government's
earnings on such investments since the first were made in
1934.
Almost one-fourth of the $271,000,000 so invested in
home financing institutions has been retired to
and
date said Mr. Twohy who added that the bulk of retirements
have been made voluntarily by the associations. Mr. Twohy
further stated:
munities.
in gaining the confidence of their local
So rapid has been this
each
used to
keeping
thus
instance,
of
the
closing of
the—t
institution.
financial
a
Four
of
Insolvent
National
Banks
During the month of February, 1941, the liquidation of
was completed and the affairs
such receiverships finally closed, it was announced on
March 8 by Preston Delano, Comptroller of the Currency.
of
Further details
of
creditors
dends
their
given
were
these
paid
four
claims.
Total
offsets
receiverships,
unsecured
to
creditors
costs
of
Dividend
of
month
distributions
of
to
allowed,
amounted
amounted
liquidation
7.61% of total collections from all
the
follows:
as
disbursements, including
Total
all
$4,393,839,
an
other
divi¬
of
average
these
and
while
depositors
to
to
to
of
45.9%
of
averaged
receiverships
including offsets allowed.
sources,
creditors
of
all
active
receiverships
February, 1941, amounted to $1,404,901.
liquidation of the receiverships
finally closed
Data
during the
as
during
results
to
month
are
as
follows:
INSOLVENT
of their progress
measure
in
Completed During February
NATIONAL BANKS
DURING
The repurchases of these shares by the institutions ahead of schedule is
a
capital
The money was
four insolvent National banks
Government
dividend checks for the last half of 1940
made in many savings, building and
thrift
the Southwest.
of $5,000,000.
Savings, Building and
Brought $3,661,362 in Dividends
Loan Associations
in
in
fully operating basis and saving their communities from
a
Liquidation
Government's
1673
other
impairment
an
associations
\
associations
assets
of
the Middle West
THE
LIQUIDATED AND FINALLY CLOSED
MONTH
OF
FEBRUARY,
1941
com¬
many
Total
of
of Bank
dividends
to
rate
Of the
has received
Government
received
$29,688,594
dividends
and
the
at
the
same
individual investors in these associations.
as
Associations
dividend dates.
In January,
County Nat.
Falls, Mich
On Feb.
Tenders
investments
by
Treasury
the
HOLC
and
were
Congress in 1933 and 1934, with the provision that they
authorized
were to
by
be repur¬
Few of such
investments have been made by the Government in the past two years.
New Money
Placed in Savings, Building and
in
1940
Was $1,140,000,000—
Increase of 19.4% Over Previous Year
Associations
Approximately $1,140,€00,€00
placed in savings, build¬
was
ing and loan associations in 1940, the United States Savings
and Loan League reported on Feb. 22.
Morton Bodfisli,
Chicago, Executive Vice-President of the League, said that
this was 19.4% more money than was newly invested in
these community thrift
December
already
the
third
some
cash
in
soared
to
December
in
than
any
new
month
25%
'except
there
one
funds
turned
Such
loans.
the
seen,
Mr.
a
was
new
these
1949
savers
institutions.
in
11
in
the
and
The
new
those who
gain in funds
net
months,
not
only
coming in
1939.
gain
In
over
institutions
and
for
was
every
tendered to the offering on
thereabouts, of 91-day Treasury
maturing June 11, 1941, Secretary
of the Treasury Morgenthau announced on March 10.
Of
this amount, $200,317,000 was accepted at an average price
of approximately 0.120%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up 'o 2 p. m. (EST)
March 10.
Reference to the offering appeared in our issue of
March 8, page 1514.
The following regarding the accepted
bids to the offering is from Secretary Morgenthau's an¬
nouncement:
Total applied for, $452,601,000
the
month
of
like month of
investment
in
investment side of
thing to the" palmy days of the 1920's
which
the
year
1939 in
home
owner
the business
the business
Bodfish pointed out.
/
& Loan Insurance Corporation Han¬
dled Only 21 Savings and Loan Insurance Cases in
Last 6^2 Years, Reports F. W. Catlett
years
only 21
savings and loan
insurance cases
Savings and Loan
loss totaling a little more than
had to be handled by the Federal
Insurance Corporation,
at a
$2,000,000 to date, said Fred W. Catlett, a trustee of the
Corporation and a member of the Federal Home Loan Bank
Board, on Feb. 22 in calling attention to a Corporation re¬
Mr. Catlett further commented as fol¬
to Congress.
The
.
.
fact that there are
...
2,280
'
insured savings and loan associations and
aid from the Corporation is ample testi¬
mony of the soundness of insured asscciations generally and at the same
time shows the value of the law empowering the Corporation to select
its
risks.
Two of
the 21 cases were settled within the last month,
involving about $100,000 in Corporation funds, one institution being in
-only
21 have required financial
Total accepted, $200,317,000
Range of accepted bids:
100
;
.
) 'A;
Low
99 965 equivalent rate approximately
Average price
99.970 equivalent rate approximately 0.120%.
(74% of the amount bid for at the low price
0.138%.
accepted.)
was
of $200,000,000 of 91-Day Treasury Bills—
Will be Dated March 19, 1941
Tenders to
offering of 91-day Treasury bills to the
or thereabouts, to be sold on a
highest bidders, were invited on
March 14 by Secretary of the Treasury Morgenthau.
Ten¬
ders will be received at the Federal Reserve banks, and the
branches thereof, up to 2 p. m. (EST) March 17, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated March 19 and will mature on
June 18, 1941, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a previous issue of Treasury bills on March 19
of
amount
a new
$200,000,000,
basis
discount
the
to
in amount of $100,272,000.
Mr.
Morgenthau
in
of the offering
announcement
his
further said
They (the bills) will be issued in bearer form
of $1,000,
only, and in denominations
$5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
Tenders will
the
closing
March 17,
be received at Federal
hour,
two
o'clock
p.
Reserve Banks and Branches up to
m.,
Eastern
Each tender must be for an even multiple of $1,000, and the
Washington.
decimals, e. g., 99-925.
without deposit from incorporated banks and
and from responsible and recognized dealers in investment
Tenders from others must be accompanied by payment of
of the face amount of Treasury bills applied
companied
or
100, with not more than three
Fractions may not be used.
Tenders will be received
trust companies
securities.
Standard time, Monday,
Tenders will not be received at the Treasury Department.
1941.
price offered must be expressed on the basis of
Federal Savings
lows:
50,000
bills dated March 12 and
$103,122,000, which
placed $7,765,270 of new savings in
and Loan Associations located in
New York City and in Nassau, Westchester and Queens
Counties, according to C. Harry Minners, Chairman of the
group, who said that the January increase is the largest for
a
single month in the history of these associations.
The
figure for the first month of this year compares with $5,936,243 of new savings in January, 1940.
The aggregate volume
of accounts of all savers in the reporting institutions was
$109,856,850 as of Jan. 31, 1941.
*
Total assets of the 34 associations, according to Mr.
Minners, were $138,843,340 at the end of January, 1941,
as compared with $126,017,540 at the end of January, 1940,
an increase of more than 10% for the year.
During Janu¬
ary, 1941, Mr. Minners states, 301 new home loans were
made by these 34 associations, amounting to $1,656,350.
port
100,000
300,000
A total of $452,601,000 was
New Offering
fa¬
money
In January, the public
34 Federal Savings
6%
12.82
March 7 of $200,000,000, or
because
the
In
79.94
62.08
3-30
of
High
inflow of
from
Savings in Federal Savings and Loan Associations in
Metropolitan Area of New York Showed Record
Monthly Increase in January
have
797,334
1,652.343
513,356
7-
but also because lees money was with¬
the savings
on
of
and
highest
the
money
substantial
to
over
these
December,
in
receipts
closest
are
has
than
more
month
investors
since June.
December the total of
in
was
highest
first-time
large volume of
drawn
the
the
from
had
during
of
was
both
10-10-34
11-18-32
$452,601,000 Received to Offering of $200,of
91-Day Treasury Bills — $200,317,000
Accepted at Average Rate of 0.120%
and home financing institutions the
The League's announcement continued :
previous year.
money
$200,000
000,000
15 outstanding investments in the associations by the
chased at the rate of 10% annually, beginning after five years.
Loan
Failure
55.00
$1,430,806
Crystal
First Nat. Bank, Ocean City, N. J.
Union Nat. Bank, Connellsville, Pa
HOLC totaled $182,590,060. and by the Treasury. $23,694,000.
Total of
Bank,
6-18-31
1941 the^e
retirements totaled $14,839,850, bringing the total of repurchases to $64.-
)* These
Date of
Claimants
Incl.
permitted to make repurchases of the investments during
are
the month following semi-annual
773,750.
Security Nat. Bank, Rockford, 111..
Iron
HOLC
date,
The
Stock at
to All
Failure
ments,
Loan Corporation received
$3,126,909 and the United States Treasury $434,453 in dividends.
Treasury $8,883,741.
Capital
Declared
Offsets
Date
The release in the matter continued:
cumulative
Dividends
of the associations have
Name and Location
For the last half of 1940 the Home Owners'
Percent
Disburse¬
Allowed
gain that
retired these investments in full.
by an express guaranty of payment by an
inforporated bank
trust company.
Immediately after the closing hour, tenders will be opened at the
Reserve Banks and Branches, following which
made by the Secretary of the Treasury
accepted bids.
or
Those submitting tenders will be advised of the acceptance
rejection thereof.
any
The Secretary of the Treasury expressly reserves the
such respect shall be final.
in whole or in part, and his action
Payment of accepted tenders at the
prices offered must be made or completed at the
cash or other
or
The bills shall be sunject to estate,
excise taxes, whether
now or
any
ity.
exemption, as such,
disposition of Treasury bills shall not have
special treatment, as such, under Federal tax Acts now or
enacted.
or
whether interest or gain from the
other disposition of the bills, shall not have any
and loss from the sale or other
any
Federal Reserve Bank in
immediately available funds on March 19, 1941.
The income derived from Treasury bills,
sale
Federal
public announcement will be
of the amount and price range of
right to accept or reject any or all tenders,
in
10%
for, unless the tenders are ac:
Federal
or
State, but shall be exempt from all
hereafter imposed on the principal or interest
of the possessions of the United States, or
hereafter
inheritance, gift, or other
taxation
thereof by any State,
by any local taxing author¬
For purposes of taxation the amount of discount at
which Treasury
The Commercial & Financial Chronicle
1674
bills
by the United States shall be considered to be
originally sold
are
interest.
Treasury
Department Circular No. 418,
as
and this notice,
amended,
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
'
■
.V..V"
'.V;.'-v
7;' :• '7 '7■
'.1
'"7
7:
Treasury May Refund Next Week $503,877,500 of Notes
June
Maturing
15—"New Money" Might
Also
Be
■■■•; ':f;7
Sought
The Treasury
Department announced on March 13 that
considering refunding next week the $503,877,500 of
it is
1%% five-year notes which will mature June 15. It was also
explained that "new money" might also be asked for at this
time since the Treasury's working balance is decreasing be¬
low the usual "comfortable" level of $1,000,000,000.
The
Treasury recently completed a successful refunding operation
involving $1,222,000,000. As was reported in these columns
of March 8, page 1514, holders of 94% of the bonds and notes
maturing March 15 exchanged their securities for new
taxable 2% bonds of 1948-50 and %% notes of 1943 which
had been offered on Feb. 25.
The response to this exchange
offering
was
overwhelmingly in favor of the
new
March
15,
1941
Treasury indicates that from the total face amount of out¬
standing public debt obligations under the general limitation
($44,007,628,475) should be deducted $986,945,985 (the un¬
earned discount on savings bonds), which, after adding the
defense limitation total of $2,485,367,100, brings the total
to
$45,506,049,590.
However, to this figure should be
added $583,619,743, the other public debt obligations out¬
standing, which, however, are not subject to the statutory
limitation.
Thus the total gross public debt outstanding
on Feb. 28 is shown as $46,089,669,333.
The following is the Treasury's report as of Feb. 28, 1941:
Statutory Debt Limitation* Under Section 21
as
The
States authorized, outstanding, and balance issuable under
Bond Act,
by Section 21 of the Second Liberty
imposed
limitations
amended:
as
of the Second Liberty Bond Act,
of Feb. 28, 1941
as
the face amount of public debt obligations
following table shows
of the United
the
Amended,
'
,
General Limitation—Section 21(a)
I.
Total face amount of bonds, notes,
certificates of indebtedness, and
time
- - $45,000,000,000
Treasury bills that may be outstanding at any one
Outstanding as of Feb. 28, 1941:
Interest-bearing—Bonds:
Treasury...,
7...
Savings (maturity value)a
bonds.
960,165,700
4,466,985,950
746,847,625
Adjusted service
.
$33,173,999;275
$8,583,480,300
Treasury notes
Stabilization Fund Is Virtually
Secretary Morgenthau Says
Treasury's
Inactive,
Certificates of indebtedness—2,097,100,000
;
10,680.580.300
$43,8.54,579,575
Secretary of the Treasury Morgenthau informed Congress
March 13That the operation of the Treasury's $2,000,000,000 stabilization fund for all practical purposes has been
halted because of war conditions.
The following regarding
his remarks on operation of the fund for the fiscal year ended
last June was reported in Washington advices to the "Wall
153,048,900
which interest has ceased..
Matured obligations, on
44,007,628,475
——
on
II.
ury
countries and that amounts of foreign currencies held on June
a
30, with the
dollar value of $3,500.
Net face amount Issuable
Treasury bills.....
$1,165,903,100
—
1,305,648,000
—-
$2,471,551,100
value of the dollar.
with
a
under
65,000,000 Chinese yen, Secretary Morgenthau reported,
dollar value of .119,112,500, as of June 30.
an
Matured obligations,
sold to the
$2,485,367,100
Face amount of
$1,514,632,900
obligations Issuable under above authority.
same rate.
Recapitulation—Sect ion 21(a) and (b)
Morgenthau said that the Stabilization Fund, under an agreement
Mr.
of July 15,
13,816,000
which interest has ceased..
on
These were purchased
arrangement whereby China agreed to repurchase yen
fund at the
...
$4,000,000,000
...
Treasury notes.
Certificates of indebtedness...
the fund "rendered valuable assistance" in stabilizing the exchange
The fund had
$4,000,000,000
Outstanding as of Feb. 28, 1941:
Interest-bearing:
Immediately before the outbreak of the war, Mr. Morgenthau told Con¬
gress,
and Treas¬
bills that may be outstanding at any one time.....
....
Revenue Act, 1940......
Less retirements under Section 301
fund is not acquiring any currencies of belligerent
exception of the Chinese yen, had
National Defense Limitation—Section 21 (b)
Total face amount of notes, certificates of indebtedness,
Street Journal" of March 14
He said at present the
$992,371,525
issuable above authority
Face amount of obligations
1937, had sold Brazil $12,508,168 in gold up to the end of the
fiscal year.
outstanding....$49,000,000,000
46,492,995,575
Limitation—Sec. 21(a)..
$992,371,525
Defense Limitation—Sec. 21(b)
1,514,632,900
Total that may be
Total outstanding...........
Balance issuable—General
National
$2,507,004,425
Treasury's Campaign to Sell Defense Stamps and Bonds
Will Begin on May 1
The
Treasury will begin on May 1 its nationwide campaign
to sell to the public defense savings bonds, certificates and
stamps, it was disclosed by the Secretary Morgenthau on
March 6.
The following concerning the drive is from
Associated Press Washington advices of March 6
The Secretary gave no
the new securities
be sold in the next year, bub no
new
securities.
10-cent stamps for children to $1,000
Some officials expect $3,000,000,000 worth of them to
Mr. Morgenthau
Total face amount outstanding public
debt obligations issued under
authority of the Second Liberty Bond Act, as amended, as limited
by Section 21 of the Act:
General Limitation.
.
_
_
j
* J^
savings bonds
... ......
Deduct unearned discount on
.... _
.
v'-M-.
_ .
$44,007,628,475
986,945,985
$43,020,682,490
2,485,367,100
National Defense Limitation
$45,506,049,590
Add other outstanding
public debt obligations not
subject to the statutory limitations:
$196,102,380
Interest-bearing (pre-war, &c.)
Matured on which interest has ceased
official quota has been set.
13,500,585
374,016,778
Bearing no interest
said that as many as 250,000 sales places may offer the
So far,
Feb. 28, 1941
details, but tentative decisions have indicated that
will range from
bonds for bankers.
Reconcilement with Daily Statement of the United States Treasury
583,619,743
he has lined up all postoffices and is seeking the
cooperation of banks, department stores and other convenient public places.
However, he said that he did not believe that schools would be asked to
savings stamps and doubted if quotas for local purchases
Total gross debt
$46,089,669,333
outstanding as of February 28, 1941
sell
would be set up.
a
Approximate maturity
Principal amount (current redemption value)
value.
according to preliminary public debt statement $3,480,039,965.
*
Treasury's Investment in Federal
Loan Bank System for $124,741,000
RFC
Buys
Home
effective March
The Reconstruction Finance
the
Treasury
on
Corporation purchased from
Feb. 24 for $124,741,000 the Treasury's
stock in the Federal Home Loan Banks.
This action
The Public
Section
plan advanced by President Roosevelt in
January, 1940 under which various government corporations
and credit agencies would return to the Treasury an aggre¬
gate of $700,000,000 representing excess capital funds.
The
RFC's share, including the purchase, was $350,000,000.
The Associated Press says that the corporation plans to
borrow money from the public to raise the rest of its pay¬
ment.
21
Secretary Morgenthau showing the amount
of capital funds returned and to be returned to the Treasury
as of Dec. 27 was given in our issue of Dec. 28, page 3817.
1941, amended the Second
1, 1941.
of the
Second
Liberty Bond Act,
as
amended, provides as
f/:
The face
(a)
amount
certificates of indebtedness,
of bonds,
bills and notes issued under the authority of this Act, and of
of indebtedness
at any one
time.
In addition to the amount authorized by the preceding
(b)
of this section,
at
as
any
any
Figures
one
time, less any retirements made from the
Incident to
National
Defense Limitation
special fund made
available under Section 301 of the Revenue Act of 1940, may be issued
made, after June 30,
general fund
shall
under
the Treasury with funds to meet any expenditures
1940, for the National Defense or to reimburse the
Any such obligations so issued
of the Treasury therefor.
be designated
"National Defense Series."
appeared in
our
issue of Feb. 22, page 1213.
Roosevelt
President
The
Treasury Department made public on March 7 its
monthly report showing that the face amount of public debt
obligations issued under the Second Liberty Bond Act (as
amended) outstanding Feb. 28, 1941, totaled $46,492,995,575, thus leaving the face amount of obligations which may
be issued subject to the $49,000,000,000 statutory debt
limitations (including the $4,000,000,000 National defense
limitation), at $2,507,004,425. Under the general limitation
of $45,000,000,000, a total of $44,007,628,475 of obligations
were outstanding on Feb. 28, leaving the balance issuable
under this limitation at $992,371,525.
The net face amount
of obligations issuable under the National defense limitation
is $4,000,000,000, of which $2,485,367,100 were issued up
to Feb. 28, 1941—thus the balance which may be issued
being $1,514,632,900.
In another table in the report the
paragraph
obligation authorized by Section 5* and 18** of this
amended, not to exceed in the aggregate $4,000,000,000 outstanding
The text of the Public Debt Act of 1941
Treasury Explains Outstanding Debt on Feb. 28 Sub¬
ject to Old Limitation of $49,000,000,000—Includes
Treasury
certificates
authority of Section 6 of the First Liberty
Act, shall not exceed in the aggregate $45,000,000,000 outstanding
Bond
Act,
under
issued
said sections to provide
A statement of
approved Feb. 19,
follows:
was
taken under the
Debt Act of 1941,
Liberty Bond Act by eliminating the partition as between General and National
Defense limitations and raised the total borrowing authority to $65,000,000,000
Calls
on
President
Proclaims
Governors
Roosevelt
designating April 7 as
nors
of
the
various
on
to
April 7
Assist
March
7
in
as
Army Day—
Observance
issued
a
proclamation
Army Day, and invited the Gover¬
States
to
issue
similar proclamations
appropriate observance of this day.
Army Day is
usually held on Anril 6. the date of the LTiited States
entrance into the World War in 1917, but since it falls on
for
the
Sunday this year the observance is put over to the follow¬
ing Monday.
The President has ordered military units
throughout the country to assist civic bodies, as
practicable, in the celebration of Army Day.
of Mr. Roosevelt's proclamation follows:
be
*
**
Sec. 5 authorizes certificates of
Sec. 18 authorizes notes of the
far as may
The text
indebtedness and Treasury bills.
United States (Treasury notes).
Volume
The Commercial & Financial Chronicle
152
ARMY
I
DAY—1941
glad to be able again to take part in this anniversary celebration.
am
Eight
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
1675
years
today I sent out a call for farmers and farm leaders
ago
come
^
A PROCLAMATION
Whereas, Senate
6ession
(50
Stat.
Concurrent
1108),
Resolution
Seventy-fifth
5,
Now, therefore, I, Franklin D. Roosevelt, President of the United States
America,
declare
the
to
Monday, April 7,
the
of
pursuant
48
States
to
authority vested
in
me
units
of
In
of
bodies,
witness
whereof,
Done
Lord
our
the
United
hereby
do
and invite the Governors
Chief,
in
and
its
have hereunto
I
States of America
the
at
resolution,
I
hereby order
Territories
and
military
possessions to
be practicable, in the appropriate observ¬
?;'■ v-wV.
as may
Army Day. -:
the United
of
Army Day,
as
Commander
as
far
as
concurrent
set
hand and caused
my
seal
the
nineteen
States
fronted us,
The
hundred
of America
and
the
to
to
hundred
[SEAL]
and
ROOSEVELT.
FRANKLIN D.
the
the
in
defense.
to meet
lands
March 13
on
Order to that effect.
Treasury on the same day issued a general license per¬
mitting United States banks to honor checks and drafts
drawn against Hungarian accounts prior to March 13.
Following are the tests of the Executive Order and the
General License:
NO.
ORDER
EXECUTIVE
8711
is
the
Oct. 6, 1917 (40 Stat. 411), as amended, and by virtue of
vested
in
UNITED
FRANKLIN
I,
me,
STATES
No. 8389 of April
D.
AMERICA,
OF
do
Executive Order
hereby amend
10, 1940, as amended, so as to extend all the provisions
thereof to, and with respect to, property in
which Hungary or any national
thereof has at any time on or since March 10,
1941, had any interest of any
direct or indirect; except that, in defining "Hungary"
nature whatsoever,
Hungary the date "March 13, 1941" shall be substituted
and "national" of
for the dates appearing in the definitions
of countries and nationals thereof.
FRANKLIN
Amended,
as
Under Executive Order No.
38
Regulations
and
Issued
8389,
April
Thereto,
Pursuant
10,
1940,
Relating
to
Transactions in Foreign Exchange, Etc.
A
general license is hereby granted authorizing banking institutions within
which Hungary or
the United States to make payments from accounts in
a
national thereof has
a
property interest within the meaning
of the Execu¬
under, of checks and drafts drawn or issued prior to March 13,
1941, and
and pay and debit to such accounts drafts drawn prior to March
1941, under letters of credit; provided, that each banking institution
any
payment or debit authorized by this general
the
with
appropriate Federal
Six
to
on
the
of
farmers
embodied in
are
bottlenecks
no
any
of
our
in
agricultural
our
demand of total defense.
country stand ready to 6erve
preparedness is the fruit of their
Their
us.
considered efforts,
stretching back over the years.
farm programs, conceived by the
national
by farmers.
the
at
difficulties.
Back in
Assisted by
inaction.
philosophy of fear and
their programs they
Through
conserving their soil.
are
front is
The farm
farmers.
a
together to solve some
have raised farm in¬
They are rehabilitating povertybroad one, but national programs
have arisen
war,
be
will
world
September,
in
these
meet
many
given
But
have not solved all farm problems.
a
post-war
to
problems
Senate
the
fate
of
this
common
and
those of
met
life
the
to
1933.
make their
American
way
'■■■
that
weighs
upon
all
our
hearts
few hours ago the
the lend-lease bill for aid to
And it may interest you to know that only a
passed by
democracies
The farmer,
turned
they
as
defense
national
the
,
tonight.
the
we
achieve the equality they must have if they are to
contribution
is
knew before
Administration,
from the world
sympathetic National
ways
life.
It
The post-war
difficulties and new demands.
new
different
1939.
can
can
I am
Out
to those who question the future of democracy.
answer
that these programs
aware
the
of
cooperating in these national programs are helping
farmers
million
give the
to
a
of
vote of about two to one
the world that are trying
save
their
democracy.
his eyes
situation.
world
the
to
less than the business man and the workman, has
no
World is threatened with extinc¬
tion, and no democratic farm program in the United States, nor the demo¬
cratic way of life, can hope to survive the death of democracy over the
Democracy over large areas of the Old
cannot
escape
our
collectve responsibility for the kind of life that
going to emerge from the ordeal
through which the world is passing
be an island.
We may discharge that responsibility
unwisely,. but we cannot escape the consequences of our choice.
We would
have it a world in which we may live in peace, freedom and security—the
kind of world our farmer forefathers dreamed of and worked for as they
We
today.
the
settled
cannot
Atlantic
seaboard
and pushed
their way
confident that the farmers of 1941 want this
to the West.
I am
kind of world to survive.
Receives
Proposal for Defense
Board—Submitted by Secretary of Labor
Perkins and OPM Directors Knudsen and Hillman
—Confers with A. F. of L. President Green
President
13,
license shall file promptly
Reserve Bank weekly reports showing the
April 13, 1941.
Roosevelt
Mediation
making
This license shall expire at the close of business
details of such transactions.
are
Regulations issued there¬
tive Order of April 10, 1940, as amended, and the
to accept
that
balked
They
We
License No.
there
agriculture touch every part of this front.
well
is
March 13, 1941.
General
the
story of this achievement is a genuine inspiration.
the
me
that
administered
farmers
these
for
The White House,
^
in
part
rest of the earth.
ROOSEVELT
D.
trial
efforts
and
stricken
all other authority
ROOSEVELT, PRESIDENT of the
in
repetitions of
no
the plains.
full
its
Government, they came together and began to work
of
inaugurated
programs
We had
fighting against world control by dictatorships.
ahead
accident
no
voluntary,
They
of Executive Order No. 8389 of April 10, 1940, as Amended
Amendment
play
to
up
The farm front is ready for
severe
proper
By virtue of the authority vested in me by section 5 (b) of the Act of
farm
■'
of 1914.
glad
is
country
farmers
,
the
agriculture.
fighting for their existence—fighting in behalf of all democratic
now
It
President Roosevelt signed an Executive
The
began
for
call to plow
no
condition
production.
of
frozen, when
They knew there was no time to lose.
War
absorbers
forms of government,
come.
States
policies that followed
When the farmers arrived here in response
American agriculture is
program of national
Our granaries are full.
Our stores of food and fiber are adequate
our own needs at home—yes, and the needs of our friends in other
splendid
To
Hungary became the lgfch country to have its funds and
Agriculture probably suffered more than
short-sighted national
the
World
shock
followed August
1933
securities in the United
position of agriculture in the late summer
find.
to
from
second
as
Today there is
These
Roosevelt
before
helpless
almost
"buy-a-bale" movement and other ineffective proposals for farm relief
that
Secretary of State.
was
1939, when another crisis con¬
call of March 8, 1933, I found a group eager for action and ready
fanners
Hungarian Assets in United States Frozen by President
industry
served
own
CORDELL HULL,
favorable
hard
lay aside minor differences.
in
sixty-fifth.
for the
not
are
When
1933
Agriculture
September,
in
the crisis of the second World War, it was far better prepared."
other
my
of
forty-one, and of the Independence
one
well.
the end of the first World War.
The
year
work
their
of 1933, but
reasons
1939
any
to be affixed.
City of Washington this seventh day of March, in the
did
emergency
of
Army Day proclamations; and, acting under the
throughout the United States
assist civic
ance
aforesaid
1941,
issue
meeting led to the national farm programs that we now have.
the
provides:
to
Washington to help draft farm legislation to meet the emergency.
Farmers
first
Congress,
"That April 6 of each year be recognized by the Senate and House of
Representatives of the United States of America as Army Day, and that
the President of the United States be requested, as Commander in Chief,
to order military units throughout the United States to assist civic bodies
in
appropriate celebration to such extent as he may deem advisable; to
issue a proclamation each year
declaring April 6 as Army Day, and in such
proclamations to invite the Governors of the various States to issue Army
Day proclamations: Provided, That in the event April 6 falls on Sunday,
the following Monday shall be recognized as Army Day."
of
to
That
joint recommendation for the creation of a mediation
to handle defense labor problems was submitted to
President Roosevelt on March 13 by Secretary of Labor
A
board
D.
W.
BELL
Acting Secretary of the Treasury
Is
Knudsen and Sidney Hillman, coof Production Management.
No
details of the proposal were made public but Mr. Hillman
said after the conference with the President that several
Extinguished from Rest of World—Delivers Radio
Address on Eighth Anniversary of AAA
plans were under consideration, including boards of eleven,
seven and five members.
A defniite decision on the subject
Perkins,
President
Roosevelt Tells
Cannot
Life
President
Hope
Roosevelt
March 8 that
Farmers Democratic Way of
to
if
Survive
declared
in
a
Democracy
radio
address
on
"no democratic farm program in the United
States, nor the democratic way of life, can
hope to survive
cannot
We
is
going
to
We
today.
the
escape
escape
emerge
may
the ordeal through which the world
discharge
of
a
that responsibility
choice.
as'
they
I
West.
am
unwisely,
but
is passing
we cannot
forefathers dreamed of and worked
pushed their way to the
Atlantic seaboard and
confident that the farmers of 1941
want this kind of world
expected next week.
Federation of Labor.
Concerning this meeting United Press
"American agriculture is in
splendid condition to play its full part in the program of
defense," and "is ready for any demand of total
defense."
He also took occasion to remark that while the
war
has brought on "new difficulties and new demands,"
national
the farmers can
meet the post-war problems and can achieve
they
must have "if they are to make their
contribution to the national defense and to the Amer¬
of life."
Also taking part in the radio program
Vice-President Henry A. Wallace and Secretary of
proper
ican
were
Washington advices
of March 14 reported
Green said that Mr.
Mr.
Roosevelt had agreed to the A. F. of L.'s two
qualifications:
chief
That the board be clothed
That
way
he
the
with complete mediation powers.
board's plans for arbitration
should be voluntary and in no
compulsory.
with Mr. Green was among the first in
sounding out sentiments of
is
expected to place in effect by
Earlier in the day
which
labor leaders on the plan which he is
executive order next week.
Mr. Roosevelt had seen Secretary
of Labor Perkins,
executives who comprise the labor defense
The President expected to confer over the weekend
Philip Murray, president of the Congress of Industrial Organizations.
Hillman
Sidney
with
Mr. Roosevelt also stated that
equality
discussed the
the American
and labor
advisory committee.
to survive.
the
S.
Office
The President's conference
world in which we may live in peace, freedom and
settled the
the
Yesterday (March 14) President Roosevelt
question with William F. Green, president of
our
security, the kind of world our farmer
for
is
collective responsibility for the kind of life that
our
from
consequences
would have it
We
of
the rest of the earth."
Speak¬
ing to farmers gathered at dinners throughout the country
in commemoration of the eighth anniversary of the Agri¬
cultural Adjustment Administration, the President said:
the death of democracy over
William
directors
way
Agriculture Claude A. Wickard.
speech follows, according to the
The text of the President's
Associated Press:
these
In
columns
March 8,
page
1521, Mr. Knudsen's
plan for broadening mediation on threatened strikes was
given. ■
:'>/
President
Accepts Amendments Made by
All Efforts to Restrict Measure Defeated
The
when
R. 1776
Senate-
Roosevelt Signs Lease-Lend Bill H.
—House
"lease-lend" bill
President
was
Roosevelt
enacted into law on March 11
affixed his signature to the
legislation after Congress had disposed of it
earlier in the
On Monday,
President Wallace and
Tuesday
reel
news
camera
men
aid
debate
tion to include restrictive amendments in the
Making
Adequate "Arsenal of Democracy"
In order to carry out the provisions of the
President Roosevelt submitted to Congress
is
8
from
Associated
the
Press
press
Chairman
Walsh
accounts:
The
Senate
(D., Mass.)
summarily
rejected
of the Naval
amendment
an
by
Committee to guard the Navy and
air force
against depletion in the help-to-Britain program, and a substitute bill by
Senator
Taft
(R.,
Ohio)
authorize
to
loans
$2,000,000,000
totaling
to
Britain, Canada and Greece.
Walsh's
amendment
rejected, 56 to 33, and Taft's substitute bill
was
On
a
the President's letter was
appropriation prepared by Harold D. Smith,
Director of the Budget.
The largest items in this estimate
are: $2,054,000,000 for aircraft
and aeronautical material;
$1,343,000,000 for ordnance and ordnance stores supplies,
spare parts and materials; $1,350,000,000 for agricultural,
Bridges
(R., N. H.) to provide that aid could be given only to Britain, Greece,
as
be invaded
may
or
attacked and whose
defense is vital to the defense of the United States."
A voice vote also turned down
to write in a new section
the President
on
a
proposal from Senator Lucas (D., 111.)
a
creating
congressional committee to confer with
was
for facilities and
equipment for the manufacture or produc¬
vessels; and $362,000,000 for tanks and other automotive vehicles.
This
money is requested for the procurement of defense articles
"for the government of any country whose defense the
tion of defense articles; $629,000,000 for
shouted down.
A 55 to 33 vote defeated
an
amendment by Senator Gillette
(D., Iowa)
designed to prevent American vessels from carrying passengers or materials
into European combat zones.
In
■,
President deems vital to the defense of the United States."
issue of March 8, page 1516, we referred to some cf
the amendments on which action was taken on March 7.
As to following additional amendments offered in the Senate
on
our
March 7, we quote
The
signing of the lease-lend bill by the President on
today.
The President in his letter to Speaker Rayburn said:
March 11 is referred to elsewhere in these columns
the following from the United Press:
This Nation has felt that it
Both of the amendments adopted today had the Administration's bless¬
ing.
One
was
the Clark amendment designed
provide
to
a more
that
specific
other
the
was
Ellender
compromise
nothing in the bill changes existing law
over
»
or
It states
amendment.
Senator
Arthur
Vandenberg
(R.,
came
in
during
have
would
be the
required
George W.
President, without the
United
or
States
to
(Ind.,
Neb.),
supporter
a
shall be construed
measure
consent
of Congress,
To
fight outside the Western Hemisphere
or
the territorial
Philippines.
I
we
possibly
was
and Naval forces used in Europe
(R.,
or
Asia.
The vote
disposed of under the British aid program
copper and
was
or
shall
have
equip Army
Government
56 to 35.
articles to be
March
been produced or
to
submit
for your
consideration an estimate of ap¬
States," approved March 11, 1941, public
defeat of
as
through such departments or agencies of the
he may designate, to carry out the
11, 1941, and for each and
every
purpose
provisions of the act
approved
incident to or necessary
therefor, there is hereby appropriated out of any money in the Treasury
Senator Barkley
not otherwise
a
appropriated:
For the procurement,
by manufacture
or
otherwise, of defense articles
for the Government of any country whose defense the President deems
an
amendment by Senator
Alexander E. Wiley (R.r Wis.), which would have required that any
budget estimate submitted to the
entitled "An Act to Promote the Defense of the United States,"
antimony.
recess was
I strongly
appropriation.
Special Deferise Fund
manufactured in the United States, was rejected 54 to 28.
The last action before the
the honor
To enable the President;,
protested that such a ban would prevent furnishing the British with such
tin,
transmitting an estimate in the
No. 11, in the amount of $7,000,000,000, as follows:
Calif.), prohibiting use of funds
An amendment by Senator Taft to require that all defense
as
have
51 to 38.
Hiram W. Johnson
can.
am
$7,000,000,000, the details of which are set forth in the accom¬
mote the Defense of the United
authorizing the dispatch of American forces abroad,
appropriated by Congress to compensate, maintain, supply
strategic materials
that
these objectives I
it is the
democracies every gun, plane
Sir:
except for such authority as the President may already have to order such
By Senator
war
accomplish
1776 remains under
propriation to carry out the provisions of the act entitled "An Act to Pro¬
By Senator Robert A. Taft (R., Ohio), declaring that nothing in the bill
The vote
It will
President by Budget Director Smith follows:
63 to 28.
troop movements.
This great arsenal will
bulwark of our own defense.
States until it is ready for disposition,
The text of the defense
as
a
urge the immediate enactment of this
The
By Senators Joseph C. O'Mahoney (D., Wyo.), Homer T. Bone (D.w
Wash.), and Francis T. Maloney (D., Conn.), to prohibit the delivery or
convoy of war materials by the Army or Navy to any European port.
could be construed
It will be
panying letter from the Director of the Bureau of the Budget.
vote was 52 to 39.
was
has determined to do its full part
of democracy.
themselves against aggression.
amount of
to send armed forces of the
from
I have signed
of the tools of defense for all democracies who are fighting to
and munition of
of the bill,
authorizing the
as
insular possessions of the United States,
including the
The vote
our country
fixed policy 6f this Government to make for
Norris
enacted and
has
Congress
While the defense equipment produced under H. R.
Amendments rejected included:
Senator
the
adequate arsenal
the control of the United
The proposal was rejected 45 to 36.
By
an
source
preserve
heads of the armed forces to certify war materials as "not essential" to the
Nation's defense before they could be transferred to a foreign government.
stating that nothing in the
creating
be here in this country.
by only 9 votes an amendment
It
imperative to the security of America
'
Through this legislation,
Mich.).
was
the democracies' heroic resistance to aggressions, by not
Therefore,
country.
H. R. 1776.
enlarges the President's powers
Biggest threat of the day to the Administration's position
by
this
that
disposition of the Nation's armed forces.
the night session when the Senate defeated
we encourage
only maintaining, but also increasing the flow of material assistance
ban against convoys than was written into the House bill.
The
Accompanying
industrial and other commodities and materials; $752,000,000
policies if the President wished.
Another Taft proposal—to prohibit use of this country's ports by British
warships—likewise
an
the estimate of
voice vote, the Senate rejected an amendment by Senator
China "and such other countries
estimate for
mocracies."
turned down, 63 to 28.
was
lease-lend bill,
on March 12
appropriation in the amount of $7,000,000,000.
Saying "it is the fixed policy of this Government
to mave for democracies every gun, plane and munition of
war that we possibly can," the President, in a letter trans¬
mitting the estimate to Speaker of the House Rayburn,
called for "immediate enactment of this appropriation."
Mr. Roosevelt said that the bill was enacted because the
Nation felt "that it was imperative to the security of America
that we encourage the democracies' heroic resistance to
aggressions, by not only maintaining, but also increasing
the flo,w of material assistance from this country."
He
added that through this legislation "our country has de¬
termined to do its full part in creating an adequate arsenal
of democracy" which will be "a bulwark of our own defense"
and will be "the source of the tools of defense for all de¬
an
up
March
on
$7,000,000,000
Congress for
Asks
Roosevelt
Accomplish Objectives of Lease-Lend Legisla¬
tion—Says
Country
Is
Determined to Create
the 60 Senators voting for the bill
were 49 Democrats,
10 Republicans, and 1 Independent,
while the 31 opponents included 10 Democrats, 17 Re¬
publicans, and 1 Progressive.
The following concerning action taken on amendments
offered
and the accom¬
national unity, now that a
to
were
measure
congressional approval took the form of a 317-to-71 House vote
President
the
defeated.
disposition of the bill by the House on March 11
briefly indicated by the Associated Press as follows:
majority of both houses had spoken.
bill, which was approved in the form requested
by the Administration.
Repeated attempts by the opposi¬
on
long-range phase of the
v-v
panying debate produced bipartisan pledges of
three weeks'
after
to expedite the
his determination
accepting amendments attached to the bill by the Senate,
2G0 tJ 165.
came
Republican Leader Joseph W. Martin Jr.
Final
was
Congressional leaders who had
March 8
(Mass.).
indicated
Final
on
in the absence of
program.
congressional action on this bill was taken on March
11 when the House by a vote of 317 to 71 agreed to the
amendments made by the Senate when passing it on March
8 by a GO to 31.
This vote in the House was made up of
220 Democrats, 94 Republicans and 3 Progressives for the
amendments with 54 Republicans, 15 Democrats, 1 American-Laborite, and 1 Farmer-Laborite against them.
When
the House parsed its own version of the bill on Feb. 8 the
The Senate action
procedure was requested by Representative
on
(D., Tenn.)
Cooper
McCormack
Final
was
immediately after signing the measure.
agreement
Democratic Leader John W.
(Mass.)
said he had no objection, since the Senate changes "help the bill."
\
The speed with which Mr. Roosevelt planned to seek money for British
Jere
expedited the legislation.
vote
House
The
advance of
The President
permitted to be present.
were
the President will send Congress his first request
aid appropriations
The only official with him at the time of signature was
later that he would give the pens to
conferred with Mr. Roosevelt
for British-
According to Speaker Sam Rayburn, who
this morning,
Rudolf Forster, executive clerk of the White House, although photographers
and
said
the alternative of voting on the bill
of objections to any of its provisions, of
submitting them to conference.
of six pens in signing the measure and used as
use
Wednesday for signature.
Under this procedure the House has
House at 3.40 p. m., and the President affixed his signature, making it law,
blotters.'
or
followed immediately
President Roosevelt late
hours of debate,
This assures that the bill will reach
vote.
without change or, in the event
exactly ten minutes later.
The President made
a
■
reporting this, also said:
The agreement provides for two
by
It was delivered at the White
Speaker Jtayburn.
■'
.
The Associated Press,
signed immediately after passage by Vice-
was
foreign power be produced in the
36.
under procedure calling for acceptance of all Senate
11)
giving the text
embodies Presi¬
dent Roosevelt's "lease-lend" proposals for aiding Great
Britain and other democracies resiting agression, through
the leasing or lending of defense articles.
In a Washington
dispatch March 11 to the New York "Times" it was stated
that the President's signing of the bill took place with a
minimum of ceremony.
The account added in part:
by the House,
1941
March 10, the House agreed unanimously
aid bill on the following day (March
amendments.
The specific amounts asked for are indicated
The engrossed copy of the bill, which had been prepared in
a
15,
to consider the British
in another item in these columns today.
As we indicate elsewhere in this issue, in
of the measure as signed this week, the bill
final action
to
United States, by a vote of 49 to
tion the President sent to
possibly can."
March
commodity transferred
cultural
In order to accomplish the objectives of this legisla¬
Congress on March 12 a request
for an immediate appropriation of $7,000,000,000 to carry
out the "fixed policy of this Government to make for de¬
mocracies every gun, plane and munition of war that we
day.
many
Chronicle
The Commercial & Financial
1676
agri-
to
-
the
defense
of
the
United
States,
connection therewith, as follows:
including services and
vital
expenses
in
Volume
Ordnance
The Commercial & Financial
152
and
ordnance
stores, supplies,
spare
parts
Loudon Dam would not increase the cost of that project, but expedite
construction work to meet national defense deadlines.
"This ProJcct £Fort Loudon] was scheduled for initial operation in the
spring of 1944," the Senate committee reported.
"With the additional
and
Snte1thplpnfl,ling armor and ammunition and comaeronautical" matCTlal.'fncludlng en^n^" "spare
Aircraft and
parts and accessories
Tanks, armored cars, automobiles, trucks and other auto-
'
,
2,054.000,000
m the fall of 1943 to
defense industries.
629,000,000
260,000,000
plies, materials, spare parts and accessories
Miscellaneous military equipment, supplias and materials.
Facilities and equipment for the manufacture or production
of defense articles, including the construction, acquisition,
rna.menance and
House
200,000,000
of the united states
foregoing ap-
more
«
Kd"gd r til
40,000,000
^ 10,000,000
Por administrative expenses...
cates, the overthrow of the Government to receive nay from
this appropriation. The following concerning the funds provided in the measure was reported in Associated Press
WasIlill?toil advices of March
$7,000,000,000, to remain available until June 30, 1943; provided:
In all
Edition
In
That the President may transfer from the foregoing appropriations to ap-
amSt
amounts
devices
propnate
appropriations
current
of any department
or
agency
equivalent to the value of defense articles disposed of by such department or
agency to
n0t exceedmg in t0taI 81 *300*-
6
t
the
defense
for
7:
housing
and
apprentice
training
pro-
of protective
Panama Cana]> $i0,096,701 for construction of six Oast
and to provide nntimagnetic mine equipment and mineand $975,000 for 700 additional Federal Bureau of Investicarripd
$i0>510.000 to expedite installation
gation . agents for defense work and enforcement of the draft.
A total of $75,000,000 was included to liquidate contracts for defense
sut1,„rizea last year, and $22,600.000 to continue
the
National
Youth
Administration's
of
program
training
workers
for
defense industries.
SMITH,
D.
for
cutters,
funds
hoU6ing whkh
Very respectfully,
HAROLD
bi]]
in
_
A
I recommend that the estimate be transmuted to Congress.
to
the
Guard
the government of any country whose defense the President deems
Un
onn
that advo-
Gates, 01* who IS a member of an organization
^agency.
EfpSS"SPJTS1 Et SS
into the
bil1 making it a criminal offense for any person who advo-
foregoing
d
Virginia,
Republican of New York, was written
and Fish,
department or agency of this Government for the use of
n
mately $153,000,000 is directly concerned with the defense
This action was taken after an amendment, of-
fered b.V Representatives Woodrum, Democrat of
than 30% thereby: and provided further:
a^ropriLon^may^e^iiocatecfifv the^Presi^/t t^a!ny
C
first deficiency appropriation bill carrying $188,863,09.4 in
authorizations.
Approxiprogram.
Sth?rntuch\?paropr!atfSS! but' no^^propSfo^shaifbe
increased
Defense Items
The House on March 7 passed and sent to the Senate the
■'
Provided: That not to exceed 20%.of any of the
Appropriation
Deficiency
Bill-Most of Funds -Are for
otherwise placing in good working order
or
national
♦
$188,863,693
Passes
ready for operation
meet the additional power requirements of
—
op^tioa thereof, and the acquisition
b8ForU!1tSti1nB?rtinsplc1ting<! prnvtag"1™1'350'000'000
reconditioning
it will be possible to have the project
funds proposed
362.000.000
V<SeKhtol!b?ateS
1677
4
Chronicle
A total of $23,882,000 in cash and $5,794,000 in contract authority was
the prosecution of 15 river and harbor improvement projects.
anti-subversive provisions barred use of any part of a $600,000
Director of the Bureau of the Budget.
included for
The
Passes $1,533,439,702 Supplemental Defense
Appropriation Bill—Also Authorizes $346,031,383
Naval Construction Program
Congress
Congressional action in a 81,533,439,702 B 11 making deficiency and supplemental appropriations for the Army and
Navy for the national defense for the fiscal year ending
June 30, 1941 was completed on March 13 when the Senate
House adopted a conference feport on the measure,
Reconstruction Finance Corporation item to pay Communists, Bund memhers, or any others "seeking to undermine the Nation's defense and to
overthrow our republican form of government."
~
House Rejects Resolution Setting Up
Special Group
to Investigate National Defense
The House on March n by a vote of 252 to 112
a
resolution
defeated
providing for the creation-of a soecial nine-man
totaled
March
committee to investigate the national defense program.
Following the vote a motion to table the resolution was
ed to bv the Ho,,se. The resolution had been sponsored
fere^d»sk.ed (?r a conference. Included in the total is ■
$695,000,000 for the War Department to complete its canby Representative Cox, Democrat of Georgia, and was aptonment program and $631 000,000 for the Navy to expand
e<1 by the Rouse Rules Committee on March 6.
Chief
its shore establishments.
Senate action on this bill followed
opposition to the resolution was made by Renresentative
earlier approval on March 10 of two other naval bills authMa
Democrat of Kentucky, Chairman of "the House
orizmg a $346,031,383 program to develop or establish naval
Military Affairs Committee, which has been conducting its
rT^
™
i5n
?hSSi?r
x
$1,533,567,102 but the House would not agree to this total
by the construction of public works projects
United States in the Alaska are 1
and also in connection with the bases leased from Great
Britain.
One of these authorization measures totaled $245,-
shore activities
sections of the
various
in
228,oOO, and the other for $100,802,883.
Appropriation bill on Feb. 27 was mentioned in our issue
of March 1, page 1360, while the House action on one of the
authorization measures was noted m these columns Feb. 22,
.
page
1215.
Regarding
the
appropriation bill the
March 10, said:
inqUiry into Army phases of the rearmament program,
should continue to eon(blcj rs inquiry and that a special group was not needed to
investigate all 'phases of national defense.
In our issue of March 8, page 1515, approval of this resoiution by the House Rules Committee was reported.
In
same jtem Senate adoption of a measure providing for
its own inquiry 0f the defense program and the handling of
contracts was mentioned.
own
May contended that his group
Mr
Press
Associated
■;
.
■
Washington advices,
The
which
Senate
approved
$169,415,00*0
a
$1,533,567,102
supplemental
fund, of
defense
Legislation
the British base development projects.
which now goes back to the House for action
Senate amendments,
carried $157,102,500 in contract authority and
balance in cash, the total being $187,500 more than was voted by
Samoa, as well as cash for some of
The appropriation
on
the
measure,
the House.
Largest amount in the bill was
posts.
$675,283,000 for construction of military
Warship replacements accounted for $202,000,000.
.
W
House
«.
Votes
<to
a a r
cqk
iaa
$3,446,585,144
MIA
Naval
•
Appropriation
nil
Bill
yesterday (March 14) passed and sent to the
Senate a $3,446,585,144 Naval appropriation bill for 1942.
The measure, which was approved without opposition, carried $1,515,000,000 for the shipbuilding program and $434,000,000 for aircraft.
The legislation had beeu recommended
to the House by its Appropriation Committee on March 13.
The House
Senate
The
Votes
Senate
on
$1,415,991,838 Independent
Appropriation Bill
Offices
March 10 passed the $1,415,991,838 Inde¬
pendent Offices Appropriation bill and returned the measure
to the House for action on amendments.
The bill totaled
approximately $11,500,060 more tlian that passed by the
House on Jan. 31, referred to in our issue of Feb. 8, page
917.
The Senate increase was accounted for principally
due to a provision according the Tennessee Valley Authority
with additional funds for defense work.
The action taken
by the Senate was in line with that recommended by its
Appropriations Committee on Feb. 25, when the b'll was
favorably reported.
Under date of Feb. 25 Associated Press
Washington accounts said:
The Senate committee added $10,000,000 to the $69,800,000 the House
voted for the Tennessee Valley Authority to accelerate work on the Fort
Loudon, formerly Coulter Shoals Dam, in East Tennessee, and $1,255,000
for an office building and warehouse facilities at Muscle Shoals, Ala.
A report on hearings on the bill disclosed that David Lilienthal, TVA
Director, told the Senate committee that the $10,000,000 sought for Fort
^
/ r^
„
i
im
w
Guard Reserve Was recently (Feb. 19) Slgne _ by6^1 e t
Roosevelt. This measure, which passed the Senate On
Feb. 10 and the House on Feb. 11, creates an auxiliary made
up of motorboat and yacht owners whose purpose it will be
to further interest in safety of life and property and also
to
1
Providing for Creation of Coast Guard
Auxiliary and Coast Guard Reserve Approved
Legislation providing for the establishment, administration
d maintenanCe 0f a Coast Guard Auxiliarv and a Coast
would be allocated for carrying out projects previously
included $4,700,000 for Guam and $8,100,000 for
The amount
authorized.
aid in enforcement of the laws.
In explaining the bill
before the House on Feb. 11 Representative Bland, Dem0crat of Virginia, Chairman of the House Merchant Marine
Committee, said the legislation "has the approval and endorsement of the Navy Department and is a cooperative
measure whereby there is coordinated the activities of the
Navy to the extent it leaves the naval vessels for Navy
purp0ses and brings all the motorboat owners and yachtsmen
to supplement their activities in the enforcement of the law.
Senate
Approves Resolution Barring
Western Hemisphere
Any Transfer of
Land to Non-American Power
The Senate on March 10
unanimously adopted
a
resolution
would not recognize the trans¬
fer of any region in the Western Hemisphere from one nonAmerican power to another.
The measure, sponsored by
Senator George, Democrat of Georgia Chairman of the
Senate Foreign Relations Committee, also provides that if
such transfer or attempt to transfer should appear likely,
the United States shall consult with the other American
Republics to decide on what steps should be taken "to safe¬
guard their common interests."
The legislation, which
now goes to the House for approval, is designed to implement
stating that the United States
Conference at Buenos
and at Panama in 1939.
Con¬
resolutions made at the Inter-American
Aires in 1936, at Lima in 1938
gress
last June passed a similar resolution (noted in these
3900) but due to technical dif¬
and House measures this substitute
columns June 22, 1940, page
ferences in the Senate
was
introduced.
The Commercial &
1678
States
United
of Companies for Purposes
Unemployment Insurance
Court
The United States Supreme
on
March 10 declined
unconstitutional
a
panies under the same ownership, which would not be sub¬
ject to the unemployment tax individually, to be grouped
together and subjected collectively to the assessment.
Associated
advices from Washington,
Press
March 10, re¬
porting this added
judgment of a lower court and
final disposition.
The Supreme
review "for want of a final judgment."
Indiana tribunal had reversed a
The
the lower court for
the case to
returned
Court refused a
In addition to Indiana, other
States seeking a Supreme
Court ruling on the issue are said to be Virginia,
New Mexico, North Carolina, Florida, Maine,
trol
Fairmount.
the Fairmount Lumber Co. of
as
Court Upholds Order of NLRB
Westinghouse Electric & Manu¬
United States Supreme
Case Affecting
In
Co.
facturing
Court, which in its rulings on
written opinions, upheld a
Labor Relations Board order which directed the
The United States Supreme
March
National
down
handed
10,
no
Westinghouse Electric and Manufacturing Co., to disestab¬
lish a union of company employees at its Bloomfield, N. J.,
plant. As to this the Associated Press said:
action
This
was
taken
in
and^rder which merely said that a Circuit
Court decision in favor of the Labor Board was
The Labor Board found that the
formed, after the Wagner Labor Act was held
to take
the place
of
constitutional in April, 1937,
plan" for em¬
The Board added that the company had
attempted to continue it "in the guise
"dominated" the plan and had
of the independent union."
Operating Under FCA Loaned
$7,000,000,000 Since 1933, According to
Report of Governor Black
Institutions
Nearly
Annual
$6,870,000,000 has been loaned by
operating under the supervision of the
Farm Credit Administration since the Administration was
total
A
of
than
more
credit institutions
organized in May, 1933, according to the annual report of
A. G. Black, Governor of the Farm Credit Administration,
sent to Congress on March 12. Loans outstanding on Dec. 31,
1940
$3,069,000,000.
stated:
totaled
The announcement regarding
the report also
in the form of long-term mortgage
than $2,548,000,-
Of the total loans outstanding to farmers in the form
tions.
represented loans made by the Federal land
The balance
approximately $49,000,000 was loans outstanding from the joint stock
mortgage credit, $1,851,000,000
banks and $648,000,000 loans
of
land
banks, which
are now
Of the $381,000,000
1,000 tons.
meaL,
Copies of the new regulations will be sent to all registered futures com¬
merchants, floor brokers, and contract market officials.
mission
in
our
by the Land Bank Commissioner.
in the process of liquidation.
total short-term credit outstanding $172,000,000 rep¬
local Cooperative produc¬
^Storage Agreement—-Recent Conference on
Storage Situation
cooperatives under the Commodity Credit Corporation crop loan programs.
in
the
of
Federal
total
loans
outstanding
supervision
unions.
was
of Agriculture does not contemplate making
any change this year in the rates specified in the Uniform
Grain Storage Agreement, under which grain under loan or
held by the Commodity Credit Corporation or other agencies
is stored.
In addition, it was stated that the Uniform
During
of
Most
from
1940 the Federal land
associations made 231,000 loans
credit
to
associations totaling
totaling
under Farm
institutions
the
Federal credit unions
ing season for wheat, beginning in 1942, unless an investiga¬
tion of the result of its operations should show the desira¬
bility of some changes in rates. The following, with
thereto, is from the Department's announcement:
more
are
made up
for $350,000,000
;
the hanks for cooperatives
purchasing and
business service
$126,000,000, and the Federal credit unions made loans
than $100,000,000.
to
Commodity Exchange Act
one-thirtieth of a cent per bushel per day for a
of 6c. per bushel for terminal
and 7c. for country elevators with specified charges for loading,
storage rates are
storage payment within the year
maximum
warehouses
conditioning and insurance.
The same rates apply to corn,
which may be paid for the period
and terminal storage.
The Secretary stated that in the storage of Government-owned and loan
wheat the Department has followed the policy of utilizing the storage
facilities offered by the trade in preference to the use of steel bins or
other forms of Government-owned storage facilities, and no change in this
loading out,
both country
for
policy is now contemplated; and that the use of
Department of Agriculture announced on March 8
that Secretary Wickard has issued regulations, effective
March 17, requiring daily reports from futures commission
and
large traders in six important agricultural
recently brought under Federal regulation by
event that
meal. Commission merchants and large traders
in grain, cotton and many other commodity futures have
been making such reports to the Commodity Exchange Ad¬
and soybean
specified in the Uniform Grain Storage Agreement.
the rates
at
producers desiring to construct or utilize suitable farm storage
Wheat
for
which they have pledged as collateral for loans will be assisted
grain
in
doing
in
line
The policy of keeping payment rates on farm storage of wheat
rates for comparable services provided by public warehouses
near future and, in order to assist farmers who
so.
with
be continued for the
will
desire
to
rather
the end
at
20, 1941,
storage payment at the beginning
the storage period.
of
conference
a
1941, consideration is being
farm storage in
provide additional
than
On Feb.
on
.
.
.
the grain storage situation was held
This conference .was
the offices of the Commodity Credit Corporation.,
in
attended
of cash grain commission merchants, grain
grain producer cooperative associations, and flour millers,
representatives
by
warehousemen,
and
interested
of all
representatives
by
agencies
in
the Department of
Agriculture and the National Defense Advisory Commission.
At this meeting representatives of the National Defense Advisory Com¬
view of the emergency the Defense Commission
stated that in
mission
and
Secretary of War had recently joined in the issuance of the certificate
period of
amortization of the capital cost of such facilities over a
those
It
five years.
be considered
would
Such a certifi¬
for the construction of grain storage facilities.
cate permits the
instances
on
Representatives
of
was
such facilities
grain
the
applications
further stated that additional
their merits with
which
in
view of issuing certificates
a
are
their
indicated
have
trade
in
to be necessary.
found
desire
and
ability to provide sufficient storage facilities to take care of the 1941
grain crops in addition to the prospective large carryover of grain crops,
provided thev could receive assurances of the kind given here from the
Department of Agriculture and the National Defense Advisory Commission.
;V.v
;
FCA Reports Number of Loans Paid in
ranchers
in
;v,
Full in Advance
Maturity in 1940 Was Greatest
Farmers and
Record
on
Federal Land
1940 paid 30,300
Bank and Land Bank Commissioner loans in full in advance
of the time when
Governor of the Farm
This, it is
stated, is the greatest number of loans paid in advance in
any year since the Farm Credit Administration was created,
and brings to more than 141,000 the number paid off in
this way since 1933.
All loans made by the Federal Land
Credit
banks
due, A. G. Black,
Administration,
and
revealed
Commissioner
the
on
are
March 10.
for
long: terms,
the
Gov¬
be paid ahead of schedule if the
borrower is financially able to do so.
In payinc: ahead of
explained, but
time he not
the
time
went
on
the farm
income used
Iowa,
September,
of his farm or r^nch in advance of
The
anticipated.
FCA
announcement
to say:
is indicated, by a
in
owner
originally
Income from
of cash
may
only reduces his total interest bill but may also
become the sole
the Pace amendment to the
Commodity Exchange Act. The
six commodities covered by the new reporting requirements
are lard, tallow, cottonseed oil, soybean oil. cottonseed meal
such facilities now seems
in the near future, except for experimental purposes or in the
sufficient suitable storage facilities are not offered by the trade
unlikely
ernor
The
commodities
automatically each year unless either party, by advance
days, proposes to terminate or cancel the contract.
notice of 30
production credit
CEA to Require Daily Reports on Futures Trading on
on
Additional Commodities—Requirement Under
merchants
unloading, loading out, con¬
There is a provision in the agreement that
ditioning, and other services.
it shall be renewed
of
cooperative marketing,
Amendment
industry, the grain trade, and the Depart¬
and provides uniform rates for storage,
ment,
regard
worked out last year with
Storage Agreement was
Uniform Grain
The
all branches of the warehousing
banks and the Land Bank Commissioner
39,000 farm mortgage loans totaling $101,000,000;
extended
through the market¬
Agreement probably will be continued
the $47,000,000 in loans to members
rather than rural groups.
of urban
made
credit
announced on March 5 that
Secretary Claude B. Wickard
of necessity
Included
Grain
the Department
while the. balance of short-term credit was made
for privately
capitalized financing institutions, regional agricultural credit corporations,
emergency crop and feed loans and the old drought relief loans made in
1934 and 1935.
The largest share of the total outstanding to cooperatives,
approximately $75,090,000, was in the form of loans from the Banks for
In addition to this amount the banks had credit outstanding
Cooperatives.
amounting to nearly $26,000,000 in the form of notes purchased from
credit ; associations,
of discounts from the Federal intermediate credit banks
Credit Administration
Continue Uniform Grain
Department of Agriculture to
the
up
reported
Commodity Exchange Act on Dec. 9, as was
issue of Dec. 14, page 3477.
resented loans to farmers and ranchers from their
tion
commodities became subject
Future trading in these six
to the
credit, $381,000,000 in short-
approximately $93,000,000 in credit to cooperative associa¬
of long-term
term credit, and
open
given to such aids as making the farm
Of the total loans outstanding at the end of 1940, more
000 was
trading and
•except that 7c. is the maximum amount
ployee representation.
Credit
markets are required to report daily
contracts in these commodities. In
lard and tallow transactions, futures commission merchants also must report
daily to the Commodity Exchange Administration individual customers'
accounts having open contracts in one future at one market equaling or
exceeding 750,000 pounds.
Individual traders with open contracts of that
amount must also report daily.
The corresponding figure for cottonseed
oil and soybean cil is 900,000 pounds; and for cottonseed meal and soybean
The
earlier "joint conference committee
an
are
Clearing members of these contract
the volume of futures
"affirmed."
"employees Independent Union" was
commodities
tion.
Oklahoma,
Louisiana,
Missouri, Mississippi, Illinois and North Dakota.
Their
petition, it was indicated by the Associated Press, said a
score of States also had similar legislation.
On Nov. 25 last
the United States Supreme Court declined to consider a
similar appeal from a ruling of the Georgia Supreme Court,
reference to which was made in our Nov. 30 issue, page 3162.
It is stated that the Indiana legislation was challenged by
the Benner-Coryell Lumber Co., Inc., of Lafontaine, which
was assessed on the ground that it was under the same con¬
of the newly-regulated
more
or
one
•;
by the Indiana Supreme Court holding
State law which permitted small com¬
markets in which
traded. They are the
New York Produce Exchange, the Chicago Board of Trade, the New Orleans
Cotton Exchange, and the Memphis Merchants Exchange Clearing Associa¬
reporting requirements will affect four futures
The new
of Collection of
to review a decision
1941
partment's announcement further said:
Indiana Decision Holding
ing
15,
The Agriculture De¬
ministration for a number of j'ears.
Court Declines to Review
Unconstitutional Group¬
Supreme
March
Financial Chronicle
in
or
ranch apparently is the most
important
source
paying the loans in advance, he pointed out.
This
study of nearly 500 loans paid in full prior to maturity
Nebraska.
1940.
the entire country.
South
Dakota
Conditions here
and
are
Wyoming
regarded
•
as
in
July,
August
and
fairly representative of
Volume
Well
with
one-third
over
derived
income
these
of
the
from
loans—36.2%—were
500
Second
farm.
in
importance
which accounted for 27.1% of the loans.
other lenders,
estate,
miscel¬
J.,'.:
Were than 80% of the farmers in these four States who refinanced with
other lenders such as insurance companies, banks and individuals obtained
loans with terms of from 10 to 14 years, and 10% for more than 15
years.
In Iowa 70% obtained 4% interest on their new loans with other
agencies, while in Nebraska and South Dakota none got loans at rates as
low as 4%.
In South Dakota 63% will pay 4*£%, and in Nebraska 60%
loans
ing
laneous
will
from
property and real
businesses, and from
other
from
'■
,
t
4%%.
pay
could have been obtained from these same sources
favorable than
more
individuals, however,
banks, insurance companies and
from
terms
The Federal Land banks, which
1917, pioneered the long-term loan which could
be repaid gradually.
Other lenders have in a measure followed suit, he
said, 60 that today farmers have available from various lenders the types
of mortgage loans
which more nearly fit their requirements and their
in
the Governor pointed out.
past years,
put into operation in
were
ability to
pay.
made
loans
interest
off by refinancing are the highernumber of years ago.
More than 85% of those
Bank loans paid
the Land
of
Most
a
Nebraska", South Dakota and Wyoming carried interest
rates of 5% or higher.
Most new Land Bank loans are now made at a
contract rate of 4%, but since July 1, 1935, the rate on all outstanding
Land Bank loans has been reduced by congressional action to 3^%.
The
3%% rate is effective under present legislation until July 1, 1942.
Approximately two-thirds of the money loaned in 1940 by the Federal
Land banks and the Commissioner was used by farmers and stockmen to
in
studied
'
Iowa,
Many of these loans, Governor Black
said, were required to be paid in only a few years, and many bore rela¬
tively high rates of interest.
The new Land Bank and Commissioner loans
obtained by these borrowers are for 20 or more years in a majority of
off loans held by other lenders.
pay
eases
000,000,
Commissioner loans made in
and
increase of $22,000,000 over
an
ever
made generally available
agriculture.
States
Bank
Land
interest are the lowest
rates of
and
United
to
$68,400,000 was used for
1940 totaled about $101,-
1939 totals.
Explains Meaning of Phrase in Investment Com¬
Act Relating to Current Offering Price—
Affects
Open-end Management Companies—Also
Interprets Rule Applying to Brokerage Transac¬
tions
in
Redeemable
Securities of
Investment
pany
of other
sale
the
income
insurance,
sources.
These
are
repaid
were
inheritance,
SEC
out of
refinancing
The remain¬
paid
was
1679
Financial Chronicle
The Commercial &
152
Of this approximately
Companies
The Securities and Exchange
13
an
registered investment company which are
redeemable securities of a
being
be sold by the principal underwriter
principal underwriter or
current public offering price described in the
currently offered to the public may
or
dealer to any person
a
the
issuer,
at
except
a
other than a dealer, a
prospectus.
In the
case
investment companies the
portion of the public offering
of many open-end management
amount of sales load which is a component
of the securities purchased, the
price varies with the dollar amount
being to charge a smaller sales
permissible under Section 22 (d),
not forbidden
takes the position that such practice is
the varying sales loads to be charged
by the section, but that
specifically disclosed in the prospectus and must
be clearly and
must
charged to all purchasers without
In
a
be
discrimination.
National Association of Securities Dealers
letter to the
also passed on to the application
March 10, Mr. Lane
on
practice
load on larger purchases. The opinion of the
inquiry as to whether this practice is
in response to an
General Counsel,
of
broker-dealer executing a brokerage order
for a customer in the redeemable securities of registered
investment securities of a registered investment company.
this section to
This
a
opinion follows:
In my
opinion the term
"dealer," as used in Section 22 (d), refers to the
broker-dealer is acting in a particular
capacity in which a
that if a
follows, therefore,
refinancing purposes.
Commission made public on
opinion of its General Counsel, Chester T.
Lane, concerning the meaning of the phrase "a current
offering price described in the prospectus" as used in Section
22 (d) of the Investment Company Act of 1940.
With
respect to this opinion the SEC announcement stated
This section provides in part, and subject to certain exceptions, that no
March
transaction.
It
broker-dealer in a particular transaction is
capacity of agent for a selling investor, or for both a
selling investor and a purchasing investor, the sale may be made at a price
other than the current offering price described in the prospectus. Of course
acting solely in the
in February
Home Building
Small
volume of small home
The
of
any
disclosure of the fact that the
construction during February
States came nearer
the 37 Eastern
in
volume
Highest for Month
1928
Since
1928 levels than the
February since that year,
reported F. W.
Dodge Corp. on March 14.
More than 18,000 new dwelling
units were provided during the month by activity in the
two-family houses, which accounted
$270,373,000 total contract volume in
of one- and
building
for
of
34%
the
1
February.
>
The dollar valuation of
,
contracts awarded for
small house
amounting to $90,782,000, represented an in¬
crease of 59% from the volume of $57,118,000 recorded for
February, 1940.
More than 80% of this February's total
was provided through private ownership building.
Even though the demand placed upon building materials
construction,
amount of
broker-dealer is acting as agent, and of the
be made to his principal or principals in
of the Rules and Regulations promulgated
his commission, must
accordance with the requirements
(1) of the Securities Exchange
Section 15 (c)
by the Commission under
Act of 1934.
hand, if
On the other
a
broker-dealer is acting for his own account
in a
redeemable security to an investor, the
public offering price must be maintained, even though the sale is made
through another broker who acts as agent for the seller, the investor, or
both.
V- 'v'- '-'v.-.-'...."-;'r
As Section 22 (d) itself states, the offering price is not required to be
maintained in the case of sales in which both the buyer and the seller are
dealers acting as principals in the transaction.
transaction and as
principal sells a
SEC Reports 709 Investment Advisers Were
Under Investment Advisers Act as of
defense construction needs caused some advances in
lumber prices last autumn, material prices have been gen¬
Registered
Feb. 18—
Effective from Nov. 2 to
Withdrawn and 1 Canceled Dur¬
Applications Became
by
116
erally steady since the oiiening of this year.
Less local dif¬
ficulties in material deliveries are being experienced since
ing Period
peak of buying for cantonments has passed. Continued
in applications received by the Federal Housing
Administration for mortgage insurance are further evidence
the
increases
demand for private
of strong
Companies Paid $178,600,000 in
New York State Families in
Insurance
Life
Claims
to
Benefits
residential building.
Nation
for
as
a
339,000—Benefits to Living
New
York State families
Death
1940—
Whole Totaled $2,664,-
Policyholders
during 1940 received an aggre¬
$178,600,000 from life insurance companies in settle¬
ment of death claims, the Institute of Life Insurance an¬
nounced on March 11.
"The flow of life insurance funds
gate of
these
into
homes,
State, provides ,a
ness life of every
averaging
$14,883,000 a month in this
stabilizing factor in the family and busi¬
community," Holgar J. Johnson, President
of Life Insurance, stated, in making the
Of the death benefits paid to families in
New York State last year, $131,090,000 was in settlement of
ordinary policies, $15,771,000 in payments on group certifi¬
cates, and $31,739,000 in claims on industrial policies.
For
the Nation as a whole, the life insurance companies paid
benefits averaging more than $303,000 every hour during
1940, an aggregate of $2,601,339,000.
Further details were
given by the Institute as follows:
Death benefits alone accounted for $113,000 every hour, an aggregate
for the year of
$994,950,000.
Of this, $728,965,000 was paid out on
ordinary life policies maturing as death claims, $104,140,000 under group
insurance certificates, and $161,845,000 under industrial insurance policies.
The total number of policies maturing as death claims during the year
of
The
life,
public.
1,024,000.
average
size
of
each
policy death claim was
$2,057 for group insurance,
for all
and Exchange Commission recently made
Feb. 18, 1941, there 709 investment
advisers registered under the Investment Advisers Act of
1940.
During the period Nov. 2, 1940, to Feb. 18, 1941,
inclusive, 116 applications for registration of investment
advisers became effective, the registrations of 11 investment
advisers were withdrawn, and the registration of one invest¬
The Securities
known
policies averaged
$2,756 for ordinary
$219 for industrial insurance, and
$969
together.
living policyholders amounted to $190,000 every hour, an
$1,669,389,000 for the year. Of this total, $269,244,000 was
for maturing endowments, a sum 11% greater than in 1939 and nearly
double the figure of
five years ago.
The total for ordinary matured
endowments was $191,367,000, and for industrial $77,877,000.
Benefits
$148,452,000. Disability payments amounted
to $103,487,000.
Surrender values paid out or credited during the year,
primary emergency aid to policyholders through their cash values, totaled
$680,062,000, except for one year the lowest figure since 1930, indicating
the improved tone of family finances during the year.
Dvidends to policyholders amounted to $468,144,000, the largest total
in
the past seven years, in spite of the reduced dividend scales made
necessary by sharply decreased investment earnings.
•
;
Annuity
adviser
was
symbols are used in the list:
(S) Sole Proprietorship.
(P) Partnership.
American Bureau for Financial Research,
York N Y.
The following
CC)
American
(C) Corporation
Inc., 80 Wall St., New
York, N. Y.
investors Union, Inc.. 10 East 40th St., New
(non-profit, membersuip
corporation.).
^
M., 725 South Garnsey St., Santa Ana, Calif.
Armstrong, Lewis F., 7055 Dartmouth Ave., Unhrersity City, Mo.
Ashmun, C. 8., Co., 1212 First National-Soo Line Bldg., Minneapolis,
CS)
(S)
(C)
Anderson, James
CC)
Asaured Warranty
(8)
Baring-Gould, Edward
Bar bars,
Office Square, Boston, Mass.
Darragh, 19 East Canon Perdido St., Santa
Corp., 10 Post
Calif.
A
Co., 8780 Sunset
.
_
■
,
.
_
,
Blvd., Los Angeles, Calif.
(C)
Beverly National
(C)
(8)
35 Congress St., Boston, Mass
Campbell. John P., Bank and Insurance Bldg., Ninth
Bigelow, Young, Inc.,
& Mam Sts,,.
Dubuque, Iowa.
Road, Pasadena, Calif.
New York N. Y.
York, N Y.
DeMandel, Jack Edward, Kohl Bldg., San Francisco, Calif.
Dixon, Frederick William, Hill Crest, Jordan, NY Y.
duPont, Francis I., & Co., 1 Wall St
New York, N. Y.
Dysart, Paul, & Associates, No. 3 Maple Court, Louisville, Ky.
Ebert, Emil C., 184 Winthrop Road, Columbus, Ohio.
(S) Cobb, Charles Sherman, 29 San Miguel
(C) Collective Trading, Inc., 115 Broadway,
(P) Dienst & Shnitkin, 30 Broad St., New
CS)
(8)
(P)
CS)
CS)
(P)
(C)
(S)
(S)
Evans Co., The,
Milam Bldg., San
Financial News, Inc., The, 82 Wall
Fitzgerald & Co. (Michael David
Pleasant St., Worcester, Mass.
Griest, J. M., Estate Management,
(8)
(8)
(S)
(8)
(C)
Gumperz, Julian
York 1ST Y
'
Antonio, Texas.
St., New York, N. Y.
Fitzgerald, sole proprietor), 541
402 New England Bldg., Topeka,
,v•'
./
Kan,
(S)
payments totaled
of
as
In these columns
to
aggregate of
that
canceled.
of Nov. 9, 1940, page 2736, a list of the
605 investment advisers who were registered with the SEC
as of Nov. 1, 1940, was given.
The names and addresses of the 63 investment advisers
whose registrations became effective between Nov. 2, 1940,
and Dec. 28, 1940, follow:
ment
Institute
the
figures
was
Feb. 18—11 Were
(successor to Transco
Corp.), 610 Fifth Ave., New
York, N. J.
Heater, sole
Handler, Philip E., Captain, 6414 Park Ave., West New
Heater's (Financial) Advisory Service (Elmer Harrison
proprietor), 1802-28th Ave., West Seattle, Wash.
Hill, Adams Sherman, 53 State St., Boston, Mass.
Himadi, David A., 210 West Seventh
Holms, A. S., & Co., Inc., Jefferson
Watertown,
St.. Los Angeles, Calif.
County National Bank
B^dg.,
N. Y.
Huntley. C. E., 219 Realty Bldg.. Elmna, N. Y.
(8) James, Henry Julian, 328South Bonnie Brae St., Los Angeles,
(8)
Karp, Joseph Roland, 250 West 57th St., New York. N. Y.
(P) Kelly, D. M., & Co., 246 Garfield Place, Brooklyn, N.
(8)
Y.
Calif.
The Commercial & Financial Chronicle
1680
II
(C)
Langer, Felix G., 1 Wall St., New York, N. Y.
Laufman, C. Harry, Co., 235 Montgomery St., San Francisco, Calif.
Lowe, Justus F., Co., 1094 First National Soo Line Bldg., Minneapolis,
Market
The
Lubbe, Francis J., 506-10 Maine St., Quincy, Mass.
(P)
(8)
registration which
was
follows:
Dynamics, 141 West Jackson Blvd., Chicago, 111.
Market Statistics, Inc., 1080 Sherman St., Denver, Colo.
Michael Anderson Morrell. Inc., 134 South LaSalle St., Chicago. 111.
Northwestern Market Service (Erwin C. Treichel, sole proprietor),
1941
15,
Lapham, Davis & Bianchi, 44 Pine St., New York, N. Y.
National Investors Service, 61 Broadway, New York, N. Y.
Shepard, S. J., & Co., 9 Rockefeller Plaza, New York, N. Y.
(P)
(8)
(P)
Minn.
(8)
March
canceled in this same period
,
,
Howe, Winthrop K. Jr., 183 East Main St., Rochester, N.
(8)
i
+.
•
Y.
i
3729-1/th Ave., South, Minneapolis, Minn.
(C)
Ogden, James H., 15;.0 Walnut St., Philadelphia, Pa.
"
Paty Publishing Co., The (William Michael, sole proprietor), 618
South Western Ave,, Los Angeles, Calif.
Petroleum Information Service, Inc., 11 East 44th St., New York,
N. Y.
Is?
Preston, Mbss & Co., 24 Federal St., Boston, Mass.
Prudden, Russel Field, 115 Broadway, New York, N. Y.
(S)
Pugh's
Triple-Zone
(Francis
Charts
E.
Teel,
sole
proprietor),
301
Finance Bldg.,
Kansas City, Mo.
Edward Theodor, 428 Main
(8)
St., Platteville, Wis.
Republic Investment Corp., 8555 Sunset Blvd., Hollywood, Calif.
Riemer. Leonard, 50 Milford Ave., Newark, N. J.
Robinson, Edward Moore, 1 Wall St., New York, N. Y.
Sawyer, A, H., 20 West St., Hingham, Mass.
Stanton, Llewellyn F., 210 West Seventh St.. Los Angeles, Calif.
Stein Bros
& Boyce, 6 South Calvert St., Baltimore, Md.
Thulin, Frederick Adolph, 105 South LaSalle St., Chicago, 111.
Trader Home's Trend Indicator (Phyllis M. Home, sole proprietor),
80 Wall St., New York, N. Y.
Trew & Co. (Bartus Trew, sole proprietor), 49 Wall St., New York,
(C)
CS)
Wells, C. L., & Co., 724 South Spring St., Los Angeles, Calif.
Wentworth, T. F. (successor to Wentworth & Co.), 11 Broadway,
(S)
(C)
(S)
(8)
CP)
(8)
M
Reiser.
New York, N. Y.
Weston,
(S)
Herman,
Lewis
Tcikonut Park
•
Fifth
corner
JVIYJ
*/•.,
St.
v-
*.
&
Westmoreland
-".
•■
Ave.,
■
*vv:',v'v\
(C) Witherspoon & Co., Inc., 215 West Seventh St., Los Angeles, Calif.
(S) Woodruff, Ailing, 342 Madison Ave., New York, N. Y.
(C) Wyckoff Associates, Inc., 1 Wall St., New York, N. Y.
(C) Wyeth, Hass & Co., 647 South Spring St., Los Angeles, Calif.
The following five
same
registrations
were
withdrawn in this
(P) Ainsworth's Financial Service, Mason City, 111.
Andersen, Frank \. (See: Andersen Laboratories).
(S) Andersen Laboratories (Frank A. Andersen, sole proprietor), 76
v
Egmont St., Brookline, Mass.
(C) Banks, Huntley & Co., 634 South Spring St., Los Angeles, Calif.
(S) Berger, Ernest, Co.. 215 Madison St., Tampa, Fla.
(S) Best Investors Service (George Washington Byram, sole proprietor),
1712 East Ninth St., Cleveland, Ohio.
(C) Bodell & Co., Inc., 32 Custom House St., Providence, R. I.
Byram, George Washington (See: Best Investors Service).
(C) Cavanaugh, Morgan & Co., 634 South Spring St., Los Angeles, Calif.
(S) Clark, John Bernard, 61 Park Ave., New York, N. Y.
(S) Clayton, Harold, Barnett National Bank Bldg., Jacksonville, Fla.
(S) Cotton Advisory Bureau (Abe Reisman Spielberger, sole proprietor),
313 Grant Bldg., Atlanta, Ga.
(C) Current Records, Inc., 11 Broadway, New York, N. Y.
Das, Dirk (See: Stock Trading Guide).
(S) Dee, A. R. (Robert James Devinney, sole proprietor), 6440-99th St.,
Forest Hills, N. Y.
Devinney, Robert James (See: Dee, A. R.).
<S) Freas, Perry Augustus, 1632 Glenwood Ave., Philadelphia, Pa.
(S) Gardner, Donald S., 204 Bank of America Bldg., San Diego, Calif.
(S)
Gargilis, 8., Financial Service, 131 Clarendon St., Boston, Mass.
(S) General Statistical Service (James Ellinwood Halsted, sole proprietor),
91 Wall St., New York, N. Y.
Gowin, Enoch Burton (See: Personal Investors Counsel).
<S) Gully, Henry, 1 Sherwood Place, Scarsdale, N. Y.
Halsted .James Ellinwood (See: General Statistical Service).
<S) Hines, Frank T. Jr., 933 Tiverton Ave., West Los Angeles, Calif.
(C) Howe & Rusling, Inc. (successor to Winthrop K. Howe Jr.), 183 Main
St., Rochester, N. Y.
(S) Huning, H. K., & Associates, 2970 Sheridan Road, Chicago, 111.
(C) Investors Management Corp., 5 East Market St., Indianapolis, Ind.
<S)
Keltner, Chester W., P. O. Box 692, Kansas City, Mo.
(S) KnobJoch, Carl W., Co., Stamford Trust Co. Bldg., 300 Main St.,
Stamford, Conn.
William Martin, Bethlehem Pike & Prospect Ave., Fort
Washington, Pa.
Light, Ernest Ferdinand (See: Light's Investment Service).
Light's Investment Service (Ernest Ferdinand Light, sole proprietor),
125 Winsor Ave., Watertown, Mass.
Linker, Kahlman (See: Monthly Stock Digest Service).
Loeb, Carl M., Rhoades & Co., 61 Broadway, New York, N. Y.
Lyon, Sherman Barton (See: Trading Transactions).
Levick,
(S)
(S)
(C)
(S)
(S)
(S)
(S)
Boston, Mass.
Meyer, Harold Alton (See: Meyer & Co.).
Minot, Kendall & Co., Inc., 15 Congress St., Boston, Mass.
Monthly Stock Digest Service (Kahlman Linker, sole proprietor),
89 Broad St., New York, N. Y.
National Investors Service (Orville C. Sanborn, sole proprietor), 61
Broadway, New York, N. Y.
Ornstein, Max, 305 Broadway, New York, N. Y.
Personal Investors Counsel (Enoch Burton Gowin, sole proprietor),
140 Spring St., New York, N. Y.
<C) Porter, J. B., & Co., Inc., First National Bank Bldg., 128 West Main
St., Bay Shore, N. Y.
(S) Pulsifer, Hale, 50 Pine St., New York, N. Y.
<P) Rhea, Greiner & Co., 314 East Pikes Peak Ave., Colorado Springs,
Colo.
':'v•
v "s
:'v':v"-Vv
■
v'i!
(P) Richard, C. B., & Co., 44 Beaver St., New York, N. Y.
(S)
Roberts, Arthur S., 205 East 42d St., New York, N. Y.
Robertson, D. L., Gas and Electric Bldg., Dayton, Ohio.
Sanborn, Orville 0. (See: National Investors Service).
Securities Research Corp., 100 Milk St., Boston, Mass.
Securities Tabulating Corp., 63 Wall St., New York, N. Y.
(S) Shaw, Walter Young, 507 South Narberth Ave., Merion Station, Pa.
Specht, Emil (See: Specht Statistical Service).
(S) Specht Statistical Service (Emil Specht, sole proprietor), 80 Hanson
Place, Brooklyn, N. Y.
Speilberger, Abe Reisman (See: Cotton Advisory Bureau).
(S) Steinberg, Philip, 30 Broad St., New York, N. Y.
(S) Stock Trading Guide (Dirk Das, sole proprietor), 443 Parsells Ave.,
Rochester, N. Y.
(S) Trading Transactions (Sherman Barton Lyon, sole proprietor), 427
Hadley Ave., Dayton, Ohio.
.
.
(C) Warburg, Eric M.t Inc., 52 William St., New York, N. Y.
(S) Winston, Arthur A., 1500 East 48th St., Brooklyn, N. Y.
(S) Wolf, Harry J., 475 Fifth Ave., New York, N. Y.
These
six registrations
were
withdrawn from Dec.
(S)
(S)
19,
Brown, Harlow W., 120 South LaSalle St., Chicago, 111.
Clift, William Brooks, 44 Pine St., New York, N. Y.
Cunningham & Co., 1846 Union Commerce Bldg., Cleveland, Ohio.
July l-Feb. 28
$
$
e5,185,317,002
Navy contracts.a.b—
U. 8. Maritime Commission:
48,397,652
5,233,714,654
6,392,453,287
Army contracts
64,235,199
6,456,688,486
33,374,500
33,374,500
199,317,729
199,317,729
Emergency ship program—...
Federal Works Agency:
WPA defense
projects c
USHA defense housing projects_
dl9,854,309
Administration
34,197,500
Public Buildings
Federal Security Agency;
Office
of
Education,
19,854,309
38,760,252
4,562,752
Defense
_.j-_
27,350,787
11,853,167
39,203,954
f._
371,138,371
33,426,908
404.565,279
112,094,838
7,700,000
119,794,838
Army, total; Navy, contracts of $5,000 and over,
addition, the Navy Department has allocated approximately $1,000,000,000
on naval vessels being constructed
in private yards. This sum will
In
for armament
appear In
"Navy Contracts" as orders are placed for materials.
b Includes
breakdown of
c
$265,765,500 for 31 auxiliary vessel contracts
sum Is not available on a State basis.
Includes $35,354,306 for defense training
received
awarded, for which
and records; in addition the NYA has
supplementary appropriation of $30,485,375 for defense
a
training with
emphasis on metal and mechanical work experience.
deducted.
This amount is included In construction cost,
Navy Air Base, Pensacola, Fla., as of Feb. 1, 1941; the award was to Dyson & Co.,
d
$14,490 (fixed-fee)
Pensacola, Fla.
e
$1,940,434 deducted, due to Army release duplications; see Georgia, Massa¬
chusetts and Washington recapitulation sheets,
f Includes $35,213,851 for
g Includes
cancellations.
unnamed manufacturers of machine tools,
$10,000,000 for unnamed manufacturers
of machine tools; excludes
(Total as of Jan. 6).
Places Nickel and Neoprene Under Mandatory
Priority System—-Preference Rating Given Defense
Orders—NDAC Bars Sale of Zinc in Markets
OPM
The Office of Production Management has
imposed man¬
datory priorities on nickel and neoprene, a synthetic rubber,
it was announced March 7 by Edward K. Stettinius, Director
of Priorities.
These were the fourth and fifth industry¬
wide priorities put into effect since similar action had been
previously ordered in the case of aluminum, machine tools
and magnesium (referred to in our issues of March 1, page
1366, and March 8, page 1519, respectively). Imposition of
the priorities on nickel was announced in letters sent to
the International Nickel Co., Inc., and to the Brandeis-Goldschmidt Co., New York, while the order on neoprene was
disclosed in a letter to the E. I. du Pont de Nemours Co.,
producers of neoprene. The following regarding the nickel
order is from a Washington dispatch of March 7 to the New
York "Journal of Commerce":
"The
control
imposed
on
nickel,"
Mr.
Stettinius said,
"will make it
possible for the division and the industry to facilitate the prompt flow
working on both British and Canadian
of the metal into defense industries
As in the
case
of machine tools and aluminum,
dian and United States
All
defense
orders
he added, British, Cana¬
defense orders will be given equal treatment.
for nickel,
including orders for the British and for
Canada, are to bear a rating of A-2, except for those orders
which may
■be given a
higher rating by the Division. Thus all defense needs will be
placed ahead of civilian and non-defense needs.
The ratings higher than
A-2 will be made available for British and Canadian orders, as well as for
Army
and Navy orders, when necessary.
Announcement
was
made in Washington on March
10
that at the request of Leon Henderson, head of the price
stabilization division of the National Defense Advisory
Commission, each company producing and
pledged that during the emergency
direct to consumers or processors and will
commodities exchange. Mr. Henderson said
zinc has
no new
that
sales will be made
on
selling primary
it will sell only
not sell on the
that this means
the commodities exchange and
primary zinc will be available for speculation.
time he warned the secondary brass and copper
no more
At the
same
markets that similar action would be taken in their
"unjustified price increases"
are
cases
if
not stopped.
♦
Export of Aviation Gasoline to Countries of British
Empire Authorized
The Federal Government on March 12 authorized the
unlimited export of aviation gasoline and lubricating oils
the various countries of the British Empire.
Shipments
aviation
1940, to Feb. 18, 1941:
<P)
16-Feb. 28
orders and orders for the Army and Navy."
Mahon, John M. Jr., 30 North Second St., Harrisburg, Pa.
Market Barometer, Inc., The, 4740 Washburn Ave., South Min¬
neapolis, Minn.
Maunsell, George, 133 Marlboro St., Boston, Mass.
Mayer, F. M., 30 Broad St., New York, N. Y.
Mayer, L. S., 704 Louisville Trust Bldg., Louisville, Ky.
Meyer & Co. (Harold Alton Meyer, sole proprietor), 35 Congress St.,
(C)
Feb.
$
a
and addresses of the 53 investment advisers
applicatioDS for registration became effective between
Dec. 19, 1940, and Feb. 18, 1941, follow:
(S)
AND EXPENDITURES
1940-Feb. 28, 1941
Jvlv l-Feb. 15
Coverage:
whose
(P)
Based on press releases of July 1,
Defense Plant Corporation
'
(S)
give below:
Reconstruction Finance Corp.g.
Bukaw, Elmira Dorothea, 3478 Fenfcon Ave., New York, N. Y.
(P) Fritz & Shumate, 1500 Walnut St., Philadelphia, Pa.
(S) Guthrie, John O., 135 South LaSalle St., Chicago, 111.
(C) Transco Corp., 610 Fifth Ave., New York, N. Y.
(P) Wentworth Sc Co., 11 Broadway, New York, N. Y,
(S)
we
NATIONAL SUMMARY OF DEFENSE CONTRACTS
Federal Loan Agency:
(S)
names
Half of February Raises
Last
July to $12,545,271,001
Defense spending in the second half of February totaled
$48,397,652 for the Army, $64,235,199 for the Navy, and
$57,542,827 for miscellaneous agencies. The total of defense
contracts and expenditures in the period July 1, 1940 to
last Feb. 28 of all agencies and departments aggregated
$12,545,274,001 according to the semi-monthly report of
the Office of Government Reports, issued March 11, which
Training....
period:
The
Defense Spending in
Total Since Last
to
of
gasoline to countries outside the Western Hemsphere, except to American-owned companies abroad, have
been under the export licensing system since last July, as
was noted in these columns of August 3, 1940, page 631.
The following concerning the latest action is from United
Press Washington advices of March 12:
;
Volume
The Commercial &
152
The State Department notified all collectors of customs
licenses
have
issued permitting the
been
export
that unlimited
of aviation gasoline and
will
issued to the British Purchasing Commission, which
were
from this
certify what shippers may carry the aviation fuel and oil
country to Empire ports.
Following
the places to which the unlimited licenses apply:
are
the
reflects
Australia, New Zealand, Union of South Africa, Burma, India,
Palestine,
Tanganyika, Aden, Leeward Islands, Windward Islands, Bahamas, Barbadoes, Bermuda, Jamaica, Trinidad, Gold Coast, Nigeria, Sierra
Leone
is
This
No
of War Patterson Proposes Creation
Anew of Labor Board System of 1918 to Settle
Defense Strikes—Tells House Commttee Country
Under Secretary
Man-Hour of Defense Production
"we need every man-hour of production
there should be no strikes or stoppages," Robert P. Pat¬
Declaring that
and
terson, Under-Secretary of War, urged on March 3 the estab¬
lishment of a system similar to the World War Labor Con¬
contributing
Testifying before the
House Judiciary Committee, Mr. Patterson said that during
the last week in February there was an estimated 120,000
"man-days" of production lost on account of strikes in
plants working on supplies for the Army.
Reporting on his
remarks the Associated Press, in Washington advices of
Board to settle
ference
disputes in industries
to the Nation's rearmament program.
March 4,
"While
said:
really not
of
the
that
materials."
the idea of
of
Turning
cause
us
much concern as threatened
as
conciliation board, Mr. Patterson explained
averted by the World War board, composed of five
to
strikes were
many
No
It
is
fair
is
to
decisions of
why
reason
no
behind the
would be
to acquiesce in the determinations
would
opinion
be
solidly
Board, and that the force of public opinion
a
in
public
in only three
would not work well today.
similar system
a
that
assume
such
most
effective
made
both
sides
by the Board."
Such
board
causing
could be appointed by
added,
legislation
Senate.
The former board had
•
statutory authority, but sought to settle strikes
no
If conciliation there failed the case was
through conciliation in the field.
That
Declares
Inevitably Increase
Clamor for Restrictions Will
In
memorandum
a
"The Labor Outlook" prepared by
on
McCullough,
James A.
a
portion of his study is devoted to
"Wage and Strike Outlook," in which the statement is made
that "most of the top union leaders admit privately that
restraints must
some
j.
be placed on labor's wage
"The real reason for the wage
"is clearly one of expediency."
observations
is
in
demands," says the study,
From
Mr.
McCullough's
also quote:
for wage increases should proceed at some socially desir¬
die a natural death on the attainment of a socially
there would
objective,
not
demands."
then
and
rate
desirable
it
we
the pressure
If
able
the
is needed
lower
resistance
be
nature of unionism
is
What
more
of
very
little to complain about.
But
that things will work out that way.
resistance from Washington to compensate for the
management.
This
would
be
a
ticklish job
for any
reasonable,
impartial stand at some time when a large company with a good labor
record, like General Electric or General Motors, was being presented with
arbitrary wage demands.
If the sacrifices of industry, the burden of new
democratic
government.
But the Administration could make a
taxes
and the importance of price
time
when
a
moderate
to
firm stand
union
was
stability were explained to labor at the
taken against wage increases, it might serve
demands.
In
any
event,
applied some time, and the need is not too far
the brakes will have to be
off.
Leading up to the above comments Mr. McCullough said:
Whatever may be the historical determinants of the wage level,
the
chief near-term obstacle to wage demands.
At the present time, however, he finds himself in a position of lessened
influence.
The inflationary nature of Government contracts is partly
employer has always been the
Contracts let on a cost-plus, fixed-fee basis or those pro¬
price adjustments to offset rising costs (escalator clauses)
normal penalty of wage increases.
More important reasons
lower resistance of management are the growth of union power and
responsible.
for
viding
modify
the
for
the
the
pressure
on
Administration's
managements to avoid strikes in defense industries.
insistence on a spirit of compromise in industrial
The
dis¬
work both ways. If employers were asking for 10%
wage cuts and unions were asking for 10% wage increases, the spirit of
compromise might permit a stable wage structure.
But employers are in
no
position to demand wage cuts, and the unons are in a strong position
to demand increases.
When a critical strike threatens because of a union
putes should in theory
demand, a conciliator usually suggests partial compliance to manage¬
At least that is the way it has worked out so far.
wage
ment.
conclusion Mr. McCullough had the following to say:
In
strikes
If
inevitably
is
should
become
increase.
delusion,
a
more
numerous
the clamor for restrction will
We hear on every side that compulsory arbitration
do nothing to prevent strikes.
But the pro-
that it will
union no-strike policies and no-strike agreements in
If the defense program should be thrcatzned seriously, labor could' have no real objecton to the requirement of a
reasonable cooling off period before calling strikes.
If necessary, too, the
setting up of formal arbitration machinery or the addition of more powers
to
the Conciliation
Service might be effective in slowing down direct
ponents of voluntary
contracts are all too
action
optimistic.
by the unions.
formal arbitration
While
employers
all
labor
the
might be an
excellent temporary expedient,
should not look to it as a panacea.
Consider the personnel of
agencies set up in recent years.
Most of the
representatives have been frankly pro-union or at the very
essence of their procedure has been compromise.
This situation
administrative
Government
least
so
expects to make excess profits from
prepared to sacrifice more for the
is
the
employer
defense
national
agree
can
Among the other subjects dealt with by Mr. McCullough
"Strength of Organized Labor" and "Labor and Na¬
tional Defense."
The author of the memorandum is con¬
are
nected
with
of New
Scudder,
Clark, investment counsel
Stevens &
York; it is noted that although his
opinions do not
necessarily represent the attitude of the firm, it is felt that
he is in a good position to express an informed view on the
subject of labor, having built up many contacts among the
unions, and traveled extensively in the areas of industrial
unrest.
Employees
of
the
Midland
Steel
members of the United Automobile
a
strike
Strike
Products Company,
on
Workers, C.I.O., called
March 10, after a deadlock in
negotiations
over
piece work operations.
The Midland plant produces automobile frames, some
contracted for by General Motors for use in Army trucks.
The men walked out two hours before their previously set
deadline.
Edward M. Owen, State Conciliator, said he had
warned the union that it must give thirty day's notice to
the Midland com¬
Strike notice was served
Feb. 27.
"A company attempt to move dies, fixtures and
stock out of the plant caused the union to strike early," Leo
Lamotte, regional director for the union, said.
At issue in the dispute are the union's demand for aboli¬
tion of piece work, equal pay for equal work, and pay raises.
strike, under the State labor act, because
is engaged in defense work.
at the General Instrument
Elizabeth, N. J.
Production at the plant of the General Instrument Corp:,
in the Waverly Terminal at Elizabeth, N. J., was stopped on
March 12 when about 1,500 workers failed to report for work
in accordance with a strike vote taken on March 11 by local
B-921 of the International Brotherhood of Electrical Work¬
ers, A.F. of L. affiliate.
"A 100% shut-down of production has been effected as a
result of the strike order," William Beedie, international
representative of the union, declared on March 12.
The
strike was called, Mr* Beedie said, when demand for a
10cent an hour increase in wages and payment of daily over¬
time for more than eight hours work were refused by the
company during negotiations for renewal of a contract which
expired Feb. 28.
With few exceptions all the employees
are members of the I.B.E.W. local, Mr. Beedie said.
The company is one of the world's largest manufacturers
of variable condensers used in the radio field and is engaged
in experimental orders for the United States defense pro¬
gram, according to union leaders.
Approximately 60% of
the employees are girls.
The corporation said that it was
willing to carry on negotiations directly or through a media¬
tor, or even through arbitration.
Strike
Surveyed by James A. McCullough—
if Strikes Become More Numerous
Outlook
Labor
been
group
itself and specific recommendations were made.
the board
before
brought
the President without
withoutoyConfirmation of the members of the
or
the
by
things move his way.
for not in many years have the objec¬
closely identified with the employers'.
with the Administration on many
economic policies.
If the unions should overreach themselves in taking
advantage of the national emergency, the employer may fnd hmself in an
improved position in the not too distant future.
pany
he
board,
a
special
any
empty hope,
industrialist
other
And
a
representatives each of management and labor.
"Most of the decisions," he said, "were unanimous and
cases
was there resistance to the Board's
decision."
"There
an
Government
important
defense.
industries has been relatively
defense
in
"they
small," Mr. Patterson said,
shortages
with
Employees of Midland Steel Products Company
number of strikes
the
up
principle
compromise as represented, for
public and the Federal Government will come to see
business.
Needs Every
unrest
example, in the procedure
under railway legislation.
The Railway Labor Act has freed the railroad
industry of strikes, but it has not soivcd the industry's problems.
It has
merely resulted in compromising on all the union demands, good and bad.
That the immediate outlook favors the unions rather than managements
should
be obvious.
The most the employer can hope for is that the
tives
and the Straits Settlements.
frame of mind.
The American public, feci
of the past several years, is sold on the
public's
industrial
the
of arbitration and
lubricating oil to the British Empire.
Ik The licenses
1681
Financial Chronicle
Production
Halts
Corp.
Plant
in
„
Strike
Called at
South
Cornell-Dubilier Electric Corp., at
Plainfield, N.
J.
condensers which are necessary for the comple¬
tion of war planes, submarines and tanks was held up on
March 10 when the majority of 2,400 workers employed at
the Cornell-Dubilier Electric Corp. plant went on strike.
The strike at the South Plainfield factory was called by
Local B-1041 of the International Brotherhood of Elec¬
trical Workers, an A. F. of L. affiliate, whose contract with
Work
on
the company
expired
on
March 8.
The strikers are asking
increases of from five to ten cents an hour.
A. J. Rosenblum, New York attorney, who represents
wage
charged on March 10 that the concern was
powerless to settle the strike because of the National Labor
Relations Board's insistence that an employee election be
held at the plant before the company bargain with the
the company,
strikers.
alleged that a Federal conciliator who ar¬
differences between the corporation
and the A.F. of L. union, was sent away by representatives
of the NLRB in New York, who insisted, he said, that a
Mr. Rosenblum
rived to conciliate the
poll of the workers must be had before conciliation could be
Mr. Rosenblum said that the company was wil¬
started.
determine the employees'
but was told that the election
ling to have an election now, to
proper bargaining agent,
could not be held for sixty
days.
apparently would have the strike continue
until then," he said.
Mrs. Elinore M. Herrick, regional director for the NLRB,
"The NLRB
said the company was
under order by the board to
conduct
The Commercial & Financial Chronicle
1682
collective
bargaining election before entering into further
negotiations with any workers' group.
a
March
15, 1941
Apparently little nearer an agreement than before they
12 hours of conferences on March 13, Transport
Union officials and representatives of the Fifth
Avenue Coach Co. and of the New York City Omnibus Corp.,
began
Workers
J. G. Brill Plant in
Philadelphia, Pa., Closed
as
C.I.O.
Unit Strikes
Operations at the car building plant of the J. G. Brill
Company, in Philadelphia, were halted on March 10 by a
strike of its 1,500 employees.
Called by Local 1263 of the Steel Workers
Organizing
Committee (C.I.O) after intervention by a U. S. Depart¬
ment of Labor conciliator had failed to settle the
dispute,
the strike began at nine o'clock in the morning, two hours
after the day shift reported for work.
The company has three defense contracts, totaling about
$418,661, for gun carriages and ammunition, but only 75
employees were engaged in that work, according to union
v.!'/'
officials.
The mediation effort was made by Aaron Horvitz, the Federal conciliator, who met with E. L. Oerter,
secretary-treasurer of the company and H. P. Cleaver, the
plant manager.
Previously he had met with Michael Harris,
sub-regional SWOC director, and William Godshall, local
union representative.
Union demands include a 25% day-rate increase, a
15%
piece-rate increase, a union shop, two weeks vacation with
pay for men with five years' seniority and one week for those
resumed their conversations
up 95% of Manhattan's surface
That the vigorous efforts of
lines for five days.
Mayor LaGuardia and of
Arthur S. Meyer, Chairman of the State Board of Media¬
tion, both of whom talked with both sides in the contro¬
for several hours
on March 13, had made so#little
toward getting them back to work, was distinctly
disappointing to some of the strikers. Several on picket duty
at company garages and at bus stops and terminals said
versy
progress
privately that they
were
been reached.
not
surprised that
In reporting the strike the New York "Sun" of March 14,
said
When the conference
resumed at 11.15
was
"very far apart."
He said that he did not consider the situation
the
tangle speedily.
However, if the afternoon does not bring an agreement,
Chairman
Wright,
another tomorrow might be held.
of
the
Boards;
Counsel;
and,
Plant
in
the
at
Aluminum
Company of America's
plant in Edgewater, N. J., which has been working at top
speed every hour in the week on parts for the mass construc¬
a
by
local of the Congress of In¬
to send its men back to work until the company
elimination
the
weeks to
of
The Aluminum
Company of America has large contracts
making sheeting, tubes and rivets for aircraft manu¬
facturers and employs 3,000 persons.
Mr. E. H. Grotfend,
superintendent of the company's factory, said that "the
plant is not closing its doors to employees who want to work,
but from 85 to 90% of the factory's personal had declined
to go through the picket lines.
The methods used in calling out the Aluminum
Company's
employees at 1:45 a. m. on March 12 were in dispute, but
Vincent McKenna, President of Local 16, Aluminum Work¬
ers of America, confirmed the
report that he had been op¬
posed to the strike call.
He explained that he had wanted
to give more time to arbitration before
taking the strike
action.
1:30
m.
on
from the union got in touch with me at
March 12 and said the strike must be called
men
immediately," Mr. McKenna said. "I asked the men to
wait until March 16 but they refused.
Now, of course, all
of us are backing the strike, because the
requests of the
men are just."
The demands of the workers who voted in secret ballots
March 6 and 7 by 1,781 to 65 to strike, are for a
general
raise of 10c an hour for all workers, with overtime for a
on
40-hour week in addition to extra pay
Sundays and holidays.
The
average
for time put in on
for the workers
pay
said to be from $28 to $32 a week.
The point concerning time-and-a-half
The
for work
on
Sundays, in addition to the regular work-week overtime,
said to be the main argument by workers, who collected
peacefully by the score across the street from the huge plant
during the day.
There was no disorder, the pickets marched
up and down in front of the plant's four entrances.
y-.y
morning rush hour
The
strike of
the
All-Day
3,500 employees of tlie Fifth Avenue
Coach Co. and the New York
City Omnibus Corp., called by
Transport Workers Union on March 10, completely
immobilized the 1,305 buses operated by the two
companies
and deprived Manhattan of 95% of its surface
transporta¬
On March
14 it continued
100% effective,
with little apparent hope of settlement in the near future.
The striking bus workers are
demanding a
25% increase
in pay, three weeks' paid vacations, a uniform
eightdiour
day, revised pension systems and miscellaneous improve¬
ments in working conditions.
The company, in the case of
the negotiations with the Fifth Avenue Coach Co. workers
sought to offset a $167,000 operating deficit by one-man
operation of buses, abolition of paid sick leaves, wage cuts,
or
some
combination of these
measures.
was
a
Mean¬
repetition of the other four this week.
persons
buck the throngs in them and the few
chose to walk
trolley and bus lines
loaded.
were
Industrial
Board—Plant
Conference
While
defense
Ex¬
awarded
contracts
in January amounted
since August total awards
to less than for any other month
plant expansion
valued
were
at
than
more
half
the
total made for this purpose by the Army and
Navy in the
months, according to the National Industrial
previous seven
Conference Board's monthly analysis of contracts let by the
Army and Navy, made public Feb. 28.
Contracts for plant
expansion let in January were valued at $376,000,000, bring¬
ing the grand total of commitments for this purpose by all
Government agencies to $1,400,000,000 for tlie period June 13,
1940-Jan. 31, 1941.
Orders of all kinds placed in January
of $679,000,000 swelled the total for the period to $11,700,000,000.
The Army did the most business in January, con¬
tracts let by the War Department amounting to $562,000,000,
as contrasted with $117,000,000 by the Navy.
For Decem¬
ber, Army and Navy awards totaled $1,411,000,000, more
much
as
nouncement
those last month.
as
The Board's
an¬
concerning its analysis further stated:
Plant expansion orders in January, as well as in several previous months,
concentrated in
the interior regions of the country.
More than
were
$725,000,000,
or
50% of all awards of this type, has been spent in
over
the
East
North
less
than
30%
areas
is
reversed
areas
having been
Central
West
and
the Atlantic
on
the
in
North
matter of
granted
Central
Seaboard.
only
The
defense
18.6%, while the
60% of the total of these awards.
figuring
prominently
souri
and
Michigan
regions,
in
contrast
to
importance of these two
contracts received,
received
the central
Atlantic Seaboard has
States
in
the central
regions
the expansion program are Indiana, Ohio, Mis¬
these jointly account for $610,000,000 of expansion
in
;
contract money.
break-down
planned
for
for
of all
expansion contracts into types of production
that
reveals
$644,000,000
is
being
being spent to increase facilities
making
arms, ammunition and explosives;
$418,000,000 for aircraft
facilities; $162,000,000 for miscellaneous purposes; $116,000,000
shipbuilding works, and $46,000,000 for tanks and machine tools.
As
and parts
for
plants and expanded facilities for existing plants become completed in
later, additional contracts will naturally be awarded to them of a
magnitude that may considerably alter the ranking importance of regions
new
1941 and
the
which
defense
pace
The
built
and
stimulus,
that
may
manufacturing
vehicles
and
The total
figures
in
geared
and
occur
the
for
this
connection
in
these
that the
plants,
new
should
purpose,
serve
may
help
to
offset
the
work
of
housing the armed
as
of
their
available,
tion of their
value of
nearest
most
any
expansion
affected
as
slackening
a
in
and
forces
motor
by these plant expansion contracts.
$8,700,000,000.
contracts
were
money
for which
year
Thus their share of the $1,400,-
should
a
whole, the Middle Atlantic States continue to lead
placed within the region since June 13.
valued
at
$3,610,000,000,
competitor,
the
California), which has received
East
aircraft
appreciably increase the total valua¬
plant and equipment, and likewise their operating capacity.
regional
January,
metals,
plant and equipment in 1937, last
was
For the country as
contracts
industries—chemicals,
parts—are
value
are
000,000 of
the
points out
completion.
Four
in
Board
production of ordnance and material
been
production
operating
nears
effort.
mass
have
general
the
tion facilities.
lines.
pansion Awards Valued a:t More Than Hklf Total
for Army and Navy in Previous Seven Months
imminent
as
some
25% increase in pay,
a
jammed to capacity, thousands of
were
tional
in
♦
City Bus Strike Continues
Parleys Fail
its demands for
on
January Defense Contract Awards Were Less Than Any
Month Since August, According to Study by Na¬
A
was
New York
.
withdrew its proposal for
and the elimination of two-man crews on
one
Subways
was
pay
.
three instead of two weeks vacation and other concessions.
than twice
a.
International Secre¬
sick-leaves, the reduction of paid vacations from two
while the union stands firm
for
for
"Some of the
Boykin
International
Mr. Meyer said his first aim was to get the buses, which ordinarily carry
of airplanes under the national defense
program, was
halted on March 12 when a strike, at first unauthorized
leaders, was called by
dustrial Organizations.
Ritchie,
and
Quill,
J.
almost 1,000,000 riders a day, back on the streets, but the union refused
tion
union
President,
Edge-
water, N. J.
Production
McCarthy,
union—Michael
the
tary-Treasurer; Austin Hogan, local president; and Harry Sacher, counsel.
running in Manhattan
Company
for the companies—John A.
E.
John
for
night session
a
Meyer indicated.
Mr.
President; Matthias Kearns, Organizer; John Santo,
rather than
Aluminum
dead¬
a
lock and there always was a chance that something might be said to unlock
The company had offered to increase the minimum
pay
for labprers from 50 to 55 cents an hour and to boost
piece¬
work rates, but the union turned it down,
Cripples
in his office at 250 West
a. m.
57th St., Mr. Meyer said glumly that the union and the bus operators were
and perhaps
Strike
settlement had
belligerently insistent that the companies must make
major portion of the concessions.
the
Those who met in his office were,
Company rates the "lowest in this area for similar work."
In a statement to the employees, the
company insisted that
"no man would be barred from working in this
plant simply
because he did not belong to the union."
It also refused
to check off union dues, but offered two weeks'
pay to em¬
ployees of one year's standing who entered the armed ser¬
vices, to post seniority list in each department and to al¬
low union representatives to sit in on joint plant committee
hearings.
some
On the other hand, union officials re¬
mained
with less.
calling the Brill
March 14 looking toward a
on
settlement of the strike of 3,500 bus drivers which has tied
North
having
Central
region
received
against New England's
Pacific
awards
States
of
since
$1,694,000,000.
Atlantic, has received awards valued
at
well
Their total
ahead
(Washington,
$1,882,000,000.
went ahead
awards
amount
an
of
their
Oregon
and
Ranking third,
of the New England States in
June
Only
more
13
one
than
of
$1,706,000,000,
other region,
as
the South
$1,000,000,000.
Propor-
/
Volume
1683
The Commercial & Financial Chronicle
152
tioDally, the Middle Atlantic region has received 31.4% of the cumulative
$5,000,000,
United
interest before
public
the
it could be
consummated.
States
total; the Pacific, 16.4%; the East North Central,
New England,
States
14.8%;
He
14.7%, and the South Atlantic, 13.6%.
benefiting the most from the
program
to the end of January
up
Jersey, with
$1,287,000,000;
New
York,
with
$1,256,000,000;
Pennsylvania,
with
$1,067,000,000, and Virginia, with $883,000,000.
Considering only January
California,
were
awards,
with
worth
contracts
$1,291,000,000;
New
fourth,, with $49,000,000, and New York, fifth, with $46,000,000.
Ordnance,
January of
supply
equipment
and
orders
to
with
the
13.
Commission,
to $2,855,000,000,
$14,000,000
of
amounted
to
by
made
In
$207,000,000
The TNEC made public on March 3 a study
this
'
material
1,000,000 individuals.
Martin Taitel, consulting economist
the Work Projects Administration, who conducted the
of
study, reported that "about 35% of the net dividend pay¬
ments are received by only 25,000 individuals," and he esti¬
mated that "between 60% and 75% of the total dividend
disbursement
$2,280,000,000
and
amounted
for
20%
to
of
the
all
Record,
June
13
aggregated $1,567,000,000, or 12%
of
annual
The
Income
1940
in
Reached
According to Conference
of
$72,000,000,000
Is
New
A
High
report
by wliich
income,
that all States and Terri¬
participating in the public assistance programs
developed under the Social Security Act.
The report says
that all States have aid to the needy aged, all but seven
States and Alaska have aid to the blind, and all but eight
States and Alaska had aid to dependent children at the end
of the fiscal year covered by the report.
In its release on
Feb. 19 the Board has the following to say regarding the
tories
the total
is meant
professional fees, dividends, interest,
amounted to approximately $72,000,000,000 in 1940, according to a preliminary estimate issued
by the Conference Board on March 8.
The 1940 total was
4.9% higher than the total for 1939 and was the greatest
since 1930.
The 1940 total was about $7,500,000,000 lower
salaries,
wages,
and
royalties,
than' the 1929 all-time high record of $79,500,000,000.
realized national income
total
of living,
record.
Federal
Board's
income
the year
totals
national
by
1940
in
income
1926
State
for clianges in the cost
is adjusted
national
real
amounted
month
to
$87,900,000,000,
Between
the
1940
population increased about 10,400,000, eo
on
a
capita basis the real realized national income
per
only 2.2%.
was
■ ■
7"
family in
income
national
1906-10.
per
1940,
One
moreover,
It
States
Commission's study,
Dewey Anderson,
Executive Secre¬
medium size was more efficient in approximately
small size in approximately 34% of tests.
total tests;
and
its
In
55% of tests,
"offers no definite
conclusively disprove the claim frequently
large size American business is more efficient than medium size
monograph
made that
sized."
small
or
submitted
in
those
in
are
the
many
Commission
respects
previous study of
any
more
"is of the opinion that the
data
detailed
than
comprehensive and
protections through both social insurance and
to
provide
adequate and equitable aid to dependent children,
more
and the needy blind.
It also directs attention to the
desirability of adding two new provisions to the existing programs:
Social insurance, the Board suggests, might well be extended to provide
protection
against
is
it
that
wage
full
in
loss
sympathy
due to physical dibability.
It also states
with the recommendation—made by the
Activities—
general relief. This
proposal would, in effect, place this form of aid on the same basis as
that now provided for the three groups included under the present Social
Interdepartmental Committee to Coordinate Health and Welfare
provide for Federal cooperation with the States in
.
Security Act.
Commenting
social security in connection with national defense,
on
compensation
be
sufficient data to serve as a
Board is lining up the defense services that
through its nation-wide organization—through
field offices, through State public-assistance and
if desired,
provided,
and
regional
own
These findings will be submitted as soon
basis for legislative recom¬
being studied.
•
addition to all this, the
In
can
its
are
Board has
the
as
the
to
employment-security agencies, and through Federal, State, and local con¬
tacts with employers, workers, and others.
These and other related pro¬
would, it appears, provide a nation-wide foundation for
civilian workers and men in military service.
.
services to
the families of
From the same advices we quote:
In
of
measuring business efficiency the Commission applied two broad tests,
of production, and the second, on rate
return
Costs
cement,
on
of
invested capital.
financial
data
were
utilized
in
the
motor
total
following
refining, beet sugar production, cane sugar
distribution, butter, canned milk, flour
vehicles, chemicals, fertilizers, and rayon.
These
petroleum
refining,
milk
value
of
products
products shown for all
the social-insurance systems
18
industries:
equal to
production, sugar
milling, baking,
industries had a
about one-fourth of the total value of
industries in the 1937 census of manufactures.
on
recommendation that the TNEC be
authorized to pass
of corporations with assets of $5,000,000 or more
made to the Committee on March 7 by Joseph J. O'Con-
mergers
was
nell, special assistant to the
General Counsel of the Treasury
Department, and the Treasury's representative on the com¬
mittee.
He indicated that he spoke only for himself.
From
the Associated Press we quote:
The Clayton Act, designed to prohibit combinations which would materi¬
ally lessen (competition in an industry, has fallen "far short of its objec¬
tive," Mr. O'Connell said, and has failed to prevent "uneconomic growth
of large aggregations of capital."
Mr.
O'Connell suggested that a tribunal be authorized to require a
showing that a merger of any corporation having assets of more than
.
were
in full operation.
All States were paying
monthly benefits under the Federal old-age
and survivors' insurance plan became payable on Jan. 1.
.
.
.
On the basis of experience and study, the Board suggests certain improve¬
ments in all the existing programs.
Protection under both the insurance
of
coverage
the
under old-age and survivors' insurance would tend,
"to diminish
suggests,
report
and
it believes, be extended as rapidly as possible.
systems should,
pressures
Extension
moreover,
for unsound and inadequate
pension plans."
Federal
A
.
responsibilities of the Board,
significant as the first year in which both
to continuing
emergency
report notes that 1940 was
the
unemployment insurance,
steel mills, farm- machinery, petroleum production,
glass furnaces,
from
Turning
the first of which was based on cost
the
broad foundation for constructive services to the
American people that has already been developed.
.
.
.
In
connection
with the defense program, the Board reports that its
interrelations with both old-age and survivors' insurance and unemployment
points
report
grams
this problem."
public assistance.
desirability of extending the coverage of old-age and
and unemployment insurance and of
assisting the
the
people,
the Commission specified that it
But
the plants
insurance
mendation.
opinion as to whether its findings
nation-wide
tanks, and other material essential to defense.
reports progress made in the development of economics
needy old
efficiency in the case of American business
the TNEC, said that it was found that in hundreds of teste of
business efficiency large size was most efficient in approximately 11% of
So named by the
guns,
Board also
social
emphasizes
to
releasing the
ships,
survivors'
Efficiency Found in Medium Size Concerns
Study Presented to TNEC by FTC—Report by
Treasury Aid Proposes Committee Pass on Mergers
In
the United States Employment Service, now a part
social-security organization, as a defense agency.
The
and
in
tary of
that adequate assist¬
developments in the Board's record for 1940
the most important
of
the
producing
♦
enterprise is found in medium size concerns, according to a
study presented to the Temporary National Economic Com¬
mission by the Federal Trade Commission on March 7.
In
advices from its Washington bureau on that date to the
New York "Journal of Commerce" it was stated:
variable-matching grants
Advisory Commission to the Council of National Defense, this
service has the
responsibility of channeling man-power into
Greatest
The greatest
public assistance programs are least adequate
the report.
It recommends that equal-
says
be granted to
the designation of
was
of
—
greatest,
applicants on the basis of their need rather than
accordance with the resources of the State in which they reside.
in
averaged only
$2,275 in current dollars, as compared with $2,894 in 1929 and $3,044 in
1920.
Though per capita current income was 16.7% lower than in 1929,
current income per family was 21% lower, the number of families having
increased more rapidly than the number of persons.
Real income per family was lower than in 1929.
It was lower than in
the war year 1917 and it was also lower than in the pre-war period,
Realized
is
$40
by the economic capacity of the State so
could
ance
made a consid¬
erably less favorable showing.
In current dollars, unadjusted for changes
in the cost of living, the 1940 per capita income was $545, which was
about 17% lower than in 1929.
Real income per person was also lower
than in 1929, though the decrease, giving effect to cost-of-living changes,
that
need
the
The Board suggests that the Federal
a month for the first child.
in the same home.
matching public-assistance grants be replaced by
determined
and
1929
first
child
Present payments under all
where
income
previous year.
any
the
for
Government should participate up to
compared with
as
whatever the
and the blind; but in aid to
Federal Government pays only half up to $18 a
dependent child and $12 a month for each additional
children the
dependent
index
the State are less liberal than those in the other
The Federal Government pays lialf of
to $40 a month for the aged
up
pays
dependent children are not adequate, in the
for
The current maximum payments which the Federal Gov¬
programs:
dependent
base period, and dividing the annual
on that base, the real realized
a
provisions
share with
may
assistance
On this basis, according to the Conference Board,
in 1940 was from 3% to 4% higher than in
$82,800,000,000 in 1929.
total
as
cost-of-living
the
aid
opinion.
ernment
The
the resulting real income in 1940 was the highest of any year on
Using
are
report:
Board's announcement further stated:
If the
of the Social Security Board, sub¬
Feb. 19 by Paul V. McNutt, Federal
Chairman of the Board, points out
Total
national
on
Security Administrator, and signed by Arthur J. Altmeyer,
Board—Esti¬
4.9% Above
payments received by individuals, mostly in the form
rents
$5,000 or
Favored in Report
January.
Total
Realized
money
of
Report of Social Security Board—Extension of
of Old Age and Employment Insurance
Annual
mitted to Congress
National
1939
incomes
Coverage
with $196,000,000 in awards made in
mated
with
to persons
goes
more.
"
"
Construction contracts since
Real
of corpora¬
which, Chairman O'Mahoney said, showed that
than half of American corporation dividends went to
more
only $41,000,000, as compared
December
in
for
Contracts
:',C
the total,
tend to create a
the 10
did not involve one or more of
and that the merger
engine and parts business in January totaled $93,000,000,
period.
awards.
that greater efficiency would result, that
tion finances
all, they represented 43% of total orders.
with
contrast
approval of a proposed merger would
largest competitors in the field.
United
the
which
on
would not substantially lessen competition or
merger
monopoly,
$526,000,000 in December, and with almost $5,000,000,000 since
New airplane,
entire
exclusive
awards,
Maritime
June
of
up
the
25% of all orders.
Shipbuilding
States
in
in
Totaling $349,000,000,
they brought the cumulative figure for this material
or
showing
best
the
made
of the principal types of awards.
any
in
was
standards
that
be based might include evidence
Colo¬
Michigan fared the best, with $111,000,000 in new orders;
rado, second, with $102,000,000; Indiana, third, with $91,000,000; Alabama,
for example,
said
in
bring
survivors' insurance, the Boaj*d believes, might well
and
old-age
of the major occupations
most
tions.
not
retirement
suggests the
retirement systems
also
to
In
would be of advantage not only to public employees
unemployment compensation the Board also suggests certain
tax,
apply to
State
of
one
but
Government agencies.
of coverage as far as
ment
organiza¬
inclusion of Federal, State, and local employ¬
now
covered by other provisions of survivors' insurance and
benefits, and points out that a coordination of existing public
also
It
ment
still excluded—agricultural and
in non-profit, educational and charitable
domestic work and that
now
covered
more.
extensions
possible.
It also believes that the Federal unemploy¬
on employers of eight or more persons, might well
At the end of the fiscal year 26
of these 11 covered employers
change in the Federal tax would have the added
employers of one
laws
or
levied
smaller
Such
a
or
more.
concerns,
and
The Commercial & Financial Chronicle
1684
advantage of bringing employer reporting under this system in line with
reporting under old-age an l survivors' insurance.
For consideration as possible steps toward more nearly adequate unem¬
establish
benefit
minimum
a
of
least
at
$5
week
a
for
national
(3) To increase the maximum weekly benefit,
fixed at $15 a week
now
in most States.
about
compensation
laws; and,
New
York
In addition, the Board recom¬
benefits for partial unemployment, in States which now
State
this
contribution
be
low
inadequate.
social
the
or
Federal
the
of
rate
unemployment
enly in relation to fulfilling the social
adequately.
more
States
general,
contributions
to
benefit
where
those in
are
In other words, at least
...
payments
represents
objectives of the
States during 1939
expenditures
benefits
which
of the
some
made
saving
a
tax
objectives of
Preliminary analysis of available
unemployment compensation in certain
"in
benefit
over
rates
system
on
that
relation
in
suggestions the Board believes that proposals to reduce
considered
information
suggests
relatively
are
of collection
excess
the
at
been
have
expense
the
of
Stressing that the Library of Congress has today become
"a people's library which provides to the people . . .
the
written record of their civilization," Archibald MacLeish,
first
annual
report
as
Librarian, made, public
requested that appropriations for the Library be
increased.
He also
the
recommended
adoption of new
March 8,
statistical and informational controls and reorganization of
the administrative functions of the Library.
In noting this,
Washington account, March 8, to the New York "Times"
a
Discussing
Library policies, Mr.
Congress
elected
by creation
is
representatives of
extending both the
become
"It
"a
Library of
the people of
the
the library
States,"
United
the
of
Congress by
of the Library's collections and its services to the
use
fact,"
Congress
maintenance
I
he
added,
today
service
and
added
am
shall
we
"which
which
and
of
it appears
be
to
are
that
record
that today it had
so
is
also,
and
dictates
collections.
its
officers
the
at
its
likely
or
scholars
the
in
make
The
possible, the
report
time,
well
as
library.
American
Fold
Its
Song
scholarly services
serve
interlibrary
collections
division
to
the
preserves
loan
scholars
as
is
a
as
directly,
the
limited number of
a
the people
to
of
the
has
useful to the people
as
established
folk
music of
and
the
Archive of
its
while
its
from
country,
its
will
have
brought
books
provides
consult
to
them
photocopies
or
shelves.
its
on
The
card
copies of its catalogue cards to other libraries at savings to
time, staff, building space and other costs.
The cooperative cata¬
logue service
and
other comparable
many
private scholars and the general public
Similar disclosure will be
Of course our interest is that the prospective
be sufficiently on
to
guard
whether
attention,
its
we
that he can make an enlightened
so
have
priorities
not
or
already
been
shall be properly warning investors that they may be put¬
Act already gives us
tion
at
ample authority to do this job.
this is obviously necessary to
like
time
a
The Securities
For priorities informa¬
full
and
truthful
dis¬
closure to the investor.
In
earlier
the
made the
his
of
part
sooner
later
or
Commissioner
address
Pike
"discussion of finance during de¬
statement that
refers
fense
of capital
control
to
This is natural because, at the time of
not
issues."
useful
should
channels
be
not
aids
were
libraries,
to
universities,
frittered
to
Priorities—Also Refers
in
Connection
with
Problem
to
of
Priorities
the
less,
While stating that "control of capital borrowing, as such,
has not yet been necessary," Sumner T. Pike, Commissioner
of the Securities and Exchange Commission, said, however,
fo
our
of
capital
private
Of all the resources necessary
is probably the most abun¬
money
today
capital is not
our
sure,
we
and navy.
army
defense drive,
national
To be
plentiful.
issues to
productive
as
comparatively
it should be.
as
Because of these reserves
capital funds
conserve
be
to
appear
to have ample reserves.
seem
seems unnecessary
for the
•
■
the
Mr.
remarks
his
of
course
statement that "under the Public
Act
absolutely necessary for the
projects not
on
problem is somewhat different.
Reserves
the
Pike
also
the
made
Utility Holding Company
problem of priorities of materials has also arisen
with utility financings." * He continued:
in connection
We
know
tliat
greatly increased generating facilities are rapidly becom¬
ing necessary for national defense, and at first blush it seems inconceivable
that
such
utility
is not true.
building
whether
and
naval
where
present
industrial
between
this
by
civilian
until
needs.
our
capacity
military and
To
this
to
utilities
raise
in
this Commission
end
funds
pervasive
than
under the
Securities
for
additional
facilities
national
course,
our
defense priorities
powers
Act.
are
to
scrutinize
defense.
applications
the Holding
financings/ are
shall be
reviewed
all
Under
utility
We
national
be increased to meet
facilities.
over
apportioned
carefully
can
must
generating
for
Act,
instance
months to supply
then carefully reappor¬
vital
most
increased
our
The net result is that
be
and
needs,
areas
meet
I heard of an
for several
to build generators
Company
of
to
ago
meanwhile
must
projects
capacity
our
dock
civilian
our
the
The question has been
adequate
Not long
be tied at
to
From
track.
generating capacity,
enormous
expanded naval poet ashore.
generating
our
is
capacity
requirements.
the power needs of an
additional
clear
a
actually situations where this
are
great number of these today.
a
our
battleship had
a
obtain
not
however, there
Battleships and cruisers require
are
we
raised
should
projects
standpoint of priorities,
financings
Utility Financing
away
our
present
our
tioned
Discussing "The SEC and Defense" Commissioner
Pike Says Commission Will Regard as "Material"
for Registration
Purposes Information Relating
war
support
between
stressed in the report.
our
and
creation
Iii
of
the first World War capital was
It had to be conserved and directed into the
economy.
It was essential that capital
plentiful in this country.
most
All
In
defense
ting their money into impossible or unlikely undertakings.
and
copies.
service
unable
collections,
its
sells
them of
these two branches of the national
It may well be that this disclosure will discourage
labor.
sought, and
catalogue
union
a
as
a
materials ,in
phonoduplication service provides
The
Wherever
As a result of this program the national defense organization
all efforts for the public raising of money for new projects
judgment.
dant.
finding catalogue for books in any
photoduplication service aims to supply scholars
anywhere with copies of
are
any
purposes
be substantial delay in obtaining the necessary materials,
may
or
will
investor
reference library which provides
a
Government and
the Library
which, when completed, will
American
projects
new
shall require that this information be prominently displayed
we
equipment
present,
the
to
and
said,
where
registration
for
for the completion of the project.
contact
financing of such projects.
the
regards
as
Library of Congress
Government,
of
same
but
technical
its
henceforth,
registration statement and prospectus.
there
for
States."
United
To
only,
this
If they tell us either that materials or labor are unavailable
be unavailable for the purpose specified in the registration
to
statement,
that
"material"
as
necessary
shall
we
organization.
the
characterizes
policy
scholarly facilities for the study of tliat record not to
selected
discussed
Priorities Board,
the
of the proceeds of a securities issue registered with us
for new or additional facilities,
such as buildings or
used
machinery,
Today
deeply
most
their civilization.
of
of
any
control of capital
their
and
recently
have
and we have developed the fol¬
state
to
regard
availability of labor
in
"It
adequately
we
relating to priorities for raw materials and equipment or the
people's library which provides to the people, through their representatives
written
In other words, are
Stettinius
office,
authorized
now
None
Congress
"we
that
Chairman
Hillman's
information
people's library of reference."
this
is
dis¬
projects which national
in
lowing working arrangement
said that while "the Library
MacLeish
and primary responsibility
people had altered the original nature of the Library
also
inadequate
He continued:
of March 9 also said:
of
Board and the
by
permitting,
we
permit to materialize?
with
Mr.
and
that
Library of Congress is "People's Library" Says Archi¬
bald MacLeish in First Annual Report as Librarian
—Requests Increased Appropriations and Recom¬
mends Administrative Reorganization
his
are
required whenever the Priorities Board or labor director of OPM indicates
program.
+.
in
do the Priorities
is,
to
But
answer.
within the national defense organization know
second,
and
the
I do
contrary
was
don't know
I
investment of the public's money
Pike
concerned
Pennsylvania.
insurance
Mr.
This includes two of the large industrial States—
provision.
and
In line with these
should
The first
administrators
projects,
defense.
1941
labor to do the job.
and
of these enterprises
any
total
problems arise.
these
matter
particular,
iri
(5) To increase the duration of benefits.
such
that
15,
protecting the investor?
mends payment of
no
the materials
it get
suggest
objective of
defense cannot
(4) To increase the weekly benefit rate, which in general does not exceed
50% of wages, in contrast to the usual rate of 66 2/3% under State
have
main
closure, the
unemployment.
workmen's
minute
a
labor control
total
for
not
two
ployment protection, the Board suggests certain changes in State laws:
(1) To reduce the waiting period to one week.
:'
(2) To
question was---could
the
March
alert
more
that utility
standpoint
the
from
of
of materials and equipment and the availability
,
March 7, that "we must
on
of
be careful that
our
abundance
capital does not promote competition with the national
defense effort
for
resources."
these
remarks
These
were
made by
Commissioner Pike in discussing, before the New
Securities Dealers Association, in New York City,
York
'Tim SEC and National Defense."
"This problem of Com¬
petition with the national defense program for our Nation's
resources," said Mr. Pike, "has been brought forcibly to
pur attention in connection with our job of protecting the
investor under the Securities Act.
after
we
came
to our
The issue
the
same
which
a
got
we
*We
be
to
began
necessary
to
thinking
to
wonder
complete
undoubtedly have to be used, and labor
when,
a
proceeds
mercial
These problems were
little
of
program/a
race
a
track."
He went
later,
which
several
were
airplanes.
Not
to
very
this,
about
the
long after
and
Issues
of
were
money
issues
and
forms
of
labor
would
that type of
our
registered
purchase
these
handle
sharply to
airlines
the
other
Steel
could
more
know, the
materials
project.
which
commercial
for
I
as
about
the
brought
be used
far
so
attention
issues
additional
the
com¬
registered, and
the money raised, these airlines were told that they could not have their
planes because of the needs of the Army and Navy.
Thai there was the
big biscuit company which raised money, after registration, for the erection
a
$1,500,000 new cracker plant in a mid-Western area where there is
of
great
need
for
labor.
V/:V\V;
these
In
these
new
construction
for
defense
purposes.
Here
again
the
private
they arise,
as
pective issuer talks
priorities
'
connections
things
to
finance
■.■
play
can
before they
even
you
the labor
and
about preparing
question,
tliat the
You
issues
spot
can
When a
you
pros¬
raise
can
the
which appear to
least have him make sure
project is not out of line.
Mr.
Pike
further
said
another front
forged."
The electric and gas
Section
program.
11
will
not
contrary,
the
health
is
of
we
also quote, in part:
operating utilities
uproot or
Act
are
vital to the national defense
at
Sec¬
facilities.
To the
operating efficiencies and
It's the holding company
the holding company.
destroy physical operating
designed
the
to
company
however, is aimed
11,
duty
systems under sec¬
Holding Company Act are
arsenal for democracy is being
which the
on
From his address
Commission's
"the
that
integrate and simplify holding
tion 11 of the Public Utility
tion
to us.
issue,
discourage
and
role.
a
come
an
be out of line with the defense program—or at
financial
Later,
construction.
few months ago,
a
registrant
project to raise funds for
effectively registered and,
kind.
would
defense
of a grandstand at
was
raised.
into the
Commission with
the building
on to say:
was
well
were
Only
of
to
operating
improve
the
companies.
superstructure above the vital foundation of operating companies that we
are
directed
by the Act to integrate and simplify.
The present absence of
Lack
program.
costly and
growth
economy
tion
of
has
systetms
For
block
of
management
been
which
prevented
gobbled
.
up
in
properties
makes
power
more
coordination of power resources.
The
companies has had little relation to
or the integration and coordina¬
Desirable grouping of adjacent prop¬
operation
many
instances
everything
in
by
rival
holding
company
sight without regard for their
experts have cooperated in planning an
Our knowledge of
requirements and supply convinces us that we can aid
program
the Nation's power
.
...
the past several
power
and
utility
of
proper
holding
operating properties.
digestive abilities.
overall
integration
to
extension
of related
erties
of
tends
and
.
integration obstructs an effective national defense
years
our
for the Nation's defense needs.
Volume
•the
national
section
defense
11.
the
by
program
Cooperation
would be in
sentatives
And
The Commercial & Financial Chronicle
152
from
that
true mutual national defense effort.
a
have
we
recently
received
of
mind that they
my
field.
Before
long
operating
many
important
know
I commend
do
can
fine job in meeting the financial
a
companies
undertaking
you
sinews
are
from
national
our
the
to
The
The ice is breaking in
I
of
and
We must
national
them
is
it
and
utilities
are
handicaps
the
from
I
development.
proper
Under
has also participated
Second
the
deductions
special
Revenue.Act
of
1940
amortization
acceleratetd
special
These
amortization
deductions, however, are granted only if a so-called
necessity is obtained from the Secretary of War or Navy and
the Advisory Commission to the Council of National Defense certifying the
•certificate of
need
of
additional
the
plant
during the emergency
facilities
period.
in
Errors
the
interest
result
may
centrate
defense
national
of
undue tax
advantages and unconscionable profits, contrary to the intent of
Congress, and might possibly lead to dislocation of our economy after the
is over.
emergency
New
of
Federal
York
Chamber
State
of
Income
Tax
Payments
Urged by New
Returns
Commerce—P.
from
York
Urges
Johnston
H.
Taxpayers to Seek Passage of Legislation Ending
Tax Upon a Tax
This
there is
which
the objective concerning which
In his statement which
filed by the
was
Committee Secre¬
tary, in the absence of the Chairman owing to illness, Chair¬
O'Mahoney also said:
man
leaders
Business
who
need
we
object
to
ossible
no l
Government
any
overlook
action
except through Government action.
The first and most necessary step is to recognize that we must
national rule for national
business.
judgment, to have
in my
sary,
corporations.
the
of bringing about the co-ordination
way
I
...
.
.
To do this it will
.
have a
be neces¬
national charter system for all national
a
other way to avoid the continued exran-
see no
sion of Government debt and the continued expansion of Government con¬
trol
private business.
over
.
charters for national business
Business leaders who resist national
.
.
are
standing in their
From the Associated Press
we
own
light.
quote the following regard¬
ing the comments made by the Senator in his statement:
The Chairman said that
the basic trouble with the Nation's
system was that "business organization has grown to such pro
neither the people, as individuals, nor
Deduction
on
now,
on
there is only misunderstanding, suspicion and disagreement.
gaining
corporations
in
as
have
of this central problem might con¬
thought and action on the objectives
public
general agreement instead of,
which
in another aspect of the defense program.
permitted for additional emergency plant facilities.
are
resentatives of business, labor, agriculture and consumers, which
plain fact that there is
Likewise in liis address Commissioner Pike said:
The SEC
revision
encouraging new employment and new
A national conference called by Congress of the various organizations,
4.
rei
very
a
defense,
operating
gas
free
that
repeat
The encouragement of new business and small enterprise by
industry.
distributing the shares
job of
public.
electric
strength.
preventing their
the
standpoint
the
well.
it
do
can
of
which
have
will
you
3.
of the tax laws for the purpose of
for years been working on diverse phases
th^e investment banking and dealers of the country, there is little
question in
problems raised by integration and simplification.
this
of
executives
from
of the major systems in working out parts of the
program
to the rest of the utility
industry.
some
As for
of
enforcement
speedy
utility "industry and the Street's repre¬
keeping with
cooperation
intelligent,
an
the
1685
able to cope with it."
themselves
economic
ortions that
through their local governments, are
He added that "even the governments of the States
in truth and in fact submerged by modern business
are
organi¬
zation."
"It appears," he declared, "that the great bulk of the wealth and income
of the country is owned
of this is owned by
by corporations, that the overwhelming percentage
comparatively few corporations, that the stock owner¬
Percy H. Johnston, President of the New York State
Chamber of Commerce, on March 10 urged taxpayers' organ¬
ship of these corporations is not substantially distributed among the people
izations and other civic bodies to
go to a very
to the
arouse
their communities
injustice of the State refusing to permit deduction of
income tax payments from State income tax re¬
Federal
turns.
Taxpayers should demand the enactment of pending
legislation to end this tax upon a tax, he said.
Mr. John¬
declared
ston
that
State
the
guilty of unfairness in
refusing to allow deduction for Federal taxes when it per¬
mitted
the
of
other
varieties
York
will
year
$9,000,000 from its income tax
collect
estimated
amount
an
around
at
he said, "has been an in¬
creasing trend toward a further concentration of investment in Government
which, unless halted, will end only in all-powerful Government."
"If
we
avoid
to
are
all-powerful central Government," he told the
an
Committee, "we have no recourse but to re-establish and encourage free,
enterprise—piivate enterprise which will be free from the arbitrary
well as of public organization."
private
control of private organization as
The
a
the Committee's inquiry
period of two years and
Since 1933
Has Paid Out $1.05 in
will
coming report
cover
been conducted for
which has
this
State
small proportion of the population."
"The result of this growth of corporations,"
His
taxation.
of
follows:
statement
New
deduction
was
finally, that the dividends paid by thses corporations
of the country, and,
nine months.
to which it is not ethically entitled,
payers,
through its refusal to allow deduction of Federal income tax payments from
State
income
tax
In
returns.
perpetrating
this
injustice
the
upon
tax¬
of the principle
that
tax should not be levied upon
a
a
Taxes
tax when it permits
thus
effect
is
taking
an
be defended
can
collect
to
punishing
The
fair
in Federal
defense, will
the
of
New
State
York
industry
the
deservedly lays
which
do
income tax payments.
sible
for
exodus
the
income taxes this
than usual.
onerous
in
four
is that the
taxpayers
due to expendi¬
year,
This has been
upon
aggra¬
claim to leadership of the States of the
some
certain
not
This
from
the
other
permit
may
pay¬
instalments.
equal
has been concerned
years
residents to
and
States
12
and intends
be
over
States.
taxpayers
one
to
the reported migration
York
New
deduct
is
their
of the irritants which
are
one
of
Empire State.
Taxpayers' organizations, Chambers of Commerce and other civic-minded
throughout the State should arouse their communities to the injus¬
bodies
tice
of
this
the loss
in
tax
on
revenue
a
to
tax,
budget of $385,000,000.
interfering
with
pointed out,
gency
its repeal.
less than
essential
State
pay
function",
of New York State
Legislature and the Governor
are
as
increases
It can and should be done.
measure.
If it
the
Chamber
in abeyance
as
recently
emer¬
an
The taxpayers who support
entitled to this relief.
It is
up
to
1933-40, shows that since 1933 American
$1.05 for taxes against every dollar of
net
profits, according to a summary made public on
March 13 by Representative J. William Ditter of Pennsyl¬
vania, Chairman of the National Republican Congressional
Committee, based on income statistics published by the
United States Treasury.
"A glance at these tables reveals
why there was no sustained business recovery in the United
States until the inflationary war boom developed six months
business has earned
Charters for
Senator
culture and Consumers to Draft National Economic
Under
the
increased
spendthrift policies of the New Deal
since
year
every
corporations
manufacturing
to threaten
do
demonstrate
not
even
our
po¬
1934..
1936..
1937..
1938..
other things
reverse
O'Mahoney
the trend toward
proposed a four-point
For
National charters for national corporations, in order that these agen¬
may
2.
definite and a free place in our economy and local business
be differentiated and protected from national business.
Effective and thorough enforcement of the anti-trust
tain competition
laws to main¬
and to prevent all combinations and agreements that de¬
stroy business.
778,000.000
Net
Total Taxes
Profits
{After Taxes)
$1,900,000,000
Paid
1939..
$2,100,000,000
3,000,000,000
2,500,000,000
$13,407,000,000
$12,809,000,000
1940..
1,508,000,000
2,570,000,000
Total
2,545,000,000
931,000,000
Avge. annual taxes
pald..$l,675,850,000
1,601,125,000
dollar of net profits realized these industries
every
paid out $1.0467 in taxes.
first
Representative Ditter fur¬
ther says:
last
started
do not reflect the enormous increase in taxes and spending
for the defense program.
There is no way of knowing
these
June
additional
know only
Washington
defense
mental
fabulous
expenditures
still
is
has
increasing.
been piled
lead.
For the present
in
This means that the burden of national
top of all the other forms of experi¬
on
spending initiated by the New Deal since 1933.
is deep concern throughout the country today as
There
for
may
that Government spending in many non-defense bureaus
simply
reckless
1.
MANUFACTURING CORPORATIONS IN
AND NET PROFITS AFTER TAXES, BY
1933 TO 1940, INCLUSIVE
Avge. annual net profits.
fiscal
program:
cies may have a
active
Deal
The country well may ask if these figures
undermine the whole system of private
Net Profits
1,315,000,000
1,648,000.000
2,059,000,000
1,600,000,000
1935..
we
Chairman
New
to
{.After Taxes)
$77,000,000
$853,000,000
832,000,000
1933..
where
free enterprise" and to
the
STATES
UNITED
CALENDAR YEARS
These figures
among
report to Congress by April 3, Federal Charters
for National business, his proposals being indicated as fol¬
lows in United Press advices March 11 from Washington:
government,
under
TAXES PAID BY 92,000 ACTIVE
to submit its
To maintain "our faith in
States
production and can be paid only by production."
Since that
pledge was given the total tax burden upon American busi¬
ness has more than tripled, as follows:
for the consideration of the Committee, which is scheduled
authoritarian
intent
an
United
Representative Ditter recalled the campaign pledge made
President Roosevelt in 1932—"Taxes are paid in the
sweat of every man who labors, for they are a burden on
system."
O'Mahoney also proposed
taxes on business have
men
have been
working
enterprise.
Paid
Chairman
the
in
concept of managed economy.
Total Taxes
drafting of a National economic constitution by a
conference, (to be called by Congress) of business, labor,
farm and consumer leaders,
was
suggested by Senator
O'Mahoney, Chairman of the Temporary Economic Com¬
mittee, in concluding on March 11 the public sessions of the
Committee.
The proposed constitution to be drafted, is
designed, according to the United Press, to abolish the eco¬
litical
result
a
These
Congress April 3
The
seem
As
public spending falls upon the worker and the farm producer.
are
figures showing the combined experience of 92,000
of
THE
nomic uncertainties " which
1933.
compelled to produce 20c. for Government for every dollar of wages earned.
Business firms collect the taxes for the Government, but the heaviest burden
Constitution—Recommendations to Be Submitted
to
He adds:
age," Representative Ditter said.
by
to grant it.
National Business Suggested by
O'Mahoney In Ending Sessions of TNEC—
Also Proposes Conference of Business, Labor, Agri¬
Federal
business taxes paid, as compared to net profits,
A study of
eliminated
were
2%% of the proposed
It could readily be cut from the budget without
by holding statutory
the government
the
any
and demand
the State would be
to
for the eight years,
Federal
respon¬
Dollar of Net Profits Realized,
Study by Representative Ditter—
Every
Warns of New Deal Fiscal Policies
in
for the practice
money
the Assembly of the Whitney bill to permit
income tax
Union, but in recent
of
State
make the payment of this double tax insisted
by the defeat in
ment
feeds it,
The wonder
not.
or
the
taxpayers,
these years.
increase
by the State government more
vated
overburdened
the ground that it wants the
on
it is
it all
for
heavy
for
tures
already
extra bite at the hand which
only
whether
it
have stood
the
for
According
the deduction of other varieties of taxation.
In
Business
American
the State is guilty of unfair practice, for it concedes the soundness
payers,
eight long
policies ultimately may
years
entail.
to what these
Official figures show that
extravagant public expenditures and crippling taxes
recovery from the depression.
Loose fiscal poli¬
robbed the Nation of real
cies
were
and
1940.
largely responsible for our 11,000,000 unemployed between 1933
Now the forces of inflation are at work with new virulence.
These forces
home
in
are
a
the land.
direct threat to every job, and to the security
of every
to conceal the real consequences of
New Dialers have used many devices
their
But as
become the latest shield.
'more people of
and
more
emergency recently has
the burden of taxes now tends to deprive
national
The
spending.
headlong
interest is manifest in the
defense
some routine necessities of life, a new popular
public budget.
Day by day a smaller and smaller
people cling to the fantastic New
squander itself to economic recovery.
proportion of our
nation
may
Foreign
American Trade from
The statement that
"I
Excessive Tariff Rates
Cohn said tha mortgate
ness
in which it is better to
by Eugene P. Thomas, President of the National Foreign
Council, in discussing "America's Foreign Trade in
the Future" before the Bankers' Forum of the New York
Trade
Chapter of the American Institute of Banking. Mr. Thomas
went on to say that "in a time of unexampled preparations
for defense we should not overlook provisions for resuming
place in international trade.
We can accomjilish much
anticipation of the dawning of peace by constant consid¬
eration of war-time trends that may have a tendency to be
our
in
designed to conserve our eco¬
trade policy at this
permanent, and by policies
nomic
a
vigorous
From Mr. Thomas's address we
time."
Our
including
power,
gains due to enormous British Empire purchases, representing over
erable
60%
total.
the
of
Our
exports
agricultural
of
70
reached in 1940 the lowest level in over
on
a
also quote, in part:
war-time export trade in manufactures has made consid¬
aggregate
years.
commodities,
With
however,
trade entering
our
bill, it is no longer possible to
phase under the lease and lend
new
appraise our gains and losses in terms of international settlements. ...
Our trade differs from that of the belligerents and other neutral coun¬
tries
on
in
We are not placing prohibitive restrictions
important aspect.
one
nations and other neutrals regard as non¬
trade, therefore, has the advantage of being sup¬
Our
essentials.
by
export
larger quantities required
under
from countries seeking outlets for surpluses no
longer
willingness
our
the defense program,
markets.
having access to their European
off
Cut
former
from
the
buy
to
of supplies,
sources
in
goods from the
other Amercas by about one-fifth—from $518,000,000 in 1939 to $620,000,000 in 1940—representing 23.6% of our total imports. . . .
Until we liberate our trade relations with the temperate Latin American
zones
from excessive tariff rates, such as linseed from the Argentine, and
market and have increased our purchases of
of the German
from
sanitary laws no longer
efforts
relieve
to
vulnerable
The
those
justifiable in the case of Argentine meat, our
of surpluses shut out from belligerent
countries
their purpose of making the other Americas less
European pressure after the war.
.
of our foreign trade obviously will depend in large degree
will
countries,
to
future
of
fail
With the defeat of the Axis Powers, there
is reasonable expectation that peace will be on broad and generous lines,
with security for the future based on more solid foundations than those
provided by the Versailles Treaty.
There can be no assurance of lasting
peace and security which does not liberate the world from the fear of
totalitarian aggression and dictatorships.
We must also guard against loss by the democratic countries of the bal¬
ance of economic power.
In this connection it seems inevitable that the
United States and the British Empire should, by consultation and agree¬
upon
the outcome of the war.
ment, seek to unite their economic
from
totalitarian
groups
which
statesmanship,
peace
which
close
these
their
and security.
would
of
the
freeing
by
aid
war,
in
An Anglo-Pan-American agreement or understanding
reestablishing orderly • commercial relations at the
and
prevent
should
allies
economic
.
its superior skill and efficiency, in war and
in all countries the forces that make for
Democracy has yet to prove
in
forces as a guarantee against pressure
into subordination to
have been drawn
doctrines, political and economic.
.
.
economic
injurious competition, is a goal to which
direct their thoughts and concentrate
now
of the Grace National Bank,
O'Neill, branch manager, National City Bank, was
of the Forum Committee.
Chairman
New York
slump
and
Article
Most
in
"Mortgage
Effective
Means
Banker"—Newspapers
for
Mortgage
vertise, According to S. G.
Are
Firms to Ad¬
Cohen
Decentralization in urban centers has come a
long way in
century but, contrary to what most people
believe, it's still a relatively recent movement as such move¬
ments go, according to Albert Keidel, Jr., a member of the
Mortgage Bankers Association of America and associated
with Piper & Hill of Baltimore.
There are many potential
developments in the future, he observed, that can swing the
tide back the other way in a great many American cities.
Writing in "The Mortgage Banker," semi-monthly maga¬
zine of the Mortgage Bankers Association of America, Mr.
the last quarter
Keidel
says:
I doubt that its ef¬
yet be very clearly determined.
this decentralization movement.
fects upon downtown
real estate values can
Widening of streets, substitution of
oughfares and more parking lots
this trend.
He added
that nothing would help so
much
as
lowered
property taxes.
appearing in the March 1 "Mortgage
by Stephen G. Cohn of Dovenmuehle, Inc.,
of Chicago, urging mortgage firms to use the newspapers for
any advertising campaign designed to bring new business.
Another
Banker" is
willing to starve for the gold
what is somewhat euphemistically
longer
no
The
proposal
the
of
adoption
with
interfered
have
natural
the
should put an end to conditions which
operations of the commodtiy exchanges
drastically than they have
exchanges.
country you should be interested in our plan as a
smoothing cut the business cycle, stabilizing the general price
reduced the volume of trading even
and
citizens
As
of
means
this
of
increasing the standard of living, and meeting
level,
lenge of war-time scarcities
Lewis
Dr.
the
more
of security trading on the stock
the volume
reduced
the conflicting chal¬
and post-war oversupply and unemployment.
Haney of New York University presented
H.
negative,
the
in
arguments
and
a
general discussion
period followed.
From
Graham's address we quote,
Professor
in part, as
follows:
for Economic Sta¬
which the Chairman
has just posed—"After the War—If Not the Gold Standard, What,?"
The plan is simple in principle and in operation.
It has been called the
Commodity Reserve Plan, but this has caused some confusioh with the
so-called "commodity dollar," widely discussed some years ago, with which
The
by the Committee
advocated
system
monetary
bility is, I am convinced, tne answer to the question
little
has
it
in
Our
common.
is
plan
comparable,
more
method
in
of
introduced in the Philippines
in 1903 by my friend and colleague E. W. Kemmerer.
.
.
.
Like the gold
exchange standard, our plan can be fitted into existing monetary standards
as
a
supplement to, rather than as a supplanting of, our present system,
but its objectives are much wider than those of the gold exchange standard.
the gold exchange standard
with
operation,
Under
Commodity
the
Plan,
Reserve
money
would
be:
issued in
(1)
secured by, and (3) redeemable in a fixed quantity of
designated goods—essential, storable, commodities in common use.
This
would give to this composite group of specified commodities exactly the
same
monetary treatment as was formerly accorded to a fixed weight of
the single commodity, gold.
A very brief description of the actual working of the Commodity Reserve
(2)
exchange for;
Plan
is
follows:
as
proposed to be made equivalent to a
basic, raw materials which meet
the requirements of importance, storability, and either actual or potential
dealing on the commodity exchanges.
The relative amounts of the various
commodities in the unit would be proportioned to their relative production
The
dollar,
comprise
would
base period.
The size of the unit to be made
dollar—that is, the price level of the basic commodities as a
a
whole—is
all the eligible,
during a
consumption
unit,
commodity
composite
of
matter
a
policy to
be decided
in the light of
all the cir¬
cumstances.
idea of the proposed commodity unit
One concrete
which
we
distributing
are
and
commodities
based
is
among
on
you.
the
This
average
is given in the table
tentative unit includes 23
and average quantities
prices
believe that it will be feasible to have a
base period may
used; but the table you have should be useful as an illustration.
Incidentally, it should be a relatively simple matter to keep the com¬
modity unit up to date by periodic revisions.
Once the commodity unit is established the mode of operation of the
reservoir is simplicity itself.
Whenever commodity units can be purchased
on
the various exchanges at slightly less than their coinage value, you
during
1921-30.
I
larger number of commodities and also that a different
be
do
experts will
fixed
the Treasury in exchange for
value
advance
in
slightly
more
on
and tender the units to
so
This means that any. tendency of the price level to fall below
will be checked by your own activities.
Conversely, if
money.
prices
on
the exchanges
commodity prices to rise.
One
final
with
only
point
no
fluctuate
for com¬
for
In this way you will offset a tendency
Thus stability becomes automatic.
importance:
This mechanism will
great
operate
whole group of commodities taken together.
exchanges of individual commodities for money and
individual price-fixing.
Thus individual prices will be free to
respect
will be no
There
of
an
commodities
exchanges and obtain them by redeeming currency
modity units at the Treasury.
the
makes the market value of the unit
than its fixed value, you experts will sell the
the various
in
your
to
the
in the same way as in the past,
demand. ...
commodity markets
reflecting changes in supply and
When the Commodity Reserve
Plan is in operation the actual
assembling
be tendered to the Treasury for currency will
naturally take place on the commodity exchanges.
Conversely, the redemp¬
tion of currency for commodity units will be accompanied by the sale of
the commodities on the various exchanges.
The result will be that the
actual movement of commodities into and out of the reservoir will create a
of
units
commodity
article
corresponding
one
more,
peak of the armament boom is passed"
the
after
social upheaval, since people
standard or
even
for
called 'free
enterprise.'"
He outlined the proposal of the Committee
for Economic Stability for a commodity reserve money, say¬
ing that "it provides an unlimited demand for goods."
"Let
us rather,"
he said, "solve all these problems by bringing
intelligence to the service of freedom so that we can have
all that the totalitarian have—and freedom, too."
Benjamin Graham of the Committee for Economic Sta¬
bility explained the bearing of the proposal on the com¬
modity markets, and said:
are
busses for street cars, one-way thor¬
could conceivably reverse or at least arrest
on
resolutely or "we may expect
hence
We all recognize
University, told the members and
Commodity Club of New York, at a dinner in
March 6, that we must meet the "prospective
guests of the
obtaining
Recent Movement
Could be Reversed, Says Albert Keidel, Jr. in
Decentralization of Urban Centers is
Economics and Social
Dr. Frank D. Graham, Professor of
Institutions at Princeton
equal to
presided at the meeting.
Clinton W. Schwer of the Chase
National Bank is President of the Chapter.
J. Vincent
Haney Presents Negative Argu¬
of New York—Dr.
or
energies.
Chester It. Dewey, President
kind of
ments
Latin America has been pro¬
the United States with the goods formerly obtained from countries
the blockade areas.
We have filled the gap caused by the elimination
vided by
few quick deals.
Commodity Reserve Money Advocated by Prof. Graham
of Princeton University Before Commodity Club
imports of what the warring
ported
a
made by his firm to find
advertising is most effective.
His article is based upon a survey
optimistic view of the future as we prepare wise
plans for meeting the shock of readjustment and recon¬
proclaimed" was made on March 6
for
general reputation than it is to shoot
tively
struction after peace is
1941
business is a long-range busi¬
spend your money building up a
Mr.
nothing to prevent a conserva¬
see
15,
Urging mortgage firms#to direct their advertising to the en¬
tire market rather than to just a few immediate prospects,
out what
Thomas Views Optimistically America's
Trade in Future—Would
Free Latin
P.
Eugene
Deal theory that a
March
Chronicle
The Commercial & Financial
1686
there
in
the
of additional trading on the exchanges.
Further¬
undoubtedly be reason to increase the number of com¬
on the exchanges, in order to make them eligible for inclu¬
amount
will
modities traded
sion
to
commodity unit.
Volume
considerable
A
formerly
take
place
in
in
of
amount
had only
trading
the
actual
nominal
a
organized
them
the
to
trading in certain commodities, which
market
markets.
This
commodity
trading
copper
will
non-existent
plan,
our
Another
from
to
in
take
course,
whole.
the
the
sell
the
in
of
having
1936, from a virtually
exchanges will be derived
provides
substitution of
Such tx*ading will,
the
for
shortages
supply the spot commodity
to
upon
simply
consist
buy in
sell above
commodities to
spot
cause
be drawn
may
procedure will
having the Treasury
of
under conditions to be
futures
law.
the support of labor, both organized
and otherwise.
The Greater New York Fund lias allocated among its
affiliated
the
money
these firms
above,
$465,506 is in
as
A
400
$1,800,000 of
raised in the 1940 campaign.
This sum is in
gifts made by business firms and designated by
to specific agencies.
Of the $1,800,000 allocated
$1,334,434 already has been distributed and
social welfare
addition to
health agencies
and
of distribution.
process
resolution
passed expressing regret at the retire¬
was
ment of the
following members of the Board of Directors:
Bartow, Adolpli Germer, George Meany, Dean
Sage and Edward R. Stettinius Jr.
The following new
members were elected by the Board:
James A. Farley,
Francis
D.
Anna
Mrs.
Iii his remarks in
the drive which is to begin
Chairman,
April 14 will have the cooperation of business leaders and
single commodity instead of in the unit as a
a
1941 campaign
and
such
might well take place, under
the
on
which
and concurrently
spot
general
to attract
commodities in the reservoir.
temporary
The
the
same
trading
proposal
in
reservoir
trade.
out
stated
spot
place
When
futures,
to
additional
the
for
future contracts
of
of
of
part
the plan,
You recall the transformation
Exchange in
The
under
other commodities.
many
source
that
market.
active
an
tend
instead
exchanges
the Commodity
on
will,
exchanges
on
trading take place in the outside markets.
of
1687
The Commercial & Financial Chronicle
152
Rosenberg, Miss Bess Bloodwortli, Thomas J.
President of the New York State Federation of
opposition to the plan Dr. Haney, who
is Professor of Economics at New York University, stated
Lyons,
that "the so-called
time Union.
judgment,
my
offer itself
on
as
index of the
an
to
govern
an
or
it must
serve
Multiple Commodity Reserve Plan is, in
the horns of a dilemma.
It must either
general price level, to be used
as
standard for determining the
a
dollar by convertibility.
equally illogical.
Either
of these horns is
one
his
plantation home in Ways, Ga.,
Henry Ford on March 8 expressed the belief that unions are
"losing ground," and said that he had no intention of re¬
cognizing them as bargaining agencies for workers of the
Ford
Co.
Motor
at
"We
do
intend
not
submit
to
to
any
being fooled," he
home here, thus in¬
dicating his attitude to be unchanged since he refused to
recognize union leaders for years ago, it was pointed out in
an
Associated dispatch from Ways, Ga., March 8, which
further summarized Mr. Ford's remarks in part as follows:
union, and those who belong to
said in
one
"A union is like
a
the workmen can't
big spider's web," he continued, "once inside the web
leaders who
are
free to function;
be
American workmen
union
they will, without being shackled by a few
compelled to
and for
join unions for the first time in order to secure jobs waiting for them
thousands
"With
of
our
fine young men
strikes which
benefit
Ford
Mr.
intended
are
to
more
"The
are
charged
In
that
in
our
100
tion
of
March
8,
ahead of
plants are satisfied generally with wages
and conditions.
refresh
our
needs, it is
appro¬
late
Justice
Mr.
born within
Holmes,
who
was
few days of the inaugura¬
a
Merely to recall that fact
national life in the century between
1941, that make Wlliam Henry Harrison
these
today.
devoted
dedicated
religion
or
this
the
services
to
his
country
kept
on
'I
■.
the accident of antecedents.
or
life.
He, therefore, believed
which man cannot live a civilized life.
Justice Holmes was moved to the high
is the faith in which he lived and died.
This
faith by which
of his
endeavor
hero
Nation.
unfettered spirit without
is
and
battlefields or in the less
judge's private conscience, Mr. Justice Holmes's
ultimate purposes of civilization to which the
as
passionately in the moral worth of the individual regardless
He believed
race
a
those
to
wisdom
Whether
changes.
struggles within
was
8,
March
life
as
was
Holmes's
Justice
of
This
off when production was running
and
thoughts
our
dramatic
This
Mr.
by leaving his modest fortune to the Government
he commemorated
faith
to
day.
i
Holmes Jr.
Henry Harrison as President.
1841,
in
Mr.
the
own
who in the
those
order
the transformations in our
abreast
in
the
of
life
our
of
own
March 8, to draw strength and
Saturday,
on
in
our
ago.
Wendell
William
remote
justify
aided the creation of unions.
pulled off by company
the
from
years
republic,
the
and regard for
memory
should pause
we
encouragement
born
advance the cause of unions than to
"competitors"
of his
reverence
priate that
for
will for the tasks of
our
President's state¬
that they continue to live long after they
men
enduringly
wrought
spirit and strengthen
he declared.
men
have
of great
celebrate the birthday anniversaries
We
gone.
past
of
"Some of the strikes in some Detroit plants were
henchmen in order to lay men
orders,"
It is the quality
workers themselves?"
the
of this great man as part of our
Mr. Justice Holmes's death, on March 6,
memory
Oct. 26, 1940, page 2422.
Following is the
ment of Saturday last, March 8:
serving in the Army, Navy
few dollars a month, how can unions
and Marine Corps for only a
statement pay¬
President Roosevelt's approval of a resolution provid¬
Founders
qualified ?
which they are
a
mentioned in these columns March 9, 1935, page
was
But
for the initiation fees and dues col¬
employed on defense projects, men who were
men
March 8 issued
on
ing for the disposition of Mr. Justice Holmes's estate, which
he willed to the Government, was noted in our issue of
using the defense program to advance themselves.
"What have unions given in return
lected of
1935,
1592.
suggests
,
should
industry
must remain free to so as
life and
the
national heritage."
Oliver
American Goverpment.
"American
ish
move.
"Freedom, freedom of speech and personal pursuits, is the keynote of
our
President Roosevelt
ing tribute to the late Oliver Wendell Holmes, Justice of the
are
interview at his plantation
an
Pays Tribute to Late Justice
Anniversary of His Birth
100th
on
Supreme Court, on the 100th anniversary of his birth. The
President said the American people would "do well to cher¬
Ford
Expresses
Belief
Unions are "Losing
Ground"—Says He Will Not Recognize Them as
Bargaining Agents for Ford Motor Co. Employees
interview
Roosevelt
Holmes
value of
Henry
an
President
attempt to "stabilize1' the average of prices,
the
In
I^abor, and Joseph Curran, President of the National Mari¬
representative and the agent of the people of the United States.
We do well to cherish the life and memory of this great man as part
the
of
national
our
heritage.
but the men
without outside inter¬
Occasionally agitators try to keep our employees stirred up,
will be treated fairly by the company,
know they
opinion," he said, "unions are losing ground
"In my
to
stand
Death
'.i'
vention."
their scheme of operation and citizens
if unions continue to hamper the defense
program."
Greater
New
Fund
York
lias
raised
in
excess
and
firms
700
started because
unified front in appealing to
1938, Mr. Blaine stated that the Fund was
lacked a common,
business firms
Mr.
the three-year
In
not
working
tional
immediate
give
to
and
sufficient
This
before
yet
none
were
the
tangible and
many achievements
less valuable.
The
habit of giving and
for the community had to be established by an educa¬
those interested
progress
Executve Committee was
every
benefits,
there
process.
Contributors
that
in
addition,
In
really marked a period in which a new
years
year
it
is
has
been
in the Fund will be pleased to know
made
along
these
lines so that the
20% in 1941.
able to reduce Fund expenses by
expected that
collections will grow, because there is
indication that more business firms and employee groups than ever
will participate.
As the Fund continues to prove its value to its
its
agencies,
influence
toward
Already the Fund is the largest
community welfare planning will grow.
single contributor to most of its member
has coine to the rescue of some foundering, but
necessary,
agencies; established needed services in barren medical and
welfare
areas,
and helped to provide a more equitable distribution of
social wlfare and health services throughout the city.
Already
agencies.
Mr.
it
under the leadership of James A.
Postmaster General of the United States
Blaine said that,
Farley,
former
to a
hospital.
42nd New York District
1938, having been elected at that time to
the vancancy caused by the election of James M. Mead to
the United States Senate.
The following further regarding
in Congress since
Representative Schwert is from the Washington
"Post" of
12:
March
Mr. Schwert
was
elected to Congress in
November, 1938, and was reelected
the last election.
at
48-year old Congressman
The
uated
from
the University
was
for
a
brief
where
he
period.
interested
a
native of Angola, N. Y.; was grad¬
of Pennsylvania; served on President Roosevelt's
special board of review for veterans'
compensation cases; was in the Navy
In Congress, he served on the House District Committee,
himself in traffic conditions here and only last month
left that unit to join
his report:
trial period raising the $11,000,000 is a
accomplishment.
evident
so
three
en route
Mr. Schwert had represented the
the Postoffice Committee.
and employee groups.
Blaine had the following to say in
apparent
died
employee groups contributing in
more
campaign than in 1938.
Reviewing the history of the Fund since its inception in
the last
agencies
Schwert, Democrat, of Buffalo,
March 11 after making a brief
speech at a dinner-party at the Annapolis Hotel.
Mr.
Schwert, who was 48 years old, suffered a heart attack and
of
$11,000,000 for some 400 voluntary social welfare and health
agencies in the three years of its life, according to an an¬
nouncement made on Feb. 24 at the annual meeting of
officers and directors by President James G. Blaine.
Mr.
Blaine, President of the Marine Midland Trust Co., was
elected President of the Greater New York Fund for the
fourth successive year.
The report listed 3,000 more busi¬
ness
1938
Representative Pius L.
X. Y., died in Washington on
$11,000,000 Raised in Three Years by Greater New York
Fund, President Blaine Reports at Annual Meeting
The
P. L. Schwert of Buffalo,
Represented 42d New York District
Representative
Y.—Had
Since
on.
"The American people are on to
will rise up
of
N.
and haven't a leg
Paul Hymans, Former Foreign Minister of
Belgium—Had Held Many Other Posts
of
Death
Paul Hymans, former
on
March 8 in
of 75 years,
Foreign Minister of Belgium, died
Nice, France, of a heart attack, at the age
it is learned from United Press
advices from
of Foreign Minister
at four different times, had also served Belgium as Minis¬
ter of Justice, Minister of Economic*** Affairs, Minister of
State and Minister without portfolio, according to the New
York "Herald Tribune" of March 10, which said that he had
also been Belgian Ambassador to Great Britain, Belgian
Mr. Hymans, who held the post
Nice.
representative at the Paris Peace Conference and President
of the League of Nations Assembly.
The following is also
Tribune":
from the "Herald
M.
Hymans
became
a
was
born
in
Brussels, and like his father, Louis Hymans,
Deputies and the Belgian Royal
member of both the Chamber of
Academy.
He
was
elected to the Chamber of Deputies in
of its liberals.
In 1914, when the Belgian
1900 and became the leader
government received the German
The Commercial & Financial Chronicle
1688
demanding free
ultimatum
through Belgium, the late
for troops
passage
King Albert appointed M. Hymans as Minister of
drafted a reply stating that Belgium
man
"firmly resolved to
was
the
conference and was a Belgian signer of the Treaty of
peace
Versailles.
He
of the World War was Minister of Economic Affairs.
the last year
in
to
of
Chairman,
was
the League of Nations Assembly
M.
Hymans was
Two years
in 1920.
elected President of Council of the League.
later he was
New Members
Three
Wilson
Woodrow
which
of
Nations,
elected President of
York State Chamber of
New
of
Commerce
J.
being
renomination
who was commissioned a
lieutenant in the United States Naval Reserve on Jan. 8,
said he had made his position clear not only to the nominating
committee but to other members of the Exchange.
He also
said it had given him "great satisfaction" to have had a
part in the Exchange's administration and expressed "un¬
bounded faith" in its future.
His statement follows, in part:
Mr.
Chairman.
It has been a great
the future
in
faith
It is an indispensable part of our
of the Exchange.
economic machinery and it deserves
believe in
the support and confidence of all who
free institutions.
our
Harding has served
Mr.
thus, to have
I have unbounded
satisfaction to serve as Chairman and,
administration of the Exchange.
part in the present
a
Harding,
as
Chairman of the Stock Ex¬
change since May, 1940.
He previously had served as a
member of the Board from May, 1937 and as Vice-Chairman
Sandy Hook pilot.
Kiker,
Nom¬
explaining that, in view of the possibility of his
called into Naval service, he will not accept
as
of International Products Corp.
Hope Norton
Vincent
by
the New York Stock Exchange,
Berry, President of the Bloomfield (N. J.) Bank & Trust Co.
Cecil R.
E.
Received
Harding, Chairman of the Board of Governors
issued a statement on
Charles B.
of
«
meeting of the New York State
Chamber of Commerce, held on March 6, the following were
elected members of the Chamber:
the regular monthly
At
Duty—Suggestions
inating Committee for Governors
Mar. 4
■
Hymans was Foreing Minister from 1919 to 1920, 1924 to 1925, 1927
1934, and for a time in 1934 and 1935.
A member of the first committee for drafting the Covenant of the League
M.
Naval
for
repel by all means in its power every attack upon its rights."
He was Ambassador to the Court of St. James's from 1915 to 1917, and
attended
1941
15,
Harding Not To Accept Renominatiou as Chair¬
of New York Stock Exchange—Subject to Call
C. B.
He and two other
State.
ministers
March
May, 1938.
Mr. Harding, a member of the Stock
Exchange since Mar., 1929, is a partner of Smith, Barney
since
S.
C.
President
Elected
Young
J.
Schaller,
Reelected
First
Preston
P.
Federal
Chicago
G.
Bank—Succeeds
Reserve
Retired—H.
of
Who
Vice-
Reelected
President—Directors also
meeting of the Board of Directors of the Federal
Reserve Bank of Chicago, held on March 7, Clifford S.
At
a
unanimously elected President for a five-year
Young was
term, to succeed George J. Schaller, and Howard P. Preston
was reelected First Vice-President, also for a term of five
Schaller retired as President of the Bank on
the expiration of his term.
Mr. Young
Mr.
years.
March 1, the date of
Vice-President of the institution, and
previously had been
during the past two weeks had served as Acting President.
According
March 8,
Chicago
the
to
"Journal
Commerce"
of
of
the directors of the Chicago Reserve Bank have
reelected for the ensuing year; as to this and a
also been
possible successor to the vacancy on the Federal Open Mar¬
ket Committee caused by Mr.
Schaller's retirement, the
quoted said:
paper
Besides
banks
it
to
serve
The
1.
it
members
Chester C.
of
Schaller
Mr.
to
successor
the
Davis,
in
committee
alternate
it
years,
is
the latter institution,
President of
new
The following is also from the Chicago
of March 8:
Emil
of
name
Schr3m,
Reconstruction
the
of
Chairmhn
Finance
Corporation, who at the Feb. 27 meeting of the directors had received four
for
votes
sented
President,
the
to
compared with
as
Board
at
another
from
four
Young,
Mr.
for
yesterday's session, according to
not pre¬
was
authoritative
an
Lewis,
election shortly
session
since
Chairman
before 5
10:30
a.
p.
after the directors had been in continuous
m.,
Of
m.
the
nine
directors,
the
President
general manager of the S.
and
exception
announced the result of the
ofv the Bank,
meeting with
of
Charles
B.
Van
all
present
were
of
Dusen
the
at
Detroit,
former
S. Kresge Co., who, it was said,
had been called to Florida.
"The
the
choice
Board
Mr.
said
The
of
of
directors
the
Governors
Lewis, "but
choice
the
Federal
the
be
Reserve
System
confirmed
in
offices must
two
Washington,"
by
know that that approval is assured."
we
Mr.
of
of
for
Young for President
Association
and
the
Board
Governors
of
viewed
was
the
of
banking circles
in
Investment Bankers Association, who had sent
Board
urging that
Mr.
in
Young
1921
as
Federal
the
of
Reserve
Young
and
examiner,
agent
Board
in
of
political
free of
1930.
Two
Directors
advanced
was
and
influences.
Reserve Bank here
to the
later he
years
the
post of
assistant
named Secretary
was
depart¬
of its examination
manager
Vice-President took place in 1936.
as
born
was
be kept
of
District
telegrams to the Washington
first became affiliated with the
.
His election
Mr.
Toledo,
m
111.,
Dec.
and
1890,
9,
finance
1906 to 1916.
department
returned
the
to
of
the
of Mr.
our
issue of Feb.
St.
Louis
15,
Federal
Operating
District
as
Second
a
was
the
After
Reserve
indicated
Completes
Member
Exchange, Curtis E.
Chairman and
President, Charles B. Harding, and Mr. Martin, respec¬
tively, will serve ex-officio as members of the Special Com¬
mittee.
':7-\.V
The Special Committee, as authorized by the Board of
Governors and appointed by Mr. Martin, is created for the
The
March 4 that it has
Bank
Banks
Study of
Eighth
in
of
St.
Louis
announced
completed and is distributing
on
sturly
of operating ratios of 394 member banks in the Eighth (St.
Louis) District, for the year 1940.
For the purposes of the
study, the Bank said, the members were segregated into
seven
groups,
percentages
according to volume of
are
given for each
study
and
for
all
banks,
shows
that,
for
all
on
investments
accounted
banks,
for
interest
and
discount
on
loans
26.5%.
Current
expenses
absorbed
Net
additions
to
profits
0.9%
of
total
and
(before
assets.
purposes
dividends,
&c.)
were
.
tion by the Board of
looking to the selec¬
after the
incumbent as Presi¬
Governors as the Board will be constituted
annual election in May, of a suitable successor to the
dent of the Exchange:
To prepare, for submission to the Board
(2)
after the election in May, and, if
the
membership,
amendments
of Governors as constituted
approved, for subsequent submission .to
to
the
Constitution
for
improving
th
government of the Exchange.
New York Stock
7.6%
of
Apply¬
Other Members
The Board of Governors of the New York
Stock Exchange
proposed amendment to the Con¬
stitution of the Exchange which would provide for the
application of the principal of the Gratuity Fund (to the
extent that the net worth of the Fund exceeds $500,000),
as
well as the income thereon, in reduction of amounts
payable by members in respect of deaths of other members.
This amendment, which is now submitted to the member¬
ship for balloting, would amend Section 7 of Article XVIII,
which at present provides that only the net income received
as
interest on the Fund may be so applied.
The notice
on
March 12
to members of the
a
Exchange adds:
31, 1940, the net worth of the Fund, valuing securities at
prices, was $1,927,824.25.
The proposed amendment, if adopted,
As of Dec.
market
period of years of all amounts
$500,000.
The proposed amendment
provide for the application over a
held
in the
is
Fund, over and above
follows:
as
Amend Section 7 of Article
XVIII to read as follows:
As of the close of each quarter in each year, the Trustees of the
Fund shall, provided the net worth of the Gratuity Fund has
been determined (as herinafter provided) to be in excess of the sum of five
hundred thousand dollars, pay to the Treasurer of the Exchange out_of
Gratuity
capital
Exchange Members to Vote on
ing All Amounts in Gratuity Fund Over $500,000
to
Reducing Amounts Payable by Members in
Sec. 7.
71.6% of the operating earnings.
funds
public Governors of the
To initiate steps and present recommendations
would
represented 58.1% of the total operating earnings, while interest and divi¬
dends
(1)
The
deposits.
average
groun
a
according to the Bank, which said:
The
two
following
in
1940
Reserve
Russell E. Gardner, Jr., Paul
L. Stott.
Calder and Roswell Magill, and the present
approved
Bank
of
of New York.
Boylan, John A. Coleman,
P.
V. Shields, Robert
war
1074.
page
area
proving Government of Exchange
assigned to the
Lieutenant.
retire
to
or
metropolitan
Deaths of
Schaller
Ratios
for
Federal
army
was
increase
Following the regular meeting of the Board of Governors
of the New York Stock Exchange on March 12, William
McC. Martin, Jr., President announced the appointment of
the following Special Committee
banking business.
The intention
The
During the World War he
an
after attending
public schools and studying law for two years, he held various banking
posts from
he
the election
.
bank
a
Bank's
ment.
the
.
Chicago
means
Governors who are members or
non-members of the Exchange residing
Special New York Stock Exchange Committee Ap¬
pointed
to
Make
Recommendations for New
President—Will Also Make Suggestions for Im¬
meeting the desires of the Executive Committee of the Illinois Bankers
as
members
Robert
J.
This
Board.
the
three in the
to
outside of the
statement.
Frank
of
member
two
allied
"Journal of Com¬
merce"
The
;
meeting (Mar. 3) of the Exchange for
suggestions for the positions to be filled at the annual elec¬
tion in May, two names were received by the nominating com¬
mittee for Mr. Harding's post.
These were: Robert P.
Boylan at E. F. Hutton & Co.; and Robert L. Stott, Wagner
Stott & Co.
Mr. Stott has requested that his name be
withdrawn from nomination.
Twenty-eight other sugges¬
tions were made for the 10 positions to be filled on the Board
of Governors, of which four have requested that their names
be withdrawn.
At the second meeting held on March 10,
13 additional names were suggested for the Board posts,
making a total of 37 for the two meetings.
The last open
meeting for suggesting nominees will be held on Monday
(March 17). In our i«sue of March 1, page 1351, we reported
that there will be nine vacancies on the Board but since
that time, Malcolm W. Greenough has resigned as a Gov¬
ernor, effective May 10, thus necessitating the election of
St. Louis
during the ensuing year with Mr. Young as alternate.
serve
Co..
At the first open
Louis Reserve Bank Boards.
practice of the Presidents of the Chicago and
as
that
understood
will
the
is
yesterday,
Market Committee will be chosen by the
Federal Open
joint action of the Chicago and St.
Since
Vice-President
First
and
beginning April
year
memljcr of the
a
President
of
all the other directors of the Reserve Bank have been
that
the
for
reelected
as
choice
the
announced
was
&
Volume
The Commercial & Financial Chronicle
152
fr cap^ta^ °r accumulated income) a sum equal
XT™1® lesslr of CI) the entire amount of such excess, or (2) such part of such
Wo'finH shall equal the aggregate of all amounts paid or payable by mem®®3!?
this Article in respect of deaths of members of the Exchange
i
ant
Vice-President; Harald A. Lange, Assistant Treasurer;
George H. Loh and Robert S. Christie, Assistant Secretaries;
William
K.
Humphrey, Cashier; and John R. Hurley,
j
quarter.
As and when such sums are received by
theTreasurer of the Exchange they shall be credited
proportionately against
such
amounts
paid
so
1689
Auditor.
payable.
or
♦
The "net worth'* of the
Gratuity Fund shall be determined by the Trustees
a
jweeting in the last month of each quarter and shall be that amount
oy which, as of the close of the month
preceding, the total assets (including
cash,
accounts receivable and
D.
part of
a
series of industrial visits which they
making
also study¬
at the University of
who were welcomed by
North
Carolina.
William
McC.
The
students
Martin,
Jr.,
They
President
of
and also visited the
are
are
the
Exchange's exhibit room,
balcony overlooking the trading floor.
Exchange,
and the visitors'
Diffenderfer
B.
Elected
of New York has elected Denton C.
Lyon to the office of
Secretary, effective March 10, 1941, according to a state¬
ment issued March 12 by Robert G. Clarkson, Vice-President
and acting head of the Bank. Mr. Lyon has been Treasurer
of the Bank since
.
1934, and has been associated with the
Bank since November, 1932.
In his capacity as Secretary,
Mr. Lyon will be in charge of supervisory matters relating
member institutions.
to
Mr. Clarkson also announced that Harold B. Diffenderfer
has been elected to the office of Treasurer,
effective March
Regarding his previous connections, the bank
10, 1941.
said:
Mr.
Diffenderfer has been the District Examiner of the Federal Home
Loan Bank Board for the Second Federal
Member Firms Committee of New York Stock
Exchange
Issues
Circular
Discussing Various Topics
The Committee
Exchange
on
circular
a
on
Member Firms of the New York Stock
March 11 issued to members of the Exchange
in which it notes
that
"in accordance
with
the
policy of issuing circular letters along educational lines as
occasion appears to require because of matters coming before
it" the Committee "has chosen several
topics for discussion
at this time."
The subjects discussed in the current cir¬
cular, which came under the jurisdiction of the Committee
on Member
Firms, of which E. C. Gray is Director, are:
•i"
(1)
Investigation and approval of
(2)
Carrying accounts for employees of the Exchange
member
or
firms
new accounts
under Rules 505 and 506;
or
of members
and,
The
inauguration of this practice of interpreting various
occasion appears to require because of matters
coming before the various committees was noted in our
issue of Nov. 30, page 3156.
as
Death of J. B. Mabon, Former President of New York
Stock Exchange—Served from 1912 to 1914—Was
Governor
from
1900
to
1929—Headed
York
New
Brokerage Firm of Mabon & Co.
James Brown Mabon, Senior Partner of the New York
brokerage firm of Mabon & Co., and a former President
of the New York Stock Exchange, died on March 10 of a
heart attack at his home in New York City.
He was 74
years old.
Mr. Mabon, who had been a member of the
Stock Exchange for 40 years until his resignation in 1931,
had served as President of the Exchange from 1912 to 1914.
He had also been
a
the last five and one-half years.
Diffenderfer
was
Home Loan Bank District, for
Prior to becoming District Examiner, Mr.
the staff of the Chief Examiner of the Federal Home
on
Loan Bank Board, in Washington, D. C.
Special
was
Deputy in
the
Bureau of that
Harriman
Mr. Diffenderfer, at
of Banking,
became Assistant
Pennsylvania, and then
Loan
Department
Department.
time,
Director of the Building and
:
•
Announces Election of
& Co.
Ripley
one
Commonwealth of
New
Directors and New Vice-Presidents
Joseph P. Ripley, President of Harriman Ripley & Co.
Inc., New York City, announces that at the annual meeting
of the company held on March 11, Milton G. Cross, James
G. Scarff, Elwood D. Smith and R. McLean Stewart, Vice-
of
Presidents
the .company, were elected members of the
The other Directors of the company, in
Board of Directors.
(3) Capital requirements.
rules
Treasurer
The Board of Directors of the Federal Home Loan Bank
Group of Students of University of Sao Paulo (Brazil)
Visit New York Stock
Exchange
Twenty students from the University of Sao Paulo,
Brazil, on March 11 visited the New York Stock Exchange
during their visit to the United States.
ing a special six weeks' winter course
Lyon Made Secretary of New York Home Loan
Bank—H.
investments stated at their market values
knoi^liabihties accrued interest and accrued dividends) exceeded all
as
C.
Governor of that institution from 1900
to 1929 and had served
most of its
addition to Mr.
Ripley,
are
Pierpont V. Davis, Senior Vice-
President, Harry W. Beebe, Vice-President, and Willet C.
Roper, Secretary and Treasurer.
Mr. Ripley also announced that Frederick A. Krayer, who
of the corporate trading department of the
company at New York, had been elected a Vice-President of
the company; and that George E. Abbot, Boston, Frederick
M.
Thayer, Philadelphia, and Nathan D. McClure of
Chicago, had been elected Vice-Presidents in charge of the
company's business in their respective territories.
The
following regarding the new Vice-Presidents of the company
is from President Ripley's announcement:
has been manager
Mr.
Krayer has been associated with the Harriman Ripley
for the last several years
organization
prior to which he was with the Guaranty Company
Messrs. Abbot, Thayer and McClure have been
of New York.
in charge
respectively of the Boston, Philadelphia and Chicago offices for
years past.
As to the
new
v,..:.,-
•.?
■
several
V,.':'
Directors of the company, Mr. Ripley
important committees
including Law, Constitution, Stock Listing, Gratuity Fund,
and
said:
banking business since 1916, having specialized since
Business
Conduct
on
and
Securities.
President of the New York
He
was
also
a
former
Quotation Co. and of the New
Brunswick, N. J.,
began his career as an office boy with the banking firm of
Brown Brothers & Co., with whom he remained until 1891
when he, with William M. Kingsley, a co-worker and now
Chairman of the United States Trust Co. of New York,
founded the brokerage firm of Kingsley, Mabon & Co.
In 1906 Mr. Kingsley withdrew from the firm to become
First Vice-President of the United States Trust, and the
firm's name was changed to James B. Mabon & Co. and
ultimately to Mabon & Co. Aside from being senior partner
of this firm, Mr. Mabon, at his death, was also a trustee
and member of the Executive Committee
Co.
and
the
Virginia
:,;v;
Iron,
Coal
&
Coke
With the
publication of the annual report for 1940 of the
New York it is learned that James
Speyer has resigned as President and has been succeeded by
Harold T. White, previously Treasurer.
Mr. Speyer, who
was one of the founders of the Society in 1894, will continue
as honorary President.
He has served the Society as Presi¬
dent ten different times; he was last elected to the post in
February last year. Mr. Speyer, who will be 80 years old
on July 22, made known his resignation as President of the
Society as follows in the annual report:
probably the last report that I shall have the honor to submit as
Harold T. White will succeed me as
President for the first time, the
that year
believe,
In 1897, when I was
Society's total loans in its single office for
amounted to $764,926.50.
offices, loaned
the expiration of my present
President.
In 1940, the Society, with 20 branch
$35,357,044, which shows very encouraging progress, and I
under continuing
progressive management, it may still do better
in the years to come.
and Mr. White, other officers of
Mortimer N. Buckner, Treasurer; Henry L.
Forest, Secretary; Arthur H. Ham, Vice-President; Jay
Mason, Second Vice-President; E. Munroe Bates, Assist¬
Aside from Mr. Speyer
the Society are
de
E.
in Ohio, was graduated from Princeton in 1932.
banking business, with
particular attention to industrial financing. He has been actively engaged
in this field with Harriman Ripley & Co., Incorporated since 1934.
Entering the municipal bond business in
continued
been
March, 1918, Mr. Smith has
since that time and has
in this division of investment banking
of the municipal department of
manager
Harriman Ripley & Co.,
Incorporated since its organization.
Mr. Stewart has had experience
of the Company and
porate matters.
member of the
of America.
both in the sales and buying departments
assists the President in connection with
general cor¬
He is Chairman of the Securities Acts Committee and a
Board of Governors of the Investment Bankers Association
:'H-
Roosevelt
President
Names
Committee to
Campaigns for United States and
Funds—-Three-Man Body Headed
♦
Provident Loan Society of
term
head of its buying department.
Mr. Scarff, who was born
Co.
Speyer Retires as President of Provident Loan
Society of New York—To Continue as Honorary
President—Succeeded by Harold T. White
This is
Inc. since formation of the company in 1934 and is
He has devoted his entire career to the investment
Coordinate
Foreign Relief
Joseph
by
E.
Davies
James
President of the Provident Loan Society, as on
then in the negotiation
He has been associated with
purchase of corporate security issues.
Harriman Ripley & Co.,
of the Bank of
director of the Detroit & Mackinac Railway
a
Yorker, Mr. Cross has been engaged in the investment
native New
the active
York Stock Exchange Safe Deposit Co.
Mr. Mabon, who was born in New
New York and
A
suggestion of Secretary of State Cordell Hull,
on March 13 appointed a three-man
committee to handle and coordinate organized campaigns
for both United States and foreign relief funds.
The com¬
mittee is headed by Joseph E. Davies, former Ambassador
to Russia, and has as its other members Charles P. Taft,
Cincinnati attorney and brother of Senator Robert A. Taft
of Ohio, and Dr. Frederick P. Keppel, President of the
Carnegie Corp., of New York.
At
the
President
W.
A.
Roosevelt
Harriman
United
and A. J. Drexel Biddle Depart from
States
to
Posts
Assume
in
London
as Defense
coordinate the British-aid program, and
Anthony J. Drexel Biddle Jr., United States envoy to four
governments in exile in London, left the United States on
March 10 aboard the Atlantic Clipper of the Pan-American
Airways to assume their posts in London. The two arrived
in Lisbon, Portugal, on March
12 and from there will
journey to England.
W.
Averell
Expediter
Harriman,
recently
appointed
to
_
Mr.
Harriman
was
appointed
as
...
Defense Expediter, a
newly-created post, by President Roosevelt on Feb. 18, and
reference thereto was made in our issue of Feb. 22, page
>
The Commercial &
1690
Mr. Biddle,
1223.
who had been Ambassador to Poland,
Feb. 6 to serve also
Ambassador to the
exiled Government in London of Belgium and as Minister
to the Governments of Norway and the Netherlands; refer¬
ence to this was made in these columns of Feb. 8, page 927.
named by President Roosevelt on
without additional compensation as
was
M. F. Correa Takes
Southern
Oath as United States Attorney for
of New York—Succeeds J. T.
District
Private Practice
The oath of office as United States Attorney for the
Southern District of New York was administered to Mathias
F. Correa on Mar. 13 by Judge John C. Knox of the Federal
Court in New York City.
Although Mrt Correa has thus
assumed the post, his appointment, by President Roosevelt
on Feb. 17, still awaits the confirmation of the Senate.
Mr. Correa, who is 31 years old and said to be the youngest
man
to be appointed to the position, succeeds John T.
Cahill, whose resignation a month ago became effective on
March 12.
Previously, Mr. Correa had been Mr. Cahill's
chief assistant.
The resignation of Mr. Cahill and the
appointment of Mr. Correa as his successor was mentioned
Cahill, who Resigned to Return to
in these columns Feb. 22, i>age
1225.
as Representative from 17th New
Congressional District—Republicans Win in
York
Special Election
as
Successor to Late K. F. Simpson
special election held on March 11, Joseph Clark
Baldwin, Republican, was elected as Representative to
Congress from the 17th New York Congressional District
to succeed the late Kenneth F. Simpson. Mr. Simpson, also
In
Republican, died on Jan. 25 after serving less than a month
reference to Mr. Simpson's death was made in our
issue of Feb. 1, page 769.
Mr. Baldwin won the election with 23,252 votes against
in office;
16,690 cast for Dean Alfange, Democrat, and 3,985 votes
for Eugene P. Connolly, the American Labor Party candidate.
Mortgage Bankers
Association
vention in New York
The
annual
28th
convention
to Hold Annual
City Oct. 1-3
of
Con¬
the Mortgage Bankers
Hotel Roosevelt
Association of America will be held at the
in New York
announced.
City Oct. 1, 2 and 3, Dean R. Hill, President,
will be the first annual convention the
ever held in New York.
This
Association has
Baird, Chairman of the National Association of Securities
Dealers, are other speakers on the program of the two-day
conference.
The announcement also says:
Connely
Mr.
Tool
and
Progress Exhibition to Be Held in
Detroit, March 25-29
The 1941 Machine and Tool Progress Exhibition, sponsored
by the American Society of Tool Engineers, will be held at
Convention Hall, Detroit, March 25-29.
It is expected that
at least 250 companies will display their newest products.
,
The technical sessions
as
well
as
the exhibits themselves will
on bringing the latest technical information plus
developments in tools and machines to the atten¬
tion of the executives and engineers who are now engaged in
"tooling up" for the defense program.
In excess of 30,000
are expected to register for the exhibition and technical ses¬
sions while a show attendance in excess of 75,000 is forecast.
concentrate
the latest
will lead a
discussion on public relations for investment
afternoon of Thursday, March 20, that will be
conducted by John W. Newey of Stern, Wampler & Co., Inc., Chicago,
Chairman of the Education Committee of the Central States Group.
Mr. Baird, who is also President of The Wisconsin Co., Milwaukee, will
banking at a forum on the
work of the N. A. S. D. to be held the
speak at a forum on the
afternoon of
Others on the program for that session include Charles
& Co. , Detroit, Chairman of the Eighth District Com¬
of N. A. S. D., Wallace H. Fulton of Washington, Executive Director
Friday, March 21.
B. Crouse of Crouse
mittee
S. D.
Friday will be
conducted by S. E. Johanigman of The Milwaukee Co., Chicago, who is
Chairman of the group municipal securities committee.
Speakers at that
forum will include Pat G. Morris of The Northern Trust Co., Chicago,
Chairman of the I. B. A.'s national committee on municipal securities, and
Amos H. Watts, municipal attorney of the law firm of Chapman & Cutler,
and Murray Hanson of
A forum on
Washington, Counsel for N. A.
municipal finance for the morning session on
Chicago.
previous reference to the conference
A
March 1 issue, page
BANKS,
ABOUT
appeared in our
1370.
TRUST
COMPANIES,
Arrangements were made, Mar. 10, for the transfer
New York Stock Exchange membership at $28,000.
previous transaction was at $26,000, on
David Sentner of the New
&c.
of a
The
Mar. 7.
York "Journal-American" staff,
speaker at the regular monthly meeting of the
Savings Banks Auditors and Comptrollers Forum at the
Hotel New Yorker, on March 13.
Mr. Sentner, formerly of
the International News Service Bureau in London, addressed
the session on "Inside the News With a Working Newspaper
the guest
was
Man."
■
■
(,7::
f
Hano¬
retired from
active service on Feb. 28, after 50 years of service with that
institution.
Mr. Suydam, who is 65 years old, entered the
employ of the then Hanover National Bank, predecessor of
the present bank, at the age of 15, and had a wide experi¬
ence
in many departments of the bank.
He was instru¬
mental in building up the institution's foreign business and
for many years was connected with the foreign exchange
Suydam, Vice-President of the Central
William II.
Bank & Trust
ver
Company, New York City,
department.
♦
At
Machine
1941
President of the I. B. A., and Robert
Emmett F. Connely,
a
a
15,
W.
ITEMS
J. C. Baldwin Elected
March
Financial Chronicle
regular
a
Board of Directors of the
New York, Ralph H. Thomson and
meeting of the
National City Bank of
Rodney N. Hatcher were appointed assistant cashiers.
Two hundred and sixty-two members of Quarter Century
Club, of the National City Bank of New York, held their
fifth annual banquet on March 11 at the Hotel Astor, in
New York City, at
which time they witnessed the induction
membership of William Gage Brady Jr., President and
Director, the first active general officer of the institution to
be received by the Club.
Mr. Brady, employed by the Bank
into
in
July,
1915 as a clerk in the Foreign
Department and
rising by successive steps to his present post, was one of 79
newcomers.
Gordon S. Itentschler, Chairman of the Board,
acting
host, addressed the gathering, as did Mr.
as
Brady,
Randolph Burgess, Vice-Chairman and Lindsay Brad¬
ford, President of City Bank Farmers Trust Company.
The
W.
American
Chemical
Society to Hold Annual
April 7-11
Meeting
in St. Louis
Scientific
problems involved in national defense, including
production of synthetic rubber and other materials and
the fortifying of food with minerals and vitamins, will be
featured at the 101st national meeting of the American
Chemical Society, which, it is announced, will be held in
St. Louis, Mo., April 7 to 11 with more than 3,500 chemists,
industrialists, educators, and representatives of allied fields
participating.
Dr. Leroy McMaster, Eliot Professor of
Chemistry and head of the department at Washington Uni¬
versity, has been named honorary chairman of the conclave.
H. Edmund Wiedemann, consulting industrial chemist and
past national President of the Food & Drug Officials Asso¬
ciation, has been appointed general chairman.
Fourteen
special symposia are scheduled in addition to hundreds of
scientific papers to be presented before 17 of the Society's
18 professional divisions, representing virtually every field
of chemistry.
Several addresses by leading scientists will
be delivered at a general session on Monday, April 7, the
opening day of the convention, in the St. Louis Municipal
Auditorium with Dr. William Lloyd Evans of Ohio State
University, President of the Society, presiding.
the
♦-
R.
L. Mehornay to Address Meeting of Central States
Group
of>
Investment
Bankers
Association
Mehornay, Director of the Defense Contract
Service of the Office of Production Management, will outline
the plan for harnessing the full force of private industry for
defense at a meeting in Chicago on March 20 sponsored by
,the Central States Group of the Investment Bankers Asso¬
ciation of America, it was announced March 10 by Nathan
D. McGlure of Harriman
Ripley & Co., Chicago, Chairman
of the Group.
Mr. Mehornay will speak at a luncheon
meeting at the Palmer House which will open the sixth annual
conference of the I. B. A. Group.
Quarter Century Club is 384, with
overseas.
In ad¬
dressing the gathering, Mr. Rentschler said:
If
we
adopt the always graphic method of striking a
the National
City
years
grand total of all
represented by QCC's membership we arrive at the
Figuring on 300 business
28,800,000 hours, or 1,728,000,000 minutes.
We won't go into the seconds, as the figures get really
gigantic, but what comes into my mind when I think about that billion and
a lialf minutes is the picture of a
great institution becoming ever greater
through the important part it plays in world affairs—only because the men
and women members of the Quarter Century Club of The National City
Bank have put into that institution a billion and a half minutes of faith
startling figure of, roughly, 12,000 service years.
days annually that foots up to 3,600,000 days,
and
loyalty;
National
may
Without that asset we wouldn't witness the proud place that
in the world of business today.
It's an assc-t that
City occupies
not show up in the formal statement of condition we
publish periodi¬
cally, hut I know and all the officials know, it looms big and
A meeting
of the board of trustees of the
importantly.
Bank of New
York, scheduled for March 11 was adjourned without doing
business, out of respect to the memory of one of the bank's
oldest
The
trustees,
B. Mabon, who died on March 10.
and other business scheduled for that
James
dividend action
meeting will be taken up at the next meeting of the board,
to he held next week.
Mr. Mabon's death is referred to
under
a
separate head in this issue of our paper.
on
March 20
Robert L.
total membership of the
283 in the domestic organization and 101
retirement system of
associated with
that company and its former affiliate, Guaranty Co. of New
York, for more than 23 years, died at the Midtown Hospital
on March 11.
His home was in Paterson, N. J., where he
George W. Latus, accountant for the
the
was
Guaranty Trust Co. of New York and
born
in
1890.
Mr.
Latus was for 11 years with the
before joining the Guar¬
New York Offices of the Erie RR.
anty Trust Co. in 1918 in
Two
of which
its securities department.
later he was transferred to the Guaranty Co..
he became Assistant Treasurer in November, 1929.
years
I
Volume
The
board
of
trustees
of
The
Bowery
Savings Bank of
New York City announced 011 March 10 the promotions of
the following three officers:
Robert H. Stenhouse from
Treasurer to
Vice-President and Treasurer,
R. Benson Ray
and Fred
from Controller to Vice-President and Controller,
C. Smith from
gage
At
officer.
,;■
Mortgage Officer to Vice-President and
yxK;:*.v■ ■>,;r\^
Mort¬
,
,
meeting of the board of trustees of Kings Highway
a
Savings Bank of Brooklyn, William K. Swartz was elected
a trustee of the bank.
Mr. Swartz, a resident of Brooklyn,
is
a
Vice-President of Lawyers Trust Co. in charge
of their
Brooklyn office.
—-♦—-
According to advices from Daytona Beach, Fla., March 8,
of the
7.
Mr.
Kelly, who had also been formerly prominent as a real estate
developer, assisted in the organization of the Nostrand Bank
James
P.
Kelly,
founder
a
and
former
President
Nostrand Bank of -Brooklyn, N. Y., died on March
in 1926.
which
Hey served as the first President of the institution
later absorbed by the Municipal Bank.
was
The Board of Governors of the Federal Reserve System
has announced that the Cicero State Bank,
and the Citizens Bank of Clyde, Clyde, N.
Cicero, N. Y.,
Y., have been
admitted to membership in the System in the Second (New
York) Federal Reserve District. The Cicero institution was
admitted on Feb. 27, while the Citizens Bank of Clyde was
admitted
on
Mar. 10.
+
^
1691
& Financial Chronicle
The Commercial
152
Announcement is made by the Nyack Bank and Trust Co.,
Xyack, N. Y., that R. W. Gillies, formerly Assistant Treas¬
been elected Vice-President; and that I*. A, Twomey, also a former Assistant Treasurer, has been elected
Treasurer and Secretary.
These changes will become effect¬
ive as of the close of business March ,31, 1911.
urer, has
Public utilities and industrial
vance
stocks led the modest ad¬
Wednesday and a number
on
of the market favorites
gains ranging up to a point or more.
There were occasional periods of profit-taking, especially
in the Celanese group but the trend continued to point
upward during most of the day.
Shipbuilding issues were
unsettled, New York Shipbuilding (founders shares) advanc¬
ing 2 points to 28, while Todd closed unchanged.
Alabama
Power $7 pref. (7) advanced 2 points to 111%, and the $6
pref. (6) 2% points to 102%.
Paper and cardboard stocks
were irregular and many of the more active oil issues were
fractionally higher.
Aircraft shares were generally stronger,
Bell,
Waco,
Beech,
Republic and Brewster showing
fractional gains, while Bellanca declined.
The market closed irregularly lower on Thursday.
There
were
some exceptions, especially in the public utility pre¬
ferred group in which a number of substantial gains were
registered. Industrial issues were generally lower and profittaking in the oil section forced a number of the more active
stocks in that section down to lower levels.
The transfers
registered
modest
for the day totaled 81,045 shares with
The latter included 76 advances, 95
240 issues traded in.
declines and 69 un¬
Aircraft shares were again unsettled with Waco
slightly higher and Bell, Bellanca, Vultee and
Beech working downward to lower levels. In the shipbuilding
group Todd was up a point at its top for the day but finished
unchanged and N. Y. Shipbuilding (founders shares) dipped
a point to 27.
Prices held fairly steady on Friday with the preferred
stocks of the public utility group attracting a goodly part of
the speculative attention.
Aircraft issues were fractionally
higher with the exception of Vultee which was unchanged.
changed.
and Brewster
unsettled and so were the paper and card¬
Prominent among the advances registered by
the utilities were Bell Tel. of Canada, 1% points to 105;
Cities Service BB pref., 2 points to 55; General Gas &
Oil shares
were
board stocks.
pref. B, 5 points to 80; National Power & Light pref.
(6), 1 % points to 96%; Niagara Hudson Power, 2 pref. (5),
2% points to 62; Puget Sound $5 pref., 3 points to 100 and
Virginia Public Service pref., 1% points to 96. As compared
with Friday of last week prices were slightly higher, American
Light & Traction closing last night at 12% against 12% on
Friday a week ago; Bell Aircraft at 21 against 20%; Carrier
Corp., 8% against 8%; Fairchild Aviation at 8% against
8%; Glen Alden Coal at 8% against 8%; Humble Oil (new)
at 55 against 53%;
New jersey Zinc at 65% against 64;
Sherwin Williams at 72% against 71% and Standard Oil of
Electric
Howell, former real estate officer of the Girard
Lardner
Trust Co.,
Philadelphia, died on March 9 in Graduate Hospi¬
tal, in Philadelphia, following a short illness.
He was 69
had been associated with the
Girard Trust Co. for 40 years at the time of his retirement
years
of
Mr.
age.
Howell
in 1939.
THE
Advances
were
CURB
MARKET
the rule during the early part
of the present
week, and while the changes were narrow and without
special
significance, there were a number of stocks in the preferred
TRANSACTIONS AT THE
DAILY
of the public utility issues that moved consistently
forward.
Aircraft shares were unsettled with most of the
group
market
favorites
(Number
of
point
more
or
more
active
were
stocks.
limited to
The
a
Monday
T ues day
-
v-
-
-
-'»■ -
-
- -
$1,000
issues
of the public
$402,000
883,000
1,037,000
1,346,000
1,087,000
866,000
999,000
$8 POO
9,000
18,000
20,000
1,000
11,000
8,000
17.000
Thursday
80,880
Friday
89.360
1,334,000
1,062,000
1,185,000
15,000
10,000
1,210,000
517,150
$5,847,000
$50,000
$68,000
$5,965,000
Wednesday
-
-
.
-
*
-
- -
Total.-
Week Ended
Sales at
Jan. 1 to March
March 14
New York Curb
1941
1940
1941
Exchange
couple of dozen of the
preferred
carried most of these gains and included among
pref. which moved up a point to
109; Cities Service pref., 2% points to 59; Empire Gas &
Fuel 6% pref., 3 points to 93; Georgia Power $5 pref., 3%
points to 100; and Southern Union Gas A pref., 1% points
to 21%.
Aircraft shares were again unsettled with Bellanca
and Beech higher; Fairchild lower; and Republic and Vultee
unchanged.
Small gains were recorded in the oil group
and paper and cardboard issues moved within a narrow range.
Curb stocks continued to move upward on Monday, and
while the changes were narrow in the main, there were about
2 dozen of the more active issues that closed with a gain of
1 or more points.
The transfers climbed up to 154,890
shares, the top since Feb. 14.
Public utility preferred stocks
continued in demand at higher prices and there was some
activity apparent in the oil issues and industrial specialties,
but the changes were generally narrow.
Aircraft shares
moved within a small range mostly on the side of the advance,
and the paper and cardboard stocks were quiet with little
change either way.
Aluminum shares were stronger and
the shipbuilding issues were unsettled, New York Shipbuild¬
ing (founders shares) advancing, while Todd declined.
group
others Alabama Power $7
On Tuesday
changes were narrow and the transfers sim¬
shares, against 154,890 on Monday.
mered down to 84,370
There
was
some
profit-taking apparent from time to time,
particularly in the Celanese group, but this made little im¬
pression on the market movements.
Oil shares worked
slightly higher and the aluminum stocks were stronger,
Aluminum Co. of America advancing 2% points to 135%,
and Aluminium, Ltd., moved fractionally higher.
Indus¬
specialties were inclined to forge ahead and shipbuilding
issues
were
generally unsettled.
Aircraft shares were
moderately active with Fairchild, Bell and Vultee frac¬
tionally higher, while Brewster, Bellanca and Beech closed
unchanged and paper and cardboard stocks moved within
trial
a
narrow
range.
14
1940
517,150
887,150
5,540,625
8,313,907
$5,847,000
$5,783,000
$52,611,000
$77,113,000
Stocks—No. of shares.
Bonds
utility
Total
Corporate
Government
$401,000
28,740
153,690
83,160
81,320
Saturday
Foreign
Foreign
Domestic
Shares)
1941
March 14,
EXCHANGE
Value)
Bonds (Par
session of trading on
the brief
The changes were narrow and the variations of
Saturday.
a
during
NEW YORK CURB
Stocks
Week Ended
Sugar stocks were generally
stronger and there was a fairly strong demand for the oil
issues.
Shipbuilding shares were active and registered
modest gains and the paper and cardboard stocks were
unsettled with a moderate tendency toward higher levels.
Renewed advances were registered by a selected list of
changes in minor fractions.
18%.
Kentucky at 18% against
Domestic
50,000
47,000
386,000
607,000
Foreign government
Foreign corporate.--..
68,000
176,000
645,000
1,347,000
$5,965,000
$6,006,000
$53,642,000
$79,067,000
Total
—
CURRENT
—Warner
Assistant
States,
Mendel
H.
NOTICES
Browning have been appointed
Life Assurance Society of the United
and Arthur M.
Counsels of The Equitable
Thomas I. Parkinson,
Wendell A. Milliman, Ray
President announced.
J. November were
P. Sloat, and W. W. Mincks
D. Cody and Harry Walker
and R. P. Coates and M. J. Goldberg,
W. Smith and William R. Morgan have
M. Peterson and William
promoted to Associate Actuaries, and Fred
have been named Assistant Actuaries.
D.
have been
Assistant
been
named Mathematicians
Mathematicians^
Glenn
appointed Assistant Auditors.
has been increasing public interest
Because there
in the clarification of
information of investors, the American In¬
stitute of Accountants, 13 East 41st Street, New York City, has published
a new public information pamphlet entitled "Financial Statements—What
financial
They
statements for the
Mean."
pamphlet points out the essen¬
statements.
Leading certified public accountants and a number of corporation execu¬
tives acted as advisors to the special committee of the American Institute
which prepared the pamphlet.
It is intended to clear up many puzzling
points in financial statements regarded as mysteries by the average investor.
—Arnold Giliseen's Bank N. V. of Amsterdam and Rotterdam, The Neth¬
erlands,
has published a 164-page booklet containing the lowest and
highest prices of all bonds and stocks listed on the Amsterdam Stock
Exchange for each year 1930 to 1939, inclusive, and for each month of
1940.
In addition the booklet contains an annual dividend record for each
company for the period 1931 to 1940, inclusive.
non-technical language, the
Presented in
tial characteristics
—R. L.
New York City, members of the New
just published a new edition of
list of legal investments for Connecticut
Day & Co., 14 Wall St.,
York and Boston
their
of balance-sheets and income
booklet
Stock Exchanges, have
setting forth
a
savings banks.
—Ransom R.
Edwards, formerly with Kobbe,
Gearhart & Co., is now
members of the New York Security
of the firm's trading department.
associated with Katz Bros.,
Association, as manager
Dealers
The Commercial & Financial Chronicle
1692
REDEMPTION
CALLS
AND
SINKING
FUND
March
FOREIGN
EXCHANGE
15,
1941
RATES
NOTICES
Below will be found
Pursuant to the
a
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were
give in
the
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
list of corporate bonds, notes, and
Act
of
cable transfers in the different countries of the world.
give below
FOREIGN
Chronicle."
EXCHANGE
BANK TO
Company and Issue—
Date
Affiliated Industries, Inc., 5*A%
Page
Apr.
I
Mar. 26
..Mar. 15
1122
MARCH
1
1416
1591
8,
CERTIFIED
BY
FEDERAL
UNDER TARIFF ACT
OF
RESERVE
1930
1941, TO MARCH 14, 1941, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
American I. G. Chemical Corp.—See General Aniline & Film.
Autocar Co. 7% bonds
Mar. 15
Unit
Apr.
Bayuk Cigars, Inc., $7 preferred stock
7% bonds
8% bonds..
Bell Telephone Co. of Pa. 6H% preferred
Brillo Mfg. Co. class A stock..
(E. & G.) Brooke Iron Co. 1st mtge. 6s
(William) Carter Co, preferred stock
Central West Utility Co. of Kansas, 10-year 6s
*
June
819
z2038
671
671
820
1422
977
Apr.
Apr.
7% debentures, series D
Helvetia Coal Mining Co. 1st mtge. 5s
Houston Electric Co., 1st mortgage 6s
Illinois Bell Telephone Co. 1st mtge. 3
J^s
Kankakee Water Co. 1st mtge. A bonds
Keystone Telephone Co of Pa. 1st mtge. 6s
Lukens Steel Co., 8% bonds
Luzerne County Gas & Electric Corp. 1st
mtge. 5s
Middle States Telephone Co. of III., 1st
mtge. 4Ms
a
a
4.035000
4.035000
Free
4.031562
4.031875
4.031250
4.031562
4.031562
4.031562
Finland, Markka
France, franc
.020100
.020100
.020100
.020100
.020100
a
a
Germany, reichsmark
.399500*
Greece, drachma
Hungary,
Italy, lira
a
.399700*
a
.399600*
a
.399600*
a
a
.399700*
a
.399700*
a
a
.197700*
.197700*
.197700*
.197700*
b
.050414*
pengo
.020100
«' a
a
.050414*
.050414*
.050471*
.050414*
Netherlands, guilder.
Norway, krone
a
a
a
a
a
a
a
a
.050471*
a
a
a
a
a
a
a
a
a
a
a
.040012
.040062
.040675
.040075
.040025
.040040
a
a
a
a
a
a
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238237
.238193
.238228
.238228
.238200
.238212
.232143
.232143
.232085
.232078
.232093
.232031
b
Sweden, krona
Switzerland, franc.
b
b
b
b
b
China—
1
1431
1591
.244218
.243906
.244062
.244062
.301240
.031400
.301400
.310400
.301400
.301400
zl573
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghal(yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
India (British) rupeeJapan, yen
.234383
.234387
.234387
.234387
.234383
.234387
1434
Straits Settlem'ts, dol
.471033
.471066
.471066
.471066
.471066
.471066
3.228000
3.228000
3.228000
3.228000
1752
z'433
1130
1130
I
1
1
Yugoslavia, dinar
Asia—
680
.244218
Official
3.212708
3.212708
3.212708
3.212708
3.225208
3.225208
3.225208
South Africa, pound. 3.980000
North America—
3.980000
3.980000
3980000
3.980000
3.980000
1
834
1287
1596
1
1597
Canada, dollar—
1
17
25
1289
1761
838
Official
1758
1
1
1
Africa
1762
1137
841
1
.909090
.909090
.909090
.909090
.909090
.850000
.850357
.848828
.847812
.847500
.205250*
.205250*
.205250*
.205250*
.205250*
Official
.909090
.909090
.909090
.909090
.909090
Free
434
1
15
15
.909090
.850000
.204875*
Free
Mexico, peso.
Newfoundl'd, dollar-
.909090
.847656
.847500
.847656
.846250
.845468
.845000
.297733*
South America—
Argentina,
peso.
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.060575*
.050600*
.050600*
.050600*
.050600*
.050600*
.060575*
Brazil, mllreis—
1587
1602
1
1140
1140
Chile, peso—
Official
1139
1
1
.051660*
..C.-Apr.
Apr.
Apr.
Apr.
Mar.
Non-controlled
1765
1765
1765
12
12
12
1
15
♦Nominal rate,
a
.051660*
.051660*
.051660*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.569850*
.658300*
.658300*
.658300*
.658300*
.658300*
.395300*
Controlled
.051660*
.040000*
.658300*
Colombia, peso..
Uruguay, peso—
.051660*
.040000*
.569800*
Export
May
.395300*
.395300*
.395375*
.395060*
.395500*
No rates available,
1141
1
1604
Apr.
Apr.
1
1
1604
1295
Mar. 25
COURSE OF
Bank
844
1604
1
Southeastern Power & Light Co.—See Commonwealth &
Southern Corp
May
Apr.
Apr.
1
1
Mar. 17
telegraphic advices from
1297
694
Mar. 15
Mar. 28.
July
a
845
1143
1452
1
1636
1
276
Mar. 15
276
June
BANK
clearings this week show
1586
___,__Apr.
b Temporarily omitted.
1448
June
Union Premier Food Stores preferred stock
.244062
3.225208
Apr.
Washington Railway & Electric Co. 4% bonds
Wolverine Natural Gas Co. 5% bonds
a
3.212083
\ Apr.
/
Traylor Engineering & Mfg. Co. pref. stock
Unified Debenture Corp. debentures
a
a
3.224583
Mar. 31
.
a
.054156*
3.228000
Penn-Ohio Edison Co.—See Commonwealth & Sou.
Corp.
Southern Counties Gas Co. of Calif. 1st mtge. bonds
Southern Natural Gas Co
4M% bonds
Superior Oil Co. 3M% debentures
;
Texarkana Water Corp., 1st mtge. 5s
Toho Electric Power Co
Ltd., 1st mtge. bonds
a
.054156*
Australia, pound—
116
Rio Grande Valley Gas Co. 1st
mtge. 7s
a
a
;a"v+::
.054287*
3.228000
See Commonwealth & Southern
1st mortgage 4s
a
a;>j:'
a
a
.054056*
Free
3.213541
New Zealand, pound. 3.226041
Apr.
Public Service Co. of Oklahoma—
a
a+i
.054437*
1286
1594
682
fi nr.
Mar. 19
Pennsylvania RR. 1st mtge. 3M% bonds
Peoples Light & Power Co., series A bonds
Scrip certificates
Portland Gas Light Co., 1st mtge. 5s
a
j
.054093*
Australasia—
1283
1
8
1
.
1
1608
Mar. 15
1455
zV. 151.
NATIONAL
a
a
1590
Mar.
Mock-Judson-Voehringer Co. 7% pref. stock
Anr.
Monongahela Ry. 1st mtge. 4s
May
*
Monon Coal Co. 5% bonds,...
.3 ar.
New Orleans Public Service, Inc.,
4M% bonds
Apr.
*
Niagara Share Corp of Md. 5debentures.ay
North American Car Corp. 4M% ctfs., series I
..May
North American Car Corp. equip, trust ctfs. series J
June
*
North American Co. 4% debentures
Apr.
Ohio Oil Co., 6% preferred stock
Mar.
Parr Shoals Power Co. 1st
mtge. 5s
Apr.
♦Announcements this week.
a
a
a
a
15
Apr.
Sayre Electric Co., 1st mtge. 5s
Silverwood Dairies. Ltd., 5% bonds
Sioux City Service Co. 1st mtge. 6s
a
$
+;
1589
Apr.
Corp., 4% debentures
Richmond-Washington Co. 4% bonds.
a
a
1
1
1
1
Apr.
Aprl
Richfield Oil
+•;
^
4.035000
Poland, zloty
Mar. 15
Purity Bakeries Corp. 5% debentures
a
a
a
Portugal, escudo
Rumania, leu
Spain, peseta
...Apr
...
a
a
a
4.035000
983
824
674
825
1430
1430
Mar. 20
j
1st mtge. bonds
a
a
a
Mar. 14
$£•
1
Mar. 19
Apr.
1
1st mtgp. 6s
6% prior lien stock
7% prior lien stock
;+o:a
•+?■
a
Mar. 13
•;
Apr.
General Realty & Utilities Corp. pref. stock
Germani-Atlantlc Cable Co. 1st mtge. 7% bonds
(B. F.) Goodrich Co., 1st mtge. bonds
Co.
a
a
'"i
4.035000
1587
.May
*
Edison
s
Apr.
Apr.
Apr.
Apr.
Federal Light <fc Traction Co. 1st lien bonds
Firestone Tire & Rubber Co. 3A% debentures.,.
General Aniline & Film Corp. 5H% debs
Corp
Mar. 12
s
4.035000
1
Apr.
Durez Plastics & Chemicals, Inc.,
43^% debentures
Erie Lighting Co. 1st mortgage 5s
Penn-Ohio
823
823
Mar. 11
$
Official
1
1
Mar. 18
Consol. Gas El. Light -V Pow Co. of Bait. 3 Vi
% bonds
Cumberland County Power &, Light 1st mtge. 4s
Duluth Missabe & Iron Range Ry. 1st mtge.
33^s
Gulf Public Service Co
823
1
1
Commonwealth & Southern Corp. predecessor
company
bonds
Apr.
Congress Square Hotel Co. 1st mtge. 5Hs
May
Consolidated Biscuit Co. series A bonds
Apr.
Great Northern Power Co., 1st mtge. 5s
1742
1423
1586
Mar. 10
$
Europe—
Belgium, belga
Bulgaria, lev
Czechoslov'ia, kornua
Denmark, krone
Engl'd, pound sterl'g
1275
1125
Apr. 28
Apr.
1
Apr.
1
AC
Series
16
Mar. 15
Mar. 16
...
Charleston Transit Co. gen. mtge. bonds
Chesapeake & Ohio Ry. 3lA% bonds
Chicago Stock Yards Co. 5% gold bonds
Chicago Union Station Co. 4% guaranteed bonds
Collateral Bankers, Inc., 6% debentures—
Mar. 8
1420
Apr. 15
..Apr.
1
..Apr.
1
*
Apr.
1
Apr. 15
Apr.
1
...Apr.
1
Bear Mountain Hudson River Bridge Co. 1st
mtge. 7s.
Bear Mountain Hudson River Bridge Co.
*
RATES
TREASURY
1578
1578
debentures...,.
Alabama Power Co. 1st mortgage bonds
Allied Owners Corp., 1st lien bonds
Allis-Chalmers Mfg. Co. 4% debentures
We
record for the week just passed:
a
year ago.
increase compared with
Preliminary figures compiled by
the
chief
cities
us,
of
based
the
upon
country,
indicate that for the week ended
today (Saturday, March 15)
clearings from all Cities of the United States from which
it is
possible to obtain weekly clearings will be 4.6% above those
for
the
total
the
corresponding
stands
same
the
week
mary
BANKS
CLEARINGS
an
at
week last year.
Our preliminary
$6,320,891,627, against $6,043,242,288 for
week in 1940.
ended
At this center there is
Friday of 2.0%.
a
gain for
Our comparative
sum¬
for the week follows:
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
Clearings—Returns by Telegraph
Week Ending March 15
from the office of the
COMMON
New York
CAPITAL
STOCK
INCREASED
of Inc.
Denver, Denver, Colo.
From $1,000,000 to $1,500,000
March 7—The First National Bank of
Richmond. Richmond, Ind.
From $90,750 to $181,500
STOCK
March 3—Drexel National Bank,
Chicago, 111.
....
....
San Francisco
....
were
sales
All cities, one day....
or
during the current
Philadelphia.
CURRENT
us
NOTICES
•
i
-
'
+ 16.4
+ 17.5
+ 11.3
102,710,806
+ 27.2
131 546,277
87,671,369
+ 50.0
85,347,631
+ 18.9
60,688,318
+ 22.9
$3,897,866,251
+ 8.9
941,067,475
847,985,035
+ 11.0
...
$5,184,076,356
$4,745,851,286
+ 9.2
1,136,815,271
1,297,391,002
—12.4
$6,320,891,627
...
$6,043,242,288
+4.6
SALES
reported to
week, either from Boston
+ 13.3
$4,243,008,881
Baltimore
Total all cities, five days......
Sprague Ave.,
Certificate No. 1515A.
no
91 800,000
74 ,587,724
...
i__
Total all cities for week
There
85 175,743
+2.0
+28.2
+ 17.9
101 478,244
Detroit..:
Eleven cities, five days.
Other cities, five days
AUTHORIZED
AUCTION
129 934,000
203 205,415
Kansas City
St. Louis
Cent
(Sold to RFC)..-.$240,000
March 4—The Old National Bank & Union
Trust Co. of Spokane,
Spokane, Wash. Location of branch. East 2114
Spokane, Wash.
Boston
Cleveland
Amount
1940
$2,538,094,729
258,034,416
318,000,000
179,313,190
73,170,792
78,100,000
116,735,000
330 928,935
375 000,000
Philadelphia
Pittsburgh
90,750
ISSUED
.,
BRANCH
500,000
1941
$2,588 742,581
130 609,962
i..._
Chicago...
Amt.
March 3—The First National Bank of
Cooperstown, Cooperstown,
N.Y. From $150,000 to $175.000
$25,000
March 5—The Colorado National Bank of
PREFERRED
-............i„
—
'*
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
—"William J. McCullen, well known in
investment and banking circles
as a bank stock specialist, has
become associated with F. J. Morrissey &
Co.,
of the week in all
Philadelphia, specialists in bank stocks.
present further below, we are able to give final and complete
results for the week previous—the week ended March 8.
For that week there was an increase of 8.6%, the
aggregate
—The
Atlantic
opening of
Joseph
H.
an
Mutual
office in
Smiley.
Insurance
Co.
of
Rochester, New York,
New
York,
under
announces
the
the management of
In
of
cases has to be estimated.
the elaborate detailed statement, however,
clearings
for
the
whole
country
which
having amounted
we
to
Volume
$6,191,137,332, against $5,700,103,042 in the same week in
1940.
Outside of this city there was an increase of 23.5%,
recorded a loss of
3.0%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this
it
appears that in the New York Reserve District (including
this city) the totals record a loss of 1.6% but in the Boston
Reserve District the totals register a gain of 21.7 % and in the
Philadelphia Reserve District of 26.2%.
In the Cleveland
Reserve District the totals show an expansion of 28.0%,
and in both the Richmond and the Atlanta Reserve districts
of 28.1%.
In the Chicago Reserve District the totals are
larger by 20.5%, in the St. Louis Reserve District by 24.7%
and in the Minneapolis Reserve District of 16.7%.
In
the Dallas Reserve District there is a decrease of 0.6%, but
in the Kansas City Reserve District there is an increase of
14.7% and in the San Francisco Reserve District of 24.1 %.
In the following we furnish a summary by Federal Reserve
districts:
Inc. or
J.
Inc.or
Detroit.
Grand
93,337,031
+ 59.0
2,956,395
+ 30.1
1,703,749
1,597,188
+ 55.5
+49.6
956,918
18,156,000
+20.4
17,350.000
1,777,631
5,311,241
+ 35.3
1,265.693
2,649,910
—
2,389,261
21,852,000
South Bend...
2,404,927
Wayne
Indianapolis.
6,056,186
Terre Haute
Wis.—Milwaukee
la.—Ced. Rapids
Sioux City
111.—Bloomlngton
Chicago
18,006,379
+ 11.8
1,171,209
8,377,483
3,137,467
+ 53.0
+ 8.8
355,202
275,628
261,171,794
259,969,619
+ 25.6
3,710.260
.368,120
304,618,421
1,040,079
12,281,150
4,147,194
563,134
331,284,465
1,605.903
4,607,779
Des Moines
4,802,847
+ 10.7
+ 27.6
9,777,942
+ 54.4
1,488,485
+22.0
1,373,968
+22.1
956,336
1,382,345
+ 15.1
1,148,214
3,121,546
1,074,889
1,102,978
474,001,420
+ 20.5
400,950,810
391,458,535
73,400,000
30,153,169
18,604,560
Rock ford
Springfield....
cities)
1939
1938
%
S
S
Lo uis—
Reserve Dist rict—St.
Eighth Federa
99,700,000
46,236,172
Tenn.—Memphis
111.—J acksonville
296,711.866
243,776,600
+21.7
230,749,028
213,430,496
New York.. 13
"
3,258,357,620
3,312,932,896
—1.6
3,737,209,089
3,305,775,735
488,839,410
387,448,561
+26.2
352.868,309
325,331,673
363,569,984
284,054,895
+28.0
240,954,071
Richmond..
181,014,010
141,300,776 +28.1
124,102,024
"
M
"
"
"
"
"
217,800,512
169,977,528
+28.1
152,814,631
571,070,735
400,950,610
174,936,271
474,001,420 +20.5
140,270,089 +24.7
119,603,823
102,489,772 + 16.7
87,685,560
83,360,075
152,454,961
132,887,569 + 14.7
113,511,985
114,177,572
—0.6
64,469,204
61,927,333
233,053,758 +24.1
211,852,728
213,411,008
+ 8.6
2,492,442,188 +23.5
5,844,233,313
5,330,691,789
2,200,543, lo5
2,122,791,670
31,719,951
+ 44.4
15,731,123
Mont.—Billings
299,659.921
79,100,000
+28.1
19,660.441
S.D,—Aberdeen.
+8.2
+ 18.8
36,100,648
227,202,256
4th
6th
"
"
"
83,900,000
28,380.099
-
Ky.—Louisville
PhlladelphlalO
Cleveland.. 7
273,383,214
12 cities
6
6th
Atlanta
10
7th
Chicago
18
8th
St. Louis...
4
7
10th Kansas City 10
Minneapolis
9th
6
11th Dallas
12thSan Fran... 10
289,324,307
515,000
505,000
174,936.271
140,270,089
+24.7
127,066,074
122,662.729
Reserve Dls trlct—Minne
Ninth Federal
apolis-
3,466,244
+ 5.1
2,741.804
2,687,474
74,447,111
+ 10.2
55,467,346
52,901,592
Minneapolis...
67,580.240
33,137,390
24,387,016
+ 35.9
2,451,340
+ 12.0
23,684,571
2,113,466
22,467,982
St. Paul
682,739
+24.6
616,796
819.668
+ 13.5
592,724
3,102,525
+20.7
2,468,853
2,039,862
102,489,772
+ 16.7
87,685,560
83,360,075
_
—
2,745,171
850,964
929,931
3,745,490
D.—Fargo...
....
119,603,823
_
Reserve Dls trict—Kans
Tenth Federal
First
84,391
141,721
2,674,029
+ 15.8
2,492,661
34,237,658
+ 6.8
29,261,496
2,240,164
3,112,536
+26.8
2,114,505
+ 11.9
86,193,195
2,906,783
658,860
609,553
+ 17.3
2,519,416
72,972,951
2,627,971
742,353
+ 21.8
636,635
494,119
152,454,961
Mo.—Kan. City.
642,247
Mass.—Boston..
511,596
+ 25.5
410,178
462,591
2.258,903
254,638,752
— .
Postland
1,772,909
+ 27.4
1,521,854
1.737,854
210,552,078
+ 20.9
197,895,086
180,968,303
671,297
+5.6
712,409
St. Joseph
638,132
708,651
464,110
Fall River
561,037
—17.3
435,364
380,349
647,287
614,748
+ 5.3
506,732
3,598,385
2,163,430
11,837,966
5,055,552
3,502,344
+ 2.7
2,080,411
+4.0
9,913,759
+ 19.4
3,914,928
+29.1
2,938,189
1,715,426
11,511,870
3,284,094
9,157,700
+54.9
9,326,900
523,993
—1.6
490,926
501,964
N.H.—Manches'r
14,181,000
515,583
528,889
2,939,374
1,720,477
10,456,769
3,500.994
9,594,800
Total (12 cities)
296,711,866
243,776.800
+21.7
230,749,028
213,430,496
al Reserve D Istrlct—New
7,575,394
12,715,890
—
..
132.887,569
+ 14.7
113,511,985
114,177.572
694,995
Colo.—Gol.Spgs.
Pueblo
Total (10
...
cities)
York-
13,795,870 + 116.7
.
Lowell
—
New Bedford—
Springfield
Worcester—.
Conn.—Hartford
New Haven...
R.I.—Providence
Second
^
Feder
29,894,604
1,532,756
1,018,344
+60.3
853,128
29,000,000
446,769
+33.4
26,000,000
25,000.000
+81.6
751,749
+ 19.7
378,912
636,860
415,402
899,607
3,112,840,506 3,207,660,854
—3.0
7,763,869
4,017,276
4,366,733
+ 19.7
6,851,400
7,444,488
+65.4
3,425,846
—6.7
3,166,041
5,373,304
414,053
16,365,014
21,959,061
+ 3.5
3,646,766
3,536,6C'5
3,077,962
3,182,437
.
2,626,283
584,379
660.238
1,843,526
62,596,597
6,320,612
~~4.5
1,857.710
1,464,065
—0.9
49,055,149
+7.8
47,230,800
6,901,577
—23.2
3,564,621
2,998,000
1,097,079
3,053,164
7,475,577
2,152,000
77,453,833
77,908,978
1,760,296
62,028,821
6,816,705
2,303,000
Texas—Austin...
Dallas....
Fort
District—Da Has—
Reserve
Worth
980,390
Wichita Falls-
Total (6 cities).
—10.6
982,172
+ 16.8
2,946,596
2,055,000
1,004,735
3,271,876
—0.6
64,469,204
61,927,333
860,143
38,700,000
811,224
+ 5.5
;v,:;
ral
La.—Shreveport
BInghamton—
+ 23.3
132,279
2,100,112
27,801,288
2,360,750
2,794,781
75,185,963
'
Eleventh Fede
Galveston..
N. Y.—Albany..
97,618
+ 36.2
36,556,527
2,840,671
3,484,012
101,117,849
3,583,719
.
Wichita
$
*
%
Reserve Dist rict—Boston
Federal
Me.—Bangor.
Kan.—Topeka
$
$
City
+ 28.9
138,952
3,096,256
Omaha—
1938
1939
Dee.
as
115,839
189,213
Lincoln.......
Inc. or
1940
2,090,141
549,797
623,227
149,366
Neb.—Fremont
Hastings
1941
,
e.
week's
Week Ended March 8
Clearings at—
X
3,747,766
Minn.—Duluth.
Total (7 cities)
add our detailed
now
+ 1.8
Total (4 cities).
122,662,729
statement showing last
figures for each city senarately for the four years:
We
X
609,000
391,458,535
Helena..
421,204,356
455.942,270
32 cities
x
X
X
620,000
______
149,284,198
N.
3,078,296,826
Outside N. Y. City..
Canada
Quincy.
122,670,179
>
127,066,074
5,700,103,042
6,191,137,332
113 cities
Total
77,908,978
77,453,833
791,843
3,776,838
571,070,735
Peoria.....—
842,189
3,296.073
1,677,481
1,591,603
Decatur
3d
Boston
849,029
16,394,000
1,142,237
4,227,599
18,971,934
1,028,673
7,221,436
2,913,108
+ 14.0
21,482,404
1,166,948
23,789,752
2d
1st
69,087,390
1,913,171
1,110,407
2,398,727
1,083,991
Lansing
Ind.—Ft.
263,048
74,253,770
3,846,812
♦
V
j
Dec.
S
%
148,403,465
......
Rapids.
Mo.—St. Louis
Dlsts.
Reserve
$
376,318
CLEARINGS
1940
1941
%
$
$
S
1938
1939
Seventh Feder al Reserve D istrlct—Chi cago—
—7.2
464,860
431,228
Mich .-Ann Arbor
Total (18
Week End. Mar. 8.1941
Dec.
1940
1941
<
SUMMARY OF BANK
Federal
Week Ended March 8
Clearings at-
this center having
the bank clearings at
1693
& Financial Chronicle
The Commercial
152
Buffalo...
Elmira
Jamestown....
New York
Rochester
9,296,393
Syracuse
6,642,978
4,072,562
5,560,939
Westchester Co
Conn.—Stamford
J.—Montclair
368,029
Newark—.—
Northern N. J.
20,832,280
26,905.742
N.
r.
•
Total (13 cities) 3,258,357,620 3,312,932,896
298.865
Stockton......
—1.6 3,737,209,089 3,305,775.735
—
Total (10 cities)
383,036
448,148
485,865
+22.7 +
861,551
466,322
387,291
426,146
1.128.371
1,146.053
313,000,000
1.028,323
Wilkes-Barre.
_
1,295,871
377,000,000
+26.3
1,280,471
2,144.123
+ 19.0
820,634
+34.1
1,085,458
+28.4
982,858
2,500,700
+28.9
2,175.800
1,393,371
3,224,300
York...
N. J.—Trenton..
488,839,410
Total (10 cities)
387,448,561
+7.1
+26.2
Cleveland
Columbus
Mansfield
Youngstown..
_
Total (7 cities).
352,868,309
1,929,655
803,126
1,252,636
5,079,000
325,331,673
Outside New York
+ 12.1
3,936,421
3,766,195
126,843,000
2,245,561
2,382,344
1.899,163
1,372,642
+ 5.1
233,053,758
+ 24.1
211,852,728
213,411,008
—1.2
...
9.C.—Charleston
Md.—Baltimore
D.C.—Washnlg'n
.
6,191,137,332 5,700,103,042
3,078,296,826 2,492,442,188
Canada—
Winnipeg——
Vancouver.—...
122,806,649
13,999,600
2,331,789
3.705,901
150,607,960
91,179,342
+34.7
66,729,908
Ottawa
8,953,700
Quebec
1,355,813
Halifax.
Hamilton.
+23.7
+30.5
1,389,630
2,925,785
+ 26.7
2,246,087
1,419,085
118,125.321
+27.5
94,562.570
94,725,564
240,954,071
Victoria——
London-
$
....
+25.1
96,364,817
—26.0
105,273,388
95,559,046
83,127,981
35,424,676
18.524,483
—7.3
22,680,921
21,052,954
+ 25.6
16,183,070
21,823,735
14,225,710
20,448,764
4,495,741
5,589,520
2,260,947
3,977,123
4,277,477
1,529,239
30,102,995 + 131.4
+4.7
5.871,402
+25.0
3.287,974
6,072.781
4,691,701
2,324,238
1,921,006
2,728,495
4,392,516
2,990,982
+28.3
306,433
+ 15.1
2,100,379
4,441,124
3,684,943
1,548,139
1,768,573
2,143,002
3,183,487
2,417,596
251,711
418,847
+0.5
341,926
1,387,605
+ 7.0
991,322
513,696
+ 14.2
471,140
+ 10.4
+0.3
+ 10.3
+2.6
+ 9.3
+26.5
^(6 cities) .
542.539
+ 32.1
350.420
301.595
3,362,000
2.626,000
+ 28.0
1,996,000
2,236,000
36,210,920
+32.4
32,942,719
1.609,093
1,395,446
+ 15.3
33,136,960
1,082.551
74,239,380
+29.1
1,063,874
64,981,755
Saskatoon.....
64,790.573
26,286,491
+20.1
22,745.520
21,144,236
Brantford
1,091,891
1,150,907
1,001,946
781,117
+ 9.0
+47.3
772,812
561,997
Fort William
855,134
723.705
+ 18.2
642.814
181,014,010
141,300,776
Tenn.—Knoxviile
_
Ga.—Atlanta
Augusta
Macon—
Fla.—Jacks'nvtlle
Ala.—Birm'ham
.
Mobile
+28.1
124,102,024
122,670,179
352,693
420,738
Brandon
Lethbrldge
Moose Jaw———
New Westminster
5.364,664
4,301,173
23,175,629
77,300,000
1.625,293
1,460.972
32,258,000
25,091.711
2,439,157
19,237,289
56,900,000
+24.7
+ 20.5 /
+35.9
1,057,993
/1,031,352
852,510
934,124
+ 52.6
18,102,000
15,892,000
+26.2
19,279,017
17,611,509
+ 17.7
1,837,648
1,436,167
19.878.439
2,072,704
X
X
246,643
165,506
+49.0
136,825
48,838,443
44,026,247
+ 10.9
41,192,571
40,268,230
217,800.512
169,977,528
+28.1
152,814.631
....
Chatham
Sarnia
1,394,127
2,812,556
+ 19.7
311.611
+ 13.1
828,432
630,669
+8.2
635,664
+24.5
490.411
504,138
695,986
—13.1
571,827
482.438
477,882
—7.1
444,051
920,406
+ 1.6
735,021
398,171
842.286
421,204,356
+8.2
299,659,921
273.383,214
—- —
149,284.198
Total (10 cities)
Moneton
Kingston
502,333
896,551
784,994
604,578
—
176,273
+0.1
+42.1
—0.9
149,019
La.—New Orleans
Kitchener
+34.5
701,675
352,447
Prince Albert
+ 54.9
Sherbrooke
212,102
628,862
1,380,939
3,366,866
Windsor
+23.8
Miss.—Jackson..
¥
Vicksburg
X
X
X
Sudbury
Total (32
*
381,617
1,017,880
407,940
"741,087
682,297
643,001
151,997
543,618
701,953
934,955
47,900,0C0
943.358
225,868
.
444.072
4,022.139
16,839,658
51,100,000
1,312,812
2,270,883
996,890
3,983,7b
18,472,29.5
21,140,000
3,310,252
285.372
Peterborough....
a—
1,485,135
2,021,691
629.780
Medicine Hat.—
Reserve Dist rict—Atlant
Sixth Federal
—
$
120,004,692
168,118.758
716,865
Reglna
1938
1939
%
586.582
——-
Calgary
Edmonton
Dec.
$
1,484,907
—
St. John..—
227,202,256
March 6
1940
150,116,072
124,377,696
32.828,382
23,272,815
69,666,282
6,144,932
4,110,419
7,791,978
5,177,973
2,331.916
2,119,656
2,799,571
4,801,690
3,782,592
Montreal.—
1,975,393
11,316,900
1,786,185
2,200,543,185 2,122,791,670
S
52,042,793
79,381,531
12,158,300
+ 8.6 5,844,233,313 5,330,691,789
+ 23.4
1941
1,868.257
95,830,719
31,557,577
1,685,634
Inc. or
49,347,696
+28.0
2,759,790
1,528,105
2,402,819
3,803,389
124,210,000
2,948,423
+23.3
Week Ended
+ 19.2
284,054,895
3,994,086
+ 21.0
Clearings al-
56,335,605
363,569,984
+ 10.4
47,937,756
W.Va.—Hunt'ton
Va.—Norfolk
Nashville.
2,066,496
744,697
ond—
Reserve Dist rict—Rlchm
Fifth Federal
► Richmond
343,000,000
1,149,070
cities)....
67,132,595
__
Cincinnati..—
Pa.—Pittsburgh
(113
total
Toronto....
istrlct—Clev eland Feder al Reserve D
+ 25.1
2,385,757
2,985,490
Ohio—Canton .
Grand
243.522
+29.8
+ 4.9
2,550,899
1,100,630
Scranton
28,597,866
12,863,573
+ 19.6
''."v! "
333,320
+64.7
505,310
Reading..
27,604,596
11,998,968
289,324,307
Santa Barbara
1,371,480
Philadelphia.
761,060
31,783,209
13,787,502
3,933,011
3,075,9.33
136,777,695
+20.1
3,092,627
1,509,748
2,525,764
Francisco
San Jose..
476,000,000
....
Lancaster
San
16,492,474
24,274,164
868,937
4,341,767
3,721,461
Beach
15,900,294
31,339,056
32,142,822
+ 21.4
16,491,394
Pasadena—-j.
24,785,455
1
'
SCO"****"*
+37.8
943,534
168,626,000
Ore.—Portland.
Utah—S. L. City
Calif ,—L'g
Franci
36,062,160
49,695,533
1,145,191
38,174,822
Yakima.
+22.5
1,359,150
Chester
270,288
istrlct—San
Twelfth Feder al Reserve D
Wash.—Seattle
+ 27.3
737,940
596,330
Bethlehem
Total
—11.1
"
Pa.—Altoona
Fourth
3,643,690,128 3,207,900,119
Reserve Dist rict—Phllad elphia
Third Federal
605,763
557,253
927,172
2.168.578
308,701
988,010
2,639,509
279,449
615.233
....
455,942,270
cities)
Estimated,
x
No figures
available.
The Commercial & Financial Chronicle
1694
THE
LONDON
STOCK
March
EXCHANGE
Quotations of representative stocks
each day of the past week;
received
as
by cable
Name of
Company
Brewers & Distillers Co. of Vancouver.
Sat.,
Boots Pure Drugs
Mon.,
Tuts.,
Wed.,
Thurs.,
Fri.,
Mar. 8
Mar. 10
Mar. 11
Mar. 12
Mar. 13
Mar. 14
Briggs Manufacturing Co
34/6
86/3
£00%
£1114
34/414
35/87/6
34/2%
£60%
£1114
34/414
27/£514
61/9
7/614
17/714
23/714
91/3
£1114
70/£614
£714
77/6
42/6
22/3
14/714
Cable & W ord
£60%
£60%
£1114
£11%
34/414
Courtaulds S & Co...
27/714
Distillers Co
Electric & Musical Ind.
Ford Ltd
£514
62/7/6
17/6
23/714
92/6
7/6
Closed
17/6
HudsonsBayCo
■
23/714
Imp Tob & G B <fc I...
London Mid Ry
*
Metal Box
92/6
£12
70/-
United Molasses
£12
£614
£714
Rand Mines
RioTJnto
Rolls Royce
Shell Transport
£614
70/£714
77/6
43/9
23/3
14/9
—
Vlckers
West
34/414
27/414
£514
62/3
;
34/6
86/3
86/3
Central Min&Invest..
Cons Goldflelds of SA.
De Beers
.
British American Oil Co., Ltd
35/87/6
'
British Amer Tobacco.
77/6
43/114
22/9
14/1014
£60%
£1114
34/414
26/9
27/-
£514
61/3
£514
61/6
7/6
17/714
23/6
91/3
£1214
70/£614
£714
76/3
7/714
17/714
23/714
91/3
£11K
70/£614
£714
77/6
43/9
42/6
22/6
14/714
22/114
14/714
Wltwatersrand
Areas
£2>b«
£2^1S
£2>Si«
£2«sie
£3
Extra.
—
_
.
.
_
—
_
~-
—
--i—i-.-'-
...
May 20 Apr. 26
May 20 Apr. 26
— -
_
-
Mar. 25 Mar. 18
1 Mar. 13
—_..—
Apr.
---
British Columbia Electric Power & Gas Co.—
$1%
Broad Street Investing Corp. (quar.)__—
25c
Apr.
Apr.
Brooklyn Borough Gas Co. (quar.)__
6 % part. preferred (quar.)
Buffalo Niagara & Eastern Power, pref. (quar.)
First preferred (quar.)
Burkart (F.) Mfg. Co., $2.20pref. (quar.)
Canada Cycle & Motor (quar.)
ITeferred (quar.)
Canada Life Assurance (quar.)i
Capital Administration Co., Ltd.—
S3 cum. preferred series A (quar.)
Carolina Power & Light, $6 pref. ^quar.)..
S7 preferred (quar.)..
Carriers <fc General Corp
Carthage Mills, Inc., 6% pref. A (quar.)—...
6% preferred B (quar.)
—
Case (J. I.) Co., 7% preferred (quar.)
CelaneseCorp., 1st pref. (semi-ann.)
Central Aguirre Associates
Central Maine Power Co., 7 % pref. (quar.)
6% preferred (quar.)
S6 preferred (quar.)
5% preferred (quar.)
Centrifugal Pipe Corp. (liquidating)
Chemical Bank & Trust (N. Y.) (quar.)___—
Chesterville Larder Lake Gold Mining
Chicago Dock & Canal Co. (quar.)
75c
Apr.
Mar. 31
Mar. 11
Mar. 15
6% preferred (quar.)——
-
__
75c
55c
_
FINANCIAL
MARKET—PER
CABLE
75c
Sl%
2%c
SI %
60c
SI %
S3H
37 %c
Sl%
SI %
SI %
62 %c
$2
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sal.,
TutS.,
Wtd.,
Thurs.,
Fri.,
Mar. 8
Silver, per oz._
Gold, p. fineoz.
Mon.,
Mar. 10
Mar. 11
Mar. 12
Mar. 13
Mar. 14
Closed
Consols,
British
2%%.
314%
23 7-16d.
23 7-16d.
23J4d.
168s.
23%d.
1688.
168s.
168s.
168s.
Closed
£77%
£77%
£77%
£77%
£77%
Closed
W. L__
British
23%d.
168s.
£104%
£104%
£1043u
£104%
£104%
The
£114
£114
£114
£114
£114
Closed
price of silver
per
(in cents) in the
ounce
—
Extra
-
-
6% cum.
conv.
5c
pref. (quar.)
Cincinnati Postal Terminal &
the
on
same
6%% preferred (quar.)
Sl%
S5 preferred
United
days has been:
Bar(N.Y.ffor'n 34%
U. S. Treasury
34%
15c
'--
— --
34%
34%
34%
1
1
1
June 30
15
1
1
1
1
1
1
Mar. 20
Mar. 20
Mar. 20
Mar. 12
June 17
Mar. 31
Mar. 10
Mar. 10
Mar. 10
Mar. 10
Mar. 25
Mar. 20
15 Mar. 28
1 Feb.
24
Mar. 31 Mar. 27
Mar. 20 Mar. 10
Mar. 20 Mar. 10
-
Apr.
Apr.
30c
Mar.
tsio%
Mar.
Mar. 22
Mar. 20
Mar.
Mar. 20
+S9
—
City Ice & Fuel Co__-___
Clayton & Lambert Mfg. Co.
Cleveland Graphite Bronze Co. (interim)___
5% cum. preferred (newinitial).
Clinton Water Works Co., 7% pref. (quar.)
Mar.
4
Mar. 20
t$7H
Sl%
—
_
Mar. 11
Mar.
Mar. 21
15c
-
Apr.
30c
_________
Citizens Water Co. (Wash., Pa.), 7% pref. (qu.)
_
34%
1 Mar. 17
1 Mar. 17
Realty Co.—
-
States
S4
-
Chiksan Tool Co. (quar.)
1 Mar. 21
Apr.l
Apr.
Apr.
Apr.
Mar.
45c
-
Cincinnati Union Stock Yards (quar.)
Cities Service Power & Light, $7 preferred
56 preferred
4%
1960-90
__
Mar. 18
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
Mar. 13
Mar. 18
Apr.
Apr.
5c
--
Apr.
Apr.
SI
—
--—
as
Mar.
SI %
-
_
Mar.
$1%
t$ 5
—
-
May
Apr.
30c
-
.
Apr.
$1%
Mar. 20
Mar. 21
Apr,
40c
—
ENGLISH
15, 1941
Mar.
Feb. 27
Mar. 22
Mar. 22
40c Mar.
71.11
THE
71.11
71.11
BERLIN
71.11
71.11
71.11
.
STOCK
EXCHANGE
received by cable
as
Mar,
Mar.
Mar.
Mar.
Mar,
8
10
11
12
13
14
Percent
of Par
168
167
167
167
166
215
(8%).......
215
215
215
212
207
154
154
154
153
154
$5
cum.
preferred (quar.)
152
Apr.
Apr.
S5.70
12%c
Apr.
May
Mar. 15
Mar. 22
-
—
57 preferred (quar.)
__________
Commonwealth Water Co., 5%% pref.
Consolidated Coppermines Corp
_
(quar.)
Consolidated Oil Corp. (quar.)—.__
Consolidated Retail Stores, 8% pref.
152
152
152
151
Dresdner Bank (6%)
150
150
150
150
148
146
Farbenlndustrle I. G. (8%).
Relchsbank (new shares)
Siemensvt Haleke (8%)
202
202
201
200
199
196
132
132
132
132
132
128
....276
276
277
275
276
274
— ______
(quar.)__
8% preferred (quar.)__
->•—
8% preferred (quar.)
Consumer Gas Co. (Toronto) (quar.)____
Continetal Baking Co., pref. (quar.
Cooper-Bessemer, prior pref. (quar.)
Coronation Royalties Ltd
Courier-Post Co., 7% preferred
Cream of Wheat Corp____
Crum& Forster (quar.)
8% preferred (quar.)
Cuban Telephone Co. pref. (quar.)___
..152
151
151
151
150
149
_______
DIVIDENDS
Dividends
first
we
are
grouped in two separate tables.
In the
bring together all the dividends announced the
Detroit Gasket & ManufacturingDiamond Shoe Corp., 5% pref. (quar.)
we
show
Then
the
we
follow with
a
second table in which
dividends
previously announced,but which
paid.
Further details and record of past
dividend payments in many cases are given under the com¬
have not yet been
pany
in our "General Corporation and Investment
Department" in the week when declared.
name
News
The dividends announced this week
are:
East
East
Kootenay Power pref
Missouri Power Co., 7%
Per
Company
Aeronautical Securities, Inc
Share
—
-
Aetna Insurance Co. (quar.).
Affiliated Fund, Inc. (quar.)
Air Associates, Inc.
10c
...
40c
____.
(quar.)
___.
$7 preferred (quar.)
Allemannia Fire Insurance Co.
(Pitts., Pa.)
Extra
25c
5c
2%c
1.06%
(quar.)
American Bakeries, class A
(quar.)
50c
_
...
American Business Credit
Corp. class A (quar.).
American District
Telegraph (N. J.)_
Preferred
American Foreign Investors
Corp
American Safety Razor.
American Screw Co. (quar.).
American Smelting &
Refining 7% pref. (quar.).
Anheuser-Busch, Inc
Av£- w-Properties,
Class B
Inc., 4%
_
__
IIII"
—- ——-
-
-
--
Investing Corp
6%
Belt RR. &
1 Mar. 12
15 Mar. 31
Mar. 25 Mar. 18
1 Mar. 18
Apr.
Mar. 29 Mar. 20
Mar. 29 Mar. 20
Apr.
Apr.
1 Mar. 20
15 Apr.
5
Apr.
Apr.
1 Mar. 17
1 Mar. 17
Apr.
Mar. 31 xViar. 19
Mar. 22 Mar. 15
11"
____I~":
Apr.
15 Mar. 15
_
12%<
.«i
$1%
t$l%
Mar. 28 Mar. 14
Mar. 31 Mar. 15
1 Mar. 15
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Mar. 27 Mar. 18
1 Apr. 10
May
Apr.
6%c
7%c
25c
75c
25c
B
/G Foods, Inc., prior pref. (quar.)
Preferred (quar.)
Bickford's, Inc
■_•
Preferred (quar.)_
I
"
Birmingham Electric $7 pref. (quarI)V II"
$6 preferred (quar.)
Blumenthal (Sidney), 7% preferredBoston Insurance Co.
(quar.)
Boston Storage Warehouse
t.quar.)II~~
Brach (E. J.) & Sons (quar.)
Brantford Cordage Co., Ltd.,
pref. (quar )
12c
75c
Extra
Extra
$1%
Apr.
1 Mar. 20*
Mar. 31 Mar. 17
Mar. 31 Mar. 17
1 Mar. 22
Apr.
Apr.
Apr.
1 Mar. 21
1 Mar. 21
Mar. 25 Mar. 19
Mar. 31 Mar. 31
Mar. 31 Mar. 31
June 30 June 30
June 30 June 30
1 Mar. 20
62 %c
SI %
Apr.
Apr.
Apr.
Apr.
Apr.
$1%
Apr.
1 Mar. 18
1 Mar. 18
Apr.
1 Mar. 29
$1%
30c
"
"""
_
_
t$3%
S4
75c
30c
32 %c
1 •Mar. 20
1 Mar. 20
1 Mar. 20
1 Mar. 20
Apr.
Mar. 31 Mar. 22
1 Mar. 18
Apr.
Apr. 15 Mar. 20
37 %c
25c
tSl%
S3 %
Firestone Tire & Rubber Co
—_____
First National Bank (N. Y.) (quar.)
Fisbman (M. H.), 5% preferred (quar.)
Fitchburg Gas & Electric Light Co. (quar.)
Florida Power & Light $7 preferred
Class
B__
151
15
17*
20
Mar. 22
Apr.
1.
June
June 20
Mar.
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
5
Mar. 20
1 Mar. 15
1 Mar. 15
1
5
1
1
Mar. 20
Mar. 25
Mar. 19
Mar. 20
Mar.
Mar. 14
Mar.
Mar. 14
Mar.
Mar. 20
Apr.
Apr.
Apr.
Mar. 25
Mar. 20
Mar.
Sl%
Sl%
37%c
37%c
SI %
$6
25c
S25
Sl%
69c
Formica Insulation
/_•
Fuller (Geo. A.) 4% preferred (quar.).
Gemmer Manufacturing Co., class A (quar.)_
17
$2
$2.19
_____
15
16
10c
75c
______
25c
SI
Mar. 20
1
Mar. 15
Mar.;15
Mar. 15
Mar. 31
Mar. 31
Mar. 31
Apr.
Apr.
Apr.
5
Mar. 15
Apr.
Apr.
Apr.
Mar. 31
Apr.
Apr.
Mar. 15
Apr.
4
Mar. 15
_____
_____
Mar. 18
General Baking Co
75c
Apr.
Mar. 21
40c
Mar.
Mar. 21
15c
—
Mar. 22
^__
$1%
87%c
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
8% part. pref. (quar.)_
2fc
Feb.
6% preferred (quar.)
Gordon & Belyea, class A (interim)
Class B (interim)
Grant (W. T.) Co. (quar.)__
Preferred (quar.)
Great Lakes Engineering Works
Great West Life Assurance Co. (quar.).
Great West Saddlery Co., Ltd., 6% 1st pref
6% First preferred (quar.)
6% second preferred
Greif Bros. Cooperage class A
Guilford Realty Co. (Bait., Md.). 6% pref____
Hanover Fire Insurance Co. (N. Y.) (quar.)__.
Hardwood Timber (liquidating)
Harnischfeger Corp., 5% pref. (quar.)
5% 2d preferred (quar.)
Harris Hall & Co., 5% preferred (quar.)_^
Harris-Seybold-Potter Co., $5 pref. (quar.)__
Hartford Fire Insurance Co. (quar.)
Hayes Industries, Inc
Heller (Walter E.) & Cc., preferred (quar.)
Hercules Motors Corp
nilton-Davis Chemical, preferred (quar.)_
15c
Feb.
Mar. 19
Feb. 14
Feb. 14
Sl%
Feb.
Jan.
27
30c
Feb.
Jan.
27
35c
Mar.
Apr.
Mar.
Apr.
May
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Apr.
Mar.
Mar.
Apr.
Mar. 31 Mar.
Mar.
Apr.
Apr.
30c
Quarterly.
_
—
50c
1 Mar. 17
$2
1%
10
Mar. 20
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
General
10c
30c
11
24
Mar. 20
Mar.
General Motors Corp., pref. (quar.).
Gilbert (A. C.) Co., preferred (quar.)__.
$1%
$1
40c
11
Apr.
Apr.
Apr.
40c
Mar. 12 Mar. 12
1 Mar. 24
Apr.
Oct.
1 Mar. 31
20c
75c
Appliances, Inc., class A.
Bensonhurst National Bank
(quar.)
18
Mar.
10c
—
May 15 Apr. 22
1 Mar. Is
Apr.
Apr. 30 Apr
.4
75c
Bendix Home
Apr.
Mar. 15
Mar.
Apr.
Mar.
Apr.
Mar.
Apr,
Mar.
Apr.
May 15 Apr.
1 Mar.
Apr.
Tune
July
Oct.
Sept.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Excess Insurance Co. of America—
Mar. 22 Mar. 14
25c
Stockyards Co. (quar.)
1
Mar. 22
Mar.
Family Loan Society, Inc. (quar.)
Cum. co nv. preferred A (quar.)_
$1% conv. preferred (quar.)___
Federal Services Finance Corp. (quar.)
6% preferred (quar.)
Fifth Avenue Bank (N. Y.) (quar.)___
10c
20c
_
6% preferred (quar.)
16 Mar. 31
30c
III 11II'
Bank of the Manhattan Co.
(,quar.)
cum. preferred
Bath Iron Works
Apr.
Apr.
tin c
tsi%
S2 %
Emerson Electric Mfg. (quar.).—
Emerson Electric Manufacturing, pref. (quar.)__
25c
50c
III.
__
Bankers National
10c
t35c
__
______
Baker (J. T.) Chemical Co.
(quar.)
Bangor Hydro-Electric (quar.)
25c
$1%
$1%
Holders
$2
75c
20c
—.
_
Electrical Products Corp
Elizabethtown Consol. Gas Co. (quar.)
30c
cum. class A....
Arrow-Hart & Hegeman Electric
(quar.)
Asbestos Manufacturing Co.
preferred
Associates Investments Co.
(quar.)..
Avondale Mills
Preferred (quar.)
Baltimore Brick Co. 5% preferred
12%c
$1%
Allen Electric &
Equipment (quar.)
American Airlines, Inc., pref.
Extra.
5c
When
Payable of Record
t$2
37%c
-
Name of
$2
t37c
_
Eaton & Howard, Inc.—
Balanced fund
Stock fund_^
12%c
25c
pref. (s.-a.)
cum.
Sl%
Sl%
Disney (Walt.) Products, Inc.—
6% cum. conv. preferred (quar.)__
Dominion Coal Ltd., preferred (quar.)____
Dominion Foundries & Steel (quar.)
Eason Oil Co., cum. conv. pref. (quar.)
_____
current week.
Sl%
__~
--
Verelnigte Stahlwerke (0%)
Sl%
Sl%
25c
_
—
152
Apr.
Apr.
62%c
_
_
_
154
Berliner Kraft u. Llcht
Com mer z Bank (6%)
Deutsche Bank (6%)
Sl%
—
Commonwealth Water & Lt. Co., S6 pref. (qu.)
Mar.
EIektrlzitaets-Ge8ellschaft(6%)169
_
Mar.
Commonwealth Loan Co. (Indianapolis, Ind.)—
Closing prices of representative stocks
each day of the past week:
Allegemelne
_
Colgate- Palmoli ve-Peet
39c
---
Coca-Cola Bottling (Dell), class A (quar.)
Coca-Cola Intei national Corp
_________
--_
75c
(newly mined)
—
.
Preferred
(quar.)
—
General Foods Corp., preferred
$2
------
(quar.)_____-
Machinery Corp__^—
_______
SI %
75c
Preferred (quar.)
Girard Investment Co.,
—
_______
...
—
_______
Holland Furnace Co
_
—
________
Holmes
(D. H.) Co., Ltd. (quar.)
Hoover Ball & Bearing
Horn & Hardart Baking Co. (N. J.) (quar.)
Houston Oil Field Material preferred (quar.)—
25c
15c
t$l%
75c
+S3
80c
t75c
30c
S30
$1%
$1%
$1%
$1%
50c
20c
43 %c
25c
37 %c
Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Mar.
50c
Apr.
SI %
Apr.
Apr.
Apr.
50c
Mar. 22
Apr.
10
Mar. 19
Mar. 19
Mar. 19
17
17
24
20
21
21
21
22
20
IS
Jan. 28
Mar. 29
Mar. 29
Mar. 23
Mar. 20
Mar. 15
Apr.
4
Mar. 20
Mar. 20
Mar. 30
Mar. 17
Mar. 22
Mar. 22
$1%
37%c
liMar. 21
Mar. 31 Mar. 20
Hummel-Ross Fibre
15c
;Mar. 29 Mar. 14
Hygrade Sylvania, preferred (quar.)
45c
—
Apr.
15 Apr.
7
lMc
Independent Pneumatic Tool
Indiana General Service Co., 6% pref. (quar.)__
Indiana & Michigan Elec. Co., 7% pref. (quar.)
6% preferred (quar.)
Industrial Securities Corp., 6% pref_
Inland Investors (interim)_.
„Inspiration Mining & Development Co
International Button-Hole Sewing Machine—International Paper & Power
5%
5%
$1 X
six
SIX
t20c
Apr.
25c
Apr.
Apr.
lc
-
1 Mar. 20
1 Mar. 20
Apr.
Mar. 20
Mar.
Mar. 15
Potash Co. of America (quar.)
Price Bros. & Co., Ltd., pref. (quar.)__
Procter & Gamble Co., 8% preferred (quar.)
Mar.
Mar. 14
Apr.
Mar. 20
Mar. 20
Public Service Co. of Colorado
SIX
Apr.
Mar. 14
six
six
Apr.
Apr.
Apr.
Mar. 14
Mar.
Mar. 18
25c
preferred B (quar.)—_
preferred (quar.)_
Kansas Gas & Electric Co. 7%
$6 preferred (quar.)
r_
Kerr-Addison Gold Mines (interim)
20c
50c
King-Seeley Corp
Kittanning Telephone Co. (quar.)_
Knapp-Monarch Co., $2.70 pref. (quar.)__
$2 H preferred (quar.)
Kobe, Inc., preferred A
K W Battery Co., Inc. (quar.)
Lion Oil Refining Co. (quar.)
—
67 He
62 He
t30c
6H% preferred (quar.) - - - - - 6H% preferred (quar.)-__
6H % preferred (quar.)
Lynn Gas & Electric Co. (quar.)
(A. G.) & Co. classB (quar.)--------
Preferred lauar.)
Feb.
Apr.
Apr.
Apr.
Mar. 21
Ray-O-Vac
May
Mar.
Apr.
Mar. 31
Apr.
Afar.
Mar. 21
Mar. 26
Preferred
Mar. 20
_
Extra- ji.
it
•»
Apr.
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 31 Mar. 21
55c
Apr.
15 Mar. 31
60c
Apr,
Apr.
15 Mar. 31
$7H
10c
30c
1 Mar. 24
Mar. 20 Mar. 10
1 Mar. 15
Apr.
1 Mar. 20
$1
30c
Apr.
SIX
Apr.
1 Mar. 11
75c
Apr.
Apr.
Apr.
1 Mar. 15
5c
S1H
50c
Mar. 15 Mar. 10
1 Mar.
10 Mar. 31
Mar. 31 Mar. 20
Mar. 31 Mar. 20
$1H
$1
Feb.
Mar. 21
30c
20c
Mar.
Mar.
25c
1.7c
Apr.
Apr.
Mar. 15
SIX
Mar. 11
30c
Apr.
Apr.
50c
Mar.
Mar. 15
SIX
Mar.
Mar. 15
Apt.
Mar. 24
Mar.
Mar. 20
V
10c
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
15 Feb.
15 Apr.
1
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 15 Mar. 12
Mar. 21
Mar. 24
Mar.
Mar. 20
Mar.
Mar. 20
10c
Apr.
Mar. 22
Apr.
$1.31 X Apr.
Mar. 15
Mar. 15
Mar. 21
50c
Mar.
50c
Mar.
Mar. 21
40c
Apr.
May
Mar. 15
SIX
SIX
50c
Apr.
Apr.
May
Apr.
Apr.
16
16
Mar. 11
Mar. 15
May
Apr.
14
Mar.
Mar. 19
$1H
SIX
Apr.
Apr.
Mar. 15
SIX
Apr.
Apr.
Apr,
Apr.
50c
Mar. 15
30c
15c
75c
71 He
$1
SIX
Apr.
Apr.
Mar.
Mar.
Mar. 21
Mar. 14
Mar. 20
Mar. 20
Mar. 15
Mar. 15
Feb.
3
Mar. 17
58 l-3c Apr.
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar.
50c
41 2-3 c
SIX
$5
Mar. 20
Mar. 22
Mar. 20
Apr.
30c
Pacific
Pacific Tin
Consolidated Corp
— —
$6% conv. pref. (quar.) —
Utah Consolidated Mines Co—
—~
Park & Tilfords, Inc.,
Co. for Insurance on Lives & Granting
Annuities (quar •)---------- - - Peoria Water Works, 7% pref. (quar.) —
Perfect Circle Co. (guar.)
Apr.
Mar. 18
25c
_ — _
Apr.
1
Mar. 10
Mar. 15
Mar.
Mar. 21
Apr.
Apr.
Mar. 20
SIX
SIX
Mar.
Mar. 19
15c
Mar.
Mar. 24
75c
Mar.
Mar.
87H/C
10c
40c
SIX
40c
Mar. 31
7
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 14
1
75c
Water Co., 4H% pref.
Co_
1
1 Mar. 11
1 Mar. 21
Wagner Baking
7% preferred
Mar. 31 Mar. 20
Mar. 31 Mar. 20
SIX
SIX
Six
1
Apr, 15 Apr.
Apr.
1 Mar. 18
Apr.
1 Mar. 29
25c
Mar. 28 Mar. 18
1 Mar. 18
SIX
Apr.
Six
Mar. 31 Mar. 10
25c
Mar. 20 Mar.
25c
- - T. ¬
Apr.
Apr.
Apr.
$1H
$1H
37Hc
SIX
(quar.)
62 He
t50c
%1V\
II
37 Xt
31 He
15c
J75c
J75c
75c
75c
75c
t$l
43 Xc
25c
12Hc
37Hc
37 He
25c
82Hc
$1 X.
20c
62Hc
$1 X
tl7»1
7
1 Mar. 18
1 Mar. 18
1
15 Apr.
Mar. 15 Mar. 10
Mar. 29
1 Mar. 15
Apr.
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Mar. 15 Feb. 15
Apr.
Apr.
15 Mar. 22
1 Mar. 20
Mar. 25 Mar. 15
Mar. 31 Mar. 20
7
May
1 Apr.
7
May
Apr.
7
May
Apr.
7
Apr.
May
Apr. 23 Apr. 16
Mar. 15
Apr.
Mar. 24
Apr.
Apr. 23
May
Apr. 15 Mar. 31
Mar. 15 Mar.
4
Mar. 15 Mar.
4
Apr. 15 Apr.
5
Apr.
1 Mar. 22
Apr.
1 Mar. 13
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Nov. 15
Mar. 31 Mar. 15
Mar. 15 Mar.
5
Apr.
5
1 Mar. 15
40c
Apr.
Mar. 19
15c
May
Apr.
Apr. 21
SIX
Six
$1H
l1^
SIX
J
SIX
50c
$1
62Hc
37l^cC
Mar. 15 Mar.
Mar. 21
Apr.
Mar. 14
Apr.
Apr.
Mar. 20
Mar. 15
Mar. 31 Mar. 22*
Apr.
Apr.
Apr.
Apr.
15
5
5
1
Mar. 20
Mar. 18
Mar. 18
Mar. 15
Mar. 25
$1H
$1H
Mar.
20c
Mar.
Mar. 20
Apr.
Mar. 20
62Hc
75c
Mar.
Mar. 21
Mar.
Mar. 19
SIX
SIX
Mar.
Mar.
Apr.
Apr.
Apr.
six
Apr.
Mar. 21
75c
Apr.
Apr.
Mar. 21
$1H
30c
— ----
& Light, pref. (quar.).-Steel (Calif) (quar.)-...
Electric Co.
Grocers, Ltd (quar,)__
-
West Kootenay Power
-
six
(quar.)...
Westmoreland Water Co., $6 preferred
Wheeling & Lake Erie Ry------White Villa Grocers, Inc., 6% pref. (quar.)—.
Wichita Water Co., 7% pref. (quar.)
Winn & Lovett Grocers, class A (quar.)
Class B_
—
---Preferred (quar.) - Wiser Oil Co. (quar.) — _
Mar. 25
25
10
Mar. 21
Mar. 19
Mar.
Mar. 20
Mar.
Mar. 26
75c
$1
Apr.
Apr.
Apr.
Mar. 20
Mar.
Mar. 17
50c
Mar. 20
Mar. 20
Apr.
Mar. 20
$1
Apr.
Mar. 25
$1H
Apr.
Mar. 15
SIX
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
t SIX
50c
$1
SIX
25c
25c
_ —
Wood, Alexander & James, 1st pref.Woodley Petroleum Co. (quar.)
Yosemite Portland Cement, pref
Mar.
25c
75c
SIX
(quar.)
Massachusetts Cos.
Mar. 11
Mar. 15
Mar. 20 Mar. 12
62 He
■_
(quar.)
-
Apr.
Mar. 20
20c
Western Pipe &
Preferred
Mar. 18
75c
------
preferred (quar.)
Extra.
Mar. 18
Apr.
Apr.
Apr.
SIX
—
Corp.
Mar. 21
1
Apr.
Apr.
50c
——
Preferred (quar.)
Extra
Mar. 20
Mar. 31 Mar. 18
Mar. 31 Mar. 18
SIX
SIX
7% preferred (quar.)
—-J—-----Texas Electric Service, $6 pref. (quar.)
Torrington Co. (quar.) - - - Trade Bank & Trust (N. Y.) (quar.)
——
Tri-Continental Corp., $6 cum. pref. (quar.)___
Tri-County Telephone, 1st pref. (quar.)- — __--TubizeChatillon Corp.. 7% cum. pref. (quar.)-_
Twin State Gas & Electric, prior lien (quar.).__
Underwood Elliott Fisher Co. (quar.)
United Fruit Co------ - -—- ^
United Shoe Machinery (quar.)
Preferred (quar.)
United States Electric Light & Power Shares, Inc
United State & Foreign Securities Corp.—
Preferred (quar.) - —
v V* ~ t ~
United States Foreign Securities, 1st pref. (qu.)_
Universal-Cyclops Steel--- ----—
Viau Ltd., preferred (quar.)
/—
Virginia Railway (quar.)
Vulcan Corp., $3 conv. prior preferred (quar.)__
Vulcan Detinning Co..
-
Western
Mar. 26
Mar. 20
3,
(quar.)------
Terry Steam Turbine
Western
Apr.
Apr.
Apr.
20c
--
-
Western
Mar. 31 Mar. 22
10c
Telegraph (s-a)
preferred A
-—
Southwestern Light & Power, $6 pref. (quar.)._
Southwestern Portland Cement, 8% pref. (qu.) _
Spring Valley Co., Ltd. (liquidating)
Standard-Coosa-Thatcher Co. (quar.)
Standard Paving & Materials, pref.
Staylon Oil Co. (quar.)—_ —
Steel Co. of Canada, Ltd. (quar.)
—
7% preferred (quar.)
Steel Co. of Canada (quar.).
Preferred (quar.)
—
Standard Fire Insurance Co. of N. J. (quar.) —
Standard Fuel Co., Ltd., 6 H % pref
Stix, Baer & Fuller, pref. (quar.)
Stouffer Corp., class B
—
Sun Glow Industries (quar.)
Sunsetr-McKee Saiesbrook Co., class B
Class A (quar.)
-- -- -- -- —
Superheater Co. (quar.)
—
Superior Portland Cement, part, class A—.—
Superior Water, Light & Power, pref. (quar.).__
Tamblin (G.) (quar.) - - - - - - - Preferred (quar.)----------m--—-------—
Telluride Power, 7% preferred (quar.)
Terminals & Transportation Corp., $3 pref
2d
Mar. 15
Mar. 31 Mar. 22
90c
-
1
1
1
1
$1H
Onomea Sugar
SIX
10c
Ottowa
Penna.
SIX
25c
-
Co. (monthly)
—
Co., pref. (quar.)
Electric Ry
Can Co. (quar.)
Greyhound Line pref. (quar .) — —
Lighting Corp. $5 pref. (quar.) —
Telephone & Telegraph (quar.)
5
Mar. 15
——
Co. (quar.)- — —
Associates (quar.)
7
Mar. 30
Mar. 15
1
Apr.
25c
5c
Southwest Natural Gas
75c
SIX
——
Southern & Atlantic
15 Mar. 28
Mar. 13 Mar. 10
Mar. 31 Mar. 20
15c
Otter Tail Power
Park
■"
8 %c
5c
Southern Acid & Sulphur Co., Inc
7 % preferred (quar—
1 Mar. 15
May 15
Fire Insurance Co
Newberry (J. J.) Realty pref. A (quar.)
—
Preferred B (quar.)
New Jersey Water Co., 7% pref. (quar.)
New London Northern RR. Co. (quar.)
New York Air Brake
New York & Honduras Rosario Mining Co.
New York Power & Light, $6 pref. (quar.)——
7% preferred (quar.)
New York & Richmond Gas Co.—
6% cum. prior pref. (guar.)--—----New York State Gas & Electric pref. (quar.)
Nicholson File Co. (quar.)__
--Special
North American Co. (see "Gen. Investment and
Corporation News11 section of this issue).
6% preferred (quar.)
5X% preferred (quar.)
North Liberty Gas (semi-annual)
Northwestern National Insurance Co. (quar.) —
Ohio Public Service Co. 7% pref. (monthly) —
6% preferred (monthly)
_______ _
5% preferred (monthly).
Ohio Telephone Service, preferred (quar.)
Apr.
Apr.
* - —
5c
(quar.)--
South Pittsburgh
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
2Hc
tic
SIX
Preferred
Mar. 24
New Hampshire
Mar. 31 Mar. 17
10c
Singer Manufacturing Co. (quar.).
Sivyer Steel CastingSmith (L. C.) & Corona Typewriters, Inc
15
Apr.
Apr.
-——
Mar. 31 Mar. 17
50c
20c
.
Preferred
June
-—-——-
50c
20c
Safety Car Heating & Lighting Co
Safeway Stores, Inc
5 % preferred (quar.)_
—
St. Louis National Stockyards
Savannah Sugar Refining Corp. (quar.)
Scranton Electric Co., $6 preferred (quar.)_ —
Scudder, Stevens & Clark Fund, Inc. (quar.)_
Seaboard Commercial Corp. (quar.)
Preferred A (quar.)
Sedalia Water Co., 7% pref. (quar.)
Selected Industries, Inc., $5H div. prior stk (qu)
Shaffer Stores Co., 5% pref. (quar.)
Sharon Steel Corp-i,
1
1 Mar. 21
Mar. 27 Mar. 20
1 Mar. 20
37Hc
l—-
Apr.
Apr.
—-
3 Mar. 12
Mar, 31 Mar. 24
1 Mar. 20
1 Mar. 20
1 Mar. 14
Apr.
1 Mar. 14
Apr.
Apr. 19 Mar. 31
18 Mar. 31
Apr.
1 Mar. 20
Apr.
-- -- -- - — -
-—-
Apr.
lc
Pacific
_
50c
SIX
Pacific
-- -- -- --
25c
SIX
Nehi Corp.
Apr.
25c
58 l-3c Apr.
50c
Apr.
87Hc
Russell Industries (quar.)__
Preferred (quar.)
7% preferred (guar.) ——----------Diablo Oil Mining & Development Co
Murphy (G. C.) Co. 5% pref. (quar.)
Murray Ohio Manufacturing.
Mutual Telephone (Hawaii) (quar.)
Nanaimo-Duncan Utilities (s.-a.)
Nation-Wide Securities Co., not tr. shs
National Candy Co. 1st & 2d pref. (quar.)
National Dept. Stores, preferred.
National Discount Corp. (quar.)__
5% preferred (quar.)
_.
— ——
National Shirt Shops of Delaware, Inc.—
$6 prior preferred (quar.)_— — —
—
National Supply 5H% prior preferred
6% prior preferred
National Steel Corp. (quar.)--—
Pacific
- -
- _ _ -
Extra
Jan.
Mar. 31 Mar. 14
15c
------------------
1 Mar. 22
15 Mar. 25*
1 Mar. 15
Roberts Public Markets, Inc.
23
SIX
SIX
Old Colony Trust
-
June 21
Dec.
6% preferred (quar.)
5% preferred (quar.)
Montgomery (H. A.) Co
Morrison Cafeterias Consolidated, Inc.—
Old Colony Insurance
_
Sept. 20
Mar. 10
$1H
Extra—-—
-
_
Oct.
(quar.)..
Mt.
15c
Reed
6% preferred (quar.)
$6 preferred (quar.)_
Missouri Gas & Electric Service Co
Modern Die & Tool Co. (quar.)
Monarch Royalties, Ltd
Monmouth Consolidated Water, $7 pref. (quar.)
Monongahela Valley Water Co., 7% pref. (qu.)
Montana-Dakota Utilities Co
- _
(quar.)
1st preferred (quar.)
New Britain Machine (quar.)
-
-
July
75c
Megus Mines, Ltd. (initial)----------- - ---- - Merchants Bank of New York (quar.)___
1 Mar. 15
Apr.
Apr.
Apr.
$1H
—
SIX
SIX
SlYs
SIX
6
SIX
(R. C.) Co., preferred (quar.)
Class A preferred (quar.)
Mahoning Coal RR
—----Mansfield Tire & Rubber Co
$1.20 conv. preferred (quar.).
Marlin-Rockwell Corp
— - - - Matson Navigation (quar.)_Marion Water Co., 7% preferred (quar.)
--Mead Johnson & Co. (quar.)
-----
Apr.
—
Reece Button-Hole Machine Co.
50c
—
Mahon
Navarro Oil Co. (quar.)
(quar.)
(quar.).
15
15 Dec. 15
1
Mar. 15 Mar.
1 Mar. 20
Apr.
Dec.
S2
__—
25c
--------
Minneapolis Power & Light, 7% pref.
28
15 June
Sept. 15 Sept. 15
41 2-3c Apr.
(quar.)
Mar. 21
10
SIX
Class B (extra) —-----McQuay-Norris Mfg. Co. (quar.)
Magazine Repeating Razor, preferred
Magoror Car Corp. (quar.)
June
B
Mar.
20c
-—
Mar. 15 Mar. 15
25c
6% preferred (monthly)
5% preferred (monthly)
Radio Corp. of America 1st pref.
50c
- -
» - -
Mar. 31 Mar. 20*
SIX
37Hc
37Hc
im¬
(quar.)
Drug Co., class A (quar.)
Common (quar.)_
Reed Roller Bit Co. (quar.)
Extra
I.
Reliable Fire Insurance (Dayton) (quar.)
5c
25c
Lone Star Gas--—--Ludlow Manufacturing Associates—
Lunkenheimer Co. 6H% preferred (quar.)
30c
SIX
preferred (quar.)
Railroad Employees Corp., class A&B_
80c. preferred (quar.)—
Rath Packing Co
-
Apr.
Apr. 21 Mar. 21
Apr.
1 Mar. 15
Apr. 15 Mar. 21
SIX
(qu.)_
7% pref. (mthly.)
Apr.
5c
5
1 Mar. 15
Mar. 22 Mar. 21
SIX
Providence Gas Co
Mar. 14
5
Mar. 15 Mar.
$1
15c
15c
30c
providence & Worcester RR. Co. (quar.)
Prudential Personal Finance Corp. (Bait.)
SIX
Apr.
Apr.
Apr.
1
5
Mar. 15 Mar.
1.31 X Apr.
Pond Creek Pocahontas Co-
Apr.
50c
(quar.)
Kahn's (E.) Sons (quar.)
Preferred (quar.)
Kansas City Power Light
1 Mar. 20
$1?4
$1H
—--.w
-
pref. (quar.)
Joplin Water Works Co., 6% pref.
"'-S1-; Extras
1 Mar. 20
Apr.
Apr.
Apr.
$1H
5
1 Mar. 22
Apr.
15c
SIX
$1H
—
5
5
Nov. 15 Nov.
Feb. 15 Feb.
25c
(quar.)_
50c
Preferred (quar.)--------....-Jefferson Electric
McKee
15 Mar. 31
Mar. 28 Mar. 18
Mar. 28 Mar. 18
UK
'.)•
(quar
Phillips Packing Co., preferred (quar.)
Pittsfield Coal Gas (quar.)
Pittsburgh Screw & Bolt—j
-----1.---—■
Plough, Inc
Philadelphia National Insurance
Plymouth Oil Co. (quar.)
Pollock Paper & Box Co., 7% pref. (quar.)
7 % preferred (quar.)
7% preferred (quar.).__
7% preferred (quar.)
Pollocks, Inc. (quar.)
1 Mar. 15
Island Creek Coal Co
Jenkins Bros., 7%
1
1 Mar. 20
1 Mar. 22
50c
15
35c
50c
1 Mar. 15
75c
1 Dec.
May 15 May
Aug. 15 Aug.
Preferred A
(quar.)
Peter Paul, Inc. (quar.)
Petroleum Exploration, Inc.
Extra
Apr.
pref. (quar.)
Investors Royalty Co., Inc. (quar.);
Preferred (quar.)
Iowa Public Service Co., $7 1st pref. (quar.)_-_
$6H preferred (quar.)_
.
—
$6 first preferred (quar.)
Jan.
35c
35c
SIX
62 He
cum.
—_I_I
Preferred A (quar.)
Preferred A (quar.).
Mar. 29 Mar. 21
Mar. 29 Mar. 21
Mar; 29 Mar. 21
Investment Co. of America
50c
35c
Quarterly
mx
six
t$l M
preferred
cum. conv. preferred (quar.)__
International Paper Co. 7% preferred (quar.)_.
International Power Co., Ltd. 7% preferred
Interstate Bakeries Corp., preferred
1 Mar. 15
1 June 14
1 Sept. 15
Preferred A
Apr.
Co.—
Oct.
1 Mar. 11
1 Mar. 20
May 30 May
2c
30c
Apr.
July
50c
1 Mar. 11
Mar. 31 Mar. 20
20c
cum. con v.
Investment Foundation Ltd.
Apr.
Apr.
Apr.
50c
Quarterly
Quarterly
Mar. 29 Mar. 19
1 Mar. 11
Apr.
5bc
50q
Peninsular Telephone (quar.).
Mar. 31 Mar. 15
Mar. 20 Mar. 10
35c
Ideal Cement Co. (quar.)
Income Foundation Fund, Inc. (quar.)__-
Payable of Record
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
1695
Financial Chronicle
The Commercial &
Volume 152
mYc
10c
t5c
1
Mar. 20
Mar. 20
Mar. 20
Mar. 12
Mar. 12
15
May
Apr.
Mar.
Mar. 19
Apr.
Mar. 21
/
1696
The Commercial & Financial Chronicle
Below
March
paid.
The list does
nounced this week, these
not include dividends
When
Holder*
Payable of Record
an¬
being given in the preceding table.
Avery (B. F.) & Sons pref. (quar.)
Axton-Fisher Tobacco preferred
Baldwin Oc. preferred A (quar.)
Per
Name of
Company
40c
$6 preferred
$5 preferred (quar
Alabama & VIcksburg Ry. Co.
(s.-a.)
(quar.^.
.
.
—
Apr.
1 Mar. 14
1 Mar. 14
May
1
25c
SIX
six
1 Mar.
7
15 Mar. 20
B(
>sr
Ba.
50c
o
(H. W.) Co. (quar.)
Dolomite, Inc
ian-Blessing Co
Preferred (quar.)
Bayuk Cigars, Inc
Beaton & Caldwell Mfg
Beatrice Creamery (quar.)
Bas
20c
25c
Preferred (quar.)
Beech Creek RR. Co. (quar.)
Extra
Belding-Corticelli Ltd. (quar.)
Preferred (quar.)
Bell Telephone of Canada
Bell Telephone Co.
(Pa.) 6H% pref. (quar.)
6X% preferred (final)
For period from Apr. 1 to
Apr. 15, 1941; all
outstanding pref. stock being redeemed
on Apr. 15.
Belmont Radio Corp. (quar.)
Beneficial Industrial Loan Corp
------- -----
-
-
-
Mar. 31 Mar. 15
Bird & Son, Inc
June 30 June
5Cc
Sept. 30 Sept.
Dec. 31 Dec.
Mar. 31 Mar.
June 30 June
Sept. 30 Sept.
Dec. 31 Dec.
Birmingham Water Works Co., 6% pref. (quar.
Bishop Oil Co, (guar.)
Black & Decker Mfg. (quar.)
--
50c
—-—
—
Preferred (quar.)
American Cyanamid Co. class A & B com.
(qu.)
5% 1st, 2nd & 3rd series cum. conv. pref.
(qu.)
$15*
SIX
SIX
six
tsix
10c
30c
25c
25c
75c
(quar.)
Foreign Power $6 preferred
25c
40c
SIX
SI
SIX
68Xc
Mar. 15
Mar.
5
5
Mar. 15 Mar.
Mar. 15,Mar.
3
Mar. 31 Mar. 14
1 Mar. 11
Apr.
Apr.
Apr.
Apr.
Apr.
1.5c
14 June
4
1 Mar. 17
1 Mar. 17
1 Mai. 12
12 Xc
SIX
June
Apr.
Apr.
10c
1 Mar. 12
1 May 25
Sept.
1
Dec.
1 Nov. 25
1 Mar. 14
1 Mar. 15
Aug. 25
Mar. 15 Feb. 21
Mar. 15 Feb. 21
Mar. 15 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
5
2 nd preferred
American Hard Rubber pref.
(quar.)
American Hardware Corp. (quar.)
American Hawaiian
Steamship
25c
Mar. 20
Mar. 10
50c
Extra
American Investment Co. of 111.
5% pfd. (qu.)_
$2 preferred (quar.)_
i
American Machine & Foundry Co
5-month period, Nov.
1,1940, to Mar. 31, *41.
American
Maize-Products
Preferred (quar.)
American
Manufacturing Co
Preferred (quar.)
American Meter Co., Inc
Mar. 31
75c
Corp
American Insurance Co.
(Newark, N. J.) (s.-a.)
Mar. 31 Mar. 20
1 Mar. 14*
Apr.
1 Mar.
Apr.
4
1 Mar.
Apr.
4
20c
25c
5c
62 ^c
50c
34c
Apr.
Apr.
1 Mar. 14
Mar. 15
1 Mar. 14
1 Mar. 14
Mar. 26 Mar. 10
25c
Mar. 31 Mar. 24
Mar. 31 Mar. 24
SIX
25c
1 Mar. 15
Apr.
1 Mar. 15
SIX Apr.
75c
Mar. 15 beb. 26
30c
Mar. 15 Mar. 5
American News Co
American Oak Leather preferred
(quar.)
American Optical Co.
(quar.)
American Power & Light
Co., $6 preferred
$5 preferred
American Paper Co. 7% preferred
SIX
2.5c
13 He
(quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Public Service Co.
7% pref. (quar.)-American Radiator & Standard
Sanitary
SIX
six
SIX
SIX
SIX
15c
SIX
American Rolling Mill.
(quar.)
American States Insurance Co.
(Ind.) (quar.)-_
Foundries-—----------—-
—
Stores Co
Sugar Refining pref. (quar.)
Sumatra Tobacco Co.
(quar.)
Telephone & Telegraph Co.
(quar.)_
Tobacco Co., preferred
(quar.)
Water Works & Electric
Co., Inc..
$6 1st preferred
(quar.)
Amoskeag Co. semi-ann__
$4X preferred (s.-a.)
Anaconda Copper
Mining Co
Andes Copper
Mining Co
Applied Arts Corp
—
Arkansas Power & Light—
7% preferred (quar.)
$6 preferred
(guar.)
Armour & Co. (Del.)
pref. (quar.)
Armstrong Cork Co. pref. (quar.)
1 Mar. 22
1 Mar, 22
Apr.
1 Mar. 10
30c
Mar. 15 Mar.
25c
Apr.
Mar.
Mar.
Feb.
SIX
25c
S2X
SIX
Apr.
Mar.
Apr.
Apr.
SIX Apr.
75c
July
S2X July
50c
25c
10c
15c
(quar.)._.^
15c
15c
10c
SIX
t25c
tsix
(quar.)
50c
(quar.)
Atlanta Gas Light 6% pref.
(quar.)
Atlantic City Fire Insurance Co.
(quar.)
Atlantic Refining preferred
(quar.)
(~quar.)__
(Hartford) (quar.)
Mar. 15
15 Mar. 15
Mar. 13
Mar. 13
25c
12Xc
Refining (quar.)
5
16 June
6
Sept. 15 Sept. 5
Dec. 15 Dec.
5
Mar. 20 Feb. 28
Mar. 31 Mar. 3
June
May 26
Mar. 15
Mar. 15
SI
Preferred (quar.)
Associated Breweries of Canada
Preferred (quar.)
Associates Investment Co.
1 Mar. 10
June
SIX
SIX
50c
SI
25c
25c
15c
75c
Mar
Mar.
18
5*
Mar. 10
Mar. 14
June 21
June 21
1 Mar. 15
1 Mar. 15
1 Mar. 10
Mar. 15 Mar.
1
Mar. 25 Mar. 11
Mar. 21 Mar. 14
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 11
Mar. 15 Mar. 14
Mar. 31 Mar. 15
1 Mar. 15
Apr.
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 14
Mar. 31 Mar. 20
1 Apr.
May
4
Mar. 15 Feb.
21
Mar. 25 Mar.
7
Mar. 15 Feb. 27
1 Mar. 20
Apr.
Apr.
1 Mar.
8
1
Mar. 31 [Mar. 15
Mar. 3llMar. 15
Mar. 15 Mar.
5
or.
HFeD. 28
Mar. 28 Mar. 20
Mar. 15 Mar.
1
Mar. loMar.
5
Mar. 31 Mar. 14
25c
Mar.
37 He
$1H
50c
40c
40c
$2
jMar. 10
Mar.
Mar. 22
Mar. 31 Mar. 22
Mar. 31 Mar. 25
1 Mar. 14
Apr.
Mar. 15 Mar.
7
1 Mar. 18
Apr.
Mar. 31 Feb. 28
1 Mar. 10
Apr.
SIX
75c
Mar. 20 Mar.
20c
Apr. 15 Mar. 31
Apr. 15 Mar. 31
liMar. 15
Apr.
10c
Yl
2r
50c
75c
Bright (T. G.) & Co. (quar.)
Preferred (quar.)
Brillo Mfg. Co., Inc. (quar.)
Class A (quar.)
7Hc
$1H
British-American Assurance (semi-ann.)
British-Columbia Power class A (quar.)_-_
SIX
20c
50c
50c
3c
15c
uar.)
Brooke (E. & G.) Iron Co
Brunswick-Balke-Collender Co
Preferred (quar.)
Bucyrus-Erie Co
Preferred (quar.)
$15*
SI
Mar. 28 Mar. 17
Mar. 3HMar. 14
Mar. 15 Mar.
7
Mar.
Feb. 28
Mar.
Feb. 28
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar.
Apr.
Apr.
Apr.
Mar.
$15*
Mar.
75c
Mar.
17Hc
50c
50c
50c
10c
Burlington Steel Co.. Ltd. (quar.)
Butler Water Co., 7% preferred
(quar.)
15c
Byers (A. M.) Co. 7% prferred
Div. of $2.11346 representing
reg. quar.
div. of $1X due Feb. 1, *37 and int. there
on to Apr. 1. *41.
Calgary & Edmonton Corp
California Ink Co
California-Western State Life Insurance—
$15*
Mar. 15
Mar. 15
Mar. 27
|Mar.
31
Mar. 31
Mar. 10
15 Mar.
5
1 Mar. 20
1 Mar. 15
1 Mar. 15
15 Feb. 21
31 Mar. 17
31 Mar. 17
Apr.
1 Mar. 15
Mar. 31 Mar.
Mar. 27 Mar.
Mar. 27 Mar.
Mar. 20 Mar.
1 Mar.
Apr.
Mar. 15 Mar.
3
14
14
10
15
1
Apr.
—
(semi-annual)
Calumet & Hecla Consolidated Copper
7
__
_
50c
*\&
Preferred (participating dividend)
Building Products, Ltd. (quar.)
Bullard Co
Bulova Watch Co. (quar.)
Extra
Burd Piston Ring
5c
62Hc
1 Mar. 15
Apr.
7 Mar.
7
Mar. 20 Mar. 10
50c
t*?1
Apr.
Apr.
Apr.
Apr.
Mar.
1
Mar. 15
15c
37 Xc
28
Mar. 15
Mar. 15
Mar. 15
Mar. 20jFeD.
28
Mar. 24 Mar. 10
Mar. 15 Mar.
1
37Xc
37X c
June
37 Xc
A (quar.)
Class A (quar.)
Canada Malting Co., Ltd. (quar.)
Canada Northern Power Co.
(quar.)
Preferred (quar.)
Canada Permanent Mortgage Corp.
Feb.
Mar.
X75c
750c
:75c
SIX
Breweries, $3 preferred
Cement 6 X % preferred
Dry Ginger Ale (quar.)
Foundries & Forgings, class A (quar.)_.
A (quar.)
Mar.
25c
i..
Cambria Iron Co. (semi-ann.)
Canada Packers, Ltd. (quar.)
Dec.
16 June
2
Sept. 15 Sept.
1
15 Dec.
1
150c
Mar. 15 Feb.
28
125c
1
Apr. 25 Mar.
Apr. 15 Mar. 31
Mar. 15
Apr.
Mar. 21
Apr.
XllX
(quar.)
JS2
Steamship Line 5% preferred
S2X
Canada Wire & Cable class A (quar.)
Class B (quar.)
SI
50 c
Preferred (quar.)
-
Canadian Canners
First preferred (quar.)
First preferred (participating dividend)——
Second preferred (quar.)
:
Second preferred (participating dividend)
Canadian Car & Foundry preferred
Mar.
Mar.
Feb.
28
SIX
X12X c
125c
Mar.
Feb.
28
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
:5c
use
:5c
144c
Feb. 28
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 21
Subject to approval of Can. Foreign Exch
Control Board.
Canadian Converters
Canadian Cottons, Ltd. (extra)
Common (quar.)
Preferred (quar.)
Canadian Foreign Invest. 8% pref. (quar.)—
Canadian General Electric Co., Ltd. (quar.)._
Canadian Industries A & B (quar.)
Preferred (quar.)
Canadian Oil Cos. pref. (quar.)
Canadian Celanese, Ltd
7% cum. part, preferred (part. div.)_.
Preferred (quar.)
Canadian Westinghouse Co., Ltd.
(guar.)
Canadian Wirebound Boxes, class A (quar.)—
Canfield O ilCo. (quar.)
:50c
t$2
A
!$i
tsix
XS2
:$2
tsix
xsix
XS2
12 5c
I60c
Apr. 30 Apr. 10
1 Mar. 15
Apr.
1 Mar, 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr.
Mar. 31 Mar. 14
Mar. 31 Mar. 14
isix Mar.
"50c
1 Mar. 15
Apr. 30 Mar. 31
Apr. 15 Mar. 31
1 Mar. 20
Apr.
Apr.
31 Mar. 14
1 Mar. 17
137Hc
$1
six
1 Mar. 15
Apr.
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Cannon Mills Co
50c
Capital City Products
Cariboo Gold Quartz Mining Co., Ltd. (quar.)_
15c
Anr.
1 Mar. 18
Mar. 20 Mar. 10
Mar.
3
Apr.
6% preferred (quar.)
Extra
—
Carpenter Steel Co
Carter (Wm.) Co. preferred (quar.)
Preferred (final)
Case (J. I.) Co., preferred (quar.)
Celanese Corp. of America
7% cum. 1st part, preferred (part, div.)
7% cum. 1st part, preferred (semi-ann.)
7% cum. prior preferred (quar.)
7% cum. prior preferred (quar.).
Central Col
~>ld Storage'Co. (quar.)..
"
25c
Mar. 15 Mar.
Mar. 10
Mar. 10
Mar. 10
—
Canada
2a
Mar.
Brazilian Traction Light & Power pref. (quar.).
Bridgeport Brass Co
Bridgeport Gas Light (quar.)
Briggs & Stratton Corp. (quar.)
Canada
Canada
Canada
Class
Class
15
22
t93 X c
31 He
Extra
Extra
Canada
10
15
7,Mar. 17
_
(
13
14
10
Mar.
'
Porcupine Mines, Ltd.
Mar. 13
Apr.
mx Mar.
Albany KR
Boston Elevated Ry. Co.
(quar.)
Bower Roller Bearing
Bralorne Mines, Ltd. (quar.)
Bronlan
15
15
28
21
37 He
—
—
-
Boston &
Api.
15c
—
1
Mar. 17
Mar. 24 Mar. 11
Mar. 18 Mar. 11
Mar. 31 Mar. 10
SIX Apr.
SIX Apr.
six
Apr.
Arnold Constable
Corp
Art Metal Works, Inc.
(quar.)
Asbestos Corp., Ltd.
Autocar Trucks $3 cum. &
part. pfd.
Automobile Insurance
Apr.
Apr.
Apr.
35c
Apr.
SIX Apr.
75c
Apr.
SIX
Apr.
40c
---
Blaw-Knox Cc. (interim)
Bliss (E. W.) Co. 6%
preferred.6% preferred (quar.)
5% preferred
5% preferred (quar.)
Bliss & Laughlin, Inc
Preferred Jquar.)
Block Bros. Tobacco 6% pref. (quar.)
Bohn Aluminum & Brass
Bond Stores, Inc. (quar.)
Borg-Warner Corp.
Budd Wheel Co. preferred
(quar.)
Mar. 31 Mar. 20
Apr.
$1 X
10c
SIX
2 He
Buckeye Pipe Line Co
$2
25c
American Hide & Leather
Co., pref. (quar.)
American Home Products
62 He
25c
(quar.).
pref.
19
1 Mar
8
Mar. 31 Mar. 20
1
SIX Apr.
Mar. 15
t$7
15c
45c
$2 X orior preference series of 1938 (quar.)
19
$1,185* Apr.
(Houston) (qu.)
pref. (quar.)
Preferred (quar.)_,
1 Mar. 14
Apr.
25c
25c
40c
(quar.)
4 X% cum. preferred
(quar.)
American General Insurance Co.
American Hair & Felt 1st
1 Mar. 11
Apr.
June
t35c
American Gas & Electric Co.
Extra
15
Mar. 31 Mar. 15
Apr. 15 Mar. 20
Mar. 15 Mar.
1
15c
t30c
$7 preferred
American Fork & Hoe
15
1 Mar. 15
1 Mar. 17
Apr.
Apr.
SIX
SIX
SIX
SIX
7% preferred A (quar.)
American Express Co.
(quar.)
American Felt Co., preferred
15
15
15
15
Mar. 31 Mar. 21
S1.31X Mar. 31 Mar. 21
1 Mar. 17
SIX
\pr.
40c
-
American Envelope Co., 7% pref. A
(quar.)
7% preferred A (quar.)
15
Apr.
Mar.
SIX Apr.
50c
Mar.
Apr.
Mar.
$1
Apr.
25c
1 Mar.
Apr.
1 Mar.
$1
Apr.
1 Mar.
$15*
Apr.
:$2
Apr. 15 Mar.
Apr. 15 Mar.
$is/8
27c
Apr. 15
Beech-Nut Packing Co. (quar.)._-
Berghoff Brewing (quar.)
Bethlehem Steel Corp
Corp. 71%
1 Mar. 10
1 Mar. 10
1 Mar. 12
Mar. 31 Mar. 15
Mar. 15 Mar.
1
Apr.
Apr.
1 Mar.
Apr.
1 Mar.
SIX A or.
Mar. 15 Feb.
37 Xc
50c
Mar
Apr.
—
15c
$1H
1 Mar. 20
Apr.
Mar. 15 Mar.
1
Mar. 15 Feb. 28
40c
50c
—
25c
—
-
1 Mar. 17
Mar. 25 Mar.
3
Mar. 21 Mar. 10
1 Mar. 15
Apr.
Mar. 15 Feb. 28
$1
—
preferred
American Chain & Cable Co., Inc—
Preferred (quar.)
American Chicle Co. (quar.)
American Cigarette & Cigar, pref.
(quar.)
American Cities Power & Light class A
(quar.)-American Colortype (quar.)
American Crystal Sugar
Apr. 18
Apr.
25c
—
Preferred (quar.)
American Can Co. 7% pref. (quar.)
American Capital Corp. $3
Quarterly
Atlas Corp
Afclas T^ck Corp-
Mar. 20
Mar. 20 Mar. 7
1 Mar. 15
Apr.
1 Mar.
Apr.
1
1 Mar.
Apr.
1
$i x
—
Preferred
1
1
43 He
7% preferred (quar.)
7% preferred (quar.)
Altorfer Bros. $3 preferred
Amalgamated Sugar
American Agricultural Chemical Co__
American Alliance Insurance Co.
(quar.)._
American Automobile Ins. Co. (St.
L.) (quar.)-American Bank Note, preferred
(quar.)
American Brake Shoe &
Foundry
&
1
Apr.
Apr.
7.5c
ili'4
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Oil
Apr.
Mar. 14
1 Mar.
8
1 Mar.
8
1 Mar. 15
Apr.
—
Elxtrsi
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
5Cc
Alpha Portland Cement
Aluminum Co. ol America._
Preferred (quar.)
Aluminum Industries, Inc. (quar.)
Aluminum Manufacturers, Inc.
(quar.)
Ashland
4
Apr.
Apr.
Apr.
1X%
Apr.
Allied Stores Corp. 5% pref.
(quar.)
Steel
15
Mar. 15 Mar.
——
Allied Chemical & Dye Corp.
(quar.)
Allied Laboratories. Inc.
(quar.)
Allied Products Corp. (quar.)
Class A (quar.)-. ——
Preferred (quar.)
American Snuff Co.
Preferred (quar.)
Apr.
Apr.
$15*
Alabama Power Co. $7 pref. (quar.)
—
Mar.. 31 Mar. 12
Mar. 31 Mar. 12
10c
SIX
37Xc
35c
$1
30c
as
Agnew-Surpass Shoe Stores pref. (quar.
Agricultural Insurance Co. (Watertown, N. Y.)
Quarterly
S eel
Holders
Payable of Record
SIX
Bankers Trust- Co. (quar.)
...
Allegheny Ludlum
When
Share
Abbott Laboratories (quar.)
Extra-Preferred (auar.)
Aero Supply Manufacturing Co.. class A
(quar.)
Aetna Ball Bearing Manufacturing
Aetna Casualty & Surety Co. (quar.)--Aetna Life Insurance Co. (quar.)
American
American
American
American
American
American
American
1941
give the dividends announced in previous weeks
we
and not yet
American &
IS,
4c
Apr.
Mar.
50c
Mar.
Mar. 10
SIX
SIX
six
2c
Mar.
Mar. 10
Apr.
Mar. 12
50c
Mar.
$2.82 Mar.
Mar. 14
Mar. 14
S3H June
SIX Apr.
SIX July
June 17
25c
June
3
June 16
June 17
Mar. 14
Mar. 15 Mar.
5
Volume
Central Elec. & Telep. Co. 6% pref. (quar.)
Central Franklin Process
^
Apr.
SIX Apr.
a Apr.
Apr.
SIX
Preferred
Central iiauover Bank & Trust Co. (quar.)
Central Illinois Light Co. 4H % pref. (quar.)
Central Illinois Public Service, 6% pref
Mar. 15 Feb.
SIX
20
4c
Extra
Central & South West Utilities Co.—
$7 prior lien preferred
-
Cream
Apr.
Mar. 15 Mar.
28
7
7
7
7
21
Mar. 20
Dominion Textile Co.
25c
Mar. 31 Feb.
Apr.
1 Mar.
Apr.
1 Mar.
Mar. 31 Mar.
SI
50c
Apr.
SI H
_
Preferred (quar.)
City Auto Stamping
City Investing Co
;
-
Apr.
Mar.
May
15
Sept.
Apr.
Aug.
15
Mar.
18
_
Mar. 15
Apr.
Mar. 14
Mar.
Mar.
10
Feb.
26
Mar.
Feb.
26
Preferred (quar.)
Coast Counties Gas & Elec..
Apr.
$1.06 X Mar.
25c
Apr.
Colgate-Palmolive-Peet pref. (quar.)
Finance (Lima, Ohio) (quar.)
Colonial
Colonial Ice Cc. $7
preferred (quar.)
$6preferred B (quar.)
--
pref. (qu.)_
(quar.)
(quar.).
-—
Investment Trust Corp
$4H series of 1935 conv. preference (quar.)
Commonwealth & Southern $6 preferred
Commonwealth Telephone
—
Electric Auto-Lite Co
Mar. 20
Mar. 20
Electric Power & Light Corp. $6
Mar. 12
Apr.
preferred--(quar.)_
Special
Mar.
Mar.
5
Quarterly
SIX
S1H
S1H
$1H
25c
75c
Mar.
Mar
June
Sept. 25
D-«c.
Dec.
Feb.
28
Mar. 14
75c
Mar. 15
75c
Mar.
Mar. 15
t$3H
SIX
Mar.
Apr.
Mar. 31
Mar. 28
Mar.
veo.
Apr.
Apr.
Apr.
Apr.
Mar. 10
30c
Mar.
Mar.
1
Fanny Farmer Candy Shops
Mar.
Mar.
1
Fansteel Metallurgical Corp.
SIX
Ever-sharp Inc., new 5%
Ex-Cell-0 Corp
Mar. 15
Mar. 15
Apr.
Mar. 14
Mar. 14
Farallone Packing Co.
Mar.
Mar. 15
Farmers & Traders Life Insurance
—
Michigan RR. Co. (s.-a.)
(quar.)
Deisel-Wemmer-GiJbert (quar.)
Dayton &
Mar.
Mar. 10
Mar. 14
Federal Insurance Co.
Mar. 14
Mar. 15
Federal Light & Traction Co. (quar.)
Federal Machine & Welder Co. (stock
Mar. 15
Federal Mining & Smelting
Mar. 11
SIX
Mar.
Mar.
35c
Mar.
Feb.
12Hc
Mar.
Mar. 10
50c
Mar.
Mar. 14
56 Xc
Mar.
Feb.
5c
Apr.
25c
Apr.
Federal-Mogul Corp
Ferro Enamel Corp
.-Fifth Avenue Coach
Finance Co. of America (Bait. A & B (quar.)
Preferred (quar.)
Finance Co. of Penna. (quar.)
Fireman's Fund Indemnity (quar.)
First Bank Stock Corp. (s.-a.)
First National Stores (quar.)
First State Pawners Society (quar.)
Fiscal Fund, Inc., beneficial shares—
Insurance stock series (stock dividend)-Bank stock series (stock dividend)
Fitzsimmons Stores, Ltd.—
SIX
Mar.
15
Mar. 13
Mar. 17
$2
Mar.
Mar. 17
1.5c
Mar.
Mar. 20
SIX
SIX
Mar. 20
10c
Apr.
Apr.
Aug.
SIX
Delaware
Mar.
Apr.
Veh.
50c
Mar.
35c
Mar.
50c
Mar.
30c
pref. (quar.).
7%
jyies A
- - - — -
Manufacturing Co., prior pref. (qu.)
Represents two quar. divs. of 75c. each for
first two quarters of 1941
Prior preferred (from earnings of year 1940)
Derby Oil & Refining 14 preferred
7%
Co
7% preferred
div.).—
Co—
-
(quar.)
7% preferred
Flintkote Co
(quar.)
Mar.
Mar. 15
Florsheim Shoe Co.,
Class B
Preferred
Mar.
Mar. 15
Mar. 20
class A_
.
- - -
Mar. 15
Apr.
Apr.
Apr.
Mar. 15
Mar.
Mar. 15
Mar.
Mar.
Apr.
Mar. 20
Mar.
Mar. 10
Apr.
July
Apr.
1
July
1
SIX
SIX
SIX
SIX
4Xc
Oct.
Mar. 15
Mar. 15
Oct.
Dec.
Dec.
Mar.
lc
Apr.
Apr.
SIX
May
Apr.
Mar.
1
1
23
1
1
18
Apr.
$1
1 Mar. 20
Apr.
1 Mar. 19
37 He
SIX
Mar.
1
Apr.
Mar.
6
Mar. 18
Mar. 29 Mar.
15
Mar. 15
31 Mar. 15
14
Sept. 30 Sept. 15
Dec. 18 Dec. 15
Mar. 15 Feb. 28
Apr.
1 Mar. 12
Mar. 15
1
Apr.
Apr.
Mar. 31 Mar. 15
(quar.)
(quar.)--.
Fox (Peter) Brewing (quar.)___
Frankenmuth Brewing Co. (quar.)
Franklin County Distillers,
Franklin Process Co. 'quar.
Fred Fear & Co__
Galland Mercantile Laundry (quar.).
preferred (quar.)—
Galveston-Houston Co
Gamewell Co., pref. (quar.H
Gannett Co., $6 pref. (quar.)
Garfinkel (Julius) & Co. (quar.)
6% conv. preferred (quar.)
Gar Wood Industries
...
1 Mar. 20
Mar. 21
Apr.
25c
100%
Mar. 26 Mar. 17
7
Mar. 15 Mar.
$1
Mar. 20 Mar. 10
25c
Mar. 15 Mar.
5
25c
Mar. 20 Mar.
5
25c
Mar. 28 Mar. 14
15c
Mar. 31 Mar. 21
Mar. 31 Mar. 21
6He
$2
50c
Mar. 15
Apr.
30c
Apr.
Apr.
62 He
SIX
Mar. 15 Mar.
5
Mar. 14
Mar.
8
Mar. 31 Mar. 21
2 H%
Mar. 15 Feb.
15
2H%
Mar. 15 Feb.
15
17Hc
17Hc
17Hc
June
SIX
Gear & Machine Co., pref. (final)-.
Co
Ford Motor Co. of Canada A & B (quar.)
Foster & Kleiser. preferred (quar.)
Foster Wheeler $7"preferred
$7 preferred (quar.)
Foundation Co. (Canada)
Four Wheel Drive Auto
SIX
June 30 June
35c
Foote-Burt
SIX
87 Xc
Mar. 15
Mar. 17
25c
Foote Bros.
Mar.
Apr.
25c
50c
Food Machinery
Apr.
Mar. 14
Mar. 14
5
Mar. 15 Mar.
Mar. 14
Apr.
35c
— -
preferred (quar.)
1
Mar. 14
Mar.
3
Mar.
5
Mar. 14
_
Apr.
Apr.
Apr.
—
—
(N. J.) (quar.)
28
25c
20c
Delta Electric
22
Fedders Manufacturing
25c
31 Xc
$1H
De Long
July
Mar.
7oc
$1
37 He
20c
8% Preferred
Mar. 20
Mar. 25
25C
25c
Federal Bake Shops
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 25
20c
25c
28*
3 Mar. 25
25c
Mar. 14
Mar.
28
SIX
62 Xc
S2X
$2H
Faultless Rubber Co. (quar.)
Apr.
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$3H
56Hc
SIX
3c
(quar.)
Mar.
5H%
25
Mar. 20 Mar. 10
Mar. 20 Mar. 10
$1I
50c
SIX
SIX
SIX
25
25
1 Oct.
25c
(quar.).
20c
10*
1 Apr.
1 July
SIX
Mar. 15
Apr.
Apr.
25c
(quar.)_-
Aug.
Nov.
t5c
(quar.)
—
$5 pref. (quar.)—
Mar.
50c
May
65c
$5 preferred (quar.)
$5 preferred (quar.)
$5 preferred (quar.)
15
Mar. 31 Mar. 15
35c
Falconbridge Nichol Mines, Ltd. (interim)
Falsiaff Brewing, preferred (seml-ann.)
Famous Players Canadian (quar.)
Mar. 15
14
31
31
50c
pref. (quar.)
60c
Davega Stores Corp
—-—
5% cum. ccnv. preferre 6<~~nr )
Davenport Hosiery Mills
David & Frere, Ltd., class A (quar.)
Davidson & Boutell Co., 6% pref. (quar.)
-
May
25c
90c
8
20
SIX
—
50c
7
Apr.
1
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 15 Mar.
Apr. 15 Mar.
40c
Engineers Public Service Co. $6 cum. pref. (qu.)
$5H cum. pref. (quar.)
$5 cum. pref. (quar.)
English Electric Co. of Canada, cl. A (quar.)_._
European & North American Ry. (s.-a.)
1
Mar.
15
Mar. 20
50c
Preferred A (quar.)
Apr.
Apr.
Mar. 24 Mar.
40c
—
(Dallas), (quar.)
Empire Power Corp., $6 cum. preferredParticipating stock
Emporium Capwell Co. (quar.)
7% preferred (s.-a.)
14
Mar.
Mar. 15 Feb.
40c
Employers Casualty Co.
25
Sept.
6% preferred B (quar.)
El Paso Natural Gas (quar.)
15
June
8
Mar. 31 Mar. 10
$1
SIX
SIX
SIX
SIX
Quarterly
$1X May
Crystal Tissue Co__
Cuban-American Sugar 7% preferred5H% preferred— Culver & Port Clinton RR. Co. (s.-a.)__
Cuneo Press 4 H % pref. (initial)
Curtis Publishing Co. prior preferred (quar.)—
Curtiss-Wright Corp., class A.
Cutler-Hammer
Daniels & Fisher Stores Co. (quar.)_.
5
SIX
SIX
Preferred (quar.)
--Continental Telephone Co. 7% part. pref. (qu.)_
6H% preferred (quar.)
Courtaulds. Ltd., ordinary (final)__
Crane Co. 5% cum. conv. preferred (quar.)_—
Credit Acceptance Corp. SI .40 conv. pref. (qu.)
Creameries of America, Inc. (quar.)_.
Crowell-Collier Publishing Co. (quar.)
Crown Cork & Seal Co., Inc.—
$2)4 cum. preferred (quar.)
Crown Drug Co
Crown Zeilerbach
Crucible Steel Cc. of America 5% pref. (quar.)_
Crum & Foster 8% pref. (quar.)--
Dennison
14
Mar.
8
Mar.
25c
pref. (initial)
10c
Consolidated Laundries pref. (quar.)__
Consolidated Water Power & Paper—
Consumers' Power $5 preferred (quar.)
Series N. Y
15
Mar.
62 He
(qu.).
May
Mar.
Mar.
Mar. 31 Mar. 10
50c
7% preferred A (quar.)
Apr.
Mar. 20
20c
El Paso Electric, $4 H cum.
Mar. 15
Mar. 20
1
1
1
1
Apr.
Apr.
Apr.
Apr.
50c
5% preferred (s-.a.)
Mar. 14
Apr.
May
25c
'
Consolidated Film Industries, pref
Consolidated Gas El. Lt. & Power Co. (Balt.)_.
4% series C preferred (quar.)
4)4% series B preferred (quar.)_ —
Consolidated Investment Trust (quar.
preferred (quar.)
Deposited Bank Shares of r*.
t30c
T35c
Elgin National Watch
Elizabeth & Trenton RR. (s.-a.)__
$1H
$1%
SIX
28
28
Mar. 30 Mar. 10
Electrolux Corp
Quarterly
Fund, Inc
Hook & Eye (quar.)
Co. (quar
Dentists' Supply Co. (N. Y.) 7%
7% preferred (quar.)
7% preferred (quar.)
Mar. 15 Feb.
(quar.)
Mar. 11
Mar. 10
10c
%\X preferred (quar.)
Continental Assurance Co. (quar.)
Continental Bank & Trust Co. (N. Y.)
Continental Can Co.. Inc. (interim
Continental Oil of Delaware
Continental Steel Corp
Mar. 15 Feb.
Co. (quar.)
Mar. 11
Mar. 10
10
Mar.
_
Mar. 31 Mar. 15
pref
Apr.
$1.06H Apr.
75c
Apr.
Quarterly
Quarterly
Quarterly
.
Congoleum-Nairn, Inc. (quar.)
Connecticut Gas & Coke Securities pref. (quar.)
Connecticut Light & Power Co. (quar.)
Consolidated Aircraft Corp. pref. (quar.) —
Consolidated Biscuit
Consolidated Dry Goods Corp. 7%
Consolidated Edison of N. Y. pref.
Preferred
Mar. 15
30c
—
Electric Storage Battery
Mar. 31
5
Mar.
25c
75c
$7 preferred
5
Mar.
62Hc
—
Mar.
75c
$1.06 & Mar.
ptcL C (qu.)-
6% preferred (quar.).
Compo Shoe Machinery
Preferred (quar.)
Confederation Life Association (Toronto)
Apr.
Electric Controller & Mfg
Mar.
JlOc
Mar. 17
(Madison, Wis.)—
6% preferred (quar.)
Commonwealth Utils. Corp. 6H%
11
Apr.
50c
Colt's Patent Fire Arms (quar.)
25
Mar.
3c
Mar. 15
Apr.
Apr.
Apr.
Apr.
75c
Apr.
SIX
SIX
__—
1-Mar. 20
Mar. 15 Feb.
31 Me
5% 1st pref. (quar.)
Commercial Alcohols Ltd.. 8% cum.
Mar. 25 Mar. 15
1
Mar. 15 Mar.
Mar. 15
Apr.
SIX
six
tl7Hc
%
1
Mar. 25 Mar.
tSlH
SIX
Preferred (quar.)
Easy Washing Machine Co., Ltd., 7% pref—
Ecuadorian Corp., Ltd., ordinary shares
Eddy Paper Corp
Edison Bros. Stores, Inc. (quar.)
5% cum. preferred (quar.)
Egry Kegister, 5H% preferred (quar.)
Mar. 25 Mar .-15
-
..
Mar. 15
Mar. 22
Apr.
Mar. 18
Apr.
Apr. 25 Apr. 10
Apr. 15 Mar. 17
Mar. 14
Apr.
Mar. 14
Apr.
10c
Assoc. prior pref. (quar.)..
6% preferred
50c
(interim)
10c
SIX
Eastman Kodak Co. (quar.)
Mar. 15
Apr.
liMar. 15
Apr.
Mar. 31'Mar. 21
75c
Cluett, Pea body & Co., Inc.
$2
SIX
SIX
(quar.)
Eastern Gas & Fuel
Mar.
30c
SIX
East Malartic Mines (interim)
East Mass. Street Ry., 1st pref. A
Mar. 17
Mar.
Preferred
Mar. 15
Apr.
Apr.
.
,
( preferred (quar.)
Eagle Picher Lead
18
Mar.
1
Apr.
Mar. 25 Mar. 15
Mar. 21
Apr.
—.
-
Mar. 31
Apr.
75c
(quar.)
Duplan Silk Corp. 8% pref. (quar.) —
duPont (E. I.) de Nemours, pref. (quar.)
Duquesne Light, 5% pref. (quar.)
75c
Climax Molybdenum Co
Clorox Chemical (quar.)
SIX
(quar.)
Dun & Bradstreet. Inc.—
Apr.
July
$1U
75c
Preferred
17
June
Mar. 15
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Apr. 15 Mar. 31
Mar. 15
Apr.
60c
Preferred
Apr.
62 He
(s.-a.)
Duke Power Co
SIX
Equipment Co
Preferred (quar.)
Cleveland Electric IJuminating
Preferred (quar.)
tSIX
$3
(quar.)
Driver-Harris Co
Mar. 20
June
(quar.)
(quar.)
Draper Corp. (quar.)
10
Mar. 20 Mar. 10
Mar. 15 Feb. 24
siM
5$
SIX
SIX
SIX
$1 X
-----
-
Dover & Rockaway RR. Co.
24
Mar. 20 Mar.
S32 H
SIX
SIX
SIX
SIX
si.13
SI X
(quar.)
(quar.)
Dominion Textile Ltd.
Mar. 20
Mar. 15 Feb.
$1H
--
Preferred
Mar. 20
_
3
Apr.
1 Mar. 10
Apr, 21 Mar. 31
Mar. 15 Mar.
62 He
J5uc
-
Dome Mines, Ltd
Preferred
Mar. 25 Mar. 18
6
Mar. 16 Mar.
l55Hc
Corp.-Seagrams.(auar.)
Dominion Glass, Ltd.
Mar. 31 Mar. 20
25c
(quar.)_
Terminal, preferred (quar.) _ _
Commercial Credit Co.
Apr.
Apr.
75c
Cincinnati & Suburban Bell Telephone
Clark Controller Co_
Mar. 31 Mar.
62 He
43 He
Preferred (quar.)
Cincinnati Gas <Sc Electric pref. (quar.)
Cine. New OrlAc Tex. Pac.Ry., 5% pref.(quar.)
Cincinnati Union
Mar. 31 Mar.
$1H
SI
Extra
Distillers
Dixie-Vortex Co. class A (quar.)
13
2 Aug. 12
2 May
Sept.
25c
25c
—
1
1
Mar. 15 Mar.
June
75c
(semi-annual)
Dirco-Twin Truck Co
28
1
Mar. 15 Mar.
25c
Diamond T Motor Car
1
Mar. 15 Mar.
$1 X
(quar.)
1 Mar. 20
Mar. 15 Feb.
25c
Preferred
llMar. 15
Apr.
12c
Apr.
25c
Preferred
15 May
15 Aug.
16 June
Mar. 22 Mar. 10
Apr.
1 Mar. 20
25c
Class B
1 Mar. 15
t$l
Chicago Flexible Shaft (quar.)
Chicago Pneumatic Tool (initial)
S3 preferred (quar.)
S2X preferred (quar.)
Chicago Railway Equipment, preferred
Chicago Rivet & Machine
Chicago Towel Co
5% preferred (quar.)
-
May
May
June
Dewey & Almy Chemical Co
7
Mar. 27 Mar. 13
75c
$1
Preferred (quar.)
Christiana Securities
B-
Mar. 15 Mar.
Devonian Oil Corp
Mar. 18 Mar. 14
Mar. 15 Mar.
10c
10c
5(lc
50c
10c
25c
25c
SIX
_
Detroit Steel Corp
Devoe & Raynolds, com. A &
Preferred (quar.)
5 Dec. 20
5
Mar. 15 Mar.
June 16 June
Jan.
$2
10c
Diamond Match Co.. common
Preferred A (quar.)
Chesebrough Manufacturing Co. (quar.)
Preferred
28
10c
Chesapeake & Ohio Ry. (quar.)
Commercial
28
Mar. 20 Feb.
$1H
Co
Chartered Trust & Executor Co. (Toronto, Ont.)
(quar.)
Chefford Master Mfg. Co., Inc. (quar.)
Cherrv-Burrell Corp
Clark
Mar. 20 Feb.
15c
(quar.)
Ice
15
25c
Champion Paper & Fibre
Prelerred
Mar. 31 Mar.
$1 X
SIX
...
Chapman
Mar. 31 Mar. 15
2c
Central Patricia Gold Mines, Ltd. (quar.)---_-
$6 prior lien preferred
Chanxberlin Me.al Weather Strip___
Quarterly.
Quarte ly
Quarterly
Quarterly
20
Mar. 15 Feb.
5 June 20
July
Detroit Michigan Stove Co., common
Common
17
1 Mar. 20
SIX
$6 prelerred
25c
Semi-annually
Mar. 18
1 Mar.
5
Mar. 15 Mar.
(s.-a.)_.-
Detroit Hillsdale & Southwestern RR.
1 Mar. 18
Record
of
Company
Detroit Harvester Co
Mar. 17
Mar. 31
75c
$2
_
Holders
Name of
Payable of Record
Share
Company
Holders
When
Per
Name of
1697
Financial Chronicle
The Commercial &
152
Sept.
May 20
Aug. 20
Dec.
Nov. 20
Mar. 25 Mar. 15
Mar. 17
Apr.
Apr.
Mar. 17
Mar. 31 Mar. 15
Mar. 31 Mar. 15
June 30
25c
July
50c
Mar. 15 Mar.
5
25c
Mar. 15 Feb.
22
37 He
t$7
SIX
25c
30c
25c
2Hc
15c
50c
2H %
50c
25c
SIX
SIX
17Hc
37Hc
20c
Mar. 15
Apr.
Apr.
Mar. 15
Mar. 15
Apr.
Apr.
18 Mar. 31
Mar. 20 Mar. 10
Mar. 15
Apr,
_
Mar. 15 Mar.
5
Apr.
Mar. 10
Apr.
Mar. 18
Mar. 15 Feb. 25
Mar. 15
Apr.
Apr.
Mar. 14
Mar. 15 Mar.
Apr.
5
Mar. 15
15
Mar. 31 Mar. 15
Mar. 24Feb. 24
Mar. 31 Mar.
The Commercial & Financial Chronicle
1698
Per
Name of
Share
Company
Gatineau Power Corp. (quar.)
20c
-
$1.37
5H% preferred (quar.)
5% preferred (quar.)
Gaylord Container Corp
81H
12Hc
12 He
-
Extra
68 He
25c
(quar.)
Preferred
General Acceptance
Class A (quar.)
General Candy Corp.. class A (quar.)
General Cigar Co
Electric
—
Co
Preferred
__.
Co. class A (quar.)
1H%
(quar.)
67c
;_
15c
(quar.)
General Public Utilities, Inc., $5 pref. (quar.).
General Railway Signal pref. (quar.)
....
General
Refractories
81H
SIX
SIX
40c
50c
Co
General Reinsurance (N. Y.)
35c
General Telephone Corp. (quar.)
82 H preferred (quar.)
General Theatres Equipment Corp
General Time Instruments (quar.)
62 He
25c
50c
...
Mar. 12
Mar. 12
40c
81H
50c
#1H
62 He
20c
50c
SIX
25c
Goodyear Tire & Rubber Co. (quar.)
25c
Extra
Preferred (quar.)
Goodyear Tire & Rubber of Canada (quar.)
81H
J62c
t81H
Extra
Preferred (quar.)
Gorton-Pew Fisheries (quar.)
Grand Union Co., arrear. ctfs
Great American Insurance Co. (quar.)
Great Lakes Paper Co., Ltd., $2 cl. A & B pref..
Great Lakes Power Co., Ltd., series A prer. (qu.)
,62!LC
75c
25c
t25c
t$lH
50c
Great Northern Ry. preferred.
Great Western Sugar
50c
(quar.)
Green (Daniel), preferred (quar.)
Greening (B.) Wire Co., Ltd., common (quar,).
Greenwich Gas Co. part. pref. (quar.)
Greyhound Corp. (quar.)
Preferred (quar.)
Griggs, Cooper & Co., 7% pref. (quar.)
Group No. 1 Oil
Gorbam Mfg. Co
Gruen Watch Co
Preferred C (quar.)
Guaranty Trust Cc. of N. Y. (quar.)
Gulf Oil Corp
Gulf Power Co., $6 pref. (quar.)
Gulf States Utilities, $6 pref. (quar.)
$5H preferred (quar.)
Hackensack Water Co. pref. A (quar.)
Hall (C. M.) Lamp Co
Hall (W. F.) Printing (quar.)
Haloid Co. (quar.)
Hamilton Cotton, Ltd., preferred
Preferred (quar.)
Hamilton United Theatres, preferred
'
SIX
six
tl5c
31 He
25c
13Hc
3,
50c
12 He
37 He
3%
25c
81H
$1" '
43 He
20c
25c
25c
t25c
50c
SIX
25c
4X % preferred (quar.)
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Gas Co. 7% preferred (quar.)___
Harrisburg Steel Corp. (quar.)
_
Harshaw Chemical Co. (quar.)
Haverty Furniture Cos., preferred, (quar.)__
Harvey Hubbel, Inc. (quar.)
Haverty Furniture Cos., Inc. $1H pref. (quar.)
S1H
S1H
81H
25c
37 He
37Hc
40c
37 He
_
Hazel-Atlas Glass Co
Hazeltine Corp. (quar.)
Hearst Consolidated Publications, class A
Heath (D. C.) & Co. 7% pref. (quar.)
43 He
81H
__
Hecla Mining Co
20c
Heileman
25c
(G.) Brewing (quar.)
Hein-Werner Motor Parts (quar.)
20c
Heller (Walter E.) & Co. (quar.)
10c
5c
_
Helme (Geo. W.) Co
Preferred (quar.)
81H
81H
Hercules Powder Co__
Hewitt Rubber Corp. (quar.)
60c
25c
Hibbard Spencer, Bartlett (monthly)
Hibernia National Bank (N. O.) (s.-a.)
Hickok Oil Corp. (quar.)
__
15c
_
25c
50c
___________
10c
.
81H
31 He
__________
5% preferred (quar.)
Paper
___
Preferred (quar.)
Hinde & Dauch Paper (Can.) (quar.)
HoUinger Consolidated Gold Mines (mo.)
Holly Development Co. (quar.)
Holcphane Co., Inc., pref. (s.-a.)
Home Fire & Marine Insurance (quar.)
Home Gas & Electric pref. (quar.)
Home Insurance (Hawaii) (quar.)
Quarterly
Quarterly
Quarterly.
Homestake Mining Co. (monthly).
Honolulu Oil Corp. (special)
Hooker Electrochemical Co. pref. (quar.)
Hooven& Allison preferred (quar.)
Hoskins Manufacturing Co..
Houdaille-Hershey, class A (quar.)
__
5c
lc
;*
1 Mar. 29
1 Mar. 10
15 Mar. 31
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
8
15 Feb.
31
20
21
21
21
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
2 Mar. 21
Apr.
1
Apr. 15 Mar. 20
Apr.
1 Mar. 20
Apr. 15 Mar. 31
1 Mar. 14
Apr.
2 Mar. 15
Apr.
2 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. Al Mar. 20
1 Mar. 22
Apr.
Apr.
1 Mar. 22
Apr.
lApr.
Mar. 14
1
Mar. 15 Mar.
1
Mar. 20
Apr
Mar. 20
Apr.
Mar. 12
Apr.
Mar. 14
Apr.
Apr.
Mar. 20
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 31 Mar. 17
Mar. 15 Mar.
Mar. 20 Mar.
Apr.
Apr.
Apr.
1
5
Mar. 22
Mar. 15
Mar. 15
Mar. 31 Mar. 15
Mar. 15 Feb. 28
Mar. 20 Mar.
5
Apr.
1 Mar. 15
Apr. 21 Apr.
Apr. 15
7
Mar; 31
Mar. 26 Mar. 12
1 Mar. 14
Apr.
Apr.
1 Mar. 20
Mar. 20 Mar.
8
Apr.
1 Mar. 20
Apr.
1 Mar. 14*
Mar. 15 Mar.
1
Mar, 15 Mar.
1
Mar. 31 Mar. 29
Mar. 15 Feb. 15
Mar. 15 Feb. 28
Mar. 20 Mar. 10
Mar. 20 Jan. 31
Mar. 20 Jan. 31
Apr.
1 Mar.
8
Apr.
1 Mar.
8
Mar. 25 Mar, 14
Mar. 15 Mar.
1
Mar. 28 Mar. 18
July
1 June 17
Mar/15 Mar.
Mar. 15 Mar.
Apr.
Apr.
Apr.
Apr.
8
8
1 Mar. 22
Mar. 22
Bell
Quarterly
___,
Indianapolis Power & Light.
5H% preferred (auar.)_______
Indianapolis Water Co. 5% cum. pref. A (quar.)
Industrial Credit Corp. (N. E.) (quar.)
___ —
Extra
Industrial National Bank of Chicago
-
International Cigar Machinery Co
5-months period, Nov. 1,1940. to Mar. 31, '41
international Harvester, (quar.)
Payable in U. S. funds.
(quar.)
Payable in United States funds.
International Ocean Telegraph Co. (quar.)
62 He
_
25c
81
81H
_•_
75c
37Hc
30c
81H
15
Mar. 31
Mar. 31 Mar. 21
Apr. 1 Mar. 1
Mar. 31 Mar. 30
Mar. 31 Mar. 20
Apr. 15
1
7
Mar. 17
Mar. 11
Mar.
4
Mar.
4
25c
81H
37 He
84c
40c
Apr.
Mar.
Mar.
4
Mar.
5
Mar.
5
Mar.
Mar. 10
Apr.
Apr.
Apr.
Apr.
Mar. 21
Mar. 20
Mar.
Mar. 10
Feb.
28
Mar. 12
Apr. 15 Mar. 20
Mar. 31 Mar.
1
May
50c
1
Mar. 29
Mar. 15*
Mar. 15
Mar. 13
Apr.
81H
7Hc
1 Apr.
Apr.
Apr.
37Hc
(quar.)
International Silver, preferred (quar.)
International Vitamin Corp. (quar.)
Apr.
Mar. 25 Mar. 15
Mar. 17 Mar.
].
Inter-Ocean Securities Corp. A & ,B (stks. & divs)
1 -40th sh. of Inter-Ocean Re-Insurance
Preferred (semi-annual)_________
Interstate Dent. Stores (quar.).
50c
Apr.
15c
Interstate Home Equities
25c
Mar. 18
Apr.
Mar. 15 Feb. 28
Mar. 15 Feb. 28
—_
_,
Interstate Hosiery Mills,
Interstate Telephone preferred (quar.)__
Investment Corp. (Philadelphia)
Investors Distribution Shares, Inc. (quar.)
Iron Fireman Mfg. Co. (quar.)
25c
-
—
75c
30c
June
Sept.
Aug.
Dec.
25c
Nov. 10
Mar. 17
Apr.
Mar. 14
Apr.
Mar. 14
Apr.
1
Mar. 15 Mar.
17c
$1 H
15c
12Hc
75c
Jefferson Standard Life Insurance (s.-a.)__
Jersey Central Power & Light, 7% pref. (quar.)
6% preferred (qtiar.)-—
5H % preferred (quar.)—
Jewel Tea Co. (quar.)
Corp
81X
SIX
60c
75c
81H
Preferred (quar.)
Johnson Stephens & Shinkle Shoe
Joliet & Chicago RR. (quar.)
20c
Jones &
Laughlin Steel preferred
Joslyn Manufacturing & Supply
Preferred (quar.)
Joy Manufacturing Co
Kalamazoo Vegetable Parchment (auar.)
Kansas Pipe Line & Gas, preferred (quar.)
Kansas Power Co., $7 pref. (quar.)
$6 preferred (quar.)
Katz Drug Co_
Preferred (quar.)
Kaufmann Dept. Stores, Inc., 5% cum. pf. (qu.)
Keith-Albee-Orpheum, 7% preferred
Kelley Island Lime & Transport
--
Kemper-Thomas Co., 7% special pref. (quar.)__
7% special preferred (quar.)
7 % special preferred (quar.)
81H
t$l
75c
81H
30c
15c
37Hc
81H
81H
12Hc
81H
SIX
t$lH
25c
81H
Special
-
—
10
9
_
Mar. 15 Feb. 28
July 26 July 22
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 10
6
Mar. 20 Mar.
Mar. 24 Mar. 10
Apr.
1 Mar. 17
Apr.
Apr.
Apr.
1 Mar. 20
7 Mar. 21
5 Mar. 17
Mar. 15 Mar.
Mar. 15 Mar.
1
1
1
Mar. 15 Mar.
Mar. 31 Mar. 22
Apr.
1 Mar. 15
Apr.
Apr.
1 Mar. 20
1 Mar. 20
Mar. 15 Feb. 28
Apr.
1 Mar. 15
Mar. 15 Feb. 28
Apr.
1 Mar. 14
Mar. 31 Mar. 20
June
2 May 20
2 Aug. 20
Sept.
81H
Dec.
1 Nov. 20
Mar. 31 Feb. 28
Mar. 31 Feb. 28
Apr. 15 Mar. 31
25c
31 He
Kennedy's. Inc., preferred (quar.)
Kerlyn Oil class A (quar.)
Keystone Custodian Fund series S-l
1 May
$1 H
25c
Kennecott Copper Corp
Series S-3
Apr.
1 Mar. 15
Mar. 15 Mar.
1
Mar. 15 Feb. 28
81H
30c
30c
Quarterly
Quarterly
Irving Air Chute Co., Inc. (quar.)
Jamaica Public Service (quar.)
7% preferred (quar.)
Jamieson (E. E.) Co
Jefferson Lake Sulphur Co., Inc. (quar.)
Johns-Manville
Mar. 15
__
10c
*
8Hc
Apr.
1 Mar. 10
65c
Keystone Steel & Wire Co
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Kings County Lighting Co., 7% ser. B pf. (qu.)_
6% series C preferred (quar.),
5% series D preferred (quar.)
Mar. 15 Feb.
28
20c
___;
Mar. 15 Feb.
28
25c
Mar. 15 Mar.
25c
Apr.
Apr.
Apr.
Apr.
Apr.
81H
$1 H
SIX
81H
1
1
1
1
1
1
Mar. 12
Mar. 12
Mar. 15
Mar. 15
Mar. 15
5c
Mar. 15 Mar.
1
May
1 Mar. 31
lc
May
10c
Kirby Petroleum Co
Kirkland Lake Gold Mining (s.-a.)
Extra
25c
Klein (D. Emil) Co
Kleinert (I. B.) Rubber
20c
Koppers Co., preferred (quar.)
Kresge Dept. Stores, pref. (quar.)
Kroger Grocery & Baking (quar.)
7% preferred (quar.)
—
6% preferred (quar.)
Kysor Heater Co. (quar.)
Lackawanna RR. or New Jersey (quar.)
La Crosse Telephone Co. 6% pref. (quar.)
Lake Shore Mines, Ltd
Subject to approval of Foreign Exchange
81H
$1
50c
81 H
81H
15c
1 Mar. 31
Apr.
1 Mar. 20
Mar. 31 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 20
Mar. 17 Feb.
May
Apr.
1
Apr.
28
19
1 Mar. 15
Mar. 15 Mar.
3
1 Mar. 14
^ .:$L Apr.
1 Mar. 20
81H Apr
1
:50c Mar. 15 Mar.
Control Board.
La ma que Gold
Lambert Co
10c
Mines, Ltd. (quar.)
LandisMachine Co. 7% pref. (quar.)
7 % preferred (quar.)
+
7 % preferred (quar.)
i
—
—
7% preferred (quar.)
Lane-Wells Co. (quar.)
La Salle Industrial Finance
37Hc
81H
81H
S1H
3 He
Corp
17Hc
t50e
--
t50c
t50c
10c
Ik-eferred (quar.)_
Lehigh Portland Cement Co. 4% pref. (quar.)__
Lehman Corp. (quar.)
Extra
—
-
62 He
$1
25c
5c
25c
5c
__
Lexington Telephone Co. (quar.)
6% preferred (quar.)
Libbey-Owe us-Ford Glass
Liberty Loan Corp. c lass A (quar.)
Liggett & Myers Tobacco pref. (quar.)
Lily-Tulip Cup (quar.)
Lincoln National Life Insurance Co. (quar.j
Quarterly
Quarterly
Lindsay Light & Chemical Co. pref. (quar.)
Link Belt Co. pref. (quar.)..
Liquid Carbonic Corp. (auar.)
Lit Bros, preferred
65c
60c
81H
50c
30c
81H
1 Mar.
7
1 Mar. 17
Mar. 15 Mar.
Jane 15 June
Sept. 15 Sept.
5
5
5
5
19
Mar. 31 Mar. 16
Mar. 31 Mar. 16
June 12 June
3
Sept. 12 Sept.
3
Dec.
Apr.
Apr.
Apr.
Apr.
Apr.
3
12 Dec.
1 Mar. 15
1 Mar. 15
1 Mar. 14
4 Mar. 21
4 Mar. 21
Mar. 31 Mar. 20
Mar. 15 Mar.
5
Mar. 15 Feb. 21
Mar. 15 Mar.
1
Apr. 15 Mar. 31
Mar. 15 Mar.
3
Apr.
Apr.
1 Mar. 21
1 Mar. 11
30c
30c
Mar. 15 Mar. 1
1 Apr. 25
May
1 July 26
Aug.
30c
Nov.
30c
—_
Apr.
Apr.
Dec. 15 Dec
Mar. 15 Feb.
—-
Leland Electric Co
1 Feb.
Apr.
S1H
International Salt Co
International Shoe Co.
Leonard Refineries. Inc.
Leslie Salt Manufacturing (quar.)
Mar.
7
81H
Preferred
Leath & Co
Mar. 26 Mar. 11
Apr. 1 Mar. 20
Mar. 15 Mar.
5
Apr. 15 Mar. 31
2.26c
50c
International Nickel Co. of Canada
Sept. 15 Sept. 12
Dec. 15 Dec. 12
25c
,
25c
Inspiration Consolidated Copper Co
June 14 June 11
$1H
_
,
Institutional Securities, bank group shares...
Inter lake Steamship Co
Internation Business Machine (quar.)
International Cellucotton Products Co. (quar.).
60c
1H%
7
Mar.
Apr.
81.31H Apr.
Apr.
81H
32c
Apr.
6 He
Apr.
Preferred
Mar. 15 Mar. 12
25c
m
87 He
50c
■_.
Apr. 25 Mar. 31
1 Mar. 15
Mar. 15 Mar.
5
Mar. 25 Mar. 20
Mar. 25 Mar. 14
Mar. 31 Mar. 17
Mar.
Mar.
Mar.
Mar.
7% preferred (quar.)
60c
60c
37 He
Dec. 31
Mar. 20
Apr.
._
Apr.
60c
t$3H
t$3X
Mar.
__
Preferred (semi-annual)_____———
Apr.
Mai. 20
81H
t$3X
Mar.
Preferred A (quar.)
Langley s, Ltd., 7% conv. pref__
7% conv. preferred
7% conv. preferred
1
Sept. 30
Mar.
/5c
Imperial Paper & Color Corp—
Imperial Tobacco of Canada (final)—
Mar.
8
Mar.
8
Mar. 15
Mar. 25 Mar. 11
Apr.
Oct.
Jan.
Mar.
82
XS3X
\Quarterly-..»».^i;i..i—.»
Interim,
Apr.
Apr.
July
Mar. 22
Mar. 11
Mar. 20
Mar. 15
Mar. 31
June 30
Apr.
5c
—-
Holders
Mar. 31 Mar. 20
68 He
62 He
*•-
15c
_
— _
Telephone.
$1.05
50c
(interim)
Humphryes Manufacturing Co
6 % preferred (quar.)
25c
SIX
U2Hc
_
Humble Oil & Refining
Mar. 20
Mar. 18
Mar. 18
Mar. 28
25c
Hammermill Paper Co
Apr.
Apr.
Apr.
5
28
Mar. 12
Apr.
Apr.
Apr.
Apr.
Mar. 29 Mar.
GoldblattBros., Inc., pref. (quar.)
Class B
Mar. 15
Mar. 15
Apr.
7
Mar. 20 Feb.
Mar. 14
Apr.
—
Household Finance (quar.)
Preferred (quar.)
Howe Sound Co. (quar.)
Apr.
Apr.
Apr.
Abr.
May
Mar. 15 Mar.
56 He
Golden State Co., Ltd. (quar.).
Goodman Manufacturing Co
Goodrich (B. F.) Co. pref. (quar.)
Hinde & Dauch
Mar. 17
25c
Preferred (quar.)
Prior preferred (quar.)
Mar. 17 Mar. 10
Mar. 17
Apr.
25c
Goebel Brewing Co. (quar.)
Gold & Stock Telegraph Co. (quar.)
Extra
Mar. 15 Mar.
5
Mar. 15
Apr.
Mar. 31 Mar. 21
75c
Globe-Wernicke Co. 7% preferred (quar.)
Godchaux Sugars, class A
_
Apr.
1 Mar. 10
May
1 Apr.
7
May 15 May
5
May 15 May
5
Mar. 20
Apr.
Mar. 14
Apr.
Mar. 14
Apr.
Mar. 20
Apr.
Mar. 10
Apr.
Mar. 28 Mar. 10
Mar. 24 Mar. 17
Apr.
81H
SIX
SIX
Girdler Corp. (quar.)
Glen Alden Coal
Glens Falls Insurance (quar.)
Glidden Co., preferred (quar.).
Special
Imperial life Assurance Co. of Canada (quar.) __
25c
Gillette Safety Razor, preferred (quar.)
Hamilton Watch Co
Illinois Commercial Telephone Co. (Mad., Wis.)
$1H
Preferred (quar.)
Georgia Power Co., $6 pref. (quar.)
Preferred
Mar.
Mar. 15 Mar.
$1H
Preferred (quar.)..
General Tire& Rubber prei. (quar.)--—
General Water. Gas & Electric
$5 preferred (quar.)
•i#
-
Illinois
Mar. 15 Feb. 20
Apr. 25 Mar. 14
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Mar. 15 Mar.
3
81H
General Mills, preferred (quar.)
General Motors Corp., pref. (quar.)
(quar.)__
Mar.
25c
35c
25c
preferred
Mar.
Mar. 20 Mar. 10
$1H
Preferred (quar.)
Fire Extinguisher
General
General Paint Corp. preferred
General Printing Ink
Hussman-Ligonier,
Mar.
1941
Payable of Record
Share
Company
Hygrade Sylvania Corp
Idaho Maryland Mines (monthly)—
1
1
Mar. 15
Mar. 15
J7Hc
81H
35c
General Fire proofing.
General Outdoor Advertising
Preferred (quar.)
Mar. 31 Mar.
Apr.
Apr.
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 31 Mar. 15
Apr.
1 Mar. 20
25c
Name of
15,
When
Per
Holders
Payable of Record
25c
Corp. (quar.)
General Alloys Co. 7% preferred (quar.)
General Amer. Investors Co., Inc., $6 pf. (qu.)_
General
When
March
1 H%
SIX
25c
t$2H
1 Oct.
25
Mar. 15 Mar.
7
1 Mar. 15
Apr.
1 Mar. 14
Apr.
Apr. 14 Mar. 31
Volume
Share
Company
Little Miami RR., original capital
Mar. 31 Mar. 18
75c
Mar. 31 Mar. 11
Quarterly
Quarterly
National
Sept.
Sept.
$1 Ya.
Dec.
1 Nov. 20
25c
Dec.
1 Nov. 20
Apr.
Apr.
1 Mar. 18*
30c
:—
Preferred (quar.).
Louisiana Land & Exploration Co—
Louisville Gas & Electric Co. (Del.) cl. A (quar.)
Class B (quar.)
Louisville Gas & Elec. of Ky. 7% pref. (quar.)—
1 Mar. 15
SIM
Ar>r.
1 Mar. 15
June
25c
Mar. 15 Mar.
37 Mc
Mar. 25 Feb.
25c
Mar. 25 Feb.
Apr,
Apr.
Apr.
$2
Ludlow Manufacturing Associates
McClatcbey Newspaper, 7% preferred (quar.)
_
(quar."
43 Mc
43 Mc
43 Mc
25c
7% preferred (guar.
McCrory Stores Corp
McGraw-Hill Publisning.
McKenzie Red Lake Gold Mines (quar.)
15c
10
Mar. 15 Mar. 10
May 31 May 30
Aug. 30 Aug. 29
Nov. 29 Nov. 28
Mar. 15 Mar.
Mar. 15 Mar.
1
6%
(quar.)
7
May 15 May
Aug. 15 Aug.
5
5
Preferred (quar.)
New York City Omnibus
Nov. 15 Nov.
5
New York Lackawanna & Western
10c
Marine Midland Trust
(N. Y.) (quar.)
Marion-Reserve Power Co. $5 pref. (quar.) —
Marsh (M.) & Sons, Inc. (quar.)
Marshall Field & Co. 6% pref. (quar.)
6% 2d preferred (quar.)
Maryland Fund, Inc
Massachusetts Investors Second Fund, Inc
Master Electric Co. (quar.)
Mastic Asphalt (quar.)_.
Mathieson Alkali Works (quar.)_
Preferred (quar.)
Meadville Conneaut Lake & Linesville RR.
-
Mar. 15 Mar.
50c
50c
50c
25c
Mar gay Oil Corp. (quar.)
Marine Midland Corp.
Semi-annual
Newport Electric Corp. 6% pref.
SIM
(quar.)
Manufacturers Trust Co. (quar.)
Preferred (quar.)
Mapes Consolidated Mfg.
Newmont
28
«
_
_
_
_
_
_;
-
Melchers Distilleries, preferred
Mengel Co., 5% conv. preferred
30c
SIM
40c
SIM
SIM
(quar.)
Newport News Shipbuilding & Dry Dock—
Alar. 20 Mar. 14
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 15
15 Mar. 31
Apr.
Apr.
Apr.
1 Mar.
5
10 Mar. 19
1 Mar. 14
Mar. 21 Mar. 14
28
28
I2c
Mar. 20 Feb.
60c
Mar. 20 Mar.
5
10c
Mar. 15 Mar.
1
30c
tSIM
Mar. 31 Mar. 10
Mar. 31 Mar
Apr.
Apr.
10
1 Mar. 15
15 Apr.
5
Mar. 15 Mar.
6
(quar.
(quar.
(quar.
(quar.
June
Sept.
5 May 31
5 Aug. 30
25c
(quar."
25c
25c
Corp. 5% pref. (quar.)_>
Mercantile Acceptance
Dec.
5 Dec.
1
30c
5 May 31
5 Aug. 30
Dec.
5 Dec.
60c
;»
Sept.
30c
(quar.)
June
30c
Merck & Co
Apr.
SIM
1
Mar. 15
Mar. 15
Apr.
Apr.
Mar. 17
Metal & Thermit Corp. 7% pref. (quar.)
SIM
Mar. 3
Metropolitan Edison Co. $7 prior pref. (quar.)__
$6 prior preferred (quar.)
$7 cum. preferred (quar.)
$6 cum. preferred (quar.)
$5 cum. preferred (quar.)__
Michigan Associated Telep Co. 6% prer. (quar.)
Michigan Public Service Co. 7% pref. (quar.)__
6% preferred (quar.).
$6 junior preferred—
Mickelberry's Food Products pref. (quar.)
Midland Oil Corp., $2 preferred
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
50c
$2
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 30
Mar.
5
50c
Apr.
15 Mar. 31
1 Mar.
7
Mar.
7
Mar.
7
SIM
12Mc
Apr.
1 Mar. 22
50c
Mesta Machine Co
Midland
Steel Products
8% preferred (quar.)
$2 dividend shares
Mid vale Co
Miller Wholesale Drug Co
Mississippi Power Co. $7 pref. (quar.)
§6 preferred (quar.)
Mississippi River Power, preferred (quar.)
Mississippi Valley Public Service Co
6% preferred B (quar.)
Missouri Edison Co. cum. preferred (quar.)
SIM
60c
25c
SIM
SIM
SI
SI
SIM
(J. S.) & Co. pref. (quar.)
20c
Container Ltd. (quar.)
5)4% cum. preferred (quar.)
75c
Modine Manufacturing Go. (quar.).
t$7
Monarch Knitting Co. 7% pref..—
87}4c
Monroe Chemical Co., pref. (quar.).
Monroe Loan Society, class A
S2M
Monsanto Chemical Co., $4.25 pref. A (s.-a.)_.
$2 X
$4.25 preferred B (semi-ann.)
50c
Monsanto Chemical Co
10c
Montana-Dakota Utilities
SIM
6% preferred (quar.)
.
SI M
5% preferred (quar.)—
50c
Montgomery Ward & Co
SIM
Class A (quar.)
tSl
Montreal Cottons Ltd. (quar.).
1S1M
Preferred (quar.).
X 55Mc
Moore Corp., Ltd. (quar.)
SIM
Preferred A & B (quar.) (pay. in U. S. funds).
SIM
Moore (W. R.) Dry Goods Co. (quar.)
SIM
Quarterly
Mitchell
Modern
Mar.
June
Mar. 15
Mar. 15
6% preferred (quar.)..
Motor Finance Corp., preferred (quar.)
Mullins Manufacturing Co., pref
Muncie Water Works Co. 8% preferred (quar.)
Muskegon Piston Ring
Myers (F. E.) & Bro. Co
.
Motor Acceptance
Nachman JJpringfilled
Corp
Nanaimp Duncan Utils.
Nashua Mfg. Co. 1st
Preferred C
National
National
National
National
Ltd.,preferred (quar.).
preferrec
Automotive Fibres
Battery, preferred (quar.)
Biscuit Co
Bond & Investment pref. (quar.)
Common (quar.)
National Breweries, Ltd. (quar.)
Preferred (quar.)
—
National Cash Register
National Casualty Co. (Detroit) (quar.)..
National City Lines (quar.)
S3 preferred (quar.)
Class A (quar.)
15 Apr.
2 May
2 May
8
8
10
10
26
1 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr.
15 Mar. 19
1 Mar. 19
Mar. 15 Feb.
28
Mar. 15 Feb.
28
1 Mar. 11
1 Mar. 11
1
Apr.
1 July
1
1
SIM
SIM
$1.65
SIM
$1.80
preferred (quar.)
Ohio
40c
Finance Co.
SIM
5% prior preference (quar.)
6% preferred (quar.)
2 Mar. 15
Mar. 29 Mar. 15
Mar. 20 Mar.
5
1
1
Mar. 25 Mar. 15
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
2 Mar. 20
1 Mar. 15
Mar. 22
Mar. 22
Mar. 25
Feb.
18
Mar. 14
SIM
Mar.
Mar. 10
25c
Mar.
Mar. 10
50c
44c
Mar. 15
25c
Apr.
Apr.
Apr.
25c
Mar.
Feb.
25c
Mar.
Mar.
1
75c
May
May
Apr.
Apr.
15/
Mar. 15
Mar. ,31
'28
15
15 Mar. 21
Mar. 19 Mar.
Mar. 15 Mar.
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
Mar. 31 Mar. 17
Mar. 15 Feb. 20
Mar. 19 Feb. 28
Mar. 29 Mar. 23
June
28 June 22
Sept. 30 Sept. 21
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 12
Apr.
Mar. 14
_
Mar. 15 Mar.
5
Apr.
1 Mar. 15
Apr.
1 Mar. 15
5
Mar. 15 Mar.
Mar. 24 Mar.
8
Apr.
1 Mar. 15
Mar. 15
Apr.
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
Mar. 10
Mar. 10
27
Mar. 10
Mar. 15 Feb.
Mar. 15 Feb.
•
1M%
1 M%
6% cumulative preferred (quar.)
35c
SIM
20c
$2
SIM
SIM
5% pref. (qu.)
20c
'
(quar.)
Otis Steel Co. 1st preferred
& Power (quar.)
Preferred (quar.)_
4
1 Mar. 20
SIM
43 Mc
6% preferred (quar.)
preferred (quar.)
Ohio Water Service Co. class A_
Oklahoma Gas & Elec. Co. 7% cum. pref. (qu.)_
Preferred
15 Apr.
25c
Ohio Match Co
-
SIM
t$2M
l5c
SIM
11
Mar. 20 Mar. 10
Mar. 31 Mar. 10
Mar. 15iFeb. 28
Mar. 15 Feb.
28
Mar. 31,Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 17
Mar. 31 Mar. 14
Apr.
1 Mar. 14
Apr.
Apr.
1 Mar. 25
1 Mar. 25
Mar. 20 Mar.
3
Mar. 20 Mar.
3
Mar. 15 Feb. 28
Apr.
1 Mar. 5
Apr.
1 Mar.
5
30c
Mar. 25 Mar. 10
Mar. 15*
Apr.
Preferred A (quar.).
20c
May
(quar.).
m
Preferred C
10c
(special)
50c
25c
5M% preferred (quar.).
Pacific Indemnity (quar.).
"
"
Extra._
Lighting Corp. $5 pref. (quar.).
Pacific Public Serice Co. (quar.)
Pacific Southern Investors, S3 pret. (quar.)
Pacific
Page-Hersey Tubes (quar A . ..
Panhandle Eastern Pipe Line
Class A&B preferred (quar.)
Paracam Gumans ConsoJ. Mining..
1st preferred
10c
75c
SIM
50c
SI
20c
Mar. 15
Mar. 15
15 Mar. 31
Mar. 28 Mar. 18
Apr.
1 Mar. 14
Apr.
1 Mar. 15
Mar. 20 Mar.
Apr.
5
1 Mar. 15
Mar. 25 Mar.
8
Mar. 25 Mar.
8
Mar. 27 Mar. 10
1
15 Apr.
1 Mar. 14
1 Mar. 14
15c
Apr.
Apr.
Apr.
Apr.
40c
Mar. 31 Mar. 15
25c
SI
Inc
Mar. 20 Mar.
5
Mar. 24 Mar. 20
$1
50c
Mar. 15 Feb.
28
Mar. 15 Feb.
28
SIM
(quar.)...
2d preferred (quar.)
Parke. Davis & Co
Parker Wolverine Co
Patchogue Plymouth
Apr.
50c
Paraffine Co. (quar.)
Preferred (quar.)
Paramount Pictures,
SIM
Apr. 15
Apr. 15
Apr. 15
May
May
Apr.
Apr.
SIM
Mc
Mc
Extra
Common
Mar. 15 Feb. 28
Apr.
Apr.
$6.60 preferred (quar.)___—
$7 preferred (quar.)
$7.20 preferred (quar.)
Mill, common
Paton Mfg.
Mar. 20 Mar.
50c
5c
50c
$6 preferred (quar.)
1
Mar. 15 Mar.
55c
Ohio Edison Co. $5
31
$2
25c
40c
fiB
Oahu Sugar Co. (monthly)
Ohio Brass Co., class A&B
"
75c
15c
Nova Scotia Light &
Pacific Clay Products
Pacific Finance Corp
1 Dec.
I"S1M
pref. (quar.)
__
Power, preferred (quar.)__
Norwich & Worcester RR. 8%
Mar. 18
1 Mar. 18
1 Mar. 20
1 Mar. 14
1 Oct.
81 Mc
50c
Northwestern Yeast Co
Ottawa Light, Heat
1 Mar.
1 Apr. 15
Mar. 28 Mar. 20
Apr.
1 Mar. 14
Apr.
Apr.
1 Mar. 15
1 Mar. 20
1 Mar. 20
Mar. 15
1
Apr.
May
Apr.
S5M prior preferred (quar.)
Preferred (quar.)
Omar, Inc., 6% preferred (quar.)
Omnibus Corp. (quar.)
Preferred (quar.)
a.
Orange & Rockland Electric Co.,
6% preferred (quar.)
Otis Elevator Co
1 Mar. 20
_
Mar. 15 Mar.
10c
North Texas Co
Mar. 15
Oct.
S1»1
t8Mc
5
7
7
Mar. 15 Feb. 28
Mar.
Apr.
Mar. 15 Mar.
Northern Empire Mines.20c
Northland Greyhound Line, Inc., $6M pref.(qu.)
Oklahoma Natural Gas Co. (quar.)
Apr.
Apr.
Apr.
—
Mar. 15
Jan.
10c
A (quar.)__
7% preferred (quar.)
Cum. prior preferred (quar.)
North Star Oil, 7% preferred
Ohio Seamless Tubes,
SIM
SIM
North American Finance Corp. class
50c
75c
$1
$2M
15c
15c
15c
25c
87Mc
20c
Ohio Oil
SIM
Morristown Securities Corp
Quarterly
Quarterly
5
Mar. 15 Feb.
Apr.
Apr.
Apr.
July
(quar.)
5
5
Mar. 20 Mar. 10
June
Industries
Mar.
Mar. 21 Feb. 27
Apr.
Apr.
50c
(quar.)
(quar.)
Noblitt-Sparks
A
Mar.
Mar.
—
Quarterly
Quarterly
5
Mar. 25 Mar. 14
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
75c
50c
Norfolk & Western Ry. (quar.)
Norma-H Bearing Corp. (quar.)
Mar. 31 Mar. 15
$1M
Ry. (quar.)..
Class A
Noranda Mines. Ltd.
Mar. 31 Mar. 15
28
Mar. 10
Mar. 31 Mar. 15
30c
1 Mar. 22
Mar. 15 Feb.
,75c
(quar.)
Niagara Shares Corp. of Maryland—
Class A preferred (quar.)
Niles-Bement-Pond (quar.)
1900 Corp., class A (quar.)
Class
28
SIM
75c
New York Transit Co
1 Mar. 15
Apr.
Apr.
10c
37Mc
SIM
cum.
1 Mar. 15
1 Mar. 15
Mar. 31
SIM
37Mc
SIM
preferred (s.-a.).
Mining Corp
1
28
1 Mar. 15
Mar. 15 Feb.
20c
Mar. 15 Feb.
15c
Mahon (R. C.) Co. (quar.) —
Manischewitz (B.) Co.. preferred
SIM
28
1
1 Mar.
1 Mar. 15
Mar. 15 Feb.
SIM
15c
(quar.)
Mar. 15 Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
T75c
Light Co., $6 pref. (qu.)_.
SIM
SIM
SIM
Preferred (quar.)
Preferred (quar.)
Aug. 15 July 31
Mar. 14
Apr.
Mar. 31
Apr.
Mar. 12
Apr.
Apr.
1
Apr.
Apr. 15
May
15c
Mar. 15 Feb.
Magma Copper Co
Magnin (I.) & Co. (quar.)
Mar. 31 Mar. 21
t87Mc
---
50c
MacKinnon Steel, 7% pref
Macassa Mines, Ltd. (quar.)—
20
1 Apr. 18
Mar. 15 Feb. 28
8
Mar. 22 Mar.
May
lc
$1.18 M
25c
42Mc
60c
12c
SI
33 l-3c
,
30 Oct.
Mar. 31 Mar. 14
25c
—;
4M% pref. (quar.)
New Idea, Inc
New Jersey Power &
New Mexico Gas Co
Mar. 31 Mar. 18
1 Mar. 20
Apr.
3c
(quar.)
Quarterly
(s.-a.)
Newberry (J. J.) Co. (quar.)
New England Fire Insurance Co. (quar.)
New England Power Assoc. 6% pref
$2 preferred
New England Public Service Co.—■
$6 prior lien preferred
$7 prior lien preferred
N ew England Telephone & Telegraph
15 Mar. 31
SIM
—
pref. (s-a.)
New Amsterdam Casualty
15 Mar. 31
Mar. 20 Mar.
Oct.
SI M
SIM
25c
25c
SIM
50c
50c
Naybob Gold Mines (initial) (quar.)
15 Mar. 31
25c
National Steel Car Corp.
Natomas Co
Neisner Bros.
28
SIM
IIS
,
National Paper & Type Co. 5%
National Standard Co. (quar.)
Apr. 21
July 22
May
Aug.
12Mc
Lead Co
National Malleable & Steel Casting
National Oil Products (interim)
1
28
10c
...
....
Class B preferred (quar.)
Class A preferred (quar.)
2 May
2 xviay
20
20
1 Aug. 20
1 Aug. 20
25c
1 Mar. 25
Apr.
1*
Mar. 15 Mar.
Apr.
1 Mar. 15
2c
2c
2c
Quarterly..
1 Mar. 15
June
50c
20c
37Mc
National Electric Welding Machine Co.—
Apr.
Apr.
$1H
20c
Dairy Products (quar.)
National Food Products Corp., class B
Nationa iGrocers, Ltd., pref. (quar.)
10 Nov. 24
1 Mar. 15
20
Mar. 24 Mar. 10
Apr.
1 Feb. 28
20c
-—
National Folding Box (quar.)
10 May 24
10c
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Loose-Wiles Biscuit Co. pref. (quar.)
Lorillard (P.) Co.
Preferred
Dec.
National
Mar. 15 Feb.
25c
Corp
Cylinder Gas Co
National
Sept. 10 Aug. 25
Dec. 10 Nov. 24
50c
o% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
preferred
preferred
preferred
preferred
preferred
Sept. 10 Aug. 25
50c
30c
—
June
50c
„
5%
5%
6%
6%
6%
National Container
10 May 24
June
50C
Extra
Loew's, Inc. (quar.)___
Lone Star Cement Corp
Longhorn Portland Cement Co.—
Preferred
Payable of Record
$1.10
$1.10
$1.10
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Locke Steel Chain Co. (quar.)
6% preferred (quar.)
5% preferred (quar.)
Lunkenheimer Co
Holders
When
Per
Name of
7 % preferred
1699
The Commercial & Financial Chronicle
152
—
Co., Ltd. (quar.)
Preferred (quar.)
Payne Furnace & Supply Co. conv. pref. A&B.
Pearson Co., Inc., 5% pref. A (quar.)
Peaslee-Gaulbert Corp. (quar.)
Preferred (quar.)
Peck. Stow & Wilcox Co
Penick & Ford, Ltd. (quar.)
Penn Electric Switch class A (quar.)
Penney (J. C.) Co
:
Pennsylvania Edison Co. $5 pref. (quar.)
S2.80 preferred (quar.)
Pennsylvania Forge Corp. (quar.)
—
Extra
Pennsylvania Glass Sand Corp. (quar.) —
5% preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.)...
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Salt Manufacturing
Pennsylvania Sugar Co. (quar.)
Pennsylvania Telephone Corp., $2M pref. (qu.)
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
SIM
t30c
31 Mc
12Mc
SIM
10c
75c
30c
75c
SIM
70c
15c
10c
25c
Mar. 14
Apr. 24 Mar. 20
Apr. 15
May
Mar. 28
Mar. 31
Mar. 20
Mar. 15
Mar. 15
Apr.
1
Apr. 21
Mar. 25
Mar. 28
Mar. 10
Mar.
6
Mar.
1
Mar. 31 Mar. 14
Mar. 20
Apr.
Apr.
Mar. 20
„
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 14
Mar. 14
|1 M
Apr.
Apr.
Apr.
SIM
Apr.
Apr.
Mar. 15
Mar. 15
$2
37Mc
62Mc
SI
SIM
Mar. 15
Mar. 15 Feb. 28
1
Mar. 15 Mar.
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
Mar. 15
The Commercial & Financial Chronicle
1700
Per
Name of
Company
When
Share
Peoples Drug: Stores
Peoples Gas Light & Coke
Extra..
Apr.
1 Mar. 3
Apr. 15 May 21
Mar. 21 Mar.
1
Mar. 21 Mar.
1
Apr.
1 Mar. 22
Apr.
1 Mar. 11
Mar. 21
Apr.
Apr. 30 Apr. 10
Apr.
1 Mar.
3
3
Apr.
1 Mar.
—
Peter »'aul. inc. (quar.)
Pet Milk Co. (quar.)
Pfaudter Co
Pfeiifer Brewing Co. (quar.)
Philadelphia Co. $6 pref. (quar.)..
$5 preferred (quar.)_
Philadelphia Dairy Products $6 pref. (quar.)
Philadelphia Electric Power pref. (quar.)--
Philco Corp
Phillips Screw Co
-
1 Mar. 10
$6 prior preferred (quar.)
South Carolina Power Co. pref. (quar.)
South Penn Oil Co. (quar.)
South Porto Rico Sugar Co., pref. (quar.)
(N. Y.) (quar.)..
—
.
Providence Washington Insurance Co
Public National Bank & Trust Co. (N.Y.) (qu.)
Public Service Co. ot N. H., $6 pref. (quar.)—
$5 preferred (quar.)
Public Service Electric & Gas $5 pref. (quar.)—
7% preferred (quar.)
Public Service of New Jersey (quar.)
——————
6% preferred (monthly)
Publication Corp. voting common (quar.)
-
5% pref. (quar.)
514% preferred (quar.)
6% preferred (quar.)——————
Quaker Oats Co. (quar.)
Preferred (quar J
Quaker State Oil Refining
----Rand's, Inc. (quar.)
Preferred (quar.)—Raybestos Manhattan
Rayonier, Inc., preferred (quar.)
Reading Co. 2d pref. (quar.)
Reed-Prentice Corp., pref. (quar.)_
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Regent Knitting Mills
-
—
SIM
SIM
$2.38
1M%
1M%
1M%
15c
5c
10c
37 Mc
Feb.
28
Feb.
28
6
6
7
14
14
14
14
50c
87Mc
12Mc
14
1
31 May
1
15 Feb. 28
16 Mar.
3
16 Mar.
40c
Sept.
Dec.
Apr.
1
3
15
28
28
1 Nov. 15
_
1 Mar. 22
Mar. 22
Mar. 11
Feb. 28
May
Apr.
Apr.
20c
Mar.
Mar. 21
Apr.
May
Republic Investors Fund, Inc.6% A & B pref. (quar.)
Republic Steel Co
0% prior preferred A (quar.)-6% preferred (quar.)
Reynolds Metals Co. 5H% cum. pref. (quar.)—
Rheem Manufacturing Co
Rice-Stix Dry Goods Co., 1st & 2d pref. (quar.)_
Rich's, Inc. 6H% preferred (quar.)
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
Risdon Manufacturing Co.. 7% pref.
(quar.)
Riverside Silk Mills, class A (quar.)--Robertson (II. II.) Co
Rochester Telephone preferred (quar.)
Roeser & Pendleton, Inc. (quar.)
Rome Cable Corp
Roos Bros., Inc. (quar.)
Roper (G. D.) Corp. (quar.)
Rubinstein (Helena) class A (quar.)
Ruud Mfg. Co. common--
10
15c
May
1
50c
Apr.
Apr.
Apr.
2 Mar. 10
1 Mar. 10
SIM
SIM
SIM
25c
-
Saguenay Power, Ltd., preferred (quar.)
St. Lawrence Corp. pref. A
-------------
Seeman Bros., Inc
Shattuck (Frank G.) (quar.)
Sheller Manufacturing Co
Sheep Creek Gold Mines, Ltd. (quar.)__
Sherwin-Williams Co. of Canada,
preferred
1
Mar.
37Mc
Mar.
Mar. 13
30c
Mar.
Mar.
25c
Apr.
i>iar.
5
Apr.
Mar.
Mar. 17
Mar.
5
June
June
Mar.
Feb.
Apr.
Ma/. 20
May
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
Mar. 31
Apr.
Apr.
Mar.
Feb.
25c
3c
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
SIM
Mar.
$2
SIM
H
40c
M
wA
...
...
..."
50c
25c
25c
43 Mc
75c
Mar.
May
May
Apr.
Mar.
Mar.
Mar.
Mar.
10c
Mar.
10c
Apr.
Apr.
Apr.
Ac
I! ttS3M
Mar. 15
10
Mar. 10
Mar. 31
Mar.
5
Preferred
(quar.)—
(quar.)
Stedman Bros., Ltd.
6
28
15
5
5
28
Mar. 17
Mar. 10
Mar. 10
Mar. 10
Mar. 10
Mar. 10
Mar. 20
Feb. 28
Feb. 28
Mar.
1
Apr. 19
Apr. 19
Mar. 15
Mar. 10
Mar.
1
Feb. 28
Feb. 28
Mar.
3
Mar. 18
Mar. 30
Mar. 15
Mar.
5c
15c
50c
xih%
15c
5c
81H
$1H
35c
15c
$1 H
UH
50c
$1H
$1H
10c
81H
81H
t75c
wiar.
——
Sullivan Consolidated Mines
Sundstrand Machine Tool
60c
75c
20c
75c
+81
25c
3c
—
Common
75c
25c
-
—
Special
Tacony-Palmyra Bridge t.quar.)
Extra——
Class A (quar.)-—
Class A (extra)-—
Preferred (quar.)
Taggart Corp. $2 A pref. (quar.)
Talcott (James), Inc
5H% participating preference (quar.)
Technicolor, Inc——————————
Teck-Hughes Gold Mines (quar.)
Telephone Bond & Share Co. 7% 1st pref. (qu.)lst $3 preferred (quar.)
Texas Corp. (quar.)
Texas Gulf Suiphur Co.Thermoid Co., $3 preferred (quar.)
Thew Shovel Co. preferred (quar.)
6814c
40c
30c
30c
30c
50c
■-
——-
.
Third Canadian General Investment Trust
Extra
25c
50c
25c
Feb.
28
Apr.
Feb.
28
Mar.
Mar.
6
Mar. 31 Mar. 20
Apr.
1 Mar. 15
Mar. 28 Mar. 13
Apr.
1 Mar. 6
6
Apr.
1 Mar.
Apr.
Apr.
1 Mar. 15*
15 Man 20
Mar. 15 Feb.
Apr.
Apr.
May
Apr.
20
15 Mar. 20
15 Mar. 20
15 Apr. 30
15 Mar. 20
Mar. 15 Feb.
Apr.
Mar.
Apr.
Mar.
28
10 Mar. 25
31 Mar. 14
15 Mar. 31
28 Mar. 14
Mar. 15 Feb.
Apr.
Apr.
Apr.
28
1 Mar. 15
1 Mar. 15
15 Apr.
12
Mar. 15 Mar. 11
Mar. 15 Mar.
5
Mar. 15 Mar.
1
1 Mar. 15
Apr.
Mar. 31 Mar. 18
1 Mar. 31
Apr.
Mar. 20 Mar. 10
1 Feb. 14
Apr.
June 16 Tune
2
Mar. 31 Mar. 20
Mar. 26 Feb. 15
Mar. 15 Mar.
5
Mar. 15 Feb. 15
Mar. 20 Mar. 10
1 Mar. 15
Apr.
Mar. 15 Feb. 25
Mar. 15 Feb. 25
Apr.
1 Mar.
1
1 Mar.
3
Apr.
Mar. 31 Mar. 15
Mar. 31 Mar. 15
1 Mar. 17
68 He
1 Mar. 15
Apr.
1 Mar. 15
25c
Mar. 31 Mar. 17
10c
28c
Apr.
1 Mar.
12c
50c
50c
75c
81 X
81H
$1H
Mar. 15 Mar.
Mar. 15 Mar.
37Hc
58 l-3c
50c
412-3 c
J25c
Trico Products
Corp. (quar.)
Truax-Traer Coal Co., 6% conv. pref. (quar.)
5H% convertible preferred (quar.)
Tuckett Tobacco, 7% preferred (quar.)--20th Century-Fox Film Corp. pref. (quar.)
Twin Disc Clutch Co. (quar.)
Union Carbide & Carbon Corp
Union Gas Co. of Canada (quar.)
62 He
—
-
—
81H
$1H
81 X
37Hc
75c
75c
20c
Union Investment Co
10c
(quar.)
95c
Union Metal Manufacturing (quar.)
15c
$6 preferred (quar.)
Union Pacific Insurance Co. (quar.)
Union Pacific RR
Preferred (s.-a.)
Union Premier Food Stores (quar.)-----
81H
81H
-
-
-—
—.—
——
----------
3
3
Mar. 15 Mar.
1
1 Feb. 28
Apr.
Apr.
Apr.
Apr.
Apr.
1 Feb.
28
1 Mar. 22
1 Mar. 22
1 Mar. 14
Mar. 15 Feb.
25c
6% preferred (monthly)
5% preferred (monthly)
7
ar. 15 Feb. 28
Mar. 15 Feb. 28
1 Mar.
7
Apr.
Mar. 15 Feb.
81H
Toronto General Insurance (annual)
1
1 Mar.
3
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 15
$1
Toledo Edison Co. 7% preferred
(monthly)
5
Mar. 31 Mar.
Mar. 15 Mar.
35c
(quar.)
5
1 Mar. 20
Apr,
1 Mar. 20
Apr.
Mar. 31 Mar. 15
20c
Todd-Johnson Dry Dock, Inc., A & B pref.
(qu.)
3
Mar. 29 Mar. 18
Mar. 31 Mar. 25
Mar. 31 Mar. 25
1 Mar. 20
Apr.
10c
50c
(quar.)---
28
Mar. 15 Mar.
Mar. 15 Mar.
May
Apr.
Apr.
81H
62Hc
(qu.) +12Hc
J2Hc
Tilo Roofing Co., Inc. (quar.)
$2 A preferred (initial)
Union Twist Drill
Union Wire Rope (quar.)
Mar. 10
Feb. 21*
Mar. 15 Feb.
37Hc
40c
—
—
Sunray Oil Corp., preferred (quar.)-Sunshine Mining Co. (quar.)
Sutherland Paper Co——
Swift & Co. (quar.)——————------
Preferred
Mar.
Mar. 15 Feb. 14
1 Mar. 20
Apr.
Mar. 15 Feb. 15
Mar. 15 Feb. 15
Sun Life Assurance of Canada (quar.)
Sun Oil Co., common stock dividend
Todd Shipyards Corp
Tokheim Oil Tank & Pump Co.
Mar.
25c
25c
15c
\Extra——
Preferred (quar.)
----Steel Products Engineering.
Sterchi Bros. Stores 6% pref. (quar.)
Strawbridge & Clothier 7% preferred
Strouss-Hirschberg Co. (quar.)
$1.40 conv. preferred
Timken-Detroit Axle
Apr.
Mar.
25c
Tidewater Associated Oil preferred (quar.)——
1 Mar. 15
Mar. 31 Mar. 15
15
3
Mar. 20
Mai. 10
Mar. 13
15c
Apr.
Mar.
10c
25c
$1
Mar. 21
.
...
Starrett (L. S.) Co
Stearns (Frederick) & Co
Feb.
•JS
Feb. 21
Feb. 15
Mar.
7
25c
(quar.)
(quar.)
Phosphate & Acid Wks.(qu)
Apr.
7m
(qu.)
Standard Oil Co. (Ky.)
Standard Oil Co. (Ohio)
Standard Wholesale
Thompson Products Corp
Preferred (quar.)
------
Scranton Lace Co
Seaboard Oil Co. of Delaware (quar.)
Security Engineering Co. 7% pref. (quar.)
1 Mar. 10
] Mar. 20
Mar. 15 Mar.
Mar.
Apr.
5
5
18
Mar.
25c
$114
—
Apr. 30
Apr. 30
50c
7c
Ltd. (s.-a.)
Southwestern Life Insurance (quar.)
Sparks-Withington preferred (quar.)
Spencer Trask Fund Inc
Spiegel, Inc., $4 A preferred (quar.)
Springfield Gas & Electric Co. $7 pref. (quar.)__
Square D Co.--—
Preferred (quar.)
Staley (A. E.) Mfg. Co., $5 cum. pref. (quar.)
Standard Brands, Inc. (quar.)
Preferred (quar.)
Standard Brands, Inc., preferred (quar.)
Standard Fruit & Steamship $3 par. pref
Standard Oil Co. of California (quar.)
Standard Oil Co. of Indiana (quar.)
May
May
Apr.
50c
81H
81H
$1H
$1H
$1X
S3
25c
Mar.
25c
Apr.
SIM
Mar.
Mar.
25c
—
SIM
SIM
25c
Prof^rrGd
7% debenture C (quar.)__.
6H% debenture D (quar.)
6% preferred (s.-a.)
Schenley Distillers Corp. pref. (quar.)
Schiff Co. (quar.)
5H% preferred (quar.)
Scott Paper Co. (quar.)
$4H cum. preferred (quar.)
$4 cum. preferred (quar.)
Scovill Mfg. Co
Anr.
Apr. 15
25c
—
Savannah Electric & Power Co.,
8% deb. A
j % debenture B (quar.).
Mar. 14
Mar. 14
Mar. 14
37Mc
SIM
Sl.M
Common
Russell jvifg. Co
i
Sabln Rob bins Paper Co. preferred
(quar.)
-
19
Mar. 21
Apr.
(quar.)
Southland Royalty Co
Southwestern Assoc. Telephone $6 pref. (quar.)
Southwestern Gas & Electric 5% pref. (quar.)—-
1
15
Aug. 15
Mar.
$1
—
Southern New England Telephone
Southern Phosphate Corp. (quar.)
1 Mar. 10
25 Mar.
1 Mar.
Apr.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Mar.
June
1 May
m
40c
+2Hc
t20c
—%
—
1 Mar. 10
1 Mar. 10
Mar.
—
1
1
Mar.
7
Mar. 20
15C
-
------
15 Apr.
15 July
Mar. 15 Feb. 28
1 Mar. 13
Apr.
Apr. 10 Mar. 20
50c
Mar. 3
Mar. 14
Mar. 14
Mar.
Mar.
34 He
Southern Franklin Process, preferred
Southern Natural Gas Co. (quar.)
Mar.
Mar.
Mar.
Mar.
Mar.
SIM
Mar.
50c
15c
37Hc
3714c
3
Apr.
Apr.
Apr.
Feb.
25c
3
20c
-
Gold"Mines,
6
25c
;
Diego Gas & Electric
Sangamo Electric Co
14
Original preferred (special)
Southern California Edison Co., Ltd.—
6% preferred series B (quar.)
Original preferred (quar.)
5H% preferred series C (quar.)
15 Mar.
12Mc
37 Mc
-
San
31
31
Mar. 15
Mar. 15
$2.38
Apr.
t20c
25c
50c
—
15 Mar.
Mar, 31 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
Apr. 15 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
55c
-;
(quar.)
1
Common (quar.)
South West Pennsylvania Pipe Lines
Southern California Edison—
6% cum. part, preferred (quar.)
Southern Colorado Power, 7% preferred-.
Mar. 28
1
Apr.
Mar. 15
Mar. 15
37Hc
81H
SIM
SIM
SIM
Mar.
Mar.
2%
Southern Canada Power Co_
40c
—
Stock dividend
Extra--
25c
Mar. 17
Mar.
Mar.
37Hc
15 Mar. 15
40c
—
(quar.)
Reliance Steel Corp
Remington Rand, Inc
5
Mar. 27 Mar. 17
Mar. 27 Mar. 17
Apr.
1 Mar. 20
SIM
Mar. 15 Mar. 5
SIM
$1W Apr. 15 Mar. 3
25c
Mar. 15 Feb. 24
Pure Oil Co.
Preferred
5
15
50c
50c
Non-voting common (quar.)
Preferred (quar.)
7% first preferred (quar.)
Puget Sound Power & Light prior pref..
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Reliable Stores Corp. common (quar.)
5% convertible preferred (quarJ.
Re!
teliance Electric & Engineering Co.
Reliance Grain Co., Ltd., 6H% Pref.
Reliance Manufacturing Co
7
10
21
15 Mar. 31
15 Feb. 25
Apr.
July
81H
$1H
50c
__
San Antonio
10c
S2
Public Service Trust Shares series A (liquidating)
Series A registered (liquidating).
Preferred
20c
Apr.
50c
25c
81H
$1H
Apr.
50c
—
28
-—
Apr.
Mar.
Mar.
Mar.
3c
t5c
$1X
Progress Laundry (quar.)
Extra..—
Prosperity Co. preferred (quar.)———
Preferred (quar.)-.
—
20c
....
(quar.)
1 Feb.
1 Mar.
1 Mar.
Apr.
Mar. 15 Mar.
Mar. 15 Mar.
1 Mar.
Apr.
Mar. 15 Mar.
Apr. 15 Mar.
Apr. 15 Mar.
1 Mar.
Apr.
Mar. 20 Mar.
50c
Preston East Dome Mines (quar.)
Mar. 16
Mar. 15 Mar.
t75c
Holders
Payable of Record
South Carolina Electric & Gas Co.—
1
Apr.
—
Pratt & Lambert
Pullman, Inc
Preferred
8 Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
—
(monthly)
-
———
...
6% preferred
Preferred (quar.)——
——————
Simonds Saw & Steel..—.---—
Siscoe Gold Mines, Ltd
1 Mar. 15
Mar. 31 Mar. 15
Pilot Full Fashion Mills, Inc.—
6H% cum. preferred (semi-ann.)
Pioneer Gold Mines (British Columbia) (quar.).
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)—
Pittsburgh Fort Wayne & Chicago Ry. (quar.).Preferred (quar.)
Pittsburgh Metallurgical
Pittsburgh Plate Glass
Pneumatic Scale Corp.. Ltd., 7% pref. (quar.)..
Portland Gas & Coke 7 % preferred
6% preferred
Porto Rico Power, preferred (quar.)
Powdrell & Alexander, Inc
Power Corp. of Canada Ltd. 6% cum. pref. (qu.)
6% non-cum. preferred (quar.)
Share
1941
10c
Signal Oil & Gas Co. class A & B (quar.)-Signal Royalties Co. class A (quar.)
Silverwood Dairies cum. partic. pref. (s.-a.)—Simms Petroleum Co. (liquidating)
Simon (H.) & Sons, Ltd. (interim)
(quar.)--—------————
Smith (H.) Paper Mills pref. (quar.)
Snider Packing Corp
Snyder Tool & Engineering Co. (quar.)
Socony-Vacuum Oil Co., Inc
Sonotone Corp
60c. cum. prior preferred (quar.)
Soundview Pulp Co
Apr. 25 Aor. 15
Mar. 15
Apr.
8% pref. (quar.)
7% preferred (quar.)
$5 preferred (quar.)
Silver King Coalition Mines
Sloss-Sheffield Steel & Iron
(quar.)—
Procter & Gamble Co. 5% pref.
-
1 Mar. 10
(quar.)
Preferred Accident Insurance
Premier Gold Mining (quar.l
^
Sivyer Steel Casting..——
Skenandoa Rayon Corp. 5% prior pref. (quar.).
Mar. 26 Mar. 14
—
Pickle Crow Gold Mine
Company
15,
When
Per
Name of
1 Mar. 20
Apr.
Apr.
———----------
Phoenix Insurance Co.
Holders
Payable of Record
Perron Gold Mines, Ltd. (quar.)
March
25c
62 He
SI
20c
25
25
Mar. 20 Mar. 10
Apr.
1 Feb.
Mar. 15 Mar.
24
1
Mar. 15 Mar.
4
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr.
1 Mar. 15
Mar. 31 Mar. 15
1 Mar.
Apr.
Mar. 15 Mar.
Mar. 15 Mar.
Apr. 15 Mar.
Mar. 31 Mar.
Mar. 25 Mar.
12
5
5
31
17
15
1 Mar.
7
Mar. 15 Feb. 20
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Mar. 22 Mar. 15
Apr.
Mar. 22 Mar. 15
Mar. 28 Mar. 18
1 Mar.
3
Apr.
1 Mar.
3
Apr.
1 Mar. 17
Apr.
Mar. 15 Mar.
5
Mar. 29 Mar. 20
Mar. 31 Mar. 15
United Artists Theatre Circuit, Inc.—
5% preferred (quar.)United Biscuit Co. of America----United Carbon Co
United-Carr Fastener---
—
Mar.
—
Mar.
-—
-—
United Elastic Corp
United Fuel Investment preferred (quar.)
United Gas & Electric Corp. pref. (quar.)
United Gas Improvement (quar.)......-..
Preferred (quar.)--
75c
Apr.
30c
15c
Mar.
75c
Apr.
Mar.
IX %
20c
Mar.
Mar.
Mar.
Mar.
1
Mar. 14
Mar. 17
Mar.
5
Mar.
6
Mar. 20
Mar. 10
Feb. 28
Feb. 28
Volume
1701
& Financial Chronicle
The Commei^ial
152
Federal Reserve Bank of
Condition of the
United Illuminating Co
United Light & Railways 7% pr. pref.
$1
58 l-3c
(mo.)
53c
6.36% prior preferred (monthly)
6% prior preferred (monthly)
50c
$2H
50c
United New Jersey RR. & Canal (quar.)
United Profit Sharing preferred (s.-a.)
United Specialties
Apr.
Apr.
Apr.
Apr.
Apr.
15c
Mar. 15
Apr. 30
of business Mar. 12, 1941,
in
Mar. 15
1
10
week and the corresponding
comparison with the previous
Mar. 31
date last year:
Mar. 20
Mar. 20 Mar. 14
Mar.
13,1940
Mar.
12,1941 Mar. 5,1941
hand and due from
on
United States Treasury.*
Apr.
Mar. 15
Apr.
Mar.
Mar. 15
Feb.
3
Mar.
Mar.
28*
Redemption fund—F. R. notes
Other Cash f
Mar.
Apr.
Apr.
TStxtvsb
Feb.
Mar. 15
Mar.
Mar.
9,868,109,000 9,837,861,000 8,009,243,000
.
U. S. Govt, obligations
direct and guaranteed...
Secured
Mar. 15
Apr.
reserves
Bills discounted:
Mar. 15
Apr.
Co._J
Total
by
510,000
56,000
1,211,000
105,000
161,000
879,000
566,000
1,752,000
1,372.000
1,753,000
2,048,000
372,013,000
260,490,000
372,013,000
260,490,000
408,181,000
632,503,000
632,503,000
752,337,000
634,821,000
635,628,000
755,369,000
Mar. 21
1st preferred
Mar.
Feb.
Mar.
United States Steel Corp
United States Sugar Corp
Preferred (quar.)
Mar.
Other bills discounted
16
Total
20
7
July
Apr.
July
Mar.
Mar.
Preferred (quar.)
United States Trust Co. (N. Y.)
Universal Products
Mar.
Mar.
Mar. 20
Mar.
Mar. 20
Apr.
Mar. 15
Mar.
Mar. 10
Mar.
Feb.
Apr.
Mar.
6
Apr.
Apr.
Apr.
Mar.
6
Mar. 21
984,000
and guar¬
U. S. Govt, securities, direct
3
3
Apr.
discounted
bills
Industrial advances
2
2
United States Tobacco Co
$
$
9,779,928,000 9,758,211,000 7,914,531,000
1,346,000
1,757,000
1,519,000
93,366,000
77,893,000
86,662,000
5
United States Rubber Co
non-cum.
Gold certificates
1
Mar. 15 Mar.
(quar.)
United States Lumber Co. (liquidating)
United States Petroleum Co. .1.
United States Pipe & Foundry Co
United States Playing Card (quar.)
United States Potash
8
Assets—
version to reg. common
8%
of the Federal Reserve
Bank of New York at the close
Mar. 15
on
United States Graphite Co
United States Gypsum Co.
Preferred (quar.)
■.
shows the condition
The following
Mar. 12
outstanding common and also class
B common which has been called for con-
Payable
New York
Payable of Record
Share
Company
Holders
When
Per
Name of
Apr.
Preferred (quar.)__
(quar.)
;
Upressit Metal Cap Corp. 8% pref
Upson-Walton Co
Utah Oil Refining (quar.)
Utah Power & Light, $7 preferred
$6
preferred
pref. (quar.)
Utica Knitting Co. 5% prior
Valve Bag Co. 6% pref.
Van de Kamp's Holland
(quar.)
Dutch Bakers—
25c
.
$15*
$1H
$1H
Vapor Car Hea
Co., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
Veeder-Root, Inc
Vicksburg Shreveport & Pacific Ry. Co
Preferred (semi-annual)
75c
2H%
21S
Victor Chemical Works
Preferred
Walker
5
1
Mar. 20 Feb.
28
1 Apr.
1 July
19
May
Aug.
1
Capital paid in
3
1 Mar. 15
Apr.
Mar. 20 Feb.
Mar. 15 Feb.
Apr.
15
1 Mar. 15
Mar. 15 Feb.
14
Mar. 15 Feb.
14
Mar. 27 Mar. 18
June
2 May
2 May
15
Mar. 15 Feb.
25
June
15
15
25c
Apr.
1 Mar.
Apr.
1 Mar. 20
t50c
Mar. 15 Mar.
1
18c
Mar. 31 Mar. 17
10c
Mar. 20 Mar. 10
25c
Apr.
Apr.
SI Yx
$1H
37 He
1 Mar. 26
1 Mar. 15
Mar. 31 Mar.
S1H
Apr.
40c
Apr.
Apr.
1 Mar. 15
2Hc
43 He
S1H
1 Mar. 27
Mar. 20 Mar. 20
Mar. 25 Mar. 15
1 Mar. 20
Apr.
Mar. 15 Mar. 10
Weston (Geo.), Ltd. (quar.)
Wheeling Steel, 6% pref. (quar.)
6% preferred
$5 prior preferred (quar.)
Whitaker Paper Co. (quar.)
tS31H
l\
SI
SI %
SI H
SI H
75c
25c
$1
S1H
Mar. 15 Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
6% pref. (quar.)_
Wisconsin Power & Light, 7% pref
7% preferred (quar.)
6% preferred
6% preferred (quar.)
Wood (Alan) Steel, 7% preferred
(quar.)
Pump & Machinery Corp.—
preferred
....
preferred
Wright-Hargreaves Mines, Ltd. (quar.)
Cum. conv.
Cum.
.....
Extra
Wrigley (Wm.) Jr. (monthly)
Yellow Truck & Coach Mfg., preferred
Ymir Yankee Girl Gold Mines
Youngs town Sheet & Tube
Preferred (quar.)
Youngstown Steel Door
Zion's Cooperative Mercantile
Institution (qu.).
—
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 19
1 Mar. 19
1 Mar. 15
15
15
15
M
1 July
1 July
1 July
15
Nov.
Nov.
1 Oct.
1 Oct.
15
15
Nov.
1 Oct.
15
Apr. 30 Apr.
15
15
15
Mar. 15 Feb. 28
Mar. 15 Feb. 28
$is1
Mar. 15 Feb.
Net Demand
Time
Undivided
Deposits,
Deposits;
Profits
Capital
Average
Average
Surplus and
Members
Mar. 15 Feb.
28
Bank of New York
Bank of Manhattan
Co.
National City Bank
Chem Bank & Trust
Co.
Co
Bk&Tr Co
Tr Co.
National Bank....
Manufacturers Trust
Cnt Hanover
Corn Exch Bank
236,736.000
18,131,000
672,909,000
39,281,000
168.878.000
80,275,900 a2,687,468,000
836,850.000
67,904,700
186,946,500 52,319,832,000
90,000,000
Guaranty Trust Co
Flrst
14,147,800
26,884.500
6,000,000
20,000.000
77,500,000
20,000,000
790,201,000
40,986,600
75.103,700 Cl, 187,359.000
336,739,000
20,356,600
41.748,000
21,000,000
15,000,000
10,000,000
50,000.000
4,000,000
100,270,000
7,104,000
79.388.000
104,904,000
68.778,000
28,861,000
Continental Bk & Tr Co.
National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Chase
Totals
1,158,000
5,349,000
12,500,000
7,000,000
7,000,000
779,306.000
63,692,500
67,951.000
4,490,800
136,482,200 dZ, 322,797,000
63,989.000
4,207,500
83,413,200 el,221,661,000
15,037,000
1,539,200
145,378,000
10,005,900
537,607,000
28,015,400
133,851,000
8,746,900
95,581,000
10,544,800
73,412,000
2,399,000
3,148,000
51,607.000
2,230,000
63,707,000
518.518.000
Irving Trust Co
824,781,000
053,465.400 16,276,033,000
768,488,000
109,720,700
500,000
25,000,000
6,000,000
5,000,000
1,350,000
54,871,000
3,932,000
28
Si H
Mar. 20 Mar. 10
Includes deposits in
foreign branches as follows:
a
8290,658,000 (latest available
$63,856,000 (latest available date); c $3,142,000
date); e 822,256,000 (Feb. 28).
%*c
Mar. 31 Mar. 18
date); b
Mar. 25 Mar. 15
Mar. 27 Mar. 15
(March 13); d 882,697,000
(latest available
Mar. 27 Mar. 15
Mar. 31 Mar. 21
S1H
S1H
Mar. 15 Mar.
J 10c
1
Apr.
1
Apr.
1
Apr.
1
Apr.
Mar. 31
t5c
$1¥c
50c
S1H
Mar. 15 Mar.
5
5
Feb.
Stock
20
are
the
as
3
1 Mar.
Bonds
Stocks
Mar. 15 Mar.
Mar. 15 Mar.
50c
Bond Averages
stocks and bonds
Mar. 14
Mar. 15
and
31, 1940; State, Deo. 31, 1940; trust
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
Below
28
Mar.
Mar. 15 Mar.
Anr.
official reports: National, Deo.
companies, Dec. 31, 1940.
♦As per
Feb. 28
25c
50c
50c
Sept. 15 8ept.
Dec. 15 Dec.
50c
Quarterly
CLEARING HOUSE
THURSDAY, MARCH 13, 1941
$
1 Mar. 14
Aug.
Aug.
Aug.
25c
(quar.)..
OF BUSINESS
♦
»
Clearing House
50c
(quar.)
Worcester Salt Co.
AT CLOSE
1
1 Apr.
1 Apr.
May
ASSOCIATION
SI H
Woodward & Lothrop
City
issued by the New York City
afternoon is given in full below:
MEMBERS OF THE NEW YORK
STATEMENT OF
50c
(quar.)
....
weekly statement
The
Clearing House on Friday
25c
Wolverine Tube Co
Worthlngton
Weekly Return of the New York
Clearing House
1
28
May
Wisconsin Electric Power Co.
Woodward Iron Co.
certificates given by the United
15
M
Extra
Federal
Federal reserve notes or a bank's own
States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934,
These are
x
1 Mar. 15
1 Mar. 12
S2H
-
92.2%
1,683,000
Reserve bank notes.
1 Mar. 15
Mar. 15 Feb.
1 Apr.
May
S2H
S2H
-
"Other cash" does not Include
94.7%
1,584,000
ad¬
Apr.
SI
Quarterly
Quarterly
industrial
vances
1 Mar. 10
SI H
SI .20
20c
-
make
94.6%
1,584,000
to
Commitments
1 Mar. 15
SI
(quar.)
of
15 Mar. 20
25c
6% preferred (quar.)
Wilsil, Ltd. (quar.)
Wilson Line, Inc. (semi-ann.)
7,109,000
10,143,000
14
Apr.
25c
(quar.)
total reserve to deposit and
F. R. note liabilities combined......
t
13,060,000
capital accounts. 10737,092,000 10781,637,000 8,973,885,000
Total liabilities and
Ratio
Mar. 25 Mar. 10
SI H
Westmoreland, Inc. (quar.)
Extra
accounts.
51,106,000
53,326,000
Mar. 31 Mar. 14
lc
Whitman (Wm.) & Co., preferred (quar.)
Wieboldt Stores, Inc., $5 preferred (quar.)
....
Surplus (Section 13-b).
Other capital
20
51,516,000
56,447,000
7,070,000
51,517,000
56,447,000
7,070,000
13,082,000
Surplus (Section 7)
50c
Westmoreland Coal Co_
10608,976,000 10653,544,000 8,852,201,000
Capital Accounts—
19
887,000
818,000
988,000
accrued dividends.
Total liabilities
Mar. 20 Mar.
$1H
- —
8,832,889.000 8,799,628,000 7,436,950,000
160,912,000
260,572,000
180,107,000
Total deposits
Deferred availability Items
Other liabilities, incl
Mar. 15 Mar.
88
—
Westgate-Greenland Oil Co. (monthly)
Westinghouse Air Brake Co.
,
1,594,992,000 1,592,526,000 1 253,452,000
6,890,517,000
Deposits—Member bank reserve acc't.. 7,547,480,000 7,582,686,000
119,613,000
78,142,000
164,668,000
U. S. Treasurer—General account...
127,046,000
620,207,000
665,741,000
Foreign
299,774,000
518,593,000
455,000,000
Other deposits...
Mar. 15 Mar.
t25c
9,858,000
19,604,000
F. R. notes in actual circulation
1
1 Mar.
7
Apr.
1 Mar.
7
Apr.
Mar. 31 Mar. 21
Mar. 15 Mar.
1
75c
pref. (s.-a.)
178,692,000
Liabilities—
20
S1K
■>_
1,102,000
281,790,000
9,667,000
15,088,000
10737,092,000 10781,637,000 8,973,885,000
Total assets.
21
10 May 31
Sept. 10 Aug. 30
1
Dec. 10 Dec.
Mar. 15 Mar.
t62|$5
4H% preferred (quar.).
$6 pref. (quar.).
West Virginia Pulp & Paper Co", (quar.)
West Virginia Water Service pref. (quar.)___
Western Assurance Co. (semi-ann.)
Western Exploration Co. (quar.)__
Western Light & Telephone Co. $1H pref. (qu.)
Western Tablet & Stationery Corp. pref. (qu.)__
Quarterly
Quarterly
Mar. 20 Feb.
17,000
1,586.000
June
40c
West Texas Utilities
rest
Preferred
Other assets
20c
5% preferred (quar.)
Washington Water Power, pref. (quar.)
Waukesha Motor (quar.)
Wayne Pump Co
Weber Showcase & Fixture Co. 1st pref—
Wellington Fund, Inc
Wells Fargo Bank (San Francisco)
Went worth Manufacturing
Wesson Oil & Snowdrif, Co., Inc. (s.-a.)
West Indies Sugar Corp., preferred (s.-a.)
West Penn Electric class A (quar.)
West Penn Power Co. (quar.)..
Extra
...
Bank premises..
50c
Preferred (quar.)
Quarterly
Quarterly
Quarterly
Uncollected Items..
50c
lass
Winsted Hosiery Co.
Extra
Federal Reserve notes of other banks...
Mar. 15
17,000
17,000
2,204,000
206,826,000
9,667,000
15,448,000
Due from foreign banks
60c
A.
(H.) Gooderham & Worts (quar.)
Preferred
guaranteed
Total bills and securities
28
Mar. 15 Mar.
1 Mar.
Apr.
$1H
37Hc
37 He
(quar.)
(quar.)
Warren (S. D.) Co. (quar.)
Wash. Ry. & Elec, Co. 5%
direct and
344,156,000
securities,
Total U. S. Government
50c
t50c
preferred
Victor-Monaghan Co. 7% pref. (quar.)
Viking Pump Co. (special)
Walker & Co
Notes..
$1H
Victor Equipment
Preferred (quar.)
Virginia Electric & Power, $6 pref.
Virginian Ry. preferred (quar.)
Preferred (quar.)
Wacker-Wei IsBuilding
Wagner Electric Corp. (quar.)
Waldorf System, Inc. (quar.)
Walgreen Co. (quar.)
.........
...
...
Mar. 31 Mar. 10
$6H preferred (quar.)
Van Norman Machine Tool
anteed:
Bonds
June
15 June
10
10
Total
30
20
15
Total
10
First
Second
10
Rail¬
utuu
65
Indus¬
Grade
Grade
Utili¬
40
Indus¬
roads
tles
Stocks
trials
Rails
Ralls
ties
Bonds
trials
Date
Transfer books not
t On account of
closed for this dividend,
accumulated dividends.
funds, and in the case of non-residents of Canada
of 5% of the amount of such dividends will be made.
t Payable in Canadian
deduction of a tax
122.75
28.01
19.65
41.67
107.13
95.31
109.14
90.83
14
51.73
Mar.
*
122.56
27.92
19.46
41.55
107.10
94.99
109.16
90.70
13
51.63
Mar.
123.19
27.96
19.59
41.74
107.13
94.99
109.13
90.76
12
51.79
Mar.
28.00
19.68
41.77
107.22
95.07
51.85
109.01
90.79
109.05
90.75
100.C3
90.5o
Mar.
11
123.27
Mar.
10
8
123.64
28.18
19.57
41.91
107.11
94.83
52.00
121.47
27.83
19.43
41.26
107.13
94.71
51.44
Mar.
1702
The Commercial & Financial Chronicle
March
IS, 1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are alwavs a week behind those for the
Reserve banks themselves.
The comments oj the Board of Governors of
the Federal Reserve System
upon the figures for the latest week
appear in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago
reporting member banks for a week later.
items of
ASSETS AND LIABILITIES
OF
WEEKLY REPORTING MEMBER BANKS IN
101 LEADING CITIES BY DISTRICTS
(In Millions of Dollars)
Phila¬
Federal Reserve Districts—
Total
Boston
New York
ASSETS
S
3
Minne¬
$
Loans and Investments—total.
Loans—total
ON MARCH 5, 1941
delphia
Cleveland Richmond
S
Atlanta
$
Kansas
apolis
St. Louis
Chicago
City
San
Dallas
Francisco
$
$
20,668
1,255
11,760
1,238
2.017
775
703
827
727
591
662
3,537
2,364
486
802
299
377
380
214
354
334
3,959
1,134
452
9,592
5,287
320
2,152
1,027
244
359
140
323
199
702
222
113
215
66
221
102
386
34
10
11
5
43
12
3
22
28
16
7
41
4
17
Commercial, Indus, and agricul. loans
Open market paper
Loans to brokers and dealers In secure.
Other loans for purchasing or carrying
14
502
358
16
212
31
20
14
12
1,229
68
12
6
10
81
12
190
42
49
182
48
39
Real estate loans
20
455
securities
35
132
59
12
32
4
23
29
386
1
1
1
Loans to banks
Other loans
1,757
1
""ioo
1
1
141
494
840
31
147
2,554
49
United States bonds
154
162
52
327
1,579
3,145
"""29
7,064
285
42
26
58
41
77
Obligations
356
635
189
2,774
98
56
1,115
164
109
93
100
1,678
733
89
136
55
57
299
66
32
79
39
188
336
Treasury bills
Treasury notes
Other
guar,
by U. S. Govt
securities
"83
118
11
147
70
~~79
"*72
58
181
3
214
510
61
29
16
29
3
3,844
11,910
130
1,674
278
279
70
116
616
114
42
689
127
62
6,962
538
804
271
509
170
146
1,342
202
109
207
103
154
22
50
3,427
25
15
204
72
13
7
17
244
13
26
208
389
241
1,248
Reserve with Federal Reserve Bank..
Cash In vault
Balances with domestic banks.Other assets—net
242
626
213
69
110
324
481
297
329
81
92
39
49
76
23
15
21
31
271
•
462
LIABILITIES
Demand deposits—adjusted
23,362
1,417
1,633
604
474
233
11,827
1,114
1,104
5,470
3,109
546
325
589
535
261
1,199
753
207
357
189
11
1,010
192
115
31
144
138
10
1,114
24
24
29
124
12
2
9
23
58
476
535
379
376
1,389
427
182
444
296
364
Time deposits
United States Government
deposits..
Inter-bank deposits:
Domestic banks
9,322
412
4,042
644
20
588
Foreign banks
Borrowings
1
accounts
21
5
1
2
9
"""314
"""14
18
37
"~13
18
1,634
217
388
100
96
416
3,842
248
Weekly Return of the Board
The
following
1
1
17
3
1
764
Other liabilities
Capital
•
"'I
""310
107
89
390
....
61
of Governors of the Federal Reserve
System
issued by the Board of Governors of the Federal Reserve
System
showing the condition of the 12 Reserve banks at the close of business on
Wednesday.
for the System as
week last year.
was
a
whole in comparison with the figures for the
eight preceding weeks and with those of the corresponding
resources and liabilities
separately for each of the 12 banks.
The Federal
The second table shows the
Reserve note statement (third
table^following) gives details regarding
Reserve agents and the Federal Reserve banks.
returns
on Thursday afternoon, Mar. 13,
Th* *irst table presents the results
for the latest week
COMBINED
appear
in
The comments
transactions in Federal Reserve notes between the
of the Board of Governors of the Federal Reserve System
RESOURCES AND LIABILITIES OF THE
FEDERAL RESERVE BANKS AT THE CLOSE
OF BUSINESS
Three Ciphers (000) Omitted
Mar.
the
upon
department of "Current Events and Discussions
our
Mar.
12,
1941
Feb. 26,
1941
5.
1941
Feb.
Feb.
19,
1941
12,
1941
Feb. 5,
1941
Jan.
29,
MARCH
Jan. 22,
1941
1941
12,
Jan.
1941
Mar.
15,
1941
13,
1940
ASSETS
Gold ctfs.
on
hand and due from U. S. Treas.x.
Total reserves.Bills discounted:
Secured by U.
S.
-
.....
...
Industrial advances
U. 8. Govt, securities, direct and
guaranteed:
Bonds
—-
Notes
—
8.
Govt, securities,
guaranteed
19,845,780
9,722
360.817
20,360,279
20,308,306
20,251,381
20,257,590
20,263,886
20,279,359
20,253,005
20,216,319
16,304,519
1,653
2,092
1,045
1,802
1,415
625
623
2,260
1,289
2,021
724
1,411
1,255
369
682
1,638
2,620
9,826
9,360
362,538
591
1,352
2,244
2,717
2,208
2,544
2,139
2,666
3,549
3.659
2,989
7,881
7,715
7,840
7,854
7,877
7,871
7,871
7,500
7,508
10,423
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
1,284,600
899,500
1,284,600
899,500
1,284,600
899,500
1,284,600
1,344,045
899,500
1,133,225
2,184,100
2,194,059
2,184,100
2,194,657
2,184,100
2,194,222
2,184,100
2,194,521
2,184,100
2,194,110
2,184,100
2,194,637
2,490,682
47
-
——
——
assets...-
LIABILITIES
Federal Reserve notes In actual
circulation.
Deposits—Member banks'
reserve
Foreign
deposits.-.—-
47
47
2,184,100
2,195.149
47
47
2,184,100
2,195,267
47
20,672
859,348
39,952
53,200
47
47
23,389
837,999
39,999
52,298
20,310
793,567
39,996
25,740
720,775
18,484
901,592
40,075
*
712,167
50,529
29402
839,957
40,062
49,483
29,820
51,367
25,576
720,733
39,978
50,689
48,955
69,540
23,558,730
23,476,182
23,399,335
23,363,398
23,295,019
23.317,125
23,407,105
23,432,075
19,637,142
-
dividends.---.
Total liabilities.
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
———
Total liabilities and capital
accounts
Ratio of total reserves to
deposits and Federal
Reserve note liabilities
combined..
41,703
6,039,650
14,136,067
390,686
1,121,057
651,245
5,976,775
14,174,724
367,887
1,132,043
619% 386
5,943,080
14,020,569
479,393
1,130,080
055,332
5,931,464
13,870,693
622,471
1,163,849
673,254
5,906,166
13,841,512
692,032
1,183,924
600,311
5,845,759
14,347,011
258,251
1,215.590
583,657
5,834,506
14,409,560
261,012
1,230,690
519,575
5,824,852
14,413,569
< 237,067
1,229,836
511,947
16,299,055
845,896
16,285,374
797,036
3,102
10,317,779
697,777
3,360
16,330,267
727,878
3,132
16.404,509
693,526
16,420,837
779,123
2,657
2,953
2.428
16,392,419
842,582
2,173
13,719,249
6,364
10,294,040
831,037
3,561
23,187,961
23,105,413
23,028,592
22,992,741
22,924,379
22,940,747
23,036,894
23,062,026
19,285,900
139,550
157,065
26,785
47,343
139,514
139,501
157,065
26,785
47,289
139,448
157,065
26,785
47,080
139,351
157,065
26,785
139,306
157,065
26,785
47,293
136,102
157,065
26,785
151,720
47,010
46,893
36,581
4,881,754
12,438,580
526,387
364,406
389,876
678,445
6,452
139,671
157,065
26,785
47,354
-
to make Industrial
,
47
6,047,336
14,210,842
421,423
1,163,143
585,202
23,245,650
Other capital accounts.-
40,038
2,477,270
16,380,610
811,340
account..
United States
Treasurer—General account.
Total deposits
Deferred availability Items
Other liabilities, incl. accrued
47
21,563
888,648
39,896
54,238
23,616,525
-
Commitments
363,401
19,902,781
21,874
861,916
39,896
57,606
assets
Other
350,821
19,896,780
9,825
372,754
15,932,621
345,211
2,184,100
2,193,333
-
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises.—-
Total
9,598
19,904,281
8,784
19,879,778
9,162
339,441
direct and
Total bills and securities
Other
19,902,778
411
Total bills discounted
U.
19,961,281
9,244
337,781
Government obligations,
direct and guaranteed..—.Other bills discounted
Total
20,030,246
10,244
319,789
941
-
20,103,279
10,914
327,660
20,441,853
Redemption fund (Federal Reserve notes)
Other cash *
...
advances—
139,629
157,065
26,785
47,290
139,586
157,065
26,785
47,333
23,616,525
23,558,730
23,476,182
23,399,335
23,303,398
23,295,019
23,317,125
23,407,105
23,432,075
19,637,142
91.2%
5,066
91.1%
5,125
91.0%
5,127
91.2%
91.1%
91.0%
91.0%
87.7%
5,147
5,207
5,095
t5,089
9,080
2,211
1,546
1,966
1,349
91.1%
6,561
91.1%
5,893
26,839
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
980
1,877
83
2,788
146
2,253
108
87
185
90
87
720
210
173
100
113
99
103
164
154
155
117
196
105
260
285
116
135
275
281
151
190
1,116
146
212
235
251
193
176
1,352
-.
61-90 days Industrial advances
Over 90 days Industrial advances.
Total Industrial advances
1,644
37
196
72
Total bills discounted.
1-15 days Industrial advances.
16-30 days industrial advances
31-60 days Industrial advances
1,796
83
112
61-90 days bills discounted
Over 90 days bills discounted
2,244
2,717
2,268
2,544
2,139
2,666
3,549
3,659
2,989
1,054
1,417
1,355
464
1,363
1,365
337
148
1,357
1,386
1,375
1,406
132
81
1,453
138
68
52
63
155
396
-82
381
402
456
125
478
197
205
79
114
127
121
107
109
352
343
5,727
382
5,827
181
5,836
5,868
5,859
5,884
5,514
5,511
8,055
7,715
7,840
7,854
7,877
7,871
7,871
7,500
7,508
10,423
6,100
7,881
353
Volume
The Commercial & Financial
152
1703
Chronicle
the Federal Reserve System {Concluded)
Weekly Return of the Board of Governors of
13,
Mar.
Jan. 22,
Jan. 15,
1941
1941
1941
1941
1940
I
%
3
3
3
3
74,800
1941
1941
$
9
*
74*866
74,800
74*800
74*800
2,l6"9".366
2.109* 300
2,4*7*7*,270
9
74,800
74,800
74,800
Feb.
74",800
Mar.
(000) Omitted
Jan. 29,
1941
Feb.
1941
Three Ciphers
Feb. 19,
1941
Maturity Distribution of Bills and Short-Term
Mar.
12,
Feb. 26,
5,
12,
5,
Securities
(Concluded»
U. S. Govt, securities, direct and guaranteed:
1-15 days
16-30 days
31-60 days
61-90 days
Over 90 days
2,109", 300
2,109,300
2,109*300
2.109,300
2,109*366
2,109,366
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,477,270
2,184,100
2,184,100
2,184,100
6,259,262
6,218,053
6,204,390
6,177,740
6,177,883
282,487
286,589
298,224
331,981
343.377
365,660
334,324
287,473
6.240,928
297,848
5,216,078
6,327,123
6,190,512
6,347,243
299,907
........
...
...
2,109,300
5,931,464
5,906,166
5,845,759
5.834,506
5,824,852
4,881,754
6,344,500
1,946
6,329,500
2,104
6,334,500
1,968
6.334,500
1,741
5,328,500
6,336,241
5,329,043
Total U. S. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
6,047,336
6,039,650
5.976,775
6,455,500
6,432,500
6,386.500
6,366,500
6,351,500
1,206
In actual circulation
5,943,080
2,085
2,549
2,089
2,384
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U.S. Treasury
By eligible paper
6,456,7061
Total collateral
*
"Other cash" does not include Federal Reserve
*
These
are
on
and
Boston
New York
$
%
$
Atlanta
$
$
$
due
Other cash *
611,588
22,292
15,210
628,187
436,185 2,906,471
Total reserves
25,655
86,662
24,485
327,660
1,389
Dallas
Francisco
$
$
$
$
314,797
300,616 1,205,001
933
1,141
428,571
455,982
526
233
279
15,500
6,687
16,496
472,008
20,103,279 1,251,729 9,779,928 1,072,386 1,412,585
678
491
840
1,519
10,914
_
City
$
413,011 2,857.085
1,635
1,250
47,751
21,924
20,441,853 1,277,054 9,868,109 1,098,532 1,435,555
from United States Treasury
Redemption fund—Fed. Res. notes._
San
Kansas
apolis
St. Louis
Chicago
$
Cleveland Richmond
delphia
$
hand
Minne¬
1
Total
ASSETS
certificates
CLOSE OF BUSINESS MAR. 12, 1941
THE 12 FEDERAL RESERVE BANKS AT
Phila¬
Omitted
Federal Reserve Agent at—
Gold
the extent of the difference,
I ■
LIABILITIES OF EACH OF
WEEKLY STATEMENT OF RESOURCES AND
from the Reserve banks when the dollar was devalued from 100 cents to 59.06
the difference itself having been appropriated as profit by the Treasury under pro¬
Treasury for the gold taken over
visions of the Gold Reserve Act of 1934.
Three Ciphers (000)
t Revised figures.
notes,
certificates given by the United States
31, 1934, these certificates being worth less to
cents on Jan.
6,336,468
6,331,604
6,346,446
6,353,884
6,368,589
6.389.049
6,434,585
543
321,717
445,346
31,151
13,847
-
315,396 1,237,293
Bills discounted:
Secured by U. S. Govt,
obligations,
510
8
411
42
40
232
179
274
------
566
144
50
43
11
85
766
340
360
2
277
524
211
72
2,293
372
1,752
53,587
144,046
60,661
39,320
64,518
51,073
106,137
1,352
Total bills discounted..
912
7,881
Industrial advances
U. S. Govt, securities, direct & guar.:
,
'l-
1,284,600
93,212
372,013
126,632
88,671
49,410
37,522
100,864
42,477
27,532
35,762
74,319
260,490
45,177
65,269
102,835
72,007
70,566
899,500
119,976
91,109
244,910
66,852
180,456
174,842
215,303
86,835
632,503
109,695
158,481
103,138
2,184,100
Bonds
110,041
87,112
180,980
Notes.
Total U. S. Govt, securities,
direct and guaranteed
2,193,333
159,393
634,821
177,279
215,564
120,785
91,460
245,355
18
5
4
2
2
6
1
3
67,403
103,140
47
Total bills and securities
Due from foreign banks
See
4
1
1
a
833
2,614
32,084
49,262
1,211
2,223
2,831
4,863
1,465
962
469
2,204
1,037
1,562
3,871
2,605
2,818
1,434
21,874
861,916
81,271
206,826
59,561
104,915
67,104
37,225
121,173
51,304
4,526
4,562
2,578
1,984
7,317
5,816
3,321
2,207
2,422
1,695
2,618
3,814
15,447
3,029
5,863
33,819
3,011
9,667
17,372
1,362
2,824
2,311
39,896
23,616,525 1,524,828 10737 092 1,348,257 1,767,978
825.848
571,668 3,284,715
632,620
410,511
596,301
160,083
211,487
99,068
497,170
291,940
18,027
Fed. Res. notes of other banks
Uncollected items
premises
Other
139
14
11
50
r
-*T;'i""'
Bank
71
43
136
56
941
direct and guaranteed
Other bills discounted
57,606
assets
Total assets..
.
438,860 1,477,847
mm
LIABILITIES
6,047,336
489,198 1,594,992
421,382
559,351
290,417
200,780 1,296,937
14,210,842
F. R. notes In actual circulation
227,471
841,050 7,547,480
164,668
25,085
716,499
972,850
397,958
277,252 1,676,582
265,929
14,585
20,242
16,035
11,485
39,941
42,580
70,616
33,005
26,865
92,107
15,252
23,027
10,921
180,786
21,625
16,886
6,059
321,542 1,823,882
342,457
116,062
440
Deposits:
Member bank reserve account
421,423
U.S. Treasurer—General account-
1,163,143
57,574
6,888
455,000
Other deposits
16,380,610
Total deposits
Total liabilities
930,597 8,832,889
811,340
79,026
402
452,700
60,076
98.537
66,498
2,837
414
23,245,650 1,499,223 10608 976 1,313,802 1,733,718
4.
788,320
16,762
22,259
30,388
8,339
4,306
31,118
225,356
340,565
297,523
908,176
50,861
15,294
32,873
30,721
152
133
131
142
558,095 3,237,321
620,941
400,866
585,056
5,940
351
988
diva...
5,702
11,708
829,507 1,075,416
180,107
6,364
Deferred availability items
Other liabilities, incl. accrued
74,454
23,969
665,741
585,202
Foreign
254,196
22,259
58,350
kl
809,966
35,606
167
44,45,679
*
207
*
427,454 1,450,232
4,794
4,250
11,664
5,412
4.262
11,887
14,380
4.503
9,351
51,517
2,976
139.671
14,675
Capital paid In
14,323
5,725
3,244
713
1,429
533
1,000
8,466
1,971
2,517
3,613
1,138
1,991
10,785
15,144
5,247
3,974
56,447
3,152
10,906
4,925
157,065
22,824
Surplus (Section 7)
1.263
1,907
3,045
CAPITAL ACCOUNTS
Surplus (Section 13-b)
26,785
2,874
7,070
4,393
1,007
Other capital accounts
47,354
2,474
13,082
3,031
4,550
1,979
Total liabilities and capital acc'ts— 23,616,525 1,524,828 10737 092 1,348,257 1,767,978
1,143
396
178
1,584
6,561
825,848
571,668 3,284,715
632,620
410,511
596,301
611
8
167
43
35
Commitments to make Indus, advs—
*
"Other cash" does not include Federal Reserve notes,
a
2,341
2,121
438,860 1,477,847
4
2,392
Less than $500.
FEDERAL
RESERVE NOTE
STATEMENT
'
V■
Minne¬
Phila¬
(000) Omitted
Reserve Bank of—
Three Ciphers
Federal
Total
Boston
New York
delphia
5
$
$
$
165,001
220,610
22,236
4,918
109,441
10,373
551,545
14,003
9,123
19,403
220,944 1,332,209
35,272
20,164
241,474
12,923
290,417
200,780 1,296,937
227,471
160,083
99,068
496,170
559,351
211,487
421,382
325,000
225,000 1,350,000
244,000
165,500
225,000
114,000
574,000
583,000
179
274
165,679
225,274
114,000
574,000
81,502
489,198 1,594,992
510,000 1,690,000
450,000
566
144
6,456,706
510,000 1,690.566
450,144
14,615
Francisco
$
$
$
S
Dallas
303,340
503,813 1,676,494
6,455,500
Bank
In actual circulation
$
City
581,587
440,785
6,347,243
299,907
1,206
Held by Federal Reserve
Chicago
$
$
6,047,336
Issued to F. R. Bank by F. R. Agent
Atlanta
5
Cleveland Richmond
$
Federal Reserve notes:
apolis
St. Louis
San
Kansas
by agent as security
for notes issued to banks:
Gold certificates on hand and due
55,375
Collateral held
from United States
Treasury
Eligible paper
Total collateral
United States Treasury
Rates
43
325,043
583,000
Bills—Friday, March 14
225,000 1,350,000
Quotations for U. S. Treasury
Figures after
quoted are for discount at purchase.
Bid
Notes—Friday, March 14
decimal point represent one or more
Asked
Rate
Maturity
1 M%
Asked
Bid
101.2
101
Maturity
Dec.
15 1943...
June
Natl Defense Series
Mar. 19 1941
Mar. 26
April 30 1941.
0.06%
1941
7
May 14
May 21
May 28
May
0.06%
1941.
1941.
0.06%
0.08%
0.08%
United
0.06%
0.06%
0.06%
0.08%
0.08%
June
4 1941.
0.15%
11 1941.
0.15%
0.06%
States
York Stock
1941.
1941.
Treasury Bills
June
April
2 1941
April 9 1941....
April 16 1941
April 23 1941
Government
15 1941...
IH%
101.14
101.16
Mar. 15 1944...
Mar. 15 1942...
1H%
102
102 2
June
2%
1 H%
103 8
103.10
Mar. 15
June
Securities on
Exchange—See following page.
151941...
Dec.
Sept. 15 1942...
Dec. 15 1942...
the New
1943
— .
16 I ««3...
gept.15 1943...
H%
32ds of a point.
Int
Int.
Bid
Asked
244,000
151944
Sept. 15 1944...
103 1
103 3
Mar. 16 1945...
100.23
100.25
Rate
ltf%
1%
Bid
Asked
102 7
102.9
101.19
101.21
100.26
H%
100 24
1%
H%
101 22
101.24
100.25
100.27
Nat. Defense Nts
101 31
102.1
Sept. 15. 1944
H%
99.25
99.27
1H%
101.25
101.27
Dec. 15,
1945.
K%
99.13
99.15
1%
Transactions
at
Daily, Weekly and
the New York Stock
Yearly—See page 1719.
Exchange,
March
1704
15,
1941
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only
sales In computing the range for the year,
No
transactions of the day.
account Is taken of such
Government Securities
United States
Below
furnish
we
on
the New York Stock Exchange
Federal Farm Mortgage
the transactions in Treasury, Home Owners* Loan and
daily record of
a
Corporation bonds on the New York Stock Exchange during the current week.
8 Mar. 10 Mar.11 Mar. 12 Mar. 13 Mar.U
Daily Record of U. S. Bond Prices Mar.
Dally Record of U. S. Bond Prices Mar. 8 Mar. 10 Mar. 11 Mar.12 Mar.13 Mar. 14
;
High
Treasury
4JiS. 1947-52—., — Low.
119.9
Close
119.9
Treasury
•'
119.9
EEE*
Total sales In SI,000 units—
11 1«
112.17
mmmm
+
m
VvE.
112.14
112.16
112.14
■
rnm
....
1
Close
« «1t
1I1i
10*7*""
(High
1
1
a
1
1
t
«
I
1
t
l
1
1
t
a
a
1
1
t
»
a
1
t
1
«
1
1
1
1
mmmm
mmmm
Close
107
mm mm
mm mm
if
mmmm
1
1
ta1t
1t»t
t
t
t
•
«
«
-
(High
1<1I
1111
j Low
3^8,1941
a
6
1
Low.
1
a
« 11*
I•aa
1
+
mm
*.
llll
mmmm
1
t
a
I
«
1
a
1
a
a".:::
Low.
<
1
E
(High 4mi
1
1
110.4"
II—
110
J
Federal Farm Mortgage
m
109.8
109.15
109.8
.109.22
Low.
Total sales in $1,000 units...
2
'
109.31
109.31
1
6
10
1
mmmm
1
t
108.9
108.6
mmmm
108.9
108.9
1
1
1
1
I
1
1
;
i
2 Ms, 1951-54
II
....
I
1
t
I
1
1
t
t
1
1
a
1
1
1
1
«
1
a
a
I.I
1
....
109.6
109.15
mmmm
mmmm
10 9% 5
mmmm
''■■■■■
109.6
*
109.15
10
10
mmmm
....
109.17
bonds.
108.29
mmmm
mmmm
....
109.16
4
108.30
■mmmm
108.22
■
mm
+.im
■
m
'
2Kb, 1960-65
•
I
5
m
*
109.12
...
m
mm
mmmm
109.12
.
....
106.29
■■mmmm
1
I
m
—
— -
mmmm
102.21
*
-
....
102.21
mm
mmmm
.
mmmm
1
-
«.
^
mmmm
mmm
m
mmmm
2
«11I
1 I1 t
1
1
t
....
1
""""""
106.17
106.17
'
-
mm,mm
mmmm-
—
■
—
....
above
-
'mmmm
m
106.17
D
10 2". 21
102*i0
-mmmm
102.19
102.20
mmmm
102.19
102.20
10
1
'
102118 '102119
.
i
m
mm
102.18
m
102.19
102.18
mmmm
102.19
'
mmm
m
*4
"
mmmm
mmmm
■fmmmm
mmmm
101.30
mmmm
i&jmmmm
1
2
i:
—
7;'-'E=v%. "m
mmmm
101.30
■■'■'"■mmmm
E■
101.30
mmmm
table
■
mmmm
m
w:
mm-
—--
mmmm
J Cash sale.
includes
only
sale
of
coupon
Transactions in registered bonds were:
Treasury 4Ms, 1947-52.
.119.10 to 119.10
109.17
■-
3
v
^
109.17
■
+ +m
109.28
United States
\
mmmm
'mmmm
109.17
109.28
m
.
S
20
109.17
109.28
5
5
m
mm
mmmm
Treasury Bills—-See previous
United States
'
Low.
(Close
Total sales in $1.000 units
106.29
'■
3
109.16
....
■'.mmmm
t Deferred delivery sale.
Note—The
mmmm
108.22
.
Odd lots sales,
mm m
:
mmmm
108.30
mmmm
108.29
Total sales In $1,000 units...
mmmm
mmmm
mmmm
mmmm
....
(High
•
—
■
mm
(High
1Mb, 1945-47—J Low.
(Close
t
loole"
Close
■;"Y>
1
mmmm
Total sales in $1,000 units...
•
C
tJ
Low.
114
1
102121
(Close
1
—
mmmm
....
108.22
Total sales in $1,000 units..
1
....
■
:: (Close
'
,
mmmm
::::
(Close
1
Total sales in $1,000 units...
108.24
(High
2 Ms, 1958-63
1
mmmm
Total sales in $1,000 unlts.
Y:
•
108.24
Low.
1
1
I
1
/High
2Hb, 1942-44.......... Low.
1
"f'mm'mm
(High
V7.
mmmm-
1
»
Total sales in $1,000 units..
■
I
1
1
'mmmm
■
mmmm
....
(High
1944-52....-{Low.
3s, series A,
**
t
108.24
(Close
Ms, 1956-59
t
1
«
(Low.
W
1
»
102.25
*7
Home Owners'Loan
mmmm
mmmm
1
mmmm
Total sales in $1,000 units...
21
mmmm
•1t1
1
Close
(High
2Ms, 1942-47
100
1
Total sales in $1,000 units...
-
1
1
1
(High
| Low
(Close
110
EE
104.25
..mmmm
1
1
Low.
109.31
108.6
Low
i
109.17
26
(High
—.......
108.28
108.28
108.6
Total sales in $1,000 units
K
109.31
109.18
mfmm
(Close
2H*t 1948-51
108.28
109.18
(High
2%b, 1945-47 ........JLow.
mm
1
I
Total sales in $1,000 units
1
109.18
(Close
■
t
1
1
Close
1
1
109I22
10¥.8
3s, 1942-47
1
t l l I ! l l li t li t l l l ! til l l til til l l li t f 1* $
1
1
—
(High
m
mmmm
1
It
(High
(Close
104*25
|
(Close
(High fllHI
Total sales in $1,000 units.
mmm
102.25
Total sales in $1,000 units...
—
t
m
m
102125
| Low.
mmmm
4
.Low.
t
1
104.25
(High
'■■mmmm
'
mm
■mmm
mmmm
m
Total sales in $1,000 units
3s, 1944-49
rnrnmm
1
1
1
•
mmmm
(High
| Low.
(Close
3Ms, 1944-64
....
1
t
«
Total sales in $1,000 units...
1
l l l ll ll l
t
»
1
(Close
t
1
1
1
—
—JLow.
2s, 1953-55.
1
til l l tilt
mmmm
.
mm
t
(High
1
m
m
mmmm
(Clo®
1
11
a
1
m
7
(Hlgb
1
m mm
110
(Close A——
.
104.30
mmmm
'Total sales in $1,000 units...
1
1
t
i Low
2s, 1948-50
....
1
a
11
m
(High
mmmm
a
1
Low.
3s, 1946-48............ Low.
'mmmm
a
1.1
1
(Close a::::
2^8, 1955-60
mmmm
mmmm
1
t
mmmm
1
1
ToloA sales in $1,000 units...
mmmm
t
1
•
1
mmm
mmmm
.
mmmm
mmmm
1
1
r
Total sales in $1,000 units...
Total sales in $1,000 units..
mm m
a
1
m
■
104.24
mmmm
mmmm
mmmm
108.9
1
•
mmmm
mmmm
mmm
m
mmmm
mmmm
'mmmm
7
1
IIII
104.30
'mmmm
■
mmmm
■mmmm
m m
108.9
1
1
a
'''mmmm
108.9
1
1
mm
1
(Close
t
mm
mmmm
»
t
— -
—
V
mmmm
1
a
1
mmmm
■
Total sales in $1,000 units
V
3s, 1951-55
(Low.
2Mb, 1954-56
mm m m
mmmm
1
107.7
a
«•«.
-
1
(High
!■
1
«1 at
a1t«
107.7
mmmm
mmmm
(Close m
2
(
107.7
1
"
Total sales in $1,000 units...
'.
1
1
m
mmmm
Low.
3Hs, 1949-52
1
1
:mmmm
(High
•
1
mmmm
(Close
3^8, 1946-49
•
1
mmmm
mmmm
m.mmm
■■mmmm
a
a
1
.
mmmm
■
Total sales in $1,000 units...
3^8.1944-46
1
1
t
(High
3Xb, 1943-45
•
I
«
-
-
mmmm
mmmm
•
(Close
Total sales in $1,000 units
t11•
a11 t
1
1
mmmm
■
....
»
mmmm
mi
104.25
t
«
mmmm
mmmm
104.20
I
1
7
1
1
j
104.13
Low.
....
1
mmmm
'
104.25
104.13
2Mb, 1951-53
t
mmmm
■
104*13
mmmm
1
I
1
1
1
»
»
mmmm
9
Total sales in $1,000 units...
mmmm
•
t
106.21
1
mmmm
mmmm
1
I
lit
mmmm
106.21
mmmm
(Close
t
,
..
v;./.;.
....Low.
1• t
t
1
106.21
t tta t
1
1
1
I
1
1
l
»
1
1
1
l
»
I
1
1
t
106.12
1
2Hs, 1950-52
1
1
1
1
t
t
t
106.12
106.12
1
f
t
1
•
—
♦
106J2
106.12
1
a
I
107
106 J 2
2MB, 1949-53..
1
»
•
«
1
a
Low.
Total sales In $1,000 units.
1
1
Total sales in $1,000 units...
113.12
1
mmmm
I
1
113.12
t
Total sales in $1,000 units
t
;
I
1
«
l
t
t
t
1
1
l
t
1
113.12
High
1941-43.......... Low.
3^8, 1943-47
6
mmmm
«
■.mmmm
....
«
l
1
t
2Hs. 1948.
2
•
mmmm
mmmm
mmmm
Total sales in $1,000 units
'
1
.mmmm
mmmm
(Close
-
I
I
m'm'rnm
....
Low.
i
»
1
112ll4
112.16
'mmmm
'
Total sales In $1,000 units—
,
112*. 16
■■mmmrn
'mmmm
112.17
(High
....
t
«
Low.
3J*s, 1948-56.
t
1
112*17
(High
.—
-
•
—
t
Low.
2Hs. 1945
mmmm
—
(Close
4s, 1944-54
mmmm
mmmm
mmmm
Treasury Notes, &c.-—See previous
page.
page.
New York Stock Record
LOW AND HIGH SALE PRICES—'PER
SHARE,
Monday
Tuesday
Wednesday
Mar. 8
Mar. 10
Mar. 11
$ per share
$ per share
$ ver share
*»!«
%
72
*4%
434
*%o
*65
4%
716
7i«
716
*7%
*6%
8%
8%
6%
*16
7
1634
21%
21%
9%
9%
146% 146%
4
*10%
1334
ft 6
*73
6
7634
29%
29%
15
il5
1
1
:*is
4434
*14%
46%
*6%
*46
12
1334
14%
4434
Mar. 14
Week
$ per share
$ per share
$ per share
Shares
21%
9%
9%
146% 147%
*10%
12%
13%
1334
5%
6%
*73%
7634
28%
29%
15
14%
*1%
*13%
1%
14%
45%
45%
14%
15
47%
48
6%
♦
7%
17%
22%
14%
7
6%
x47
6%
"is
7%
47
6%
8%
*6i2
*16
22
4%
8%
734
f 1734
f2234
8%
*0i2
*1612
2178
938
147i« 148
*1078 1 11%
1312
1378
6'a U> 6%
*74
7634
293s
2934
15
*118
*1334
4534
1434
4814
7i4
47
*6
"is
*
48%
41
45i2
6
21%
14
3778
«n
71
*37%
*44%
*5;%
*20%
14%
37%
41
45%
6
21%
1438
37%
*%
«u
71
*....
Dec
May
Feb
30
May
Jan
3478 May
60
Nov
Jan
9
Jan
Jan
4% May
16% June
Jan
12% June
Acme Steel Co
No par
25
Adams Express..
No par
38% Jan
45
3634 Feb 14
8%
*734
8i2
7%
778
1,300
7
*6%
7%
7%
7%
700
17%
*1078
13%
148%
11%
1378
*1078
13%
11%
1334
6%
6%
6
6%
78
29%
1334 J 1334
6% / 6'4
*74
7634
29
g 29i4
^1534
149
9%
150
76
76
28%
14%
*1%
29%
14%
1%
16
*143g ,15%
1%
1%
*12% 15
46%
*4534
15%
*15
li4
13i2
46%
*12%
a:15
46
*7378
2834
% Jan
$2.50 prior
conv
7
16
rl44% Mar
10% Feb
May
Jan
1%
14%
12%
Jan
24
Dec
Jan
Jan
26% May
Jan
2
634 June
Jan
7
135% June
182
11% Jan 11
878 May
14
Jan
June
1634
Apr
4% May
9%
6
1
165
1234
Apr
Apr
73
7
80
Jan 28
55
79
Dec
37
Jan
4
2134 May
41%
Jan
1734 Jan
8
11
18
1% Jan
4
1% May
15% Jan 15
50% Jan 24
9% May
200
5% preferred
Allls-Chalmers Mfg
Alpha Portland Cem
Amalgam Leather Co Inc..
100
1,100
6%
Amerada Corp
1
1
50
conv preferred,
12
No par
1,000
Am Agrlc Chem
47%
47%
6%
6%
1,800
1,500
47
47
46
46
46%
280
6
6
6%
500
(Del)..No
6% preferred
American Bosch
Def. delivery,
n New stock,
r
Feb
5
6
7% Jan
8
10
May
June
2%
Jan
Nov
Jan
18
Apr
58%
Apr
1734 Jan 10
38% May
12% May
Feb 19
58% Jan
2
4134
75
Apr
8% Jan
8
6
June
1234
Apr
Mar
6
35
June
50
Jan
8% Jan
2
40
1
Cash sale,
Feb 13
Mar
6% Feb 14
42*4 Jan 2
5% Feb 11
par
50
Corp
Mar
41% Feb 14
14% Feb 28
Am Airlines Inc
10
American Bank Note__....10
a
7
15% May
Mar
7
28% Mar 4
14% Mar 13
600
47
15%
*534
534 June
4% May
77
No par
No par
6,600
6%
1 In receivership,
Jan 9
Jan 9
Jan 10
Jan 6
10%
9%
21%
25%
11%
May
14
4734
612
% June
4
27% Apr
19% Jan
58% Jan
78 Mar
1134 Feb 3
5% Feb 14
6%
lay.
6
Apr
No par
47%
his
4
Feb
Feb
No par
100
15
*6
Jan
% Jan
46%
Allied Mills Co Inc
48t2
634
on;
5
36% June
% May
60
May
70%
147
Allied Stores Corp
15
6i2
42% Jan 17
% Jan 14
49%
6,600
100
4712
634
46
Feb 15
1934 Feb 15
9% Feb 14
2
~2~,6OO
15
47
Feb 14
578 Pen 17
pref.iVo par
Alghny Lud Stl Corp..No par
Allen Industries Inc..
1
Allied Chemical & Dye.No par
Allied Kid Co....
5
43%
5134
734
2234
1578
% Feb 26
5M% Pt A with $30 war.100
5H% pf A without war.100
300
3,800
1,400
2,000
6
4% Feb 19
No par
4834
7i4
Feb 14
Air Reduction Inc
No par
Air Way El Appliance..No par
Allegheny Corp
17%
7
3,400
1,000
2,100
22
share
110
2", 300
2178
per
Jan
Jan
38
21%
Highest
share $
53
434
*16
per
120
%
1734
$
Feb 20
*4%
22
Lowest
share
Feb 21
Adams-Miills Corp
No par
Address-Multlgr Corp.....10
100
per
46
5% Feb 14
19% Feb 20
13% Mar 12
500
$
117
12
148
*1%
13%
46%
200
1,600
Highest
share
100
4%
147 V148%
*10%, 12%
1U
Abraham & Straus
per
Range for Previous
Year 1940
No par
conv preferred
12
*16%
21%
*9%
14l2
414%
4%
7
9%
46
Abbott Laboratories
'is
434
*9
9l4
100
$
Alabama & Vicksburg Ry.100
Alaska Juneau Gold Min...l0
*15
15
*3712
45%
5'%
*20%
1378
37%
48%
Lowest
Par
*117% 118
9l4
938
Bid and asked prices; no sales
7,.
7i«
*4734, 48i2
*11712/l18
#16
71
4*8
7u
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Mar. 12
72
7i*
9
STOCKS
NEW YORK STOCK
the
Friday
"18
4%
46%
47
*6
17
%
70
Sales
Thursday
Mar. 13
*47%
48%
*47%
481?
*4712 48i2 *47l2 48
*117% 118
*117% 118
*117I2 118
*11713 118
41
*37% 41
*37%
*3712
41
*3712
41
*43% 4534
*45 j 4534
4534 4534
*45
4534
6
6
pi 6
6
6 ( * 618
6
6
*20%
20%
20%
20%
*20% | 22
*20%
21i4
*1334
14%
*1334
14%
*13%~U4%
1312
13l2
*38% 3834
38%
38%
38% ^38%
3734
38%
*
NOT PER CENT
for
Saturday
r
Ex-div.
y
47
Ex-rights,
Jan
5% June
21
Jan
9% May
f Called for redemption.
Volume
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
CENT
STOCKS
NEW YORK STOCK
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Friday
Mar. 8
Mar. 10
Mar. 11
Mar. 12
Thursday
Mar. 13
the
Mar. 14
$ per share
$ per share
$ per share
S per share
On Basis of
Week
Shares
$ per share
*34
$
share
per
34
3434
34*4
*128% 132i4 *128% 130
*1
1%
86
*84%
*175
181
26
1%
84%
26
1%
8434
84%
*179
181
1%
1%
85*4
8434
181
*175
178%
2678
27%
59
60%
60%
60%
*59%
20%
20%
20%
20%
20%
2078
21
*105
111
*108
10934
*10
*105
111
*105
111
*105
109*4 10934
*10
12
108% 108% *108%
*10
12
1312
13*4
14
14%
13%
85%
85%
88%
*85%
1%
*1%
l'*4
*1%
13%
88%
1*4
*86%
1%
*1%
4%
4%
*4%
4%
4%
4%
*4%
*16%
*8
5i8
*5
1%
15S
4I4
4%
13i«
*8%
5%
*8%
*4%
8%
*478
8%
5%
1334
*86
*8%
*478
13%
8%
5
$
100
Corp__l
82
25
100
Preferred
No
10
American Colortype
5
Am Comra'l Alcohol Corp..20
Co
10
American Crystal Sugar
o:13
13%
*85%
88%
50
*1%
134
200
American
4%
4%
800
»I6
*'3U
7fi
16%
16%
2«4
1,100
1,500
..100
6% 1st preferred
1412
36%
*314
14%
*14%
15
*13%
14%
13%
13%
*13
13%
13%
13%
400
3678
36%
3%
36%
37%
x36%
36%
4,700
3%
3%
36 78
3%
36%
3%
36%
3%
37%
3%
*3%
3%
1,200
6
9
*2618
47%
*1*2
*27
32
47%
1%
20%
*19
37s
*12i2
37%
3%
*26
1%
20%
4
12*4
48
*19
378
378
1234
*12%
*46%
*19
*25
32
*25
49
*48
*19
20%
*19
20%
378
4
4
*3*4
4
*12%
12%
12%
12%
12%
*48
*4834
1%
*19
20%
Jan
Feb 14
1734 Jan 18
38% Jan 4
23
May
4% Jan 10
3
May
23
May
50
*48%
49%
13%
49%
1378
49%
133s
13%
14%
13%
86
85
86%
13%
*83%
14
85%
85
85
85
*85%
86
900
*1212
13
*12%
13
1234
3*4
1234
13
13
13
13
13
13
500
4
4
; ' 334
4%
3*4
3%
3%
3%
18
187g
18*4
1734 *1734
18%
18%
*112% 115
*112% 115
*llll4 115
*112% 115
2434
24%
24% *24
*24i2 25
24%
24%
2
2%
2%
2%
2%
2%
2!8
2i8
40
40
*40
40i2
40%
40%
40%
40%
3's
:
34
33%
1
40%
34
34
14%
67%
z66
67
6%
6
6
66%
66%
66%
6
6
6
8
8%
34%
3934
8%
35%
407s
8
33
34%
40%
4034
*140
1413,
50
50
*139
150
*49%
*7%
8%
36%
39%
23%
24%
10%
10%
24%
*10%
12%
*12
1234
1534
*13l4
1412
16112 162%
68I4
687s
68I4
6834
69%
5i2
5i2
5%
534
6
5*4
*87
*87
93l2
*54l2
*52
25
*24%
3H4
31i4
*29
13
13
*13
113
11
2
*1%
American Stores
300
American Stove Co.
17%
17%
17%
17%
86%
87
87
*13%
14%
165
166%
*68
68%
69
69%
148
578
5%
5%
534
93%
*90
7%
*88
93%
*7%
7%
55%
55%
*88
14
13
13
400
113
30
10
65
*50
62
*50
*50
2978
778
5
*4%
30%
30%
30%
30%
8%
*7%
*7%
8%
5%
*7%
778
*5
6
*80
94
5
5
*80
93
*80
*50
62
*50
62
30%
30
2978
*7l2
5
4%
4%
93
6%
6%
79%
6%
79l2
95
*92
5%
94
*80
6%
*79%
*79%
*90
100
*92
100
81%
100
*7%
5
5
*80
94
6%
81%
*94
98
66%
66*4
66*4
16%
65%
66
65%
15%
1778
2178
21%
2034
634
48%
18%
22
6*4
*63
69
66
*63
114
6*4
21%
21*4
109
*108
6*4
48
48
*113
21%
21%
109
*108
6*4
48%
*108
6%
48
48
68
*63
*113
*5%
6*8
*178
2
*14%
157g
18
22
21%
21%
109
109
15%
18%
22%
157i
113%
113% *113
6%
6%
6*4
*6%
2
2
2%
s
*2
15
15
3%
3%
3%
Th b»
J28«
T12tt
15%
1478
1534
3*8
3%
3%
3%
5
5
33%
*108
6%
109
6
15-%
*18%
22
3%
*534
578
27
*25
5%
*534
19
1,200
6,100
3,100
22
2,100
1578
21% 21%
108% 108%
6%
634
48
65%
100
114
113% 113% *113
6%
6%
*6%
6%
114
111
65
*2
*15
65
2%
16
*63
*2
*15
48
2%
16
*6%
*2
*15
27%
78%
2%
100
Austin Nichols
16
*123
126
3%
?%
49,100
48,700
15%
9,600
Baldwin Loco Works v t
3%
5%
3%
3%
3%
3%
3%
3%
Baltimore & Ohio—
5%
5%
5%
578
3,500
1,100
5%
578
578
5%
*5%
5%
5?8
*5
*534
*26
7
7%
7%
*7%
8
30
30%
30%
8
8%
23%
8%
24%
*27
27%
*19
193.t
27%
1934
8%
83g
8%
27
*26
*30
8%
30%
8%
24
126
27%
20
8%
28%
79%
28%
81
124
124
27%
*20
8%
28%
79%
81
*123% 124
28%
30
8%
23%
*29%
30
8%
200
40
834
900
8
400
30
8%
23%
24
30
30%
111% *111% 111%
2,200
23,100
1,700
22%
"""784
105% *102% 105%
1C0
22%
22%
7%
*114
*/%
119
7%
27%
78
79
124
124
35%
19%
*55%
27%
78%
100
500
79
*123% 124%
"7", 100
2,100
1O0
1,000
12,700
200
28
*26%
2734
800
20%
20
20
*18%
8%
16%
*11%
20
816%
*18%
19%
600
*8%
834
3,700
100
8%
8%
8%
*16
16%
*16
17%
*11%
13%
*11%
17%
13%
*16%
15
*11%
13%
*85
90
*85
90
*85
90
sales on this day.
9G
*16%
*11%
17%
13
90
*82
90
X In receivership,
.....5
Corp......l
Bayuk Cigars Inc.
No par
% 1st preferred
100
Beatrice Creamery...
25
$5 preferred w w
No par
Barnsdall Oil Co
Bath Iron Works
Beech-Nut Packing
.No par
50
20
15
10
Co
No par
Belding-Heminway
Belgian Nat Rys
35%
19%
56%
271
......50
5H% preferred
Beech Creek RR
*11%
35%
20%
57
27%
C..13
100
4% preferred
100
Bangor & Aroostook
50
Conv 5% preferred-.
100
Barber Asphalt Corp
10
Barker Brothers
.No par
Preferred x-warrants
105%
105% *102
30%
30% *28%
119
Rights
270
27%
17
24%
30%
*7%
26
27%
90
Bid and asked prices; no
8%
8%
28
*11%
•
30
*53,
26
28
*85
*16
578
27
7
*123
Aviation
15%
7
80*4
No par
-.--No par
Corp of Del (The) -.3
55 prior A
40
3%
~
7834
preferred.....100
Corp......No par
Atlas Tack
15%
5%
28
conv
300
3%
9%
27%
5%
20
6%
^5%
57
27%
79
No var
3%
24%
24*4
23%
23%
23%
30
30
30
30%
30*4
30
30%
30
*111%
*111% 111*4 *111% 11134 *111% 111% *111% 111%
*22
2%
22%
22%
22%
22% *22
*22%
22%
102
105% *102%
*102% 105%
103
103
*100
10634
105% *102
102% 105% *102
105%
*100
106*4 *100
*28%
*29
*29%
30%
30%
*29
30%
*29
30%
117% *114
117% 117% *112
117%
*112
117% *112
7%
7%
7%
*7%
7%
7%
7%
*7%
7%
*1134
*11%
*10%
*11%
*11%
34 78
35%
35%
35%
36%
35;%
36%
36
36
20%
20% a: 19%
20%
20%
20%
20%
*20
20%
*56
57
*55%
*56
57
5634
5634
*56
6% preferred
Atlas Powder
16%
*8%
8
8%
8
100
5
50
pref series A
conv
3%
9
30
4%
Atlas Corp
15%
26
30
5% preferred..........100
Atlantic Refining
25
3%
9
*6%
1
Atl G & W I SS Lines
16%
26
2978
...100
5% preferred
3%
9%
7
Fe..100
Atlantic Coast Line RR—100
900
69
48
8%
7
5% preferred.......... 100
Atch Topeka & Santa
15%
3%
5%
27
12.50
.No par
Andes Copper Mining
20
A P W Paper Co Inc
5
Archer Daniels Midl'd.No par
Armour&Co(Del)pf7% gtdlOO
Armour & Co of Illinois
6
$6 conv prior pref
No par
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp........No par
7% preferred..........100
Associated Dry Goods
1
6% 1st preferred.
100
7% 2d preferred.....-.100
Assoc Investments Co-No par
300
8,600
48
48%
9
878
5,900
*63
*48
*81*
*26
*8%
26,400
...
$5 div preferred
400
%66
1434
*15%
16
21%
109
6%
*31%
100
300
65
66
18
200
96
65
66
15*4
16%
20%
15%
79:%
65%
1578
18
22
21%
*65%
15%
16%
1938
21%
79%
*94
2378
23
18%
"V, 500
95
24
T.266
6%
23%
34
96%
23%
i.eco
94
95
95
24%
200
8,100
*6%
33%
*33%
951
23%
100
""166
2378
34
95
24%
16
*80
100
7%
6
95
34
95%
2334
22%
*7%
*5%
30%
a:94%
34
95%
23%
15%
17%
*29%
100
62
z33
3414
95
*33%
94i2
20;%
6%
*78
23%
*33%
*50
62
30%
778
*29%
?•;
6%
6%
81%
6%
6%
81%
*79%
95
$5 prior conv pref
113
2
Amer Zinc Lead & Smelt
part pref
5
.No par
Prpfd52.50divser'38Nopar
Best <fc Co
No par
Bethlehem Steel (Del) .No par
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
Blaw-Knox Co
No par
Biiss & Laughlin Inc
5
Bloomlngdaie Brothers.No par
Blumenthal <fc Co pref
100
Bendix Aviation
Beneficial Indus Loan.
d Def. delivery,
-
n New
stock,
r Cash sale,
Mar
26
Mar
5%
63%
May
135
June
6
9% May
18% Nov
7334 Jan
5
4
48% May
Jan 13
534 Dec
74% Nov
1234 Mar
113s Feb
41% Dec
7
4
14
14
13
14
5
40
Jan
2
45% Jan 13
154
Jan
May
30% May
122
3
Jan 21
54
May
23
838 Jan 28
May
49%
139
Dec
May
21
Feb 19
978 Feb 19
11% Feb 28
13
Feb 19
81
Jan 2
13% Jan 31
28% Jan 10
11% Jan 13
13% Jan 14
19% May
18% Mar 11
1234 May
70% Dec
11% May
9% May
11
Jan 15
88
14% Jan
8
May
156% Feb 19
67% Mar 3
67% Feb 15
16834 Jan
73% Jan
74% Jan
145
159
Jan
136
7
Jan
14
5% Feb 14
5134 Feb 4
22% Feb 14
29% Feo 20
12>% Feb 19
111% Jan 29
9
Feb 24
1% Feb 27
26
Feb 20
110
Jan 31
4% Feb 14
47% Jan 3
Jan 20
2834 Feb 17
7% Feb 18
4-% Feb 19
90
Jan 14
5% Feb 19
79%Mar 8
87
Feb 19
z33
Mar 13
92% Feb
18
Jan
5
2
111% Jan24
Feb 17
Mar 10
104
Feb 5
28% Feb 17
117% Mar 11
7-% Feb 19
10% Jan 14
33
Feb 14
19% Jan 31
56
Jan 3
27% Feb 20
74% Feb 19
121% Feb 20
24% Feb 14
17
Feb 17
7% Feb 19
16
Feb 19
11% Mar 3
80
Jan 7
Dec
6834 Dec
June
2% May
5% May
83% June
7% Jan 10
8% Jan
May
66%
6
9
May
25% May
54
Apr
155%
Dec
70
Feb
152% May
33% Jan
14% Apr
17% Jan
23% Feb
93
Feb
18
Mar
175% Mar
89% Apr
9134
Apr
153%
Oct
6% Nov
1238 Jan
101%
Apr
12
Apr
61%
Dec
8% Nov
8
Jan
54
Jan
3
35
June
64%
2734 Jan
6
18
May
32
Dec
Apr
6
20
May
41%
Apr
35
Jan
4
4% May
12% May
14% Jan 11
113
Mar
107
4
12% Jan 7
2% Jan 17
June
8
Jan 13
23
30
May
134 June
June
97%June
111% Jan 16
5% Jan 25
4
May
58
Jan 27
35
May
60
Jan 20
58%
878 Jan 13
634 Jan 10
90
Jan 14
7% Jan
9
~
65
87
Jan
99
Jan 18
35% Jan 23
96% Mar 12
24% Jan 23
114
Jan
Jan
22% May
6% May
3% May
96% Jan
4% May
3438 Jan 10
67% Jan 24
60% Jan 2
17% Jan 28
13% Feb 14
18% Mar 12
13% Feb 15
22% Mar 10
16% Jan 2
24% Jan 2
z2034 Feb 20
108
Feb 6 110% Jan 2
7% Jan 2
6% Feb 14
49% Jan 14
47% Feb 14
72% Jan 9
63
Feb 19
11234 Feb 4 118% Jan 4
7
Jan 6
6
Feb 4
278 Jan 11
178 Feb 27
20% Jan 11
14
Feb 14
5% Jan 6
3% Feb 27
ht Feb 25
Mar 4
19
Jan
2
1334 Feb 14
4% Jan 10
3%Mar 3
534 Jan 10
4% Feb 15
6
Jan 29
5% Jan 6
29% Jan 29
24
Jan 2
10% Jan 10
8
Feb 14
7% Jan 15
6% Jan 8
30% Mar 11
28
Jan 20
9% J an 10
7% Feb 19
2434 Mar 10
18% Feb 3
3034Mar 10
27% Feb 4
22
103
Jan
Mar
Jan
150% Jan 10
60
Jan
10%
163
3
1578
4
Feb
8934 Feb
6% Feb
51
Feb
Jan
Jan
64
Jan
99% Jan 11
Anchor Ho. k Glass Corp
31%
24%
7% Jan 10
60% Jan 13
5,200
121
2
14
6%
54
July
3434 May
28% May
434 May
Jan 13
162
Mar
20% June
2534 Feb 13
3% Jan 13
4634 Jan 13
39
Jan
25
90
Jan 14
27
24
*6%
*28
115
Jan
338
134 May
1234 May
No par
Anaconda W & Cable..No par
32%
Dec
14%
No par
.100
Preferred
170
24%
Jan
92
May
§6 1st preferred
1,900
26", 400
24%
*27
2234
May
10
American Woolen
"1.655
*49%
May
38
6
147%Mar 14
5
Feb 14
32%
6%
54
10
9
4% Mar 14
19% Jan 10
4
5
Apr
Jan
6% preferred
.
...100
Am Type Founders Inc
10
Am Water Wks & Elec.No par
4,000
Jan
13% Aug
13% Jan
300
2,000
Apr
57
8
Common class B........25
7%
55%
56
110% 110%
111
4%
54
2834
25
American Tobacco
93%
55
*27
100
Co
Amer Telep & Teleg
Apr
Mar
6%
12% Sept
41% May
Jan
3,200
*1%
*27
*27% 28% *27% 28%
27%
27%
28*4
111
111
111
*110% 111% *11C% 111% *110
4%
4%
4-%
478
4%
4%
4*4
5
55
55
5434
5434
54% 54%
55% 56%
28i2
*110
8,300
1,400
7%
55%
54
*27
Am Sumatra Tobacco..No par
13%
*12%, 13% *12%
*112% 114% *112% 114%
10
10
*9%
1C%
10%
*1%
1%
1%
1%
2
31
31
10*2
No par
24%
25%
24%
*!%
Preferred
No par
Refining..100
-.100
1
25
Anaconda Copper Mining..60
6%
*51
52
*50
25%
*10%
2
American Sugar
800
*13%
6%
6%
6*4
55
9,600
11%
14 % *13%
164
165% ziei% 162
68
68
68%
68%
6878
69
68% 69
*147
149
147% 147%
5%
5%
5%
5%
5%
5%
5%
5%
7%
55%
55%
57
31
10*4
*10%
*n2
300
12%
86%
*113
*1014
10%
*12
*13
13%
*113
113
*10%
12%
1734
7%
24%
25%
31%
2434
Amer
June
Feb 24
149
referred
100
Steel Foundries..No par
[
10%
86%
93%
*51
55
"3",400
17
534
6%
6*4
6%
6%
55
23%
*85%
6
55%
56%
55%
5514
6'8
*51
6%
23%
148
7%
7*4
150
*12
149
*88
93%
7%
678
678
48
*23%
10%
69
5*4
American Snuff
900
48
Preferred
1234
68%
5*4
800
Refg.No par
100
25
10%
149
5%
5*4
139
Amer Smelting &
35
17% Jan 10
Feb 17
63% Mar
6% Mar
7% Jan
30
Feb
3778 Feb
138% Mar
48
Mar
Amer Ship Building Co.No par
6,100
24
69
150
300
1,840
40
139%
10%
68%
69%
14912 *148
*148
85%
86%
*13%
14%
164*4 165*4
100
23
*12
18%
17%
17%
18%
86%
86%
*13%
14%
16178 165
68
68%
1634
84
4conv preferred
American Safety Razor.. 18.50
American Seating Co..No par
Apr
93
117s Feb 19
25
36%
*139
150
American Rolling Mill
Mar
155
100
23%
2434
10%
12%
*139
150
*139
150
*139
*7%
138% 138%
48%
48%
30
8%
36
39%
1178
84
2,080
39%
1038
1178
850
6%
35%
8%
*734
8%
36%
35%
35%
39%
40%
41%
*135
13934
13934 140
49%
49%
x48«4
4834
8%
23i2
2338
*10
6678
*6
35
50
150
*145
6
6%
8,300
40
141
141
66%
67%
66%
6
*534
14%
*157
160
160
No par
No par
$5 preferred
No par
Am Rad& Stand San'y .No par
86 preferred
Preferred
Feb
38
May
3
Jan
66%
3%
1% Dec
18
Jan
Jan
50% May
6% Apr
45% May
50
23% Jan 24
2
Feb 25
39
Feb 14
32% Feb 20
6
Feb 14
No par
Amer Power & Light
15,900
Feb
111
100
American News Co
2,000
6678
xl4
No par
6% preferred..
18
25
16
15
3
19
15
14
4
1% Jan 10
22% Jan 2
4% Jan 8
13% Jan 27
14
12
Feb
2% Feb
16
Feo
Amer Mach & Metals..No par
160
6%
160
6%
100
Amer Metal Co Ltd
Jan
12
81
...50
Amer Mach & Fdy Co.No par
3,700
2,100
1378
6%
6%
preferred
Jan 23
61
Feb
3% Feb
12% FeD
49
Jan
Locomotive.No par
Preferred
150
35
2%
40%
34%
conv
American
12,700
2,200
24%
2%
"
41%
24%
2%
2%
40
634
6%
6%
6%
6I4
638
6%
*158
160
*157
160
*158
160
*15512 160
14
14%
1434
14%
1434
1418
14%
1434
66
"6" 100
4%
4%
24%
24
34
34
34
34
34
6%
13%
1878
18%
1878 *18%
*115
121
114% 115
1734
*33
5%
49%
13%
30
20
1
Amer Invest Co of III
4
Feb
1% Feb 20
100
pref
9
46% Feb 14
29
No par
Amer Internat Corp.. .No par
300
86
Jan
378 Jan 13
2% Feb 15
MOO
*4612
13U
24%
Dec
13
6% non-cum
*843g
9% May
34
1034 May
29
~
13
*12%
*48%
Apr
2% May
6%
2%
28%
7%
3
Jan 18
No par
6% conv preferred
60
American Home Products... 1
12%
49%
14
Sept
1% May
3% June
$6 preferred
American Ice.
4
4
75
Apr
Jan
15% Apr
91% Mar
3% Mar
May
Amer Hawaiian SS Co.....10
500
49
*1%
1%
20%
378
*1%
1% Jan
934
8
6
21
Feb
13
8%
87 2d preferred A
COO
j
32
*48
1%
1%
1%
1%
4% Mar
Jan
Nov
4% May
14% Mar 11
85% Mar 10
178 Jan 6
14% Feb 15
2% Feb 18
Nov
23%
5% May
No par
No par
S7 preferred
600
32
48%
*25
48
4734
1%
32
48
33
4734
234
65
May
American Hide & Leather... 1
33s
278
*2%
2%
2%
2*4
140% May
8% Jan 23
6% Jan 11
8
234
115
Jan
»j« Jan
3
May
12
2
*234
May
33% May
13% May
May
6
3
16
16
16%
34
100
112
1% Feb
*234
*16
66% Jan 27
23% Jan 7
Jan 21
3
3% Jan
17%
Deo
May
Jan
Encaustic Tiling.. 1
1,ie
Jan
185
May
18
121
European Sees..No par
Amer & For'n Power
No par
17%
116%
164
7
Amer
3,200
Dec
Jan
June
234 July
7
Jan
115
107% Mar
Am Coal Co of Allegb Co NJ25
8%
4534
135
Oct
/108% Feb 28
10
Feb 1
7% Mar 4
4% Feb 17
9% Feb 19
78
Jan 7
par
*478
May
1%
85%
31% Jan 11
18% Feb 14
100
5% conv preferred
American Chicle
""206
May
128
95% Jan 10
Feb 15
56
28
7
Mar
185
2378 Feb 19
Am Chain & Cable Inc.No par
Highest
share $ per share
per
1% Jan 13
178% Mar 12
800
1,600
$
Jan 13
38
130
Feb 15
100
Preferred
"u
17
5 per share
share
American Car & Fdy_.No par
1714
17
per
Lowest
Highest
32% Mar 14
125% Feb 14
1% Feb 25
Fdy .No par
pref
American Can..
100
1,900
4%
%
lhi
conv
*8%
8%
5
137g
88%
la4
8%
5M%
Amer Cable & Radio
12
*10
12
*10
12
*10
12
88
*7i2
*434
13%
*85%
Am Brake Shoe &
10
1,100
1,000
>
26%
59
25*4
60%
27
Par
Year 1940
100-Share Lots
Lowest
1,600
33
33%
32%
32%
*130
130
130
132%
*1
1%
1%
1%
1%
86 34
87
8634
87%
85*4
*175
180
180
178% *175
26% 26% *2534 26%
27%
59%
59%
59%
59%
60%
21
21
21%
2034 2078
*105
111
*105
111
111
*109
112
112%
110% *109
33%
34%
34%
34%
*12778 130
*127% 130
1%
Range for Previous
Range Since Jan. 1
Sales
for
LOW AND
1705
New York Stock Record—Continued—Page 2
152
7
2434 Jan 11
22% Mar
113% Aug
1578 Nov
4%
35%
111%
7%
64%
Apr
Feb
Dec
Apr
Apr
68
Apr
4334
Apr
Apr
11
9%
102
Jan
July
Aug
49% May
29%June
82
May
13
May
39% May
9% May
8% June
9% June
18% May
102
June
7
May
43% June
57
May
112%June
4
178
May
Feb
10
May
4
Aug
1238 May
234
3%
434
24%
8%
May
May
Dec
Dec
May
4
May
20
May
7% June
23% Dec
20% May
111% June
18% May
MarlO
105
May
Feb
5
102
June
31% Jan
3
103
104
126
Jan
6
8% Jan 24
11% Mar
4
3734 Jan 28
2078 Jan 10
56% Jan 13
32
Jan 16
89% Jan
3
131% Jan 28
28
Mar 11
29% May
102
May
7% June
10
24%
17%
49%
22%
63%
Nov
May
May
June
May
May
109% May
14
May
15
May
10% Jan
18% Jan
9
4
8
15
9
11
May
Marl3
54
June
21% Jan
90
Jan
x Ex-dlv. y Ex-rights.
534 May
13% May
H Called for redemption.
1706
LOW
New York Stock Record—Continued—Page 3
AND
Saturday
$ per share
29
Mar
.
1534
29%
10
105
16%
.
30
Mar. 13
Mar. 14
$ per share
$ per share
$ per share
Shares
47*2
1578
3014
16%
47%
19%
19%
19%
18%
19
18%
18*4
19
19
19%
47l2
19%
1834
19
18%
19
18%
*1
1%
35
*1
18%
:
1%
35%
4
*>$
*34
4
10*4
22
*39
*2%
4
4
11
11%
23
22%
37%
39%
2%
4
11
22
37%
*6
37%
*37
39*2
*39
39%
*2%
2%
6*8
6*8
12%
*12%
30*8
*30
21
*20%
30%
21%
11%
1034
*115
1034
116
4
116
4
56
10%
56
6%
*29
31%
*30
21
21
1034
11%
116
4%
116
4*8
56*2
*6%
2934
6%
6*2
29%
29%
33
32*2
16%
33
33%
6%
8%
8*8
8%
50%
8%
50%
8%
8*4
*2%
2%
2%
3%
3%
3%
*49
51
*18
*16%
*49*2
19
*4*2
*20*2
*3%
*8%
*82
334
*51
52%
Y
19%
484
21
Y
10%
10%
10%
19%
10%
19%
19%
10%
19%
51
51
1%
1%
63s
12%
*12%
12%
12%
II84
12%
12%
*36*2
3*2
3734
234
39%
*39%
87*2
43%
3%
*39%
43%
*87
87%
27*2
3
*26*2
*234
3%
47%
47%
*37
*26%
120
*119
44
44
44
2334
119
119
8%
8%
*67*2
68%
120
88
27%
3%
50*2
35115% 115%
45
46*2
24*8
24%
118% 118%
9*4
93«
11834 11834
9
43*2
50*2
24
24
2%
*39%
*87*2
27%
*2%
45%
*23*2
38
2%
2%
48*2
*117
334
38
87*2
27%
2%
48%
40
3%
3%
3734
234
9%
*67%
69
68*2
68*2
20%
20%
20%
2034
1%
1%
2*8
2%
2%
2%
*113
114
*113
114
*113% 114
*2
*2%
2%
234
*2%
2%
584
6%
6%
6%
6%
6%
21
20%
*2*2
3
*95
*2%
100%
30
30
*95
30%
3%
3
4
'2b 34
2834
*2%
4
29
30
*%
%
1%
1%
*%
1316
7
*634
13%
13*2
*39
40*2
*50*2
51%
*%#
%
*31#
*7*2
%
34
1%
»16
12%
9%
12%
*7*2
12%
1%
1%
1%
2
*125
'-.w'KU
3
6%
3
98
31%
4%
28
28%
*28%
30
19
*18
*14%
15%
*1334
16
234
284
38%
39%
*99% 105
%
'
1%
1%
%
5)
105
84
*39
51
*50%
51
29
14%
8
*%
*4
2
*634
14%
7
14%
40%
*3i#
*%
*7%
12%
*1%
9%
12%
*1%
2
*24
29
*24
1834
15%
200
2%
"""266
39
39%
7,300
99%
*4
1%
%
99%
100
84
1%
400
200
7
100
14%
41
14,600
200
50%
100
*%
%
400
*%
*%
*7%
%
200
12%
•1%
2
29
1,800
YM
50%
12%
*24
%
9%
13%
2
4,300
700
29
6738
685s
66%
67%
6634
67%
19,100
10
10
10
10
10
10%
2,600
98
9%
98*2
98%
99%
99%
99%
*98
99%
980
4634
46%
46%
45
46
234
*2%
234
234
100
*125
37
*35
.
*125
36
■'
•
*45
234
"125
*125
75*2 *-_..
75% *__._
75%
75%
*11134 113% *11134 113*2 *11134 113% "11134 113%
*27
28% *27%
28%
28%
28%
27% 27%
234
*34
36%
*
*45
*2%
*
36
;
—
50
*2%
*34
36%
*125
*27
28%
*27
28%
83*2
*82
84
*82
84
*82
84
*82
84
*82
50
*49
50
50
50
*48
50
*48
50
*48
50
31%
31
31%
10
84
*49
30*4
*3138
*135
94%
*60
12%
*102
30*4
32%
145
94%
6034
12%
30*8
32%
*130
9434
*60
12%
32%
12%
104
®101% 101%
25
25%
25
*10984110% *10J34 HO%
*1
1%
*1%
*19
*1834
4
16
1%
1%
1%
1934
19%
16
*1
16
*1%
*19%
68
23
9%
U16
%
9634
12%
102
*24%
111% *111
114
1«4
*16%
17%
*1%
*1%
*1%
*19%
*1%
*1%
134
*19%
19%
4%
*19
20
1934
134
134
*19
4%
4
4
4
*76
78
77
77
*65*2
*74%
68
*65
68
*65
68
76
76
75
75
*74%
75%
*7434
5
*5%
*4%
23%
5%
23%
*5
2934
30
53
9%
%
53%
2834
28%
eld and asked prices:
*23
30*2
101
5%
2334
31
5%
5%
*23
2334
30
30%
101
36
3638
*104
*100% 101%
36%
106
36%
106
36
36%
*104
106
4
134
200
"""406
300
4%
6,900
79%
80%
1,400
68
68
30
300
5%
*23
75%
1,300
24
2984
29%
35%
*104
700
36
1,900
106
20% Jan 25
53
Mar 11
1
3
Feb
5% Feb 19
113s Feb 14
11% Feb 14
1334 Jan 14
40
Jan
40
38% Feb
39
41
Mar
3% Jan
5
91%
30%
3%
59%
Feb 14
2% Jan
43
9
Feb 14
114% Mar 12
43% Feb 14
22
125
Feb
4
7
Jan
1% Feb 15
Feb 24
2%
9
Jan
4% Feb 3
2% Feb 19
Jan 29
Jan 10
18
Feb 14
103% Jan
3
2%
4
•u Jan
Apr
May
92%
3% Nov
75
126
May
5
May
Aug
18
Jan 14
Jan 4
Feb 10
Jan 10
Jan
3
2
Jan 16
44% Jan 13
102% Feb
12%
72
3%
l%May
Apr
Jan
June
4
2%
114% Mar
Dec
May
1%
5% Apr
II34 May
Oct
6
Mar
Sept
100
Apr
3
1
Jan
3% May
15% May
15
May
99% June
17% May
10% June
8%
3834
Dec
2%
22
Oct
106
May
30*4
29% Mar
Oct
4%
44
Dec
84% June
101
Dec
Feb 27
4
»ie Jan 11
Dec
2%
Jan
684 Feb 14
8% Jan 10
6% May
12%
Jan
Mar 11
8% May
44% Jan 9
52% Jan 13
23% May
15% Dec
44% Dec
9% Feb 19
37% Feb 15
49% Feb 14
»i« Feb
*8
41
May
51%
Jan
9
9% Jan 29
13% Jan 9
2% Jan 27
7% May
11% Mar
9
16%
No par
10
..5
...No par
~
9
Jan
10*4 Feb 7
1% Feb 26
23% Feb 14
27
63% Feb 14
9% Jan 3
72% Jan
100
95
100
45
Jan
3
Mar 12
2% Mar
7
31% Feb 15
Jan 27
2
1034 Feb 5
10034 Jan 31
46% Feb 20
May
1% Aug
Aug
34
53% May
8% Oct
85
Sept
91%
~"Jan
Jan
Feb
4
2
May
4*8
Apr
37*4 Jan 13
Y
Sept
24
May
40%
Apr
3
15
85
Feb 14
Jan
July
15
56
June
Jan 24
108
May
"Jan
114
26% Feb 14
33*4 Jan 10
z60
133
26
May
74
May
Mar 11
46% May
48
Climax Molybdenum..No par
Cluett Peabody & Co.-No par
27
Feb 14
33% Mar 14
25% May
41%
28% Feb 18
Jan
9
Jan 22
145
Jan 31
87
Feb 19
106
Jan
Class ANo par
$4.25 preferred.
Collins & Aikman
par
No par
No par
60*4 Feb 21
11% Feb 14
100*4 Feb 15
pref erred.... ..100
15
4% 1st preferred...
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
9%
934
9%
9%
"moo
%
"16
%
"ll
11,200
53%
54%
2834
55%
29
254%
55%
54%
5734
6,100
29
2834
28%
8,000
r
2% Jan 13
134 Feb 26
21
6
4% Jan 9
82% Jan 25
4
Feb 20
35
Jan 27
Feb 3
Mar
105
3
8% Feb 15
par
%
Jan 31
30
49
27%
x
Jan
Jan 21
Ex-dlv.
y
May
'il Dec
18% Feb 14
Mar
108
12% May
6
par
Cash sale,
Feb 18
28% Jan 30
Commonwealth Edison Co-25
New stock,
9
Jan
Jan 10
1% Jan 13
2134 Jan
100%
$6 preferred series...No par
Commercial Solvents..No
Commonw'lth & Sou—No
June 102%
20
4*4 Feb 14
22% Mar 5
Comm'l Invest Trust.-No par
$4.25 conv pf ser '35.No par
20
112
1% Feb
1
64
100
63
3
2
a-18% Feb 20
z75
preferred.No par
Credit
10
conv preferred
Mar
May
10% May
16% May
Feb 14
74% Feb 26
5% preferred
100
Columbian Carbon Co.No par
Columbia Pictures
.No par
141
56
9
3%
Columbia Gas & Elec..No par
6% preferred series A...100
99%May
94
Jan
70
Jan
Apr
45% Apr
Dec
2
% Jan
Dec
Mar
145
Feb 20
110
100
2
62% Jan 7
12% Jan 24
83*2
25% May
May
131
102% Jan
30% Jan
24% Feb 19
Colo Fuel & Iron Corp.No par
n
34
143
Nov
74*4 Nov
Jan
43% Mar
83% Jan 29
100
Jan
114%
50
8
Apr
14%
98
Jan 30
RRCo7% gtd.50
Nov
44
124
85
110
Jan
Apr
5% Mar
20
Jan
conv
Dec
Apr
No par
25
ii«
14%
49
$2.75
Apr
30% May
83
4# %
Apr
%
5
Commercial
Feb
Feb 27
2
41%
50
conv
Feb
May
26%
*11 Dec
Special gtd 4% stock
5%
Dec
22% May
5% Jan 13
37%
21%
106%
20%
Jan
35% Apr
121
June
88
Jan
Dec
56*2
105% May
17
Jan 22
Dec
3234 May
June
48
3% Jan 13
Jan
6
39% May
106
MS?
45
May
20
Jan 13
Jan 29
Mar 6
Mar 11
Apr
6%
Dec
Jan 13
2%
115%
2%
6%
%Mar 3
13gMar 12
o
Feb
Aug
7334 Jan 14
21*4 Mar 14
10
A or
40*2
75% June
22% May
2
Apr
231?
July
May
May
Feb
8*8
19%
42% May
120*4 Jan 29
Jan 13
9884 Mar
•
2%
29%
2%
36%
100
Jan
28% Jan
2
113
Jan 13
Jan 14
Jan
50%
Feb 19
118
Jan 17
1%
May
34
6
Feb
52% Mar
11% De
4% Jan
86% Feb 25
26
11
Jan
3% Feb 13
35% Jan 29
2*4 Feb 14
26%
14
May
50% July
1
May
4% May
Jan 24
1% Jan
7% Jan
14% Jan 10
Jan
% Jan 18
9%
delivery,
16*4 Feb 20
61
Jan
Nov
15*2
6
U16
a Def.
9
*31 Jan
%
{ In receivership,
Jan
34
934
day.
12
*8
9%
no sales on this
Feb 18
10
1334
May
May
*u Dec
"ie
2834
Sept
39
%»Dec
%
29
5
82
Jan
Oct
6
984
53*2
2884
Apr
% Jan 17
5% preferred
.100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
200
5,300
101
101
Jan
23%
4
City Stores
180
134
Apr
8
Colorado & Southern
20
19%
Jan
5%
1634
7%
Jan
QM% preferred
City Investing Co..
190
1%
12%
% Jan
Colgate-Palmolive-FeetNo
1%
Dec
..100
Chickasha Cotton Oil
Childs Co
Chrysler Corp
City Ice & Fuel
7%
100
7% preferred
6% preferred
Chicago Yellow Cab
Coca-Cola Co (The)...No par
17%
20
preferred...No par
Pr pf ($2.50) cum div No par
tChic Rock l8l & Pacific.. 100
conv
Oct
May
5% May
4% May
4% Jan
38% Feb 15
$3
36
35% Nov
21% Jan
2
1134 Jan
5
tChic Great West 4% pf._100
Chicago Mall Order Co
5
Chicago Pneumat Tool.No par
Jan
85
JChesapeake Corp
No par
Chesapeake & Ohio Ry
.25
Preferred series A...
100
Chic & East III RR Co .No par
Class A
40
Jan
3% Feb 15
7% Feb 19
76% Feb 14
17% Feb 15
12% Feb 14
Checker Cab Mfg
Dec
6%
7234 Nov
8% Nov
17% May
2% May
6% May
334 Feb 14
25% Feb 15
"moo
*1%
Jan
Feb 17
Certain-teed
"3~900
300
20
8*4 Jan 16
334 Jan 10
23% Jan 27
5% Jan 6
21% Jan 13
Jan
34% Jan
No par
May 119
53% Jan 13
Feb 19
12%
25
Feb 25
Feb 27
Feb 14
27
Cham Pap & Fib Co 6 % pf. 100
Common
No par
Apr
1284 Nov
17% May
12% May
734
2%
15%
4%
Apr
29%
May
20
Cerro de Pasco Copper.No par
100
97
34% Jan
95
6% prior preferred
37%
6% May
3334 Mar
18% Jan
Jan 22
1
Dec
May
14*4 May
z734 Jan
95
Products
5334 Apr
4% Nov
2434 Sept
25*2 Jan
May
3% May
60
.
41% Nov
27
5% Feb 14
26% Feb 15
27% Feb 15
16% Feb 15
par
97%
300
1234
Jan 3
Jan 16
Jan 6
Jan
Mar
1334 Apr
26*4 Nov
May
1% Jan
z5*4 Nov
Jan 17
118
7
May
Jan 13
Jan
3834 Nov
38
2% Jan 13
6% Jan 14
100
...
8
25%
2 34
13% May
27
May
3
Central Violeta Sugar Co
Preferred
102
8
Jan
44% Jan 13
18% Jan 30
Clev & Pitts
1,300
2
6
41
6634 Feb 14
30
17,500
Jan
25% Jan
24% Mar
12% May
% Dec
26
May
4% Dec
21
..100
*60
*16%
1%
19%
33%
30%
300
9
Jan
Jan 13
Jan 6
Jan 23
5% Jan
No par
5% preferred
145
78%
106
9%
%
*1%
*130
4
23
*104
13S
32%
30%
*76
4%
77
31
31
2530%
101% *100*2 101%
36
3534
36%
9%
*
17
*1%
134
5
53%
28%
111
17
1934
19%
75
53%
17%
1934
19%
*64
2834
*16%
19
75
106
110% 111
19%
*74*2
*104
96%
19
4
30%
145
*60
19%
134
130%
*130
12%
1%
76
36
6034
1%
*1%
4
30%
12*8
1%
77
*22*2
31%
145
33
97
9634
9634
*60
6034
6034
12%
12%
12%
12%
101% 101% "101% 102
*10134 102
*24%
253s
2434 25
*24
25
*60
*1%
*1%
67
*101
96%
33%
31%
"130
*1
*76%
5*4
2334
96%
,
32*4
145
1%
*64
*5
*130
96
6034
*24*8
*15%
31%
145
31%
32 %
Celotex Corp
June
68% Jan
Central Aguirre Assoc. No par
Central Foundry Co
1
Clark Equipment
No par
CCC & St. Louis Ry Co
100
75%
75%
110% 110% *110% 113%
*82
—100
...
Chile Copper Co.
69%
*2%
*34%
100
...
.
Chain Belt Co
50
1834
*14%
*234
9%
.
"2",000
1,200
570
104% 104%
*634i
_
Preferred
4
14%
Preferred
Century Ribbon Miils.No
4
*%
*7%
1134
2,400
3
31*4
*40
Case (J I) Co
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
100
98
31%
*50% 51
*u;
*i»
7
•n
*4
*24%
28%
*2%
*95%
Capital Admin class A
Central 111 Lt 4^ % pref..100
^Central RR of New Jersey 100
19
*18
104%
19%
%
900
*6
*18%
*%
2,600
No par
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
Carpenter Steel Co
5
Carriers & General Corp
80
114
*4
2%
500
2,500
4,900
2%
2%
*2%
39%
100
2%
19
*234
200
Cannon Mills..
240
.v. *2
*18%
39
60
2,200
534
■105% 106% *103
*99
9%
*95%
19
600
69
*31
4%
29%
Canada Southern Ry Co.-100
Canadian Pacific Ry
25
800
420
2%
534
il", 100
2134
*113
No par
5% preferred
...50
Callahan Zinc-Lead
1
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy..No par
Canada Dry Ginger Ale
5
69
2%
114
*2
41%
99
*36
*2
*113
California Packing
-.5
1,800
119
*9
100
21%
21
14%
*39%
10
35*2
12
14%
9%
98%
*46*4
*2%
*34
1134
40%
12%
500
2,000
700
2034
98
31%
*18
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co....-No par
6%
119
30
Butte Copper & Zinc
110
12%
*51
5% conv preferred..
300
10%
19%
Bush Term Bldg dep 7% pf 100
Butler Bros
10
400
12%
138
1%
334
884
84
Terminal
May
17
Apr
Nov
123*2 Jan
70% Mar
29% Apr
Dec
19
Feb 14
61
100
Budd Wheel
51%
2
1%
39%
4%
12%
112% Feb 3
3% Feb 14
100
No par
7% preferred
300
12%
1134
11%
"16
12%
13%
*10
400
ic
*12%
♦5g
9%
4%
*3%
*80%
180
7,900
2,100
138
*7*2
Bush
100
1%
*634
*3l«
...
2,300
51
1%
14%
%
9%
4,200
7% preferred
Budd (E G) Mfg
34
May
Jan 10
14%
30%
23%
12%
28%
1934 May
99
Jan 18
20%
9% Feb 15
No par
Burlington Mills Corp
1
Conv pref $2.75 ser..No par
Burroughs Add Mach.-No par
1%
*51
6%
28%
1*2
*50%
*%
*4
Bulova Watch
200
19%
52%
1%
40*4
%
Bullard Co
600
17%
800
54
20%
Jan 16
280
1234 Aug
9
Jan
22% Jan
Feb 19
No par
No par
*8%
19%
52%
30
20
1,500
21
!
83%
10%
par
...No par
Bruns-Balke-Collender. No par
Bucyrus-Erle Co
5
6%
2934
31%
*484
*20%
3%
•
Brown Shoe Co
par
100
*19
484
Bklyn-Manh Transit_.No
Brooklyn Union Gas..No
2,400
8%
2%
19%
8%
*2%
20%
34
9%
2%
19
*10%
*19%
2%
4
34
68%
984
2%
3
Bristol-Myers Co-....—...5
Brooklyn & Queens Tr.No par
3%
58%
6%
8%
6»4
69
98
29
par
116%
3%
*56
6%
*%
66%
4634
4
*8%
*80%
2%
114
6%
4%
30%
66*2
98
2%
13
*2
*2%
28%
*46*4
116% *114
4%
21
31%
66
9%
5,900
20%
*3%
12
*95%
*24
*24
10%
684
•n
*%
*3I6
IO84
19
6%
12%
2034
3
1%
""506
119% 2118% 119%
9
9%
93g
9%
*68
68%
78% 68%
98
*%
1%
*%
*6% : 7
1334
1434
*39% 40*2
*50*2
51%
%
*%
%
1,200
31%
20%
119
32
*18
19
1934
*18
*18%
19
*10434 106*2 *104% 106*2 *105% 106*2
*18
19
1834
*18*2
1834
19*2
*1334
15%
16
*14%
*14%
15*2
*234
2%
2%
2%
*234
2%
39*8
39*2
38%
3934
38%
3934
*96% 102
*99
103
*99
105
1284
20%
*36
40
*37% 40
*36
40
3%
384
3%
3%
3%
3%
*37%
38%
*38
37%
38
38%
*234
3
*134
3
3
*234
*39% 43% *39%
43%
*39% 43%
87% 87% *87% 88
*87% 88
27% 27% *26% 27% *27% 2734
*2%
3%
*2%
3%
*2%
3
49
49
*48%
50
*48
49%
114% 114% *112
11484 *112
114%
45
45
4434
45%
45%
4534
2334 24% 223%
23%
23%
23%
4*8
29%
32
*12%
*30
3
53
1%
12
31%
*95
100%
12%
31%
8%
10%
*50%
1%
6%
38*4
6
*6%
29
19%
52*2
Bridgeport Brass Co...No
6
57
Brewing Corp. of America..
Briggs Manufacturing.No par
Brlggs & Stratton
No par
500
4
5
300
:y 400
2,800
11
Co
2,300
2%
6%
*37
21
5
100
4,900
39%
12%
15
Bower Roller Bearing
35
Highest
$ per share $ per share
111% Jan 23
19% Feb 27
18% Feb 19
16% Feb 4
% Feb 19
3034 Feb 13
3% Mar 14
934 Feb 19
19% Feb 15
37% Mar 10
38% Mar 6
2% Jan 3
534 Feb 14
11% Feb 20
Inc—
(The)
11
2%
21
Co
37%
39%
*30
Stores
22%
22%
39%
2%
6
9
6%
211
*50%
18*4
1,400
37%
2%
84
1%
3934
11%
22%
51
9
4
39
8%
3%
19%
434
21
3%
84
6*4
*3%
11
51
9
"""300
3%
*28%
*30%
*16%
84
1
*37*2
*234
4
Bond
Boston & Maine RR
35
17%
9
11%
-*35
35
31
84
12
35
*1634
*50%
9
12
1134
*1134
Borg-Warner Corp
90
1%
231
8334
*51
2,200
57
9
1
6*8
18%
21034
83*2
6*8
12%
1
6%
18%
16%
*4%
*20%
*3%
3%
18%
1%
33
*1834
434
*20*2
3%
434
2034
3%
16%
*19
20*2
20*2
3»4
*18%
51
434
21
834
83%
10%
18%
*10
20
434
17%
Borden
22%
29%
3
17
Mar 13
5,200
*37
6%
*32%
16%
*50%
8%
*16*4
47
19%
19%
Lowest
18% Jan 27
Feb 20
MarlO
34%
57
6%
29%
27
105
47
4%
57
13% Feb 19
Bohn Aluminum <fc Brass...5
Bon Ami Co class A...No par
Class B
No par
*4634
4
$ per share
100
*19%
1834
*1
$ per share
Par
.
Year 1940
Highest
1,400
19%
19%
116% *114
4
57
;/'■
Boeing Airplane Co
*1
11
*115
30
32*2
6%
56
9,500
500
Range for Previous
10Q-Share Lots
Lowest
47
18%
6%
13
31%
21%
21%
10%
4*8
*55%
29*2
3234
*2%
6%
*12%
18%
1%
351?
4
11%
22^4
37%
39%
2%
*39
*19%
19
18*2
37%
47
1912
221?
6%
13%
*30
116
4
2%
*2*8
6%
12%
1234
*30
*20%
4
47%
*34%
*3%
11%
2234
37*2
*39
6*8
*12%
*33%
11
1034
22%
*36*2
1%
35
20
16
1534
16
16%
*29% 29%
*29
30%
*100% 105
*100% 105
30%
105
19%
18%
*%
*33%
Range Since Jan. 1
On Basis of
Week
*103
15, 1941
EXCHANGE
Mar. 12
30%
*19%
STOCKS
NEW YORK 8TOCK
the
Friday
11
105
47*?
Sales
Thursday
1634
105*4 *103
*47
47*2
NOT PER CENT
Wednesday
$ per share
1634
2934
29
*105% 107%
SHARE,
for
Tuesday
$ per share
16*8
*47
SALE PRICES—PER
Mar
Mar. 8
15%
HIGH
Monday
March
1%
Dec
1%
16
Oct
May
16
May
4% May
67% May
35%
112%
24
Feb
Feb
Dec
Apr
Feb
May
4*4
Apr
534
Apr
Apr
5
26% Mar
26% Mar
7*2 Apr
93*2 Apr
Jan 13
59
June
79
Jan
80% Jan 17
6% Jan 6
24% Jan 16
71
May
98*4
Apr
31
Mar
7
27%June
48
Jan
104
Jan
6
95
June
108%
37% Jan 10
32
June
56
Feb
Apr
June
113
Mar
110
Jan 15
11% Jan
"11
Jan
4
Jan 11
Ex-rights.
14*4 May
97
8
May
%
2
5734 Mar 14
30%
3% May
42
Dec
May
25% June
8*2 Mar
26
16%
Dec
Apr
134 June
73%
Jan
33
Apr
H Called for redemption.
Volume
1707
New York Stock Record—Continued—Page 4
152
HIGH
AND
Mar
Mar. 12
Mar. 13
Mar. 14
Week
$ per share
$ per share
$ per share
Shares
*3
17%
17%
13
86%
86%
97%
87
7%
7
88%
97%
7%
1234
13
12%
13
87
87
87
87
£ 96
96
96
96
21%
21%
105
*%
*7%
%
*%
86%
86%
*734
*2%
6%
21%
21%
105
h
7%
2%
97
7%
•
21%
8
234
7
105
%
8
*
96
96
1047S 105%
7%
7%
234
*2%
137g
13%
14%
8%
8%
8%
8%
83g
3%
*1634
*102%
18%
104
36%
8
8
37%
37%
3
3
3t2
14
10
9%
54
4534
175
4%
»ie
8
8
8
*7»4
700
38
38
38
38
37%
*734
38%
8%
3734
8%
38%
3%
3%
38%
3%
16,300
18%
3%
173g
18
193g
*1812
19%
17%
*18%
18
19%
*18%
*15
15%
15
15
52%
52%
*52%
54
*1434
*52%
54
4714
47%
*47%
49
*46%
48
4%
4%
4%
4%
»16
%
%
16
16%
16%
1584
101% 101% *101% 101%
18
18
17%
17%
15% 1534
101% 101%
*17%
*514
18%
5%
5
2334
2334
24
24
4638
4%
*40%
*41
42
*41
l.COO
4%
%
*%
15%
%
9C0
15%
10134 101%
18
*17%
5,000
15%
101% 101%
18
*17%
5
5
5
1,100
24%
24 34
24%
24%
1,000
42
*41
42
*40%
42
42
42
42
41
41
41
41
*40%
42
13%
13%
13%
*13%
13X2
3,200
87%
*87
87%
41%
11,000
90%
*87
87%
8734
*87%
87%
43
42
43
413g
41%
92%
92%
91
42%
92%
4C34
90%
90%
90i2
*2%
47g
4
*2%
4
4
3%
5%
5
*2%
4%
83
857g
87,
87%
87
88
49
49
52
52%
1334
21%
1%
14%
51%
14%
53
14
87%
21%
■
;
5%
21%
1%
*2%
1%
4%
51%
*l3g
1%
45
*32%
32%
*33
33%
3234
3234
33%
8%
8%
834
8%
8%
8%
27%
27U
27
27
2634
*17
*74%
86
*74%
46
*43%
4
*15%
*7%
4
17%
7%
*110% 111%
21
21
*2734
28
*15%
*7
18
17%
'
3%
*15%
17%
*7
7%
3%
17%
7%
17%
7
*934
3
17%
21
Ll
21
29
16%
*16%
16%
16%
*16%
10%
1034
10%
10%
10%
3
3
3
3
10%
3%
10
2%
*%«
110%
15
15%
25
39%'
39%
8%
16%
8%
16%
81%
*8%
*35%
21%
*1434
*38%
39%
*38%
8%
16%
834
16%
16%
79
79
8%
36%
36%
36%
21%
15%
21%
14%
*35%
22
126
18%
*4%
—
Davega Stores Corp
1,200
210
2,100
20%
*28%
28%
*1514
*25
*38%
16%
500
10
1,700
3,400
3%
36%
110
14%
Diamond Match......No var
193S
5
*8%
*34%
21%
14%
15
19%
*412
19%
5
*412
100
8%
35%
34%
34%
60
21%
20%
3,100
14%
21%
14%
72%
75
14%
74%
*74%
126l2 126%
19%
19%
7534
126
200
8%
9
5
2,000
4,400
900
126% 126%
19%
I93g
3,600
4%
100
*43g
100
*7
7%
7
*7
*6%
7% ;
*7
7%
*7
7%
7%
*113% 114
*113% 114
*113% 114
*113% 114
*113% 114
*113% 114
144
14334 144
144%
144% 145%
14434 14534
143% 145%
144% 144%
123
123% 123%
122
122
123%
123
122% 122%
*122% 123% *121
116% *114% 116%
116% *116
11634 *116
116
11634 *116
*11534 117
6,000
27%
3,000
*26%
*334
26%
27
4%
3%
4%
130% 132%
130
130
*170% 174
*170% 174
32%
15%
33
16
3034
3034
31
1334
1334
fc¥%
%
14%
*%
3%
3034
3%
3%
30
30
*25%
*30%
29%
2734
15%
*334
31%
1412
32
31%
14%
14%
28%
4
32%
32%
*14%
15-%
31%
15%
30%
31%
15%
14%
%
*%
%
*%
%
3%
3%
3%
3%
31%
32%
33%
3134
3212
3%
32%
28%
31%
*29i8
28%
29
31%
31%
30
32
32
*27%
28%
32
*31%
32
30
a:29%
29%
42%
42%
42i2
68%
*65%
68%
*72
76
*72
76
*73
78
*73%
*76%
82
77
77
*77
78
78%
5%
1%
34
*%
*3%
*5%
29,
29%
31%
29%
3,500
1,600
800
800
600
44
44
110%
110
434
6912
220
4%
2,000
69l2
400
*72
76
*74
76
78%
*77%
82%
*77%
8212
120
*2
*3g
%
*%B
%
*%
%
*%8
%
-WW-.."
%
%
34
%
*%
%
*%
%
1,300
1%
400
1
78
34
*5g
8
*%
34
»1B
%
*73
78
*73
1%
*73
78
*J61#
*%
00
78
*73
3%
3%
*33g
3%
*3%
3%
33g
3%
33g
3%
6%
6%
6%
634
6%
634
6%
6i2
*6%
6%
28%
29%
29%
29%
29%
%
29%
28%
28%
*27%
28%
*%
5i2
5i 2
*%
«18
*19
»18
a4
%
*5%
*5%
634
*5%
6-%
*38%
38%
39
39%
24%
4012
24%
41
24%
38%
24%
*12%
3934
24%
2334
24%
23i2
24%
24
24
23%
12%
12%
13
13%
13%
13%
2:13
13
97
*94
97
24%
12%
*23
24
*11%
12%
12%
97
*94
97
*94
97
*94
97
*23%
24
*23%
24
*23%
24
*23%
2412
*1134
12
11%
1134
12
12
12
3
3
3%
*3 "
3%
%
%
%
*20%
*93%
21%
*20%
%
2034
9434
*93%
9434
*13%
13%
13%
13%
*13%
*36%
36%
36%
36;%
36%
"»
*%
*20l2
94
Bid and asked prices: do
41
*94
*94
*2%
5
*39
41
5
23%
*11%
12
3%
»x«
*2%
»18
*2%
*7J6
%
20%
20%
*1934
21
94
*93%
9434
*13%
36%
14
*93i2
13%
94%
14
13%
14
36%
36%
36%
2034
36%
36%
sales on this day.
20
*93%
I In receivership,
Apr
Dec
30% June
45%
45%
45% Jan 15
15% Jan 7
Feb 24
July
Dec
12
May
21% May
92
Jan 16
75
May
95% May
36i2 Feb 19
84% Feb 18
47%
Jan
3
25
98% Jan
6
Feb 18
2
May
75% Oct
134 May
3% Mar 7
5% Mar 10
3l2 Feb 15
FeD15
88
4178 Feb 20
53
Mar 11
13
Mar
138 Feb 26
43
17
Apr
293g
4%
51
32
Jan
2
6
9% May
19%June
1% Oct
9
31
45
Jan 20
Jan
Jan
45%
Jan
16% Jan 25
25
Dec
4%
8% May
Feb
Dec
178 Jan
5
21% Mar 10
47% Deb
x09
3% Aug
60
May
45% Dec
Mar 11
72
June
2934
Dec
91%
Feb
Jan
May
Oct
35%
9
34-% Feb 10
7% Feb 14
2434 Feb 20
9
6% July
29% Jan 10
21% May
113g Mar
32'% Mar
75
June
92
Mar
42% Feb
4
45~~
42
Sept
60
May
4
19% Jan
14% May
23
Oct
1734
1334 May
*17
Mar
3i8 Feb 19
1678 Feb 3
612 Feb 15
10978 Feb 26
934 Jan
Mar 14
8
3% Jan 15
Jan 10
734 Jan
9
Jan 24
114
22% Jan
9
3
May
3% May
107
June
13% May
2934 Jan 24
21
18% Jan
2
11% May
Feb 19
13% Jan 10
8% May
2% Feb 19
3% Jan 10
ht Feb 26
*ai
Jan
10612 Feb 15
1378 Jan 2
25
Mar
8
117
Jan
2
17% Jan 10
Jan 11
29%
3
8-%
114
Apr
Nov
23%
Apr
28% May
19-% Apr
23%
Jan
5%
Jan
%a Dec
34
Jan
98% May
12% May
25% May
125%
2-%
32
Dec
May
Jan
23%
Jan
36%
43%
Apr
Feb
Feb
Dome Mines Ltd
No par
Douglas Aircraft
Dow Chemical Co
No par
Dresser Mfg Co
Dunblll International.
No par
No par
1
No par
.100
I) & Co—20
$4.50 preferred
.No var
Duquesne Light 5% 1st pf.100
Duplan Silk
.
Du P de Nem (E
—1
Eastern Rolling Mills—_.__6
Eastman Kodak (N J) .No par
6% cum preferred
100
Eaton Manufacturing Co
4
Edison Bros Stores Inc
2
Electric Auto-Lite (The)
6
Electric Boat
3
Elec & Mus Ind Am shares
Electric Power & Llght.No par
$7 preferred........No par
$6 preferred
No par
Elec Storage Battery
No par
El Paso Natural Gas
..3
Endicott Johnson Corp.....50
5% preferred
—100
Engineers Public Service.... 1
$5 preferred
...No par
$514 preferred
..No par
$6 preferred
No par
Equitable Office Bldg—No par
X Erie Railroad—
100
4% 1st preferred..
.100
Eastern Airlines Inc
900
4% 2d preferred.......100
Erie & Pitts RR Co
50
Eureka Vacuum Cleaner
5
Evans Products Co..
..5
Ex-Cell-O Corp
3
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
.100
Fairbanks Morse & Co.No par
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction...15
$6 preferred
No par
Federal Min & Smelt Co.....2
Federal-Mogul Corp...
5
3478 Mar 14
20% Feb 19
14% Mar 3
63% Feb 19
23% Jan 28
Feb 19
122
17% Feb 18
4% Feb 19
678 Feb 25
Feb 15
140
12078 Feb 14
115% Feb 26
Feb 19
25
3% Feb 14
125% Feb 19
Feb 13
165
29% Feb 17
Jan
9
Jan
4
Jan 10
22
9
Dec
30% May
14
May
11% May
65% July
127% Nov
1434 Jan
6% Jan
8
5
Jan
6
9% June
Jan
9
113
164-%
Jan
7
125% Jan 16
146% May
114
May
117% Feb
6
112% May
Jan
2
2534 June
9%
34
5%
142
Jan 23
Jan
4
182% Jan
36%
Jan
16% Jan
12% Feb 14
3s Jan 4
17% Jan
Feo20
27% Feb 19
23% Feb 19
31% Mar 5
26% Feb 19
39% Feb 14
5g Jan
4% Jan
35% Jan
9
10
16
10
6
23
11
13
Jan 13
31
34% Jan 13
May
Oct
Jan
Dec
Apr
10% May
25
May
10% May
%
3
Dec
May
18% May
15% May
2:24% June
May
May
102
73% Feb 28
79
Jan 11
»u Jan 25
Feb 28
3
Feb 19
3% Jan
5% Feb 19
8«4 Jan
25% Feb 15
% Jan 20
478 Feb 19
36
Feb 14
19% Feb 15
117g Jan 16
95% Mar
6
21% Feb 15
1134Mar 10
234 Feb 17
ht Feb 19
4K% conv preferred.... 100
1
Fidel Phen Fire Ins N Y.$2.50
93
400
3
Feb 14
1134 Feb 1
34% Feb 19
3034 Jan
% Jan
2
8
6
7
7% Jan 23
45% Jan 3
24% Mar 10
12% Jan 23
17% Jan
4134 Apr
183g Apr
1% Jan
8%
Jan
40% Nov
36% Nov
33% May
417g Jan
46
Apr
May
112
5% May
May
12%
Jan
83
Jan
66
May
89
77
Dec
97
%
% Jan 30
1% Jan 10
1% Jan 9
75
Jan
44% May
6% Nov
37
Feb 14
1
Dec
180
35
Feb 28
Apr
16634
70
% Mar
Jan
189%
129'%
11834
May
26
75
Jan
120
June
63
% Feb 20
7g Feb 15
1334
June
69% Mar 14
75% Feb 14
*xi Jan
7
Mar
22
Feb 26
7
Apr
10
155
4% Feb 14
Jan
Apr
30
117
65
110
171
May
Jan 10
31
24% Apr
23% Jan
94% May
3
44% Jan 13
111
Feb 6
7
Jan 11
94%
14%
r Cash .ale,
79
14134
33% Jan
18% Jan
nNewstocH.
Jan 27
Feb 14
3
8
17
14% Feb 14
27
Federated Dept Stores.No par
a Del, delivery.
Jan
117
113% Mar
Federal Water Serv A..No par
800
Jan 30
9
37
300
Ferro Enamel Corp
Jan
86
8% Feb 28
800
100
Jan
June
5% Mar
18% Nov
Apr
MarlO
79
Federal Motor Truck..No par
36%
734
38%
36
9
Dec
......
%
Jan
3% May
18-% June
45% Jan
12% Feb 14
3
100
*%6
Feb
143S
4,400
1,300
3
Jan
Nov
3234
8634 Mar
20
*2%
3
1% Apr
24%
106
38
600
12%
*39
5%
Apr
86
200
*12%
5
Jan
Dec
7%
56% May
230
%
»i«
634
65%
184
6
800
*%
Apr
10% Feb
20% Nov
700
%B
Jan
33
25% May
70
May
61% Jan
434 May
12% May
1,300
29
17% Dec
4
25
10% Jan 10
18% Jan 11
900
6%
June
June
40% Mar
434 Feb
7% Feb 14
16% Feb 17
No par
5% pref. with warrants.. 100
Dixie-Vortex Co
No par
Class A..
No par
Doehler Die Casting Co No par
...
3%
%«Sept
13
75
Apr
25
6% partlc preferred
Distil Corp-Seagr's Ltd
100
34
*%
*«1S
1
1
May
Apr
9%
Diamond T Motor Car Co—2
...
3,000
%
34
*»1« v:': 1:
**16
*73
78
*73
28
*28%
76
'
*1
¥
31%
*65%
42%
*110% 111
34
15%
*%
28i2
*% j'5?- %
100
4,000
9,200
3%
*29%
*%
30%
14%
%
2934
5%
2,800
15%
30%
*15
3-%
2734
31%
5%
33%
33%
2,800
50
*%
2934
4134
20
174
3%
26%
31%
111
*5
132%
%
4212
42%
42%
110%
11034 *110
110% 110% *110
5
5
4%
5%
5%
5%
69
69%
*66
*6734
68%
68%
4134
*110
132
3%
32
*42
700
May
Jan
97%
49%
6% Jan 24
27% Jan 10
6
22% Feb 14
40i4 Feb 14
40
Jan
May
4
Jan 16
19
4% Apr
8% Apr
2% Jan
5% Nov
2334 Nov
108% Deo
19% Apr
15% Jan
1% Apr
41
8% preferred
500
4
*3%
174
174
27%
174
133% 113%
16
*15
16
*15
29%
26%
27%
3%
4%
3%
*3%
133% 13334
132% 133
*170% 174
*170i2 174
33%
33%
33%
33%
31%
14%
32
32
*1434
28
28
28
28
107
4
16*2 Feb 24
438 Jan
Jan 24
Apr
38% Feb 18
200
81
14%
Raynolds A..No par
Devoe &
81
75
100
400
81
125
pf.100
880
*80
7
Feb 19
9
16
81
% Jan
15
100
Western..50
25%
800
MarlO
Delaware Lack &
*15%
1,700
7534
56
Feb
110% Mar
1% Jan
10% Apr
June
2
Deo
9%
32%
16% June
18% May
15% Mar
47
May
41
May
40% Dec
165
May
52% Jan 8
47% Jan 13
182% Jan 16
4% Jan 4
7g Jan 14
19% Jan 10
378 Feb 17
100i2 Feb
Jan 10
Deo
100
4% May
27% May
23% Jan 14
18% Jan 2
Delaware & Hudson
*25
8%
12534
39%
10
Preferred
Dlesel-Wemmer-Gllbert
15%
3918
173
70
33
7
4% Jan 2
20% Jan 11
18% Feb 19
27% Feb 14
1534 Feb 19
....No par
«.;
20
JDenv & R G West 6%
16x2
21%
4)3% pf.100
Detroit Edison
8%
21%
Dayton Pow & Lt
Deere & Co
300
16%
35%
Davl3on Chemical Co (The)-l
300
S16
*38%
35
5
5% preferred._----25
110
*3ie
16%
9
Conv
100
17
39%
8%
*8%
Class A
...
8%
75
5
-
*16%
*124
19%
*4i2
17Xg
834
76
19%
100
17%
3%
16%
*79
9
No par
preferred
Cutler-Hammer Inc...No par
8%
39
Prior
25i2
15%
39
*25
preferred.... 100
900
.
*15
3
conv
Cudahy Packing Co.......30
Cuneo Press Inc.—.........5
Curtis Pub Co (The)
No par
Preferred
....No par
1
Cushman's Sons 7% pref..100
$8 preferred
.No par
16%
8%
17
2212
14%
1434
25%
39%
112
*110
25%
15%
126
72%
4%
*8%
22
16
81
*78
9
19
4%
25%
*8%
125% 125%
19
2534
9
73
73
1534
1534
2534
25
*79
15%
%
*%e
%6
111
*109
110
110
110
110
3%
100
Preferred
514%
10
Curtlss-Wrlgbt...i^i.^.—.1
934
10
3
Sugar.
3,200
20%
28%
16%
*28%
Cuban-American
..100
100
52,100
45
17%
5% conv preferred
6% preferred
40
86
45
5
.No par
Crucible Steel of Amer.No par
800
33
9%
27%
7
6%
7%
*6%
110% 110% *110% 113
16%
*109
2,400
100
*3
4
*3
*15
1%
*74%
17%
17%
18
20%
*%«
26%
4512
*28%
*%«
32%
86
10
%
45
*43%
173,1
%«
45
*74%
3
*16%
28%
600
86
2834
16%
28%
700
8'8
$5 conv preferred..
900
-
14X2
45%
110% 110%
111% 111% *109% 111%
21
21
21%
20%
*28%
4
7
18
27%
*3%
*15%
4512
*3%
2634
*74l2
*4312
*17%
86
*43%
1734
1734
*3%
.
27%
86
44
44
52
22%
33
8%
a;26%
No par
No par
Crown Zellerbach Corp
350
8%
26%
32%
9
23,200
87
52
100
preferred
Cuba RR
45
*42
33%
f
conv
$2.25 conv pref w w__No par
Pref ex-warrants....No par
300
13%
*1334
22% *21%
1% v; i3g
1%
1%
45
*41
*41
4%
87
5234
*51%
13%
*21%
1334
22%
45
8%
51%
1334
*42
4%
——100
-
Crosley Corp (The)
Crown Cork & Seal
100
312
4%
*23g
87%
*85
*21%
14%
22%
45
*42
5%
87
*84
41:
*90
.
Cream of Wheat Corp (The) .2
600
Xl3%
907g
1%
5%
80
13-%
41
21%
300
5
25
-
CotyTnc
......
1
Coty Internat Corp
1
Crane' Co................25
200
25
"'
47g
Preferred
130
4%
5
13%
8% Feb
44i4 Feb 19
4%
9
9034 Mar 13
8
Feb 18
52
9% May
7% May
% Dec
2
40% Jan
45% Feb 19
25
13%
5% series
1878 Feb
1414 Feb
Corn Exch Bank Trust Co..20
90
3%
Conv pref
5
50
Corn Products Refining—.25
41%
*87
Copperweld Steel Co
100
7g Jan
3
14
14
24
19
19
50
41%
*89%
*2%
4%
87%
35% Feb
278 Feb
1738 Feb
5
834 May
93% May
10% Mar 14
3
Jan
2% May
8
157g Jan
Feb 14
$2.50
1
Continental Motors
Jan
106% Jan 22
2
36
6% Feb
Continental Insurance
21
15% Feb 4
10112 FeD 27
12% Feb 15
7% Feb 19
% Jan
6
1% Mar 10
4% Jan 2
s4 Feb 15
2% Feb 15
79
Continental Steel Corp.No par
*401g
42
Jan
3,900
15%
16%
101% 10134
v:
17%
17%
5
5%
Jan 13
6
20
900
*%
%
16
Jan
3%
Continental Diamond Flbre.5
Continental Oil of Del___
7
8
3
Feb
Apr
Apr
99%
Jan
May
May
4% May
2138 May
97% May
% Aug
5% May
2% May
5% May
% Dec
7
2% Feb 14
.100
8% preferred
Continental Can Inc
7%
53s Feb
:
par
200
.
4%
4%
%
18%
5,200
No
Class B
75
17% June
23% Jan 13
1073g Jan 9
»i« Feb 28
1047s Mar 10
x2 Jan 2
7i2 Jan 10
16
63
73g Jan
2034 Feb 20
2438
31%
May
Jan 15
103
Feb 15
5% Feb 14
45%
45<%
45%
180
175
*170
45%
175
174
1,100
18%
19%
15%
5
42
13%
3%
*41
42
13%
3%
46
174
Continental Bak Co cl A No par
900
3,200
37
*24
5%
*40
*74%
Container Corp of America.25
8
*517g
100
2,400
%
3%
25
preferred
2,500
11,200
89%
3%
18%
19%
conv
'
%
3%
5%
6% pf.100
Consumers Pow $4.50 pfNo par
z88%
36%
*85%
5
No par
13%
10%
13%
9
$2 partlc preferred...No par
Consol Laundries Corp
Consol Oil Corp
10c
%
*»i«
"u
88
1434
15%
15%
54
-54.
*52%
48
47%
*47%
47%
46%
4634
47%
4534
180
173
*171
173
14%
48%
*1%
Consolidation Coal Co
par
1
Consol Film Industries
------
90%
36%
19
*13%
21%
7C0
3%
3%
%
18%
87
Consol RR of Cuba
36%
19
13
300
89
1734
4%
1%
89
18%
»u
23,100
*1
37%
19%
4534
400
3634
*85%
37%
18%
175
600
2%
5%
13%
14%
834
34
8%
7%
373g
"15
34
87
*18%
14%
*47
14
7X2
*2%
5%
18
17%
*16%
103% *102% 103%
*1634
*102
103
200
36%
«4
*85%
36%
*51%
*%
*3%
3%
18%
3i2
*1634
»16
No
$5 preferred
14
8
9
157g Jan 16
9734 Jan 28
5
92
Consol Edison of N Y.JVo par
♦•it
•i
Mar
86
100
5
Jan 10
4
18% Feb
29% Jan
3
100
-
J^% prior pref..
Consol Coppermines Corp
10,600
1,200
15%
"n
84%
3
1%
103
5%
5%
1%
53g
6
170
8,900
1134 Mar
No par
7% preferred
100
>
8%
»i«
84%
36%
*7%
*37
7%
234
5i2
1%
*%
*2%
3
Highest
$ per share $ per share
6% Jan
2% May
$ per share
share
Feb 19
22i2 Feb 19
1
Consolidated Cigar
per
16% Jan 20
Inc.No par
Consol Aircraft Corp
21%
21%
105% 105%
»16
*7%
1334
*16%
*102
1%
3%
319
3%
18%
104
5%
1%
*»!•
Sg
8%
*3%
*16%
*102
5%
5%
1%
1%
105
105
3%
98% 100
7i4
7%
2-134
21%
21%
"iB
13%
5%
5%
*1
*2%
97%
105
105
7%
234
5%
1%
3%
18%
104%
14%
234
89
12%
12%
105
89
1234
12%
■v
12%
1234
27
7%
21%
25%
25%
26
26
634
Congoleum-Nairn
$
Conde Nast Pub Inc...No par
600
10,200
1,500
*16%
2534
26%
634
300
16%
26%
12%
3%
17%
2634
25
6%
21%
3%
16%
*3
*17
25
■
3%
17%
*3
3%
17%
*3
3%
17%
17%
Par
Lowest
Highest
Lowest
Mar. 11
$ per share
25
Range for Previous
Year 1940
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Mar. 10
3%
17%
STOCKS
NEW YORK STOCK
Friday
Thursday
Wednesday
the
NOT PER CENT
SHARE,
PRICES—PER
Tuesday
\
$ per share
8
$ per share
*3
SALE
Monday
Sales
for
LOW
Saturday
s4
Dec!
% May
67% Aug
2% Dec
5
May
Jan
Jan
%
Jan
1%
Jan
Dec
% May
Mar
3%
Jan
1%
Apr
67% Aug
5
Feb
11%
Apr
Jan
Oct
3484 May
3% June
29% June
8% Mar
49% Apr
31% Apr
18% Apr
20%
%
17% May
1
Jan
11
May
Jan 27
85
June
2534 Jan 23
16
July
29%
14% Jan 14
12% Aug
15%
Oct
7
2% May
%»May
15
May
V
Jan
25
Jan
79
June
98%
Dec
10
May
20
Jan
40%
Feb
100
4%
Jan
% Jan
4
21% Jan 14
97% Jan 15
14% Mar 14
38% Jan
x Ex-dlr. , EE-right..
9
27% May
102
Mar
Jan
Jan
11 Called lor redemption.
New York Stock
1708
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 5
CENT
March
Monday
Tuesday
Wednesday
Thursday
Mar. 10
Mar. 11
Mar. 12
Mar. 13
Mar. 14
$ per share
S per share
$ per share
$ per share
$ per share
t per share
♦16
17%
Range Since Jan. 1
On Basis of 106-Share Lots
Friday
Mar. 8
STOCKS
NEW YORK STOCK
Saturday
*16
*16
*16
17%
1712
17%
17%
*1634
17
17%
17%
16%
17%
16%
16%
*10178 102% *101% 102% *101% 102%
•lOUg 103
347$ 35%
*35% 36
36%
36% *36
37%
13
1334
14%
1378
13%
14
13%
14
32
32
*3112 32
*31%
32
*31% 32%
*2478
26
•2478 26
*24% 26
*24% 25%
5
5
5%
5%
5%
5%
5%
5%
*25
*23
27
28% *24% 28% *24
283s
28
29
*2778
28%
*2718
28l8
28%
28%
"106
*106
15
123
3U
1514
123
3%
*43
48
35
35
*16
107
107% *106
15%
16%
124% 125
3%
334
*43%
46
35%
35%
1534
16
124
125
334
3%
*43
45
106
107
1534
16
*121
124% 3:114
3%
3%
35%
36%
1%
1%
17%
20
1%
*1%
17%
*18%
1%
134
17%
19%
35%
134
3534
I84
134
17%
134
17%
134
1738
1%
1%
17%
197S
1%
1778
19%
1%
18
1978
19%
19%
19%
*17%
*18%
*5l2
*1012
*50
105
5%
1078
51i2
5%
1078
*50
105
50
*6%
♦138
50
63
148
49;%
6%
*137
4
4
4
*434
13%
5
13%
*434
13%
79%
*77
*17%
127
33
80
18%
127
33%
*18
128
333s
35%
50%
6%
148
4%
478
13%
*109
111
*%
%
*13%
1378
♦98% 106
*•%
%
20
*23%
*10
54%
1934
1234
3%
*6%
*109
20
24%
10%
54%
80
17%
10%
53%
105
*101
105
18
18
84
35»4
*1%
134
16%
19%
18
*127% 128
33% 34
36
36%
35%
36
*113% 114
*113% 114
#i#
%
9U
*69
75
70
82
83
*81
12634 12634
43%
44%
124% 12434
47% 47%
4%
4%
*6%
7
378
7
128
124% 124%
*109
20%
25
%
14%
14%
*98% 105%
7i«
%
*19% 20
2434
10%
10%
6434
53%
19%
43%
*45
44
.
*101
4
4
25%
10%
55
19%
7
7
111
*38
*19%
*10%
53
43
*41
43
*134
2
*134
1%
*40%
134
*2%
2%
*2%
2%
2%
*77
1234
86
6034
12%
61
17%
*80%
18%
84%
*1%
*28
1%
28%
*80
12%
13%
60
6134
18%
19
8034
8034
1%
*28
*s4
*4%
*12
1%
28%
*77
5%
13
*23
24
5
*1134
*4034
1%
2%
86
*1%
*77
4334
124% 124%
4534 4534
*4
4%
43%
43%
47%
4
20
2434
*19%
10%
54%
*10%
7n
4
86
52
18
82%
*1%
82%
1%
*81
84%
83
83
28
28
*1%
*27%
28%
11%
11
11
*1034
*11
*31
11%
11%
3134
*31
31%
*23
24
*23
11
*31
11
1134
31%
24
23
23
14%
14%
14%
25
26
25%
26%
26
26%
26%
25
26
14%
2534
26
H84
25
24%
2534
25%
*1%
*27%
%
1434
14%
♦140
141
'140
141
140
140
*140
141
*30
42
♦30
42
*30
42
*30
42
84
84
5%
1334
11%
11%
*5
31
31
*22%
14%
24
*30
31%
31%
31%
3134
*31
31%
3134
11%
11%
11%
11%
♦11%
14%
1%
11%
11%
*14%
is4
15%
11%
*11%
11%
11%
1134
11%
15%
I84
15%
11%
*11%
15%
134
1158
*11%
*14%
1%
*1%
*10%
2
*29
10%
29%
*3334
39
*13%
14
14%
*14
*104%
106%
*19% 20%
*5%
*94
148
6%
100
*2%
84%
84%
*6%
634
2%
*85
*150
»1234
11
1%
18%
1%
1138
*29
29%
*3334
13%
40
18
1%
1%
19
19
1%
11%
1%
11%
29%
*29
*15
1%
1034
*29
15%
134
1834
1%
11%
29%
40
162
14%
71%
*124% 125%
*69%
18
42
*70
73
15
*14
•17
17%
*28%
29
*7%
7%
*14
*17
17%
*17
♦283(4
7%
2934
2884
7%
14%
*7
15
15
17%
*17
2834
7%
1434
*28
17%
2834
7%
*7
»
...
Bid and asked prices; no sales on this day,
22
105
MarlO
conv
preferred..
478 Feb
5
preferred
134%
3%
100
No par
preferred
122
100
33% Feb 15
112% Jan
% Jan
No par
No par
No par
12
Feb 18
102
Feb 19
"MOO
preferred...
100
900
5% preferred
No
Goodyear Tire & Rubb.No
Grand Union
11
42
200
5%
1,500
7
4% Jan
4
7% Jan 15
109
Feb
30
1,700
% Jan 27
16% Jan 10
106% Jan 15
%Mar 11
Feb
21
Feb 19
400
13
Jan 10
37g Jan 13
100
1,300
300
220
6%
300
1,500
Homestake
1,000
400
Howe Sound Co.
"366
1,200
1,600
1,900
Def. delivery,
5%
New stocfc
r
Jan
6*4 Mar
517g Mar
69% Mar
91
Jan
Jan 10
30%
4% May
134 Dec
1434 Jan 10
10
65% Jan 13
20% Jan 10
45
14
20
10
18
20
Jan 27
69
178 Jan 10
28% Jan 22
1% Jan 11
25
19
14
Feb 15
Mar 12
Feb 14
Jan
9
90
638 Jan
13%
1378
1234
36%
25%
2
2
6
Jan
7
Jan
6
Jan
2
16
22
4
11
Jan
Jan
26% Max 10
143
Jan 15
34
10% Feb 19
12% Jan 10
11% Jan 24
11
Jan
7
13% Feb 15
1% Feb
Jan
4
3
1% Feb 19
9
Jan 13
1778 Jan
9
178Mar 10
12% May
June
138 Dec
%
43s
9%
6%
May
May
20*4
247g
97%
4%
71%
1%
May
9%
1478
12%
16%
36%
10
June
May
20
May
21%
1138
15%
1838
May
xl23
4%
3%
June
May
May
May
Apr
Apr
Sept
Apr
Apr
Feb
Feb
Jan
Jan
Apr
Jan
Dec
Apr
Apr
25% July
18% Jan
30
29%
Nov
Jan
19
Mar 11
2% Jan 10
Feb
55
Jan
23
Apr
May
35%
93g May
1734
9
12
Jan
1434 June
13s Aug
25%
Apr
3%
Apr
11
30%
Apr
May
5
33
Jan
6
Feb 18
36
Jan
3
30
16% Jan
8
Mar
6
Jan 24
104
Feb 25
107
Jan 16
IO434 Mar 13
106% Jan 16
19% Mar 13
25% Jan 10
Jan
3
5% Mar
4
14934 Feo 11
6% Jan 23
95
130
95
83% Mar
5
96
Jan 13
86
7
160
Jan 10
155
Feb
Feb 19
67% Feb 19
124% Mar 12
14% Feb
4
17
5
Mar
Jan 29
6% Feb 14
Feb 14
Feb 10
Jan
6
7
73s Jan 13
16% Jan
9
77% Jan 11
128% Jan 8
5634 Jan 18
115
16
17
Jan
8
Jan 14
Mar
2
"4334 "Feb "4
35
Feb 15
Jan 24
11
Feb 17
04
111
t C..25
3% Feb 14
3034 Feb 14
100
%Mar
2% Feb 18
16% Feb 28
3
3% Feb 14
a# Feb 15
x
Ex-dlv.
y
June
947g May
12% July
19
May
4% July
8
May
8% May
9
Jan 15
6
8
% Jan 22
3% Jan 6
54% May
101
June
338 May
28
Apr
Apr
Jan
21%
Apr
100%
133%
67%
115%
1834
Apr
35%
Apr
Apr
Jan
Jan
Jan
Mar
60% Jan
3834 Deo
16% Apr
71% Apr
112
67s
Dec
Jan
50%
Feb
% Dec
2% May
1%
Feb
7%
Feb
8
12
May
3
May
6
934 Nov
16% Apr
110
Aug
47g Jan 13
Ex-right.
Jan
Apr
Dec
May
% Jan
9%
167
35
17% Jan
138
Jan
Dec
28
4% Jan
37% Jan
28%
Jan
8
Jan
Dec
110
Jan 27
13'4 Jan
7
Jan
106
June
May
May
523s Jan
Jan 30
5878Mar
110
I47s Mar 10
39
Jan
106%
Apr
Dec
103
par
Jan
Feb
17
Apr
126% Aug
50
37
20%
104
12% May
69
2% Nov
14% Nov
34% Apr
4%
113%
11%
Aug
897g June
678
Jan
5
3034 Jan 10
9
May
5% May
83% June
101
3% Jan
June
16% May
2
Jan
May
9% May
10% May
100% June
2% Feb 14
84% Mar 7
6% Feb 14
9
May
1% Dec
8% Nov
29% June
15
97
142
Jan 10
Feb 27
140
June
12
Feb 14
14
12
Cash sale,
23%
May
May
4
Jan 15
29% Feb 14
Hud Bay Mln & Sm LtdNo par
Hudson Motor Car
No par
fHupp Motor Car Corp
1
n
Jan
Apr
May
90
Mar
100
preferred
13%
23%
106
27% July
5
Hudson <fc Manhattan
Jan
July
140
..5
v
Jan
65% Nov
2434 Mar
77
158
100
Sept
Oct
Apr
Dec
23
Class B_____.____._No par
Household Finance
No par
preferred
Houston Oil of Texas
3
Apr
45
10% Mar 6
10% Feb 14
3034Mar 7
No par
100
5%
10% May
"i«
18%
3334
14%
May
12
25
12.50
Feb
~
Jan
Jan
1% Jan
19% Jan
106% Dec
May
100
Mining
1378 May
98
Apr
2
1134 Feb 14
1
Houdallle-Hershey cl A .No
934 June
86% Jan
% Dec
13% July
7%
10
110
30
26
"2,000
% Nov
Apr
Dec
9
59% Feb
16% Feb
z80% Feb
HgMar
27% Feb
a4 Feb
434 Feb
25
Hollander & Sons (A)
June
60
Jan
No par
Holly Sugar Corp
7% preferred
100
56%
127% Mar
2% Jan 25
2% Jan
Feb 21
6,300
May
32% June
3% June
5% May
46
7
108
...
37% May
116
Jan
Hlnde <fe Dauch Paper Co...10
Hires Co (C E) The
10
Holland Furnace (Del)
10
100
Dec
May
Jan
Feb 15
300
131
118
Jan
Nov
53
200
Jan
Apr
%
9
84
2
preferred
44
101
1934
No par
No par
conv
% May
Sept
7734 May
28
65
Hershey Chocolate
$4
Apr
Jan
May
200
15
118%
May
1% Jan
par
100
Jan
111% May
11
2% Feb 13
100
cum preferred
Dec
40% Feb 25
1
No par
Jan
Apr
89% Nov
43
13% Mar
Motors
4% Sept
1178
29%
9
33
Hercules Powder
Jan
Jan
Jan
9
29
Hercules
500
145
Apr
Dec
Jan
10
Preferred
57%
8%
Jan
Feb 21
25
Hazel-Atlas Glass Co..
Hecker Products Corp
Helme (G W)
734
105
Apr
Apr
May
37%
7%
£07%
1434
25
6H% preferred
Hayes Mfg Corp
""906
0
Jan 11
104% Jan 17
6%
14%
51
49s8
1034 May
734 May
8
Apr
Sept
Dec
9
Mar
20
105% Mar
33%
22% Jan
16% Jan
20
20
Nov
May
5% Feb 14
par
Harbison-Walk Refrac.No par
6% preferred
100
Hat Corp of Amer class A
1
50
3
Apr
Dec
39% Dec
3% Sept
5% Apr
1234 Feb 24
par
Hamilton Watch Co ...No par
6% preferred
......100
Hanna (M A) Co $5 pf.No par
320
17%
2
Mar
Dec
6%
41
41
14
13
Water
6
Jan
48
118
Apr
22
4
10% Feb 19
3% Feb 18
3434 Jan
1
Hall Printing Co
200
28%
7%
14
48% Jan
126
Jan
Apr
120
61% Jan
19
10
7% preferred class A
*17
132% Jan 28
Nov
35
107%
21%
May
12% May
July
Hackensack
""106
2
Jan
32
Jan
26% May
102
10
Feb 14
8% preferred
100
Gulf Mobile & Ohio RR No
par
$5 preferred
No par
100
£28%
86
1978 Jan
conv preferred
6
113% Jan 31
% Mar 13
80% Mar 14
28% Jan
Grumman Aircraft Corp
Guantanamo Sugar
No
220
17
39% Jan
22
516%
1,000
1,300
2884
7%
Jan 14
1534 Jan
Greyhound Corp (The)_Aro
700
17
19% Jan 28
35%
13% Feb 18
Green (H L) Co lnc
300
2g84
86% Jan 10
Great Northern pref...No par
6,300
"166
4% May
11% May
48% Feb
11% Jan 10
103
20
Prop..No
134 May
6% Jan 6
157s Jan 10
Great Western Sugar..No par
Preferred
100
Green Bay & West RR
100
"MOO
a
preferred
May
1878 Feb 14
11% Feb 19
w
Gr Nor Iron Ore
80
29
1
5
5% May
118
Feb
46% Jan 30
Granite City Steel.....No par
Grant (W T) Co
10
200
29
100
7% Jan
10
dlv ctfs.No par
Without dlv ctfs
No par
1,300
9,500
5,100
134
10%
par
par
preferred....No par
Preferred..
100
13^
conv
Gotham Silk Hose.....No par
300
*30
$5
June
3534 May
May
4H% conv preferred
50
Gobel (Adolf)
1
Goebel Brewing Co......
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No var
5,800
Jan
20
60
"5",900
June
29% Jan 11
...No par
700
5% Jan 10
3% May
8
45% June
3% May
16% Feb 20
23% Feb 14
Glldden Co (The)
Graham-Paige Motors
Granby Consol M S & P
t In receivership,
%« Jan
1,600
"166
Jan 30
% Jan
2,300
1,200
900
100
*7
107
General Tire & Rubber Co
5
Gillette Safety Razor..No var
$5 conv preferred
No par
Glrnbel Brothers
No par
$6 preferred..
No par
1,700
600
*14
Jan
Feb 27
12634Mar 11
40% Feb 19
10
preferred
6%
11%
11%
15%
*7
100
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
100
31%
15
preferred
Gen Steel Cast $0 pref ..No par
General Telephone Corp
20
600
11%
11%
15%
134
*14
38
80
No par
...
Gen Railway Signal
2,000
Feb 14
128% Feb 10
6% preferred
100
Gen Realty <fc Utilities
1
$6 pref opt div serie8.No par
General Refractories
No par
General Shoe Corp...
1
800
12
31%
Jan
Gen Public Service
""700
6% Jan 22
11% Jan 15
4% Mar 12
4% Mar 13
11% Feb 14
73% Feb 19
17% Feb 27
cum preferred
3,100
...
Jan
par
No par
30% Feb 15
$6
June
139
Jan
$5 preferred
...No par zl24
Jan
Gen Outdoor Adv A...No par
40
Feb 14
Common
No par
37g Feb 19
General Printing Ink
1
6% Jan
300
*1034
*30%
*22%
*14%
24%
24%
Feb 10
6
5
No
General Motors Corp
1,300
1,100
97
55
No par
5%
10634 Jan 14
52
5
Corp
Dec
94
..5
No par
Bronze
1% May
2
10% May
May
49% Feb20
par
May
12
10% Jan 30
47% Jan 21
4% Feb 21
50
2% Aug
Jan 28
No par
12%
14
I384
14%
1334 14
1334 14%
13%
*105%
*105%
*105%
*10584
*10534
46
45%
4534 4534
4684
46% 4634
47
47
4634 47%
*34%
35% **35%
35%
35% 35% *35
36
36
36
35% 35%
1134
11S4
1134
12
12%
12%
11% 12%
12%
12%
12%
12%
*57%
58%
*57%
58% *67% 58% *58
*58
58%
58% *58% 587g
*110% 111
*110% 111
*110% 111
*110% 111
*110% 111
*110% 111
3%
3%
3%
3%
3»4
3%
334
3®4
334
334
384
334
34
♦3284
3434
*3284
35
3484
34
34
*33
36
*34%
3534
*7u
84
*ht
84
*7u
84
*7u
34
*%•
84
*%•
«4
*2%
3%
*234
3%
*284
3%
*2»4
3%
2%
284
*2%
3%
*16%
17
1634
16«4 *16%
16%
16%
16%
16% 17
*16%
17
334
334
384
384
384
3%
*3%
4
3%
3%
*3%
4
%
8$
7;
%
%
%
7i.
*%
7
38
7 IS
13%
*105%
45%
Feb 25
12%
...
*14
18
*5
*70
15
var
No
20
70%
70% 70% 372% 72%
72
72
125% 125% *124% 125% 124% 124% 124% 124% 125
125
*53
54%
53% 53% *53
54% *53
*53
54%
54% *53
547s
*108% 110% *108% 110% *108% 110% *108% 110%
*108% 110% *1c8% 110%
*14
7
400
*3334 40
*3334
*3334 40
40
13% *13% 14
*13%
14
*13%
13%
14
14
14% *14
1434
14%
*13%
14
14
104% 10412 *104%
*105
*10434
*105
106
105
105
106%
105
105
105
105
10434 105
1934 20%
20
20% 20%
20
19%
19%
19%
1984
147
147
*147
149
*147% 149
*147% 149
♦147% 149
534
6
534
584
*684
6
*5%
6
*5%
0
*94
100
*94
*94
*94
9934 *94
9934
2%
2%
2%
2%
2%
2%
*2%
2%
2%
2%
*84
88
*85
89
*85
90
*84
86
*83%
88
6%
63
684
6%
*6%
6%
*6%
6%
*6%
678
86
86
*85% 8634
86
86
86
86
*83
86
*155% 162
*155% 162
*155% 162
♦155% 162
*155% 162
13% 13%
13% 13%
13
13%
13
13%
*13%
14
May
6
18% Feb 28
General Foods Corp...No par
$4.50 preferred.....No par
23,400
31%
*14
9% May
Mar
4
I434 Feb 18
1%
1%
1078
30
June
2
1% Feb
334 Feb 28
134 Feb 15
10
84%
19
61
Sept
18% June
2% Jan
2% Feb 17
par
preferred..
27%
78
5%
1%
IC84
♦2s84
*3334
*13%
♦13%
7
Jan
22
2434 May
*1%
*12
102
4
7%
70
1134
11%
15%
134
'
1834
134
10%
*16
7
7
Jan
27%
*34
24
2
39
300
11
Jan
Feb 15
General Electric Co
2,500
32
...
*106
148
14%
13%
62%
Jan 13
32
33
General Cigar lnc
170
"4,700
14%
1478
x2434 25%
25
*25% 2538
25%
*138% 141
*138% 141
30%
14%
134
17%
13%
*83%
1%
28%
*1134
*10%
♦1034
30%
11%
300
24,700
86
*62
29
20
7%
43
18%
May
6% Sept
107% Jan
20% Jan
132
Feb 19
19
4
Jan
7
General Cable Corp
Class A
400
53
133s
7
Jan
General
800
600
57C
62%
*10%
"moo
200
1734
38% Mar
25% Apr
8% Nov
8
24% Jan 24
46
18
10%
13%
11%
900
*10%
♦52%
*77
2434 June
337s Jan
6
$6
1038
54%
19%
13%
86
Apr
Jan
Gen Am Transportation
General Baking
100
62%
1034
"166
800
1%
2%
Jan
21%
105
No par
Gaylord Container Corp
5)6% conv preferred
Gen Amer Investors...No
900
*40%
*1%
2%
46
10% May
Jan 13
16 pref No par
Gar Wood Industries lnc
3
"i~,3oo
20
2%
32% May
15
43
Gannet Co
300
2434
43
2
42% Jan 13
No
Gamewell Co (The)
0,500
*19%
18%
5%
14
preferred
Jan
Jan
106
105% Jan 24
13% Feb 14
10
22%
2134
May
7% pf.100
$3
10
*2334
13%
31%
25
*134
♦2%
*77
1%
conv
Feb 14
Sept
12% May
84
Freeport Sulphur Co
10
Gabriel Co (The) cl A..No par
Gair Co lnc (Robert)
1
120
20
62
ui#
$7
27
Jan 10
Francisco Sugar Co
900
24
24
*40%
23$
100
10
100
18% Jan 10
105
Highest
share $ per share
per
F'k'uSlmon&Co lnc
%
7i«
18%
5%
*1134
100
900
*6%
6%
*107% 111
*38
%
*%
%
14% 14% *1334
14%
♦98% 105% *98% 105%
7i»
43
2
conv preferred
Machinery Corp
conv preferred
Foster-Wheeler
3,200
1%
17
19%
684
13%
%
"3,loo
500
124
46
62
5%
13%
11%
6%
105
124
19%
5%
Food
Gen Gas & Electric A..No par
$6 conv pref series A .No par
13»4
*12
"""266
General Mills
62%
34
5
13
3
800
7i«
2%
3
Jan
400
13%
62%
18%
%
*10%
»1034
*30%
1434
86
43
Mar
4% Feb 18
24% Feb 14
Y.eoo
19»4
*19%
20
*19%
19%
20
20
19%
1234
12%
1334
*13%
13%
13%
14
13
*13%
13%
*18% 20
*18%
20
*18%
20
20
20
*18% 20
*19% 21
♦103% 107
*103% 107
*103% 107
*103% 107
*103% 107
♦103% 107
*11%
11%
12
11
11%
12
12
II84
12
12
*1184
12
*3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
•35%
36%
35%
35%
35% 35%
35% 35%
*35% 30
♦35%
36
6
*5%
6
6
5%
6
6
6
6
6
6%
6
63% 63%
64
64% 64%
65
6434
64%
*63
67
*63% 67
1278
1278
12%
13% *13
13%
*12%
13%
12%
13
13%
13%
*41
31
22
10
22", 800
Xt*8
14%
14%
*98% 105%
*42
No par
2
'%«
Feb 14
Florshelm Shoe class A .No par
4M%
Lowest
$
14
16
10178 Mar 7
3478 Feb 27
12% Feb 14
Follansbee Steel Corp..
*107% 111
%
7i»
Florence Stove Co
400
$ per share
"l",20O
84
%S
43%
46
*109
111
*%
128
First National Stores..No par
FUntkote Co (The)
No par
74
78
77%
80%
*81% 83%
83%
83%
♦129
128% 129
13)%
58
70
83%
500
1,300
36
*81% 84
82% 84
*17% 1834 *17%
I884
128
128
*127% 128
2:32%
33%
3284
333s
35%
35%
35%
35%
*113% 114
*113% 114
34
6% preferred series A...100
~
50%
6%
*81
128
3334
%
%
13%
14
*98% 105%
7n
ht
*19%
2434
80
128
47%
111
*101
50%
Fllene's (Wm) Sons Co.No par
Firestone Tire & Rubber... 10
500
Highest
$ per share
Par
"~eco
3%
51
50%
50% 5034
5c34
5c34
6%
634
7
6%
6%
7
7
*137
148
*137% 148
*137% 146
♦137% 148
4%
4%
4%
4%
4%
4%
4%
43s
434
484
434
434
4%
4%
4%
4%
14
13% 13% *13
*12%. 14%
13%
13%
124% 124%
♦46
106
*50
128
35% 35%
36
*11314 114
*113% 114
l2
l2
%
#i»
*70
*70
77
77%
82% 82%
81% 81%
127
127
*12634 127%
43
42'4
43
44%
12434 12434
*46
47%
4%
4%
*634
7
*101
Lowest
Shares
118
3'2
*43
107% *105
107% ♦105
107% *105
107%
5%
5%
534
6
6
5%
6
6%
10%
10%
*10%
10%
*10% 10% *10% 10%
*50
51% *50
61%
*50% 51% *50% 51%
434
434
434
434
434
434
*4»4
5
79%
18%
34%
51
*105
5%
107g
51%
5
434
434
*434
*100
105
*10012 105
*115
3%
35%
2
111
114
1%
2
*105
3%
*43
48
Range for Previous
Year 1940
EXCHANGE
17%
*17
17%
16%
16%
1C1% 102
101% 101%
*3538 37
36%
3e%
*13% 1334 *13%
13%
*32
32
32
32%
*2434 25% *243$
25%
5%
5%
*5%
534
*24
28% ♦24
283s
*27% 29
♦28%
29
*105% 107
♦1053s 107%
15
15%
1534
15%
*43%
*35%
2
*134
*16
I
% May
27
Jan
6%
Feb
1
Jan
1 Called for redemption.
Volume
1709
New York Stock Record—Continued—Page 6
152
AND
Saturday
Monday
Tuesday
Mar. 8
Mar. 10
Mar. 11
* ver share
7
$
7
ver
7
*13%
14%
14U
38%
*338
3834
4
*38*2
21
21
14*2
*39*8
*14
*39%
40
*3*2
4
21*4
5*2
21
5*4
5*4
5*4
2334
23*2
23%
2334
98
98
98
97*2
534
*152
*14
600
14%
*38%
41
4
21
*3%
20%
23%
98
98
~i~,666
400
*23%
1,200
99%
600
*152
755s
75%
77*2
77*2
77
77
77
77*4
*76
78"
77*2
77%
"l'ioo
10%
6%
22%
1034
11%
11*8
11%
11%
11*2
11
11%
11*4
11*4
4,000
*6
*2112
*109
111
*334
834
*1%
*6
111
4
4
15s
*152
1%
39*2
154% *151*2 154*2 *152
*4734
48*4
*156
47%
160*2 *156
48
48*4
*1%
1%I
8%
8%
9*8i
1%
8*2
*33s
3%
25i8 25%
*129*2 134*8
3*2
1%
834
*3%
3*2
25%
25
25%
129*2
1334
""
65%
130*4 130*4
13%
14
14
14*2
66
66
66*2
67*4
2*2
*1%
2%
*1%
*3634
39
3934
*36%
*38
*29%
29*2
*29
3234
3234
*99
106
32%
8
*7*2
29
8
8
*8*s
40
*39*2
58*2
58
57
58
*126*2 127
127
127
102
102
*56*2
101*2 101*2
*11%
12
*11%
*4
484
*15
16%
*11%
12»4
*101
*125
103
12
12
101*4
*7%
8
*102% 109%
*15
15%
*6%
7
*100*4 101*4
32*2 33
12%
*29%
12*2
31*4
2
2
4*8
13*4
8%
28%
12
*39*2
3
*7*2
21%
*21
2%
2*4
2%
%
»18
*18
234
*21*4
12*4
22*2
2%
21%
12*4
22%
35%
5%
3
3
3
21%
21%
21%
12%
22%
*11%
22*2
12*4
22*2
21*2
88%
89%
185
21%
35%
5%
37%
*37*2
88*2
89%
*178
5*2
*37*2
88*2
88*2
89*s
89%
185
36%
36
36*2
5%
*178
5%
37%
88*2
89%
185
35%
5*2
37%
37
*86*2
89
'
179
88*2
89
179
*2%
20%
88
*18%
25*2
33*2
33%
33%
*33*8
34*2
*33%
34%
33%
*9%
10
10
10
/10*4
10*4
10
*2%
*14
*108%
17%
*156%
*17%
*63%
*27*2
*135*2
27%
*24*4
*11*4
'26
2
*6%
*%
4%
*13
*1
4*2
4*2
13%
13%
*13
*13
13%
*110*2 114
500
87%
300
88%
2,600
88
89
185
19
25%
33%
10*4
25
*13
13%
19
100
26
1,400
*33%
34*2
400
*10
10*4
1,900
2,900
9,100
9%
25*2
4,200
26%
50
2%
*26
28
105
105
13*4
25%
25%
*165*2 174
51
*50
*2%
27%
2%
27%
105
105
13*4
13%
*13%
14
1334
13%
*103*8 104
02% 105*4 *102% 104
23*2
23*2
23%
23%
23%
23*2
8%
8%
8*2
8%
*8*4
8*2
3
800
14%
33
*32%
8
7%
3%
3%
25*4
25%
Bid and asked prices; no
33
8*8
3%
26*4
*165*2 174
*49%
2%
*26*2
*105
13%
13%
104
*23%
8*2
51
2%
29
—
13%
13%
104
23*2
8*2
9
*170
50*4
9%
25*4
174
51
*2%
3
*26%
30
25%
26
600
1,300
*165*2 174
50*4
*2%
*26*2
*105
*105
50*4
3
30
...
""766
300
300
40
13%
700
13%
13%
13%
13%
*103*2 105% *103*2 105%
2,700
13*4
23%
8%
*32*8
33
*32*8
7%
8
7%
3%
3*4
3%
*25*2
26*8
*25%
sales on this day.
9%
25*2
25%
13*4
23*4
8%
33
7%
3%
26
*13*4
23
8*2
23
8*2
100
2,900
2,400
t In receivership,
900
Feb 14
22
2:22% Mar
Porcupine Mines—5
Plate——10
^McKesson & Bobbins, Inc..5
$3 series conv pref—No par
d Def. delivery,
n New
stock,
r Cash sale.
Jan 30
27% Jan 9
29*8 Jan 10
3
Feb 15
24
Jan 10
3
2% Feb 15
8% Jan
8
2734 May
1% May
17*2 May
19% May
2
May
22*2 Aug
23*2 May
4
May
6% Feb 14
17*4 Jan 2
26
Jan 13
8*4 May
Feb 15
13
Jan
8
11% Dec
8% Jan 13
27% Jan 10
25*4 Jan 9
1638 May
12
7
Jan
3
23% Feb 20
21
Feb 14
Mar
113
3
Jan
2
134
116*2 Jan 4
234 Jan 13
34 Jan
*2 Feb 13
Jan
4
22% Jan 22
11% Feb
1
12% Jan
21% Mar
34% Mar
3
3
24
Feb 19
Feb 26
39
88
Feb 19
Dec
%
May
15% May
9% May
18*8 May
June
30
5
May
Jan 18
33
May
3
87
May
98
Jan
2
87
May
Jan
3
169
June
20*4 Feb 24
18*2 Mar 11
16
May
30
Jan
4
37*4 Jan 14
11% Jan 6
Feb 10
9% Feb 17
18*4 May
27
May
9
May
10% May
8
9
22*4 July
34% Jan 6
109
Jan 29
20*2 May
97
May
16% Jan
28% Jan
30% Jan 14
19% Mar 11
Feb 19
Jan
9
3*2 Jan
15% Jan
3
40
36*4 Feb 4
2% Feb 15
13% Jan 30
15% May
June
29
2
May
13% June
105% May
2
138*2 May
19% Jan 10
17% Mar 13
Mar 11
6
110*2 Jan 18
19% Jan 15
1
15% May
162
158
60
1% May
2
189
22*4 Feb 19
17*2 Mar
100% June
96*2 Jan
87% Mar 14
Jan 27
Feb
9
7% Jan 23
5
108
8
Jan 13
45% Jan
37
14
3*4 May
15% May
9
4
2% Feb 11
20% Jan 30
3
Jan
Dec
17%
May
70% Jan 27
38
31% Jan 21
Jan 21
Feb 18
28% Mar
Mar
128
Sept
17
May
2584 May
5
3
Feb 14
138
23% Feb 14
27
Jan 14
12
Jan 21
8% June
30*2 Jan 2
238 Mar 10
21*2 May
134
25
11
33% Jan 10
Feb 17
25% Feb 21
li2 Feb 4
5% Jan 3
1334 Feb 18
684 Feb 26
14i2 Jan 13
Jan 14
McKeesport Tin
87% June
24*8 May
10
May
2% Mar 10
4*2 Jan 30
7% Feb 18
13*2 Jan 17
Mclntyre
434 May
29% Jan25
26% Jan 13
Corp.——.5
pref-.lOO
Marshall Field & Co...No par
Martin (Glenn L) Co
1
Martin-Parry Corp
No par
Masonite Corp
No par
Mathieson Alkali Wks. No par
7% preferred
100
May Department Stores
10
Maytag Co
No par
$3 preferred
—No par
$6 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp.—----1
Market St Ry 6% pr
Jan
8*2 May
38
6
Exploration..-1
Marine Midland
1,700
8
3%
Shirt
Maracalbo Oil
McGraw-Hill Pub Co.-No par
33
26
1
No par
25
700
7%
3%
10
Magma Copper
Manati Sugar Co
6% conv preferred---—100
McGraw Elec Co
1
100
*32*4
*25*4
100
No par
Macy (R H) Co Inc..-No par
Madison Sq Garden.—No par
Mack Trucks Inc
Manhattan
13%
28
25*2
25%
A—No par
100
10
Mandel Bros
14%
26
25*4
5,200
27*2
26
7%
200
340
25
*32
300
600
8%
25
100
6% preferred
*7%
25*2
10
7% preferred
Louisville Gas & El
Louisville & Nashville
~3~900
Mar
1% Jan 21
23*4 Feb 15
107% Jan 31
25
100
95
13% Jan
No par
Loft Inc
1
Lone Star Cement CorpNo par
Long Bell Lumber A—No par
5% preferred-Lorlllard (P) Co
9
Jan
8*2 Jan
105*4 Feb
14% Feb 14
20% Feb 14
Loose-Wiles Biscuit
Dec
Jan
18
373s Jan
Liquid Carbonic Corp— No par
Lockheed Aircraft Corp
1
-—No par
Loews Inc
7
Feb 14
No par
Co—No par
6
12*
33
Lion Oil Refining
Jan
Feb 14
31
May
106
179
Link Belt Co
3% May
11
8
31
100
Lily Tulip Cup Corp.—No par
Lima Locomotive Wks. No par
Preferred
MacAndrews & Forbes
4,200
174
5
No par
Libby McNeill & Llbby
Life Savers Corp
900
1
9%
Corp
200
4*2
*25
32%
8
3%
25*4
100
500
1
9%
25*2
13
6,600
4*2
9
*2*2
20
1%
14%
27%
49%
1,000
4%
8*2
49*2
2%
26
105
13%
13%
400
2:4*2
*14%
27%
26*4
1,500
*1Si«
8*2
*173
22",500
1
9%
Cement—25
4% conv preferred
-—100
tLehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
50
Lehman Corp (The)
—1
$6.50 preferred
4%
15
27%
25%
*13
700
9,300
2,700
1
8*2
25%
100
4%
14%
"*
*18%
185
1
26%
3%
87%
4%
8%
25%
*86
*177
1
14%
27%
10%
7%
34%
4*2
8*2
.65*2 174
1,700
37%
14%
32%
900
3
20%
5%
27
13%
2%
20%
37%
14%
13%
1,800
5%
27%
*2*2
1,200
®16
37*2
8*4
04%
2*4
23
35
5%
14%
25%
2*4
i%
9*2
No par
—No par
5
(The)
Lehigh Portland
*16
26*2
*25
Lambert Co
Lane Bryant
8%
2534
100
Lee Rubber & Tire
*21*2
Louis 100
5% preferred
100
14%
26*2
8%
<25
Laclede Gas Lt Co St
400
4%
8%
No par
Co
8
14%
49*2
1,700
13
10
1
-
Kroger Grocery & Bak.No par
25%
21%
*8*4
8%
10
Kress (S H) &
*7*2
8*2
26%
1,900
70
*14%
15
*14% 15%
*15
15%
15
15
15
15*2
15%
24
24%
23% 24*4
23%
24%
24*4
25*4
23%
25%
3234
32%
32% 32%
32*2
32%
32
32%
33
32*2
31%
*107*2 108%
109% *107% 108*2 *107*2 108*2 *107*2 108*2 *107% 108*2
18
18%
18%
18*2
18*4
19
18%
18*2
19*2
19%
19%
37*2
37
37*2 37*2 *37
37*2
37
38
38*4 *37% 38*4
*2%
3
*2%
3
*2%
3
2%
2%
*2%
2%
2%
14%
15
14% 14%
*14*2
14%
14%
14%
14*4
14*4
14*2
*108%
*108%
*108%
108*2 108% 108% *108%
17%
17*2
17% 17%
17%
17%
17%
17%
17%
18
18
1158
159
158*2 158*2
160
160
158
159
160*2 *156% 159
18
18
18
18
18
18
17%
17%
18
18
18
66%
66%
66% 66*2
*65%
66%
65%
65%
64*4
65*4
65*4
28% 28% *28*2 28%
*2834
29
2834
2834 *2834 29
28%
*136
137*4 *135*2 137% *135*2 137*4 *135% 137% *135*2 137%
139
27% 28*4 *27% 28*4
28*2 28%
28*4
29
27%
28%
27%
*24
24*2
24% 24%
*24*2 24%
*24*2 24%
24%
24%
24%
11%
11%
11%
11% *11*2 12%
12*4 *11*2 12*4 *11*2 H%
*26*2
28
*26% 27*2
27
27
26%
26%
27
*26*2
27*2
2*4
2*4
2*4
2%
2*4
2*4
2%
2*4
2%
2%
2*4
7
7
7
*6%
*6*8
*6%
7%
7%
*6*8
7*4
*6%
1%
"3",600
No par
Kresge (SS)Co
Kresge Dept Stores.
7
24
13%
"13
2,400
1
Kinney (G R) Co
$5 prior preferred
7
5
Liggett & Myers Tobacco—25
Series B
—.25
25%
18%
100
20,100
25%
38*4
200
400
Keystone Steel & W Co No par
Kimberly-Clark
No par
Llbbey Owens Ford Gl.No par
*18*2
*107*2
300
Lehn & Fink Prod
18*2
25*2
31%
A—No par
KennecottCopper..—No par
Kendall Co $6 pt pf
Lerner Stores Corp
25*2
23%
12%
1
Class B
800
100
21
25*2
*15
100% Feb 28
7*8 Feb 4
104*8 Jan 22
14% Feb 28
6*8 Feb 19
98% Feb 21
200
88%
May
May
5% conv preferred
100
Kayser (J) & Co
5
Keith-Albee-Orpheum pf—100
4,100
*177
9
92
120
12%
5*2
1884 Jan 24
1412 Jan 10
104% Jan 27
15% Jan
*21%
*36
9
l2*2Mar 10
25*2
35*4
117% May
5% Jan 10
1
8
3
21%
121*2 Mar 12
Kaufmann Dept Stores
25*2
2184
2%
Jan 10
2
300
8,800
9
5
4
cl A. 1
June
122*4 May
Jan
Feb 14
200
Kelsey Hayes Wh'l conv
44
48*2 May
9*8 June
16%
""400
May
3434 May
Feb 11
Feb
11
*12
24%
10
Dec
June
8
7
63*2 Jan 13
2,000
Kan City P & L
12%
25
33*2
10
Jan
Nov
20*8 May
122
7
Jan 16
110%
12%
pf ser BNo par
Kansas City Southern.No par
4% preferred
100
400
Jan
12012 Jan
pref.100
Furn—10
Kalamazoo Stove &
23
35
21
19
Jones & Laughlin St'l
*21%
*24*4
18*2
600
.100
Jan 10
128
125*2 Jan 6
100
Feb 14
*12
*18%
*18%
*21
*16
•n
34
%
*2*8
Preferred
33
133% Feb
Feb 14
55
No par
100
Johns-Manvilie
10
23%
*6%
*110*2 114
*111*2 114
2%
2
Island Creek Coal--
4%
*1534
7
2,700
20
4
4*2
13
13
8
*21
*22*2
*89
44
*119
23*4
21%
*12
*87
39% Feb 25
25%
*24*2
12%
*178
No par
*22%
25*2
22%
35*2
5%
37%
37%
Jewel Tea Co Inc
26*4
*7*2
*21%
35*2
5%
100
39%
25%
13
13
*12
*20*2
12%
39%
*12
39%
22%
*24*2
*111*2 114
30
5*^May
14
3*4
23%
25%
8*2
8i4Mar 12
11*4 Feb 19
23
25%
Feb 14
28*4 Feb 21
*2%
*7*2
7
126*2 Feb 25
22%
25*2
--No par
Intertype Corp
1
1
3*4
23
8
1%
36%
109
74% June
1
23
25*2
94*2 Jan 17
$6 preferred
26*4
*6*8
Feb 24
Jarvls (W B) Co
26*4
*21
87
—
300
26
*7*2
1%
May
13*2 May
97*2 Jan
100
-- --
"""766
*2%
22
--
-
29%
23
7
*6*8
"""506
Teleg
8*4
26
25*2
3
%
Preferred-
*126%
12
12%
39%
Inter Telep &
*29%
2834
*126*2
7%
*111*2 114
8
Jan
Feb
Dec
25
7
Jun
34
8*4
8*4
*8
28%
—-
89
25«4
1%
34
Mar
100%
3
39%
Jan
22
1%
26% May
Jan
6*2
23%
*21% 22
*111*2 114
Jan
95
Jan
66*4
6,300
26
*21
21
13
Apr
6%
June
134 May
37
2
41*4 Jan 10
31*4 Jan 30
26% Feb 15
50
100
7% preferred
73
Jan 16
89
26
22
No par
International Sliver
40*2 May
2%
3934 Jan
x8
26
*21
International Shoe—
67% Mar 11
17
26
*84
8
*84
23
13
300
21% May
Jan
26%
13
100
-
10*8 May
li2 Feb
36*2 Feb
38% Feb
z28% Mar
..No par
Intnational Salt
4
Jan
10%
22%
12%
5% preferred.
600
Jan
Jan
15%
57*2 Feb 19
5% conv preferred
InternatRys of Cent AmNo par
""170
Jan
38%
133
10% Feb 19
15
100
Co
June
109
Jan 13
Apr
7
4% May
26
1234
Inter Paper & Power
131
Jan
14*2
5*4 Feb 19
23%
12%
23% Feb 19
129
Mar 12
.100
Preferred-
3*2 May
19% June
9% Jan
Interstate Dept Stores.No par
26
7%
Int Nickel of Canada.-No par
300
4
3% Jan 4
2634 Jan 10
Jan 30
Jan
Dec
5%
8
22%
1234
3*2 Feo 14
173
Dec
5% May
1%
4%
26
6*2
1
Corp
6
Jan 10
434
23
23
7
Internat'l Mining
Jan
2%
134 May
23
7
May
170
1% May
*2%
23
145
li2 Feb 15
9
26%
23%
3*4
22%
*5%
157i2 Feb 20
Dec
3
23%
*2%
22%
*22*2
100
A.25
6234
3*s Jan 10
8% Mar U
26%
7
May
Feb 13
26
23
38
Feb 17
23%
3*4
*6
53% Jan 10
Dec
191*2 Mar
2
26
*21
46% Feb 19
2%
44
18% May
2
23*2
*2%
No par
Internat'l Harvester
Mar
5% Nov
12% Jan
June
Int Mercantile Marine.No par
1,400
113
No par
26
3*4
136
Jan 16
49
Apr
7*2 Nov
6*2 May
1
May
167*2 Jan 10
103
*100
June
15%
47% Mar
2*4 July
1*2 Jan 30
38*2 Mar 12
21,600
8,800
91
146*4 Feb 19
Preferred
20,500
21% Aug
Agricultural--No par
100
Prior preferred
Int. Hydro-Elec Sys class
18,800
Jan 14
Int. Business Machines-No par
Internat
"""766
200
2
7% May
4% June
Foreign share ctfs— No par
2334
*2%
2,700
66*2 May
400
23*2
*25
48%
48%
3% Feb 17
7% Feb 14
No par
94
Apr
Nov
9
Jan 28
Feb 28
11*4 Jan 2
2is Jan 3
109% Mar 14
No par
Jan
158
6
Jan
Jan
118
13*2 Jan
6*2
25*2
113*4
4%
Apr
"5,700
26
25*2
200
Intercont'l Rubber
Interlake Iron
29
Jan
Nov
May
140
90*2 Jan
Feb 25
22% Feb 19
No par
100
16% May
May
72
Jan 10
161
5
9% Feb 19
6
Jan 10
111*2 Jan 22
74*2 Mar
No par
6% preferred
26
22% Feb 19
97*2 Mar 10
934
2%
26
23%
1,200
16%
17
*12*2
13%
14
13*4
*100*2 101
100% 101
101
101
*101
101*4
101*1 *101
7%
7%
*7%
7%
7%
7%
7%
7%
*7%
8
*101
109%
*102'4 109% *102*4 109% *102*4 109% *100*2 109%
*15
15%
*15
16
*15%
16
1534
16
15%
15%
*7%
7*2
7%
7*8
*7*8
7%
7
7*4
7%
7*8
*100*4 101% *100*4 101*4 ♦100*4 101*4 *100*4 101*4 *100*4 101*4
33*4
33*2
33% 33%
33
32%
33%
33*4
33%
33%
12%
12%
12% *12%
*12%
12%
12%
12%
*12*2
12%
*29%
32
31
31
*29% 32
*29%
31% 2:3134 31%
*2
*2
2%
*2
2%
2%
2%
2%
2*4
2%
16
12%
500
40
153
153
May
155*2 Feb 10
Inspiration Cons Copper._.20
Insuranshares Ctfs Inc
1
23
Dec
5
2%
120% 121% *119
*4
*4
4*2
*15%
16%
16%
*12*2
*1234
14
♦15*4
16
12*2
400
20
6*4 Jan 10
2%
12
4%
490
21*4 Jan 27
Feb 13
6*2
*2*8
23s4
3*4
*25
8%
*1%
*37%
59
59*2
58
59
58% 58%
59
127% *125% 127% *125% 127% *125% 127%
103
102*2 102*2 *101*2 103*2 1102*2 102*2
*12
12%
*1134
12%
12
*11%
12%
*4
4%
6,200
Jan
Apr
2%
*39*2
*120*2 121*2
*120*2
*120*2
4%
9
1%
Jan
43%
Dec
Feo 19
100
Intercbemical Corp
284
5
No par
No par
Inland Steel Co
Jan 10
4
2
19
10
Industrial Rayon
June
share
'
Indianapolis P & L Co-No par
Ingersoll-Rand
31
13%
24*8
2%
8*4
28%
12*2
39%
2% Jan
Indian Refining
3934 Jan 28
6
per
May
5% May
2%
8%
*126*2
12%
*39*2
12%
12%
12*2
40
1000
12
*2*8
89
8*4
8*4
29%
34% Jan
Jan 10
Jan 22
2%
*84
*28%
*126*2
100
Highest
$ per share $
share
2*4
8
89
8*s
*28%
""260
*3%
103
*100
102
99
*84
*126*2
*12%
*39*2
2*4
29*4
8
29
4
4
4*8
2%
2%
2*4
2*4
2%
8
*84
*126*2
103%
*
89
7%
89
33*8
2%
2*s
7*2
7*2
*84
29
2%
2%
2%
39
40*2
*100
102
*100
2*«
2*8
*2%
*134
38%
40*8
29*4
33
39*2
*4
6%
22%
109% 109*2
160*2
160*2 *156
160*2 *156
160*2 *156
1%
1%
*1%
1%
*1%
1%
1*4
8%
9
8%
9%
8%
9%
9
*3*2
3%
*3%
3%
3%
3%
3%
26*8
26%
26% 26%
2534
26%
26*8
*128*2 129%
129
*128% 135
129*2 129
13%
13%
13%
14
13%
14
14*2
"
65
65*2
65%
6534
65
66*4
67*2
*1%
2*4
*1%
2*4
*1%
2*4
2%
*38
39%
*38*4 39
*38*2 39%
39%
40*2 40%
40*2 40*2 a;40% 40*2
40*2
29
29
29
*28% 29% *28% 28%
33
3334
32% 32*2 *32% 33
3334
160*2 *156
*1%
111
111
*6
*21%
22%
*109*2 111
*21%
8%
8%
8%
9%
9*4
1%
1%
1%
1%
1*4
38*2 39
38*2 39%
40
154*2 *151% 154% *151*2 154*2
48
48*4
48% 48%
48*4
9
9*4
1%
41*2
834
42
22%
*109*2 HI
4
4*4
40*2
1%
42
22%
*21*2
6%
*6
6*2
*6
6*2
22*2
22*2
22*2
*109
414
8%
*6
6*2
100
Leased lines
per
8%
16%
Feb 18
6% preferred series A
6% preferred--
*103s
share
per
13
4%
$
6*8 Feb 15
100
RR Sec ctfs series A
5*2
23%
*5*4
$
Par
Illinois Central RR Co
20
*98
*152
*152
*152
*152
15
*23
98
5*2
235s
99
4,100
41
4
21
5*4
I
Lowest
Highest
Lowest
Shares
7
7
7
*3%
*20*2
5*4
5*4
2378
97*2
2334
99
20%
$ per share
share
Range for Previous
Year 1940
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Week
*14
4
20%
*3%
4
21*8
Friday
Mar. 14
1
*39%
21*4
*5*4
23%
*3*2
ver
7
7%
1434
7*2
14*2
1434
40
7
40
7
7*4
$
$ per share
$ ver share
share
Thursday
Mar. 13
Wednesday
Mar. 12
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
Sales
for
LOW
23
Feb 14
8
Feb 14
6
84 May
3*2 May
2% May
1
Jan
24% Feb 21
24% Feb 15
30
3034 Jan
12*4 Jan
25
103*4
12%
13%
103%
22*2
7%
31
7*4
3
24
884 May
26% June
6*8 May
2134 June
Jan 22
21
June
175*4 Feb 10
53*4 Jan 23
2% Jan 14
Feb 24
Jan 8
27% Mar 11
105
Mar 6
Jan 23
13% Feb 28
Jan 7
14% Jan 6
Mar 1
Feb 20 11 lTu Jan 30
25*2 Jan 11
Feb 1
9
Jan 9
Feb 19
Feb 3
3334 Jan 7
934 Jan 9
Jan 2
Feb 18
3% Jan 6
Feb 19
26a4 Jan 21
160
June
Feb 19
48% Feb 21
2%
1% Aug
May
4
11% May
5*4 Jan 14
11*4 Jan 8
1534 Jan 27
6
6
28*2 Jan 13
174
20*2 May
* Ex-dlv.
y Ex-rlght.
36% May
2% May
20
May
96*2 June
10*2 May
10
May
93
May
17% May
5
June
26
June
5*4 May
3%
Dec
17*2 May
1 Called for redemption.
1710
LOW
New York Stock Record—Continued—Page 7
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 10O-Share Lots
the
Monday
Tuesday
Wednesday
Thursday
Mar. 8
Friday
Mar. 10
Mar. 11
Mar. 12
Mar. 13
Mar. 14
Week
$ per share
S ;per share
S per share
S per share
Shares
*6%
$ per share
6%
*106
107
*734
*70%
*63%
*30i8
3U
*6%
*106
8%
73
70%
30%
314
678
107
*8
6%
6%
*6%
67g
106% *106
106%
83g
8%
77g
8%
71
71
*70% 71
*63%
70%
*63%
70%
30% 30%
30%
30%
*3%
3%
3%
3%
*22% 23%
23% 23%
*106
8%
*70%
*63%
30%
3%
72%
70%
30%
3%
23
*23
23%
20%
*30%
20%
32
21
21%
*31
7%
*13%
30%
7%
13%
30%
23
*121
*41%
122
*68
43%
3%
61
9%
7%
13%
31%
22%
*32
8%
13%
8
83g
8
*58
97g
63
9%
62
»ie
%
2%
2%
2%
2%
*14
*%
%e
**16
%
*%
%
%«
1,
14%
115% 115%
37%
*39%
23%
*9%
15%
37%
40
23%
9%
*20
21
*3%
*48%
*10%
63
14%
787S
115
23%
50
11%
23%
*10%
*111% 112
*6
6%
*46% 48
4%
4%
*15
1678
19%
19%
14%
78%
115
115% 1157g
37%
38%
*39% 40
3%
63
145g
79
115
9%
1584
20%
3-%
1578
*70%
*63%
*30%
23%
20%
32%
.8%
13%
9%
%
14%
78%
115
70%
30%
4
4^#
23%
21
32%
8
8
16
16.
20%
*20%
33g
3%
21
3%
49
50
51
10%
63
*10%
63%
63
111% 111%
*111
6%
6
48
*47%
4%
*15
167g
4%
*16
14%
78%
14%
787g
*13%
78%
115
*115
19%
*26%
154
19%
27%
2
*145
154
19%
277g
19%
2778
*145
*19%
28
1,800
*111
112
63%
63%
*111
6%
6%
48%
45g
z4S34
*16
17
112
6%
*47%
4%
4%
16%
193g
*111
6%
49
10
63g
*48%
63g
50
1,100
4%
4%
16%
4,000
4%
17
112
146
20
20
28
28
7
57%
5%
*9%
*44%
447g
*4%
97g
8%
9%
45
44%
9%
44%
45
45
45
4%
97g
8%
4%
4%
10
10
16%
8%
*15%
16
*77
78
*77
78
*42%
44
*15
*107% 108%
*26%
27
*6%
7
22%
22%
100% 106%
38%
12%
12%
*13%
13%
28%
29
*36
22
*4%
9%
22
5%
9%
8%
42% 42%
107% 107%
26%
26%
7
7%
23
23%
'10534 106%
*36%
37%
12%
13%
1334
1334
29
30%
22
22%
6
*4%
*9%
10%
67g
67g
9%
47%
57%
5%
9%
57%
5%
9%
47
48%
45%
*4%
*9%
*834
48
48
48%
50%
4%
*4%
9%
9
9
9
9%
2834
15%
*14%
16
*14%
*77
15%
78%
*77
78%
*77
*41
44
*41
44
5%
9%
45
4%
10
7%
233g
8
24%
37%
127g
13%
14
29%
21%
30%
29
22
21%
6
*4%
*5
*93g
1034
*110
115
51
51
*%
*%2
26%
49%
%
7g
%
267g
*28
29%
206% 206%
112%
1534
157g
*56%
57%
55%
55%
14%
14%
*109
*96%
6%
6%
*112% 114
*37
*2
*24%
*12%
6%
15%
38
2%
*16
38
*2%
2%
*2%
*12
*5%
*11
26%
*36%
*11%
*
2%
13%
5%
11%
26%
37
12%
49
52%
4%
93
9
*48
5%
51
*9%
16
78%
41%
115
*110
115
*50
%
6r,g
9%
*112
53
58
*48
58
5
*3
3,
38
38
*38
39
*38
*2%
*25%
*12%
67g
27g
29%
16
I63g
16%
77g
96%
98%
97
97%
3
3
*3
3%
29%
13%
16
8
8%
99
99
3
3
16
52
57
*108% 110
13%
7
8
2%
*25
2%
50%
4%
*9%
8%
*14%
*77
7
52
116% 120
44%
44%
7%
2%
13%
53g
*51
26%
36%
12%
7%
2%
2%
13%
*12%
6
12
6%
*11
27%
3634
27
12%
*11%
37
110
No par
115
Mar
120
Jan
1,800
500
300
1,000
5,100
100
300
3,800
600
5,800
900
1,000
2%
15
TBoo
100
2,900
1
3
Feb 19
par
46
Feb 19
57
Jan 15
20
par
10
Feb 20
11% Jan 23
71% Jan 16
56
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
62% Feb 28
112
110% Mar
Feb 19
400
5% Jan 4
20% Jan 28
11
1
4% Feb 14
14% Jan
17% Feb 19
23% Jan
13%
Nat Automotive Fibres Inc_.l
5% Feb 15
7% Jan
5% July
7
9
7% June
.
National
6%
Acme
Co
conv preferred
10
Nat Aviation Corp
National Biscuit Co
5
,
I
..100
Nat Bond & Invest Co.No
Feb 17
7% Feb 15
16% Feb 19
10
7% preferred..
166
Feb 14
par
12% Jan 30
100
86
Nat Bond & Share Corp No par
Nat Cash Register
No par
National Cylinder Gas Co.._l
6% preferred
10
Feb 14
15% Feb 13
12% Feb 15
9% Feb 20
Nat Dairy Products...No par
Nat Dept Stores
...No par
13
Feb
2
10% Jan
155
13%
88%
17%
13-%
11
12%
Jan
86
Jan 15
15%
14% Jan 10
6% Jan 14
3
12
Jan 30
16
preferred.No par
10
6% Feb 19
82
Mar 11
15% Feb 14
11% June
May
5% May
7% June
5% May
93% Jan 10
1734 Jan
172
Jan 28
176
100
Nat Mall & St'l Cast Co No par
National Oil Products Co
4
145
Feb 13
154
66
1I6O
Jan 15
17% Feb 15
23% Jan 10
26
Feb 19
31
6
Feb 19
Jan
7% Jan 14
55% Feb 19
4% Feb 19
8% Feb 19
68% Jan
41
Feb 19
49
43
Feb 14
52% Mar 13
132
5% May
48
6% Jan 10
10% Jan 10
Mar 13
26% May
13
Feb 17
16
Jan 18
14
Jan 23
79% Feb 10
45% Jan 16
72
70
2,500
3,500
10,200
200
234
3l",000
400
2,700
1,500
16
15%
16
12%
6%
8
8
8
8%
95% *95% 100
3%
16
16
16%
16%
*145% 147
*145% 147
*8%
8%
*8%
8%
*43
47
*43%
47
*2034
22%
*20% 22%
"166
30
1,200
No par
...No par
New York Central
No par
N Y Chic & St Louis Co
100
6% preferred series A...100
Corp..No par
N Y C Omnibus
Dock
No par
5% preferred
Feb 14
25% Feb 19
6% Feb 14
20% Feb 14
106% Mar 8
32% Feb 18
11% Feb 19
11% Feb 19
25
Feb 14
21% Mar 11
4% Feb 15
No par
9
50
109
10% non-cum pref
50
N Y Lack & West Ry Co.. 100
{NYNH & Hartford
100
115
Conv preferred
Feb 14
Mar
4
7% May
6
8%
9
110
Jan
Jan 17
Jan
Oct
36
May
July
May
100
June
3134 Jan
8
20% July
884 Jan
2734 Jan
6
6% May
2
23% Nov
110
Jan
6
10534 Nov
45
Jan
6
30% May
9% May
8% May
15% Jan 10
15% Jan 10
33% Jan 10
24% Jan 6
684 Jan 7
12
Jan 10
15
May
20% May
3% May
434 May
4
112
Jan
7
104
Feb 24
47
115
Feb 24
110
Apr
54
Jan 24
45
June
Jan
%»
100
3%
10% Jan
U
Jan
*ii Jan
Jan 13
13g Feb
%«
6
%
% Jan 10
4
13%
May
Dec
Oct
"""366
Noblltt-Sparks Indus Inc
Norfolk & Western Ry
20
Jan
May
100
200
Feb 19
215
Jan 25
175
May
Adjust 4% preferred
100
109
Feb 25
117
Jan
2
105
17",000
North
American
5
Co
'n
Jan
24% Feb 14
27% Jan 31
30% Jan
3234 Jan
8
9,300
10
14% Feb 27
17% Jan 10
6% preferred series
"166
50
55% Feb 17
5]4 pref series
North Amer Aviation
50
53% Feb 4
12% Feb 14
5834
57%
17%
96%
7%
1
Northern Central Ry Co....50
"8",700
100
20
96% Mar 7
534 Feb 14
Northern Pacific Ry
100
North States Pow $5 pf No par
Northwestern Telegraph
111
Jan
3
Jan
6
Jan 20
Jan 10
Feb 19
Jan 9
%« Dec
May
14% May
47% May
47% May
15
May
84% June
4% May
1
101
Feb 14
27
113% Feb
May
May
50
34
Jan 15
2
Feb 15
24% Mar 7
12% Jan 13
5,000
Norwalk Tire <fe Rubber No par
Preferred
50
Norwich Pharmacal Co..2.50
Ohio Oil Co
No par
Oliver Farm Equip
1334 Feb
7% Jan
7
6% Feb 19
6
5% June
1,000
No par
13% Feb 19
18% Jan
9
10% May'
2,900
Omnibus Corp (The)
6
7% Mar 11
2:95% Mar 13
10
6
100
""266
500
a Def.
preferred
107
Aug
6
JN Y Ontario & Western..100
N Y Shlpbldg Corp part stk__l
220
*116% 120
*116% 120
*116% 120
43% 44
43%
43%
43%
43%
7%
8
7%
*7%
7%
7%
*23g
234
23g
2%
*2%
2%
13%
1334 *1284
13% *12%
13%
6%
534
534
*5%
6%
'5%
6%
12
*11
12
*10%
11%
11%
*10%
27%
27%
27
27%
27%
27%
27%
37
37
37
36
36%
36%
36%
12%
12%
12% *11%
12%
*11%
11%
conv
3-41% Mar 13
34
Feb
5
3l",900
3
77g
2%
137g
$5
N Y & Harlem RR Co
z95%
52
Mining Corp
10
Newport Industries
1
N'port News Ship & Dry Dock 1
New York
30
16
Newmont
N Y Air Brake
1,300
39
...
May
4% May
8
May
77
"""366
Nehi Corp
Nelsner Bros Inc
4
June
13% May
y2834 Dec
1
100
Jan 16
June
14% May
May
Jan
4%% conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A
100
1,400
100
June
Jan 16
8% Jan 13
100
No par
Oct
May
17
Feb 14
conv
Nov
6
4
20
$4.50
Dec
934 May
Jan 15
No par
National Lead Co
Dec
June
Feb24
Mar 14
Jan
June
16%
4% Feb 15
Nat Gypsum Co._._.„.._._l
June
9
18% Jan
175% Jan
7% Feb 14
—
June
334 May
Jan
834 Mar 14
24% Jan 11
Nat Distillers Prod
National Pow & Lt
1,300
97% May
4. May
41
Nash-Kelvinator Corp
5
Nashv Chatt & St Louis...100
National Steel Corp
25
National Supply (The) Pa..10
$2 conv preferred
40
5 Yi% prior preferred
100
1,200
May
8% Jan 11
51% Jan 27
2,500
3,600
May
8% May
5% Feb 14
45% Feb-24
7% preferred A
6% preferred B
600
8% May
May
May
2% May
Feb 19
58
t In receivership,
12
Nat Enam & Stamping No par
2,000
115
*50
6
4
8
12%
6%
*1534
52
Jan
No par
*25
*50
12
17% Jan
24% Jan 13
4% Jan 6
9% Feb
13%
51
3D4 May
33% May
21%June
No par
30
51
8% Feb 17
15% Feb 21
19% Feb 14
39% Jan 8
43% Jan 23
26% Jan 10
Natomas Co
*1234
6%
8
4
4%
*25
7%
Motor Products Corp..No par
Jan
May
113% May
No par
7
6%
15%
23
Nov
8
6% prior preferred
National Tea Co
4i«
*2%
Feb 19
39% Mar 11
..60
9% May
600
*48
*38
35
par
No par
Feb 18
800
*110
39
Morrell (J) & Co
Morris & Essex
5% pref series A
""Boo
*108% 110
h
Montg Ward & Co. Inc.No
15
88% Jan
400
127g
Bid and asked prices; no sales on this day.
z79
Jan 31
Feb 14
4%
10
884
16
78%
*116% 120
43% 44
8
*11
52
7
117
13% Feb 15
51
30
.
*51
*2%
20
% June
Jan
3,400
57%
5%
9%
48%
127g
6%
16
1534
16%
16%
16%
16%
*145% 147
*145% 147
*145% 147
*145% 147
8
8
8%
8%
87g
8%
8%
8%
*43
47
46% 46% *44
47% *43
46%
*20% 21% *21
21%
*20% 21%
21%
21%
*51
6%
57%
5%
20%
30
*41
44
241%
108% *107% 108% *107% 108%
26
26%
26%
26%
26%
7
7
7
7
7%
24%
23%
24%
23%
24%
106%
106% *106
106% 10634
37
37
*35%
37% *35
13
12%
12%
12%
12%
*13
14
14%
*12%
14
29
29
2934
*28%
29%
21%
22%
22%
22%
22%
5%
*4%
434
*4%
484
10%
*9%
10%
*9%
10%
7
*12%
6%
*116% 120
44%
4434
7%
7%
6%
6%
200
154
*19%
*28%
,
*37
13
7
8%
*98% 100%
*2%
3
*9%
*146
57%
'
*108% 110
115
*'l«
12%
*13
154
%
%
%
%
*%3
*3jj
%
*33J
32
%
%
28%
277g 28%
28%
30
28%
30%
29%
29%
*28% 29% *28%
*27
29% *29%
29% *28%
29%
28%
206% 206% *206% 212
*206
210
210
206% 206% *206
*109
114
112% *109
*110
113% *110
113% *110
113%
1534
16
15%
16%
1534
16
a:15%
15%
15%
15%
*56%
57% *56%
57% *56%
57%
*56%
57%
*56%
57%
*55% 57%
55% 55% *55%
57%
*55%
57%
55%
56%
14%
15%
147g
153g
14%
15%
14%
14%
14%
15%
*96%
*96% 97% *96%
*96%
*96%
6%
6%
6%
6
6%
6%
63g
6%
6%
6%
*112% 114
*112% 113% *112% 114
113
113
*112% 113%
27
29%
15%
*110
*50%
%
%
*25
*8
16
%
*%
*36
14
*110
115
7%
233g
105% 106% *105
*36
*108% 110% *108% 110
*3i«
4%
107% 107% *107%
26
26% 27%
*108% 111
49%
*145
"1,606
6
77
$7 preferred
No
Munsingwear Inc.....No
63%
% Jan
115
110
63
*i« Dec
20
10
3%
63%
May
7% May
% Jan 11
4
No par
$4.50 preferred
Preferred series B
Mullins Mfg Co class B
20
57 %
Carpet Mills
Monsanto Chemical Co
700
11%
2% May
26
4
Dec
3%
50
Jan
June
Dec
3%
*47
95
%»
1
*10%
Jan 13
11
May
33% May
4% Jan 11
67
% Jan
5
11%
Jan 16
1%
Motor Wheel Corp
51
45% Jan 10
110
11% May
23% May
103
»u Jan 14
Mueller Brass Co
50
Jan 14
2% Jan 10
Mohawk
3
125
*3j Mar
300
*10
6
May
6% May
1% Jan
700
3%
Mar
Aug
24
100
16
28
*6%
13
10
Jan 15
100
100
7% preferred series A
J Missouri Pacific RR
5% conv preferred
20%
900
9% Jan 6
15% Jan 24
38% Jan 9
11% May
Mar 11
No par
16
9%
Feb 19
Feb
9% Feb
% Jan
*9%
154
7
5%
7
10
20%
*33g
280
37
413g Jan 2
pref series B
100 xl07% Feb 19
Minn Moline Power Impt
3
Feb 18
1
$6.50 preferred
56
Feb 14
No par
9%
157g
100
23%
Feb 17
conv
Mission Corp
Mo-Kan-Texas RR
4
Feb 14
Feb 14
213g
6,800
40
23%
53% Feb
24% May
2% May
Feb 19
*20%
*33S
*38
440
64
Jan 10
Jan 3
Jan 10
30
*1534
*20%
28
57
190
Jan 16
Feb
122
40
20
6%
300
1,700
75
No par
4%
May
May
7% May
70
14
cum
5
90
Jan 13
9
3
1st pref
100
Minn-Honeywell Regu.No par
8%
24
21%
56%
5%
9%
"loo
$ per share
7% Jan 15
109% Jan 9
29
Mid-Continent Petroleum..10
23%
9%
*1534
28
7
400
$ per share
33%
4%
25%
22%
5
*38
6
56
1,800
1,300
Miami Copper
Year 1940
Lowest
Feb 17
Mar
3% Feb 15
2134 Feb 15
50
40
11%
63%
154
40
hi
*%
%
*%
%
147g *13%
14
79
79
78%
115% *115
115%
116% 116% 116%
37%
373g
37%
71
66
1
1st pref
Midland Steel Prod
900
60
conv
23%
9%
157g
21
23%
9%
51
6%
5%
1,100
Mengel Co (The)
5%
share
Feb 15
29% Feb 14
Merch & M'n Trans Co .No par
Mesta Machine Co
5
*38
*50
487g
4%
17%
ht
Mead Corp
116%
37%
*10%
55%
5%
100
800
16
per
6
100 rl05% Jan 23
No par
7% Feb 14
11534 116%
37%
37%
11%
63%
112
31
a
2
2%
*%
*5
%
51
6%
*46%
4%
%«
*%
.
preferred
$6 preferred series A .No par
200
9%
conv
$5.50 pref ser B w w.No par
Melville Shoe Corp.
1
3,000
63
9%
»ie
2
2%
*%
%
*61
97g
6%
100
300
*31%
Par
-.1
:.'r
McLellan Stores Co
""700
2,100
19'%
20
19% 20%
19%
20
19% *19%
19%
6
6
6%
*5%
6
6
*6
63g
6%
63g
*6%
6%
7%
7%
*7%
8
*7%
77g
7%
7h
*7%
8
7%
7%
ft
ft
9
:
*8%
9
9
9
9%
9%
9%
9%
9%
17%
17%
173g
17%
17%
177g
177g
18
*17%
17%
173g
17-%
*165
170
*161% 170
*165
167% *165
167% *165
168%
167% 167%
*12%
1278
12%
12% *12% 127g
125g
12%
1234
12% *12%
13%
*84
*84
89%
89% *84
89% *84
89% *84
89% *84
89%
*15
*15
16%
16
*15
16
16
16
*14%
17
1534
15%
*12%
127g
*12%
13
13
12%
13
13%
13%
13%
13%
13%
*9%
9%
9«4
934
97g
10
9%
9%
*9%
10
*9%
10
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
5%
5%
6%
5%
5%
5%
5%
5%
*5%
5%
5%
5%
8
8
8
*7%
*8
*8
8
8%
8%
8%
8%
8%
21
21
207g
21%
21%
21%
21%
21%
21%
213g
21%
21%
*12%
13% *12%
14
*12%
13%
*12%
13%
*12%
14
*13%
13%
7%
7%
7%
7%
*7
7%
7%
*7%
73g
7%
7%
7%
*80
87
*82
82
82
84%
*82% 84%
*82%
84%
*82%
84%
*16
16
16%
16%
16%
16%
1634
167g
16%
16%
16%
16%
*169
176% *169
176% *169
176% 169
176% *169
176% *169
176%
*145
500
2 500
24%
21
62%
*9%
*%
2
115
11534 1157g
37% 38%
39% 39%
23% 23%
9%
95j
16
*61
9%
2%
79
62
9%
*%
116
70%
30%
4
8%
71
„
61
9%
*%
2%
79
*63%
*30%
3%
*23%
*19%
32%
*8
';
80
32
*5JJ
*14%
77g
71
1941
Range for Previous
Highest
Lowest
100
122
61
9%
*112
778
*70%
6%
107
*42
*%
,
33
83g
*6%
*106
8%
13%
21%
*32%
33
20%
6%
106
137g
137g
137g
137g
13%
13%
31% 32% *31% 32%
32
32
31%
31%
*122% 123
*122% 123% 122% 122% 122% 122%
42%
42«4 4234
42% 42%
4234
42%
*4234
42%
108
108
*107% 108
107% 107% *107% 108
*107% 108
3%
3%
3%
3%
3%
3%
3% • 3%
3%
3%
122
*108
*3
33
21
*6%
106
15,
EXCHANGE
Saturday
IS per share
March
2,800
T.666
100
100
10
"2,100
1,300
60
290
300
"eloo
8% preferred A
Oppenhelm Collins
Otis Elevator
100
No par
....No par
6% preferred
Otis Steel Co
15%
145%
7%
42%
20%
100
.No par
$5.50 conv 1st pref..No par
Outboard Marine & Mfg
5
Outlet Co
No var
51
Preferred..
..100
Owens-Illinois Glass Co.12.50
Pacific Amer Fisheries Inc
5
Pacific Coast Co
1st preferred
Pacific Mills..........No
n New stock,
r
15
19
Jan
104% Jan 7
3% Jan 10
1734 Jan
150
11
Dec
7% May
95
May
2% May
8
11%June
Jan 11
12434 June
7
May
10% Jan 10
53% Jan 10
21
May
6
19
June
Jan 17
47
Mar
5
26% Jan
Jan
6
55
Feb 17
16
5
Feb 19
42
49% Jan
9% Jan
May
3% Jan
Jan
7% Jan
June
434 June
2
May
8
May
33g May
9% May
10% Feb 14
25% Feb 15
var
x
25% May
Mar 14
40
Jan
8
33
May
11
No par
11% Jan 28
28% Jan 24
36
25
Cash sale,
14
20
Jan 11
11
2d preferred
No par
Pacific Finance Corp (Call) .10
900
Feb
Feb
Feb
Feb
27
2% May
25% Aug
115% May
10
400
Feb 19
2'4 Jan 11
40% Feb 20
7% Feb 18
2% Feb 15
No par
Pacific Gas & Electric
Pacific Ltg Corp..
delivery,
3
39
Feb 19
14
Jan 10
8
May
Ex-dlv.
y
Ex-rights.
11 Called for redemption.
Volume
1711
Nfcw York Stock Record—Continued—Page 8
152
AND
HIGH
SALE
PRICES—PER
Range for Precious
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 10Q-Share Lots
the
NOT PER CENT
SHARE,
STOCKS
for
LOW
Saturday
Mar. 8
EXCHANGE
Monday
Wednesday
Thursday
Friday
Mar. 10
$ per share
Tuesday
Mar. 11
Mar. 12
Mar. 13
Mar. 14
Week
$ per share
Shares
$ per share
*119
3%
150
3%
534
$
120
*146
*117% 120
*146'% 150
534
share
per
$
150
150
3%
3%
6
*534
5%
2%
3%
*534
234
234
13%
3-%
$ per share
share
per
*6
2%
234
2%
234
13%
7%
%
12%
1234
12%
12%
*7%
8
534
2,500
800
278
234
12%
7%
12%
14,000
3,100
7%
700
»i#
34
4,600
32
32
30
*30
3l34
30%
3134
30%
*30%
*101
102%
102% *101
102% *101
102% *101
102% *101
102% *101
11
11
11
11%
11%
11%
11%
11-%
11%
11%
1134
zl0%
98
99
*97
98
98
98
z98
98
98
98
98*2
98%
10-%
10%
10%
10%
1034
10%
10%
10%
1034
*105s
*10%
10%
*15
*15
*15
*15
*15
*15
1534
1534
15%
1534
1584
15%
1%
1%
1%
134
1%
1%
*15s
134
1%
1%
1%
1%
28
27%
27%
28% Z27%
28% 28%
28%
28% 28-%
28%
28%
19
19
19
*19
19
19
19
19
*18%
19%
*18%
1934
1
1
1
1
34
h
*34
h
*34
*34
*34
8%
8%
8%
8%
8%
*8%
8*4
8%
8%
8%
8%
8%
8
8
8
8
8
8
8
7%
*7%
7%
*7%
*734
500
234
1234
7%
*9i«
2%
13
13
7%
7%
7%
7%
%
%
30%
%
%
3034
3034
*43
45
77%
2%
13-%
43%
77%
77%
78
2'%
*2
2%
*2%
2
2%
*34%
*36
39
*13
13%
*13
13%
*112%
23%
*2258
*112%
23%
23%
*2234
23%
41
41%
*1%
2%
41
*1%
*8
8%
46
22
21
*7
21
23%
*1934
*6
6
6
*2»4
*43*2
2158
62
64
64
64
36%
*234
3634
37
3%
48%
*44
21%
*21%
37%
3%
48%
2134
*44
48%
21%
21%
*234
*234
37
7
7
7
21%
80
*78
*78
80
12
12
12%
12%
12%
*160
*160
3%
*634
6%
*5%
*234
47%
44
44%
22
2134
2134
*4%
"5%
*434
*34%
*634
*77%
78
1234
12%
*634
6%
77%
7
634
7%
634
5
5
10%
*10%
10%
10%
11%
11%
1134
11%
11%
11%
*11%
12
*31
36
38
*35
38
*5
118%
*117
*26%
5%
*36
5234
*52%
*5
53%
52%
118
117
53%
53%
116% 116%
26
26%
26%
26%
103
102% 102% *102
119% *116% 118% *116% 118
130
130
130
131% *127
151
151
155
152% 152%
*114% 117% *114% 117%
118
24
24
24%
24%
2334
734
7%
7%
7%
7%
9534
*94% 95-34
9534
*94%
26%
10234
*102
*116
*127
*151
*114%
23%
7%
*94*s
84%
84%
11%
9%
11%
*9
4
4%
85%
*84%
11%
11%
*9
9%
4%
4
3%
*3%
3%
3%
11%
9%
*9
4
7
*634
*434
1034
*1034
4%
*9%
4
*9%
9%
4%
4
*80
58%
3
3
59
*2%
*39
40
40
40
*3834
3934
*18*2
19
19
19
*19%
19%
*38%
19%
14%
*24*4
*22*2
*1*2
24%
25
*24
25%
*24
*22
23
*21%
23
2
*1%
*22*8
*734
*634
*10%
*9%
28%
27%
22%
*734
*61
64
*52
59
*734
*634
10%
10%
10%
7%
*10%
10
10
65
1%
19%
*100% 100%
*91
92%
*6134
59
*52%
1%
1%
20
19%
100% 100%
92
*91
22
8%
9
22
11%
11,600
12%
*35
36
•»<••• •.
7%
*95%
11%
4%
103
103
103
105
105
65
65
65
66
*1034
11%
10%
11
11
11%
1034
11%
*88%
91
90
90
89
89
88
89
834
*7%
4%
16%
834
8
4%
16%
4834
8%
32%
834
8%
31%
834
%
%
*»1«
%6
*4
8
*38%
38%
♦110% 111
41%
♦
41%
*%
*2%
*4
38%
3
8
38%
*110% 111
42
44
200
2,000
6%
Rayonier Inc
-
Rensselaer & Sara RR
Reo Motors v t c
6% conv preferred
100
6% conv prior pref ser A.100
Revere Copper & Brass
5
Class A
10
32%
*45
%
3234
32%
*%
3234
*%
32%
si«
4834
%
♦%
*16
%
32%
%
5%
%
3234
56*2 Feb 20
90
Apr
*2%
3
*4
20
Jan 23
15*2 May
17
Jan
2
13*2 May
1434 Jan 10
9% May
26
Jan 10
1934 June
7
24
Jan 17
Jan
ll2 Feb 10
22i8Mar 12
978 Feb 27
8i8 Feb 4
28% Jan 14
1% Jan 11
4
9% Jan 7
784 Jan 21
12*2 Jan 7
2834 Feb
60
Feb 19
10% Mar 10
67% Jan 23
51
Feb 13
60
1
Jan 31
1634 Feb 14
100i8 Jan
9
24
May
17
May
134 May
25
Dec
6
June
658 May
8
Aug
6
May
z3734 June
50
May
1% Jan 11
1
May
6
14
May
Jan 10
2284 Jan
101% Feb 10
70*s May
May
60
97
Jan 13
Feb 19
11
Jan
19t2 Feo 13
24
Jan
7% May
17% July
91
Feb 13
8
3
Mar 14
1,100
8,500
7
Feb 19
May
Mar
May
Dec
52
May
5%
434
3%
11%
May
""loo
3.300
%
3
21
June
Feb 14
Feb 15
Feb 18
Feb 14
Jan 8
87
conv
.10
No par
No par
Antelope Copper Mines
Ruberoid Co (The)
No par
Rustless Iron & Steel Corp
1
$2.50 conv preferred-No par
^Rutland RR 7% pref
100
Lead
—10
St. Joseph
100
8
8
------
39%
800
110% 110%
42
42%
350
J In receivership,
4% May
preferred—.100
53^%
300
*4
sales on tMs day.
4
Reynolds Spring
-.1
Reynolds (R J) Tob class B.10
ht
*2%
43%
9*2 Sept
4% Jan
10
May
11%
8
43
June
9
Jan 17
Feb 15
4
Reynolds Metals Co—No par
4834
3
4434
Oct
June
73% May
June
*45
39%
84
8*8
75%
6*s
30*2
500
*4
39
38%
110% 110%
42%
42%
8
90% Jan 10
115S Jan 11
39
Common
3
38)2 38%
110% 110%
101% Jan
Oct
684
70
*11
%
Jan
16% May
Jan
800
*%
May
114%
9
Jan
17
32
143
Jan 25
Jan
73
57
*%
Feb 11
158%
117%
275s
8%
4
113
170
*%
*2%
38%
38%
110% 110%
44
11%
4834
*%
May
110% May
June
Jan
1
88%
8
*%
*2%
*4
11%
*45
716
100
126
137
4
400
11%
Jan 11
110
123% Jan 15
Feb 15
16%
48-34
June
112% May
2838 Dec
Mar
Roan
7l»
May
53
Mar
7%
11%
21
10
7% preferred
5H% preferred--
Ritter Dental Mfg
♦44
638 May
2
65
87
*4%
*1634
6
58*4 Jan 22
119% Jan 29
29% Jan 9
100
5,200
8%
Co--100
1
Steel Corp...No par
Republic
500
5
13% Jan
4084 Jan
Jan
5% May
434 Oct
6*2 May
100
100
12%
3134
10
Remington-Rand
1
Preferred with warrants.-25
no
31%
conv
Raybestos
7%
17%
11%
7
83g Jan 10
7*4 Jan 7
13% Jan 6
May
Reliance Mfg Co
4,100
1
Radio-Keith-Orpheum
7%
5
Mar
8334 Feb 15
10*4 Jan 2
878 Feb 25
2
Reliable Stores Corp—No par
$3.50 conv 1st pref—No par
7%
Bid and asked prices; no
Amer..-No par
No par
Feb 14
Jan
55 preferred B
7%
*%
aie
No par
Purity Bakeries
7%
%
32%
294
7%
*1634
31%
100
100
6% preferred
5% conv preferred
190
*778
16%
11%
4
Feb21
150
7
Richfield Oil Corp
5%
129% Mar
No par
5,200
16%
32%
9%
1178
*52
57
100
100
100
Pure Oil (The)
8%
5
32%
8
3134
No par
22i2 Feb 14
8%
17%
11%
5U4 Feb 21
No par
834
5
Feb 13
35
Pullman Inc
834
*16%
434 Feb 14
914 Feb 19
lli8Mar 10
116*2 Feb 15
8%
5
4834
*52
Feb 14
6
No par
Procter & Gamble
834
173s
*3s
57
1
5
60
1st pref
conv 2d pref
conv
834
734
*44
8
32
5%
5%
834
734
*434
%
3
8
3134
*52
*7%
5%
*%
*2%
8%
32%
57
*52
57
11%
11
11
*44
734
32
*52
Feb
58
100
7%
66
66
6
700
20
110%
107
65
Jan
Feb 14
10
450
*62
%
'Jan 27
---t
1%
27%
100% 100%
*91% 93
8%
8%
*19% 23
*100
May
151*2 July
7
300
23
1,200
22,000
65
May
7
8
2,700
mm,**--*
103
May
19
34
1%
19%
187S
May
10
2
59
*62
734
9% Feb 19
5
8
75*2 Jan 8
1334 Jan 10
Jan
43% Jan
8
*1
*96
57
Feb 19
57
Jan
Mar 14
25
*56
16% May
43%
38i2
18i2
1234
24i2
1238
23*4
100
1
7
65
31% Feb 19
preferred
100
Manhettan_No par
1
$3 preferred
25
Reading Company
60
4% 1st preferred
50
4% 2d preferred--50
Real Silk Hosiery
5
Preferred——
100
Reis (Robt) & Co 1st pref..100
1,500
65
59
4% May
48*2 May
2% Nov
*62%
65
32%
'
May
June
7% Jan
95s Jan 10
5% Feb 15
6% Feb 15
4512 Feb 14
2
2
11
103
*7%
13*2 Nov
167
62*2, Jan
3% Jan
*634
*10%
9%
1134
8834
8
Mar 11
7%
21
Feb
3
8
*60
32
12,700
9%
1
11%
8834
*7%
31%
Pressed Steel Car Co Inc
900
3
25
*56
*19%
Postal Teleg'h Inc pref.No par
mmmmmtm m.
*2178
*1%
*22%
1
23
No par
Poor & Co class B
4%
23
19%
18%
100% 100% *100% 100%
93
92%
*91%
92%
9
*8%
9%
9%
Jan
15
Radio Corp of
700
*96
*52
2,000
800
59
*19%
7,100
8,200
14 %
1
9
5
12%
Quaker State Oil Ref Corp.-10
60
*54
21
Mar
16% Jan 17
9%
*79
59
*19%
15
6434 May
154
174
Pub Ser El & Gas pf 55.No par
27%
19%
Jan 30
181
Feb 17
May
5*4 May
884 Jan
84
77i4Marl4
21
700
11%
*9%
*55
100% 100%
9234
*91%
734
85
z62%
20%
Feb 14
16
17% Feb 18
9534
85
65
19%
46*2 Jan
5
70
*6334
19
May
3*2 May
Pond Creek Pocahontas No par
No par
Plymouth Oil Co
100
*14%
11
May
35
63 Feb 14
1438Mar 3
Pittston Co (The)
6% preferred
7% preferred8% preferred
153
3
1%
2734
May
22
Jan
3U2 Feb 17
11
Jan
36
FeD
734 Jan
7
May
3% May
77
4% Feb 19
No par
Pitts Screw & Bolt
$5 preferred...
131
65
1%
Wayne & C Ry Co. 100
7% guar preferred
100
100
153
*114% 117%
24
24%
*58
59
Jan 17
23% Jan 11
6
Jan 21
61
25*4 Mar 13
101*4 Mar 3
1)7*4 Mar 12
*63
1
21i2Mar
100
-
500
*26%
x9%
z38% Feb 14
Pub Serv Corp of N J..No par
9%
627g
7%
50
100
Feb 15
3
4,100
*7
10%
27% May
2% May
3534 Feb 20
2534
25%
103% 103%
*116% 11734
*10
11
41% Jan
3% Feb
No par
5
116*4 Mar 12
7%
10%
30
Jan
7
5% pf (ser of Feb 1 '29) .100
1434
*20%
*7%
*634
*10%
69*2 Jan 18
Jan
190
14%
25%
*1%
2
5% Jan
62
*116% 117%
27%
*24%
*21%
1%
22%
9%
68
3,100
*129
June
II84 Dec
80
54%
54
9%
Jan
12*2 Jan 10
4
2
§5 conv preferred
100
19%
14%
*14%
70
Dec
6*8 May
7284 Feb
1001
6% preferred
100
10%
10%
9
9
*19%
8%
8%
*19%
11
7
7
11
1%
18%
9
*734
10
400
5
1034
14%
25%
23%
*22%
1,500
14%
14%
*27%
14%
28
1,800
......
27
15%
28%
14%
14%
28%
*23
6%
300
400
14
*1%
150
200
1434
2
130
19%
28%
87
May
584
1
7% pref class B
100
5% pref class A
100
5H% 1st ser conv pr pf.100
Pittsburgh & West Va
100
Pit Youngs Asht Ry 7% pf 100
38%
14%
44% Feb
Feb 20
15
10% Feb
Pittsburgh Steel Co—No par
38%
1434
40i2 Feb 18
25*2 June
37% May
79
200
450
19%
28
17% May
11% May
27% Feb 14
28'% Jan 28
22*2 Jan 6
658 Jan 6
7% Jan 23
35% Jan
Jan 31
21
400
3934
14%
51*4 Jan 28
20U Feb 14
Pillsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
«
*19
28
*1%
«
*38%
14%
2
U
3,100
3934
19%
14%
23
*
3
28
14%
24%
*22%
»
3
*14
14%
500
3
*27%
5*2 May
4214 Feb 15
No par
Pittsburgh Forglngs Co
1
*1034
4%
*7834
z58%
~5~9~~
93s Jan 11
Feb 15
10
Preferred
Feb
1*2 June
2
Pitts Ft
6%
*434
7%
Jan 27
7
No par
Phillips Petroleum
Phoenix Hosiery
Jan
4
May
934 June
3
7% preferred
4%
46% Dec
16% Jan
May
2
U2 Feb 20
Pitts Coke & Iron Corp No par
m
5
434
434
11%
11%
11%
12
12%
*11%
36
36
38%
*36%
54
53%
53%
5334
116% 116% *116% 117%
26
2534
25%
25%
103% 103% *103% 103%
117% 117% *116% 11734
*129
131
*128% 131
153
153
153% 153%
*114% 117% *114% 117%
24
24
24%
24%
734
7%
734
7%
9534
*94%
9534
*94%
85
85%
85% 85%
11%
11%
11% 11%
_
57%
58
58
59
*57%
85%
11%
*80
*80
*80
*85
*6%
16
23
62% Jan
96*2 May
May
24i2 Jan 27
43*4 Jan 23
Feb 14
3684 Jan
40
*160
^
15
Feb 14
21
400
78
1234
*12
12%
*160
*160
13*2 Mar 11
112*2 Mar 1
24i2 Jan 10
No par
Phillips Jones Corp
500
6%
Jan 30
12
22
No par
Philip Morris & Co Ltd
200
34
34
36%
7
78
"5%
Jan
II214 Jan 28
Phelps-Dodge Corp..
25
Philadelphia Co 6% pref.—50
*76
*76
1% May
ID4 May
44
Jan 31
400
-
Feb 20
138 May
3*8 Jan
Feb 19
Feb 14
20
*21%
5%
June
6
3%
*234
3%
Dec
71
7
3,700
37%
37%
10% May
43
5
30
68
*62
37%
500
6%
2% Mar
12% Mar
Jan
2
S6 preferred
44*2 Apr
23% Nov
34 May
6
Jan
36
Philco Corp
Feb
258 Nov
5% May
4
284 Jan
Pfelffer Brewing Co—.No par
120
6
Dec
18
5% June
Jan
87
No par
Petroleum Corp of Amer
Dec
13*2 May
48
pref ser A...No par
Pet Milk Co
29%
4
100
JPeoria & Eastern Ry Co.-100
Pere Marquette Ry Co
100
5% prior preferred
100
5% preferred
100
*
138 May
Nov
11%
9*2 Jan
1
134 Feb 15
Peoples GL&CC (Chic)
200
78
7778
^
6%
5%
—
May
10% Deo
99
934 Jan 10
Feb 19
43i4Mar
No par
100
50
Peoples Drug Stores Inc
5
1,300
5,000
*173% 175
*173% 175
*173% 175
*173% 175
*173% 176*2 *173% 175
5%
5%
534
5%
534
534
534
534
534
5%
5%
5*2
8
734
8
8
8
8
*7%
8
8%
*7%
734
*7*8
49
52
49
52%
51
51
52
51
53
49%
52%
♦49%
36
34
*33%
35%
35%
35%
35%
35%
35%— 363334
3334
64
64
62
*62
64
64
62
62
62
62
*60%
*60%
11
11
11
11
11%
11
11
11
*10%
11
11%
*10*2
*158%
*158% '«*
*158%
*158%
*158% tmJm- *158%
h
%
%
%
*%
*% "%
*%
78
%
*%
*%
15
15
15%
*1478
14%
1434
14%
14%
14%
14%
14%
1458
1934
*17%
1934
1934
1934
*17%
*17%
*17%
1934
1934
*1834
*18%
*6%
-
*44
*12%
12%
81%
68
37
*78
*160
—
•
6%
*11
35
35
80
m.'m
21%
-
*5%
7
*78
570
21
48%
*44
35
35
*35
7
*7%
*62
37%
*76
35
33
37
5%
*5%
558
*5%
5%
5%
680
47%
23
77%
*5%
68
*62
*76
*76
*75
«. «.
-
conv
203s Jan
May
7434 Feb 20
No par
...No par
10
5% preferred
200
77
Enterprises.10
7
Jan
305s Jan 10
84 Feb 21
Pennsylvania RR
2,100
1,700
6%
36%
3%
»
-
11%
77
68
m
44%
81%
77
6
834
*43%
11
7634
100
1,300
2%
*6
83
zll
6%
16,100
43%
*81
11%
30
2.50
Penn G1 Sand Corp
w
^
43%
83
7634
200
„
30%
44%
77
$7
29%
11
*11
Penlck & Ford
2
Apr
Dec
6% May
15
Jan
45*2
4% May
9
15*4 Jan 31
7% Feb 14
2934
*81
11
Patino Mines &
2934
*43%
81
11
800
7%
11%
7634
44
81
8
7
44%
44
11%
77%
Parmelee Transporta'n.No par
Pathe Film Corp
1
7
81%
44
81%
Parker Rust Proof Co
900
42%
*1934
Jan 15
15
400
Penn-Dixie Cement
23
6%
64
Sept
Apr
June
10558
26% June
1134 Jan
1
3
2512 Feb 14
17i2 Feb 14
Penney (J C) Co
1
12*4 Jan 10
99i2 Jan 10
Feo
No par
& Co
*2 May
10i8 Feb
Park
Davis
10
99
10
4*s Mar
25%
Jan
95i2 Feb 14
1
.,100
10
7% Jan
8% Nov
May
684
Jan 11
U2 Feb 19
7
29%
7
conv preferred
12
6
37*4 Jan 10
106
1
7
30%
-
.
100
Feb 27
Park Utah Consol Mines
*6
7%
81%
36%
*1934
7
Feb 15
6% 1st preferred-6% 2d preferred
6
9
34 Mar 14
% Feb 15
29
Paramount Pictures Inc
Jan
8*2 Jan
1
6%
*6
6%
7
29%
*4234
81%
*62
21
23%
21
33s Jan
16
101
400
*41%
*1%
*8%
*4578
47%
23
6
No par
Paraffine Co Inc
-
15
*45%
47%
2434
2h Feb 14
I2i8 Feb 18
7U Jan 7
5*2 Oct
2% May
2%
*13
934
7*8 Jan 13
2%
15
6%
30
6
4634
21
*1934
7%
29%
*5%
9%
512 Feb 18
Pan Amer Airways Corp
38
2%
10
Mar
3
1
Penn Coal & Coke Corp
*2%
42%
Deo
2% June
100
*2%
*3534
*41%
*1%
*8%
Mar
160
600
37%
6%
6%
2958
*77
*8
2434
24%
2958
*42*2
*11
2%
42%
47%
46)2
4634
24%
*1934
6%
7%
*6%
*1%
139
June
Park & Tilford Inc
«
1,300
113% *112% 113%
23%
23%
23% 2334
*23
23%
23%
*23%
23%
May
144
458 Jan 10
1,500
*13
2334
115
Jan 10
2,200
*112
•»«
42
*8
46%
22%
'
Jan 27
160
2,300
..
share
126
No par
Packard Motor Car
1,400
per
U6I2 Feb 21
14812 Mar 12
Pan-Amer Petrol & Transp—5
Panhandle Prod & Ref
1
4%
Highest
$ per share $
share
per
3
Pacific Tin Consol'd Corp
Pacific Western Oil Corp
.......
18,500
1,100
$
share
per
100
6% preferred
78%
78
2%
2%
W*.
45
*43%
*2%
*2%
*35%
15
—
934
*1%
78%
2%
43%
2%
42%
2%
9%
*45%
*20
2234
42%
*8
*22
*13%
*112%
23%
23%
*23
2234
23%
23%
23%
44%
38
13%
13%
*112%
*43
x78
2%
*35
39
»ie
*%
43%
7834
7834
*2%
*2%
2%
*35
38
43%
43%
78%
2%
43%
78
*2%
2%
*2
43%
*7%
%
%
8
$
Year 1940
Lowest
Highest
100
Pacific Telep & Teleg
40
6%
6
6%
2%
534
Par
80
*118
118
119
120
119% 11934
*148% 151% *147% 151%
148% 150
3%
384
334
*3%
3%
3%
*11938 120
Loioest
3,700
d Del. delivery,
jSt Louis-San Francisco.-.100
6% preferred
100
JSt Louis Southwestern—100
5% preferred
100
Safeway Stores
No par
5% preferred
100
Savage Arms Corp
No par
n New
stock,
r Cash sale.
31*4 Mar 13
52
Jan 17
7*4 Feb 14
6*4 Feb 14
4% Mar 8
1512 Jan 30
13% Jan
94% Jan 16
10% Jan 6
34% Jan 7
53% Jan 13
Jan 22
9
9% Jan 27
534 Jan 16
May
Aug
May
17% Mar 13
13% Jan 3
4834 Jan 14
'»Mar 11
1258 Dec
45% Oct
38 Dec
31*4 Mar 10
%« Jan 7
38% Jan 10
26
8
%»
4
•11 Jan 17
3
Feb
3
%
934 Feb 15
423a Mar 1
7i«Mar 11
*s Jan
% Feb
June
Dec
Oct
37*4 Feb 19
10978 Feb 17
37
Feb 19
Jan
3
2*4 Jan 18
2
Dec
Jan 13
34
May
112*2 Jan 11
96
May
50% Jan 15
17
May
45
zEx-div. y Ex-rights. U Called for redemption.
2
New York Stock Record—Continued—Page 9
1712
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
March
Monday
Tuesday
Wednesday
Mar. 8
Mar. 10
Mar. 11
$ per share
$ per share
$ per share
9%
9%
9%
9%
Mar. 12
Week
$ per share
$ per share
$ per share
Shares
*9%
9%
9%
88
*86
88
*86
88
*86
88
*36%
37
*36%
37
37
37
*36%
3634
113
113
*113% 115
113% 113%
*108% 110%
108% 108% *108% 110%
*»!» V
*,i«
%
%
%
%
*3g :
*%
*%«
%
%
*2
73
14%
2%
2%
73
73
13%
2%
934
10
12%
13
66
66
66
*66
4%
4%
52%
52%
4%
*5234
5%
5
5
*5
37%
37%
11%
4%
*18%
1834
11%
4%
1834
4%
1834
28%
*104
117
2
*1%
*15%
*10%
11
11
*13%
8%
1334
1634
11%
1334
1334
8%
8%
1%
13%
1%
13%
11%
1334
*11%
*13%
20
19%
*138
20%
*140
143
25%
25%
9
21
20%
*140
12%
12%
22
2234
27
*23
9%
12%
13
22
*1%
1%
1%
4%
*334
*334
*59
*59
65
19
19
19
33%
33
33%
*33
27
34
57%
57%
*33%
*57%
*5%
534
22%
*23
1%
*11%
11%
13%
8%
15,000
12%
*23
1%
1%
*3%
4%
*3%
4%
*3%
20,900
6,600
1,500
4%
65
*59
65
19%
*19
1934
*18%
19
*19
1934
*19%
1934
400
534
33%
32%
33%
32%
32%
3234
33%
5,300
*33%
34%
34%
34%
300
58%
*33%
*57%
3334
*57%
58
57%
58
220
6
6
6
6
6
5%
5%
58
58
534
5%
50
50
51
*50%
5134
51%
5134 5134
51
51
51%
51%
*34
3434
3434 3434
34%
3434
34% 34%
34%
34%
34%
34%
*113% 114
*113% 114
*113% 114
*113% 114
*113% 114
*113% 114
6%
6%
6%
6'%
6%
6-%
6%
6%
6%
6%
6%
6%
*111% 112% *111% 112% *111% 111% *111% 111% *111% 111%
111% 111%
1
1
1
1
1
*%
*%
1
1
1
1
uu
3
3%
2%
2%
*2%
3%
3
3
2%
2%
3
3%
*11
12
*11
*11
12%
*1112
12%
12%
*11%
12%
12%
1238
14% *14
*13%
14
14
1434
*14%
1434
*13
14
14%
14%
18%
18%
18%
18%
18%
18%
19
18%
19
1834
18%
18%
26
26
2534
2534
25%
26
26
26%
26
26
25%
2534
34%
34%
3434
34%
34% 34%
35
3434
35%
35
35%
35%
37%
37%
37%
37%
37%
37
37%
37%
37%
37%
36%
36%
38%
38%
38%
39% 3934
38%
39% 39%
*39
39% 39%
39%
*57%
57%
57%
57%
5812 59%
58% 58%
58% 5834
58
5734
634
6%
7%
7% V- 7%
73g
7%
7%
7%
7%
7%
*7%
4
*334
*4
4%
4-%
4'%
4%
4%
*4
4%
4%
4%
7
7
7
6%
7
6%
7
7%
7
■
7
6%
6%
7
6%
6%
6-%
6%
6%
6%
6%
6%
6% v,: 6%
634
*51
53
52% 53% *51%
53% *52
53
52
52
52>%
52%
3,700
260
1,900
7,600
800
8%
*17
*1%
*13%
*21%
*3
2178
*17%
119% *118
8%
8%
17%
18
1%
1%
*3
5%
534
*4%
39
*33
334
734
35
3%
35%
35%
3
3
3
35%
18
18
*39
4%
33
32
14%
9%
97%
96%
30%
4234
4%
12 34
*7%
31
4%
1234
734
1%
72
■;
1%
*70
4%
*4%
934
*9%
6
6
6
17%
17%
*17%
1%
19
*1
*18%
*36
3%
*2%
33
43%
4%
*32
3%
27%
3834
25
*5%
1434
9%
9%
96%
31%
*9538
31%
43
43%
438
12 34
15
*7%
*36
15%
97
31%
*514
31%
4234
4%
4%
12%
7%
1234
*734
1%
1%
1%
1%
72%
72%
4%
*4%
4%
4%
72%
4%
9%
934
934
934
28
26%
6%
6%
18
18
1%
18%
18
6%
18
*1
72
4%
*934
6
*17%
1%
Texas Pacific Land Trust— 1
300
Texas & Pacific Ky Co—-100
200
Thatcher Mfg
40
4%
34
3%
*%
15
1
15
9%
97
9%
97
4,200
180
500
3,300
200
Jan 17
3
Jan 31
pref
2,700
Tlmken Roller Bearing.No par
1234
1234
Transamerica Corp
2
Transcont'l & West Air Inc._5
*7%
1%
8
71
4%
71
4%
*9%
10
6
*6%
18
*17%
*1%
1%
17%
*1
4%
10
6%
18
17%
8
7%
3234
8
*7%
8
33
32%
3234
*32%
33
11%
11%
11%
11%
11%
*11
1138
66%
67
66
66%
6534
66
65%
734
66
11234 11234 *11284 114% *11234 113% *11234 114%
13%
13%
13%
13%
13%
13%
13%
13%
78
77%
78
78
78
7734
78
81%
81%
81%
81%
*81% 82
81
80%
13
*1234
13
*1234
13
13
*1234
*1234
28
it 28
*27% 28%
28
28
2734 28%
40
3834
38% 39%
38% 3834
38%
39%
1334
14%
13%
13
13%
13%
13%
13%
12%
12%
*12%
12% £12%
12%
12%
12%
*112% 11434 *112% 11434 *112% 11434 *112% 11434
45
4438 443s
45
45
4434
*43%
44%
*19% 2038
*19% 20%
*19% 20%
*19%
20%
*
*
""77%
1%
1%
1%
1%
25%
26%
25%
26%
1%
25
1
'
,
t In receivership,
10
1258Mar
Corp..
No
1,500
$1.50 preferred
No par
Twin City Rapid Tran.No par
1,500
Twin Coach Co
Under Elliott Fisher Co No
Union Bag & Paper
No
Union Carbide & Carb.No
Union El Co of Mo $5 pfNo
600
800
200
3,000
25%
5,600
2334
Apr
33
May
47
Feb
19
May
3834
Apr
45% May
434 May
46
Union Oil of Califonria
Union Pacific RR Co
May
113
1
May
1%
Jan
26% May
112
6
3% Jan 13
14% Jan 13
2% May
9% May
17% Jan 14
12% May
16% Oct
2034 Jan 13
27% Jan 11
36% Jan 11
2034 May
29% June
38
40
Jan
4
23
Jan 11
56
6% Jan 28
4
5
6884 Jan
127
9
21
6
Jan 22
Jan
4
Jan 10
134 Jan
17
7
Jan
6
23% Jan
2
4
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
11
Mar
7
Jan 18
4% Mar 14
Feb 17
Jan
Jan 10
1% Jan 18
18
Jan
9
10%
Jan
6
9934 Jan
6
May
May
May
Oct
May
20
May
3
May
484 May
384 May
4% May
28% May
2% Dec
4% May
33
34% Jan
51% Jan
May
2% May
26% May
5%
Oct
334 July
5
May
Dec
Dec
2% June
30
June
3
May
20
June
234
4
Feb
Jan
2584 May
1
8
May
May
8 34 May
81
May
6
18
May
2
35% May
4% May
10% May
5% Jan 13
2
7
4% May
9
Jan
9
3% May
Jan 16
6% May
Feb 19
5%
10
Feb 14
7
7% Jan
6
5
14
24
13%
6%
21%
9%
5978
Jan 10
Feb21
34% Jan
6
1234 Jan
4
70% Jan
6
par
60
Feb 14
2:11134 Jan 30
1234 Jan
2
76% Feb 15
9% Jan 13
115
Jan 15
105
112
25% Feb 19
United Aircraft Corp
34% Feb 14
44% Jan
4
12h Feb 28
12% Feb 19
12% Mar 11
17% Jan
9
May
May
May
May
June
May
June
May
May
71
May
70
June
13
Dec
2234 Jan
31% July
12
May
Jan
9
113% Feb
6
12% May
108% Nov
3
50% Jan 10
42% May
18% Feb 13
1% Feb 8
25
Feb 21
20% Jan 15
100
111
Jan
2
No par
United-Carr Fast Corp.No par
United Corporation...No par
44
Mar
14
9
Aug
l%May
14% Jan 14
85% Jan 10
85% Jan 13
13% Jan 2
2934 Jan 10
Mar
1% May
64
19% Jan 7
1% Jan 10
FeD 14
No par
Apr
4634 Aug
118%
7%
12%
1%
9%
Feb 28
7
United Carbon Co
29
Jan
584 May
7
9% Feb 14
5
Jan
May
8% Jan
30
No par
26%
Jan
Dec
8% Jan 10
9
par
Un Air Lines Transport
Jan
4% May
Jan
16% Feb20
5
22%
May
834 Jan 10
75
1% Feb
100
Jan
May
66
Dec
2%
7%
18%
Jan 27
80
$3 preferred
Dec
Jan
534 Feb 19
25
Jan
June
par
par
11%
5
4% preferred
100
Union Prem Food Stores,Inc. 1
Union Tank Car
No par
United Biscuit Co
May
58% Dec
98
Jan24
6% Jan
1
5% preferred
1%
May
2
17
100
1,300
4,400
6,600
May
6
116
8»4 Jan
9% Jan 30
20 th Cen Fox Film Corp No par
320
7% preferred...
Jan
72
6
4
10
Apr
7
Oct
68% Feb 17
par
3%
June
113% Feb 14
17% Jan
Truscon Steel Co
5,100
6
9
9
May
Jan
66% Apr
40% Apr
112% Dec
7% Apr
8
300
1,100
11,100
6% Jan
57% Jan
36% Jan
Feb 17
Truax-Traer
700
5834 Jan 21
6
800
mm. mm mm
4
6
110
2,000
Jan
34
1% Feb
10
20%
3
4% Mar
28% Feb
7
600
3
3
5
6
Tri-Continental Corp
1
$6 preferrred
-..No par
40
Jan
Mar
4% Jan
Transue & Williams St'l No par
1%
17%
734
Timken Detroit Axle
Feb
13% Jan31
9% Mar 6
96% Feb 7
27% Feb 19
39
Feb 17
4% Feb 18
No par
2,500
1,400
72
2
4% Jan
60
3
% Mar 11
preferred-No par
conv
4%
3,000
Jan
34
4
31%
mm'mmrnm
39
45
4234
1%
Nov
2
1
4%
1%
Jan
Jan
38% Jan
31%
8
15%
100
30
cum
Jan
20%
34%
7
$3 dlv conv preferred.--. 10
$4.50
Jan
2% Mar
16%
May
36
42%
5,000
4
Feb 18
Thermoid Co.—-———-1
$3.50
12%
May
Jan 23
Tide Water Associated OIL. 10
Jan
8
2% Jan 14
■
Oct
11%
2434 Feb
13%
17%
1%
334
60%
14%
10%
Thompson (J R)
—25
Thompson Prods Inc..No par
Tompson-Starrett Co.No par
500
1
5% Mar
100
22
1334 Jan 10
40% Jan 21
—
Apr
114% May
24% Ja. 28
29% Jan 13
2
Third Avenue Ry.
120
3034 May
3
500
Nov
23% May
152% Apr
30% May
3
Preferred
2% Apr
31
Aug
2% Mar
4%
1234
32%
20
Feb 16
334
8%
7%
35%
No par
No par
-------
Jan
May
No par
pref
conv
May
23% May
684 May
4
31%
8
Bid and asked prices; no sales on this day,
$3.60
The Fair
7% May
138 July
10
Jan
Jan
Jan
4234
11%
1%
26%
mm
300
32%
1%
26-%
mm*
1,100
9%
17%
18
Texas Pacific Coal & Oil.—10
1,400
5%
97
4%
12%
*734
1,900
32%
1534
*96%
31%
42%
5%
11
mmmmmm
Dec
Jan
24
16% Aug
32
Jan 6
3% Jan 6
7%Mat 6
34% Feb 19
278 Feb 14
3434 Feb 26
Texas Corp. (The)
-25
Texas Gulf Produc'g Co No par
*514
1
50
5
Texas Gulf Sulphur—No par
8%
May
19% Jan 14
734 Jan 2
6% Jan 7
5% Feb 14
---5
3,300
2%
5
14
4
5
3,900
38
May
10% May
Feb
6% Nov
rl7% May
4% Mar
3534
*31%
32%
*14%
9%
9%
8
18%
*39
31%
*%
*734
1834
39
32%
1%
72
6%
*2%
434
1%
*1
2%
33%
3%
734
*17%
38
3%
5%
42%
13%
6%
*7%
*36
4%
*15
438
18%
1%
7%
9,300
105
24% Jan 27
1
4
4
*10%
32%
72%
10
5%
4%
11
4%
32%
1234
5%
4%
*10%
3538
May
Apr
16
Mar
9
Without warrants—
3%
*3
35%
5%
*3%
43
438
35
39
1% May
17% May
12% June
8
Symington-Gould Corp w w_ 1
Talcott Inc (James)
Jan
4012
13%
May
7% June
17% Mar
5H % partic pref
Telautograph Corp
32%
9%
*95%
9%
97
200
Tennessee Corp
4%
*%
1,300
34
;l 3% May
12% May
21% Mar
Swift International Ltd
300
39
1
1,700
Feb 24
3
Feb 14
Feb 27
Feb 17
Feb 24
534
7% Mar
128
Feb 28
4
25
Swift & Co.-
300
*5%
1
634
Mar 14
8%
16%
1%
12
20%
—
3%
32
5%
33
preferred
8
35%
52
117
100
Co
100
Superheater Co (The)—No par
Superior Oil Corp..—
1
Superior Steel Corp..—100
Sutherland Paper Co
10
6%
Sunshine Mining
3%-
3334
334
5%
*3%
No par
Webster
Studebaker Corp (The)
1
Sun Oil Co
No par
8
*2%
41
4%
*31%
4
%
14%
*39
1
Sweets Co. of Amer (The).-50
4,700
1,500
5%
*33%
3
3
Stone &
3%
35%
8%
38
'mm'm
300
Stokely Bros & Co Inc
8
3
4-%
2,400
■mmm
S—No par
Sterling Products Inc.——10
Stewart-Warner Corp
5
39
35%
11
1,300
Starrett Co (The) L
3%
*734
35%
3
*2%
4%
1,000
434
*4
$7 cum prior pref..—No par
Standard Oil of Calif—No par
*33%
3584
5%
*36
3
♦31%
1
39
4038
13%
13%
13%
1334
13%
*12%
13%
12%
*112% 11434 *112% 11434
45
45
45
*44%
20%
20% 20%
*19%
1%
1%
1%
1%
25%
38
3334
*3%
5%
32%
734
7%
7%
32%
32% 32%
1034
11%
1034
11%
65%
6434
65%
66%
*11234 H6% *11234 11334
*13
1338
*13% 13%
77
78
7734
77%
*80% 81
81% 81%
13
13
*1234
*1234
26%
35%
2%
35%
39
4%
33
32
27%
35
3%
38
*212
9%
*96%
43%
334
8
*36
-*'■
39
*3%
35%
634
5%
6
4%
*73,
8%
*%
14%
9%
4%
12%
*3312
1%
6%
*5%
x4%
8
35%
6%
6
434
3%
*7%
3184
3034
39
8
*%
"*14
43
35%
35%
5% ; *5%
4%
4%
6%
6
*414
5%
3134
26
18%
4%
*1012
8%
5%
*2612
38%
18
5%
5%
*16%
*7%
18%
1%
preferred
--No par
$6 cum prior pref——No par
25
53g
2238
4%
1034
3%
*1
*3%
22%
10%
5%
b
5%
22%
11
334
^72
: 4%
£*9%
*3%
22%
8
33
1
*33
39
*634
*3%
f *7%
€*1%
5%
22%
15
6%
6
43g
734
34%
3%
6%
6
438
334
38
*4
634
6
734
35%
5%
3%
43%
4%
7
434
*3%
8
*32%
*3%
22%
*17%
*7%
*39
22%
18
538
4%
*2%
*13%
*21
18
*10%
*36
14%
21%
53g
15
21%
% Feb 17
2% Feb 15
10% Feb 19
12% Feb 14
17% Mar 4
25% Mar 5
33
Feb 14
34% Feb 19
34
Feb 14
56% Mar 6
6% Mar 4
3% Mar 4
5% Feb 15
6
Feb 15
$4
25
830
21%
2238
5%
17%
Standard Gas & El Co-No par
73% Nov
Jan 14
Jan 30
Jan 24
Apr
Jan
1638
16% Nov
MarlO
28% Jan 3
10% Jan 23
9
6
88
21
2
111
Jan
Jan
2% Nov
146'
38% Jan
par
May
1%
20
56
6
Jan 11
Jan 23
2:3734 Jan
No par
No
Brands
$4.50 preferred
9% Jan
2%
1534
Feb 14
Mar 1
Feb 14
Mar 8
Feb 19
Feb 6
Standard Oil of New Jersey.
700
2
32
57
5%
50
31%
113%
Splcer Mfg Co
No par
$3 conv pref A
No par
Spiegel Inc
2
Conv $4.50 pref
No par
Square D Co
1
5% conv preferred-100
Standard
11% Mar 11
8
1% Feb 18
3% Feb 28
60 Mar 5
18% Jan 30
31% Feb 20
par
Standard Oil of Indiana
2,300
1%
*13%
18
Withlngton.—No
Sparks
Standard Oil of Ohio
1,200
Jan
23% Mar 13
22,500
1,100
119%
*8%
1734
1%
*3%
18
17%
119
8%
21%
2238
21%
1734
6%
8%
L%
538
22%
18%
22
*14
11834 119
*13%
*2034
21%
4
«
1%
18
15
11
4
1%
8%
8%
18%
1%
14%
21%
1*10%
,
18%
1%
119
8%
*14
6%
35%
18%
119
8%
*21%
*3%
434
*3%
8%
14%
6%
*7%
"35
118% 119
8%
1734
21%
538
*5%
*4%
*33
119
8
11% Feb 15
19% Feb 14
10,900
7,400
2,500
1,800
2,000
8,200
Jan30
100
Spear & Co————-———1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v t C—— 1
200
'
16% Feb 14
25% Mar 12
Jan
1534 Jan
3
2
Feb 19
Mobile & Ohio stk tr ctfslOO
1,500
500
25
5% preferred
100
,
118
8% Mar
Southern Pacific Co—No par
300
*59
34
Jan 14
1% Jan
Southern Ry___------No par
6,300
65
34
Jan 27
19
135
*59
32%
114
8% preferred....--——100
65
58%
5
13
*59
33%
Feb
14% Feb 19
9
Jan 8
13% Feb 28
South Am Gold & Platinum-1
65
34
112
112
3
115% Jan
111% Dec
3g Jan
40% Aug
484 May
67
Feb 15
95
Socony Vacuum Oil Co Inc. 15
Southern Calif Edison
21% Jan 10
2% Jan 20
27% Jan 28
S'eastern Greyhound Lines—5
So Porto Rico Sugar...No par
10
Jan
22% Jan
700
2,200
Jan 30
5
18% Feb 19
3,400
6,000
8% June
8% May
51% Aug
12% Jan 13
1% Jan 31
25% Feb 15
2
20
20%
20%
203g
*138% 144
*138% 144
25% 25% *25%
25%
9
9%
9%
8%
8%
1234
13
12%
12%
12%
22
22%
21% 22%
22%
25
23%
23%
23%
23%
1%
1%
*1%
1%
1%
22
-
40
;
May
1% Sept
61% May
8
5% Jan
Jan 21
4% Feb 14
16% Feb 15
14
1%
14
14%
25%
9%
13
4%
8%
2
1%
.No par
_
No par
Corp
10
Smith & Cor Type v t c.No par
Snider Packing Corp—No par
500
13%
10
Simonds Saw & Steel
% May
% Oct
11
Jan
4% Feb
Feo 18
10%
No par
Smith (A O)
700
*13%
37
par
15
$6 preferred
*> —
11%
140
22%
1%
*334
4%
mm
400
20
19%
25%
25
'mm
16%
13%
834
1%
4% Feb 19
Skelly Oil Co—
15
Sloss Sheffield Steel & Iron. 100
m'-m
*11%
8%
par
Simms Petroleum
mm-m
mm
5534 Jan 14
King Coalition Mlnes.5
Simmons Co
■
500
'
*13%
8%
14
140
9%
mm
16%
Silver
mm
*
106
*112
16%
2
28
22
11%
1%
25%
*97
300
14
8%
21
2,500
*1%
*26%
*21%
106
*1534
■16%
14
142
25%
9%
12
21%
*23
1%
14%
14%
25%
9%
9%
834
1%
143
2538
8%
2
2
18%
3% Jan 2
51% Feb 27
14
May
107% June
101% June
7134 Jan 17
par
par
Shell Union Oil
6,200
18%
22
*97
30
12%
4%
10% Feb 20
61
Fen 19
No par
Sharpe & Dohme
No
$3.50 conv prefser A.No
Shattuck (Frank G)._.No
Sheaffer (W A) Pen Co .No
2,200
38
Steel Corp
$5 conv preferred..-No par
90
200
5
12%
Sbaron
1,400
*4%
28%
*21%
A;.
4
*37%
12%
4%
18%
*112
*1534
11%
13%
38
*26%
108
1334
68
5
*112
mm mm
68
5%
21%
*97
1612
834
1%
*13%
21%
16%
2,200
1,500
5%
*37%
*1%
10% Jan 21
4,400
9%
13%
53%
Jan 31
9 >» Feb 19
6234
934
4
Jan
115
% Jan 20
12% Mar 3
2
Feb 13
68*4 Feb 14
13%
*52
Dec
49
..100
preferred
4-2%
72%
4%
1%
300
88
34
111% Jan 10
% Jan
% Jan
15% Jan 10
2% Mar 11
7834 Jan
m mm »«•
1434 Mar
7% May
64% July
37% Jan 10
111% Jan 4
108
Feb 14
% Jan 9
1
Highest
$ per share $ per share
11% Jan 10
87% Jan 2
-No par
$4 preferred
No par
tSeaboard Air Line.--No par
Seagrave Corp.....—.No par
Sears Roebuck & Co—No par
Servel Inc
—1
52%
28
Jan 3
Jan 23
700
■,
68
18%
Feb 14
34
2%
4%
1834
9
85
$4.50 preferred
Year 1940
Lowest
$ per share
6
Seaboard Oil Co of Del.No par
13%
12
■170
$ per share
100
*2%
10
*4%
100
Range for Precious
Highest
No par
Scott Paper Co
700
52%
434
Schenley Distillers Corr
14%
4%
12
Par
•
5H% preferred...
400
%
%
*%
53i2
5%
37%
*1%
*26%
108
*112
1534
16%
22
*102
110
*112
*112
2
28
21%
*%<
*13
'
;
1,500
37
73%
68
68
*4%
1834
19
*26%
22
934
*13%
5%
37%
11%
38
11%
434
*13g
*26%
*21%
21%
*107
*37%
11%
18%
28%
*20
9%
13%
4%
*52%
5%
4%
72
73
*66%
4%
11%
■A
2
*1%
*26%
38
*37%
11%
*4%
2%
13
53%
*434
2%
Lowest
88
*36
%
%
1334
2%
*%
*13
72%
934
68
4%
53%
%
1334
*2%
9%
*6312
9%
*86
36%
"hi
%
13%
*4%
*52%
9%
88
36%
115
*3g
13%
73%
9%
13
9%
*86
*113% 115
*113% 115
108% 108% *108
110%
108% 108%
13%
r 2%
73
73%
9%
12%
*934
*12
*113
.
*13%
14%
2%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
Mar. 14
*86
*%
*13%
STOCKS
NEW YORK STOCK
the
Thursday
Mar. 13
9%
9%
Sales
for
Saturday
15, 1941
1% Jan
7
3034 Jan 10
12
1%
26
May
Dec
Dec
■
a Def. delivery,
n
New stock,
r
Cash sale,
x
Ex-dlv.
y
Ex-rlghts.
t Called for redemption.
Volume
1713
New York Stock Record—Concluded—Page 10
152
AND
HIGH
SALE
NOT PER CENT
SHARE,
PRICES—PER
Range for Previous
Sales
STOCK8
Range Since Jan. 1
for
LOW
NEW YORK STOCK
On Basis of 100-Share Lots
EXCHANGE
Saturday
Monday
Tuesday
Mar. 10
Mar. 11
Thursday
Mar. 13
Friday
Mar. 8
Wednesday
Mar. 12
the
Mar. 14
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
4
4
4%
2%
25l2
*2
25%
3%
*34%
*4
4%
*2
*25%
*378
26%
4
36
*35%
36%
66%
67
8%
8%
*11134 H2I4
*834
9U
*2%
3*4
4
6778
66
8%
112% 11234
*9%
934
8%
3
3
*83
86
86
86
*11
12
*11
12
*8%
*9
9%
65
*6234
*172
3%
3%
9%
*34%
35%
*34%
*23%
2414
4%
23%
4
*3%
5%
*678
7
7
*58i2
64
*58
64
*2834
*29%
2934
*18'4
29%
3334
20
20%
3334
20%
*114
2118
1%
21%
1%
1%
21%
23
90i2
90%
90%
91%
59
58
58
♦333s
*58
*33%
5778
573?
*118% 119l2
*27
27%
57U
*44%
1%
*51
53%
52
155
20
*20
20%
700
U S Plywood Corp:
*1%
1%
23%
1%
21-%
1%
22 34
1%
600
}U S Realty & Imp
22
22-%
40.800
92
5734
90
91
91
57%
56
91%
56%
2.300
55%
27U
*24i2
27i2
26
11534
41
*56%
74%
300
57%
57%
58,500
44
15
*13
15
*13
15
100
Universal-Cyclops Steel Corp 1
52
52
*51
300
Universal Leaf Tob
70
154
151
110
%
200
Vadsco Sales-.
17%
30
*«ii
1
**n
%
»it
8%
»i«
»u
*'%«
14%
14%
3
3
*278
55%
»ie
*58
*8
%
*21
2134
*15l2
*18i2
*234
16U
19
3iS
8%
8%
8%
29
*26
3%
55%
%
*54
28
*25
21%
16%
21%
16%
ui«
*»i«
%
834
*8%
8%
1878
19i4
*14%
*13%
26%
13%
*13%
26%
13%
4%
4%
*4%
4%
100
Ward Baking Co
%
200
Class B..—
15^
%
15%
1,600
2%
4,000
*25%
16
3
3
57
57
%
*21%
%
8%
28
22
*1534
1634
3%
*2%
*15%
18%
3
3
19%
2034
*20%
*8
*2534
*21
*77
*77
21
1934
2%
16%
18%
3%
8%
28
22
*26%
*57
%
8%
28
2134
16%
18%
%
n
*8
18%
...
20%
21%
*15%
18%
3%
*77
21
*67
71
*68%
*67
71
67
67
66
66
6718
103%
105% *103% 105% *103% 105
105% *103
105i2 *103
*112
113% *112
112
112
111% 111% *110% 113%
103
103% 103%
*102
103
103
103
103% 103% 103% 103%
117
116
116%
115
115%
115
115
115
115%
114
114
*16%
*16%
17
17
17
17
17
17%
17%
*16l2
1734
106% *104% 106% *104%
*104% 106% *105
*104% 107
*104l2 107
*25
25
25%
25
25%
25
25
*24
25
24%
2434
3%
*3%
*3%
3
3
3%
3%
3
2%
3
*278
*5
*5%
34
*6
634
6
6
*5%
6%'
*5i2
*%
%
*%
*%
%
%
*%«
%
*%
%
*U
2 0*4
21%
21%
21
2O84
2134
21%
19% 2134
1978
1934
20%
20%
20%
20
20%
21
20
20
20%
2034
20%
*6578
llli2 11H2
95
134
*130
30%
31
*106% 107%
30%
*28%
76%
*62
98%
*96%
*132%
....
75
*71
*1034
11%
15% t15%
534
**5%
70
134
u
,
*1322#3i
f 4% j
*80
95
*85%., 88
|j
*62
*95
98%
*95
28
28%
28
—
*132»«
—
_
*1322»«
76%
*40
98%
*95
28%
...
2134
74
75
*1034
*1034
11%
1534
16%
15%
15%
534
*5%
11%
16
5%
~
6-%
1534
534
""
4%
434
434
434
4%
*72%
*1034
15%
6%
4%
100
600
300
~~8~,266
200
113%
40
20
103
70
117
320
17
106%
500
25%
T.Ioo
3%
1,700
634
100
9534
17", 100
1,900
3,600
50
200
"""80
76%
98%
74%
11%
15%
5,400
500
2,800
70
134
*4
*45
70
*45
70
*45
70
*24
25
*24
25
*24
25
*24
24%
""160
1%
1%
1%
134
1%
3,700
4%
*1%
70
23%
134
1%
23%
*45
4
4%
5%
70%
434
*112 J
*28
86
I
1%
4
4
5
4%
5%
71
71
71
71
29
30%
30%
2034
*28%
28%
30%
20
200
*1%
134
*3%
4
*1%
134
*3%
4
1,000
4%
5
4%
4%
72%
72%
6,300
1,000
28%
""400
30%
20
11,400
4,700
72
134
1%
72%
*112
*112
*112
28%
29
28%
*28
30%
19%
30%
19%
30%
20%
95
*86
98
*86
93
92
93
*86
93
20
86
*86
88
88
88
*86
90
*86
95
20
*56
57%
*56
57%
*56
57%
*59
61%
*59%
61%
*59
90%
67%
20%
14%
*88
95
*90
67
67
18%, 20
4
1%
1%
*112
30%] 30%
*86
*1%
4%
1%
$ 19%
57
5534! 6534
*59%
60
30%
19%
90%
67%
♦19%
14%
117
10%
x
3534
*88%
16
118
10%
3634
92
Bid and asked prices; no
*2
14
20
14%
*19%
14%
61-%
100
66
20
14%
*116% 119
*116% 119
*10
*10
10%
10%
3434
35%
34%
36
*88%
92
*88% 92
200
30
1,000
700
5,300
20
400
8,100
16
16
16
~
15
15%
"Moo
14%
14
14%
14
*2
14%
2%
1,500
2%
a
*14%
*19%
64%
200
2%
sales on this day.
2%
t In receivership.
300
33% Feb
5
28% May
Feb 15
Jan
22%
Jan
4
16% May
105%
Jan
6
89
6%
Jan
6
30%
Jan
2
18% May
1334
Jan
9
10
5U
Jan
6
1
Jan 22
3% Dec
% May
13% Aug
May
June
6
Jan
9
2
May
60%
Jan 28
30
May
3%
1
% Mar 11
6
Feb
25
21
Jan
2
% May
334 May
9% Feb 26
4
30
5
Jan
9
22
May
2334
Feb 19
Mar
Jan 13
20
May
Feb 14
16% Jan
6
13% May
17% Feb 14
20% Jan
4% Jan
6
14
15
2% Feb 17
80
Feb
80
5
T
7
May
2% May
eb
5
80
9
Dec
1634Mar. 3
2134
Jan
6
74%
Jan 18
16% May
5834 Aug
Feb 18
106%
Jan 25
91
115
Jan 10
96% May
Jan 18
80
65% Mar
101
110<% Feb 25
100
Feb 20
107%
113
Feb 28
117%
Jan
3
18
Jan
7
15% Feb 19
104% Jan 9
105%
28%
23%Mar 3
2% Feb 14
Jan
%i Feb
par
par
100
100
1
Spr Co No par
Mach Corp—1
$4 conv preferred..—No par
Prior preferred
20
Wilcox Oil & Gas Co
5
June
Jan 22
234 May
Jan 16
4% May
% Jan 3
22% Jan 10
22% Jan 10
% Dec
14% May
105
Jan
2
76
May
138
Jan 28
110
May
34%
Jan 10
26
36
Jan
3
110%
Jan
6
108
Deo
29% Feb 17
27% Feb 28
107
Feb 24
15% May
Jan
2734 May
50
May
5
100
Jan
2
85
May
Feb 19
30
Jan
3
3
133
Jan 29
18% May
9334 June
Feb 14
76
Jan 14
51
7
12% Feb 14
5% Feb 19
12
Jan 22
96
69
Mar
Jan
10% Jan
4
Feb 14
41
Feb 15
20% Feb 14
1% Feb 18
134 Feb 25
3% Feb 14
4% Feb 14
65% FeD 15
17% Jan 9
7% Jan 13
6-% Jan 10
41
Feb.15
23%
1%
2%
5%
Mar 10
Jan
7
30
3
Feb27
38
16% Feb 19
94
Jan 27
85
Jan 30
54% Feb 17
Feb 13
90
Feb 21
58
134
1%
Jan 13
3
534 Jan 25
73% Jan 28
45
90
Feb 19
15
Feb 14
12% Feb 15
2
Jan 31
x
Ex-dlv.
y
Jan
1534 May
9
May
13% May
June
98
Jan 18
55
91
Jan 18
60
July
Jan 28
60%
64% Jan 28
101% Jan 9
29
June
39
June
91
June
Jan 11
73
May
80
Feb 25
June
30
22% Jan 8
17% Jan 10
9% Feb 19
31% Feb 19
Jan
334 May
7
3
12% Feb 15
114
Oct
Jan
7
64% Mar 14
18% Mar
Jan
1434 May
Jan 11
33% Jan
34% Jan
24% Jan
May
734 Aug
7% May
4% Mar
3% May
116
27% Mar
1
r Cash sale.
21
Feb 27
1
10
No par
$6 preferred
No par
Wisconsin El Pow 6% pref.100
Woodward Iron Co
10
Wool worth (F W) Co
10
Worthlngt'n P&M(Del)No par
7% preferred
100
6% preferred...
-100
Prior pref 4 H % series ... 100
Prior pf 4 34 % conv series 100
Wright Aeronautical—No par
Wrlgley (Wm) Jr (Del)-No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B__l
Preferred
100
Young Spring & Wire—No par
Youngstown S &T-..-No par
534% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
May
100% May
2
334
1
131
White Sewing
Wilson & Co Inc
11
18% Feb 13
19% Feb 19
89% Feb 14
125
White Rock Mln
June
108% May
Feb 10
Jan
June
7
5
6
25
n New stock,
4
June
3
17% Jan
6% preferred
100
$5 conv prior pref- - -No par
Mfg(The S3)-20
d Def. delivery,
Dec
Feb 24
par
Corp
Oct
*ti
5% May
6
234 Feb 19
Jan 2
50
1st preferred
50
Weston Elec Instrument. 12.60
Zonlte Products
May
June
%
»i« Jan 17
2
53
Westlnghouse El & Mfg
Willys-Overland Motors.,
6% conv preferred
Jan 10
834
Jan
334 Feb
Telegraph. 100
White Motor Co
71
Mar 12
>%, Jan 3
Feb 25
Co..-10
100
Prod_.No
$4.50 preferred
No
Wheeling & L E Ry Co
5M% conv preferred
Wheeling Steel Corp..-No
100
14
White Dental
iT.SOO
Jan 14
*1234 Feb 13
Westlnghouse Air BrakeNo par
70
4%
86% June
4% 2d preferred
100
Western Pacific 6% pref...100
100
5%
4
4% Feb 14
26
Feb 14
100
Westvaco Chlor
May
Jan
19% Feb 24
7% preferred
100
6% preferred
100
West Penn Pow Co4H%pl-100
West Va Pulp & Pap Co No par
Western Union
May
5
42
101
100
Maryland
May
109
Feb 15
8
6
No par
JWarren Bros Co
No par
$3 preferred
No par
Warren Fdy & Pipe
No par
Washington Gas Lt Co-No par
Waukesha Motor Co
5
Wayne Pump Co
1
Webster Elsenlohr
No par
7% preferred
100
Wesson Oil & Snowdrift No par
$4 conv preferred
No par
West Penn El class A_.No par
Western
14
1
2
117% Feb
20% Jan
120
preferred
Western Auto Supply
134 May
2
27% Jan 11
FeK 15
% Jan 20
*i» Jan 4
cl A..No par
No par
preferred
2% Jan
7
May
89
Warner Bros Pictures.
$3.85
Jan
Aug
19
32
43^% pref with warrants 100
No par
7%
July
35% May
40
Walworth Co
6% preferred
%
22%
20%
__
£74
*72
""300
71
10334
2734
11%
*4%
*55
*95
60
---
27%
2734
132««1322%j *1322%j
2634
75
,
*
76%
98%
*11%
|57 "
? 60 j
*58 |
60%
60%
*90
92
I 92 | 93
,*89 I | 93
.,68% 69
6934; 6934 .69 \ 69
1934
1934
20 ,120
19%
19%
14 % * 1434
14% « 1434
14%! 14%
*ii6%;ii8
*117
117% *116%]118
10% t10%
10% il0%
*934
10%
36%
37%
35% j 37
*35
35%
*88%
92
*88%
92
*88%] 92
16 (. 16
*15
15%115%
15%
14%
14%
14 g 14
14% j^.14%
2
2
2% ]*2%
*2
J 2%
55%
*55
95
21%
16a4
18%
3%
133
*71
438
4%
k
76%
*62
133
534
*45
4%
2734
2734
30% J 30%
1834
1834
95-%
11%
16%
*11%
15%
*5%
70% *70%
70%
*112
95
75
*71
1%
4
133
133
28%
26%
1*1% ^1%
1*334
97
*130% 133
9434
98%
*95
25
*2234
76%
*62
4%
*4%
*45 i
97%
8%
28
*130% 134
*31%
32%
31
31
*31% 32
*30% 31%
*28
*28%
31% *29% 31%
31%
*28
31
*27%
31
107% 107%
107% 107% *106% 107% *106% 107% *106% 107%
132% 132%
*31
32
26
26
97
9734
9434
60
62
l%Mar
20
Walk(H)Good & W Ltd No par
Dlv redeem pref
No par
5,900
*8 ~
*2534
*103
*94%
300
20
200
3
*2%
1,400
2,000
1434
15
18%
800
8%
5
58
*21%
*15%
*18%
J%«
8
22%June
112
2434 Jan 15
115% Feb 17
13% Feb 28
JWabasb Railway Co..
100
5% preferred A
100
Waldorf System
No par
Walgreen Co
No par
102
3
*2534
6% preferred-..
Preferred
i
>%»
Jan 15
60
25
25
100
100
Vulcan Detlnnlng Co
5
5
*56
*8
200
...
5
102
3%
*25%
""806
33
98
May
26
Mar 13
20
No par
Co—J
20
20%
*100
102
*20
56%
21%
,19%
4%
u
15
15
"<
56%
3
Virginian Ry
43
*%
*4
11
*77
*77
♦77
4%
10
*%»
nu
34
*4%
18%
3%
18%
*2%
50
*sie
834
8%
8%
8i2
*20
20%
*20
*20
20%
20% *20
20-38
*100
102
*100
103
*100% 103
*10014 103
5
4%
4%
5%
434
5%
4J4
478
*25%
26%
26
27
*26
27
*26% 27
14
1334
*13%
13% *13%
13%
13%
*13l8
78
14%
118%
118% *116
15% *14% 15%
*32%
June
25
6634
6% dlv partlc preferred. 100
Va El & Pow $6 pref—No par
Va Iron Coal & Coke 5% pf 100
%
*8%
4%
Va-Carollna Chem
*sie
*1,1
*%
100
800
*90%
12
6
9
2%
*135
4
Jan
44% Jan
21%
32%
9
Jan
34%
40% Mar 10
5
100
*1%
*21%
98
«u Nov
% Jan
17
100
7% 1st preferred
Vlcks Shreve & Pac Ry
June
69
2
Vlck Chemical Co
May
13434 June
115% Jan
21%
...
MarlO
Feb 13
5% non-cum pref
100
Victor Chemical Works.-—.6
*135
...
Jan 21
158
Feb 14
700
98
100
98
*135
157
114
"""166
32%
3234
32%
32%
99%
32%
*90%
*135
*135
45
6934 Jan 15
5
*22
21
43
May
June
12% May
5
65
*41
43
*41
43
*41
1
41
Vanadium Corp. of Am .No par
*20
*41
4
Jan 10
16% Jan 10
3
21%
15%
*15%
15%
1% Jan
50
2
200
Dec
42% June
1% Dec
7
Jan
210
May
29%
Jan
Van Raalte Co Inc
May
42
103% May
Feb 14
200
May
60
Jan 13
Jan 17
Mar
>it
*....
*14%
39% May
26
21
118% *116
*116
116
68% May
Jan 29
Jan 6
16
65
2%
Jan 11
Jan 10
100
No par
Preferred
20
22
2134
26%
*26
8% preferred
2,400
115
114% 114% *114
*40%
41
*40%
41
*56%
*56%
21
*2
26
*
65
*20
2734
27%
28%
26
*56%
2%
*14%
2734
2834
25%
114% 114%
*40%
41
21
17%
*16%
28%
25%
*
*%
*16%
%
%
17%
*•%
*16%
65
116
133
153
149
%
*20"
152
52
153
151
17%
*%«
62
100
52
153
149
Dec
% May
1% Jan
2
MarlO
No par
52
153
22
33% Jan 13
48
Jan 4
46% Feb 13
14
MarlO
Universal Pictures 1st pref.100
*51
27% June
15
130
Jan 17
1
5
No par
preferred
52
*152
154
154
*16
$6 conv
*105% 153
'105% 153
22%
*54
United Stores class A
100
1% Jan
1
United Stockyards Corp
600
*13
*1%
*14
300
1
15
2134
*1*i«
1%
48
*13
*20
21
20%
*1%
2%
2%
21% 21%
20U
*116
118%
118i2 *116
14%
15%
♦125s
15
*40%
43
*40i8
43
32%
32%
32»s
32%
*89
*89
99%
99%
*4
Mar 13
*1%
*178
%
44
*45%
27%
4%
-.—25
2134 June
Jan 11
24%
94%
64%
76%
7034
Mar 13
1%
1
7
27
1%
48
*1%
Mar
34% Feb 7
25% Jan 6
1% Jan 11
No par
7% preferred--.
100
45%
3
Feb 24
*1
20%
*%
*44
Aug
2
117
*45%
65
*3%
44
48
Jan
100
U S Tobacco Co
1,500
May
Jan 17
8% Jan
Feb 19
Preferred
6
6
Jan
r55
May
3% May
3134 Jan 11
No par
U S Steel Corp
3.300
120% 120%
27% 27%
60
1
*1%
1%
28%
29
28%
*25%
26%
*24% 26
*114
115% *114% 115%
*40%
413a
40%
40%
*56%
60
*56%
60
—
74%
58
14
4
19
50
4734
20%
*135
75
27%
May
25% July
31
100
1st preferred
Preferred
1
17
65
8%
U S Smelting Ref & MIn
1,500
75
27
June
234 May
28%
10
US Rubber Co
*45%
%
17
U S Playing Card Go
57
H934 120
50
165
64
1% Feb 18
17% Feb 14
80% Feb 15
55% Mar 13
72% Jan 4
U S Pipe & Foundry
200
59%
27%
44%
1%
8
4% Jan
Feb 19
May
5% May
6% Jan
54% Feb 24
No par
""600
75
119% 120
183
5
Jan
5
Jan 14
69% Jan
Feb 14
Dec
80
6
10% Jan 27
4
100
20
10
1
Prior preferred
1
158
*%«
%
17%
*
20
119%
3%
9
Jan
6
Partlc & conv cl A..-No par
1.400
28%
*32%
*20%
5934
3% Jan
2834 Jan 10
33-34
57%
May
3% Feb24
29%
*73
3
21% Feb 19
*32%
75
3% Jan 10
-.No par
7
64
29%
5734
June
U 8 Industrial Alcohol-No par
*634
91%
6
U S Leather Co
*58%
22%
Jan 13
400
preferred
7%
1%
Oct
11
50
conv
64
29%
33-34
*33%
118
3
z37% Jan 16
634
*28%
Jan
107% June
900
7
64
28%
33%
21
Jan
15
Jan 22
4% Feb 17
33
Feo 10
100
Deo
85%
Jan 17
60
5
Apr
Mar
Dec
May
117
14
173% Mar
7% preferred
U S Hoffman Mach Corp
400
Dec
9%
90
20
100
U S Gypsum Co
10
41
60
4
Mar
8% Mar
47%
52
154
V.IOO
25% May
9% Feb 19
No par
1
*105% 153
*16%
"
2% May
8
2% Feb 19
84
No par
pref.100
47%
1%
*125S
*150% 153
$6 first preferred
U S Freight Co
5%
38
25%
4%
*6%
*58%
10
U S Dlstrlb Corp conv
Jan 11
Jan
share
65% Mar
5% Jan
5
8% Feb 21
234 Feb 24
1
6
26%
70% Jan 10
10% Jan 15
111
No par
*58%
44%
14
41
4
44%
*1
*5%
*34%
*24%
*3%
25
4
44%
1%
14
*114
*24
4%
44%
1%
15
*7u
38
25
27%
50
154
*3434
27%
*45%
U. S. & Foreign Secur. _No par
534
38
534
*34 34
27%
60
500
3%
*8-%
9
9
64%
63% 64
*166
177
177
264
*166
534
534
44%
1%
1%
1%
United Paperboard
*2%
*2%
3%
*884
9%
64%
177
27%
*45%
900
*884
20
92%
58%
119
United Mer & Manu Inc v t c
$5 preferred
7%
Sept
Jan 11
42
8% Feb 19
Feb 28
No par
United Gas tmprov't
per
334 May
2
32
Feb 14
61
No par
United Fruit Co
200
27%
46
*1
91%
5734
118% 11934
9%
3%
300
12
1%
23%
58%
600
8%
88
20%
59%
112% 112%
*11%
*334
20
*73
5
*86
7%
64
29%
3334
75
*73
75
*73
5
United Eng & Fdy
12
25
7%
*58%
29%
3334
1%
United Electric Coal Cos
100
88
4
2234
7%
400
1,800
10,300
*11%
25
3%
3%
37
67»4
8%
67%
*86
534
35%
25
247S
4
534
*334
*36%
12
64%
3
25% Mar 12
3% Feb 19
35% Mar 7
2% Mar
Highest
share $
per
434 Jan 13
3% Jan 11
3% Feb 15
100
$
$ per share
share
per
10
Corp
Preferred
60
89
'168
175
*5%
35%
5%
35%
*5%
9%
64%
64%
2%
*11%
*8-%
11%
175
175
*174
United Dyewood
$
5
United Drug Inc
2,000
25%
25%
3
*3
3%
Par
Year 1940
Lowest
Highest
Lowest
*86
88
11%
*8%
*2
2%
3
3%
3%
3%
*3%
88
64%
64%
175
*3
3
3
*2
2%
4
4
4%
*25
25%
25%
3%
3%
4
37%
37% *36
6 734
67%
67%
8%
8%
8%
112% *11134 112%
*8%
9%
9%
25%
*3%
*378
*35%
36% 36%
67%
67%
67%
8%
8%
8%
112% 112% *11134
9%
9%
9%
3
278
*2
2%
2534
4
2534
4%
4%
*3%
4%
*2
2i2
.
120
Jan 10
15% May
934 May
98
May
12%
Jan 11
6% June
42%
Jan
6
26% June
94% Jan 31
18% Jan 6
15% Jan
2% Jan
Ex-rights,
80
May
12% May
9
8% May
6
2
Mar
t Called for redemption.
1714
March
Bond Record—New York Stock
Exchange
■!; =:V:
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
1941 I
"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 such sales in
The italic letters
are
computing the range for the year.
the column headed "Interest Period" indicate in each case the month when the bonds mature.
m
Friday
V
Week's
Last
BONDS
Range or
Friday's
STOCK EXCHANGE
N. Y
Sale
Week Ended March 14
Price
Bid
U. S. Government
&
Jan. 1
High
No.
119.9
121.26
113.12
1
113.4
115.7
100.1
101.24
108.28
110
2%b
1945-1947
2^8..........1948-1951
2 Ms
1951-1954
2
.1956-1959
M
8
108.6
108.9
M
S
*108.28 109.2
2%s..........1958-1963
J
1960-1965 J
.....1945 J
D
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
... .
2%s
2M»
2 Ms
2 Ms.
2 Ms
2 Ms
107
107
*101.19
107.2
108.6
108.9
108.9
108.1
109.9
*110.8
110.15
*112.22 112.27
110.11112.12
113.12114.9
110
109.24111.21
110.4
*111.23
111.26
D
108.24
8
109.15 109.6
109.17 108.22
109.15
109.17
D
109.28 109.12
66
104
....
108.24
D
110.4
109.28
M
*108.3
1961
"8M
8H
1962 MN
1960 M
107.8
110.17
107.30108.14
♦7s assented
1960 M S
♦Chinese (Hukuang Ry) 5s____1951 J D
♦Cologne (City) Germany 6 Ms-1950
Colombia (Republic of)—
11
12
10
10X
10M
10 X
10
8M
"I
12 M
9
"l"4
8M
10 M
10 x
8Vs
10X
9M
10 M
8M
8M
8M
10M
10
*6
107.16109.22
11M
11M
9M
9M
8M
1
1
8M
*9
30
107.8
107.30
105.14
D
104.24
104.30
103.5
105.9
D
*105.2
105.9
1948-1950 J D
1953-1955 J D
Federal Farm Mortgage Corp—
104.25 104.25
104.25
104.28106.28
104.12106.7
nl02.25ral02.25
101.24103.15
♦Guar sink fund 6s
1962 MN
♦6s assented
♦6s of 1928.
107.4
106.26107.28
106.29
106.29
106.28108
38
1942-1947 J
J
102.21
102.21
34 M
1947 F
1942-1947 M S
*102.19
102.24
103
Home Owners' Loan Corp—
3s series A
1944-1952 M N
106.17
106.17
34M
88
31H
34 M
64
30
34 M
24 M
24 M
22 M
23 M
23 M
23 M
24 H
24 M
22M
21M
23 M
21
23M
25M
25
22 M
23 M
23
72 M
72 H
72
16 M
17
32
*23 M
*23 M
24
23 U
23 M
....
25-year gold 4 Ms
1953 MN
10X
"19M "26M
*23 M
A
D
"l6
"22'
34 M
.1952 J
9M
8M
O
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
'"2
11
8
Oct 1961 A
"~8M
23
30
34 M
24M
102.18103.3
2%b
M
*9%
8M
♦6s of 1927
Jan 1961 J
♦Colombia Mtge Bank 6Ms—-1947 A O
♦Sinking fund 7s of 1926
1946 MN
With declaration
*107
8M
*9%
8H
*9M
♦Chilean Cons Munic 7s
107.23
3s
1961
1961
-.1961
♦Guar sink fund 6s.
""3
10
8M
11
8M
11M
10
10
11X
12
11M
11M
10M
....
12
9M
1957
7
.
.
9M
1957
110.22
105.2
.1944-1964 M S
1944-1949 MN
High
10X
8M
10M
8M
""l5
9
20
*11
107.1
105.4
3^8
9M
9
106.31109.29
103.5
Treasury 2s
Low
20
*10M
9M
11
104.25
.1947 J
Since
Jan. 1
1
9
8
20
106.21
2s
Treasury 2s
No.
10 X
9
109.31
106.12
2 lis
♦Chile Mtge Bank 6 Ms
♦6 Ms assented
♦6s assented...
106.12
4#
High
*10M
♦External sinking fund 6s... 1963 4fN
♦6s assented
1963 If N
107.27110.9
104.13
D
Jan 1961 j
♦6Ms assented
109.24
Asked
10M
♦6s assented
Sept 1961 M
♦External sinking fund 6s...1962 A
♦6s assented.
1962 A
107.14111.9
108
<fe
Low
Jan 1961 j
♦Sink fund 6Ms of 1926
106.21
1951-1953 J
1954-1956 J
♦Ryextl.sfOs
107.2
*107.24 107.29
1948 M 8
1949-1953 J D
1950-1952 M S
113.2
Bid
FHce
Range
i2
Friday's
Chile (Rep)—Concluded—
♦6s assented..
101.25102.18
107.7
££
Range or
♦Extl sinking fund 6s..Sept 1961 M 8
106.26107.25
101.25
107.7
i&l
Foreign Govt. & Mun. (Com.)
113.18
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
.
High
119.4
112.8
3Ms
....1943-1947 / D
3M»
1941
3M»
........1943-1945
3}^8
1944-1946
3 Ms
1946-1949
3Ms-_-__.
1949-1952
3s
...1946-1948
3s
1951-1955 M 8
2 Ms
1955-1960 M 8 109.31
.
Low
1
12
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
.
Week Ended March 14
112.17
Treasury 3J4S..........1946-1956 M 8 113.12 113.12
Treasury 3Ms--.
♦100
..1941-1943 M S
J
N. Y. STOCK EXCHANGE
Week's
Last
BONDS
Since
Asked
Low
119.9
_..1947-1952 A O
...1944-1954 J D 112.14 112.14
Treasury 4M»
Treasury 4s.--
Friday
£
Range
103
1942-1944
New York
102.19 102.18
102.21
106.17107.26
102.18103
1945-1947
2^8 series G
1Kb series M...
J
D
-101.30
101.30
101.29 103.2
City
Transit Unification Issue—
...1980 / D
3% Corporate stock.
Foreign
Govt.
101 M
101
102
279
100
103M
Municipal
&
(Prov) Argentina 7s..1942
A
1948 A O
*23 M
23 M
Akershus (King of Norway) 4s. 1968 M 8
*21%
♦Antioquia (Dept) coll 7s A.__1945
23 M
24M
23M
22 M
23
24
23 M
23
8
J
♦Costa Rica (Rep of) 7s
1951 MN
Cuba (Republic) 5s of 1904
1944 M S
External 5s of 1914 ser A_._.1949 F A
External loan 4Ms.
1949
Ms external debt
1977
Sinking fund 5Ms.--Jan 15 1953
♦Public wks 5 Ms
June 30 1945
♦Czechoslovakia (Rep of) 8s
1951
♦Sinking fund 8s ser B
..1952
8M
7s series C
1945
8
8M
9
1945
{♦lst ser 5 Ms of 1926
1940
{♦2d series sink fund 5Ms... 1940
8
♦External
I 7s 1st series
1957
Customs Admin 5 Ms 2d ser.
sec s
7M
7M
8M
7M
7%
9 M
s
♦External
♦External
sec s f
7M
*15M
16 M
7s 3d series. 1957
Antwerp (City) external 5s..__1958 i
D
7M
7M
7M
8M
8M
8M
7M
14
S f external
1948 M N
..1971 M N
4Ms
S f extl
.1972
loan 4s Apr....1972
conv
A
O
Australia Com'wealth 5s
J
.1955
8
External 5s of 1927
1957 M
External g 4 Ms of 1928
1956 MN
80
80
68
67 M
61
♦Bavaria (Free State) 6 Ma... .1945 F
17
65
59 M
59 M
61
61
53
58 M
58 M
58 M
101
53 %
60
58 M
49 M
60 M
60
27
51M
49
53 M
47
51M
139
61
6
6
*12
25
Il949 M s
With declaration
External sf6s_.
Il955 J
J
"67*"
27
43 M
~80"~
"23
43 M
43 M
72 M
75
75
3
77
1
"l9""
"4
43 M
49 M
48 M
18
26
7D
"l9""
"l9"
"l
"19""
"l9""
~75
16 H
With declaration
19
26
16M
16M
.1952 J D
.1957 M 8
"l"7M
17 M
*57
*57
*58
65
6
6
57 M
5
♦7s (Central Ry)
Brisbane (City) sf5s
Sinking fund gold 6s
20-year s f 6s
.1958
F
A
♦Budapest (City of) 6s
Buenos Aires (Prov of)—
♦68 stamped.
.1961
D
JH ®
.1977 M 8
F A
f
4M-4M8
Refunding s f 4M-4MS-—
.1976
A O
External readj 4M-4MS
.1976
External s f 4M-4?4s__,i__. .1975 MN
.1984 J
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Stabilization loan 7 Ms
Canada (Dom of) 30-yr 4s..._. 1960 A
18M
62
57
64
52
16 M
17
H
32
9
24
10
*55
45 M
M
19 M
17
17
61M
65
6
49
51
45
52
48 M
52 M
51M
52 M
33 M
46 M
53
45 %
46
46 M
5
45 M
M
8
46
48
10-year 2Ms..
25-year 3 Ms
7-year 2 Ms.
50 M
33 M
34
J
M
*30
6
*6%
47
s
22
88 M
99 M
92 M
79
97
100 M
13
89
79M
92 M
83 M
15
92
95
31
76M
80 M
80 M
♦6s July coupon on
s
f 6s.
_
J
82
82
1944 J
..1967 J
J
94
95
80 M
79 M
79 M
1968 MN
J
*9
"19 %
"19M
O
1960 A
O
♦Extl sinking fund 6s—Feb 1961 F
A
..Feb 1961 F
A
54 M
58
55
57
58
1961 M
8
54
*52 M
53
56 M
O
53
53
53
59 X
O
*52
54
53
16
16
16
59 X
27
1967 J
J
Finland
1945 M
8
1948 J
(Republic) ext 6s
J
12 M
*8
7 Ms unstamped
External 7s stamped
7
"51""
51
94
96
97
*72
D
——
32
82
82
27
26 M
73 M
26 M
84
97
69 X
1
84
M
51M
20M
"94"
.1941
1949 J
8
50
19
94
96
D
8
24
51
♦Frankfort (City of) s f 6Ms---1953 MN
With declaration
French Republic 7 Ms stamped. 1941
With declaration
7s unstamped
70
94
...1949
63
82
64 M
*66
67
GermaD Govt International—
♦SMs of 1930 stamped..
1965 J
D
8M
O
12 H
8M
8M
33
8
6M
'♦5Ms unstamped
1965
♦5 Ms stamp (Canadian Holder)'65
♦German Rep extl 7s stamped._1949 A
♦7s unstamped
1949
German Prov & Communal Bks
6M
11
5M
12M
12 H
40
10M
7M
4
7H
♦(Cons Agric Loan) 6Ms.---1958 J D
♦Greek Government
♦7s part paid
s
24
f ser 7S..1964 MN
1968
V
*10
1968
19M
19M
25
25
19M
19M
26M
26 M
*10
9
10M
9
10 M
M
9
10 M
9
"iox "IIM
18
9M
8
10M
4
9M
12
10 M
10 M
1
9M
9M
4
8M
10
9
10M
9
26M
"TM "IOM
O
8
8
10
49
53
49
66
25
49
22 X
O
With declaration
22 X
26
♦Heidelberg (German) ext 7 Ms 1950
Helsingfors (City) extl 6 Ms
1960
Hungarian Cons Municipal Loan
♦7Ms secured s f g
...1945
s
7
13M
7M
8
♦Haiti (Republic) s f 6s ser A. .1952 A
♦Hamburg (State 6s)
1946 A
♦7s secured
9M
12
"l2 %
"*8M
A
6M
20
1964
♦Sink fund secured 6s
♦6 part paid..,
j
A
O
J
J
5M
..1946 J
J
*5M
5M
57
27
49 M
8M
5M
*47
26
26
J
f g
6
49 M
5
5M
♦Hungarian Land M Inst 7 Ms. 1961 MN
♦Sinking fund 7Ms ser B
1961 MN
Hungary 7Ms ext at 4Ms to... 1979 F A
*5M
9M
18M
18M
73
75
2
34
25
f 5s
s
Extl sinking fund 5 Ms
I960 MN
s
D
1951
31M
A
"l8~~
11
6
5M
5
5M
5
5
18M
23M
"l3
75
31M
46 M
25
32
65
30M
29 M
71
18
20 M
61M
62
24
60 M
44 M
61M
O
f 7s.....1947 F
31M
*15
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany)
45
22
43 M
7
55M
19M
26M
A
*7
28
♦Lower Austria (Province) 7Ms 1950
♦Medellin (Colombia) 6 Ms
(Prov) 4s readj
1954
D
*6M
1954
D
63M
18
8M
D
Mexican Irrigation—
♦4Mb stamped assented.
1943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
♦Assenting 4s of 1904
D
1954
♦Assenting 4s
of 1910
{♦Treas 6s of *13
.1945
11M
11M
♦MilaD (City, Italy) extl
6Ms..1952
12
Minas Geraes
assent
1933
,
7
9M
61
8
67M
67M
5
5M
5M
5M
105
3M
5M
5M
5%
5M
114
3M
5H
54
213
3Vs
3M
4M
19M
5M
5H
5Vs
21
5
5
5M
19 X
7
5
5M
5M
30
(State)—
11
♦Sec extl
s
f 6 Ms
12
♦Sec extl
s
f 6 Ms
♦6s series
.
56
*50 M
1945 MN
♦Dresden (City) external 7s
♦Montevideo (City) 7s
For footnotes see page 1719.
57
*52 M
5Ms 1st series........... 1969
5Ms 2d series—.;
1969
Mendoza
20
m'n
1960 A
76 M
"26" "24"
20
*
0
1960
1942
3
"28_"
J
1942 MN
80
1
92 M
M
S
..I960
.Oct 15 1960 A
♦External sinking fund 6s
♦6s assented
♦6s assented
92 M
..1961 J
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
42 M
42 M
53
O
♦Italian Cred Consortium 7s ser B'47 M 8
♦Italian Public Utility extl 7S..1952 /
J
Japanese Govt 30-yr sf6Ms.._1954 F A
91M
f 6s..July 15 1960 J
27 M
31
41M
40
O
♦Italy (Kingdom of) extl 7s
90
1954 J
1950 M
44
40
*39
A
7M
98M
91M
J
29 M
33 M
A
8
91M
30-year 3s
30-year 3s
♦Carlsbad (City) 8s-___..
♦Cent Agric Bank (Ger) 7s
38 M
43
43 M
55
7H
99 M
A
45
41
*52 M
6
6M
8M
0
Aug. 15 1945 F
9
43 X
45 X
45
43 M
Irish Free State extl
"49
....1952 AfN
5s
31X
34M
45M
J
.1967 J
MN
.1968
f 7s
17M
15M
15M
16M
60
16 M
.1950 J D
.1962 J
♦Farm Loan
19
26 M
26
26 M
26
♦Brazil (U S of) external 8s... .1941 / D
♦External s f 6 Ms of 1926... .1957 A 0
♦External s f 6Ms of 1927.. .1957 A 0
♦Farm Loan
8M
67
47
80
77
75
55
"59""
..
s
53M
27
~7l"~
With declaration
♦External sinking fund 6s.. .1958
10
9
26
67
External 30-year s f 7s
.1955 J D
With declaration
♦Berlin (Germany) s f 6Ms... ;i950 AO
♦Secured
60 M
19 M
"80'
With declaration
s
64 M
64 m
60 M
26
Belgium 25-yr extl 6 Ha
41
8X
53
With declaration
A
With declaration
External
70 M
6
2
40 M
43 H
73
8
M
♦El Salvador 8s etfs of dep..
♦Estonia (Republic of) 7s
78
19
60
J
♦Austrian (Govt) Sf 7s........ 1957
80 M
68M
10
2
100
103M
75M
17
Argentine (National Government)—
S f external 4Ms
S f extl conv loan 4s Feb
49 X
101
18
102M
102M
43
External g 4 Ms
Apr 15 1962 AO
With declaration.
f 7s series D_.
f 7s 2d series. 1957
J
F"~A
Dominican Rep Cust Ad 5Ms.. 1942
s f
8
12
73
*9M
*9M
45
s
1945
270
'
73
1955
♦External
f 7s series B
96
50M
103M
49M
103
74
43 M
External gold 5 Ms
With declaration
♦External
s
101
101
*99 M
50 M
103
1942 /
9M
9M
♦External
16 X
*101
*102 M
-
4
Denmark 20-year extl. 6s
With declaration.
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
..1947 F
*Gtd sink fund 6s
Cordoba
A...
1958 M 8
1959 M
8
...1952 J D
..1959 MN
7
9
9
33
60
60
1
*57
60
8M
8M
8
8M
9M
9
54
60
53
58 X
Volume
New York Bond Record—Continued—Page 2
152
BONDS
N.
Y.STOCK
Last
EXCHANGE
Foreign Govt.
& Mun.
s
F
A
5934
O
6034
5254
53
F"A
*52
Conv gold 4s of 1909
D
x
aa
5254
Conv 4s of 1905
1955
D
z
__
With declaration
3654
Externals f 434s
With declaration
53
Conv gold 48 of 1910
1960
D
z
aa
51
52 34
Conv deb 434s
1948
D
z
aa
5134
53 34
Rocky Mtn Dlv 1st 4s
1965
J
z
aa
33
36 34
36 54
Trans-Con Short L 1st 4s..1958
J
z
aa
z
a
z
aa
z
bbb3
z
bbb*
z
bbb3
3
2
3634
33
f extl loan
1963
.
Municipal Bank
V
35M
3034
A
3
33
34 34
36 M
3134
*3234
3554
O
1970
extl s f 5s
With declaration
7
3034
3454
36 34
JD
1952
1953
F
3134
3134
28
1964 J D
10-year coll tr 5s. .May 1 1945 If N
2134
27
L & N coll gold 4s
38
*2734
-
extl 6s_.
Oriental Devel guar 6s
-
Extl debt 5 J4s
Oslo (City) s f 4 34s
*
A
M S
1955
4134
M N
—1958
Panama (Rep) extl 534s
♦Extl s f 5s ser A__
27
41
,
2534
41 M
10
39
3734
24
37
43
25M
10
2554
A
O
J
D
*102
AfN
..1953
—>.1963
80
10234
♦Stamped
1963
AfN
1963
1947
m'B
♦Ctfs of deposit (series A)
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s.
s
f 6s 1st ser
s
f 6s 2d ser
..1961
A
{♦Poland (Rep of) gold 6s.
J
7334
48
61
73 34
61
7334
754
7334
16
654
634
654
5
7
7
2
634
8
D
634
634
190
634
734
O
634
634
634
6
734
M
S
634
1940
A
O
*6
A
O
*454
*12
23
1947
O
A
O
*434
J
*334
534
1963
J
J
334
1961
1966
1952
1951
J
D
J
J
1952
A
1941
♦Porto Alegre (City of) 8s
A
F
—
_
♦Prague (Greater City) 734s
♦Prussia (Free State) extl 634s
25-year external 6s
834
8
1734
2
854
20
s
1034
854
934
D
934
A
O
2034
2134
F
A
*534
534
9
J
1964
M S
1952
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MN
55M
*1134
WN
1134
1134
J
J
29
2754
J
J
20
20
4s
♦Sao Paulo (City of, Brazil) 8s
1950
—
MM
6 34s
5634
10
1334
1134
10
.29
18
20
9
S
18
18
J
18
18M -17
48
5254
2
5 34
22
34
5434
25 34
1334
63
49 34
228
♦7s series B
sec
♦434s assented
1962
_
MN
1958
1958
extl—
♦Silesia (Prov. of) extl 7s
MN
J
D
J
D
♦Slleslan Landowners Assn 6s
Sydney (City) s f 534s
F
1947
1955
7
6M
4
A
19
1634
1554
43 34
53
2634
2634
1854
7
11
654
5
mm'****
334
534
A
61
61
2
J
42 M
43
15
S
2034
22
7
19
A
O
♦Uruguay (Republic) extl 8s_.—..1946
F
s
70
61
4554
3934
25
43
45
19
43
54
A
59
59
4
55
59
*54
5054
54
—1964 MS
f 6s
s
5
554
2654
MS
*54
——1960
♦External
734
354
2034
M
♦External
8
6 54
F
f 6s..-———
4334
♦Venetian Prov Mtge Bank 7s
1952
A
(City of) 6s
♦Warsaw (City) external 7s
♦4 J4s assented
— ...
1952
1958
1958
3334
38
3134
3234
20
31
3334
86
84
87
31
4254
44
3954
9
3834
3834
1
4434
44 M
6
*36
2834
67
3934
*1734
O
*9
1234
F
A
A
*354
J
D
39 M
3534
4454
3554
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4034
4454
41
3634
-■
-
—
-
36 34
1734
28
1234
—
0
*354
F
10434
10434
11
9934
9934
2
96M
9934
6634
6734
78
6454
65M
7354
67 M
75
1234
334
334
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5034
50->4
*
334
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10
5134
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4934
49
5034
131
4134
5034
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4334
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4434
193
3634
4434
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cc
43 M
4234
4434
169
3634
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z
cc
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38
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45
47
16
43
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54
55
6
52
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5834
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51
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55
5534
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50
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1 1946) due. .1996 M 8
Feb 1
to Jan 1 1947) due
1960 F
1950
4s stamped
1951
1989
Beech Creek ext 1st g 3 34s. .1951
Bell Telep of Pa 5s series B..1948
3
5634
Belvidere Del
cons
50M
*80
N.
Y,
STOCK
fe-S
EXCHANGE
Friday
aaa3
Beneficial Indus Loan 2348—1950
D
z
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I6634
21
2034
27
2634
1734
2634
1634
1634
1634
2534
27
11134
13234
11134
*10434
y aa
♦Berlin City El Co deb 6348.1951 J
11134 113 54
13034 13734
2534
z
1634
133
b
With declaration
♦Deb sinking fund 634s
With declaration
1959
F
A
z
b
♦Debenture 6s...........1955 A
z
b
z
bbb3
z
a
Elig. &
Last
Range or
Rating
Sale
See i
Price
•"-■a*
354
49 34
57 M
Range
3
„
Since
Friday's
Bid
&
Asked
Jan.
1
RAILROAD and INDUSTRIAL
34s conv debs—1952 A
1959
Cons mtge 334s ser F
1960
H—1965
Big Sandy 1st mtge 4s..
1944
Blaw Knox 1st mtge 3 34s
1950
J
1
1634
«
/
Allis-Chalmers Mfg conv
4s
(called bonds)
Am & Foreign Pow
Amer I G
46
99M
9954
*10354
*10034
deb 5s—2030
Chem conv 5 348-.-.1949
M
5
46 M
S y bb
D y bb
z
cc
y
bb
z
cccl
z
2234
*109M
aa
*10754
z
aa
y
b
y
b
y
bb
94 34
y
b
82
6234
*46
3
-
-
-
-
10534
2234
■
1
58
mm mm
1
y cc
y
4734
80
9434
9554
8234
131
8134
.60
6254
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bb
S
z
aa
10334
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y
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103
.
4734
8254
3
10754
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55
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101
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49
10254
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107
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25
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10934
80
8254
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...1952
534s (called bonds)
1949
J
Am Internat Corp conv 534s, 1949
Amer Telep &
D
2
40
10734 10734
54 M
69
4734
5434
8154
8334
79
80
9034
9734
67
78
86
159
55
6234
69
70
80
10334
15
103
22
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30
10534
10634
37
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106
10
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102
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10534
106
20
104
z
Consol mtge 334 s ser
F
z
J
z
aaa2
*109
F
z
bbb4
100
100 M
"17
100
74
75 M
17
74
8434
8434
1
Boston & Maine 1st 5s A C..1967 M
S y b
1955 MS
434s series JJ
1961
1st mtge 4s series RR
1960
♦Inc mtge 4j^s ser A.July 1970
1 ♦Boston & N Y Air L 1st 4s_1955
Bklyn Edison cons M 334s—1966
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s__1945
1st lien & ref 6s series A—1947
1st g
y
8434
b
A
J
*
O y b
J y bb
'"6934
MS y ccc3
F
A
z
MS
F
aaa4
A
z
MS
z
a
MS
z
1981
"109
F
A
bbb3
z
To 934
MS
z
h
z
334s debentures
fund 5 34s. 1943
1961
334s debentures
1966
General 4s
24 M
192
12M
10
109
1995
10934 11134
110
11234 11354
90
9534
105J4 10734
111
11234
10854 109
9134
18
10614
16
11234
1
b
series C.1967 J D
*109
Stamped modified
at
(interest
3% to 1946) due
Rc^ist6r6d
—L *
1957
—m
49
45M
46
{Burlington Cedar Rapid & Nor{♦1st & coll 5s
1934 A O z cc
5s registered
1934 A O z cc
♦Certificates of deposit
z cc
Bush Terminal 1st 4s
1952
y bb
Consolidated 5s
1955
yb
Bush Term Bldgs 5s gu
1960
y b
46
1719.
69
4234
75
434
6934
67
74
42
43
36
41%
47
76
30
66
76
1966
1962
z
a
10634
7334
10634
z
bbb3
8534
8534
87
Canadian Nat gold 4 34s
1957
z
aa
95 34
9334
Guaranteed gold 5s..July 1969
z
aa
9734
5s—Oct 1969
Guaranteed gold 5s
1970
z
aa
9534
9734
9734
10634
1
5
9
8
105)4 108
84
7
Guaranteed gold
z
89 M
1051»32
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5654
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100"32
45
11
10234
21
76
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1
32
32
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—
54
10
b
a
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bb
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ccc2
{Central of Georgia Ry—
♦
1st mtge 5s
...Nov 1945 F
D
107
108
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9834
92 M
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106
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{♦Central of N J gen g 5s
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1987
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1945
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registered
1966
1987 J
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Cent Pac 1st ref gu gold 4s—1949 F
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35
5534
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1960 F A
Central RR & Bkg of Ga 58.1942 MS
Certain-teed Prod 534s A—1948 M 8
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10
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8734
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z
bbb3
3
53M
Champion Paper & Fibre—
Sf deb
10534
*10334
104
10554 10634
10334 10434
93
8434
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834
106
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1987
1962 A
z
54
92 M
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♦Ref & gen 5s series C
1959 A
53
99
92
A
10634
10934
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Cent Illinois Light 3 34?
103
105
88 M
52
97 34
111
101
80
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100
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102
98
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z
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72
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41
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2
b
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89
cc
105
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Celotex Corp deb 434s w W..1947
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1946 / J
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107 34
12
a
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5834
76
6934
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{♦Carolina Cert 1st guar 4s. 1949 J
Carolina Clinch & Ohio 4s—1965 M S
Carriers & Gen Corp 5s w w__1950 MN
Cart & Adlr 1st gu gold 4s—1981 F A
52
53
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52
6054
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111
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109
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1960 J
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105
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134
134
554
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..
5834
28 34
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10434
4^8..
1946
5s equip trust ctfs
1944
Coll trust gold 5s—Dec 1 1954
Coll trust
9534
105
9534
9734
9734
97
93M
9234
9034
9554
9034
9534
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1
66
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Sept 1951
15
233
103«i6
3
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Can Pac Ry 4% deb stk perpet... J
436s
96 M
9534
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10934
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Canadian Northern deb 6 348-1946 J
Guar gold
1
97
95
9334
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10373j
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96 M
734
108 M
z
aa
94
8
2
1037aj
y
M
aa
9034
9334
30
97
aa
z
z
4%s_.June 15 1955
34s
1956
95 M
96
19
93
10934
85
i
I
Attention is directed to the new column Incorporated in thia tabulation pertaining to bank eligibility ana rating of
5
434
5
5
434
454
c
aaa3
I
For footnotes see page
334
334
334
10
5
434
cc
aaa3
O
48
45M
4234
ccc3
z
Nov
104
104
10934
105M
90
1854
934
10834 10954
z
z
A
16
z
O
Adjustment gold 4s
..1995
MN
Stamped 4s
1995
MN
4s stamped registered—1995
7234
2554
12M
z
A
Founders corv deb. 1950
M N
Elec 6s ser A. 1975
A O
Anaconda Cop Mln deb 434sl950
Jan
♦Anglo-Chilean Nitratedeb__1967
Q J
J Ann Arbor 1st g 4s
1995
M 8
Ark & Mem Br & Term 5s—1964
F A
Armour <fc Co. (Del) 4s B
1955
1st s f 4s ser C (Del)
1957 J J
Atchison Top & Santa Fe—
Am Type
85
78
67
O
MAT
Am Wat Wks &
'"55
11234
'105M
aa
MS
10934
*108
aa
z
23 54
12
10854
7934
75
*103
bbb3
Debenture gold 5s— ...... 1950 J D y bb
1st lien & ref series B——.1957 J#N z bbb3
Buffalo Gen Elec 4 34s B
2434
cccl
z
70
102
8134
77
"68"
106
10834 109
M2V
10334 104
10454
10634 10734
10534105u16
102
Teleg—
20-year sinking
10534 107
10634
10534
102 34
F
Guaranteed gold 4
{{♦Abitlbl Pow & Pap 1st 5s.1953
4s—1948 M
Coll trust 4s of 1907
1947 J
10-year deb 434s stamped.1946
♦Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s. 1948
6s with warr assented
1948
Alb & Susq 1st guar 334s
1946
334s registered
1946
Alleghany Corp coll trust 5s. 1944
Coll & conv 5s
1949
♦5s stamped..
-.1950
Allegh & West 1st gu 4s
1998
M
Allegh Val gen guar g 4s
1942
Allied Stores Corp 434s debs.l951|F
1634
Consol mtge 3s ser G
Guar gold
COMPANIES
Adams Express coll tr g
26 34
cccl
z
1634
10054
Week's
3?
Week Ended March 14
"83" ~84~"
85
21
11134
aaa3
133
*99
aaa3
z
1943
3 34s
z
1960
1st & ref 5s series C
Calif-Oregon Power 4s
Bank
BONDS
68
(lnt at 1 %
Canada Sou cons gu 5s A
1961
87
7534
10434 10634
z
Buff Niag Elec 334s
3854
4234
MN
Yokohama (City) extl 6s
75
Buffalo Rochester & Pgh Ry—1-
3^8-4-4348 {% bonds of *37)
external readjustment—....—1979 MS
3-4-434s ($ bds of '37) ext conv 1979 MS
3 ji-434-4*16 extl conv
1978 J D
4-434-434s extl readj
....1978 F A
334s extl readjustment
1984 J J
♦Vienna
22
7334
Beth Steel 3
J
534s—....—1971
35
4434
1234
Tokyo City 5s loan of 1912
1952
External s f 534s guar..........1961
Taiwan Elec Pow s f
3334
36M
20
654
24
3434
3134
6534
29
834
*434
*
55
39
17M
*434
634
90
287
1st M 5s series II
1962
107
7134
4434
26
Serbs Croats & Slovenes (Kingdom)—
♦8s secured extl..
8434
6534
8434
70
6934
♦Berlin Elec El & Undergr 6 34s'56 A
2234
2634
.-1940 A O
1945 J D
-.1946 J D
§ ♦Secured s f 7s
♦Saxon State Mtge Inst 7s
—.
7
4
934
1
J
1968
934
32
20 34
5
M
.......1956
—:
834
534
J
Santa Fe extl
g
754
754
1953
♦Sinking fund
854
754
654
834
-
67
77
6434
81
4s extended to.. 1951 MN
Ref g
934
-
6134
6454
71
S'west Dlv 1st M (lnt at 3 34 %
1
20
9934
99M 10134
79
7334
6834
to Sept
34
4
-
8
4334
Toledo Cln Dlv ref 4s A.. 1959
-t
97
6934
Bangor & Aroostook 1st 5s..1943
Cod ref 4s.
..........1951
mm-
10034
7634
75
97 34
43 M
Sept 1 1946) due..2000 M S
Ref & gen ser F (lnt at 1%
27
854
J
9934
76
"9834 "T'4
3
27
5
11134
9734
Pgh L E & W Va System—
7M
834
♦Saarbruecken (City) 6s
♦6s extl dollar loan
27
1034
D
11234
110
ccc4
♦Conv due
9
17 34
934
7M
O
J
M N
paid
♦7s extl water loan..
bb
to
854
*834
A
111
22
z
66
18
1967
1952
1959
♦Roumania (Kingdom of) 7s
♦8s external
z
59
734
10034 10234
9
1U34
1st mtge g (lnt at
23
634
4
11134
bb
02
A
16
101
8334
2
hh
y
96
10
1966
♦7s municipal loan
♦Rome (City) extl 6 34s
s f
y
1948
27
834
10434
111
J y bb
July 1948
4s registered
2034
734
1968
coupon
1st mtge gold 5s
87
O
103M
100
98
9734 101
9534
96
103M 10454
*112
a
z
1
Baltimore & Ohio RR—
8
F
1946
f g
♦7s extl loan of 1926
♦February
1941 J
27
A
11134
bb
Battle Cr & Stur 1st gu 3s__
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
♦6s extl
1953 M S
92
A
—
Atlantic Refining deb 3s
834
854
5
1
♦Rhine-Main-Danube 7s A......—1950 M S
♦Rio de Janeiro (City of) 8s...——1946
♦Extl sec 634s—
1953
Atl Gulf & W I SS coll tr 5s—1959 J
Ref & gen ser D
834
9134
5934
9134
6134
bb
y
4
11134
y
1
9534
101
103M
J y b
J y b
4
834
*
1948 J
High
99
9534
y bb
J y b
334
26 34
With declaration..—
♦External s f 6s
Queensland (State) extls f 7s
1948 J
3 34
*854
1734
S
1
NO. Low
98
98
Oct 1952 MN
334
1354
834
MN
M
General unified 4 34s A
1
13
—
~~~
t.
834
834
J
1944 J
4s.July 1952 M 8
1st cons
334
m
—
High
Stamped modified bonds—
.
334
-
_
Coast
334
11
534
/
1947
♦434s assented
♦Extl loan 734s
A
1950
1st 30-year 5s series B-
Atl
4% to
Oct 1 1946) due July 1948 A O
Ref & gen ser A (lnt at 1%
to Dec 1 1946) due...1995 J D
Ref & ger ser C(int at 1 1-5%
to Dec 1 1946) due...1995 J D
8
.1968
f 7s
s
♦434s assented..
♦External sink fund g 8s_.
654
134
1958
♦434s assented
♦Stabilization loan
Since
Jan.
Asked
75
71
1959
1960
-
J
Austin & N W 1st gu g 5s
82
7154
7334
A—1944 J
Second mortgage 4s
27 34
10334
70
75
1963
assented
2454
102
4
82
Atl & Charl A L 1st 434s
Atl & Dan 1st g 4s
46
37
3734
♦Ctfs of deposit (series B)
♦Nat Loan extl
♦Nat Loan extl
Cal-Ariz 1st & ref 434s A—1962 M 8
Atl Knox & Nor 1st g 5s
1946 J D
275-4
A
With declaration
♦Nuremburg (City)
34 34
31
1955
32
1965
&
aa
5154
35
1956
s
62
5134
1
Range
or
Friday's
Low
{Com.)
5434
53
*3334
1944
With
declaration
External sink fund 4)4s
Range
Bid
Atch Top & Santa Fe—{Concl.—
Cos.
5654
54
52 M
M S
20-year external 6s
6454
Indus.
&
5
53
53
Price
See a
Railroad
Last
Sale
.Rating
.2
5254
With declaration
Elig. &
EXCHANGE
11
61
A
STOCK
High
No. Low
59J4
A
F
Y.
Week Ended March 14
1
Jan
09
High
_1943
1957
N.
Since
Asked
Apr 1958
f 5s—__
Norway 20-year extl 6s
4s
&
Low
(Concl.)
New So Wales (State) extl 5s
External
Bid
BONDS
Range
3
Friday's
Price
Week's
Friday
Bank
Range or
Sale
5 c
Week Ended March 14
1715
Week's
Friday
bonds.
See 1,
New York Bond Record—Continued—Page 3
1716
Elio. A
BONDS
Week
.1992
%n
3 Ms D..1996
Ref A impt M 3M« fler E—1096
Potts Creek Br 1-t 4s....1940
R A A Dlv 1st con g 4s...1980
2d con bo 1 gold 4s
19^9
♦Chic A Alton RR ref ( 3a.. 1949
Chic Burl A Q— IliDlvSMs 104°
3Ms registered...——1949
Illinois Di»'«ion 4a
— 1949
4s
registered...———1949
1st A ref fip aeries
......1958
B
1977
...1971
A.
Since
A
Asked
131H
102 M
103 %
132 M
104
16
131
63
104
24
*120%
122M
High
Jan.
OQI
No, Low
1
Gen mtge lnc
Af S
aaa4
M N
aaa2
104
aaa2
104
F
A
High
aa
J
9%
91
92
2
*
aa
J
"98M
aa
97 M
*
aa
aTS
A
cccl
102M 106
J
z
cccl
102% 105M
Consolidation Coal s f 5s....I960 J
J
z
ccc4
AfN
x
aa
m
bbb4
383
92 M
91
39
98 M
"42
90
96 %
"83M
"11
75
82%
12 %
94%
93%
97
85
75
112
8M
91
100M
97
83M
83
88%
3
71M
80
23
78M
88
3Ms—..May 1 1985
UN
1st mtge 3 Ms
1967
1st
mtge
1st
mtge
UN
3 Ms
J
(conv)..-..1997
J
c
2
bbb2
:»Chlcago Great West 1st 4s .1959
J
t*Chlc Ind A Louisv ref 08—1947
♦Refunding g 6s series B..1947 J
ccc3
J
ccc3
J
ccc3
J
J
24M
110M
ccc3
C—1947
series A
1966
B._May 1966
Chlo Ind A Sou 60-year 48—1966
tChie Milwaukee A St Paul—
♦Gen 4s series A ...May 1 1989
1 st A gen 6«
1st A gen 0s ser
M N
cc
2
J
J
cc
J
bb
23M
"23"
22%
23
36
1970
UN
I960
UN
1960
D
Continental Oil conv 2MS—1948 J
A
O
Crane Co 2 Ms a f debs
1950
lBt mtge 3ms.
1st mtge 3 Ms
2
25M
109 M 110M
6%
8M
8M
72
72
36 %
37 M
46
36
36 M
19
ccc3
37 H
36 M
38
114
38
37
38
71
29%
28%
30 M
30 M
37
37M
2
30 M
37 M
37%
36%
38
38
37 M
'
cc
3
8
c
2
1H
7H
1%
;
109 M
110
6
109
x
aa
105%
105%
105 %
9
104 % 106
x
a
100%
100 M
96
100%
12
100M 102
8M
1M
726
4%
387
1
8%
1%
19M
20 M
ccc2
19M
ccc2
61
15
162
16
14%
20%
18
1987
M N
19M
20 M
registered..————-1987
M N
ccc2
18M
5
14
1987
♦Gen 4 Ms st,pd Fed lnc tax 1987
4Ms registered—
—1987
♦Gen 6s stpd Fed lnc tax—1987
♦4Mb stamped
...1987
4Mb registered...——1987
|*8eoured 6 Ms
1936
♦1st ref g 6s...—May 1 2037
♦1st A ref 4 Ms stpd.May 12037
M N
ccc2
18 %
19%
20 M
18 %
20
2
16
20
M N
ccc2
20 M
21
8
16M
21
MAT
ccc2
15
17
M N
ccc2
18
ccc2
110
111M
x
bbb3
96%
96%
3
95 %
b
1
16%
55
14M
15%
6
15%
14M
18
1
16%
14%
16
b
yb
2
18%
18 %
19
20 %
ib
1
16 M
18
18M
15M
16%
19M
15%
96
99 %
♦Deposit receipts
z
ccc2
------
z
♦7 Ma series A extended to 1940
Deposit receipts
cccl
Dayton P A L 1st mtge 3S..1970
IN
n#l A tTndson 1»t A ref 4s..1943
Del Power A Light 1st 4 Ms.. 1971 J
J
*17%
18%
------
bb
x
16
----
10
----
2
18
97
48M
--
18M
M
3
97
106 %
------
48%
*107
3
---
18
18
——————
2
aa
*14
18
106M
49M
107 M
12
68
----
104
104
1
108
----
97 %
17M
18
18%
105% 109
41 %
54%
107
108M
103 M 105M
1969
..1969
x
aa
3
x
aa
3
J"*Den A RO 1st cons g 4s.. 1936
|*Conso! gold 4Mb
1936
^♦Denv A R G W gen 5s.Aug 1955
♦Assented (subj to plan)..
♦Ref A Impt 5s ser B.Apr 1978
{♦Des M A Ft Dodge 4s ctfs. 1935
z
cccl
10%
8%
10%
671
7M
108M
10M
z
cccl
10%
9
10%
41
z
ddd2
1%
1%
14
7M
1M
10M
1%
1
1%
7
1
7
10%
7%
625
1%
10%
1st A ref 4Ms
J»Dee Plains Val lstgu 4MS.1947
Detroit Edison 4s
M
Detroit A Mac 1st lien g 4s.. 1995 J
1995
10%
z
...1970 J
♦Second gold 4s
*103 %
J
c
z
cc
7%
x
aa
110%
x
aa
5%
*70
8
1965 A O
M 8
serF
------
------
P
----
8
111%
105%
105%
*35
D y b
-
111
*110%
105M
D
—-
110M
54
-----
----
29
----
106
6%
3%
6%
72%
77
108M 111
109
111M
104M 105 M
43
43
_
z ccc2
27
100
30
30
100
102
101
103
—— —
4
*25
——————
IN
103 %
106 M
—
21M
UN
108 %
z
1952
Gen A ref 3s ser H
ccc2
110
D
Gen A ref mtge 3 Ms ser G.1906
I Chicago A North Western Ry
♦General g 3 Ms..
—1987 M N
3 Ms registered
.1987 UN
106M 108M
a
8M
30
4
3
x
6M
30M
ccc3
5
107M
18M
ccc3
J
108M
109M
107 M
J vaaa3
ccc3
J
108M
D y ccc2
O x a
3
ccc3
10
106 M 108M
108 M 109
109M
J
72
80 M
15
107M
♦0p eerie* R extended to 1°40 J
Curtis Publishing Co 3s deb. 1955 A
69
76
7
77%
108
-----
23 M
1
22M
22
20 %
------
23 M
8M
18
aa
20
40
1
aa
3
""80
8
17M
aa
x
36
25
18
4
20 M
77
108
m m
1
22
D
♦Deposit receipts——
1 ft mortgage 4 Ms
♦Gen 4 Ms series
77
High
22%
x
28M
21M
22 M
Since
Jan. 1
No. Low
High
M
21 %
20 M
20 M
Range
5-2
z
Crucible Steel 3Ms s f debs—1955 J
♦Cuba Vor Ry let 6 Ms
1942 J
24 M
2
Asked
x
4
*16M
7M
"~5"
46
366
34 %
23 %
2
♦Geng3Ms ser B.May 1 1989
♦Gen 4 Ms series C.M iy 1 1989
E.May 1 1989
♦GeD 4Mb series F.May 1 1989
JCblo Mllw St Paul A Pac RR—
♦Mtge g 5s series A
1975
♦Conv adj 6s—-Jan 1 2000
110M
35
2
J
24M
A
22
cccl
z
15, 1941
0QI§
Friday's
Bid
Low
Railroad & Indus. Cos. {Conl.l
♦Cuba RR 1st 5s g
Erie 1st gold 5s.-1982
Refunding 4s series
14
Price
k
z
112
"12%
83%
bbb4
A
See
Range or
Sale
Rating
J
100
"bz'H
P
F
fe
J
120% 122
*112%
12 M
ccc3
8
♦
K
Consumers Power Co—
aaa3
M
♦
EXCHANGE
t*Consol Ry non-convdeb4s 1954
♦Debenture 4s
1955 J
•Debenture 4s
1956 /
132M
aaa2
aaa3
IN
♦
STOCK
Week Ended March
Chicago & Eastern Til RR—
Chicago A
Y.
Last
Ellg. A
BONDS
N.
J
Ref A Imp mtge
1st A ref 4 Ha series
Range
Friday's
Bid
Low
(Cont.)
Railroad & Indus. Cos.
General 4a
Price
Range or
Sale
See k
Chesapeake A Ohio Ry—
General gold 4
Last
Ealing
EXCHANGE
Ended March 14
N. Y. STOCK
March
Week's
Friday
Week's
Friday
Bank
♦General 4s.
4s
..—.—
♦Stpd 4s u p Fed lnc tax.
—
♦
1st A ref 4Mb C-May
1 2037
UN
«
*15
20M
'21%
130
J
D
cc
cc
2
J
D
cc
2
♦ConT 4M> series A
1949 UN
i|»Cblcago Railways 1st 6a stpd
Aug 1940 26% part pd—1927 F A
c
bb
1
3
16%
15M
20
15M
East Ry Minn Nor Dlv 1st 4sl948 A O
East T Va A Ga Dlv 1st 58—1956 UN
13M
13 M
19M
10 M
Ed El Til (N Y) 1st cons g 68.1995 J
J
Elec Auto-Lite
101
11
25M
13%
13M
13 H
86
10 M
13M
El Paso A S W 1st 68—1965 A
A
5s
17
1M
1%
228
41M
41M
42 M
12
18
1%
J
i
ccc2
17 M
18M
J
z
ccc2
14M
14M
ccc2
17
17
z
ccc2
O
z
cc
z
cc
s
z
c
♦Certificates of deposit
vr
|*Secured 4Mb series A...1952
4 M registered1962 M S
1
9M
9
8
8
9
10M
I960 AfN
z
c
"~8%
"8%
z
c
IK
1%
9%
8%
10%
------
2
-----
ccc2
17
♦Conv 4s series A
12M
9%
8%
7M
113
6
7%
7%
"9% "l7
6%
23
%
IX
2
10%
7%
9%
1%
conv
cccl
A
z
1953
z
cccl
z
c
4s series D
M N
♦|Ref A Imp 5s of 1927
1907
♦I Ref A Impt 5s of 1930... 1976 A O
♦Erie A Jersey 1st s f 6s..1955 J
♦Genessee River 1st s f 6s_.1957 J
z
z
z
20%
108 % 108 M
93
100M
150
160
101
101M
103 M 105M
56
59 %
— —
55 M
56
98
80 M
88
----
42
42
45%
46%
285
40M
46 M
45 %
—-
—-
45%
45%
1
42
40
40 %
75
36
40 %
40
39 %
40%
24
36
40 %
38
39M
19%
19%
— — — —
19M
b
18%
84
107
16%
16%
6
86%
105
11
1 «
Ch St L A New Orleans 5s. .195!
J
D y bbb2
75
76
6
73
70
1951
JuDel6 1951
Memphis D1t 1st g 4s—..1961
J
D y bbb2
68
68
11
68
D y bbb2
J
D y bb
46 M
51M
Fairbanks Morse deb 4a—.
55M
44%
61 %
Federal Light A Trao 1st 5s..1942
5s International series.. 1942 At
S
*100
M
8
*101%
M
S
102%
«
•
82%
89%
108 %
101
68
J
1
103
101
107
*101
♦N Y A Erie RR ext 1st 4a_1947 IN y bb
M S z bb
|»3d mtge 4Mb
1938
314
213
19%
19%
18%
19M
2
b
J
107 %
85 M
—
83 M
——————
c
J
16%
105M 108 %
40
cccl
A
----
102M 104 M
106
90 %
*57
45%
cccl
...1953
4
61
*59%
85 M
1
cc
t
16
101 M
105
ccc2
A
1963
♦Series B
♦Gen
z
—
----
*
z
29
— — —
101M
bb
1996
96
105
4
O y bb
x
z
Prior 4s registered
4
*150
3
♦1st consol gen lien g 4fl__.1996 J
J
Gen 4s registered
1996
168
*108M
*93%
aaa4
y
18M
14%
134
c
z
♦Certificates of deposit
♦ConT g 4 Ms
28
aa
bbb3
x
xa
6
108 M
108
x
2
58
20
x
z
13
1
z
106M
108M
aaa4
J
49
14M
11%
148
J
103M
------
aa
1965
cons g
x
4s priori 996 J
stamped
41
12M
J
registered..
..1988
♦Certificates of deposit
4s ctfs registered
1988
|*Refundlng gold 4s
1934
A
2%
J
D
2Mb
1950
Elgin Joilet A East Ry 3MS.1970 M 8
J*Erle RR 1st
J*Chlc RIA Pac Ry gen 4s.. 1988
4s
J
64
20
4
aa
19
13M
13M
13 M
2
*
Ox
13M
13M
2
D
A
Dul Miss A Ir Range Ry 3 Ms 1962
J
tl*Dul 8ou Shore A Atl g 5s. 1937
Duqueene Light 1st M 3 Ms..1965 J
25 M
20
ccc 2
J
x a
2
Detroit Term A Tunnel 4 Ms. 1961
Chemical deb 2 Ms
1950 M Sxaaa2
Dow
"24 M
ccc2
M N
19%
6s registered..
Gold 8Mb—.
ChloT H A So'eastern 1st 5s. 1960 J D y bb
Income guar 6s
Deo 1 1960 M S y b
3
3
2
"46M
46 M
68 M
50
♦Ernesto Breda 7s
"46 %
58
58 M
3
50
50 %
13
51M
1st lien
Chicago Union Station—
Guaranteed 4s
3
*105
1954
f 5s stamped
1942
1942
s
O
x
aa
1963 J
J
x
aaa3
108
108 %
20
107
109M
1961
8
x
aa
3
105M
105
105M
21
105
1963 J
J
x
aaa3
100 M
100 %
100 M
12
99
107 %
104
Chic A Went Indiana con 4s. 1962 J
J
x
a
3
92%
89 %
93 M
♦1st A ref 5b nerfes A
x
a
2
93 M
94 %
45
series D.. 1962 M S
92 M
94 M
38
94%
5s registered...
28
27 M
28 M
13
19
91%
27%
3Ms series E
1st mtge 3Ms series F
1st A ref M 4Ms
M
1943 A
Chllds Co deb 6s
O y ccc3
2
^♦Choctaw Ok A Gulf con 6s. 1952 IN
z
cc
Cincinnati Gas A Eleo 8Ma.. 1966 F
1967 J
1st mtge 3 Ms
A
x
aaa4
D
x
x
aaal
x
aaa4
1969 F
1st mtge gu 3Ms ser E
Clearfield A Mah 1st gu 5s.. 1943 J
x
12%
108%
aaa4
Cln Leb A Nor 1st con gu 4s. 1942 M N
Cln Un Term 1st gu 3 Ms D.. 1971 AfN
Cleve Cln Chic A St Louis Ry
.1993 /
General g4s
General 5s series B
.1993 J
Ref A Impt 4 Ms series E. -1977 J
Cln Wab AM Dlv 1st 4s. 1991 J
St L D1t 1st coll trg
A
.1970 J
108
./ y bb
3
J
y
56 %
55%
53
bbb2
x
112
*89
*85 %
4s.. .1990 MN
Cleveland Eleo Ilium 3s
109 %
105M 106
bbb3
2
109
106
109 M
112
112
2
J y b
9%
13M
107 M 109M
105M
75 M
x
108 %
36
108M
D xbbb3
D
23
*109
109 M
aaa4
J y bb
94 M
105M 106 M
aaa4
76
107M
110M
113M
89
72
61
61 %
56
76
53
76
91
54
107M
80
85
75M
89%
57%
92
77%
106% 109%
Cleveland A Pittsburgh RR
.1942 A
x
aaa2
♦105M
O
x
aaa2
*104
.1942 J
Berles A 4 Ms guar
Series C 3 Ms guar
Series D 3 Ms guar
O
1942 A
Gen 4Mb series U
Series B 3 Ms guar
aaa2
*103
Gen 4Mb aeries A
J
x
1948 UN
.1950 F A
x
aaa2
x
aaa2
.1977 F
...
A
x
aa
2
/
x
aa
2
Gen A ref 4 Ms series B_, 1981 J
Cleve Short Line 1st gu 4 Ms .1961 A
Cleve Union Term gu 6 Ms. .1972 A
O
107 M
*105M
*81M
89 M
9
O
x
bbb3
78M
78 M
78 M
24
74M
78M
O
x
bbb3
70
69 %
70%
27
68
73
gu 4s... .1945 J
D
x
aaa2
A
x
bbb3
O yb
106
106"
77%
77 M
78
3
15%
14
16M
Columbia G A E deb 5s_May 1952 AfN xbbbS
Debenture 6s
Apr 15 1952 A O x bbb3
Debenture 5s
Jan 16 1901 J
J x bbb3
103 %
103M
105
103%
103%
103 %
103 %
104 %
.1970 A
mtge
Colo A South 4Mb aeries A. .1980 AfN
y
b
103%
Columbus A H V lstext g 4s. 1948 A
O
x
aaa3
*112
Columbus & Sou Ohio El 3Msl970 M
S
x
aaal
106
x
aaa4
Columbus A Tol 1st ext 4s.. 1965 F
A
♦Commercial Mackay Corp—
Income deb w w__.Apr 11969 May yb
Commonwealth EdlBon Co—
1st mtge 8Mb series I
1968
Conv debs 3 Ms
1958
Conn A Pasump Rlv 1st 4s.. 1943
Conn Ry A L 1st A ref 4 Ms.. 1951
s
f 3Ms A
8
12
619
109
1
49
115
~~6
36M
13
36
105M 106 M
77M
85%
13
18M
103M 106
103M 106
103 % 105%
105
108
113
*112M
1
113
30
43 %
x
aa
4
109 M
109 M
26
J
x
a
3
115M
10
A
O
x
bbb3
114%
*100M
J
J
x
aa
J
x
a
1
A
x
aa
3
3
'109M
109M I09M
108M 109 M
109
4
104
105
103M 105 M
aa
4
8Mb debentures..
1956 A O
J
8Mb debentures
1968 J
♦Consolidated Hydro-Eleo Works
x
aa
4
104%
106M
104M
106 M
104 %
104 % 106%
103 % 105%
x
aa
4
108 %
108 M
108M
100M 108%
104%
104M
105
For footnotes
see page
1719.
Gas A El of Berg Co cons g 5s 1949 /
Gen Am Investors deb 6s A. 1962 F
/
♦Gen Elec (Germany) 7s
1945
{♦Sink'ng fund deb 6Ms..1940 J
♦20-year
s
cccl
24
Attention Is directed
20
"24
103M
102
104
103M 105
8%
y
ccc3
47M
y
bb
cc
z
c
z
4Q|/
65 %
73%
7%
9%
0 vt
1
1
I
-
014-
6M
1
9
1%
t
2%
2M
47%
1
;<N
100
too !*
2 M
*2
2
2
1M
...
158
3
47 M
46
3
—
1%
39
D
A
lOOiu 102
I
J
z
z
*
cccl
D
32 M
cccl
32
36
35M
1948
Gen Steel Cast 6 Ms w w
1949
^♦Georgia A Ala Ry 5s.Oct 11945
tl*Ga Caro A Nor 1st ext 6s. 1934
♦Good Hope Steel A Ir sec 78.1946
AfN
z
*
cccl
J
J y b
J
J
z
c
J
J
z
cccl
A
O
z
cccl
18%
*
106
*»
— —
——
—
—
—
1
—
....
12
22
33
104M 106M
76
81M
95
100M
101*i. 101M
95
—
95
yb
1
63 M
63 M
65%
15
63 M
73
1
66
66
68
16
66
80
31
107
109
12
107 M 107 M
103M 108M
10
97 M 104 M
a
4
108 H
1961 J
a
4
——————
1952 /
1973 /
4Ms registered
26
100 M
*95
90
18
J yb
Great Northern 4M« »er A..1961 J
General 6 Ms series B
General 5s series C—
2
76%
*100
3
84%
10
——
106
76%
*101
J
D y bb
A
-
36
105%
35%
27 M
12%
18%
18M
------
——————
47
89%
87M
*10
J
D
Goodrich (B F) 1st 4Mb
1956
Gotham Silk Hos deb 5s w w.1940 M S y bb
Gouv A Oswegatchle 1st 5s—1942 / D y b
GtCona EI Pow (Japan) 7s..1944 F
J
1st A gen sf 6Ms
1950
89
3
35
30
30
...
39
35
f deb 0s
bbb3
------
t-> 0 00 £
*
m
103 M
109
—
—
105M
97%
98 %
91
91%
15
bbb3
90 %
89%
91
39
89
95%
bbb3
101 %
100 %
117
100
Gen mtge 4s series H
1946 J
Gen mtge 3Ms series I ...1907 J
J
♦Green Bay A West deb ctfs A— Feb
bbb3
96%
105M
99 %
bbb3
83
bb
1
Feb
♦Debentures ctfs B
Gulf Mob A Nor 1st 5MsB..1950 A O
c
2
bbb3
1st mtge 58 series C
1950 A
Gulf Mobile A Ohio 4s ser B1975 J
♦Gen mtge lnc 5s ser A
2015 J
——————
bbb3
General 4Mb series D.
1970 J
General 4 Ma series E
1977 J
General mtge 4s series G._1940 J
——————
96
82%
*59
5%
*89
101 M
151
97
83 M
64
12
—
— —
—
bb
3
——————
bb
3
-
J
bb
2
64 M
64
cc
2
40 %
40
41
*85
87 M
-----
7
5
—
87
90
20
79
86 M
27
62
111
36
66M
41
64 %
J
95
80
-----
95 M
4
7
O
89M
100
— — —
83 M
90
—
—
85 M
Gulf A Ship Island RR—•
Hoe (R) A Co 1st mtge
b
cons g
J
a
2
104
103 %
104
109%
3
109M
1
103% 104%
109M 1HM
24
——————
127M
127 M
4
127 M 129M
aaa4
——————
bb
2
------
86 M
86 M
1
125% 125%
86%
92%
b
2
61M
61M
61 M
3
AfN
bbb2
103 M
103 M
103 M
5
J
ccc2
28 M
28 %
37
1944 A
aaa4
O
68.1937 UN
Houston Oil 4Ms debs
1954
Hudson Coal lstsf 5a ser A..1902
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s A—1957
♦Adj Income 6s
*
D xbbb3
-
With declaration..
tf*Housatonlc Ry
aa
J
♦Certificates of deposit
Franclsoo Sugar coll trust 68.1956 MN
——
6
9
8%
1
1
z
(Amended) 1st cons 2-4s—1982
UN
I ♦Proof of claim filed by owner
-
"73% "28
73
8%
1
cccl
x
of Upper Wuertemberg 7s_1958 J
M S zee
♦Certificates of deposit
JFonda Johns A Glover RR—
102 %
100
102
104%
;
cc
♦Harpen Mining 0s
...1949 /
Hocking Val 1st cons g 4 Ms.. 1999 J
J
Registered
x
Consol Oil conv deb 3Ms...1961 J
z
bbb3
O
1946 A
...1948 A
R
100
102
102 M
ccc:
Gulf States steel sf4Ms
1901 A
Gull States Utll 3 Ms ser D..1969 A/N
O
8Mb debentures
..1974
M
102M
104 %
AO
t
107% 109 M
114
119M
Consol Edison of New York—
8 Ms debentures..
D y bb
1QT4
101 M
2
103
104%
104%
36M 36M
107
101M 103
5
106 %
102
*101%
;
1
37 M
106%
102
119" 119"
*117
109
106 %
a
tFlorida East Coast lst4Ms.l959 J
J
1st A ref Term M 5s stpd.. 1952 J
D
J
1961 F
90
114% 114%
106 %
J
Stamped guar 4 Ms....—1951 J
84 M
*107%
106"
3
Conn Rlv Pow
"SO" *82"
.1977 A
..
Colo Fuel A Iron gen a f 6s., 1943 F
Income
bbb3
~85~~
.1973 A
1st a f 5s series B guar
1st a f 4Mb series C
♦5s
x
107% 107%
x
D y bb
O x a
lstgu 5s.. 1947
107%
*
A y bb
1954 J
Firestone Tire A Rub 3 MS—1948 A
t*Fla Cent A Pennln 5s
1943 J
Grand R AI ext 1st gu g 4 Mal941 J
J
Grays Point Term
108 %
O x bbb3
Coal River Rylst
105% 105%
103% 103%
F
1950 J D
M S
1st Hen 6s stamped
30-year deb 0s series B
1944 A
1st mtge
8Mb guaranteed
.
D
28
56
63
101 % 103%
26%
31%
UN
aaa3
1
122
F
A
b
3
47
46 M
47%
32
44
48 %
Feb 1957 A
O
ccc2
13
12M
13
22
11
13M
125
125
'
127
22
102 % 106M
to the new column
Incorporated In this tabulation pertaining to bank and eligibility rating of bonds. Ree a
Volume
New York Bond Record—Continued—Page 4
152
i
BONDS
N. Y. STOCK EXCHANGE
Week Ended March
g
Bank
i
I 61 Elig. A
is
14
Railroad & Indus. Cos. (Conl.i
Illinois Bell Telep 2 Ms ser A. 1981 J
Illinois Central RR—
Last
See
Low
J|X aaa4
102
N
Since
No. Low
1951 J
J
4s registered
1st gold 3Mb
1951 J
Jx bbb4
1961 J
J
bhb4
Extended 1st gold 3 Ms
1st gold 3s sterling J
1951 A
O
bbb4
1951 M 8
bbb4
Collateral trust gold 4s
1962
A
O
bb
Refunding 4s
1966 M N
Purchased lines 3 His
Collateral trust gold 4s
1962 J
88
88
91M
89 X
91 M
89X
89H
21
111
bb
42 M
42
43M
39
47 M
J
bb
40 M
40
41
15
38 M
43
1953 M N
bb
41M
40
41X
49
39
45 M
1953 M N
bb
39
39
1965 MN
Refunding 6s
40-year 4Mb
Aug 1 1966 P
Cairo Bridge gold 4s
1960 J
Litchfield Dlv 1st gold 3s..1951 J
Loulsv D1y A Term g 3M8.1963 J
Omaha Dlv 1st gold 3s
1961 F
*
"50 M
bb
*57
58 M
Western Lines 1st g 4s.
4s registered.
43 X
*40~"
46%
49
43 M
49 M
47
*46
51
51%
51%
%
bb
1951
J
J
bbb3
*70"
F
A
bb
3
*59M
62
*55
60
58
60
48M
45%
6
25
33
75 %
1
74
78
18M
35
15%
19%
3
bb
2
43 %
43
44 %
150
let A ref 4 Ms series C
1963 J
D
bb
2
40%,
40 X
41M
81
1948 F
A
cccl
25
25
75 %
18M
*106M
105M
--I960 J
J
bbb2
aaa2
aa
3
Inspiration Cons Copper 48.1952
bb
2
Interiahe Iron
bb
3
"98"
cccl
conv
18M
ccc2
deb 4s_.1947
{♦Int-Grt Nor 1st 6s
A. .1952
z
A.July 1952
Z
CC
1956
z
•1st g 5s series C
1966
Internat Hydro EI deb 68—.1944
s f 6s
1941
Yoix
ser
♦1st 6s series B
98 M 101
98
"16
13M
11%
13 X
309
1M
1M
11M
13
107
1
13
46
1%
%
8M
z
cccl
13
11M
13
139
b
3
45
44 X
45M
15
44
y
ccc4
85
83 M
86 M
144
71
Internat Paper 5s ser A A B.1947
Ref s f 6s series A
1955 M
y
bb
51%
86%
3
103 X
103M
103M
21
102 H 103%
103M
103 M
*75
103 M
79
14
101% 104 M
78 M
78
85
{♦Iowa Cent Ry 1st A ref 4s. 1951
86
*"l2
83 M
86%
44
42 X
44 M
287
30 M
44
46
44 M
46 M
435
32 %
47
1H
A y ccc2
M S z cccl
1X
5
%
D y bb 2
Kanawha A Mich 1st gu g 4s 1990 A O x bbb4
A
0 z b
1
{(♦K C Ft S A M Ry rfcf g 4s 1936
54
53 %
*93
54
M
1M
zb
♦Certificates of deposit
1950 A
Apr 1950 J
Kansas City Term 1st 4s
1960 /
Karetadt (Rudolph) Inc—
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943 M
♦Ctfs with warr (par $925) 1943
13
36 X
37M
65
2
69M
70
J y bb 3
J x aaa4
Ref A Impt 5s
51
65
1
_
O xbbb3
Kan City Sou 1st gold 3s
52M
"38M
37 %
37 %
71
16
107M
18M
21
108 M
18 %
cccl
y
x
a
x
102M
bb
92 M
4 Ms unguaranteed
1961 J
Kings County EI L A P 68—1997 A
x
bb
2
*81
84
x
aaa4
*161
170
x
a
2
J
J
1951
Kresge Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
Lake Sh A Mich So g
3 Ms
registered
Lautaro Nitrate
a
2
x
a
3
104M
104M
104%
x
a
2
103
102 X
103
*3%
A 7 b
F
F
A y b
A yb
F
94 M
96
94 %
92 %
96 M
60 M
28
56%
65
59 %
10
57 M
04%
55
59 %
56
60
56
*1
49
56
F
97
94 M
59
55
O y bb
50
62
A y b
♦93M
mmmm
-
-
-
-
xbbb3
87
*85M
bb
2
94
a
2
93%
88%
3
90
98 M
95
37
y
92
88 %
90
29
bb
2
y
bb
2
x
bbb3
y
b
_
zb
33 M
67 M
64
5
60%
65
95%
6
93 M
95 %
40
1
36
45
84
86
z
b
b
40
z
b
86
*40
z
z
b
z
b
40
37
b
b
„
b
w
y
bb
z
bb
37
----
85%
2
43%
43
44
46
46
46
-
41
4
%
y cc
1
y cc
I
y
cc
1
y
cc
1
24
24 %
*
M
1963 M
♦(Con ext 4Ms
1939 J
{♦Mil Spar A N W 1st gu 4s.1947 M
{♦Mllw A State Line 1st 3 Ms 1941 /
{♦Minn A St Louis 5s ctfs...1934 M
4s int gu'38 J
con g
■
43
♦
1978 J
1st A ref 5 Ms series B
{♦Mo-Ill RR 1st 5s series A. 1959 J
ser
40-year 4s series B
1962
95 M
80 M
1
80 M
85
b
80 M
75 %
4
73 %
79M
aa
♦
x
105
105M
120M
120M
9
z
ccc2
126M
126M
8
126
aaa4
-----
-----
—1949
stamped
...1949
Lorlllard (P) Co deb 7s.
1944
5s debenture
1951
Louisiana A Ark 1st 5s ser A. 1969
Louisville Gas A Elec 3MB--1966
Lou A Jeff Bridge Co gu 4S..1945
Louisville A Nashville RR—
1st A ref 6s series B
2003
1st A ref 4 Ms series C
2003
1st A ref 4s series D
2003
1st A ref 3 M s series E
2003
Unlf mtge 3 Ms ser A ext..1950
Unlf mtge 4s ser B ext
1960
Paducah A Mem Dlv 4a—1946
St Louis Dlv 2d gold 3s... 1980
M 8
x
bbb3
M 8
x
bbb3
A
O
x
aaa3
120%
F
A
x
aa
J
J
x
bbb3
M
F
A
x
aaa3
J
D
z
cccl
A
O y bb
3
104 M
*
57
11
105
28
z
b
------
61H
61 %
10
59 M
65 M
z
ccc?
34 M
33 M
34 M
20
26 M
8
z
ccc3
------
19%
25
15
34 M
19M
J
z
ccc3
18 %
25
3
25
25
N
z
cc
2
9%
z
c
2
2%
z c
2
8%
2%
*1M
25
9%
259
6M
2%
45
1M
J
z
cccl
11M
10 %
z
cc
2
10 %
10%
z
cccl
11M
11
z
cc
z
cc
2M
2M
11M
10%
11%
295
2 M
1
1%
1 %
1
68%
77%
30 %
69%
47
21M
17M
18M
6M
J y bb
J z b
5%
23%
„
77%
85M
257
24 M
31M
22% 1054
12M
22 M
18
180
11
18
18%
6%
523
11M
18%
312
3M
6M
21%
21 M
23%
67
19%
23%
30
19 %
1M
1 %
29
1M
22
23%
573
19M
22
2M
23M
31%
21H
22%
172
19
22 M
22%
22%
24
117
20
24
119
19M
1949 M N
z
c
O
z
ccc2
22%
1%
24%
z
cccl
S
♦1st A ref g 6s series H
♦Certificates of deposit
1980 A
1981
♦Certificates of deposit
(♦Mo Pao 3d 7s ext at 4% Jul
y
a
z
1M
23%
1
------
b
23
1960
1965
0
x
22
-
111 M
0 ybb
D
J y bbb2
O y b
s f
5s series B...1955
x
88
110 %
104 M
......
*78 M
a
104 M
95
75
*42
95
A
Nat Dairy Prod 3%b
..I960 J D
Nat Distillers Prod 3 Ms
1949'M 8
Natlnal Steel 1st mtge 3s...196 6 A. O
NaahChatt A St L 4s
ser
A..1978 F
65
37
40 %
36
41 %
68
30 M
35 M
108
108%
10
107M 109M
117
117
4
116M 117
lOO^IllOO1'!!
......
x
bbb3
y
bb
x
aa
x
a
x
—....
*100
104
68M
103 %
M
68%
102 %
104 M
x
aaa3
{♦New England RR guar 6s .1946 J
♦Consol guar 4s
.1945 J
New Eng Tel A Tel 5s A— 1952 J
121 %
91 M
121%
z
z
cccl
x
aaa2
cccl
......
121 %
1st g 4Mb series B
1961 MN x aaa2
N J Junction RR guar 1st 4s .1986 F A y bbb2
N J Pow A Light 1st 4 Ms- 1960 A O x aa 2
......
54%
19
54%
27
123%
8
124 %
108 H
124%
*74 %
108 M
124%
75%
bbb3
ccc2
106
b
1954
1956
A
b
♦Certificates of deposit
♦Certificates of deposit
......
......
......
ccc2
b
37 M
......
A
J
z
b
z
ccc2
z b
x
1
1
106M 106M
72%
16
105M 106 M
68
73 M
33%
33%
36%
4
30
33 %
31
39%
37%
39%
20
34 M
40
15
34
37 M
35 M
39%
36 M
39
M
106%
*30
38
36 %
38
*34
39
-
39
38
1
Fz ccc2
—
Newport A Clnclnati Bridge Co—
gen gtd 4 Ms
1945 J
72 M
1
z
z
—
1954
1
ccc2
O
25
70 M
105
106
bbb2
N Y Cent RR 4s series A
1998 F
39
*109
3
*109
O
x
bbb3
103
O
x
bbb3
98%
98
98%
33
97 % 101
O x bbb3
92%
89%
92
92%
10
92
89M
90%
15
87%
105M
105M
2
85%
—
1
6
32
....
29
40
32 M
33 M
34
39 M
41
56
33 %
41
38
37
39
22
32
39
-
—
—
*34
M
..1946 A O ybb
O yb
....
*107
2013 A
Conv secured 3Ms
1952 MN ybb
J x a
N Y Cent A Hud River 3 Ms.1997 J
x a
3 M s registered
1997
2 Ms registered
ybb
y
62M
60 M
94%
210
89 M
95 M
58
65 %
95%
59%
82
95
236
55 M
63 M
65%
O yb
64 %
58%
3
3
64 M
65%
145
61M
61%
62%
84%
87%
69M
67 M
87 M
62%
87%
_
bbb2
100%
68%
y
bhb2
68M
63
108M 110
109
109M
93
69 M
105
83 M
81M
----
81
19
64 %
70
----
73
63
64
ybb
2
*58
70 M
70
72
60 %
59
4s collateral trust
1946 F
100
100M
60 M
64M
35
59 M
68
57
65
63
66 M
75
61
3
3
1998
82
M
1974 A O y bb
1978 M 8 y bb
New/
69M
69%
100 "M 100
*62
ybbb2
1998
83
*82
Ref 4Mb series C...
3
»
30
40
aaa2
A ybb
Ref A Impt 4Mb series A..2013 A
3 Ms registered
87
aa
—
75
108M
68 M
Mich Cent coll gold 3Ms—1998
aa
3
70
65
bbb3
120% 122 M
125M 128
bbb2
107
66%
106%
x
5
x
124M 131M
66 %
1955
9
A
17
24
3
x
1st A ref 5s Bertes B
Ref A Impt 5s series C
105
x
FSza
54%
54%
127M
67
New Orleans Term 1st gu 4s.1953
125%
York Chicago A St Louis—
Ref 5Ms series A.
61 M
227
64 M
64
1
bbb2
91%
91
92
116
86M
92 M
1st mtge 3 M» extended to 1947
x
bbb3
93
93
93
5
90
94 M
96 M
3-year 6% notes
.1941
y
b
2
96 M
96
96 %
81
90
96 %
91M
6s debentures
.1950
y
bb
i
81
81
81
4
79
82
N Y Connecting RR 3Ms A-.1985
x
aa
3
101
43
105 M
103 M 105M
107 M
45%
73%
bb
120%
10
50
123
...
108 M
106%
82%
85
121% 124
72 M
y
125%
107 M
1
4
4Mb A'52
mp
120 %
102
104 %
----
J y bb
30-Yr. Debenture 4s 1912.1942
Lake Shore coll gold 3 Ms—1998
82 M
16
103M 104 M
104
106 %
123%
53%
54
72
68
102 M 104M
18
53%
J
J
D
1983 J
105
*
22
124
10
104 M
104 %
105
105
New Orl Great Nor 5s A...
69 %
104%
104 M
104M
99 M
107M
..
34%
34%
3
99 M
3
.
41
4
96
a
.
115
2
95%
x
79 M
-----
38 %
a
52
J
75M
-----
39 M
b
25
7
102M 106 M
....
37%
33 M
aa
96 %
104 M
19
54
....
38 M
z
...
97
104M
66 M
108M 110M
110 M 112M
38 %
x
Supply 3 Ms
96
3
85
39
1954 J D
{♦Naugatuck RR 1st g 4s... 1964 MN
Newark Consol Gas cons 5s .1948 J D
Natl
96
Jx a
22 M
79
*42
....
Constr M 4 Ms series B
1955 M N yb
Mountain States TAT 3Ms. 1968 J D x aaa2
MN x a
Mutual Fuel Gas 1st
10-year 3Ms sec s f
— —«
x
bbb3
23M
19
*36 M
Gen A ref s f 4 Ms series 0.1955
o y bb
Gen A ref s f 5s series D...1965
D ybb
Morris A Essex 1st gu 3 Ms—2000
Constr M 6s series A.—.1955 M N y b
♦Certificates of deposit
98
S
x
1M
24 %
23
19M
1
22
23
81M
53
18
....
110 M
111 M
*42
o y bb
o y b
262
55
104 %
Montana Power 1st A ref 3Ms '66
Montreal Tram 1st A ref 5a..1941
Gen A ref s f 58 series A...1955
20
22%
110 M
—
M
20
23%
21%
55
a
32
64
----
*82
------
Mob'k A Malone 1st gu g 4s. 1991 M 8 yb
Monongahela W Penn Pub Ser
1st mtge 4Mb
6s debentures
22
*21 %
23 %
22 M
cccl
z
%
24%
ccc2
z
'38 MN
------
131
M 8
O
1M
7
79
24
96 %
1
2%
69%
17
31 %
J y ccc2
%
53
19%
16%
------
22
96%
103
11
11 %
22 %
98 %
'
7M
8M
1M
cccl
96 M
21
17
72
ccc2
30 M
....
11M
cccl
95%
86
8M
z
93 M
.....
9M
2M
1
1
3M
z
26
85
41 M
z
18
86
70 M
28 M
D
1978 MW
♦1st A ref 6s series G
15
3
1
ccc2
96
-
37
z
94
-
37
107
cc
95M
--
103
cccl
93M
94
M 8 y bbb2
75
ccc2
1977 M
♦1st 5Ms series A..
104 M 106 M
----
104M
30 %
120
126 M 126 M
7
105 %
------
2
99 M
64
104 %
105 M
{(*N O Tex A Mex n-c Inc 5s 1936
♦Certificates of deposit
120M 123
aaa4
19M
48M
117
96 %
13
z
24M
aaa4
96
66 M
z
17M
*100
70
96
....
64 M
66
3
M_S
1975
20
bbb4
96
6
30
z
♦Certificates of deposit
♦Certificates of deposit
♦1st 4 Ms series D
..1956
32
3
6
67
99
*98
------
3
69
55
30
....
80
*
a
35
....
6
30
*
......
105M 107
109M 112M
A
1965 F
1st A ref 5s series A
27 M
21
aaa3
*3M
8 y bb
J ybb
8 x a
60
*56
8
{Missouri Paciflo RR Co—
101
51M
ybb
111M
106 M
112 M
cccl
♦1st 6e series C
28
x
106 H
z
22
118M
MIV
u1
75
92
O
25 %
8
75 %
bbb3
.
Prior lien 4 Ms series D...1978
♦Cum adjust 5s ser A..Jan 1967 A
14 M
x
A
100 %
100
M
%
98M 101
109M
105M 106 M
85 M
88
/
Attention ix directed to the new column incorporated In this tabulation
95 M
ccc3
J y ccc2
J y c
1
1962
A
16M
50
27%
27
3
86
Mo Kan A Tex 1st gold 4s...1990 J D yb
MISBOuri-Kansas-Texas RR—
1
x
"
—
62
x
gold 4s
—
48
*118
27M
25
26
88
J
{♦1st cons 5s
1938 J
J
(♦1st cons 5s gu as to lnt—1938 J
J
♦1st A ref 6s series A
1946 J
♦25-year 6 Ms
..1949 M S
N O A N E 1st ref A
85 M
3
1
44
---
2
New Orl Pub Ser 1st 5s ser A. 1952
38
— — — —
82 %
43
x
4s
1719.
33
—
a
cc
44
-
52 M
39
33
x
y
O y bbbl
86 M
2
♦1st A ref gold 4s
1949 M S
♦Ref A ext 50-yr 6s ser A.1982 Q F
158
----
35
86 M
----
----
1952 M N
23%
18%
23
28
M
cccl
25%
21M
18%
22M
48
88 M
D
♦1st 6s series B
A
For footnotes see page
M
32
1
-----
-
35
----
85M
~
-
40 M
39
6
—
*85M
«•
-
86
43M
37 M
35
----
37
37
z
z
80
36 M
5
3BM
*34M
z
7
----
-----
*36M
5s—..1951
Lex A East 1st 60-yr 5s gu.—1965
Llbby McNeil A Libby 4s.. 1955
Liggett A Myers Tobacco 7a. 1944
5s debenture
1951
5s registered
.1951
Lion OH Ref oonv deb 4 Ms.. 1952
Little Miami gen 4s series A. 1962
Loews Inc s f deb 3 Ms.
1946
Lombard Elec 7s series A
1952
♦Long Dock Co 3Ms ext to..1950
Long Island unified 4s
1949
Leh Val Term Ry ext
M
62 %
94M
«. m
40
3
27
10
63%
63M
16
65
40
y
65
29 M
64%
cccl
12
45
87 M
98 M
95
15
Co Ltd—
1975 Dec
J
Lehigh C A Nav s f 4 Ms A—1954 /
J
Cons sink fund 4 Ms ser C. 1954 J
A O
Lehigh A New Eng RR 4a A. 1966
Lehigh A N Y 1st gu g 4a
1945 M B
Lehigh Valley Coal Co—
♦5s stamped
—1944
♦1st A ref a f 6s
1954 F A
♦5s stamped
1954
♦1st A ref s f 5s
1964 y a
♦5s stamped..
—-.1964
♦1st A ref s f 5a
1974 r a
♦6s stamped
1974
♦Sec 6% notes extended to 1943 7" j
♦6s stamped
1943
Leh Val Harbor Term gu 5a..1954 y a
j
Lehigh Valley N Y 4 Ms ext. 1950 j
Lehigh Valley RR—
4s stamped modified
2003 M N
4s registered
2003
MN
4 Ms stamped modified-.—2003
4 Ms registered
2003
MN
5s stamped modified—..2003
80
50
88 M
1947
Mut Un Tel gtd 6s ext at 5% 1941 MN
95
18
90
105M
109M
74 M
35
26
gu g 5s.
82
98
103
3
*85 %
111 M
Gen A ref
4
59M
O ybbbl
A
y
3M
60 M
A
♦1st mtge Income reg
Guar ref
107M 108 M
107M 107 %
103% 105 %
102 M 105 M
♦108
x
1997 / D x
1997 / D,x
3 Ms
107 M
J
1941
2d gold 5s
88
88
81M
82
165
168M
M 8
z
103
"77 M ~81%
M N
Uniform ctfs of deposit...1959 M 8
(•Laclede Gaa Lt ref A ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ref 6 Hs series C
1963
Coll A ref 5 Ms series D
1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
Lake Erie A Western RR—
6s extended at 3% to
1947
18 M
73
107M
197
3
3
♦1st A ref 5a series F
107M 109
18 M
79
*88
165"
5
109 M
80
72
ddd2
♦1st A ref 5s series I
*77M
105 %
*36
A
♦General 4s
109M 109M
bbb3
1964
72
109%
bbb3
Koppers Co 4s series A
68M
69
102 %
bbb3
1954
37 M
32
63 M
102%
x
Kings Co Lighting 1st 58
1st A ref 6 Ms
32M ' 38M
102M
x
90
109M 111
A
1945
♦Certificates of deposit
♦Conv gold 5 Ms
1961 J
112
88
5
95 %
*17
109 %
*25
Plain
58%
*17
1946 M~S
J
Kentucky Central gold 4s—1987 J
Kentucky A Ind Term 4 Ms. 1961 J
Stamped
2
1961 J
Keith (B F) Corp 1st 6s
High
112
1I2M
-----
cccJ
♦Certificates of deposit
z
N
------
106 %
Prior Hen 6s
95
"
Low
J
-
James Frankl A Clear 1st 4s. 1959 J
48%
32%
bbfc>4
{ (♦MStPASS M
8 y b
3
Int RyB Cent Amer 1st 6s B .1972 M N y bbb2
1st lien A ref 6 Ms
1947 V A y bb 3
J y ccc2
Int Telep A Teleg deb g 4Msl952 J
1956 P
NO.
1%
13
13
8
y
79 M
1
b
{(♦Mid of N J 1st ext 5s
1940 A O
{(♦Mil A No 1st ext 4Ms—1939 J D
97 M 103
13 %
8
99
Int Merc Marine
Debenture 5s
6a
Michigan Consol Gas 4s
105 M 107 M
97 X
•
a
O
Ref A Impt 4Ms Bertes C..1979 J
"l3
105%
*98
cccl
♦Adjustment 6s
ser
ext
1st gold 3 Ms
J
gu 4s. 1956 J
Ind Union Ry 3 He series B.1986 M 8
Inland Steel 1st mtge 3s ser F1961 4 O
1
b
Mich Cent Det A Bay City—
Jack Lans A Sa^ 3 Ms
1951
65
40M
37M
bb
D
1
Jan.
111 M
105 %
107 %
108 %
------
{(♦Met W Side El (Chic) 4s_1938 F
♦Mlag Mill Mach 1st s f 7S..1956 J
51 H
61
1963 J
Since
tg
"""
Mead Corp 1st mtge 4Ms—.1955 M 8
Metrop Ed 1st 4 Ms series D.1968 M S
Metrop Wat Sew A D 5 Ms.-1950 A O
95
Joint 1st ref 5s series A
Ind 111 A Iowa 1st g 4s
{♦Ind A Louisville 1st
aa
__
'Stamp mod)
111 Cent and Chic St L A N O—
♦Ilseder Steel Corp 6s
50
35
(♦Market St Ry 7s ser A April *40
47
J
..1951
2
ccc2
Stamped
"58M "6l'M
46 X
'
1951
1st g 3 Ms
b
Marion 8team Shovel s f 6s..1947 A
bb
bb
D
63%
J
bb
2
80M
1951 J
3 Ms registered
2
Manatl Sugar 4s s f...Feb 1 1957 MN
Manila Elec RR A Lt B f 5s..1953 M S
59 M
-
2
bb
45M
*55
bb
a
b
D
O
78
bbb3
A
4
35M
J
05
90
88 %
—
M S
47X
79 M
40 M
-
*110
ccc»
"46
*75
-
5 Ms 1950
A
313
bbb4
«
aaa3
51
b
40 H
bbb2
41%
"50 X
A
§2
Asked
High
miM
3
a
Manila RR (South Lines) 4s_1959 MN
J
{♦Man G B A N W 1st 3MS.1941 J
39 %
D
St Louis Dlv A Term g 3s..1951 J
J
Gold 3 Ms
1951 J I J
Springfield Dlv
%
4 M8--1945 M S
g
Maine Central RR 4s ser A.1945
Gen mtge 4Mb series A...I960
"38" "47""
42 X
X
Monig 1st
•Lower Aust Hydro El 6M8.1944
McCrory Stores deb 3 Ms...1955
"70"
42
A
Range
45
Friday's
Bid
Low
{♦McKesson A Robblns
*90M
*30
Price
South Ry Joint Monon 4s. 1952
J
Atl Knox A Clno Dlv 4S..1955 MN
88
91M
42 M
2
Range or
Sale
See 1
Louisville A Nasnvilie RR (Concl)
94
88
91M
Last
A
Rating
sd
102 M
92
*94%
bbb4
*
Eltg
EXCHANGE
Railroad & Indus. Cos. (Cont.)
Mob A
1st gold 4s
4s registered
STOCK
Week Ended March 14
Jfigh
101
51
102 %
Y.
1
Jan.
0303
High
101X
BONDS
Range
Friday's
A
Asked
'Bid
Price
k
Week's
Friday
Bank
Range or
I
Sale
Rating
fc
si,
1717
Week's
pertaining to bank eligibility and rating of bonds.
See k.
New York Bond Record-Continued—Page 5
1718
BONDS
N.
Elio. A
Y. STOCK EXCHANGE
Week Ended March 14
Last
Sale
See i
Price
N Y A Erie—See Erie RR
^
A
Asked
Low
69
b
1951
1951
Conv 6% notes
—
1947
N Y Edison 3Hs ser D
1905
1st lien A ref 3Hs ser E—.1900
ccc2
"62*
Since
m
-
62
-
N.
Jan. 1
No. Low
Y.
Railroad & Indus. Cos.
62
54
54
Peoples Gas LAC cons 08—1943 A O
Refunding gold 5s
1947 M 8
66
Peoria A Eastern 4s ext
62
107%
108H
13
108H
aaa4
108H
107H 108H
107 % 110%
♦Income
aaa4
122
122
Purchase money gold
aaa4
114H
115
5S.1948
4s—1949
..1956 J
z
cc
N Y A Harlem
M N
x
aa
N Y Lack A Wast 4s ser
M N y bbb2
MN y bbb2
{♦N Y A Greenwood Lake 6sl940
gold 3Hs
2000
A—1973
-197
AfN
5 H» 4-
M
48—1941
{♦N Y New Hav A Hart RR—
♦Non conv deb 4s
1947
♦Non-eonv debenture 3 H» 1947
♦Non-conv deb 3 Hs
-.1954
N Y A Long Branch gen
103 %
103H
1st g 4 Hs series C
*92
97 H
94
*89 H
z
cccl
z
cccl
8
O
22 H
z
cccl
21
22%
22
22%
cccl
22%
22%
23
1956
1948
J
J
z
cccl
21%
J
J
z
cccl
25%
/
J
cccl
A
O
cccl
40 %
1
4%
23 H
79 H
46
z
z
5
5%
cc
—
—
40
11
*105H
20
5%
24%
78
84 H
1
99
7
48H
54H
2
108%
105%
N Y Steam Corp 1st 3Hs—1903
tl*N Y Subq A W 1st ref 6s. 1937 J
J
x
aa
4
105%
106%
F
A
c
F
A
cc
35
1943 AfN
J
,—1967
D
1940
0s stamped
1946
J
{{♦N Y West A Boat 1st 4 Hs 1940
Niagara Falls Power 3 Ha—1960 M 8
Nlag Lock A O Pow 1st 5s A. 1955 A O
Niagara Share (Mo) deb 6 Hs 1950 AfN
A
{ {♦Norf South 1st A ref 68—1901
10H
aaa4
bb
2
109 H
*94
y
bb
2
100
c
2
x
y
3%
2%
*109%
aaa3
a
1
76%
109%
x
y
x
1
4
*109
103
96%
2
9
m
m*.
—
6
100%
3%
7H
3
108 H 109 %
107H 108H
104H 105 H
105 H 108H
26
37%
9%
«•*»#+*»
10%
76%
bb
z
14
24
35
*10
10 H
41H
50%
104 H
cc
33%
3%
91
*108 H
48 H
bbb3
J
22
4%
1%
x
1937
—1940
25H
30
N Y A Rlchm Gas 1st 6s A—1951 AfN
{♦2d gold 4Hs
{♦General gold 6s
♦Terminal 1st gold 6s
N Y Telep 3Hs ser B
N Y Trap Rock 1st 6s
22
99
J xbbb4
J
1958
18
20 %
171
*100
2
11
9%
61 H
76 %
108 H 111H
93
97
95 H 100 H
108
MiW*
24
x
aaa3
aa
2
x
aa
2
113%
114
"8
1981 J
1907 J
D
x
aa
2
108
108
1
D
x
bbb4
107 %
106%
x
aaa4
110H
110
107h
110h
z
cccl
17%
Phlla Co
1961
isation manager)
99 % 100 H
13
102% 104 H
aa4
bbb3
x
O
1942 A
Series B 4 Hs guar
Series C 4 Hs guar
x
x
aaa2
aaa2
110h
1960 F
A
x
aaa2
1903 F
A
1975 A
O
1977 J
J
Series I cons 4Hs
Series J cons guar 4 Hs
1904 MN
Gen mtge 6s series A—.1970 J D
Gen mtge 6s series B
Gen 4Hs series C
x
x
aaa2
x
aa
2
x
aa
2
x
aa
2
Pitts Steel 1st mtge 4 Hs
1950 J D y bbb2
Pitts Va A Char 1st 4s guar. 1943 MN x aaa2
Pitts A W Va 1st 4 Hs ser A.1958 J D y b
2
1st mtge 4Hs series B
1959 A O yb
2
1st mtge 4Hs series C
1900 A O y b
2
2H
6%
ser
A...1948 /
aa
aa
bbbl
1st 5s extended to
1959
A
x
a
x
aa
2
*115H
x
aa
2
*113
4
104%
105%
20
A
0
z
ccc3
79%
106H
102 % 104
cellation of guarantee) .1945 A
♦Certificates of deposit.—.
0
z
Pressed 8tt,al Car deb 5s
Jy
77
91%
125% 127%
104% 106%
104
106
105H
105
123
71
71
46H
78
46 H
bbb2
*35"
ccc2
x
bbb3
"77%
77 h
*73
mm—.
"78" "161
74 h
43%
mm — —
Geo Hen ry A Id g 3s Jan—2047
3s Registered
2047
y
bb
y
bbb2
Ref A lmpt 4 Hs series A
Ref A lmpt 0s aeries B
y
bb
2
52%
52%
53 h
35
y
bb
2
65
64 h
65%
260
y
bb
2
58%
60
5
y
bb
2
59 h
59
60
23
x aa
4
109 %
x
4
1st A ref mtge 8s
Pub Serv of Nor 111 3Hs
Purity Bakeries ■ f deb f»
2
42 %
42 h
*39 %
x
41
63
mm-m
109H
109H
23
110
bbb3
110H
6
_76
"80H
72 %
75%
42%
47%
39
44%
50%
58%
62%
69%
55
62
54%
61%
J
z
c
2
4H
Ohio Connecting Ry 1st 4s.. 1943 M S
x
aaa3
a
.1967 M S
4
15
'53
3%
5%
106% 108
107H
108H
109 H
107%
110
108 % 110H
108H
108% 109 %
106
105
a
a
x
a
D
x
bbb4
Ontario Power N F 1st g 6a_. 1943 FA
Ontario Transmission 1st 6s. 1946 afn
x
aa
x
aa
3
*102 H
117H
103
Oregon RR A Nav
con g
x
aaa2
*110H
111H
110H 112H
Ore Short
cons g 5s. 1940 J
x
aaa2
4a_. 1946 J
109
106
103
100H
116
109
103
aaa2
115H
115H
x
aaa2
106H
83 %
106 %
86
J y bb
Pacific Coast Co 1st g 6a
1946
Pacific Gas A El 4s series Q.1964
1st A ref mtge 3Hs ser H..1961
2
85%
y
b
x
aaa2
110%
110llx« 110H
x
aaa2
111H
110H
x
1st A ref mtge 3 Hs aer I___ 1960
I* Pao RR of Mo 1st ext g 4a. 1938
aaa2
109M
109%
3
z
bb
z
b
3
Pacific Tel A Tel 3Ha aer B—1960
Ref mtge 3Hs series C
1966
Paducah A 111 1st 6fg4Hs—1955
x
aaa4
*
2
1938
x
aa
83
108 H
111%
109%
83%
89%
63%
110"i«112
37
110 H 111%
24
85
"~3
18
110
110
4
104 %
1
95
89 %
80
85
107 % 108 H
108 % 110 H
104 % 105 H
56
52%
55%
94 H
95
94
96
42
45
41H
45H
6s. 1949 Af S
x
aaa3
*123 H
1942 MS
z
b
*
2
125
126
126
70
69
70
Pennsylvania Company—
Guar 3 Ha trust ctfs C
1942 J D
Guar 3 Ha trust ctfs D
1944 J D
Guar 4a aer E trust ctfs...1952 AfN
x
aa
x
aa
x
aa
3
3
1963 F A x a
.1960 J D y bbb3
Pa Ohio A Det 1st A ref 4 Hs A '77 A
4 Ha series B
1981 J
Penna Pow A Lt 3 Ha
1969 F
4 Ha debentures
1974 F
O
x
a
3
*105 H
103 %
J
x
a
3
A
x
a
4
A X bbb4
AfN
x
"108H
108H
aaa2
x
aaa2
AfN
x
106
106M
104 %
61
O
x
a
F
A
x
aaa2
x
a
U2~~
3
4Hs registered
1965 J
D
x
a
1968 J
D
x
a
1968 J
D
x
1970 A O
1981 A O
x
bbb4
x
a
3
1984 J
......1952 A
1719.
a
/
x
a
O
x
bbb4
24
108
108H
46
106 % 110H
~~9
111%
112%
93 %
112%
112%
95
152
122
24
106
106 %
76
5
112%
"55
92 H
94%
114
101%
101%
90%
189
101
101
"90"
88 %
Attention is directed to the
109H
111%
152
152
109H
25
4
90
..1948 J
x
bbb3
104 %
y bbb2
67%
82%
66 H
66 %
31
65H
81%
82%
48
78
70H
83 %
80%
81%
34
78%
83%
102%
*102%
103%
103%
32
102% 104H
103H 104H
103H 104H
103H 105
x
bbb3
J
x
bbb3
M
S
M
S
new
103%
bbb3
MN
bbb2
F
bbb3
A
bbb3
mon 1st M conv 5
H»-1954 MN
Gen mtge 4Hs series C—.1950 M N
Revere Copper A Brass
3Hs 1960 MN
218 H 222
108H 109H
8
104H
104
104 %
*96
bbb2
♦Rhelnelbe Union
s
1940 J
1940 J
f 7s
♦3Hs assented
♦Rhine-Ruhr Water Serv 0S.1953 J
bbb3
bbb4
103%
103H
104
68
104
105
116
104H
104
104H
4s
con
s
*15H
*15H
bbb3
3Hs series H...1907
3Hs series I
1907
Gen mtge 3Hs series J
1909
26 H
19
19
27
20H
20
26
20
26%
26%
b
106H
6H
ccc2
"40 H
40 H
6H
41
16
40
45
J
ccc2
41H
40
41H
78
35
42
8%
6%
136
7
8H
4H
6
O
cc
1
2
O
cc
aa
aa
2
M
8
aa
8
aa
2
M
*5%
{♦Rut-Canadian
107
107%
107H
7
13H
117
107
cccl
8tmp___1949 J
J
c
2
5%
J
cc
2
6
2
Saguenay Pow Ltd 1st M 4Hs '06
x
a
St Joe A Grand Island 1st
4s. 1947
x
y bb
1990
91 %
92%
3H
5%
5
4%
6
92%
2d gold
*50
90
112
70
65
66
66%
93
112
*50
2
6s
1996
y b
St Louis Iron Mtn A
Southern—
♦{Rlv A G Dlv 1st g 4s...1933 MN z bb
1933 MN
66 %
28
"~~4
64%
68%
z
bb
65%
65%
ccc2
32
33
63
{♦St L Peor A N W 1st gu 5s 1948 J
J z
St L Pub Serv 1st mtge 5s...1959 M 8
y
St L Rocky Mt A P 5s
J y
stpd—1955 J
{♦St L-San Fr pr Hen 4s A...1950 J
J z
♦Certificates of deposit
b
2
b
z
1950 J
J
cccl
z
♦2d 4s inc bond ctfs..Nov
1989
{♦1st term A unifying 5s—1952
*Gen A ref g 5s series A...1990
St Paul A Dul 1st con
g 4s__1968
J
J
z
b
J
J
z
107%
111%
112%
92%
120%
104%
110
107 %
115%
114%
98
83
177
column
67 %
74
13
39
40 H
10H
10H
11 %
11
167
9H
12
289
9
11H
11
11H
98
10H
11H
18
11H
11H
11H
U%
344
9%
9%
9%
11H
10H
11%
72
70 %
71%
31
69
75
42%
45
10
35 H
45
21
22 H
155
17H
22H
14H
11
10H
1
J
J
z
cccl
J
D
x
bbb2
J
z
cccl
"2H
A
z
cccl
7%
J
x
aaal
I* 1st g 4s unstamped—...1950
{♦4s g stamped
1950
{♦Refunding 4s
2%
7%
90
107 H
111
116
♦Certificates of deposit
♦1st cons 6s series A
115
1945 M
3H
29
5%
7%
*113
83
86 %
106%
147
106H
121 %
86%
113H
121%
4
17
9
11
97
8H
11H
"35
%
3H
2%
10
112 H 114H
11
10%
9%
3%
4
3%
3%
S
2
6%
135
5%
70 H 86 H
106H 106H
121H 124 H
1%
cccl
32
cc
2
cc
1933 MS
1
cccl
81
2H
*.%
c
♦Certificates of deposit
9H
78
12%
12%
11H
"16
9%
cccl
1959
gu 4s
14H
9H
100
2
ecc2
Oct 1949
{{♦Atl A Blrm 1st
12H
♦
cccl
♦Adjustment 5s
96%
22
{♦St Paul E Gr Trk 1st 4 Hs. 1947 J
{♦St P A K C Sh L gu 4 HS..1941 F
125H
108H
90
70 %
40
ccc2
1972 /
33
69H
cccl
♦Certificates of deposit
z cccl
♦Con M 4 Hs series A
1978 M~B z cccl
♦Ctfs of deposit stamped
z cccl
{♦St Louis-South western Ry—
♦1st 4s bond ctfs—
1989 MN ybb 2
69%
25
40
70%
2
cccl
70
68 %
64%
bb
z
♦Certificates of deposit
14H
31
25
aaa2
St Lawr A Adlr 1st
g 5s
110
10H
31
cc
{♦Rutland RR 4H« stmp...1941 J
4s registered
9
*105
12
{{♦R I Ark A Louis 1st 4 Hs. 1934 M 8
♦Ruhr Chemical a f 6s
1948 A O
4s
107
6H
2
M
7%
105
2
2
8
8
2
8
107
11
106H
A
D
1949
Gen mtge
Gen mtge
28H
33
19
29 %
19
1952 M 8
A coll trust 4s A..1949
registered
106H
98 H 101
25
*
1955 F
f 7s
104
7
J
J
EI Pr 7s. 1950 MN
♦Direct mtge 6s
...1952 MN
♦Cons mtge 6s of 1928
1953 F A
♦Cons mtge 6s of 1930
1955 A O
Richfield Oil Corp—
f cony debentures
99
28H
27%
♦Rhine-Westphalia
s
99
99
23
J
S A A Ar Pass 1st gu
g 4s
1943 /
J y bb 3
Santa Fe Pres A Phen 1st 5s. 1942 M 8 x aaa2
Scioto V A N E 1st gi| 4s
1989 MN x aaa3
{Seaboard Air Line Ry—
109"
111%
101 %
*66
108%
104%
St Paul Un Dep 5s
guar
108
3
94 H
"36
97H
♦218H
115
3
6s registered
Debenture g 4Ha
110H
93H
4
107%
3
General 4Hs series D
Gen mtge 4Ha series E
105 %
108H
3
General 6s series B
106%
2%
11
aaa4
103 H m%
105H 106
103%
121%
'"95""
108
103% 107
105
*107H
aa
A
1965 J D
General 4 Hs series A
104 % 104%
104% 105%
*105
4a.. 1943 AfN
Consol gold 4s
1948
4s aterl stpd dollar May 1 '48
Gen mtge 3Hs series C
1970
Consol sinking fund 4Hs—1960
*104%
*104%
106%
104 %
104%
3H
aa
Remington Rand deb 4Hs w w '50
4H« without warrants
1956
Rensselaer A Saratoga 6s gu.1941
Republic Steel Corp 4 Hs ser B *61
♦Prior Hen 5s series B
*53
6
85 H
100 % 107
108 H 109 H
1
108% 110 H
108 H
104 %
117H
106 % 107 %
31
107H
2
100 % 103 H
103 %
60
31
87H
83
106
H5H 117H
44
64 %
*85
'"83
aaa4
x
Paramount Broadway Corp—
let M a f g 3s loan ctfs
1966 F A y b
Paramount Pictures 3Ha deb '47 Af S x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
♦Paullata Ry 1st a f7a
17
107% 109H
116
x
1901
{♦2d ext gold 6s
11
116
1940
Otis Steel 1st mtge A 4Ha.. 1962 J
3%
77 H
1
aaa4
Roch Gas A El 4Hs ser D—.1977 M
x
D
157
x
{{♦Rio Gr June 1st gu 5s
1939
{{♦Rio Gr West 1st g 4s._.1939
x
1st mtge 3 Ha
.1972 J
Oklahoma Gas A Elec 3Ha.. 1960 J
4s debentures
1940 J
94
81h
106 H
108h
95h
x
♦Rlma Steel 1st
110M
*107H
4
107%
117
x
110
*107 H
x
1905 MN
117
1968 A
108 % 110
*95,
Ohio Edison 1st mtge 4s
1st mtge 4s
61H
61H
.2037 /
Gen A ref 4Hs series A—.1997 J
Gen A ref 4Hs series B...1997 J
4s
aa
52
HOH
*142H
Reading Co Jersey Cent coll 4s '51 A
♦1st
Guar stpd cons 5s
Ore-Wash RR A Nay 4a
1951 J
Pur
z
52
107
123
113H 115
20
ccc2
x
4
16H
♦1st mtge g 6s (stamped can¬
4s. 1948 J
81 %
108h
115"
♦
105 H
*99h
aaa4
{Northern Ohio Ry—
J
55
15
55 h
54%
bbb2
92
North Cent gen A ref 6s.....1974 M 8
Gen A ref 4 Hs series A..
1974 Af S
Northwestern Teleg 4 Ha ext 1944 J
"51H "61%
"56"
54%
55
/
76
105
A
"16
55
54%
J
3
104 H
105
M S
99H 100H
1950 J
111
91
4
F
102
31
Potomac El Pow 1st M 3HS.1900 J
109
91
a
(Minn) 1st & ref M 3H8—1967
(Wise) 1st mtge3Hs
1964
33
100
*108%
3
x
Ref A impt 5s series C
2047
Ref A impt 6s series D
2047
Northern States Power Co—
109H 113H
102h
99%
99%
aaa4
A
2047
2047
35
3
...1977 J D
1960 M S
b
1954
1997 Q
1997
110h
104h
*117
1st 4Hs series D
Port Gen Elec 1st 4Hs
z
"15
119
113H
110
109h
3
x
91H
119
110
3
110
aa
{♦Providence Term 1st 4s...1950 M S
Public Service El A Gas 3Hs 1908
J
1st A ref mtge 5s
2037 J
105H
110H 111
111H 111H
118H 120H
*119
110%
104%
aa
A
D
1st gen 5s series C
16%
127 H
111
*102
D
—..1982 F
—1974 J
Pitts Y A Ash 1st 4s
1st gen 5s series B
12
91
104H 104 H
106
106%
110% 110%
*118
aaa2
34
105
107h
*111h
16%
*125%
5H
*111
aaa2
x
16
4
4H
*109
x
1957 MN
Series G 4s guar
Series H cons guar 4s
1
ccc2
North Pacific prior lien 4s
4s Registered
*104
*106%
3
ccc2
6
3H
*110
aaa2
cc
a
1946
102%
aaa2
x
bb
aaa4
♦1st gtdg5s
99%
102 %
x aaa2
1942 MN
Series D 4s guar
1945 MN
Series E 3Hs guar gold...1949 F A
Series F 4s guar gold
1953 J D
z
z
Debenture 3He
Debenture 4s
100
3H
4H
Pittsburgh Clno Chi A St Louis-
{♦Providence Sec guar deb 4t 1957 MN
x
see page
19
103
J x
4Hs A '52 M S
16H
x
Forfootnotes
1
12H
12H
A
Conv deb 3Ha
42
4%
100
32
z
1941
cona g
5%
4%
16%
A
Pennsylvania RR
5h
4%
15
1949
28-year 4s
Pennsyl Glass Sand 3Ha.
4%
1
15H
16%
107 H
108H 110 H
19
16H
I
...
1
2
106
57
cc
2
c
63
14
cc
z
2
Norf A W Ry 1st cons g 4s... 1990
cona
cony
18
118H 119
113H 115H
108
109H
z
J
1%b debs..1951 J
Petrol
Pitts Coke A Iron
120
z
1949 M S
s f 4s_. 1937 J
♦Certificates of deposit
{{♦Philippine Ry 1st
17h
74
73
c
North Amer Co deb 8hb
Pat A Passaic G A E
5s series A
c
z
{{♦Norfolk A South 1st g 5s_1941 AfN
♦Ctfs of dep (Issued by reorgan¬
Line. 1st
sec
74
106 % 107H
108 H 109
5
108H
83H
64
28
25
•
7
110
72 %
63
11
66
67%
107
x
b
54
27
76 %
54%
4H
108
J
General g 4Hs series C
General 4H» series D
108H 109H
**
109%
103%
16%
49
5h
107h
1977 J
3 %a deb
conv
z
ization manager)...
gu g
65 h
66 H
106%
6
50
High
110% 111
115% 118H
6
116h
13
♦Ctfs of dep (Issued by reorgan¬
{{♦Og A L Cham 1st
76
z
♦Certificates of deposit
49h
5H
♦107h
5%
y bb
19 <0 M S y bb
19 >2 J D x a
Phlla Bait A Wash 1st g 4s—1943 MN
General 6s series B
...1974 F A
Phillips
H
5%
1%
1%
c
N Y A Putnam 1st con gu 4s. 1993 A O y b
3
N Y Queens El Lt A Pow 3 Hs *65 MN x aaa4
bb
49%
No. Low
113
23
22
185
80
3
22
mm
cccl
cc
22
18H
18%
22
b
O y b
A
1942
~41
17H
62
25%
z
D
1955 J
21H
--mm
22H
21
137
41%
4H
24 %
z
M 8
{♦N Y Ont A West ref g 48—1992
N Y Rys prior lien 6s stamp.
89
19
101
24 H
m
z
♦Debenture 4s,....
-1957 MN
D
♦1st A ref 4Hs ser of 1927.1967 J
{♦Harlem R A Pt Ch 1st 4s 1954 MN
9
22
cccl
1948
1940
♦General 4s
97
88
17H
z
registered
{♦Collateral trust 6s
{♦N Y Proy A Boston 4s
97
mmt mm
22%
z
y
'
22
*20
a
High
Jan. 1
106H
108H
*118K
♦Conv deb 6s
M S
M
A
♦Cony debenture 6s
6s
7
53 H
57 H
100
95
95%
cc
i
Since
Asked
Phlla Electric 1st A ref 3H8.1907 M S
J
{♦Phlla A Read C A I ret 6s. 1973 /
26% 50
100% 103%
54
49%
55 %
b
bb
51H
55%
24
103%
50 H
8 y bb
J
♦Non-conv debenture 4s.. 1955 J
♦Non-conv debenture 4s,-I960 AfN
♦Cony debenture 3 Hs
39
97 H
z
y
♦NYLEAWDkA Impt 6s 1943 J
37
b
z
J
1st 4s series B
114H 118H
Phelps Dodge
AfN
a
y
J
121% 125%
11
116
x
O
1960 A
Pere Marquette 1st ser A 5s. 1950 J
^
A
*110h
aa
x
Range
Friday's
Bid
(Cont.)
Apr 1990 Apr
stSHfl—1974 F A
4s
Peoria A Pekln Un
Range or
Sale
Price
Low
High
55
60
-
Last
See i
IS, 1941
Week's
Friday
Rating
7
-
aaa4
N Y Gas El Lt H A Pow g
4 He series B
♦N Y L E A W Coal A RR
Elig. A
EXCHANGE
STOCK
Week Ended March 14
mm- —
60
m~-mm
BONDS
Range
«
aa
High
58%
b
4s registered,
3
Friday's
Bid
Railroad & Indus. Cos. (Com.)
N Y Dock let gold 4a
Bank
Range or
Rating
*1
Nft,
March
Week's
Bank
10%
9%
5%
5%
4%
*12
13%
1H
4H
4
4%
3%
6%
5%
10 H
12H
99% 105
100
87%
104H
91H
Incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See.
a
£2
R
Rating
Sale
See k
<5
Price
Week Ended March 14
A
z
c
3%
2%
3%
A
♦6s Series B certificates.—1935 F
z
c
3
2%
3
.1954 J
Shlnyetsu El Pow 1st 6 %s__ .1952 J D
♦Siemens A Halske deb 6 %8 .1951 M S
y
b
.1946 F
♦Silesia Elec Corp 6 Ha
Slleslan-Am Corp coll tr 7s. .1941
.1952
81mmons Co deb 4s
Va Iron Coal A Coke 1st g 58.1949
x
bbb2
54
20)6
27
68 H
71
12
x
x
x
bbb3
105)6
75
123 H
bbb3
4%s_. .1946
8
105%
aaa3
Southern Colo Power 6s A. .1947
1Q3%
103)6
aaa3
x
103
103
a
South Bell Tel A Tel 3%b_. .1962
.1979
3s debentures
102 H
aaa4
107)6
106
106 X
12
104)6
104)6
102)6
1
102
102 H
.1949 J D ybb
106 H
6
45
45)6
39
ybb
45
3
3
.1949
22
106
bbb4
Southern Pacific Co—
102 % 103 %
104
102
104H 107
119
♦107
106
Southern Natural Gas—
x
27
102 H
bbb3
x
x
O
47 H
50
*121)6
x
1st mtge pipe line 4 Ha— .1951 A
99)6
186
...
cccl
.1950
96
97
...
z
y
South A Nor Ala RR gu Ce. .1963
4s registered
3
78
z
A
96 X
50
50
Socony-Vacuum Oil 3s debs .1964
4s (Cent Pac coll)
3H
2
H
106
44)6
52
"49)6
"50)6
47 H
46)6
47)6
109
44)6
40)6
47
46)6
47)6
375
39 ?6
M~B
2
200
46)6
47)6
57 %
2
312
56
57)6
109
x
bbb2
77
76)6
77)6
22
4s... .1955
y
bb
I
63
62 H
63)6
204
.1955
y
ccc3
O
y
bbb2
bb 2
Virginian Ry 3%s series A...I960 M S
XWabash RR Co.—
x
aaa2
1939 Af N
z
b
1939 F
A
1954 J J
z
ccc2
z
b
1941 J
J
z
b
{♦Des Moines Dlv Ist4s..l939 /
1st cons g 5s_. .1994
.1994
6s registered
bbb3
93
92 H
93)6
86
O
1950 A
1958 A
5s
I* 1st gold 5s
{♦2d gold 5s
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5a
J
z
z
z
♦Ref A gen 4 )6s series C...1978 A
♦Ref A gen 5s series D
1980 A
:♦ Warren Bros Co deb 6a
Southern Ry
39)6
48)6
59
71
82
57)6
64)6
90
93)6
87 56
87)6
x
bbb3
A... .1956
y
bb
"60%
59 H
60)6
178
57
y
bb
77Vs
77
75
82)6
y
bb
82 H
82)6
43
79
Devel A gen 6 Ha
.1956
77)6
82)6
81)6
86)6
7
78
83
73)6
78)6
13%
10%
24
7%
11
47%
11%
6
45%
48
172
7%
11%
11%
167
7%
11%
11%
303
7%
11%
10)6
11%
138
7%
11%
103 H
103 H
103%
1
79)6
bbb2
79)6
79%
20
91
94)6
55)6
94%
56
2
"94)6
z
cc
A
y
b
M
A
y
b
x
A
x
aaa3
D
D
x
aaa4
x
aa
x
aaa3
1st mtge 3 Ha seriea I
1966
West Va Pulp A Paper 3s_..1954
x
aaa3
x
a
gtd.l960lJ
1967'J
Gen mtge 3Ha
J J
J D
Devel A gen 4s series
.1996
1st g 5s.
Mem Dlv
So'western Bell Tel 3%8 B.. .1964
D
.1968
J
1st A ref 3s series C
bbb2
y
"77"
J y bbb2
.1951
St Louis Dlv 1st g 4s
80
77
1
109 H 110 H
107 H
5
106)6 109
J
z
cccl
32
29
32
69
1961
D
x
aaa4
105
104
105
27
103 H 106 H
1953
J
x
aaa4
104%
104)6
105)6
38
104
deb 6s 1945
J
z
bb
104 H
103
28
31
~~6
100)6 109
100
101)6
102)6 106)6
126)6 128)6
110)6 113)6
23
108H 111)6
J*Spokane Internat 1st g 6s. .1955
Standard Oil N J deb 3s
2*4a debenture
8tudebaker Corp conv
O
x
bbb3
100H
100 H
104)6
100)6
1950 MN
x
aa
4
102 H
102)6
104
J
x
aaa3
x
aaa4
.1950
Superior Oil 3%s debs
Swift A Co 1st M 31*8
5s. 195 J
5s_. 1944
Tenn Coal Iron A RR gen
Term Assn St L 1st cons
2
*126
Gen refund a f g 4s
1953
Texarkana A Ft S gu
5%s A. 1950
x
bbb3
.1959
x
aaa4
111
109)6
109)6
105)6
1055-6
3s deb
x
.1965 MN
8s debentures
1943
5s
Texas A Pacific 1st gold 6s_. 2000
1977
Gen A ref 5s series B
1979
Gen A ref 5s series C
1980
Gen A ref 5s series D
Texas A N O con gold
5%s A. 1964
Tex Pac Mo Pac Ter
Third Ave Ry 1st ref
D
A
O
bbb3
A
O
bbb3
J
D
5S...1937
*65"
*
77%
81%
91
94%
14
92%
96%
20
51%
61
32
32
65
67
1
108%
110%
108% 108%
*124""
128%
128% 128%
108)6
113)6
110 H
*101H
108%
113%
107% 109%
*..
3
4
113% 114
109% 111%
102
104%
110%
102%
104)6
84 H
107 J6
3
a
/
A
J
1953
deb A_ 1953
7%8._1955
69%
125
68)6
69)6
17
99
99
J ybb
62)6
72
62)6
62)6
72
71)6
96 H 100 H
25
100
17)6
44
43)6
45)6
51
42
97
96)6
73)6
97)6
73)6
16
94 H
3
70 H
aaa2
bb
*96)6
4
a
aaa3
1
*106)6
b
MN
z
ccc2
"22"
22
157
..1946 Af S
z
cccl
21)6
19
21%
185
15
21%
78 H
75
78%
57
71%
80%
75
73%
79%
81%
♦5s assented
grant 4s
registered
1
*
107)6
20H
2OH
65
73
b
1
*63
x
aa
3
106 H
90
105)6 107
106)6
106
1945 A
O
cccl
F
A
aaa4
1067a*
106732
106)6
8
106732 107
A
x
aa
3
103)6
103)6
103 H
4;
102)6 105)6
J
x
aaa3
1UH
112
x
aaa3
v
111 %
~97~~
3
"97)6
1971 M N
1980 J D
x
aa
3
98
x
aaa3
104)6
104
104 H
42
A
O
x
a
3
106%
106
106)6
25
A
O y b
4
debenture...
Ref mtge 3 Ha ser A
1955
United Biscuit 3%sdeb8.._
United Cigar-Whelan Sta 5a. 1952
1953
United Drug Co (Del) 5a
1944
U N J RR A Canal gen 4a...
United States Steel Corp—
35-year 3 Ha
debentures—
-May 1
60s
112
34
s aa
"o
M 8 y bb
4
97%
68)6
"84%
M S x aaa4
Registered
97 %
98
69
84 56
26
6
3
66
*108)6
♦3)4 s assented A
A
x
*99)6
series B
67)6
82)6
bbb2
105
105%
bbb3
106%
107
8
106
107%
ybb
3
103)6
103%
12
103
104
Winston-Salem S B 1st 4s... 1960
x
aaa2
114%
114%
15
114
114%
t*Wis Cent 50-yr 1st gen 4s..1949
z
ccc2
31
29)6
31
82
27
31
z
cccl
30
29
30
3
26%
30
♦Certificates of deposit
z
♦Certificates of deposit
1
*7)6
108%
aa
3
c
2
10%
7
9%
z
Youngstown Sheet A Tube—
Conv deb 4s
..1948 M S
1960 MN
9)6
cc
x
Wisconsin Elec Power 3)6s._1968 AO
J
f*Wor A Conn East Ist4)6a.l943 J
f 3)6s ser D
cccl
32
10%
z
{♦8u A Du dlv A ter 1st 4s. 1936 MN
s
105)6
9%
7%
108 % 109%
109
*4
x
a
102 H
a
100)6
29
100%
102
103%
84
102%
101%
102
x
100
103%
r
during current week,
a Deferred delivery
n Odd lot sale; not included In year's range.
Cash sale; only transaction
transaction during current week.
S Negotiability Impaired by maturity,
t The price represented Is
200-pound unit of bonds.
Accrued interest payable at the
tion per
sale; only
the dollar quota¬
exchange rate of
$4.8484.
t Companies reported as being in bankruptcy, receivership,
Section 77 of the Bankruptcy Act, or securities assumed by such
No sales transacted during
Fridays Did and asked price,
Cash sa'e sold during the current
reorganized under
gg
current week,
Bonds selling flat,
e
or
companies.
week and not ncluded In the year's range:
No sales.
76)6
90)6
108)6 108)6
aa
100)6
aa
Bank Eligibility and
Rating Column—x Indicates
those bonds which we believe
*100
aa
*100
aa
*100)6
aa
*100)6
aa
*100)6
aa
*100)6
aa
or some
B.z Indicates issues in default, in
100)6 101
based on the ratings assigned to each bond
by the four rating agencies.
The letters indicate tne quality and the numeral Immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating is shown,
100
100
102
101
102)6
101)6
101)6
101
102
101
101
aa
*100 H
101H
100
101)6
101% 102
aa
*100
101H
aa
101H
ioiH
102)6
101H 103)6
102
102)6
101)6 103
102
103)6
100 H 103)6
101H
101H
101
102
101)6
*101)6
102
aa
*100
aa
101)6
aa
*101
aa
*100
aa
*100
101)6
aa
*100
103
101)6 104
102)6 102)6
103)6 103)6
103)6 104)6
aa
*102)6
103 H
103
aa
*100
102)6
103)6
aa
aa
2
*102
102)6 103)6
102)6 104)6
Transactions
March 14.
Sales
509,140
$2,402,000
8,765,000
8,325,000
462,300
6,750,000
406,000
5,322,000
6,812,000
582,000
46,000
Thursday..
340,350
321,214
527,000
49,000
$38,376,000
$3,404,000
$327,000
$42,107,000
Monday
31
31
33 H
33
—
Friday
28
93)6
92 H
102)6
102)6
31
91)6 94
102)6 104)6
x
bbb3
103)6
103)6
103)6
43
aa
Tuesday
102)6 105 H
x
62
2,407,004
Total
Week Ended March 14
Sales at
109
758,000
■
New York
*110
*110
Bond
Bonds
Shares
153,290
620,710
Saturday...
30
....
aa
States
Bonds
Stats
$2,787,000
9,609,000
9,111,000
7,262,000
5,950,000
7,388,000
31)6
94
Total
Municipal
For'n Bonds
$20,000
78,000
28,000
106,000
33 H
36 H
cccl
1941
United
Mis cell.
$365,000
766,000
31H
1
York Stock Exchange,
New
Railroad dk
Stocks
Number of
Week Ended
33
37
....
the
at
Daily, Weekly and Yearly
Wednesday.
104)6 104)6
33
32)6
104)6
31)6
....
b
majority of the Issues bearing
In default.
104
101)6
*100
aa
A great
bearing ddd or lower are
104)6
101)6
*100
aa
aa
102 H
x
All Issues
symbols ccc or lower are In default.
102
aa
bbb2
MN
bankruptcy, or in process
symbols In this column are
The rating
bbb3
A
of reorganization,
100 H 100 H
101
101)6
x
F
bank eligible due either to rating status
it speculative.
*100
aa
Indicates those bonds we believe are not
provision in the bond tending to make
*100
aa
y
*100
aa
x
56%
x
100)6
96)6 101)6
1951
1957
"56
*115
27
52
46%
114% 115
104% 106%
x
A
♦
96
103)6 107
106
107
1947
series A..1955
4
1947
Conv deb 3)6s
111)6 114)6
111
112)6
z
Utah Lt A Trac
Vandalla cons g 4s
47%
100)6
*99)6
aa
1947
4)4 a w w.
1944
1st A ref 5s
1944
Utah Power A Light 1st 5a..
United Stockyds
"~3C
1955
Wheeling Steel 4Ha series...1966 F
Wilson A Co 1st M 4s A
A
x
...
♦Sink fund deb 6 Ha ser
52%
46H
J y bb
S x aa
1949 M
Wheeling ALE RR 4s
"51"
80%
60%
23
*u.
"52)6
74
20%
140
80%
77%
80)6
J y bb
2361 J
2361 J
West Shore 1st 4s guar
78)6
80)6
eligible for bank investment.
1941 MN
1941 MN
1
MN x
1 1942
MN x
875s
1 1942
MN x
1,00s
1 1943
MN x
1.125a
1 1943
MN x
1.26s
1 1944
MN x
1.375a
1 1944
MN x
1.60b
1 1945
1945 MN x
1.626a
1
MN x
1.75a
1 1946
MN x
1.80a
1 1946
1947 MN x
1.85s
1
MN x
1.90a
1 1947
MN x
1.95a
1 1948
MN x
2.008
1 1948
1949 MN x
2.05a
1
1949 MN x
2.10s
Nov 1
MN x
2.15a
May 1 1950
MN x
2.20a
Nov 1 1950
MN x
2.25s
May 1 1951
1951 MN x
2.30s
Nov 1
MN x
2 35s
May 1 1952
MN x
2.40a
Nov 1 1952
1953 MN x
2.45a
May 1
MN x
2 50s
Nov 1 1953
MN x
2 65a
May 1 1954
MN x
2.60a
Nov 1 1954
1955 MN x
2.65s
May 1
1951 / D z
•
Un Steel Wks Corp5 Hs A—
z
1951
♦3)4s assented A
z
1951
♦Sec s f 6 Ha series C
z
1951
♦3)48 assented C
s
Nov
May
Nov
May
....Nov
May
Nov
—.May
v.Nov
May
Nov
May
Nov
May
Nov
.May
2
48)6
97 %
75
30
y
1970 a
4)68.1950
22
15
24
101H
107"
23
*
cccl
A
1947
34-year 3 Ha deb
MN ybb
25-year gold 5s
1951 J D ybb
30-year 5s
I960 M S y bb
♦Westphalia Un El Power 68.1953 J J z b
♦
1st A land
95%
90%
104%
106% 107
100
"96)6 "98"
98
107)6
J
series A. 1942
1
*♦ Western Pac 1st 5s ser A.. 1946 Af 8
Western Union Teleg g
2
65
1947 J
(Chic) 5a.
69
aa
*105
bb
J
125
106%
bbb3
x
*104)6
1
bbb3
F
19)6
100)6
58
3
b
D
J
52
139
18)6
3
D
Union Pac RR—
Cons s f 4s
84 H
78
106)6 108 H
94%
104%
93)6
103)6
106)6
19%
x
104)6 106)6
100)6
O y cccl
J
1952
3s debentures
—
92
1959 F
t {♦Union Elev Ry
UDlon Oil of Calif 6a
....
6
88
32)6
105)6
1045-6 106)6
59)6
58
1945 M S
625s
29,
69)6
69)6
19
J
Ujlgawa Elec Power s f 7s.._
J
Union Electric (Mo) 3%i— 1962
.75s
1}
12
68
59
Imp 3 % s *60
A O
1st 4s—1950
M S
Tol W V A Ohio 4s series C—1942
J I
Toronto Ham A Buff 1st g 4s. 1946
M S
Trenton G A El 1st g 6s
1949
Serial
118
68)6
2
J y b
Tol St Louis A West
4s
16
32
69%
2
a
92
105)6
105)6
84)6
107)6
26)6
94%
104)6
J
O
1977 J
1st A ref 5 Ha series A
West N Y A Pa gen gold 4s.. 1943 A
1st mtge
Tol A Ohio Cent ref A
Trl-Cont Corp 5s conv
105
bbb3
x
M S
Ltd—
♦Tyrol Hydro-EI Pow
♦Guar sec s f 7
90)6
4
J
Jan 1960
♦Ad] Income 5s
{♦Third Ave RR 1st g
Tokyo Elec Light Co
1st 6s dollar series
4
aaa4
x
J ybb
J
1960
4s
aa
3
127 H
111
109 H
91
Texas Corp
8
110
107 H
aaa4
x
77
110
aaa4
x
105%
103
70
*--
O xbbb3
1952 A
Western Maryland 1st 4a
13%
12
40
aaa3
F
Washington Cent 1st gold 4s. 1948 Q
Wash Term 1st gu 3 Ha
1945 F
1st 40-year guar 4s
1945:A*
12
63)6
.1956
49
Devel A gen 6s
13)6
9)6
47)6
10)6
10)6
10)6
91
x
1941 M S
58%
11H
D
Warren RR 1st ref gu g 3 Ha.2000
52%
4
cc
O y b
1948 M S y bb
49)6
49)6
17
34
58%
cc
z
1956 A
Warner Bros Plot 6s debs
13
30
44
11
1955 A O ybb
6s debentures
133
32%
11
z
1945 J
354
17
56 %
O
Walworth Co 1st M 4s
55
52%
11
1
O
Walker (Hiram) G A W—
Convertible deb 4)6s
69%
106% 108%
32 H
cc
1976 F A
22
16)6
16 H
cc
♦Ref A gen 5s series B
108
64%
89%
65
54%
"2
49 H
52
b
z
84%
67
107)6
cc
:♦ Wabash Ry ref A gen 5 Ha A '75 Af S
108% 110
6
90
67
2
20
1
High
No. Low
60
*83)6
"107H
Since
109%
58
60
cc
z
Westchester Ltg 5a stpd
1st 4s stamped
y
♦Omaha Dlv 1st g 3)6s...1941 A O
♦Toledo A Chic Dlv g 4S..1941 Af 8
49 H
bbbl
x
So Pac RR 1st ref guar
aa
y
cons
High
109)6
2
x
M S
J J
1st
Range
Jan.
Bid
Low
West Penn Power 1st 6s E..1963 Af 8
47
J y bb
1946 J
10-year secured 3%s
San Fran Term 1st 4s
ybb
48%
34 H
.1969 MN y b
.1981 M N y b
Gold 4 Ha
107)6
37 H
"49 %
A. .197
Gold 4 Ha
Gold 4 Ha
106
101H 102 H
.1968 M 8 y b
1st 4%s (Oregon Lines)
119
106)6 108)6
105)6 108)6
104
Price
Friday's
A
Asked
Sale
See A
2)6
66)6
97
aa
Southern Kraft Corp
8
25
x
Skelly Oil 3s debs
124
Rating
Railroad & Indus. Cos. (Concl.)
Va Elec A Pow 3)6s ser B...1968 M S
High
No. Low
Range or
Last
Eltg. A
STOCK EXCHANGE
Week Ended March 14
Va A Southwest 1st gu 5s...2003
J
debs..
Y.
Jan. 1
Asked
High
Low
Railroad & Indus. Cos. (Com.)
t*Seaboard All Fla 6s A ctfa.1935 F
Shell Union Oil 2%s
A
N.
Since
Friday's
Bid
BONDS
Range
Range or
Last
Ellff. A
BONDS
STOCK EXCHANGE
Y.
Week's
Friday
Bank
Week's
Friday
Bank
N.
1719
New York Bond Record—Concluded—Page 6
Volume 152
Stock
1941
Exchange
109
2,407,004
Stocks—No. of shares
1940
Jan. 1 to March
1941
3,973,300
26,592,699
37,632,411
$698,000
$7,688,000
52,706,000
278,447,000
$338,841,000
Bondz
3,404,000
State and
38,376,000
foreign
Railroad and
7,098,000
28,085,000
$5,561,000
34,733,000
394,556,000
$42,107,000
$35,881,000
$434,850,000
$327,000
Government
Industrial
l
14
1940
New York Curb
1720
Exchange—Weekly and Yearly Record
March
15, 1941
"
NOTICE—Cash and deferred delivery sales are disregarded In the
week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown in a footnote in the week in which
they occur.
No account is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb
Exchange
beginning on Saturday last (March 8, 1941) and ending the present Friday (March 14, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred
during the current year.
for the week
Friday
Last
Hale
Par
STOCKS
Price
Acme Wire Co common-10
,
Soles
Friday
Week's Range
for
of Prices
j Week
Low
High Shares
16%
16%
Range Since Jan. 1,1941
Low
20
16%
Mar
2134
Feb
Feb
Par
20
Jan
Beech Aircraft Corp
Bell Aircraft Corp com
—1
1
Class B
5%
Aiusworth Mfg common..5
Air Associates Inc (N J)_.l
5%
5%
11%
6
1,000
1
1
2234
Jan
Bellaoca Aircraft
100
5%
4%
200
10 %
634
63*
123*
134
2534
Jan
Bell Tel of Canada
Jan
Bell Tel of Pa 0
Jan
"24X ~25%
"300
Air Investors common---*
Conv preferred
20
»n
Gt Southern..60
Alabama
75%
Alabama Power Co $7 pf-*
7%
108% 111%
10114 102%
*
$6 preferred
Allegheny Ludlurn Steel-
Mar
Berkey A Gay Furniture.1
Jan
«1«
Jan
Jan
190
103 34
Jan
94%
Jan
81
Jan
Mar
11134
1023*
Mar
Mar
conv
Altorfer Bros
%
*
(Mich)..10
15X
21H
com—-.25
Mar
10
200
14
Feb
21H
100
21
Feb
135X 138
114% 115%
12%
14
750
z 126
*
corn
100
6% preferred
Aluminum Goods Mfg—*
4%
114:14
12
X
3*
Ltd common.*
6% preferred
Feb
12%
Mar
Common class B
Feb
Feb
33*
10
105
Feb
19
10134
11134
275
Jan
Jan
24
Mar
32
34
34
34
400
Jan
«i«
Jan
133*
3834
Jan
7
Jan
Feb
73*
334
100
25
334
1734
2,100
Class B
Bowman-Blltmore
7% 1st preferred
2d
~~2%
Jan
100
""%
"»7.
"Sod
26%
150
30
Mar
Jan
10
Jan
3*
Jen
ht
Jan
113* Mar
683*
Jan
32%
17%
34%
18%
27% 28%
111% 111%
2%
2%
28%
28%
30% 30%
12%
26%
13
27%
10
38
Jan
British Col Power cl A...*
Feb
1934
Jan
{BrownCo0% pref
Brown Fence A Wire com.l
Jan
113*
Jan
Jan
Am dep rets ord reg._.£l
British Celanese Ltd—
73*
Jan
83*
83*
Jan
2034
Feb
834
Am dep rets ord reg—10s
3*
Jan
3*
Jan
Jan
•u
Jan
Mar
12 34
303*
1133*
334
2934
Jan
Mar
Jan
Feb
Jan
preferred
•
Brown Rubber Co com...1
20
Jan
1634
113*
Feb
20
Jan
1,800
Feb
133*
Jan
500
Jan
Jan
Feb
283*
2334
Feb
80
Feb
$5 1st preferred
*
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rote..
*
30
*
X
Jan
34
Feb
3234
Feb
Feb
-61
Jan
334
Jan
%
*16
2,300
58%
150
Jan
51
Jan
00
Feb
Feb
8
Jan
Vot trust ctfs
1%
7%
%
1%
7%
1%
IX
7%
Jan
334
Jan
Mar
Feb
1
Jan
Can Colonial Airways
12
Jan
134
Jan
700
134
Feb
634
134
834
Jan
Feb
Feb
Feb
534
4%
100
Jan
43*
Mar
>11
—.1
%
%
90
Jan
Mar
834
Jan
Mar
6
63*
Jan
*u
400
*
Jan
Jan
Class B
non
vot
7% preferred..
Atlantic Coast Line Co..50
Atlantic Rayon Corp
1
2%
19
19
200
10
Corp warrants
Jan
Jan
Carter (J W) Co common. 1
Casco Products
•
6734
Jan
334
Jan
Castle (A M) common.. 10
Catalin Corp of Amer.... 1
Celanese Corp of America
Jan
Jan
Jan
20
Feb
Jan
4
Mar
%
*
Auburn Central Mfg.....*
Automatic Products
-.6
%
1,500
34
Jan
"i~5%
"l"66
534
143*
Mar
2%
134
Feb
3%
3%
"3% "3%
3%
3%
3%
400
"360
100
26
Jan
Jan
Jan
63*
10
Jan
Jan
Feb
33*
Jan
334
1534
Feb
334
134
334
4%
Feb
173*
Jan
Jan
10
Jan
15
Warrants
Jan
Mar
Jan
34
4%
3%
34
4%
34
Feb
31,800
334
Jan
30
3334
3 34
Jan
36
Feb
Feb
Jan
26
Feb
334
3134
Ayrshire Patoka Collieries 1
*
28%
Purcb warrants for com.
5%
*4%
"283* "29 3* ""960
4%
34
2,200
434
Feb
34%
450
534
Feb
1%
%
2%
3,700
•u
Jan
1
2,200
%
Mar
934
9 J*
l
1
Barium Stainless Steel... 1
Barlow A Seelig Mfg—
6
Basio Dolomite Inc com..]
Baumann—See •Ludwig"
34
43*
Jan
Jan
250
32
Feo
934
Jan
734
3634
034
234
134
Jan
1034
Jan
Jan
Jan
Mar
Jan
Jan
7
Beaunlt Mills Ino com..
$1.60 conv pref
7
200
634
Jan
734
Jan
43*
Beau Brummell Ties Ino.
43*
109
43*
Mar
43*
Mar
common.
$7 dlv. preferred
1st partio pref
34
Jan
1234
1725
Jan
Feb
Mar
3*
Mar
*u
100
Jan
34
Feb
34
9
103*
13*
000
9
134
200
134
Feb
Mar
Feb
334
Jan
334
Jan
153*
Jan
434
Jan
1834
Jan
500
43*
preferred
5
133*
Feb
Feb
13
Jan
Jan
100
"500
34
34
834
Jan
»!•
Feb
834
Jan
«!•
Jan
13*
Mar
Jan
7
35
34
"134 "i%
Jan
7
34
111
109
834
15
*
111
Feb
1103*
109
834
10
10
109
9
1,000
Jan
Jan
13*
134
Feb
11434
Feb
"73*
~~6% "7%
334
33*
""500
534
43
53*
43
534
46
•
Mar
Feo
234
Jan
12634
Feb
4
Feb
2,500
625
1163*
84
87
3534
350
96
Jan
12
103
Feb
70
Feb
Mar
84
834
115
34
Jan
Mar
Jan
700
*»i
Jan
200
34
%
Feb
134
Feb
34
50
34
Mar
133*
1033* 103J4
69
7034
25
113*
Feb
50
1033*
Mar
34
34
133*
133*
33*
100
Feb
43*
Mar
Feb
67
Jan
9
•is
7
434
*
•
6%
1,500
10
$0 preferred BB
*
Cities Serv P A L $7 pref.*
$0 preferred
Feb
Feb
1,025
12934 134
100
Chief Consol Mining....
Chllds Co preferred
100
Cities Service oommon.. 10
Jan
7%
19
33*
•
Cherry-Burrell common..6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
Feb
634
Chamberlln Metal Weather
Strip Co...
6
preferred
5
Jan
11434
preferred
—100
Conv preferred
100
Conv pref opt ser *29.100
$6
Feb
134
134
Cent Pow A Lt 7% pfd 100
Cent A South West Util 60c
Cent States Eleo 00m....1
6%
7%
3
13
Cent Hud G A E com
♦
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
City Auto Stamping
see page
Feb
963*
1134
7i«
7% 1st partic pref...100
Celluloid Corp
60c preferred B.._
4
1
common
Char Is Corp common
5%
183*
100
%
Carolina P A L $7 pref.—*
$6 preferred
•
Jan
1534
5
500
1234
Carnation Co common...*
13*
334
193*
1234
Jan
Jan
Jan
*
Jan
2
17
Feb
•
34
34
Jan
234
3634
*
Feu
65
2%
200
1934
1234
Canadian Marconi.
1
Capital City Products...*
Carlb Syndicate
26c
Carrier Corp
2X
39
100
13*
Coast RR Co pref
100
Atlanta Gas Lt 0% pref 100
Feb
13*
Canadian Industries Ltd—
1
Assoc Laundries of Amer *
Assoc Tel A Tel class A..*
Atlanta Birmingham A
134
1134
38
1
Carman A Co class A
Class B
1
Feb
Mar
Mar
1,600
134
Canadian Dredg A D Co. *
Canadian Indus Alcohol—
Class A voting
•
Feb
734
10
7% partio preferred...25
134
800
26
Mar
Canadian Car A Fdy Ltd—
234
200
91
4%
13*
Calllte Tungsten Corp
1
Camden Fire Insur Assn..6
Canada Cement Co Ltd..*
Jan
1
26
60c
Feb
10
IX
26
13*
2534
Cables A Wireless Ltd—
7
Feb
234
13*
134
8
Am dep 5 34% pref shs £1
Calamba Sugar Estate..20
Feb
200
100
Feb
Cable Elec Prod com.—60c
534
2
500
13*
Jan
Feb
14
Burry Biscuit Corp..1234o
Jan
2%
34
3*
234
13*
Buckeye Pipe Line
60
Buff Niagara A East Pow—
Jan
200
Feb
300
Bruce (E L) Co common..5
Bruck Silk Mills Ltd
*
Feb
Jan
60
16 34
2
$1.00 preferred——.25
263*
£1
A com
$0
Feb
Jan
15
*
1534
Jan
{Associated Gas A Eleo—
com.
Class A preferred
15
1634
Brown Forman Distillers. 1
Jan
57%
Ashland Oil A Ref Co
1
Associated Elec Industries
Bards town Distill Inc
100
33
5
30
British Amer Oli regis.—*
British Amer Tobacco-
Feb
Arkansas P A L $7 pref—*
Aro Equipment Corp
1
7% preferred
Jan
Jan
113*
1,100
1%
10
Babcock A Wilcox Co
Baldwin Locomotive—
31
100
'166
Am dep rets ord bearer £1
6
Common cl A non-vot—*
Aviation A Trans Corp
1
Axton-Flsher Tobacco—
Class A common
10
Jan
34
"11% "ii%
34
113*
Feb
6%
3%
5%
3
Apex Elec Mfg Co com—.*
Arkansas Nat Gas com...*
x-w
303*
Feb
2,500
%
—*
Automatic Voting Mach..*
Avery (B F) A Sons com.5
0% preferred w w
25
*
Jan
Angostura-Wupperman —1
Atlas Drop Forge com
Atlas Plywood Corp
Jan
Feb
Feb
$6 series preferred
•
American Thread 5% pf—6
Atlantic Coast Fisheries—1
•ie
12
Jan
Jan
Jan
50 34
3*
Feb
13*
Jan
3834
234
Feo
Jan
Jan
111
13*
30
2834
273*
100
300
Feb
29
100
134
Feb
Feb
11%
*
27
31%
Mar
534
100
Mar
-
Am Superpower Corp com *
1st $6 preferred
•
134
»
preferred
50
05
334
8,200
2,300
34
3734
Class B
7%
Brlllo Mfg Co common
Class A
75
31%
834
10
Jan
^
800
65
934
Feb
15%
150
634
3
80
Amer Seal-Kapcommon—2
"334 "3%
734
10
Jan
30
31
100
2,200
3
Feb
Feb
o
4,800
Jan
Mar
50
Feb
Feb
Jan
Feb
134
Jan
»«
Mar
•
Mar
35
5,400
1,600
334
100
20
10
%
*
Class A
Preferred
34
"300
Amer Pneumatic Service.*
$5 preferred
Aeronautical...]
19
Amer Potash A Chemical.*
35*
Bridgeport Gas Light Co.*
Bridgeport Machine
*
"l8% "18%
Amer Maracaibo Co.—— 1
Common
1
Jan
11%
Feb
34
%
*
Breeze Corp common
Jan
53*
50
.*
Brazilian Tr Lt A Pow
Feb
*ii
334
100
preferred
35
Mar
343*
•
com
Jan
Jan
Jan
343*
53*
Jan
Feb
100
Bourjols Inc
Feb
34
100
Amer deposit rets
Borne Scrymser Co
Jan
»u
12%
com
734
634
Mar
21
25
Jan
Jan
20
'27%
zll
27%
26 X
0% preferred
Feb
634
100
253*
preferred
25
Amer Mfg Co common. 100
Anchor Post Fence
63*
134
7% 1st preferred
"50
30
Amer Lt A Trac com.--.25
Republics
Feb
BrewBter
""% ~~Te
33 X
1
Amer Meter Co
3534
Jan
26%
$2.60 conv preferred... 1
Preferred.
Feb
♦
$3 opt conv pref
033*
34
Amer Hard Rubber Co—50
Amer Laundry Mach
20
0%
Feb
34
953*
34
%
100
$2 conv preferred
133*
75
Amer Fork & Hoe com...*
preferred
183*
Fe
*11
Amer Export Lines com..1
Amer General Corp com 10c
163*
1
Jan
Amer Foreign Pow warr...
American Gas A Elec—10
1
Feb
11%
1
Amer C'ynamid class A.. 10
Class Bn-v
10
*
common
Brill Corp class A
25
For footnotes
1,800
3,800
73*
334
93
*
Class A.
conv
5
*
70
Class A with warrants.26
$1.20
105
♦
700
4%
Amer Centrifugal Corp...1
Amer Cities Power A Lt—
Baldwin Rubber Co
105
43*
Low
5%
Foundry
A Machine Co com
300
*27"
27
—*
$5.60 prior pref
0% preferred
$2.60 preferred
Blrdsboro Steel
75
10c
$3 preferred..
Atlas
213*
434
Range Since Jan. 1. 1941
3,700
*
93
Amer Box Board Co com.l
Art Metal Works
100
73%
American Capital—
Class A common...-10c
American
20
21
34% pf-100 111«« 11126«111"«
93
-.100
Co..-.100
2234
43*
116
1133*
American Beverage com—1
43*%
634
634
Blumenthal (8) A Co
•
Bohack (H C) Co com...*
155
2.50
6%
74
Jan
Feb
Mar
10
Mar
000
Aluminum Industries com-*
American Book
6
for
Shares
Bliss (E W) common
Aluminum Co common...*
Alumlulum
High
Blue Ridge Corp com
Allied Intl Investing—
Class A
com
Conv preferred
Blauner's
100
preferred
Alles A Fisher Inc com—
53 conv pref
Low
Week
Blckfords Inc common...*
Feb
190
Alllancelnvestment
Allied Products
Range
of Prices
Benson A Hedges com...*
Feb
Mar
IX
25%
Warrants....
Price
1
Feb
5X
12
Sales
Week's
Sale
High
Aero Supply Mfg—
Class A
Last
STOCKS
(.Continued)
7
434
43*
25
1,200
Jan
7
Feo
33*
Feb
48
Feb
200
5
Mar
53
55
40
48
933*
9634
30
933*
59
534
55
53*
59
534
100
92
53*
53*
5%
1,000
534
Feb
Mar
Feb
Mar
Jan
Volume
New York Curb Exchange—Continued—Page 2
152
stocks
Last
Week's Range
Sale
{Continued)
Par
Price
of Prices
High
Low
%
Jan
X
Jan
5%
1
Jan
5%
Jan
Jan
500
37%
4%
300
900
16%
16%
37 X
Cleveland Tractor com...*
Cllnchfleld Coal Corp.,100
Club Alum Utensil Co
17%
Feb
Mar
39
5
2%
37%
4%
2%
*
IX
2
1%
50
550
Jan
6%
15%
Feb
1%
1%
warr.
3%
74%
3%
75
700
Patent Fire Arms.25
Colt'
2%
Jan
3
Feb
Evereharp Ino com
1%
Mar
2%
Jan
Falrchlld Aviation
Mar
Fanny Farmer Candy
2%
Feb
4%
Jan
Fedders
Feb
82%
Jan
100
58
54%
1
1%
1
Fansteel Metallurgical...*
Feb
60 %
Jan
Fire Association
Feb
1%
Jan
its
Jan
%
12%
300
11%
%
100
%
Mar
Consol Biscuit Co
%
Jan
Jan
2%
7%
3
3%
5,400
2%
Feb
Feb
6%
100
6%
Jan
23%
150
22%
Feb
25%
Jan
200
6%
7%
Feb
Feb
10%
8%
Jan
69
Jan
Jan
3
Jan
10%
Jan
4%
Jan
7
Jan
8
Jan
Feb
550
117
111%
Feb
119%
Jan
1%
Jan
Feb
2
24%
Jan
%
13%
Mar
*
Class B voting
Jan
%
1%
200
1%
Jan
1%
Jan
10%
Class A non-vot
Jan
Feb
1%
10%
10%
10%
11
500
9%
Jan
10%
Jan
Feb
11
Jan
20%
%
20%
%
23
Ford Motor of Canada-
Jan
Jan
1%
*
10
IX
1
4
1%
2%
65
1%
2%
64 X
%% series B pref
4% pref series C
Consol Gas Utilities
64%
400
100
2,400
30
107
107
1%
1%
300
Consol Mln A Smelt Ltd..6
~~3% "~3%
1
*100
Consol Steel Corp com
6%
Cont G A E 7% prior pf 100
Continental OH of Mex
1
97
6%
6%
Cook Paint A Varnish
Cooper-Bessemer
*
Feb
105
Feb
8%
19%
Feb
9%
Mar
100
Mar
20 %
Jan
200
19%
Feb
22%
Jan
Jan
Fuller (Geo A) Co com... 1
35%
50
34
Feb
41
Jan
30
30
50
28
Feb
33
conv preferred...100
50
Mar
52
Jan
Gamewell Co 86 conv pf..*
Gatlneau Power Co—
90
Jan
95
Feb
Feb
52%
1%
1%
Feb
Jan
Jan
1%
Jan
119%
110%
1%
Feb
25%
Jan
3%
Jan
3%
Jan
Jan
Jan
83
^eb
4%
Jan
104
stock
conv
»
5% preferred
1%
Jan
Gellman Mfg Co com
Feb
8%
Jan
General Alloys Co
Jan
89
Gen Flreprooflng com
11%
7%
Feb
11
Jan
General
Feb
37
1%
4%
%
Feb
Mar
%
50
5%
6% pref B_*
Crocker Wheeler Eleo
*
Croft Brewing Co
1
13%
14%
4%
5
ht
%
1%
Mar
Gen Pub 8erv 86 pref
Jan
80%
Mar
%
Jan
6%
Jan
%
Jan
4%
Feb
Feb
2%
Feb
7,400
12%
Mar
15%
Jan
600
4%
Feb
300
%
1%
1%
Jan
%
Feb
1%
Jan
Jan
6
Cuban Atlantic Sugar
6
6
Cuban Tobacoo oom,
22
22
300
75
•
6%
1,500
Feb
Gladding MoBean A Co..*
Glen Alden Coal
*
Mar
Jan
1%
Feb
Feb
Feb
Mar
Feb
Jan
Feb
4%
18%
Mar
Feb
*10% "10%
'""150
9%
25%
40
25%
6%
18%
25%
5%
3,500
6
2 %
Dennison Mfg cl A com..5
1%
1%
1%
1,600
"""loo
Derby OH A Ref Corp com*
Detroit Gray Iron Fdy
Q
Q
18
20
1
w w
17%
200
18
200
"2 % "2%
Det Mich Stove Co oom__l
"200
10
12
Jan
Class
Hi
Mar
87
Mar
Gorham Inc class A
83
1%
Mar
30 %
1%
Feb
109%
425
98
Jan
109%
Mar
100
100%
40
90
Jan
100%
Mar
5%
100
Jan
Jan
z3%
Jan
4,200
8%
Feb
Feb
Feb
25
Feb
99
5%
8%
5%
8%
8%
6%
Varnish...1
.10
150
19%
1,200
4%
Hi
300
95
Hi
Jan
Greenfield Tap A Die
Jan
Jan
Jan
25
Gulf States Utll 85.50 pf.*
86 preferred
•
£1
Jan
5%
100
Dobeckmun Co oommon. 1
Feb
Mar
4
6%
5%
14%
Jan
17%
29
Feb
35%
5
5%
4%
500
5
4%
6%
5
99% 100
131%
%
129% 131%
ht
X
100
75
Jan
Dominion Tar A Chemical*
Haseltlne
6%
*
Draper Corp
Driver Harris Co...
71%
71%
71%
20
Feb
70
24
Jan
111
2%
73%
Feb
Feb
Jan
2%
2%
300
Jan
75
100
75
74
39%
Jan
...
B com *
1%
6%
Duro-Teet Corp oommon. 1
*
9
10
Eagle PIcher Lead
1%
600
1%
6%
500
6%
9
9%
900
8%
JaD
Mar
Feb
8%
200
9
200
$6 preferred series B
60
109
30
111%
Jan
2%
Mar
6%
Mar
2%
8%
20
Feb
25%
Jan
61%
%
Jan
65
Jan
Feb
Mar
26%
Jan
Jan
1%
Jan
2
20
Feo
25
5%
10%
Jan
Feb
12
10%
Jan
10%
8%
Jan
8%
Jan
Jan
Feb
26%
Feb
26
Jan
26
Jan
5
Feb
5
Feb
12
Feb
13%
Jan
Jan
1%
.6
50
5%
25c
..*
Preferred ww
Jan
25
Henry Holt A Co part A..*
Jan
Hewitt Rubber oommon..6
10%
Jan
Heyden Chemical
34
Feb
42
Jan
Horder's, Ino
Feb
13%
%
Too
Jan
3%
"8% ""§%
15%
14
Feb
15%
Jan
Jan
3%
12%
4%
58%
67%
Jan
Jan
Hubbell (Harvey) Inc
Jan
Humble Oil A Ref..
Jan
Hussmann-LJgonier Co..
13
Jan
Huyler'e new com.....
V t c for 1st pref
100
12
7,500
3
55%
400
51%
63
1,800
59%
10
12
700
10
600
1%
11%
1
Jan
Feb
Mar
Feb
Mar
Feb
1%
Feb
Feb
12%
32%
Jan
28
3%
3%
4
500
Empire Dlst El 6% pf 100
Jan
2
Feb
81
Elgin Nat Watch Co....16
4
Emerson Elec Mfg
Jan
Feb
Jan
4
Mar
81
Feb
93
6% preferred
...100
6)4% preferred
100
7% preferred.......100
8% preferred
-.100
90%
95
460
67%
Feb
95
Mar
94
95
80
70
Feb
95
Mar
94
93
97
1,250
68
Feb
97
Mar
94
93%
95%
125
72
Jan
95%
Mar
1725
•
5
200
30%
"l75
Feb
77%
Feb
10%
Jan
z8 %
Jan
Jan
13%
Feb
Feb
33%
Feb
2%
Mar
2%
Feb
30
55
5%
53%
5%
55
3,200
53%
6
600
5%
31%
Jan
Feb
Feb
Feb
Feb
113%
Feb
Jan
7
%
»Hi
1%
3
32%
6%
1%
31%
3
31%
5%
1%
34
3
32%
6%
2.400
150
400
2,500
1,100
Mar
Jan
1%
Feb
18
Jan
63
Jan
6%
7%
31
2%
29
5%
Feb
Feb
Feb
Feb
Jan
Jan
»n
Jan
7
Jan
1%
1%
Feb
Feb
6%
34
Jan
Mar
16%
1
50
Jan
8%
11%
113%
1
Hydro-Electric Securities •
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co
*
Dlv arrear ctfa
30
2%
100
6
Hummel-Ross Fibre Corp
5% oonv preferred
Empire Gas A Fuel Co—
For footnotes see page
preferred
Jan
Feb
33%
2%
C) Co common.. 1
Horn A Hardart Baking..*
Horn A Hardart
...»
5%
Jan
6%
8%
65
Horn (A
Jan
53%
61%
1 %
Too
Hormel (Geo A) A Co com*
Jan
11
1%
100
•
Jan
Hi
Feb
63
55%
12%
12%
10
450
3%
""50
26
ex-warr
1%
36%
12%
3%
1,200
26
Jan
12%
6
"l"6% "l6%
...
3%
3%
Jan
20%
58%
25
"is
200
Feb
300
150
Jan
22%
2%
3%
22
Mar
Jan
49%
12%
Stores.*
Bond A Share com..6
preferred..
•
preferred
P A L 2d pref A.....*
Eoonomy Grocery
Option warrants...
Eieotrographlc Corp
22
Feb
Jan
115
5%
275
14%
110%
109%
113% 113%
Feb
2%
3%
Mar
Jan
5%
52%
14%
Jan
200
14
*
33%
109
..
1,600
5%
23
52
%7 preferred series A
Feb
32%
5%
%
Easy Washing Mach B
31
Jan
32
32
A Co class A—.10
Bollinger Consol G M....6
Holophane Co oommon..*
%
Mar
Jan
Jan
11%
Jan
Jan
Hi
Mar
Eastern States Corp
Jan
10%
1%
%
1%
500
2%
"52%
100
6% preferred
...100
Eastern Malleable Iron..26
42
Feb
Jan
35%
—*
Jan
Feb
Hi
Hoe (R)
4M»% prior pref
%
8%
38
Jan
7%
East Gas A Fuel Assoo—
Mar
%
2,600
40
Heller Co common......2
76%
131%
Jan
%
preferred
Class A
105
Feb
98
1
Rubensteln
Helena
Feb
Jan
128%
1%
Preferred
100
Duval Texas Sulphur
conv
Jan
-.*
Corp
Hecla Mining Co..
Jan
3
111
Dubiller Condenser Corp.l
Jan
Feb
21%
10
100
76
Jan
6%
300
Hearn Dept Stores oom.
100
5
1%
40
Hat Corp of America—
Jan
6
Jan
Feb
1%
Harvard Brewing Co....!
Jan
B non-vot common
6%
Dominion Steel A Coal B 26
Jan
Jan
475
300
1%
Jan
Dominion Bridge Co Ltd.*
Jan
400
Hartford Rayon v t c
1
Hartman Tobaooo Co....*
12%
Jan
16%
1
Gulf Oil Corp
%
Mar
Hi
Jan
29%
4%
*
Guardian Investors
Feb
Feb
Mar
15%
Grocery Sts Prod oom..25c
1%
Hi
9%
7%
29
29
•
Non-vot com stock
7% 1st preferred ...100
Greater N Y Brewery.... 1
Gt Northern Paper.....25
2%
5%
7%
25
24
"6%
•
Mfg oommon.. 10
18
Jan
Mar
43
40%
108
100%
Jan
10
Jan
Feb
*3%
Jan
Feb
Jan
Jan
Feb
21
Jan
105
•
preferred
Gorham
Mar
Feb
Feb
Jan
61
Feb
6
Gray Mfg Co
Great Atl A Pac Tea—
1%
Feb
50
Jan
50
55
105
100
56
•
preferred
Goodman Mfg Co
3%
101%
400
46
Mar
9
17%
1%
11%
Dlvoo-Twln Truck com__l
Common
Mar
%
Jan
*
B
Grand Rapids
Distillers Co Ltd—
Duke Power Co
Jan
*i#
Jan
Mar
2%
preferred
%
•
Gilchrist Co
Jan
..10
preferred
31
Jan
55
56
Gypsum LlmeAAlabastlne*
Hall Lamp Co
.....6
Hammer mill Paper.... .10
Hartford Eleo Light
26
Diamond Shoe oommon-.'
Am dep rets ord reg
Feb
45
oommon...*
6%
De Vilblas Co common. .10
Llauors
25%
•
Gilbert (A C)
Preferred
Jan
28%
Jan
1
%
18%
1
| Detroit Paper Prod
Detroit Steel Prod
Jan
Feb
29%
♦
I
Detroit Gasket A Mfg
1%
35
99%
50
50
50
60
100
preferred
Jan
60
.*
83 preferred
Georgia Power 86 pre!...*
86 preferred
*
Jan
3%
1,300
1
$6 prior pref
83
26%
Goldfleld Consol Mines.. 1
Decca Records common. _1
8% debenture
Mar
He
Godohaux Sugars class A.*
1
Mar
1%
1
Stores
78
1
Gen Water G A E com
Mar
Jan
4%
4%
36
oonv
55%
40
100
%
22%
6
Darby Petroleum com
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
*
6% preferred A
5
Feb
1
Curtis Ligbt'g Ino oom2.60
Curtis Mfg Co (Mo)
Mar
80
General Tire A Rubber—
6%
20%
Jan
Jan
Jan
1
Oommon
Jan
1%
%
General ShareholdlngBCorp
Feb
Jan
Jan
26
•
5%
Jan
1
%
26
—*
10
1%
2%
4%
Jan
Mar
52%
Jan
Feb
Jan
Feb
Jan
Jan
Jan
4%
Crown Cork Internal A..*
1
80
78
80
5
*
Crown Cent Petrol (Md) .6
IX
16%
Jan
Gen Rayon Co A stock..
Crowley, Milner A Co
Crown Drug Co com...26c
Jan
Feb
40
•
86 conv preferred
13%
4%
15%
130
%
6% pflOO
Jan
£1
5
100
%
preferred
1
Courtaulds Ltd—
Creole Jetroieum
16
80
Warrants
Gen Outdoor Adv
70
500
6
80
Investment oom.l
285
100
4%
16
*
700
2%
1
86
Mar
Jan
Feb
70
Amer dep rets ord reg.£l
Jan
5%
%
%
Jan
Gen Electric Co Ltd—
Gen Gas A El
32
77%
Mar
98
Jan
100
Jan
1
*
Jan
""mo
52%
1
5%
Jan
%
1%
80%
%
9%
100
Feb
Mar
~~5%
%
80%
preferred
Mar
21
36
%
"T
"T%
7% oonv preferred
Crystal Oil Ref com
%
20
9%
1
15
partlc pref
8%
11%
TT66
*
stock
100
Feb
Jan
20
Conv
Feb
~~8% ~~8%
Oorroon A Reynolds..... 1
5% "onv preferred
Mar
%
20%
Common
Feb
"~5X
..*
Cosden Petroleum com..
20%
1
Feb
%
*8%
Cornucopia Gold Mines 6o
to preferred A
50
2,100
Fruehanf Trailer Co
Jan
2%
6%
*
preference
%
1
Jan
2
73
200
*
Copper Range Co
Jan
200
%
8
7%
1,400
110
97
95
%
"T%
-.1
com
Franklin Co Distilling
1%
*
Roll A Steel
64%
100
100
10
preferred
Jan
Feb
23%
1
Consol Royalty Oil
1%
1%
117
100
100
Consol Retail Stores
Amer dep rets... 100 free
Froedtert Grain A Malt-
Consol G E L P Bait com.*
15
28%
400
114
117
Fox (Peter) Brewing Co..5
*
S3 preferred
-*
Conn Telep A Elee Corp..l
%Q
Jan
Jan
Feb
3
Ford Motor of Franoe—
1
Common
Eleo
Jan
"Too
(Phlla).lO
Am dep rets ord reg_..£l
Jan
Conn Gas A Coke Secur—
Elec
2%
Ford Motor Co Ltd—
12
V t o ext to 1946
Durham Hosiery cl
Jan
%
20%
62%
Florida P A L $7 pref....*
Compo Shoe Mach—
7%
8
Jan
Fen
8%
8
1
20
preferred
100
5
53
150
6 Hi %
Mfg Co
2,700
800
7%
Mar
%
16
8%
6%
23%
120
58
1%
1%
20%
Distilled
700
Fed Compress A W'h'se 25
72
H«
6% preferred
3%
1%
1%
A oonv
8%
Jan
20%
Delay
900
""2% "2%
1
%
Community Pub Service 26
Community Water Serv_.l
Class A
I
'
21%
...1
Mar
Commonw Distribution. _1
16
2%
8%
Warrants
Adrs ord reg
2%
Jan
Commonwealth A Southern
>3 prior
High
Flat Amer dep rets
5% preferred
Columbia Oil & Gas
Cont
H
16%
Fairchlld Eng A Airplane. 1
Falstaff Brewing
1
Columbia Gas A Eleo—
8%
%
16%
%
10c
Eureka Pipe Line com..50
Jan
£1
150
common..
63 conv preferred
5%
3,100
6% oonv preferred
Colorado Fuel A Iron
1
1
Equity Corp
Feb
8
IX
Low
5%
Emsco Derrick A Eaulp__A
Esquire Inc
Cockahutt Plow Co com__*
Cohn & Rosenberger Ino_*
Colon Development ord
Range Since Jan. 1, 1941
for
Week
Shares
Empire Power Dart stock.*
Jan
41
of Prices
High
Low
Price
Par
High
5%
Claude Neon Lights Inc__l
Clayton & Lambert Mfg. .4
Cleveland Elec Ilium
*
Sale
(Continued)
Low
Week's Range
Last
stocks
Range Since Jan. 1, 1941
for
Week
Shares
City A Suburban Homes 10
Clark Controller Co
1721
Sales
Friday
Sales
Friday
38
3%
35
7%
Jan
Jan
Jan
Jan
Jan
New York Curb
1722
Friday
STOCKS
Sale
Par
Illinois
Week's Range
Last
(Continued)
Exchange—Continued—Page
Sales
of Prices
High
Low
Price
Zinc Co
10%
Friday
Range Since Jan. 1,1941
for
Week
Low
100
Jan
2%
5%
6%
7%
Mar
2%
Mar
Jan
6%
6%
8%
Jan
12%
6%
6%
6%
400
8%
8%
8%
300
Registered
Imperial Tobacco of Can.fi
£1
Feb
Feb
Jan
7%
pf-100
preferred..--—100
3%
19%
3%
100
20
Non-voting class A
X
%
B
%
Jan
Feb
108%
Jan
Jan
109%
Jan
%
Feb
%
Jan
Feb
6%
Jan
preferred
Michigan Bumper Corp..
Michigan Steel Tube..2.60
Michigan Sugar Co
*
Preferred
10
6
100
1%
2,200
%
1%
Mar
500
3%
Jan
5%
Mar
100
5
Feb
6%
Jan
Jan
24
Jan
2%
2%
100
2%
Jan
3%
Jan
7H
71«
100
7i«
Feb
»u
Jan
5%
5%
400
4%
Mar
6%
Jan
6%
Feb
8
16%
16%
100
16%
Feb
18
%
Jan
Jan
%
%
Feb
Feb
Feb
Feb
%
12%
73%
Jan
64%
Feb
20%
Jan
Jan
Jan
5%
B v t 0
Middle West Corp com—,
Midland Oil Corp—
conv
preferred
Midland Steel Products—
$2 non cum dlv shares.*
Mid vale Co
»
Mid-West Abrasive
114
115
50c
1%
10
7%
1%
7%
5%
400
2
2
200
Internet Metal Indus A.
4%
1%
Feb
Internet Industries Ino—1
7%
2%
Jan
4%
4%
125
4%
Feb
4%
Feb
1%
Feb
Minnesota Mln A Mfg
46%
47%
2%
Jan
Minnesota P A L7% pf 100
Mississippi River Power—
93
1%
Jan
1%
2%
4,900
9
9%
2,800
8%
Jan
10%
600
3%
1,000
3%
Feb
4%
Feb
4%
4%
100
4%
Feb
xie
Jan
Registered shares
International Products.._♦
3
%
*1.
Class A
$1.76 preferred.$3 .60 prior pref
29
3%
9%
9%
3%
9%
100
3%
9%
1,400
Jan
Montana Dakota Util
Jan
Montgomery Ward A
10
Jan
Jan
3%
Jan
*11X
17%
*11%
Feb
15%
Feb
18
Jan
11
Feb
14
Jan
*
Feb
%
Feb
Feb
3%
1%
Feb
100
1
"266
%
2%
%
J&n
Jersey Central Pow A Lt—
5%% preferred
100
6% preferred
100
7% preferred
100
Johnson Publishing Co..10
93% 93%
100% 102
25
93%
Mar
40 zl00%
Mar
109%
Jones & Laughlin Steel. 100
Julian & Kokenge com..*
Jan
Jan
117
Jan
9
Jan
Lamp A ♦
3%
50
3
Feb
3%
«w
1%
1%
2%
2%
76
Mar
Feb
54
1
Feb
1%
%
300
Jan
Feb
Feb
3%
Feb
10
97
12%
98
12%
40
100
Mar
96%
Mar
40
Lake Shores Mines Ltd_._l
12%
Lakey Foundry A Mach..l
4%
101%
10%
101
10%
Langendorf Utd Bakeries—
40%
12%
4%
101%
10%
25%
%
25%
7%
-
7%
Long Island Lighting—
Common
*
*i»
100
•
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
4%
23%
1%
4%
1%
4%
warr
%
class A
20
preferred
9%
5%
Jan
Jan
101%
Mar
Jan
10%
Jan
15
Jan
Feb
%
Feb
Jan.
7 %
Mar
1,000
6%
2%
Jan
'31
Jan
2%
*u
Jan
300
23%
7%
Feb
200
650
2,500
Feb
29%
8%
Jan
Jan
Jan
19
Feb
Mar
1
Mar
1%
14%
10%
Jan
Jan
Feb
9%
Jan
%
700
3%
6%
cum
Jan
Pow Assoc
preferred..
Jan
%
17%
Jan
Jan
Feb
14%
Jan
Mar
Feb
13%
42
11%
11%
11%
1,500
10%
Jan
11%
12
1,800
11
Feb
44%
12%
12%
Feb
2%
Jan
Feb
Mar
2%
87
3,675
Feb
96%
4%
600
4%
Jan
4%
Jan
500
20%
Mar
25%
9%
Mar
22
9%
1,000
11%
3
»16
6%
10%
Feb
200
1,100
2%
800
%
9%
Feb
114%
Feb
4%
Feb
Feb
7%
Jan
%
4
11%
2%
%
Jan
5%
41%
6%
56%
18%
6%
7%
300
100
Jan
Mar
Feb
7%
12%
3%
Jan
»i«
Mar
Jan
38%
38%
50
36 %
Jan
45%
48%
425
5%
45%
Mar
Jan
25
14
Mar
10
117
Mar
4
200
4
Mar
------
65%
26
1
14%
14%
65%
1%
64
1%
100
1,800
13%
63%
1,600
*
Warrants
6
N Y A Honduras Roearlo 10
N Y Merchandise
10
N Y Pr A Lt 7%
pref—100
22
Feb
Jan
6
18
7
%
18%
7
100
500
200
5%
14%
Feb
68%
1
Jan
1%
Jan
3%
6
17%
7
Mar
Mar
109%
Feb
25%
Jan
Mar
24
Jan
Jan
Jan
~"~fo
28%
7%
Mar
103
Mar
116%
105%
25
28%
2,600
23
Jan
28%
Jan
106% 107%
7%
7%
32% 33%
180
106
Jan
107%
Jan
7%
Mar
Niagara Hudson Power—
27%
Mar
1
es
%
1%
41
Mar
Jan
Jan
5%%
N Y Water Serv
6% pf.100
Common
10
7%
32 %
2%
2%
2%
500
90
6%
32%
Mar
3,300
2%
Feb
Jan
450
62
4%
28
5
9%
138% 139
4%
4%
16%
17
28
4%
26%
Jan
10
Jan
Class B
common
2%
tH
Feb
3%
Jan
Feb
7i«
1%
28%
2%
Feb
Feb
66%
Mar
50
59%
Mar
65%
Feb
>i4
Jan
>ii
FeD
■is
Feb
6
3%
•
Jan
33
Nineteen Hundred Corp B1
10
10%
200
Jan
91%
Feb
60 %
Jan
10%
Jan
%
Jan
%
Jan
9
5
Feb
Noma Electric
%
Jan
Nor Amer Lt A Power-
Jan
59%
Jan
2%
9%
Jan
5%
Jan
Feb
148
Mar
Jan
200
4%
Jan
100
15%
3%
Mar
17
Jan
Jan
4
Jan
Feb
29
700
28
3%
Feb
4%
5%
Jan
Jan
Jan
82%
82%
I
3%
Feb
Common
1
%
Feb
•
preferred
78
FeD
85
Jan
1725
75
77%
325
10
Engineering..* --20%
Novadel-Agene Corp
•
4
Jan
84
Jan
Feb
23%
Jan
Feb
23 %
Jan
50%
%
3%
Feb
52%
Jan
104
100
Northern Sts Pow cl A—25
Feb
Jan
19
prior preferred...50
7% preferred
Northern Pipe Line
70
4
Feb
19
No Am Utility Securities.*
Nor Central Texas Oil
fi
Nor Ind Pub Ser 6%
pf. 100
Northwest
25
77%
North Amer Rayon cl A..*
Class B common....
•
6%
Feb
4
89
56%
Feb
Jan
130%
~~~50
Jan
hst
Nl pissing Mines
Feb
60
5
Jan
425
62
100
Nlles-Bement-Pond
Jan
5,100
28
Jan
70
59%
Niagara Share—
Jan
1%
•
Jan
3%
79%
$6
32%
42
66%
6% 1st preferred——100
5% 2d preferred
100
Class A opt warrants
Class B opt warrants—.
6
19%
Feb
Shipbuilding Corp—
preferred
100
New York Transit Co....5
Mar
7i»
104% 104%
Jan
Feb
Feb
21%
21%
600
Mar
Jan
129%
110%
preferred
Founders shaj
Jan
Feb
New York State El A Gas—
Jan
$6
Jail
Jan
l
N Y Auction Co com
N Y City Omnlbua—
225
2,000
31%
11
116%
3%
—
Jan
5
5%
%
8
,1
45%
Jan
96%
14
New Jersey Zinc
New Mex A Ariz Land
New Process Co
Jan
11%
119
N Y
Feo
Jan
Mar
4
Jan
Jan
1%
4%
Jan
%
14
Jan
300
Mar
16%
119
Ogden Corp oom
67
*
%
59%
6%% A prefttred-—100
page
Jan
Jan
Mar
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Ino common
*
31%
28%
1%
4%
....
see
6
13
600
*
Feb
150
8
Mercantile Stores oom.—*
Merchants A Mfg cl A—.1
For footnotes
%
100
Feb
800
Jan
Jan
67
4% non-cumlOO
preferred
Class A preferred
32%
15%
139
Feb
12%
17%
6%
10
25
—.*
Participating preferred. *
Merrltt Chapman A Scott *
Warrants..
Common
New Engl
9%
Dredging...*
6
Jan
Jan
26
McCord Rad A Mfg B.__*
Mo Williams
Mead Johnson A Co
Memphis Nat Gas oom
25
Mar
Mar
10%
Nevada-California Eleo—
200
1
May Hosiery Mills—
100
6
*
21%
3%
13
6
*
Nestle Le Mur Co cl A
1%
39%
Communication Co Ltd.
Margay Oil Corp
•
Marlon Steam Shovel—..*
13
14%
Nat Union Radio...
30c
Navarro Oil Co
*
Nebraska Pow 7 % pref. 100
Nehi Corp 1st preferred..*
Nelson (Herman) Corp
5
Neptune Meter
$6 conv preferred
*
Manlsche wits (The B) Co.*
Mapes Consol Mfg Co___*
Marconi Intl Marine
Massey Harris oommon..*
Master Electric Co
1
Jan
Jan
1
v t o
Mar
Jan
25
21%
%
500
137
National
14%
Conv 7% 1st pref
100
Conv 7 % 1st pf v t o.lOO
Manatl Sugar opt
Mangel Stores
Jan
42
108%
6
12%
11%
10%
3%
Jan
A Co oom*
common
Jan
Jan
National Tea 6 % % pref. 10
Transit
12.60
Nat Tunnel A Mines
*
Jan
50
26
22%
100
Loudon Packing
ui#
26
3%
5%
4%
21%
8%
Jan
13%
Jan
Jan
91
Feb
13%
9%
Jan
Jan
»x«
Feb
4%
22
Feb
100
9%
18%
26
5%
96%
12%
4%
98%
100
5
9%
Jan
2%
*
37
30
900
16%
*
Mar
100
National P <fe L $0 pref
Jan
26
♦
7% pref class A
6% pref class B
26
Feb
19%
Jan
4,100
National Refining com
*
Nat Rubber Mach
•
National Steel Car Ltd... *
National Sugar Refining.*
2,400
2%
Leonard
Lone Star Gas Corp
Nat Mfg A Stores
$2
7%
2%
16%
25
Jan
174
3%
5%
Jan
Feb
%
7%
2%
Mar
Feb
200
*
Feb
10
2%
11%
Mar
Jan
Jan
11%
National City Lines com.l
$3 conv preferred
60
National Container (Del).l
National Fuel Gas
*
5
15
*
Llpton (Thos J) Ino—
8% preferred
Lit Brothers common
Locke Steel Chain
com
Jan
..1
Oil Develop...26
Le Tourneau (R G) Ino__l
Line Material Co
6
Hess
Mar
*
*
3
oom
14
104%
156
*
12%
*
Lefcourt Realty com
Conv preferred
common
4%
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lehigh Coal A Nav
%
Jan
Mar
Feb
5%
Jan
1%
2%
Mar
14
..*
Class B
Jan
10
Koppers Co 6% pref
100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
Class A
Feb
70
"766
Klelnertd B) Rubber Co. 10
Knott Corp common
1
Lane Bryant 7% pref-.100
Lane Wells Co common..1
%
Mar
51%
Klrkl'd Lake G M Co Ltd. 1
Kelln (D Emil) Co com..*
Kobacker Stores Ino
Jan
100
430
1
Jan
Feb
10
11%
National Breweries oom..*
National Candy Co
*
Feb
7
76
%
Feb
Mountain Sts Tel A Tel 100
Feb
23%
116%
300
76
Mar
Jan
Feb
•
7%
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
1
Kirby Petroleum
1
9%
8%
36%
7%
6 %
33%
%
2%
11%
3%
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2%
Muskogee Co oommon
*
8% preferred
100
Nachman-Springfllled
37%
23%
Jan
|Mountain States Power—
Nat Bellas
7%
Feb
25%
Jan
4%
%
Mountain City Cop oom.5c
Mountain Producers
10
Jan
2,200
6
Ken-Rad Tube A
$4
Jan
Jan
31%
7% pref. 100
Mass Util Assoc
96
104%
110
116%
100
164%
16%
17%
19% 19%
Jan
Mar
Jan
400
Moore
Jan
28%
Kennedy's Ino
Ludwlg Bauman
Jan
750
300
"~2% "~2%
...1
%
18
55 %
93
Feb
1,500
163
Moody Investors part pf.»
(Tom) Dist Stmp.l
Mtge Bank of Col Am shs
U%
Feb
9%
11%
164%
17%
Montreal Lt Ht A Pow..*
11%
Jan
7%
500
Jan
Feb
7i«
33%
8%
*
8
14%
Jan
7%
10
3%
Jan
%
1
Kansas G & E
34 %
Feb
Feb
*
Jeannette Glass Co
Jan
2%
*
Italian Superpower A
Jacobs (F L) Co
13
Jan
Jan
33%
7%
1
Monarch Machine Tool..*
Monogram Pictures com.l
Monroe Loan Soo A
1
*u
Jan
1%
Mar
115%
3%
Molybdenum Corp
Jan
93
100
Jan
1
Irving Air Chute
preferred
11%
Interstate Hosiery Mills.
Interstate Power $7 pref.*
Investors Royalty
Iron Fireman Mfg v t c
Feb
6
Mar
11%
International Vitamin...1
Interstate Home Equip.. 1
Feb
6%
Missouri Pub Serv com.
Mock Jud Voehringer—
Common
$2.60
Jan
117%
Feb
it
45%
70
Mar
Jan
Feb
7
Feb
1
7
zl3%
25C
Feb
Mar
1%
Midwest Piping A Sup
Mining Corp of Canada..
Jan
3%
*
Internet Safety Razor B_*
International Utility—
Lynoh Corp
Jan
110
50
200
93
Internat Paper A Pow warr
International Petroleum—
6
5%
Midwest Oil Co
5%
1
6%
18
60
500
%
6
1
4%
%
500
%
6
6%
100
69%
Jan
Metropolitan Edison—
Micromatic Hone Corp...
Feb
68%
Jan
Jan
Middle States PetroleumClass A v t c
Jan
10
68%
%
1%
40
Jan
200
Internationa] Cigar Mach
Internet Hydro Eleo—
Class B
High
Jan
Jan
%
100
Coupon shares
Low
700
%
34%
$2
Insurance Co of No Am. 10
Pref $3.60 series
1
Range Since Jan. 1,1941
Shares
Corp.—25c
$8
Jan
9
Feb
%
V t o common.——.
preferred
High
%
1%
Class
Industrial Finance—
7%
Low
3%
21%
Jan
3%
13%
14%
50
Indian Ter Ilium Oil—
Class
Mesabl Iron Co
Price
Jan
8
Indiana Pipe Line
Indiana Service 0%
7%
Week
Partlc preferred-——15
Imperial Tobacco of Great
Ireland
for
of Prices
Metal Textile
£1
Imperial Oil (Can) ooup—
Britain A
Week's Range
Sale
Par
Illuminating Shaw A
•
Imperial Chemical Indus—
Am dep rota regis
Last
High
9%
15, 1941
Sales
STOCKS
(Continued)
Shares
11
March
3
Jan
Jan
%
Jan
3%
Jan
Feb
110
119
Jan
111%
8
8%
20
24%
2%
8
8%
20%
26%
2%
Feb
100
8
Mar
9%
Jan
200
7%
Jan
9%
Jan
Feb
23 %
30
Jan
Mar
Feb
3%
Jan
250
20
600
23%
2%
900
Jan
Jan
Volume
New York Curb Exchange—Continued—Page 4
152
Sales
Friday
STOCKS
Week's Range
Last
(Continued)
Sale
Par
Ohio Brass Co d B oom__*
Ohio Edison $6 pre!
•
Range Since Jan. 1,1941
for
High
75
S3
112
111%
111% 111%
550
111%
Mar
116%
Jan
Salt Dome Oil Co
Jan
Feb
*115
Jan
Jan
Samson United
110%
Jan
6
Jan
21%
Jan
Jan
Schulte (D A) com
Conv preferred
19%
Feb
50
Feb
75
113%
1%
Feb
34
33%
6%% 1st preferred
25
Pacific Lighting $5 pref..*
Pacific P A L7% pref..100
116%
Jan
6
Jan
2%
Jan
30%
107
107
1,400
32%
Jan
29%
Feb
Feb
34%
100
31%
Jan
10
34%
30%
106%
Jan
108%
Feb
Jan
86%
Jan
83
*
•
•
100
16%
16%
Mar
67%
16%
Jan
3%
30.800
Mar
100
2%
Feb
3%
Jan
3
Jan
Feb
13
Jan
5%
100
%
Mar
%
Mar
7,600
Jan
2%
Jan
2,400
2%
10%
Feb
14%
Jan
64%
25
64%
Mar
65%
Feb
Feb
'Feb
38
Jan
111%
%
Jan
Pitts Bees ALE RR
Jan
14
150
62
Feb
67%
88%
50
85
25
75
24
Feb
Jan
Singer Mfg Co
Jan
6
Jan
Mar
10
118%
Jan
31%
Jan
1,500
31%
2%
Jan
3%
Feb
3%
Jan
5%
6.300
4%
Feb
7%
50
32
1%
T266
250
42
Jan
46%
Mar
Feb
Jan
%
%
Jan
1%
Feb
Feb
Jan
7
Jan
4%
Jan
%
1%
Jan
72%
109%
3
Feb
4%
500
10%
72%
100
10%
Mar
1,300
71%
Mar
109% 109%
10
4
10%
71%
2%
Jan
•
11
Jan
Jan
Jan
80%
115%
Jan
Feb
109
6%
6%
Feb
Jan
Jan
13
23 %
23%
Jan
Jan
2%
1%
Jan
Jan
6
Feb
6
65
380
63
Feb
70
Jan
3%
9%
300
3%
Jan
Jan
1%
4
4
3%
3%
Feb
3
Mar
Mar
Mar
13%
Jan
96%
Jan
Feb
Jan
4
800
%
1%
600
%
Mar
%
1,500
1%
Jan
Feb
1%
1%
37%
3%
Mar
Mar
Jan
600
1
Feb
1%
Mar
200
37
Mar
39%
Jan
Jan
30 %
Jan
Mar
46%
Feb
24%
50
45
45
45
30
30
100
29%
Feb
29%
29%
500
29
Feb
31%
29%
Jan
Jan
Jan
%
FeD
Feb
Southern Colo Pow el A.26
8%
Jan
10%
Jan
Feb
Feb
12%
Jan
**16
Mar
1%
Mar
Southern Pipe Line.....10
3%
2%
Mar
Feb
4%
3%
Jan
Mar
Southern Union Gas..
50
%
Southern Phosphate Co. 10
3,800
12%
%
%
Jan
100
100
7% preferred
South New Engl Tel
400
7%
Feb
8%
Jan
4%
Jan
5%
7
Feb
8
21%
25
20
Feb
21%
5%
1,000
5
Jan
5%
Jan
2%
21%
26
Preferred A
Jan
156
....
Mar
165
10
TOO
156
156
.....
5
Southland Royalty Co...6
Feb
Jan
•7%
3%
3%
25
5%% pref series C...26
Jan
4
104
Southern Calif Edison—
100
20
Jan
Feb
%
1%
Southwest Pa Pipe Line. 10
200
1%
Mar
1%
5% original preferred.26
12%
76%
Feb
2%
3%
37
0% preferred B
200
130%
Jan
6%
1
1
Jan
1,600
Jan
104
25
Penn Oil
45
13
107%
2
114
114
South Coast Corp com
200
78%
1%
40
1%
Skinner Organ
........6
Smith Paper Mills...
*
25
6%
300
Jan
Jan
Jan
2%
1%
100
45
9%
Mar
Jan
3
Jan
Mar
1
280
Feb
1%
Jan
5%
Feb
7%
Jan
1
Spalding (A G) A Bros—1
5% 1st preferred....—*
Feb
1%
Jan
1
Spanish A Gen Corp—-
1
7%
8
Producers Corp of Nev..20
*i«
Feb
Prosperity Co class B
*
4
Feb
4%
Providence Gas
•
8%
2%
Jan
Mar
8%
Jan
Mar
9%
Jan
105%
Jan
106%
Jan
100
*
2%
2%
100
%
Jan
Public Service of Colorado
100
100
ord reg—£1
Spencer Shoe Corp
...•
Stahl-Meyer Inc
Standard Brewing Co
•
Standard Cap A Seal oom. 1
Conv preferred
10
Standard Dredging Corp—
Am dep rets
1
3%
4
13%
13
13%
$1.00 conv preferred..20
...*
114% 116%
114%
•
...i—
J
53%
50
550
54
117
Mar
95%
Jan
45
Jan
68%
Feb
10
Standard Oil (Ky)
920
108%
Feb
lllI#3i
Mar
90
109%
Jan
111%
Mar
-
-
*
575
96% 100
49
-
2,475
46
-
16
16%
900
95
Feb
44
Feb
14%
Feb
Feb
8%
149
85
149%
Jan
Jan
13%
7%
18%
Jan
%
Mar
3 %
Mar
5%
Jan
200
12%
Feb
15%
Jan
50
1%
12%
7%
100
1,000
Jan
67%
18%
8%
•
14%
Jan
Standard Sliver Lead
6
Jan
Standard
159%
Jan
Feb
9%
Jan
Mar
140
149
7%
Wholesale
100
""100
Jan
20%
Jan
Jan
Jan
22
Jan
9
Jan
Jan
Jan
*16
Feb
27%
Jan
Jan
20
1%
Feb
Feb
Feb
%
1,100
*16
Feb
7%
20
%
%
*16
Jan
Phos
Corp v t o.l
Mar
109
Jan
19
*16
pbate A Add Whs Ino. 20
Starrett (The)
Jan
Feb
1%
1
Standard Tube cl B._
Jan
80
8%
"22% "22%
1
Standard Steel Spring
*16
"""SO
8%
Standard Products Co.—1
Jan
Feb
107%
400
"ifl"
'"l9~
Jan
8%
Feb
%
19
Jan
Jan
2
Mar
18
275
%
%
%
♦
Preferred.,
105
65
8
83%
112
Feb
6%
85
18%
108% 109
100
5% preferred
Standard Pow A Lt......1
Common class B
100
18%
Jan
*1#
Standard Oil (Ohio)—
111 %llli®32
111% 111%
100 lll*»a«
7% prior lien pref...100
Puget Sound P A L—
$6 prior preferred
•
$0 preferred
*
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com...6
Pyrene Manufacturing..10
Quaker Oats common
*
0% preferred
—100
Quebec Power Co
*
Radio-Kelth-Orphuem—
7%
Standard Invest $5% pref *
Jan
800
1,700
%
%
Common
Public Service of Indiana—
Feb
20
**16
Jan
Steel Co of Canada—
warrants
%
700
Railway A Utll Invest A.l
*16
Feb
•it
Jan
Ordinary shares.......*
Feb
%
5
Ry A Light Secur com...*
7%
Jan
Stein (A) A Co common. .*
Jan
*16
Jan
Sterchl Bros Stores
Raymond Concrete Pile—
13%
14%
25Q
1%
%
*
1%
1
100
13
Jan
17
44
*
60c
Jan
48%
**16
Jan
7ie
Feb
17%
4%
»
*
Feb
2,600
common.*
Jan
Mar
Feb
2
1%
21
Jan
Jan
15%
1
1
*
1
4%
3%
12%
15%
4%
12%
Feb
4%
Feb
Jan
%
16%
Jan
Jan
"l%
*16
200
15%
Mar
3,300
3%
Feb
5%
Jan
Sun Ray Drug
100
11%
Mar
14%
Jan
Sunray Oil.....
4%
Reliance Elec A Engin'r'g 5
Jan
5
Jan
1%
Feb
1%
Jan
"TOO
Gas Co-
9%
........
9%
50
7%
7%
500
Jan
4%
Feb
Feb
40%
9%
Mar
Jan
7
1
1,900
*16
*16
Jan
Jan
Feb
Feb
Feb
4
Jan
11%
Jan
Jan
%
12%
13%
"i% "i%
700
"900
1 %
104%
100
7i6
Jan
Jan
2%
2%
100
1
1%
1%
1,000
Jan
22%
Mar
28
Jan
Jan
12
22%
Technicolor Ino common.*
9
1,400
8%
Feb
114
30
112%
Jan
114
3
200
2 %
Jan
3
6
16%
Feb
6%
Feb
Feb
2
Feb
Texas PA L 7% pref.. 100
Texon Oil A Land Co..-.2
3
Thew Shovel Co com
%
Jan
%
Jan
Jan
Feb
3%
Feb
4%
Jan
2%
""%
"266
%
Feb
Mar
52
3
1725
22%
9%
400
1,200
2%
Jan
25
9%
Jan
Mar
Jan
19%
8%
Jan
%
Jan
Jan
Tobacco Secur Tr—
Mar
Feb
3
Inc
Tlshman Realty A Constr •
Tobacco A Allied Stocks..*
Tobacco Prod Exports.—*
Royalite Oil Co Ltd—...*
50
22%
Jan
*
"366
22%
3 "
Jan
Jan
Jan
52
3
10%
2%
1%
4%
52
6%
Swan Finch Oil Corp.... 16
114
Jan
"4"-:'~4
Jan
TaggartCorp com
—1
Tampa Electric Co com..*
Jan
»
Jan
Jan
1
2 >4
Jan
7%
3%
Feb
4%
Co... 1
Ryan Consol Petrol
_•
Ryerson A Hay nee com..]
11
•
Jan
Feb
Mar
13 %
Jan
39%
Feb
20
Ryan Aeronautical
Feb
Feb
9
com...5
Roosevelt Field Inc—.5
Jan
1%
107
Feb
12
Inc..*
Jan
Jan
Mar
104
Rochester Tel 0 % % prf 100
Feb
14%
10%
38%
1
6%% conv pref
50
Superior Oil Co (Calif)..26
Class B common...
%
15
Feb
104
Jan
1%
10
1,000
Feb
12%
1%
1%
3%
1%
%
7%
Superior Port Cement
Rochester GAE10 % pf C100
Mar
Feb
Feb
8%
%
1
Co
Jan
12
2%
•
Sullivan Machinery
Jan
12
38%
*
60
20
Sterling Aluminum Prod.l
1
Sterling Brewers Ino
Sterling Inc
...1
Stetson (J B) Co com
•
Stlnnee (Hugo) Corp
6
Stroock (8) Co
*
0% 1st preferred
6% 2d preferred
100
Retter Foster Oil Corp..60
For footnotes see page
46%
Soss Mfg oom
Prentice-Hall Inc com...*
Royal Typewriter...
Russeks Fifth Ave
44%
Jan
Jan
Jan
$1.20 conv pref
Rossia International
45
Jan
23%
%
Root Petroleum Co
FeD
1%
Jan
0% preferred D
41
18%
%
Voting trust ctfs
800
Feb
100
Richmond Radiator
50
45
Feb
1%
800
Republic Aviation
Rheem Mfg Co
Rice Stlx Dry Goods
Jan
2
44
1%
%
Reed Roller Bit Co
%
3%
%
20%
$3 conv preferred
Jan
Jan
Feb
1
»u
Common
9
%
1%
Sonotone Corp..........1
20%
Raytheon Mfg com
Red Bank Oil Co
8%
2,500
Solar Mfg Co
1
0% prior lien pref
100
%
Jan
*
$7 prior preferred
Jan
Jan
100
$0 preferred
Public Service of Okla—
Jan
3%
37
Premier Gold Mining
0% 1st preferred
7% 1st preferred
ui6
Jan
Mar
Feb
31
Pratt A Lambert Co
Prudential Investors
Mar
3%
Amer dep rets ord reg.£l
Sioux City G A E 7 % pf 100
5%
115%
%
45%
3%
6
Pressed Metals of Am
*16
100
Singer Mfg Co Ltd
Feb
100
77
Power Corp. of Canada..*
0% 1st preferred
1,600
Simplicity Pattern oom—1
Simpson's Ltd B stock.
4%
Mar
26t
Powdrell A Alexander
Jan
1116
Simmons H'ware A Paint. *
Mar
64
1%
37
3%
8%
*
pref..
Jan
28
3%
12%
Potero Sugar common....6
Rome Cable Corp
oonv
Jan
92
Mar
400
Pneumatic Scale oom...10
Polaris Mining Co
Jan
13
57%
$3
45
3%
Mar
Slmmons-Boar dm an Pub—
6%
"78%
Jan
Jan
8Ilex Co oommon
Jan
Jan
South
64
Jan
1%
%
Sherwin-Williams of Can. *
Jan
1%
7.60
Plough Inc oom
Roeser A Pendleton
oom..25
Sherwin-Williams
182
12
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..26
Pleasant Valley Wine Co. 1
14%
Feb
5%
112
Pltney-Bowes Postage
...*
60
Feb
1
*
115
Pleroe Governor common.*
Meter
10
*16
6
Shawlnlgan Wat A Pow..*
Solar Aircraft C0........I
1%
500
200
%
Jan
32
Pioneer Gold Mines Ltd..l
Jan
11
1%
200
Feb
5
5%
Conv $3 pref series A. 10
Jan
115
Mar
1
1
Feb
2%
Common
Jan
83
reg—.1
109
100
Phoenix Securities—
Rio Grande Valley
Am deprcts ord
Serrlck Corp class B
Seton Leather oommon
171
3%
5%
5%
115% 115%
*
Feb
22
46%
40
3%
Phila Elec Co $5 pref
♦
Phlla Elec Pow 8% pref. 26
29%
115%
Jan
2
87%
Philadelphia Co common
Feb
Feb
45
24
*
25%
115%
3%
8%
Convertible stock.....6
13%
1
Jan
%
57%
100
Pharls Tire A Rubber
Jan
3%
175
110% 111
Perfect Circle Co
Jan
**i6
13%
%
171% 174%
111% 112%
Penn Water A Power Co.*
14%
Feb
36
6% cum pref ser AAA 100
171%
Feb
Mar
*16
Selfrldge Provlnc'l Sts Ltd-
7w
•
Mar
205
....1
Jan
common.....
Reeves (Daniel)
Common
32
38
60
20
%
®i6
Shattuck Denn Mining
$0 preferred
Jan
10%
—_*
Jan
2%
11%
•
Pennsylvania Gas A Elec—
Jan
%
Selected Industries Ino—
Jan
Pennsylvania Edison Co—
Option
Selby Shoe Co
35%
64%
11%
Jan
88
.*
Sentry Safety Control
$6 series pref....
$2.80 series pref
%
1
Feb
2%
11%
2%
Mar
83
$5.50 prior stock
25
Allotment certificates...
2%
Pennroad Corp oom
1
Penn Cent Airlines com.l
3%
20
1%
Jan
Mar
"x'"x
60c
Penn Traffic Co
Feb
100
"266
28
28
Warrants
6%
30%
Peninsular Telephone oom*
$1.40 preferred
25
Penn-Mex Fuel
Jan
Mar
81
2%
9
Scranton Spring Brook
Water Service $0 pref..*
Scul In Steel Co oom
»
Mar
30
Mar
70
12
Scovlll Mfg
....25
Scranton Elec $0 pref....*
31%
5%
2%
800
32%
5%
Patchogue-Ply mouthM Ills *
Phillips Packing Co...
%
1
Segal Lock A Hardware..1
12
Parkersburg Rig A Reel..l
Pepperell Mfg Co
5,400
.25
Jan
3
3%
3%
Pennsylvania Sugar com
2%
%
Jan
18%
67%
Feb
1%
Feb
Feb
•
Selberllng Rubber com...*
American shares
Paramount Motors Corp.l
Parker Pen Co
10
Penn Salt Mfg Co
400
81
Feb
1%
Corp com.l
Sanford Mills
Securities Corp general
Seem an Bros Ino
Facte pec Oil of Venezuela—
Penn Pr A Lt $7 pref
2%
Scran ton Lace common..*
Pacific G A E 0% 1st pf.25
Class A
79%
4,200
Schlff Co common.......*
54
200
5%
Page-Hersey Tubes
2%
Savoy Oil Co...........6
1
1st preferred
2
1941
High
%
118%
19%
19%
113%
<
2%
1
Feb
Overseas Securities
•
Pacific Can Co common..*
$1.30
80
—100
Feb
113% 114%
60
Pacific Public Service
preferred
6
prior pref.—*
Omar Inc
7%
2%
108%
Jan
Jan
conv
109i*i6 Mar
Low
1%
St Regis Paper oom.....5
Jan
109»»i Feb
20%
109
Range Since Jan. JU
for
Week
Shares
St Lawrence Corp Ltd...*
Class A $2 conv pref..50
Feb
109%
15
com.
preferred
$6%
Mar
Jan
21%
110%
150
25
of Prices
High
Low
Price
Par
21
21 %
109% 109%
110% 112
21%
Ohio P 8 7% 1st pref
100
0% 1st preferred.... 100
Ollstocks Ltd common...6
Oklahoma Nat Gas
High
110%
.
Ohio Oil 0% preferred.. 100
6% pref (called)
Ohio Power 0% pref
100
Sale
(Continued)
Low
Shares
Week's Range
Last
STOCKS
Week
of Prices
Low
Price
1723
Sales
Friday
3%
57
2%
Jan
1
Jan
TUo Roofing
Ordinary reg
Def
registered
Todd Shipyards Corp
£1
6s
*
Jan
%
53
3%
87
91
360
82
*
Jan
Feb
Jan
53
4%
98
Jan
Jan
Jan
New York Curb
1724
Friday
Last
Par
Week's Range
for
Sale
STOCKS
(iConcluded)
of Prices
Low
High
Shares
Toledo Edison 0% pref 10c
7% preferred
100
Tonopah-Belmont Dev. 100
Ton' pah Mining of Nev.l
Trans Lux Corp
---1
Transweetern Oil Co
10
Low
107
112*4 112*4
30
y
Mar
112
»n
KM)
»i«
2*4
600
2 *4
X
X
100
*4
Jan
Mar
"'iX "6*4"
1:200
Trunx Pork Stores Inc...*
Class A...1
8*4
36
Tung-Sol Lamp Works—-1
80c conv preferred
Udyllte Corp
1
iUlen 4 Co ser A pref
*
Series B pref———
Unexcelled Mfg Co
10
Dnlon Gas of Canada
36
114
Jan
♦Ext 0*4s stmp
1952
♦German Con Munlo 7s '47
♦Secured 0s...
1947
2
2
300
*15
*15
8*4
8
Jan
♦Maranhao 7s
1958
13*4
6*4
13*4
2.000
Jan
♦Medellln 7s stamped. 1951
7*4
7*4
2,000
Jan
22*4
34*4
10*4
1,000
40
40
17*4
17*4
OX
40*4
1*4
Feb
7*4
Jan
Feb
4*4
Jan
Jan
X
Jan
♦Mtge Bk of Chile 08.1931
Mtge Bk of Denmark 5s '72
3*4
*
Feb
Jan
4*4
Feb
Feb
9
Jan
♦Parana (8tate) 7s
1958
♦Rio de Janeiro 0*48.1959
2*4
Union Investment com...*
1
9*4
'ox "io"
600
Feb
10
Feb
8*4
10
"x ""ht
1
1st $7 pref. non-voting.*
11
Mar
*4
Feb
9*4
Jan
22*4
Mar
22*4
Mar
Feb
Feb
9*4
3,000
9*4
30*4
40
Mar
1,000
17
Jan
17*4
Feb
6*4
*4
Mar
7*4
Jan
*4
Jan
Feb
*4
8*4
Jan
Jan
*4
Jan
9*4
Jan
6*4
1,000
X
X
20,000
hi
X
15,000
1949
♦Santiago 7s
*9*4
15
Jan
Jan
X
6*4
14*4
Jan
*4
"Feb
Feb
*i8
Jan
Jan
7*4
Jan
1,000
Feb
»ii
Jan
Rank
Friday
400
106*4
Feb
112*4
Jan
Elig. A
Last
Week's Range
for
X
200
*4
Jan
Jan
Rating
Sale
Week
Since
See k
Price
of Prices
Low
High
$
Jan. 1
110
109
109
X
Common class B
80
80
20
ht
ht
ht
*i«
'23 X
22*4
24*4
ht
80
1,000
13 parti o pref
*ie
Mar
85
BONDS
Jan
ht
Feb
300
*18
Feb
5,500
19*4
Feb
23*4
♦
$6 1st preferred...
*
Milk Products...♦
Jan
24*4
hi
ht
Jan
25*4
Jan
1st 58
Jan
1st A ref 58—
'
Alabama
Power
Co—
a
1
106*4
1
104*4
1946
x
Am dep rets ord reg
Preferred..
United Specialties com
U S Foil Co class B
""9X
5X
9*4
6
*4
52
*
m
57*4
44*4
9*4
6*4
20
x aa
2
Mar
3*4s s f debs
..I960 x aa
2
Mar
Mar
61
Jan
3*4» 8 f debs
1970 x aa
2
107*4
45*4
Jan
Am Pow A Lt deb 68.......2016 y bb
4
107*4
10
Jan
Appalac Power Deb 6s
Jan
Arkansas Pr A Lt 6s
1950 x bbb3
1963 v b
1,400
7*4
Feb
1,300
4*4
»u
Jan
X
52*4
600
4*4
11,000
5*4
Feb
*4
Jan
Feb
*4
50*4
200
Jan
61*4
4*4
Jan
Mar
21.000
104*4 100*4
107
103
5,000
107*4
13,000
107*4 108*4
101*4 107*4 526,000
128
128
3,000
2024 x bbb3
3
103
105*4
101*4 103*4
104*4 105*4
Feb
Mar
5*4
"i*666
71,000
106*4 107
45*4 47
106*4
47
}Associated Gas A El Co—
♦Conv deb 4*4s
1948 * dddl
*12*4
52,000
preferred...20
28*4
1
1*4
IX
U 8 Rubber Reclaiming..*
4 X
4*4
*4
com
1st 17 conv pref
4*4
Jan
Mar
Jan
X
Jan
AssocT AT deb 5*4a A... 1955 y b
3*4
X
1*4
Feb
200
Jan
X
5%
Jan
1
Jan
5s without warrants
2,600
Feb
7
Mar
27
100
1*4
2*4
200
X
X
Atlanta Gas Lt 4 *4s.
1955 x a
Jan
Atlantic City Eleo
1964 * aa
3
108
Jan
Avery A Sons (B F)—
1947 y bb
2
*101
104*4
102
1947 v bb
2
*98
103*4
100*4 102
5*4
Jan
27*4
Feb
21
Feb
17*4
Jan
Jan
2*4
83*4
Mar
*4
*4
Mar
Jan
78
Jan
*4
Mar
Feb
»ie
16*4
14*4
16*4
14*4
Feb
100
1*4
300
*4
16*4
96
2*4
90*4
25
400
Jan
Waco Aircraft Co
*
6*4
3*4
6*4
3*4
Wagner Baking v t c
*
8
—1960 x aa
C—....
3
107*4 108*4
16,000
105*4 111*4
106*4 112*4
1998 x aa
Birmingham Elec 4*4s
Birmingham Gas 5s
1908 x bbb3
1959 y bb 4
Broad River Pow 5s
1964 7 bb
151
"l02*4
103*4
1968 x a
4
106
Jan
Cent States Elec 5s_—
Jan
Feb
Cent States PAL 6*4s—.1953 y
22
r
1,300
6*4
Mar
200
3*4
Mar
7*4
Feb
Mar
3J4s
5*4s
1964 y cc
J*Chlc Rys 6s ctfa
8*4
Jan
4*4
Jan
Cities Service 5s
8
>'
Feb
5'
Mar
*4
"ilx
29,000
18,000
2,000
151
73*4
48,000
74
2,000
106*4
11,000
16,000
156
101*4 102*4
103*4 104*4
102*4 104
81
74
69*4
107 V4
105
l
1
19*4
21*4
18*4
30*4
20 X
19*4
21
79,000
18*4
31
2
96*4
96*4
97*4
47,000
93
97*4
40
49
91*4
1
40
41*4
12,000
—1952 y bb
1956 y bb
1960 fb
3
87*4
87*4
86*4
3
3
90*4
91
1,000
6,000
85
86
5,000
83*4
89
86*4
90*4
95
Conv deb 5s
1960 y b
3
85*4
82*4
85*4 145,000
80*4
Debenture 5s
1958 7 b
3
84*4
81*4
85*4; 89,000
80
1969 V b
3
85
82*4
85
| 47,000
79
85*4
1952 yb
1949 yb
4.;
94
90*4
95*4
94*4
89*4
94*4 170,000
94*4 57,000
88
4;
88*4
96*4
Registered...
Jan
Jan
b
1,000
1927 z bb
Cincinnati St Ry 5 *4s A
fis series B
Jan
1948 y cc
151
101*4 102*4
103*4 103*4
102*4 102*4
79
77*4
Cent 111 Pub Serv
11
"4*4"' "Feb
5s series
Bethlehem Steel 6s
Jan
Jan
•
109*4 127*4
41,000
1*4
Feb
*
70,000
107*4 108*4
74
.....-
Class B
113*4 116*4
108*4
108*4
2
100
Walker Mining Co
115
3
1942 x a
16*4
3*4
96*4
;
2
Feb
Jan
104*4
1957 x aa
1*4
Mar
107*4 109*4
1950 z b
1st 5a series B
3
2
Feb
100
Convertible 6s...
~3~666
108
Bell Telep of Canadar—
Canada Northern Pr 5s .—1963 x a
*4
85*4
8
6*4
58 with warrants
107
106
*106*4 107*4
Canadian Pac Ry 0s
13
1,710
3*4s
Jan
'18
Mar
53,300
Jan
49
Jan
Feb
9*4
3
13
15*4
69
Feb
Jan
45*4
X
8,000
*ie
*18
IX
X
16*4
14*4
3*4
96*4
9,000
1*4
Jan
Utility A Ind Corp com..6
7,000
13
65*4
13
1977 z dddl
3*4
Mar
100
13
13
65*4
1968
♦Conv deb 6*4s
Feb
14*4
IX
2,900
78*4
1
15*4
15*4
15*4
Feb
23
""250
78*4
IX
15
3
2
14*4
*J4 *4 *15*4
7
51
12*4
12*4
12*4
12*4
11*4
12*4
64*4
Baldwin Locom Works-
7
Utility Equities com...10c
36.60 priority stock
1
Watt A Bond clasB A
5s registered
2 *4
Feb
6*4
27
44*4
32,000
Mar
"ox
2X
Va Pub Serv 7% pref..100
Vogt Manufacturing
*
Vultee Aircralt Co..
1
13*4
*4
V
Utah-Idaho Sugar
6
Utah Pow A Lt 37 pref...*
Utah Radio Produota
1
Petroleum...1
12*4
1*4
1*4
15*4
34 conv preferred
6
Van Norman Mach Tool2 *4
13*4
2*4
1
Valspar Corp com
12*4
1968 * dddl
5e
130
106*4 107
22,000
♦Debenture
108*4
128
14,000
13*4
400
1*4
Universal Products Co...*
.......
13*4
300
*
Universal Pictures corn
13
13
1,500
1*4
8
1
Jan
13
1950 t dddl
*4
*
Class B
29 *4
1949 z dddl
1*4
4*4
United Stores common_60o
Universal Corp v t o
Universal Insurance
Jan
♦Conv deb 4*4s
5
U 8 Stores common....60c
United Wall Paper.
2
Universal Cooler class A..*
Jan
106
107*4 110*4
100*4 107*4
13*4
♦Conv deb 6s.—...
3
106*4 107*4
104*4 106*4
102*4 105*4
24,000
103
55*4
43*4
1,325
3,000
101*4 102*4
bbbl
Associated Elec 4 *4s
44*4
*
U S Lines pref
U 8 Plywood Corp—
a
*i8
55*4
U S Graphite com
6
U S and Int'l Securities..*
161st pref with warr
y
7,000
106*4 106*4
104*4 104*4
tl03*4 104
1968 y bbbl
1st A ref 4*4a
1967
American Gas A Eleo Co.—
2*4s sf debs
1950
x
5*4
xte'X
26
1
1
1956
1st A ref 5a
United Molasses Co—
United N J RR A Canal 100
10% preferred
10
United Shoe Mach com.25
Range
r
-1961 is
1st A ref 6a
United Profit Sharing..26c
Sales
Jan
•
7% preferred..
*22*4
*9*4
Jan
Feb
7
7*4
X
United
Venezuelan
Feb
Mar
13*4
H
*4
United G A E 7% pref. 100
United Lt A Pow com A..*
Conv preferred
Jan
2,100
*
Option warrants.
U 8 Radiator
27
*i»
United Elastic Corp
United Gas Corp com
conv
Feb
*
Un Clgar-Whelan Sts-.lOc
United Corp warrants
fl*4
Jan
5*4
1921
♦6*4s
United Chemicals com—.♦
13 cum A part pref
22*4
1927
♦Issue of Oct 1927
♦Russian Govt 0*48—1919
Un Stk Yds of Omaha.. 100
United Aircraft Prod
♦Issue of May
22
25
*5*4
♦0*4s stamped.....1958
6*4
600
4*4
Jan
27
Mtge Bk of Bogota 7a. 1947
22*4
Jan
27
Mar
22
'Hanover (City) 7s...1939
♦Hanover (Prov) 0*48.1949
Lima (City) Peru—
7
Feb
18*4
Jan
8
4
High
Jan
20
Jan
Jan
3
"TOO
7
6*4
19*4
20
Mar
X
'""3*4 ~~3X
*15
*4
1
Feb
,
*2*4
*15
2*4
-
Mar
35
Low
$
Danzig Port A Waterways
Jan
6*4
350
36*4
Week
Jan
Jan
2*4
X
Tublze ChatUlon Corp.—1
for
of Prices
Low
High
Price
Jan
2X
Trt-Contlnental warrants
Week's Range
Sale
108*4
Feb
""coo
Last
High
...........
"""he """'it
Range Since Jan. 1,1941
BONDS
(Continued)
Range Since Jan. 1,1941
15, 1941
Sales
Friday
Week
Price
March
Exchange—Continued—Page 5
Sales
85*4
81*4
Debenture 6s
1
*4
Feb
X
Jan
Wayne Knitting Mills...6
WeUlngton Oil Co
1
13*4
Feb
13*4
Feb
Cities Serv P A L 6 *4s
6*4s
Jan
2*4
Jan
Community Pr A Lt 6s— .1957|y bb
Mar
1*4
Jan
Conn Lt A Pr 7s A
Feb
.81*4
Consol Gas El Lt A Power—
2
Western Air Express
Western Grocer oom
300
2
1*4
Wentworth Mfg
1.26
West Texas Utll 30 pref..*
West Va Coal A Coke
*
2
1*4
200
1*4
101
"Too
2*4
Feb
3 *4
Jan
(Bait) 3*4s ser N
100
3*4
Feb
Jan
3*4
Jan
5*4
4*4
Feb
1st ref mtge 38 ser P
1st ref M 2*4s ser Q
58*4
Feb
70
Jan
Consol Gas (Bait City)—
Gen mtge 4 *4s.
2*4
20
100
65
65
65
20
Western Tablet A Statlon'y
Common
•
1
6*4
*
7% pf 100
Wolverine Portl Cement. 10
Petroleum
20
Jan
17*4
Mar
Jan
14*4
Feb
Jan
6*4
Mar
6
Jan
6s
A stamped
Cuban Tobacco 5s.
1943 y b
1958 y bb
1944 yb
Cudahy Packing 3*4s
1955 x a
ser
Cont'l Gas A El 5s
103
108*4 111*4
107*4 m
T,66o
103
U26
128
2
bbb4
101*4
800
5*4
Feb
6*4
Jan
4*4
Mar
4*4
Mar
Delaware El Pow 6*48
Eastern Gas A Fuel 4s
1959 x
200
1
2
Mar
Elec Power A Light 6s
2030 yb
Elmlra Wat Lt A RR 6i—1950 *
11*4
11*4
25
7*4
7*4
200
""4*4 "4*4
"166
10*4
Jan
Mar
11*4
Mar
Feb
8*4
Jan
7
2
103
103
120
128*4
85*4
1950 y bb
4*4
4*4
Feb
5*4
Jan
Mar
6*4
Jan
Erie Lighting 5s
4*4
Jan
4*4
Feb
Federal Wat Serv 5*4s .—.1954 v
Finland Residential Mtge
4*4
200
4*4
6s
"4*4
4*4
4*4
2,200
Feb
5*4
Jan
Feb
4*4
Jan
Jan
*4
117
Jan
87*4
80*4
32,000
10,000
90*4 101*4
89*4
105
105*4
1,000
89*4
86
99,000
85*4 279,000
120
94*4
60
53*4
101*4 102*4
106
106*4
87*4
120
78*4
120
88*4
126
17,000
104*4 106
45
44
108*4
445
108*4 108*4
101*4 102
1900 * bbb3
105
1954 * bbb3
106*4
104*4 105
105*4 106*4
81,000
104*4 106*4
3
2
100*4
100*4 101*4
22,000
100*4 101*4
b
3
4
1901 7 cccl
ser
32,000
94*4 330,000
60
10,000
102
——.1967 x a
Banks 0s-5s stpd
Florida Power 4s
101*4
101*4 102
106
106*4
"87*4
4
a
4
bbb2
90*4
56*4
Empire Dlst El 5s—
1962 *
♦Eroole Mare 111 Eleo Mfg—0)48 series A....
1953 z cccl
117
4*4
101
101
94*4
400
""7*4
4
4
2
5*4
Wool worth (F W) Ltd—
Amer dep rots
1,000
1107*4 108
103
1954 x aaa4
4*4
1
Wright Hargreaves Ltd..*
1,000
98*4 102*4
127*4 127*4
51,000
109*4 109*4
aaa4;
1976 x aaa4
5*4
Wolverine Tube com—2
Woodley
99*4101*4
! 127*4 127*4
*41
1971,x aaa4
1909 *
4*4
Williams OU-O-Mat Ht_.*
Wilson Products Ino
1
Wisconsin PAL
100
6*4
Feb'
11*4
Wichita River Oil Corp..lu
Williams (R C) A Co
•
Wilson-Jones Co
101
Consol Gas Utll Co—
18
13
...
Westmoreland Coal..
20
Westmoreland inc......10
Weyenberg Shoe Mfg
102
2*4
4*4 > 4*4
1
Western Maryland Ry—
7% 1st preferred
Jan
3
1961|x aaa4
C
Florida Power A Lt 5s
441
1,000
108*4 109
22,000
101 *4 103
3,000
41*4 42
104*4 100
43
Gary Electrlo A Gas—
FOREIGN
5s ex-warr stamped
GOVERNMENT
Gatlneau Power 3*4s A—-1969 * a
General Pub Serv 5a
1953 y b
AND MUNICIPALITIESSales
for
Gen Pub Utll 6*4s A
♦General Rayon 6s A
1948 t
Gen Wat Wks A El 5s
1978 yb
4
♦Gesfruel 0s
1953 z b
1
3
'■
Agricultural Mtge Bk (Col)
♦20-year 7s....Apr 1946
♦20-year 7s....Jan 1947
$
22*4
22*4
22*4
2,000
21*4
22*4
22*4
*15
22*4
2,000
...
1966 y bb
2
ccc2
23
Feb
Glen Alden Coal 4a
1965 y bb
22 *4
Jan
23
Feb
Mar
26*4
Jan
Gobel (Adolf) 4*4s
Grand Trunk West 4s
1941 7 ccc4
17*4
1950 x a
3
1950 * a
7*4
...
Jan
Gr Nor Pow 5s stpd
1961
Feb
8*4
Jan
2
2
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
Cent Bk of German State A
*6*4
79
102
"99*4
1943 y bbb2
Georgia Pow A Lt 5s
78
4101
79
1
Week
BONDS
♦Baden 7s...
..1944 y bb
12
Green Mount Pow 3*4s._.1903 x aa
Grocery Store Prod 6s
1945 yb
445
65
100
78
79*4
81*4
"82*4
75
75
76
78*4
78*4
78*4
107*4 107*4
106
4104
59
59
20
21
♦Prov Banks 6s B..1951
*15
22
Feb
27
Jan
Guantanamo A West 08—.1958 yb
2
*15
25*4
22
Feb
22
Feb
Guardian Investors 5s
1948 y c
1
*32*4
74*4
52
Jan
81
Jan
♦Hamburg Elec 7s
1935 * dd
J
25
Mar
26
Jan
"
2~66o
99*4 100*4
72
6,000
23
2
♦0 series A
98*4 102*4
415
"82*4
83
101*4 102
18",660
99*4
79*4
78
47,000
82*4
23
47",000
80*4
82*4
13,000
49
83*4
5,000
1,000
79)4
75*4
107*4 108*4
103*4 106*4
"4,666
58*4
60*4
9,000
17*4
25
16,000
23*4
29*4
♦Hamburg El Underground
Danish 5^8
Ext 68....
—.1962
1955
1953
25
25
1,000
A St Ry 5*48
For footnotes see page
1725.
Atteottion la directed to the
new
1938r* cccl
column In this tabulation pertaining to bank eligibility
23*4
422
24*4
416
and rating of bonds.
See k.
I
Bank
Last
Rating
Sale
See a
Price
d2e1
(Concluded)
Houston Lt A Pr 3*4s
1966
* aa
z
1967
x aa
3
z
bbb3
70*4
108
106*4
106*4 107*4 101.000
105
"3',odd
bbb3
105*4
105*4 105*4
bbb3
105
104*4 105*4
49.000
104*4 106*4
y
31.000
y
bb 3
bbbl
100*4
1960
y
b
2
"77*4
99*4 103
100*4 101*4
72*4 79*4
71*4 78*4
TOO *4
1952
y
/—1957
y
Debenture 6s
Iowa-Neb LAP 6s
6s series B
1961 y
Iowa Pow A Lt 4He
♦Isarco Hydro Elec 7s
6s stamped
—.1942
z
b
a
1966 z aa
2022 z a
Kansas Gas A Eeo 6s
Louisiana Pow A Lt 5s
4s series G
-
Minn PAL 4*48
1st A ref 50
9,000
23
67*4
73
♦Saxon Pub
38*4
43
♦Scbulte Real Est 6s—
1951 z cc
Scrlpp (E W) Co 5*4S
1943 x bbb2
1961 yb
2
20,000
1,000
7,000
103
4,000
102*4 105
106*4 107*4
15*4 26
25*4
31
{
105*4
35*4
44
11,000
26,000
{18
Sheridan Wyo Coal 0s
Sou Carolina Pow 6s
"4/)66
43*4 48
105*4 107*4
123*4 128*4
106*4 107*4
York
25
let mtge 3H*
4
{83*4
86*4
77
Debenture 5s
-
{101*4 103
97
96*4
{109*4 111*4
8.000
~
2T666
109*4 109*4
{100*4 102
50*4
103*4
103*4
4,000
29,000
106*4
106*4 107*4
2,000
102*4 105
106
107*4
3,000
103*4 105
54
104
83,000
98*4
102
104*4 104*4
5,000
59*4
106
Ogden Gas 1st 5s
Ohio Public
Serv
103*4 103*4
3,000
103*4 105*4
{104*4 111
20,000
"103*4
103*4 103*4
{112*4
{38*4 44
"e'ooo
102*4 103*4
4.000
104*4 104*4
50
50*4
109*4 110
107*4 107*4
108*4 109
10734 107*4
2,000
no""
3
1965 * bbb3
1948 * bb 4
103*4
1962 * a
Okla Nat Gas 35is B
Okla Power A Water 5s
103
5,000
90
90
93
97*4
103
10454
lOli'ie 10254
46
69
80
-2,000
1011*16101
55
103
60*4
5,000
56
58
107
4,000
101
6,000
10654
10554 106
1948 y b
80
78*4
80
1948 y b
80*4
7954
80*4
39,000
b
80*4
78*4
46,000
09*4
69*4
80*4
80*4
Deo 1 I960 y b
80*4
79*4
80*4
80*4
78,000
70
80*4
80*4
80*4
79*4
7854
23*4
80*4
47,000
70
80*4
68*4
80*4
31*4
31*4
52
53
1951
y
1957 y b
1957 yb
♦Starrett Corp Inc 5a
Stlnnes (Hugo) Corp—
1950 * ccc2
7-4s 2d
——1940
7-48 3d stamped.
Certificates of deposit
1946
_
z-
y
31*4
—
ccci
y
y
b
Texas Elec Service 5s
I960
z
bbb4
1956
-
102*4 106
110*4
0s series A
8,000
4,000
5.000
5,000
103*4 103*4
25*4
28*4
32*4
4.000
43
53*4
4,000
13*4
32.000
13*4
14*4
106*4 107*4
10754 107*4
1
107
2
_
_
2022 y bbb2
Tide Water Power be
4
9654 100*4
100*4 102*4
Conv 6s 4th etP—United Elec N J 4s..
1950
z
1949
z
aaa4
112
♦United El Service 7s
1956
y
bb
♦United Industrial 0*4a—. 1941
♦1st s t 6s
1915
{117
20*4
106*4 10754
33.000
107
7,000
108
118*4 12154
97*4
-1979 y bb
Tieti (L) see Leonard—
Twin City Rap Tr 5*4s—1952 y b
114
107*4 109
24
26
96*4
120
98
"l4"666
96
99*4
60
59*4
60
50,000
59
United
d
6254
7
9*4
118*4
1
{7*4
117
117
1
ccci
b
I
18
{18
22*4
27
124
Debenture 6s
1. 75 y b
2
97*4
8954
98
185,000
106
109*4
Debenture 0*4s
1.74
y
b
2
99
92*4
99
35,000
I9c*9
z
bbb3
88*4
1st lien A
•8
61
66*4
61*4
66*4
61
92
5*4s
cons
Un Lt A Rys (Del) 6*4s_.
United Lt A Rys (Me)—
esserlesA
1
Deb 6s series A
Utah Power A
Deb 8 f 0s
bbb3
3
v
I
5
101*4
3
102*4
-.0 v b
'In54 z c
93*4
117
2,000
8354
99
99*4
121
96*4
96*4
71,000
101*4 101*4
104
105*4
101*4 102
102*4 102*4
6.000
101
102
18,000
103
109
101
1
4
107*4 109*4
103
106*4
Washington Water Pow 3*4'- 64 x aa
West Penn Elec be
—.20°0 z bbb3
West Penn Traction
West Newspaper
45
modd
98
10854
9,000
101 *4 102
2,000
102*4 103
5,000
101
4,000
4
8,000
101
108
102
Hotel—
deb
Wash Ry A Elec 4s
102*4 103*4
104*4 105*4
49*4
54*4
109*4 113*4
107*4 109
108*4 109*4
106*4 108*4
103*4 106*4
88
106
119
89
96*4
0 y bb
101*4 104
103*4 106
114
119
16 y bL
1
Income
z
{105*4 107
97*4
99*4
"99*4
ILL » b3
2'>22 * bb 2
Va Pub Service 6*4 A—... >
1st ref 6e series B
.
♦5«
?
!j2
-H.
—
Deb 08 series A
9454 100
30
85
Light Co—
1st Hen A gen AH*
97*4
100*4101*4
103*4 105
bb
HW
66*4
107*4 109*4
30*4
Light a Pow Co-
111*4
120
119*4 121*4
23*4
30
30
{18
z
116
2,000
118
{15
z
8*4
107
—
Ur 6s
s
2
1944 v bb 2
1-41 1 aaa2
—
♦Stamped 5s—
454
109
v
bh
2
109
105
99*4
"7T666
105
108
19,000
110*4 118*4
69
67*4
101
101
""iTooo
105
10754
2,000
105
{96
99*4
5*4
109
105*4 10854
108*4
{107
100*4 10754
106*4
11654 11654
11654
64
64
64*4
105
{100
,.l.
-—-1947
4*4
4*4
I960 * bbb3
st-np— .1937 z bb 1
Wise Pow A Light 4s-
|*York Rys Co
61 * aa
1
I960 z aa
oa.«
Wheeling Elec Co 5s
27,000
20
|*Ulen A Co—
40
5,000
80*4 119,000
25*4 31,000
ccci
1963
Hydro EJ 6Hs
114'
103*4
103*4
1945 y bb 2
3*4«.,—1968 * aa 4
4s
96*4
103*4
2
109
No Amer Lt A Power—
Ohio Pow 1st mtge
94*4
85*4
35*4
Waldorf-Astoria
* «
104*4
84
4,000
4,000
87*4
81
15,000
86*4
106*4
Texas Power A Lt 5s
I1T666
4
3
4,000
86*4
26.000
♦Tern)
104
105*4 105*4
103
103*4
2
84*4
85*4
85*4
2
Standard Pow A Lt 6s
101*4 103*4
95*4 97
107*4 109*4
109*4 110*4
100
y
6M 8 series A
1956 y bb
No Boet Ltg Prop 3*48—1947 * aa
Nor Cont'l Utll 6*4s—1948 y b
83*4
86*4
37
6s gold debs
1963 * b
Nippon El Pow 6H *
84*4
{35*4
0s
Debenture 6s
90
* aaas
1954 z aa 3
N YA Westch'r Ltg4fl
20
20
100*4 102
1989 ib
derv
Spalding (A G) 6s
25
bbb2
A
* a
4
13754 138*4
{35*4
36*4
{101*4 102
1947 y b
2
1957 y bbb2
Conv 6s (stamped)
Debentures 6s
32
195
1980
1964
2004
♦Ext AH* stamped
10654 108*4
105*4 106
108*4
Penn A Ohio—
N Y State E A G AH*
28*4
1,000
1945 x bbb4
Pub
107
{99
90*4
27
S'west
101*4 106*4
—1942 y bb 3
1949 T bb 4
—
84
3
5,000
New OrleanH Pub Serv—
♦Income 6s series A
98*4 101*4
13,000
Standard Gas A Electric—
40
1955 z bbb2
13.000
Miss Power A Lt 68
1957 z bbb3
104*4 105*4
Miss River Pow 1st 6s.--—1961 z aa 2
110
4,000
110*4
99
100
42,000
M!?sourl Pub Serv 6s
I960 y hh 4 100
101
101
14,000
Nassau A 8uffolk Ltg 68—1945 x bb 2
112
113*4 45.000
Nat Pow A Lt 6s A
2026 J bbb2 "il2"
13,000
108
Deb 6s series B
2030 y bbb2
107*4 108
{20
24*4
|*Nat Pub Serv 5s ctfs— -1978 * ---111
Nebraska Power AH*
{109
1981 * aaa2
123
123
1,000
6s series A
2022 * a a 2
2.000
108
108
Nelsner Bros Realty 6s
1948 * bbb3 108
94 *4
98
377,000
Nevada-Calif Elec 5s
1956 y bb 3
96*4
6,000
New Amsterdam Gas 5s
1948 * aaa2
119*4 119*4
119*4
N E Gas A El Assn 5s
1947 y b
4
63*4 65*4 24.000
65*4
64
62
12,000
64
58—
1948 y b
4
57,000
64*4
61*4
Conv deb 5s
--I960 v b
4
64*4
3,000
New Eng Power 3J*s
—1961 * aaa3 107*4 107*4 107*4
92
94 *4
39,000
New Eng Pow Assn 6s ----1948 y bb 3
94*4
6s stamped
9854 102*4
4
9,000
94*4
23,000
28,000
1908 z aa
1951 y bb
106*4
98*4
162
2022 y bb
108*4 108*4
3
76,000
104*4 105*4
100
102*4
Sou Counties Gas 4*4s
Sou Indiana Ry 4s
105
53
150
5,000
{15
2
Shawlnlgan WAP 4*48—1967 x bbb3
1st 4*4s series D
—1970 X bbb3
108*4
Mississippi Power 58
New
Scullln Steel Inc 3s
106*4
53*4
5,000
85*4
86
{20
{15
108*4 108*4
{137
138*4
1937 z ccci
Wks 6s
0s (stamped)
105*4
13,000
152*4
So'west Pow A Lt 08
45*4
106*4 107
{103*4 107*4
123*4 123*4
{106*4 107*4
{18
1964 y bb
1
13,000
I
Debenture 5H*
86
*4! 116,000
104
Midland Valley RR 5s
Mllw Gas Light 4*4s
4
1963 z b
C
ser
1st A ref 4*4s ser D
♦Ruhr Gas Corp 6*4s
♦Ruhr Housing 6*4s
Memphis Com ml Appeal—
Middle States Pet 6*4s
1952 y bb
71
107*4 107*4
{1654 26*4
2
1952 zbbb2
1947 y b
2
1971 z a a 2
—1965 z aa 2
1946 y bb 2
1943 y bb 2
1967 z bbb2
1978 * bbb3
1955 Z bbb3
99*4
15*4
1948 y b
Deb 4 Ht
101
3
15*4
1st A ref 6s
6 *4 s series A
105*4 109
McCord Had a Mfg—
Mengel Co conv 4*4s
Metropolitan Ed 4s E
102
3
1950 v bb
15*4
39*4 40*4
103*4 104
103*4 103*4
26
105*4 109
105*4 10654
Queens Boro Gas A Elec—
92
1941 * dd
6s stamped.
3
1950 y bb
69*4
40
26
24,000
104*4 104*4
100*4 102
100*4 101
99*4
99*4
A
Puget Sound P A L 6*48—1949 y bb
Mln a Smelt—
♦7s mtgesf
1966 z a
25*4
71*4
3
4
2
—1945 z bbb3
1967 z a
4
4s series A
15*4
15*4
80 34
76 H
Pub Serv of Oklahoma—
—1958 z ccci
Safe Harbor Water 4 *4s—1979 z aa. 3
San Joaquin L A P 6s B—-1952 z aaa2
1
Lake Sup Diet Pow 3 Hs—. 1968 z a
4
♦Leonard Tlet* 7Hu
1946 z ccci
Long Island Ltg 6s
152
21
78,000
—
Kansas Elec Pow 3He
152*4
14*4
1
3
1952 z ccci
1963 y cc ]
Jersey Cent Pow A Lt 3 J4s. 1965 z
106*4
3
24,000
1958 z aa
Italian Superpower 6s
bbb4
z
y aa
14 *4
1
3
ccc2
bbb4
bbb4
1949
.-
perpetual certificates
14*4
15*4
91
1967 y b
s f debs 4s
1
70
M
6,000
91
Since
75
23
100*4 107*4
105*4 106*4
106*4 106*4
76*4
1
3
1952 y
2
12.000
2
bb
1957 y
1
aa
91*4
b
♦7s series E
b
x
1964
3.000
x
♦7s series F
1st mtge 3*48
31,000
y
Interstate Power 6s
x
1954
2
77*4
76*4
1963
b
b
b
{72*4
{15
z a
100*4 100*4
♦Indianapolis Gas 6s A
1952
Indianapolis Pow A Lt 3*4sl970
y
Corp(Can)4*4sB—1959
6 %
108
z
99 94
Power
Range
Jan.
$
Public Service of N J—
106*4 108
z
{International Power Seo—
♦6 He series C—
-1955
Price
Public Service Co of Colo—
74
72*4
70*4
107*4 108*4
35.000
z a
for
Week
See i
of Prices
Low
High
♦Prussian Electric 6s
"2/)66
1957
1958
1st Hen A ret be
Week's Range
Sale
0Concluded)
1
110*4 110*4
{71H1 73*4
108
fl08*4
74*4
73*4
Mansfeld
2,000
110*4 110*4
*3
|
71*4' 72*4
Jan,
1954
Indiana Hydro Elec 6s
Indiana Service 6s
Jacksonville Gas
$
_1956
1st & ref 6 He ser B
1st A ref. 5e ser C.
8f deb5*4s_—May
Last
Since
2
2
1953
A
ser
Friday
Rating
Range
Week
1
c
y b
1949 y b
Idaho Power 354s
for
of Prices
\Low
High
3
♦Hungarian Ital Bk 7 He... 1963
Hygrade Foo'd 6« A
1949
6b series B
Week's Ranoe
|
Sales
Bank
Eltg. &
bonds
Sales
Friday
Elig. &
bonds*
III Pr & Lt 1st 6s
1725
new york curb exchange—concluded—page 6
Volume 152
97*4
98
247600
9954
99
99
100*4
Pacific Gas A Elec Co—
aaa2
10354
*
V
z
*
aaa4
bbb2
9654
1979 *
bbb2
-—1941 *
1st 0a series B
1942
1956
1964
1977
Pacific Ltg A Pow 5s
Pacific Pow A Ltg 5s
Park Lexington 3s
Penn Cent LAP AH*
1st 5s
5s series H
Penn Pub 8erv 6s C
6b series D
Peoples Gas L A Coke—
-
bbb2
1971 * a»
1962 * «a
1947 * aa
1954 * aa
Penn Electric 4s F
4s series B
5^5?
-—--1981
4s series D
1961
1972
Phlla Rapid Transit 6s
1962
♦Pledm't Hydro El 6*48—1960
Phlla Elec Pow 5*48
•Pomeranian Elec 6s
1963
zbbb2
96
35*4
105
36"O6O
35*4
105*4
25,000
3,000
2,000
10654 10654
^
•
109
~m-~.
mwm
10354 104*4
10654 106*4
9654
95
99
35
38
104*4 105*4
106
107
105*4
109*4
9,000
25,000
104*4 106*4
{10754 10854
108*4 108*4
107
108
"2^666
108
108*4
20,000
102
105
109
10754 109*4
aa
104*4
102*4 104*4
y
bb
103*4
10254 104
104
102*4 104
54.000
110*4 111
10354 105
34,000
109
105
bbb2
z
15,000
10254 105
3
b
z
-mm —
105
.108*4
z
y
«...
\
2
2
10,000
10354 10354
{106*4 107*4
b
1754
1754
{15
1,000
1754
25*4
▲
I
115
♦
6s stamped-*——
Potomac Edison 6s E
4He series F
Potrero Sug 7s -tpd
1940
1950
1956
1961
1947
z
bb
2
z
bb
2
z
a
4
z
a
4
v
cccJ
97
89*4
97*4
13,000
89
90*4
21,000
Interest.
93*4
97*4
91*4
110*4
Deferred delivery sales
cluded In year's range
86*4
9,000
110*4 110*4
7.000
50
70
v
lot include '
Under the rule sales noti ncluded In year's
x
in
ange.
year's range,
r
d Ex-
Cash sales not In¬
Ex-dividend.
{ Friday's Did and asked price.
No sales being transacted during current week.
♦Bo* ds being traded flat.
109*4 HI
1,000
1
26*4
109*4 110 34
70
velue.
29*4
109
70
par
17*4
22*4
Portland Gas A Coke Co—
6s stamped extended
No
S Reported in receivership.
e
Cash sales
transacted during the current week an ' not Included la weekly or
yearlv range:
No sales.
V
Unuer-the-rule sales transacted dun. " the current
week and not Included In
weekly or yearly range:
No sales.
k
-
Deferred delivery sales transacted <uting the current week and not
Included In
weekly or yearly range*
No ^al ^s.
Abbreviations
.1
Use
or,t—"co''
certificates of deposit; "cons," consolidated:
"curn," cumulative; "c nv," convertible: "M," mortgage; "n-v." non-voting
•*v i c," voting trn** certificates; "w I," when Issued: "w w," with warrants;
stock;
"x-w"
without warrant-
a
,
lh-j'
j
u
s+
1 j.'.
tigiblHty
and
Rating Column—z Indicates those
bonds which we
engine for bank Investment.
ncates
»r some
those
bonds
we
believe are not bank eligible
due either to rating
provision In the bond tending to make lt speculative.
udicatea issues In default.
In bankruptcy, or In process of reorganization.
this column are based on the ratings assigned to each
The letters indicate the quality and the Humeral
Immediately following shows the number of agencies so rating the bond.
In all
eases the symbols will represent the rating given by the majority.
Where all four
>
1 r.
rating symbols In
by the four rating agencies.
1x>'..-i
agencies rate a bond differently, then the highest single rating
A
I
Attention Is directed to the new
columi. »o th«
r"'ui.j.w
.in-
to bank
is shown,
great majority of the Issues bearing symbols ccc or lower are
bearing ddd or lower are In default.
ssues
eligibility and rating of boada.
Sea note 4 above.
all In default,
The Commercial & Financial Chronicle
1726
March
15,
1941
Other Stock - Exchanges
Baltimore Stock
March 8
to March
Exchange
Sales
Friday
Week's Range
Last
Sale
Par
Stocks—
Arundel Corp..
Low
High
Shares
16
16
100
88
......*
LUted and UnlUted
Range Since Jan. 1. 1941
Week
of Prices
Price
for
88
2.000
LOW
High
15%
Mar
17
88
Mar
88
Feb
ill Paal H.Davis &
Members
Atlantic Cst Ln—
5% cert
wmmmm
Bait Transit Co oom v t c *
1st preferred v t c
Consol Gas E L A Pow
100
■m
100
com
mmmmmm
Ga Sou A Fla 1st pref.. 100
Houston OH pref
100
m .. -
2
Western National Bank_20
28
67
7%
100
9%
7%
8%
1,025
28c
Jan
2.60
Feb
71%
118%
Jan
Mar
117
Jan
Feb
7%
Jan
9%
Mar
6%
5%
17
Jan
82
t
115%
Feb
188
21
Jan
25
17%
m m
W
aa
-»
96%
mm
9%
16%
Feb
13
Feb
17%
Jan
1.60
84
1.00
Feb
1.60
km
34
Co, 4s flatl975
A 6s flat.
1976
1951
mmmmmm
mm mm
mm
mmmmmm
20
22
29%
32
17%
710
17%
680
15
Feb
28%
16%
19%
29%
Feb
Mar
Mar
Jan
18
Feb
1.00
1.00
200
1.00
Feb
1.05
Jan
96%
96%
100
94%
51%
Jan
97%
Jan
57
57
12
22%
23
2,078
34
15
Feb
57
Jan
21%
33%
23%
34%
Feb
Mar
Feb
Feb
Stocks (Continued)
38
38%
45%
$9,000
33%
44%
12,500
40
Jan
38%
46%
Mar
62
52%
3.000
52
Mar
52%
Mar
Boston Stock
Mar
Mar
Aviation A Transport cap.l
Backstay Welt Co com—*
19
Belden Mfg Co com.... 10
mmmmmm
Belmont Radio Corp
Bendlx
*
1
7%
Sale
Par
Price
of Prices
High
Low
Week
Low
High
Common
*
pref
cum
60
60
-
1st preferred
100
Amer Tel A Tel
Blgelow Sanf Cpt Co pf 100
Bird A Son
360
1%
27
27
161%
102
*
10%
100
89%
Boston Edison Co (new) .26
Boston Elevated
100
31 %
Boston A Albany
48%
Boston Herald Traveler..*
Boston A
185
250
Feb
1%
100
1%
19%
Jan
2
Feb
Jan
29
Mar
156%
Feb
168%
Jan
100
Jan
102%
Jan
60
161% 166%
101% 102
10
10%
88%
31%
47%
18%
2,262
123
325
9
45c
Feb
166
87%
30%
606
45
Jan
19%
258
18
Jan
Mar
34%
50%
19%
Mar
48%
Jan
10%
97%
Mar
2,391
32%
Jan
Jan
Feb
Mar
Maine—
Prior preferred...—100
5%
4%
Class A
2
387
1%
1%
5%
2
i%
273
Class B 1st pref st._.100
1%
2
106
Class D 1st pref std..100
2
2
1st pref st... 100
Class 1st pref
100
Boston A Providence...100
6%
*
Copper Range
100
30
17%
6
Calumet A Hecla..
'
18%
90
6%
6%
64
6%
Jan
Jan
2%
Jan
Jan
2%
2%
2%
Feb
Jan
Jan
Feb
18%
Feb
Jan
Jan
Mar
7
Jan
.5%
373
FeD
6%
Mar
2%
5%
2%
132
2
Mar
3%
Jan
2:51%
52%
145
50
Feb
58%
Jan
5
East Gas A Fuel Assn—
....*
Common.
4%% prior pref
6% preferred
100
100
52%
ar35
35%
72
34
Feb
Jj
Eastern Mass St Ry—
Jan
41%
5
100
1
100
1st preferred
100
82%
86
20
80
Jan
87%
Feb
Preferred B
100
14
14
15
11%
Jan
14%
Jan
Ad) ustment. .......100
Eastern SS Lines
2%
4%
*
Employers Group.
*
Gillette Safety Raaor....*
Plain pref
22%
3%
3
2%
145
5%
646
3%
Feb
125
22%
1
Feb
Jan
1%
Jan
2%
■;
5%
Mar
Mar
34
3
Feb
25%
3%
Jan
123
20
23
3%
34
*
Jan
750
33
Feb
38
Jan
Jan
Maine Central—
Common
4
100
6% cum pref..
Mass. Utll Ass v t
4
201
Jan
12%
30c
30c
31c
96
25c
20%
21%
140
19%
Jan
Feb
New England Tel A Tel 100
13%
North Butte
100
Pennsylvania RR
60
*«
33
30c
1,024
26c
Mar
37c
20c
290
9c
Jan
22c
Mar
12%
23%
32
11%
Feb
13%
24%
Jan
1%
10%
Jan
118% 121
12
25
23%
23%
"10%
Stone A Webster
10%
99c
....*
Torrlngton Co (The)
6
6%
*
Union Twist Drill Co
United Fruit Co
"39%
*
cum pref
1.00
10%
1,054
22
Feb
%
10
Feb
8%
i
7%
29%
432
718
5%
26%
Feb
40
425
33%
Feb
40
Jan
Jan
Jau
8%
30%
39
67%
68
55
57%
907
44%
10
52c
1,300
40c
Feb
99%
s
99%
Mar
739
237
8%
25
*
Mar
6%
28%
*
....
Warren (SD)Co
Jan
Feb
45c
Utah Metal A Tunnel Co
Vermont A Mass Ry...l00
Waldorf System........*
Mar
129
Feb
100
238
6%
Jan
99%
56%
25
Warren Bros
326
,
44%
67%
United Shoe Mach Corp.26
6%
Jan
25c
6%
'«
20c
...»
Shawmut Assn T C
520
Jan
26
26c
118%
2.60
Qulncy Mining Co
55
4%
117
*u
5%
N Y N H A Hart RR..100
Old Colony RR
Pacific Mills Co..
13%
Jan
52c
Feb
13%
100
c
Jan
16%
Feb
21%
4%
Feb
..1
Linotype..*
NarragansettRacgAssnlncl
Mergenthaler
27%
27%
10
Feb
Jan
Jan
Mar
Jan
55
Mar
70%
60%
44%
Mar
45%
Jan
52c
Mar
60%
8
Jan
Jan
107
Feb
%
26%
8%
Jan
Feb
%
Mar
30
Jan
10
Jan
67
Eastern Mass St Ry—
Series A 4%s
1948
70
24%
1970
24%
11,400
66%
Mar
3,500
18%
Jan
101%
102%
Jan
102% 102%
102
1948
1,000
3,300
105
Jan
11%
5%
100
36%
1,020
Jan
5%
8%
850
7%
Mar
5
100
4%
Feb
10%
19%
Jan
Jan
V ; 5
Jan
16
1,150
20
Feb
18%
Jan
16%
16%
60
17%
Jan
37%
8
•
Jan
6
Feb
33
Feb
20%
Jan
Jan
18
Jan
2
200
2
Jan
Jan
2%
8%
60
7%
Jan
9%
Jan
13%
900
10%
Jan
13%
Mar
3%
100
3%
Jan
4%
138
4%
Feb
5% cumul conv pref. .30
Cambl Wyant A Can Fdy*
20%
20%
100
19%
Jan
12%
12%
10
11%
Feb
92%
94
280
89%
Jan
5%
150
5%
Jan
%
100
hi
Feb
%
200
20
41
Jan
47
105% 108%
7
7%
40
105
Mar
112
8%
12
10
mmmmsmrn
•
5%
5%
*ii
_.50c
Common
%
Chain Belt Co com
mmm mm
*
Chicago Corp common
mmm
m'
-
%
Feb
4
Jan
5%
21%
Jan
14%
95%
Jan
Jan
Jan
6
Jan
Mar
%
Jan
%
120 #
Feb
6
Feb
18%
72%
25%
102%
105%
Jan
Jan
Jan
Feb
Jan
%
Jan
Jan
Jan
8%
21%
Jan
18%
50
%
1,350
%
Feb
1
550
27%
Feb
30
20
Mar
%
Mar
572
%
63%
Feb
72%
Jan
%
28
28
*
43
18%
mm
1
Convertible preferred.
%
43
$7 preferred...—..*
Prior lien pref
*
Cent States Pow A Lt pref *
28
%
Jan
Jan
Chicago Rys partctfs 1.100
mmmmmm
Chrysler Corp common..6
mmmmmm
66%
%
69%
Cities Service Co com...10
4%
4%
4%
300
3%
Feb
1%
500
1%
Mar
5,600
27%
6%
Jan
30
Jan
Feb
6
Jan
*
1%
1%
26
28%
28%
6%
5%
.5
Jan
Jan
2%
Commonwealth Edison—
Capital
Consolidated Oil Corp...*
29
5%
1.360
5%
30
Consumers Co—
1
V t c pref part shares
..
Common pt sh v t c A.50
Common pt shv tcB„*
mmm
3%
Mar
19
Jan
21%
4%
105
19%
Feb
22%
Jan
Mar
9%
9%
9%
Jan
10
4%
9
90
7
8%
50
2.000
2%
400
39%
39%
50
6
m'mm
50%
43
43%
3
7
mmmmrnm
Goodyear T A Rub oom..*
m
10
7
m
mm
1
Heln Werner Motor Parts 3
mmmmmm
"12%
*
10
mm mm
.
Illinois Central RR com 100
m'm
Indep Pneumatic Tool cap*
'm
m
m
55%
2%
39%
Jan
Feb
Feb
48%
Jan
Mar
3%
Jan
8
Jan
Feb
Jan
Feb
50
13%
Mar
6%
8%
Mar
8%
Feb
9%
Feb
13%
8%
400
50
145
.
Feb
Jan
11
Jan
Jan
Jan
Jan
8
Jan
9%
Jan
Jan
Jan
3
200
2%
Feb
3
7%
840
6%
Feb
8%
Jan
Mar
26
100
25%
Feb
29%
Jan
20%
21%
430
19
Feb
Jan
3%
Jan
75%
3%
77%
400
"77%
157
48%
133
74%
46%
Mar
47%
21%
3%
90%
53%
12%
12%
145
40
40
3%
1
■
1
mmm mm
W-
.
Feb
Feb
14
50
40
Mar
44
;■»
4%
100
4
Jan
7%
7%
500
7%
4
11%
%
Jan
mm-mm
m
3%
3%
250
3
Jan
m
m'm
m
47%
47%
102
170
47
Feb
%
300
m
"l02 "
101
%
m2mm
1
5
1
101
60
i -i.
■
Jan
Jan
2
m
Jan
Feb
Mar
Ken-RadTubeAL'p com A*
-
mmm
Jan
Jan
Feb
m.
m m
Mar
4%
8%
3%
50%
106%
Kellogg Switchboard com*
La Salle Ext Univ com
Jan
16%
50
Jan
26
1
100
Jan
20%
•
Kingsbury Brewing cap__l
5
0%
m m
International Harvest com*
50
Jan
Jan
3
m
m mmm rn
Indianapolis Pr A Lt com.*
Ky Util Jr cum pref
6% preferred
Jan
45%
6%
Feb
14%
7%
8%
Feb
3
9%
14%
15%
12%
Mar
Mar
4%
33%
650
250
8%
8%
11%
mmmmmm
Feb
Jan
20%
10%
16%
10%
7%
mmimmrnm
Feb
Jan
Jan
Feb
15%
15%
Hall Printing Co com...10
Harnlschfeger Corp com .10
Jan
Mar
14
6%
16%
50
112
19%
10
mm-
Feb
Mar
2
1,540
17%
mm-mm.
Mar
33%
40%
3
67
14%
m
Gossard (H W) com......* 2,
Great Lakes DAD com..*
Jarvls (W B) Co cap
100
300
44%
3
Feb
5%
4%
49%
350
2%
36
35%
mmmmmm
Gillette Safety Razor oom •
Goldblatt Bros Inc com..*
4%
2
mmmmmm
100
50
4%
50%
FeD
8%
11%
3%
28%
2%
37%
100
12
4%
32%
Gon Motors Corp oom. .10
Inland Steel Co cap
17
3%
4%
*
Indiana Steel Prod com
150
2%
mmm
cap.l
Illinois Bulck Co cap
Jan
17
32
Genl Amer Transp com—5
Houdallle-Hershey cl B
Jan
80%
96
mmrnmmm
*
Heileman Brewing cap
Jan
19%
Jan
12
32
1
com
16
Feb
m'Jmmm'm
..1
oom
Feb
15
80
8%
mmmmmm
Elgin Natl Watch Co...15
General Foods
12%
245
8%
mmmmmm
Dodge Mfg Corp com
*
Elec Household Utll Corp .6
General Finance
122
15%
90
20%
4%
mm m mm
.
*
Fuller Mfg Co com
%
17
— .
Dexter Co (The) com—_5
Diamond T Motor Car cm2
Fairbanks Morse com
2%
1%
Mar
Jan
130
15%
*
Eversharp Ino com
Jan
Jan
50
1%
14%
14
2 mrnm'mm
mmmmmm
Cudahy Packing 7% prflOO
Cunningham Drg Stores2%
Dixie-Vortex Co com
6%
2%
5%
2%
1%
mm'm
-mmmmm
Container Corp of Amer.20
Crane Co com..
25
oom
•
Jan
4%
1%
88%
50
mmmmmm
'
..I960
5s..
250
Mar
3%
4%
"l3%
1
Katz Drug Co com
Boston A Maine RR—
Series B
*
Burd Piston Ring com
Joslyn Mfg A Supply com 5
4%
11
Jan
19
Jan
Bonds—
4s
Jan
2
2
Four-Wheel Drive Auto.10
I
4
17
18%
17%
18%
1
Deere A Co
Common
1
350
16%
Brach A Sons (E J) cap..*
Club Alum Utensil com
Feb
6%
1%
1%
1%
1%
12%
6%
4%
19
Jan
Central A S W—
36c
29
Feb
7%
mmmmmm
Central 111 Secur conv pfd*
Common
1
Amer Pneumatlo Serv Co—
6%
Mar
9%
Cent 111 Pub 8er $6 pref
Range Since Jan. 1. 1941
Shares
4%
200
35
1
Butler Brothers
for
100
9%
4%
5%
10%
5
Bruce Co (E L) com.....6
Sales
Week's Range
Jan
5%
"35%
Borg Warner Corp—
Common...
3%
10%
mmmmmm
Blnks Mfg Co cap
1,350
18%
Aviation com....6
Berghoff Brewing Corp
High
4%
4%
9%
mmmmmm
mmmmmm
Bastlan-Blesslng Co com.*
Low
Shares
3%
4%
4
Barlow A Seelig Mfg A com .5
Class A preferred
Exchange
Friday
Stocks—
Week
Brown Fence A Wire—
inclusive, compiled from official sales lists
Last
for
of Prices
Low
High
Price
Par
Common
March 8 to March 14, both
Week's Range
Sale
Bliss A Laughlln Inc com.5
Bait Traslt
Range Since Jan. 1,1941
Last
Mar
Mar
Bonds—
Md Penn RR 4s
CHICAGO
Sates
Friday
Jan
50
34
2.'—
22%
La Salle St.,
10 S.
Mar
120%
16%
28%
,
mm+rnmrn
Municipal Dept. CGO. 621
Feb
Jan
Principal Exchanges
Bell System Teletype
,
Trading Dept. CGO. 406-406
Mar
255
25
Mar
40c
1.60
Northern Central Ry
60
Penna Water A Pwr com.* 'm
Fidelity A Guar
v
16%
New Amsterdam Casualty2
North Amer Oil Co com_.l
n S
1.65
64%
116% 117%
13
12%
mmmmmm.
Merch A Miners Transp..*
7%pref25
48
169
21
25
mmmmmm
Maryland A Pa RR com 100
Mon W Penn P S
2.40
v
9%
1
v t c
2.30
64 %> 65%
117118
65
Eastern Sugars As com vtel
Preferred
31c
^m,22„
"
1 2+m
Fidelity A Deposit.....20
31c
***'«» «*<>
*
4%% pref B
Davison Chemical Co
1
M
SECURITIES
CHICAGO
14, both Inclusive, compiled from official sales lists
%
1
100
1
Jan
3%
Jan
Jan
Jan
Jan
3%
5
Jan
Feb
,
Leath A Co—
Common
Chicago Stock Exchange
3%
100
5%
LlbbyMcNetllALlbby com7
March 8 to March 14, both inclusive, compiled from official sales lists
5%
5%
3,950
Feb
7%
Jan
1%
7%
9%
1%
200
1
Feb
'm
50
6%
Jan
Feb
310
9%
Feb
1%
7%
11%
150
21
23
Jan
900
13%
15%
14%
8%
Jan
Lincoln Printing Co com.*
Friday
Last
Par
Abbott Laboratories
Acme Steel Co
com
com
25
Advanced Alum Castings.5
Aetna Ball Bear Mfg com.l
Allied Laboratories Inc cm*
Allls-Chalmers Mfg. Co..*
American Pub Serv preflOO
Amer Tel A Tel Co cap. 100
common
for
of Prices
Week
Price
*
Adams Oil A Gas Co com.*
Armour A Co
Week's Range
Sale
Stocks—
6
Aro Equipment Co com._l
Asbestos Mfg Co com
1
Athey Truss Wheel cap
Aviation Corp (Del)
4
3
48
High
Range Since Jan. 1, 1941
mmmmmm
48
450
45%
45%
3%
3
Low
High
44%
Feb
51%
Jan
2%
Jan
3%
Jan
2%
11%
Mar
3%
Jan
Midland United
Mar
12%
Jan
11%
11%
11%
29%
200
10%
Feb
28%
405
28%
Mar
91
93
90%
Jan
mm
mmrnmmm
mmmmmm
3%
For footnotes see page 1729
8
8
1%
2%
1%
2%
3%
3%
12B6
1128
-
'm
mm
m
mm
rn
m
rn'm
Mar
Jan
m
'
Jan
9
250
8
2
8%
200
5%
Jan
3%
3%
300
3%
Mar
5
1
5
300
4%
4%
3%
Jan
Jan
Feb
Mar
Midland Utilities—
mmmmmm
mmmm
13
42
150
......
12%
"""3%
250
100
161% 166%
4%
5
13
McWilllams Dredg com..*
Mer A Mfrs Sec cl A com.l
Jan
2%
mmrnmmm
15
53%
11%
mm
14%
*
com
Feb
2%
mm
""14%
Field
46
11%
mmmmmm
mm
21
7%
10%
21%
Marshall
Shares
47%
..........
Rights
Low
Lindsay Lt A Chem com.*
Lion Oil Refg Co cap
*
Lynch Corp com
5
McCord Rad A Mfg A...*
Sales
Feb
3%
*
40
702
157
Feb
Mtckelberry's Fd Pr com.l
/Middle West Corp
6
cap
pf A*
""5%
100
conv
13
Jan
4%
4%
Jan
100
4%
4%
Jan
Miller A Hart $2 cumul pf*
13%
12%
37%
25%
7% prior lien
6% prior lien
Feb
8
Feb
9
Jan
Muskegon Mot spec cl A_*
Natl Cylinder Gas com
1
650
1%
Jan
2%
Jan
Natl Pressure Cooker
.2
"~4%
50
Mar
3%
Jan
North American Car com20
2,473
2%
3%
Feb
5%
Jan
Northwest
7%
10%
50,000
12S6
Mar
ht
Feb
Northwest Bancorp
Jan
Montgomery Ward
Jan
com
.*
com
Airlines com..*
com..
•
5%
6%
5%
94
4%
50
•
'.
36%
168%
5%
1,200
5
,
9%
r
1,700
3,300
5/
450
5
150
■
Jan
5%
6%
Feb
Feb
Feb
6%
Mar
Jan
3--
3%
4
Jan
,
Jan
5
5
Jan
Feb
Feb
14%
1,710
10
1 Jan
14%
Mar
38%
434
35
Feb
39%
Jan
25%
10
30
25%
Jan
27%
100
9%
Feb
11
4
4
4%
800
6%
7%
2,500
10%
10%
350
11%
11%
500
Jan
Jan
Mar
4%
Mar
5%
Jan
7%
Mar
9%
Feb
10%
Mar
Feb
14
11
Jan
Volume
The Commercial & Financial Chronicle
152
Friday
Sales
Last
Stocks (Concluded)
Par
Week's Range
Sale
of Prices
Price
Low
High
7% preferred
100
Low
Stocks (Concluded)
High
Penn
RE capital
12%
cap 100
Perfect Circle (The) Co..*
Pressed Steel Car com
1
100
396
Jan
83
85
180
60
149%
41
Interlake
41
42
36%
24
Jaeger Machine
*
10%
17
Kelly Isld Lime & Tr
*
12
12
43%
Mar
Lamson & Sessions
Jan
Medusa Ptid Cement
13
Jan
Midland Steel Prods
Mar
105
Jan
Monarch Machine Tool.
Mar
160
Jan
Murray Ohio Mfg
c
50
46%
Feb
57%
Jan
21%
500
21%
Mar
22%
Jan
8%
300
8%
Mar
9%
Jan
73%
518
69%
Feb
78%
Jan
Ntstle Le Mur cl A
*
*
Natl Mall St
Cstgs com. *
National Refming (new)..*
.....*
5%
6%
Jan
Jan
70
Jan
Ohio Confection class A..*
Otis Steel
*
12
65
450
12%
Jan
14%
Jan
Patterson-Sargent
10%
26%
2,195
25%
Mar
Jan
c
%
%
400
%
Jan
6%
Feb
27%
%
8%
Feb
7%
1,602
.6
32%
33%
900
29
Swift International cap..15
17%
18%
550
17%
Mar
22
Mar
...25
...
...*
20
17%
1%
Feb
112
68
Feb
26
185
Mar
__*
Jan
Jan
Twin Coach
19%
24%
Jan
c
Jan
"Upson-Walton
40
Jan
Van Dorn Iron Works...
*
com
22
22%
1,800
26
35%
35%
274
34%
Feb
Thompson Co (J R) com.25
5%
4%
Mar
6%
Jan
Warren Refining
64%
13%
5%
66%
13%
50
353
61%
Feb
70%
Jan
12%
Feb
17
Jan
White Motcr
64%
64%
10
61%
Jan
55
Feb
117
Feb
130
Feb
15%
Jan
Jan
21%
Feb
Feb
7%
Jan
Mar
20
12
35
10%
Jan
85
F'eb
11
Jan
18% a20%
34
33%
32%
31%
a7%
a7%
a 57% a 59%
250
F'eb
Feb
22%
35%
Jan
768
7%
10%
16%
33%
Feb
10%
"33%
12
28%
Feb
34
'a57%
Mar
12
Mar
Jan
Jan
10
7
Feb
9%
JaD
222
55
Feb
70%
Jan
6%
Jan
Jan
1
Jan
%
Jan
25
Jan
Jan
12
a
YoungRtown Sheet& Tube*
3,200
69%
70%
Jan
57
59%
119% 119%
Jan
30
a8%
Weinberger Drug Stores..*
75
Jan
10%
1
com
Jan
Mar
12
Thompson Prod Inc
36
55
Jan
08 %
*
com
Rich man Bros
U S Steel
Feb
6%
13%
7%
10%
10
25%
"m
4
17
c Ohio
Mar
Feb
21
Jan
Jan
1
b
33%
Mar
38%
36%
12%
23%
2%
a7
15%
35%
Feb
Jan
Feb
19
Feb
20%
Feb
Mar
Republic Steel
Feb
a6%
13
29%
com...
Jan
3%
17
*
150
350
Jan
12%
4%
.__..*
15%
30
Feb
%
11%
2 C%
33%
6%
66%
66%
12%
12
Jan
17
100
%
%
al2% a!2%
cNYCt ntral RR com
Ohio Brass class B
Oil
Jan
30
26
26
Mar
15%
10
1%
1%
26
Mar
Mar
115
a31% a31 %
34%
34%
a 11% all%
al9% al9%
*
Prior pref 6%
17
17
.
Feb
41
284
4%
4%
27
48%
41%
11%
43%
Feb
7%
70
14%
%
25%
41
301
33
13
110
Jan
High
Jan
48%
200
8%
Jan
Feb
80
125
35
13%
24%
Mar
9%
Low
79
8%
Steamship.....*
51%
6
Range Since Jan. 1, 1941
Shares
High
41
8%
33%
26
Swift & Co
Low
48%
72%
20
Standard OU of lad
com
Price
48%
21%
St Louis Natl Stk Yds cap *
Stand Dredging pref
8unstrand Mach T'l
Week
Greif Bros Cooperage cl A *
Halie Bros pref
100
c Interlake Iron com
*
51%
8%
for
of Prices
Jan
v..
60
251
Par
Week's Range
Feb
12%
22
149% 150
Sou Bend Lathe Wks cap.5
Spiegel Inc common
2
com.
12%
23%
1,550
*
Stewart Warner
Mar
11%
8ears Roebuck & Co cap.."
Slgnode Steel Strap—
Sterling Brewers Inc
8
24%
85
Schwltzer Cummins cap..!
Common
Mar
8
43%
*
..
_
Feb
10%
10
.
Jan
63
42
100
com
13
Feb
24
Quaker Oats Co oommon.'
Sangamo Elec Co
Feb
54%
20
12%
Peoples O Lt&Cofce
Rath Packing com
11
90
8
23%
__.60
Preferred
30
63
8
Parker Pen Co(The) com 10
13
62
62
*
Last
Sale
Shares
12%
100
com
Sales
Friday
Range Since Jan. 1, 1941
for
Week
North West Util—
7% prior lien
Ontario Mfg Co
1727
Jan
Texas Corp caoltal
22%
Union Carb <k Carbon cap •
United Air Lines Tr cap..5
~65%
U 8 Gypsum Co
com
20
United States Steel com..*
7%
"fix
100
pref
cum
Utah Radio Products
""%
1
com
cum pr
Williams Oll-O-Matlc
150
%
Mar
100
Feb
1%
Jan
20%
300
1%
19%
Feb
18%
18%
50
17%
Feb
22%
18%
22
19
Feb
22%
Jan
94%
95%
90%
Feb
104%
Jan
fd*
~93~~
93
*
2%
2
com
280
59
93
10
2%
Wisconsin Bankshrs com.*
4%
Wrlgley (Wm Jr) Co cap.*
Yates-Amer Machine cap.5
67%
93
Mar
1,250
1
Jan
93
Mar
2%
4%
100
4%
Mar
5%
263
67%
Mar
450
Feb
79%
5%
14%
250
Feb
15%
Week's Range
of Prices
Low
High
7
American Laundry Mach20
12%
100
*
Champ Paper & FiberPreferred..
...
im
-
*
~
.100
104
Cincinnati Telephone. ..50
97
.._*
Crosley Corp
-
Hilton-Davis
—
Hobart class A
*
*
Mar
Feb
370
4%
2
Jan
Mar
.
_
.
14
Jan
16%
121
5%
11%
25
25
18
Mar
45
55
10
290
Jan
16%
Mar
25
30
Jan
Feb
22
Jan
%C
Jan
1.00
Feb
10
Feb
10%
Feb
%
51%
Jan
100
10%
42
%
54%
200
709
Jan
20
45
20
Feb
7%
33%
7% V.33%
2%
55
7%
30%
1%
Feb
~
-
2
18
7%
14%
7%
14%
43%
43%
10
*
22
Jan
15
20
Jan
7%
11%
201
20
Feb
Mar
%
58
Jan
Jan
229%
22%
Jan
Jan
8%
34
March 8 to March 14, both
Feb
Par
Price
Atlas Drop Forge com...5
Low
6%
6%
Briggs Mfg com
Jan
15%
High
Jan
9%
3%
Jan
10%
Feb
Feb
4%
Jan
145
40%
Feb
48%
Jan
17c
Feb
20c
5%
Feb
6%
97c
97c
8
8%
15%
1
~60c
60c
com.l
3%
3%
97c
Mar
680
Feb
200
7%
15%
Jan
8%
16%
Feb
700
60c
Mar
73c
Jan
3
Jan
3%
850
Feb
4
73c
1,700
68c
Jan
78c
1%
1%
500
Feb
1%
Jan
Det-Michigan Stove com.l
2%
2%
500
1%
1%
Jan
2%
Feb
25c
27c
300
25c
Jan
45c
Jan
1%
1%
2%
1%
Jan
2
Feb
1%
2%
22%
Mar
1,200
Detroit Paper Prod
com._l
1
Durham Mfg com
Frankenmuth Brew
com.l
25c
"2
2
1
Fruehauf Trailer com
100
21
21
5%
43%
6%
43%
3,805
2%
2%
80c
85c
34c
Hoover Ball & Bear com.10
19%
2%
Houdallle-Hershey B
*
Hudson Motor Car com..*
Hurd Lock & Mfg com___l
13
.3
Gar Wood Ind com
"6
General Motors com.... 10
1
Graham-Paige com
1
Grand Valley Brew com__l
Goebel Brewing corn
34c
Hosklns Mfg com
11%
3%
40c
—10
20
Jan
5
Feb
6%
48%
Jan
Feb
345
40%
2%
Mar
2%
Jan
400
75c
Jan
1.00
Jan
34c
100
34c
Mar
50c
Jan
19%
13%
500
18%
Feb
226
12%
Mar
Jan
200
11
Feb
19%
14%
13%
Feb
4%
12
3%
100
887
:
'•
3%
100
36c
Jan
45c
Jan
1,000
1
Mar
Jan
23%
200
23
Feb
1%
26%
1%
1%
260
1%
Brewing Corp of Amer...3
*
City Ice & Fuel
Clark Controller
alO
1
*
Cleve Builders Realty
Cleve Cliffs Iron pref..:— *
a
1%
1%
7,720
20c
22c
6,700
16c
Jan
25c
95c
1.25
5,150
60c
Jan
1.25
Mar
4%
5%
1,050
4%
Jan
Mar
6
6
200
5%
6%
1%
1%
1%
1%
150
9%
590
9
16
16
6%
2%
28%
560
*
28
*
9
1,165
9
126
1%
1%
300
1%
1%
150
1
1
175
—
5
com
2
c
1
Commercial Bookbinding. *
Dow Chemical pref——100
Eaton Mfg
—-.-—-*
c General Electric com...*
Goodrich (B F)
10%
10% al6%
2
74%
112
123
20
Low
13%
4%
High
Mar
Jan
15%
6
3%
Mar
Jan
273
9%
15%
Jan
4%
10%
1,475
4%
400
98%
1%
1%
1,654
63c
63c
1
1
1729.
2
72%
110
Jan
Mar
k.4%
Jan
1%
Jan
r 1%
Jan
Mar
99%
Mar
1%
Jan
200
50c 1 Jan
66c
Feb
3% fjan
4% *Jan
Feb
8%
1% 'Mar
2% Mar
3%
Mar
20
"3%
3%
3%
100
4%
9%
1
1%
4%
9%
1%
100
"9%
1%
100
Walker & Co B
*
2%
265
1
1%
2%
1%
2%
3
12c
12c
Feb
Los Angeles
March 8 to March 14, both
100
2,210
1,600
100
1
1%
98%
1%
Jan
5
Jan
10
Jan
2%
Jan
3
Jan
1
Feb
1%
Jan
2
Jan
3
Feb
13c
Feb
20c
Feb
Stock Exchange
inclusive, compiled from official sales lists
17
Jan
Friday
Jan
2
Jan
Last
Week's Range
for
Feb
79
Jan
Sale
of Prices
Week
Feb
114
Jan
Jan
Stocks-
Par
Mar
26 %
Feb
33%
31%
15
735
17%
Jan
Bandlni Petroleum Co...l
11%
85
Feb
13
Jan
Barker Bros
8%
25
14%
11%
7%
Feb
11%
8%
Jan
9
Feb
Barnhart-Morrow
Jan
114
Mar
87
29%
Feb
a 34%
65
Feb
a
13%
20
30%
11%
a
18%
1
10%
5
70
110
Feb
Jan
2%
20%
t
Feb
1
United Shirt Dlst com...*
27%
a70
1%
Feb
Mar
Jan
Mar
551
United Specialties
U S Radiator com
50
alO
preflOO
1%
1%
1%
98%
100
45
Jan
4%
31
a33%
a 33%
a 13%
a 18%
Jan
4%
1%
1%
112% 114
a 33%
'a.33%
Jan
4fl%
Jan
2%
18%
Jan
200
10
ill
*'• 1%
Feb
Feb
Jan
9%
20
■
Jan
Jan
Mar
160
:
100
Wayne Screw Prod com..4
Wolverine Brewing com._l
1941
8
130
Feb
100
Warner Aircraft com
215
Jan
Jan
25%
8%
1%
v
1%
3%
33%
2%
14%
11%
*
For footnotes see page
a
31
Goodyear Tire & Rubber. *
Great Lakes Towing
4
a27% a27%
100
5
Colonial Finance
6
73%
112
CI Graphite Bronze com 1
Cliffs Corp com
13%
8%
Feb
18%
"4%
Jan
17%
Feb
2%
1
Jan
"Mar
18%
2%
10
Jan
Jan
11
Feb
1
318
2%
com
Feb
Jan
5%
2%
16
100
6%
Mar
1%
Mar
o
10
Union Investment com...*
Range Since Jan. 1,
Jan
5%
1%
9%
*
com
Stearns (Fred'k) pref-.100
Exchange
8%
2
"73%
Cleve Elec 111 $4.50 pref..*
Cleveland Ry
a
6
Jan
21c
Rickel (H W) com
Week
8%
3%
a9%
Jan
2
1%
Scotten-Dlllon com
Sales
13%
Feb
1%
5%
Reo Motor
March 8 to March 14, both inclusive, compiled from official sales lists
50c
Jan
1,000
1%
1
McClanahan Oil com
Tom Moore Dlst com
Addressograph-MulcomlO
Jan
Jan
23%
"23%
Masco Screw Prod com... 1
Tivoli Brewing com
Akron Brass Mfg
Jan
40c
Simplicity Pattern com_.l
1
Shares
Jan
Michigan Sugar com.....*
Preferred
10
Parke Davis
A. T. & T. CLEV. 565 & 560
of Prices
Low
High
Jan
1%
2
LaSalle Wines com
Jan
40c
Std Tube B com—
Sale
Jan
73c
Sheller Mfg com
for
Jan
Jan
10
Murray Corp com..
Binding, Cleveland
Week's Range
Jan
24
75c
Detroit Gray Iron com...5
Det & Clev Nav com
Motor Wheel com.——5
GILLIS Ki RUSSELLco.
Last
Feb
150
65c
Consolidated Paper com. 10
20
305
Prudential Invest com...!
Friday
Jan
100
314
Peninsular Mtl Prod com.l
Cleveland Stock
Jan
18c
5%
22%
8%
15%
Parker-Wolverine com
Telephone: CHerry 5050
6%
Jan
Members Cleveland Stock Exchange
Union Commerw
High
5%
22%
Burroughs Add Machine.*
....
Low
520
6%
18c
*
Continental Motors
Week
Shares
5%
Brown McLaren com._..l
Consumers Steel com
Range Since Jan. 1,1941
for
09
Packard Motor Car com..*
c
Jan
Sales
nf
Auto City Brew com—__1
Baldwin Rubber com
1
Kresge (S S) com
9%
Feb
Ohio Listed and Unlisted Securities
American Coach & Body .5
42%
Exchange
Week'8 Range
Sale
Mar
18
Mar
100
9%
Stock
Motor Products
a
Feb
DETROIT
Kingston Products com.-l
4
4
Price
Jan
New York Curb Associate
Mid-West Abrasive com50c
Par
17%
inclusive, compiled from official sales lists
Micromatic Hone com—1
Stocks—
F'eb
Chicago Stock Exchange
Last
Mar
2%
44
9%
*
10
60
852
18
14%
Preferred
American Rolling Mil] ..25
Jan
Feb
20
7%
Jan
24%
19%
Mar
2%
Jan
Jan
225
m
29
Mar
10
*
22%
Jan
10
1.00
52%
_
Mar
6%
225
Gas
2
6%
10%
%
_
Jan
6%
Mar
225
City Ice
Jan
26%
1.00
*
General Motors
Jan
21%
39
54%
io
Wurlitzer—
4
99
170
100
U S Printing
107%
Feb
26%
21
—
US Playing Card
Feb
22%
*
_
106
Jan
26%
-
Jan
20%
30
25%
*
#
-
Columbia
3%
95
295
21
-
8%
Randall class A.
103%
Jan
2
39
......
Moores-Coney class A.
Jan
5%
39
...
Porcter & Gamble
104
59
25%
*
Manlschewitz
Jan
Feb
15%
*
2 50
Magnavox
Rapid
«.
*
Lunkenhelmer
20
25
»
1
Kroger
275
6%
100
.
3%
97
Mar
100
Feb
17%
2
12
Hatfield prior pref
Par tic pref
105%
65
21%
26%
*
Gibson Art
60
7
Feb
100
4%
-»
Formica Insulation— ,._*
Jan
Telephone: Randolph 5530
Stocks—
Feb
16%
340
3%
5%
w
19
96
*
Dow Drug
2
104
104
3%
Jan
%
10%
12%
31%
5
a35%
Jan
Mar
45
Ford Building
Jan
High
Mar
7
102
18%
104
Clntl Gas & Elec pref. .100
Cincinnati Street Ry_. ..50
35
a
Detroit
Low
50
100
18%
-' •»
65
5
Jan
al5% al6%
Exchange
Range Since Jan. 1. 1941
Shares
7
18
.100
Baldwin pref..
Jan
9
Exchange
Week
*
Industries.
Mar
4%
375
Friday
for
Sale
Aluminum
York Stock
Detroit Stock
Sales
Last
Price
9
4%
Jan
4
both inclusive, compiled from official sales lists
Par
%
50
330
Members
New
Jan
4%
Friday
Stocks—
2
50
Jan
67%
Cincinnati Stock Exchange
March 8 to March 14,
4%
%
Mar
14
14%
6
W ATLING, LERCHEN & CO.
Jan
4
Zenith Radio Corp com..*
""4%
Mar
19%
21%
%
1%
20
"20%
Westn Union Teleg cm.100
Westnghs El & Mfg com .50
Wieboldt Stores
%
1%
Utility & Ind Corp—
Convertible preferred..7
Walgreen Co com
*
Wayne Pump Co cap
1
5
4%
1
Aircraft Accessories
50c
Cons._l
alOc
Blue Diamond Corp
2
Jan
Broadway Dept Store
Byron Jackson Co
20%
Jan
Chrysler Corp
71%
Jan
Mar
3
a29%
Bolsa-Chica Oil cl A
Feb
1%
5%% pref—50
Jan
Feb
Low
High
Range Since Jan. 1, 1941
Shares
Low
High
Jan
Mar
Jan
36%
35%
14%
Price
Sales
com
10
*
*
5
Consolidated Oil Corp....*
2
1%
o4%
10%
68%
5%
1%
1%
3
2%
a29% a29%
alOc
2
1,665
1%
Jan
330
2%
Jan
9
27%
Feb
alOc
Jan
2%
1%
Feb
Jan
Jan
400
2%
433
1%
1%
600
a4%
10%
a4%
10%
10
100
10%
67
68%
384
63%
5%
257
5%
Feb
5%
2%
3%
29%
1%
Jan
1%
Jan
4
Feb
Feb
Mar
5%
11%
Jan
Jan
Feb
68%
Mar
6
'
Jan
The Commercial &
1728
Financial Chronicle
March
Range Since Jan. 1, 1941
Last
California Securities
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
Horn a Hardart(n y)com*
639 South
Lehigh Valley
.50
Nat'i Power a Light.....*
1921
Established
30%
2%
1%
Lehigh Coal a Navigation*
Akin-Lambert Company
Pennroad Corp v t c
6%
1
23%
stocks—bonds
member
Phlla Elec of Pa $5 pref..*
Telephone VAndlke 1071
Loe Angeles Stock Exchange
Phila Elec Power pref...25
Bell
Phlla Insulated Wire
System Teletype la 25-24
Sales
Last
of Prices
Low
H.gh
Week
Price
Par
Range Since Jan. 1,1941
*
Shares
Low
Creameries of Amer
v
t c.
*
a74%
Electrical Products Corp.4
9
Farmers a Merch Natl. 100
390
General Motors com
955
19%
450
5%
5%
a74% a75%
9%
9%
19%
1
.
Douglas Aircraft Co
6%
100
6%
10
Gladding McBean a Co..*
19
390
43%
6%
General Paint Corp com..*
6%
33
High
Tonopah Mining
190
10
1
Feb
6%
6%
19%
119
feb
33%
Feb
450
50c
Mar
57 %c
Feb
140
Jan
10%
Mar
34c
41c
2'4
2%
5,451
30c
37c
700
30c
Jan
25
10%
Feb
Jan
033%
25
10
o30
a30
39%
a36%
39% 39%
036% 037%
8%
3%
all%
1
0% pref b
25
5%% pref cl c
25
3%
25%
29%
29%
So Calif Gas 6% pref cl a 25
Southern Pacific Co
*
a33%
9%
Transamerlca Corp
.2
Transcon & Western Air..5
Union Oil of Calif
19
»
4%
al2%
26
13%
9%
7%
United Aircraft Products. 1
Universal Consol Oil
10
Vega Airplane Co
1%
6%
Vultee Aircraft Inc
..1
06 %
Wellington Oil Co of Del.. 1
328
46
a30
0
0
6
300
?
128
feb
5%
Jan
IH
Feb
Feb
24%
182%
Jan
Mar
118
22
172%
Jan
Feb
114%
Mar
450
25%
Mar
31%
Jan
20
13%
Mar
15
Jan
Jan
11
Jan
12%
Jan
Feb
14%
25%
Jan
120
2%
Feb
37%
526
33%
Jan
53
123
52%
Mar
3%
37%
58%
11%
14%
Feb
Jan
Jan
Jan
Jan
%
%
066
ht
Jan
7i«
Jan
160
hi
Feb
%
Mar
%
1%
26%
401
hi
Jan
7i«
Feb
Feb
1%
30%
10%
117%
1
1,060
280
Feb
25%
Jan
Jan
8
Feb
390
111%
Mar
26
11%
13%
Jan
14
Feb
Jan
16
Jan
6,833
10
19
Jan
Jan
30
Feb
39%
Jan
Jan
Feb
0
feb
Jan
3%
3%
all% all%
220
34
10%
9%
18%
9%
19
4%
4%
012% al2%
13%
13%
9%
9%
7%
7%
6%
0%
00%
2
2
557
100
886
2,517
1,448
6
Mar
Feb
Feb
Feb
10%
10%
4%
Feb
12%
Jan
Jan
Feb
4
Jan
feb
28
Jan
Feb
30%
29%
34%
25%
29%
28%
34%
Feb
Jan
Jan
Mar
Jan
Jan
10%
Jan
feb
8%
18
20%
Jan
Feb
5%
Jan
Jan
4%
14%
9%
Jan
26
1,831
13
225
9%
Mar
100
7%
6%
Mar
Feb
Feb
8%
8%
Jan
6%
Mar
2%
Jan
1,010
15
00%
2
Mar
3
310
1,028
Jan
40
Feb
Mar
9%
3%
1.181
Mar
Jan
7%
3%
37c
34
120
3%
2%
feb
30
100
2
March 14, both inclusive, compiled from official sales list8
to
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Week
Jan
Feb
389
25% 25%
29%
29%
29% 29%
a33% o33%
Mar
33%
200
8%
10%
6%
20
39%
36%
Pittsburgh Stock Exchange
March 8
Jan
11%
28%
8%
10%
6
So Calif Edison Co Ltd..2a
.
28
138
25
Standard Oil Co of Calif.
Jan
21
6
alO% a!0%
a26% a27%
a33% a33%
Solar Aircraft Co
20c
38,979
1%
36c
Ryan Aeronautical Co...l
Shell Union Oil Corp
15
10
Jan
0
10%
Jan
Jan
6
Roberts Public Markets..2
Jan
2%
12%
23%
19
Jan
41c
7%
Jan
Feb
Feb
176
Pacific Western Oil Corp 10
Richfield Oil Corp com...*
112
10
feb
Feb
2
5
25%
8%
8%
111% 113
12%
12%
20
24
al0%
a26%
8%
..*
....
6%
10
1
25%
*
Westmoreland Inc
185
1,787
2,339
Jan
Feb
42
1
*
Westmoreland Coal
2%
100
%
%
...»
__
Jan
24
...1
*
Jan
United Corp com
Preferred
Jan
25%
2%
25
United Gas Impt com
Preferred
1%
14
25
Preferred
Jan
410%
47%
6
40c
Pacific Finance Corp comlO
Pacific Gas « Elec com..26
Pacific Indemnity Co
Pacific Lighting com
feb
Jan
Feb
24
.1
6% 1st pre!
6%% 1st pref
Feb
Feb
42%
400
alO% alO%
Oceanic 011 Co
Feb
5%
alQH
Menasco Mfg Co.
feb
18%
31%
50c
Lincoln Petroleum Co.-10c
Jan
147
Holly Deveopment Co...l
Lockheed Aircraft Corp..l
Los Angeles Investment. 10
20%
5%
68%
9%
150
6%
a31% a32%
50c 52 %c
1
Jan
8%
6%
al7% a!8%
Hancock Oil Co a com...*
Lane-Wells Co
8
Feb
390
390
44%
6%
6%
al8%
a31%
Goodyear Tire a Rubber.*
;
Feb
5%
17
5%
08%
9
390
43%
"52%
Sun Oil...——.——*—*
Transit Invest Corp
Consol idated Steel Corp..*
Preferred
*
Feb
20
52%
%
"2%
.1
Scott Paper...
2%
31%
3%
36
50
Salt Dome Oil Corp
for
Sale
Stocks (Concluded)
Week's Range
Jan
393
30%
13%
11%
14%
25%
2%
3
1st preferred
30%
20
30
....50
Reading rr...
High
75
30%
2%
1%
0%
2%
116
116
30%
Low
Shares
24
23%
172% 172%
*
Phllco Corp
Friday
2%
2%
50
50
Pennsylvania rr
Penna Salt Mfg
Spring Street, Los Angeles
1941
Sales
Friday
Stocks (Concluded)
15,
Mar
9
Jan
Jan
Par
Stocks—
Price
Low
Allegheny-Lud Steel com.*
Preferred.100
Arkansas Nat Gas
*
com
1%
100
Preferred
Blaw-Knox Co.—1*———*
Byers (A M) Co com
*
Columbia Gas A Elec Co.*
Copperweld Steel
5
.....
3%
15
Fort Pitt Brewing
:
10
48
Mar
111%
Feb
Mar
1%
Jan
25
Jan
6%
Mar
7%
Jan
325
7%
Feb
15
8%
Feb
10%
11%
Jan
181
3%
14%
Feb
Feb
17%
Jan
11
Feb
12
Jan
2
102
11
370
1%
97
High
Feb
19%
110%
1%
50
15
1%
Low
75
4%
11
Duquesne Brewing......5
1
Koppers Co pref
100
I
20%
22%
110% 110%
1%
1%
6%
6%
8%
8%
8%
8%
4%
Range Since Jan. 1, 1941
Shares
High
61
97
Jan
1%
97
Jan
5
Jan
Jan
1%
Mar
105
Jan
'
Lone Star Gas Co com
*
Mountain Fuel Supply..10
National Fireproofing
*
Mar
545
5%
Jan
313
1
1
9%
85c
80c
*29%
1,963
5%
5%
Pittsburgh Brewing com..*
Preferred
10
9%
9%
230
80c
Mar
29%
70
1%
490
55c
55c
100
3c
11,000
"5%
Pittsburgh Screw A Bolt..*
Renner Co..
20%
Jan
55c
Mar
3c
Feb
90
79
5%
3
2%
Westlnghouse Air Brake..*
1%
96%
7%
Mar
10
29%
1%
76
Mar
300
39
Vanadlum-Allcys Steel...*
Jan
Jan
lc
Pittsburgh Plate Glass..25
1%
1%
31%
Feb
50c
3c
5
39
21
Jan
Jan
Jan
Jan
Jan
Jan
3
Jan
37
Mar
40
Feb
19%
Mar
22%
Jan
Jan
2%
Jan
2%
75
19%
Jan
Feb
5%
.1
San Toy Mining Co
1
Shamrock Oil A Gas com.l
Pittsburgh Oil A Gas
Jan
6
Mar
1
29%
1%
77%
5%
...»
10%
497
Unlisted—
Pennroad Corp v t e
.1
2%
.
15
2%
2
Mining—
Alaska-Juneau Gold
10
Black Maram Cons Mng. 10
ZendaGold...
a4%
04%
c4%
30
5
9c
9c
10c
3c
3c
8,000
1,000
6
3c
6%
6%
1
*
Jan
5
Jan
10
3c
6%
Jan
Mar
3c
Mar
Mar
Mar
St. Louis Listed and Unlisted Securities
Unlisted—
Amer Rad & Std Sanl
Amer Smelting a Refg—.*
a39%
Amer Tel a Tel Co. ...100 al62%
Anaconda Copper.. ....50
24%
Armour & Co (111)
5
5
Atchsn Topk a s Fe RylOO
24%
Atlantic Refg Co (The)..25
Aviation Corp (The) (Del)3
a20%
Baldwin Locomotive vtc..
Bendlx Aviation Corp....6
Bethlehem Steel Corp.
...
*
Borg-Warner Corp
5
Canadian Pacific Ry__._25
Columbia Gas & Elec
*
Commonwealth a Sou...*
Continental Motors Corp. 1
Curtlss-Wrlght Corp
1
General Electric Co
..*
General Foods Corp
*
Goodrich (bf)Co
*
Graham Paige Mot Corp. 1
Intl Nickel Co of Canada.*
Intl Tel & Tel Corp
Kennecott Copper Corp.
3%
al5%
a35%
a80 %
al8%
3%
c4
a4
"u
8%
a33%
a36
13%
a»»i«
a26
%
.
2%
*
33 %
a32%
a37%
13%
al5%
a6%
*
Montgomery Ward a Co
*
New York Central rr__.*
North American Co
..*
Ohio Oil Co...
»
Packard Motor Car Co...*
Paramount Pictures Inc. 1
a
Pennsylvania
a23%
.
rr
60
Radio Corp of America
Republic Steel Corp
*
a2%
11 %
4
.*
18%
Seaboard Oil Co of Del...*
Sears Roebuck a Co
*
al3 %
Socony-Vacuum Oil Co..15
Standard Brands Inc.....*
Standard Oil Co (n j)...25
Stone a Webster Ino
Studebaker Corp..
*
1
Swift a Co
25
Texas Corp (The)
26
Union Carbide a Carbon.*
United Aircraft Corp
5
a73%
8%
"1.
8%
033% 033%
a35% 036%
13%
13%
416
310
284
10
131
Feb
157%
27%
Feb
5%
Jan
Jan
24%
Mar
Feb
21%
Feb
3%
Jan
Jan
Members
18%
Jan
20
CEntral 7600
35
Jan
35
St. Lovls Stock Exchange
Jan
Chicago Stock E: change
116
Postal Long Distance
76
New York Curb Exchange Associate
A. T. T. Teletype STL 693
Mar
83%
Jan
480
3%
Mar
Mar
4
3%
%
Feb
3%
4%
Feb
%
Jan
Feb
9%
Jan
Feb
34%
300
370
99
7%
32%
a»ie
220
120
10
""2%""Feb
2%" Jan
Feb
Feb
5% preferred
Brown Shoe Co
American Stores
Burkhart Mfg com
15
Jan
Coca-Cola Bottling com__l
17%
Jan
Columbia Brew
35
7%
Feb
Dr Pepper com
a2%
a2%
cll% all%
a23% a23%
Mar
3
Jan
Falstaff Brew
31
6%
2%
10%
Feb
50
Feb
11%
Jan
22%
Feb
23
Jan
Huttig SAD com
5
International Shoe com..*
8%
68
Feb
4%
22%
Jan
Laclede-Chrlsty Cl Pd com*
""6%
Feb
Jan
Laclede Steel
Mo Portlnd Cemnt com.25
14%
Jan
72
Jan
Natl Bearings Metals com*
19
4
4
18% 20%
al3% ol3%
072% o73%
8%
8%
200
305
4
18%
75
104
300
72
66
Jan
6%
35%
Jan
Jan
Scruggs-V-B Inc
al
Rlce-Stix
Feb
6%
8%
Mar
23
Feb
a96%
29
Budd (e g) Mfg Co
Budd Wheel Co..
of Prices
10
161%
111%
*
111% 112%
4
*
6%
66%
32%
31%
42%
31%
10
For footnotes see page 1729.
10%
161% 166
Chrysler Corp
5
Curtis Pub Co prior pref..*
Eleotrio Storage Battery 100
General Motors
High
4
Feb
29
Mar
31%
6%
75
6
Mar
7
Jan
10
18
Mar
20
Jan
4%
9%
...100
Preferred
43%
95
661
58
35
6%
68%
125
32%
32%
2
308
44%
990
185
9%
150%
110%
3%
6%
63%
32%
31%
40%
Feb
Mar
100
com
com
Jan
15
9%
Assoc Ins Fund Inc
Atlas Imp Diesel Engine.5
Byron Jackson Co
*
Mar
Feb
Jan
Feb
48%
Jan
Feb
Jan
Mar
94
Jan
Feb
95%
400
1.00
Mar
1.55
Jan
235
7%
Mar
9%
9%
5
9%
Mar
8%
9%
Feb
Jan
Jan
24%
25
322
24%
Mar
28
Jan
12
25
Last
Par
Jan
Jan
Jan
44
5%
7%
12
SI,000
11%
Jan
12
Mar
Francisco Stock
119
Jan
11
1.05
March 8 to March 14, both inclusive,
Aircraft Accessories
5%
98
50
7%
1964
Jan
Jan
7%
71%
34%
34%
Feb
Jan
58
4%
9%
1.00
..1
11%
168%
Feb
Jan
Bonds—
Stocks—
Feb
Jan
30
95
2nd preferred
Sale
209
16
22%
4% Mar
Feb
9%
42%* Feb
200
44
Scullin Steel warrants
San
High
Jan
Jan
4%
5
com
Range Since Jan. 1,1941
Low
Feb
Jan
Mar
98
6%
Price
Exchange
compiled from official sales lists
Sales
Friday
for
13%
Feb
Mar
Week
Shares
295
15
6%
7
Sales
Week's Range
8
367
18%
6
18%
14%
100
350
Jan
D/y Goods com.*
gt L Pub Serv Inc
inclusive, compiled from official sales lists
Low
18%
Jan
Jan
7
8%
29%
7
8%
29
6
Wagner Electric
68%
3%
Jan
Feb
2
Stix Baer A Fuller com. .10
Feb
Feb
361
Jan
Mar
13
7
Feb
2%
100
90
1%
21%
21%
Jan
13%
12%
15%
7%
8%
96
Sterling Alum
57
Mar
27
Feb
Mar
Jan
60
28
Mar
10
101
Feb
828
Mar
25
60
Mar
Mar
59%
26%
62
10%
Mar
66
a2%
5
25%
19
36%
58%
28
25
Jan
101
37
02%
a95
Mar
10
Jan
Jan
Feb
31
20
Feb
Feb
50
Jan
19
Feb
1%
Feb
29%
13%
101
64%
36%
117
48
25
Mar
19
10
al
1
31
12%
101
37
a22%
48
1,052
*
100
National Candy com
2nd preferred
Preferred
5
210
038% 038%
a22
20
High
12%
100
9%
8
166
...1
com
Feb
Jan
25%
*
8%
84
6%
22
1
5
com
Low
12%
10%
13%
Jan
Feb
Feb
66
....*
American Tel a Tel
100
Bell Tel Co of Pa pref..100
Range Since Jon. 1,1941
Shares
28
39
12
com
High
30%
*
14%
37
Low
48
—50
Feb
12%
173
138
22
Sale
1
Price
474
337
Last
com
Feb
33%
32%
Mar
33%
30%
22%
034% a35%
Price
Week
al5% 010
a6 %
a6 %
Friday
Par
Par
American Invest
Philadelphia Stock Exchange
Stocks—
for
of Prices
150
Jan
March 8 to March 14, both
Week's Range
Sale
Stocks—
Feb
a90%
Sales
Friday
Mar
40
025% 026%
2%
2%
33% 33%
a32% a32%
a37% 037%
13
13%
Exchange
inclusive, compiled from official sales lists
Last
6
68%
Jan
""11%'"Feb '"13%"
34
a2 %
St. Louis Stock
March 8 to March 14, both
209
200
50
Westlnghouse el a Mfg.50
Jan
20
294
Warner Bros Pictures Inc 5
Phone
10
35%
06%
0%
al
Building, ST. LOUIS
4%
Feb
06%
c22%
Boatmen's Bank
Mar
35%
a6%
00
Established 1922
Investment Securities
14
a6%
a38%
Jan
8
35%
a0%
0%
United Corp (The) (Del).*
us Rubber Co
10
u 8 Steel Corp
•
Edward D. Jones & Co.
Jan
4%
18%
21%
157%
22%
06%
22%
a35%
Jan
24
329
3
8%
a"le
144
a4
%
a3
a3
*
Loew'slnc
0%
a39% a39%
al01%a!05%
24%
25%
5
4%
24%
24%
a20% a20%
3%
3%
015% 015%
a35% 035%
a79% a80%
018% 018%
3%
3%
Week's Range
of Prices
High
Low
for
Range Since Jan. 1. 1941
Week
Shares
Low
High
50c
1.75
1.75
1.85
1,750
Anglo Calif Natl Bank. .20
8%
8%
4%
7%
10%
8%
309
5
860
7%
10%
1,246
6%
235
9
10
1,064
9
Mar
17
Feb
11%
20%
10
10%
Calamba 8ugar com
20
Calif Packing Corp com..*
9
Central Eureka Mln 00m. 1
3%
Clorox Chemical Co
10
9
19%
3%
19%
880
3%
1,485
40
40
192
Mar
2.10
Jan
8%
Mar
9%
Jan
4%
Mar
5
Jan
Feb
7%
Feb
Mar
U%
1.75
2.90
40
Feb
Feb
4
42%
1
J»n
Jan
Feb
Volume 152
The Commercial & Financial Chronicle
1729
.TV
Sales
Friday
Last
Order®
Pacific
on
Coast
Stock
Exchanges,
open until 5t3« P. M. Eastern Standard Time
(2 P.
which
Stocks (Concluded)
are
U S Petroleum Co
1
United States Steel com..*
Utah-Idaho Sugar com...5
New York Stock Exchange
Warner Bros Pictures
New York
offices in San Francisco and Los Angeles
*
No par value,
year,
Last
Sale
Stocks {Concluded)
Par
Coast Count G&E 1st pf 25
Creameries of Amer com—1
Price
Preferred
*
of Prices
High
26%
5%
Crocker First Natl Bk—100
Crown ZelJerbach com
6
Di Giorgio Fruit C com.. 10
El Dorado Oil Works
*
Week's Range
5%
87 %
1.75
26
5
1.75
Ex-dividend,
x
y
5%
20
285
Mar
6
285
340
86
1.75
127
1.40
Feb
1.75
3%
Jan
6%
92
Feb
19%
44%
Jan
20
27
27
92
22
Feb
27
Fireman's Fund Ins Co..25
99
99
100
160
96%
Feb
2%
1.15
1.15
100
1.15
Mar
1 .30
44%
44%
425
40%
Feb
48%
Jan
6%
6%
300
5
Jan
6%
Feb
Gladding McBean
A Co..*
7%
Golden State Co Ltd
Hale Bros. Stores, Inc
*
*
*
Home F A M Ins Co cap. 10
Honolulu Oil Corp cap
*
Hunt Brothers com
10
9%
39 %
13
270
33%
Feb
35%
Jan
535
5%
Feb
Jan
1,720
Mar
16%
39%
16%
39%
125
13
Jan
7%
10%
13%
Jan
15%
15
Feb
8%
482
■
Jan
16%
Jan
Jan
145
39%
Mar
43
220
12%
Mar
14
Jan
"65c
60c
65c
600
48c
Feb
65c
Mar
2.75
2.75
1.75
208
1.90
Feb
2.75
Mar
Hutchinson Sugar Plant. 15
Langendorf UtdBkB....*
7%
7%
220
Jan
7%
Mar
LeTourneau (It G) Inc.-.l
Llbbey McNeill A Libby.7
Lockheed Aircraft Corp__l
Magnavox Co Ltd...:
1
Magnln & Co (I) com....*
25%
5%
Preferred..
..10
—
March Calcul Machine
5
24
1.10
2.20
Pac G A
E Co com.....25
5
1.40
27%
Feb
780
22%
Feb
1,952
80c
Jan
Jan
28
1.10
Feb
Jan
Jan
Jan
Mar
8%
17%
1,045
15%
Feb
18%
Jan
2.00
100
8
Jan
9
Mar
2.20
2,870
1.80
Feb
2.35
Jan
6%
740
6%
Feb
6%
Jan
0%
8%
245
9%
8%
Feb
Jan
9%
Jan
5
5%
150
5
Jan
5%
Mar
1.50
1,225
1.4.0
Feb
1.65
Jan
1.40
189
%
10
Jan
27%
1,731
25%
32%
Feb
28%
Jan
949
Feb
34%
Jan
26
30
30%
687
29%
Feb
37
37
420
36
Feb
31%
39%
Jan
Jan
107%
Feb
*
106% 107
4%
4%
16%
16%
118% 120
.100
Paraffine Cos pref
100
Puget Sound PAT com..*
R E A It Co Ltd com
*
148
101%
149
101% 101%
60
102
222
139
106%
4%
16%
115%
Jan
Jan
Jan
Jan
Jan
101%
Feb
102
Feb
14%
Feb
20
260
3%
207
15%
200
14%
27%
12%
8%
14%
Preferred
25
Rheem Mfg Co
__1
Richfield Oil Corp com...*
27%
12%
1,450
12%
Mar
8%
925
7H
Feb
4
600
3
3%
18%
126
14%
Ryan Aeronautical Co-.-l
Jan
160
100
12%
4%
Fee
148
16%
com
Jan
Mar
60
16%
3%
Rayonier Incorp
7
33%
1st preferred
*
Pacific Tel A Tel com..100
Preferred
5%
28%
v
26%
..i...
...
Feb
5%
9%
8%
Pac Pub Ser com._..._..*
Preferred.
24%
33%
Pacific Light Corp com..
div....
1.10
4%
220
25
6% 1st preferred
5%% 1st preferred
$5
25
606
560
6
No American Oil Cons.. 10
Paauhau Sugar Plant
15
Pacific Coast Aggregates.5
5%
8
8%
16%
5
Menasco Mfg Co com
1
National Auto Fibres com 1
Natomas Co...—_—*
95c
5
26
3
Jan
18%
5
Jan
Jan
14%
Feb
20%
Jan
790
13%
Feb
16
Jan
175
24%
Feb
28
Jan
14%
9
Jan
Jan
Feb
4%
Jan
40
5%
Jan
26
26
200
25%
Feb
Sound view Pulp Co com ..6
So Cal Gas Co pre ser A.25
21%
33%
22
830
20
Feb
33%
10
32%
Feb
9%
1,445
8%
Jan
7%
Feb
7%
26%
23%
34%
10%
9%
Mar
Signal OH A Gas Co A...*
Mar
Feb
20%
Jan
Schleslnger Co B F 7% Pf25
Southern Pacific Co
7%
10Q
9
Spring Valley Co Ltd....*
Standard Oil Co of Calif..*
Texas Consol Oil Co
1
9
19
15c
18%
924
56%
Mar
70%
Feb
1%
Jan
*,
«
1,550
Jan
2%
Mar
200
3
Feb
3%
Feb
75c
705
70c
Feb
81c
Jan
a6%
-
-
2%
3%
75c
w
.»-
a6%
5
6%
Jan
6%
Jan
-«,
"
3
* ««.
1%
b Ex-stock dividend,
Admitted to unlisted
c
delivery,
s Cash sale—not included in range for
Listed,
t In default,
t Title changed from
z
9%
235
19%
3,660
18
1731)
page
Sales
Stocks
(Concluded)
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1941
Shares
Low
High
Jan
Jan
10%
15%
15
Hawaiian Pine Co Ltd
•
34%
7%
6%
59%
57
iMSt
Mar
General Motors com
10
Genl Paint Corp com.....*
34%
Feb
Friday
Jan
Feb
*
1 30
Toronto Stock Exchange
Jnn
18
Preferred
57
Ex-rights,
Inc.
Mar
15%
Feb
Jan
41
com
Jan
Jan
(Continued from
Mar
887
Feb
50
Foster Klelser
1%
1.00
Mar
12%
430
Ewa Plantation cap
Mar
1,500
Jan
Mar
715
42%
19
42%
100
1.10
Jan
Canadian Markets
18%
42%
Emporium Capweil com..*
Preferred (w w)
,..50
High
42%
37%
1 %
1.00
v
_
Deferred
Jan
28%
6%
19
....
Low
24
a38% a39%
1%
1%
Odd lot sales,
d
High
Feb
13%
87%
87
6%
Low
282
285
a39%
Range Since Jan. 1, 1941
for
28
5%
13%
Range Sinde Jan. 1, 1941
Shares
Week
Shares
26%
285
High
•
The Wahl Co. to Eversharp,
Sales
Low
5
a
trading privileges,
Friday
Low
Westates Petroleum pref—1
West Coast Life Insur....5
Cortlandt 7-4150
own
Week
M. Saturdays)
Schwabacher & Co.
Private Wire to
for
of Prices
Price
Par
United Aircraft Corp cap.5
United Corp of Del
*
111 Broadway,
Week's Range
Sale
solicited
•
Jan
Jan
Jan
St Lawrence Corp
*
St Lawrence Paper pref 100
San Antonio
i
Sand River
15c
100
15c
Mar
15c
Mar
9%
4%
13%
9%
14%
6%
9%
100
9%
Jan
4%
Feb
13
Jan
12%
14%
6%
3,424
8
Jan
220
6%
Feb
Waialua Agricultural Co-20
Western Pipe A Steel Co. 10
28
28%
535
8%
28%
161
Mar
22%
24
24
60
21%
Mar
24
2.03
1,600
39c
42c
13,050
42c
15
1.75
15
66c
70c
7.40
7.40
7.75
4%
4%
...
.
*98%
Standard Chemical.
7%c
Jan
Feb
59c
Jan
Mar
17
Jan
Jan
:
62o
Mar
87c
Jan
7.40
Feb
8.90
Jan
4% jiMar
91%
Feb
63
5
Jan
100
Jan
55c
59c
9,550
51 %c
Feb
61c
25c
25c
700
25o
jMar
43c
Jan
ll%c 12 %c
16,100
10 %c
Jan
19%c
Feb
12c
1%C
10%
22%
59%
*
Stedman
Jan
Mar
Feb
59c
*
*
Steel of Canada
2.65
25c
......
South End Petroleum
97% 100
39%
Feb
15
40
.
[Mar
36c
7,078
340
Simpsons classB
Simpsons pref
100
Slscoe Gold.............l
Sladen-Malartic.
1
Slave Lake...........-.1
2.15
37
13
""70c
Mar
4o
8
....1
•
62
l%c
10%
22%
500
5
V
50
::
•
1 %o
10%
Mar
2%c
Jan
10%
Feb
Mar
22
Jan
Feb
25
70
Jan
140
69%
Mar
*
1.07
92c
1.07
24,850
81c
Mar
1.78
Jan
...*
4%c
4%C
4%C
27.700
3 %o
Feb
4%C
Mar
17o
17c
500
17c
Jan
19c
Jan
Steep Rock Iron Mines
Straw Lake...
Sturgeon R_.
1
62
Jan
,
Sudbury Basin..........*
1.25
1.20
1.25
650
1.10
Feb
1.65
Jan
Sylvanlte Gold
2.62
2.62
2.70
V, 600
2.50
Feb
2.90
Jan
10%
10%
10
10
Feb
11%
Jan
3.15
2,425
120
.....1
Tambly n com
Teck
..*
Hughes
1
Texas-Canadian....
"3 TO
3.10
..1
Tip Top Tailors
1.00
.____*
Toburn
1.00
10
1
10
1.50
3.10
3.75
Feb
8
900
1.55
Feb
1.00
20
1.50
Jan
1.05
Mar
10
Mar
Jan
Mar
1.80
Jan
Toronto Elevator.......*
Preferred.
.50
20
20
20
215
19
Feb
21%
Jan
45
45
45
10
44
Mar
45
Feb
Toronto General Trusts 100
75
75
75
2
75
Feb
80
Feb
Towagmac.
1
10c
Trans Resources
1
"~22c
...»
United Fuel clApref
50
United Fuel cl B pref...25
10c 10 %c
*
Uchi Gold
12%
Union
25c
Gas..
35
1
Ventures
1.75
140
Jan
50o
Jan
Feb
39c
Jan
11%
Jan
784
Mar
14%
60
34
Feb
38%
50
600
4
Feb
5%
4%o
Mar
240
4%C
3
2%
Mar
1.56
Waite-Amulet
1.75
57,630
1.27
3.30
250
3.10
3.40
1,383
3.20
Jan
4
Feb
Mar
3.20
Jan
Feb
4%o
Feb
3.25
...
Walkers
Feb
Mar
4
2%
...
Upper Canada
10C
25c
22c
35%
4 ■■/T:
4%c
United Steel
1,533
1,500
5,425
25%c
22c 22%c
12
12%
United Oils
Jan
2.28
Jan
4.25 i Jan
4.10
Jan
39
39%
35
48
Jan
19%
19%
19%
505
19%
Feb
20%
Jan
20c
20c
21c
6,000
20c
Feb
26c
Jan
1%C
2,000
l%c
Mar
...
Preferred.............*
Wendigo
Westflank
1%C
Westons..
38
Mar
2c
Jan
10
Preferred
.
.
.
.
.
.
.
.
Wright Hargreaves
»
35
9
Feb
91%
15
90
Feb
5.85
100
10
91
6.00
0,680
5.85
Mar
7.00
Jan
7%c
.
_
8c
1,600
6o
Feb
80
Mar
Feb
101%
Feb
99%
Mar
Feb
5.90
Ymir Yankee
11
Jan
98
•
Jan
Bonds— :
War Loan
(1st).
101%
War Loan, 2d—
98%
Jan
Yellow Checker Cab ser 150
3,905
4c
...*
....
Sherritt-Gordon
Mar
19
22%
18%
Feb
19
2.40
4c
50
101% 101% $11,150
98%
99
16,200
101
98%
Jan
9,304
1,467
10%
5%
14%
2.25
1.80
Sigma.................1
Jan
15c
37
2.35
1
1.75
37
1
Senator-Rouyn
Shawinigan
1.80
Tide Water Ass d Oil comlO
Transamerlca Corp
Union OH Co of Calif
2
*~4%
25
Union Sugar com..
25
13%
12%
14%
6%
Victor Equip Co pref
Vultee Aircraft
5
.1
4%
13%
350
14%
Mar
12%
15%
Jan
Anaconda Copper Mln__60
Anglo Nat Corp cl A com.*
Argonaut Mining Co
a24%
5%
5
Aviation Corp of Del
3
Aviation A Trans Corp.—l
Bendix Aviation Corp
Blair A Co Ino cap
5
1
Friday
Jan
Sales
Last
Stocks-
Mar
Par
Week's Range
Sale
of Prices
Price
Low
3%
4%
a35%
85c
Curtiss-W right Corp
Dominguez Oil Co
1
.*
General Electric Co com..*
Hawaiian Sugar Co
20
Idaho Mary Mines Corp__l
5%
Intl Tel A Tel Co com....*
Kennecott Copper com...*
B ancorporation.
_
MJAMAM Consol
1
26%
7c
Canada Vinegars
Canadian Marconi..
"11
Consolidated Paper..
...*
3%
Dalhousle
I—*
"_.*
"T50
Jan
Jan
27%
5%
Jan
3.00
Jan
24%
450
19%
Jan
24%
Mar
3%
3%
4%
4%
a34% a35%
297
3%
Feb
5
Jan
200
3%
36%
Feb
4%
Jan
Langley's prefMandy
113
37%
Jan
Montreal Power—.
90c
1,161
.80
Feb
1.35
Jan
Ontario Silknit pref..
12%
a4%
460
11%
Feb
12%
Jan
5
4%
Feb
5%
Jan
Pend-Orellle
8
100
a5%
8%
29%
3%
33%
14%
5%
a5%
9
29%
3%
33%
14%
5%
a2
26
30
Rcb Simpson pref...
Jan
Rogers Majestic A...
Feb
9%
Jan
Temlsk Mining
Mar
30%
Jan
4%
Jan
Mar
310
3%
31%
Feb
34%
27%
8
10
14%
Feb
5%
Feb
10
2%
Feb
6%
2%
31%
Feb
33%
24%
Mar
200
Montgomery Ward A Co.*
37%
37%
3
Mountain City Copper—5
1
TOO
.-*
7c
*
3
3%
1,522
2%
Feb
27c
950
23c
Feb
30o
Jan
1.50
5
1.45
Feb
1.50
Mar
85
22%
Feb
26%
Jan
Jan
20
25%
25
35
36
5%
5%c
30
37%
230
6c
27
8
Jan
Mar
Jan
8c
8
..
1
C U R R E NT
—Scudder,
Jan
Mar
36%
Feb
39%
Jan
2%
Feb
3%
Jan
Feb
17%
17%
Jan
Stevens
&
the election of
Clark
Mr.
Willis is
Christy,
a
investment
correspondents
counsel.
6
1,150
3%
Feb
6
Mar
in Pasadena.
25
a25%
29%
29%
33%
Bo Calif Edison oom
6% pref
25
5%% Pref
-25
6% pref-25
29%
Standard Brands Ino....*
"a6%
1
Title Guaranty Co pref...*
a0%
So Cal Ed
So Calif Gas Co
Studebaker Corp com
5%
Mar
6c
2,600
4%c
Feb
8%c
Jan
16
14
41
NO TIC E S
Jan
Mar
40
100
1%
Mar
22%
Feb
1%
24%
4%
6%
Boston
investment
as a
trust,
member
1925, and several
of
Scudder,
Stevens
&
Clark,
and
Inc.,
years of
banking experience, he attended the Harvard
Graduate School of Business Administration
graduating In 1929.
He then
Dunn, investment counsel with offices
In 1931, when Mr. Dunn accepted appointment as professor
Mar
470
Inc.,
Following his graduation from Leland Stanford in
became associated with Henry W.
7
Jan
Mar
Jan
partner of the Investment counsel firm of Willis
California
Mar
6
135
2%
Fund,
20
6%
30%
Mar
Jan
2,490
Henry Paul Willis, of Los Angeles,
Jan
"6%
135
Jan
Feb
of its board of directors.
Mar
Sohumach Wall Bd com..*
Preferred
*
12
Jan
%
5%
5%c
15%
a4
45
5
14%
41
Mar
2.10
10
1%
23%
a4%
6%
35
Feb
100
1%
23%
30
Mar
1.35
20
41
29%
6c
1,100
20
41
Mar
15
1.60
1.55
135
135
Oahu Sugar Co Ltd cap..20
"23%
9o
25
7c
Nor American Co com—10
Park Utah Cons Mines... 1
Feb
34
Feb
228
Pennsylvania RR Co...50
Radio Corp of America...*
Riverside Cement Co cl A. *
1,100
5c
1,900
5%
55
6c
1,100
3%
5%
19%
6c
15%
Olaa Sugar Co
20
Pacific Ptld Cement preflOO
Jan
25%
6o
1.55
135
4
Jan
announces
400
15%
25
19
15%
15%
Nor American Aviation. .1
Jan
Feb
Feb
No par value.
Jan
5
120
8
86c
Jan
Mar
Mar
Jan
20
800
26%
7c
Mar
29%
76o
6o
6
60
335
Jan
1.50
.—*
8
200
Feb
80c
24
TOO
Feb
600
10
5%
7%
25
Mar
8
5%
7%
Monolith Ptld Cement
8% preferred
Bridge
...
High
4%
6%
,
75o
Oslsko Lake
Dominion
Low
100
27c
TOO
85c
.......
Disher Steel
Range Since Jan. 1,1941
Shares
5
7
75c
*
Jan
33% 33%
a21% a21%
*
Matson Navigation Co—*
Feb
22
*
Jan
Jan
7H
168
Feb
2.50
a2
9
29%
Eiec Bond A Share Co....5
Feb
4%
8
Columbia River Packers. .*
Feb
2.25
a4%
Consolidated OH Corp....*
75
6
159%
105
12
10
86
246
for
Week
High
5
235
24
Bunker HU1A Suilivan.2%
com..
a24% a25%
5%
5%
2.50
Atchison TopASanta FelOO
Marine
Exchange—Curb Section
14, both inclusive, compiled from official sales lists
Bruck Silk
Am Rad A St Sntry.
*
a8%
a6% a6%
American Tel A Tel Co. 100 al61% al61%a!66%
Service Co
March 8 to March
Jan
Unlisted—
Cities
Toronto Stock
Jan
Mar
Mar
110
300
350
4
Mar
5%
Jan
6%
Jan
7
Jan
Jan
30%
Feb
25%
29%
Feb
28
Jan
Feb
31
28%
33%
Feb
15
Mar
06%
115
6%
Feb
06%
60
6%
Mar
29%
33%
6%
8%
18
20
17%
Feb
284
a6%
a6%
18
353
324
18
School,
Mr.
Willis formed the firm of Willis and
organization.
Jan
10
Business
Christy which carried
Jan
29
30%
a25%
29%
29%
33%
Harvard
at
Jan
Jan
Jan
Mar
Jan
Jan
Mar
—At
a
on
the business previously conducted by the Dunn
meeting of the board of
governors
of the New York Security
Dealers Association Stanley L. Roggenburg of Roggenburg A Co. and Otto
Steindecker of the New York Hanseatlc Corporation were elected to
H.
membership in the association.
—Victor J. Cevasco, Vice-President and member of the Executive Com¬
mittee
of
Albert
anniversary as
a
Frank-Guenther
Law,
Inc.,
member of the agency staff.
is
observing
his
fortieth
March
The Commercial & Financial Chronicle
1730
25,
1941
Canadian Markets
LISTED AND UNLISTED
Industrial and Public
Montreal Stock
Utility Bonds
Exchange
Sales
Closing bid and asked quotations, Friday, March 14
Friday
(American Dollar Prices)
Last
Week's Range
for
Sale
of Prices
Week
Bid
Ask
Ask
Bid
Abltlbl PAP ctfs 5s. .1953
44
46
Federal
1949
67
69
AJ berta Pac Grain 6s.. 1946
67
69
Geo Steel
Wares 434s.1952
67
69
6934
71
Gt Lakes
Pap Co 1st 5e '55
64
66
1948
Algoma Steel 6s
Grain 0s
Lake St John Pr A Pap Co
534s
69
67
Canada Cement 43*8-1951
70
67
63
69
70 34
1955
30
N Scotia Stl A Coal 3 34s *63
38
7134
73
59
67
Dom Tar A Chem 4 34
1951
Donnacona
4s
Paper Co—
1966
68
66
68
6934
7034
51
67
64
Quebeo Power 4s
69
4934
65
Prloe Brothers 1st 6S..1967
70
1902
4348—1951
75
Foundation Co of Can....*
1134
734
1134
20
734
115
734
81
81
....
—.100
6% preferred
Rights....
53*
9034
Wares
Gurd (Charles)
50c
50c
*
*
100
General Steel
53*
88
Hamilton Bridge
Bid
Ask
Bid
Provlnoe of Ontario—
province of Alberta—
fie
Jan
1 1948
42
4334
6s
Oct
4KB
Oct
1 1956
4034
42
0s
Sept
May
1 1959
85
4a
June
1 1962
80
8134
434s
92
95
ioo3*'ioi
16 1943
68
Prov of British Columbia—
6s
12 1949
1 1953
July
Oct
4*s
83
1 1942
10134 10214
9734
8734
9234
16 1905
Jan
| Ask
9834
8834
4
Jan
Mar
Mar
Mar
334
Jan
5
Jan
123*
12
111
100
45
94
1 1941
Aug
74
»
6a
June 15 1964
70
73
4Kb
Mar
2 1960
85 3*
86 &
6a
Deo
2 1959
70
73
4s.
Feb
1 1958
81
83
1 1901
82
National
4Kb
Prov of New Brunswick—
6a
Apr
4Hb
Apr
May
84
83
77
80
Sept
16 1952
6e_
Mar
1 1960
•
June
16 1943
70
8634
6 Ha
Nov
16 1946
71
73
88
91
4Hs
Oct
1 1951
55
Bid
Bid
Ask
4s
583*
59
434s
Sept
1 1946
8134
83
76
78
6s
Deo
1 1954
763*
773*
68
6934
4348
July
11900
72
73
102
10234
Mar
153*
45
55
234
63*
234
35
434
25
4
2
47
Mar
47
50
113
Mar
Jan
118
434
"47"
47
47
1133* 113 3*
25
2534
*2534
Feb
89
16
85
11
Mar
Jan
Jan
2 34
1134
Mar
Jan
43*
63*
Feb
Jan
Feb
Feb
34
334
53*
Jan
Mar
Jan
1,911
25
Feb
29
Jan
50
51
146
50
Feb
51
Mar
24
50
24
270
2334
Mar
35
36
270
35
Mar
3134
32
240
31
Feb
20
20
50
20
51
53
532
203*
"313*
2034
2734
Jan
3834
Jan
38
Jan
Mar
2534
Jan
493*
Feb
573*
Jan
271
20
Feb
2134
Bonds
Bid
Ask
95%
973*
434s
Feb
1966
9534
9534
434s
July
1967
95
953*
6a...
July
1969
97
Oot
1909
98
Feb
1970
97
Feb
.
16
16
50
14
"W
"43*
83*
43*
934
93*
100
113*
Ask
1 1940
July
106
153*
Feb
16
Feb
50
83*
Mar
10
Jan
434
Feb
610
9
Feb
534
1234
Jan
113*
9334
10434
Mar
1434
Jan
Feb
95
Jan
Jan
107
Jan
2
Jan
12
90
15
95
30
105 34
2
590
16
710
153*
234
Jan
17
Jan
112
Feb
110
Feb
St Lawrence Paper pref-100
36
37
4
35
Feb
1434
834
1534
1,149
834
10
12
1434
Jan
Feb
10
1434
Jan
335
111
*
Feb
8J*
83*
111
Mar
Jan
403*
Jan
17
Jan
1234
Jan
115
100
111
111
2
115
Jan
Southern Can Power
*
10
10
60
10
Mar
1034
Canada
»
5934
61
411
5934
Mar
70
Co
Steel
of
61
*
Wilsils Ltd
*
Jan
65
.50
64
Feb
73
Jan
12
13
35
12
Feb
13
Mar
148
5
145
Jan
148
Feb
65
"i§""
*
■
"48"
234
234
140
234
Feb
334
Jan
48
48
2
46
Jan
50
16
16
546
16
Mar
18
'Too
1.00
1.00
339
90c
Feb
1.15
Jan
1.00
90c
1.00
113
90c
Feb
1.00
Jan
43*
93*
2434
43*
110
7
Jan
10
43*
834
Feb
93*
2434
Jan
93*
Feb
15
243*
Feb
2434
Jan
*
B
Jan
Mar
148
25
100
Tuckett Tobacco pref. .100
United Steel Corp
...»
Winnipeg Electric ci A...*
Grand Trunk Pacific Ry—
4s
Jan
1 1902
2
Jan
155
434
934
St Law Flour Mills pref. 100
Western Grocers Ltd
105
95
105
105
St Lawrence Corp A pfd.50
983*
fie
634b
9734
6e
Feb
5
*
Preferred
Canadian Northern Ry—
97
155
10
*
Tooke Bros pref
(American Dollar Prices)
9534
5
7
Saguenay Power pref.. 100
Closing bid and asked quotations, Friday, March 14
Bid
155
7
Shawlnigan Wat A Power.*
Government Guaranteed
Canadian National Ry—
155
*
.
Preferred
4 Ha—
13 34
"1134 Mar
*
Sher Williams of Can
1 1951
June 15 1965
Jan
100
St Lawrence Corp
Canadian Paoiflo Ry—
Sept
Jan
743*
1134
2034
Prloe Bros A Co Ltd
0s
434s
Jan
3634
Feb
63*
234
Quebec Power..—.._—.*
Rolland Paper pref
100
Ask
Canadian Pacific Ry—
Dominion
25
Feb
1134
*
Power Corp of Canada...*
(American Dollar Prices)
1 1944
Jan
31
"1134
Ogilvle Flour Mills
Preferred
Ottawa L H & Power.
.Closing bid and asked quotations, Friday, March 14
July
Jan
6934
34
"6234
Ottawa Electric Rys
Railway Bonds
6s
2334
25
*
Ottawa Car Aircraft-
perpetual debentures.
Sept 15 1942
4348
Deo 15 1944
14
Mar
Jan
Jan
72
8534
Jan
11%
1234
13
25
Preferred
Jan
1534
80
1 3 34
•
Natl Steel Car Corp
14
670
89
Noranda Mines Ltd
Prov of Saskatchewan—
Provlnoe of Nova Scotia—
4Hb
Breweries
Feb
1234
1334
Niagara Wire Weaving...*
80
6s
16 1900
15 1961
100
103*
12
*
*
Montreal Cottons pref. 100
2634
Feb
1234
235
Jan
Mar
9
1,205
30
Jan
143*
24H
93*
850
13
100
Jan
88
88
*
Montreal Tramways
Provlnoe of Quebeo—
"1334
Feb
98 3*
1234
*
McColl-Fontenac Oil
25
*
1234
& Pow pref. .100
Mont L H A Power Cons.*
Provlnoe of Manitoba—
434S
333*
74
485
23
3234
Massey-Harrls
12%
ill
533
12
1234
23
Mitchell (JS)__.
Jan
Mar
23
Lindsay (C W)
Jan
9334
2 34
33
Lang & Sons Ltd (J A)...*
Jan
63*
Feb
234
.*
100
1.25
Feb
33*
1234
...
Feb
88
50
1234
Lake of the Woods
Jan
125
934
Intl Petroleum Co Ltd...*
Jan
230
2434
Intern Power pref
90
3
International Bronze pref25
(American Dollar Prices)
Feb
35c
7
100
...100
Inti Nickel of Canada..
Jan
43*
50
115
*
Intl Paper
Jan
1234
934
334
334
334
Holilnger Gold Mines....6
Howard Smith Paper
*
__.*
Jan
234
""334
*
Hudson Bay Mining
Jan
8
27
334
—"... *
Gypsum Lime A Alabas..*
50c
53*
45c
Feb
80
5
90 34
Ltd
*
Imperial Tobacco of Can.5
Closing bid and asked quotations, Friday, March 14
Feb
Mar
Feb
63*
233*
103*
Imperial OU
Provincial and Municipal Issues
Mar
5
Preferred
73
1900
High
25c
25
7
Indust Accept Corp
Famous Players
Low
45
25c
7
Saguenay Power—
43*8 series B
25c
Range Since Jan. 1, 1941
Shares
24
Preferred
Power Corp of Can 4 34s *69
Dom Steel A Coal 83*®
High
233*
69
Canadian Vlckers Co 6s '47
Low
1
English Electric cl A
65
McCoU-Front OU 43*b 1949
72
Canada SS Lines 5s—1957
Price
.*
Electrolux Corp
62
1961
Par
Eastern Dairies.........*
Gatlneau
6034
Massey-Harris 43*8...1954
British Col Pow 43*8.1960
Stocks (Concluded)
Jan
Jan
9834
3a
11902
Jan
89
80
Preferred
91
79
100
Zellers..
*
Preferred
25
Banks—
100
both inclusive, compiled from official sales lists
March 8 to March 14,
Last
Sale
Par
Price
Week's Range
of Prices
Low
High
Range Since
for
Low
*
12
12
25
Algoma Steel
*
8
8
125
Anglo Can Tel Co pref..50
46
46
10
Asbestos Corp
*
17
1734
Associated Breweries
*
15
15
Bathurst Pow & Paper A.*
Bell
1134
.154"
154
*
"23"
23
*
Telephone...
......
100
Brazilian Tr Lt & Power.*
Brit Col Power Corp cl A
Class B
.
53*
1.50
113*
156
534
23
1.50
1,066
60
655
236
922
111
5%
preferred
50
Canadian Bronze
*
Jan
Last
Week's Range
for
14J*
1434
Mar
Sale
of Prices
Week
1034
154
534
23
Jan
Feb
13
160
Jan
Canadian
Celanese
Preferred
7%
*
Feb
734
2634
Jan
2.50
Feb
10
Jan
Jan
BrewADlst of Vancou Ltd 5
4
4
16
4
Feb
5
Jan
Jan
Brit Amer OU Co Ltd
Jan
British
5
3434
3434
434
Feb
63*
100
Canada A Dom Sugar Co. *
Canada Malting Co
Jan
163*
Jan
83*
Jan
Can North
Feb
53*
Jan
Canada Starch Co
1,945
50
334
1734
3434
Mar
213*
3534
Mar
646
634
Feb
1034
Jan
Feb
Feb
203*
Jan
273*
Jan
Feb
2834
Jan
Canadian Wineries Ltd..*
50
114
Feb
124
Jan
Catelli Fd
Commercal Alcohol Ltd..*
5
1634
23
10034 10034
Jan
100
100
115
115
10
110
Jan
115
Feb
100
100
3
100
Mar
100
Mar
Cndn Foreign Investm't..*
10
405
10
Jan
25
Consol Mining A Smeltlng5
Jan
23*
"534
36
103*
23*
250
2
Feb
3
834
10
8
Feb
834
Mar
5
53*
923
434
Feb
634
Jan
Donnacona Paper B
E
2
36
36
336
35
Jan
Dominion Woollens
*
Feb
39
Jan
Mar
30
Jan
KootenayPr7%cumpflOO
Estn Dairies 7% cum pflOO
33*
3%
......
Ford Motor of Can A
•
153*
Fraser Cos vot trust
*
43*
334
International Utilities B..1
Feb
434
Jan
Mackenzie Air Service...*
MacLaren Pwr & Ppr
Jan
155
*
Jan
No par value,
r
Feb
Feb
1.60
Feb
Feb
Jan
Jan
45
7
Jan
10
534
Feb
9
Jan
Feb
734
30
234
335
2
434
434
620
33*
1534
Feb
3
Jan
Mar
53*
Jan
153*
550
15
Jan
153*
Jan
8
834
405
7
Feb
1034
Jan
15c
15c
50
15c
Jan
25c
Jan
1.00
15c
1.00
100
1.00
Jan
1.00
Jan
Feb
15%
Jan
133*
Mar
534
10
Jan
103*
1.40
234
Jan
Feb
10
Jan
Mar
8
6
Jan
4
10
534
Jan
2
25
534
5
150
1.40
1,522
1.75
934
100
10
Feb
2034
5
33*
Feb
Feb
150
Jan
Mar
Feb
434
Jan
1.95
334
Mar
150
10
334
73*
*
Feb
1.25
173*
100
934
10
110
Preferred
Jan
5
75
1,075
Dryden Paper
4
135
8
•
Jan
Mar
334
18
*
15
33*
33*
18
73
Mar
1,000
1.05
""434
125
33*
334
*
Jan
10
11
33*
5
82
Jan
20
33*
1.05
Fleet Aircraft Ltd
Mar
Feb
234
334
Fairchild Aircraft Ltd
75
85c
Jan
""33*
Jan
73
Mar
1.40
Jan
Dominion Textile
80c
2
10
26
50
30
25
4
28
160
Jan
85c
23*
Feb
Feb
434
Mar
6
Feb
43*
9
25
Feb
2234
434
Jan
Feb
95
534
23*
24
43*
Feb
8
22
5
700
135
*
98
75
25
534
33*
310
Dom Tar & Chemical
Jan
9
22
534
243*
734
94
22
534
2434
73*
Jan
Feb
24
*
Jan
38
Feb
1.50
24
25
27
Mar
12
2,125
2734
Dominion Steel A Coal B 25
Jan
Mar
333*
1.70
*
Dominion Stores Ltd
123*
2334
25
1.50
*
Dominion Coal pref
20
570
"L70
Distillers Seagrams
2734
12
24
10
Dominion Bridge
60
Jan
3434
10
Crown Cork & Seal Co.—*
2734
1834
80c
*
Donnacona Pap Co Ltd A *
Feb
234
1034
*
B
834
*
Pacific Ry
1034
Consolidated Paper Corp.*
David & Frere Ltee cl A..*
153*
9
22
Prds5%cumpfl5
Preferred
495
94
100
pref.*
Cnandlan Marconi Co
1
16 3*
Jan
2334
12
pfd 100
22
95
105
Canadian
cum
210
2334
Jan
*
7%
Canadian Breweries
16
1.90
3434
"2334
*
CndnP&PInv5%cumpfd*
Cndn Vickers7% cum prflOO
10034
Canadian Locomotive
""l6 3*
Columbia Packers*
Jan
Feb
1534
7
»
Feb
96
27
Cndn Ind Alcohol
Jan
Feb
9
Feb
Cndn Cottons pref
Jan
180
23
Cndn Fairbanks pref
Jan
734
115
355
140
10034
Feb
93*
Feb
100
Feb
105
2.25
2234
Canadian Cottons
141
85c
93*
1,066
23
4
6
109 34
Feb
2.00
454
2134
1634
High
Low
55c
93*
734
*
534
109
650
2.25
7
100
6
,*
70c
Beauharnols Power Corp.*
5
Rights
.100
pref
65c
Bathurst Pwr & Ppr Co B *
181
23
cum
Aluminium Ltd
65c
Jan
660
2234
0%
Jan
Feb
Abltlbl Pow A Paper Co..*
Mar
6
23
Range Since Jan. 1, 1941
Shares
1.50
21
"2234
High
Feb
434
2134
25
Low
Mar
1534
7
Price
Jan
Mar
Par
434
99
634
Stocks—
Jan
Sales
1.50
'"734
"1%
inclusive, compiled from official sales lists
135
1534
*
Cndn Car & Foundry
Preferred
Montreal Curb Market
March 8 to March 14, both
100
9834
43*
Jan
1734
1534
18
Can North Power Corp..*
Canada Steamship (new).*
Jan
166
46
Feb
5
284
Feb
Jan
Feb
9834
Mar
150
Feb
133*
*
277
155
4534
163*
_*
283
154
Friday
50
—100
277
100
Jan
125
-
Jan
10
143*
Preferred
Jan
193
Feb
7
17
Canada Cement
Jan
162
Mar
Mar
1434
Canada Forglngs cl A
146
Mar
171
100
High
17
5
Mar
15134
12
Building Produots A (new) *
5
144
153
Jan
1134
Bulolo
5
*
145
1733* 174
ifan. 1,1941
53*
153*
Bruck Silk Mills
Nova-Scotia
Week
Shares
Agnew-Surpass Shoe
1734
...
Royal..
Sales
Friday
Stocks—
Montreal
153
100
Commerce
Exchange
144
100
Canadlenne
Montreal Stock
——
Canadian market.
14
540
11
Volume
The Commercial & Financial Chronicle
152
1731
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Sale
Stocks (Concluded)
Par
Price
Week's
Range
Low
Hxgh
Shares
Stocks (<Continued)
High
Low
80
95
95
3
Feb
31A
Jan
*
24
Jan
96 H
Feb
Dome
*
22
Jan
Dominion Bank
M oore Corp Ltd
1.25
m
—-
113
1.25
Jan
5A
135
5H
Jan
5H
Jan
Dominion Coal pref
9
235
Feb
9H
Jan
45
125
7H
41H
106 M
Jan
Feb
Dominion Stores
10
106A 106A
Feb
106
Feb
47H
106
Power Corp of Canada—
200
Mar
21
Jan
Feb
24
Feb
702
17
8
1,485
7
9H
Jan
*
5
365
4
Feb
5
Jan
4H
25
4
Feb
4H
6A
4H
6 A
5
6H
Mar
2c
2c
4,500
lAc
Feb
2c
Mar
12c
llHc
13c
22.000
10c
Feb
16Hc
Jan
Jan
Dominion Woollens pref .20
Jan
Dorval-Slscoe
Jan
5
Apr
Dunuesne Mining
,1
H
Mar
6H
5
5
585
4H
3c
3c
1,500
3o
Mar
5o
104
104 M
19
103 H
Jan
104
Jan
East Malartic
1
2~58
2.53
2.63
6,411
2.45
Jan
2.95
mmrnmmm
8
20
8
Mar
9
Jan
Eldorado
1
38c
36c
38c
2,800
33c
Feb
52o
English Electric clA
*
1
8
38 A
39H
_.*
115
38H
Mar
47 H
Jan
Feb
17c
Jan
Mar
8c
Feb
Firestone Petroleum-.-25c
Fleet Aircraft.—.
*
......
25
24
15
24
Mar
Extension Oil
lie
11c
11c
2,041
10c
5Hc
5Hc
5Hc
500
5Hc
5c
Beaufor Gold Mines
1
5c
500
5c
Feb
9c
Jan
Bidgood-Klrk Gold
1
11c 12Hc
Mar
5Hc
5Hc
17 He 18Hc
7Hc
5Hc
12Hc
1
5,100
1,200
Jan
Central-Cadillac Gold
Mar
7c
Jan
Century Mining Corp
1
Dome Mines Ltd
*
East Malartic Mines Ltd.l
"l7Hc
Francoeur Gold Mines—*
Jollette-Quebec
1
Mines
1
Kirkland Gold Rand
~40c
Mclntyre-Porcuplne
5
47H
14o
Mar
2.25
2.40
1,460
1.97
Feb
Fanny Farmer.
1
26H
27
495
24 A
Feb
Federal Kirk! and
1
26 H
3 Ho
3Hc
Feb
"4 He
4HC
4Hc
3,50(
2,500
4c
Feb
4A
15H
4A
15H
4A
725
562
3A
14H
Mar
15%
37c
40c
40c
h
16c
Jan
Mar
i8Hc
24 H
Jan
22H
Jan
Francoeur
5,056
2 50
Feb
2.90
Jan
Gatlneau Power.;
500
32c
Feb
52c
Jan
Gatineau Power pref
1,100
40c
Mar
55c
Jan
General Steel Wares
*
Gillies Lake.....
lHc
lHc
lc
lc
67
lc
Mar
2c
Jan
3,400
91c
Feb
1.16
Jan
God s Lake
47H
47H
50
100
18Hc
Pend Oreille MnH & Mtls.l
*
Glenora
1.07
lHc
1,000
1
1
Jan
Jan
Jan
Gold Eagle
4c
5c
6,000
4c
Mar
100
Goodyear
03
67H
53 A
Mar
80
Jan
Jan
55
Feb
Feb
Jan
Jan
1.48
300
1.45
Mar
2.00
Jan
Jan
1.65
Jan
.1
68c
Feb
64c
Jan
3.45
Jan
Preferrd
_*
3.15
3.15
100
3.10
6 He
6Hc
800
6H
Mar
8Hc
Jan
Gypsum
50
6.00
Feb
7.00
Jan
Halcrow-Swazey
Hard Rock
1
1
6c
Mar
6c
6c
1,000
6c
Mar
*
1.95
2.05
3,175
1 70
Feb
2 55
Jan
Okalta Oils Ltd
*
53c
53c
100
53c
Mar
53c
Mar
Royallte Oil Co
*
Feb
21H
Jan
18
1
...
Sales
*
75c
100
5H
*
Abltibi pref
8%
6c
Acme Gas
Aldermac
Copper..
•
305
6
6c
"lMfi
500
55c
Feb
90c
Jan
Honey Dew..
Howey
9c
Jan
17c
Jan
Jan
2
52
Feb
193 H
4
192
Feb
9H
9%
12H
1,500
9
Feb
10H
Jan
12H
35
11A
Feb
13 A
Jan
21c
21c
6,500
20c
Jan
6H
•Feb
lc
Feb
3Ac
3,500
3Hc
Feb
5 He
Jan
Feb
12c
1
1.08
1
3 He
4 He
Jan
1.63
Feb
2.45
Jan
8c
Feb
Jan
5,233
4Ho
Mar
Jan
Mar
193
Jan
Jan
Levy Bros.
Little Long Lac..
3,500
270
Jan
7,500
38c
Feb
450
Mar
lHc
500
lHc
Mar
2Hc
Jan
3.80
3.45
3.80
21,553
3.05
Feb
3.95
Jan
35c
27c
35c
5,400
20c
Jan
350
Mar
95c
88c
95c
4,850
86c
Feb
1.05
18 H
18 H
18 H
925
18H
Mar
4.40
4.35
4.40
637
4.25
Feb
5.15
Jan
8Ac
8Ac
2,500
7Ac
Jan
12 He
Jan
865
9A
Feb
10H
1,400
45c
Feb
600
Jan
Loblaw
9.75
5
"ifii
.1
..._*
.*
*
23 H
.1
92c
1
~3Hc
~i~20
1
"3.70
3.60
3.70
1,160
2.55
Fen
4
Feb
1
1.85
1.81
1.90
6,030
1.70
Feb
2.35
57c
3,806
50c
Fen
62C
Jan
3,250
90o
Feb
1.17
Jan
905
1.25
Feb
2.75
Jan
2A
2H
Mar
1.05
1.09
4,013
1.04
155 H
285
154
Mar
160 H
Jan
6H
130
5
Mar
5H
Mar
1
8c llHc
Mar
1
98,800
7Hc
Jan
13Hc
Jan
50
5H
Jan
6
Mar
200
1
Feb
Madsen Red Lake
1
57c
57c
Malartic (OF)
1
1.06
1.02
1.09
1.60
1.85
*
1.60
.....*
3M
*
.100
2H
Maple Leaf Mill
Preferred
Mar
37 H
Jan
7,200
6c
Mar
11c
Jan
McColi
9.80
1,424
9.50
Feb
10.35
Jan
McColl-Frontenac Oil pflOO
5H
4H
1,097
Feb
7H
Jan
Mclntyre
5
"48"
1.05
455
Jan
Jan
1
16 H
5H
ISA
McKenzle
McVittiee
5
16
Jan
Mr Wat tern
*
25
115
35
5
4A
15H
23
Mar
Feb
94c
47,850
71c
Feb
1.10
Jan
200
3.55
Feb
6.95
Jan
Jan
Monarch Oils
3Mc
4HC
14
1.20
Mar
Feb
4Hc
250
2Hc
13H
775
1.11
Mar
1.49
6,000
15
2H
Jan
5H
34H
34H
26
34
Feb
*
78
78
5
78
Mar
126 H
8
4H
4
4H
233
21H
21
21H
1,673
18A
153
18A
5H
Mar
Mar
126
3H
Feb
Feb
17
100
5%
39
87 H
136
5
21H
Jan
Mar
100
Moore Corp B
Preferred
Jan
National Steel Car
Jan
Vaybob
Jan
Newbec
Jan
Nlplsslng
Mar
Noranaa
"
—
Mar
163
Jan
Jan
20
Jan
Jan
10
Jan
6
6
6
Mar
10 H
Jan
23
23
60
22
Feb
28
Jan
Page-Hersey
23 H
23 H
25
115
Feb
123
Jan
Pamour
15H
15H
10
Mar
21
Jan
Feb
9
Jan
Pandora-Cadillac
Part anen-M alar tic..
Paymaster Cons
Canadian Dredge
Cockshutt
9
Consumers
50c 50 He
V.70
Cub Aircraft
Davles Petroleum
2,800
47c
Feb
55o
5H
3,003
4H
Feb
6A
9
8
Feb
9
Mar
3X
3H
Feb
4
Feb
19A
~3~A
1.70
10
Engraving—
Pickle-Crow
60
1.65
Jan
Pioneer
1.80
9c
Jan
17c
Jan
Powell-Rouyen
15c
Feb
32c
Jan
Power Corp—....
Prairie Royalties
14c
1
*
1
;*
1.48
1.40
1.49
18,434
Perron.
Photo
19 A
9Hc
*
Jan
Porcupine
,3H
13c
100
*
*
Jan
—
100
1
Feb
1.95
...
1.26
Feb
1.74
Jan
14c
14C
14c
400
12c
Feb
15c
Mar
75c
71c
75c
6,450
69c
Feb
1.04
Jan
4H
4H
75
4H
Feb
5H
Jan
Preston
9,500
1,000
20c
Mar
21c
Jan
Riverside Silk
1.55
Jan
20c
20c
1.37
30 H
134
1.40
10
——*
Gas..
8
4%
1,300
33,300
Consolidated Bakeries...*
Cons Smelters..
5
Cosmos
50
9
5A
Commonwealth Petroleum*
Conlaurum
9
11
250
1.25
10
Feb
Mar
14
Pressed Metals
E Dome
Roche L L
Jan
Royal Bank...
Jan
Royallte—
134
162
128
Mar
145
Jan
8t Anthony
25
25
10
22
Feb
25
Jan
35H
30 H
170
34 H
Feb
39H
80c
80c
300
70c
Feb
1.05
Jan
llHc
15c
2,000
11 He
Mar
10KC
Jan
*
7,000
3c
11,005
275
4
4
Feb
7H
16A
5 He
46c
Feb
54c
Jan
47 A
Jan
41c
Feb
Mar
266
2 He
2c
279
Jan
Feb
6c
Jan
Feb
3Hc
Jan
Mar
4
5
Jan
Jan
25 A
31H
25 He
lHc
32 H
25
30 H
Mar
38 A
Jan
28c
15,000
21Hc
Feb
31c
Jan
2c
4,000
lHc
Mar
2c
Feb
53
5 He
73c
14c
3c
99 H
1.07
3 He
99 H
234
1.00
Feb
1 18
Jan
49A
Feb
1,000
2,500
5c
Mar
57 A
0c
Feb
71c
Feb
1.15
11c
Feb
16c
Jan
3
Feb
4
Feb
Mar
105
7,853
4,700
300
99
Jan
JftD
Jan
1.26
4,656
1.07
Mar
1.65
5c
5c
200
4C
Mar
8c
Jan
4c
4Hc
31,800
3Hc
Feb
5C
Feb
22c
23c
3,700
21c
Feb
28c
Jan
450
1 ""5c
22c
Jan
Mar
1.69
Jan
16
25
14 H
Mar
16H
Jan
2.65
2.81
5,230
2.00
Jan
3.00
Jan
2.25
"2*70
1.40
16
1.50
2.05
1.50
1.45
2.25
500
Feb
2.30
75c
75c
75c
500
70c
Feb
1.04
4A
7 He
100
4H
Mar
25c "7 He
4H
7Hc
500
7c
Feb
9c
95c
2,600
88c
Feb
94 He
8
*
95c
94c
"~3~05
2.90
3.10
16 A
16A
3c
*
-1
100 II—II
*
10 He
Jan
Jan
Jan
6
Jan
Jan
Feb
9H
Jan
13,965
2.70
Feb
3 40
Jan
100
16 H
Jan
17
Feb
1,600
250
9
8H
—__*
1
Jan
522
1.02
1.02
51
13c
1
Jan
24 A
13c
—1
...1
—1
*
—1
—1
1
Feb
6
120
71c
*
_
Jan
15H
3 He
25 H
73c
—1
Premier
128
3c
2 Ac
1
O'Brien-
15H
28
1
1
Nordon Oil—-—
18 H
3
221
*
149 H
25
Canadian Celanese pref 100
45
*
24
150
9
Mar
206
5Hc
52 H
*
Mines..
19
195
Mar
Jan
25 H
1 "~28c
.-*
1.02
5
...—
153
9H
Feb
5
2>Ac
4
—
Canadian Car & Foundry.*
9
"3c
*
--20
*
National Grocers.
Omega—
Pacalta Oils
......
Jan
24c
44 %
1
95
9c
Feb
49c
1
280
Mar
17o
48c
Morrls-Klrkl and
360
5c
1,300
49c
Murphy
5H
5%
1,000
56
Jan
Jan
Jan
Jan
1,000
1,950
Feb
Jan
Jan
1.32
5C
40
Mar
2
SH
51H
15H
44H
Jan
Mar
98
5c
266
3H
Jan
Feb
5c
Moore Corp
4%
32
Jan
Feb
5c
6
Jan
30
Mar
22c
6
Mar
Jan
1.05
93
47
5,875
15
4H
10
48 A
1.07
1.05
Feb
Jan
25
70
95
48
.——-25c
—1
100
153
120
*
Moneta
Jan
.
Jan
Feb
126
4H
95
Mercury Mills
——*
Modern Containers—...»
Preferred...
-.50
Cndn Bk of Commerce. 100
Chromium..—
32
450
5c
3.70
Mar
Jan
126 H
445
22c
23 H
4A
435
2H
32
4H
89c
1.12
3K
2H
31
*
—
21
23
2%
————1
26
35
35
*
Chestervllie .......
24H
Massey-Harrls..
Preferred
6
Canada Steamships......»
Cocl enour
Jan
Mines
B._
97 H
Canada Crushed Stone
Chemical Research
26
Macassa
37 H
1
27
Feb
McL Cocvshutfc
15
*
1
Mar
23
Jan
10
Central Porcupine
24
305
Jan
75
Central Patricia
212
Jan
2
Canada Cement pref ..100
Canadian Wineries
24 H
23 A
15c
99
Cndn Wallpaper cl B _ _—*
24
23
Jan
2H
39
*
Canadian Locomotive..—*
Canadian Malartic..
*
C P R
26
2.06
1,150
I 20
2
Preferred
Feb
1.75
1.71
Jan
Mar
Jan
99
Canadian Canners cl B_—*
1.69
3
Mar
39
Canadian Canners cl A. .20
Mar
3
10c
50
Canada Perm MortgagelOO
10
2H
A......
100
Canada Packers
3
35
Canada Bread
Canada Malting
49c
7,000
14
*
Class A
"V. 75
9A
49c
Jan
Jan
13c
13
3.65
British Columbia Power A*
Canada Bread clB
49c
9H
3
______
21
2H
4A
Brewers & Distillers.....5
*
______
Feb
11c
7Hc
*
Calgary & Edmonton
1
3
....)
15c
65
9.75
1
•
Building Prod
15c
6,400
6
Bralorne
Buffalo-Canadian ....—*
Jan
Jan
Mar
8c
He
Brazilian Traction
.
90c
11H
6c
Brouiau-Porcuplne
7
Mar
7 He
6c
Buffalo-Ankerlte
Mar
85c
...»
Leltcb
"35"
•
5
16c
Laura Secord (new)
6c
16 He
8c
Preferred............50
British American OH....
1,500
43c
Lapa-Cadillao
1,675
1
10
—*
Bobjo
90c
lHc
Lamaoue Gold—
4,116
5
1
Bldgocd Kirkland
5,000
1.81
154
154
5
Blue Ribbon.
30
5
31H
13 H
2H
*
Bevens River
1,435
11H
8c
*
Bertram & Sons—
1,411
13H
.1
1
10c 10 He
*
10ft
33 H
40c
Lake Shore
11c
Jan
Feb
1HC
Kirk Lake....
Feb
Feb
9H
Mar
.1
9c
7Hc
10 K
27c
1
Feb
171
Jan
——1
Jellicoe—
5Hc
Bell Telephone Co
32 A
1
1
15,000
1
"33 H
„
...
6 He
Feb
210
Mar
"~40c
lack Watte
5 He
5
7
13 H
Jason Mines
5Hc
Seattle Gold
......
Jan
55 A
Jan
1
—
9H
26 H
205
Jan
Arntfleld
Class B
24 H
7
Kerr-Addison—
Bear Exploration....
Mar
325
55 M
100
Kirk Hud
Bathurst Power clA
24 H
24 A
55 A
193 H
15 A
Jan
Base Metals
Jan
36 A
Jan
173
30o
Feb
Feb
173
Feb
Feb
81c
100
24c
115H
2.75
Bank of Montreal
5,850
100
lHc
5Hc
26c
25c
Jan
Jan
Feb
-.1
Mar
Feb
Mar
Bankfleld
16A
95
56c
1.70
Mar
14
114
2.25
3Hc
35
55
320
1.75
Jan
14 H
14
25
1,000
"3 He
2.54
96
5,450
1
Feb
115
60c
1
1.67
96
2.25
Mines
6,605
115
lHc
Bagamac
2.06
1.90
100
56c
Astoria Que
Aunor Gold
13H
85c
9A
3Hc
3Hc
Feb
50c
Feb
1
1
12 H
Intl Milling pref
100
international Nickel.....*
2.25
...
Jan
13
1
—*
Imperial Tobacco ord....5
Inspiration..
1
57c
...
Jan
80
100
Imperial Bank
Imperial OH Co
2.25
Ashley
1.10
Feb1
*
*
1
_
Mar
4c
*
*
Amm Gold--.-
75c
4,000
1,309
2.00
•
Anglo-Huronian
Anelo Canadian
10,100
Internationa' Pptroipum
Mar
Jan
Jan
4c
Island Mountain..
Mar
5A
78c
International Utilities A--*
8c
Feb
75c
Jan
7
Feb
Jan
3 He
12 H
Jan
10Hc
Mar
3H
2Ac
77c
8
65
Feb
3Hc
llHc
600
Jan
2A
75
Feb
2,205
37c
3%
13 H
5
8c
8H
lHc
Feb
lHc
3A
Feb
4
5Hc
Feb
24c
185
3
14A
3,100
2
3H
Co
A preferred
8H
8c
10 He
*
100
4
16
3H
19 A
404
11,000
Intl Metcla=s A—
High
low
10 He 11AC
Alberta Pacific Consul—1
Algoma Steel
75c
Range Since Jan. 1, 1941
for
Week
Shares
Jan
2c
Home Oil
Huron Ar Erie..
compiled from official sales lists
100
lHc
13
Hudson Bay
Exchange
"I Ac
Holllnger Consolidated— .6
—
3
3
___*
Harker
54A
3H
16
*
Oil—
70
26c 26 He
1
Hamilton Bridge
54H
16
Great Lakes vot trust.—*
Feb
H
54 A
3
60
Gunnar
Abitlbl
67
*
Preferred-
.500
of Prices
High
Jan
130
8Hc
Week's Range
Jan
39c
10Ho
Jan
Low
2c
Feb
Feh
61c
Sale
Jan
Mar
Mar
56c
Last
4Ho
Feb
5c
68c
Price
3,500
Jan
llHc
1
Par
1,700
*
Jan
6
3,900
38,500
Sullivan Cons
Stocks—
26c
Jan
Feb
8c
Mar
Friday
23c
500
4H
3 He
lHc
25Hc
12c
4 He
March 8 to March 14, both inclusive,
50
12c
21
Toronto Stock
5H
3 He
l%c
7 He
200
15
5H
3 He
lHc
90
12c
1.05
18
Jan
Feb
80
7Hc
4Hc
4 He
18
Jan
1
4 He
Foundation Petroleums
80
540
9A
1
1.40
6
70
Jan
Golden Gate..—
1.45
Home Oil Co Ltd
"23c
.*
81
Jan
Jan
6
Goldale
7,400
6
5H
4Hc
15A
Jan
60c
Wright Hargreaves Mns._ *
80
Feb
Jan
Jan
Jan
1.40
6
Feb
7H
Jan
Jan
6c
Mar
36c
103
2.60
28
23c
54c
6Hc
6Hc
6,380
16Hc
47 H
54c
1
2,000
41c
7A
Jan
Jan
Jan
Feb
1
Wood-Cadillac Mines
6c
37c
29
Feb
47
Perron Gold Mines..
Tech ITugees Gold M Ltdl
"Tic
...»
1.00
Feb
7H
Foundation Petroleum-25c
Feb
4c
5Hc
100
1.48
"4 He
•
......
Fen
lHc
14c
—
Ford
2,000
90c
—*
Pandora Cadallic Gld Mnsl
1,000
"2.35
20Hc 20Hc
mm mm
McWatters Gold Mines._*
Pamour-Porcuplne
2.60
mmmmmm
1.05
Mai Gold Fields
2.55
37c
Eldorado Gold Mines Ltdl
14c
•
20
22
22
2.56
*
Falconbrldge
Mines—
Jan
Jan
8
6H
Walker-G & Worts (H)—.*
Aldermac Copper Corp...*
Arntfleld Gold Mines
1
Jan
18A
"l8 "
18H
------
ThrlftSts6 H%cumlstprf25
Jan
*
East Crest
100
pref
cum
Mar
17H
7H
4H
Jan
Southern Canada Power—
6%
185
50
6H
98
8
18 H
Jan
Feb
Jan
22
18H
25
6H
90
24 A
24
Feb
217
Provincial Transport Co..*
Rogers-Majestic Corp A. .*
28
90
90
100
1st pref
.—100
Mar
145
1,190
187
185
Dominion Foundry
*
Dominion Bteel class B—25
45
*
Nov ScotL<feP6% cmpfdlOO
1.25
5A
8H
mmm
Feb
Mar
2 Ho
22H
22
1.25
High
3 He
28 H
500
24 A
24
95
Low
Shares
3c
3c
1
26 H
Dominion Tar
Melchers Dlstlrs Ltd pref 10
Mitchell (Robt) Co Ltd..*
cum
Week
Price
Par
Denlson
for
of Prices
Low
High
Dlst Seagram
32
McColl-Frontenac Oil
6% cum pref
100
Melchers Distilleries Ltd.*
Range Since Jan. 1,1941
Week's Range
Sale
31
Massey-Harrls 5% cm pflOO
6%
Sales
Last
Range Since Jan. 1. 1941
for
Week
of Prices
Exchange
Friday
Sales
Friday
3c
Feb
5c
Jan
10
149 H
Feb
140
17H
Feb
166 %
21
Jan
18 H
9Ac 10 He
3,700
8HC
Jan
14HC
Jan
3c
154
153
18 A
No par value.
Concluded
on
page
1729)
Jan
The Commercial & Financial Chronicle
1732
Quotations
a2Xs July
.
a3a
Jan
a3s
June
1980.
a3Xs July
a3Xs May
a3Xs Nov
1975.
.
.
.
1954.
.
1954.
.
1960.
a3Xs Mar
a3Xs Jan
.
.
a4a
May
a4s
Nov
a4s
aia
May
May
a4s
Oct
-
.
.
98X
99X
ioo x 101 x
ioix ioix
103
.
108
104 X
109X
108 X 109 X
107 X
109
108
109
15
1978
1
1981
124
1
1957
118 X
119
1976
1
a4)48 Mar
a4 Xs May
1977
1
1957
a4Xs Mar
1
1963
a4Xs June
1
1965
a4Xs July
1
1967
124
a4)48 Dec
a4Xs Deo
15
1971
126
1979
128)4 130
A Trust
242
100
Bank A Trust
33 1-3
100
276
First National...
119X
120)4
Bid
62.00
4*'mm
3s 1981
62.05
...
Canal A Highway—
62.05
Highway Imp 4)4s Sept '63
Canal Imp 4)4s Jan 1964..
Can A High Imp 4)4s 1965
141X
...
144
31X
172
178
51.15
4a Mar A Sept 1958 to'67
17 x
52
Peoples National
50
17 X
Publio National
First National of N Y..100 1555
29
30 x
24 X
26 x
140
111)4
100
125
Sterling Nat Bank A Tr 25
134)4
Barge C T 4)4s Jan 11945.
1595
Merchants Bank
...
New York Trust Companies
Authority Bonds
Bid
Bid
Bank of New York....100
Ask
Bid
Pennsylvania Turnpike
3)4s August
1968
Ban Franctoco-Oakland-
109
110
Port of New York—
Ask
106)4 107)4
Tri borough Bridge—
8)48 s t revenue
1980
104)4 105)4
3s serial rev 1963-1975.
15 '77
16
14 x
46
10
134)4
Canal Imp 4a JAJ '60 to '67
California Toll Bridge-
6tb 8erles.._1975
13
740
100
Par
3a
27
Penn Exchange....
33X
700
45
28 x
12 X
National Safety Bank. 12X
100
Ask
4)48 April 1941 to 1949.
Improvement—
Ask
40
National City
42
85
13.55
Bid
144
Public
15 '76
Par
National Bronx Bank...50
17 X
15X
Commercial National.. 100
Bid
World War Bonus—
Hlghway
ser Aug
38
Bkof AmerNT ASA 12X
Ask
Bid
Par
v
Bank of Manhattan Co.10
Fifth Avenue.
Ask
3s 1974
4th eer Deo
36
FRANCISCO—
New York Bank Stocks
Chase
New York State Bonds
3 )4s 6th
535
SAN
281
Bank of Yorktown__66 2-3
3s
523
86 X
Bensonhurst National.. .60
General A Refunding—
3 )4s 2nd ner May 1 '76
Northern Trust Co....100
252
84
126)4
1
118
1976
Ask
318
Continental Illinois Natl
125 X
1962
48
Bid
Harris Trust A Savings. 100 z308
American National Bank
122)4 123)4
123)4 124)4
1960
6s Jan A Mar 1964 to' 71
Par
Ask
120
15
a4X« Feb
a4Xs Jan
a4Xs Nov
Bid
Par
125
1 1966
a\\ia Apr
15 1972
a4X» Apr
1 1974
a4lis June
a4 Xs Nov
aiHn Mar
.
Ask
118)4 120
119
120)4
120)4 121)4
121)4 122)4
122
123)4
122 X 123)4
122)4 124)4
112X 113X
113X 114 X
a4X« Sept
1980..
Chicago & San Francisco Banks
Bid
1 1964
a4Xs Mar
113 X 114X
117X 118X
118X 119X
117X 119
.
City Bonds
Ask
Bid
IS, 1941
Over-the-Counter Securities—Friday March 14
on
New York
March
62.45
2Ha serial rev 1945-1952
61.40
99
2.40%
103
54 X
10
County
56 X
215
19
285
290
Irving
75X
Kings County
12 X
10
11X
1600
100 1650
Lawyers
Central Hanover
20
z97
25
28
Manufacturers
100
20
36 X
20
51X
Chemical Bank A Trust. 10
46 X
48 X
Clinton Trust
30 X
38
New York
12
Title Guarantee A Tr
50
Colonial
25
10
Preferred
25
Continental Bank A Tr.10
102X
104X 105X
13
15
48
D n derwrtters
43
46
United States
12
Trade Bank A Trust
47
20
Empire
102 X
Ask
195
.....100
Guaranty..
15
100
Bid
100
Fulton
70X
35
Brooklyn
Par
Ask
364
Corn Exch Bk A Tr
102
102
Bankers
Bronx
357
X
31
100
38 X
53 X
103
2X
3X
10
17
21
100
;
80
90
100 1490
1540
United States Insular Bonds
Bid
Philippine
Ask
Government—
Bid
U S Panama 3s June 11961
4X8 Oct
1959
103
4Xs July
1952
103
105
Telephone and Telegraph Stocks
Ask
124
126
Ask
Bid
Par
Par
Ask
Bid
106
6s
Apr
1955
100
101
5s
Feb
1962
105
108
5 Xs Aug
1941
Govt of Puerto Rloo—
Am Dlst Teleg (N J) com. *
wH
v*
oo OO
106 X Pac A
Atl
17
18 X
♦
31X
26
30 X
34 X
32 X
Telegraph...25
ioix 102 X
Hawaii—
U S oonverslon 3s 1946
118
121
106
108
110
4X8 July 1952
5s
July 1948 opt 1943.
111
5% preferred
v-4
100
Preferred A
116
Conversion 3s 1947
111X 112X
49
Franklin Telegraph.... 100
28X
New York Mutual Tel..26
113
Emp A Bay State Tel.. 100
Int Ocean Telegraph...100
4Xs Oct 1956 Apr '46-
110X Peninsular Telep com
53
Rochester Telephone—
80 X
85
So A Atl Telegraph..
20
25
$6 50 1st pref
Federal Land Bank Bonds
Bid
38 1955 opt 1945
JAJ
107)4 107 H
3a 1966 opt 1946
JAJ
MAN
108)4 108)4
108)4 108 H
.
Atlanta Ha. lXs
Atlantic IXb, 1H«
3)48 1955 opt 1945-.MAN
1944
JAJ
99
Burlington
r9
Chicago
Denver
First
r2X
lXs, 3a
.mm
11
109X 110H
1944
JAJ
Chain Store Stocks
Ask
99
Lincoln 6s
93
Lincoln 5Xs
York 5s
99
Is, lXs.—
mmrn
69
...
r39
.
5s
Phoenix
4Xs._
100
19
7
7% preferred
23
United Cigar-Whelan Stores
8X
$5 preferred
mmm
25
The be*t"Hedged security for Banke and Insurance C*'i.
Southern Minnesota
rl4X
mmm
Southwest (Ark) 6s
mmm
Union Detroit 2Xs
Virginian Is
Circular
99
on
request
99
mmm
15"
91
100
STORMS AND CO.
Commonwealth Building
Bid
100
.........
83
87
Lincoln
..100
60
64
New York
100
1
5
100
102
108
100
36
40
100
115
125
Ask
Par
Bid
6
Dallas
...
100
74
78
North Carolina
Denver
...
100
60
64
Pennsylvania
100
41
First Carolina®.......100
14
18
2
5
Ask
8
FHA Insured
45
Dee Moines
Fremont....
100
—
Bid
San Antonio
Virginia
2X
3X
Alabama 4Xs
Arkansas 4Xs...
Federal Intermediate Credit Bank Debentures
Apr
May
Ask
11941 6 .30%
1 1941 6 .35%
Bid
H% due
X% due
June 2 1941 6 .35%
Oct
Nov
Xs due
Deo
H% due.....Aug
X % due
Jan
Xb due
X 8 clue
X% due
1 1941 6 .40%
Bept 2 1941 6 .40%
Sept 2 1941 6 .45%
Feb
Delaware 4Xs
District of Columbia 4Xs.
Florlda 4Xs
102
103X
102 X
4XSNew York State 4Xs
102
103X
102
103
Tennessee 4Xs
Texas 4Xs
102
103
Minnesota 4Xs...
102 X 103 X
Illinois 4Xs
Indiana 4 Xs
......
Massachusetts 4X«
Ask
Bid
•
As
Federal Home Loan Banks
15 1941 100
100.2
100.10
15 1942 100.8
Apr
1 1943 102.22 102.28
Federal Natl Mtge Aasn—
2s May 16 1943—
Apr
Apr
2s__
maturities,
-
Call May 16 '41 at 100X 101.14 101.20
10! X 101.24 101.30
X%
notes
Rhode Island 4Xs
South Carolina 4Xs
102
101X 103
101 X 103 X
Insured Farm Mtges4Xs
1 1942 100.29 100.31
101.8
101
102 X
101X 103 X
101X 103 X
ts-s
6 Baste prioe.
r In
recelvorshlp.
With stock,
z
d Coupon,
s Ex
interest.
Quotation shown is for all
Ex-dlvidend.
Now listed
Now selling on New York Curb Exchange.
♦
100.3
102.3
on
New York Stock Exchange.
Quotation not furnished by sponsor or Issuer.
t Chase Natl. Bank announced
on
each original
ciple and $1.50
U S Housing Authority—
X% notes Nov 1 1941— 100.1
1X% notes Feb 1 1944.. 102.1
Interchangeable.
wi When Issued,
s
100.11
July 20 1941 100.9
Nov
1 1941 100.16 100.18
15 1942 100.17 100.19
July
103X
101 X 103
Virginia 4Xs
V
Jan
Treasury 2s Mar 151948*50 101.6
a
102 X
102 X 103 X
X% to X% must be deducted from Interest rate.
Nominal quotation,
n
101 X
Pennsylvania 4Xs
100.4
Corp—
X%
X%
1%
No par value,
/Flat price
103 X
102
North Carolina 4Xs
Maryland 4 Xs
■
101X 102X
103 X
104
West Virginia 4Xa
Commodity Credit Corp—
Home Owners' Loan Corp
X%
Aug
1 1941 100 6
100.8
Xs
May 15 1941 100.2
1%
Nov 15 1941 100.20 100.22
X%
May
11943 100.18 100.20 Reconstruction Finance
1X8 Jan 3 1944*Jan. 3 1941 at
101 X 102 X
101
102 X
102
103X
101X 102X
101 X 102 X
101X 103
101X 102X
Louisiana 4Xs
1 1941 6 40%
1 1941 6 46%
1941 6 45%
2 1942 6 .60%
2 1942 6 .50%
1
Obligations of Governmental Agencies
Xs
Xs
New Mexico 4Xs
N Y (Metrop area) 4Xs..
103X
Michigan 4Xs
Ask
Asked
102
101
....
A servicing fee from
Bid
Bid
New Jersey 4Xs
5s
102
Georgia 4 Xs
Bid
Mortgages
Asked
101X 102X
101X 102X
6s
H % due
X% due
X% due
PITTSBURGH, PA.
Phone Atlantic 1170
Par
Atlantic..
17
SPECIALIZING
Joint Stock Land Bank Stocks
Atlanta
15 X
41
99
2s
98
Iowa 4Xs, 4Xa
13
F.H.A. INSURED MORTGAGES
r23
St. Louis
72
90
101
San Antonio Xs,
99 X
Reeves (Daniel) pref—.100
99 X 100
Phoenix
99
Illinois Midwest 4Xs, 5s__
Indianapolis 5e.„
IX
99 X
101
99
Fletcher Xs, 3Xs.
Fremont 4Xs, 6Xs
1
Ask
12
86
Pennsylvania lXs, 1 Xs
1X8
Bid
Kress (S H) 6% pref... 100
mmm
First New Orleans—
First Texas 2b, 2Xs
First Trust Chicago—
Par
3X
94
Oregon-Washington.
99
Atk
2X
Bohaok (H C) oommon...*
90
North Carolina Xs, Is—.
First Montgomery—
3s, 3Xs
Bid
B/G FoodsInocommon..*
99
Lafayette Xs. 2s
Lincoln 4 Xs
New
lXs, 2a
la.
Par
Bid
99 X
Carolina—
155 X 158 X
110*16 110 I'll
Flshman (M H) Co Inc..*
2X
mmm
19 X
108)4 108 H
48 1964 opt
4a 1946 opt
Ask
99
■
16X
As
Joint Stock Land Bank Bonds
Bid
26
Sou New Eng Telep...100
Bid
Ask
3s 1956 opt 1946
114
100
on
Dec. 31
a
distribution at the rate of $77.50
$1,000 principle amount of debentures; $75.88
on account
5X on Sept. 25. 1939.
of Interest.
on account
of prin¬
Previously paid 5% on July 7, 1939, and
Volume
The Commercial & Financial Chronicle
152
Quotations
1733
Over-the-Counter Securities—Friday March 14—Continued
on
Insurance Companies
Guaranteed Railroad Stocks
Par
Ask
Bid
Par
Ask
Bid
Aetna Cas A Surety
Mjtmkm 7\(ru> York
Home Fire Security
10
15*
..10
263*
273*
Homestead Fire
10
18
76
79
Ins Co of North Amer
10
683*
37 H
693*
403*
....
......25
American Alliance
Home
10
223*
243*
Jersey Insurance of N Y.20
19
20 H
12
Knickerbocker
10H
American of Newark...2H
American Re-Insurance.10
2-6600
STOCKS
513*
119H 123H
American Equitable
5
Amer Fidel A Cas Co 00m 5
American Home
10
Tel. RE ctor
GUARANTEE)
NEW YORK
313*
493*
Agricultural
Stock Exckon#
Dealer* in
6
10
Aetna Life
3oscpb Walkers Sons
120 Broadway
10
Aetna
7
5H
12
13H
403*
42 3*
33 3*
23*
1933
83*
95*
Lincoln Fire
5
1H
Maryland Casualty
1
253
62 33
233
333
6533
..5
Mass Bonding A Ins..
12H
Merob Fire Assur com
6
51
47
American Reserve
Guaranteed Railroad Stocks
10
13
14H
Meroh A Mfra Fire N Y..5
American Surety
Automobile
^£>lnce 185V
25
45
47
National Casualty
10
24
27
10
35
37
National Fire
10
583*
73*
603*
Baltimore American
Asked
Bid
7
610
Camden Fire...........5
Dividend
Par in Dollars
2H
Bankers A Shippers. ....25
Boston
100
(Guarantor In Parentheses)
20
22
New Brunswick
10
32 3*
343*
Carolina
283*
213*
303*
New Hampshire Fire
10
45 3*
..10
233*
New York Fire....
5
473*
153*
City Title
5
Connecticut Gen Life... 10
Continental Casualty
5
313*
10
City of New York
Alabama A Vlcksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
70 H
110H
66 33
6.00
100
10.50
106
100
0.00
75
80
2.00
28 3*
88 33
305*
91H
15
19
Excess
—-2H
Employers Re-Insurance 10
9
8
263*
333*
1
2
43
45
9
733
.100
3.00
37
40
Federal
...10
48
50
5.00
87 33
89
Fidelity A Dep of Md...20
117
121
Cleve Cin Chicago A St Louis prei (N Y Central). .100
Cleveland A Pittsburgh (Pennsylvania)
..50
5.00
7133
75
Fire Assn of Phila
10
64
66
3.50
82
84H
Fireman's Fd of San Fr.25
98
2.00
49
51
Firemen's of Newark.....5
oom
Betterment stock
Delaware (Pennsylvania)..
Franklin Fire.....
51
49
-25
2.00
Fort Wayne A Jackson pref (N Y Central)
.100
5.50
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
.100
9.00
149
152
.100
4.00
38
41
100
50.00
600
800
...
5
101H
93*
10H
303*
323*
2
General Reinsurance Corp 5
10
Georgia Home
23
18H
17
6
........12.50
95H
9933
2.50
2333
25
Northeastern..
Northern
North River
53*
National .25 X120
Northwestern
Pacific Fire
25
125
11933
115
Paciflo Indemnity Co.—10
Phoenix
10
38 3*
403*
80 33
84 H
Preferred Accident
5
143*
163*
Providence-Wash Ington .10
Reinsurance Corp (N Y)_2
34 33
36 33
63*
Republlo (Texas)
Revere (Paul) Fire
27 3*
83*
283*
—.10
.10
..5
40 H
26
z38
83*
144
139
133*
43*
Rhode Island
66
635*
2
National Union Fire....20
New Amsterdam Cas
(L A N-A C L)__ .100
Carolina Cllnchfleld A Ohio
National Liberty
100H
630
25
....6
100
Boston A Providence (New Haven)
Canada Southern (New York Central)
98
Eagle Fire
8.75
8.50
Beech Creek (New York Central)
Boston A Albany (New York Central)
8
73*
63*
Seaboard Fire A Marine. 10
St Paul Fire A Marine..26
24 3*
253*
4
233
247
237
73*
373*
63*
Gibraltar Fire A Marine. 10
23
25
Seaboard Surety
10
353*
Morris A Essex (Del Lack A Western)
..50
New York Lackawanna A Western (D L A W).__ .100
Northern Central (Pennsylvania)
3.875
23
2433
Glens Falls Fire
433*
45 3*
Security New Haven
10
3333
6.00
48 33
61H
96
983*
Globe A Republlo
5
Globe A Rutgers Fire...15
93*
4.00
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
4.50
...6
Springfield Fire A Mar_.25
13
Standard Accident
15
2d preferred
103*
10
Stuyvesant
.100
Pittsburgh Fort Wayne A Chicago (Penna) pref
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
34 33
38
60
64 H
1.50
44
47
Great American
6
26
27H
Sun Life Assurance
3.00
50
Preferred..
87
92
Great Amer Indemnity... 1
10
12
Travelers
7.00
172
10H
12
7.00
162 33
175 H
Halifax
10
Hanover
59 H
6.64
55
6.00
140
145
3.00
70
140
.......10
10
Hartford Fire
144
353*
12033 124
48
46
5
5
4
100
200
250
...100
399
409
U 8 Fidelity A Guar O0..2
2533j 27
U S Fire
82
85
U S Guarantee
5433
5633
Westchester Fire
223*
233*
4
47
49
10
72
7433
2.50
32
34
Bt'2
Ask
163*
183*
73
6.00
Second preferred
10
Hartford Steam Boiler.. 10
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
.100
10.00
249 5*
252 33
Utloa Chenango A Susquehanna (D L A W)
.100
6.00
47 33
6133
Valley (Delaware Lackawanna A Western)
.100
6.00
65
Vlcksburg Shreveport A Pacific (Illinois Central). .100
5.00
57
60 33
Alabama Mil is Inc
*
253
6.00
61
64 H
American Arch
*
215*
533*
24 33
Amer
3133
143*
Preferred
Warren RR of N J (Del Lack A Western)
3.50
West Jersey A Seashore (Penn-Readlng)
3.00
Industrial Stocks and Bonds
Par
565*
Bemberg A com...*
American Cyanamld—
6% conv pre! 1st ser_. 10
2d
Railroad
series....
3d
Equipment Bonds
series
Bid
| Ask
33
34H
163*
Par
National Casket
Nat Paper A Type oom
1
33*
43*
..50
26 H
29 33
12
New Britain Maohlne—*
453*
U33
113*
Ohio Match Co.........*
433*
933
4H
Pan Amer Match Corp. .25
1053
12H
5% preferred
1133
113*
1133
Amer Distilling Co 5% pflO
333
Bid
Ask
Ask
Pepsi-Cola Co
50
52
233*
243*
163*
Petroleum
79H
233
18H
83 33
233
3933
34H
413*
38H
17H
131*
19
Maize
*
Corp
Atlantic Coast Line 23*8—
62.15
1 50
Missouri Paciflo 4Hs.
51.6(5
1.25
Amer
Baltimore A Ohio 4 Hs
61 65
1.20
Nash Chat A St Louis 2He
52 15
1 65
American Mfg 5% pref 100
Bessemer A Lake Erie 2Mb
61.60
1.20
New York Central 4Hs—
51.60
1 25
Arden Farms
Boston A Maine 6a
com v
10
62 25
1.50
52.00
1 60
Canadian National 4H&-50
64.50
3.75
N Y Chic A St Louis 4s_
52.40
1.75
Canadian Paciflo 4330—
64 40
3 75
N Y N H A Hartford 3s...
52 25
1 65
$3 partio preferred..
Arlington Mills
100
Art Metal Construction. 10
Central RR of N J 4Hs...
61.60
1.00
51.85
1.40
Autocar Co
Central of Georgia 4s
64.00
3 25
Northern Paciflo 23*0-23*0
No W Refr Line 3Hs-4s
53.25
2.50
Botany Worsted Mills ol A5
Chesapeake A Ohio 4Hs—
61.50
1.20
Chle Burl A Qulncy 2H8—
61.60
1.25
Pennsylvania 4Hs series D
51.20
0.80
Brown A Sharpe Mfg...60
Chic MUw A St Paul 6s...
62.35
1.65
4s series E
52 00
1.50
1833
Chic A Northwestern 4 He.
61.60
1.20
2J*s series G A H
52.15
1.60
Buckeye Steel Castings..*
Cessna Aircraft
1
Clinch Held 23*0
62.10
1.60
Chic Burl A Qulncy...100
30
Del Lack A Western 4a
62 60
1 75
61.90
1 50
Chilton Co oommon
10
453
Deny A Rio Or West 4H0-
62.00
1.50
Reading Co 4Ha..
61.65
1.25
533
Erie 4 Ha
61.60
1.20
City A Suburban Homes 10
Coca Cola Bottling (N Y) •
63 33
St Louis-San Fran 4s-4 Hs.
61.65
1.20
Columbia Baking com...*
1033
61.60
1
63.00
2.00
Fruit
Growers
Express
2Hs
_.
2Hs-2Hs and 4 Ho—
61.50
1.20
St Louis S'western 4 Hs...
64 00
3 25
61.60
1 20
Shippers Car Line 6s
Southern Pacific 4 Hs
62.00
1 60
3s__
Lehigh A New Engl 4H0—
Long Island 4 Ha—Louisiana A Ark 33*s
62.25
1.70
61 65
62.00
Maine Central 5s
4s, 43*0 and 4H0
Grand Trunk Western 5s.
Illinois Central
.
Great Northern Ry 2s
3a__,
15
..*
$1 cum preferred
$3 conv pref....
Pub
1.25
1.75
33*
453
178
173
333
20
61 60
1.15
Cuban-Amer
•
Petroleum Heat A Power.*
Manganese.2
1»*
253
Exploration.....1
Pollak Manufacturing...»
Remington Arms corn
•
Safety Car Htg A Ltg—.50
Scovlll Manufacturing..25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
Pilgrim
1.25
62.00
Onion Pacific 23*0
61.80
1.40
Dentists Supply
62 00
1.60
Western Maryland 2s..
62.00
1.60
Devoe A Raynolds B 00m *
1.60
Western Pacific 6s
62 00
1.60
Dictaphone Corp
330-
61.60
1.20
Dixon (Joe) Crucible...
Wheeling A Lake Erie 23*0
61.60
1.20
Domestic Finance cum pf. *
West Fruit Exp 43*0-4
1.25
61.60
*
100
Draper Corp.—
•
Dun A Bradstreet com...*
Railroad Bonds
Farnsworth Telev A Rad.l
Federal
Bid
Asked
Bake Shops.—*
30
Preferred
Foundation Co
.1946
Akron Canton A Youngs town 5Hs
.1945
6s
Baltimore A Ohio 4s secured notes.............
57
Garlock
60
Gen
Gen Machinery Corp com *
...........
..................
933*
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s
........
93
104
70
"75"
.1951
74
78
1833
2053
46 33
Tarn pax
1
1233
2433
Taylor Wharton Iron A
104
Ino com..—
•
*
Steel common
73*
Thompson Auto Arms—1
*
Time [no
3
2
1053
25*
4453
126
1153
353
46
132
Tokhelm Oil Tank A Pump
31
5
•
1233
1333
31
33
United Drill A Tool-
33H
Explosives...—2
3H
United Artists Theat com. *
33
Triumph
Class A..............*
29H' 32H
3533
11
13
433
1
8
7
453
33
533
United Pleoe Dye Works.*
100
•
133
57?*
233
60 33
22
23 33
163*
1833
*
Class B
7033i 7433
3333
13*
Preferred
253
Veeder-Root Ino oom
33
27
633"
50
52
1533
24 H
Warner A Sw&sey
Welch Grape Juice com
16H
7%
*
2H
100
preferred
Humor Corp..——1
23*
•
33*'
107 33
263*
Wick wire Spencer Steel—
15H
353
50
Salt....—100
York Ice Machinery
*
47
7% preferred— ...100
39
Wilcox A Gibbs oom
1353
Graton A Knight com
433
43 H
Trico Products Corp
Machine Tool—...—2
Good
;112
33*!
49 33
633
68
Glddlngs A Lewis
.1943
.1955
109
29
3933
6533
1653
31H, 343*
533
Fire Extinguisher...*
553
653*
473*
533
5
5233
1533
Amer shs
Packings com...*
58
.1956
Boston A Albany 4Hs—.....
Cambria A*Clearfield 4s.
.1944
/55
/55H
56 J*
953
733
433
52 H
27 53
25
Stanley Works Ino
Common
00m...10
3
36H
1.50
1.35
25c
23*
Standard Screw........20
Talon Ino com
24
63*
6 3*
10c
*
»
553
63*
6033' 63
22
180
53*
Stromberg-Carlson..
Sylvama Indus Corp
43*
33
22
11
172
1
1
Conversion
Tennessee Products
...♦
Crowell-Colller
Southern Ry 4s
Texas A Paciflo 4s-4 Hs—
Despatch
2Ha. 4H« A 68
333
143*
Consolidated Aircraft—
61.65
62.40
23*s
23*
...10
62.00
Kansas City Southern
Merchants
10
com
$1.25 preferred
Pere Marquette—
*
Permutlt Co
Products...*
American Enka
92 3*
80 H
American Hard ware.... 25
Bid
♦
Preferred
Worcester
5
Chicago Stock Yards 5s
.1961
52
.1995
58
Great Lakes 88 Co com..*
433*
46
Connecting Railway of Philadelphia 4s
.1951
111
113
Great Northern Paper..25
393*
42
Amer Writ Paper
.1960
/19
21
Harrisburg Steel Corp....6
Interstate Bakeries 00m—*
1333
133
143*
Brown Co 5Hs ser
preferred—•
King Seeley Corp oom... 1
Landers Frary A Clark..25
Lawrence Portl Cement 100
24
Long BelJ Lumber.......*
$5 preferred...
100
14H
7
'
m
233
00
m
333
42
56 H
Cleveland Terminal A Valley 4s—.............
733
633)
53*
Cuba RR improvement and equipment
Dayton Union Railway
Florida Southern 4s
33*s
6s.......
....
....
Hoboken Ferry 5s....—.......—....
...
.1965
100
.1945
—
84
.1946
60 H
~62*
102
$5
85H
62 H
Dlv A Terminal 3Hs.
Indiana Illinois A Iowa 4s.....................
.1953
57
60
.1960
75
77
Oklahoma A Gulf 5s...................
.1976
93 H
97
Illinois Central—Louisville
WRnwan
113
Memphis Union StatlOD 5s
.1059
Monongahela Railway 33*s...................
.1966
1003*
1003*
.2032
fllH
12 H
.2000
102
New Orleans Great
Northern Income 6s
3Hs
New York A Hoboken Ferry 5s
New York Philadelphia A Norfolk 4s
Norwich A Worcester 4Hs
New York A Harlem
.1946
37
.1948
-
101H
.1947
"42"
Mallory (P R) A Co
•
Martin Rockwell Corp.,.1
Merck Co
Inc oommon.. 1
.100
Muskegon Piston Rlng.2H
$6 preferred
2
Hi 26H
8Hj
.1949
Richmond Terminal Ry 3H«
.1965
25
1453'
1653
15H
61
NY World's Fair 4s. 1941
78H) 81H
14H
13H
Old Ben Coal 1st mtg 6s *48
58 H
60 H
Panhandle Eastern 3s. 1960
883*
903*
Scovlll
97 53
9833
/49H
50 33
15
mm
73*
495*
*s
8
51 H
10233
105H 106 33
102
Shell Union Oil 23*8-1901
117
123*
Mfg33*s deb..1950
965*
54
133*
975*
9833
33*s '55
985*
993*
Western Auto Supp
Sugar Securities
.1947
iir
.1961
92
*94"
.1947
94
97
Bid
Bonds
Ask
60
.1942
106 H
.1967
101H
103
.1957
109
111
90
95
Canal 8Hs.
Viofcsburgh Bridge 1st 4-6e..............
Washington County Ry 3H>——
West Virginia A Pittsburgh 4s
.1951
106 H
.1968
77 H
Eastern Sugar
793*
.1964
45H
48
.1990
59
62
.1946
Par
Stocks
Bid
Ask
1043*
.1957
1951
6s
/14
16
H
1947
da
Haytlan Corp 4s..... 1954
1989
5s
3 Ha
623*
/32
/12
34
1333
.1940-1942
/24
1732.
/9H
1033
25
20
33
133
Vertlentes-Camaguey
54
53*
633
293*
30 33
—5
233
23*
West Indies Sugar Corp—1
433
433
Sugar Co
Sugar—
For footnotes see Dage
Preferred
Assoc oom. 1
1
Haytlan Corp mm
•
Punta Alegre Sugar Corp.*
Savannah Sugar Refg...1
Baraqua Sugar Estates-
New Niquero
5s.......1955
4533
63
99
.1966
Georgia 4«...............
United New Jersey Railroad A
Jones A Laugh!In 33*0 1961
Minn A Ont Pap 6s—1945
.
943*
/52
Stamped
Monon Coal
803*
/433*
103 H
5s..—
...
Toledo Peoria A Western 4s
Toledo Terminal 4Hs—
.........
Toronto Hamilton A Buffalo 4s................
Terre Haute A Peoria
6s—1901
A.. 1940
4Hs—1948
Deep Rock Oil 7s..—1937
Carrier Corp
93*
23
Antllla Sugar Estates—
Tennessee Alabama A
Bonds—
100
Pennsylvania A New York Canal 5s extended to.
Pblladelphta A Reading Terminal 3Hs...
Pittsburgh Bessemer A Lake Erie 5s............
Portland Terminal 4s
.....
Providence A Worcester 4s._..................
.............
100
Preferred
The Commercial & Financial Chronicle
1734
March
1941
15,
Quotations on Over-the-counter Securities—Friday March 14—Continued
Investing Companies
Public Utility Preferred Stocks'
Par
Sold
.
Investors Fund C—
13%
Series B-l
2.72
2.99
Series B-2
6.10
6.73
Series B-3
Assoc Stand Oil Shares...2
4*4
4%
Series B-4
Axe-Hough ton Fund Inc..
Aviation Capital Inc
1
10.12
10.88
Series K-l
17.49
19.01
♦Amerex
Jackson & Curtis
8.86
28.44
31.17
24.58
13.82
15.19
Keystone Custodian Funds
12%
8.64
22.43
8.23
2.63
Amer Foreign Invest Inc
Quoted
•
7.57
Amer Business Shares
Bought
A St
«»o
Pa
bid
2.40
Aeronautical
Securities..
1%
Affiliated Fund Ino
Holding Corp.
1
—
.
Principal Stock and Commodity Exchanges
Members
£3%
♦5% preferred..
New York City
15 Broadway
16.13
Series K~2___
10.99
12.12
11.92
13.09
...
...
8.17
Series 8-3
Bankers Nat Investing—
♦Common.
i
7.26
14.70
Series S-2
ESTABLISHED 1879
6.59
x4 %
4%
5%
Series 8-4
...
Knickbocker Fund
1
13.26
14.26
Manhattan Bond Fund Inc
.08
.18
Maryland Fund Inc..-10c
Broad St Invest Co Inc._5
20.41
22.06
Bullock Fund Ltd
11.81
12.95
2.40
3.20
24.08
25.90
Inc..
3.54
5.47
6-02
3.24
Basic Industry Shares.. 10
British Type Invest A...1
Boston Fund
9.01
3.18
Teletype N.T. 1-1600
7.08
7.81
Public
Utility Stocks
Par
109% 111 %
6
National Gas A El Corp. 10
New Eng G A E 6*4% pf.*
Arkansas Pr & Lt 7% pi..*
92
City El 6% pref.*
122
94%
125%
New Eng Pr Assn 6% pf 100
New Eng Pub Serv Co—
Birmingham Eleo 97 pref
Birmingham Gas—
S3.50 prior preferred..50
84
86%
Alabama Power f7 pref-.*
Amer Utll Serv
Atlantic
5
6% pref .25
17 prior lien pref
52%
*
Cent Indian Pow 7% pf 100
preferred..
110
112*4
101*4 104
Central Maine Power—
16
7%
preferred........100
preferred....... 100
Cent Pr A Lt 7% pref.. 100
Community Pow A Lt_.10
Consol Elec A Gas $6 pref.
Consumers Power 95 pref.
preferred..
100
Derby Gas A El 57 pref—*
09
.*
16.60 cum preferred...*
Florida Pr A Lt #7 pref..*
Hartford Electric Llght.25
Ind Pow A Lt 5%%— 100
Interstate Natural Gas...*
17
71
65
*
10%
22*4
111*4 114
101*4
*
7% cum preferred... 100
N Y Water Serv 6% pf .100
102% 104%
110*4 113
32%
34%
61*4
63*4
Northeastern El Wat A El
$4 preferred
Northern States Power—
106
05%
97%
60%
57%
7% pref......100
(Del)
0%
7%
100
100
100
7% pref
Pacific Pr A Lt
7% pf__100
38%
Panhandle
39%
Line Co...
*
Penna Edison 95 pref
*
Penn Pow A Lt 97 pref...*
40%
41%
116% 118%
58%
56%
113
113%
23%
25%
Kansas Pow A Lt 4% % 100
Kings Co Ltg 7% pref. 100
29
82%
109% 111%
113
U5*4
117% 120%
86%
88%
34%
36%
Eastern Pipe
Peoples Lit A Pr 13 pref.25
Philadelphia Co—
15 cum preferred
32
*
64*4
Ul*4 113
104
73
75%
25%
28
preferred....
*
Mass Utilities Associates—
17%
18%
5% conv partlc pref..50
Mississippi Power S6 pref.*
28
25%
75%
77%
*
f7 prior lien pref
114
116*4
....
Queens Borough G A E—
0% preferred...
100
Republic Natural Gas
2
18*4
5*4
6*4
Rochester Gas A Eleo—
6% preferred D
$2
16*4
100
Sierra Pacific Pow
Mass Pow A Lt Associates
com
*
Southern Nat Gas
com
.7 *4
103% 105%
20*4
21%
12*4
13*4
5% pf.100
105% 107%
S'western G A E
83%
86
preferred....
*
Mississippi P A L $6 pref.*
93%
76%
79%
Missouri Kan Pipe Line,.o
4%
5%
28%
30%
14
Texas Pow A Lt
Mountain States T A T 100
Narrag El 4*4% pref
60
Nassau A Suf Ltg 7%pf 100
Pub
7% pf.100
47
44*4
140
54%
20%
113% 115%
Utilities Corp
12.75 pref-.—
*
23%
24%
—*
$3 pref
137
2.35
2.35
24*4
26%
78
80
Utah Pow A Lt 57 pref
*
Washington Ry A Ltg Co—
Participating units
55%
West Penn Power com...*
23%
West Texas Utll 10 pref..*
16*4
17%
24%
23%
101% 103%
New England Fund
N Y Stocks Inc—
Bid
i
Atk
62%
64
Kansas Power Co 4s._ 1964
104%,105%
Amer Utility Serv 6s..1964
90%
93%
Kan Pow A Lt 3%s__.1969
27
105% 105%
Associated Electric 5a. 1961
51
/13
14
/13%
/13%
/13%
/21
/22J4
14%
Kentucky Utll 4s
53
Assoc Gas A Elec Corp—
Income deb 3%s._.1978
1973
....1973
Conv deb 6*<8
1973
8s without warrants 1940
*7% preferred
......
100
31
33
112
15.72
16*99
Sflno4*4s-5*4s
1986
Sink fund lno 6-6s._1986
14%
14%
4%S
1970
—
1955
Lehigh Valley Tran 6s I960
Lexington Water Pow 6s'68
Luzerne Co G AE 3%s '00
Michigan Pub Serv 4s. 1965
Montana-Dakota
24"
/23
/23
/54
24*4
25
56
/8*4
/8*4
/8*4
/8*4
/8%
11%
10%
10%
10%
10%
Blackstone Valley Gas
A Electric
3%s
3%....
1961
N Y State Elec A Gas Corp
4s
1965
Northern
63%
Boston Edison 2%s...l970
Cent Arx Pub 8erv 5b. 1048
Central Gas A Elec—
1st lien coll tr 6*4s..l946
1st lien collt rust 6s. 1946
Cent 111 El A Gas 3 %s. 1964
Cent Maine Power 3*4s '70
Central Pow A Lt 3%s 1969
Central Public UtilityIncome 5*4s with atk '52
Cities Service deb 5a.. 1963
109
102% 103"
100% 102
104
105
104%
105%
102% 103
63
94%
3%a 1904
3%s
1970
Portland Eleotrtc Power6a
85
Metals
6.30
6.96
Oils...
6.22
6.87
Railroad
2.75
Dividend
.26c
1.04
1.14
Railroad
Shares
Balanced Fun.d
£17.14
18.22
Stock Fund
£10.22
10.86
23.35
25.11
103% 104
Pub Serv of Okla 3 %s. 1971
Pub Utll Cons 5*4s
1948
Republic Service-
107% 108
105
105%
87
94%
98%
97
Collateral 5a_
4%8
'
/%
84%
1%
86
19
107%
103%
91%
93%
Sioux
city
...1951
._
_
1947
G A E 4a..1986
Sou Calif Edison 3s...1965
Sou Calif Gas 3%s
1970
58*4
61%
Tel Bond A Share 5s.. 1958
Texas Public Serv 58..1961
3%0 *70
70%
73
103
105% 106%
102% 102%
105% 106
52
53%
101% 102
104% ;105%
Cons Gas of Bait 2 %s. 1976
Eqult Inv Corp (Mass)-.6
Equity Corp $3 conv pref 1
Fidelity Fund Inc...
*
15.46
Cumberl'd Co PAL 3%s'66
1C8
DaUas Pow A Lt 3%a.l967
110*4 111
78%
109
80
106
106%
94%
95%
104*4 105*4
Inland Gas Corp—
1952
70
72*4
Iowa Pub Serv 3%a._1969
1C5
Iowa Southern Utll 4s. 1970
104% 105%
1950
101% 102%
Gen Mtge4%s
6.92
39%
1.87
*
5.52
6.12
1
2.33
1
*
-
-
•
-
2.28
—1
1.88
Series 1955
Series 1950
m
—
106
Toledo EdisOn 1st 3%sl968
1st mtge 3%s._
1970
.
b f
debs 3%s.
1960
United Pub Utll 6s A. 1960
Utlca Gas A Electric Co—
5s..
1957,
West Penn Power 3s. .1970
West Texas Utll 3%s.l969
Western PubUc Service—
5%s
I960
Wisconsin Public S 3%s '71
74% I 76%
103% 105%
107% 108*4
105% 106
101*4 102%
102% ,105%
17
Series 1958-
Bank stock series... 10c
2.18
2.41
series. 10c
2.99
3.33
Quarterly Inc Shares.. 10c
5% deb series A
Republic Invest Fund
Fixed Trust Shares A... 10
3.30
3.80
14.91
16.34
4.13
4.90
6.35
Scudder, Stevens and
Fundament'l Tr Shares A 2
.38
12.87
5.45
8.26
Foundation Trust Shs A.l
.33
12.03
Plymouth Fund Ino... 10c
Putnam (Geo) Fund
Fiscal Fund Inc—
Insurance stk
101
100
3.14
General Capital Corp
*
General Investors Trust-1
3.78
7.67
3.56
Investors... 10c
5.54
12.87
25.64
27.57
Spencer Trask Fund—...*
4.40
4.80
Standard Utilities Inc. 50c
♦State St Invest
Group Securities—
Agricultural shares.
£4.30
4.74
Automobile
£3.70
3.51
£77.25
Clark Fund Inc
Selected Amer Shares..2%
Selected Inoome Shares.. 1
Sovereign
*
Corp...*
Super Corp of Amer AA— 1
.16
59%
2.03
4.08
shares
Trustee Stand Invest Shs—
Aviation shares
£6.92
7.61
Building shares
£4.69
5.17
Chemical
£5.32
5.86
Electrical Equipment...
£7.48
8.22
Food shares
£3.71
4.09
£2.54
2.81
Merchandise, shares
£4.49
4.95
Mining shares
£4.82
5.31
Petroleum
shares
£3.66
4.04
Trusteed Industry Sha 25c
.70
Equipment shares..
£3.27
3.61
U 8 El Lt A Pr Shares A—.
14%
£4.59
5.06
Tobacco shares
£4.11
4.53
.05
.15
RR
shares
pHuron Holding Corp.._1
2.02
♦Series
C
1
♦Series
D
1
1.95
1
4.92
1
4.43
Trustee Stand Oil Shs—
♦Series
A.
♦Series
B
Trusteed Amer Bank Shs—■
25c
Class B
.46
1.83
B
Wellington
1 £13.21
Fund
Investment
Income Foundation Fd Ino
1.24
1.35
13.57
14.59
1.90
2.12
♦Blair A Co
1.02
♦Central Nat Corp cl A„ *
♦Class B
*
20
.93
Insurance Group shares.
Investm't Co of Amer. .10
1.17
1.29
♦First Boston
14
16.63
17.98
Banking
Corporations
%
—
Corp
10
♦Schoellkopf Hutton A
Pomerov
Bid
Tnn
1
%
com
Bid
Ask
Peoria Water Works Co—
Ashtabula Water Works—
105%
Atlantic County Water—
5s
—..1958
1st A ref 5s
104%
1950
101
1st consol 4s..
..1958
1948
1st consol 58
105%
1948
102
102
Prior lien
1948
105
5s
Pittsburgh Sub Water
1951
103-
108%
Plalnfleld Union Wat 5s'61
107
84%
87%
Richmond Water Works—
87
91
6s
Community
107
Water Service
5%s series B
..1940
6s series A
.1946
Gulf Coast Water—
1st 5s
1st 5sseries A—
1957
72
105%
Ontario
1951
Water 5s
—1948
1st mtge
3% s.
101
77
1966
105% 107%
4%s
1958
Scranton-Sprlng Brook
Water Service 5s. 1961
1st A ref 5s A—1967
Joplin Water Works—
1st 5s series A
1957
Kankakee Water 4 %s. 1959
Kokomo Water Works—
1st 5$ series A
1958
Shenango Val 4s ser B. 1961
South Bay Cons Water—
105%
103
99
99
102 %
70
Spring Brook Wat Supply
1965
5s...
108
Springfield City Water—
5s
1956
Union Water Serv 5%s *51
Monongahela Valley Water
5%s
1950
Morgantown Water 5s 1905
5s.
102%
105%
West
105%
New Rochelle Water—
5%s series A
h
1951
97% 100%
,103
100
New York Water Service—
1951
103% 105%
watar
.
.
5%sserles A
101%
107
1950
102
1st conv 5s
1951
101
deb 6s extended
1950
Westmoreland Water
99
.1961
.1950, 104
1st 5s series B
..1951
105%
Western N Y Water Co—
•
1st 4s
.1905
1st
58 series B
1950
4s A—
100% 103%
5s
94
—
.—1952
101%
Wichita Water—
127
108%
106% 108%
5s..
For footnotes
1957
see page
97
1732.
'lOO
5* series C—...
1960
6s Beriea A
Ohio Valley Water 5s. 1954
Ohio Water Service 4s. 1904
Oregon-Wash Water Serv
101% 103
105% 106%
1950
5s
102
105%
Monmouth Consol Water—
5s
106% 107*4
106% 407%
'
16.64
First Mutual Trust Fund-
16
Muncle Water Works—
Crescent Public Service—
6%s stamped
5.99
6.26
Scranton Gas A Water Co
St Joseph Ry Lt Ht A Pow
92%
»" western Gas A El
1970
—
No Amor Tr Shares 1953.*
107
57
3%s
—
'
Indlanapo«l8 Water—
/18
57
Federated Utll 6%a—. 1957
3.04
5.42
equipment
No Amer Bond Trust ctfs.
EatonA Howard—
107
1950
55
Houston Natural Gas 4s '55
8.43
Rochester A Lake
56
El Paso Elec
7.64
5.50
106% 107%
104% 107
107
107%
Consol E A Gfla A.... 1962
Dallas Ry A Term 6a. 1951
10.52
3.15
Calif Water Service 4s 1961
Sou Cities Utll 5s A—1958
Southern Count Gas 3s '71
1954
9.55
4.85
Butler Water Co 6s.—1957
107% 108
104%il05
93%
CoU lno 0a (w-s)
7.52
Insurance stock...
1
96""
Indiana-
91
1962
8.21
6.81
equipment
.2.50
C
5s.
Public Service 3%a.l969
Northwest Pub Serv 4s *70
Old Dominion Pow 5s. 1951
1962
6s series B
5.63
7.44
99%
Pub Serv of Indiana 4s 1969
Cons Cities Lt Pow A Trac
6s
8.90
5.09
supplies
65%
97%
Utll—
New Eng G A E Assn 6s '62
NY PA NJ Utilities 5b 1956
Penn Wat A Pow
1968
8.07
Building
7.47
Machinery.
111%
104% 104%
103% 104
Parr Shoals Power 58.1952
Sink fund lno 6s.... 1983
10.74
Electrical
2.68
Deposited Insur Shs A...1
>
4.89
9.75
Chemical
3.99
Cumulative Trust Shares. •
Delaware Fund......
6.77
4.42
Bank stock
♦Crum A Forster Insurance
♦Common B shares...10
Agriculture
Water Bonds
Assoo Gas A Elec Co—
Cons ref deb 4%s_..1958
Sink fund ino 4*4s..l983
5.31
11.22
Automobile
29
100 £118
♦8% preferred
111
Conv deb 4*4s
Conv deb 5s
4.82
10.41
Aviation
♦Crura A Forster com..10
Institutional Securities Ltd
Atk
Amer Gas A Pow 3-5s. 1953
Income deb 3%s...l978
1
Bank Group shares.—
Utility Bonds
Bid
Income deb 4s.....1978
Inoome deb 4%s—.1978
Conv deb 4s
1973
4.82
Incorporated Investors..6
Independence Trust Shs.*
Public
Appalach El Pow 3%s 197U
5.28
4.35
priced bond series._
Low
rie
1.03
Research Co
Income series
1.96
1
..1
3.30
Steel shares
16
United
Monongahela West Penn
Pub Serv 7% pref
15
Mountain States Power...
6% preferred.
*
Accumulative series... 1
Series AA mod....
8.82
——
4,91
Investing shares
96
<7
1.96
1
B
29
Long Island Llghtlng.100
7% preferred-
t. Secur A
Fundamental Invest Inc.2
23%
107% 109%
103
2.07
D._
Pub Serv Co of Indiana—
Jamaica Water Supply...*
Jer Cent P A L 7% pf..l00
ser B shares
•
(Md) voting shares..26c
National Investors Corn. 1
Steel
preferred
preferred
Okla G A E
80*4
(Colo)
9.46
Diversified Trustee Shares
Ohio Public Service—
108
*
8.47
3.63
Series ACC mod
67*4
8%
8.20
8.74
1
Series AA
47
21
preferred
108% 110*4
112*4 115
8%
9*4
8*4
7%
Federal Water Serv Corp—
$6 cum preferred..
*
$6 cum preferred
Continental Gas A Elec—
7%
15*4
45
Mass Investors 2d Fund..
Nation .Wide Securities—
Corporate Trust Shares.. 1
4%
New York Power A Light—
Carolina Power A Light—
97
*
16 cum preferred
New Orleans Pub Service
17
3%
18.73
3.34
Chemical Fund
Ask
69
$6 prior lien pref
54%
Bid
4.20
1
Mass Investors Trust
Commonwealth Invest.
Century Shares Trust...*
Ask
Bid
1
Canadian Inv Fund Ltd
3.30
17.42
Mutual Invest Fund—.10
7-1600
Tel. BArclay
1949
101
105
102
W'msport Water 5s—.1952
103
58 series B
..1950
105
Volume
The Commercial & Financial Chronicle
152
Quotations
on
Over-the-Counter Securities—Friday March 14—Concluded
If You Don't Find the Securities Quoted Here
In
which
our
monthly Bank and Quotation Record.
cation quotations
stocks and
are
bonds.
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Alden Apt 1st mtge 3s. 1967
Beacon Hotel lno 4a__1958
In this publi¬
—
-
Ludwlg Baumann—
—
7~
16%
28
29%
63
1st 5s (Bklyn)
1st 58 (LI)
4-6s
66
8 f deb 5s
3s
1957
Chanln Bldg 1st mtge 4s '46
Municipal Bonds—
Domestic (New York and
Domestic
federal Land Bank Bonds
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
49
19
22
Real Estate Bonds
Real Estate Trust and Land
Title Guarantee and Safe Deposit
Stocks
U. S. Government Securities
Mining Stocks
U- S. Territorial Bonds
13
14
6s
■ells for $12.50 per year.
35
1400 Broadway Bldg—
1st 48 stamped—.1948
Your subscription should be sent to
34%
...
114
34
36
Hotel St George 4s
1950
Lefcourt Manhattan Bldg
30
31
1st 4-6s
1st 4s
BRAUNL
$2 William
Lexington Hotel units
Lincoln Bldg lnc 5%a
Tel. HAnover 2-5422
■
■m-m
1957
21
24
1955
2 Park Ave
•»
17%
80
1968
25
Trinity Bldgs Corp—
1st 5%b..
1939
40
45
16%
(Syracuse)
Textile Bldg—
1st 3-58
...
«
49%
31
28%
126%
44
46%
10
13
1951
18%
20
1948
32
34
Bldg 1st 4-6s'40
3s
v;>--
48
...
27
Walbrldge Bldg (Buffalo)—
.
paid)...
32%
($500
10%
30
1950
1st 3s
London Terrace Apts—
1st 4 gen 3-4s
1952
& CO., INC.
St., N. Y.
Syracuse Hotel
36
due 1952
10%
19%
1956
3s with stock
15%
37%
1951
61
9
616 Madison Ave—
— mm
45
Lefcourt State Bldg—
let lease 4-0 tfs
1948
Lewis Morris Apt Bldg—
Inactive Exchanges
61
1956
3%a with stock
"m-m
78
..1948
59
58%
1943
61 Broadway Bldg—
32
Harrlman Bldg 1st 08.1961
Hearst Brisbane Prop 0s' 42
Foreign Stocks* Bonds and Coupons
60
60 Park Place (Newark)—
1st 3%b
1947
36
1949
Graybar Bldg 1st lshld 6s '46
2%-4a (w-s)
31
28
...1957
Sherneth Corp—
1st 6% 6 (w-e)
32
1st
Income
3s with stock
16%
nm
124
'68
Savoy Plaza Corp—
----
1939
42 Bway 1st 6s
---
24
Roxy Theatre—
37
35
58
1961
1st mtge 4s
Film Center Bldg 1st 4s '49
40 Wall St Corp 0s—.1958
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
7K
15%
3
fl%
Realty Assoo Seo Corp—
500 Fifth Avenue—
52d 4 Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Quotation Record is published monthly and
57%
49
8ec s f otfs 4% s (w-s
Prudence Seour Co—
23
Fuller Bldg debt 6s...1944
The Bank and
55%
47
6^s stamped
1940
34%
F-l
165 Broadway Building—
34%
21
6%s (stamped 4s)..1949
Mill Stocks
3
132
4%
49%
Q
2d mtge 6s
1951
103 E 67th St 1st 0s... 1941
1%
50 Broadway Bldg—
lBt Income 3s
3%
47%
32%
BK
C-2
1 Park Avenue—
22
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 legended
Stocks
31
29
Hotel units
Insurance Stocks
series
series
series
series
Ollcrom Corp vto
Dorset 1st 4 fixed 2s_.1957
Eastern Ambassador
Industrial Stocks
ties
47
1st 4s (w-s)
1948
Court 4 Remsen St Off Bid
1st 3%b
1950
Public Utility Stocks
Joint Stock Land Bank Securi¬
5%b
5%b
6%b
5^8
Colonade Construction—
Public Utility Bonds
Investing Company Securities
34
—
68%
18%
17%
N Y Majestic Corp—
4s with stock stmp. .1956
N Y Title 4 Mtge Co—
11%
fio
30%
Cheseborough Bldg 1st 6s '48
Canadian
Out-of-Town)
Canadian
76
66
..1945
N Y Athletic Club 28.1956
1948
Brooklyn Fox Corp—
Banks and Trust Companies—
46%
1947
1951
Metropol Playhouses loo—
Broadway Motors Bldg—
The classes of securities covered are:
Ask
'
16
115
1st leasehold 3 %-5s 1944
carried for all active over-the-counter
Bid
Atk
135
B'way Barclay lno 2s..1956
B'way 4 41st Street—
have Interest, y«u will probably find them In
you
1735
1950
Wall 4 Beaver St Corp—
w-e
1st 4%b w-s
Westinghouse Bldg—
1st mtge 4s
NOTICES
CURRENT
Foreign Unlisted Dollar Bonds
Due to the European situation some of the quotations shown
below are
nominal.
Anhalt 7s
to.l
Atk
1940
J16
mmm
/50
mmm
Bank of Colombia 7 % .
1947
122
1948
122
Barranquliia 8a'35^4(M6-48
132
116
7b
Bavaria 6%a to
1946
Bavarian Palatinate Cons
Cities 7s to
■'
mm-
mm-
Bogota (Colombia) 0^8 '47
118
117
(Republic)
78
1909
1940
Brandenburg Eleo 0s. 1963
Brazil funding 6s.. 1931-61
Brazil funding scrip
Bremen (Germany) 7s. 1936
mm —
British
7%a
Jugoslavia 5s funding. 1966
mmm
13
Leipzig O'land Pr 6%a '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light 4
1963
1948
--m
116
Mannheim 4 Palat 7s. 1941
116
Meridionals Eleo 7s—1957
19
4
8
1943
Water 7s
38"
mm —
Montevideo
mmm
'■■'mmm
mmm
Oallao
(Peru) 7Ks—1944
1940
1947
1945
mmm
18 X
9
117
13 H
18%
17
18
4%
9
116
m-m
City Savings Bank
Budapest 7s
1963
'38
116
(A 4 B) 48—1946-1947
(C 4 D) 4s—1948-1949
Nat Central Savings Bk of
Hungary 7^8
1902
National Hungarian 4 Ind
Mtgs 7s.
1948
16 3
/60
mmm
-
—
.'-.■■■mmm
....1940
83
130
Costa Rica funding 6s. *61
112
14"
Costa Rica Pac Ry 7Ha '49
6s
1949
113%
15%
112
14
6H 8..1969
Dortmund Mun Util0Hs'48
Duesseldorf 7s to
..1946
1946
Dulsburg 7% to
East Prussian Pow 0s. 1963
f7H
116
116
116
1963
116
116
116
European Mortgage 4 In¬
vestment 7 Ha
1906
nr
7Ha Income
1966
1967
13
/16
7a Income
1967
13
Electric Pr (Ger*y) 6Ha '50
6% a
fs
mmm
—
mm
Porto AJegre
7s
13
7s. '03
1945
1968
32
132
18
1948
H6
mmm
17
R C Church Welfare 7s '46
German
mmm
■
1948
8s ctfs of deposit. 1948
—m-m
Santa Catharlna (Brazil)—
mmm
8s
166
f 12
Sao Paulo (Brazil)
08.1943
19%
mmm
mmm
6 Vi
1951
Saxon State Mtge 6s.. 1947
mmm
Conversion Office
Messrs.
and that
Philadelphia,
Thayer,
York,
George E.
and
Abbot,
organization
which he was with the Guaranty Co. of
Thayer and
McClure have been in charge
Philadelphia and Chicago offices for several
past.
—George F. Ryan & Co. of Chicago announces the consolidation with
was
sales personnel of Nichols, Garrett & Co. and the
Nichols as Executive Vice-President.
the President of Nichols, Garrett & Co. and was
formerly
Secretary and Director of the Bond Club of Chicago.
Mr.
Nichols's name will be
This
added to Ryan & Co.'s and the firm will
There were no other changes
in name.
consolidation, and the acquisition of Norman
connected with John J. Seerley & Co. will add
H. Davis, formerly
nine new sales representatives
Ryan-Nichols organization.
The company
9
Philip
F. Ryan.
also maintains an office in Milwaukee headed by Mr.
Fitzgibbon and an office in St. Louis headed by Mr. George
Nelson, President; George F. Ryan,
Officers of the firm are Harry J.
■-
—mm
Philip J. Fitzgibbon
13
10 ii
—
—
m
ser,
and James E. Day, Vice-Presidents; Daniel C. Glas-
Secretary-Treasurer;^and
Treasurer.
The
116
■mmm
180
mm.m
Mtge Bk Jugoslavia
5s
1956
113
17
1956
113
17
company
also originating
—General
Co.
George
W.
Smith,
Assistant
Secretary-
v
-m m-
2d series 5s
116
M.
Krayer has been associated with the Harriman Ripley
York.
to the
116
Slem 4 Halske deb 08.2930
Frederick A. Krayer, who has been
of the company;
association with them of Donald E.
9
J16
6%B
Bankers
Nathan D.
Chicago, had been elected Vice-Presidents in charge of the
their organization of the
mm-
18
Santa Fe 4s stamped. 1942
Vice-President
Frederick
Boston;
of
a
respectively of the Boston,
J.
1947
Santander (Colom) 7s. 1948
36""
elected
henceforth be known as Ryan-Nichols & Co.
17%
mmm
mmm
New
-mm
16
15%
1%
19
m-m
Investment
of the
of the corporate trading department of the company at New
except the change
4s scrip
Governors
announced that
Ripley also
been
Mr. Nichols
8
116
mmm
of
m-m
116
116
7s 1957
He is chairman of the Securities Acts committee
Board
company's business in their respective territories.
-■■'mmm
State
1938
had
years
116
.—
German Central Bank
Agricultural bs
m-m
Salvador
Building 4 Land-
bank 6%a
■mmm»
■
1941
6s 1930
6s
the
for the last several years prior to
32
116
116
116
Saxon Pub Works 7s_. 1945
German
mmm
Protestant Churoh (Ger¬
1940
Prov Bk Westphalia 6s '33
experience both in the sales and buying
Association of America.
mmm
154
many) 7s
of
member
a
McClure
/16
Saarbruecken M Bk 6s.'47
...
116
German All Cable 7s..1946
and
Mr.
mmm
Rio de Janeiro 6%
1933
Rom Cath Church 6%a '40
8%
/•'
Stewart has had
mmm
116
7s ctls of deposit—1967
French Nat MaU SS 6s '62
Farmers Natl Mtge
mmm
Abbot,
/30
13
time and has
the municipal department of Harriman Ripley & Co., Inc.
organization.
McLean
R.
manager
1956
8%
Frankfurt 7s to
Entering the municipal bond business in March, 1918, Elwood D. Smith
been manager of
departments of the company and assists the President in connection with
.■'-'mmm
13
1952
He has been actively
has continued in this division of investment banking since that
mmm
13
1946
in 1934 and
born in Ohio, was graduated from Princeton
was
general corporate matters.
5% scrip
Poland 3s
Scarff, who
He has devoted his entire career to the investment banking busi¬
since its
1946
He has been associated with
of corporate security issues.
with particular attention to industrial financing.
Mr.
Panama
■■'■■■mm
Cordoba 7s stamped..1937
Cundlnamarca
W. Beebe,
Milton C. Cross has been engaged in the investment
engaged in this field with Harriman Ripley & Co., Inc. since 1934.
•
Panama City 6%a
Colombia 4s
elected members of
mm
Nat Bank Panama—
7s to
James G.
mm —
13
company were
Harriman Ripley & Co., Inc., since formation of the company
mm
-
116
Munich 7s to
Oberpfals Eleo 7s
t\K
J
has
Tuesday,
is the active head of its buying department.
ness,
Oldenburg-Free State—
Central German Power
1934
of the
mmm
J16
Nassau Landbank 6%n
mmm
15
Central Agrlc Banksee German Central Bk
Madgeburg 6s
Inc.,
held
banking business since 1916, having specialized since then in the negotiation
mmm
132
scrip..
Municipal Gas 4 Elec Corp
Recklinghausen 7s.. 1947
—
116
Cauca Valley 7%a
Ceara (Brazil) 8s
company
Vice-President, and Willet O. Roper, Secretary and Treasurer.
in 1922.
Munlo Bk Hessen 7s to '45
mm
145
Caldas (Colombia) 7%a '40
Call (Colombia) 7s.__1947
Ripley & Co.,
m-m
116
116
13
6%a
of the
The other directors of the company, in addition to
A native New Yorker,
Brown Coal Ind Corp—
Buenos Aires scrip
Burmelster 4 Wain 08.1940
McLean Stewart, Vice-Presidents
the Board of Directors.
and purchase
Land M Bk Warsaw 8s '41
/16
Hungarian Bank
1902
meeting
mmm
113
113
18
4
1940
annual
the
at
Mr. Ripley, are Pierpont V. Davis, Senior Vice-President, Harry
Koholyt 6%s
4%
137
/54
mmm
President of Harriman
Ripley,
P.
that
11, Milton C. Cross, James G. Scarff, Elwood D. Smith and R.
mmm
13
19
116
116
0s
1936
change Bank 7s
116
13
13
mmm
13 H
13 H
16
1968
08
Hungarian Ttal Bk 7%a '32
Hungarian Discount 4 Ex¬
March
mm —
/4
8s_1947
7s
Hungarian Cent Mut 7s '37
Ask
'
116
1946
'Housing 4 Real Imp 7s *40
Jugoslavia 2d series 6s. 1956
1946
8fl-»
Bid
1
-..-1940
Antioqula 8a
Bolivia
—Joseph
announced
Bid
will continue to conduct a general investment business,
and participating in new finance.
Manager Paul
of Winterthur,
Thorin
of Accident and Casualty Insurance
Switzerland, announces that United States Manager,
'
1946
119
12
Graz (Austria) 8s
1964
Guatemala 8s
1948
38
20%
16
Funding 3s
German scrip..—...
Stettin Pub UtH 7s.—1940
116
■■mmm
3%
43"
Neal Bassett,
the
60
Toho Electric 7s
1955
Tolima 7s
1947
117
Uruguay conversion scrip..
Unterelbe Electric 08—1953
135
116
63
/16
1953
40
Hamburg Electric 6s..1938
/16
08
Haiti 6s
...
Veaten Elec Ry
—
7s
Wurtemberg 7s to
1947
1945
116
716
...
United
Assistant
States
Manager,
Branch
mmm
appointed United
of the
Ogden
Davidson,
company
who
has been with the
since its organization,
has been
States Manager.
mmm
Assistant Manager,
the
For footnotes see page 1732.
1941.
...
Senior
Water Wks
1967
Hanover Harz
from
He continues
having reached the company's retirement age, retired
position of United States Manager on Feb. 28,
with the company as adviser.
Charles A. Barkie, continues with the company in
position of Senior Assistant Manager.
March
The Commercial & Financial Chronicle
1736
General Corporation
15,
1941
and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
alphabetical order.
companies in exact
alphabetical position as possible.
NOTE—For mechanical reasons It Is not always possible to arrange
However, they are always as near
FILING
OF
SECURITIES
ACT
following additional registration statements (Nos.
4694, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The amount involved is approximately
to
.
(2-4689, 3690, 4691-Form,
registration statements as follows:
(a) 250 Independence Fund Declarations of Trusts, issuable in three forms,
income type, capital type, and distributive type; (b) 41,400 shares in First
Mutual Trust Fund, to be offered at market, and (c) 210 Independence
Declarations of Trust, accumulative type, of which 105 are to be sold with
insurance, and 105 without insurance.
Registrant is sponsor.
H. J.
Slmonson Jr. is President of the company.
Filed March 6, 1941.
National
&
Securities
Research Corp.
Ohio Power Co. (2-4692 Form A-2) of Canton, Ohio, has filed a registra¬
tion statement covering $15,000,000 1st mtge. bonds due 1971 and 202,403
shares of
details).
preferred stock (par $100).
Filed March 7, 1941,
Container
Corp.
(2-4693, Form A-2)
America
of
(See subsequent pages for further
of Chicago, 111.,
registration statement covering 50,000 shares of cumulative
preferred stock (no par). Walter P. Paepcke is President of the company.
(See subsequent pages for further details.)
Filed March 7, 1941.
filed
has
a
(2-4694, Form A-2), Warren, Ohio, has filed a
registration statement covering 29,093 shares of $1 par common stock.
Or the shares registered 12,000 are to be offered on behalf of the corpora¬
tion, 13,000 for certain stockholders and the remainder for the account of
P. W. Brooks & Co., N. Y., principal underwriter.
The stock is to be
offered to the underwriter at $6 a share and to the public at $7.50.
Pro¬
ceeds to company of $68,099 will be used for working capital purposes.
E. T. Sproull is President of the company.
P. W. Brooks & Co., Inc.,
is named underwriter.
Filed March 12, 1941.
Brainard Steel Corp.
The last
our
previous list of registration statements was given
1578.
issue of March 8, page
Addressograph-Multigraph Corp. (& Subs.)—Earnings
1941—6 Mos.—1940
Period End. Jan. 31-
1941—12 Mos.—1940
$1,131,070
a
Patents
$960,372
$2,160,593
171,300
140,626
169,093
126,424
46,448
20,000
326,244
287,608
88,158
95,000
____
Deprec. of oper. props..
Int., deb. disc't & exp_.
Prov. for contingencies.
Profit or loss on foreign
exchange realized
Pref. divs. guar, to min.
43,604
20,000
252
3,727
40
636
1,375
Cr6,362
193,883
Cr5,798
82,645
Crl0,582
265,480
1,596
Cr5,470
170,763
$587,333
b Maintenance
Income tax (estimated)
Net profit from
Reserve
Net
$1,855,459
348,667
259,007
93,844
686
$520,642
$1,103,583
$967,012
—
interests
c
$241,847,268
32,682,984
Cash
48,550,238
U. S. Government securities at cost
11,642,461
Marketable securities at cost
15,276,512
Accounts and notes receivable
14,328,374
Inventories^ii.w-«.-i^»-—24,778.942
32,382.305
42.318,884
«,
opers.'
i
_
.
24,472
2,264
22,207
2,264
$562,861
$0.75
profit
d Earnings per share
$518,378
$0.69
$1,081,376
$1.43
$964,748
$1.27
b Of nona Development
and engineering, including amortization,
operating property, less rental income therefrom, c For unrealized foreign
exchange loss, at New York rates on net current assets, &c. d On 753,813
shares of capital stock.
Note—The statement includes earnings of the Canadian subsidiary,
but excluding the results of operations of the British, French and German
subsidiaries.—V. 151, p. 3878.
Akron Canton & Youngstown
Ry.—Hearing
on Plan—
Cleveland
the Court
shall be confirmed and its provisions made binding upon the Akron and the
Northern Ohio Ry., and all of their creditors and stockholders to determine
the means by which said plan, if confirmed, shall be put into effect and
carried out, and to determine any and all other matters relevant thereto.
A hearing will be held March 27 before Federal Judge Jones at
to determine whether the plan of reorganization approved by
—V. 152, p. 1416.
Alleghany Corp.—Collateral Deposited—
/
The New York Stock Exchange has been advised that corporation has
delivered $400,000 cash to the Marine Midland Trust Co. of New York for
deposit as additional collateral under the collateral trust indenture dated
April 1, 1930.—V. 152,
p.
1578.
Allegheny-Ludlum Steel Corp.—Stock Offered—White,
of the Stock
block of 22,453 shares of common stock (no par)
% per share.
It is understood that the stock repre¬
sented British holdings.
Exchange
a
at 21
Distribution was effected through a group of dealers.
The committee
member firms of the Exchange approved member and member firm
participation In the distribution.
on
50-Cent Common Div.—
$416,500,283
Total
advertising columns of this issue.
1939
$
$
1937
2,425,479
12,006,440
12,006,440
a
Common stock issued
l
$416,500,283
Total
by
Represented
a
treasury stock.—V.
2,401,288 no
151, p. 3384.
$6,250,758 in the same period of the previous fiscal year.
aggregated 26,875,294 feet, against 29,180,212 feet in
through February, 1940.
has
1270.
American Bakeries Co.—Extra
Capital Corp.—Accumulated Dividend—
American
Total surplus..
dividends
...203,705,273 202,746,895 194,989,277 194,882,064
19,210,304
21.611,592
14,407,728
14,407,728
Divs. on treasury stock,
not incl. in income.
Crl,497,512 Crl,684,701 Cr1,123,134 Crl,403.918
Prem. on red, of pref. stk
Common
Balance, surplus
Shs.com.8tk.out. (no par)
a
per
share
After provision
185,992,481
2,214,099
$9.43
182,820,004
2,214,099
$9.50
181,704.683
2,214,099
$5.92
181,878,253
2,214,099
$11.19
for depreciation, obsolescence, repairs and revewals,
b Including excess profits tax.
all State and local and capital stock taxes,
25 cents per share on account
pref. stock, no par value, payable April 1
Like amount was paid Dec. 24, Oct. 1,
The directors have declared a dividend of
of accumulations on the $3 cum.
March
to holders of record
14.
July 1 and April 1, 1940, and compares with 50 cents paid on Dec. 26,1939;
25 cents paid on Oct. 2, July 1 and April 1, 1939; 50 cents paid on Dec. 24,
1938; 25 cents paid on Oct. 1 and July 1, 1938; a dividend of 50 cents paid
on March
15, 1938, and dividends of 75 cents paid on Dec. 24, Oct. 1,
July 1 and April 1. 1937, and on Dec. 24,1936.—V. 152, p. 972.
American Gas & Electric Co.
(& Subs.)—Earnings-—
1941—Month—1940
Period Ended Jan. 31—
1941—12 Mos.—1940
Subs. Consolidated—
Operating
Operation
$7,989,468
2,579.040
revenue
380,035
Maintenance
Depreciation.:
Taxes, other than
1,065,450
$2,513,199
Operating income
9,837
Other income
on
Divs.
5,601,775
$2,541,385 $27,965,360 $26,415,021
1,203
175,448
173.887
346,771
$1,518,762
stocks...
271,241
$1,310,631 $13,825,482 $12,001,394
776,663
9,060,864
9,253,574
$2,523,036
-
594,735
funded debt
62,768
Other int. & deductions.
Divs.
8,466,396
2,948,576
8,895,213
389,194
$2,542,588 $28,140,808 $26,588,908
633,162
7,528,901
7,809.628
174,453
1,799,726
1,685,366
424,341
4,986,699
5,092.519
Gross income
on
753,718
796,471
655,273
eral income
Federal income taxes
Int.
$7,393,965 $86,944,180 $78,523,304
2,382.765
27,454,117
25,240,769
366,807
4,664,410
4,390,873
960,096
12,363,305
11,061,668
Fed¬
pref. stocks
on com.
b Undist. net income.
$1,247,521
$533,968
$4,764,618
$2,747,820
$533,968
128,793
$4,764,618
1,491,980
$2,747,820
1,652,312
776,662
165,680
4,567
9.060,864
1,855,350
66,311
9,253,574
1,988,170
Amer. Gas & Elec. Co.—
b Undistributed net inc.
Int. from subs,
$1,247,521
consol'd.
72,055
Divs. from subs, consol.:
271,240
Common
68,495
Preferred
Other income
4,086
74,575
47,661
$1,609,672 $17,239,124 $15,716,451
78,533
845,335
700,550
$1,615,738
Int. & other deductions.
95,046
Divs. on pref. stock
140,767
$1,531,139 $16,393,789 $15,015,901
111,646
1,161,790
1,521,484
al40,767
1,689,209
a2,096,694
$1,663,399
Taxes & expenses (net)
Balance
a
Restated
-V. 152, p.
$1,379,924
$1,278,726 $13,542,790 $11,397,723
for comparative purposes.
1271.
b Of subsidiaries
American Home Products Corp.
Net sales
Costs and expenses
consolidated.
(& Subs.)—Earnings—
Years
1940
1939
1938
1937
$35,262,002 $31,668,264 $26,941,639 $25,711,195
28,476,540
25,405,060
22,779,573
21,985,163
Other deductions
Earned
Dividend—
dividend of 25 cents per share in addi¬
dividend of 50 cents per share on the class A
stock, both payable April 1 to holders of record March 17.
Similar pay¬
ments were made in preceding quarters.—V. 152, p. 1122.
Directors have declared an extra
tion to the regular quarterly
29,634,578
4.863,732
24,770,845
170,111,219
Physical volume
the eight months
The favorable comparison with February, 1940, is due in part to an
unusually low volume in that month last year and in part to an improved
demand for kid leather in recent weeks.
Advances in goatskin prices have
not been fully reflected in current prices for finished leather.—V. 152, p.
15,727,939
2,616,914
13.111,024
181,878,253
including
/
Allied Kid Co .—Sales—
25,555,521
4,513.310
21.042,211
$404,944,753
shares common stock,
Company reports sales of $870,049 in February, 1941, an increase of
52%, compared with $568,965 for the same month last year.
Physical
volume was 3,971,239 feet, a gain of more than 60% from the figure of
2,481,655 feet in February, 1940.
For the first eight months of the company's present fiscal year, which
will end on June 30, 1941, sales have totaled $5,808,820, compared with
Total income
29,518,842
Federal income taxes... b8,633,572
181,704,683
par
over
Other income
20,885,270
le>2,820,004
2,416,811
101,037,235
101,037,235
84,955,246
81,782,769
Dr25,837,300 Dr25.837.300
Capital surplus.
Further surplus
Treausry stock
$
26.902,039
2,406,296
326,242
—
10,413,116
2,342,984
$
14,009.566
1,373,121
345,252
Net Income
40,000.000
10,413,116
Sundry reserves
1,698,056
352,706
Previous surplus
168,246,867
40,000,000
2,429,301
23,504,759
Interest income
6.337,776
Insurance reserves
2,442,175
324,102
Gross income
Dividend income
$6,115,561
171,695.669
Depreciation, obsolescence, &c.. reserves
26.752,565
a
1939
$6,711,642
—
Consolidated Income Account for Calendar
1938
21.305,943
$404,944,753
10,745.951
accrued
Investments in securities reserves
General contingencies reserves
Consolidated Income Account for Calendar Years
1940
13,441,262
25,387,646
1,345,895
1940
Liabilities—
Accounts payable and wages
Taxes accrued
Balance
Corp.—Annual Report, 1940—
The remarks of President H. F. Atherton, together with the
income account and balance sheet, will be found in the
11,639,037
15,276,51$
1.387,850
21,305,943
-
Total income
Directors have declared a dividend of 50 cents per share on the common
stock, payable April 15 to holders of record March 20.
This compares
with 75 cents paid on Dec. 23 last; 25 cents paid on Oct. 1, July 1 and April 1,
1940; and dividend of 50 cents paid on Dec. 31, 1939, this latter being the
first common dividend paid by the company since the merger of Allegheny
Steel and Ludlum Steel In August, 1938.—V. 151, p. 3878.
Allied Chemical & Dye
charges
Balance
Weld & Co. offered March 12 after the close
—.—
Patents, processes, goodwill, &c
New York, N. Y., has filed three
CI)
in
-—$246,546,979
-
Investments at cost or less
Deferred
$41,210,554.
1939
1940
Assets-—
Property account
The
4689
Consolidated Balance Sheet Dec. 31
REGISTRATION STATEMENTS UNDER
Operating income
Total income
Depreciation
Federal & foreign taxes.
Prov. for Federal excess
profits tax
Net income
To minority interests
Dividends
$6,785,462
$6,263,204
$4,162,066
225,244
167,638
176,397
$7,010,706
a415,515
324,380
1,734,401
$6,430,842
$4,338,462
a715.882
279,093
301.909
258,112
1,205.625
775,753
$3,726,033
345,120
$4,071,153
212,549
241,173
668,689
245,170
c73,343
$4,291,241
1,548
2,177,854
$2,875,399
$4,207,427
1,816
2,131,516
$3,025,505
2,883
1,846,734
2,738
1,926.756
$1,175,887
$945,904
b771,724
741,060
$3.92
$3.88
a Includes
provision for foreign exchange, blocked foreign assets and
other foreign losses to the amount of $234,667 in 1940 and $445,685 in 1939.
Surplus
Shares of capital stock..
Earnings
per share
$2,111,839
b806,747
$5.32
$2,074,095
b804,332
$5.23
Volume
b
Being the
tax
on
The Commercial & Financial Chronicle
152
average
number of shares outstanding during the year,
c
Consolidated Income Account lor Calendar Years
Sur¬
undistributed profits.
Gross sales
117,501,809 100,195,461
Returns, allowances, disc'ts & freight- 10,029,178
8,895,790
$
(less
Net profit from opers. before
chgs._ 12,911,753
Interest received
140,548
Divs.
from
Heating &
Plumbing
Finance Corp
100,000
Rentals and other income
93,742
Profit for year
Inc. from foreign subs, (net)
$6,815,955
533,056
2,160,000
2,880,000
322,750
329,750
1,615,283
806,857
704,276
Purchase
203,208
Reserves
88,589
a
17,292,839 15,396,1341
on retirement of fixed assets
Prov. for Fed. inc. & cap. stk. taxes..
160,831
159,014
Net profit
Z>r342,479
Total
17,292,839 15,396,134
Cost of 5,001 shares of stock in treasury at Dec. 31,
value thereof, and 7,701 shares at Dec. 31, 1939.—V. 151,
1940
Gross sales
b Net profit
,
*
—-dl
tJmA Mjji
■
.
Operating revenues
Operating expenses
'
1580.
P.
dividends
1"
'
11
1 ' "
"
'
1
1'-
-
r
1
from
subsidiary
.
and
$2,881,099
1,292,463
$2,345,457
1,558,367
Net operating income
Net income
Includes
'
$4,188,014
1.842,557
Operating taxes.
x
1
'
$11,565,871 $10,017,534
7,377,857
7,136,435
Net operating revenues
x
14,416,140
$1,170,185
$45,249
11,461,389
3,000,000
Earned surplus (deficit) since Jan. 1, 1939 adjusted as of
Jan. 1, 1940
.$14,416,139
Elimination of earned surplus (deficit) since Jan.
1,
1939
adjusted
as
•
of Jan.
as
1,
by charge to paid-in surplus
1940,
above
14,416.139
Earned surplus since Jan. 1, 1940—balance Jan. 1,1940
Net profit for the year ended Dec. 31,1940 (as above)
Preferred dividends
Common dividends
307,048
4,017,388
Earned surplus since Jan. 1, 1940—bal. Dec. 31, 1940).
$3,024,574
$1,588,636
--
7,349.010
886,572
other companies.—V.
.
152!
Comparative Summary Consolidated Balance Sheets
^
(Treating all Foreign Subsidiaries
*
,
...$20,573,410
Mexico and Europe
Provision for war contingencies
$11,646,248 $10,064,174
70,377
46,640
revenues.
•
of Jan. 1,1940—-authorized by stockholders
Earned Surplus—
..
Earned surplus since Jan. 1, 1939—balance Dec. 31, 1939
Adjustments as of Jan. 1, 1940—
Revaluation of investments in sub. companies in Canada,
fc After all charges including Federal
Loss.—V. 152, p. 817.
Uncollectible operatingirevenues
,.
as
Paid-in surplus—balance Dec. 31, 1940
American Telephone & Telegraph Co.—Earnings—
Month of January—
1941
1940~
Operating
loss424,077
19,403,224
1938
Less discounts and allowances,
x
849,489
126,488
from reduction of stated value of issued
common stock....
19,591,787
Excess of cost over reduced stated value of 115,037 shares of
common stock held in treasury at Jan. 1,1940
Drl88,562
1940, less par
P. 3385.
1939
3.415.749
694,093
2,726.837
114,762
2,858,656 lossl095.920
853,538
671,843
3,712,193
Balance
Increase resulting
$38,438,938 $22,358,740 $24,272,076
2,850,913
x950.376
xl,302,195
$0.50
Nil
Nil
per share of common
466,841
2,805,175
404,938
812,734
133,047
(& Subs.)—Earnings—
Calendar Years—
a
adjusted
7,491,198
Dr223,870
7,481.391
Statement of Consolidated Surplus for the Year Ended Dec. 31, 1940
485
8,184,446
Treas. stock
7.349,011
115,592
Paid-in Surplus—
■
Paid-in surplus at Dec. 31, 1939 (after charging off earned
surplus (deficit) of $53,478,062 as of Jan. 1, 1939)
$15,586,325
Elimination of earned surplus (deficit) since Jan.
1, 1939
804,157
485
a
American Locomotive Co.
_
*
Interest paid
money
mortgages
Earned surplus
foreign income taxes,
100,000
202,480
Depreciation and depletion
sub. co
and
100,000
'
720,000
739,781
Cap. stk. (par 51).
int.
in
a
3,025,269
87,998
Gross income
Mlnority
Earnings
7,190.833
74,965
Minority interests
1
Total..
17,199.489
14,174,219
Loss
169,972
160,721
Other assets-.....
21,130,718
13,939,884
expense
1,080,521
current)
marks, <fcc
26,573,122
13,661,369
Gross profit
Selling and administrative
& ac¬
pay.
crued
trade¬
Deferred expenses.
68,536,870
51,337,382
.
1,408,380
Aocts.
2,913,002
126,689
assets
80,018,080
58,887,362
S
7
97,119
reserve)....... 4,221,044
Goodwill,
93,310,702
66,737,580
-
expenses. 1,662,348
5,213,256 Acer. Fed. & for'n
inc., &c., taxes. 1,812,461
94,661
161,371
88,470 Dividends payable
Other curr, liabs..
50,926
4,412,283 Note
pay.
(non-
16,536
curr. assets.
79,899,892
11,363,022
13,246,043
181,562
3,248,532
322,800
2,595,963
81,231
Notes pay. curr'tly
2,366,128
29,639
Receivables (net). 3,162,760
Inventories
6,541,919
Investments
91,299,671
11,281,591
Net salas
Cost of sales
1939
S
Liabilities—
2,782,975
Market, securities.
Fixed
1940
1939
$
87,777,142
7,877,250
107,472,631
14,161,929
Lessinter-co. (& division) sales
Consolidated Balance Sheet Dec. 31
1940
Assets—
Cash
1938
1939
1940
Consolidated Statement of Earned Surplus Year Ended Dec. 31, 1940—Balance, Jan. 1, 1940, $7,491,198; net income for the year, $4,291,241:
adjustment of depreciation taken by a subsidiary in prior years as required
by taxing authority, $2,177; credit resulting from cancellation of reserve
for loss in value of investment in an
affiliate, $11,341; total, $11,795,957.
Deduct goodwill, trade-marks, &c., resulting from the acquisition of the
following businesses in 1940 and charged off (antrol, $115,651; dri-brite,
$17,911; cardinal laboratories, $15,000), $148,562; miscellaneous additions
to goodwill during 1940
charged off, $4,266; loss on real estate abandoned,
$14,000; loss on disposal of fixed assets originally acquired in connection
with the acquisition of new businesses in
previous years, $318,323; addi¬
tional income taxes applicable to previous
years, less refunds and adjust¬
ments, $66,232; addition to reserve for contingencies to cover net value
of assets of subsidiaries and branches located in
England, $880,727; divi¬
dends, $2,179,402; balance, Dec. 31, 1940, $8,184,446.
Other
1737
as
Investments)
Pro Forma
American
Annual
Radiator
&
Standard
Sanitary
Corp.—
Report—Henry M. Reed, Chairman, states in part:
Taxes—In recent years taxes have been
the cost of
doing business.
taxes in the
United States
In
was
a constantly increasing
part of
1940 the corporation's total cost of direct
$5,102,000, as compared with $3,406,000
in 1939.
In
opinion the 1940 net profit of the corporation and its U. S. subs,
consolidated will not be subject to Federal excess profits taxes;
It appears
to be to the advantage of the corporation to use the "invested
capital"
method on a consolidated basis in determining its "excess
profits credit."
our
Property and Plant—Expenditures in 1940 for building improvements,
machinery and equipment amounted to $951,000 as compared with $1,087,000 in 1939. Depreciation provision was $3,248,000 in 1940
against $2,805,000 last year.
During 1940 productive capacities were increased by minor plant adjust¬
by using additional night shifts. An addition to the plant of the
F. Church Manufacturing Co. at Monson, Mass., to increase pro¬
ments and
C.
duction of plastic products was completed.
In 1941 there will be an ex¬
tension of the vitreous china plant at Trenton, N. J.
Products and Research—Corporation is the largest manufacturer in the
world of plumbing and heating equipment.
In the field of plumbing, its
principal products are enameled iron and vitreous china sanitary ware
of all kinds and brass fittings. In the realm of heating, its principal products
iron and steel boilers, cast iron radiators, and cast iron and steel
air furnaces, as well as oil burners for all types of heating units.
are cast
warm
Corporation spent $323,000 in research work last
year.
It will
be the
Solicy of the corporationand continue research departments the a fellowship
the Mellon Institute
to its
its research work. With corporation
l
own
will be enabled to
improve old products and develop
new
products.
Employees—The number of employees increased from 16,500 at Dec. 31,
Salaries and wages paid in 1940 aggregated
$29,147,000 as against $25,359,000 in 1939.
Wage rates are now at the
highest level in the history of the corporation.
1939 to 19,800 at Dec. 31, 1940.
Stockholders—By the end of the year 1940 the number of stockholders
had increased to 53,501.
After the end of the year the holdings of British
stockholders, which had been assembled with the Bank of England pursuant
to the provisions of English law, were sold in this country in a block of
some 218,000 shares.
Sherman Act Indictment—In the early part of 1940, the Federal Grand
Jury sitting at Cleveland returned an indictment against 102 defendants,
including
manufacturers,
wholesalers,
master
plumbers,
journeymen
plumbers and various associations, charging unlawful combination and
conspiracy in restraint of trade in violation of the Sherman Act in the
manufacture, sale, distribution and installation of plumbing supplies.
Corporation and three of its officers, namely, Henry M. Reed, President;
Frank S. Kaulback, Vice-President;General Manager of Branches, and John
J. Hall, Vice-President, Sales, two of whom are also members of the board
of directors and its executive committee, were among those indicted.
The
indictment charges that all of the defendants and numerous others identified
as "co-conspirators" have unlawfully conspired or agreed, in connection
with the sale, distribution and installation of .plumbing supplies, to adhere
to a system of distribution whereby plumbing supplies are sold by the manu¬
facturer to the wholesaler and resold by the wholesaler to the master plumber
who installs them. Corporation and its officer defendants have pleaded not
guilty to the charges of the indictment and sincerely and honestly believe
that they have not engaged in any unlawful conduct. It is expected that the
trial of this case will commence some time this year.
^
The indictment declares that the method of distribution complained of is
arbitrary and not so economical as that whereby the manufacturer sells
either direct to the consumer or to retail outlets, such as mail order houses
direct to the public.
complained of has existed in the plumbing
industry for generations.
Corporation believes in it, not as the result of
any conspiracy or agreement with others, but solely by choice, because it
believes this system is the most efficient and economical method of serving
the consumer and the best method of protecting and furthering public health
and safety. We expect to prove this when given an opportunity.
We believe in competition.
There are two kinds of competition—un¬
restrained competition and civilized competition.
Corporation endorses
and recommends civilized competition under proper Federal regulation.
Many industries operate under civilized competition today and we are
hopeful that our industry may enjoy and have that kind of civilized com¬
petition in the future. This would best serve the public interest.
and department stores, selling
The method of distribution
Assets—
Dec. 31, *40 Dec. 31, '39
Cash
13,322,951
11,217,219
Notes & accts. rec., less reserve
Notes
receivable
from
Heating
Jan. 1, *39
11,058,850
8,062,099
5.330,181
6,569,980
&
Plumbing Finance Corp
3,550,000
Inventories (at cost or market which¬
ever is lower)
24,184,207
Advances to officers & employees, less
23.784,940
28,362,268
377,149
402,351
457,884
10,457,608
1,280,143
1,292,905
704,297
479,492
28,000
25,734.306
1,475,604
1,387.111
28,154,867
2,327.239
829,242
638,912
32,252
51,622,638
1,434,076
930,058
93,536
55,096,531
reserve
Investments in & net advances to subs,
not consol. (less res. $3,000,000 in
1940)
-
Sundry other investments, less
res...
Deferred accounts receivable
Deferred charges
Property in process of liquidation
Patents
x
Property, plant & equipment
48,407,054
Total
115,301,025 125.028,305 128,756.620
Liabilities—
Current liabilities
8,505,414
854,004
6,500,000
1,152,925
Res. for insur., pension & benefits
Long-term obligations
Minority interests...
5.545,309
819,726
7,500,000
Capital stock—preferred and commony74,690,697
1,436,164
94,095.532
Paid-in surplus
Earned surplus since Jan. 1, 1939
15,586,325
45,249
20,573,410
Earned surplus since Jan. 1, 1940---.
Total....
5,127,385
833,619
11,277,500
1,820,500
94.111.291
15,586,325
3,024,575
115.301,025
125.028,305
128,756,620
x After
depreciation and depletion reserve of $33,446,475 in 1940 and
$30,896,381 on Dec. 31, 1939. y 43,864 shs. 7% Pref. stock (par $100) and
10,043,471 common shares (no par).—V, 152, p. 1579.
American Tobacco Co.-
-Group Seeks to Reopen Litigation
Over Stock Settled in 1933—
Counsel
ment
City,
for petitioners seeking to reopen litigation over a stock allot¬
plan of the company told Vice-Chancellor Charles M. Egan at Jersey
March 10 that the company spent $942,000 for an out-of-court
settlement of the suit in 1933.
Samuel
Kaufman asked Chancellor Egan to vacate a consent decree of
dismissal signed by former Vice-Chancellor John J. Fallon eight years ago.
He charged there has been fraud in obtaining consent to the allotment plan
and said
Mr.
Fallon
was
not in
decree was signed.
Mr. Kaufman asked that
possession of all pertinent facts when the
his clients,
Lydia Locke, Anna Belle Lynch
Jones and Artemus W. Jones, all of New York, be substitued for the peti¬
1933 suit, Richard Reid Rogers and William J. Matthews,
tioners in the
Leo J. Bondy
of New York is also
a
petitioner in the present action, repre¬
sented by Benjamin Freedman.
The Rogers-Matthews suit sought to void an employee's stock subscrip¬
tion to its officers and directors for $25 a share with a market value of $112.
Mr.
Kaufman said the company "concealed from the stockholders
and
the court the fact that
sums had been paid in the 1933 settlement.
They
included, he said, payment of $70,000 to Mr. Matthews for his expenses,
$320,000 to attorneys in the case, and these items to Mr. Rogers: $263,000
for fees and expenses, $264,000 for payment of his income tax and $25,000
for his counsel, the firm of Martin & Rellly.—V. 152, p. 1581.
American Water Works & Electric Co.,
Inc.—Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended March 8, 1941, totaled 61,800,000
kilowatt hours, an increase of 18.6% over the output of 52,115,000 kilo¬
watt hours for the corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1941
1940
1939
1938
1937
Feb. 15
61.144,000
51,071,000
45,846,000
39,654,000
52,614,000
Feb. 22---.61,225,000
51,144,000
45,493,000
40,054,000
62,478,000
Mar.
1
61,282,000
50,865,000
45,300,000
41,135,000
52,311,000
Mar.
8
61,800.000
52,115,000
45,149,000
40,430.000
52,466,000
—V. 152, p. 1579.
The Commercial &
1738
Apollo Steel Co.—Earnings for Calendar
Total
$380,669
---
$390,392
Unemployment insurance, $33,878; old age benefit insurance,
$11,385, local and county taxes, $9,925, State and Federal
taxes, $55,550; interest payable, $4,029; depreciation and
depletion, $117,618; doubtful accounts, $11,780; employees'
welfare reserve, $11,891
—
—
Total surplus
— —— — -
Dividend
31,489
Depreciation
45,827
adjustment
(1935-1939).
Balance Sheet Dec. 31,
Net
$1,140,299; real estate, buildings and equipment (less depreciation and de¬
pletion of $1,248,847), $1,555,419: investments (securities and stock),
$109,072; Treasury stock, $6,174; deferred charges, $7,691; prepaid interest,
$72; prepaid insurance, $815; total, $3,702,065.
Liabilities—Notes
payable,
$100,000; accounts
payable, $771,458;
reserve for local, State and Federal taxes, $56,897; reserve for social security
taxes, $20,022; reserve for workmen's compensation, $10,033; capital stock
outstanding, $1,270,610; surplus, $1,473,045; total, $3,702,065.—V. 151,
p. 3879.
Arkansas Power & Light
Co.—Earnings—■
1941—12 Mos.—1940
$825,060 $10,034,436
$9,748,927
1941—Month—1940
$881,360
Operating revenues
Oper. exps., excl. direct
398,855
95,326
349,827
taxes
158,728
_
retire, reserve
appropriations
3,995,059
1,265,196
3,995,306
1,583,369
Property
Net oper. revenues
income (net)
$268,805
$225,879
$3,169,761
1,615
1,394
10,985
Gross income..
$270,420
$227,273
146.373
18,343
$3,180,746
1,758,440
Other
on
147,032
mtge. bonds.
Other interest and deduc.
18,199
228,969
Jan. 31 '41
Apr. 30'40
payable
S65.499
500,000
Notes payable
179,167
593,132
204,167
285,435
325,803
Sundry accounts..
Prov. for inc. and
547.966
278,742
40,817
40,817
19,441
23,969
221,918
Oper. reserves
Common stock—
15,000
Capital surplus-
Jan. SI '41
$142,780
-
Acc'ts & notes rec.
(less
reserves).-
Inventories,
of insurance——
Ins.,
rent, &c
-
24,724
Sundry Inv. & adv.
Leaseholds.
...
536,638
6,338
items
$1,236,513
a
$248,678
$287,248
Notes—(1) Includes provision of $21,564 and $122,094 for Federal
profits tax in the month of January, 1941, and in the 12 months
Jan
31, 1941, respectively.
(2) Rent from lease of plant, in the amounts of $24,664 and $9,617 in the
month of January, 1941, and 1940, respectively, and in the amounts of
$185,430 and $ 132,155 in the 12 months ended Jan. 31, 1941, and 1940,
respectively, for transportation property leased to a subsidiary, has been
appropriated to the property retirement reserve-railway department.—
t
V. 152, p. 1418.
ended
Equitable Building—•
in the Equitable
Building.
In 1938 they moved uptown.
Recently a decision was reached
that the interests of the organization would be better served by returning
downtown.
After an extensive survey of the office buildings in the financial
district, Armour officials again selected the Equitable Building because of
its central location and accessaoility to transportation facilities.
Company will take possession of its new offices on or about April
1941.—Y. 152, p. 111.
1,
Calendar Years—
1938
1937
.
§
$
126.902,685 125,731,247 131,217,204
98,714,818 101,603,249 103,957,896
1939
$
-134,169,224
Costs, oper. & gen. exps.102,643,353
Other income
Total income
—
_
Interest
Deprec. and depletion..
Insur. and doubt,
rec
;
Intangible devel. costs..
Taxes, incl. Federal tax
(estimated)..
Minority interest
31,525,871
1,564,774
28,187.867
98,698
24,127.998
682,142
27,259,308
1,746,116
33,090,645
828,441
12,670,994
3,083,258
3,140,029
28,286,565
801,759
12,969,423
722,361
3,212,162
24.810,140
392,805
12,162,575
473,646
2,144,990
29,005,424
306,614
11,502,296
483,805
1,570.964
7,148,568
1,902
5.552,648
4,930
5,318,827
6,638
y5,199,523
6,217,453
592,000
2,663,999
1,821
5.023,282
592,000
2,663,000
5,387
4,310,659
592,000
2,663,999
6,384
9,935,045
592,000
2,663,999
7,307
2,959.633
2,663,999
$2.11
1,762,895
2,663,999
$1.66
1,048,276
2,663,999
$1.40
6.671,739
2,663,999
$3.51
x
Preferred dividends
Common dividends
Divs. cap. stk.(min. int.)
Surplus
Shs.
com.
—
out.
(par $25).
Earns, per share on com.
See
x
Summary
of taxes paid
profits.
or
accrued
below.
y
7,177
Includes $3,175
surtax on undistributed
Beginning of period-.Adjustments applicable to prior years, net:
Depreciation of crude pipe lines
Miscellaneous adjustments
Net income for year (as above)
—
Total surplus.
Asbestos Mfg. Co.—Accumulated Dividend—
on
March
the
cum.
14.
dividend of 35 cents per share on account of
a
conv.
pref. stock, payable March 28 to holders
1, last and on Nov. 15,
Like amount paid on Feb.
1940.—V. 152, p. 420.
Associated Gas & Electric
Atlantic
Co.—Weekly Output—
Utility Service Corp.
for the week ended
Associated Gas & Electric group was
110,850,003 units (kwh.). This is an increase of 16,721,246 units or 17.8%
above production of 94.128,757 units a year ago.—V. 152. p. 1581.
reports
that
net electric output of the
Total earned surplus end of period.
Capital surplus:
Paid in (no change during period).
Profit from operations.
Other income
$4,309
5,360
$160,027
1,582
10,449,630
Total surplus end of period
$80,630,165 $78,053,696
Apportioned:
The Atlantic Refining Co.
Total profit
Deduction from income—
$9,669
19,138
$161,609
Provision for Federal income tax.
-
surplus
_
28,812
Minority interests
.
$9,469 def$132,690
74,802
24,062
$65,333
$1,637,977
Taxes as per income accounts
$7,148,568
Direct sales and excise taxes (not included in con¬
solidated income accounts)
30,420,360
$5,552,648
...
Total taxes paid or
_
$65,333
$74,802
Balance Sheet Dec. 31, 1940
Assets—Cash, $84,699; accounts and notes receivable (less reserve for
doubtful accounts and notes of $15,757), $97,477; inventories, $479,476;
deferred charges, $15,031; other assets, $44,866; fixed assets (less reserve
depreciation of $156,996), $204,875; leasehold improvements (less
amortization), $12,293; total, $938,716.
Liabilities—Notes payable banks, $125,000; accounts payable, $31,142;
accruals, $14,319; capital stock (par $4), $596,000; paid-in surplus, $106,922;
for
2,338,104
508,345
1,068,222
26,476,853
$37,568,928 $32,029,501
accrued
1940
1939
Plant, eq., &C.145 ,997,524
In vest.other cos.
Marketable
3 ,184,883
144,784,942
4,335,146
2 ,136,472
372,862
10 384,229
10-,115,307
Oil inventories22 ,700,074
21,841,951
3 292,105
Due from empl'g
Cash
23,418
3,265,650
38,455
17,161,132
sees.
receivable...-
Oth.
18 663,472
assets
33,210
61,800
curr.
137,076
61,800
Prepaid & def'd
charges
1,849,400
1,286,056
S
66,599,975
(parS 100)... 14 ,800,000
Long-term debt. 25 ,124,849
Long-term debt
125,000
(current)
Accts. payable..
4 ,739,168
Tax liability—
6,,237,608
14,800,000
25,249,849
Common
208,326,587 203,400,377
956,765
Accrued items-
142,000
5,228,662
4,288,237
847,234
liab.
21,921
18.174
Deferred items.-
240,416
113,152
Other
curr.
Cap. & surp. of
minority int..
Reserves
After deducting excess
stock.
Cum. prer. stock
x
x
1939
S
66 ,599,975
Liabilities
Assets—
y
Total.
-
___
Property; State capital stock, income, &c
Foreign countries.
Social security and miscellaneous
$156,752
81,950
Dividends paid-.
Balance Dec. 31---.
1939
$2,941,183
None
2.600,439
490,819
1.116,127
Federal capital stock, excise, income, &c
Federal excess profits
Spec, trust fund
.
78,053,554
142
$80,630,165 $78,053,696
Summary of Taxes Paid or Accrued
1910
Mat'ls & suppl's
28,919
-
80,629,957
208
interest
Accts. and notes
Net profit for year
Previous earned surplus.
---$70,516,902 $67,940,420
Consolidated Balance Sheet Dec. 31
$1,280,109
1,091,270
J,
.
$78,390,050
336,354
1939
$971,203
931,623
35,270
Depreciation
—
.$73,774,722 $71.291,806
;
3,257,820
3,261,386
10,449,630
1940
1940
Cost of sales, selling, admin, and general expenses-
—
3,000,000
15,320
5,028,212
Total surplus
..$80,966,532
il
Excess of cost of Treasury stock over par—__
336,367
Athey Truss Wheel Co.—Earnings—
Years Ended Dec. 31—
-
-
-
Dr385,053
6,219,355
Total dividends paid (as above).
25% over the similar 1940 period, Herbert J. Adair, Executive VicePresident, told stockholders, and for the full year 1941 should be well in
excess of
1940.
Backlog of orders as of March 1, 1941 totaled about
$900,000, or more than double that of a year ago, Mr. Adair said.—
V. 152, P. 1418.
Directors have declared
1940
1939
$67,940,420 $63,158,274
Earned surphis:
management policy.
Artloom sales for the first quarter of this year will show a gain of about
Total
152, p. 112.
Consolidated Surplus Account
Corp.'—Management Wins Contest—•
battle for control of the company
waged at the annual meeting of stockholders on March 11, electing 9 of the
10 candidates to its board.
Howard Wasserman, minority stockholder,
fought the present management but was able only to elect himself to the
board by cumulative voting.
■'■■■"/
The new board consists of Herbert J. Adair, Godfrey Hammel, Ray B.
Horan, Samuel J. Johnston, Jerry McCarthy, John T. McDade, Frederick
McGraw, John A. McNaughton, A S. Mitchell and Howard Wasserman.
The management only stated eight candidates for the 10 positions.
J. H.
Grut was the only management nominee who failed to be elected.
Mr.
McCarthy and Mr. McGraw represent Detroit interests friendly to the
management.
Mr. Wasserman had slated a full ticket of 10 candidates.
It was stated at the company's offices that the total vote cast was in the
neighborhood of 156,000 out of a total of 200,000 shares, the largest vote in
the company's history.
'H.v
t:"
Two representatives of Congress of Industrial Organization unions in
the Artloom shops defended the company's directors and
backed the
The
2,052,200 $2,622,994
(& Subs.)—Annual Report—
$
The management was victorious in its
March 7,
31,829
69,999 def256,832
Total
Consolidated Income Account for
Bak.nce_.-_
Company leased the south side of the 10th floor of the Equitable Building,
120 Broadway, for its New York offices.
For many years Armour & Co. occupied large quarters
of record
a320,490 b2,467,748
1,155,919
b Represented by 320,490 no-par shares.—V.
Par $1.
Atlantic Refining Co.
excess
accumulations
58.333
64,150
4,497
$2,052,200 $2,622,994
Net income from oper.
Art loom
29,167
158,363
949.265
—
Armour & Co.—To Return to
current
1,569,468
4,010
$1,197,943
Dividends applic. to pref. stocks for the period
Balance
21.310
and
equip. (less res.)
$3,221,883
1,756,564
232,816
949.265
$62,782
$106,290
3,307
7,328
stock taxes .
7,375
Gross income.
Net income
2,118
Earned surplus
Notes rec'ble (non-
$3,208,672
13,211
4,606
225
1,101
cap.
Res. for conting—
tax,
current)
Land, plants
Acc'ts
Notes payable, not
Cash surrender val.
Prepaid
Liabilities—
Apr. 30*40
$83,465
A ssets-
Cash.
Bank ctfs. of depos
1940
Interest charged to con¬
struction (fir.)
Nil
$0.22
1,280,000
1,286,000
105,000
x$133.703
$69,999
320,490 shs com. stk. ($1 par)--.
Consolidated Balance Sheet
Total..
Interest
6,727
7.645
Or77,607
profit—
Earns, per sh. on
Deferred
104,000
x$43,684
37,214
4,193
x48,611
—
Insur., taxes and expenses of idle plant & vessels._
period items
Net gain from sales of assets and investments
Prior
1940
Assets—Cash, $149,846: account receivable (less reserve for doubtful
accounts
of $31,946), $661,239; notes receivable, $71,439; inventory,
taxes
from operations..
profit
WrPoon
3,318,094
56,579
$1,473,045
Surplus Dec. 31, 1940
Period End. Jan. 31—
-
S3,330,990
1,866,960
32,334
Depreciation-Net
;
$1,906,058
materials, sales & adminis
Cost of operations,
$1,550,362
......
■
Direct
9 Months Ended Jan. 31—
Net
$134,336
1,416,026
Privately—See
818.
(& Subs.)—Earnings—
Atlantic Coast Fisheries Co.
Net
Surviving Com¬
Sell $2,200,(XX) Bonds
Consolidated Electric & Gas Co.—V. 152, p.
256,056
—
Y. 151,
1936), $65,333; total, $938,716.
Light Co.—To Continue as
Gas
Merger—To
in
pany
15, 1941
:v
;
Atlanta
9,724
__
profit for year
Previous surplus
:,
2485.:,
p.
—-
operating profit..
— — Rent, interest and miscellaneous income
(since July 31,
earned surplus
Year 1940—
Gross
March
Financial Chronicle
Surplus.
Total
3,208
3,142
8, 847,720
8,056,398
80,629,957
78.053,554
...208,326,587 203,400.377
of cost of treasury stock over par of/$336,33S
in 1939 and $336,367 in 1940.
y After reserves for depreciation, depletion
and amortization of $105,401,692 in 1939 and $112,101,655 in 1940.—V. 152,
P. 818.
Atlas Corp.—May Retire
Treasury Stock—
Stockholders at their annual meeting on
April^2 will consider reducing
shares of common
the capital of the corporation by the retirement of 704,953
stock now held in the treasury.—V. 152, p. 1419.
Volume
The Commercial & Financial Chronicle
152
Atlantic Gulf
&
West
Indies
SS.
Lines
Month of January
Operating
Operating
1940
$2,466,164
2,236,982
73,544
(including depreciation)______
Taxes
$2,128,869
2,070,685
58,656
$155,638
expenses
loss$473
9,563
Consolidated Income Account for Calendar Years
sold$ll,207,676
Adv., selling, admin.
general expenses
_
„
«
"i...
_
Net income
$117,667 loss$37,139
Note—These operating earnings are before Federal Excess Profits Taxes
and year-end audit adjustments, and do not include
profits or losses arising
from disposition of capital assets or purchase of this
company's obligations.
—V. 152, p. 973.
A£las Drop Forge Co.—Earnings—
6,348,323
6,585,573
6,232,940
6,880,600
$3,279,519
$3,313,124
363,221
463,146
$3 653,910
367,718
$5,222,574
492,978
$3,742,665
502,557
$4,021,628
443,865
$3,910,062
385,248
337.829
321,000
46,980
218,999
269,832
293,456
969,264
173,100
38,463
460,321
230,9*43
522,333
41" 151
27,522
444,383
d5,215
40,556
$2,889,940
$2,472,658
$2,527,143
$2,741,204
tal assets.
Prov.for employ, welfare
Expend, in preparation
for N. Y. World's Fair
Res've for Federal taxes.
1940
(excl. of mfg. deprec.)
Selling, general and administrative expenses
1939
$1,636,801
1,429,926
89,928
$225,717
7,834
Other
income
Interest received- -net.
468
Total income
$116,946
4,419
1,251
$234,019
43,512
$122,615
42,451
3,716
294
575
38,564
Depreciation
Expense for stock listings
7,235
Write-down of marketable securities.
Provision for Federal taxes
$151,650
205,816
$68,638
152,532
$357,466
....
profits tax_.
Minority int. in subs
$2,467,214
2,123,240
118,257
Net sales..
Cost of sales
Net profit for year
Previous earned surplus
Depreciation
.*
Loss on disposal of capi¬
excess
$9,886,850 $10,193,724
$4,859,353
Total income.
Fed.
Years Ended Dec. 31—
bl937
bl938
$9,865,092
&
Net earnings.
Other income.
$9,090
46,229
$158,230
40,563
_
&c_
bl939
al940
Gross prof, on goods
_
Gross income
Interest,
Beech-Nut Packing Co.—Earnings—
(& Subs.)—
1941
re venues.
1739
Net profit.
Preferred dividends..
596,938
70
306
315
315
2,734,525
2,515,763
2,406.382
2,625,144
$155,345
8,700,639
cDrlOO.OOO
def$43,411
8,744,050
$120,446
8,623,605
$115,745
8,507,860
Profit & loss surplus._ $8,755,984
com. stk. outstand¬
$8,700,639
$8,744,050
$8,623,605
437.524
$5.65
437.5M
Common dividends.
.
Balance, surplus
Previous surplus
Miscell. adjustments.
Shs.
ing (par $20)
Earned per share
437,524
$6.61
...
These figures only include Fairmont Box Co.
a
company's subsidiaries,
$221,170
for future decline in raw
Transfer to
material prices,
c
437,524
$5.78
b Includes fi
$6.26
of the
for contingencies to provide
d Surtax on undistributed profits.
;ures
reserve
Consolidated Balance Sheet Dec. 31
Total
surplus
Additional assessment of Federal income taxes for
year ended Dec.
31, 1937.
Settlement
Dividends paid..
a
Additional
3,008
12,346
2*
i.
al940
1939
S
$
Assets—
i.
103,420
716
Federal taxes, 1939
ing, &c
Mtges. &
loans
4,622,093
....
5,106,764
24,102
24,852
145,213
222.908
Minority stk.
... .
$253,330
Earnings
per share on
$205,816
trademarks
Miscell. accts. rec.
$1.03
$0.46
Security investm't
capital stock
Authorized by the board of directors in the liquidation of
employees'
aggregating $12,861 by the surrender of 1,435 shares of the com¬
a
stock of the company at a value of $9 per share, and
provision against
note receivable of a former employee in amount of
$8,900, secured
mon
a
448 shares of the
by
common
stock of the company.
Cash...
Int. and divs.
Marketable secure.
c
Accts.
Advs.
hand
and
Atlas
1940
Gross sales
$2,824,759
Cost of sales, excl. depr.
2,025,675
Selling & admin, exps—
470,404
1939
1938
$2,167,723
1,487,572
445,570
1937
$1,790,793
1,252,128
397,437
$2,424,636
1,757,775
419,004
$328,681
$141,228
55,624
$247,857
46,283
Other income--
69.126
$234,582
52,860
Total income
$397,807
67,983
$287,442
67,865
$196,853
67,980
$294,141
65,646
7,580
32,880
7,580
32,880
31,510
Depreciation
Amortizat'n of Mattoon
costs
7,580
7,580
6% notes
27,814
66,490
32,201
39,330
on
$140,468
$68,204
$0.78
$0.38
Prov. for income taxes._
Net profit
Earnings
x
_•
share
per
After deducting replacements and
Assets—Cash
$156,524
$0.86
allowances.
Consolidated Balance Sheet Nov. 30, 1940
'
Bangor Hydro-Electric Co. (& Subs.)—Earnings
Period End. Feb. 28—
1941—Month—1940
$212,715
468,776
239,002
$88,633
25,583
$87,394
25,495
$1,031,937
307,816
$992,039
305,104
$63,050
25,483
21,702
$61,899
25.483
21,702
$724,121
305,794
260,424
$686,934
305,794
260,424
$15,865
$14,713
$157,902
41,585
19,924
Net oper. revenue
Fixed charges
i—'-'V'
Surplus.
Dividend on pref. stock.
on common stock.
Div.
_
Balance
152, p. 1124.
Barnsdall
Oil Co.— To Vote
on
Corp.—25-Cent Common Dividend—
Directors have declared a dividend of 25 cents per share on the common
payable April 1 to holders of record March 22.
This
compares with
50 cents paid on Dec. 18, last, and dividend of 25 cents paid on July 1,
this latter being the first dividend paid on the common shares since
last
Dec. 30, 1937, when a stock distribution of 3% was made.—V. 152, p. 1582.
Bell Aircraft
Corp.—Amendment Voted—
Stockholders on March 6 approved an amendment to the by-laws indem¬
nifying directors against expenses in suits,
They also authorized employ¬
ment of Price.
Waterhouse & Co. as independent auditors for 1941.*—
V.
152, p. 1583.
1,087.200
292,607
254,478
Employees ins. res. 1,488,878
Contingency res've
500,000
1,265,291
56,300
1,453,090
477,281
400,000
1,266,898
1,092,459
Miscell.
7,859,014
6,817,372
Surplus paid in
1,445.090
681,146
400,556
140,267
Earned surplus
8,755,984
8,700,639
326,323
d
Treasury stock. Dr447,857
7>r447,857
49,250
reserves.-
22.878,625 21,807,727
Total
22,878,625 21,807,727
Bendix Home
Appliances, Inc.—To Pay 30-Cent Div.—
on March 10 declared a dividend of 30 cents per share on the
A stock, par $5, payable March 25 to holders of record March 19.
This dividend is to apply against accruals on this
stock, which on Dec. 31,
1940 amounted to $1.20 per share.
Beneficial
Industrial
Loan
Eastman, Dillon & Co. on March
business, marketed 19,752 jhares of
at $20.50 a share.
Corp.—Stock Offered—
11, after the close of
common stock (no par)
It is understood that the shares repre¬
sented British holdings.—V. 152, p. 1583.
Bethlehem Steel
Corp.—7V> Amend Pension Plan—
Stockholders at the annual meeting in Wilmington April 8 will be asked
on an amendment to the employees pension plan
enlarging the pay¬
to vote
ments which would be made under the
letter to stockholders from
a
plan to certain employees, according
Eugene G. Grace, President, accompanying
the proxy statement.
Mr. Grace states that he himself has waived his rights under the plan
and will receive no pension.
It is estimated that had the amended plan
been in operation during 1940 an aggregate amount of $850,000 would have
been paid out in pensions compared with an average of $794,336 paid out
under the present plan for the 10 years ended 1940.
Two propositions suggested by stockholders, on which the management
to
New
York from
can vote, are to change the place of the annual meeting
Wilmington, Del., and to submit to stockholders the
which are to be appointed by the di¬
of the independent auditors
rectors.—V. 152, p. 1583.
names
Bird Machine Co.—25-Cent Dividend—
Directors have declared
a di vidend of 25 cents per share on the common
payable March 28 to holders of record March 15.
Dividend of
was paid on Dec. 28 last; 50 cents paid on Sept. 28 last; 25 cents
on June 28, 1940; 10 cents paid on March 28, 1940, and dividends
totaling
65 cents paid during 1939.
stock,
65 cents
Birmingham Electric Co.—Obituary—
Jesses 11. Pevear, 63, Chairman of the Board died on March 6.—V.
p.
152,
1422.
Birmingham
Gas
Co.—Private
Sale
of
Bonds—The
Securities and Exchange Commission on March 13 issued an
order permitting to become effective the application and
declaration of company
filed pursuant to the Public Utility
Holding Company Act of 1935, regarding the issuance and
on April 1, 1941, to Northwestern Mutual Life Insurance
Co., Milwaukee, of $5,850,000 1st mtge. bonds, 3%% series
due 1971, at 105.02%.
sale
Bonds are to be secured by a first mortgage on all of company's physical
property and franchises (with certain minor exceptions), evidenced by an
indenture of mortgage to Chemical Bank & Trust Co., New York, as trustee.
The proceeds of the sale is to be devoted to the redemption of $5,850,000
first mortgage gold bonds, 5% series, due 1959, at 103.75, to the payment
of a fee of $29,250 to Halsey, Stuart & Co., Inc., for services in negotiating
such sale and to the payment of estimated expenses of $39,910.
The issuance and sale of the bonds has been approved
8. Commission.—V. 152, p. 1274.
by the Alabama
Blaw-Knox Co,—15-Cent Dividend—
Surplus—
Stockholders at the annual meeting on April 22. will be asked to vote on a
proposal of directors to charge to capital surplus the net deficit in earned
surplus amounting to $862,903 on Dec, 31, 1940, which resulted from the
sale of 317,000 shares of common stock of Bareco Oil Co., and the further
sum of $2,184,831 which represents a reduction in the amount at which the
remaining shares of Bareco are carried on its books.
These deductions
would leave a capital surplus of $1,926,084.—V. 152, p. 1273.
stock
Acer. U. S. inc. tax
Accrued expenses.
13,429
3,331,328
Directors
P.
Bath Iron Works
662,701
class
$120,716
Taxes accrued
—V.
1941—12 Mos.—1940
$2,475,526
735,812
14,634
62,572
*
$199,668
63,640
34,000
$2,288,602
728,356
385,500
182,708
Operating expenses
Depreciation
71,071
101,457
546,975
believes stockholders
on
own
Gross earnings—
74,533
161,035
546.905
4,035,717
640,203
5,103,098
9,374
2,102,075
,
hand and in banks, $288,230; funds set aside for re¬
6% notes, $43,050; notes and accounts receivable (less
reserves
of $21,615), $945,303; inventories, $855,194;
operating plant,
property and equipment (less provision for depreciation of $661,170),
$651,328; investment in and advances to Atlas Thornburg Diesel Engines,
Inc. (a 56% owned subsidiary), $72,177; real estate, non-operative, at
depreciated cost,
$163,588; title guaranty deposit, $5,000; micellaneous
investments, $600; interest in vessel acquired for unpaid account, $14,000;
prepaid expenses and deferred charges, $47,636; Mattoon plant (less amortiz¬
ation at 20% per annum, $30,319), $7,580; Diesel patents, $*.;
employees,
accounts, $1,999; total, $3,095,686.
Liabilities—Notes
payable to banks, $63,000; accounts payable and
accruals, $360,689; mortgage on property, Houston, Texas, $1,316; conv.
6% extended notes due March 1, 1945, $450,000; capital stock, $902,391;
capital surplus, $657,188; reserve for incomplete insta'lations and deferred
income, $15,080; earned surplus, $646,043; total, $3,095,687.—V.
152
p. J123.
demption of
Total
to
20.209
$227,942
$1.26
development
Interest
con¬
trolled cos
Accounts payable.
Dividends payable
a Includes
Fairmont Box Co., only,
b After deducting depreciation of
$3,749,236 in 1940 and $3,957,371 in 1939.
c After reserves of *54 ,303 in
1940 and $56,196 in 1939.
d 8,726 shares at cost.—V. 152, p. 1421.
-Earnings
'
Oper. profit excl. depr.
purchases
Deferred assets
Imperial Diesel Engine Co. (& Subs.)-
Ycars End. Nov. 30—
x
on
...
$
8,925,000
4,000
in
banks, $146,416; marketable securities
(market value Dec. 31, 1940, $1,910), S1.9C5; receivables, $381,842;
inventories, $553,732; other assets, $1,977; plant and equipment (less
reserves for depreciation of
$531,939), $591,305; prepaid insurance, $2,701;
total, $1,679,878:
Liabilities—Notes payable, "banks, $125,000; accounts payable, trade,
$115,166; customers' advances and credit balances, $30,563; unclaimed
checks, $44; accruals, $54,792; reserve for Federal income and excess profit
taxes, $39,279; reserve for compensation insurance, $20,504;
capital stock
(par $5), $738,715; capital surplus, $302,483; earned surplus, $253,330;
total, $1,679,878.
V. 151, p. 3386.
on
receiv'le.
Inventories
1Balance Sheet Dec. 31. 1940
Assets—Cash
rec.
30,681
1939
-
8,925.000
Pref. stock, class A
27,776
secured
....
$
Common stock
Pat's,
accounts
al940
Liabilities—
b Real est., build¬
Directors have declared
stock,
payable April
7
a
to
dividend of 15 cents per share on the common
holders of record
March
17.
This
compares
with 12M cents paid on Dec. 17 and Aug. 31 last, this latter being the first
dividend paid since Dec. 20, 1937, when a year-end dividend of 50 cents
was
paid.—V. 152, p. 821.
(The) Borden Co .—Annual Report—
The company for the year ended Dec. 31, 1940, earned $7,582,617, or
3.5% on its sales of $216,795,850 in the United States, Canada and export
markets, Theodore G. Montague, President, told its 47,396 stockholders
and 27,080 employees in the company's 83rd annual report, issued March 8.
The report emphasizes that Borden's is essentially a home institution in
the United States and Canada.
In 1940 it paid $48,055,293 for dairy
products, wages and taxes in New York State, or $2,323,854 more than
in 1939.
At the close of the year stockholders there numbered 14,441 and
employees averaged 9,775 throughout the year.
"The company's business, being almost wholly in the so-called consumer
goods industry group," explained Mr. Montague, "is not likely to be
substantially accelerated due to war demands or to our own defense program.
Profit margins continue to be low, and the company in most of its division
The Commercial & Financial
1740
Is dependent
for its profits on selling large
volume at a low profit margin
per unit.
A limited demand may materialize for some types of dairy
products for use by either civil or military authorities, as well as for relief
and Red Cross distribution.
But we do not anticipate this demand will
be of substantial proportions when compared with domestic consumption."
1910 were $8,000,000 over those of 1939, the
Although dollar sales in
rise in the cost of sales and expenses was
The item of sales and
$8,647,577.
of $208,217,319 in 1940 included: Provision for depreciation of
$6,016,187, against $0,226,193 in 1939; insurance, taxes and all manufac¬
turing, selling, delivery, administrative and general expenses, after deduct¬
ing miscellaneous operating income.
Such costs and expenses in 1939
expenses
$199,509,742.
totaled
'
.
dend of 62^ cents was
cents per
p.
of Sales Dollar
During the last decade, through use of lighter weight bottles and con"
tainers, more efficient machinery and buildings, motorization of vehicles,
and tank cars, Borden reduced the total of all other expense ite,s except
taxes.
These economies, however, weer more than offset by increases in
milk, wage and tax costs.
In the fluid milk division, 78.6 cents of the sales dollar—against 78 cents
in 1939—were paid for milk, other dairy products, wages and taxes.
How¬
ever, for ail of the company's operations, payments for milk, cream, butter,
cheese, labor and taxes took 71.6 cents per dollar of sales in 1940 as aganst
69.9 cents in 1939.
Costs and expenses of operation took 22.1 cents,
against 23.3 cents in 1939, and depreciation 2.8 cents, against 3 cents in
1939.
Total costs and expenses took 96.5 cents per dollar of sales in 1940,
against 96.2 cents In 1939, leaving 3,5 cents available to the owners of the
business against 3.8 cents in 1939.
raw
Loss Statement for Years Ended Dec. 31
1938
1939
1940
a
1937
216,795,851 208,789,251 212,038,654 237,561.672
Net
8,578,531
486,420
Gross income
7,812,446
460,130
7,043,164
446,136
9,710,400
1,708,404
8.272,576
1,602,889
7,489,300
1,168,661
47,720
.
—
I
Federal, &c., taxes (est.)
Maint. exp. on prop'tiei i
9,219,509
490,891
9,064,951
1,434,614
operating profit..
Other income (net)
22,159
28,483
29,987
1757.
Net
income
.
6,290,652
7,034,726
c702,372
6,641,205
6,155.386
7,979,838
6,155,386
7,582.617
6,155,386
.
debit
1,427,231
17,821,337
.
,
1,824,452
20,207,823
Sales of
Other
21,168,450
operating revenues
Operating income.-Other income
17,821,337
20,207,822
19,722,003
4,396,704
$1.72
4,396,704
.$1.81
4,396,704
4,396,704
$1.51
$1.43
out¬
standing (par $15)
Earnings per share
including depreciation of $6,016,187
$6,183,922 in 1938 and $6,256,676 in 1937.
manufacturing, selling, administrative and
general expenses after deducting miscellaneous operating income.
b For purchase of employees' deferred retirement annuities, based on
service prior to July 1, 1939, $3,750,000; for adjustment of U. S. dollar
equivalent of net current assets of foreign countries on Dec. 31, 1939,
After cost of sales and expenses,
a
1940, $6,226,193 in 1939.
and insurance, taxes and all
in
$460,938.
after application of reserves, less
disposals during the year.
Write-off of unessential properties
c
proceeds of $748,965 from
Consolidated Balance Sheet Dec. 31
1940
a
5
67,220,328
20,291,907
4,412,912
12,794,347
17,895,422
5,411,812
12,236,450
17,514,226
939,747
-
60,813,239
20,147,814
equipment
Marketable
901,429
-
Receivables
Inventories
&c
-
accr.
current
65,950,560
9,800,764
2,820,044
329,744
accts
189,044
Res. for conting.
for
pur.
2,545,185
2,545,185
3,187,320
3,371,780
of
retire, ann'tles
goodwill-
1
Mtges., other re¬
ceivables, &c.
2,908,644
and
oper.
2,545,871
reserves
Capital surplusEarned surplus-
Total
a
120,319,215 125,714,9331
...
After reserves for depreciation of
Boston Elevated Ry.
Month
$51,165,018 in 1940 and $49,817,323
1584.
Co.—Earnings1941
145.835
3.761
139.751
235.948
329.374
99.497
7,260
329,374
99,497
7,485
$100,099
$59,991
-
rentals
bonds
Dividends
Miscellaneous items
Excess of cost of service over receipts
p.
$2,415,824
1,659.999
236,002
acciuals
Subway, tunnel and rapdi transit line
on
1940
$2,402,089
1,680,459
Rent for leased roads
a
17,821,337
126,319,215 125,714,933
Total
of January—
Total receipts
Total operating expenses
Fedeial. State and municipal tax
a
5,702,728
13,883,136
b Par value $15 per share.—V. 152, p.
in 1939.
Interest
6,174,098
13,674,793
19,248,568
Amortization of discount on funded debt, bank charges,
3,761
&c.—V. 152,
1124.
Brainard Steel Corp.—Registers with SEC—
See list given on first page of this department.—V. 151. p. 1887.
Bralorne Mines,
Ltd.—Extra Dividend—
in addi¬
quarterly dividend of 20 cents per share on the common
stock, both payable April 15 to holders of record March 31.
Like amounts
paid on Jan. 15 last.—V. 151, p. 3551.
Directors have declared an extra dividend of 10 cents per share
tion to the regular
Briggs Mfg. Co.—To Ray 50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share on the common
stock, no par value, payable March 25 to holders of record March 18. This
compares with 75 cents paid on Dec. 24, last; 50 cents paid in three pre¬
ceding quarters; 25 cents Dec. 27, 1939; 50 cents, Sept. 30, 1939; 25 cents,
June 30 and March 30, 1939; 50 cents paid Dec. 24, 1938; 25 cents paid
Sept. 30 and June 30, 1938; $1.50 paid Dec. 23, 1937; $1 paid Sept.
June 25, 1937, and 50 cents paid March 31, 1937.—V. 151, p. 3738.
British Columbia Power Corp.,
Month of January—
Gross
earnings
Operating expenses and taxes
30 and
Ltd.—Earnings—
1941
$1,586,237
968,498
1940
$1,422,175
809,600
$3,713,195
42.086
87,424
$3,290,930
$3,800,619
555,520
20,058
171,628
-
debt
Other interest
—
555.520
$2,715,352 $3,073,471
x Includes amortization of debt discount and expense and miscellaneous
deductions, including write-off in 1939 of investment in New York World's
Fair bonds of $143,199.
y Includes Federal income tax provision.—V. 151.
Net income.
p.
2635.
Canada Northern Power
Month of January—
Gross
Corp., Ltd.—Earnings1941
_
$420,373
earnings
222,244
Operating expenses
$198,129
Net earnings
—V. 152, p. 114.
1940
$437,962
234,768
$203,194
i
Canadian National
Ry.—Earnings—
Earnings of System for Week
Ended March 7
Increase
1940
$5,094,144
Gross revenues
$4,095,938
$998,206
'
Canadian Pacific Ry.—Earnings—
1940
1939
1938
1937
$
•
$
$
170,964,897 151,280,699 142,258,981 145,085,558
Gross earnings
(incl.
expenses
,
135,325.459 122,756,880 12i,506,515 121,343.311
35,639,438
10,692,163
20,752,466
7,363,673
23,742,247
11,629.711
a805,830
Total income
28,523,819
6,764,851
46,331,601
Net earnings
Other income
35,288,670
24,700,692
a805,830
28,116,139
24,767,939
b2,085,818
35,371,958
24,041,534
cl ,868,140
20.145,056
9,782,148
1,262,382
9,462,284
25,380,715
Fixed charges
Guar. int. Soo Line
Balance transferred to
profit & loss account
Preference dividends
a
Interest
on
5,042,782
bonds of Minneapolis St.
2,745,138
Paul & Salt Ste. Marie Ry.,
guaranteed as to interest by Canadian Pacific Ry.
b Interest on bonds of Minneapolis St. Paul & Salt Ste. Marie Ry. Co.,
guaranteed as to interest by Canadian Pacific Ry., and on notes secured by
pledge of bonds so guaranteed.
c Interest payable Jan.
1, 1938, to bondholders of the Minneapolis St.
Paul & Sault Ste. Marie Ry. Co. on bond Issues, guaranteed as to interest
by Canadian Pacific Ry. Co., and
pledge of bonds so guaranteed.
interest accrued on notes secured by
Earnings for Week Ended March
1Q41
■
$3,472,000
Gross revenues
—V. 152, p.
7
7r> CTpn
1 QAfl
$2,666,000
$806,000
1585.
Carolina Mountain Power
Employ's' def.
Insurance & oth.
mks.,
3,275,500
—
Gross income..
Interest on long-term
x
"""
$3,248,844
(net).---——.
3,243,924
3,206,475
liab--
pats.
Tr.
—
....
Def'd inc. & non-
Res.
items,
Prepaid
Capital stock. 65,950,500
Accts. payable..
9,399,238
Accrued taxes..
2,989,000
Other
se¬
curities
$
$
Liabilities—
b
Prop., plant &
Cash-
1939
1940
1939
$
Assets—
$13,926,476 $14,024,451
5,675,674
5,836.425
1,494.136
1.565,707
3,141,446
"
Operating expenses—
Depreciation——————
y Taxes.
Working
19,248,568
Total surplus
stock
1939
-.404,823,109 406,257,247
—$13,532,090 $13,719,382
394,386
305,069
Total operating revenues.-
taxes)..-.
com.
Inc.—-Earnings—
for Three Months
electricity—Kwh-—
485.819 def1,446,446
19,722,003
Dr. b4,210,938
Shares
„
Sales of electricity—
Calendar Years—
Balance, surplus
and dividends totaling 50
.
Ended Dec. 31
'A'..-*-1940
Income Account
—V. 152, P. 1422.
Common dividends
.
cumulative until Jan. 1, 1943.—V. 150,
'•
1941
not essential to oper..
Miscellaneous
1939.
Brooklyn Edison Co.,
Materials, Labor and Taxes Take More
Sales
paid on April 1, 1940,
share Were paid in
Dividends on this issue are not
151 1941
■
Capital expenditures for new equipment in 1940 were $6,551,365, one
of the largest items being for motor vehicles, which require constant re¬
placements to keep the company's fleet of 8,500 vehicles in efficient oper¬
ating condition.
Directors appropriated $6,426,330 for capital expendi¬
tures in 1941.
"
Consolidated Income and Profit and
March
Chronicle
The holders of the gen. mtge.
Corp.—To Extend Bonds—
6% income bonds are asked to deposit
their bonds (with July 1, 1941, coupon
Co. for Insurances on Lives & Granting
attached) with the Pennsylvania
Annuities with the view to extend
date to July 1, 1951.
Homer Reed, President, states:
The bonds mature July
present conditions there is no possibility of refinancing toe
the maturity
1,1941.
Under
bonds upon any
could recommend for acceptance.
A recapitaliza¬
tion through court proceedings would involve expense, delay and inter¬
ruption of orderly management, which are unnecessary and would be
detrimental
to
the interests of the bondholders.
Directors therefore
recommend and submit a plan for the voluntary extension of the bonds
which they feel is distinctly to the advantage of all of the bondholders.
Company was organized in 1931 to take over tne foreclosed properties
of a predecessor corporation.
The properties consist of a hydro-electric
terms which the company
£ower N. O.,and dam located onland1,500-acre lake in the town of level,
plant with appurtenant a and water rights. The lake Lake
iure,
and
the amount
of power output,
depend entirely upon the amount of
rainfall in the area.
acquired the properties the entire project was In
of the damage which had been caused by a recent
severe flood.
There were outstanding claims for repairs to the dam and
power plant, and numerous claims by the owners of adjoining farms which
had
been
injured when the dam was destroyed.
In order to raise the
funds to defray those claims and provide working capital, a first mortgage
of $155,000 was placed ahead of the mortgage securing the present bonds.
Measures were taken by the present management to prevent the re¬
currence of flood
damage, which have proved entirely successful.
No
liability for flood damage has been incurred since company took over the
management, the first mortgage was paid off in full out of earnings by
1936 and all contingent claims and legal fees and costs in connection with
such claims have been finally disposed of.
Company has developed sources of revenue other than the wholesale
sale of its power.
It has promoted the use of the lake as a resort, and now
obtains a substantial income from the lease of boating and fishing rights.
Company has also succeeded in placing the retail sale of power upon a
profitable basis.
Prior to 1931 the retail sales were less than $3,500
annually—an amount insufficient to be profitable to the company.
Since
that time, the retail sales have been actively developed and in 1940 amounted
to $12,249, showing a substantial profit to the company.
The principal amount of gen. mtge. bonds outstanding when company
was organized amounted to $568,500.
The interest on the bonds is payable
out of the surplus income of the company, as determined by the directors.
The net earnings after ail charges have been sufficient to pay interest
upon the bonds in every year from 1934 to the present time at an average
rateof2M%.
'
Company has also accumulated a depreciation reserve out of earnings
which has enabled it to purchase for the treasury a total of $92,500 of the
At the time company
serious jeopardy because
gen. mtge.
bonds at an average cost of 35% of par.
The outstanding bonds
reduced to $476,000, resulting in a substantial improve¬
security of the holders of the outstanding bonds.
have been thereby
ment of the
Net earnings
-V.
152, p.
$617,739
$612,575
113.
Broad Street Investing
Directors have declared a dividend of 25 cents a share on the capital
stock, payable April 1 to stockholders of record March 21.
This com¬
pares with 45 cents paid on Jan. 2, last; 25 cents paid on Oct. 1, last; 22
cents on July 1, last; 20 cents on April 1, 1940; 37 cents on Jan. 2, 1940;
18 cents on Oct. 1 and on July 1, 1939; 20 cents on April 1, 1939; 18 cents
on Jan. 3, 1938; 14 cents on Oct. 1, 1938; 15 cents on July 1 and April 1,
1938, and 21 cents paid on Jan. 5, 1938.—V. 152, p. 977.
Canada Steamship Lines—$2.50 Dividend—
Directors have declared a dividend of $2.50 per share on the
ence
Retail power sales
Other income
Ended Dec. 31,1940
$38,925
12,249
Divi¬
2,033
——-
Total
—
Operating expenses
Insurance, legal and other general expenses
Taxes
Depreciation and amortization
6% income bonds
with respect to July 1, 1941, coupons
Interest on gen. mtge.
5% prefer¬
stock, par $50, payable April 1 to holders of record March 21.
Income Staiement, Year
Operating revenues—Wholesale power sales
Corp.—Dividends—
Deficit.
---
declared during 1940
$53,207
11,502
7,321
8,686
17,416
9,560
$1,279
Volume
The Commercial & Financial Chronicle
152
Balance Sheet Dec. 31, 1940
Assets—Cash, $20,031; accounts receivable, $5,759; notes receivable,
It o/ioPrPpe^ty account, $690,335; other assets, $2,091; deferred charges,
a.
$1,203: bonds purchased at cost, $31,798; total, $751,393.
Liabilities—Accounts payable, $553; accrued taxes payable, $3,943;
interest on gen. mtge. 6% income bonds declared
payable with respect to
July 1, 1941, coupons, $9,560; gen. mtge. 6% income bonds, $568,500;
reserves for depreciation
and retirement reserve, $144,748; reserve for
contingencies, $3,800; capital stock (11,000 shares, no par), $1,000; paid-in
surplus, $21,254; earned deficit, $1,964; total, $751,393.—V. 121, p. 72.
(through reorganization) to Chicago & Great
Western RR.
Company acquired at midnight on Feb. 19, 1941 all of the
business, assets and property of Chicago Great Western RR.
On Feb. 20,194i company completed all of the details
necessary to obtain
the loan from RFC.
On March 4 the company obtained the proceeds of
the_ioan and disbursed the proceeds.
The District Court, by its order
of Feb. 15, 1941, has provided for the
exchange of securities and for all
other steps necessary to consummate the plan of reorganization.
It is
expected that a final decree terminating said reorganization proceedings
will be entered during the year 1941.
Treatment Provided in Plan of Reorganization for Holders of Securities
Carthage Mills, Inc.—50-Cent Dividend—
Directors have declared
dividend of 50 cents per share on the common
was paid on July 22, 1940, and last
dividend also amounted to $1 per share and was dis¬
stock, payable April 1,
previous
tributed
common
Dec.
on
a
Dividend of $1
17, 1937.—V. 151,
2488.
p.
of
this
Proposed—
meeting on April 9
will be asked to approve a
proposal for the merger of Celluloid Corp., a
subsidiary company, into the corporation, it was disclosed on March 10
with the mailing out of proxies soliciting authorization for the move.
Stockholders of Celluloid Corp. will vote on the proposal at a special meet¬
ing on April 10.
The proposed merger will bring together
companies with combined assets
of over $96,000,000.
Celanese Corp. of America is the largest producer
of acetate rayons in the
country and Ceduloid Corp. is the oldest company
in the plastics field in the United States.
,
The proposed merger will be accomplished through the issuance of new
5% preferred stock and additional common stock of Celanese Corp. of
America in exchange for common and
preferred stocks of Celluloid Corp.
Terms of the merger agreement in addition to providing for the new 5%
cumulative series of prior preferred stock also create a new issue of nonredeemable 7% second preferred stock and provide for the retirement of
the present 7 % cumulative first participating preferred stock by Celanese
Corp.
Under the share exchange plan the three outstanding classes of stock of
Celluloid Corp., consisting or 23,882 shares of first preferred participating
stock, 24,551 shares of $7 dividend preferred stock and 194,951 shares of
corporation
their
at
The
following table sets forth securities of the debtor, outstanding as
midnight on Feb. 19, 1941 (the date upon which the company acquired
the business, assets and
property constituting the debtor's estate), and the
treatment provided in the plan of reorganization for the participating
of
holders of said securities:
Celanese Corp. of America—Cellvloid Merger
Stockholders
annual
-
stock will be eliminated. 0
The proposed basis of exchange is as follows:
Each share of Celluloid Corp. first preferred participating stock, with
all dividends of arrears thereon, shall be converted into IX shares of a new
common
5% cumulative series of the prior pref. stock of Celanese Corp. of America.
Each share of Celluloid Corp. $7 div. preferred stock, with all arrears of
dividends thereon, shall be converted into either (a) X share of the 5%
cumulative series prior pref. stock, or
a
Title of Security
Equipment trust ctfs.:
Series A, 4X%
Series B, 4%
!
Credit Corp
(incl all unpaid
interest) will receive: (a) $285 1st
mtge. bonds, series A, bearing int.
from Jan. 1, 1938; (b) $172 gen'l
income mtge. bonds, bearing int.
from Jan. 1, 1938; (c) $515 pref.
stock: (d) $172 common stock
4% pref. stock (par $100)-46,073,500 To receive one share new com. stock
f0r
Com. stock (par $100)
a
Excluding pledged and treasury holdings.
March 4, 1941 out of proceeds of
Note—Claims
entitled
to
priority
Netrev.fromry.opers. $5,465,367
Railway tax accruals—
1,360,738
Ry.
oper.
$4,448,861
1,090.966
$4,061,036
2,281,265
$2,839,346
2,245,870
$3,357,895
2,494,967
$1,784,230
$1,779,771
122,160
Net ry. oper. income-
$3,900,301
1,060,955
118,469
$593,476
130.160
$862,928
147,406
$1,906,390
5,772
Other income
Miscellaneous rents.
—_
$1,898,240
$723,636
5.694
5,662
6,164
5,878
4,926
$1,010,334
6,056
5,761
5,870
89,019
2.315
2,097
$1,889,054
$1,797,395
$710,517
$996,420
192,235
1,595,684
54,699
198,722
1,575,845
69,121
176.169
1,592,414
69,985
176,662
1,634,311
71,221
15,855
16,222
16,589
Miscell. tax accruals
Miscell. income chargesavailable
Income
fixed
charges--
for
— .
Rent for leased roads and
equipment....
Interest
Int.
on
on
funded debt.
unfunded debt..
Amortiz.
of discount on
Inc. after fixed chges.
6,492
$39,944
def$62,148df$1.144,273 def$902,363
Comparative Balance Sheet Dec. 31
Corp.—Merger Proposed—
Pro Forma
1940
above.—V. 152, p. 1275.
1940
$
Assets—*
Earnings
a
per
$
Investments in road & equipment-._a87,895,262
Corp. (& Subs.)—Earnings—
1941
3 Months Ended Jan. 31—
Sales (net)
a Net profit
$4,008,537
456,865
share of common stock
After all charges and
$0.66
—
1940
$2,566,026
loss194,865
Nil
provision for normal Federal income tax,
but
before provision for excess profits tax.
Note—Celotex. Ltd. is excluded from report.—V. 152, p. 421.
Central Arizona Light & Power
Period End. Jan. 31—
Direct taxes
.
$400,733
$4,791,314
$4,254,673
45,000
181,752
74,338
45,000
2,322,214
942,269
432,000
1,910,924
817,833
407,000
2,913
34,956
34,960
Prop, retire, res. approp.
of
1941—12 Afos.—1940
$435,215
2,909
taxes
Amort,
Co.—Earnings—
1941—Month—1940
214,010
85,287
Operating revenues
Oper. exps., excl. direct
limited-term
investments..
Net oper. revenues
$88,009
15
Other income (net)
$96,730
17
.
$1,059,875
17,775
$1,083,956
18,875
$1,102,831
$88,024
$96,747
$1,077,650
Int. on mtge. bonds
Other interest-
$18,958
$18,958
$227,500
758
734
9,607
—
Investments in affiliated companies:
505,735
28,769
236,260
3
881
505,735
28,769
236,260
3
881
b3,729,365
1,679,365
911,782
103,769
886,242
3
1,339
918,369
613,257
249,607
(a) Stocks
(c) Notes
(d) Advances
Other investments—(a) Stocks—...
(e) Miscellaneous
Cash
—
Special deposits
613,257
Traffic and car service balances ree'le
Net bals. rec. from agts. & conductors
289,230
289,230
330,501
330,501
287,298
268,266
268,266
276,191
634,733
634,733
1,097
1,500
21,412
L500
21,412
6,591
6,591
--
------
Miscellaneous accounts receivable—
Material and supplies
Interest and dividends receivable-—
Rents receivable
...—
Other current assets
—...
Working fund advances
Insurance and other funds.—
Other deferred assets
$227,500
10,700
$68,308
$77,055
Divs.applic. to pref. stocks for the period
...
-
$841,706
108,054
$733,652
$758,519
Note—Includes provision of $5,000 and $57,369 for Federal excess profits
month of January, 1941, and in the 12 months ended Jan. 31,
tax in the
1941, respectively.—V. 152, p. 1586.
Chain Store Investors Trust—Extra Dividend—
dividend of 20 cents per share on the common
stock, both payable April 15 to holders of record March 15. Extras of five
cents were paid on Jan. 15, last and on Oct. 15 and July 15, 1940.—V. 152,
p. 980.
Champion Paper & Fibre Co. (& Subs.)—Earnings—
40 Weeks
12 Weeks
Period Ended—
Feb. 2, '41
Net inc. after all charges
Feb. 4, '40
Feb. 4, '40
$486,849
$1,829,634 a$l,212,654
$0.67
$0.97
$2.59
non-recurring.—V. 151, p.
Loans and bills payable
$1.62
proceeds of life insurance policies,
3883.
Securities—
Exchange has authorized the listing of $10,130,100
first mortgage 4% bonds, series A, due Jan. 1, 1988; $6,113,600 general
income mortgage 4H% bonds, due Jan. 1, 2038, 366,104 shares of 5%
preferred stock (par $50) and 352,639 shares of common stock (par $50)
issued pursuant to the plan of reorganization for Chicago Great Western
BR., and $9,000,000 additional first mortgage 4% bonds, series A, due
Jan
1, 1988 which are pledged to Reconstruction Finance Corporation,
making a total of $19,130,100 first mortgage bonds appUed for.
The New York Stock
------
------
-
708,054
750,784
Miscellaneous accounts payable—...
14,652
Interest matured unpaid.
c2,071,993
Traffic & car service balances payable
Audited accounts & wages payable—
Dividends matured unpaid.
Unmatured interest accrued
^2,631
11,225
810
131,413
Unmatured rents accrued
Matured interest in default
------
392,539
equipment
Other unadjusted credits
Add'ns to property thru inc. & surplus
Profit and loss.—————.......
Total——
Chicago Great Western Ry.—Listing of
1940
.
10,309
6,443
100
2,570
18,095
270,266
356,425
1939
$
$
46,073,500
45,209,400
45,209,400
18,305,200
17,631,950
...
Other deferred liabilities
Includes $40,757 representing net
which is
_
Common stock (par $50)Grants in aid of construction
Tax liability
Accrued depreciation,
.
46,073,500
$
Other current liabilities
-
texi^Sc-'.$652,887
a
Feb. 2, '41
..
321,487
Pro Forma
1940
Liabilities—
Preferred stock (par $100)
Common stock (par $100)
Preferred stock (par $50)
25,658,048
Reorganization adjustments of capital 23,881,011
Directors have declared an extra dividend of 10 cents per share in ad¬
------
------
Long-term debt
dition to the regular quarterly
592,427
-
97,185,698 148,472,895 146,655.880
Total..
$866,573
108,054
10,700
14,946
321,487
Other unadjusted debits
8,758
223,372
2,946
14,946
Rents & insur. prems. paid in advance
Discount on funded debt
1,163
(Cr)
Net income
Balance-
J
1939
$
142,590,931 140,978,223
Impts. on leased railway property.
a444,391
40,436
42,511
Deps. in lieu of mtged. property sold.
9,496
9,496
9,496
Miscellaneous physical property
al,821,806
867,289
508,089
—
Gross income..
Int. chgd. to constr.
Years
$5,222,436
1,161,400
funded debt
Celotex
unsecured
$4,104,629
2,320,399
income
Net rents payable
amounted to $47.75 on Celluloid
Corp. first preferred participating stock and to $71.75 on the Celluloid
Corp. $7 preferred stock.—V. 152, p. 1586.
Celluloid
existing mortgages,
1940
1939
1938
1937
revenues.$18,748,596 $18,128,103 $17,141,964 $18,710,372
expenses- 13,283,229
12,905,667
13,241,663
14,261,511
and
See Celanese Corp. of America,
over
Comparative Income Account for Calendar
Total income
1,75(1,000 shares of common stocx.
Arrears of dividends to March 1
last,
The cash payment was made
b With interest to the date
Operating Income—
'
be necessary.
When the merger becomes effective, the authorized capital stock of
Celanese Corp. of America will be 2,148,179 shares, consisting of 250,000
shares of prior preferred stock, 148,179 shares of 7% second preferred stock
RFC loans,
claims, costs and expenses of administration, contracts and leases (including
leases of equipment), and obligations of guaranty are not included—all of
such claims and obligations having been assumed by the company.
oper.
The 7 % cumulative first participating preferred stock, although termed
first," has become in reality a second preferred stock and is now junior
to an authorized issue of $25,000,000 prior preferred stock, of which $16,481,800 is now outstanding.
No change is proposed in the terms of the outstanding 7 % cumulative
series prior preferred stock or the outstanding common stock of Celanese
Corp. of America, and no exchange of stock certificates of these issues will
two shares
45,209,400 Eliminated from participation
of payment in accordance with order of District Court.
Railway
merger agreement.
The proposed merger will become effective upon the
approval bj the holders of two-thirds of the total number of shares of out¬
standing stock of Celanese Corp. of America ana of the requisite number of
shares of stock of Celluloid Corp.
As a further provision of the merger, it is proposed that each share of
the 7% cumulative first participating preferred $100 par stock of Celanese
Corp. shall be converted into one share of a new issue of non-redeemable
7% second preferred stock of the same par value, and IX shares of common
1,093,885 b Payment in cash
Notes held by RFC
1,288,162 b Payment in cash
1st mtge. 4% gold bonds,
due 1959
35,544,000 Each $1,000 bond
shall be coverted into
stock of Celanese Corp. of America.
$745,000 Undisturbed—assumed by company
340,000 Undisturbed—assumed by company
78,000 Undisturbed—assumed by company
976,000 Undisturbed—assumed by company
295,478 Undisturbed—assumed by company
Equip, notes of Apr. 1, *37held
by Railroad
oper.
com.
Treatment of Participation Security
Holders Under Plan of Reorganization
Notes
Railway
Holders of all classes of stock of both Celanese Corp. of America and
Celluloid Corp. are entitled to vote upon the approval and adoption of the
Out-
standing
Series C, 4%
Series D, 3X%
(o) two shares of common stock of
Celanese Corp. of America.
Each share of Celluloid Corp. common stock (excepting 99,657 shares,
or 51%
of the total, owned by Celanese Corp. which will be canceled)
X share of
1741
The company is successor
—
824,329
6,376,422
424,633
------
------
400,251
319,872
39,849,639
40,235,072
1,093,885
708,054
750,784
14,652
31,045
1,093,885
673,226
809,541
15,372
35,530
.
———
11,225
810
131,413
9.824,742
io'ooo
13,338
813
159,135
8,235,350
§£2.539
824,329
685,421
6.206,422
5,783,412
424,633
389,467
138,759
137,404
Dr3,615,824 Dr3,632,702
97,185,698 148,472,895 146,655,880
$90,161,460 and include value as of
submitted to the ICC) of properties
to be acquired from: C. G. W. RR. Co., $70,634,417; M. O. & Ft. D.
RR
Co., $16,256,362; L. T. Ry. & Br. Co., $599.ol4; Ind. Elev. Co..
$359,650; St. P. & T. Ry. Co., $1,312,743; total, $89,162,489.
Plus
difference between cost ($l,500,d00) and value ($1,312,743) of St. P.
B
& T. Ry. Co. property, $187,256: estimated depreciation of St. P. B.
&'T. Ry. Co. equipment, $170,000; net changes in property accounts
Dec. 31, 1937 to Dec. 31, 1940, $<*41,714; total, $90,161,46f
a
These
three amounts aggregate
Dec. 31, 1937 (as shown on statement
The Commercial & Financial Chronicle
1742
b Includes
$2,050 working capital
received
proceeds of loan from
as
RFC.
$2,040,948 interest from Jan. 1, 1938 to Dec. 1, 1940,
and general income bonds.—V. 152. p. 1423.
Includes
c
on
first mortgage
new
Charleston Transit Co.—Tenders—
of mortgage dated
securing the general mortgage and adjustment bonds of
this corporation, the Central Trust Co., as trustee under said indenture,
has the sum of $5,913 for the purpose of purchasing said general mortgage
and adjustment bonds at a price not in excess of the redemption price of
such bonds, to wit: 102% of the aggregate principal amount thereof and
interest accrued and (or) accumulated and unpaid thereon to the date
fixed for the redemption thereof and the trustee, will receive tenders until
2 o'clock p. m., March 16, 1941 from the holders of such bonds who desire
to sell bonds of such issue.—V. 152, p. 822.
of Sept. 1, 1932
Chicago St. Paul Minneapolis & Omaha Ry.—Equip¬
Trusts—
ment
asked the Interstate Commerce Commission for auth¬
ority to issue $1.680,000 in equipment trust certificates. The company said
it proposed to buy 700 box cars.—V. 152, p. 1454.
The company has
.
Chicago Dock & Canal Co.—Extra Dividend—
Directors have declared an extra dividend of $4 per share in
addition to
dividend of $1 per share on the common stock.
The
payable March 31 to holders of record March 21 and the
quarterly dividend was paid on March 1 to holders of record Feb. 24.
the regular quarterly
extra dividend is
Chicago Milwaukee St. Paul & Pacific RR.—Plea on
Interest Denied—
Federal Judge Michael L.
Igo
on
March 5 refused to hear the petition
of the road to distribute over $9,000,000 in cash to bondholders on account
of interest, declaring that the petition represented in his opinion "purely
dilatory" tactics by the debtor in the reorganization.
Trustees of the road, through counsel, testified that
the payment
of
that amount of cash would deplete the road's working capital to the point
where it would be impossible to put the reorganization plan into effect.
—V.
152,
p.
1424.
Chicago Pneumatic Tool Co.—$1 Common Dividend—
an initial dividend of $1 per share on the com¬
stock, payable April 1 to holders of record March 20.—V. 151, p. 3085.
Directors have declared
mon
Chicago
&
Southern
Air
Lines- ■Revenue
Passenger
Traffic Up 83 %—
D.
D.
Vice-President,
Walker,
announced
on
March
8,
an
increase
of 83%
in revenue passengers carried for the first two months of 1941 as
same period of 1940.
The report shows that Chicago and Southern Air Lines flew 2,225,597
revenue passenger miles during the first two months of 1941, an increase
compared with the
of 56.3% over the same period of 1940 when the airline, operating between
Chicago and New Orleans, serving Springfield, St. Louis, Memphis, and
Jackson, flew 1,252,145 passenger miles.
During the period from Jan. 1
to Feb. 28, 194i, a total of 5,743 revenuo passengers were carried against
3,139 for the same months of 1940.
This is an increase of 83%.
The total number of passengers carried in February, 1941, showed an
increase of 4.6% over January and an increase of 90.5% over the month of
February, 1940.
Chicago and Southern flew a total of 1,153,726 revenue
passenger miles in February, 1941, against 1.071,871 in January, 1941 and
588,461 in February, 1940.—V. 152, p. 115.
Cincinnati
Union
Firm—The
Terminal Co.—Bonds
Union
Central Life
Sold to Insur¬
Insurance
Co., com¬
peting with regular investment banking bidders on March 12,
was awarded
an issue of $3,000,000
2.00% 30-year bonds
due 1971, at 100 plus a premium of $149.
Proceeds of the
sale of the bonds will be used to retire the outstanding
preferred stock on July 1 at 105.
ance
The
bonds
guaranteed jointly and severally as to interest and
principal by the Chesapeake & Ohio, the Norfolk & Western, the Cin¬
cinnati Now Orleans & Texas Pacific, the Louisville & Nashville, the Penn¬
new
are
sylvania, the New York
Central, the Southern
Ry. and
the Baltimore
& Ohio.
Six bids were received for the bonds.
Second high bid was 100.6336 for
the securities as 2 %s, offered by Drexel & Co., and Wood .Struthers & Co.
A group consisting of E. H. Rollins & Sons, Inc.; Blair & Co., Inc.; Shields
& Co.; Bear, Stearns & Co.; Gregory &
Co., and C. C. Collins & Co..
100.1579 for 2.80s.
Salomon Bros. & Ilutzler, Dick & Merle-Smith
and Stroud & Co. offered 100.69 for 2.85s.
Bid of 100.5659 for 2.90s was
offered by a group headed by The First Boston Corp. and including F. S.
bid
Moseley & Co., R. W. Pressprich & Co., Kean, Taylor & Co., Alex. Brown
& Sons, Minsch, Monell & Co. and Granbery, Marache & Lord.
Halsey,
Stuart & Co., Inc., Ladenburg, Thalman & Co., and Otis & Co., sub¬
mitted a bid of 100.066 for 3s.—V. 152, p. 1586.
Directors have declared a dividend of $1 per share on the common
stock, par $100, payable March 19 to holders of record March 17.
Like
amount paid on Aug. 1, last; dividend of $1.50 was paid on Feb. 7, 1940;
Si Paid on July 6, 1939; $1.50 on Feb. 7, 1939; $2.50 on June 30, 1938,
and $1 on Jan. 4, 1938.—V. 152, p. 1126.
Illuminating Co.—62 %-Cent Dtv.—
Directors have declared a dividend of 62y2 cents per share on the common
stock, payable April 1 to holders of record March 15.
Previously regular
quarterly dividends of 50 cents per share were distributed.
In addition
year-end dividend of 50 cents was paid on Dec. 20, 1940, and year-end
of 25 cents paid on Dec. 20, 1939 and 1938.—V. 152,
p. 1424.
Columbia Gas & Electric Corp.—Annual
Report—
Theannua1 report shows gross revenues of $109,998,017
compared with
consolidated net income of $12,840,480 compared
with $12,083,222 which, after allowance for preferred and
preference divi¬
dends amounting to $6,459,655, left earnings of 52 cents
per share of com¬
stock outstanding compared with 46 cents per share in 1939.
mon
While total gross revenues for the year 1940 increased
$10,063,342 (10.1 %)
those for 1939, expenses of operation and
maintenance, which are
over
susceptible of some control by the
management, were
only
$2,449,210
(4.7%) greater m 1940 than in 1939.
However, total tax accruals of the corporation and its subsidiaries for
the year 1940 of $18,137,261 were 42.5%
greater than in the year 1939 and
were equivalent to $1.48 per share of common stock
outstanding, an in¬
crease
with
of 44
cents
per
share.
Provision for
Federal income
and
excess
^clude^Ju the foregoing, amounted to $8,693,984 compared
$3,950,499 for 1939,
an increase of 119%.
The large increase in
part from increased net income but prin¬
cipally from the higher income tax rates in both Revenue Acts of 1940 and
the new excess profits tax in the second of these Acts.
Federal tax accruals resulted in
1
(^oS^er
1940 totaled 162,319,237,000 cubic feet compared with
146,442,185,000 cubic feet in 1939, an increase of 13.9% and average con¬
sumption per customer was the largest since 1931.
Electric sales for 1940
totaled
1,534,262,869 kwh. compared with 1,374,152,619 kwh. in 1939,
an increase of 11.7%.
Gas customers at the end of 1940 were 1,162,250
compared with 1,140,574 in 1939.
Electric customers at the end of 1940
were 378,573 compared with 367,332 in 1939.
The average gas consump¬
tion per residential customer throughout the
System in 1940 was 65 600
cubic feet as compared with 59,000 cubic feet in
1939, while the average
ai??u1SLresl.dential customer for 1940
with
was $37.35 as compared
$34.23 in 1939, an increase of $3.12 over 1939.
The average residential
consumption of electricity in 1940 was 980 kwh. compared with 926 kwh.
in the preceding year.
The average residential rate, however was
3.34 cents
cents per kwh. in 1939.
construction expenditures for the year 1940 were
approximately
$224)00,000 as compared With $12,000,000 for 1939. A substantial amount
of these expenditures is accounted for by the
completion of several under¬
takings begun in 1939 .including the installation by the Dayton Power &
per
kwh. in 1940 compared with 3.46
Light Corp. or a 33,333 kva. high pressure turbo-generator in the Millers
Ford Station, the construction by that company of additional transmission
1941
lines to Wright and Patterson aviation fields, the provision by the Cin¬
cinnati Gas & Electric Co. of additional transmission facilities In the Miami
River
new
portion (in Ohio) of a
Gas & Electric Co. in
Valley, and the completion by the company of its
interconnection with subsidiaries of American
Coincidentally with these increases in electric generating and
transmission facilities, additional substation capacity was installed, provid¬
ing a net increase in capacity of about 134,000 kva.
To meet the increased electric demand, National Defense activities have
already imposed on the electric facilities additional demand estimated at
21,000 kw. and further increases in both this and the normal electric load
may be expected.
To meet these anticipated requirements, additional
generating facilities, consisting of a new 81,250 kva. turbo-generator for
the Columbia Station of the Cincinnati Gas & Electric Co. (with an addi¬
tional transmission circuit to Cincinnati) and a new 37,500 kva. low pres¬
sure generator (replacing a 15,625 kva. Unit) for the Millers Ford Station in
Dayton, are scheduled for completion in 1942. It is believed that the power
capacity of the System will be adequate to supply all public demands
relating to national defense throughout the territory.
To meet the increased gas demand at Detroit and elsewhere on its lines,
Michigan Gas Transmission Corp. completed the construction of a 24-inch
pipe line about 55 miles long, paralleling its 20-inch line in Indiana from
Montezuma to Zionsville, adding 3,900 horsepower of pumping capacity
to its Montezuma and Zionsville Compressor Stations, and constructed a
new 3,900 horsepower Compressor Station at Edgerton, Indiana.
During 1940, full cash dividends were paid quarterly on the cumulative
preferred stock of Columbia Gas & Electric Corp., both 6% and 5% series,
and of the 5% cumulative preference stock.
Dividends on the common
stock were also paid at the rate of 20 cents per share on May 15, 1940 and
10 cents per share on Nov. 15, 1940, a total of 30 cents per share.
.
"Integration"
Under the Public
Utility Holding Company Act of 1935
by
In the annual reports for 1938 and 1939 there was reported the filing
the corporation with the Securities and Exchange Commission, on Feb.
1939, of an Integration plan and an application
6,
under Section 11 (e) of the
Act of 1935, requesting an order finding
that, upon the consummation of the plan, the operations of the holding
company system consisting of the corporation and its subsidiary companies
would be limited to "a single integrated public utility system" as defined
in the Act and "such other businesses as are reasonably incidental or
economically necessary or appropriate to the operations of such integrated
public utility system," and that "the corporate structure is not unneces¬
sarily complicated and that it does not cause unfair or inequitable distribu¬
tion of voting power among security holders."
As previously explained, the
plan as filed did not deal with any interest of the corporation in Columbia
011 & Gasoline Corp. or its subsidiary companies, or in Michigan Gas
Transmission Corp., Indiana Gas Distribution Corp., or American Fuel &
Power Co. (now dissolved) or its former subsidiaries, each of which involved
special problems due to pending litigation.
Hearings before the Com¬
mission on this application occupied a period of almost two weeks in the
month of April, 1939.
On July 22, 1940, the Commission issued its "Tenta¬
tive Findings and Opinion," certain aspects of which were re-argued before
the Commission on Oct. 21, 1940.
On Jan. 10, 1941, the Commission issued its definitive Findings and
Opinion, in which, although it approved certain minor steps of corporate
simplification embodied in the plan, it refused to hold that the holding
company system of Columbia Gas & Electric Corp. conforms to the pro¬
visions of Section 11(b) of the Act.
From the point of view of Section 11(b) (1)—geographical integration—
the Commission discussed its objections to making definite findings while
some of the corporation's assets were excluded from consideration, and raised
the question as to whether those groups of subsidiaries generally known as
the Binghamton Group, the Seaboard Group and even the Pittsburgh
Group should be treated as additional systems, separate from the single
principal integrated system; but it based its disapproval of the plan squarely
on a holding that, under the definitions in the Act of an "integrated system"
as applied to electric utility companies and gas utility companies, respec¬
tively, "the electric and gas utilities (of the included companies) together
do not constitute a single integrated public utility system" but must be
treated as separate systems, and ruled that, since the plan and application
had been submitted on the basis of a single " system" without proof of com¬
pliance with the requirements for the holding of more than one system, the
plan must be disapproved.
This finding will not, in the opinion of counsel,
preclude the corporation from submitting a new plan based on the proposed
Public Utility Holding Company
,
retention of more than one system.
With respect to Section 11(b) (2)—corporate
simplification and distri¬
there is inequitable dis¬
bution of voting power—the Commission held that
tribution of voting power because the holders of preferred stocks of three
of the companies-—Columbia Gas & Electric Corp., the Cincinnati Gas &
Electric Co., and the Dayton Power & Light Corp.—would have, in case there
should be any default in payment of
insufficient voting power to give
their preferential cumulative dividends,
them effective representation on the
respective boards of directors.
The present charter provisions of all three
companies relating to the voting powers of preferred stockholders are in
accord with what was considered standard practice at the time of the
issuance of these stocks.
They were accepted by such preferred stockholders
without criticism, and no question has arisen about effective representation
on the boards of directors in case of any failure to pay cumulative dividends,
these
dividends
having
been
regularly
declared
and paid
by all
three
companies.
Litigation
-
made of
Court for the District
trustee in bankruptcy
of Inland Gas Corp. and Kentucky Fuel Gas Corp., claiming treble damages
under the Federal anti-trust laws, aggregating more than $74,000,000 and
asking for an additional $750,000 for counsel fees.
It was also reported in
the annual report for 1939 that the dismissal of these two actions had been
affirmed by the Circuit Court of Appeals.
In April, 1940, the trustee
applied to the U. S. Supreme Court for a writ of certiorari, and on May 27,
1940, his application was denied.
These two actions, therefore, have been
finally disposed of, leaving, however, still pending the two original actions
brought by the same trustee containing similar allegations and claiming
substantially the same damages.
On Jan. 11, 1941, the U. S. District Court for the Eastern District of
Kentucky entered an order authorizing the trustee in bankruptcy of Inland
Gas Corp. and Kentucky Fuel Gas Corp. to purchase from Columbia Gas
<fe Electric Corp. all its holdings of securities of, and claims against, American
Fuel & Power Co., Inland Gas Corp., Kentucky Fuel Gas Corp. and Bridge
Gas Co. for the sum of $875,000, and, as trustee of Inland Gas Corp., to
enter coincidentally into a certain gas purchase contract with Warfield
Natural Gas Co. as seller, all of which action would, under the terms of the
order, be accompanied by releases to Columbia Gas & Electric Corp. from
the claims set forth in the two actions by that trustee which are still pending,
as well as any other existing claims on the part of American Fuel & Power
Co. and its principal former subsidiaries, including, among others, Inland
Gas Corp. and Kentucky Fuel Gas Corp.
Appeals from this order have been
taken by certain creditors to the Circuit Court of Appeals for the Sixth
The Williamson Suits—In the annual report for 1939, report was
the dismissal on April 12, 1939, by the U. S. District
of Delaware, of the second actions in the suits of the
City Investing Co.—$1 Dividend—
Cleveland Electric
15,
Indiana.
Pursuant to the terms of Article VII of the indenture
as
March
Circuit.
Panhandle Eastern Pipe Line Co.:
Opposition to Plan—As reported in past years, there was
1936, in the U. S. District Court for the District of
Delaware a consent decree,whereby Columbia Gas & Electric Corp. was
enjoined from dominating Panhandle Eastern Pipe Line Co. or interfering
with the latter company's freedom of action in selling gas in interstate
commerce.
As was pointed out in the annual report for 1939, the Depart¬
ment of Justice sought to reopen this decree by filing a supplemental
complaint, following which the two corporate defendants. Columbia Gas
& Electric Corp. and Columbia Oil & Gasoline Corp., filed with the court,
on June 20, 1939, a plan for amendment of the decree intended to accom¬
plish a final separation between the two corporations.
The annual report
for 1939 also set forth the fact that approval of such plan had been recom¬
mended by the special master to whom it was referred by the court, but
that a suit had been brought by a stockholder of Columbia Gas & Electric
Corp., seeking an injunction against the carrying out of the plan on the
ground that the plan was favorable to Columbia Oil & Gasoline Corp. and
unfavorable to the holders of common stock of Columbia Gas & Electric
Corp. who do not also hold stock of Columbia Oil & Gasoline Corp.
This
stockholder's action was brought in the same court as the anti-trust case,
and was referred by the court to the same special master who had considered
the plan of June 20, 1939.
After extensive hearings the special master
filed his report on Aug. 10, 1940, approving the fairness of the proposed
plan and recommending dismissal of the action brought to enjoin it.
On
Jan. 18, 1941, the court handed down its opinion m the
anti-trust case
approving the plan, subject to the approval by the Securities and Exchange
Commission as to such of the action called for by the plan as lies within the
Commission's jurisdiction and conditioned upon the prior disposal of the
Government Anti-Trust Suit Relating to
One Stockholder's
entered
on
Jan.
29,
Volume
The Commercial & Financial Chronicle
152
common stock
of Columbia Oil &
Gasoline Corp. owned by certain of the
officers and directors of Columbia Gas & Electric
Corp., and on Feb. 20,
1941, handed down its opinion holding that the stockholder's action should
be
dismissed.
1743
Consolidated Balance Sheet Dec. 31
1939
$
1940
yxsscts
'
Pen-Ken Case—On May 9,1940, an action was
begun in the U.S. District
Court for the Eastern District of
Property, plant and equip., incl. intangibles.....589,996,958 574,102,057
Investments
40,498,835
52,872,700
Cash in banks and on hand
28,052,055
23,568,171
in
(a Columbia subsidiary) by Pen-Ken Gas & Oil
Corp. The complaint alleges
substance that the defendant has entered upon and has taken natural
gas from certain land which the plaintiff claims to own and demands posses¬
Marketable securities.
Materials and supplies..
sion of the land and
damages amounting to $70,466,900.
The defendant's
answer denies that the plaintiff is the owner of the land in
question and
alleges that it took the natural gas under leases from the rightful owners of
Prepaid insurance,
royalties, &c
On the basis of the pleadings and certain other data and material
filed by it, defendant has moved for
summary judgment and this motion
is stid pending.
The Warfield company's counsel advises that the Legisla¬
Special funds and deposits
j
Funds impounded pending rate decisions (cash)..
Kentucky against Warfield Natural Gas
the land.
ture of
Kentucky has enacted laws invalidating claims under titles such as
Interest and dividends receivable..
lease
gas
682,480,314
Unamortized debt discount and expense
Other deferred charges.
Total....
;
certain other corporations and individuals, alleging the wrongful injection
of inert gases into the mains of the Ohio Fuel Gas Co. and
claiming, for
himself and other consumers similarly situated, damages of $14,000,000
case
of the public
utility defendants, treble damages amounting to
$42,000,000), described the decision rendered on Dec. 6, 1939, by the Court
of Common Pleas of Franklin
County, Ohio, which held, among other
things, that the cause of action of the plaintiff was limited to the damages,
if any, sustained by him alone and that he could not
capacity
on
sue
in
a
representative
behalf of others.
and for leave to file
an
The plaintiff has filed motions for rehearing
amended complaint and has taken an appeal to the
Court of Appeals of Ohio, which appeal has been argued and is still pending.
•
Income Statement
(Corporation Only) for Calendar Years
1940
1939
1938
1937
Dividends—On stocks of
subsidiariesconsol
On other investments
_
$13,333,553 $13,301,774 x$10854,514 $13,637,284
8,914
8,539
y762,018
997,274
Interest—On bonds and
notes of and loans to
subs, consolidated
-
3,562,998
1,243,059
_
On other investments.
Total
3,332,357
3,365,561
1,033,219
822,728
3,052,090
907,542
..$18,148,524 $17,709,093 $15,771,618 $18,594,191
revenues
Prov. for retirements
741
649
72,836
Taxes..
z Prov. for Fed. inc. tax
62,777
402,402
2,881
60,683
65,168
363,631
11,194
474,344
630,900
435,130
2,829
Rents................
Management and service
contract fees363,571
Gen. and admin. exps__
588,110
338,214
659,669
103,869
69,161
173,906
101,560
Amortiz.
of
debt
_
_
143,734
83,645
143,734
16,360
.
16,583
Other income deductions
Net income
143,734
157,696
9,934
94,994
Consumer's
.$11,213,031 $10,651,293
19,201
$8,733,158 $11,361,692
Does not include $653,037 of dividends received from subsidiary com¬
panies which the corporation has agreed not to include in income because
x
they were declared out of their surplus prior to Jan. 1, 1938.
y Includes a
dividend of $750,524 received from Columbia Oil & Gasoline Corp.
No
dividend was received from that company in 1939.
z The corporation did
incur any Federal excess profits tax.
V
'
•
f
Balance Sheet Dec. 31 (Corporation Only)
'
1940
Investments.
__
Special funds.
—
Cash
7,866,381
—
1939
346,336,420 355,057,704
250,933
250,933
Accounts receivable
11,141,827
577
598
1,091,231
Prepayments.
379
Unamortization, debt discount and expense—2,386,057
Other deferred charges—
269,442
934,271
1,455
Accrued interest receivable
...
—
_
_.
2,529,791
273,427
....
....
deposits and accrued int. thereon
Other accrued liabilities
...
94,066,400
3,869,500
12,166,800
12,223,256
50,000,200
124,211
5,741,769'
148,7.32,452 139,708,436
8,910,776
8,276,546
Injuries and damages reserve....
Other
2,068,827
3,809.113
94,066,400
........
Contingent earnings pending rate decisions (net)-Retirements and depletion reserve
Undetermined Federal and other taxes..
reserves
Columbia Gas & Electric Corp.:
Cum. 6% pref. stock, series A ($100 par)
Cum. pref. stock, 5% series ($100 par).
3,869,500
preference stock ($100 par).12,166,800
z Common stock
12,223,256
Subsidiary companies—Preferred stocks...
50,000,200
Minority com. stocks and surp. applic. thereto.
133,638
Special capital surplus appropriated for premiums
on preferred stock
9,680,780
Special capital surplus..
105,369,255
Surplus prior to Jan. 1,1938
14,042,017
Earned surplus since Dec. 31,1937-...-13,149,263
5%
cum.
—
.
_
_
_
_
....
.
1,217,507
143,734
175,026
payable
49,979,000
4,542,900
49,940,000
75,112,000
158,508
1,580,992
4,967,944
8,143,504
2,281,326
2,138,111
179,901
2,161,981
4,046,478
Long-term debt of subs, (current maturities)
Accounts
Accrued taxes..
Accrued interest
1939
$
49,979,000
4,542,900
49,940,000
78,685,500
245,245
1,611,028
5,784,980
13,247,242
2,106,211
2,188,787
257,520
5,630,192
Gold debentures, 5% series due Jan. 15, 1961..
Bonds of subsidiaries
Purchase money warrants of a subsidiary
.....
z
692,771,401
Represented by 12,223,256 no
par
9,680,780
117,446,466
_
_
13,721,507
10.552,316
—
Total
682,480,314
shares.
Registers with SEC—$120,000,000 Financing Proposed—
diset.
d expense.........
Other interest
1940
$
'
Liabilities—
Bonds of Columbia Gas & Electric Corp.:
5% gold debentures, due May 1, 1952..
5% gold debentures, due April 15, 1952.
Gross corp. income...$16,685,306 $16,135,139 $14,273,058 $16,928,188
Int. on long-term debt..
5,288,535
5,228,535
5,228,535
5,228,535
not
1,599.517
12,295,846
545,166
1,939,202
5,928,464
834,544
...
......
•
Davies Case—The annual report for 1939, in discussing the suit brought
by John L. Davies against the corporation, the Ohio Fuel Gas Co. and
an
1,708,504
12,585,845
967,249
1,929,202
5,991,903
793,515
and
—
claims.
(in the
rentals
212,065
8,139,591
,...692,771,401
taxes,
Accounts receivable
that asserted by plaintiff, and that the basis of
plaintiff s claim to title has
been thoroughly
litigated in other cases and decided adversely to such
442,988
531,185
166,207
9,539,942
The corporation on March 13, 1941 filed with the Securities and Exchange
Commission
an application on Form U-l under the Public Utility Holding
Company Act of 1935 covering the proposed issue and sale of $120,000,000
principal amount of Debentures, of which approximately $28,000,000 are
to be serial debentures maturing from 1942 to
1951, inclusive, and ap¬
proximately $92,000,000 are to be sinking fund debentures maturing in 1961.
The proceeds of the new debentures are to be applied to the retirement of
the corporation's outstanding funded debt (consisting of 5% debenture
bonds, of which $54,570,700 mature in 1952 and $50,000,000 mature in
1961) and to the purchase or redemption of three issues of subsidiary debt
which the corporation has guaranteed or undertaken to provide for.
These
three issues are $3,750,000 of guaranteed 4% serial notes of The Ohio Fuel
Gas Co. and a similar Issue of United Fuel Gas Co. (both issues held by two
insurance companies) and $3,323,500 of first and refunding mortgage bonds,
series A 6%, due 1947, of The Cincinnati, Newport and Covington RR.
held by the public.
The amounts of the several maturities of serial debentures and the sinking
fund provisions for the sinking fund debentures are calculated on a basis
that will require the application of approximately $6,800,000 per year for
these purposes and for the payment of interst on all outstanding debentures.
This is calculated to be sufficient to retire prior to 1961 more than 50%
of all
debentures
to
be
issued.
Under
debentures
so as to
conditions funds realized
certain
from the sale of certain investments will
be applied to the retirement of
decrease the amount of sinking fund debentures
maturing
1961, in which case the annual amount of $6,800,000 may be reduced.
interest rates to be borne by the new debentures, their offering
prices and the names of the underwriters are to be furnished by amendment.
—V. 152, p. 1425.
in
Total
.--...-358,201,422 370,190,007
1939
1940
] M
Liabilities—■
■
$
Long-term debt
Accounts payable
Accrued interest....
;
Accrued taxes
Other accrued liabilities
■;
Reserve for contingency—
Other reserves
.....
Cumulative 6% preferred stock, series A
Cumulative preferred stock 5% series
104,570,700
135,999
1,608,272
480,784
15,840
5,437,091
122,496
94,784,500
4,046,600
12,386,000
$
104,570,700
230,331
1,609,822
446,842
34,846
5,320,881
157,497
stock.12,304,282
94,784,500
4,046,600
12,386,000
12,304,282
Special capital surpius appropriated for premium
on preferred stock.
:
9,680,780
Special capital surplus.
104,342,384
Surplus prior to Jan, 1, 1938..
640,015
Earned surplus since Dec. 31,1937
7,645,678
9,680,780
116,342,384
1,083,868
7,190,674
.....
5% cumulative preference stock
x
Common
—
Total.
x
.
.
—
_
358,201,422 370,190,007
—
Represented by 12,304,282 no
par
shares.
Consolidated Income Statement (Corporation and Subs.) for Calendar Years
Subsidiary Companies—
1940
1939
1938
$75,024,112 $67,097,057 $62,031,969
30,499,322
28,529,040
26,958,087
1,600,492
1,572,013
1,465,295
2,874,090
2,736,565
z2,485,003
Gross revenues—Gas......
Eiectric
—
Railway and bus
Other
operations
The
Cities
Service
Co.—Company Ends Voting
Utility Properties with Two Chicago Banks—
Trust for
The company, which directly and indirectly owns oil, gas, transportation,
public utility and real estate properties with a value said to be more than
$1,000,000,000, has taken steps to reacquire full voting control over its
widespread public utility electric and gas properties.
In July, 1939, the company divested itself of control of its utility hold¬
ing and operating companies by pledging all of the securities it held in these
enterprises under a trust agreement with two leading Chicago banks-—
the Harris Trust & Savings Bank and the City National Bank & Trust Co.
Pledged under a special indenture, the securities represented controlling
interests in the Cities Service Power & Light Co., the Gas Service Co.,
the Kansas City Gas Co. and the Wyandotte County Gas Co.
Officials of Cities Service Co. terminated the voting trust on Feb. 17
and resumed voting privileges as of before July, 1939.
Under terms of the indenture covering the utility properties, the Cities
Service Co. reserved the right to terminate the arrangement in the event
of various contingencies, among which was the possibility of it being required
to register with the Securities and Exchange Commission under the Public
Utility Holding Company Act.
Although Cities Service derives about
60% of gross revenues from non-utility operations, it registered with the
SEC last month.—V. 152, p. 1587.
,
Cleveland
Graphite Bronze Co.—Interim Dividend—
the
payable March 31 to shareholders of record March 22.
This compares with 80 cents paid on Dec. 31, last, and dividends of 40 cents
paid on Sept. 30, June 29 and on March 30, 1940.
Dividend of $1.75 was
paid on Dec. 29, 1939, and previous quarterly dividends of 25 cents were
Directors have declared an interim dividend of 40 cents per share on
Total gross revenues
.$109,998,017 $99,934,675 z$9294,0354
Operating expenses
48,917,298
46',507',721 z45,087,9*67
Maintenance
5,978,059
5,938,427
6,004,506
Prov. for retirements and depletion._ 13,015,258
11,197,758
10,058,986
Taxes
9 370 440
8,711,138
8,199,270
Prov. for Federal income taxes...... y8[258,853
3,553,097
2,435,868
common
stock,
P&An initial dividend of 39 cents a share,
covering
a
period of 28 days ending
cumulative preferred
March 31, was also declared on the new issue of 5%
Net operating revenue
Other income..
Gross corporate
$24,458,108 $24,026,535 $21,153,756
231,127
249,806
395,456
—.
income.
$24,689,235 $24,276,341 $21,549,213
3,788,407
3,747,495
3,717,105
2,450,012
2,450,012
2,450,012
Earnings applicable to min. interests.
4,188
6,992
3,862
Int. and other fixed charges of subs..
Preferred dividends of subsidiaries._.
applicable to corporation.$18,446,627 $18,071,842 $15,378,234
Columbia Gas & Electric Corp.—
Balance applicable to corporation
$18,446,627 $18,071,842 $15,378,234
Revenues—Interest
1,243,059<. z1,033,219
822,728
Balance
Other revenues.
8,914
Total revenues..
Admin, and other exps. & taxes.....
Income
before fixed charges
Interest and other fixed charges
Interest
capitalized
Consolidated net income
$19,698,600 $19,11.3,600 $16,962,980
1,463,218
1,573,953
1,498,560
-$18,235,382 $17,539,646 $15,464,420
5,470,885
5,482,456
5,538,510
Cr75,983
026,032
0304,837
—
_
$12,840,480 $12,083,222 $10,230,747
6,459,665
6,459,665
6,459,665
$6,380,815
sh. of com. stock outst.
$0.52
$5,623,557
$0.46
Includes
a
Petroleum
Co.—Socony-Vacuum
and
p.
Texas
Corp. Exchange $15,000,000 in Notes for Debt—
The
Soeony-Vacuum Oil Co., Inc., and the Texas Corp. each delivered
in \A%
promissory notes to two insurance companies on
$7,500,000
Feb. 28, according to reports filed with the Securities and Exchange Com¬
mission.
The $15,000,000 of notes were exchanged for equal principal
amounts of promissory notes of the Colombian Petroleum Co. dated Nov. 15,
1937, that had been guaranteed jointly by the Socony-Vacuum
and Texas,
which own joint control of Colombian.
Of the new notes, the Metropolitan Life Insurance
Co. holds $6,875,000
of Socony-Vacuum and $6,875,000 of Texas Corp. notes, and the Equitable
Life Assurance Society holds $625,000 of Socony-Vacuum and $625,0C0 of
Texas Corp. notes, all of which were dated Nov. 15, 1940, and are to mature
on Nov. 15,
1944.
Upon receipt of the Colombian Petroleum notes from
the insurance companies Socony-Vacuum and Texas Corp. canceled them
and terminated agreements pertaining to their original issuance, as amended
in 1939.
The notes of Colombian Petroleum
$0.31
Co. originally
were
dated Nov. 15,
1937, and were due serially from 1943 to 1947, inclusive, bearing 3% annual
Of the original amount, $11,250,000 were sold to Metropolitan
interest.
Life,
$3,771,082
dividend of $750,524 received from Columbia Oil & Gasoline
Corp.
No dividend was received from that company in 1939.
z Revised
figures,
y Includes $2,115,695 for Federal excess profits tax.
x
Colombian
March 22.—V. 152,
-
Balance
per
x762,018
-
—
Preferred dividends paid
Earnings
z8,539
stock, payable March 31 to stockholders of record
1587.
and $1,250,000 each to Equitable,
Life Insurance.
Travelers Insurance and Aetna
.
borrowing was reduced to 1H%
after Oct. 2, 1939, and the maturity of all the notes was changed to Oct. 2,
1944. The notes originally sold to Travelers and Aetna were transferred to
Metropolitan upon the amendment to the terms.—V. 150, p. 3656.
In
1939 the interest rate on the entire
The Commercial & Financial Chronicle
1744
Balance Sheet Dec. 31,
Commercial Credit Corp.—Stock Offered—A block of
42,615 shares of common stock (par $10) was offered March
13 after the close of the market by Kidder, Peabody & Co.
Investment
Trust
Corp.—Notes
and reserves, $98,888; $2.50 convertible cumulative preferred
(10,000 shares, no par), $480,000; common stock ($1 par), $149,977;
paid-in surplus. $526,199; segregated surplus (to cover difference of $2 per
share between involuntary liquidation price and stated value outstanding
$2.50 convertible cumulative preferred stock), $20,000; earned surplus.
$629,806; total, $1,955.988.—V. 152, p. 1426.
accruals
Placed
Consolidated Aircraft Corp.—Annual Report—
R. H. Fleet, President, says in part:
Products delivered amounted to $9,349,550 In sales price, but the work
actually accomplished during the year was substantially greater than
indicated by these deliveries. New orders amounting to $285,856,082 were
received, and unfilled orders on Dec. 31, 1940, amounted to $318,648,226,
of which $80,411,492 is estimated, by reason of its being on a cost-plus-afixed-fee basis.
From the time of the organization of the company in 1923 to the end of
corporate purposes.
1939, its total sales during that 17-year period amounted to approximately
$55,000,000.
During 1938 sales were approximately $12,245,000, which
about the maximum amount that could have been normally manu¬
factured in a year with the facilities owned at the beginning of 1940. During
1939 business had fallen to the low ebb of $3,603,240.
Not until late in
1939 did the tide change, but with its belated change came a flood of orders,
increasing progressively in size and requiring several successive plant ex¬
pansions and increases in factory personnel. Although we began the year
1940 with unfilled orders of $42,141,694, most of this represented contracts
received just before the close of 1939.
For example, on Dec. 20. 1939. we
received on order from the U. S. Navy for $20,016,700 covering model PBY
patrol bombers. About the same time, we received a large foreign order for
a released version of model PBY.
The war in Europe has served as a huge testing field for military airplanes,
and It is, therefore, not surprising that actual combat experience should
indicate the need for changes in specifications covering military airplanes
under construction In this country. Such proved to be the case, and delivery
for Officers and Employees Proposed—
At the annual meeting to be held April 22, stockholders will be asked to
was
vote on a proposal to provide retirement benefits for officers and employees.
The first year cost to C. I. T. for the purchase of future benefits, if all
eligible employees elect to participate, would be at the annual rate of
approximately $300,000 which is about 2 1-3% of total salaries.
The net
cost to C. I. T., after credit of present Federal income taxes of 24%, would
be approximately $228,000 per annum.
This cost item will vary some¬
what from year to year.
It will be a deduction from earnings in each
year in which payments are made.
Employees' share of the cost of provid¬
ing benefits would be at the annual rate of approximately $200,000.
The single premium cost to C. I. T. as of Jan. 1, 1941, of providing past
service benefits, if all eligible employees elect to participate, is estimated
at $2,156,000, and after Federal income tax credit, to about $1,639,000.
If these benefits are purchased, as at present contemplated over a period
of three years the company's cost, after present Income tax credit, would
be $1,687,000.
The cost of providing past service is non-recurring and
will not be a deduction from earnings in 1941, of future years, but will be
chargeable to earned surplus.—V. 152, p. 982.
Commonwealth Edison
Company has furnished
of
-Kilowatt
duced quickly.
There is necessarily a long
orders and the commencement of deliveries.
Feb. 22
Feb. 15
tools,
adequate plant facilities and trained manufacturing personnel
use, substantially more time is required when,
plants must first be erected, machinery pur¬
chased, and personnel employed and trained to manufacture the aircraft
in unprecedented quantities.
Tooling operations must be much more
extensive for large orders than for small ones, and manufacturing methods
and arrangements are entirely different.
At the beginning of 1940, the company had a total of approximately
time when
Increase
are
10.5%
10.0%
11.9%
10.8%
Commonwealth Investment
Co.—Portfolio Analysis—
as
of Feb. 28,
shows tnat the company has added to its holdings of common stocks.
They
now represent 70.5% of invested assets as against
67.7% at the end of the
and 63.9% at the end of 1939.
During the past two months the company reduced its holdings of United
year,
States
Governments and cash
with
the result that these two
items now
epresent 8.6% as against 10.3% at the beginning of the year.
Bond holdings, other than governments, are unchanged amounting to
6.6% of total investments, while preferred stocks represent
against 15.4% the first of the year.—V. 152, P. 1427.
Commonwealth & Southern Corp.—Weekly
14.3%,
on
hand for immediate
in addition to the above, new
—V. 152, p. 1587.
Analysis of the investment portfolio of this company,
This is necessary in order to
time for the procurement of materials, construction of special
placing of sub-contracts, and the performance of normal manu¬
facturing operations.
Invariably, there are engineering changes during
manufacture which cause further delays. While such things require much
allow adequate
Per cent
Output1940
147,674.000 133.642,000
148,092.000 134,616,000
150,490,000 134,462,000
--147,778,000 133,834,000
1
March
Hour
1941
8
airplanes had to be delayed until early in 1941 in order to
Military aircraft, constructed to special specifications, cannot be pro¬
delay between the placing of
Co.—Weekly Output—
us
Week Ended—
number of
a
incorporate such changes in them.
Otherwise, these airplanes would have
been delivered in 1940 and the sales volume increased accordingly.
with the following summary of weekly kilo¬
watt hour output of electrical energy adjusted to show general business
conditions of territory served by deducting sales outside of territory to other
utility companies:
Mar.
1941
Assets—Cash and working funds (incl. $100,000 from reserved cash—
contra), $184,685; cash and accrued interest reserved to reconstruct, manu¬
Privately—The corporation has placed privately $15,000,000
2% notes: $5,000,000 with Mutual Life Insurance Co. and
$10,000,000 with Metropolitan Life Insurance Co. Notes are
dated Feb. 15, 1941, and mature Feb. 15, 1951.
The trust
indenture provides that these notes may be exchanged for
debentures so long as an aggregate amount of $1,000,000, or
any greater amount, shall be outstanding, and upon written
request at any time from the holders.
Proceeds are for
Retirement Benefits
15,
1940
facture, and acquire additional equipment (excluding $100,000—contra),
$200,057; customers' notes and accounts receivable (less reserve for bad
debts of $10,366), $194,803; miscellaneous accounts receivable, $2,822;
inventories, $213,647: other assets, $61,218; prepaid expenses and deferred
charges, $24,005; patents, at nominal value, $1; property, plant, and
equipment (less depreciation, $384,420), $1,074,750; total, $1,955,988.
Liabilities—Accounts
payable—trade creditors and sundry, $51,117;
The Committee on Member Firms of the New York Stock Exchange
approved member and member firms participation at a fixed price of 29H
until the opening of business March 14, and thereafter at a fixed price of
29Hi Plus an amount equal to the regular commission.
Dealers' discount
on the offering was
% point.
The offering group advised the Stock Ex¬
change of its intention to stabilize the market to facilitate the offering.—
V. 152, p. 1278.
Commercial
March
as
Output—
The weekly kilowatt hour output of electrical energy of subsidiaries of
& Southern Corp. adjusted to show general business
the Commonwealth
conditions of territory served for the week ended March 6, 1941 amounted
to 185,840,485 as compared with 154,782,105 for the corresponding week
in 1940. an increase of 31,058,380 or 20.07%.—V. 152, p. 1587.
668,600 square feet of working area (456,200 square feet inside of plants
feet of paved yard for final assemblies) and employed
3,170 persons. At the end of 1940, it had in substantially completed con¬
dition approximately 1,530,037 square feet of floor area within plants and
1,257,581 additional square feet of paved yard, and it then employed 13,790
persons.
This is an increase of approximately 317% in working area and
335% in personnel.
The cash On hand at Dec. 31, 1940, was about $27,000,000.
During
1941, the ratio of current assets to current liabilities shouid show a mark
improvement as the result of realizing on the inventory of work in progress.
Moreover, it is expected that much of the work to be performed during the
next year will be financed to a large extent by progress payments from
customers.
Another source of funds, available but not yet used, is the
privilege accorded contractors, under a recently enacted law, of receiving
advance payments on fixed-price contracts with the U. S. Government.
The company has no bank indebtedness, but has a substantial line of
credit that could be used at any time it becomes necessary to borrow funds.
and 212,400 square
The
use
of this line of credit is not anticipated during the next year.
*
Income Account for Calendar Years
Community Power & Light Co.—Earnings—
Period End. Dec. 31—
Operating
1940—Month—1939
$417,891
189,332
27,524
27,930
178,115
29,958
35,436
259,361
205,812
412.990
b Utility oper. incomei
Other income (net)
$167,074
1,231
$174,549
$2,160,634
$2,061,344
1,166
18,140
b Gross income..
i
Retire't reserve accruals
$168,304
37,163
$175,715
$2,178,774
507,830
(airplanes and
parts)$9,349,550
Mfg. costs & exps. (incl.
engineering & admin.
& general expenses)
6,984,273
Provision for deprecia n_
Amort, of airpl. designs,
devel. and drawings--
8.799
$2,070,144
revenues_
_
Operation
Maintenance
a
__
Fed. & State inc. taxes
Other
taxes
.
Gross income
Int. on bonds—public..
Int.
bds.—parent
on
Interest
on
ad vs.
$131,142
1,250
66,076
co_
$5,188,455
2,149.658
18,611
11.180
42,725
$4,854,924
2,048.784
225,027
119,138
400,630
Profit from operations $2,365,277
Income credits—Disc'ts,
$1,670,944
$1,586,001
15,460
66,076
792,915
17,300
792.915
8,935
parent company
1,027
3.117
5,867
1.027
95,642
12,327
2,074
30.150
65,021
12,327
32,557
Net
income
on
$50,737
$56,581
preferred stocks—To public
$559,871
868,716
19,841
Balance applicable to parent company
Income from sub. companies deducted above:
$665,880
104,174
1,835
$618,439
To parent company
$724,449
104,197
1,813
846,407
11,528
1,835
6,393
98,514
Interest earned
Interest not earned
Preferred dividends
Discount on bonds
1,813
6,393
Common dividend from G. P. U„
Other income
„
IncIII—I—
"""272
Total
Expenses, taxes, and other deductions from inc..
269
$1,515,475
$1,524,819
844,731
831,515
$670,744
Net income
Loss
sale
on
of Income for
Year
Ended
Dec.
of
Net operating income and profit
Purchase discounts and interest earned
Total Income..
Sales discounts and interest expense
Provision for Federal income taxes...
Obsolescence, $25,414; patent charges absorbed, $4,469
P*Net profit earned
Gash
....
dividends paid: $2.50 convertible cumulative preferred.-
t* Common
...
...
Earnings per share—common (149,977 shs. outstanding)
$348,610
7,703
$350,313
29,803
70,363
29,884
$226,263
25,000
149,977
$1.34
33,979
68,041
25,713
$1,890,362
$638,634
9,727
25,700
586,845
458,177
$1,400,645
71,460
1,157,210
$1,104,327
71,460
$2.30
Net income
Common dividends
11,956
343,297
293,044
$1.79
.
106",206
y34,041
$1,535,110
71,208
574,760
$462,959
$2.55
$0.68
70.748
287,380
Earns, per share of com.
stock outstanding
x Consolidated
figures. y Surtax on undistributed profits.
Note—It has been the consistent practice of the company to consider all
operating costs and expenses (including depreciation) as elements of cost in
determining inventories and cost of products sold. In 1940, the provision
for
depreciation amounted to $246,726. Effective Jan. 1,1940, the company
changed its method of reporting profits from a completed-contract basis
that of accruing profits on deliveries made during the year.
Products
delivered and billed under partially completed contracts are included in
cost of sales at estimates of cost wnich are considered by the management
to be conservative.
The profits included in the 1940 statement which are
applicable to deliveries made in prior years on contracts that were un¬
completed at Jan. 1, 1940, are relatively inconsequential.
to
Comparative Balance Sheet Dec. 31
al940
Assets—
$
26,929,356
made
1940
Gross profit on sales (less discounts, allowances, &c.) and income
from rentals of leased machinery, royalties, &c
$1,087,666
Selling expenses, $203,147; installation, service and develop¬
ment expenses,
$220,205; general and administrative ex¬
penses. $167,509; depreciation, $148,195—..
739.056
$612,921
airport
to
S
1939
$
4,931,345
491,125
uncompl. contr's50,042,007
c
708,604
2,635,278
487,347
602,837
1,191,000
578,605
1,191,000
576,160
81,695
4,138,399
35,240
4,009,653
Accts. payable..
Progress pay.rec.on
962,600
Accrued taxes
1,698,036
Reserves
contractors
1,150,738
2,563,638
Accts. receivable..
25,715,972
Preferred stock
282,692
4,244,661
Investm't in Fleet
d Common
e
stock.
Capital surplus.
Earned surplus
Aircraft, Ltd
Investm't in
Liabilities—
S
sub¬
Inventories.
al940
1939
3,080,267
Defense
Plant Corp.—
Progress payments
31,
$1,822,321
$1,398,093
Fed. normal inc. taxes.
Fed. excess profits tax..
Due from
Condensed Statement
147,072
-
—
$1,364,114
property
Loss on assets retired
Cash
Compo Shoe Machinery Corp.—Earnings—
10,938,365
209,135
722
$693,303
423.
—
10,422,747
80,391
Total—
a No provision has been made for
Federal excess profits tax pending
determination of liability, if any.
b Before retirement accruals.—-V. 152,
p.
2,239,126
Interest
Preferred dividends
Dividends
xl937
$2,445,668
interest, &c
484,144
$132,991
1,365
1938
$3,603,240 $12,245,067 $11,907,493
__
from
Amort.of debt disc.& expi
Other income charges
1939
xl940
1940—12 Mos.—1939
$441,819
Net sales
22,097
22,097
Rohr
Aircraft Corp..
Experimental fly¬
25,000
420,140
420,140
equip., &c
5,543,890
Deferred charges._
36,261
1,948,420
30,363
ing boat
b Bldgs., mach'y &
.
Total
63,369.691
10,028,639
Total
-.63,369,691 10,028,639
b After depreciation reserves of $743,979 in 1940
$510,873 in 1939. c Includes wages payable, d Represented by 578,605
shares in 1940 and 576,160 shares In 1939.
e Premium on common stock.
—Y. 151, p. 3885.
a
and
Consolidated figures,
Volume
The Commercial & Financial Chronicle
152
Consolidated Cigar Corp. (&
Subs.)—Annual Report—
Calendar Years—
Gross profit on sales
Sell., admin. & gen. exp.
xl940
1939
$4,505,745
1938
1937
$3,609,478
2,333,815
$1,657,165
$1,040,276
$1,275,662
$1,347,348
20,419
Operating profit
$3,494,996
2,454,719
$3,914,541
2,848,580
Cr4,359
226,000
201,704
229.500
235,603
219,170
$818,636
450.393
J 54,973
187,500
$844,459
473,819
$892,574
187.500
187.500
$25,770
2,781,362
250 000
$0.85
$28,149
2,776.358
$44,959
2,876 377
250 000
250 000
$0-86
$0.93
Int.
on loans, discount &
miscell. charges (net).
Fed. & State taxes
(est.)
2,567,193
250,000
$318,727,
3,106 532
250 000
$2.27
Shs.com. outst. (no par)
Earns, per sh. on com..
505,002
155,113
154,991
Includes
operating results of the business of former Congress Cigar
Co., Inc., from July 1, 1940, and Porto Rican American Tobacco Co.
from July 30,1940, the
respective dates of acquisition by this corporation.
Consolidated Balance Sheet Dec. 31
1940
Assets—
1939
s
Fixed assets
I
Liabilities—
1
1
1
1,999,048
295,000
secur.
....—
Notes receivable..
rec.—
b Common stock
2,213,900
2,500,000
2,500,000
Note payable
303.598
Immediately before the
merger Consolidated will surrender to Macon
contribution to its capital Macon's unsecured note for $140,000, and
will surrender to
Georgia as a contribution to its capital the entire $241,500
as
a
of first mortgage
6% bonds of Georgia due in 1941, and
of Georgia's unsecured notes and accrued interest.
the entire $1,665,141
Since Consolidated owns all of the
outstanding preferred and common
stocks of Macon and
Georgia, these contributions will not affect the amount
of Consolidated's equity in the two
Merger of the Georgia Properties
It
393.468
proposed that Atlanta, Macon and Georgia be merged,
to acquire all of the assets,
rights and franchises of Macon and
2,073,175
Fed. & State taxes
187.437
223,794
Divs.
110,763
343
298,
34,287
9,429,963
payable
Res. for conting..
Atlanta
Georgia
and to continue as the
surviving company.
As a part of the merger Atlanta will assume the
of the Macon bonds, which are held
outstanding $709,000
by the public, and the remaining
$578,000 of the Georgia bonds which are held by Consolidated.
Atlanta
will also issue an additional $3,660,000
aggregate par value of its common
stock consisting of 146,400 shares (par $25).
Of this stock, 29,763 shares
having an aggregate par value of $744,075 will be issued in exchange for
the outstanding 200 shares of
preferred stock and 4,775 shares of common
stock of Macon, and the remaining 116,637 shares having an
aggregate
par value of $2,915,925 will be issued in exchange for the outstanding
l,4p() shares of preferred stock and 18,000 shares of common stock of
rgia.
t the time of the merger
the earned and capital
261,068
28,989
is
~
3,234,533
Long-term debt
Acc'ts pay. &accr.
12,455,348
Inventories
$
6,816,200
6,816,200
2,213,900
917
Acc'tsreceivable.. 3,011,608
Misc. acc'ts
1939
S.
^ % pr. pref. stk.
1,7% pref.stock
2,164,859
_
Cash
1940
S
1,414,70716
1,549,546
Goodwill & brands
Leased mach inery
Marketable
common stocks are pledged under Consolidated's collateral
The remaining $578,000 of the first mortgage bonds are
pledged under the indenture securing the collateral trust bonds of Federated
Utilities, Inc., which have been assumed,,by Consolidated.
companies.
Balance
Surplus
a
preferred and
trust
bonds.
Contributions by Consolidated
470,000
Net income...../.
$1,166,745
Prior pref. divs. (6
443,045
>4%)7% pref. dividends
154.973
x
1745
All of Georgia's outstanding securities are owned
by Consolidated.
The
$241,500 of 1st mortgage 6% bonds, due 1941, the unsecured notes and the
m
the aggregate par value of the capital stocks,
surpluses of Macon and Georgia will amount
Against this equity Atlanta will issue to Consolidated
($25 par) common stock, or an aggregate par value of
i
to
$3,916,540.
146,400 shares
$3,660,000.
Misc. invest'ts and
advances
129,551
83,607
Issuance of New Bonds by Atlanta
Prepaid
110,361
73,966
As soon as the merger has become effective Atlanta will issue and sell
for cash at the principal amount thereof to private investors
$2,200,000 of
expenses.
Total
19,450,265 15,404,670|
After
a
Surplus
depreciation,
1126.
Total...
b Represented
121,482
3,346,
by
—19,450,265 15,404,670
250,000
no
par
Consolidated Dry Goods Co.—Accumulated Dividend—
The directors have declared a dividend of
$3.50 per share on account
of accumulations on the
7% cum. pref. stock, par $100, payable April 15
to holders of record March 31.
Arrears after current
payment will amount
to $8 per share.—V. 152, p. 264.
Consolidated Electric & Gas Co.—Merger of
new series of its
general mortgage bonds ($1,100,000 to Travelers Insur¬
Co. and $1,100,000 to Northwestern Mutual Life Insurance Co.)
bearing interest at the rate of 3M % per annum and maturing Jan. 1, 1961.
The proceeds from the sale of these bonds will be used as follows:
Redemp¬
a
ance
of
shares
value.—V. 152, p.
tion of $709,000 of Macon bonds at 105, less cash with
trustee, $742,000;
payment of Georgia bonds, $578,000; construction fund, $840,000; estimated
expenses, $40,000.
The issue and sale
of these
Subsidiaries
The following schedule shows the capitalization and surplus of
Atlanta,
books and pro forma, as of Dec. 31, 1940, giving effect to the proposed
transactions:
per
The Securities and Exchange Commission on March 10
approved the
various applications and declarations filed by Consolidated Electric & Gas
and its subsidiaries, Atlanta Gas Light Co., Macon Gas Co. and
Schedule of Capitalization and Surplus Dec. 31, 1940
Co.,
Georgia Utilities Co., regarding the proposed
merger
additional shares of its
common
stock for the
and preferred stocks
common
of Macon and Georgia.
As
the merger is effected Atlanta will issue and sell $2,200,000
series of bonds and will use the proceeds to retire the bonds of
Macon and Georgia assumed in the merger, to provide a fund for future
a
-Per Books-
soon as
new
construction requirements and to pay the expenses of the proposed trans¬
actions.
Consolidated holds $578,000 of the Georgia bonds to be assumed and
redeemed by Atlanta and will use the cash received from such
redemption
to retire its own (assumed) bonds through purchases in the
open market.
(5)
Adjustments
notal
of Georgia's outstanding
Atlanta distributes purchased natural gas to about 70,000 customers In
15 communities located throughout the central part of Georgia, including
the City of Atlanta.
Macon distributes purchased natural gas at retail to about 8,000 customers
in and about Macon, Ga. :
•
retail to about 15.000 customers in nine scat¬
tered communities located in north-central Georgia, in southern Georgia
and just across the State line in South Carolina.
Purchased natural gas is
distributed in two of the towns in the north-central part of the State and
manufactured gas in the other seven communities where natural gas is not
a
non-affiliate and
a
Total
6% cum.pf.($100 par).
Com. stock ($25 par)..
Earned surplus
Capital surplus
Total
subsidiary of Federal Water Service Corp.
Capitalization of Georgia Companies
capitalization, including surplus, of the Georgia companies at
1940, is given below:
(a) Atlanta—
1st mtge. 5% bonds, due 1947, $322,000; less cash value of
sinking fund, $190,000
$132,000
General mortgage 4M% bonds, due 1955
5.875,000
Preferred stock ($100 par)
1,300,000
Common stock ($25 par)
2,343,625
Capital surplus
389,382
Earned surplus
1,391,369
and
Total capitalization, including surplus..
The
stock is all owned by consolidated and is pledged under Its col¬
lateral trust bonds.
Macon—
First mortgage 4H% bonds, due 1952—
$709,000
140,000
Unsecured notes, due 1957
Preferred stock ($100 par)
Common stock ($100 par)
20,000
475,500
165,102
Earned surplus
Total capitalization, including surplus
by Consolidated and pledged
47.02
7.45
34.40
3.41
1,554,199
389,382
8.90
2.23
capitalization
surplus
$11,431,377
100.00
$6,022,829 $17,454,206
100.00
$2,200,000
11.37
$3,660,000
12.17
162,829
0.76
12.60
property
31, 1940:
Property of Atlanta, Georgia and Macon
'"•:y>Vv.
Gross
Tangible property
Intangibles.x
ISfet
Reserve
$18,323,248
243,874
$2,234,943 $16,088,304
243,874
-...$18,567,122
Total
Following is
$2,234,943 $16,332,179
combined income account of Atlanta, Georgia and Macon,
per books, and pro forma income account giving effect to the proposed
transactions, for the year ended December 31, 1940:
a
„
Combined
Inc. (+) or
Books
$7,888,897
Dec. (—)
per
Operating revenues
Operation
5,481,726
199,121
332,578
625,479
Maintenance
Depreciation
Taxes
Net operating revenue
Pro
Forma
$7,888,897
6,481,726
199,121
332,578
654,231
+$28,752
$1,249,992
70,624
Net income
-—$28,752
$1,291,864
357,483
—97,626
—2,985
8,236
24,873
7,836
$820,156
Other
Amortiz. of debt disct. and expense..
Other deductions
$1,221,240
70,624
97,626
8,236
27,859
7,836
Interest—Long-term debt (bonds)
Notes payable to parent
—$28,752
$1,320,616
358,901
Other income
+$73,278
$893,435
—1,418
'
-V. 152, P. 1278.
Consolidated Edison Co. of New York,
Ourput—
Inc.—Weekly
"
Consolidated
Edison
Co.
of New
York
announced
production of the
electric plants of its system for the week ended March 9, 1941, amounting
155,200.000 kwh., compared with 147,600,000 kwh. for the corresponding
week of 1940, an increase of 5.1%.
to
Stockholders Suit Dismissed—
The
Appellate Division of the New York State Supreme Court has dis¬
a derivative stockholders' suit against Flody L. Carlisle, George S.
Whitney and 19 other trustees and directors of the company and its subs.
The Appellate Division's action was a reversal of a decision of Justice Philip
J. McCook who denied dissmissal on the action as to the individual de¬
missed
fendants.
The suit was for an accounting and alleged waste and excessive
underwriting costs of approximately $260,000,000 of refunding bond issue.
—V. 152, p.
1587.
Consolidated Steel Corp., Ltd.—Earnings—
[Including Subsidiary]
12 Months Ended Dec. 31—
a
Net profit
b Earnings per
.
a
Georgia—
bonds: 6s (1941), $241,500; 5s (1941), $363,000;
6s (1946), $140,000; 7s (2025), $75,000
Unsecured 6% income note, due 1940
Unsecured 6% note, due 1940
(c)
1st
$8,207,000
1,300,000
6,003,62 5
52.55
20.50
of Atlanta, Georgia and Macon as of Dec.
$1,509,602
Macon's bonds are held by the public while the unsecured notes and the
under its collateral trust bonds.
$6,007,000
1,300,000
2,343,624
1,391,370
389,382
ization
33.66
$2,200,000
and surplus.
The following tabulation indicates the combined gross and net
$11,431,376
Atlanta'6 bonds and preferred stock are now held by the public.
and common stocks are owned
Amount
$132,000
5,875,000
2,200,000
-
debt of Atlanta, after giving effect to
the proposed transactions, amounts to 47.02% of the total capitalization
_
.
preferred
1.16
51.39
It will be noted that the funded
The
(6)
{Decrease)
$132,000
5,875,000
Gen. mtge. 3H». 1961-
December 31,
common
ization
Amount
First mtge 5s 1947_b_„
Gen. mtge. 4Ms, 1955-
gas at
available.
All of the three operating companies are Georgia corporations.
All of
the natural gas they distribute is purchased from Southern Natural Gas
Co.,
Capital-
bond and
note indebtedness.
Georgia distributes
Total
or
Earnings of Atlanta, Georgia and Macon
practically all of the voting and certain of the other
securities of 43 operating companies doing business in 18 States.
It owns
all of the outstanding common stock of Atlanta and all of the
outstanding
preferred and common stocks of Macon and Georgia.
It also owns all
owns
of Macon's note indebtedness and all
% of
Increase
Capital-
Description of Applicants and Declarants
Consolidated
Pro Forma
of Atlanta Gas Light
Co., Macon Gas Co. and Georgia Public Utilities Co. and related trans¬
actions, including the issue and sale by Atlanta Gas Light Co., the surviving
company, of $2,200,000 3H% general mortgage bonds, due Jan. 1, 1961.
The findings and opinion of the
Commission, in part, follows:
Consolidated Electric & Gas Co., a registered holding
company, proposes
to merge its three Georgia subsidiaries, Atlanta Gas
Light Co., Macon Gas
Co. and Georgia Public Utilities Co., and in connection with the
merger
to carry out certain related transactions.
Consolidated, Atlanta, Macon
and Georgia consequently jointly filed application and declarations
covering
transactions wtich may be described in general as follows:
(1) Consolidated will surrender certain debt securities of Macon and
Georgia which it now owns as contributions to the capital of these two
companies.
(2) Atlanta, Macon and Georgia will be merged, Atlanta to continue as
the surviving company.
(3) In connection with the merger Atlanta will assume all of the then
outstanding bonds of Macon and Georgia and will issue and exchange
(4)
by the Georgia
Capitalization of Atlanta
Approved—
of
bonds has been approved
Public Service Commission.
1940
-
share
After all charges including
1939
$472,283
$0.92
$181,043
Nil
Federal income and excess profits taxes,
b On 241,617 shares of common stock.—V. 151, p. 3554.
mtge.
Accrued interest
Preferred stock ($25 par)
Common stock ($25 par)
Capital surplus
Earned surplus
Total capital and surplus..
...
—
$819,500
1,392,870
117,570
154,701
35,000
450,000
450,569
273,728
$3,693,938
Container
Corp. of America—Registers Preferred Stock—
Corporation on March 7 filed with the Securities and Exchange Com¬
mission
registration statement (No. 2-4693, Form A-2) under the Securi¬
ties Act of 1933 covering 50,000 shares of cumulative preferred stock (no
par). The dividend rate is to be furnished by amendment to the registra¬
tion statement.
p*
The company will apply $3,950,000 of the net proceeds from the sale of
the stock to the payment in a like amount of outstanding promissory notes,
interest on which will be paid out of general funds.
The balance of the
proceeds will be added to the company's general funds.
a
_
The Commercial & Financial Chronicle
1746
Dillon, Head & Co., N. Y. City, will be the principal underwriter of the
preferred stock.
The price at which the stock is to be offered to the public,
names of the other underwriters, the underwriting discounts or com¬
the
missions and the redemption provisions are to be furnished by amendment.
The prospectus states that to facilitate the offering, it is intended to stabilize
This is not an assurance, it states, that the
price of the security will be stabilized or that the stabilizing, if commenced,
may not be discontinued at any time.
the price of the preferred stock.
To Vote
on
New
Pref. Issue—
March 24 will consider creating
an authorized issue of 50,000 shares of preferred stock, without par value,
and changing the present authorized capital stock to common stock.—
See also V. 152, p. 1587.
Stockholders at their annual meeting on
March
Press,
Inc.—Debentures Placed Privately—The
recently placed privately an issue of $1,650,000
serial debentures, due $210,000 annually each Feb. 1, 19421946 and $200,000 annually each Feb. 1, 1947-1949.
Chemi¬
cal Bank & Trust Co. and J. P. Morgan & Co., Inc. each
Cuneo
purchased $525,000, being one-half of the first five maturities,
and the Equitable Life Assurance Society of the United
States purchased the last three serial maturities aggregating
$600,000.
Hemphill, Noyes & Co. acted as brokers in the
transaction.
' N,;
Offer Rights to Stockholders
filing of a registration statement with
covering the proposed offering of
rights to stockholders to subscribe for 100,000 shares of capital stock at
$25 a share in the ratio of one new share for each four shares held^
The
issue would be underwritten with underwriters agreeing to purchase at $25
1941
company
■
Continental Casualty Co,—To
The directors have authorized the
15,
Proceeds
used
were
redeem
to
„
amount of S%% sinking fund
1,1941.—V. 152, P- 1279.
like
a
debentures, due Aug. 1, 1948, on Feb.
the Securities and Exchange Commission
a
share any stock not taken up by the shareholders.
An amendment to the company's articles of incorporation was
approved
special meeting of stockholders whereby the capital stock was increased
At the same time, stockholders authorized
directors to proceed with the sale of the additional stock.
H. A. Behrens, President, states in a letter to stockholders that con¬
summation of the sale of the stock must be subject to market conditions.
at
Glore Porgan & Co. and Blair Bonner &
syndicate.—V. 151, p. 2937.
Co. will head the underwriting
Copperweld Steel Co.—May Increase Indebtedness—
April 30 will consider increasing
the authorized indebtedness of the company from $3,000,000 to $5,000,000.
Stockholders at
a
special meeting
(& Subs.)—Annual Report
Consolidated Income Account for Calendar
a$59 523,143
__
48,598.086
1.508 544
Costs, expenses and ordinary taxes..
$50,155,528 $53,301,490
44,872 381
42,675,997
Income from subsid.&af/iliaied cos..
Other income.........
Federal income taxes
Excess profi s tax
Loss on investment in subs., &c
Loss on foreign exchange, &c
Net income
...
Preferred dividends
1,411.407
$9,214,086
2,350 206
1,833,141
702,442
542,754
$12,752,098 $12,698 293 $11,749 669
2,114 214
2,350.000
1,996,000
Total income
....
Common dividends
1,477.814
$9 805,333
2,752.729
583.456
Operating profit.
(cash)
...
Surplus
Previous surplus...
Write-down of abandoned plant
160,000
$9,753,669
$9,581,054 $10,120 398
1,720,166
1.720 166
7,590,000
7,590,000
..$14,858 846
outstanding (par $25)
2,530 000
share on common.
$310
1,720.166
7,590,000
$16,588,226 $15,777,994
2,530 000
2,530.000
$3 32
$3-17
present year.
Personnel problems in countries at war have
but are now largely solved.
been perplexing and trouble¬
Recent information regarding our
European subsidiaries indicates that at
present all are now operating steadily and profitably, notwithstanding that
two plants wore slightly damaged.
Due to the fact that our ownership
epresents assets the replacement value of which is far in excess of that at
which we carry them on our books, we have felt that no adjustment would
be wise at this time, nor could any be intelligently made.
Consolidated Balance Sheet Dec. 31
1940
S
Common
63 ,250,000
63,250,000
1,332,768
1,930,962
30,597,161
Prov.
bonds
&
accr'd Items.
1,146,246
469,856
1,765,103
469,856
23,096.815
for
.
Fed'l
.3 545,218
porate taxes..
Divs.
affiliated
3,081.146
16,155
14,082
Foreign receiv's.
1,239,176
4,082,992
Due fr. affill. cos
593,579
7,785,040
1,292,238
532,470
Surplus
secur.
interest
.
Mdse. & supplies
Defd
charges..
Total
a
5,577,262
and
cos.
1,671,383
1,266.752
16,588,226
14,858,846
115,934,667)
have
on
1940—V. 151, p.
659,998
$1.23
Nil
659,998
$1.93
and
excess
security
Assets—Accounts, notes and trade acceptances receivable (less reserve for
$2,109,476; cash in banks and on
doubtful notes and accounts of $81,952),
hand. $706,987; mutual insurance deposits,
$33,841; cash value life insurance
policies, $22,511; inventories, $2,760,846; deferred charges, $32,116; plant
and property (less reserve for depreciation of $4,412,274), $2,996,670;
Schweitzer & Conrad, Inc. ^common stock), $1,000,000; stocks and bonds
of other companies (less reserve), $43,097; patents at cost (.less amortiza¬
tion), $152,100: total, $9,857,643.
Liabilities—Accounts payable, $234,483; taxes, general, $107,92o; Federal
income and excess proms tax. $1,050,761; State income tax, $109,012;
wages and salaries accrued, $31,822; social security and unemployment
taxes, $53,702; royalties and commissions. $10,559; miscellaneous accruals,
$8,507; reserves (miscellaneous), $118,211; amount due subsidiary, $76,691;
capital stock, $3,299,990; surplus—paid-in, $3,078,009; surplus—earned,
$1,677,972; total, $9.857,643 —V. 152, p. 1279.
„
,
Chicago—Annual Report for 1940—
Crane Co.,
European conflict and regulations imposed on transac¬
tions in the currencies of the belligerent countries, the results of operations
and the financial condition of subsidiary companies located in foreign coun¬
tries have been excluded from the consolidated statements except that the
investments in such companies are carried in the balance sheet at the lower
of cost or book value and the profit and loss statement has been prepared
in a manner to illustrate what the consolidated income would have been for
view
of the
year if the net income of the subsidiary companies in Canada and
England had been included in the consolidation in the manner customery
the
in previous years.
Sales of the company
amounted
for
and its United States subsidiaries for the year 1940
$88,477,080.97, being 17.12% above the comparable sales
to
1939.
,
declared
a dividend of $1.75 per share on account of
7% cum. pref. stock, payable April 1 to holders o
was paid on Jan. 2, last and on Oct. 1.
3742.
.
During the year 1940 the company paid or accrued in combined direct
United States a total of $3,753,331, compared with
$2,905,746 for the year 1939.
These taxes for 1940 were equivalent to
$1.59 per common share compared with the net income of $1.61 per com¬
taxes of all kinds in the
I
provision has been made for excess profits tax in the United States on
1940 as it appears that no such tax will be assess¬
able.
However, this tax may readily be a material amount for 1941.
The serious effect of the increasing tax burden may be better realized
when it is appreciated that the total direct taxes paid or accrued by the
Canadian and English subsidiaries for the year 1940 amounted to $1,765,689
equivalent to two and one fifth times their combined net income of $801,717,
compared with taxes of $683,989 equivalent to two thirds of their combined
net income of $1,036,823 in the year 1939.
mon
share.
No
the earnings for the year
Inceslment in
Foreign Subsidiaries
By excluding the subsidiary companies located in Canada and England
in them in the balance
sheet at cost the parent company's equity of $2,81o.808 in their surplus,
when computed at official rates of exchange, has been eliminated from con¬
solidated surplus.
Also, by carrying the subsidiary company located in
France in the balance sheet at its equity value at Dec. 31. 1939 the net
operating losses of that company to that date and the depreciation in the
French franc in relation to the United States dollar as it applied to the net
from the consolidation and carrying the investment
at Dec. 31, 1939
the balance sheet.
$623,539 was in respect to
of the company other than plant and equipment
have been absorbed in the consolidated surplus shown in
assets
totaled
$2,372,877.
depreciation in the French franc.
the investments in subsidiaries in
of which
Otherwise no reserve for possible loss on
foreign countries has been created or set
time impossible to appraise
aside from surplus, it being considered at this
the worth of the companies at all accurately.
Calendar Years
(Including Subsidiaries in the United States only)
1940
Gross sales, less returns and allowances—
Sales to customers
subsidiaries
Total.
a
902,134
;
...
..
Provision for depreciation
Net operating profit
b Other income
.
.
809,809
$88,477,081 $75,542.934
79,066,835
68,389,355
_
Cost of sales
1939
$87,574,946 $74.733,125
1,870,901
$5,347,831
$8,358,487
1,208,917
$6,049,316
1,029,738
389.276
52,272
364,780
11,656
53,734
1,517,348
399,622
57,048
106,942
" 821,192
$4,760,505
406,995
394,722
$3,544,194
611,744
425,079
$5,562,222
.
1,805,748
$7,539,344
819,143
_
$4,581,017
701,484
the
Total income
Like amount
Cash discount
on
sales..
Interest paid
Crown Drug
Period End. Feb. 28—
1941—Month—1940
$647,690
1941—5 Mos.—1940
$641,785
$3,727,469
$3,635,906
152, p. 1587.
Miscellaneous deductions
c
Minority stockholders'interest
d Provision for Federal income taxes
Crucible Steel Co. of America—New
Director, &c.—
R. E. Christie, Assistant to the President has been elected
dent and director of the
_
Amortization of debt discount and expense.
Loss on sale or disposition of fixed assets
Co.—Sales—
Sales.
—V.
659,998
$67,803 undistributed earnings tax.
y As follows: Federal
profits tax, $1,050,761; State income tax, $109,012;
and unemployment taxes, $261,766.
z After deducting
selling expenses, $1,878,728 and general and administrative expenses,
$442,816.
Balance Sheet Dec. 31, 1940
social
111,046,844 115,934,667
Courier-Post Co.—Accumulated Dividend—
Directors
838,493
504,540
Includes
x
Sales to foreign
Total
After depreciation reserve of $35,457,968 in 1939 and $29,333,330 in
b 4.262 shares at cost,
c At market value.—V. 151, p. 2493.
record March 20.
$1,274,469
1,010,048
Consolidated Income Account for
1940.
accumulations
$814,700 loss$307,437
168,639
389.756
1,512
48,583
Shs. of capital stock out¬
liabils.
credit
8,890,228
985,343
963,951
111,046,844
Deferred
546,820
200,000
Reserves
Market,
Accr'd
3,352,981
2,327,542
2, 327,542
payable..
3,535,532
4,785,282
c
$1,280,894
..
These amounts
Income & cor¬
Due to sub. and
Notes and acc'ts
receivable
stock.
Acc'ts payable
30,293,677
26,115,318
Co.'8 pref. stk.
$
25,000,000
of sub. & con¬
Cash
1939
$
25 .000,000
36,082,441
<fcc._ 34,103,030
Other Invest
Liabilities—
Preferred stock.
aRl. est., bldgs.,
C08-._
1940
1939
$
Assets—
&
1,834
$1,845,526
x559,907
11,150
659,998
$ 1.94
State tax
In
some
trolled
_
Net profit for the year
Common divs. paid plus
15,334.491
a Gross
sales:
(1)
To customers:
Domestic, $60 398 871; foreign.
$1,499,740; to,al, $61,898 612.
(2) To subsidiary and affiliated com¬
panies: Domes ic, $564,417; foreign, $6,894,803; total, $7,459,220; total
all sales,
$69 357.832; less transportation and other sales deductions,
$9,834 689: not sales (as above), $59,523,143.
George M. Moffett, President, States:
The income account for this year distinguishes between dividends from
foreign and domes ic subsidiaries.
These subsidiaries are not consolidated
(other than the two domestic sales companies) and foreign earnings are
always included in the company's annual income statement only to the
extent that such income is realized in United States dollars.
The total
dividend income from foreign companies amounted to $1 993 339.
Of this
amount $1,328,628 was received from Europe and $664,710 from other
foreign countries.
Included in the dividends received from European
countries was $498,607 resulting from the sale of dividend credits earned in
prior years but not available to us on account of exchange restrictions,
we can hardly expect a similar item to be included in our income for the
Stocks
$1,205,967 loss$136,965
$443,503
$810 232
15,777.994
$270 888
16 588.226
2,000.268
common
mach'y,
_.
—
1 937
$1,949,895
152,952
$2,776,192
yl,421,538
73,760
...
,
227,895
896.830
Profit and loss surplus
per
1938
$9,415 913
Depreciation
Earnings
Other debits
income
Years
J939
1940
Shares
--
standing (no par)
Earnings per share..
Corn Products Refining Co.
Net sales.
profit
180,783
$1,796,943
57,685
Provision for taxes
1938
loss$l3,238
$1,137,939 loss$194,021
68,028
57,056
$2,718,507
Net operating profit-.
on
—V. 152, p. 9i>3.
_
Other income
Gross
1939
$1,322,831
184,892
1940
operations._z$2,913,162
194,655
Prov. for depreciation_
a
from 400,000 to 500,000 shares.
b
Cutler-Hammer, Inc.—Earnings—
Calendar Years—
Profit from
company.—V. 152,
p.
a
Vice-Presi¬
1279.
Crystal Tissue Co.—15-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable March 30 to holders of record March 20.
Previously regular
quarterly dividends of 12 H cents per share were distributed.
In addition
extra dividend of 50 cents was paid on Dec. 20, last, and extra of 37^
cents paid on Dec. 28, 1939.—V. 152, p. 983.
Cuban-American, Sugar Co.—Preferred Dividends—
Directors have declared
stock and
a
dividend of $1.75 per share on the
7% pref.
the 5H% pref. stock, both
a dividend of $1.37)^ per share on
payable April 1 to holders of record March 20.
These dividends cover
the quarter ended March 31, 1941.
See also V. 152, p. 1279, 1587.
e
Consolidated net profit
...
Net profit—f Canadian subsidiaries
g
English subsidiary..
h Consolidated net profit.
i Deduct
Dividends
on
Dividends
on common
per
stock
common
67,973
stock
136,823
$5,134,850
964,015
$4,444,194
964,015
1,878,902
5% preferred stock.
share of
22,607
427,372
Consolidate net profit
Earnings
__
-
1,409,177
$1.77
$1.48
Including selling, administrative and general expenses but before
provision foi depreciation,
b Exclusive of dividends received from foreign
subsidiaries,
c In
net income of subsidiaries,
d No provision for excess
profits taxes appears necessary,
e Of Crane company and subsidiaries in
the United States, exclusive of dividends received from foreign subsidiaries.
a
Volume
taxes on income:
$918,918, 1940; $162,742, 1939.
deducting taxes on income:
$689,418, 1940; $390,652, 1939.
company and
United States, Canadian and English subsidiaries,
i Excess of consolidated net income of Canadian and English subsidiaries
oyer dividends received therefrom.
After
h'Of
Gross profit from
*
Cash
—
Marketable securities.—
Investments in foreign subs, not consolidated
Other security Investments
Other investments
13,233,675
-
36,556
16,157
190,534
233,051
Land, land improvements and leases
Buildings (net)
Machinery and equipment (net)
Deferred charges
..........................
7,846,620
21,382,140
16,080,116
9.216,150
26,238,042
18,674,194
252,615
727,682
_
Accrued interest
long term debt
on
$4,674,074
3,020,873
$5,853,847
2,982,629
31,937
59,062
500,000
10,039,363
——
350,000
10,691,805
1,053,586
Sinking fund payment
Long-term debt
__
Minority interest in subsidiary companies
736,142
Miscellaneous reserves and deferred credits.286,596
58,715,700
1,049,589
10,323,667
$109,192,583 $109,410,126
Including United States subsidiaries
151, p. 3742.
a
218,594
19,280,800
19,280,300
58,715,700
1,514,886
9,274,058
5% cumulative convertible preferred stock
Common stock (par $25)---Capital surplus.
Earned surplus-..
Total
only,
«■
— — — — —
34,459
-----
_
_
_
_
-
_
— -
_
wl
------
Net
1941—12 Mos.—1940
$3,201,734 $3,086,363
1941—-Month—1940
$251,365
$276,179
193.616
18.415
182,965
17,312
2.264,521
211,004
2,149,019
206,422
appropriations..
21,337
9.078
216,885
231,212
Net oper. revenues,.-
$42,811
15,505
$42,010
15.505
$509,324
186,063
$499,710
186 .063
$27,306
$25,505
$323,261
$313.647
208
1.208
direct taxes
Direct taxes
b Property retirement re¬
serve
Kent for lease of plant..
Operating income
Other income..........
$658,522
$525,625
309,375
profit
12,231
120,666
o09,375
share)
Deduct cash dividends paid ($1.50 a
Earnings per share on capital stock
♦Provision for depreciation
15,917
8.000
$2.55
$3.44
-
101,335
72.390
31, 1940
Consolidated Balance Sheet Dec.
183: trade note and account8
$2,500), $765,622; inventories, $1,282,648;
investments and other assets, $71,602: property,
plant and equipment
(less reserves for depreciation of $487,633), $1,162,948: deferred charges,
$149,984; total, $3,916,987.
Liabilities—Trade accounts payable and payrolls, $366,516: accrued
expenses, $14,442; Federal taxes on income of year 1940 (est.), $340,000;
common stock tpar $5), $1,031,250; capital surplus, $146,768; earned sur¬
plus, $2,018,012; total, $3,916,987—V. 151, p. 2938.
Assets—Cash
receivable
deposit and on hand, $484
on
(less
reserve
of
Detroit Steel Products Co.
'
Calendar Years—
Gross profit from
(& Subs.)—Earnings—
1940
1939
1938
$2,394,560 $1,496,313
1,639,779
1,320,307
.
$2,911,828
1,926,532
sales.
Selling and administrative expenses..
19,566
11,750
$176,007
46,162
$1,004,862
$766,531
6,169
$222,168
8,318
292,000
144,000
10,123
30,440
$704,619
$616,362
290,766
$3.19
$173,288
96,922
$0.89
$754,781
$985,296
Operating profit
Other income.
Total income
Terminal Co.—Earnings—
Dallas Ry. &
$1,057,615
8,790
340,000
$708,824
Total income
Oth er deductions-
8,243
and accrued— —
—
Provision for loss on doubtful trade
notes and accounts receivable
Federal taxes on income, estimated-Interest paid
Period Ended Jan. 31—
$594,953
63,570
$1,023,156
income'
b Including all subsidiaries.
—V.
Operating revenues
Operating expenses, excl.
$960,700
365,747
general expenses.394,421
Federal taxes on income
■
$109,192,583$ 109.410.126
al940
bl939
Total
Liabilities—
Accounts payable and accrued payrolls
Accrued general and Federal income taxes
-
23,878
*
.
Other
$6,224,891 $14,608,237
12,973,656
11,917,761
30,839,438
27,754,973
132,341
-
—
Accounts and notes receivable (net)
Inventories
Due from foreign subsidiaries not consolidated..__
.
Seding, administrative and
Operating profit.
bl939
a1940
Asset*—
sal es_
1939
1940
1, ■417,580
31—
Years Ended Dec.
Consolidated Balance Sheet Dec. 31
-
(& Subs.)—Earnings—
Detroit Steel Corp.
deducting
After
g
1747
& Financial Chronicle
The Commercial
152
Net profit
387,688
Dividends paid in cash
$3.63
Earnings per share
,687 in 1940, $173,437
amounted to
Note—Provision for depreciation
in 1939 and $173,661 in
1938.
1940
Consolidated Balance Sheet Dec. 31,
Assets—-Cash
receivable
deposit and on hand, $404,473;
on
trade accounts and notes
(less reserves of $46,000), $2,238,849; inventories,
and other assets, $57,730; property, plant and
investments
$1,905,541;
equipment
for depreciation of $1,452,048), $2,252,688; patents and
contracts, $1; deferred charges, $97,804; total, $6,957,086.
Liabilities—Notes payable to banks or through broker, $800,000; trade
accounts payable and payrolls, $688,624; accrued commissions and other
expenses, $60,503; Federal taxes on income of the year 1940—estimated,
$292,000; uncompleted orders. $59,828; common stock (par $10), $1,938,440;
capital surplus, $894,451; earned surplus, $2,223,241; total, $6,957,086.—
V. 151, P. 3557.
(less reserves
$27,514
$27,713
$331,261
$329,564
23,515
23,515
282,180
1,960
1,959
24,641
282,180
24,359
income-$2,039
$2,239
applicable to preferred stock for the period
$24,440
$23,025
Gross income
Int. on mtge.
Other
Net
a
....
bonds
deductions.
-
103,901
(deficit)
Balance
a
Jan. 31,
unpaid to
accumulated and
Dividends
$753,282.
103.901
$79,461
Divs.
$80,876
1941, amounted to
Latest dividend, amounting to $1.75 a share on 7% preferred
paid on Nov. 1, 1933.
Dividends on tnis stock are cumulative.
stock was
b Designated in the
franchise from the City of Dallas and in the com¬
pany's books as "repair, maintenance and depreciation reserve."
Note—No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152, p. 1588.
Corp.—30-Cent Dividend—
Davega Stores
Directors have declared a
the common
holders of record March 15.
Dividend of 25
cents was paid on March 25, 1940, one of 15 cents paid on March 25,
1939, and 37K cents paid on Jan. 3, 1938.—V. 151, p. 2938.
stock, payable March 25 to
Denver
Rio
&
Grande Western
RR.—Plan Suggested
by CouH—
Capitalization which would be set up for the road under the District
Court suggested plan, would set net first mortgage 50-year bonds with
fixed 3% coupon annually and 1% contingent, at $41,120,142.
The plan
also would provide for 75-year 5Vi% income bonds of $30,289,451; 5%
preferred stock of $33,295,940 and class A common stock of $37,994,900.
The present trustee certificates amounting to $5.0( 0/00 would be paid
off under this plan and reorganization expenses of estimated $1,000,000
also would be paid in cash with the funds to be derived from the sale of
4 lA% income bonds to the Reconstruction Finance Corporation.
Securities
which would be undisturbed or extended in the plan include:
equipment
trust certificates: Denver & Salt Lake income 6s and first is; Chase National
Bank Loan, while the Railroad Credit Corp. would be paid off in cash.
The distribution of new securities, on tbe basis of the court approved
plan, to old security holders for the claim as to principal and
be on the following basis:
New 1st 3s
Inc. 4 YiS
Preferred
80.65
R. G. W. consol. 4s
79.14
28.23
27.71
& 4^s
D.&R.G. Wr& 15s & 6s
D. & R. G. W. gen. 5s—
RFC notes
—
20.86
16.08
15.78
33.55
to
-----
------
20.81
20.44
34.88
36.07
32.99
Co.-—Accumulated Dividend—
declared a dividend of $1 per
pref. stock, no par value, payable April 1
March 19.
Dividends of $2 was paid on Dec. 20, last,
Aug. 1 and March 15, 1940.—V. 151, p. 3087.
the $4 cum. conv.
Foundry Co.—Earnings—
Years Ended Dec. 31—
1940
Gross operating profit on sales
— _- __
$252,466
interest was
As
a
reduced from 4% to 2H% per annum
result of this rearrangement
85 cents
attributable
the
which in 1940
approximately $1.10 per share, in comparison with $775,000, or
share in the preceding year.
The increase is largely
to
required provision for Federal and State taxes on income
amounted to $414,500, or approximately $171,000 more than in 1939.
On the basis of consolidated invested capital, it appears that the company
"will not be liable for excess profits taxes on 1940 income.
Production and
manufacturing costs
$5,096,809
2,159,523
Total income
Interest on bank
indebtedness
J 939
Common
of common stock—
Sundry securities.
Treas. stock (cost)
$0.12
$U.lb
1940
1,152,400
Accounts payable. 1,361,480
2,650,459 2,377,377
8,233
5,332 Pref. div. payable.
20,531
185,571
J
5,245,036 Taxes
5,329,065
63,206
230,113 Wages & salaries. _
483,400
Com pens, awards,
(net)-11.747,861 12,396,217
Other assets
VliUCl
Prepaid
i.
_
&C-.
fund
105,668
— —
129,257
16,697
73,723
—Y. 151, p.
3557.
1,132,850
;
8,233
190,260
j
—
58,707
28,406
',
Prov. for Fed.
State
inc.
30,569
478,041
305,429
and
taxes
(estimated)
144,682
Other accr. liabils.
28,262
26,827
428,161
301,824
Cust's' credit balsi
33,980
1
1
Def. bk. indebted-
2,000,000
40,080
2,500,000
purch.
obligat'n 3,405,564
4,266,177
and defd
-
Pat'ts, g'dwill, &c.
Contingent
Res. for self-insur.
Res.
for conting—
6% cum. pref. stkCom. stk.(par $10)
279,252
255,388
555,400
9,000,000
Capital surplus... 1,898,761
Earned surplus... 2,467,813
$2,385;
„
$346,847; total. $910,520.
——
179,122
money
$29,314;
-
_
—
-
-v
Self-Insurance
securities-
.
hand, $173,580; U. S. Government securi¬
ties (present redemption value $31,500), $30,000; marketable securities
(market value $6,246), $15,110; receivables (net after reserve of $17,005),
$72 446; inventories (at lower of cost or market), $47,678; property, plant
and equipment (less reserve for depreciation of $305,877), $509,232; cash
$910,520.
$
500,000
receivable (net).
Assets—Cash in banks and on
value of life insurance, $40,285; insurance deposit,
prepaid taxes, insurance, &c., $19,802; total,
,
Liabilities—Accounts
payable, $34,358; accrued liabilities,
capital stock (par $1). $500,000; earned surplus,
1939
$
in¬
Adv. on pur. contr.
31, 1940
surrender
bank
Current
debtedness.——
Accounts and notes
charges
Balance, surplus
31
Liabilities—
1,622,833
Inventories—-
32,934
176,315
$1.30
353,630
$1.44
— -— —
1939
S
Cash
$1,168,762
32,934
Consolidated Balance Sheet Dec.
$79,995
60,000
60,000
$1,290,160
dividends
Assets—
192,674
1,612,169
243,303
414,500
-
Earnings per share
226,143
153,495
1,571,909
income.
profit
Fixed assets
18,119
$3,216,908
Preferred dividends
$98,115
20,853
-
Depletion, depreciation, &c
Prov. for Federal and State taxes on
$81,806
Earnings per share
ItR. Co. operating income.-
Other income
$2,837,270
$3,355,513
78,944
operating income
Northeast Oklahoma
$4,809,755
1,972,485
$2,937,385
281,873
136,254
Gross operating profit—
Expenses
for Fed. income tax.—
for year
Dividends paid
1939
$27,994,176 $25,914,411
22,897,367 21,104,656
-
—
Balance Sheet Dec.
(Including Subsidiaries)
Years
Account for Calendar
Income
$89,048
9,067
Federal income tax.
consolidated
in excess of $985,000, or
per
$71,089
10,716
Net income
from March 30, 1940.
and decreased borrowings,
interest charges showed a material reduction.
Total taxes paid and accrued in 1940 were
$60,952
Net income before prov.
Provision for
bank
$248,852
159,804
Net
,
obligations owned by other companies in the consolidated group, in excess
of $108,000 in comparison with $81,000 for the preceding year.
During the year the company effected a rearrangement of its
indebtedness whereunder the aggregate amount of $2,500,000 was extended
and made payable in five annual instalments of $500,000 each, and the
181,376
and admihistrative expenses—-
operating profit----------—
Other income, less other deductions
had a net
approximately $24,000, on
including Interest of
income, after all charges,
1940
Detroit Gray Iron
Selling, delivery
only slightly greater than in
1939 and did not offset increased material and fabricating costs.
The Northeast Oklahoma RR., a wholly owned subsidiary,
Net
share on account of accumu¬
Sales
completely processed.
than from those which are more
realization on manufactured products was
436.45
holders of record
and .$1 paid on
increase of
rather
Net
Derby Oil &, Refining
(& Subs.)-—Annual Report—
approximately 8% over 1839.
Sales
greater than in the previous year.
the current year resulted from the
production and sale of products normally classified as "raw materials"
sales showed an
Net sales
Denver & Salt Lake Ry.—Interest Payment—
Company is notifying holders of its income mortgage bonds that an
interest payment at the rate of 4% has been declared for the year ended
Dec. 31, 1940, payable April 1, 1941.
Payment will be made on and after
tnat date at the office of Bankers Trust Co., New York, or the International
Trust Co., Denver
paying agents.—V. 152, p. 1430.
lations on
Eagle Richer Lead Co.
tonnage of zinc metal was about 24 %
The greater portion of the profits of
——
1430.
Directors have
distributed.—V. 152, p. 675.
share was
1940
100.0
------
—
—V. 152, p.
—
the common
1939,
per
%
19.35
—
R. G. Junction5s
D. &R. G. 1st 48
Common
%
%
%
Present Security—
Rio Grand W. 1st Tr. 4s
interest would
dividend of 25 cents per share on
25 to holders of record March 18. Like amount was
paid on Dec. 21, last, and dividend of 40 cents was paid on Dec. 23,
this latter being the first dividend paid since April 1, 1938, when 25 cents
Net
dividend of 30 cents per share on
25-Cent Dividend—
Diamond T Motor Car Co.—To Pay
Directors have declared a
stock, payable March
Total
-V. 152, P.
22,549,359 22,090,402
1589.
:
277,091
260,758
555,400
9,000,000
1,898,761
1,539,259
Total-—.—22,549,359 22,090,402
The Commercial & Financial Chronicle
1748
Douglas Aircraft Co., Inc.—To Vote
on
Eastern Utilities
Contracts—
Stockholders will vote at their annual meeting on March 19 on
a proposal
carrying-out of two cost-plus, fixed-fee contracts estimated
at S187.747.fi91 for the manufacture and sale of military airplanes to the
United States Government, on which the aggregate base fixed fee is $11,264,825, or 6%.
Likewise there will be a ballot on five subcontracts rang¬
ing from $1,343,578 to $30,257,293, or an aggregate of $43,989,280, in¬
cluding fees.
Acquisition of land and the construction and acquisition of emergency
plant facilities in connection with manufacture of the military planes for
the government also will Ixj put up to the stockholders.
Estimated cost of
the new facilities is $11,254,701, to be reimbursed over five years by the
United States.
Approval of a loan of not more than $12,000,000 at 2Yi%
annual interest from the Chase National Bank to finance the expansion
Period End. Jan. 31—
to approve the
program
will be put to the vote at the same meeting.—V. 151,
Operating
$888,846
410,139
Taxes (incl. inc. taxes)..
159,785
$834,806
380,427
31,584
126,585
Net oper. revenues.—
$286,405
Drl,459
Maintenance
32.518
$9,164,128
4,208,480
$7,635,941
637,589
$4,955,648
454,028
$3,920,809
350,011
1,271.589
$2,955,432
Drl,394
$284,947
65,500
$290,193
64,510
$2,889,520
786,990
$2,954,038
775,793
$219,447
37,034
1,827
$225,683
36,554
1,435
$2,102,531
435,287
11,550
$2,178,244
438,714
11,357
Balance
$180,586
$187,693
Preferred dividend deductions—B.V.G.&E.Co.
$1,655,694
77,652
$1,728,173
77,652
$1,578,041
23,847
$1,650,521
25,366
$1,554,194
$1,625,154
Balance
reserve
accruals
Gross income-...
Interest & amortization.
—
—
$8,273,530
2,709,461
682,746
1,584,531
32,499
$5,409,676
2,822,318
721,519
439,907
20,564
271
$4,270,820
2,883,493
750,496
342.806
19,779
1,627
265,534
140,439
Crl29,206
$2,998,759
1,663,069
$1,264,658
1,108,679
$401,825
554,366
280,603
—
Balance
„
—
-
Applicable to minority interest
Applicable to E. U. A
Net profit from operations.
Total income
indebtedness
Other deductions
Interest
on term
Federal income taxes—current
State income taxes
Minority interest
Special charges, incl. prior year adjust¬
ment (net)
Net income to surplus
Di vidends
on
Dividends
on
prior pref. stock
preferred stock
Earns, applic. to 4*A% cum. prior
preference stock, per share
Earns, applic. to 6% cum. pref. stock,
per share
—-*
$12.17
reclassifications adopted in
Certain
$5.13
$1.63
$5.05
$0.42
def$1.89
1949 have been reflected in the
1939 and 1938 figures.
Consolidated Balance Sheet Dec. 31
1940
1939
$
Assets—
$
1940
Liabilities—
1939
$
$
Prior pref. stock 24,637,300
eauip. &
capital assets.152,846,422 162,414,759 Preferred stock. 37,413,800
Investments
3,537.683 x Common stock 37,018,651
3,093,800
Other fds,& dep.
58,924
1,266,009 Notes and accts.
Cash
2,209,481
pay. & accr'ls
4,424,880
7,684,235
Term
Indebted¬
Petty cash and
ness
161,932
working funds
172,069
66,357.000
Due to affil. cos.
Accts. and notes
483,587
receivable....
9,307,844
9,503,804 Consumers dep.
304,711
Due from allied
Reserves
2,596,482
914,485
877,194 Defd credits...
companies
674,279
Inventories
10,593,770 Capital surplus.
9,777,053
2,633.333
Deferred items
7,918,905 Earned surplus.
7,355,399
8,237,360
Prop,
y
-
Total
187,940,738 188,493,674
Tota*
24,637,300
37,413,800
37,018,651
7,900,613
69,292,000
254,351
351,356
1,871,062
539,308
2,533,333
6,681,899
187,940,738 188,493,674
x
Represented by 1,988,400 no par shares,
y After reserve for depre¬
ciation of $44,262,617 in 1940 and $41,326,109 in 1939.—V. 152, p. 1589.
Eastern Malleable Iron
Co.—Earnings—
Dec.31'39 to Jan. 1 '39 to Jan. 2 '38 to Jan. 3 *37 to
Period—
Dec. 28 *40
Dec. 30 '39
Dec. 31 '38
Jan. 1 '38
Net profit—oper. divs._
c$133,168
$73,068
a$293.208
$68,749
Other income
63,981
33,599
31,894
40,727
$197,149
$106,667
a$261,314
$109,476
plants
Miscellaneous expenses.
Dividends
44.365
40,170
10,080
39,576
18,133
26,820
Net profit for period—
d$112,568
Profit
Carrying charges, closed
808
b46,479
39,409
$56,417
a$319,023
$36,177
provision for fluctuation in value of securities,
c After provision for depreciation in amount of
$150,379.
d Before allow¬
ing credit for recoveries of accounts receivable previously written off,
$808 and restorations of portions of reserves not now required, $30,612.
Loss,
a
b Additional
Condensed Balance Sheet
as
of Dec. 28, 1940
Assets—Cash on deposit and on hand, $136,420; marketable securities
(net), $74,820; accounts receivable and sundry notes (net), $462,099;
inventories, $861,704; total current assets and inventories securities de¬
posited as self insurer under workmen's compensation law—cost,
$30,675;
other securities (net), $9,302; property, plant and equipment
(net), $2,381,365; patents, $2,287; goodwill, $1; deferred charges, $34,071; other
assets, $14,361; total, $4,007,107.
Liabilities—Accounts payable, $97,743; advances from customers and
accounts receivable credits, $4,495; accruals,
$90,168; reserves, $81,342;
capital stock ($25 par), $1,970,450; capital surplus, $1,762,907; total,
$4,007,107.—V. 152, p. 1589.
Eastern Rolling Mill Co.Years End. Dec. 31—
Netsales
Cost of
goods sold
Operating profit
Income charges
1939
1938
1937
$2,768,970
2,745,714
$3,082,080
3,035,691
$2,181,543
2,412,656
$5,060,643
4,775,788
Loss
Provision for deprecia'n.
Prov. for Fed. & State
$46,389
42,238
y$231,112
55,933
$284,856
73,767
x$4,1.51
17,431
$287,045
9,262
x$211,088
21,076
$22,108
111,717
x$21,583
99,007
$277,783
98,088
x$232,164
89,830
x
20,667
loss.
Profit,
$133,825
$77,425
$375,871
x$121,667
Loss,
z Including interest, cash discount earned and mis¬
cellaneous income, &c.
Condensed
Assets—
1940
Balance
1939
Sheet Dec.
property... $1,158,824 $1,235,202
Cash
68,511
132,876
Market, securities.
17,820
40,590
Notes & accts. rec.
324,780
690,594
Inventories
387,537
924,991
Deferred charges..
20,016
5,431
Capital stock
Capital surplus
a
1940
93,420,000
Accounts payable.
282,920
Social secur. taxes. 1
1,026,680
23,107
J13,281
Mtge. payable
375,000
600,000
44,855
68,625
526,689
392,863
Accrued
accounts./
Deficit
$1,977,487 $3,029,686
Represented by 210,000 shares
Total
par $5.—V.
135,671
$1,977,487 $3,029,686
151, p. 2642.
Eastern Shore Public Service Co.—Sub.
Advances—
Securities
and
Exchange Commission announced March 8 that
declaration (File 70-268) under the
Holding Company
company has filed a
Act regarding proposed
advances, on open account bearing Interest at the
rate of 4 %, of not more than
$300,000 to its subsidiaries as follows: Eastern
Service Co. of Md., $100,000;
Maryland Light & Power Co.,
$75,000: Eastern Shore Public Service Co. of Va., $125,000. The
advances
to be made to the subsidiaries from time to
time as they need funds for
construction purposes.—V. 152, p. 1128.
are
80,023,000
13,397.000
16.7
The above figures do not include the system inputs of any companies
appearing in both periods.—V. 152, p. 1589.
Eastman Kodak Co.—Annual Report—W. G.
Stuber,
Chairman, and F. W. Lovejoy, President, state in part:
Despite the disturbed conditions that have obtained throughout the world
during 1940, the earnings of company have been maintained on a satis¬
factory basis.
The consolidated net income, which includes only the net
profits of the parent company and wholly-owned subsidiaries in the Western
Hemisphere, was $20,076,739 for the year 1940.
This is equal to $7.96
per share of common stock, after deducting dividends paid on the preferred
stock.
The net earnings for the year 1939, which included the net profits
of all wholly-owned subsidiary companies except those located in
Germany,
were $21,537,577, or $8.55 per share of common stock.
Owing to the uncertainty surrounding the operations of the
subsidiary
companies located outside the Americas, the exchange restrictions which
almost completely prohibit the remittance of dividends, and the difficulties
of obtaining financial accounts, directors deemed it conservative to omit
from 1940 consolidated profits the earnings of such subsidiary
companies.
As some of these companies operated at a Joss, an amount of
$250,000 was
deducted from consolidated profits to provide for such losses.
Review of Operations—Sales of the company and its consolidated sub¬
sidiary companies to the trade were $12^,618,828, an increase of 9.50%
as compared
with sales of these same companies for the year 1939.
Of
this amount, sales in the United States were $112,942,825 as
compared with
$103,805,179 last year, or an 8.80% increase.
The products of the Ten¬
nessee Eastman Corp., principally acetate
rayon yarn, acetate
rayon staple
fiber, and plastic molding compounds, continued to show excellent sales
gains.
Sales of photographic products showed a satisfactory increase.
Sales to the companies excluded from the consolidation amounted
to
$8,277,952.
This compares with $11,856,298 in 1939, a decrease of $3,678,346.
The impossibility of shipping goods to many of the European
countries accounts for this decrease.
Manufacturing costs
were at a
satisfactory level during the
Com¬
year.
pany continues to be In a good position in regard to its supply of raw ma¬
terials, and at the year-end it had no important contracts or commitments
at prices in excess of market.
A wage dividend of $2,396,045, payable to employees on March
24, 1941,
authorized by the directors on Nov. 13, 1940, and a provision of this
amount has been made out of current profits.
The rate of wage dividend
Is dependent upon the amount of dividends, declared each
year on the
was
common stock.
There was a further deduction from profits of $2,209,573
for the company's plan of retirement annuities,
disability benefits, and life
insurance.
This is additional to $460,319 paid to the Government for
Federal
old-age benefits.
Company's retirement-annuity plan, which has been In effect since Jan. 1,
1929, was based on an employee's annual earnings up to $10,000.
At the
annual meeting of stockholders held
April 30, 1940, this plan was amended
to include that portion of annual salaries in excess of
$10,000.
The cost of
purchasing the back annuities for the employees who had not attained their
normal retirement age prior to Jan. 1, 1941, was
$631,953, and this amount
was charged to current
earnings.
A tax refund amounting with interest to $537,298 was received from
the
United
States Government and was credited to current
earnings.
This
arose from an adjustment of the invested
capital of the company
which was used as the basis for computing war
excess-profits taxes in 1917
and 1919.
refund
Taxation—Estimated
provisions
of
$7,573,218
for
United
States
and
foreign income taxes, and $1,600,000 for United States excess profits tax,
a total of
$9,173,218 have been deducted from consolidated earnings.
Of
this amount, $8,661,485 was payable to the United States
Government,
equal to $3.50 per share of common stock, as compared with $1.79 last
and $0.92 in 1929.
The amount of 1940 profits subject to excess
{)rofits tax was the combined earnings of all for the years the United States
of 95% of their average earnings companies in 1936 to
1939, in¬
n
excess
clusive.
As the average earnings for those four years were
relatively high,
excess profits tax has not affected the
earnings in 1940 as materially as
has the increase to 24% In the normal tax rate.
While only a portion of
this year's profits was subject to excess
profits tax. it should be remembered
that, on the basis of present tax laws, the whole of any future increase in
the company's profits will be subject to the combined normal and excess
profits tax rate of 62 %, leaving only 38 % as the stockholders' share.
Profits
taxes,
were the
before making provision for income and
largest in its history.
excess
profits
Investments in and Advances to Sub. Cos. and Branches Not Consolidated
The investment figure of $23,460,989 shown in tne balance sheet
under
the above caption is made up as follows:
Investments
Net
at Cost *
Receivables
British Isles
$5,209,484
13,268,554
$1,651,675
-^6,734
1,076,073
2,301,937
Total
$6,861,159
13,221,820
3,378,010
1939
$1 ,050,000 $1,050,000
728,293
728,293
Other reserves
The
National Power & Light Co..
not
Continental Europe
Africa, Asia, and Australasia
.
31
Liabilities—
Plant
a
"
y
,
Total
Inc.—Weekly Input—
1941, the system inputs of client operating
companies of Ebasco Services Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1940 were as
follows (in kilowatt hours);
JfUCTCdSC
"
Operating Subsidiaries of—
1941
1940
Amount
%
American Power & Light Co.. 137,183.000
119,472,000
17,711,000
14.8
Electric Power & Light Corp. 65,655,000
58,988,000
6,667,000
11.3
of your company,
income taxes
Net
Ebasco Services
For the week ended March 6,
the
$36,538
14,431
Income credits
—V. 152, p. 826.
year,
1940
$23,256
59,794
Loss
z
-Earnings-
4.306.786
429,451
$2,847,952
41,568
Retire't
$7,963,338
4,042,529
Other Income..
4,506,759
397,286
$296,208
I>r6,015
Subs.)—Earnings—
Profit from operations. - - —
$11,907,817
Deprec., deplet. & utility retirements
4,271,876
1941—12 Mos.—1940
$9,260,019
$8,963,258
1,508,030
Non-oper. income (net).
1940
*1939
*1938
$74,629,139 $68,230,679 $61,933,659
62,721,322
59.066,551
53,970,321
Net sales and operating revenues
Cost and expenses
1941—Month—1940
-
Miscell. deductions
Eastern Gas & Fuel Associates (&
r Calendar Years—
1941 1
Associates—Earnings-
revenues
Operation
3087.
p.
March
$20,779,975
*
$2,681,014 $23,460,989
Less reserves for goodwill.
The aggregate book value of the
underlying net tangible assets of these
subsidiaries, as of the most recent dates for which reports have been received,
converted into United States dollars in accordance with the
conversion
principles of
previously mentioned under financial statements, exceeds the
by approximately $8,000,000, no part of which is
cost of the investment
reflected in the accompanying financial statements.
During the year 1940 no dividends were received from the wholly-owned
subsidiary companies outside the Americas.
Dividends of $148,185 were
received from partly owned companies.
The interest of the company in
the profits of such affiliated companies exceeded the amount of dividends
received
by approximately $88,000.
The operations of the manufacturing plants and sales divisions of com¬
pany situated in the war area have naturally been hampered.
While no
financial accounts have yet been received for the year 1940 from
many of
the larger companies, considerable information covering their operations
and present status is available.
of this report, no war damage
During the past year, and up to the date
has been sustained bv any of the manu¬
by other foreign properties or company with the
exception of the loss of a wholesale stock depot, the major portion of which
loss was covered by commodity insurance.
facturing plants,
nor
The Commercial &
Volume 152
Duplications of portions of the
Consolidated Income Statement Years Ended Dec. 28, 1940
United
[And
wholly-owned subsidiary companies In
Mexico, Cuba, Panama, and South America.]
Canada,
States,
*1939
1940
.122,618,828 111,977,778
Net sales to the trade..
Sales to subsidiary companies not consolidated
8,277,952
11,856,298
Total sales
130,896,780
123.834,076
Cost of sales and expenses..
a
102,144,332
98,448,388
28,752,448
25,385.688
430,959
12,384
503.291
22,418
Income from operations
Interest and dividends
Net profit on sale of securities
Refund of U. S.
Other income..
excess
.........
537,298
66.701
profits taxes (1917-1919)—
29,799,790
250,000
Total income
Prov. for losses of sub.
cos. not
consolidated
Other charges
168,181
j26.079.578
29,249.957
Prov. for U. S. and foreign income taxes (est.)
Prov. for U. S. excess profits taxes (estimated)
7.573,218
1,600,000
reserve
for contingencies..
20.818,200
72.322.363
369,942
14,518,440
38,697,282
$7.96
Earned surplus, end of year
Earned per share on common
156,013
2,000
369,942
14,856,078
share)...
52,275,968
$8.40
For purposes of comparison, figures in respect of subsidiary companies
and branches excluded from the consolidation in 1940 have also been omitted
*
in
Depreciation charged
$6,992,849 in 1939,
1939.
operations $7,849,010 in 1940
to
a
Consolidated Balance Sheet
vtDec. 28 *40
Accts.
30,548,050
21,929,887
13,053,049
39,027,651
17,295,649
47,929,355
Workmen's corn-
23,460,989
5,710,437
3,806,505
3,806,505
Insur. reserves
1,234.628
Res. for conting.
22,772,317
1,310,778
10,313,234
c2,200,000
C175.000
6,165,700
yCommonstock 99,040,520
6,165,700
99,040,520
19,273,502
surplus. 38,697,282
19,273,502
52,275,968
Divs. payable._
pen.
not
consolidated
_
Oth. lnv
2,158,182
88,817,420
bldgs.,
6%
mach. & eqpt.
Earned
905,454
706,519
ferred charges
213,752,108 213,611,627
Total
213,752,108 213,611,627
Total
pf.stk.
Paid-in surplus.
de¬
other
cum.
($100 par)...
Prepd.ins., taxes
and
& sundry
Misc. reserve
3,532,306
86,535,757
& advs
Land,
e
2,327,577
7.930.541
3,457,999
Foreign bills disc
Invest. In & adv.
subs,
7,534,303
6,586,214
2,396,045
11,579,395
Prov. for taxes.
18,261,911
celv. (less res.)
Inventories
subsidiaries in Western Hemisphere,
b In¬
c Reserve for intercompany profit
in inventories of affiliated and) subsidiary companies not consolidated,
d Represented by 2,476,013
no par shares, excluding 12,229 treasury
shares,
e After reserve for depreciation and obsolescence of $70,015,776
in 1940 and $73,295,193 in 1939.
a
wholly-owned
Includes
cludes all subsidiaries except German,
Co., Ltd.—Earnings—
East Kootenay Power
Period End. Jan. 31—
$454,014
$46,340
19,544
$509,846
20,235
176,236
165,752
$29,007
$26,796
$333,610
$288,262
$49,242
Operating expenses
Net
1941—10 Mos.—1940
1941— Month—1940
Gross earnings
earnings..
-Y. 152, p. 984.
Electric Auto-Lite Co.
(& Subs.)—Earnings-
1940
1939
1938
allow.$72,973,177 $56,346,032 $39,469,600
Mater., labor & burden. 54,651,451
42,504,497 31.199,877
a Sell., gen. & adm. exp.
7,167,058
6,596,858
5,746,094
Calendar Years—
Sales—less ret. &
1937
$60,832,407
50,981,593
4,622,346
_
71,849
40.691
19,091
.$11,154,669
$7,203,985
$2,504,537
480,624
602,443
385,990
$5,156,617
521,807
$11,635,293
886,317
Prov. for income taxes
b4,743,3 51
Minority int. in profits.
3,908
$7,806,428
1,261,837
4,408
$2,890,528
722,888
330,982
507
$5,678,424
732,975
731,998
6,836
$6,001,718
$5,653,839
"$1,836,149
$4,206,614
3.591,132
3,591,702
1,198,453
3,123,511
$2,409,586
$2,062,138
$637,697
$1,004,599
Prov.
for
Gross
doubtful
acc.
profit
Other income
Total income
Income deductions
_
.
Net income.
Preferred dividends
886.342
Surplus
78,505
1,221,003
1,197,193
1,197,253
1,202,255
$5.01
$4.72
$i.53
$.3.43
a Includes
depreciation,
1940, $1,301,774; 1939, $1,349,575: 1938,
$1,369,996; 1937, $1,246,025.
b Includes Federal excess profits tax of
$1,950,728.
Consolidated Balance Sheet Dec. 31
Shs. cap. stock
(par $5)_
Earnings per share
1940
b Land,
buildings,
&e_ 14,029,940
163,159
7,302,004
1940
LiabUUies-
S
a
6,105,015
13,788,375
4,461,207
53,409
9,327,500
2,620,904
1.44L972
1,417,025
193,393
4,743,351
1,261,838
7,811,415 6,111,661
11,082,793 10,919.686
Inventories
425,890
411,149
Accrued liabilities-
Invest. &c. assets.
358,029
Deferred charges..
ments,
1
322,821
Reserve
for
con¬
1
223,894
Treasury stock
a
41,070,162 36,479,982
After reserve for
Total
doubtful notes and accounts of
209,692
113,930
Deferred Income..
Earned surplus
Total
350,000
current-
tingent claims. .
goodwill,
&JC
1,814,278
Sink, fund require¬
Treas. stock
Patents,
6,105,015
55,817
Capital surplus... 2,021,811
8,000,000
Minorlty stock int.
Accounts & notes
receivable
$
3,782,647
equipment,
Market securities-
Cash
1939
$
1939
$
15,152,046 13,206,390
Z>rd425,890
41,070,162 36,479,982
$151 674 in 1939 and
$145,119 in 1940. b After reserve for depreciation of $12,706,051 in 1939 and
$11,421,538 in 1940. c Shares of $5 par value, d Represents 23,810shares
of common
stock.—V. 152, p. 1128.
El Paso Natural Gas
Co.—Annual Report—
for the year 1940, Paul Kayser,
authorized the following statement:
Commenting on final results
President,
.
issued a tentative earnings statement for
the year 1940 showing earnings on the common stock of $3.28 a share.
These earnings were predicated upon the excess profits tax law as originally
enacted in October of last year.
By virtue of the amendments to this law
approved March 7, 1941, the excess profits tax liability of the company for
1940 was reduced by $258,227. This reduction, together with minor adjust¬
ments made in the final audit, resulted in the figure of $3.75 per share of
common stock as the final audited earnings of the company for the year."
Operating revenues of the company for 1940 were $6,380,311, compared
with $5,879,466 in 1939. Earned surplus at the close of 1940 was shown at
$4,194,039, against $3,137,764 a year earlier.
"Earlier in 1941, the company
Operating revenues
Operation..
a
Calendar Years
a
......
$6,380,311
1,819,994
143,397
966,176
707,535
$2,696,002
$2,688,945
75.741
$2,696,002
14,091
$2,764,686
373,608
14,941
15,599
$2,710,093
344,193
8,374
Cr672
$2,360,538
$2,358,198
$3.75
Net operating revenues
b Exploration and development costs
— .....
-
Other income
Gross income
Interest
Amortization of debt discount and expense
Miscellaneous income deductions
Net income
Earnings
a
per
652,364
$2,741,023
52,078
$3.74
$449,793)
c
105,413
709,721
—-
Depreciation
Taxes (includes Federal income and excess profits
taxes
for 1940 of $729,273 and for
1939 of
a
1939
$5,879,466
1,718,152
share on common
In 1940 revenues from
excluded
from
natural gasoline and by-products and crude oil
operating
revenues
and together with their related
reflected in operating expenses or other income, b Carried in
in 1939.
c Non-recurring income and expense, and
(carried in operating expenses in 1939) are charged to miscel¬
laneous income deductions in 1940.
The balance sheet was published in the "Chronicle
of Feb. 15, p. 1129.
operating
expenses
Engineers Public Service Co.—Integration Plan Issued
by SEC—Would Deprive Company of More Than Two-Thirds
of Utility Assets It Now Owns—
integration plan which would require the company to give
than two-thirds of the utility assets it now owns was issued by the
Commission March 11.
A statement of the ten¬
tative conclusions of the SEC and an order reconvening hearings March 25,
A tentative
up more
Securities and Exchange
follow:
of securities of certain companies engaged
and in miscellaneous other businesses, regis¬
holding company under the Public Utility
Holding Co. Act. of 1935.
On Feb. 28, 1940, the Commission issued a notice
of an order for hearing pursuant to Section 11 (b) (1) of said Act in respect
to Engineers Public Service Co. and its subsidiary companies, respondents,
stating therein that it appears that the holding company system of Engi¬
neers Public Service Co. is not confined in its operations to a single inte¬
grated public utility system and to such other businesses as are reasonably
incidental or economically necessary or appropriate to the operation of
Company, a holding company
In the public utility business
tered on Feb. 21, 1938 as a
public utility system within the meaning of the Act.
On
April 5, 1940, respondents filed an answer to said notice of and order for
hearing.
On May 24, 1940, respondents filed a motion which in effect requested
that they be furnished with a statement by the Commission of tentative
conclusions as to the particular portions of the present system upon which
the aforementioned statement in the notice of and order for hearing was
predicated, and as to what action the Commission tentatively believes
necessary to effect compliance with Section 11 (b) (1) of the Act, so as to
tender issues for hearing.
On June 1, 1940, the Commission in its opinion
issued that date undertook on the basis of its decision on a similar request by
the United Gas Improvement Co. in similar proceedings under Section 11
(b) (1), involving the United Gas Improvement Co. holding company sys¬
tem, to state such tentative conclusions.
Pending the preparation and
issuance of such a statement by the Commission, the proceedings have been
such integrated
held in abeyance
To aid it in arriving
at its conclusions, the Commission directed Its
report setting forth informative data with respect to the
Engineers Public Service Co. holding company system and suggesting the
application of the pertinent provisions of the Act.
staff to prepare a
______
______
dividends
Common
Consolidated Income Account for
during 1940 was retired
donations
and
Wage div, pay..
Accts. & bills re-
to
pay.
28'40 b Dec. 31 *38
$
accrued llab_.
27,491,119
Marketable bds.
and stocks...
issue of $3,000,000 of 3% first mortgage bonds sold
in December through operation of the sinking fund.
expenses are
a Dec.
Liabilities—
hand
and
,
bDec. 30 '39
Cash in banks &
on
In 1940 the company paid off $535,000 of its outstanding 3% notes
in addition to prepayment of $1,500,000 of these notes through refinancing
carried out during the year.
Also, $100,000 principal amount of a new
are
A ssets—
permission to amortize this
permitted in the 1940 income
tictx laws
5,000,000
8,429,405
Preferred (6%)
Common ($6 per
$1,350,000, the estimated cost, at 2H%, and
Balance
Earned surplus (less deficits) at Dec. 30, 1939, of
subsidiaries eliminated from the consolidation._
Goodwill written off
Dividends:
borrow
company plans to request government
increased investment on a five-year basis as
the
50,784,786
21,537,577
72,352,707
10,000.000
Total surplus
Amount transferred to
have been made to
Maintenance
52,275,968
20,076,739
Earned surplus, beginning of year
Net profit for the year
In order to meet its part of the National Defense Program, the company
plans to increase the capacity of its pipe line system by some 12,000,000
cubic feet per day before November, 1941, the report states. Arrangements
1940
25,616,518
4.798.318
20,076,739
Net profit for the year
company's main pipe line in 1940 bring
capacity of its system available for sale up to about 105,000,000 cubic feet
day, according to the report to stockholders.
The gasoline absorption
plant and the gas field repressuring plant noted in the 1939 report were
completed in 1940.
Additions to the fixed assets and investment and fund
accounts in 1940 totaled $3,329,497.
per
463",065
299,833
Net income
1749
Financial Chronicle
Application of Section 11 (6)
(1) of the Act
by the notice of and order for hearing previously issued in
proceeding, the public utility subsidiaries in the Engineers Public
Service Co. holding company system serve widely scattered sections of
As shown
this
subsidiaries are engaged principally
in: Virginia and North Caro¬
the country. Engineers' public utility
in rendering electric service which is furnished
by Virginia Electric & Power Co.; Georgia by Savannah Electric &
Power Co.; Louisiana and Texas by Gulf States Utilities Co.; Texas and
New Mexico by El Paso Electric Co. (Texas); Washington by Puget Sound
Power & Light Co.; Wyoming, South Dakota, Nebraska, Colorado, Kan¬
sas, Missouri and Iowa by the Western Public Service Co
and subsidiaries;
and Florida by The Key West Electric Co.
None of the electric utility
properties of any public utility subsidiary is interconnected with those of
any other such company.
Gas service is also rendered in Virginia/ Louisi¬
ana and
Washington by the same subsidiaries rendering electric service
lina
in such States.
companies are also engaged in various non-utility busi¬
other businesses.
principal public utility properties in the holding company system
from the standpoint of book value, revenues and size and scope of opera¬
tions are the electric utility properties of Virginia Electric & Power Co.,
Gulf States Utilities Co. and Puget Sound Power & Light Co.
However,
no income has
been received on Engineers' investment in Puget Sound
Power & Light Co. since 1930, the company is substantially in arrears on
its preferred stock dividends, and it /appears that condemnation proceed¬
ings have been instigated against certain portions of its public utility
properties and negotiations have been pending for some time for the sale
of the assets of the company to public authorities.
In light of the foregoing, we proceed to set forth our tentative conclu¬
sions as to the application of Section 11 (b) (1) of the Act to the Engineers
Public Service Go. and its subsidiary companies and properties owned and
operated thereby on two alternative assumptions as to the public utility
properties which may constitute the single integrated public utility system
referred to in that section of the Act.
The subsidiary
nesses
and have interests in
The
The Single
Integrated System
single Integrated public utility system to which the operations of
Engineers Public Service holding company system should be limited is
composed of the units of electric generating plants, transmission lines and
distribution facilities owned and operated by Virginia Electric & Power Co.
This integrated public utility system serves an area of approximately
15,000 square miles which is approximately 140 by 210 miles in size, in
the States of Virginia and North Carolina and has approximately 159,000
customers in the area, which has a population of approximately 793,000.
The book value of such properties amounted to $64,664,000 as at Dec. 3i,
1939, and the gross revenues from the operation of such properties during
1939 amounted to $13,775,000.
However, assuming that the intercon¬
nected electric utility properties of Gulf States Utilities Co. constitute an
integrated public utility system, such system alternatively may be regarded
as the single integrated public utility system within the meaning qf Sec¬
tion 11 (b) (1) of the Act.
The application of the other provisions of Section 11 (b) (1) of the Act
are discussed alternatively as to each of such possible single integrated
The
systems.
The
1750
"
Virginia Electric System"
as
Commercial & Financii
I Chronicle
the Single Integrated System
Properties Not Retainable Under Clause (B) of Section 11 (5) (1)
$12,000,000 of 4Yi% first mortgage bonds would be exchangeable for an
equivalent par value of new 4% first mortgage bonds, bearing fixed interest.
The $9,000,000 of proposed general mortgage income bonds would
pay
4interest annually, with payments contingent upon earnings, cumu¬
lative up to 13XA% and maturing in 35 years.
The bonds would be ex¬
changed for the $45,000,000 1st & ref. mtge. 5% bonds now outstanding
at the rate of $200 principal amount of new income bonds for each
$1,000
of refunding bonds.
In addition, each $1,000 par value of refunding bonds
would receive four shares of capital stock and warrants to purchase four
shares at $10 a share.
Of the
760.000
shares
of
stock
to
be
initially
outstanding, the
duPont estate would purchase 400,000 shares for $4,000,000 in
cash,
proceeds to be used for new capital.
Any of the 180,000 shares not pur¬
chased by holders of the refunding bonds under the warrant
privilege will
be offered at $10 a share to officers and employees of the
railway and to
citizens in the territory served by the company.
The plan states that the maximum indicated earning value of the
equity
of the 5% bonds is $2,000,000 and that this equity is provided for in full
in the allotment of 180,000 shares of stock and the warrants oo
purchase
an additional 180,000 shares.
An annual sinking fund, if earned, of \i of 1 % of the par value of income
bonds and a discretionary capital fund of not more than 2% of
operating
revenues, deductible before interest on the income bonds, are set up.
"In the opinion of the proponents of this plan, this railroad," the
petition
to the ICC says, "can best serve the public needs for which it was
created
through ownership by local interests which are thoroughly familiar with
local requirements and necessities as distinguished from its remote control
through absentee ownership and management with the attendant diffi¬
culties and the resulting loss of business, services and local
support."
—V. 152, p. 1590.
utility,
owned or operated by: Gulf States Utilities Co. in the States of
Louisiana and Texas; El Paso Electric Co. (Texas) in the States of Texas
and New Mexico; The Western Public Service Co. and its subsidiaries
in the
States of Wyoming, South Dakota, Nebraska. Colorado, Kansas.
Missouri and Iowa; Puget Sound Power & Light Co. in the State of Wash¬
ington and The Key West Electric Co. in the State of Florida.
Properties Not Retainable Under Clauses (A) and (C) of Section 11 (&) (1)
The Commission expresses no conclusion at this time as to whether elec¬
tric utility assets owned and operated by Savannah Electric & Power Co.
constitute
one or more integrated electric
utility systems, inasmuch as it
unlikely that, irrespective of such status, the standards of Clauses
(A) and (C) of Section 11 (b) (1) of the Act could be satisfied.
Accord¬
ingly, the retention of such assets in the Engineers Public Service Co.
holding company system would be precluded.
appears
to whether the
utility assets owned and operated by Virginia Electric & Power Co.
one or more integrated public
utility systems or whether they
are retainable under control of Engineers Public Service Co. as one
or more
additional systems to the integrated electric utility system of
Virginia
gas
constitute
Electric
Power
&
Co.
Other Businesses Incidental to the "Single"
Integrated System
The Commission expresses no conclusion at this time as to whether the
appliance or transportation businesses owned and operated by Virginia
Electric & Power Co. are retainable in the holding company
system as
reasonably incidental, or economically necessary or appropriate to the
operation of the single integrated public utility system of that company.
"Gulf States Electric System"
as
the Single Integrated System
Properties Not Retainable Under Clause (B) of Section 11 (&) (1)
The application of Clause (B) of Section 11 (b) (1) of the Act
precludes
the retention, with the electric utility properties of Gulf States
Utilities
Co., under control of Engineers Public Service Co. of the utility assets
owned or operated by: Virginia Electric & Power Co. in the
States of
Virginia and North Carolina; Savannah Electric & Power Co. in the State
of Georgia; The Key West Electric Co. in the State of
Florida; The Western
Public Service Co. and its subsidiaries in the States of
Dakota,
Nebraska, Colorado, Kansas, Missouri and
Sound Power & Light Co. in the State of Washington.
Florida Power & Light Co.—Dividends—
Directors have declared a dividend of $2.19 per share on account of
accumulations on the $7 cum. pref. stock, no par value, payable April 1
to holders of recdrd March 15.
Like amount paid on Jan. 3, last; dividend
of
Commission
expresses
no
conclusion
be precluded.
The Commission expresses no conclusion at this time
as
a
on
issues
that
President
1,_c
$3,781,192
50,678
__
1940
_.$2,603,652
_
1.869,354
__
405,139
_
—
Total income
$329,159
_____
6,530
________
_
_
_
_
_
$335,689
37,284
63,000
_.
_
Other deductions
>;
Provision for Federal income taxes
(estimated).
__________
_
_
$235,404
87,418
_
Earned surplus Oct. 31, 1939Total surplus,
$322,822
89,567
_________
Dividends paid.
Earned surplus Oct. 31, 1940--
of America—10-Cent
Dividend—
Directors have declared a dividend of 10 cents
per share on the common
payable March 15 to holders of record March 1.
Last previous
distribution was a 25-cent dividend
paid on Jan. 15, 1936.—V. 142, p. 3342.
$233,255
Balance Sheet Oct. 31,
March 25, 1941, at which
stock,
Federal
—_
-
taxes of subsidiaries, and
of $23,164 incurred in connection with refinancing
151, p. 3746.
Net income.
"A hearing is set for March 25, at which time the
Commission will hear
arguments as to these and the other issues involved and will afford
an oppor¬
tunity to develop a program which will permit the company to submit the
facts and its arguments in an
orderly way.
Until these issues have been
determined, it is impossible to state what the ultimate effect of this action
will be on Engineers Public Service
Co. and its subsidiaries."—V.
152,
P. 827.
A;:v
Assets—
Cash
on
Inventory
_
_
_
_
_ _
i—_ *
_
_
$114,023
602,978
-
-
-
-V
830
Instalment contract receiv'le..
plant
facilities
$150,000
_.. _
159,266
11,630
188,840
Accrued liabilities.
Res. for certain product guar.
5% cum. pref. stock, (par $10)
Common stock (par $2)
expense
111
834,555
_____
Capital surplus
63,645
Total
_
28,250
Donated
39,305
_
_
_
66,420
acquisition.
Miscellaneous investments
-
_
Other.
in
process of
Plant & equipment (net)
Patterns (net)
Deferred charges-
Notes payable-—banks
Accounts payable—Trade
347,999
Notes & accts. rec., empl, (net)
Emergency
1940
Liabilities—
hand & demand deps.
Note <fc accts. reciev. (net)
Earned surplus..
$2,098,116
60,000
surplus
Total
5,736
a895,670
257,192
136,526
_
—
233,255
_____
_
$2,098,116
_
Company deemed it advisable to retire its presently outstanding 89,567
($10 par) participating preferred stock and to accomplish this
effected, as of Feb. 3, 1941, the sale of an issue of 100,000 shares of con¬
a
shares 5%
vertible cumulative preferred stock (no par) 60 cents annual dividend rate.
This stock is convertible, share for
share, into common stock at the option
holder, at any time.
The authorized common stock was increased
of the
100,000 shares to provide for conversions.—V. 152, p. 1281.
Gabriel Co.—New Treasurer—C.
R. Wefier has been elected Treasurer and Assistant
Secretary of this
company.—V. 152, p. 1590.
(Robert) Gair Co., Inc.—Recapitalization Plan Attacked—-
Six holders of
pany,
have
a
total of $7,600 face value
brought
a
bill in equity in
6% income notes of this com¬
Superior Court to enjoin
Suffolk
company from consummating a plan of recapitalization approved by stock¬
holders on Feb. 28, 1941.
Judge Frederick W. Fosdic-k issued
temporary
restraining orders enjoining the corporation from consummating the nian.
The
case is returnable on March 18.
The petitioners allege unfair treatment of the
outstanding income notes
particularly in respect to the proposed is¬
in the plan of recapitalization,
to preferred stockholders of
$1,863,920 of income notes now in the
treasury.
They claim that issuance of these additional income notes will
greatly prejudice the chances of the present note owners being paid at
maturity.—V. 152, p. 1590.
suance
Galveston-Houston Co.—Earnings—
Mining & Smelting Co.—Earnings—
Calendar Years—
Value of production
—
to whether the
SEC, which consists of 88 pages and numerous exhibits.
We have not as
yet had time to make a detailed study of the
report, but in general the
Public Utilities Division has followed the
interpretation of Section 11 of
the Act adopted in the U. G. I. case.
This raises a number of issues such
as the interpretation of
Big B (the geographical requirement), whether the
gas properties of Virginia Electric & Power Co. and Gulf
States Utilities
Co. constitute systems separate from their related
electric systems, and
whether the operations of the 'additional
systems' conform to the A and C
standards of the section, and
finally, whether the section itself is consti¬
tutional.
•
Co.
expenses
Selling and administrative expenses.
SEC Conclusions—
Insurance
.1.
Gross profit.;.
Other income...
When asked what action
company would take with respect to the tenta¬
tive conclusions of the SEC regarding the
application of Section 11 of the
Public Utility Holding Company Act to the
system of the company, Donald
C. Barnes, President, stated as follows:
"We have just received the report of the Public Utilities
Division of the
Excess
July 1, 1940.
1940
Income Account Year Ended Oct. 31,
appear
on
on
Foote Bros. Gear & Machine Corp.—Earnings—
as to the issues present in
simplification of the issues, the facts
to be without substantial basis of
controversy,
the order of presentation of evidence most conducive to an
orderly proceed¬
ing, and such other matters as may aid in the disposition of the
proceeding.
At such time respondents shall show cause
why the Commission should
not forthwith issue an order
requiring respondent, Engineers Public Service
Co., to divest itself of its interest in all subsidiaries, except:
Virginia Elec ¬
tric & Power Co. and Savannah Electric & Power
Co.; or, Gulf States
Utilities Co., El Paso Electric Co.
(Del.) and Baton Rouge Bus Co., Inc.
and
31,
......
Net sales.
Cost of sales
Reconvening Hearing
hearing be held
_______—
to whether the
Interest in Other Businesses
Order
Dec.
__________
of the company.—V.
It does not appear desirable at this time to determine
whether securities
held by Engineers Public Service Co. and its subsidiaries of
non-associated
enterprises are retainable in the holding company system, and the Commis¬
sion will defer consideration of such matter until
after the other issues
raised by the proceedings have been determined.
'
hereby ordered that
paid
was
Corp. (& Subs.)—Earnings—
Months Ended
_
non-recurring
appliance, steam, ice or water businesses owned or operated by Gulf States
Utility Co., or whether the bus business owned and operated by Baton
Rouge Bus Co., Inc., are reasonably incidental or economically
necessary
or appropriate to the operation of Gulf States
Electric System.
It is
of $2.19
ia After depreciation, interest, Federal income
i
'
Other Businesses Incidental to the Single
Integrated System
time the Commission will hear the respondents
this proceeding, and will consider the
one
.
Net Joss.
a
utility assets owned and operated by Gulf States Utilities Co. constitute
one or more integrated public
utility systems or whether they are retain¬
able under control of Engineers Public Service Co. as one or
more addi¬
tional systems to Gulf States Electric System.
as
Oct. 1, last and
on
Six
gas
The Commission expresses no conclusion at this time
paid
Net sales-
to
utility assets owned or operated by El Paso
an integrated electric
utility system inasmuch as it appears unlikely
that, irrespective of such status, the standards of Clauses (A) and
(C) of
Section 11 (b) (1) could be satisfied.
Accordingly, the retention of such
assets in the Engineers Public Service Co.
holding company system would
stitute
was
Follansbee Steel
whether the electric
Electric Co. (Texas) con¬
as
$2.18
—V. 152, p. 1432.
Wyoming, South
Iowa; and Puget
Properties Not Retainable Under Clauses (A) and (C) of Section 11 (b) (1)
The
1941
for
assets
as
15,
the date of issue, a sinking fund of $250,000 semi-annually would be created
the purchase and cancellation of first mortgage bonds.
The present
The application of Clause (B) of Section 11 (b) (1) of the Act precludes
retention, with the electric utility properties of Virginia Electric &
Power Co., under the control of Engineers Public Service Co. of the
the
The Commission expresses no conclusion at this time
March
Fixed interest debt under the proposals would comprise $1,358,000 o
assumed equipment trusts, due in 30 years.
Beginning five years from
Period End. Jan. 31—
1940
1939
1938
1937
$8,102,794
6,640,601
$7,368,666
6,101,524
$6,087,408
5,419,031
$8,136,386
6,186,369
Operation.
Maintenance
Federal income taxes.__
Operating
revenues
1941—Month—1940
$330,088
$310,932
157,517
157,831
50,081
44,740
754
2,085
1941—12 Mos.—1940
$3,878,924
1,898,542
544,447
18,292
$1,462,192
28,162
$1,267,142
33,456
$668,376
21,993
$1,950,017
235,662
Other
44,486
40,104
492.179
$3,751,085
1,852,791
556,301
17,606
452,108
$1,490,354
Gen. exp., incl. taxes, &c
a380,952
Depreciation
135,781
$1,300,598
287,281
170,466
$690,370
140,375
214,345
$2,185,679
Oper. inc. before depr.
Other income (net)
$75,918
$67,501
DrA
671
$925,464
2,486
$872,280
2,903
Gross inc. before depr.
$75,913
29,613
$68,173
30,975
$927,949
365,365
$875,182
376,387
$46,300
$12,621
$37,197
13,501
3,054
$562,583
$498,795
161,580
Cost of royalty. &c
Net oper. income
Other income_
_
_
Total income-
...
Net income
„
_
Preferred dividends.___
Common dividends.
.....
.
____
a
Includes
per share on
b$973,621
b$842,851~
451,581
135,651
397",651
,*335,650
$1,598,447
78 440
_____
493,280
c756 785
$7,000 U. S. excess profits taxes,
b Equivalent to $3.94
246,640 shares of common stock,
par $2, in 1940, and $3.42
peri43ire m
C
s Payment of aU dividends in arrears.—V. 1,52,
Florida East Coast
Ry.—Proposed Plan Would Eliminate
Present Capital Shares—Fixed Debt
of $13,358,000 in Re¬
organization
Proposal Recommended—
A plan of reorganization
filed with the Interstate Commerce
Commission
by trustees of the estate of Alfred I. du
Pont, large holders of the company's
a fi?e£lAn£\rest debt of 313,358,000, contingent interest
and 760,000 shares
(no par) capital stock.
1 he plan, the effective
date of which would be
Jan, 1, 1940, makes no
present capital stock or unsecured
claims.
The first mortgage bonds and
the income bonds would be
SrlSelnP^°Ann
debt of $9,000,000
closed
mortgages,
issued under
restricting
ssued initially under the
plan.
the
principal outstanding
Depreciation
246)635
_
to
the
amounts
taxes
Gross income.Int.
on
bds.—II. E. Co.
Int.
on
equip. notes___.
Amort, of debt expense.
Net income
Dividends
a
3,960
226
$29,492
242
159,525
50,697
2,860
$20,399
$349,502
on/common stock
58,415
a Includes
$25,375 (1940, $17,454) net income
Co. restricted as to dividends.—V.
152, p. 827.
Gar
March
Wood
Industries,
Inc.
—
of
Houston
Stockholders'
36,269
3,010
$297,935
29,207
Electric
Meetin
15—
The proposed amendment to the articles of incorporation will be considered
a special
meeting of stockholders March 15, for the purpose of effectuating
plan of recapitalization which provides for the issuance of 1-5 of a share of
new 5% cumulative preferred stock
($10 par) and one share of new common
stock ($1 par) in exchange for each
present share of common stock ($3 par).
—V. 152, P. 1590.
at
a
Volume
The Commercial
152
Gannet Co., Inc.
1751
& Financial Chronicle
Corp.—February Car Sales—The com¬
Motors
General
(& Subs.)—Earnings—
March 8 released the following statement:
pany on
Consolidated Income Account for Calendar Years
1940
Gross
Expenses
Depreciation
—
-
Net oper. revenue
Other income.
Divs. rec. fr. contr.
1939
1938
1937
$8,206,656
6,825,185
148,699
$7,454,893
6,159,518
13o,147
$7,099,995
5,918,844
145,263
$7,202,063
6,035,125
153,843
February sales of General Motors cars and trucks in the United States
including export shipments, totaled 226,609 compared with
174,572 in February a year ago.
Sales in January were 235,422.
Sales to dealers in the United States totaled 208,214 in February com¬
$1,232,772
revenues
$1,159,228
68,680
$1,035,888
73,876
$1,013,095
pared with 160,458 in February a year ago.
Sales in January were 218,578.
Sales to consumers in the United States totaled 187,252 in February
345.839
323.178
103,338
298,747
cos.
and Canada,
123,874 in February a year ago.
compared with
168,168.
103,683
391,764
Sales in January wero
Sales to Dealers in United States
Total income._•
Interest & amortization.
Reserve for taxes
...
110,925
a367,050
13,500
$1,143,381
'
13,566
$1,197,387
116,031
207,934
198,064
204,473
7,436
47,606
129,821
180,133
'188,839
1,860,354
February
"13,500
1,364,426
935~a63
April
May..
29,354
June..
Net profits
$1,022,122
$1,083,254
July
August
September
Equity of Gannet Co.,
Inc., in undistributed
91,639
104,933
82,161
100,963
$1,235,020
$1,302,320
$1,165,415
$1,123,085
160,000
160,000
160,000
profits of control'd cos.
.
Netprofit.
$6cum. conv. pref. divs.
$7 cum. part. pref. divs.
Class A com. stk. divs..
Divs.
70,000
pref. stock of
subsidiary companies.
....
December
Total.
......
Sales to Consumers in United States
excess
February
March.
April
May
Consolidated Balance Sheet Dec. 31
1940
$
$
a
&c.
2,461,058
2,115,346
1,947,932
2,617,586
Current assets...- 2,560,333
In v. In control .cos.
1,959,732
98,144
Real estate
83,125
56 cum. pf.
Class A com. stk.
458,302
733",282
270,000
46,473
Other
606,631
604,961
and
Invest,
long-term notes
Assoc. Press
.
mem¬
270,000
70,867
c
7,348,482
64,073
.
76,884
Deferred income..
Long-term indebt¬
edness of subs.. 1,029,750
903,631
Current liabilities.
December
41,500
30,000
4,193,637
4,402,158
—V.
151,
p.
Represented by 50,000 (80,000 in 1939) no par
2645.
Gardner-Denver Co. (&
Defense Orders Total
additional orders placed with General Motors under the national
have brought the total to $683, 400,000, it was announced
Sloan Jr., Chairman of the corporation, in "A
Progress Report on Work for Defense" sent to the nearly 400,000 stock¬
holders of General Motors.
"For the year 1940—and in reality this means chiefly the last few months
of 1940—deliveries of special defense materials from United States and
Canadian plants of General Motors amounted to approximately $60,000,000," Mr. Sloan reported.
"Included were deliveries to British,
Canadian and United States governments.
This amounts to 3 1-3% of the
total sales volume of General Motors in 1940.
The net income realized on
such business in 1940, before Federal taxes, was 1.5% of the corporation's
total net income for the year, before deducting Federal taxes."
231,779
$682,813
25,151
$1,340,158
$1,399,710
$707,963
238,000
117,349
$1,387,348
b234,171
$590,615
$1,153,177
114,696
563,042
116,140
727,903
foreign subs...
11,542
38,152
Divs. paid on pref. stock
Divs. paid on com. stock
$1,118,985
109,838
704,107
$1,123,558
113,460
704,107
$305,039
$305,991
$1.79
$1.79
$0.84
b Including
$31,070
on
Earns, per share on com.
stock outstanding....
on
47,189
Note—The depreciation provision
def$87,123
$309,134
$1.84
provision
included above amounted to $250,345
in 1939.
Consolidated Balance Sheet Dec.
31, 1940
'
,
of Canada bonds, $17,225; customers'
accounts and notes receivable (net), $1,456,352; inventories, $3,512,553;
prepaid insurance, &c., $57,505; advances, &c., $39,250; plant and equip¬
ment
(net), $2,398,816; patents, trademarks and goodwill, $1; total,
Assets—Cash, $646,903; Dominion
9*
$8,128,605.
Liabilities—Accounts
payable,
$219,518; accrued liabilities, $220,563;
provision for Federal income taxes, $417,334; dividends payable, $168,079;
$3 cum. conv. pref. stock ($20 par), $764,640; common stock (563,286
no-par shares), $2,825,270; paid-in surplus, $2,261,091; earned surplus,
$1,372,167; 1,888 shares of pref. stock held in treasury (at cost), dr$120,057;
total, $8,128,605.—V. 151, p. 3396.
Inc.—Pref. Stock Offered—F. S. Yantis
Chicago, headed a group March 10 which
made a public offering of 50,000 shares of cum. conv. pref.
stock (par SI) at S10 a share.
Participating in the offering
are Dempsey-Detmer & Co., Chicago; Straus Securities Co.,
Chicago; Humphries, Angstrom & Co., Detroit, and Scott
Mclntyre & Co., Cedar Rapids, Iowa.
The company controls the Pepsi-Cola Bottling Co. of Chicago and owns
General Bottlers,
&
Inc.,
Co.,
shares of Spring Field Bottlers, Inc.
Proceeds from the financing will be used for the purchase of a new plant
site in Chicago, for building and equipping the new plant and for additional
working capital.
Present plant of the Pepsi-Cola Co. is at 2.560 Elston Ave.
Pepsi-Cola Co. of Chicago is now distributing its products to about 110
all the common
independent distributors who in turn resell in McHenry, Lake, DuPage and
Cook counties.
Spring Field Bottlers, Inc. was incorp. in 1938 and dis
tributes directly or through distributors throughout 20 counties in south"WGst Missouri
Net earnings of General Bottlers, Inc. last year were $105,658.
Last
•
the common stock paid two dividends totaling 30c. a
dividend of 15c. a share Feb. 15 this year.
Pepsi-Cola
vear
share and paid a
Bottling Co. of
dividends of $7 a share in each of the last two years.
The preferred stock now being offered is convertible into common stock
at $12.50 per share, namely four-fifths of one share of common for each
share of preferred.—V. 152, p. 1282.
Chicago paid
General Electric
Average
$2 011 for
history of
M&rch 14
At the
Co.—Employees' Earnings—
Electric employee amounted to
1939, and were the highest in the
Charles E. Wilson announced on
annual earnings per General
1940, compared with $1,913 for
the Company,
President
beginning of 1940 there were
approximately 70,000 employees on
Company's payroll, exclusive of the number employed
companies. As the volume of orders expanded, employ¬
ment was increased, so that at the close of the year the employees numbered
88 600
The average number employed during 1940 was 76,314 compared
with 62.797 during 1939, and total earnings of employees amounted to
$153 497,000 compared with $120,130,000 for the previous year, an in¬
crease of 28%.
This increase was due to the addition of more employees,
to increases in rates, and to longer working schedules, some departments
having operated on two shifts for a considerable portion of while the year,
others operated on three shifts.—V. 152, p. 1282.
the
General Electric
by its affiliated
The progress
been in
achieved in the past four months, Mr. Sloan explained, has
"Quantity delivery has been accele¬
three important directions.
readily
facilities for production already existed or could be
adapted.
Construction of new plants and of plant extensions is going for¬
rapidly preparatory to the production of items requiring such new
facilities.
And finally, as a result of studies carried on in cooperation with
defense authorities and representatives of the outside industries involved,
the corporation has assumed important additional tasks in the aviation
phase of the defense program, thus extending the effective scope of its
technical skill and management experience."
Below is a summary of the principal General Motors defense activities,
exclusive of obligations of affiliated organizations, and their status as of
about the end of January,1941:
.
Airplane
Engines
(1)—$190,100,000—Production/ of Allison liquidcooled engines is for British and U. S. Army Air Corps account.
Current
capacity is about 350 per month.
Completion of the latest addition to the
Allison plant and installation of new machinery are being pushed aggres¬
sively.
The goal is production of 1,000 engines per month. At Anderson,
Ind., the newly-built aluminum foundry for Allison castings is in operation.
Airplane Engines (2)—$91,200,000—Construction near Chicago of an
engine plant, with a capacity of 500 Pratt & Whitney radial, air-cooled
ward
$48,000 excess profits tax.
for undistributed profits tax.
in 1940 and $244,338
March 12 by Alfred P.
rated where
Includes
a
defense program
conversion of as¬
sets of
$683,400,000—
Recent
$1,342,112
57,598
$1,542,328
a411,800
Federal income tax—..
-.>»■— —
----------
_
December
$3,341,589
1,775,437
225,993
Other income.
1,108.007
24,019
124,692
226,169
October.
188,704
$1,431,741
110,587
1.542,776
110,659
September.
$2,475,961
1,604,444
Office & admin, exps..
sales
expense..
1938
1939
185,548
167,310
November.
shares.
,1,584,772
$3,158,663
Selling
118,888
1,001,770
217,406
223,611
i_
Total
$3,371,847
1,664,773
275,334
Gross profit on
-
July
August..
1937
1938
1939
131,387
76,665
77,929
89,392
91,934
85,855
84,885
73,159
41,933
19,566
108,168
185,852
172,669
May
-Earnings-
Subs*)
1940
78,758
64,925
40,796
68,896
136,489
133,511
161,057
142,002
128,453
139,694
84,327
12,113
53,072
144,350
200,071
207,637
174,572
193,522
196,747
June
-
Calendar Years—
1.364,761
92,593
76,071
2,025,343
February
March-
April
Represented by 73,493 (72,996 in 1939) shares no par value,
b During
1940, 30,000 shares of class A common stock were exchanged for 15,000
sharfs (no par) of $7 participating preferred stock at the average book
value of the common stock then outstanding.
The new participating pre¬
ferred stock is included in the balance sheet at the liquidating value of
c
132,612
129,053
124,618
102,031
76,120
56,789
110,471
162,881
156,008
181,088
235,422
226,609
January
15,843,004 14.671,450
Total
83,251
142,062
1940
1941
30,000
Earned surplus.—
1938
63,069
62,831
100,022
103,534
88,865
Total Sales of General Motors Cars and Trucks from All Sources of Manufacture
United States and Canadian Factories—Sales to Dealers and Export Shipment:
730,292
a
$100 per share,
1,827,241
Total.
1,093,750
31,500
15,843,004 14,671,450
Total
November.
Res. for conting..
tion, goodwill &
franchises, &c_. 7,909,322
Deferred charges 86,256
October
5% cum. pref. stk.
of sub. in hands
Mtges. payable
berships, circula¬
August
September...
1,500,000
Mach'y and equip.
5,000
July
7,299,600
stk.. 7,349,300
bS7 cum. part. pf.
of public..
held for sale
June
S
$
Liabilities—
Land, buildings,
equipment,
1939
1940
1939
Assets—
120,809
123,874
174,625
183,481
165,820
173,212
145,064
100,782
97,527
186,016
181,421
174,610
168,168
187,252
January
provision for undis
1939
1940
1941
20,250
13,500
13,500
profits taxes of $950.
b Including
tributed profits taxes in an amount of $94,400.
Loss
.
...:
on
Includes
a
October.
November
71,803
431,676
437,916
437,976
440,952
1938
56,938
116,964
115,890
142,743
126,275
112,868
124,048
63,771
76,142
78,525
71,676
72,596
61,826
34,752
16,469
92,890
159,573
150,005
160.458
181,066
183,900
171,024
151,661
99,664
21,154
March
....._
deductions....
164,925
218,578
208,214
January
1939
1940
1941
95,073
b331,992
243,050
30,000
Res. for conting's, &c._
Minority interest
Miscell.
$1,508,542
$1,432,943
93,138
$1,573,748
72,851
290,010
$1,634,856
engines per month, is being started at once by the Buick Motor Division.
Buick technicians are already at work studying special production problems
Start of production will depend on delivery of essential special
machine tool equipment.
Aircraft Bomber Parts and Sub-Assemblies-—$62,400,000 (estimated one
involved.
year's production)—A program to
manufacture parts and sub-assemblies
approximately 100 twin-engine North American bombers monthly will
by Fisher Body Divison.
Most of the work will be done in
Fisher Body plants, but some wid be allotted to others of the corporation's
plants. It is expected that parts and assemblies will be in production so that
final sesemblies by North American Aviation, Inc., which is erecting an
additional plant at Kansas City, Kan., can start by summer.
for
be handled
Airplane
Equipment—$7,000,000—Following extensive preparation and
plant rearrangement, production is beginning at the Rochester
Division on a variety of airplane control and instrument items.
Products
Engines—$89,400.000—Additional orders, principally for pro¬
pulsion and auxiliary engines for naval use, have been received.
A new
plant extension has just been completed at the Cleveland Diesel Engine
Divison and machinery is now being installed.
Deliveries are being made
on previous orders and production
is scheduled in coordination with the
ship-building program.
Other Qiesel units for various defense uses are in
production at the Detroit Diesel Engine Division.
Machine
Guns—$61,400,000—Construction work is going forward
rapidly and new machinery is being installed as it becomes available at the
Frigidaire, AC Spark Plug, Saginaw Steering Gear and Guide Lamp
Divisions.
Deliveries are expected to start in the latter half of the year.
Some of the equipment is now being moved in and some plants already are
Diesel
at work
making gun parts.
Shells,
Cartridge
and Fuses—$16,600,000—Tooling is nearing
General Motors Forge plant of the Olds Motor Works
Cases
completion at the new
Lansing, in preparation for forging and machining 75 and
105-millimeter shells.
It is expected that production, in keeping with
origin;# schedules, will be started in May.
At Guide Lamp and at Delco
Products Divisions preparations are well along for volume production of
Division
at
cartridge cases and fuses.
Trucks—$62,800,000—Deliveries
to
the
British
and
United
governments of Chevrolet trucks of various special military types
tinuing at a rapid rate.
This is exclusive of standard vehicles.
States
are con¬
Miscellaneous—$37,300,000—In addition to major items, General
divisions are engaged in preparation for and actual production of a
of other important defense materials. Included are fire con¬
trol equipment, landing gears, electrical equipment, tank gun mounts,
dies for other suppliers, magnetos, motors and many other items of a
Motors
great variety
confidential nature.
Canada—$65,200,000—General Motors Canadian plants continue volume
production of military trucks and transport equipment, as well as shell
ruses, for the British and Canadian governments.
Substantial deliveries
of these items were made during the past year.
technical and
The Commercial & Financial Chronicle
1752
FTC Cites Company on Advertising—
The Federal Trade Commission
March
IS, 1941
General Time Instruments Corp.—Common Dividend—
March 13 ordered the General Motors
ing
Directors have declared a dividend of 50 cents per share on the common
17. This compares with
75 cents paid on Dec. 26, last; 50 cents paid on Oct. 1 and July 1 last, 25
cents on April 1, 1940; 80 cents paid on Dec. 27, 1939, and 20 cents
paid on
Oct. 2, 1939, this latter being the first dividend paid on the common shares
The
since April 1, 1938.—V.
on
Corp., and its sales subsidiary, the General Motor Sales Corp., to stop
"misleading representations of prices in the sale of automobiles.
stock, payable April 1 to holders of record March
The Commission asserted that General Motors gave the public mislead¬
price figures in advertisements published between 1934 and 1939.
prices so advertised, the Commission alleged, were not in fact the
prices of the various cars illustrated or described.
General Motors advertisements, the Commission said, "have led the
public erroneously to believe that the cars illustrated or described can
be purchased at the point of manufacture for the price featured in the
advertisement and at points distant for the featured price plus transporta¬
tion charges."
The corporations were ordered to refrain from advertising
any prices
other than "the true retail price at the place designated for the safe of the
car."
p.
3561.
Corp.—SEC Rescinds Order
The Securities and Exchange Commission has rescinded its order of
Aug. 29, 1940, permitting to become effective the declaration 'File 70-80)
of corporation regarding the proposed issue and sale .to Chase National
Bank, New York, of a $2,100,000 3% secured promissory note.
The
Commission also consented to the withdrawal of the declaration.
The
action was taken at the request of the corporation.
■
The advertised price, the Commission directed, must include all charges
for any equipment or accessories illustrated in the advertisement or neces¬
sary
151.
General Utilities Investors
for operation of the car or customarily included
The order
also
for advertising, delivery, handling or
charges
as
Georgia & Florida RR.—Earnings—Earnings for Week Ended Feb. 28
standard equipment.
V
provided that advertised prices must Include "charges
advertised
where the
similar items, except transportation
is
transported from the point where
advertised for sale to another or different point for delivery to a retail
customer."
All Federal, State and local taxes also must be Included in
the advertised price.
car
1940
1941
Operating revenues (estimated)
—V. 152, p. 1591.
$26,175
Increase
$24,409
$1,766
Georgia Public Utilities Co.—To Merge—
See
Consolidated
Electric
&
Gas
Co.
The Commission cited
of General
where it described as three "typical" Instances
advertising practices during the period from 1934 to
1282.
Motors
1939.—V. 152, p.
General Realty &
Gilmore
Village
Store (Calif.)—Stocks
Offered—Nelson Douglass & Co., Los Angeles, are offering
58,670 shares of 7% cum. pref. stock (par $10) and 58,670
shares of common stock (par $1) in units consisting of one
share of preferred stock and one share of common stock at
$10 per unit.
Utilities Corp.—To Buy Own Preferred
Stock—
Corporation In a letter to preferred stockholders, stated that directors
have appropriated S800.000 to be used in the purchase of preferred stock
tendered not later than 10 a. m. March 19 at $20 a share.
Stockholders at the adjourned annual meeting on Jan. 15. last, approved
Department
the continuance of the company's policy of purchasing preferred stock for
The purchasers of such units, other than dealers during the period of
distribution, are entitled to separate such units and dispose of the preferred
retirement.
stock or common stock
The letter states
that
Co. which for several years has
Realty's preferred stock and is represented
the board of directors, has agreed that it will tender its shares on the
on
Company
General
Realty stated that in accordance with stockholder approval
granted at the annual meeting after completion of these purchases, it
maymake additional purchases or preferred Btock for retirement, but
through
March 19 it will not be a purchaser of preferred stock on the New York
Stock Exchange, or otherwise than in the call for tenders, nor will it make
or maintain any bids for the preferred stock on the
Exchange.—V. 152.
P. 426.
"cash
$155,744
25,702,329
3,472,699
1,196,878
$149,863
23,528,322
3,460,793
816,810
449,106
265,790
Transportation—Railway
Bus
Gas
Heating
Total operating revenues
Non-operating
Gross
$33,581,045 $31,311,719 $28,670,684
77,233
55,438
40,692
revenues
revenues
General and miscell. expense (net)—
Other operating expense
Maintenance
Depreciation
Taxes—General
State
income
Federal normal tax
Gross
504.188
279,881
income
Interest on long-term debt
Amort, of debt discount & expense
Other interest charges
Interest charged to construction
Taxes assumed on bond interest
Miscellaneous income deductions
$33,658,277 $31,367,157 $28,711,376
1,431,860
1,511,344
1,479,110
11,112,184
9,238,795
8,273,742
2,063,564
2,013,632
1,832,236
3,475,800
3,235,800
2,762,883
2,708,593
2,573,309
2,457,662
304,793
282,654
176,435
al,442,985
919,736
583,985
--$11,118,499 $11,591,887 $11,145,323
6,266,108
6,282,497
6,356,220
201,850
201,850
119,944
43,520
46,988
70,065
Cr91.225
Cr54,670
053,953
99,090
96,337
89,719
35,445
44,571
21,745
—
Net Income......
$6 preferred dividends
$5 preferred dividends
$4,563,712
2,650,350
300,000
$4,974,315
2,650,350
300,000
750,000
Common dividends...
a
No Federal
excess
$4,541,585
2,6.50,350
300,000
profits tax payable.
Actual
Utility plant, including intangibles
269,095,308 236,646,352
Investment and fund accounts
Cash on hand and demand deposits
a Notes....
475,097
2,096,0551
503,000/
80,391
3,016,784
Working funds
Accounts and notes receivable
b Materials and supplies
.......
Prepaid
insurance...
Debt discount and expense
Appliance connections
d Appliances rented
Miscellaneous deferred charges
28,597
340,903
5,093,078
80,391
3,016,784
1,619,670
51,129
_
A. Taylor (director); Adele Geiler (director), Los Angeles, Calif.
(W. T.) Grant Co .—New Director—
Robert R. Updegraff has been elected a director of this company to fill
an
h Notes
13 500 000
Property purchase obligations
Accounts payable
Accrued payrolls
r - Indebtedness to associated companies
Accrued taxes.
Accrued interest
:
-
-
Preferred stock dividends declared
Customers'
deposits
Miscellaneous current liabilities
Deferred credits
Depreciation
reserves
Reserve for injuries and damages
Contributions in aid of construction
Earned surplus
505,496
1,038.914
$344,058
210,054
2,815,257
2.011.564
505!496
1,038,914
344,058
210 054
(M. A.) Hanna Co.—To Pay 25-Cent Dividend—
Directors here declared
31
685
6411
638,093
179,445
46,847
10,780,902
485,078
69,686
7,893,142
638,093
179 445
1,676>33
23,910,386
485 078
Hardware
Timber
a
in
Hewitt Rubber Corp.
on
the
com¬
per
share
on
Feb. 8 to holders
Sell., adm.& gen. exps..
Prov. for depreciation..
Gross inc. from opersInterest paid.
Loss on disposal of fixed
assets
Miscellaneous charges..
a
f& Subs.)—Earnings—
Extraordinary
Other income....
1940
1939
$1,299,915
834,685
48,411
$1,266,444
773,411
50,456
$788,981
638,554
51,407
$1,177,821
794,206
55,436
$416,819
1,771
$442,578
$99,021
$328,179
7,438
18,944
962
18,774
2,133
542
2,516
1,379
1,482
939
1,725
6,225
4,993
5,547
$378,501
87,300
10,500
$445,311
86,500
$101,152
17,800
$323,623
$280,701
210,235
$358,811
168,188
$2.13
1938
434
1937
Profit before prov. for
Federal taxes
Normal Fedl income tax
Excess profits tax
Net profit
shares of common stk.
therewith, less rentals received thereon,
41,700
bll,500
——
$83,352
92,503
$270,423
c290,470
$0.50
$1.60
*
Experimental and development expense,
b Surtax on undistributed
profits,
c Stock dividend, 58,094 shares of common stock issued ($5 par).
a
Consolidated Balance Sheet Dec. 31, 1940
premises
441.725 shares actual and 433,869 shares
pro-forma.
f 60,000 shares
actual and 14,570 shares pro-forma.
g Issued and outstanding, 2,500,000
shares,
h Due in 16 equal semi-annual
instalments.—V. 152, p. 1591.
share
$1.68
Gross profit on sales
885,422
a period of 8 1-3
years from Jan. 1, 1936,
expenditures,
d To customers, including
connection
per
Co.—Pays Liquidating Dividend—
liquidating dividend of $30
Divs. on common stock.
Earns, persh. on 168,188
Commodity Credit Corporation and Reconstruction Finance
Corporaori noJ^ka4 cost (Quoted market price $506,358 at Dec. 31, 1940). b In¬
cludes $513,834 merchandise for
resale,
c Installed on customers'
expenses
cents
of record Jan. 28.—V. 149, p. 4030.
69*686
a
a
of 25
Sept. 30 and on June 1, 1939; 12^ cents on March 31, 1938; 60 cents on
Dec. 24, 1937, ana 25 cents per share distributed on Sept. 30, June 30 and
March 31, 1937.—V. 152, p. 1130. 1593.
6 411
4
in process of amortization over
from date of subsequent
dividend
2,815,257
282,612,665 247,411,616
or
a
stock, no par value, payable March 13 to holders of record March 8.
This compares with 80 cents paid on Dec. 23 last; 30 cents paid on Sept. 13,
last; 20 cents on June 14 and on March 13, 1940; 25 cents on Dec. 22,
($5 par)
Total
Pay 50-Cent Pref. Dividend—
mon
104,534
28,597
38,488,575
43,386,900
4,818,444
1,457,000
87,778,002
55,000,000
124,502,700 101,271,000
Common stock
Bonds
152, p. 1592.
Directors have declared a dividend of 50 cents per share on the preferred
stock, payable April 1 to holders of record March 14.
Like amount was
paid on Dec. 21, last, this latter being the first distribution to be made on
this issue since Dec. 20, 1937, when $2 per share was paid.—V. 152,
p. 1433
Company paid
282,612,665 247,411,616
Liabilities—
e $6 preferred stock
f $5 preferred stock
certain
existing vacancy.—V.
Great Northern Ry.—To
_
430,179
basis.
Calendar Years—
Total
g
1,619,670
51,129
5,111,923
430,179
104,534
c
Pro-Forma
%
and carry"
Underwriting—Other than 7,500 units to be purchased by Ben L. Strauss
through the principal underwriter, there is no firm commitment with respect
to any of the 58,670 units offered.
Under dates of Oct. 10,1940 and Dec. 31,
1940, Ben L. Strauss, on behalf of the company, entered into agreements
with Nelson Douglass & Co.. as principal underwriter, which underwriting
agreement constitutes Nelson Douglass & Co. as the exclusive agent ol the
company for the offering to the public of the 58,670 units of preferred and
common stock at the public offering price of $10 per unit in cash,
subject
to the payment or deduction of selling expense, including commissions, <5cc.
Out of the public offering price of $10 per unit, the company will receive
the net sum of $8 per unit for each unit which may be issued and sold,
except with respect to the 7.500 out of the total of 58,670 units, which
7,500 units will be purchased by Mr. Strauss and as to which the company
will receive the net sum of $10 per unit.
Proceeds—The estimated net proceeds to be received by the company
from the sale of 58,670 units aggregate $484,360.
Such proceeds will be
received only to the extent to which such stock may be sold.
Net proceeds are to be used;
(a) For store fixtures, furniture and equip¬
ment, $75,000; ib) for initial inventory of merchandise, $325,000; for open¬
ing day expense, $10,000; for initial payment to lessor under store lease,
$4.5,000; for payment of expenses of organization, issuance and registration,
$10,110; for initial cash working capital, $19.250.—V. 151, p. 3747.
Balance Sheet Dec. 31, 1940
Assets*—*
California,
Ben L. Strauss (Pres. and Gen. Mgr., director, chief executive and
financial officer); Etta W. Strauss (Vice-Pres. and director); John S. Spear
(Sec., Treas., director, chief accounting officer), Los Angeles, Calif.;
Isaac Pacht (director), Pacific Palisades, Calif.; Daniel S. Konsley (director);
1938
$180,168
27,449,894
3,551,055
1,415,719
653,979
330,229
companies
Others
in
Ben L. Strauss is President and chief executive officer of the company.
Management and Control—The following is a list of the directors and the
chief executive, financial and accounting officers of the company:
Operating Revenues—
Electric—Associated
organized
is authorized to issue 58,670 shares of preferred stock (par $10)
and 117,340 shares of common stock (par $1).
Upor, the completion of this financing, if all of the shares offered are sold,
all of the authorized capital ^tock will be outstanding.
Company has no
bonds or other funded debt outstanding and none is now contemplated.
Company has been organized by Ben L. Strauss for the purpose of
engaging in a general department store business at 100 South Fairfax Ave.,
Los Angeles, Calif., in a building to be constructed for that purpose by the
owner of the real property at said location, which building will be leased to
the company.
It is anticipated that the store building will be completed
and that the company will commence business on or about May 1, 1941.
It is contemplated that Gilmore Village Department Store will deal chiefly
in low and medium priced merchandise and that it will operate
solely on a
Georgia Power Co.—Earnings—
1939
was
company
Telephone Corp.—Gain in Phones—
1940
Capitalization—Company
or
Corporation reports for its subsidiaries a gain of 3,967 company-owned
telephones for the month of February, 1941 as compared with a gain of
2,698 telephones for the month of February, 1940.
The gain for the first
two months of 1941 totals 7,487 (exclusive of purchases or
sales) or
1.41%
as compared with a gain of 5,086 telephones or
1.01% for the corresponding
period of 1940.
The subsidiaries now have In operation 539,498
company-owned tele¬
phones.—V. 152, p. 1433.
Calendar Years—
and
Oct. 23. 1940 and has not yet acquired any assets or issued any securities
commenced business. Under its articles of incorporation as amended the
terms offered.
General
individually.
The transfer agent for the preferred stock and common stock is Bank of
America National Trust & Savings Association, Los Angeles.
Adams Express
owned 20,000 shares of General
Assets—Cash, $346,398; trade accounts receivable (net), $411,943; trade
receivable, $240; inventories, $809,440; other assets, $70,354; property,
plant and equipment (net), $1,045,433; patents, $811; deferred charges,
$38,136; total, $2,722,755.
Liabilities—Trade accounts payable, $233,645; salaries, wages and com¬
missions, $82,731; traxes (other than income taxes), $33,550; Federal taxes
notes
The Commercial
Volume 152
general surplus,
Income, $97,800; common stock (par $5), $840,940;
$1,434,090; total, $2,722,755.—V. 151, p. 3890.
on
Hickok Oil Corp.—Extra
Directors have declared
*
Dividend—
extra dividend
an
C
-
of 10 cents per share
in addi¬
regular quarterly dividend of 25 cents per share on the common
stock, both payable March 15 to holders of record March 8.
Extra of 10
cents was paid on Dec; 15 and Sept. 14 last, and one of 20 cents was paid
on June 15, 1940.—V.
151, p. 3398.
tion to the
Houston Electric Co.—-Exchange Time Extended—~
more than a majority of the First Mortgage Bonds, Series B
o%, of this company called for redemption on April 1, 1941, have already
agreed to accept the company's bond exchange offer of Feb. 1, 1941,
In
order that other holders may still take advantage of this opportunity, the
period for accepting it has been extended to Mar. 25,1941.-—V. 152, p. 1434.
.
Holders of
Hudson & Manhattan RR. —Earnings—
Income Account
Buildings)
(Incl. Hudson Terminal
31
Ended Dec.
Years
Railroad Revenues—
$5,427,376
98,000
$5,168,853
83,500
156 890
152,349
102,000
24,165
9,429
1937
$5,709,276
103,000
168,673
102,416
25,320
3,149
1938
1939
1940
$5,426,036
100,500
Other car & station priv.
171,181
Rent of bldg.,&c., prop.
102,000
Miscell. transport, rev.25,000
Passenger fares
Advertising
revenue--
12,703
102,000
23,500
8,557
Total railway revenue
$5,837,420
$5,816,323
$5,540,296
$6,111,835
467,701
407,455
458,713
403,789
518,264
1,364,440
390,409
446,404
425,626
510,621
1,350,165
370,035
429,624
434.336
513,749
1,292,269
376,766
Other miscell.
Operating Expenses—
Matnt, of way & struc—
Maint.
o^, equipment
533,731
1,378,213
Transportation expenses
353,823
General expenses
1753
& Financial Chronicle
Associated
Indiana
preferred stock (no par) at $105.50
cumulative
and accrued
dividends.
to cumulative dividends
to dividends and assets
over the common stock.
Redeemable as a whole or in part, at the option
of company, at any time upon not less than 30 days' notice at $110 per
share and divs.
Transfer agent, Continental Illinois National Bank &
Trust Co. of Chicago.
Registrar, First National Bank, Chicago.
Purpose—Net proceeds from the sale of 18,750 shares of $5 cumulative
preferred stock (estimated at $1,891,861, exclusive of accrued divs.), to¬
gether with treasury funds in an estimated amount of approximately
$170,638, will be used by corporation for the redemption, on April 17, 1941,
of 18,750 shares of outstanding $6 cumulative preferred stock, at $110 per
The $5 cumulative preferred stock is entitled
from Feb. 1, 1941, payable Q-F.
Preferred as
share (a total
such purpose.
of $2,062,500), or to repay
funds temporarily borrowed
$3,140,924
2,696,4 97
917,475
$3,135,614
2,680,709
$3,102,853
2,437,444
■
interchange contracts with these connecting companies.
Control—General Telephone Corp. (N. Y.) owns 70,000
common
$3,046,746
3,065,090
901,680
964,127
850,419
Railroad oper. income
Net income other than
$1,779,021
$1,779,029
$1,473,316
$2,214,670
railroad operations...
428,052
452,087
526,337
530,768
Operating income.... $2,207,074
Non-operating income..
122,020
$2,231,116
130,155
$1,9991654
140,814
$2,745,438
xl46,623
Total railroad op. exp.
rev. from R R. oper
_
Taxes
RR.oper. prop.
on
$2,361,271
$2,140,467
57,172
32,221
57,915
32,977
1,760,570
1,433,237
1,778,222
1,487,050
1,796,482
1,539,225
$961,235
""$993,394
$1,286,132
$2,329,094
57,680
Gross income
Rents of trk. yds.—term
38,841
Miscell. deductions
Int.
1st lien & ref. 5s
on
& 1st mtge. 4>£s
Int.
on
adj. income 5s
Net loss....
$2,892,062
56,740
42,280
xl
,814,715
xl
,566,527
$588,201
$576,000 1st lien and refunding mortgage
bonds and $1,818,000 adjustment income mortgage bonds held in property
x
for'
Territory—Company was incorp. in Indiana, Feb. 5, 1930.
Company is engaged in the business of providing, without competition,
telephone service to 32 communities and surrounding territories in Indiana.
The largest cities served are Lafayette, Elkhart, Logansport, La Porte,
Connersville, Goshen, Valparaiso, Wabash and Greencastle.
Company owns toll lines which provide toll service between various of
its own exchanges, and, in some cases, between its exchanges and exchanges
of other telephone companies.
Toll service to other points in and out of
Indiana is provided through toll connections with Indiana Bell Telephone
Co., American Telephone & Telegraph Co. and certain other telephone
companies.
Such toll service is provided under operating agreements or
Business and
stock of the company,
shares of the
voting stock
which represents 100% of the
,:
outstanding.
Net
Stock
Telephone Corp.—Preferred
Offered—An underwriting group comprising Bonbright &
Co., Inc., Paine, Webber & Co. and Mitchum, Tully & Co.
made a public offering March 11 of 18,750 shares of $5
Completion of Present Financing
Capitalization Outstanding upon
Funded Debt—
First mtge. bonds, series
A, 3H%. due Feb.
$3,800,000
1, 1970
Capitcu Stock—
/
$5 Cumulative preferred stock (no par), 10,000 shares authorized
Pref. stock, not designated as to series, 10,000 shs. auth. (no par)
Common stock, 160,000 shares authorized (no par)
21,410 shs.
None
70,000 shs.
Years
Earnings for Calendar
1940
1938
$1,632,382
$1,522,921
627,116
219,247
241,272
594,996
206,578
219,730
$529,217
$544,749
111
Dr296
$501,617
Dr 1,753
$529,329
Net earnings from
Other income
1939
$1,763,173
702,980
238,624
Operating revenues.
Operating expenses
Depreciation
General and Federal taxes
a
$544,452
147,214
$499,864
145,882
$393,142
$397,239
$353,982
292,353
operation....
__
Net earnings
deductions
Interest and other
Does not include interest on
amortization fund.
31
General Balance Sheet Dec.
,
1940
1939
1940
39,995.385
5,242,939
Preferred stock.
Common stock.
Stock
1939
S
Liabilities—
111,234,815
Road & equlp't. 111,241,107
Depos. in lieu of
mtge. property
sold
128,615
39,995,385
5,242,939
224,129
conversion...
11,626
Mlsc.phys. prop. 13,612,358
43,807
Inv. In affil. cos.
13,563.562
Funded debt...
69,865,734
69,865,734
43,807
Audited accts. &
385,099
390,235
payable
232,109
264,425
Misc. accts. pay.
10,695
10,587
lnvest'ts.
wages
■».
861.215
Special deposits.
99.397
759,267
91,930
9,110
12,445
dlvs.
Misc. accts. rec.
180,688
370,994
208,783
396,277
26,473
Int. on
Mat'ls <fc suppl's
Cash....
Notes receivable
22,698
Int. receivable..
Oth, curr. assets
33,276
29,971
Deferred assets.
7,389,739
86.734
6.929,378
Unadj. debits..
83,516
Matured
Int.
&
101,358
223,057
rents
738,237
payable.
760,852
2.628
Unadjusted cred
3,796,743
12,589,913
—
2,628
4,657,508
Other curr. llab.
12,091,592
4,924,382
491,296
4,621,174
4,924,383
Funded debt re¬
tired thru surp.
MiscellJund res.
Deficit
134,464,838 133,994,590
Total
—V. 152, P.
Total
510,728
3,807,447
Hummel-Rosa Fibre Corp.—To Pay IB-Cent Dividend—
dividend of 15 cents per share on the common
29 to holders of record March 14. Like amount was
paid on Dec. 31, last, and compares with 25 cents paid on Sept. 30, last;
dividends of 15 cents paid on June 29 and on April 1, 1940 and 20 cents
paid on Dec. 30, 1939 and on Dec. 15, 1937.—V. 151, p. 3563.
Directors have declared a
stock, payable March
Idaho Power Co.—Earnings—
1941—Month—1940
Period End. Jan. 31—
di. tax.
Direct taxes
Net oper. revenues—
.
(net)
Gross Income
.
bondsdeductions.
Interest on mtge.
Other int. &
Int.
charged to cons.(cr)
$6,152,546
531,200
481,300
$188,781
684
$2,288,651
3,943
;$2,302,788
$206,605
56,250
10,249
1,358
$189,465
56,250
9,384
$2,292,594
675,000
117,544
4,500
:$2,310,752
675,000
113,085
1,291
$141,464
Oper. exp., excl.
Prop. ret. res. approp—
Other income
1941—12 Mos.—1940
$6,478,473
1,979,639
1,678,983
$123,831
$1,504,550
414,342
$1,523,958
414,342
$557,519
161,736
139,500
50,000
$518,221
$206,283
322
Balance Sheet Dec.
159,640
126,000
43,800
Div.
applicable to preferred stocks
for the period..
1,884,415
1,484,043
7,964
$1,090,208 $1,109,616
Note—No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152, p. 1594.
Illinois Bell Telephone Co.—Earnings—
Month of January—
1941
1940
Balance
$8,498,839 $8,071,896
22,796
22,533
Operating revenues
Uncollectible operating revenue
Operating revenues
Operating expenses —
$8,476,043
5,810,656
Net
$2,665,387
$2,722,259
1,375,856
1,336,579
$1,289,531
1,102,363
operating income
Net income
—V. 152, p.
$8,049,363
5,327,104
$1,385,680
1,242,880
—
Net operating revenues
Operating taxes
—
1435.
Terminal RR.—Equipment Trust Certificates—
Commerce Commission on March 4 authorized the com¬
obligation and liability in respect of not exceeding $560,000,
series A, 2% serial equipment-trust certificates, to be issued by the St.
Louis Union Trust Co., as trustee, and sold at 100.029 and accrued dlvs.
in connection with the procurement of certain equipment.
Illinois
The Interstate
pany
to assume
The report
of the
The applicant
Commission states;
invited bids for the
purchase of the certificates, the
bidder
dividends to be borne by the certificates in multiples of
1-8 of 1%. The best bid, 100.029 and accrued dividends, based on a rate
of 2%, was made by Harris Hall & Co., Inc., and has been accepted.
On
this basis the average annual cost of the proceeds to the applicant will be
approximately 1.99%.—V. 152, p. 1435.
to name a
rate of
2,344 shares.
31, 1940
:
Liabilities—
Assets-—
Telephone plant, equip., &c. $8,457,675
11,605
In vestments ........... ....
545,063
777,608
Depreciation fund
Common
....
2,100,000
3,800,000
Depreciation reserve
1,551,619
Insurance.....—........
480,752
196,823
Contributions of teleph. plant
22,098
9,635
325,243
Earned surplus.—..—.—
505,286
—
supplies.:
Prepaid accts. & def'd charges
$10,480,030
Total.
$10,480,030
Total...—
stock..
82,232
Materials and
—V. 152, p.
$5 cum.
Long-term debt..———
Current liabilities
4,510
Investments.
Temporary cash
$1,734,000
276,640
stock
preferred stock
56 cumulative pref.
79,270
Cash......-.-..--.-—---.
1593.
Indiana Harbor
Month Ended Jan.
Belt RR.—Earnings—
1941
$1,180,400
31—
_
Railway operating revenues
740,268
1940
$1,075,211
747,330
$440,132
126,140
$327,881
operating Income
.——
$213,463
income.........3,365
$126,418
$216,828
$129,302
3,217
37,135
railway operations..........
Railway tax accruals
—
Equipment and joint facility rents
—..—..
Net revenue from
100,629
Net railway
Other
Total income...............................
Miscellaneous
3,002
37,341
deductions from income
Total fixed charges
Net
85,098
116,365
2,884
income......$176,485
$88,950
subject to Federal excess profits tax.—V, 152, p.1284
Note—Company not
Indianapolis Water
12 Months
Co.—Earnings-—
Oper., maint. &
retirement or deprec.
and local taxes..—.—--
All Federal
Net income
Interest charges
Other deductions
1941
$2,843,301
873.260
684,945
1940
1939 A
$2,710,941 $2,617,380
837,331
816,714
618,365
574,323
$1,285,096
495,747
Ended Jan. 31—
Grossrevenue
Balance
Net income.
Mitchum, Tully & Co.,
Railway operating expenses—
134,464,838 133.994,590
1434.
Operating revenues
9,375 shares; Paine, Webber & Co.,
Bonbright & Co., Inc.,
follows:
Accounts receivable
214,732
bonds
Accrued Int. and
Deferredllab
are as
7,031 shares, and
Working funds.—.—.——
108.825
payable.
adjustm't
Income
After deducting provision for uncollectible accounts.
Underwriters—The name of each principal underwriter and the respective
number of shares of $5 cumulative preferred stock severally underwritten
for
liab.
11,626
Other
Net income.....................
a
*,
$1,255,245
483,945
121,498
$1,226,344
483.945
125,148
$713,240
$649,802
$617,251
76,109
—
available for dividends...
830.
—V. 152, P.
Industrial Credit Corp.
of New England—Extra Div.—
declared an extra dividend of 6 H cents per share in addi¬
regular quarterly dividend of 32 cents per share on the common
Directors have
tion to the
stock, both
were
of record March 4.
quarters.—V. 152, p. 268.
payable April 1 to holders
paid in preceding
Similar amounts
Inland Investors, Inc.—20-Cent Dividend—
declared a dividend of 20 cents per share on
Directors have
the common
value, payable March 31 to holders of record March 20.
with 55 cents paid on Dec. 23, last; 20 cents paid on Sept.
30, June 20 and March 30, 1940; 50 cents paid on Dec. 22, 1939; 15 cents
on Sept. 30, June 30 and March 31, 1939; 25 cents paid on Dec. 23, 1938
and 15 cents paid on Sept. 30, June 30 and March 31, 1938.—V. 151, p.
stock, no par
This compares
3748.
International Machine Tool Corp., Elkart, Ind.—
Offering for Expansion Purposes—
As part of a general program to expand the activities of the corporation,
arrangements are now under consideration looking to a public offering of
the shares of the company in the near future, it was announced March 13
by C. Russell Feldmann, President.
The corporation's registration state¬
Plans Stock
ment is in process
of preparation.
plans, corporation
According to present
wJU sell certain shares now held
in order to finance part of the cost of the contemplated
expansion program, and In order to allow a broader public participation
in the ownership of the business, which has heretofore been privatelyowned, the stockholders have agreed to sell a portion of their present hold¬
ings, Mr. Feldmann said.
Upon completion of the public offering, it is
in its treasury
of the corporation
weil-estabUshed
Co. of Elkhart,
expected that application will be made to list the stock
on the New York Stock Exchange.
Corporation represents an amalgamation of two old and
companies in the machine tool field, the Foster Machine
The Commercial & Financial Chronicle
1754
lnd.,
and
International
the
Machine
Tool
Co.
of
Indianaoolis.
The
Foster company has been active in the manufacture of machine tools
for
the past 39 years, and the International company has been
engaged in the
btinfticss since* 1903.
■v
*.
Mr. Feldinann, who with E. H. Welker of Detroit,
i
Liabilities—Note payable to bank, $24,000; accounts payable,
accrued accounts, $124,899: provision for Federal taxes on
income,
.
Island Creek Coal Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the
common
stock, payable April 1 to holders of record March 20.
Dividend of $1.50
was paid on
Dec. 28, last and previously regular quarterly dividends of
50 cents per share were distributed.
Output—
In
February company mined 442.835 tons of coal, compared with
400,304 tons in January and with 448,717 tons in February, 1940.—V.
151,
p. 1436.
International Paper & Power Co.—Dividend—
,
Jamaica Public Service Co., Ltd.-
share.—V.
Period End. Jan. 31-
Maint enance
151,
Interstate Bakeries
Directors
1941
excess
Profit.
1.200.779
$370,054
191,827
el8.750
49,070
60,000
$122,633
$164,179
38,196
Jewel Tea
21
110,870
88,694
99,721
$26,211
221,612
$135,615
221,612
$1.32
The cash position of the
corporation is so strong that It Is purposed to
retire as of June 15, next, the
$1,000,000 of %%% debentures issued in 1938.
Such borrowings as
may be necessary to effect this result and still
leave
adequate working capital are available at a
substantially lower
rate
Net income
In addition to its normal
activities the corporation has undertaken work
armament field.
The results of this are not reflected
appreciable extent in the 1940
operations, and in any event the profits
are not expected to be
large; but we should feel recreant to our duty if a
generous portion of the time of our
engineering staff and of
5645,484
$697,361
1,400.564
2,325,750
2,136,831
1,824,456
nvest. in <fc ad vs.
c
10-yr. SV\%
conform
1939
918,103
1
Inv in German sub
21,103
on
1
1
Deferred charges._
38,111
from
242,643
259,629
A
q
ofif
■>
Accts.
&
200,000
24,417
19,256
154,334
3,299,947
3,124,257
Total
7,897,822
5,569,970
Inventories
9,154,262
2,130,625
Workmen's
self-iosur.
fund.
advs.
in
to
1939
Sales, less returns, allowf 'ances and discounts.. $3,976,043
Cost of sales
2,721,581
$3,219,852
671,888
627,866
Depreciation
Amort.Fof devel. exps
Int. paid & other
charges
Prov. for Fed. inc. tax..
Prov. for Fed. surtax
F*Net profit for year
Dividends paid
mon,
$582,574
$372,434
80,889
82,654
$663,463
43,681
$455,088
44,608
4,311
lY.750
120,310
65,262
..
$495,160
207,210
Surplus.
Earns, per share
2.219,552
$333,468
186,489
1938
1937
$2,252,396
1,589.935
485,218
$3,367,101
2,108,977
637,163
$177,243
54,141
$620,960
79,662
$231,384
43,712
21,478
11,499
21,321
5,723
$700,624
40,388
44,061
$127,649
$522,686
331,537
82.884
9,163
78,969
5,357
$287,950
$146,979
$44,765
$191,149
$2.98
$2.01
$0.77
$3.15
on com¬
stk. (no par)
Balance Sheet Nov. 30, 1940
Assets—Cash in banks and on
hand, $205,415; notes and accounts receiv¬
able (less, reserve for bad
debts, &c., $45,385), $930,774; inventories
(less,
for inventory
reserve
shrinkage,
&c.,
receivable, $3,581; idle plant and land
at
$3d,544), $1,473,396; mortgage
Lakewood, Ohio (net), $182,482;
commissions, &c 1,709,742
inc.
&
prof .taxes 3,515,905
comp. self-insur.
e
3,000,000
2,500,000
231,788
-
528,471
26,550,204 26,585,401
Prepd. & def. chgs.
Less
for
421,290
1,097,869
400,500
Res. for product
guarantees
Foreign subs
a
1,089,113
Acer, taxes, wages,
Res. for workmen's
Land, buildings,
fceqpt. & mineral
r
131,250
233,974
d
properties
87,500
400,500
and
Total
1940
421,290
311,936
$
2,073,195
excess
Bubs,
unconsolidated
c
1939
1,929.858
Prov
comp.
Miscell. investm'ts
56,786.553 56,627,649
Jaeger Machine Co. (&
Subs.)—Earnings-
1940
Accounts payableDividends payable
8,511,115
b Cash.
98,414
domestic subsidiaries,
b After deducting
depreciation
of $2,036,111 in 1940 and
$2,168,921 in 1939.
c Represented
by 221,740
shares of no par value,
d After reserves of
$225,000 in 1940 and $250,000
Jn 1939e Includes sundry accruals,
f Of which $3,013,577 ($2,960,611
in 1939) is
restricted as to payment of dividends
under terms of indenture
providing for issue of 10-year 3%% sinking fund
debentures.—V. 152, p.
429.
9,108,496
notes
receivable
195,000
1939
Liabilities—
8,888,399
.
Investm'ts
-..56.786,553 56,627.6491
(no par).
<2
/
i,
Cash
in¬
f Earned surplus..
stock
1940
a
67,140 Advances payable,
machinery sold.
Res. for taxes, &c.
.
excess
Consolidated Balance Sheet Dec. 31
93,994
stalment sales..
inc.
common
1,000.000
Res. for taxes pay.
1
$1,26.5,191
-
^
1,000,000
commission, &c.
British sub.(net)
$3,0.58,946
$6.35
$4.24
operations of certain foreign subsidiaries and to
the company's policy in 1940 of
treating cash discounts as a
to
shares of
Prov for salesmen's
Patents & patterns
$4,127,691
525,000
2,337,500
exclude
sink,
Accts. payable._
wholly owned
951,517
$5,882,071
—
c Selling and
currency of
subsidiary and pro¬
profits taxes, f Including $600,000 for Federal
profits taxes under the Second Revenue Act of 1940.
g On 850,000
excess
$1,832,100
$5,079,208
3,370,000
share.-
vision for income and
fund debs
e
per
$5,079,208
&
:
reduction of salse.
b Less cash discounts and allowances,
administrative expense, &c.
d From translation into U. 8
Canadian net current assets,
e Before dividend from
Consolidated Balance Sheet Dec. 31
1,905,063
-.
income
685,527
95,267
--
$9,252,071
Canadian
—
.
---------
Restated to
a
our
1,472,341
Earnings
g
superior
workmen and machine
equipment were not devoted to public service.
d Notes & accts.rec
.
-
Balance to earned surplus
.' importance in the
Cash
642,955
Dividends paid on preferred
stock485,62.5
Dividends paid on common stock-..
2,337,500
of
to any
Liabilities—
al940
Common stock_-$l,832,100
al939
$61,761,236 $52,047,720
51,046,894
44,723,092
1,379,316
1,464,626
-
profits taxes.
excess
1939
Subs.)—Earnings—
1940
Net income before taxes
f Provision for Federal and
Becker, President, states;
interest.
1131
p.
-----
Profits Tax Act of 1940.
al940
152,
e Net income-..
$8,692,071
Div. received from Johns-Manville Credit
Corp.560,000
__
^Profit.
3564.
d Unrealized loss.
whollysubsidiary for the year 1940.
d Other deductions
including
$130,835 foreign exchange adjustment
arising from translation of accounts
of the English
subsidiary, less other income,
e From
July 1, 1938.
Note—The company considers that there is no
liability under the Excess
■p
IV
Operating profit.....
Interest income, &c
p.
DepreciationDepletion and obsolescence of mineral properties..
owned British
Sell., gen. & adm. exps..
90,000
Co., Inc.—Sales—
Manufacturing cost-
c
_
Years End. Nov. 30—
29,972
21,992
4,727
Pa.y ^0-Cmt Dividend—
Calendar Years—
_
Total
Co.— To
\
152, p. 832.
b Sales
~
to
es__
accruals.—V.
Johns-Manville Corp. (&
177,281
$33,939
221.740
V.
$1.29
$0.55
$0.57
Includes only domestic subsidiaries.
b Includes other income
(net) of
$101,930 in 1940, $75,182 in 1938 and $122,633 in 1937.
c Of the
Inventories
.
Company reports tnat its sal >s for the four weeks ended Feb. 22,
1941,
$2,665,983 as compared with $2,075,045 for parallel weeks in
1940,
increase of 28.48%.
■
Sales for the first eight weeks of 1941 were
$5,288,180.08, as compared
with $4,084,516.44 for a like period in 1940, an
increase of 29.47%.—
a
•AMach'y & equip.
a
s
reserve
Electric
previously.—V. 151,
$370,923
58,006
$175,690
221,740
(no par).
Earnings per share
Assets—
„
29.431
21,992
14,782
1,594
91,800
an
21
stk.
Neal Dow
$243,100
$392,922
90,000
Directors have declared a dividend of 50 cents
per share on the common
stock, payable March 31 to holders of record March 15.
This compares
with $1.25 paid on Dec. 26,
last, 25 cents paid in the three
preceding
quarters, 75 cents on Dec. 28, 1939: 25 cents paid on Sept. 30, June
30, and
Jan
2, 1939, and on March 31, 1938; $1.50 on Dec. 24,
1937, dividends of
50 cents per share paid in each of the three
preceding quarters; $1.50 paid
on
Dec. 21, 1936, and quarterly dividends of 50 cents
per share paid
d22,466
Surplus...
com.
Before retirement
Jefferson
Cr64,702
$286,560
..
Common dividends
Shs.
$13,111
Dr 2,889
.
were
U
Net profit
1st preferred dividends..
2d preferred dividends..
__
$197,364
$25,247
Preference shares "C"
Preference shares "D"
26,000
on sale of subsid.
fireinsur. company
Other deductions.
87,012
9,318
9,227
773
940
$395,812
85,685
9,181
8,910
J. V. 8. Co., Ltd.—Preference shares..
Preference shares "B"
100,775
77,000
Profit
$302,923
761
Net income..
Dividends declared:
$750,064
175,366
80,000
$346,878
7,216
979
1,531,825
undis-
on
$22,041
7,107
J. P. 8. Ltd.—Common
tributed profits
$436,878
90,000
$34,096
and
in v. in German subsid.
normal inc. tax, Arc.
Fed
$29,541
7,500
on
deben. stockJ. P. 8. Co., Ltd
x
$319,730
88,062
37,500
74,762
37,500
27,959
debentures.-
$41,596
7,500
».
1.219.249
$506,781
Depreciation
Interest
c
Dr292
$429,826
7,052
Int.
profits tax.—V. 152, p. 1594.
1 939
1 938
1937
$1,538,979 b$l ,570,833 b$2,281,889
1,035.563
104,080
$29,833
.
Consolidated Income Account for Calendar Years
al940
b$l,542,344
$999,025
432,416
92,542
■>": 78,256
476.826
99,524
$41,079
^
516
1940
Corp.—62}/2-Cent Dividend—
.
1941—12 Mas.—1940
$1,110,257
9,095
9,781
11,568
incomei-
oper.
$565,490
230,907
208,422
124,465
Intertype Corp. (& Subs.)—Earnings—
Gross profitSell. & gen. admin, exps.
Utility
x
have declared a dividend of
621^ cents per share on the $5
pref. stock, payable April 1 to holders of record March 22. Like
amount
was paid on Dec. 27, Oct.
1, July 1 and March 30, 1940; Dec. 27, Sept. 30
and July 1, 1939; dividends of 50 cents
were paid on April 1,
1939, and
Dec. 22, Oct. 1, July 1 and April
1, 1938, and in initial dividend of $1.25
per share was paid on Dec. 27, 1937.—V. 152,
p. 1284.
Federal surtax
9.262
-
.
Note—Company believed exempt from
on
_
Taxes--,-.*—.
America—Earnings—
Net income
Prov. for not loss
Assets in Germany
—
-Earnings—
1941—Month—1940
$100,302
$86,876
38.393
38.166
Operating revenues.
Operation.-
■
$499,099
226,863
189.015
110,351
^
,
The Board of Directors on March 11 declared a
regular dividend of $1.25
share for the first quarter of 1941 and also a dividend of
$1.25 a share on
account of accumulations on the
company's outstanding cumulative con¬
vertible 5% preferred stock, both
payable March 29, 1941, to holders of
record at the close of business March 21, 1941.
This payment will reduce
the amount of accumulated
unpaid dividends to $10 a
a
Month of January—
Railway operating revenues
Net revenue from railway operations
Income available for fixed charges
$190,223;
$120,311;
liability, $35,000; common stock (165,768.35 shares no par),
$1,632,076; capital surplus, $138,801; earned surplus, $1,136,522;
total,
$3,401.833.—V. 152, p. 1131.
v
board of International Machine Tool Corp.
Charles H. Foster, has been
named Assistant Genera) Manager, and E. J.
Terry, formerly Vice-President
of International Machine Too. Co., is Vice-President and
General Manager
of the new corporation.
George M. Sundheim. formerly of the old Inter¬
national company, has been named a director of the new
corporation.
International Rya. of Central
1941
non-current
trolling interest In what is now International
December, 1940. is the President and Treasurer of the
company.
Mr. "Welker, who has been elected Executive Vice-President and a
director
of International Machine Tool Corp., for the papt 25
years has represented
machine tool companies, including the Foster Machine
Co., in Detroit.
W. H. Foster, formerly
President of Foster is now chairman of the
3748.
15,
fixed assets (less, reserve for depreciation $412,507), $579,426;
patents, $1
deferred charges to operations, $z6.758; total, $3,401,833.
purchased a con¬
Machine Tool Corp. in
p.
March
291,518
301,533
..58,877,846 53,739,460
reserves
for
834,972
758,526
f Preferred stock.. 2,130.625
7% cum. pfd. stk. 6,000,000
9,000,000
g Common stock. 17,000,000 17,000,000
Capital surplus... 14,379,898 14,379,898
Earned surplus... 10,868,054
7,809,109
doubtful
items
Totaland
cash
58,877,846 53,739,460
discounts
of
$339,231
at
Dec. 31, 1940, and $333,922 at Dec. 31, 1939.
b Required for redemption
of 7%
cumulative preferred stock (contra),
e Including
advances of
$135,589 at Dec. 31, 1940 and $202,575 at Dec. 31, 1939.
a Less reserves
for
depreciation,
depletion and obsolescence of $29,181,679 at Dec. 31,
Dec. 31, 1939.
e Foreign exchange fluctuations
contingencies,
f 7% cumulative, 17,500 shares called for re¬
demption on Jan. 1, 1941 at $121.75 per share, including $1.75 per share
for accumulated dividends (cash on deposit, contra),
g 850,000 shares at
1940 and $27,910,083 at
and
other
stated value of $20 per share.
►
Notes
(1)
Consolidated financial statements for the
year
1940 excludes
of the foreign subsidiaries other than the Canadian subs.
The consolidated financial statements for the year 1939, have been restated
to exclude such foreign subsidiaries in order that the consolidated state¬
the statements
ments for the years 1939 and 1940 may be comparable. As in prior years the
financial statements of Johns-Manville Credit Corp. are not included in the
consolidated statements.
On April 1, 1940, 7,500 shares of the corporation s preferred stock
redeemed at the redemption price of $121.75 per share (including $1.75
share representing dividends accumulated and unpaid thereon at the
redemption date), and were subsequently retired.
As indicated on the
foregoing consolidated balance sheet, 17,500 additional shares were called
(2)
were
per
for redemption on
Jan. 1, 1941.—V. 152,
p.
1284.
(Mead) Johnson & Co.—Extra Dividend—
Directors have declared an extra dividend of 75 cents per share in ad¬
dition to the regular quarterly dividend of 75 cents per share on the common
stock, no par value, both payable April 1 to holders of record March 15.
Like amounts were paid on Jan. 2, Last, Oct. 1, July 1, and April 1, 1940.
Volume
The Commercial &
152
Extra of $1.75 was paid on Dec. 28, 1939, and extras of
Oct. 1, July 1, and April 1, 1939.—V. 152, p. 1594.
Lehman Corp.—Extra
75 cents were paid
Co.—$1 Preferred Dividend—
a dividend of $1 per share on account of accumu¬
cumulative preferred stock, payable April 5 to holders
Like amounts were paid on Dec. 23, Oct. 22, July 22
and April 15. 1940, and a dividend of $1.75 was paid on Oct. 15, 1937.—
V. 152, p. 1284.
Directors have declared
on
the 7%
of record March
1940
1939
1938
.$15,820,248 $15,425,082 $15,274,430
618,023
485,283
650,569
Steam sales.
423,140
372,261
371,356
Earnings other utilities.
69,925
73,630
68,945
Calendar Years—
Electric sales
______
Gas sales
1937
$15,774,337
1,036,299
458,802
69,706
$16,365,300 $17,339,144
6,288,494
6,370,654
6,789,782
Gross oper. revenues.$16,931,337 $16,356,256
Oper. exps. and maint..
Taxes, exclusive of inc.
6,475,562
1,604,316
1,561,432
1,430,752
1,367,940
$8,851,459
Dr4,200
$8,506,330
Drl0,670
$8,563,894
LY59.652
$9,181,421
Dr46,953
$8,847,259
1,443,799
$8,495,660
1,436,701
$8,504,242
1,386,476
$9,134,468
1,384,924
taxes.
Gross inc. after taxes.
Other income.
Total gross income
Interest
_
Amort,
_
_
.
_
_
.
_..
_
_
and
of discount
102,479
66,894
2,147,903
102,479
65,574
2,116,369
102,479
65,542
2,300.634
102,176
69,145
2,249,884
18,021
1,303,122
17,361
857,859
20,006
822,376
32,160
936,035
$3,765,043
4,162,464
$3,899,319
3,784,396
$3,806,729
6,242,908
$4,360,143
4,106,466
$7,927,507
240,000
3,281,250
68,987
$7,683,714 $10,049,636
240,000
240,000
3,281,250
5,381,250
643,991
$8,466,609
premiums
.;
of limited
Amort,
term
investment.
Income taxes
Net income
Surplus begin, of year.
Total.
Preferred dividends..
Common dividends
Miscell. debits
240,000
1,758,750
224,952
'
.
.
$3,784,396
$6,242,908
$6.79
$7.84
Note-—In the above comparison the year 1937 is restated to conform to
groupings followed in income account subsequent thereto.
Comparative Balance Sheet Dec. 31
Surplus end of year.
__
Earns, per sh. on com..
$4,337,270
$6.71
1940
1939
1940
$
Liabilities—
...85,657,033 84,224,883
Utility plant..
Inventory
$4,162,464
$6.97
1939
$
Assets—
4,015,000
4,015,000
stock
1,549,518
1,518,372
270,417
423,969
b Common
200,816
208,781
Long-term debt...38,000,000 38,000,000
Accts. & notes rec.
2,939,218
2,607,620
Cash......
1,196,934
1,194,349
stock.24,380,COO 24,380,000
444,539
434,833
Demand notes pay. 1,000,000
1,000,000
Pref. stk. dlv. pay.
596,762
2,375,169
60,000
Misc. current liab.
93,838
606,623
1,994,194
60,000
77,888
Consumers' depos.
Accounts payable-
Dep. for paym't of
60,000
850,902
60,000
838,520
financ¬
Unamort.
2,732,777
2,630,298
ing expenses
c
Accrued accounts
Surplus
95,342,755
18,804,930
285,721
4,162,464
Deprec'n reserve.. 19,732,355
Res. for injuries,&c
Total..
93,821,653'
307,821
4,337,270
-...95,342,755 S93821653
Total
by 40,000 no par shares.
b Represented by
shares of no par value,
c Includes $1,311,609 ($973,289 in 1939)
and State income taxes.—V. 152, p. 1285.
Represented
a
525,000
Federal
(R. G.) Le Tourneau, Inc.—Earnings—
of January—
1941
$1,223,376
$549,322
215,600
143,708
a After depreciation, amortization and Federal income and excess profits
taxes, but before excess profits taxes in 1940.—V. 152, p. 1285.
a
Net profit.
Products Corp.-—Annual
President, says in part:
Aircraft
Liberty
Robert Simon,
profit of corporation for 1940 amounted to $428,769, from which
been deducted $189,063 as a reserve for Federal income and
profits taxes.
This leaves a net profit for the year of $239,705 or
approximately $1.20 per share upon the 200.000 shares of common stock
outstanding.
Net profit, after taxes, for 1939 was $37,541, equivalent to
approximately $0.29 per share upon the 128,532 shares of common stock
then outstanding.
The main factors which contributed to the improved earnings were an
increase in sales and an increased margin of profit due to improved efficiency
of operations.
Gross volume of sales for the year 1940 amounted to
$1,892,545, as compared with $851,786 reported for the year 1939, an
increase of 122%.
1
During the year 1940 corporation raised additional working capital
through the sale of 71.468 shares of connnon stock, which netted the
corporation $353,808.
This sale was approved by the stockholders at a
special meeting held on June 7, 1940.
In November, 1940, directors
felt that in view of the increased earnings of the corporation and its im¬
has
proved financial condition, it would be advisable to retire the 120 shares
of 7% preferred stock then outstanding, which was done.
At the meeting
of the stockholders held on Feb. 18, 1941, the stockholders voted to amend
the certificate of incorporation to eliminate this class of stock, leaving
the corporation with a capitalization of 200.000 shares of common stock.
In view of the rapidly expanding backlog of orders, which now totals
approximately $3,500,000. and
the expansion of aircraft requirements under
it became apparent that additional plant
National defense program,
be required if corporation was to continue to supply
its customers.
In view of the perhaps temporary nature of these require¬
ments,
it was felt inadvisable to mortgage or otherwise encumber the
assets of the corporation to provide for additional plant and facilities.
Accordingly, the matter was placed before the authorities in Washington
and the negotiations culminated in the execution by the corporation of a
lease with Defense Plant Corporation, a Government agency.
Under this agreement, Defense Plant Corporation purchased from the
corporation land adjoining the existing plant, and will construct a new
plant of approximately 60,000 square feet which, with the
necessary
for its operation, will cost approximately
agreement further provides that corporation will lease this new plant
equipment at an annual rental based upon a percentage of the gross
Provision is made for the release of the corporation in the event that sales
equipment
$1,100,000. The
and
sales.
approximately equivalent to its present volume
provision permitting corporation, at its
do not exceed an amount
of business
and
there is also a
plant and equipment at its depreciated value
usefulness for the defense program.
The new
option, to purchase the new
upon
the termination of its
approximately double the existing plant
Operating expenses
...
Social security taxes
Depreciation
$6,266,873
$2,836
$31,618
91
1,398
$68,5.53
2,183
$24,234
Operating 1 oss..
Non-operating income..
33
on
87
5,114
$66,370
410,470
27,808
331,491
$25,769
$360,836
$836,138
$2,745
17,910
$48,008
bonds
RFC obligationsOther fixed charges
on
5,159.999
229,290
123,325
822,811
$30,220
46,114
188,949
95,553
$24,147
3,789
15,825
4,246
Loss
Int.
1941—12 Mos.—1940
$6,228,003
5,130,718
218,991
125,120
784,791
loss
152, p.
1437.
(Formerly
director to fill the vacancy
151,
p.
of the corporation has been elected
created by recent death of C. H. Schlacks.—V.
Cost
(& Subs.).—Earnings-
Kings County Lighting Co.
1939
1938
1937
$3,136,215
taxes, &c_.
2,516,020
$3,091,415
2,284,721
$3,074,918
2,374,025
$2,957,348
2,366,745
$620,195
6,536
$806,694
6,278
$700,893
4,178
$590,602
$626,732
266,005
52,442
$812,972
275,380
$705,071
275,380
52,611
$.590,602
275,380
104,206
1940
Calendar Years—
Oper. exps.,
Net oper. income.
Other income
—...
Total income
Int.
on
Other
long-term debt-deductions...—
dividends.
$211,017
258,922
Consolidated Balance Sheet Dec. 31
1940
Utility
3
plant.....15,301,996 15,276.153
250,194
250,194
84,470
85,758
Capital stock exp.
Other phys. prop.
_
.
v
4,211,000
S
4,961,000
Interest..
payable.
203,315
245,673
Int. & taxes accrd.
274,504
2,940
8,840
16,289
Customers' depos.
697,872
697,496
Contrib. exten
197,160
196,557
Accounts
plies.-—
16,050
Prepayments
279,432
131,847
Special deposits—
Accts. receivable..
456,614
612,739
Cash.
603,154
106,370
—
126,572
112,011
1,300,610
Reserves
y
y
y
32,291
23,691
2,000,000
2,000,000
7% pref. stock.. 1,816,400
6% pref. stock..
112,900
5% pref. stock.. 2,500,000
1,816,400
112,900
Prem. on cap. stk.
Capital surplus...
Earned surplus
Total.
17,042,027 17.179,972
'
x Represented
by 50,000 no par
SlOOpar.—V. 151, p. 2502.
Kobe, Inc.—Preferred
1,214,333
credits..
Common stock.,
Deferred
x
shares,
11,290
320,140
2,999,814
2,500,000
11,290
320,140
2,873,112
.17,042,027 17,179,972
Total
v Represented
by shares of
declared a dividend of 30 cents per share on account of
6% cum. pref. stock, par $20, payable April 1 to
March 20. Like amount was paid on Dec. 28, Sept. 30,
uly 1 and April
1, 1940, Dec. 21, 1939, and on
July 1, 1938.—V. 152, p.
23.
(S. H.) Kress &
Period End. Feb.
-V.
Co.—Sales—
28—
1941—Month—1940
1941—2 Mos.—1940
$5,603,117 $12,142,328 $10,903,471
$6,221,800
152, p.1132.
4,274
828
$239,705
$37,541
840
a 189,064
profit
Dividends on preferred stock
Dividends on common stock......
840
50.000
— ......
..
b$1.19
____________—
b On 200.000 shares of common
On 128,532 shares of common stock, $1 par.
Includes excess profits tax.
$1 par.
c
Balance Sheet Dec. 31,
...
C$0329
stock.
1940
$96,662; no.rs receivable, $39,064; accounts receivaole,
$279,067; inventories, $549 305; deferred charges, $10,974; fixed assets
(net), $418 895; total, $1,393,968.
,
Liabilities—Accounts payable (trade), $116,342; notes payable (instal¬
ment), $1,200; advarn e payments on orders (less estimated portions com¬
pleted), $98,206; accruals and reserves, $227,759: common stock ($1
$200,000; capital surplus.
$493,819; earned surplus; $256,541; total,
$1,393,968.—V. 152, p. 1286.
Assets—Cash,
par),
Loft Candy
Corp.—New President, &c.—
Maurice L. Wurzel was
elected a director and President of this corpora¬
of stockholders held March 11.
He succeeded
Jack Beresin, elected Chairman of the
Greenfield was reelected Chairman of the
London Street
The
board.—V. 151, p.„3664.js?*i
Ry.—Bonds Extended—
due March 8, 1940[bave
$385,000 1st mtge. bonds (extended) and
March 8, 1950, at 5% interest.
discontinued Nov. 30,1940 and company now
3890.
Lone Star Gas
A,_M.
Executive Committee.
been extended to
operates
Corp.—20-Cent Dividend—
dividend »f 20 cents per share on the common
22 to holders of record March 21. This compares with
30 cents paid on Dec. 21, last; 20 cents paid on Aug. 22 and April 22, 1940;
30 cents on Dec. 22, 1939, and dividends of 20 cents paid on Aug. 21, and
April 20, 1939, and on Dec. 22, Aug. 20 and April 20,1938—V. 152, p. 1438.
Directors have declared a
stock, payable April
Long Island Lighting
Holders
Co.—Changes in Personnel—
of common capital stock at
the annual meeting on
March 11
Blakeslee,
Robert G.
reelected the following directors: Edward F. Barrett, Charles G,
James W. Carpenter, George Link, Jr., Fred H. Maidment,
Olmsted and Ellis L. Phillips.
At the organization meeting of the board of directors following the
meeting of stockholders, the following
the officers of the company:
Fred II. Maidment. Vice-President,
duties,
ccumulations on the
ales
redeemed—1,800
changes were made with
annual
respect to
limit fixed
of administrative
Mr. Maidment
Island Lighting Co. and its predecessor
who has passed the age
by the company's retirement annuity plan, was relieved
but will act hereafter in a consulting capacity.
Dividend—
lolders of record
Directors have
30.16<
$50,722
...
paid on preferred stock
Provision for Federal income tax
Premium
8 buses.—V. 15 0, p.
6,473
Div. payable
770.898
1,401,784
54,451
Profit from sales
All street cars were
300,000
Notes payable
254,701
Material .and supMiscell. in vest-...
Deferred assets
S
Liabilities—
Long-term debt
186,498
266,554
'
■
1939
1940
1939
♦§
A
—
...
tion at the annual meeting
$377,080
258,922
$484,074
258,922
$308,285
258,922
Net income-...Preferred
53.518
1939"^
$1,892,546
$436 311.
5,741
Administrative expenses..
3241.
Gross earnings..
Corp.)
1940
a
H. P. Landis, Secretary and Treasurer
a
Kirkham Engineering & Mfg.
partial billings
of sales and partial billings
Net sales and
Earnings per share
Director—
Keystone Watch Case Corp.—New
for the
^
Net
Net
—V.
capacity and should
be en¬
to say
possible a substantial expansion of sales.
Delays may
in obtained the necessary equipment and it is difficult
to what extent the new plant and facilities will increase production
year'1941.
Income Account for Calendar Years
countered
1941—Month—1940
$557,143
$523,628
466,525
452,504
19,420
18,875
11,027
10,955
63,007
65,527
Period End. Jan. 31Total oper. revenue....
Interest
Report—
The
there
make
Genera] taxes
1940
Month
Net sales
facilities will
Public Service Co.—Earnings—
Cansas City
order
Commission on March 10 issued an
The Securities and Exchange
and facilities would
Special deposits...
pref. stock divs.
distributed.
15,000 Shares of Own Stock—
permitting corporation to purchase, upon certain conditions, a maximum
of 15,000 shares of its own capital stock.
Such securities shall be purchased at a price not exceeding the net asset
value of such securities.—V. 152, p. 1438.
the
$
S6 cum. 1st pref.
a
Investments
Deferred charges..
To Purchase
excess
Miscell. deductions
Depreciation
addition
the
of 20 cents per share were
17.
Kansas City Power & Light Co.—Earnings—
of 5 cents per share in
regular quarterly dividend of 25 cents per share on the common
stock, both payable April 4 to holders of record March 21.
Dividend of
25 cents was paid on Jan. 7 last, and previously regular quarterly dividends
to
lations
Dividend—
Directors have declared an extra dividend
on
Jones & Laughlin Steel
1755
Financial Chronicle
has been
associated with the Long
companies for 40 years.
continuing in charge of
engineering and construction.
Controller and will continue to be the
chief accounting officer and in charge of the accounting department.
Daniel J. Hennessy was appointed Associate Controller in charge of the
analysis and internal audit divisions and will be associated with the land
and tax division, which is now being organized.
Mr.dlennessy will also
supervise methods and system study.—V. 152, p. 1438.
Errol W. Doebler was
elected a Vice-President,
gas and electric operations,
Thomas P. Booth was appointed
The Commercial & Financial Chronicle
1756
(P.) Lorillard Co.—New Vice-President, cfee.—
William J. Halley has
been elected Vice-President and Treasurer of this
has been elected Vice-
1940
company. Todd Wool, Secretary of the company,
President and Secretary.—V. 152. p. 989.
Los Angeles
Other
1940
$1,026,305
133
59
from transportation..
Be venue from other rail and coach operations....
Operating
—
revenue
—...
Operating expenses..
Depreciation.
7,142
r©*-
•
1939
1938
©1937
1
■
Sell.,
$127,310
81,010
$2,745,492
al,773,863
e>_
»
3,562
-
& adm.
gen.
Prov. for doubtful notes
$1,029,926
823,923
116,351
Net operating revenue
Taxes
discounts
Gross profit
$1,059,116
811,343
120,463
...
.....
S&lcs
[
1941
revenue
1941
allowances.$16,937,083 $15,376,926 $11,944,526 $16,666,098
Cost of goods sold, oper.
expenses & dep-—-..al4t191,591 al2,661,295 dl0,374,222 f 14,179,213
$1,051,841
—
15,
turns and
Railway Corp.—jEarnings—
Month of January—
Passenger revenue
March
Income Account for Calendar Years
■
and accounts
297,296
41,236
Total profit..
Interest
245,097
$2,486,885
1,694,661
$410,275 loss$534,753
71,971
44,447
$792,223
115,672
$1,030,196
237,000
116,315
...
Other expenses
80,063
$1,570,303
1,859,959
$930,393
99,803
$482,246 loss$490,305
240,000
146,500
14,699
42,432
$907,895
65,080
42,361
Other income.
$89,653
$2,715,632
a2,008,061
•
•
Prov. for Fed. normal in¬
Operating income.......--..—-..
Non-operating income
f
$46,300
$9,590
157
...
156
—
Gross income..
Interest
on
Interest
on
$46,457
67,031
Net loss
—V. 152, p. 834. '
•;
446
$20,938
-
$58,052
^
Louisiana Ice & Electric Co., Inc.
(&
a
56,436
Taxes, excluding Federal income
taxes
19,501
Income from operation
$30,241
5,517
$200,503
42,068
Non-operating income (net)
842
16,020
13.826
d There have been charged to
operations for the year 1938 Federal, State,
and local taxes in the total amount of
$399,723.
The amount of deprecia¬
tion
$68,475
$35,759
4,498
Prov. for Fed. & State income taxes.
7,025
Balance
for
584
478
724
681
450
earnings
'
,
16,
expense normals
at the
plate manufacturing division
to
■;
•
Balance Sheet Dec. 31
A nn.Mri
C
1940
1.376,941
1939
receivable, trade 2,251,458
Inventories
2,365,411
3,250,171
6,379,788
Investments & ad¬
Liabilities—
Accts. pay., trade-
114.152
647.325
Accrued liabilities.
3,168.435
Notes and accts.
a
'ivv'.-"'
1939
Q
Cash
Assets—Plant, property and equipment (net),
$2,124,556; investments
and other assets, $25,097; cash,
$95,995; notes receivable, $2,410; accounts
receivable, $131,394; interest receivable, $144; materials and
supplies,
$20,946; prepayments, $13,046; deferred debits,
$10,951; total. $2,424,540.
Liabilities—Long-term debt, $332,000; serial collateral
note, $69,000;
note payable
(secured by merchandise instalment
contracts), $28,000;
accounts
payable, $61,594; consumers' deposits (refundable,
$36,057;
interest accrued, $1,140; taxes—State, locan
and Federal accrued.
$51,225;
other accruals, $7,421; deferred
credits, 5,320; reserves, $561,251; common
stock ($1 par), $69,071; earned
surplus, $105,914; capital surplus, $1,096,645; total. $2,424,540.—V. 152. p. 1286, 832.
211,500
350.477
Misc. accts. pay'le
Credit balances
245.383
$
$
6,000,000
vances (at cost).
188,333
219,256 Res. for workmen's
1,034,262
com pen. insur..
752,915
61,326
Property, plant
Com. stk.(par $10) 7,275.840
and equipment-10,032,749 12,958,721 Earned
surplus
4,454,624
Patents.--1
1 Paid-in surplus
6.846,734
Total
Guilty—
180.216
195,287
Treas. stock....
c
19,220.866 25,133,080
Less
reserve
Total
for doubtful notes and accounts and discounts and allow¬
c
88 shares.
Stockholders at their annual meeting on March
25 will consider changing
Tin Plate Csrp.
to
Macon
Gas
Co.—To
Merge-
See Consolidated Electric & Gas Co.- -V.
152, p. 834.
Magma Copper Co.—Earnings—
[Including Magma Arizona BR. Co.]
Calendar Years—
1940
1Q3Q
1938
1937
$4,086,426
2,812,681
$4,087,963
2,746,755
$2,493,717
1,975,536
$4,224,485
2,756.399
70,183
095,808
73,016
Cr243,675
Oil,649
137,665
77.825
0287,222
03,703
76,936
86.247
0178,381
08,039
*111.926
1,020,000
$1,385,852
1,122,000
$654,346
612,000
($2.50)
Sales of copper
Cost of sales, &c
($2.75)
($1.50)
$1,456,332
1,122,000
($2.75)
$112,908
408,000
$263,852
$42,346
408,000
$334,332
408,000
$2.78
$3.40
$1.60
$3.57
General, selling, admin.
expenses, taxes, &c
Int. and other income..
Railway
oper.
inc. (net)
Drl3,461
Res. for Federal taxes..
Net income
153,000
$1,132,908
Dividends
Rate
The
1940,
Surplus
Com. shs. out. (par $10)
Earns, per share on com.
a
.
408,000
Including $693, undistributed profits tax—railroad.
Consolidated Balance Sheet Dec. 31
Assets—
a
1940
1939
Mines,
railroad,
equipments, &c.$2,086,645 52.169,912
Cash
1,832.719
1,606,230
Accts. receivable.. 1,322,029
1,121,842
Inventories
1,159,706
1,331,992
Marketable secure. 1,875.461
1,875,461
Investments
Deferred
1940
1Q3Q
.
.
.
Capital surplus..
Earned surplus..
.
2,922,601
2,922,601
.
1.643,391
1,524.188
953,814
$9,190,195 $9,069,452
After
Liabilities—
b Capital stock..
.54,080,000 $4,080,000
Accts. pay., &c_.
259,297
258,066
Accrued taxes...
131,906
146.932
Fed'l tax reserve.
153.000
137.665
10,200
903,434
charges.
Total
a
10,200
depreciation,
V. 152, P. 1287.
Total
b Represented
by shares
$9,190,195 $9,069,452
of
$10
par
value.—
Magor Car Corp.—Extra Dividend—
Directors have declared an extra
dividend of 50 cents per share in addi¬
tion to the regular
quarterly dividend of 25 cents
stock,
per share on the
both payable March 31 to holders of record March
21.
on Dec.
26, last. Extra of 25 cents was paid
p. 3401.
payments were made
30, last.—Y. 151,
common
Similar
on
Sept.
Marlin-Rockwell Corp.—$1 Dividend—
Directory have declared a dividend of $1
per share on the common stock,
payable April 1 to holders of record March 20.
This compares with $2.50
paid on Dec. 28, last; $1.50 paid on Oct. 1 and
July 1 last, 50 cents paid
on April
1, 1940 $2.50 paid on Dec. 20, 1939, and
regular dividends of
50 cents paid on April 1,
1940; $2.50 paid on Dec. 20, 1939, and regular
dividends of 50 cents per share
paid on Oct. 2,1939, and each three months
previously.—V. 151, p. 3749.
were
Melville Shoe Corp.—Annual
are
for de¬
reserve
name
of the corporation from
"McKeesport
"National Can Corp."—V. 152, p. 269.
(Arthur G.) McKee & Co.—Extra
Dividend—
charged off and
reflected on the
accompanying statements under special charges.
The operations of
corporation for the year 1940 for
the foregoing reasons
not comparable with those
foi' the
preceding year.
The management are
considering plans to improve and expand the can
manufacturing facilities for the year 1941, which
may require a substantial
amount of the available
working funds of the corporation, and, because of
this reason, it was felt that it
would be best for the
corporation to conserve
its cash resources and not
make payment of any dividends
for the year 1940.
Z>r2,728
19.220,866 25.133,080
the
McGraw-Hill Publishing Co., Inc.—15-Cent
Div.—
are
6.848,582
May Change Name—
an
per annum.
3,930.553
Dt8S0
ances of $83,431 in
1940 and $219,536 in 1939.
b After
preciation of $2,538,453 in 1940 and $12,668,380 in 1939.
indictment charg¬
ing violation of the fraud section of the Securities Act of
1933 in connection
with the sale of stock of Lundelius &
Eccleston Motors Corp.
The pleas
were entered in Federal District
Court at Los Angeles before
Judge Yankwich.
It was charged in the indictment
that the defendants since 1925 have
been selling the stock on the false
pretense that large sums would be made
from royalty contracts predicated on
auto patents owned
by the corpora¬
tion.
The indictment charged that,
contrary to representations made by
the defendants, negotiations for the
royalty contracts always culminated in
refusals by automobile manufacturers
to use the alleged
inventions; that
the manufacturers were not satisfied
with the patents; and that when
the
defendants represented there was a
good chance that Ford would adopt their
spring suspension, they had been advised
by Ford engineers that their
spring suspension was mechanically unsound.
$240,000
7,275.840
-
Deferred charges._
The Securities and Exchange Commission
and the Department of Justice
reported on March 6 that Oscar Frederick Lundelius
and Louis R. Eccleston
of Los Angeles pleaded nolo
contendere
Premium and unaccrued interest
charges paid upon redemption of the
debentures (in accordance with
the terms and provisions of the
trust in*SiWolvo11 the amount of $117,006 and the unamortized debenture expense
of $57,898, as shown
by the books as at Dec. 31,
52.516
b
a
.
30,515
12.187
Funded debt
Other assets
Lundelius & Eccleston Motors
Corp.—Promoters Plead
There was consummated in Oct.
1, 1940, the sale to Jones & Laughlin
Steel Corp. of the corporation's tin
plate plant, consisting of real
estate,
machinery and equipment, but not
including lithographing equipment at
Port Vue, Allegheny
County, Pa., together with the good will of its tin
plate division.
The corporation has also
disposed of practically all the tin
plate division's inventories of tin plate (not
including tin plate held for
manufacture by the corporation) and
unprocessed materials and supplies
which were on hand at Oct.
1, 1940, and for which it has received to date
in excess of $2,000,000.
The corporation has received
payment of the
entire $3,000,000 consideration
from the sale of the fixed
assets and good
will of the corporation's tin
plate division.
Since the sale of the tin
plate division, the corporation has
concentrated
its activities in can
manufacturing with plants located at Maspeth, N.
Y.;
Baltimire, Md.; Boston, Mass., and
Hamilton, Ohio
On Oct. 1, 1940, the corporation redeemed
$300,000 10-year 4% sinking
fund debentures,
paying the principal amount there of
plus interest accrued
to that date, together with
a premium of
1% on the principal amount,
and on Dec. 30,
1940, the corporation redeemed the
balance of these de¬
bentures outstanding in the
principal amount of $5,700,000,
paying the
principal amount thereof plus interest
accruing to March 31, 1941, together
with a premium or 1% on the
principal amount.
Each of these redemptions
Was accomplished in
accordance with the terms and
provisions of the trust
*
eliminates interest charges on these debentures at the rate
of
were
Note—No provision has been made for Federal excess
profits taxes in
1940, as it is believed that credits can be substantiated in excess of net
taxable income subject to excess profits taxes.
1940
McKeesport Tin Plate Corp.—Annual Report—
to
at
$803,000.
Consolidated Balance Sheet Dec. 31, 1940
Georges F. Doriot, President, states in part:
1
manu¬
revised as of March 17. 1937, so as to include
depreciation and a portion of
management expenses as elements of cost of manufacture, and the in¬
ventories produced thereafter include an
applicable portion of such charges.
The amount of depreciation charged to
operations was $425,142.
For
Federal income tax purposes the amount to be claimed is
estimated
surplus
$55,591
$29,652
$118,516
Note—It is the policy of the company and its
subsidiary to make appro¬
priations to their respective reserves for renewals,
replacements and retire¬
ments at the end of each calendar
year; therefore, the above statement for
the last quarter of 1940 and 1939 shows
results before deducting such
appropriations.
The amount shown for the 12 months ended
Dec. 31,
1940, is the amount appropriated for the calendar year 1940.
directors have declared an extra
dividend of 50 cents per share in
addition to a regular quarterly dividend of
25 cents per share on the class B
stock, both payable April 1 to holders of record
March 20.
Like amounts
were paid on Jan. 2,
«ast, Oct. 1, July 1, April 1 and Jan.
2, 1940.
Extra of
25 cents was paid on Oct. 2, 1939 and
extras of 75 cents were
paid in each
of the eight preceding quarters.—V.
151, p. 3893.
can
the
67
Directors have declared a dividend of
15 cents per share on common
stock, payable April 1 to holders of record March
20.
Like amount was
paid on Dec. 27, Dec. 2. Sept. 3, May 1 and Jan.
16, 1940, and on Oct. 16
and Jan. 3, 1939, and a
regular quarterly dividend of 15 cents was
dis¬
tributed on Jan. 14, 1938.—V.
152. p. 1286.
Jan.
>
.
1937, labor and
were reviewed and revised, resulting in a reduction of
book inventories of finished goods and
goods in process as of that date in
amount of $50,049, which the
company charged to earned surplus.
The cost methods employed at the tin
2,768
7,025
to six counts of
For Federal income tax purposes the
$703,000.
of McKeesport Tin Plate Co.
facturing division
95,000
17,116
2,079
...
$482,681.
was
Does not include
March 16, 1937.
e
$242,571
4,551
—
provided
amount to be claimed is estimated at
f As of March
Gross income..
Prov. for renewals, replace. & retire.
Interest, long-term debt
Interest, unfunded debt
Taxes assumed on interest
Amortization of debt expense
—
$523,619
$178,487 loss$679,238
$757,655
Depreciation provided for amounted to $616,031 in 1940 and $648,458
same as will be claimed for Federal income tax purposes.
1939, which is the
Consisting of profit on sale of tin plate plant, unprocessed materials
supplies, &c.
c Comprising
premium and interest paid and un¬
redemption of debentures, and
provision for additional Federal and State income taxes.
234,304
51,222
73,912
842
....—
—...
amortized debenture expense written off on
$560,785
62,331
14,158
17,708
$54,649
Power purchased
Operation.
Maintenance..
42,799
Cr3,210
b 258,927
c 200,898
and
12 Mos. 1940
$122,199
81,600
Cr32,540
b
Subs.)—Earnings
$149,688
214,500
_
in
Net profit
:.
1940—3 Mos.—1939
—
deposit
Special credits
Special charges
jn
Period Ended Dec. 31—
Total operating revenue
.....—
of
closed bank
Fed. tax adj. prior yr—
$9,745
67,352
363
funded debt.......
unfunded debt
come tax
Recovery
a
Report—
Reflecting the trend toward simplification, and designed to
bring about
complete understanding of the operation
among stockholders, the
more
report for 1940 includes a "progress
report" on store and factory operations,
merchandising, personnel and public relations.
The report also includes
photographs of typical stores, a 10-year chart
showing the number of stores
and the dollar and unit sales at retail
for each year, as well as an unusual
table for the same period which shows in
addition the number of factories,
Volume
The Commercial
152
factory 8alee, and the combined earnings of Melville Shoe
McElwain Co. for each year.
The letter to stockholders is signed both by
Corp. and J. F.
J. Franklin
McElwain, as
Ward Melville, as President.
Pointing out
activity has reached a high level due to the
stimulus of the defense program, it is not possible to predict how the manu¬
facture and distribution of consumers' goods, shoes included, will be affected
by the unforeseeable events to come in 1941.
But, it is added, "we face
the future with confidence because of our belief in the strength and flexibility
of the company's organization."
Results of the consolidation of the J. F. McElwain Co. with Melville
Shoe Corp., which became effective on Dec. 22, 1939, have been gratifying
have met every expectation, according to their respective heads. They
added that during the first full year of operation under the new arrangement,
the manufacturing and distributing organizations worked together with an
improvement in the cooperative spirit which had existed for 18 years
chairman of the board, and by
that although general business
previously.
the employment policies of the company, the report
declares that job stability has always been one of the principal aims of its
management, a point borne out by the fact that 552 out of 660 store
managers have been continuously employed for more than five years, while
231 managers have been employed for more than 10 years.
As for the
factories, it is pointed out that they have a record of operation of approxi¬
mately 50 weeks pqj* year for the last 18 years, the years 1931 and 1932 ex¬
cepted.
In these two depression years, factory operatives worked 47.6 and
45 weeks, respectively.
Commenting
Calendar Years
Consolidated Income Account for
....$42,596,249 $40,873,780
28,264,795 26,940,496
9,495,097
541,536
9,141,958
589,298
$4,294,821
37,242
$4,202,028
Depreciation
Net operating profit
Net profit on real estate
the company's sales
research and manufacturing facilities are
,
operations
$4,332,063
Profit
Dr99,187
$4,102,841
7,770
169,500
26,150
23,261
63,239
Cr60,371
8,393
deposits, &c
Interest paid on store managers'
Special payments..
reserve
for investments.
Additional provision
15,344
48,720
for pensions
Miscellaneous charges
Cr79,612
Miscellaneous income..
profits
d Provision for Federal income and excess
$3,210,961
Net income
485,285
2,068.734
Preferred dividends
Common
dividends..
Earnings
732,131
1,128,257
taxes...
„
per
share of common
$3,141,161
29,998
1,618.409
company was not ac¬
profits have
general and
and pension trust fund of J. F.
quired by the corporation until Dec. 22. 1939.
Inter-company
been eliminated and in 1939 amounted to $20,000.
b Selling,
administrative
To bonus
d Including $68,400 for excess profits tax in
expenses,
McElwain Co.
c
and the new
primarily to the increase in demand for synthetic vitamins
chemotherapeutic compounds of the sulfonamide group, which
among
''V':«
6,583,369
786,294
546,260
securities
Accts. rec.
441,648
6,721,273
(net)..
Inventories
6,729,365
20,000
current...
Ac
Investments
a
Fixed assets....
Accrued liabilities.
588,631
income tax..
1,172,863
768,000
payable... 1,391,192
Accts.
Fed.
Deposits
243,216
on
sub¬
and
store
mgrs.' secur. dep
Res. for self-ins. &
157,079
159,197
replacem'ts
317,956
310,767
cumul. conv.
preferred stock, 9,450,400
9,825,900
918,896
store
in¬
rents,
surance,
73.460
311,174
Advs. pay. on mdse
5%
3,183,767
b Common stock..
919,711
42,552
54,104
Paid-in surplus...
22,485
243,382
Earned surplus
18,824.577 18,463,215
Total
4,804,260
4.164~442
18,824,577 18,463,215
and amortization of $4,406,738 in
b Par $1.—V. 152, p. 684.
After reserve for depreciation
a
and
$4,221,294 in 1939.
Mexican
Light & Power Co.,
Justice Middleton at Toronto,
Can
on
1940
Ltd.—Receiver Appointed—
March 12 appointed the National
receiver and manager of the company
The appointment was
action brought by trustees for holders of first mortgage bonds.
National Trust said appointment of the receiver
and manager would not interrupt the business of the company.
The company has a funded debt of about $40 000 000 made up of $8 929,000 of 5% first mortgage bonds $10 348,568 of 5% 2d mortgage bonds,
$11,850,600 of 6% cumulative income debenture stock, $4,338,300 of 5%
first mortgage bonds due in 1942, and $2,934,211 of 5% bonds put out by
a subsidiary, the Pachuca
Light & Power Co. The company also has
outstanding common and preferred stock of a par value of $28,785,000.
—V. 152, p. 835.
Trust Co
made in
,
an
Fred R. MacKelcan of the
Michigan Bell Telephone
Co.—Earnings—~
14,104
1940
$3,830,350
11,845
Operating revenues...
Operating expenses
$4,278,049
2,503,493
$3,818,505
2,291,069
Net operating revenues
Operating taxes
$1,774,556
$1,527,436
703,959
554,549
Operating revenues
Uncollectible operating revenue
$972,887
951,268
$1,070,597
1,059,133
operating income
Net income.
—V. 152, p.
1134.
Merck & Co.,
Inc.—To Split Common Stock—
for each share now outstanding.
common stock, after the
the authorized
It is also proposed to increase
split-up, from 900,000 shares to
1,200,000 shares, the directors contemplating the sale in the near future of
not more than 100,000 additional shares of the new common stock out of the
will be
proposed offering. The
300,000 additional shares authorized.
The common stockholders
given an opportunity to subscribe pro rata to the
plans will be submitted to the vote of preferred and common
at a special meeting on March 28, at which stockholders of record at
on March 15 will be entitled to vote.
Simultaneously with the proposed offering of additional shares
stockholders
3 p. m.
by the
members of the Merck and Rosengarten families, believing in the
light of tax and other factors that a wider diversification of their invest¬
ments is desirable, propose to sell a part of their holdings of common stock
at the same price and time at which stock is sold by the company.
Each
family intends, however, to retain large holdings in the company.
The
notice states that the sale of a part of these family holdings would be of
advantage to all of the stockholders and also to the company, in that it
would contribute to wider distribution and increased marketability of the
company,
stock.
it has been the policy of the company to finance expansion
earnings," Mr. Merck says, in outlining the proposals. The recent
growth of the business, however, has been at a rate that makes
the
provision for additional manufacturing facilities and working capital in a
greater amount than could reasonably be provided out of earnings
common
"In the past
out of
desirable
company,
13,121,726
$8,961,413
65,210
$6,939,232
71,923
development expense.
$9,026,623
4,462,431
$7,011,155
3,796,068
—
$4,564,192
$3,215,087
$4,746,691
$3,353,106
profit from sales
Commissions earned
Total gross
;
profit
Selling, administration and
Operating income
Gross income
Payments under
particularly in view of
plan for
employees' retirement
past servive benefits
Prov. for exchange on net
current assets of Can.
for investments
Addition to reserve
increased heavy tax burdens.
of the
Further
30,639
73,253
174,674
622,983
113,527
to
1,742,404
contingencies—in¬
for
reserve
300,000
500,000
$2,463,683
277,860
675,000
$1,856,830
277,860
525,000
ventories
Net income
-
Preferred dividends
Common dividends
193675
94,727
127,078
sub
Prov. for Federal incomo
a
Appropriation
138,019
182,500
Other income
—
$5.26
$7.28
Earnings per share of common
profits taxes and Canadian incomo and profits taxes.
Notes—(1) The above statement includes depreciation and obsolescence
in the amount of $318,093 in 1940 and $309,882 in 1939.
(2) The statement of income reflects a reclassification as expense
certain minor charges which have hitherto been included under deductions
from income.
The figures for the year 1939 have been ajdusted for the
purpose of comparison.
Consolidated Balance Sheet Dec. 31
And excess
of
1,540,912
397,702
2,235,389
Cash
1,622,586
7,563,153
4,477
163,985
6,112,628
Accts. & notes, rec.
(less reserve)
Due from affil. cos.
& for
Marketable secur.
Investments
a
820,347
274,946
294,996
210,568
for
Joint accts..
253,888
Federal income. 1,742,404
Unemploy.
ance
4,801,841
3,776,126
157,126
119,767
Interest
590,018
insur¬
payable..
term
37,027
40,302
35,289
99,053
924
taxes.....
Other taxes.
Long
bank
1,000,000
1,114,443
loans
2
&c
45,000
Salaries and wages
b
131,624
Land.bldgs., ma¬
chinery & equip.
payable (of
Canadian sub.).
......
Accounts payable. 1,090,304
Due to affil. cos. &
Notes
69,354
Joint accts.
Inventories...
$
Liabilities—
$
S
1939
1940
1939
1940
Reserves.-
801,203
4,631,000
6%cum.pref. stk. 4,631,000
Com. stk. (par $1)
300,000
Initial surplus
2,140,388
Earned surplus... 3,784,248
Total
....16,466,887 12,229,790
Total
depreciation reserve,
b And excess
and profits taxes.—V. 152, p. 1596.
Less
ncome
& Finance
Midland Investment
300,000
2,140,388
2.318,941
16,466,887 12,229,790
profits taxes and Canadian
Corp.—Notes Offered—
Riley & Co., Inc., Milwaukee, recently offered
$150,000 series A five-year notes at prices ranging from 100
to
101 Yl,
according to maturity.
Offering limited to
Dalton,
of Wisconsin.
residents of the State
Marine
1, 1942-1946.
1941, due serially Jan.
Exchange Bank, trustee.
Denom. $1,000.
Dated Jan.
1,
Nationa1
Interest coupon payable
J-J.
organized in Wisconsin in 1924 by the present stock¬
holders.
Company's principal business is the purchase of instalment
contracts arising from retail automobile sales and the financing of dealers'
purchases of automobiles from manufacturers and distributors; advances
to dealers are customarily secured by chattel mortgages on the cars pur¬
Corporation was
chased.
Following is a summary
net income
of notes and accounts
after all charges, since
V.;
Receivable
Notes A Accts.
Receivable
Net
Year—
Purchased
Income
*
receivable purchased and
1928:
Notes A Accts.
a
1938
1939.
1940
30,775
36.230
59,305
when company changed
months ended Oct. 31
calendar year to a fiscal year basis.
Note—On Dec. 31, 1935, the company realized an unearned
Ten
.
ui,
1938
Net
Income
Purchased
1,731,270
3.943,095
5,358,849
Year—
36,259
75.606
57.158
2,776,456
2,675,186
3,285.483
from a
Income of
$30,024 which is not
shown in the
foregoing schedule.
Statement Years
Income
[
from operations
Ended Oct. 31
1939
1940
■
•
$232,963
....
$196,629
$77,526
Gross Income
$51,660
155,437
Operating expenses
43
433
$52,092
1,204
$77,56914,600
3,643
$50,889
securities.
Gross income
of securities.
before income taxes.
Federal income tax
Wisconsin income and surtax
Net income...
-
Purpose—Corporation intends to use the net
furnish additional working capital for
notes to
Midland Oil
144,969
$77,569
Dividends received on
Net income
financing company's
drug and chemical
shares
14,804,962
goods sold
Loss on sale
expanding business in vitamins and other
products, through the issuance of additional common
stock, were announced by George W. Merck, President of the company, in
a notice to stockholders mailed on March 10 concurrently with the release
of the annual report showing record sales in 1940 of $23,766,375 and con¬
solidated net income of $2,463,683, the largest in the company's'history.
Goldman, Sachs & Co. and Lehman Brothers, according to present plans,
will manage the underwriting, in connection with which a registration state¬
ment is shortly to be filed under the Securities Act.
To facilitate financing through the sale of common stock, the board
announced plans which involve the split-up of the common stock into three
Plans for
$23,766,375 $20,060,958
Gross
a
1941
$4,292,153
Month of January—
Net
1939
1940
Cost of
a
344,082
255,748
3,338,182
Deferred charges._
Total
$
:■
1,612,146
703,868
leases
Notes receiv., non-
Prepaid
Years Ended Dec. 31
Net sales
G'dwlll, tradem'ks,
$
Liabilities—
$
7,369,918
Cash
Market,
Account
Income
Consolidated
are now
products.
the company's important
Deferred charges..
1939
1940
1939
S
1940.
31
Consolidated Balance Sheet Dec.
1940
Assets
and the program for expanding
shown by the annual report to be
due
Assets—
$2.96
$2.90
J. F. McElwain Co. for
stock
For comparative purposes the operations of the
the full year 1936 have been included although this
a
'■
in
increase
The
a
Increase in
proposed in the near
future.
Other deductions
a1939
1940
c
facilities of the company are
substantial increases in the
on
Net sales.
Cost of sales.
b Store operating
_
1757
& Financial Chronicle
9,896
4,761
$59,305
$36,231
proceeds of this sale of
its business.
Corp.—Accumulated Dividend—
Directors have declared a dividend of 25 cents per share
accumulations on the $2 cum. conv. preference stock, no par
of record March 31.
15 last, on Oct. 15, July 15, April 20 and
1938.—V. 151, P. 3567.
April 15 to holders
Miller & Hart,
on account of
value, payable
Same amount was paid on Jan.
Jan. 20, 1940, and on June 20.
Inc.—Recapitalization Voted—
proposed
of present
of $31.66 a
prior
Stockholders at a special meeting held March. 11 approved
recapitalization plan which provides for exchange of
share
$3.50 preference stock—on which there were dividend arrears
share at the Nov. 2, 1940 fiscal year-end—for two shares of new $1
preferred stock and voting trust certificates for four shares
common
To effect the exchange, stockholders approved authorization and
ance of not in excess of 86,458 shares of the new rpeferred and
additional shares of common.—V. 152, p. 1134.
each
of
stock.
issu¬
172,916
Minneapolis-Honeywell Regulator Co.—Stock Offered—
E. A. Pierce & Cassatt on March 11, after
the close of business, offered 10,765 shares (no par) common
stock at $42.75 a share.
It is understood that the stock
represented British holdings.—V. 152, p. 1439.
Minneapolis & St. Louis RR.—Reorganization—
The Interstate Commerce Commission on March 4 authorized (1) the
purchase by the Minneapolis & St. Louis Ry. and by the Minneapolis &
Merrill Lynch,
The Commercial & Financial Chronicle
1758
of the reorganization, the second
St. Louis lilt. Corp..
separately, of indicated lines comprising the railroad
properties of the Minneapolis & St. Louis BR., and acquisition by the
Minneapolis & St. Louis Ry. of control of the Minneapolis & St. Louis
BR. Corp. by purchase of capital stock.
(2) Authority was granted to the Minneapolis & St. Louis Ry. to issue
not exceeding $4,000,000 of first mortgage 4% bonds, $2,081,500 of second
mortgage income bonds, series A, and 150,000 shares of common capital
stock (no par), in connection with the reorganization of the Minneapolis
.
& St. Louis KR,
was
^
granted to the Minneapolis & St. Louis RR. Corp.
,
„
,
Proposed Plan
/-';■
-■.
new
as owner 603.28 miles of main and branch lines and operate 13.45 miles of
line under trackage rights as successor to the interests of the old
company,
and in addition will secure trackage rights over the new company between
Hopkins and Minneapolis, 9.33 miles, and between Tara and Fort Dodge,
six miles, comprising a total mileage to be operated of 632.06 miles.
8ince
the previous report was rendered, the receiver of the old
company
authorized to abandon the line assigned to the new corporation
has been
extending
from Conde to Akaska, 103.08 miles.
The certificate was to become effective
on .July 25, 1940, but upon request of the protestants, to which the
receiver
agreed, the effective date of the certificate was extended to Dec. 1, 1940.
Assuming that the abandonment of the above line is consummated prior
to the effective date of the
plan proposed, the
new
corporation will acquire
owner 500.20 miles of line and will
operate 528.98 miles.
Under the amended application the proposed
security issues have been
modified, so that the authority requested now is (a) for the new company to
issue not exceeding $4,000,000 of first mortgage 4% bonds.
as
$2,081,500 of
mortgage income bonds, series A, and 150,000 shares of common
capital stock (no par), and to assume obligation and liability in respect of
the outstanding equipment obligations of the old
company's receiver,
which as of May 1, 1940. approximated $1,030,901,
including interest; and
(b) for the new corporation of issue not exceeding 10,000 shares of common
capital stock without par value.J
second
Obtaining New Money and Amended Plan
•
After the hearing on the original application letters were
addressed to
about 25 of the leading banking houses of the
country, and those that
replied refused to make any loan.
It therefore appears that funds for re¬
organization purposes cannot be obtained other than from the Recon¬
struction Finance Corporation.
Following the Commission's order of
April 9, 1940, denying the original application, Coverdale & Colpitts,
reorganization managers, sought a modification of the commitment for a
loan from the RFC, which had been made for
$4,000,000, and this was
extended to Dec. 31, 1940.
The reorganization managers subsequently
prepared a second amended plan of reorganization designed to meet the
objections made to the original plan, which were, mainly, the separation
of the old company into two
corporations, the allocation of a large amount
of second mortgage bonds to pay
compensation and expenses of various
kinds, and the inconsistency of the plan itself with the public interest.
The present amended plan modifies the
original plan in these respects.
While the reorganization as now
proposed provides for the separate
ownership and operation by the new company and by the new corporation
of parts of the property of the old
company, certain provisions
new
plan to bind them
more
that the
closely together.
are
included
These provisions
are
(1)
new
company will own, and will be required to retain
ownership of.
all the capital stock of the new
corporation unless and until ICC permission
is obtained for its
sale; (2) that the new corporation will not be permitted to
mortgage its property unless and until permission therefor is obtained
from
the ICO and from the holders of the first
mortgage bonds of the new com¬
pany;
(3) that $200,000 in cash will be paid to the
new corporation for a
fund immediately upon the
reorganization without obligation to
the same, and the new corporation will not be
permitted to pav
dividends on its capital stock until the reserve fund has been
increased to
$500,000, the latter amount to be used only to pay for additions and
better¬
ments and to
pay operating deficits or any other charges, including taxes,
necessary to be paid to prevent receivership or
bankruptcy of the new
corporation; and no dividends are to be paid on the stock of the new
reserve
repay
corpo¬
ration
at any time when the
fund, after its accumulation, falls below
$500,000; (4) that the new company will grant trackage rights to the new
corporation, by which the latter may use the lines of the former for
operation
ot its engines, cars
and trains between Hopkins and
facilities of the new company at Fort
use the
basis;
(5)
that
contract
a
will
Minneapolis, and mayDodge. Iowa, all upon a cost
be
made
between the
new
company
the new
and
corporation whereby the former will perform
many services for the
latter, such as accounting, supervision of
operation, the repair of equip¬
ment, and printing of tariffs, all on a cost basis, the contract
to remain in
force
as Jong as the
capital stock of the new corporation is owned bv the
company, or until permission for Its cancellation or
modification is
granted by the ICC; and (6) that
appropriate provisions will be made in
the lirst and second
mortgages to the effect that the new company mav
from income available for fixed
charges, make loans to the new corporation
for necessary additions and
betterments and to provide against, a
deficiency in funds to meet operating expenses,
taxes, rentals, and other
items of expense
chargeable against income before net income, but
only
after the new
company in any year has paid all interest that is due on out¬
standing first mortgage bonds, has complied with the
sinking fund and
capital fund requirements of the first
mortgage, and has paid all interest
on the
outstanding second mortgage bonds that is due and pavable
new
•p
it
Halsey, Stuart & Co., Inc., Chicago, as exchange agent for Minnesota
Ontario Paper Co. (Minn.) advises that arrangements have now been
whereby holders of the bonds and notes or certificates of deposit
therefor, of the predecessor company, Minnesota and Ontario Paper Co.
(Maine) residing in Great Britain outside of Canada, may forward their
securities for exchange through the London branch of the Bank of Montreal,
has been formulated, so that,
receivership in the near future, the only
the present plan is reorganization under
Portion 77 of the
Under that form of reorganization, it is likelv
that liti¬
between the Merriam Junction-Albert
to be taken out of
preferred creditors would extend
bondholders
and
the
new
been obtained from the foreign exchange
branch in Canada
forwarding their old securities.
The amended plan of reorganization of Minnesota & Ontario Paper Co.
(Maine) was consummated Feb. 28, 1941 and on that date the new com¬
pany acquired all of the assets of the old company and of the trustees
thereof.
Upon consummation all claims affected by the plan including
the first mortgage
6% bonds and the 6% notes and certificates of deposit
therefor of the old company became of no further force or effect except
for the purpose of exchange into new securities under the reorganization
plan.—V. 152, p. 1597.
over a period of years, because
each group
of liens, and before either could be
paid, the
establish the prior lien.
company proposes to purchase all the properties of
the old
^ei ®onna/^n.redl bYthe
ana
cause
the sections of the railroad which
new corporation, together with certain equipment,
$209,000 in cash, to be conveyed or transferred
directly to the latter.
application is approved by the
ICC, the new company will make a b:d
Properties, the bid to be contingent upon
obtaining funds therefor
from the
RFC, and approval of the plan by the court.
Jt the
8i ves consideration to all classes of creditors of the
old
.un
general claims and stock, for whom
n
Jan.
was
amended
Monon Coal Co.—Tenders—
fund
ed°C
!
so as
2SKS?
f
sinking fund, at prices not to exceed the prin¬
cipal amount.
Referring to the March 1 interest payment made
W determined t0 be editable, regardless of objections
its bid, the
new
providing
reserves anticipating payment of pending Federal tax claims
against the company.
These claims are still pending.
The trustee and
company are also seeking judicial interpretation of certain mortgage
provisions as to the method of computing yearly income.
Depending
,
on
for
p.
which, along with
will be assumed by the new
comoanv.
b
e transfer of the properties, the new company wilt
onSnnnCauh and ^unties as provided in the Plan. Whatever
Lfiln
120,000 shares of capital stock of the new companv. is not
SfS ?J.Xchun5e for b01?ds °i the siv foreclosed mortgages, will not be
iicah+A™
whatever portion of the $100,000 necessarv for bidding is not
llsf muS bondholders will b8 retained by the new company for
working capital.
The
maWhono
in
*
u
distribution
t)yMtne court.
to
dissenting bondholders
will
be made
New Securities
For
financing tne acquisition of the properties indicated, satisfying out¬
standing obligations of the old
company, and providing for the expenses
®
Chemical
financing for
money
,
expenses
the outcome of these two matters, there may be certain funds available
distribution at some future date, according to the trustee.—V
148.
3230. «S
Monsanto
thp
m the banbs
the receiver, will be conveyed to
eiceSf thSSa,£kfr£? aild cl?ar of al1 clai™ against the old compnnv, '
SIh oil
th? Merriam Junction-Albert Lea mortgage, which will be
nTpt the equipment trust- obligations,
the bonds, covering
the
including all unpaid interest, coupons, the dis6 0n the basis of fche Principal amount of the bonds according
ImnnntT
set out in the report of April 9, 1940. The bid will be in such
?fmv HiL^"unu aM° !"sure tbat not more than 8100,000 will hr needed
Tinbondholders. In consideration of the bid, together with
bnln^t^P^ of-Pho Principal of the preferred claims in cash, and the
inrnmPViPf?
a partial allowance for interest, in second mortgage
rnrnnflnv tA^
k
!&eiisu® of
shares of capital stock of the new
comnnn^ ^S?^Pdh°ld?rs.Pr(lfcecfcive committee, all properties of the old
:
*
on
the year 1940, the trustee calls attention to the fact that no
earnings were
available for interest on these bonds in the years 1938 and 1939, due to
company will give the bondholders
i"o^nnn fareclosl]r? the option of accepting their respective
11?'°£° 8hares of its capital stock, or of the cash bid, in
trihiiHnn
Co., as sinking fund trustee for first mortgage sinking
5% income bonds, due 1955. announced tbat it will receive at the
corporate trust department of its New York office, up to March 25. 1941,
sealed proposals for the sale to it of sufficient of these bonds to exhaust the
sum of $14,144 now in the
,cert*in cla,rn8< particularly preferred claims, to be dealt- with
P]an of reorganization by
paying them partly in cash and partly m
? J a'Uew company. This amendment authorizes the court, to nut
of prefei-r
aim a nts
hu connection with
having
Bankers Trust
company
no provision is made,
y, 1940. the final decree of foreclosure and sale
clearances
necessary
control authorities.
Canadian holders may utilize any
of the Bank of Montreal for
the
claims to come first in
respect
court would have to
company at foreclosure sale and to
v
&
Jiankruptcy Act.
Lea
without
made
alternative to
gation
corporation will issue all of its capital stock, consisting of 10,000
par value, to the new company, in consideration of the
and transfer to the new corporation of the property it proposes
to acquire.
The fixed and personal property will be conveyed free from
liens or encumbrances, and the new corporation will be under no obligation
to repay the $200,000 heretofore mentioned.
The equipment now owned
by the old company to be acquired by the new corporation consists of:
seven
H-5 locomotives, two H-2 locomotives, two F-l locomotives, 10
cabooses, two 300-h.p. gas-electric cars, two 400-h.p. gas-electric cars,
five passenger train cars, three highway trucks, five snow plows, four work
cars, and one maintainer auto truck. The original cost of this equipment was
$490,021, and the cost less depreciation is $145,268.
'
'
Of the $4,000,000 loan to the new company, $2,022,000 will be used to
acquire by purchase the properties of the old company by paying the under¬
lying liens and claims against those properties and for certain other items, as
follows: $760,000, or 80%, of the principal amount of $950,000 of Merriam
Junction-Albert Lea bonds, $669,400, or 40% of the principal amount, of
$1,748,600 of preferred claims, $100,000 for organization expenses, $100,000,
the estimated necessary amount for bidding, and $362,600 for contingencies.
The remaining $1,978,000 of the loan will be used to pay for such additions
and betterments to the property of the new company as may be designated
by the RFC, which include the completion of improvements to road and
equipment, and the erection and equipment of new and improved locomotive
repair shops originally planned for location at Marshalltown, Iowa, the
$896,015 allocated for such shops being based upon an estimate submitted
by the Railroad Division of the RFC, the Corporation having required the
removal of the shops from their present site in Minneapolis to Marshalltown, as a condition of the loan,
'
'
-v
The $2,081,500 of second mortgage income bonds to be issued by the new
company will be used as follows: (a) $190,000 thereof, together with a cash
payment of $760,000, to pay $950,000, principal amount, of Merriam
Junction-Albert Lea bonds, and $484,500 thereof to pay interest allowed at
6% per annum on the principal of these bonds from June 1, 1932, to date of
reorganization, estimated to be Dec. 1, 1940: such payments to retire these
bonds; (b) approximately $1,049,229 thereof, together with $699,400 in
cash, to pay the principal of $1,748,629 of preferred claims against the old
company; and $200,000 thereof to be used to pay interest on the preferred
claims to June 1, 1939; and an additional amount of the bonds will be used
to pay interest on the preferred claims from June 1, 1939, to the date of
reorganization, which, if accomplished by Dec. 1, 1940, would account for
$157,400 of the bonds. These payments would retire the preferred claims.
An order of the court dated June 21, 1939, provides that additional allow¬
ances may be made to counsel for the preferred creditors who have rendered
services of benefit to all such creditors, to be allocated to and payable out of
money or bonds apportioned to such creditors under the plan, such ad¬
ditional allowances to be limited to an aggregate maximum of $100,090,
payable not to exceed $40,000 in cash and not to exceed $60,000 in second
mortgage income bonds at face value; the amount of such allowances and
the allocation thereof among such counsel to be made by the court in the
proportions they may show themselves entitled thereto at a hearing to be
had on not less than 10 days' notice by mail to all counsel for such creditors.
The new company will also issue 150,000 shares of common stock (no
par), of which 120,000 shares would be issued in respect of the outstanding
$44,286,095, principal amount, of bonds of the six mortgages of the old
company in foreclosure, together with unpaid coupons appertaining thereto.
The remaining 30,000 shares of common stock would be issued to the
various bondholders' protective committees to defray actual out-of-pocket
expenses and disbursements incurred by them, the protective committees
having agreed among themselves as to the division of this stock.
As of May 1,1940, there were outstanding equipment obligations totaling
as to principal and
interest, $1,030,900, which are to be assumed by the
new company.
Payments subsequent to May 1, 1940, will reduce this
amount accordingly, so that as of the date of reorganization the amount
should be considerably less. Of the above amount, $42,171, principal, and
$79.63, interest, represents the balance due on equipment trust notes, dated
May 12, 1930, payable to the General American Transportation Corp. in
equal monthly instalments until Sept. 1, 1940.
They are part of a larger
amount issued in payment for 500 box cars.
As the last payment was
made Sept. 1, 1940, no notes are now outstanding.
The other equipment
obligations are unpaid balances on equipment contracts with HymahMichaels Co., Electro-Motive Corp., the American Locomotive Co., and
the Baldwin Locomotive Works, all of which are payable monthly, the due
dates extending from May 30,1940 to 1946.-—V.152, p. 1439.H
m
1
new
conveyance
Minnesota & Ontario Paper Co. (Minn.)—Exchange of
Securities by British Owners—
fi.° ot"er feasible plan of reorganization
the road is
The
shares
company will acquire as owner 814.17 miles of track, and operate
85.92 miles of line under trackage rights as successor to the rights of the
old company, or a total of 900.09 miles, and the new corporation will acquire
in the
amended plan provides (a) for the issue by
of first mortgage bonds, $2,081,o00 of
of $4,000,000
obligations; and (b) for the issue by the new corporation of 10,000 shares
of its capital stock without par value.
The loan from the RFC ($4,000,000
approved by the ICC March 4) will be secured by a first mortgage on
the properties of the new company only.
It will be contingent upon the
adoption of a plan of reorganization to be approved by the court and the
granting of the authorizations sought by the ICC, and the new company
will be obligated to use the proceeds of the loan as indicated by the RFC.
The new company will issue $4,000,000 of bonds under the first mortgage,
which will be delivered to the RFC to evidence the loan.
(no par), to be delivered to the
Minneapolis & St. Louis Ry. in payment for property received by the former
The
company
1941
loan
10,000 shares of common stock
at the foreclosure sale.
new
15,
second mortgage income bonds, series A, 150,000 shares of common capital
stock without par value, and the assumption of outstanding equipment
.
(3) Authority
to issue
the
March
Co.—Preferred Stock Offered—New
the company, the first for a major
chemical company to appear in several months, was carried
out March 13 through the
public offering of 75,000 shares
of
cum.
pref. stock, series C
(no par), $4 dividend.
The
priced at 1031^ and accrued dividends.
The
underwriting group was headed by Smith, Barney & Co.
shares
were
The issue has been oversubscribed.
.
Redeemable at the option of the coraoany at any time in whole, or from
time to time in part, upon not less than 30 days' notice, at $100 per share and
accrued dividends, plus, if redeemed on or prior to March 31, 1946, a
premium of $7.50 per share; or, if redeemed thereafter, a premium of $5
per share.
Business—Company was incorp. Aoril 19, 1933 in Delaware and on
June 1,1933, succeeded to all the business, assets and liabilities of Monsanto
Chemical Works, which ;was_incorp. in Missouri, Nov. 30, 1901.
Company
Volume
152
The Commercial & Financial Chronicle
and its subsidiaries
are engaged in the manufacture and sale of a "widely
diversified line of chemical products.
The products manufactured by the company and subsidiaries are sold
to many
different industries. In 1940 the foodstuff industry was the com¬
pany's largest domestic customer and accounted for approximately 11%
20,000
of 1940 net dollar sales are, as fohows:
Food; glass and vitreous products; pharmaceuticals; rubber, plastics;
paint, varnish and printing ink, colors and dyestuffs; paper and printing;
metal fabrication; petroleum; laundry and cleaning; soap: iron and steer
textile; nonferrous metals: transportation equipment (air, land and water)
leather; public utilities and municipalities; lumber; insecticides and germi¬
cides: fertilizers; perfumes and cosmetics.
The above industries accounted for approximately six-sevenths of 1940
net dollar sales.
The relative importance of the consuming industries changes from year
to year with the development of new products and of new methods of pro¬
duction and uses for old products.
The relative importance of the con¬
suming industries also changes from time to time with changes In general
economic and business conditions.
Among the most important raw materials purchased by the company
and its domestic subsidiaries are cellulose acetate, suiphur, benzol, alkalies
(caustic soda and soda ash) . molasses, naphthalene, acetone, butyl alcohol
and acetate, formaldehyde, acetic anhydride and toluol. They are also large
purchasers of fuels and electric power.
Company owns deposits of phos-
phatic material which are used in the manufacture of phosphorous and
phosphoric acid and its derivatives.
^
r ;
Monsanto Chemicals Ltd., company's British subsidiary, is engaged in
the refining of tar acids and in the manufacture of a line of organic chemicals
such as, phenol, x»hthalic anhydride, salicylic acid, aspirin, vanilin, rubber
accelerators and anti-oxidants.
Company and its subsidiaries
own or are
licensed under
a large
number of
patents which relate to a wide variety of products and processes.
The
number of patents varies from time to time due to expiration of existing
patents and to granting of new patents on applications filed by the company
as'a result of its research and experience. While in the aggregate its patents
are of material importance in the operation of its business, the company
does not consider that any patent or patents related to a particular product
process are of material importance when judged from the
the total^business of the company.
or
standpoint of
Capitalization Giving Effect to Present Financing
Authorized
Preferred stock....
$4.50 cum. pref. stock, series A (no par)
$4.50 cum. prpf. stock, series B (no par)
$4 cum. pref. stock, series C (no par)
Outstanding
275,000 shs.
50,000
50,000
75,000
1,725,000 shs. al,241,694
Common stock ($ 10 par)
shs.
shs.
shs.
shs.
**
a Exclusive
of 21,263 shares held In treasury of which 21,094 H were
acquired in exchange for the company's minority interest in Fiberioid
Corp. at time of company's acquisition of the business and assets of that
company on April 1, 1938.
1759
Sears, Roebuck & Co. at
Company is making plant
cost about $150,000.—V, 151.
National
products used
ity and its domestic subsidiaries listed approximates in order of volume
to
price of $11 per share, an
a
aggregate of $220,000.
of the net dollar sales of the
company
and its domestic subsidiaries.
The
by this industry find such varied uses as flour bleaching;
sweetening and flavoring of beverages; flavors in candy, biscuits and con¬
fectionery; as an ingredient of self-rising flour, baking powder and animal
foods; and as an adjunct in butter, milk, cheese and canned food production.
Other large domestic customers in 1940 were the glass and vitreous products
industry and the pharmaceutical industry.
One of the most important
products sold to the glass and vitreous products industry is a laminating
plastic for safety glass. Products sold to the pharmaceutical industry have
varied uses, including dentifrice bases; flavorings, bouquets and germicides
for mouth washes and medicinal
soaps; and in many important organic
medicinal products such as aspirin.
Condensed classifications of the largest consuming industries of the com¬
common
installing equipment which
additions,
p. 3402.
Dairy Products Corp.—Annual Report—
"Though tonnage reached
a new
high and sales increased from $320,657,-
000 in
1939 to $347,410,000 in 1940. profits did not improve due chiefly
to higher material costs and taxes," Thos.
H. Mclnnerney, President,
states in his annual report to the company's 69,200 stockholders.
"All
other operating expenses decreased in relation to sales, except packaging
materials which remained unchanged," Mr. McTnnerney added.
Net profit after all charges and after excluding foreign subsidiaries totaled
$11,094,000, equal, after preferred dividends, to $1.66 per share on the
common stock compared to $1.88 per share in 1939.
The corporation's
report stated that, if a person were to buy his entire year's supply of milk,
cream,
ice cream, cheese, butter and evaporated milK from National Dairy,
on his purchases would average about one-fifth of a cent a day.
its profit
This is the first year National Dairy has
from its consolidated earnings' statement.
approximated 9c.
per
"The effect of the
excluded all foreign operations
Earnings of foreign subsidiaries
share in 1940 against 8J^c. per share in 1939.
war on
our
domestic dairy industry has
meats, fruits and vegetables.
our sales in 1941."
With
the
This should provide a further stimulus to
almost
complete stoppage of imports of foreign-type cheeses
National Dairy's Kraft division is expanding its domestic
production of foreign-type cheese rapidly, Mr, Mclnnerney emphasized.
"Kraft's sales of American-made Edams, Goudas, Swiss and Camembert
due to the war.
should increase
as imported stocks are used up," Mr. Mclnnerney declared.
added that "Kraft is experimenting with a domestically produced
Roquefort-type cheese which it will have on the market in 1941.
Kraft
also expects to place considerable promotional effort behind new varieties
of domestic natural cheese which should also help replace European types
in the American market.
The success of Kraft's efforts in this direction
will provide a larger market for the American dairy farmer's milk pro¬
He
duction."
Commenting
on
Government-industry relations, Mr, Innerney observed:
"Currently Government price fixing authorities are establishing class I
farm milk prices at excessively high levels (class I prices are those received
by farmers for milk sold in fluid form).
This in turn compels high retail
milk prices, curtailing consumption, whereas the goal of all nutritionists
is to get people to drink more milk.
If class I prices were reduced to
economically sound levels, retail prices would be correspondingly lowered,
and larger consumption would result.
The farmer's net income would not
suffer, because a relatively larger share of his total milk production would
be sold at class I prices, and less would have to be sold in the surplus classi¬
fications at the necessarily lower surplus prices."
The National Dairy report contains a breakdown of the source of the
company's sales dollar and reveals the trend in volume sales and in average
selling prices of the company's principal products.
The report includes
full color photographs of milk, ice cream, cheese and other dairy dishes
prepared by its laboratory kitchen experts, and a series of pictorial charts
showing, among other things, that National Dairy uses only 8% of all of
the milk produced on the nation's farms; that National Dairy employees
enjov a large measure of job security; and that farmers producing milk
receive a larger portion of the retail price consumers pay for milk and dairy
products than the portion of the retail price received by farmers producing
most other types of foodstuff.
Income Account for
Calendar Years
(Consolidating only domestic subsidiaries 90%
or
1938
1939
1940
Net Income after a,l
327,175,782
6,387,369
5,314,040
3,055,857
3,259,196
9,159,471
5,738,149
charges.!
Purpose—Net proceeds to be derived from the sale of the securities will
be added to the cash funds of the company.
Cash funds have been, and
may be called upon, among other things, for expenditures upon capital
additions, replacements and improvements to plants, processes and facilities
for the manufacture of new products and to meet increased demands for
old products and the continual changes in processes and equipment which are
normal in the chemical industry.
Expenditures by the company and its
domestic subsidiaries for such capital purposes, distributed each year
among a large number of separate items, totaled $6,663,261 during 1937,
$3,163,413 during 1938, $3,986,587during 1939 and $7,274,906during 1940.
Underwriting—The underwriters named below have severally agreed to
purchase the 75,000 shares of cumulative preferred stock, series C:
Smith, Barney & Co
W. W. ban ah an & Co
50,000
5,000
^tix&Co
Estabrook & Co
1,500
Francis, Bro. & Co
1,250
3 000
...
Reinholdt & Gardner
1,250
3,000
Newhard, Cook & Co
2,000
I.
__
_
Smith, Moore & Co......
500
Metropolitan St. Louts Co..
_.
1,500
F. S. Moseley & Co
Net sales (excluding inter-company
Cost of products....
1939
Delivery expense
Selling expense
$347,410,481 $320656,608
...239,090,185 213,791,188
sales)
52,189,222
25,921,774
______;
___±
Administrative and general expense...._________
Operating profit
:2:
funded debt
on
Other interest
Net loss
on
disposition of capital assets
charges..;
Miscellaneous
Provision for Federal income taxes.
Dividends on pref. stock of sub.
Minority interest in earnings
_
co.
52,127,674
24,879,288
12,540,510
.$18,226,263 $18,333,814
2,238,943
2,104,400
90,473
91,317
Total income
Interest
12,917,654
.$17,291,645 $17,317,948
934,618
1,015.866
...
Other income.
1.500
...
Whitaker & Co
4,000
G. H. Walker & Co
of whose equity
401,516
327,769
__
_
_
_
4,063,800
_
132,154
10,901
held by public
166.300
415,642
2,793,000
120,750
13,903
Shares
Name—
Shares
Name—
more
stock is owned)
1940
..$45,607,600 $38,513,795
Net'profit from operations
thus far been
mostly indirect," Mr. Mclnnerney stated.
"Larger consumer purchasing
power resulting from the rearmament program will undoubtedly be reflected
in larger expenditures for some foods, notably milk and dairy products,
Earnings for Calenaar Years
Net "sales
500
M. Simon & Co
Consolidated Balance Sheet Dec. 31
Net profit
Earns, per sh. on 3,255,247 no par shs. of com. stk.
$11,094,406 $12,494,803
$1.66
$1.88
Notes—(1) Depreciation included in the above accounts for the year
1939 aggregated $10,025,111
(the reduction in 1940 being clue piincipally to the property adjustments
made at Dec. 31, 1939).
Repairs and maintenance (including replace¬
ments of milk bottles) amounted to $9,846,808 for the year 1940 and
$9,936,569 for the year 1939.
■
t
(2) The corporation's equity in the 1940 profits of domestic subsidiaries
not consolidated was $2,868 greater than the dividends of $14,055 received
from such companies.
1940 aggregated $8,601,106 and for the year
.
[Restated by "Chronicle" owing to error in V. 152, p. 1597]
$
Assets—
6,331,756
5,364,814
5.092.582
Accounts pay.
4,294,805
67,284
Chemicals, Ltd.
8.971,780
approp't'd
ad¬
ditions
b2,070,160
5,075,315
Divs.
able
for property
729,413
729,413
1,198,750
1,151,144
_
can
a
a
47,306,836 40,874,926
1
1
202,587
235,705
456,285
subs. co_...
Com. stock
352,742
5,000,000
5,000,000
360,266
5,000,000
5,000,000
(par
$10)
Earned surplus
Total
.
12,416,940 12,417,120
.11.194,032 11,181,277
9.570,060 11,368,230
.71,903,865 66,052,246
Represented by 50,C00 shares of no par value, b This figure of $2,070.160. "cash appropriated for property additions," was omitted from the
balance sheet as published by the "Chronicle" in Y. 152. p. 1597.
a
ff0te—British subsidiary is excluded from the above balance sheets.—
Corp., Ltd.—55l/z-Cent Dividend—
Moore
Earned surplus at
declared a dividend of 553^ cents per share on the com¬
payable in Canadian funds on April 1 to holders of record
Extra of 60 cents in addition to regular quarterly dividend of
50 cents was paid in U. S. funds on Jan. 2 last.—V. 151, p. 3568.
stock,
March 11.
Mueller
Brass
Co.—Stock
Offered—A
block
of
10,825
(par $1) capital stock was distributed by Stone &
Webster and Blodget, Inc., on March 12 at 20^ per share.
shares
reported that the issue represents British account.—
V/ 152, p, 836.
It1 is
Munsingwear,
C.
Wilson,
of this
company
succeed Franklin
Murray Ohio Mfg.
Co.—To Increase Stock—
Shareholders at their annual
crease
number of authorized
meeting on March 25 will be asked to in¬
common
Elimination of earned surplus.
—
shares and to approve the sale of
ono
-$46,569,,394 $44,717,,298
1,043,929
557,154
$45,525,465 $44,160,144
Balance
Adjustments to earned surplus due to elimination
of foreign subs, from the consolidated accounts. _
Net profit for year
Restoration to earned surplus of portion of reserve
for loans to employees.
Balance
__
__.
784,216
11,094,406
—$57,404,086 $57.687,871
——
Reduction to fair value.
-
Premium on retirement of 3 h% debentures due
1951 through operation of purchase fund
Earned
5o0,480
7,012
d IvOss on liquidation
Reserve for foreign investments and
732,924
12,494,803
300,000
_
________
b Reduction to estimated realizable value
c
advances....
9,380
784,216
2,382,048
690,963
5,004,198
9,082
680,345
690" 963
,004,198
surplus^atendofjyear...— __.$48,526,269w$45,525,465
At"*beginning of year-of foreigiT^ubsidiaries previously included in
consolidated accounts,
b Of certain property and equipment no
longer useful in the business,
c Of certain property and equipment carried
at excessive values,
d Of two foreign subsidiaries representing net deficit
a
the
since
date>f acquisition.
Consolidated Statement of
Capital Surplus
1940
Calendar Years—
Car2ptor^.P'-I6:.1:-?!'!S3.S49.08fl
a
Inc.—New Director—
Vice-President and sales director, was elected a
at the recent annual stockholders' meeting to
Chatfield, who asked to b* relieved of bis position on the
board but who will continue as a Vice-President.
Stockholders approved
directors' purchase of 10,000 shares of the company's stock last summer to
be held as treasury stock.—V. 152, p. 1598.
Edward
director
beginning of year, per published
reports.
a
Directors have
mon
equity
1939
1940
Calendar Years—
Adjustments in connection with refinancing
Dividends on preferred stocks
Dividends on common stock
152, p. 1597.
Surplus
stock is owned)
469.041
15,537,367
Pref. stk. ser. A.
Paid-in surplus.
71,903.865 66,052,246
Total
225,000
..20,612,621
containers.
Heries B.______
bldgs., ma¬
chinery & equip.
<fcc
225,000
Jf
(Consolidating only domestic subsidiaries 90% or more of whose
pref. capi-
Reserves
Land,
Deferred charges.
1,169,878
Min. int. in Ameri¬
British
subsidiary.....
Other assets......
Pats. & processes.
3,324,067
3,573,610
Depos. for return¬
Cash
In
on
Consolidated Statement of Earned
3,502,575
talstock
8,258,841
Inventories
Invest.
and
accruals
Estimated inc. tax
Monsanto
Due Ir.
S
LiaMlities~
S
Cash..
jReceiv., less res...
1939
1940
1939
1940
will
Reversal of write-off of goodwill..
Balance-
b Reduction
c
21,129
21,129
$3,870,215
....
-
$4,318,850
139,061
of common shares
Excess of the
redemption price.......-
Goodwill purchased during year, written
1939
$4,297,721
off.
1,465,805
------
211,979
319,573
$21192,431 $3,870,215
~a—foreign" subsidiary""previously written off in the consolidated
b Held in treasury (formerly carried under investments and
advances) from cost to average stated value,
c Excluding accrued divi¬
dends of $41,591 charged to profit and loss, of Western Maryland Dairy,
Capital surplus at end of year.,
"
Of
accounts,
The Commercial & Financial Chronicle
1760
Inc. preferred stock
over
the amount at which such stock
was
carried in the
consolidated balance sheet.
Consolidated Balance Sheet Dec. 31
(Consolidating only domestic subsidiaries 90%
or
more
of whose equity
stock is owned)
„
Assets—
1040
Cash
1939
$16,910,361 $16,057,415
Marketable securities
Notes and accounts receivable
53,460
(net)
17,591,617
29,835,618
Miscellaneous supplies
3,961,890
Cash surrender value of life insurance
392,512
Investments in and advances to foreign subs, (net)
5,440,042
Other investments and advances
5,759,102
Capital assets (net)
94,962,143
Prepaid taxes, insurance, interest, &c
867,742
Goodwill
22,059,854
16,631,201
24,674,682
4,292,110
363,779
6,128,435
5,390,554
95,426,354
Inventories
.
-
March
783,928
22,059,854
-
.
,
Mr. Weir said.
.,/;•
Payable to foreign subsidiaries not consolidated..
Federal
Reserves for
taxes
Net
16,820,278
342,792
3,299,037
56,899,000
3%% debentures, due 1951
Serial debentures
;
7% cumulative preferred stock class B
a Common
stock
;
Capital surplus
Earned surplus
Total
893,411
3,073,998
5,733,900
4,137,000
51,266,676
3,870,215
45,525,465
no par
Operating profit
29.877.954
31,765,844
Deprecia'n & depletion.
7,360,943
Interest charges
1,753,125
23,437,489
6.856,916
16,200.158
5.487.985
2,311,732
2,384,925
30,000
31,327,602
5,272,117
2,398,153
31,318
Prems.
a
gain of 5,752 units
or
February, Mr. Blees reported, totaled 9,431 units,
156% over the 3,679 units sold by the company's
retailers in February, 1940, Mr. Blees reported.
He said that Nash's sales for the first 60 days of 1941 were 15,631
cars,
a gain of 8,391 units over the
7,240 new automobiles sold by the organiza¬
tion during the comparable period of a year ago.
The rate of gain over last year has increased steadily, Mr. Blees said,
pointing out that the January gain was 75%, the first 10 days of February
120% and the second 10 days 130%, and the third period more than 200%.
Used car sales by Nash dealers are closely following this
strong upward
new car sales curve, he said.—V. 152,
p. 1440.
National Gypsum
The
New
York
bds. retired..
on
Prov.
tax
Co.—Listing—Acquisition, &c.—
3,500 shares of the company's $4.50 convertible cumulative preferred stock,
and the payment of
$20,000 in cash.
Company intends to assign an amount of $480,000 to its common stock
to be issued to Gimco which was
approximately the value of 60,000 shares
at quoted market price at the time
negotiations with Gimco were con¬
summated.
Company has agreed to Issue to Gimco a sufficient number of shares of
the company's $4.50 convertible cumulative preferred
stock, based upon an
assigned value of $90 per share, to equal the value of the inventories, receiv¬
ables and certain other current assets the
company is to acquire from Gimco.
The 60,000 shares of common stock and the 3,500 shares of
$4.50
con¬
the provisions of said Act
National Securities
& Research
are not
opinion of
applicable.—V.
Corp.—Registers with
SEC—
on
first page of this department.
Surtax
Operating revenues
Operating expenses, excl.
1941—Month—1940
$791,794
$749,187
taxes
1941—12 Mos.—1940
$8,684,175
$8,407,027
3,818,159
1,468,749
634,200
3,627,311
1,300,877
630,000
326,837
140.885
56,700
327,037
of limited-term
investments
800
1,800
12,600
23,195
$266,572
$249,928
$2,750,467
$2,825,644
2,063
117,922
52,500
Amort,
Net oper. revenues...
Other income
83
mortgage bonds.
341
1,054
$266,655
61,875
Gross income....
$250,269
61,875
17,500
8,778
Cr345
$2,751,521
742,500
Int. on debenture bonds.
Other int. & deductions.
Int. charged to constr'n.
17,500
8,794
Cr392
210,000
112,715
Cr3,868
Net income
$178,878
$162,461
Dividends applicable to pref. stocks for
period...
1939
8
Cash
on
hand &
on
,
are
that
no
742,500
210,000
110,773
£>rl,122
increases
in
$1,763,312
$1,264,212
excess
499,100
profits tax since
net
Report—
earnings,
taxes, payrolls and number of
employees revealed by the report reflect the
company's high rate of oper¬
ations during 1940.
I? a letter introducing the
report, E. T. Weir, Chairman, points out
including interest, depreciation
that earnings for 1940, after all
charges,
and normal Federal taxes, but before
provision for the excess profits tax,
amounted to $17,112,315, equal to
$7.76 per share on 2,204.667 shares of
capital stock outstanding at the year-end.
After deduction of $2,045,974
provided for the estimated excess profits
tax, the net earnings for the year
were $15,066,340,
equal to $6.83 per share.
to
total amount disbursed in dividend
$2.50
2.632,465
1,588,008
30,743,355
308,348
(currently)...
1,500,000
229,778
47,348
319,992
316,511
184,501
245,831
1,086,224
16,689
Funded
rec.
deps
a
50.526
Investments
8,675,002
9,257,557
Properties (net) .154,500,131 145,347,143
Def'd charges..
3,129,164
3,385,485
term
&
long-
Indebt—
Reserves
62,445,890
4,423,251
Capital stock
(par $25)
55,116,675
Capital surplus. 38,657.790
Earned surplus. 47,085,947
65,603,940
5,927,696
...
55.054,175
38,620.290
37,525,649
Total
a
237,349,710 218,028,076
per share.
Dividends
were
payments was $5,506,042, equal
declared at the rate of 50 cents per
share in the first two
quarters and 75 cents per share in the last two quar¬
ters of the year.
Mr. Weir placed emphasis on the
great increase in taxes during 1940,
pointing out that the total of $12,528,619 paid in
Federal, State and local
was equal to $5.68
per share of stock, or $590.36 for each
employee
of the
taxes
company.
Payrohs in 1940 amounted
to
$40,577,125,
an
Increase of approximately
XS'QiJx, 0 over 1939. The average number of employees increased from
20.099 in 1939 to 21,222 in 1940.
The average wage payment per
employee
was $1,912.03.
Included in the total payroll is
$688,254.28 disbursed for
vacations with pay in 1940, which
compares with
237,349,710 218,028,076
Total
Notes, accounts and advances.—V. 152, p. 836.
National
Supply Co.—To Pay Preferred Dividends—
Directors
have declared a dividend of S1.37K cents per share on the
5H% prior preferred stock and a dividend of $1.50 per share on the 6%
preferred stock, both payable March 31 to holders of record March 26.
Like amounts paid on Dec. 26. iast.
Dividends at half these amounts were
paid
on
July 1, last and
Nehi Corp.—To
on
March 31, 1939.—V. 152, p. 1441.
Pay 15-Cent Common Dividend■—
Directors have declared a dividend of 15 cents per share on the common
stock, payable April 1 to holders of record March 15.
Previously regular
quarterly dividends of 12\4 cents per share were distributed.
In addition,
extra dividend of 15 cents was paid on Dec. 26, last.—V. 152, p. 1441.
Nevada-California Electric Corp. (&
Period End. Jan. 31—
Maintenance
.
Net oper. revenues...
Depreciation
Interest
Amort, of debt discount.
Miscell. deductions
Net income
Profit on retirement
1941—Month—1940
Subs.)—Earnings
1941—12 Mos.—1940
$5,211,075
200,473
1.874,549
628,641
$5,399,777
51,139
$440,053
14,531
186,001
47,603
$194,140
51,402
$191,917
49,637
$2,507,412
609,330
$2,377,470
585,565
$142,738
2,688
$142,280
$1,898,081
48,353
$1,791,905
Dr88
$145,426
107,185
6,480
1,508
$142,192
112,752
6,752
1,527
$1,946,435
1,306,482
79,916
13,684
$1,809,222
1,354,641
81,541
13,854
$30,253
$21,160
$546,352
$359,185
21,784
15,037
70.285
$325,722
$434,601
16,040
173,281
of
bonds & debs. (net)..
Miscell. credits to surp
"4,217
""*137
756
5,125
10,399
87,577
56,534
$33,714
$16,172
$587,794
Earned surplus..
249.052
2,204,968
568,286
17,317
'
-V. 152, p. 1599.
such tax will be payable.—V.
152, p. 1441.
National Steel Corp.—Annual
*
llabils.
9,001,539
35,833,702
Off'rs & empl's
Misc. accts. rec.
946,862
2,898,409
13,743,397
instal.
est.
contracts
1,330,907
Federal taxes on
13,520,329
Miscel. lnvest's.
Real
Accts.to affll.cos
Income (est.).
Serial notes pay.
Notes and accts.
Insur., &c
$
10,128,992
$2,827,707
$1,191,074
Note—No provision has been made for
Federal
Substantial
14,613,234
14,889,302
Accrued
18,323,541
Market, secur's.
1,500,000
Inventories
1939
S
Trade accounts.
deposit—
receiv, (net)..
*
1940
Liabilities—
Miscell. debits to surplus1
$1,690,174
499,100
Balance
present indications
$3.03
Consolidated Balance Sheet Dec. 31
S
Net oper. revenues
approp.
taxes
on
10,217,373
2,167,877
$8.21
1940
Assets—
Co.—Earnings—
Period End. Jan. 31—
Int.
4,493,120
2,198,767
undistributed profits.
on
Other income
Nebraska Power
res
8,843,252
2,202,167
$5.71
2,204,667
$6.83
Note—Equity in net profits of subsidiaries not consolidated, not taken
up, amounted to $15,269 for the year 1940.
Other operating expenses
Taxes
Direct
17,801,893
7,584.520
share
counsel for the company
152, p. 1599.
Prop, retire,
6,661,652
2,168.532
9,560,298
per
Operating revenues
direct
12,581.636
3,738,384
stock outst'g.
com.
Earnings
al,715,000
15,066,341
5,506,042
vertible cumulative preferred stock of the
company are not being registered
under the Securities Act of 1933, as amended, inasmuch as in the
given
4.109", 120
1.635.596
2,045,974
Net profit
a
1,588.008
for Federal excess
profits
Shs.
99", 178
5,431,721
1,449,647
Stock
Exchange has authorized the listing of 60,000
additional shares of common stock ($1 par) and; 3,500 additional shares of
$4.50 convertible cumulative preferred stock (no par—non-voting); making
the total amounts applied for:
1,731,326 shares of common stock, and;
65,050 shares of $4 50 convertible cumulative preferred stock.
On Jan. 28, 1941 authorized the purchase of all of the assets of
every
nature, excluding cash and certain securities, of the General Insulating &
Manufacturing Co., and authorized payment therefor by the issuance of
60,000 shares of the company's common stock, the issuance of not more than
See list
...
107,739
Amort, of bd. disc., &c_
Prov. for Federal taxes..
Surplus
Running at the best first-quarter rate in the history of the company,
new Nash automobiles throughout the United States
during Febru¬
ary nearly tripled last year's figures and set a new all-time high for the
month, it was announced on March 10 by W. A. Blees, General Sales
Manager, Nash Motors Division.
It appears now, Mr. Blees said, that with the reception being given the
new Ambassador "600," the car with which the
company recently invaded
the Chevrolet-Ford-Plymoutb field, Nash will replace all of its old sales
records during the period immediately ahead.
The current rate of sale
Indicates that the 23,699 unit record established by the company during
the first quarter of 1929 will easily be surpassed
by sales during the first
/)
Years
15,684.494
515,664
Dividends paid
sales of
..
.
22,036,766
1,400.703
Total income
shares.—V. 152, p. 1441.
.
30,580,418
1.185,426
Other income
Nash Kelvinator Corp.—Nash Sales—
three months this year.
Domestic sales during
sales..
157,905,721 132,061,908
Cost of sales and exps.—127,325.303 110,025,142
$197,786,881 $191,861771
Represented by 6,255,247
a
13,500,000
55,000,000
335,326
2,998,249
51,266,676
2,192,431
48,526,269
314% debentures, due I960..
Minority stockholders' int. in subsidiary companies
Reserved for contingencies
7% cumulative preferred stock class A
__
1938
1937
$
$
89,503,232 145,933,348
73,818,738 116.055,393
1939
1940
$
$1,500,000
17,565,403
322,007
4,580,519
..
'V.v.
$197,786,881 $191861,771
including sundry accruals
Accounts payable,
1941
plants.
Mr. Weir referred to the program now under way at three of the cor¬
poration's plants to enlarge coke and pig iron capacity.
It is anticipated
that this project will add about 450,000 tons to steel ingot capacity.
No
additional financing will be required in connection with this program,
Consolidated Income Account for Calendar
Total....
Liabilities—
Serial debentures maturing currently
15,
Charges were made to operating cost during the year in the amount of
$7,360,943 to provide for depreciation and depletion, which compares with
a provision
of $6,856,916 for the same purpose in the preceding year..^
Additions to property accounts for new construction and acquisitions
amounted to $16,875,607.
•
Mr. Weir stated that a program of improvements at the Weirton tinplate mill has been completed and that similar work at the Steubenville
tinplate mill is near completion.
He also announced the acquisition of a large acreage of coking coal which
will provide ample reserves for all National Steel Corp. properties and pro¬
vides additional reserves at a river location for operations of the Weirton
$631,273.68 paid in 1939.
New
England Gas & Electric Assn. (& Subs.)—Earns.
12 Months Ended Dec. 31—
Operating
Operating
xl940
1939
$15,057,537 $14,593,146
6,578,249
6,346,150
Maintenance
1,102,006
1,121,935
Provision for retire, of property, plant &equipm't.
1,381,266
1,287,147
revenues
expenses
Operating income
$5,996,016
72,410
11,873
45,193
Other interest.
Amortization of debt discount and expense
Less: Interest charged to construction (credit)
Balance
Taxes assumed
interest
Amortization of debt discount and expense
Other deductions
on
Net income before provision for taxes
Federal income taxes
Other taxes..
$5,651,205
1,911,994
1,967,102
1,505
15,944
183,144
6,174
48
9,906
188,143
613
$3,634,982
851,061
2,269,952
$3,485,393
6,137
Income applicable to common stock held by public
New England Gas & Electric Assn. Charges—
Interest on long-term debt
Other interest
175,626
98,273
5,626
22,793
47,333
$5,753,743
Subsidiary Companies' Charges—
on long-term debt
$5,955,271
195,845
79,381
Net income
Interest
$5,837,913
117,357
$6,068,426
Other income (net)
;
556,878
2,322,537
Net income
$513,969
$605,978
x
Preliminary statement.
Notes—(1) The above statement includes charges of $59,162 for 1940
and $61,573 for 1939, representing amortization of
extraordinary expense
in connection with damage caused by the 1938 hurricane.
The Commercial & Financial Chronicle
Volume 152
(2)
Provision for
amount of
Federal
§38,849 to
cover
income
Federal
Earnings
taxes
excess
the year
for
New York
1940 includes an
profits tax.
Telephone CoEarnings—
Comparative Income Account Years Ended Dec. 31
1940
1939
1938
of Parent Company Only
12 Months Ended Dec. 31—
Dividends on securities of subsidiaries
Dividends on other security investments
1761
xl940
$2,227,860
1937
$
1939
Interest on securities and indebtedness of subs
Other interest
4,657
53
Total income —^—
219,478,922 212,332,971 205,975,292 207,166,660
744,215
842,393
1,045,837
870,197
Total
$2,564.598
55,098
1,911,994
1,505
—
Interest on long-term debt
Other interest..
Taxes assumed
on
interest
$2,805,403
15,944
183,144
6,174
20,288
2,241
9,906
207,864
18,422
3,953
Gen'l & misc. expenses:
Executive & law depts.
$298,424
Acct'g & treas. depts.
Prov. for empl. service
pensions
Empl. sickness, accid't
-----
Amortization of debt discount and expense
deductions—......
...........
Federal income taxes.............-....-....—X
Other taxes.
.-.
.■/
... ... ....»_ .
.
..
.
..
_
.
Net income
x
revenues.
Miscellaneous
$368,210
—
Expenses
.
540,910
6,113
4,326
272,326
Miscellaneous income
Other
$2,199,032
55,022
168,463,869 164,142,242 165,129,726
34,187,v86
32,508,212
33,186,212
9,884,475
9,681,815
9,324,838
8,850,722
Uncoil, oper. revenues—
69,702
Local service revenues.-173,731,226
Toll service revenues
35,863,221
79,374
2,186,798
48
613
Preliminary statement.
Depreciation
44,653,763
25,092,455
27,589,256
19,623,898
5,137,635
expense.__
Traffic expenses
Commercial expenses
Operating rents
....
2,034,109
8,855,923
For the week ended March 7, New England
Gas & Electric Association
reports electric output of 10,65o,542 kwh.
This is an increase of 2,021,647
kwh. or 23.41% above production of 8,634,895 kwh. for the corresponding
ayearago..
Gas output is reported at
118,819,000
cu.
''
'' 'v
ft., an increase of 11,564,000
ft., or 10.78% above production of 107,255,000 cu. ft. in the corre¬
sponding week a year ago.—Y. 152, p. 1599.
Paym'ts for
serv.
2,000,801
8,911,632
2,044,400
9,180,020
2,065,490
9,278,707
3,100,415
2,163,740
2,190,604
2,143 297
1,888,449
death & oth.benefits
System Output—
211,490,578 204,929,455 206,296,463
40,863,806
42,528,716
42,483,683
26,818,999
24.951,229
25,109,789
29,664,894
29,458,972
28,609,432
18,887,381
19,001,616
19,370,216
5,203,789
5,169,699
5,214.401
Total oper. re venues ..218,734,706
Current maintenance
1,740,215
1,598,911
1,711,842
ree'd
2,902,369
2,885,119
2,968,044
3,059,224
2,292rl70
Other general expenses
2,394,509
2,253,190
2,265,365
1,406,749 Cr 1,289,692 Cr1,226,878 Crl,303,241
Exp. chgd. construc'n
29,311,615
Taxes
32,597,453
33,807,287
b40,014,292
under license conts.
cu.
New England Power
Association—Dividends—
Directors have declared a dividend of $1 per share on the 6% preferred
shares and of 33 1-3 cents per share on the $2 preferred shares, both pay¬
able April 1 to holders of record March 15.
Dividends of $1.50 on the 6%
and 50 cents on the $2 stock were paid on Jan. 2, last, on Oct. 1, July 1,
April 1 and Jan. 2, 1940, and on Oct. 2 and July 1, 1939, and dividends of
$1.33 1-3 per share, respectively, were paid in each of the five preceding
quarters.
Dividends are in arrears on both issues.'—V. 151, p. 3896.
New England
Telephone & Telegraph Co.—Earnings—
Month
$6,946,269
9,384
1940
$6,486,293
8,976
$6,936,885
4,824,305
$6,477,317
4,638,423
$2,112,580
832,620
$1,838,894
717.427
$1,279,960
815,895
Uncollectible operating revenue
680,794
Income
;
Net operating revenues
...
Operating taxes
Net operating income
Net income
New York Central RR.—Earnings—
31—
1941
1940
$33,808,774 $31,736,578
-
-
revenue
24,704,545
23,450,405
......
$9,104,229
—
3,128,254
1,225,026
$8,286,173
3,124,066
1,366,011
$4,750,949
1,436,792
$5,139,902
146,039
Net railway operating income
Other income
.
136,195
3,928,294
Miscellaneous deductions from income
34,694,427
3,551,488
1,720,329
38,767,547
disc.
61,717
51,603
45,427
35,011
34,429,223
35,370,799
29,377,181
34,415,352
33,704,000
33,701,000
880,000
33,704,000
Divs.
on
6^%
cum.
preferred stock
Divs.
*
_
on common
33,704,000
stock.
com.
$2,123 ,252
Net income after fixed charges
3,966,076
$1,027,787
Note—Company not subject to Federal excess profits tax.—V.
1442.
New York
152, p.
Earned per share
1941
Month of January—
Operating
operating revenue
Operating revenues
Operating expenses
-----
r»
etlf
Excess of revenues over
p.
operating expenses
Premium on cap¬
in'affll'. cos—'
28,339,000
12,300
28,339,000
12,300
Capital stocks of
5,330,026
6,330.029
346,257
315,845
8,361,684
companies
9,258,462
5,531,547
5,915,506
629,496
552,089
10.692,359
81,447
Accts. receivable
24,424,338
Prepayments
Unamort. debt,
1,205,420
10,048,355
81,643
23,638,246
1,163,192
$2,4.29,668 $10,8b9,197
dlsc't & exp__
1,529,297
1,035,496
Decision
man
on
& Hartford RR.—Commission
New Haven and Old Colony Commended by Chair-'
183,927
150,985
510,554
508,492
Other def'd chgs
931,107
1,642,325
plan cuts through much pending litigation and affords the first oppor¬
tunity for a prompt termination of the bankruptcy proceedings, begun in
October, 1935.
Further delay would be costly both to the public and to
thousands of security holders who have a stake in the future of the prop¬
erties, comprising New England's largest railroad system.
The Com¬
mission's plan deals fairly with all of the interests involved and should re¬
ceive their support."
;
■
It was said in investment circles that solution of the New Haven and
Old Colony difficulties set up a milestone in the reorganization of railroad
capitalization.
Participation of large institutional investors, such as
mutual savings banks, was noted as a new element of leadership.
sion's
897,410,171 889,151,780
Total
Creditors Given to April 7 to
Approve ICC Plan—
Carroll C. Hincks at New Haven has set April 7
which creditors of the company and its subsidiaries may
as the
final day on
signify approval or disapproval of the reorganization plan recently certified
to the court by the Interstate Commerce Commission.
The contemplated reorganization plan will wipe out all rights of presen
common and preferred stockholders.
It will give to general creditors of tht
system, whose claims are unsecured, new common stock in lieu of cash.
Those who register their objections will have until May 5 to file briefs
and each, so filing, must provide the court with 150 copies of his brief for
other interested parties.—V. 152, p. 1442.
New York &
Queens County Ry.
Bankers Trust Co., as successor trustee,
consolidated mortgage 4% bonds, due 1946,
Co.—Final Distribution
is notifying holders of first
that It has available funds
fourth and final distribution of $41.52 on each $1,000
bond outstanding.
Payment will be made upon presentation of undeposited bonds at the corporate trust department of its New York office.—
V. 139, p. 2213.
sufficient to make a
5,000,000
27,358,529
27.052,865
to
posits
vance
de¬
& ad¬
bill's &
5,307,287
5,155,124
12,416,714
Taxes accrued-- 19,650,246
Interest accrued
972,681
Rents accrued__
58,447
11,788,120
payments, i
Accts.payable &
other cur. liab.
12,612,646
1,017,578
54,699
credits
& misc. resvs.
552,284
561,312
Deprec. in resv.273,503,250 268,167,355
Unappropriated
22,281,989
surplus——- 21,612,585
Total
897.410,171 889,151,780
Note—The City of New York has made certain claims in respect
sales taxes which if sustained would result in a tax liability
to excise
substan¬
therefor in the company's accounts.
denies the city's claims and is contesting them.—V. 152,
and
tially In excess of the provision made
The company
p.
1600.
New York Transit
Co.—To Pay 30-Cent Dividend—
of 30 cents per share on the capital
April 15 to holders of record March 21.
Dividends
of 35 cents was paid on Oct. 16 last: 25 cents paid on April 15, 1940 and
Oct. 14, 1939; 15 cents paid on April 15, 1939: 10 cents on Oct. 15, 1938;
15 cents on April 15, 1938; 60 cents on Dec. 28, 1937; 25 cents on Oct. 15.
1937, and dividends of 15 cents per share paid on April 15, 1937, and each
six months previously.—Y. 151, p. 1904.
Directors have declared a dividend
stock, par $5, payable
Niagara Share Corp. of
Maryland—Debentures Called—
Corporation has drawn by lot for redemption on May 1, 1941, at 102%,
$600,000 principal amount of its 20-year 5A%I convertible debentures.
Payment will be made on and after May 1 at the office of The Marine
iviidland Trust Co. of New York.—V. lo2, p. 837.
Ltd.—Earnings—
Noranda Mines,
_
Federal District Judge
Customers'
Deferred
cap'l
Insurance fund.
Mutual Savings Bank Investing Group—
Converse of
An outstanding achievement in rail reorganization proceedings Is the
adjustment just approved concerning the New Haven and the Old Colony
RR., according to Myron F. Converse, Chairman of the Mutual Savings
Bank Group Committee on New Haven RR. Bonds, which represents
about $30,000,000 of New Haven bonds and $7,500,000 of Old Colony
bonds.
Citing the Interstate Commerce Commission decision as eminently
fair to all parties at interest, he said:
"The Commission's recent order modifying its plan for reorganization
of the New Haven, making provision to take over all properties of the Old
Colony, is a practical and constructive solution of a problem which has
contributed to long delay in reorganization of these two roads.
As Chair¬
man of a committee interested in both the New Haven and the Old Colony,
I have been able to weigh the two sides of the controversy over the Old
Colony and believe that this solution eminently is fair to both sides.
"Any plan that failed to provide for the Old Colony would have been
incomplete.
Upon the other hand, the Commission provides safeguards
with respect to confiscatory operations.
In each respect the plan repre¬
sents a sound determination of a most difficult problem.
The Commis¬
2,400,000
sold
trustee of pen¬
sion fund
property
Cash
75,000,000
from
American Tel.
& Tel. Co
stock exp.-.-
New York New Haven
14,269,120
25,000,000
ital stock
Notes
in
Mat'l & supplies
,
14,269,120
Ref.mtge.B__. 25,000,000
Ref. mtge. C— 75,000,000
Advances
non-controlled
non-contr. cos.
1136.
$
stock.421,300,000 421,300,000
Common
ftlVhfif.
Unamort.
1939
$
Liabilities—
'•
$2,397,702 $10,710,093
31,966
159.104
operations
Non-operating income
152,
1940
19-
1940
,
Telephone plant808,960,392 801,510,831
Notes receivable
—23,899
3,045,914
Comparative Balance Sheet Dec. 31
'
Working funds.
7,059,101
-
.....
$3,410,862
3,353,910
-
$6,421,452
3,010,590
$3,691,496
Net operating income
35,224,313
112,966
...
Income from
—V.
$7,227,526
3,536.030
Miscell. physical
....
$19,012,298 $18,301,374
11,784,772
11,879,922
Net operating revenues
Operating taxes
Net income
1940
$19,081,181 $18,374,379
68,883
73,005
revenues
[Includes BMT, IBT and IND Divisional
6 Months
Month
$9,480,/02 $46,047,372
expenses
al68,647
4,213,000
4,213,000
4,213,000
$8.40
$6.97
$7.96
does not consider that it has any liability
:<\V
4,213,000
$8.17
a Deficit,
b The company
for excess profits taxes.
lnvestm'ts
Period Ended 0a. 31, 1940—
Operating rentals.
h
stk. outstand¬
Bonds and other
City Transit System—Earnings—
Total operating revenues
Operating
1,666,799 ia4,326,818
725,223
Surplus?
ing (par $100)
Bonds of affll cos
Total fixed charges
3,129,341
1,187,842
&
& oth.fixed chgs.
exp.
SoCtS
Total income
40,715,771
3,538,236
1,755,134
Net inc. avail.for divs.
$3,796,096
1,343,806
$6,187,741
from railway operations
Railway tax accruals
Equipment and joint facility rents
Net
38,963,416
for
...
3,285,156
1,187,320
of debt
Amort,
Uncollectible
Month Ended Jan.
36,341,108
2,426,440
Earnings for Month of January
—V. 152. p. 1599.
.Railway operating revenues
Bail way operating expenses.** ---*
32,269,'19
2,425,108
Other interest
Shs.
Operating revenues
Operating expenses
available
fixed chargesi
38,147,838
2,567,933
Bond interest
$1,121,467
1941
of January—
Operating revenues
36,826,670
2,136,746
Net operating income.
Net non-oper. income—
Calendar Years—
Metal recoveries
Miscellaneous
1940
1939
1938
1 $20,263,806/$21.813,605 521,761,698
519.399,911
481,840
$20,263,806 $23,722,086 $22,560,924
Total income
Cost of metal
$19,881,751
\
1,908,481
products,
incl. min'g, treatm't &
deliv. & custom ore—
6,091,814
254,523
9,622,720
10,145,305
7,878,008
222,209
205,435
217,830
164,370
3,007,903
163.257
100,127
96,012
1,855,040
1,848,223
1,771,802
101,014
115,320
30,533
88,247
60,232
62,299
64,100
549,761
551,745
527,511
517,063
$10,094,421 $11,161,260
dividends8,959,088
8,959,088
$9,585,843
8,9o9,088
$9,274,636
7,279,259
$2,202,172
2,239,772
$4.98
$626,755
2,239,772
$1,995,377
Admin. & gen. expenses .
Municipal,
corporate
&
sundry taxes
emplV
ins. & pension plan—
Outside explor. writ, off.
Res.for deprec.of bldgs.
plant & equip., &c—
Co.'s contrib. to
Net profit
Prov. for
1937
799,226
income..}
Balance, surplus
$1,135,333
Shs.com.stk.out.(nopar)
2,239,772
Earnings per share
$4.51
$4.28
2,239,772
$4.14
The Commercial & Financial Chronicle
1762
Capital expend's—15,908,272 15,420.010
5,139,829
6,151,975
Cash....
Call loans
76,129
73,483
-
106,678
Smelting.......
490,393
a
232,560
Refinery settlem'ts
5,374,814
outstanding, &c 4,555,114
4,617,647
Market, securities 7,129,825
Invest, other cos..12,285,551 12,227,870
722,702
Advs. to other cos.
384.731
149,357
stock...11,303,140 11,303,140
&
no par
ore
457,665
503,390
855,716
428,492
233,062
181,250
outst'g—
Dlvs. unclaimed..
3,030,000
1,880.000
Res. for deprec... 12,031,484
11,561,569
Reserve for taxes.
Other reserves....
Earned
2,461,967
2,449,637
surplus... 18,079,840 16,944,507
.. .
Operating expenses
Maintenance—
Subs.)—
1940—12 Mo.?
—1939
$2,529,218
1,051,119
165,844
215,357
238,465
144,447
$751,514
185,035
$895,942
195,263
10,521
270,311
31,261
64,237
58,804
$2,487,773
1,058,864
135,543
223,223
229,381
89,247
$713,986
181,956
$647,014
$661,534
282,422
45,348
.
(&
Corp.
Electric
1940—3 Mos.—1939
Period End. Dec. 31—
Operating revenues-
&
Water
Northeastern
settle¬
ments
$936,549
193,444
4,493
Provision for retirements
53.699
General taxes—
Prov. for Fed. inc. tax..
53,863
25,895
$168,823
42,525
$196,506
$211,349
49,243
8,148
$246,096
1,228
2,088
792
814
4,046
1,999
9,672
1,876
$151,937
91,579
$191,723
91,579
$684,113
366,317
$727,062
366,317
$60,358
$100,144
$317,796
$360,745
57,379
...
Operating income
Other income
Total
receivable on metals in
shares.—V. 151, p. 2650.
And refining tolls
2,239,772
wages
payable, &c
587,265
729,110
Total..--.- —.48.502,874 45,251,984
a
b Capital
Northern States Power Co. system for the week
31,428,926 kilowatt-hours, as compared with
28,656,073 kilowatt-hours for the corresponding week last year, an increase
of 9.7%.—V, 152, p. 1600.
•,
Electric output of the
ended March 8, 1941, totaled
123,988
624,616
642.878
Prospect. Ac explor.
Mat'l & supplies..
Def'd charges, &c.
5
Accounts
Custom
Accounts, hills &
Int. receivable.,
1939
S
Mobilities—
S
Assets—
1940
1939
1
(Del.)—Weekly Output—
Northern States Power Co.
Balance Sheet Dec. 31
1940
March
..48,502,874 45,251,984
process,
b Represented by
—
-
_
1
Gross income.
Bond interest
Other interest.
49,590
51,455
15
Amort, of debt discount
Nicholson File Co.-—Extra Dividend—•
& expense, &c
Directors have declared an extra dividend of 15 cents per share in addition
quarterly dividend of 30 cents per share on the common
stock, both payable April 1 to holders of record March 20.
Extra of 70
cents was paid on Dec. 20 last and one of 80 cents was paid on Dec. 21,
1939.—V. 151, P. 3405.
Minority interest
.
-
.
_
the regular
to
Net income.
Divs.
on
pref. stock—_
Balance
Southern
Norfolk
RR.—Foreclosure
Sale
Decreed—
—V. 151, p. 3569.
Property to Be Sold April 30, 1941—Upset Prices Fixed—
Ohio Power
Reorganization Manager, announced March 12,
S. District Court, Eastern
B. Way, on March 10,
signed the consolidated final decree of foreclosure and sale of the properties
Carroll
M.
Shanks,
that upon the conclusion of the hearings in the U.
District of Virginia, in Norfolk, Judge Luther
embraced in the Norfolk Southern RR. system.
The Court set April 30, 1941 as the time of sale, which is to
the County Court House in the Town of Princess Ann, Va.
fixed
an
take place at
The decree
upset price of $2,000,000 for the properties and assets of the system
if bought as an
entirety.
Upset prices fixed for the various parcels in the event of separate bids
therefore
are as
fodows:
(1) Property subject to $11,604,^00 Norfolk Southern 1st & ref. 5s,
$710,000.
Pledges of other bonds of the system will on the basis of the
upset prices of other parcels bring the total share of the 1st & ref. to a gross
amount of approximately $942,000.
(2) Property subject to $2,865,000 Norfolk & Southern 1st gen. 5s,
$200,000. A pledge of other bonds of the system will on the basis of the
upset price of another parcel bring the total share of the first general 5s to a
(5) Property subject to $137,000 Raleigh & Cape Fear first 5s, $40,000.
(6) Property subject to $164,000 Aberdeen & Asheboro first 5s, $35,000.
(7) Property subject to $692,000 Suffolk & Carolina first 5s, $135,OOO.
(8) Unmortgaged properties, $150,000.
The decree provides for the payment of expenses out of the purchase
price before determination of tho amount distributable to bondholders.
The Reorganization Manager announced to the Court,
through his
counsel, I. Howard Lehman and Francis T. P. Plimpton, that it was his
purpose to buy in the properties at foreclosure sale in effectuation of the
plan and agreement of reorganization heretofore approved by the Court.
Counsel for the Reorganization Manager stated that there had
been
deposited under the reorganization plan approximately the following
percentage of securities.
"
(a) Norfolk & Southern first 5s, 94%; (b) Raleigh & Cape Fear first 5s,
96%; (c) Raleigh & Southport first 5s, 93%; (d) Norfolk & Southern first
general 5s, 93%; (e) Suffolk & Carolina first 5s, 96%; (f) Aberdeen & Ashe¬
boro first 5s, 97%; (g) Norfolk Southern first & refundings, 84%.
Bondholders have until March 31, 1941 Within which to deposit bonds.
—V. 152, p. 1443.
North American Co.—-Dividend—-To Redeem Debentures—
New Directors—
Directors on March 10 moved toward investment of the company's
of Washington Railway & Electric Co. by declaring the current
quarter's dividend on North American's common stock payable in partici¬
pating units of the Washington company's common stock.
At the same
time, the board authorized redemption of $7,500,000 principal amount of
North Amarican's 4% debentures.
The dividend just declared is payable April 1 to stockholders of record
March 15 at tho rate of one participating unit of l-40th of a share of
Washington stock for each 40 shares of North American common stock
held.
In lieu of fractional certificates for participating units, cash Will be
paid at the rate of 46 cents per share of North American common based on
the current market bid price of $18.50 per unit.
Regular quarterly divi¬
dends of 75 cents and 7134 cents per share on the 6% and 5% % $50 par
value preferred stocks, respectively, also will be paid April 1 to stock¬
control
holders of record March 15.
In a letter to stockholders announcing the board's action,
Edward L.
Shea, President, said that while the North American management has had
informal discussions with the Securities and Exchange Commission as to a
of compliance with the Holding Company Act, no agreement has
yet been reached on a comprehensive plan.
"It is, however, apparent that
any such plan will not permit us to retain indefinitely our present interest
in Washington Railway & Electric Co.," the letter stated.
"A special dividend in participating units of the Washington stock was
paid to North American common stockholders in each of the last two years.
program
Now the directors have decided that the interests of the company and its
stockholders will be served best by proceeding more rapidly to reduce
North American's holdings in the Washington company to less than 10%
of the voting stock.
We believe that the best way for the North American
Co. to move towards divesting itself of control of Washington Railway &
Electric Co. is to pay the dividends on North American common stock for
the current year in the form of quarterlydistributions of Washington stock.''
Mr. Shea explained that by paying Washington stock out as a dividend,
The North American Co. "effects substantial savings in expense of under¬
writing and distribution, as well as taxes, which would be incurred if the
stock were sold.
Moreover, the distribution thus made gives common
stockholders a participation in the direct ownership of one of the out¬
standing electric properties in the United States.
"In addition, a dividend in this form enables the company to retain cash
earnings.
The directors believe that it is desirable at the present time to
apply such cash, with other funds of the company, to the retirement of
debentures.
Accordingly, the board has today (March 10) authorized
redemption on April 15, 1941 of $7,500,000 of the 4% debentures of the
company."
Directors of company also elected four new members to the board to fill
vacancies.
The new members are:
E. G. Crawford, President of the
Cleveland Electric Illuminating Co.; William McCleUan, President of
Union Electric Co. of Missouri; A. G. Neal, President of
Washington Railway
& Electric Co. and Potomac Electric Power
Co., and Ralph E. Moody,
who was formerly an officer of the
Wisconsin-Michigan group of companies
to the North American
System. Mr. Moody, who has been assistant to the
President of the North American Co., also was elected a vice-president.
p.
272.
Telephone Co.—Earnings—
Month of January—
Operating
1941
Operating revenues
Operating expenses
Net operating revenues
Operating taxes...
Ct1526r pt5n fl 3 7COr" 6
.
1940
$72,215
revenues
Uncollectible operating revenue
—V
a
u
Pacific Gas & Electric
$66,146
171
..........
156
$72,044
44,935
$65,990
44,329
$27,109
9,046
$21,661
7,875
$18,063
$13,786
Co.-—Refunding Approved—
The California Railroad Commission has issued an order approving
the
company's plan to issue $110,000,000 series J 3% bonds due 1970, from
proceeds of which $91,428,000 of currently outstanding series G 4s are
scheduled to be refunded June
1.
,
Blyth & Co., Inc., have called meeting for March 17 of the underwriters
the/$110,000,000 3% bonds, now in Security and Exchange Commis¬
sion registry.
It is possible the underwriters will sign up March 18 for
offering Marcn 19—V. 152, p. 1600.
of
Pacific Telephone
& Telegraph Co.—Earnings—
1941
1940
$6,546,443
19,700
$6,072,596
$6,526,743
4.609,825
$6,051,796
4,433,223
$1,916,918
954,324
$1,618,573
818,763
$962,594
1,576,910
$799,810
1,428,300
Month
of January—
Operating revenues
......
Uncollectible operating revenue......
...
Operating revenues
Operating expenses
Net operating revenues
Operating taxes
Net
.......
—
operating income
..
—
Net income
__
—V. 152, p. 1600.
•'
20,800
v-;".-"
Peaslee-Gaulbert Corp.—Extra Dividend—
25 cents per share on the
stock, payable Feb. 28 to holders of record Feb. 26,
Regular
quarterly dividend of 12cents was paid on Dec. 23 last.—V. 149, p. 4183.
Directors have declared an extra dividend of
common
Pacific Western
Calendar Years—
Gross income......
and general
(incl. taxes)
Oil Corp.—Earnings
1940
$2,423,709
1939
$3,130,075
1938
$4.07/,437
1937
$5,152,984
2.175,905
l,83o.382
1,968,106
2,069,932
460,790
431,003
50,000
841,953
50,000
994,341
100,000
$813,690
3,351,057
$1,217,378
2,663.679
$1,388,710
1,750,435
aDrll9,621
Dr400,000
b257.732
DrSOO.OOO
eDr30,000
C329.938
Dr750,000
dDr55,405
$3,174,408
$3,507,015
$3,351,057
$2,663,679
Cost, oper.
exps.
Abandoned wells,
leases
& equip., and depiet'n
and depreciation. _—
Prov. for income taxes..
Net profit for
Value of secure, of Rich¬
field Oil Corp., &c—_
Divs. paid
...
—
year...def$212,986
Previous earned surplus.
3,507,015
— .—
in cash
Sundry charges....!
Earns, per sh. on 1,000,000 shs. capital stock
(no par)
_
—
_
.
Nil
$0.81
$1.22
$1.38
b Adjust¬
provision for prior/ years* Federal income and undistributed profits
taxes and State franchise t'ax.
c Value of securities of Richfield Oil Corp.
received in settlement of claim against Richfield Oil Co. of Calil. previously
written off as a loss,
d $54,000 for additional provision for Federal income
and State franchise taxes and interest thereon, for the years 1929 to 1934,
inclusive, and $1,404 royalties paid applicable to prior years,
e $72,219 for
additional provision for Federal income and undistributed profits and State
franchise taxes, and interest thereon, for the years 1929 to 1934, inclusive,
and $38,337 for provision for possible additional Eederal income and undis¬
tributed profits and State franchise taxes for the years 1935 to 1937. incusive, and interest thereon; total $110,556, less excess of provision for Federal
income and undistributed profits taxes for the year 1937 over amount paid
on return in the amount of $80,556; balance (as above), $30,000.
a
Additional Federal and State income taxes for prior years,
ments of
Ohio Associated
Co.—Registers Bonds and Preferred Stock—
March 7, filed with the Securities and Exchange Com¬
registration statement (No. 2-4692, Form A-2) under the Securities
Act of 1933 covering $15,000,000 of first mortgage bonds, due 1971, and
202,403 shares of cumulative preferred stock ($100 par). The interest rate
on the bonds and the dividend rate on the preferred stock will be furnished
by amendment to the registration statement. The company and its parent,
American Gas & Electric Co., also filed an application (File 70-271) under
the Holding Company Act regarding the issuance and sale of the securities.
The company proposes to offer 169403 shares of the preferred stock to
holders (other than American Gas & Electric Co.) of its outstanding pre¬
ferred stock on a share for share basis plus cash equal to the difference
between the redemption price of the outstanding preferred stock and the
initial public offering price of the new preferred stock.
The bonds, the
remaining 33,000 shares of the preferred stock, and stock not taken under
the exchange offer will be offered publicly through an underwriting group
headed by Dillon, Read & Co., New York City.
The company states that in connection with the financing American Gas
& Electric Co. will purchase not more than 1,236,549 shares of common
stock for $6,182,745 in cash and will make a capital contribution of $1,456,936 in cash to the company.
These funds, together with the net proceeds
from the sale of the bonds and preferred stock will be used to the extent
necessary for the following purposes:
(a) To purchase from American Gas & Electric Co. for cancellation
28,662 shares of 6% preferred stock at a cost, exclusive of accrued dividends,
of $2,882,745;
■
_
■
(b) To deposit with the redemption agent cash required for the redemp¬
tion, at $110 a share, of 169,403 shares of 6% preferred stock outstanding
in the hands of the public which, excluding accrued dividends, will amount
to $18,634,330;
(c) To discharge open account indebtedness to American Gas & Electric
Co. of $1,456,936;
'
(d) To deposit cash with the trustee of the mortgage securing the bonds,
which may be withdrawn by the company as provided in the mortgage
indenture, in the amount of $15,000,000.
The balance of such funds will be available for general corporate purposes.
Accrued dividends will be paid by the company out of treasury funds.
The price at which the securities are to be offered to the public, the names
of other underwriters, the underwriting discounts or commissions, and
the redemption provisions will be furnished by amendment. The prospectus
states that to facilitate the offering it is intended to stabilize the price of
the company's 3 lA% first mortgage bonds, due 1968, on the New York
Curb Exchange and to stabilize the prices of the bonds and preferred stock
being registered. This is not an assurance, it states, that the prices of these
securities will be stabilized or that the stabilizing, if commenced, may not
be discontinued at any time.—V. 150, p. 4134.
The company, on
mission
Earned surplus.
Debentures Called—
A total of $7,500,000 4%
debentures, series due 1959, has been called for
redemption on April 15 at 103 H and accrued interest.
Payment will be
made at the Central Hanover Bank & Trust
Co., New York City.—V. 152,
•
.
Volume
The Commercial &
152
estimated
Comparative Balance Sheet Dec. 31
Assets—
1940
Liabilities—
S
S
Cash
616,865
188.056
220,579
Inventories
100,985
123,431
Deben.
bTlde
9,947,085
sink,
fund
Assoc. Oil Co.
_.
110,000
110,000
92,215
155,354
2,951,750
Long-term liabil.
Miscel. reserves &
deferred credits.
66,675
3,061,750
requirements.
9,947,085
Water
1,721,659
1,721,690
Ill
111
7,541,908
equipment
Organization costs
8,008,705
Other
c
334,220
Other accr.llabll..
Mission Corp.
a
151,288
d285,000
come taxes
Inv. assets at cost:
S
362,497
Accounts payable.
Prov. for Fed. in-
372,302
Acc'ts receivable..
1939
$
1939
1940
Lands, leases and
71,724
Capital stock ($10
par)....
...
10,000.000 10.000.000
161,936
147,199
3,416,500
3,416,500
3,174,408
3.507,015
surplus
252,013
195,176
charges
Paid In surplus...
Earned
(net)......
Prepaid & deferred
Total.........20,459,045 20,807,8511
20,459,045 20,807,851
Total
of common stock
c
and abandonment
of $13,690,326 on Dec. 31, 1940 and S12.523.984 on Dec. 31, 1939.
d Pro¬
vision for additional Federal and State income taxes for nrior years (includ¬
ing accrued interest thereon).—V. 151, p. 3570, 2055, 1906; V. 150, p. 3524,
641,808 shares of common stock,
b 250,100 shares
After r serves for depletion, depreciation, amortization
a
1782.
;;..:■
.
-
Airways, Inc.—Merger Voted—
Pan American
Approval of the acquisition by this company of four companies in the Pan
(Pan American Airways System) and of the sub¬
American organization
sequent merger of these four companies into Pan American
was announced on Feb. 27 at the Civil Aeronautics Board.
Airways, Inc.,
not
the
the board,
transatlantic
service, of Pan American Airways Co. (Nevada), which operated the
transpacific and New Zealand services, of Pacific-Alaska Airways, Inc.,
which operates to and within Alaska, and of Panama Airways, Inc., which
operated a local serivce across the Isthmus of Panama, into Pan American
The action will permit the merger, upon conditions specified by
of Pan American Airways Co. (Delaware), which operates the
Airways, Inc., which operated the Latin-American services.
Under this reorganization the four merged companies named and three
others within the svstem will be dissolved.
The certificates of public con¬
venience and necessity held by the merged companies are to be transferred
to Pan American Airways, Inc.—V. 151, p. 3097.
The Morenci project is part
■>'
Cost
1937
1938
$
$
1
304,539,326 282,133,934 257,963,946
merchand.
of
on
275.375,137
sold
expenses..279,195,872 262,240,836 241,156,659
1,379,915
1,243,111
1,187,341
Federal income tax..... x8,887,541
3.460,947
2,862,183
sell. & gen.
Deprec. and amort.....
Surtax
255,606,792
1,136,343
1937.
the
by the National Defense Program.
The resources of the corporation are adequate to carry
out the above
from the proceeds
accruals. Neither
the increase in the estimated cost of the Morenci project nor the expendi¬
tures at the other properties incurred in 1940 and planned for 1941 will*
require any change in the general plan of financing.
Convertible Debentures—During 1940 cash payments of $1,599,921 were
made to the sinking fund.
The total payments to the sinking fund since
the date of issue of the debentures to Dec. 31, 1940, have amounted to
$3,598,792. A sinking fund payment is due in April, 1941. This payment
is computed on the consolidated net income for 1940 and will, assuming that
no
debentures are surrendered for conversion or called for redemption,
amount to $1,199,940. A sinking fund payment of not in excess of $399,980
program.
The necessary funds are secured principally
of the convertible debenture issue and from depreciation
229,083
......
15,075.997
15,189.040
12,757,763
940,014
Gross profit.....
853,824
127.574
15,485,654
994,788
Profit of subsidiaries...
214,597
1,127,292
164,882
Total income........
16,230,609
13,419,920
16,481,214
12,719,920
13,739,160
10,811.932
16,575,164
13,991,912
2,810,689
46,635.390
3,761,294
42,662,037
2,927,228
39,862.826
2,583,252
37,284,423
Com. dividends (cash)..
Balance, surplus....
Surplus Jan. 1__
...
October, 1941.
in 1940, by Phelps Dodge
Refining Corp. for its own account,
Production and Sales—The total sales of copper
Corp., including sales by Phelps Dodge
amounted to
406,817,461 pounds. .
Production from the corporation's mines, together with metals
from purchased ores treated at the Arizona smelers, for the years
1940
was as
produced
1939 and
follows:
1940
1939
299.336,64 7 319,063,119
4,743,126
4,554,979
136,905
128,455
—
11,650,037 11,627,669
small stocks of copper in excess
Copper—pounds
Silver—ounces
Gold—ounces
Lead—pounds
corporation had very
required to carry on its operations.
At Dec. 31, 1940 the
of the working stocks
Tucson Cornelia & Gila Bend RR.—The
Tucson Cornelia & Gila
Bend RR.
single-track, standard-gauge line 44.34 miles long which connects the
Cornelia Branch property to Ajo, Ariz, with the Southern Pacific
a
RR. at Gila, Ariz.
Half of the capital
94,722
stock of the railroad company was owned
became the property of Phelps
Calumet & Arizona Mining Co. and
by the
Dodge
acquired in 1931. In September, 1940, the
corporation purchased the other half of the outstanding stock of the Tucson
Corp. when that company was
Cornelia & Gila Bend RR. for $160,900.
direct
Taxation—The
$810,000
provision of
Other income....
the development
fabricating and refining divisions of the corporation was practically com¬
pleted on schedule in 1939.
Additional capital expenditures in 1940 at
these other properties totaled $1,780,132, and further expenditures will be
required during the year 1941, of which the exact character and cost cannot
be estimated at the present time. The improvements contemplated include
an additional reverberatory furnace and high-pressure boilers at the Douglas
smelter, a new wire-bar furnace and casting wheel at the Laurel Hill refinery
and additional facilities at the refineries and fabricating plants needed to
handle the increased demands for copper and fabricated products caused
2,917,265
undistributed
profits...
of the five-year program for
New
1939
1940
Calendar Years—
principally by changes in
operating economies, by
before mining operations
and by increased costs of
and improvement of the corporation properties, which was begun in
That part of the original program devoted to the other mines and to
is
(J. C.) Penney Co.- -Annual Report—
The increase is caused
year ago.
materials.
the
President.
Sales
a
plant design which have been made to secure
increasing the amount of stripping to be done
start, by additional facilities for tailings disposal
is also due in
issuing its approval order the board concluded that a merger of
companies would result in greater efficiency and economy, and would
expand any operating rights.
The board's order was approved by
In
1763
Financial Chronicle
Revenue
applicable to the year 1940 (including a
Federal excess profits tax under the Second
the basis of preliminary and tentative compu¬
taxes
for
Act of 1940, on
tations) paid by, or accrued or assessed against the corporation and its
subsidiaries, amount to approximately $7,053,000; this compares with
$5,523,000 for the previous year. The direct taxes for the year are equiva¬
lent to $1.39 per share of outstanding capital stock; they represent approxi¬
mately $565 per employee based on the average number of employees during
the year.
Consolidated Income Account for
1937
1938
of
sale
from
Calendar Years
1939
1940
Proceeds
metals, mfd. products,
Total surplus.______. 49,446,079
Adjust, prior years taxes
41,284
46.423,331
Cr212,059
42,790,054
128,018
39,867,675
4,849
Profit and loss surplus 49,404,795
46,635.390
42,662,037
39,862,826
Shares of com. stk. out¬
$5,130,000: excess profits tax
of $27,000: other income taxes of $371,000, and other taxes of $3,359,541.
Includes Federal nominal income tax of
x
E. C. Sams, President, states:
The cash
account
This is viewed as being in
$27,440,916.
amounts to
besides, is a protective reserve
against any needs that might arise due to rapidly changing circumstances.
The increase in the cash account from the prior year-end is largely the result
of the sale during the year of 200,000 shares of company stock under the
profit-sharing retirement plan as approved by the vote of the stockholders.
This plan was adopted in the interest of the workers' security and to con¬
tinue in effect, in more constructive form, the company's fundamental
policy of encouraging its store managers and central and branch office
executives by permitting them to share in the profits as they helped to
produce them.
The response to the adoption of the plan has more than
ample proportion to suggested demands and,
matched our expectations.
i
The total number of stores
in
operation
at
the year-end was 1,586,
representing a net increase over the prior year in
Balance Sheet Dec. 31
x
8,328,227
Furn. & fixtures.
Land
and
bldgs..
2,791,965
7,131,656
1,866,145
1,762,132
Cash......
27,440,916 20,538,978
Deferred charges.
645,007
605,373
Impt.
and lease..
1940
1,757.049
y
1939
$
Liabilities—
$
S
Assets—
number of stores of 32.
1939
1940
pay,
for
$14,816,972 $20,295,905
3,775,829
2,084,855
1,028,520 £a2,133,275
3,947,484
Depreciation.
Expenses and taxes of
property closed down.
4,085,480
3.590,865
Disc't
&
650,440
108,680
expenses,
onconv.
26,493
Write-down of book vals.
299.107
of miscell. investm'ts.
Net profit.
Dividends
(corporation)
Balance,
$4,997,090
surplus
36,550,660
Previous surplus
$3,585,573
$4,671,711
36,638,900
Surplus adjust, (net)
37,014,681
3,961,831
4,759,952
5,032,777
surplus..$36,514,973 $36,550,660
capital stock outstanding (par $25)...
Earn, per sh. before depl.
receivable-
fire
a
Including
losses, &c
2,406,439
2,219,221
53,370,820
48,754,442 46,199,491
504,852 Surplus..
5,325,898 Undist. surplus of
subsidiaries
650,353
435,898
112,391
101,683
Inv. in subs. cos..
Mtges. receivable.
$36,638,900 $37,014,681
„
5,071,260
2.49
Consolidated Balance Sheet Dec.
depreciation,
y Represented by 2,743,984 no par
and 2,543,984 in 1939.—V. 152, p. 1139.
x
After
c
Offered—
Inc., on
close of business, offered a block of 3,000
capital stock (no par) at $57.50 a share.
These
March 13, after the
shares of
shares
were
said
involve any now
to represent
domestic stock and did not
held by the British account.—V. 150, p. 1290.
year.
Cash and marketable securities amounted to $32,969,171
compared with $31,446,402 at the end of 1939.
at the end
of the year,
Development Program—Capital Expenditures-—-Capiteil expenditures in
1940 for all branches of the corporation were $7,449,859.
During the year, work on the Morenci project continued steadily and
according to
schedule.
Barring delays in the delivery of materials and
equipment which might arise from priorities issued under the National
Defense Program, or from unforeseen causes, it is expected that the develop¬
ment of the open-pit mine and the construction of the new reduction works
will be completed and production started by the end of 1941.
Capital ex¬
penditures at Morenci in 1940 amounted to $5,669,726. From 1937 when
the work started, through 1940, capital expenditures at Morenci have
amounted to $13,107,065. Included in this figure is $5,806,777 for prelim¬
inary stripping and development, which is carried in the balance sheet as a
deferred item.
The estimated amount needed to complete the Morenci
program is approximately $21,700,000, a large part of which will be ex¬
pended in 1941 if the present schedule for completion is carried out. Under
the present estimates the total cost of opening and equipping the Morenci
property will be approximately $34,806,000, or about $2,000,000 more than
Investments
2,843,890
,
2,854,365
827,461
12,289,802
Supplies on hand
Adv. against ores & other material held for treatm t
Metals & manufactured prods, finished & in process
Merchandise at mercantile stores
Metals sold under firm contracts not delivered
Accounts and notes
Cash
gas
receivable
■
"f 1
32,233,374
3,099,588
2,598,061
91,000
11,697,348
487,421
5,809,742
6,159,743
272,417
31,023,985
291,295
150,000
250,000
construction of natural
^
pipe line
500,000
securities
Deposit with sinking fund agent
United States Government
38
3
Patents...
Deferred charges
t;
95,625,014
152,029
receivable
Marketable securities
a
1 1
575,819
3,889,827
8,102,193
237,079
32,582,092
836,136
150,000
RFC notes
Corporation closed' the year 1940 with consolidated net current assets
(including the unexpended portion of the proceeds of the debenture issue)
of $46,768,711 compared with $46,406,838 at the close of the previous
$
\
!. v.'-; ,*•
j v>
- -.a,*\7?
. '
Mining properties, claims, rights, licenses and
lands for metal producing, treat. & mfg. plants. _ 90,251,887
Bldgs., mach. & eqpt. at mines, reducing works,
refining and mfg. plants
34,262,208
Advance in connection with
President, states:
1939
$
v4.SSBtS**!*
Other accounts
Phelps Dodge Corp.—Annual Report—
Louis S. Cates,
b
shares in 1940
Pennsylvania Water & Power Co.—Stock
Stroud & Co., Inc., and E. H. Rollins & Sons,
31
1940
j;.,;
a* ,•
Total........104,506,384 91,207,538
$40,900,924
3,886,242
5,071,260
5,071,260
5,071,240
$2.42
$1.71
$2.51
$86,700 for Federal surtax on undistributed profits.
540,075
5,225,353
104,506,384 91,207,538'
Total
$4,626,789
36,274,135
478
...—
$41,547,750 $41,310,611 $40,600,732
Total surplus
Depletion
....
Profit & loss
$8,656,824 $12,740,773
5,071,251
8,113,984
$12,603,980 $12,278,601
7,606,890
7,608,890
Merchandise.....57,665,401
Accts.
942,891
460,320
740.669
706,295
106,147
&c.,
3H% debs..
474,494
Shares
10,716.053
3,514,109
4,018,645
....
Interest..
28,122,767
and
llabilis.13,709,730
Federal tax res
5,162,653
accrued
Reserve
$21,083,880 $19,263,911
Federal &
State income taxes
$
Common stock..33,822,767
Accts.
$14,101,868 $19,645,186
715,104
660,720
Total income
Provision for
$75,516,671 $62,595,110 $83,128,982
56,813,715 48,493,242 63,483,797
....$20,668,365 $18,702,956
415,515
560,955
Balance
Other income
2,543.984
$6.52
2,543,984
$5.40
2,543,984
$6.48
2,743,984
$5.91
standing (no par)
Earnings per share
coal, mdse., &c
$79,959,389
Costs, expenses & taxes. 59,281,025
6,564,807
:
500,000
2
3
4,912,006
196,919,643 195,201,000
Total...
Liabilities—
Capital stock
.....
Convertible 3H % debentures
Accounts payable and
— —
accrued expenses
Taxes accrued
Receipts from metal sales and treatment
earned, incl. deferred credits to income
tolls un-
hands of customers
Reserve for fire insurance and pensions
Liab. for returnable reels in
Surplus
Total
126,781,500 126,781,500
16,855,600 18,379,300
7,461,529
6,568,448
5,133,785
3,676,987
2,306,742
674,010
1,191,505
36,514,972
1,397,732
531,006
1,315,367
36,5o0,660
196,919,643 195,201.000
insurance reserve,
b After allowance for depletion,
1940, $123,441,387. c After depreciation, 1939, $40,482.964: 1940 $45,491,780.—V. 152, p. 1140.
a
Held against fire
1939, $118,615,185;
The Commercial & Financial Chronicle
1764
Pictorial Paper Package
Petroleum Exploration Co.—Extra Dividend—
Company paid an extra dividend of 15 cents per share in addition to a
regular quarterly dividend of 25 cents on the common stock, on March 15
to holders of record March 5.
Extra dividend of 25 cents was paid on
Dec. 14. last: extras ot 15 cents paid on Sept. 14 and June 15, last; extra
of 10 cents paid on Marcn 15, 1940: extras of 25 cents on Dec. 15, Sept. 15
and June 15, 1939 and an extra of 10 cents in addition to regular quarterly
dividend of 25 cents was distributed on March 15, 1939.—V. 152, p. 273.
Pfeiffer Brewing Co.—New
1940
—
share on the common
regular quar¬
151, p. 3572.
X?Sen°8fef?^---Gross
1937
1938
1939
1940
Gr°etSurni<&' aU?w^i%13.038,325
1939
Ended Dec. 31
Consolidated Income Account for Years
$5,393,241 $10,604,366
$7,912,782
11,532,102
7,176,954
5.002,399
9,397,453
$1,506,222
profit-
$735,828
49,421
$390,842
34,351
$1,206,912
18,403
$785,249#
$425,193
$1,225,315
20,000
20,000
48,194
Total income-—--
$1,554,416
$29,069,601 $29.606,724
—
—
per
on Sept. 30, June 30 and March 31, 1938. previous to which
terly dividends of 8h cents per share were distributed.—V.
Miscell. other income—
■—
-...
714 cents
Pittsburgh Coke & Iron Co.—Annual Report—
Operating revenue and other utility income
$76,082,178 $71,663,721
Operating revenue deductions (including operating
exp., dep. & renewals & replacements, & taxes)- 47,012,577
42,056.997
Gross income
Corp.—To Pay 7V^-Cent Div.—-
Directors have declared a dividend of
Vice-President—
Philadelphia Electric Co. (& Subs.)—Earnings—
Income deductions.
IS, 1941
stock, par $5, payable March 31 to holders of record March 14. This com¬
pares with 15 cents paid on Dec. 28, last; 10 cents paid on Sept. 30, last;
7 V, cents paid on June 29 and March 30, 1940: 15 cents on Dec. 27, 1939;
IV, cents on June 30 and March 31, 1939; 10 cents on Dec. 21, 1938; 5 cents
Company has notified the New York Stock Exchange that Carleton S.
Smith has been elected Vice-President of the company.—V. 151, p. 3407.
12 Months Ended Dec. 31—
March
6,953,972
-
7,011,203
....
—
—
...
-$22,115,629 $22,595,521
2,360,290
2,360,290
of
obsol.
for
Allow,
Net income
Dividends on preferred stock..
re¬
1st mtge. sinking
bonds & debs.,
debt disc't & expense.
Int.
20,000
20,000
place, partson
.
;
v:
;
fund
Balance
-----
Note—No
$ 19,755,339 $20,235,231
-
provision is considered necessary for Federal excess profits
profits tax Act of 1940.—V. 152, p. 687.
_
155,550
150,70o
186,374
372,000
Fed.
for
Prov.
66,940
37,715
188,466
24,395
$1,000,624
90,852
152,004
$1.45
$542,759
yl36,813
$216,773
99,676
$806,080
74,594
161,792
State
&
^
income taxes
tax under the excess
Surtax on undist.
profits
Philadelphia Suburban Water Co.- —Earnings12 Months Ended Jan. 31—
Gross
revenues
1941
$2,514,777
1939
691,798
$2,446,391
685,119
.128,109
129,145
$1,694,869
676,000
10,955
161,151
$1,632,126
249,073
—
243,066
Oper. (incl. maintenance)
—,
Taxes (not incl. Federal income tax)
-
Net earnings
Interest charges.
Amort and other deductions
Federal income tax—
Retire, exps.
1940
—
(or depreciation)
Balance available for dividends...
$2,459,429
664.193
132,040
Net profits
Divs. paid on pref. stock
Divs. paid on com. stock
Earn, per sh. on com
x
676,000
11,882
93,615
$597,689
$1,663,196
676,087
11,697
101.841
238,584
$607,562
$634,986
"
------
$0.70
Includes depreciation and depletion,
Consolidated Balance Sheet Dec. 31
Accts.
1,164,366
857,015
Net profit in
1940, after all charges and
reserves,
$11,590,317, o1"
was
than
in
Net
1939.
1,286,323
operating income, before reserves and retirements,
was $31,757,673.
or $3,364,106 higher than in the previous year.
Re¬
serves and retirements
totaled $20,167,355, compared with $18,560,253
in 1939.
Gross investment in properties, plants, and equipment was $359,595,547
Total accumulated reserves for depreciation and
depletion of these assets amounted to $186,408,631, or 51.8% of the gross
at the end of the year.
1,916,224
523,112
36,334
Deposit in bank—
Long-term recelv.
In
Inv.
subs,
128,350
134,908
396,964
80,000
due within a year
Other
chin'y, eqot. &c.10,377,651
213,487
Fed'l
liab—
and
60,608
long-
2,917,650
3,546,092
133,890
ing blast furnace
d $5 pref. stock... 2,329,523
e Common stock.6,124,444
2,290,231
term debt-—
Reserve
a627,059
Ld., bldgs.. ina-
Deferred charges—
curr.
Funded
41,365
Miscell. investm'ts
for
income taxes-
631,395
47,250
—
Other assets
c
349,494
617,401
227,400
30,418
Reserve
not
consol
1,352,216
Pref. div. payableSink. fd. payments
1,163,335
2,815,573
receivable
Inventories
9,380,585
175,857
for
relin-
74,793
6,115,696
Earned surplus ac¬
cumulated since
investment.
Jan. 31, 1936—
Capital expenditures of $20,015,166 were $12,589,327 less than in 1939.
major expansion projects were completed.
The 1940 total
approximately the same as the amount deducted from operating income
for depreciation and depletion reserves and for retirements.
Expenditures
in 1940 were largely for the purpose of
increasing plant efficiency, reducing
costs, and utilized by-products.
Long-term debt outstanding at the end of 1940 was refunded in Jan.,
1941, through the successful sale to the investing public of $15,000,000
serial notes and $20,000,000 convertible lj^% debentures.
$
payable—
Accrued liabilities.
Cash in banks and
onhand
5
Liabilities—
$
$
1939
1940
1939
1940.;,
Assets—
b Notes and accts-
$2.61 a share.
This compared with $9,833,314, or $2.21 a share in 1939Total gross Income, exclusive of intercompany business and taxes col¬
lected on products sold, was $117,169,713, which was $3,623,599 higher
Incl. div. of $30,418 ($1.25 per
1, 1940.
y
share) declared in 1939, but payable on March
—V. 152. p. 994.
Phillips Petroleum Co. (& Subs.)—Annual Report—
$1.19
$0.19
f Treas.
when several
2,895,772
1,566,919
stock.__Drgll5,838
was
Gross crude oil production from all
had an interest was 39,567,086 barrels,
properties
in
which
the
Total.
company
a daily average of 108,107 barrels.
Company's net interest in this production was 23,895,464 barrels, or
65,288 barrels a day.
The difference between net and gross production is
royalty and partnership oil.
During the year, drilling operations for the industry as a whole increased
11.9%.
Company drilled 309 wells, or 10 more than in 1939.
Of the
total, 269 were oil wells and 15 were gas wells.
Dry holes accounted for
8.1%, compared with 10.7% in 1939.
For the industry as a whole, dry
holes represented 21.7% of all wells drilled in 1940.
Refining volumes and efficiency were increased to supplv a record high
demand and to improve the quality of products.
Crude oil run through
the company's four refineries amounted to
19,309,953 barrels, orll.6%
more than in 1939.
The total production of motor fuel stocks from these
refineries and from all otber processes was
16,206,981 barrels, not including
unblended natural gasoline.
The company operated 34 natural gasoline
plants during the year and
held interests in five others.
Production of natural gasoline amounted to
286,778,845 gallons (26-70 grade equivalent).
In addition,
increased
quantities of liquefied gases were produced.
Total sales of natural gas amounted to
261,280,164,000 cubic feet.
In¬
come from the
company's net interest in carbon black production was
larger than in 1939, because of increased output and a slight improvement
in prices.
The 1940 taxes
on
the oil
one-half billion dollars,
industry are estimated to have been one and
11% more than in 1939.
The total tax bill on the
together with those collected on the sale of its products,
were approximately $14,000,000 more than
total wages paid to employees
plus total dividends to stockholders.
1939
Gross
income
115,291,936
Oper. & gen. exp. & taxes 84.381,279
Intangible develop, cost.
3,344,435
Depletion & depreciation 16,822,921
Operating income
1938
1937
112,928,532
83,882,570
3.536,719
15,023,534
111,899,260
80,770,712
3,513,937
16,596,753
118,722,782
78,194,548
23,195,050
2,840,738
14,492,446
Other income
10,743,302
1,877,777
10,485,709
617,581
11,017,858
480,471
1,514,866
Total income
Interest
12,621,079
1,030.761
11,103,290
1,269,976
11,498,329
1,180,502
1,268,704
24,709,916
596,042
11,590,318
8,898,104
9,833,314
8,898.104
9,049,122
8,898,096
24,113,874
12,234,882
2.692,214
935.210
151,026
4,449,052
$2.21
4,449.052
4,449.052
$2.32
$5.42
Net income
Dividends paid.
Surplus------Shares capital stock out¬
standing (no par)
Earned per share
Assets—
1940
S
Liabilities—
$
Total income
Accts. payablePurchase
oblig.
7,249,584
7,915,502
products
Mat'ls & suppl'8
7.218,589
due currently.
Accruals
20,556,830
2,902,428
17,611,116
3,217,064
2,686,492
3,563,230
3,251,863
3,513,800
Notes and accts.
Net income
Inv. in other
cos.
_
———
Note—-Company not subject to Federal
1446.;
' V.
$303,345
$490,995
88,753
excess
profits tax —-V.
152,
p.
•
Pittsburgh Plate Glass Co.—Annual Report—
Net
income in 1940 amounted to $13,793,937, equivalent to $6 30 a
on the capital stock, compared with
$10,766,412, or $4.94 a share
1939, the company's annual report to stockholders shows.
Clarence M. Brown, Chairman, told stockholders that "the current high
share
in
"More substantial effects of the National defense
spending will be felt
shortly," he continued, "and the stimulus of this program will be a sustain¬
ing influence to all business and industry for many months to come.
"It should be recognized, however, that preparedness activities carry the
danger of a dis-organization of regular channels of trade, particularly if
rigid priority rules are imposed on industry.
These might have the effect
of curtailing ordinary industrial production in favor of munitions manu¬
facture; for example, the automobile industry, one of this company's largest
customers, might find it necessary in the future to devote increasing atten¬
tion
to the manufacture of war materials at the expense of
reducing its
normal output of vehicles.
Nevertheless, indications point to a satis¬
factory volume of business for the company during 1941."
The average number of employees of the
company amounted to 17,100
during 1940 compared with 15,609 during 1939.
1939
$12,787,692
1938
1937
1,498,043
$4,903,884 $20,131,735
3,128,686
2,438,207
$14,285,734
2,519,323
$8,032,570 $22,569,942
1,543,663
3,793,959
tributed profits
1,007,201
4,759,549
1,856,696
1,182,518
488,014
a Capital assets.
173,186,916 174,933,218
Prepaid and de-
1,188,000
7,416,000
cellaneous investm'ts.
5,733,000
Conv. 3% debs. 25,000,000
Deferred credits
1,095,207
Res. for insur...
1,000,000
Res. for conting.
Res. for retire't
1,000,000
able securities and mis¬
1,188,000
notes(curr.)
500,000
Net inc. for the year..$13,793,937 c.$10,776.412
a$6,488,907a$l8,287,969
Surpl. at beginning of yr. 48,420,987
47,313,307
44,406,388
41,140,663
859,037
Def. purch. oblig
Serial
-
Prov. for pension & relief
6,753,209
Serial notes
rec. and contr.
advances
$370,602
63,837
3,420
$398,865
_.
income._______
Total fixed charges
7,997,050
Notes and accts.
rec. (less res.)
Crude & refined
3,377
_
Miscellaneous deductions from
Net income before Fed
S
11,210,837
18,598
and State inc. taxes.$20,135,412
Fed. and State inc. taxes
5,841,474
Federal sin-tax on undis¬
1939
$
13,805,072
$350,075
20,527
Other income.
—.
Comparative Consolidated Balance Sheet Dec. 31
Cash
$319,096
190,849
<7r221,828
Consolidated Income Account for Calendar Years
incurred.
1939
$428,687
257,894
Cr301,604
—
1940
$1,885,026
1,565,930
$472,397
Net revenue from railway operations
Railway tax accruals
Equipment and joint facility rents..
1940
b Net profit from opers_$18,333,291
Other income—net.
1,802,120
No(e—The amount of taxes
charged to expenses does not include any
provision for Federal excess profit tax as it is the
opinion of the company
that no liability for such tax for the
year 1940 has been
1940
1941
$2,057,395
1,628,708
Railway operating expenses.—
11,878,992
4,449,052
$2.61
Inventory adjustment—
14,683,858
level of general industrial activity shows promise of continuing at least for
the remainder of 1941.
Consolidated Income Account for Calendar Years
1940
16,573,074
Pittsburgh & Lake Erie RR.—Earnings—
•
company,
Total
Month Ended Jan. 31—
industry was about 12% of all taxes levied in the United States and more
than triple the net profits of the
industry.
Total 1940 taxes collected from
the
16,573,074 14,683,858
a Bailment
leases, inventories, incomplete construction contracts and
equipment received upon liquidation of Hunter Steel Co., at estimated
amount realizable (present indication, K or more realizable in 1941 and
remainder in 1942).
b After reserve of $78,029 in 1940 and $46,404 in
1939.
c After reserves for depreciation and depletion of $3,817,796 in 1940
and $3,403,099 in 1939. d Represented by 23,675 24,334 in 1939) no par
shares, e Represented by 621,455 (620,488 in 1939) no par shares, f 13,441
shares common stock,
g 1,077 shares of pref. at cost ($80,483) and 13,466
shares of common at cost ($35,354).—V. 152,, p. 874.
1,586,866
Net
25,000,000
adjust,
of
market-
•
249,092
35,502
184,792 Drl,093,830
Surplus before divs—_$61,965,832 $58,115,220 $51,080,088 $58,334,803
Dividends declared
10.909,174
8.672,611
3,766.781
13,928,415
1,517,502
1,000,000
Total
1,942,660
226,559,130
a
685
843,685
P.
in
in
103Q.
1939.
2,323,832
223,280,3191
Surplus at end of year .$51,059,658 $49,442,609
Earns, per sh. on cap.stk
$6.30
$4.94
305,123
132,686,674
132,686,674
41,081,214
38,389,001
Without deduction for maintenance of $68,614 in 1937 and $45,316 in
1938 and for depreciation of property not in operation of $7,556 in 1937
and $6,891 in 1938, these amounts
having been charged to the reserve for
contingencies,
b After deducting net losses and expenses in connection
with retirement of property,
c Without deduction of $71,742
for idle
annuities
Total
by 4,449,052
no
in 1940 and $177.-
par
shares.—V.
$47,313,307 $44,406,388
$3.01
$8.53
a
226,559,130 223,280,319
deP,®ti«n of $186,408,631
b Represented
1290.
831,699
Earned surplus.
ferred charges
469,644
b Com. stock...
^
plant
152,
expenses
charged to the
reserve
for contingencies.
Note—Depreciation and depletion in the amount of $4,840,642 in 1940
and $4,424,928 in 1939 and taxes in the amount of
$2,431,767 in 1940 and
/
Volume
1940
1940
1939
receivable
Investments
22
&c
credits
10,476,680
639,708
173,155
Res.
1,544,132
1,530,166
5,826
5,920
1,983,316
1,796,324
Pension & relief.
4,931,365
2,042,188
4,931,365
2,000,000
Other reserves..
110,887
retail stores..
Insur.
reserve..
Conting. res., &c
51,581,658
Surplus
After
x
reserve,
124.150,5501
49,967",609
129,642,713 124,150,550
Total
Includes acceptances payable.—V. 152, p. 1603.
y
Pittsburgh Screw & Bolt Corp.—Common Dividend—
Directors have declared
dividend of 15 cents per share on the common
a
stock, payable April 21 to holders oi record March 21.
Like amount was
paid on Dec. 20, Aug. 17 and April 20, 1940, this latter being the first
dividend paid since Dec. 21, 1937, when
20 cents per share was distributed.
—V. 151. p. 3099.
Plymouth (Mich.) Cooperage Corp.—Promoter Guilty—
Commission and the Department of Justice
reported March 8 that J. Kenneth Edlin of Chicago and Plymouth Co¬
operage Corp. of Plymouth, Mich., were found guilty of violating the fraud
provisions of the Securities Act of 1933 and the mail fraud and conspiracy
statutes in connection with the sale of stock of the defendant corporation
to numerous investors in Detroit.
Verdicts of guilty were returned by a
jury in the U. S. District Court for the Eastern District of Michigan,
Southern
Division.
■
charged that the defendants represented that the corpora¬
numerous large orders irom leading distilleries which
would result in substantial profits to the company.
However, according
to the indictment, the facts showed the corporation was not equipped to
manufacture barrels in sufficient quantities to fill such orders, and if they
were filled, it would be at a loss.—V.
148, p. 2283.
The indictment
received
had
22,508
Deferred charges
14 ,109,593
6 .418.166
14,704,801
dividend of 30 cents per share on the common
a
March 20.
This compares
of 25 cents paid on Dec. 23,
In addition
paid on Dec. 21, 1939 and on June 30, 1939.
stock, payable March 31 to holders of record
with a stock dividend of 2% and cash dividend
last and cash dividends of 35 cents paid in preceding quarters.
stock dividends of
—V.
152,
2%
842.
p.
were
*
Co.—To Pay ZTf^-Cent Div.—
Pond Creek Pocahontas
Directors have declared
a
dividend of 37 M cents per share on the common
1 to holders of record March 20.
This compares with
87^ cents paid on Oct. 1, last; 25 cents paid on July 1 and April 1, 1940;
$1 on Dec. 28, 1939, and 25 cents paid on Oct. 2, 1939, this latter being
the first dividend paid on the common shares since Oct. 1, 1937, when 50
stock payable April
cents per share was
Accts.
distributed.—V. 152, p. 1446.
787,096
4,637,409
335,061
3,004,100
383.505
26,351,637
617,548
2,000,000
4,738,124
111,897
93,211
Reserves
667,668
24,589,501
584,480
8,974,313
8,442,243
621,435
Misc. curr. liab-
4 ,813,046
85,880
Deposits
90,074
,351,123
Prepaid accounts
Mat'ls & supplies
Contributions
..
Earned surplus.
2,178,391
212,275,735 208,217,642
Total
212,275,735 208,217,642
After
1,419,152
755,147
taxes.„
Accrued
4 ,032,979
gations
Total
36.000,000
111,897
Cust's' deposits.
Accts. receiv'le
a
85,880
1,669,305
36,000,000
cos.
payable..
Accrued interest
5,143,833
b Represented by 670,000 no par shares,
152, p. 1604.
reserve,
J
Publishing Co.—Merged—Standard & Poor's Corp.—V. 152*. p. 436.
See
$ Postal Telegraph, Inc.—Earnings—
$1,894,001
Oklahoma—Pref. Stock Offered—
Public Service Co. of
Price and
stock originally were announced on
other details of the new
6, when $16,000,000 of first mortgage,
series A, 3H% bonds were
also offered.
Heading the underwriting group offering the stock are Glore, Forgan
& Co
and Bon bright & Co., Inc.
Other principal members of the group
are: Harriman Ripley & Co., Inc.; Harris, Hall & Co.
(Tnc.); The First
Boston Corp., A. G. Becker & Co., Inc., Tucker, Anthony & Co., and
Lee Higginson Corp.
[Other members of the investment group making
the offering were listed in V. 152, p. 1603.]
Company produces and distributes electric energy and other utilities
in eastern Oklahoma, and through its subsidiary, the Southern Light &
Power Co., produces and distributes electric energy and other utilities in
the southwestern part of the State.
Net income of the parent company, after taxes and other deductions,
for the last four calendar years was as follows; 1940, $1,951,011; 1939,
$1,856,327; 1938, $1,597,040; 1937,
Order Permitting
$1,377,407.
See also V. 152, p. 1603.
Declaration to Become Effective—
Commission on March 5 issued an orde
permitting to become effective a declaration filed pursuant to the Public
Utility Holding Company Act of 1935, regarding the company's proposal
to issue and sell (a) $16,000,000 first mortgage bonds, series A, 3%. due
Feb. 1, 1971, and <b) 83,500 shares of 5% preferred stock, cumulative,
(par $100) and to apply the proceeds from the sale of said securities, together
of the company, to the redemption of $16,000,000 out¬
with other moneys
standing first mortgage bonds, series A, 4%, due Feb. 1, 1966, $3,213,100
of outstanding 7% prior lien stock and $5,136,900 of outstanding 6% prior
lien stock of the company.
See also 152, p. 1613.
Stock and Bonds Called—
prior lien stock
redemption on April 12 at
All of the outstanding 6%
called
been
for
and 7% prior lien stock have
$110 and accrued dividends.
Payment will be made at the company's offices. 600, South Main St.,
Tulsa, Okla. or at the City National Bank & Trust Co. of Chicago,
Chicago, 111.
_
,
All of the outstanding first mortgage bonds, series A 4% due Feb. 1,
1966 have been called for redemption on April 12 at 104 and accrued in¬
terest.
Payment will be made at the First National Bank of Chicago,
Chicago, 111.—V. 152. p. 1603.
loss67,427
159,859
$188,806
$227,286
Pullman
$1,719,433
22,093
200,697
10,202
revenues
Income (or loss) before deprec. &
Provision for
1940
1941
Month of January—
Total
int. charges
depreciation
Interest charges
.
Co.—Earnings—
(Revenues and Expenses of Car
Period End. Dec. 31—
Sleeping
Total
Net loss....
car
...
1939
1938
$3,528,204* $2,129,012
761,063
516,34611
164,349
.392,212
331,661 I<* 59,679
$1.46 lfl; l$1-23
"*** $0.48
__
Operating profit.
—
Net profit
Earnings per share
Ik x Before taxes and
depreciation.!
$693,238
$186,022
$6,020,322
$5,629,088
$206,097
150,087
$187,162
150,644
$2,133,517
1,701,154
$2,101,361
Total expenses
Net revenue
$56,010
$36,518
$432,363
$387,902
$749,248
427,351
$222,540
Cr32,137
$6,452,685
4,186,831
$6,016,990
3,840,671
$321,897
$254,677
$2,265,854
$2,176,319
dividends,
$946,872; total, $2,673,069.—V. 152,
Providence Gas Co.—To Pay
15-Cent Dividend—
share on the common
Directors have declared a dividend of 15 cents per
stock,
cents
in
payable April 1 to holders of record March 15.
Dividends of 25
was paid on Dec. 27, last and of 15 cents per share were distributed
preceding quarters.—V. 151, p. 3899.
Public Service
Calenaar
Co. of Northern Illinois—Earnings-—
1940
Years—
1938
1939
xl937
$43 ,788,622 $40,639,017 $39,647,561 $41,679,099
19,464,015
20,365,338
21 ,581,915 20,230,408
Operating revenues.
Operation
2 ,095,589
State, local and
Federal taxes
2,144,691
2,246,901
2,314,506
3,846,655
1,694,600
Maintenance
3,725,497
1,048,900
3,368,899
880,000
3,616,515
910,200
miscell.
Federal income tax
Federal surtax on undis¬
tributed income
Prov.
deprec'n and
intangibles.
for
Net oper.
income
Other income
Gross income
Interest
on
funded debt.
Int. on notes
Amort, of debt
Divs.
on
$9,249,521
249,503
$10,216,551
2,811,400
$9,499,024
2,811,400
1,800,000
7,400
4,240,000
$9,447,746 $10,018,740
354,444
.545,442
$9,802,190 $10,564,182
4,572,622
5,288,930
1,800,000
1,097,489
71,327
56,349
7%
Shs. of
com.
123,667
20,230
573,708
030,527
Cr 29,719
445,728
Cr20,001
442,379
Crl5,021
$4,287,286
$3,635,025
cum.
production of the company after
4,522,500
670,000
3,015,000
2,000,058
670,000
670,000
$5.42
Earnings per share.
$7.54_
Includes Waukegan Generating Co., a
1938.
$6.40
504,343
2,521,172
666,677
$5.53
wholly-owned subsidiary liqui¬
/■
deducting royalties
of 1,431,000 barrels over the previous
and developments, the company finds itself
than at the beginning of the year, notwith¬
standing this draft upon reserves.
Among the new developments is the
Cumberland field, located in southern Oklahoma about 14 miles from the
Texas border and 32 miles east of Ardmore.
This field is about the center
of a 22,000-acre block of leases which is owned almost entirely by the
company, so that it may be developed as a unit with the corresponding
savings and the elimination of unnecessary drilling and the increased ulti¬
mate recovery.
Nineteen wells have been completed upon it to date, all
23,674,000 barrels, an increase
productive.
production and development
of which are
The
^
.
in the Michigan and Illinois fields have
The development of the company's Illinois
the company's own necessities and the general
conditions, and it has not been necessary for it to resort to un¬
practices on account of offset drilling because of neighboring
been eminently satisfactory.
fields has been determined by
economic
economic
producers.
In 1940 the
The
This
but it is made in spite of
in a number of East¬
company's sales of gasoline were 681,500,000 gallons.
659,000,000 gallons, an increase of 5% over 1939.
retail sales were
is slightly less than the average for the industry,
the fact that the company withdrew from marketing
ern
States.
The operation of the pipe lines showed no material changes
previous year.
Consolidated Income Account for Calendar Years
1940
1938
1939
from the
1937
Costs & oper. expenses..
73,379.455
94,286,586 104,741,634 119,097,644
73,907,568
87,650,337
95.972,835
Operating income
Non-oper. profits (net).
22,295,761
1,984,936
20,379,018
2,053,420
17,091,297
1,549,818
23,124,809
2,180,328
24,280,697
a3,788,191
22,432,438
3,372,016
18,641,115
3,692.727
10,789",592
9,709",911
8,924",780
556,778
428,079
484,602
575,491
610,705
25,305,137
b.3,818,681
1,082,956
8,411,028
588,667
8,718,057
3,899,984
995,242
8,290,418
3,885,519
995,237
5,412.903
3,882,939
11,403,805
2.700,705
995,104
3,822,831
3,982,031
3.409,662
3.982,031
$1.11
1,529,964
3,982,031
$0.38
7,707,996
3,982,031
$2.15
Gross earnings
Total income
Taxes
&c._.
Deplet'n, deprec'n, &c_.
Minority interests
Other deductions
income
Preferred
dividends
Common dividends
dated in January,
Co.—Annual Report—
year.
Due to new discoveries
with materially larger reserves
Net
683,115
pref.
stock.
stk. outst'g
Pure Oil
The net crude oil
was
95,675,216
$4,703,997
573,708
6% cum. pref.
on common
Operating income
152, p. 275.
1,713.458
—V.
Interest on notes,
stock..
Divs.
...
4,240,000
$5,054,570
constr'n.
income
on
$9,829,863
386,688
4,240,000
discount
and expense.
Int. charged to
Net
4,740,000
payable to
affiliated companies..
Other interest charges__
Divs.
213,800
—
amort, of
Total revenues
Taxes accrued
$53,492; reserve for Federal taxes, $259,751; reserve for unclaimed
$385; common stock ($1 par), $268,570; paid-in or capital
taxes,
$4,496,621 $57,962,078 $58,523,674
4,310,599 51,941,757 52,894,586
Auxiliary operations:
Total net revenue
Balance Sheet Dec. 31, 1810
Assets—Cash, $376,218; marketable securities, $34,451; secured notes,
$12,340; accounts receivable, $371,456; land contract receivable, $21,382;
inventories;
(a) Raw materials, $154,471; (b) products, finished and in
process, $255,819; (c) supplies, $27,835; prepaid insurance,
&c., $8,147;
real estate (held for sale), $40,424; land and buildings, $515,788; machinery
and equipment
(less reserve for depreciation of $829,193), $771,299;
organization, $56,170; patent rights, $1; patent development, $27,268;
total, $2,673,069.
Liabilities—Accounts
payable, $222,432; accrued wages, insurance,
surplus, $921,567; earned surplus,
p. 436.
4,338,421
Inc.—Earnings-
1940
$4,306,426
Years Ended Dec. Zl—
Sales.
x
„
_
$5,031,659
revenues
Total expenses
Net revenue
Pressed Metals of America,
and Auxiliary Operations)
1940—12 Mos.—-1939
1940—Month—1939
operations:
V
—V. 152, p. 1446.
For ma¬
Consequent to the expiration on March 11 of the offer to the
company to exchange new 5% ($100 par") cum. pref. stock
for outstanding 6% and 7% prior lien stock, offering was
made March 14 by a Nation-wide investment group of
58,691 shares, the unexchanged portion of a total of 83,500
shares to be issued, of the new 5% stock at 105.
.
Poor's
c
tured debt and interest.—V.
The Securities and Exchange
Plymouth Oil Co.—30-Cent Dividend—
Directors have declared
affiliated
Mat'd dt. & int.
Cash
a
52,000,000
80,228,000
Notes payable to
deposit
on
March
The Securities and Exchange
tion
33,424
c
for malnt.,
repairs, &c...
129,642.712
with trustee..
Cash
909,113
174,710
Min. int. in sub.
Total
4,703,191
on
credits
Deferred
52,000,000
Funded debt... 80,228,000
174,521,686
Investments..
$
$
Liabilities—
b Common stock
2 ,073,135
a
1939
1940
$
Plant, property,
rights,
fran¬
chises, &c
178 ,268,315
U.S. Govt, obli¬
instal. sales..
1,090,529
12,286,694
5,279,030
net
6,486
1,095,934
8,686,261
wages,
8,242,061
9,742,705
204,600
54,430,600
2,992,189
121,113
Collect. & other
742,381
..
Patents
Deferred charges
Cash
Notes payable
13,994,865
_
3,051,028
Accrued salaries,
8,609,286
13,868,363
sec.
Oth. receivables.
.
payable.
Capital stock.54,701,000
Accts.
y
9,689,079
Govt. <fcoth.
$
$
Liabilities—
$
60,603,223
20,385,039
Property accts. 61,419,995
Inventories
21,539,920
Notes and accts.
x
31
1939
$
Assets—
Consolidated Balance Sheet Dec. 31
1940
Sheet Dec.
Balance
$2,187,068 in 1939 (which taxes are in addition to Federal and State income
taxes shown above), have been charged against net income for the year.
1939
1765
Chronicle
The Commercial & Financial
152
Surplus
Shs.
com.
stk. (no par).
Earnings per share
$1.21
Vlncludes|$19"346 excess)profitsftax,|t b
surtax.
IncludesT$4,269 for Federal
The Commercial & Financial Chronicle
1766
Consolidated Balance Sheet Dec. 31
1940
$
Preferred shock,
Property acct. 115,237,430 112,484,522
Patents,
trade¬
marks, Ac_
19,607,936
19,425,001
•
_
Cash
9.050,291
purch.
obligation
7,859,012
oils, Ac...... 13,452.029
Mat'ls A supplies 3,322,764
Investments,
72,543,100
72,543,100
39,820,310
Deferred
8,915,476
8,758,299
13.404,821
3.612,400
______
$
Common stock 39,820,310
c
_
Purchase
b Notes A accts.
receivable
1939
5
Liabilities—
3,478,680
402,935
Accts. payable..
Other accr. llab.
638,063
0,959.009
7,831,386
2,012,289
Dividends pay..
Crude A refined
2,301,852
obllg.
(current)
977.066
2,036,084
971,798
2,783,740
28,207,088
22,574,375
2,408,454
Minority lnt's—
12,026,293 Paid-in surplus. 28,207,088
839,862 Earned surplus, 26,397,206
advances, Ac. 14,205,235
Deferred charges
1,043,936
d
Pref.
stock
in
Dr328,032
treasury
Total
184,738,520 178,567,387
Total .......184,738,520 178.567,387
After reserves of $98,960,888 in 1940 and $96,434,521 in 1939.
b After
reserve for doubtful receivables.
c Represented by 3,982,031 no par shares.
d 3,475 shares 6% cum. pref. stock at cost.—V. 151, p. 2953.
a
Radiomarine Corp. of
Month
America—Earnings—
1941
Total operating revenues
Total operating
—
_____
1940
$71,052
of January—
$77,930
61,310
65,726
deductions.
Net operating revenues..
Ordinary income (non-cummunication)
...
Gross ordinary income..
Deductions from ordinary income
$5,326
11,378
Net ordinary income
Extraord i nary income (charges)
; „:
Deductions from net income.......
$24,434
$16,392
4,397
$24,275
2,000
4,022
$11,995
......
$16,620
$16,704
312
.....
$18,253
U
7,814
159
•
Net income transferred to earned surplus
—V. 152, p. 1140.
Raybestos-Manhattan, Inc. (& Subs.)—EarningsConsolidated Income Account for Calendar Years
Net sales
Disct. and allowances..
Cost of sales..........
Sell., adm. &
gen. exp..
a 1940
1939
1938
1937
$25,434,007 $22,335,462 $16,253,144 $24,757,095
770,403
654.693
471,960
669,095
17,909,567
15,203,620
11,811.701
~
17,281.835
3,440,655
4,257,347
4,037,492
4,111,350
$2,496,690
224.648
$2,439,657
$2,637,604
_.i
$2,721,338
137,912
Distrlb. to employees., f
Fed. & State inc. taxes..
$528,828
200,307
$2,694,814
606,115
$729,135
329,801
b886.500
426,193
77,621
$2,946,286
/262.517
1180,366
c578,523
$1,696,926
942.905
$1,605,296
947,254
$321,713
585,325
$1,924,880
1,111.628
$658,042 def$263,612
$813,251
Other income
197,946
offering of
series ($25 par) was
made March 14 by a syndicate headed by Blyth & Co.,
Inc., and including Greenwood-Raggio & Co.; Elworthy &
Co.; Mitchum, Tully & Co.; Schwabacher & Co.; Brush,
Slocumb & Co.; Jackson & Curtis; William R. Staats Co.;
and O 'Melveny-Wagenseller & Durst.
The offering price
is $25 per share. '
OS./'
$1,500,000 Debentures Sold Privately—Company announces
the private sale of $1,.500,000 15-year sinking fund 3Yi%
251,471
80,000 shares of cum. pref. stock, 5%
debentures, series A, at 101% and int. to Prudential Insur¬
Co. of America.
Debentures are dated March 1, 1941,
ance
and mature March 1, 1956.
Other
deductions
Dividends
Surplus......
Shs.
$7.54,021
...
cap.stk.out,(no par)
628,100
631.200
632,000
$2.70
$2.54
$0.51
Includes
a
privately an issue of $2,900,000
A, due 1961.
Proceeds will be
used to redeem outstanding 5s of 1950 called for payment
April 1 at 102% and int.
The Manufacturers Truste^o.,
New York, has been appointed trustee of the new issue.—
V.
$3.03
per
domestic subsidiaries
and $230,000 excess
profits tax.
only,
b Includes Federal defense tax
Includes $150,000 for surtax on undis¬
c
tributed profits.
Note—^Depreciation amounting to $911,821 in 1940, $711,680 in
$754,130 in 1938 and $725,348 in 1937 included in above figures.
1939
1939
$
2,294,5?6
2,190,896
Accounts payable.
351,709
526,020
acceptances rec. 2,800,542
Other current ac¬
2,681,479
1939
Accrued salaries A
Cash
...
Liabilities—
counts receivable
20,452
76,489
5,694,480
4,818,622
Investments
notes
accts.
b
999,978
311,256
994,815
8,395.831
7,641,810
Dr921,092
7,479,724
122,377
marks A g'dwlll.
Total.. .......19,821,318
a
18,554,391
Total...
-.19,821,318
18,554,391
b After depreciation of $10,c Represented by 676,012 no
by 47,912 shares (44,812 in 1939).—V. 152,
Borrow
Net railway operating income
Other income
1940
1941
$273,670
281,314
...—
$27,712
23,039
Cr933
def$26,546
...
__________
$281,276
253,564
def$7,644
19,445
CV543
Railway operating revenues
Railway operating expenses
operating
_
$5,606
4,486
4,578
....
Operating income..
Ordinary income (non-communication)______
$164,842
1,134
$299,553
$165,976
4,832
Directors have declared a dividepo of $1 per share on the
payable April 1 to holders of record March 21.
Dividend
on Aug. 1 and April 1,
1940; $1.50 on Dec. 15, 1939, and
per share were paid on Sept. 1, June 1, 1939 and Dec. 23
1938.—V. 151, p. 3408.
840
per share_____
1940—3 Mos.—1939
$179,989
$0.70
$249,196
$0.99
charges including taxes,
and
$170,808
$160,487
32,100
$128,387
10,321
241,700 shares in
Rensselaer & Saratoga
$1.28
b On 242.049 shares of
1939/—V. 152, p. 1604.
profits tax.—V. 152, p.
$1.54
Ryan Aeronautical Co. (& Sub.)—Earnings—
1940
bonds
The new issue will be guaranteed by the Delaware
RR., to which the Rensselaer line is leased.—V. 148, p. 1181.
Inc.—6-Cent
Dividend—
Directors have declared a dividend of six cents
per share on the common
stock, payable April 1 to holders of record March 18.
Previously regular
quarterly dividends of 10 cents per share were distributed.—V. 152, p. 1140.
Reynolds Metals Co. (& Subs.)—Earnings—
Calendar Years—
1940
—
bJNet profit.__
c
Earnings per share.
____
revenue;?
1939
_
$845,856
736,540
$709,500
$109,317
339.947
______
______
Net operating profit-__.__Other income.
—
___________
105,953
$1,049,447
487,122
(net)..
$215,269
116.053
$562,325
$99,216
14,852
$577,177
Federal income taxes.
RR.—To Issue Bonds—
Fund,
Operating
...
Includes
excess
profits tax.
b
14,524
$113,741)
a218,834
...
Net income for period.
...
Earns, per sh. on 375,000 shs. capital stock
a
1939
$3,041.388
2,331,888
Net income
MaXi- 1941.
Investors
common stock,
of $1 was paid
dividends of $1
and on June 1,
common
will be used to pay off $2,000,000 of first
mortgage gold 6%
Republic
excess
Years Ended Dec. 31-—
Gross sales, less returns and allowances.
Cost of goods sold.
Expenses.
1940—9 Mos —1939
$340,115
$405,189
Company has applied to the Interstate Commerce Commission for author¬
ity to issue $2,000,000 of first mortgage 4% bonds.
The proceeds of the
& Hudson
Notes—Company not subject to Federal
Gross profit.
•f
issue
33,668
$23,927
outstanding bonds but unpaid.
$296,844
2,709
Corp.—Earnings—
Period Ended Dec. 31—
a'Net income
1940
on
Gross profit from trading and manufacturing.
Reliance Steel
in
$55,876
______
Includes interest accrued
$10,092
351
1450.
1940
116,300
Net income.___;
-V. 152, p. 1140.
stock
39l
33.517
$629,967
465,125
$146,857
Deductions
all
$21,968
___
1941
$778,509
481,665
$263,157
ordinary income
After
x
$298,713
35,566
Deductions from ordinary income.
Earnings
—
_
Safety Car Heating & Lighting Co.—$1 Dividend—
revenues..
Other communication income.__
Net
___
Total fixed charges
Net deficit
Communications, Inc.—Earnings—
Month of January—
Net
Total income.
Miscellaneous deductions from income.
x
Total operating revenues
Total operating deductions
'
to
RR.—Earnings—
Month Ended Jan. 31—
included,
$10,111,578 in 1939.
R. C. A.
.
Corp.—-Authorized
Only domestic subsidiaries
387,993 in 1940 and
par shares,
d Represented
P.1293.
a
Steel
&
Net revenue from railway operations
Railway tax accruals.
Equipment and joint facility rents
92,249,
trade¬
names,
Iron
110
Ill
The preferred stockholders at a special meeting March 11 authorized the
corporation to borrow not in excess of $800,000 to finance the installation
of additional plant facilities included in an emergency plant facilities con¬
tract now under negotiation with the U. S. Navy Department.
J. A. W. Iglehart, Baltimore, has been elected a director to succeed
S. E. Bramer retired.—V. 152, p. 1450.
Rutland
9,721,800
d Treasury stock.. Dr973,576
7,225,987
.
______
$800,000—-New Director■—
300,000
Capital stock... 9,721,800
.....
1941—2 Mos.—1940
$811,937
$667,094
1941—Month—1940
$430,168
$359,656
Stores in operation
—V. 152, p. 1141.
498,775
189,096
300,000
347,847 Surplus
Land, buildings,
mach'y A equip.
Deferred charges..
Tr.
207,172
Cent Stores—Sales—
Period End. Feb. 28—
Sales.
con-
tingencles---...
c
receivable
for
S
ln-
come taxes.___■.
Reserve
341,0631
and
for
.
916,829
284,885
227,709
wages.
Mdse. Inventories.
Sundry
$
869,854
Accrued taxes
j Provision
1604.
p.
Rustless
al940
|
S
Marketable secure.
Notes, accts. A tr.
152,
Rose's 5, 10 & 25
Consolidated Balance Sheet Dec. 31
al940
v
Assets—
Valley Gas Co.—Bond Issue Placed Privately
-—The company has placed
1st mtge. 4% bonds, series
634,000
share.....
Earnings
; S;/
JS'•
preferred shares carry conversion rights entitling the holder to con¬
preferred stock into common stock at the rate of
shares of
common for each share of preferred prior to March 1, 1943; 1H shares of
common for each share of preferred prior to March 1, 1944; 1 % shares of
common for each share of preferred prior to March 1, 1945; and 1)4 shares
of common for each share of preferred pror to March 1, 1946.
According to the offering prospectus, net profits applicable to the dividend
requirements of this issue were $511,591 in 1940; $859,108 in 1939 (in¬
cluding $343,342 on sale of one-half interest in properties in Australia)
and $236,394 in 1938.
For the first 2 months of 1941 sales are stated to be
25% above same months of 1940.
Upon completion of this financing, an¬
nual interest requirements of the funded debt to be outstanding will be
$52,500 and the dividend requirements of this issue of preferred stock
$100,000.
The purpose of the preferred stock financing, together with the sale of
$1,500,000, 15-year sinking fund 334% debentures is to provide funds for
the retirement of the 2 series of 5% debentures outstanding, to discharge
short-term bank loans and notes, and to provide additional working capital
of approximately $809,000 for use in the expansion of the company's business.
After this financing, tne company will have outstanding $1,500,000 of
334 % debentures, 80,000 shares of 5% cumulative preferred stock and 314,674 shares of common stock.
Company is engaged principally in the manufacture and a sale of prod¬
ucts made from sheet steel, such as pails, barrels, drums and tanks, house¬
hold water heaters and furnances, and currently in various military supplies
made from sheet steel. The prospectus shows a growth in the net sales
volume of the company from a low of $1,560,000 in 1932 to $10,351,000
in 1940.
Products are sold generally throughout the U. S. principally to
the oil, chemical, alcohol, household products and building industries, the
list of customers including many of the largest companies in these fields
Plants are located in Richmond, Stockton and South Gate, California;
Houston, Texas; Newark, N. J.; Chicago, 111.; Sparrows Point, Md.; and
New Orleans, La.—V. 152, p. 1604.
The
vert this
Rio Grande
Total income
15, 1941
Mfg. Co—Pref. Stock Offered—Public
Rheem
1940
1939
$
Assets—
March
23,011
$358 344
b$0 82
$90,729
c$0 24
On 439,193 shares of $1 par capital
stock,
c On 375,000 shares of $1 par capital stock.
In the first quarter of 1940 64,193 shares of stock were
issued and sold,
netting the company $300,102 additional capital and increasing the out¬
standing shares to 439,193.
The volume of business done during 1940 and the net profit earned were
the largest in company's history and reflect the increase in its scale of opera¬
tions.
A
comparative classified statement of the net sales and operating revenue
1940 and 1939 is presented below:
1940
1939
Sales to United States Government
$363,735
$124,538
Sales—Export
1,455,465
1,060
Sales—Domestic
1,222,187
720,258
Earned tuitions of the Ryan School of Aeronautics
and other revenue
823.187
221,188
of the company lor the years
1933
-$29,157,971 $20,495,787 $15,033,267
2,428,277
1,526,891
571,115
$2.10
$1.23
$0.29
a After
deducting returns, allowances, cash discounts, &c.
b After
charges, including Federal income and excess profits taxes,
c On
1,023,662 shares of common stock, no par).—V. 152, p. 1294
all
Total
$3,864,575
$1,067,044
Volume
Sierra Pacific Power Co.-
Consolidated Balance Sheet Dec. 31
Assets—
at
trade.
Cust .'s deposits....
225,297
253,329
53,615
......
Accts. pay.,
2,307
cost—
Accts. rec., trade.
Tuition
contracts
$15,000
68,297
197,585
$201,723
331,853
(current)
securs.
Fed. & State taxes
1,006,976
1,675
392,918
Sals. & wages pay.
75,557
600
Accrued expenses.
140,737
1,033,823
1,663
Intangibles (net)..
Deferred charges..
24,918
459,316
Inventories
Investments
Fixed assets (net).
Mortgages
57,168
Purchase
Operation
Maintenance
20 905
10,957
16,057
$80,271
$80,732
$978,525
76
158
3,378
$1,005,401
3,739
$80,347
13,846
$80,891
11,710
$981,903
143,872
$1,009,141
94,855
$66,501
$69,181
6,347
9.624
$838,031
112,202
$914,275
115,758
Crl03
703
806
545
8,762
9.675
11,090
9.066
$59,554
Federal income taxes.
Utility
$58,205
$705,976
210,000
452,838
$779,775
210,000
339,628
18,451
,
—
inc. before
oper.
retirement
res. accr.
Other income (net).
contract
Gross income-
x
3,800
payable
Retirement
—
accruals
res.
57,308
Cap. stk. (par $1).
118,950
439,193
375,000
Paid-in
surplus
513,439
277,529
Earned surplus
472,189
113,845
Unearned tuitions.
Gross income
Int.
long-term debt—
Amort, of debt discount
y
on
and expense.
$2,883,983 $1,200,159
Total
Total .........$2,583,983 $1,200,159
Net income
Sangamo Electric
Directors have declared
dividend of 35 cents per share on
a
the common
stock, payable April 1 to holders of record March 17.
This compares
with $1 paid on Dec. 26 last; 37cents paid on Oct. 1 last; 25 cents paid on
July 1 and April 1, 1940; 75 cents on Dec. 22, 1939; 50 cents on Oct. 1,
1939, and 25 cents paid
on
A
Other income charges
Federal taxes only.—V. 151, p. 2512.
a
1941—12 Mos.—1940
$2,272,953
$2,115,625
790,921
684,232
114,624
107,218
150,818
133,557
238,065
185,217
14,093
Note payable
34,621
revenues
Other taxes
44,192
27,755
3,329
20,318
a218,834
payable
143,286
receivable...
Operating
Earnings—
1941—Month —1940
$184,289
$198,681
68,595
72,697
7,947
6,357
Period End. Jan. 31—
Notes payable
527,933
$118,312
Marketable
1939
1940
Liabilities—
1939
1940
Cash
1767
& Financial Chronicle
The Commercial
152
Preferred stock, dividends
Common stock dividends..-
1604.
accruals,
reserve
calendar Years—
Gross
Schiff Co.-—Sales—
1941 were $720,45o as compared with the
same period last year of $673,468.
This was a gain of 6.98%.
Sales for the two-month period this year were $1,533,589 as compared
of Feb.,
Sales for the month
with last year
This was a gain of 2.45%.—V. 152, p.
of $1,496,869.
1939
1938
$422,038
36,832
$408,535
37,173
$390,143
42,504
$458,869
100,369
$445,709
66,793
$432,647
63,670
$358,500
Other income—net-
$378,916
^
_
Net income before income tax
Provision for Federal income tax
480.000
480,000
$1.26
$1.23
Net income
Dividends paid
Earnings per common share
Assets—Cash
on
hand and in banks, $481,007;
U. S. Government securi¬
accrued int.), at cost (market value $1,615,479), $1,469,044;
accounts receivable (less reserve of $9,104), $138,342; inven¬
tories, $1,660,634; other assets, $6,974; property, plant and equipment
(less reserve for depreciation of $373,438), $381,748; deferred charges,
$32,184: total, $4,169,932.
Liabilities—Accounts
payable, $3,137; accrued taxes and expenses,
$46,777; provision for Federal income tax, $100,369; reserve for contin¬
gencies, including "windfall" tax, $80,000; capital stock (par $10), $3,000,000; earned surplus, $939,649; total, $4,169,932.—V. 152, p. 844.
(incl.
Seiberling Rubber Co.—New Director—
J.
has
Cochrun
L.
been
elected a director of this company,
recording to J. P. Seiberling, President.
Colonel Cochrun, who is VicePresident in charge of sales, fills a vacancy created by the retirement of
Robert Guenther.
The latter, Mr. Seiberling stated, will continue as the
company's general^counsel.—V. 152, p.
i
689.
Ry.—$1.25 Dividend—
Directors have declared a
Provision for depletion
b
undeveloped oil and
Cr200,000
Adjustment
Net income-—
............
Preferred dividends
...
—--
stock..
1940
$
....
590,694
588,496
582,063
895,145
772,641
738,039
$3,313,353
687,631
867,918
52,763
51,284
47,084
75,072
"6',O5O
.
Sell., gen. & adm. exp._
Taxes, other than prop¬
erty and income
Provision for service con¬
Accrued expenses.
Deferred notes and
563,451
2,564,423
3,123,696
426,753
2,412,126
3,968,430
receivable
accts
Cash
Receivables
11,906
16,636
5,640,251
4,776,487
457,415
515,369
Employees' accts.
~6". 565
"6,666
12,000
$281,148 loss$ 130,560
$1,658,231
126,511
102,262
69,210
65.778
$1,865,246
$350,358
loss$64,781
28,424
41,361
30,543
Totai other income
$1,784,742
54,211
—
Amort, of bond discount
and expense.
Other interest.
2,788
6,932
....
_
Prolit from opera'n___
63,980,642 62,048,610
Prov.
$1,836,822
$308,997
440,000
$1,720,810
loss$95,324
53,500
_
285.000
for excess profits
tax..
Prov. for
Federal surtax
Netprofit..
.....
dividends
Common dividends
Earns, per com.
90,000
.
Preferred
$255,497
298,600
$1,336,822
298,600
$1,345,810
249,288
461,961
loss$95,324
298,600
98,083.
Nil
Nil
$2.64
share
Note—The foregoing statement does not
$2.79
include the Increase of $138,791
equity of this company in its partly-owned
Comparative Balance Sheet Dec. 31
(1939, $132,324) in the
1940
$
Assets—
Cash
3,149,214
.
1,626,691
2,368,371
3,893,775
24,450
2,647,763
4,962.649
Deferred charges..
26,230
Investments
and
advances—
3,550,369
.
6,676,969
Due on ore contr..
197,673
249,418
274,145
400,000
3,670,591
6,989,687
470
283
Accr'd gen. taxes.
150,331
529,734
148,709
75,485
payable.
74,650
74,650
llabil.
94,708
41,217
Dividend
Other
aecr.
-
2,000,000
Inc.—25-Cent
...21,013,193 18,573,566
332,000
5,972,000
3,974,530
4,923,522
1,546,152
4,923,522
Total
671,455
21,013,193 18,573,566
b Represented by
depreciation (1940, $11,340,773).
c Represented by 392,331 no par
shares.
25-Cent Dividend—
declared a dividend of 25 cents per share on
payable March 28 to holders of record March 18.
Like
Directors have
paid on Dec. 23, last, and last previous payment
made on Dec. 21. 1937.—V. 152, p. 689.
was the
the common
amount was
30-cent distribution
Socony-Vacuum Oil Co., Inc.—Exchanges
Petro'eum Co. Notes—
See Colombian Petroleum Co.—V. 152, p. 996.
Co.—Stockholders Approve
Petition Dismissed—
28 last approved the proposed amendments to
incorporation (as outlined in V. 151, p. 3901).
petition filed against the company in the U. S. Court
for the Northern District of New Jersey was dismissed on March 10—
V. 152, p. 131.
The stockholders on Jan.
the certificate of
The bankruptcy
Southern California Edison Co., Ltd.—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
$5,710,680 $5,493,424 $21,514,200 $21,080,341
5,909,472
5,889,062 23,838,436 23,72.),721
Miscellaneous revenue..
303,033
263,276
1,041,211
979,921
Electric lighting revenue
Electric power revenue._
Production
revenue..$11,923,186 $11,645,762
1,031,185
933,586
238,459
196,767
837,792
949,719
expense
Transmission expense—
Distribution expense—
742,155
Commercial expense
548,429
1,454,239
tax—Crl,666,013
in lieu of inc. tax.
2,501,312
for depreciation__
1,967,326
Admin. & gen. expense..
Taxes...
Prov. for Fed. inc.
Prov.
Notes for
o
288,643
292,098
$4,522,047
825,326
$4,495,774 $18,111,429
418,557
a863,166
$19,008,114
$5,437,373
2,181,814
$4,914,331 $18,974,596
1,840,404
6,794,824
$19,468,703
6,766,787
dividends. $3,165,559
1,294,654
$3,073,926 $12,179,772
1,318,878
5,063,754
2,465,202
5,568,654
$12,701,916
5,088,003
6,045,878
earnings
Int. & amort, of debt
Balance for
$46,393,847 545,785,984
2,699,383
2,418,369
£5^,780
§t
2,809,610
2,731,339
2,749,797
2,189,784
2,319,616
6,043,594
5,936,065
504,986
2,000,891
2,501,312
-----7,654,985
7,o54,687
72,310
0326,000
Net oper. revenue
Preferred
1,921,551
72,255
Non-oper. revenue (net)
Net
741,353
683,662
1,539,041
550,000
0438,000
disc
dividends
1,987,852
dividends
550,000
377,000
pref. stock 5,972,000
Common stock.„ 3,974,530
Capital surplus
Typewriters,
Gas & Water
Southeastern
Plan—Bankruptcy
Common
payable (non-
Earned surplus—-
Colombian
63,980,642 62,048,51
Total
844.
227,392
Accrued payrolls-.
Accrued Interest..
c
stock,
stock.
63
395,316
1,592,237
13,055,246 13,164,659
13,261,345 12,417,250
Dr408,000 Drl98,000
7,710
470,031
1,592,237
declared a dividend of 25 cents per share on the common
1 to holders of record March 18.
Previously regular
dividends of 12>£ cents per share were distributed.—V. 152,
932,903
current)
After deducting
reserve
Res. for conting—
Directors have
quarterly
Prov. for empl. bonus—
898,278
b Serial
a
Insur.
Dividend—
Bpropferty^8ernoi?.P.7;
payableNotes payable
Reserves———.:
59,720 no par shares,
of subsidiary
151, p. 2810.
(L. C.) Smith & Corona
Prov.
Accounts
Note
Total
sub.
Fed. & State taxes
.
&
-
capital
stock and deficit
depreciation and depletion of $b4,851,530 in 1940
1939.
b 27,200 (13,200 in 1939) shares of common
$
S
Liabilities—
$ A
Inventories-..
-
in
1939
1940
1939
Notes & accts. rec.
ajProp., plant
equipment-
$60,592,187
Total oper.
60,000
.
—
343,337
2,260,020
418,280
920,812
306,307
Period End. Dec. 31—
Prov. for Fed. and State
income taxes.
Min. int. in
15,128,229
9,000,000
After reserves for
stock at par.—V.
p.
$1,762,984
Interest on bonds
Deferred Income..
b Treasury
12,500
—
Balance...-.
Res,for inc.taxes.
Capital surplus
Earned surplus
and
698,919
821,188
35,173
.
6,300,000
stock, payable April
&c—
*,
Prov. for doubtful acc't.
tract fees,
$
$
Liabilities—
Property,
a
....
-
1939
1940
1939
$
6% pref.stock—
plant
Common stock
15,128,229
and eouipment.48,279,943 45,009,732
Funded debt
16,000,000
Investments, &c.f
Notes payable
553,043
assets
2,283,818 4,138,716
Marketable securs.
500,000
1,250,000 Dlvs. payable
Pref. stk. pur. fund
......
90,000 Accounts payable. 2,765,521
a
Total
Balance
995,349
$1.98
,
Assets—
Corp.—Earnings-
Prov. for deprec'n. ...»
|§0,250
$3.28
_.
b Of provision
prior years,
c
Consolidated Balance Sheet Dec. 31
semi-annual dividend
1939
1938
1937
$16,178,598 $10,505,879 $20,206,115
Manufacturing costs.18,265,709
14,479,029
9,263,252 16,892,763
$2,360,783
debentures and serial
of Federal and State and State income taxes applica¬
No provision for excess profits taxes required,
dividend of $1.25 per share on the common
Calendar Years—
1940
Gross sales, less disc*ts__$21.573,295
102",900
$3,316,678
94,200
988,349
amortization of discount and expense on
And
ble to
cl75,000
income taxes....
Common dividends..—..—
notes.
623,305
683,159
—_v._,
Provision for Feoeral and State
a
206,466
409,517
4,428,150
5,184,615
and depreciation
properties, &c_.
gas
stock, payable April 1 to holders of record March 20.
This compares witn
$1 paid on Oct. 1, last; $1.25 paid on April 1, 1940; $2.60 on Oct. 23, 1939;
Sharon Steel
*8,131,121
239 054
Cancellations and write-offs of
Prepaid def. chgs.
$1.40 on June 30, 1939; 50 cents on April 1, 1938, and
of $1.12# paid on Oct. 1, 1937.—V. 151, p. 1909.
$7,188,824
942,297
463,153
Inventories
Sharon
_
income
Earnings per share of common
customers'
Colonel
....
other income...
Interest
a
Balance Sheet Dec. 31, 1940
ties
$8,635,582
1,226,077
$9,861,659
Operating income
Dividends, interest and
$368,977
480,000
$1.29
.......
general expenses, taxes, &c—
Non-operatirg charges..
1940
Income from operations
1940
\939
$34,570,748 $33,107,181
25,935,166 25,918,358
„
operating income
Costs, operating &
Gross
Earnings—
Scotten, Dillon Co.
Years Ended Dec. 31—
_
1142,
premium.—V. 152,
Less debt
y
;.v
Skelly Oil Co, (& Suhs,)—Earnings-
151, p. 3576.
July 1 and April 1, 1939.—V.
Before retirement
x
p.
def$116,948 def$710,154
Remainder
Earned per share on com.
stock outstanding
$1,547,363
_
460,589
$1,568,035 '
^,
$0.55
$2.24
$2.39
a Includes $762,726 net oil revenues, of which $502,775 applies to prior
years.
This amounts to 24 cents per share on common stock, making
earned per share from 1940 earnings of $2.—V. 152, p. 1605.
-mmi
$0.60
Southern New York Ry., Inc.—Abandonment of Oper.—
Interstate Commerce Commission on Feb. 25 issued a certificate
permitting abandonment of operation by company of the part of its line of
railroad from West Oneonta, through Index, to Jordanville, 41.18 miles,
together with a branch from Index to Cooperstown, 2.09 miles, in Otsego
and Herkimer Counties, N. Y.—V. 151, p. 1736.
The
Southern
Co.—57th
Pacific
Annual
Report—A.
D.
McDonald, President, states in part:
Net Income—Southern Pacific Transportation System net income for
1940, amounting to $9,315,611, compares with a net income of $6,134,574
for 1939.
•
•••.
■
A:
v
v-'.V ;.v
:
1768
For
The Commercial & Financial Chronicle
Southern
Pacific
Transportation System and separately" operated
solely controlled affiliated companies, excluding the results of Southern
Pacific RR. of Mexico, which from Jan. 1, 1940 has been required to con¬
duct its operations entirely within its own resources, consolidated net in¬
come of $7,146,349 for 1940 is equal to $1.89 a share of the
outstanding
capital stock of Southern Pacific Co.
These results compare with a con¬
solidated net income for 1939 (restated) of $3,128,443, equal to 83 cents
a share of the outstanding capital stock of Southern Pacific Co.
the largest
in the history of the company,
but the
average
revenue
per
net ton-mile, 1.032 cents, was smaller than for any year since
1917, mainly
due to the progressive increase in the proportion of long-haul freight in the
total tonnage carried and the cumulative effect of rate reductions made
through the
hold or gain traffic in competition with motor trucks
The principal revenue gains, compared with 1939, were
years to
and steamships.
from the movement of manufactures and the products of forests and
mines,
which in the last quarter of the year,
particularly, reflected the
rising de¬
mand
resulting
from
preparations
from movement of
revenues
a
for national
defense.
Increases in
record tonnage of citrus fruits and heavier
tonnage of some other agricultural products were largely offset
due to a smaller tonnage of lettuce and other fresh
fresh fruits and grain, carried than in 1939.
Passenger
revenues
declined, compared with
by decreases
vegetables, melons,
companies for 1940.
1939, mainly due to less
transatlantic and transpacific travel, due to war conditions abroad.
effect of these and
substantial
other
increase in
largely
was
due
ments incident to
Army
of
causes
revenues
national
to
maneuvers
Marine Corps forces.
Mail and
crease
express
revenue
traffic and
decline
was
The
partly offset by
a
from Government passenger traffic which
defense
activities,
particularly troop move¬
and the expansion of Army, Navy and
revenues
increased.
There
was
a
net
de¬
in all other operating
revenues,
mainly because of decreases in earn¬
of dining and buffet cars.
Expenses—Operating expenses of the Transportation System increased
$9,827,089. or 6.16%, compared with 1939, mainly because of the larger
forces and greater quantities of
material, fuel and other supplies required
for operation and maintenance of the
properties, due to the increase in
ings from Pullman
car
operation and
revenues
volume of traffic.
The average number of
employees was 59,172, an increase of 2,008, or
3.51%, compared with 1939.
The largest item in operating expenses,
payrolls
of
$103,321,101,
increased
$5,589,602,
of comparison, reflects a net deficit for 1939 of $839,221. or $8,882 more
than the amount shown in last year's report.
The deficit for 1939 included
a
charge of $618,205 for amortization of investment.
Excluding the charges
investment, operations for 1940 resulted in a net income
$21,141, compared with a net deficit of $221,015 in 1939. or an improve¬
ment of $242,157.
Operations of the company In 1940 were conducted
without cash advances from or extension of credit by Southern Pacific Co.
The reduction in net deficit compared with 1939 was due principally to an
increase in operating revenues and a decrease in operating expenses.
An
increase in freight rates was made effective Oct. 13, 1940, with the approval
for amortization of
of
of the Mexican Government.
In the matter of reorganization
5.72%, over 1939.
More
employment was provided than in 1939 for a number of employees
who cannot be accorded full-time
employment throughout the year.
Greater efficiency was attained in transportation operations,
partly due
to acquisition in the latter part of 1939 of 40 new
heavy-duty steam loco¬
motives.
Freight train loading was heavier than in any previous year,
resulting in the record movement of 35,731.1 gross ton-miles per freight
train hour, an Increase of 3.86% over the previous
high record made in
1939.
The efficiency of locomotive fuel performance
improved; less fuel
was consumed per
1,000 gross ton-miles in freight service and passenger
or
a
substantial creditor of that company.
was made in last year's report of the serious effect of compe¬
San Francisco-Oakland Bay Bridge for vehicular ferry traffic
Mention
with
on revenues of the Southern Pacific Golden Gate Ferries, Ltd., sole sub¬
sidiary of Southern Pacific Golden Gate Co., a holding company in which
company owns slightly over 50% of the outstanding capital stocks.
The
Southern Pacific Golden Gate Ferries, Ltd., defaulted in the payment of
interest on its first mortgage bonds on April 1, 1940, and on the following
day suit to foreclose the mortgage was filed in the Superior Court in Ala¬
meda County, Calif., by the trustee, the Anglo-California National Bank
of San Francisco.
A receiver was appointed by the State Court, but on
April 10, 1940. certain unsecured creditors petitioned the Federal Court to
have the ferry company declared an involuntary bankrupt.
Upon this
petition the company was adjudicated a bankrupt and a trustee in bank¬
ruptcy was appointed.
On order of the Bankruptcy Court, the ferry oper¬
ations were discontinued
at
midnight May 16, 1940.
Liquidation of
Southern Pacific Golden Gate Ferries. Ltd., has not been completed.
Traffic Statistics for Calendar Years (Southern Pacific Rail Lines)
1940
Passenger Traffic—
No. of rail pass, carried.
x Rail pass. carr. 1 mile.
.77
.J. $3,289,624
3,304,124
103,439
11,109,516
51,341
......
Total
$17,858,045
Taxes accrued under the Railroad
Unemployment Insurance Act are
at the rate of 3% of so much of the
compensation of each employee as is
not in excess of $300 a month.
Retirement taxes under the Carriers Taxing
Act of 1937 were accrued for 1940 at the rate of
3% of the compensation,
of $300 a month, of each
employee, an increase of H% in
having become effective Jan. 1, 1940.
The rate of this excise tax
Increases M % at three-year intervals until a rate of
3 % % becomes effective
excess
1.636 cts.
1.560 cts.
freight 48,331,657
x Tons carr. lm„ all frt.
12,528,216
Avg.p. ton p. m. rev. frt.
1.032 cts.
Net tons p. train, all frt.
740.11
45.233,295
15,393,288
1.079 cts.
699.00
42,059,616
13,710,892
48,730,309
16,363,946
1.103 cts.
1.049 cts.
662.35
661.53
Avge. rec. p. pass. p. m_
x
rev.
Three (000) omitted.
2,171,unissued, into the same number of common shares
without par value; (2) the substitution share for share of
3.772,763.0564
or
portation System Cos., Consolidated) and Separately Operated Solely
Controlled Affiliated Companies.]
1940
Operating Income—
Freight
Passenger..
Mail and express.
All other oper. revs.....
without par value for the issued and
outstanding par value
the issue of 2,171,754.9436 shares of authorized but unissued
common stock without
par value for lawful purposes of company from time
to dime as authorized by directors; and
(4) the inclusion of the 3,772,763.0564
shares of issued and
outstanding common capital stock without par value
in the capital stock account at an amount
equal to the par value and the
premium on the stock for which they were
substituted, viz.; $383,581,151.
These changes were
accomplished by filing amendment to the charter or
articles of incorporation on
April 22, 1940.
There was no change during
the year in the number of shares" of
capital stock issued and outstanding.
The number of stockholders at the end of the
year was 43,876, compared
Maint. of
(3)
Funded Debt—There was a net increase
during
in funded debt of Southern Pacific
the year of $3,684,649
Transportation System held by the public.
On Jan. 8, 1941, payment of
$1,800,000 was made on Reconstruction
Finance Corporation loans
maturing May 1, 1941. reducing the amount
that will be due on that date to
$10,000,000.
An additional $8,000,000
of such loans mature April
28, 1942.
Rank Loam—Bank loans were increased on
Oct. 16, 1940, from $18,000,000 to $20,000,000. maturing $1,000,000
Sept. 10,1941, $1,000,000 Oct. 10,
1941, and $18 000,000 Nov. 1, 1941.
On Jan. 6, 1941, the loans maturing
Sept. 10 and Oct. 10, 1941, were paid.
Additions and Betterments—Expenditures
by Southern Pacific Trans¬
portation System for additions and betterments amounted
to $12,778,559,
a decrease of
$3,650,088 compared with 1939.
*
►
*
P*
General-— Improvements in
freight service included making one day earlier
delivery or transcontinental freight at Pacific Coast terminals commenc¬
ing June 3,
St.
1938
1937
$
172,715,307
25,968,313
7,763,983
11,125,285
$
157,234,345
25,244,265
7,394,174
10,198,029
$
178,643,805
27,444,019
1940, with delivery of freight from Chicago
on fifth
morning.
Louis
on sixth
Total ry. oper. exps__169,268,712
revs,
from ry. oper 62,663,568
/
7,625,376
111,303,711
217,572,889 200,070,813 225,016,912
22,151,817
24,034,838
23,763,209
37,294,441
34,227,853
38,560,223
6,391,502
5,802,966
5,898,066
80,989,716
80,758,416
91,702,115
12,614,147
12,422,595
13,989,062
159,441,623
157,246,669 173,912,676
12,339,664
58,131,266
18,092,562
11,610,295
42,824,145
17,930,065
10,597,076
41,104,236
16,998,757
11,489,208
Net ry. oper. income. 32,465,859
Rev. from miscell. oper.
37,731
28,428,410
181,278
14,297,003
223,612
22,616,281
256,095
Railway tax accruals
Eq. & jt. fac. rents—net
Exp. & taxes
on
17,858,045
miscel.
properties..
Dr38,618
Drl82.653
Dr226,751
Dr260,288
32,464,972
Non-Operating Income—
Income from lease of rd.,
miscell. rent income..
1,501,554
Dividend income
c3,570,144
Income from fund, securs
289,765
Other non-op. inc. accts.
2,673,893
28,427,035
14,293,864
22,612,088
1,735,835
4,056,286
1,725,245
3,514,871
2,932,459
1,911,645
oper.
Total oper revenue
2,950,696
1,720,590
3,678,201
2,909,750
2,743,959
40,500'327
37,506,422
25,346,364
32,696,310
625,622
29,108,263
689,918
29,211,572
703,976
29,429,423
704,079
30,021,046
849
719,395
767
694
618
763,887
661,730
63,881
598,782
593,053
705,705
780,768
556,837
31,371,849
32,175,373
31,939,516
9,315,610
Gross income
6,134,574 def6,829,008
756,793
4,641,304
5,418,609
4,823,635
81,740
2,553,783
121,588
2,534,065
1,613,259
7,146,347
$1.89
3,128,443df13,265,903
$0.83
Nil
336,570
Rent
for
leased
roads
and miscell. rents
Int.
Int.
funded debt
on
funded
on
debt—
non-negotiable debt..
Int. on unfunded debt..
Amortization of discount
on funded debt
Other
gross
deductions
from
income
730,589
Total deductions.
31,184,718
Net income of Southern
Pacific Lines
j
Separately oper'd, solely
controlled affil.cos.:
Oper.in U. S.,netdef.
Oper. in Mexico, net
morning;
Service for merchandise and other
less-than-carload freight was further
year by expansion of motor truck services coordinated
with
rail operations!
At the end of the year
equipment...
38,936,095
Traffic
6,151,354
Transportation
87,125,990
All other oper. expenses. 12,546,533
■witb_44,860 at the end of 1939.
from
1939
$
189,213,149
24,480,122
7,923,113
10,315,895
Total ry. oper. revs..231,932,279
Maint. of way and struc. 24,508,748
the shares
shares;
for Calendar Years
Southern Pacific Transportation System (Southern Pacific Co. and Trans¬
Net
were
10.164,179
1,670,686
Freight Traffic—
Tons carried
Jan. 1, 1949.
754.9436 shares
13,187
9,181,636
1,471,887
the rate
Capital Slock—The directors by resolutions adopted Jan. 11, 1940 and
April 15, 1940, and the stockholders by resolution adopted at the annual
meeting on April 3, 1940, authorized (1) changing the authorized capital
stock, consisting of 5,944,518 common shares (par
$594,451,800), of which
3,772,763.0564 shares had been issued and were outstanding, and
1937
9,662,197
1,622,877
1.577 cts.
follows:
Other Federal taxes
in
13,120
Income Account
Unemployment insurance taxes.
Federal retirement (pension) taxes..:
not
1938
13,069
9,226,054
1,543,950
1.561 cts.
amounted to $17,858,045, a de¬
1.3%, compared with 1939.
Taxes took 28.5 cents
revenue from railway operations in
1940, and are
share of the outstanding capital stock.
The accruals
State, county and city taxes.
Miscellaneous taxes
1939
13,043
Average miles of road
of $234,517, or
of each dollar of net
as
Ry., final
87.37% of the outstanding capital stock of the St. Louis Southwestern and
is also
Taxes—Railway tax accruals for 1940
equivalent to $4.73 a
by classes of taxes were
Louis Southwestern
expected that a report announcing the result of the Commission's consid¬
eration will be Issued during the present year.
Southern Pacific Co. owns
service than in any previous year.
crease
of St.
argument was had before the Interstate Commerce Commission on Oct. 3,
1940.
The Commission now has the matter under advisement, and it is
tition
rail travel to and from the international expositions in California and New
York and the decrease in rail travel to and from seaports in connection with
15, 1941
For 1940, Southern Pacific RR. of Mexico had a net deficit of $597,771
after all charges, including a charge of $618,913 for amortization of invest
ment in property subject eventually to reversion to Mexican Government
under provisions of concessions granted the company many years ago.
Amounts booked in Mexican currency were converted to U. S. currency
equivalents on the basis used for other Mexican operations.
Applying
the conversion basis adopted Jan. 1, 1940, to 1939 figures, for purpose
Operating Income—Southern Pacific Transportation System had a net
railway operating income of $32,465,859 for 1940, ah increase of $4,037,449.
or 14.2% over 1939.
Revenues—Operating revenues of the Transportation System increased
$14,359,390. or 6.6% compared with 1939.
Freight revenues were larger than for any year since 1930.
The volume
of revenue freight carried by the rail lines, measured in net
ton-miles, was
March
Transportation System and separately operated solely controlled affiliated
deficit de.
a
Cons. adj. int. on bds.
Not
comparable
Improved during the
over-the-highway service
provided oy companies solely controlled by
company extended over 9,639.4
miles of road, compared with such
operations on 7,745.1 miles of roads
at the close of 1939.
Approval by the Secretary of the Interior on Dec.
28, 1940, of releases
filed by company, Central Pacific
Ry. and Southern Pacific RR., releasing
all rights under the land
grant Acts in accordance with provisions of the
Transportation Act of 1940, enabled company to charge the full
applicable
commercial rates, fares and charges for
transportation of persons and prop¬
erty for the United States, or on its behalf,
except military or naval prop¬
erty of the United States moving for
military or naval use, and members of
the military or naval forces when
traveling on official duty.
These releases
in general terms release
to the United States all
rights, interests and claims
companies, and their predecessors in interest, under the land
grant
and to lands which had not been
patented to the companies, includ¬
ing lands for which patents could not be obtained because of
of the
Acts
in
character,
ficiency in
their mineral
as
well
claims which may have existed because of a de¬
public lands within the land grant limits.
The decrease of
$777,304 compared with 1939 in the net deficit of sepa¬
rately operated solely controlled affiliated
companies operating in the
United States is
largely due to improvement in the results of Pacific Elec¬
tric Ry. and Interurban Electric
Ry.
Northwestern Pacific RR. had a net deficit for
1940 of $1,763,388, com¬
pared with a net deficit for 1939 of
$1,790,650.
The deficits for both years
Include $1,245,465 of interest
accrued on bonds of Northwestern Pacific
owned by company.
As
Mexu
as
any
acreage of suitable
"jviously mentioned, the results of Southern Pacific
are
excluded
from
the
consolidated
income
of
RR.
Southern
Co.
of
Pacific
bCons.net income...
Earns .per sh.on cap. stk.
Of separately operated solely controlled affiliated companies owned by
Southern Pacific Co. not included in the income of Southern Pacific Trans¬
a
portation
System shown above,
b Of Southern Pacific Transportation
System and all separately operated soiely controlled affiliated companies.
c Consolidated results of Southern Pacific
Transportation System exclude
(1) offsetting accounts, covering interest on funded securities and rentals
for leased properties, as between companies comprising the Transportation
System, and (2) dividends received from Transportation System and
separately operated solely controlled affiliated companies, offsetting charges
for which
were
ment for such
not made to income accounts included in
the above state¬
companies.
d Results of Southern Pacific RR. of Mexico excluded.
Policy adopted
Jan. 1, 1940 of making no further advances to that
company, it
being
required to conduct its operations entirely within its own resources.
Net
deficit of other separately operated solely controlled affiliated companies
operating in the Republic of Mexico reported herein, includes (1) Mexican
currency transactions converted to United States currency at average com¬
mercial
exchange rates for months in whicn the transactions occurred,
ranging from 4.85 to 5.99 pesos per dollar for 1940, and 4.88 to 5.98 pesos
per dollar for 1939, and
(2) Mexican currency charges for depreciation,
amortization, and property retirements converted at exchange rates equaling
or closely
approximating, those in effect at time the property was acquired.
e For
comparative purposes, 1939 figures have been restated to exclude
the net deficit of the Southern Pacific RR. Co. of Mexico and to reflect the
net deficit of other separately opreated
solely controlled affiliated com¬
panies operating in the Republic of Mexico
on the
basis described in note b.
Consolidated Bilance Sheet Dec. 31 (Southern Pacific
Lines)
(A. E.) Staley Mfg. Co. (& Subs.)—Earnings—
1940
1939
1938
1937
$
>A-SS& 3
§
§
5
Consolidated Income Statement for
Transportation property. 1,464,423,485 1,470,896,543 1,476,929,610 1,481,938,644
Misc
physical property..
Sinking funds
'
27,707,115
607.249
498,750
269,666,618
14,286,753
24,136,448
21,657,577
465,214
270,006,662
13,162,786
20,165,759
2,783,254
263,393,855
9,666,275
Appropriated surplus..Crl49,513,477 Crl50,000,000
b Res. for accrd.
c
26,095,239
273,434,281
Affiliated companies
Other investments
a
improvements
Crl.468,607
9rasb
13,986,012
17,438,893
1,001,754
1,501,373
Deferred assets
Discounts on funded debt
Other unadjusted debits.
Total...
27,213,574
14,275,953
19,435,108
20,990,278
14,353,863
15,574,935
1,332,436
12,443,434
9,142,322
8,425,639
8,232.757
18,917,717
15,909,099
910,371
13,055,697
18,175,996
1,560,876.879 1,546.605,848 1,855,149,550 1,852,473,635
LlabUilles-
Cap. stock held by public
383,582,551
377,277,706
6,304,845
Premium
on capital stock
Grants in aid of construc'n
Funded dt. held by public
Funded debt held by solely
4~,5~59~532
3,681,565
708.779,489
705,094,840
377,277,605
6,304,845
377,277,705
6,304,845
3,045,705
3,397,028
699,067,643 1 698,409.937
5,000
By transp'n system cos.
By solely controlled af¬
filiated companies..
2,172,000
516,000
296,000
146,000
to affil.cos.
11,389,338
10,837,179
6,794,995
20,000,000
18,000,000
20,000,000
6,760,390
5,000,000
14,765,806
15,941,658
329,482
15,521,459
15,817,408
1,076,016
347.100
337,520
Interest payable Jan. 1..
Unmatured int. accrued.
4,266,216
4,338,306
4,380,682
5,839,639
296,000
286,000
.
5,798,929
5,714,703
4,423,597
5,793,909
1,052,040
1,677,809
1,045,452
911,961
2,525,851
.
Deferred liabilities
Accrued depreciation
Other unadjusted credits.
1,024,373
376,563
585,718
154.072,056
151,360,571
Consol. adjustment
20,000,290
68,237,307
67,826,364
16,546,225
67,793,146
Appropriated surplus
19,081,365
9,767,596
9,536,640
300,393,595
466,184,404
23,380,732
68,055.704
22,111,868
460.578,061
y
Profit and loss—balance.
Total
x
x
on
17,462,599
303,945,435
..1,560,876,878
Now set forth
x
of
1,546,605,848 1,855,149,550 1,852,473,635
asset side as deduction from total investment (see
b).
y
Excess
intercompany liabilities
over assets eliminated.
Reserved for decline in investment securities and advances,
a
Tax
on
ment and
miscellaneous physical property,
in property subject to revision.
c
28,408
744,926
26,482
712,843
funded debt.
on
$2,302,765
zl2,857
$1,539,119
2,696
$135,917
26,930
$2,021,127
$2,021
100,880
$2,315,622
136,427
$1,541,816
140,256
$162,847
151,267
2
bond interest.__
and expenses
Other interest
24,030
13,949
15,813
16,424
21,652
23,098
"5",291
....
15,674
20,038
"7",764
"4",834
9,557
22,398
Loss
on
disposition of
buildings and equip..
Sundry charges
Prov. for Federal income
tax
a497,834
383,921
b233,263
6,302
$1,379,145
234,885
76,020
296,277
$1,751,799
234,885
$1,131,223
234,885
76,020
126,976
loss$71,542
150,326
167,216
84,651
(estimated)
Net profit
Divs. on $5 pref. stock.
Div on 7 % pref
stock.
Divs. on common stock.
incidental operations.
During the year company refunded its outstanding bond issue.
As a
result, it accomplished a substantial saving in interest charges, reduced
the amount of funded debt, and canceled the mortgage on its plant and
property.
On Dec. 31, 1939, there was outstanding a first mortgage bond issue in
the amount of $3,166,000, bearing an interest rate of 4% and due in 1946.
sinking fund instalment of $403,000 was paid on Aug. 1, 1940, reducing
the amount outstanding to $2,763,000.
On Aug. 5, 1940, company sold
to one of its banks a serial note issue of $800,000, of which $200,000 will
A
of each of the subsequent
of 2.10%.
Company
of the United States a
2.75% debenture issue of $1,700,000 at the price of 99.
Sinking fund
payments of principal under the debenture issue, in the amount of $155,000
annually, are due and payable starting May 31, 1945.
become due June 1, 1941, and $200,000 on June 1
three
years.
These notes carry an interest rate
also sold to the Equitable Life Assurance Society
b On road equip¬
Consolidated Balance Sheet Dec. 31
On leased property and investment
1940
_JTo Expend $20,000,000 for Equipment in 1941—
_
$20,000,000 expenditure for ""new" locomotoves and fre ght cars was
by A. D. McDonald, President of the company.
aDnounced March 12
40 Diesel-electric
first of the year.
switching engines, at
a cost
of $2,900,000, since the
Under the current expansion program, orders have been placed for 40 of
Southern Pacific's unique cab-ahead steam locomotives, among the heaviest
and most powerful in the world, and for 10 steam streamlined locomotives
Some of these will be buiit in the
will be constructed
company's own shops and the remainder
by outside builders.
"These important additions of new equipment are being made for the
primary purpose of keeping pace with current increase in transportation
requirements due to national defense and of anticipating
t° come as the defense program develops," Mr. McDonald
the increase yet
said.
The estimates of future traffic are based on surveys made by the Trans¬
portation Division of the Advisory Commission to the Council of National
Defense, by regional shippers' advisory boards, by the Association of
American Railroads and by individual railroads."
"The increases in traffic that have developed, in certain of our own and
other cases with great rapidity, have been handled with only the occasional
minor instances of congestion that would ordinarily be expected.
The
railroad plant has shown its adequacy, elasticity and adaptability,
k
"Since the early 1920's the railroads have spent approximately $10,000,000,000 for plant improvements.
Stronger tracks now carry locomotives
of greater power, hauling at greater speeds longer trains of cars of greater
capacity, so that the efficiency of the railroads, as measured by the equiva¬
lent of the number of tons of freight carried one mile by the average train
per hour, has increased about 80% since 1921.
I* "With this increase in efficiency and the prospect of still further improve¬
ment on performance the railroads may be expected to meet the require¬
ments of national defense without congestion or delay."—V. 152, p.. 1451,
Southern
Ohio
Stock
Ry.—Files Intention to Default on Mobile &
Trust
The company on
Certificates—
March 11 made
a
motion returnable before the Appellate
Southern intended to default in interest due
April 1 on the outstanding
stock trust certificates for 56,702 shares of the Mobile & Ohio.
|» The motion by the road asked that the court stay certificate holders from
suing the Southern to enforce payment of interest pending completion of
its appeal from a judgment obtained by Baar, Cohen & Co. in the Supreme
Court.
This judgment held the Southern forever liable upon such cer¬
on
1939
$
$
Liabilities—
.
849,596
Accounts payable.
596.439
808,261
200,000
2,400,000
426,957
payable
1 617,233
1,773,995
Accr.taxes, int.,&o
265,327
4 496,179
7,111,473
Income
497,447
457,592
518,646
467,119
411,000
Long-term debt
Res. for conting..
receivable
Inventories
2, 3OO~666
2,763,000
$5 pref. stock
Inv., &c., assets..
b Real est., bidgs.,
tax
...
Sinking lund
& rolling
Prepaid
10
Insurance
350,000
3,915,424
Common stock
surplus—.
4,232,530
5.039,781
1,086,000
4,232,530
4,364,207
32,330
32,330
Earned
b After
reserve
._
—18,515,278 21,266,827
for depreciation (1940, $9,930,675).—V. 152,
18,615,278 21,256,827
Par $10.
a
319,277
347,539
bond disc., &c_.
Total
350,000
1,086,000
a
unamort.
prem.,
P.
329.677 10,683,839
3,915,424
7% cum. pref. stk.
Paid-in surplus...
equip.
stock..
Total
132.
Standard Gas & Electric Co.—EarningsStatement
of Income (Company Only) for Calendar
Years
1939
xl940
$5,086,755
281,228
Dividends from others
—
Interest on funded debt of subs.
Int.
majority owned- .
subs.--...
130,625
4,398
5
income
Gross
Interest
527,216
296
funded debt
Amortization of debt discount and expense
....l...
Taxes assumed on interest
Other interest deductions
Net income
514,294
$5,372,540
4,236,838
93,483
54,318
$5,267,885
4,276,110
94,319
5i,431
22,667
$987,605
...
income.
on
$5,782,179
$5,899,756
Total....
Expenses and taxes..
x
402,051
130,625
indebtedness of other statutory
on
Other
,
$5,245,105
401,143
Dividends from subidiaries, majority owned
Dividends from other statutory subsidiary.
$823,358
I
Preliminary.
Note—No provision has been made for Federal income taxes for the year
1940 as the company will claim a deduction for loss arising from settlement
of open account
suant
to
Co., pur¬
consummated
indebtedness due from Mountain States Power
that company
will result in no taxable income for the year.
amended plan of reorganization of
in 1940, which
Division of the Supreme Court, based on an affidavit of C. E. A. McCarthy,
Vice-President and Secretary of the company.
This declared that the
l ,267,157
Accept. & accounts
°f the famous Daylight type, at a total cost of about $11,000,000.
The cab-ahead engines, used both for freight and passenger runs on the
company's mountain divisions, will be constructed by the Baldwin Loco¬
motive Works.
The streamlined locomotives, for service on fast passenger
and merchandise freight trains, will be bu.lt by Lima LocomoLve Works,
Inc., according to the announcement.
Approximately 2,500 freight cars, of various sizes and descriptions,
costing about $9,000,000, are provided for in the $20,000,000 program.
S
1940
1939
Notes
Cashj..^_^...._.
*^?ut*ay* Mr. McDonald pointed out, is in addition to the purchase
or
76,020
253,952
$40,395 underprovision for prior years,
b Includes $3,702
additional assessment for prior years,
c Provision for depreciation for the
year amounted to $834,038 (1939, $796,977).
y After deducting loss of
$1,507 from incidental operations,
z Includes $3,002 net income from
Includes
S
A
114
Amort, of bond discount
a
Loans and bills payable..
Acets. and wages payable
Interest matured unpaid.
current liabilities.
Total income
Interest
.
553,000
485,000
c
$2,013,583
y7,544
_
controlled affiliated cos.,.
Fund, dt. held in sink, fd.:
74,001
doubtful
accounts—net
7,556,973
1937
1938
$3,020,990
2,145,747
Depreciation
Other income
Crl.419,790
32,745,698
Materials and supplies...
Other current assets
Other
_
$4,632,814
2,320,361
c
for
_
$5,283,439
2,906,673
62,604
Sell., adm. & gen. exps
Provision
Years Ended Dec. 31
1939
1940
$4,904,964
2,828.777
Gross profit
deprec.Crl55,050,451 Crl51,983,755
Reserve for amortiz. of
Non-negot.dt.
1769
The Commercial & Financial Chronicle
Volume 152
Weekly Oulput~~~~
the public utility operating companies in the Standard
& Electric Co. system for the week ended March 8, 1941, totaled
145,910,927 kilowatt-hours, as compared with 123,893,824 kilowatt-hours
for the corresponding week last year, an increase of 17.8%.—V. 152, p.1605.
Electric output of
Gas
Standard Oil Co. of Ind.—Oil
The Federal Government's
Trials Are Delayed—
retrial of two major oil companies
and seven
The Southern offered to deposit in cash with J. P. Morgan & Co. Incor¬
porated. paying agent for the certificates, the amount of the interest pay¬
ment and additional interest thereon.
The deposit would be held by the
individuals charged with conspiracy to control the price of gasoline will begin
at Madison, Wis., on May 12, instead of April 14, Herbert C. Hale, Dis¬
trict Court Clerk, announced March 10.
The defendants, including the Standard Oil Co. of Indiana and the Cities
Service Oil Co., received new trials by order of Judge Patrick T. Stone in
paying agent pending final determination on the action, as a condition of
the court's granting such a stay.
1938, after a jury
Some defendants in
tificates.
I
First
Week in March
1940
1941
Gross earnings
—V. 152, p.
(est)-,— $3,206,518
1604.
.
Jan 1 to March 7
1941
1940
$2,632,845 $29,802,154 $24,879,094
Spicer Manufacturing Co.—Obtains $1,000,000 Loan—
bank loans from one of its deposit
expansion purposes and for addi¬
tional working capital.
The loan is in the form of five promissory notes
dated Feb. 26, 1941, each for principal sum of $200,000 and maturing seri¬
ally on Sept. 30 of each year from 1942 to 1946, inclusive.
Corporation
has been informed that the bank will hold the notes until maturity.
y
Of the $1,000,000 the sum of $500,000 is to be used to acquire physical
assets (including inventories) of General Drop Forge Co., Inc., by BrownLipe Gear Co., a subsidiary of Spicer.
A further $100,000 will be used for
additional working cpaital for Brown-Lipe Gear Co. and the balance of
$400,000 will be used to create additional working capital for Spicer.—
152,
p.
Kennedy and Alex
the par¬
of record
1, 1940.
Directors have declared a
Standard & Poor's
Directors have declared a dividend
of 50 cents per share on the common
$1, payable March 31 to holders of record March 18.
This
with $1.50 paid on Dec. 24, last; 50 cents paid on Sept. 30 and
June 29, last; 30 cents paid on March 30. 1940; $1 paid on Dec. 23, 1939;
30 cents paid Sept. 30 and June 30, 1939; 15 cents paid March 31, 1939;
30 cents paid on Dec. 23. 1938; 15 cents paid in each of the three pre¬
ceding quarters, and $1.05 paid on Dec. 24, 1937.—V. 152, p. 1451.
stock,
par
compares
(E. R.) Squibb & Sons.—New Director—
At
a
a
meeting of the directors held March
He has been with the company
director.
4, James C. Lewis was elected
20 years.—V. 152, p. 132.
Corp.—Mergers of Standard Statistics
Co. Approved—
Co. and Poor's Publishing
Stockholders of Standard Statistics Co. and of Poor's Publishing Co. on
7 approved a consolidation of these organizations under the name
March
Poor's Corp.
The new company, formed as a result or the
is said to be the world's largest statsitical and financial advisory
of Standard &
merger,
the new corporation will be Paul T. Babson, Chairman of
H. Y. Barrow, Vcie-Chairman of the Board; Clayton A. Penhale
Laurence H. Sloan, Executive Vice-President and Editor-inChief; Charles A. Schmutz, Vice-President and Managing Editor; H. L.
Wyman, Paul B. Coffman, Russell A. Foust and F. A. Stahi, Vice-Presi¬
dents- L. H. Langston, Treasurer, and Rudolph Gfroerer, Asst. Treasurer.
Publications and services of the enlarged company will cover virtually
every phase of business, finance and investment.
They include corporation
records covering the securities, earnings, financial condition and other
information of 6,500 leading corporations and more than twice that number
of smaller companies, manuals of railroads, industrial companies, public
utilities, fiscal companies and municipalities, trade services analysing
business trends, investors services analyzing securities, various investment
advisory services, and a number of statistical and credit publications.
the Board;
Dividend—
Ltd.—Preferred Dividend
dividend of 31K cents per share on
ticipating convertible preferred stock, payable March 25 to holders
March 15.
Initial dividend of like amount was paid on April
Dividends are in arrears.—V. 150, p. 2440.
°r(ffficers°of
132.
Square D Co.—To Pay 50-Cent Common
indictment.
Fraser.—V. 151, p. 3255.
Standard Paving & Materials,
The corporation obtained $1,000,000 in
banks in the latter part of February for
V.
found them guilty under the conspiracy
that case were fined and others dismissed.
.
Individuals who were granted new trials included Edward J. Bullock,
A. G. MacGuire, Harry D. PYeauff, H. E. Brandli, O. J. Tuttle, H. J.
President;
The Commercial & Financial Chronicle
1770
The
head
office of the
will be at 345 Hudson St., New
York, with additional editorial offices and a publishnig plant at Wellesley,
new
15, 1941
Comparative Consolidated Income Statement
company
Mass.
March
12 Months Ended Dec. 31—
1940
1939
Gross earnings
;—
$7,333,949
Operating expenses.4,671,096
a Taxes
713,619
Standard Statistics Co.-— Merged—
$6,282,626
4,053,564
690,368
--
See Satndard & Poor's Corp.
Balance
(L. S.) Starrett Co.—Earnings—
6 Mos. End. Dec. 31—
Coast of sales
a
1939
$1,580,738
919,415
Manufacturing profit. $1,291,163
1938
1937
$980,638
564,596
336,526
$661,323
295,723
79,874
52,448
$874,764
2,263
$2,484
$313,151
4,473
791
$879,512
$318,396
$133,330
$44,915
bl75,000
26,208
51,300
16,719
12,850
c$659,597
77,236
compens'n
employees
C$240,888
2,161
$1,330,368
649,969
$129,158
3,381
772
$103,762
6,391
Sell. & general expenses.
Addit,
to
Interest
1940
$2,703,869
1,412,705
Sales..
$416,041
286,883
$680,399
283,667
paid
Operating profit
Income from securities..
Other income
Total income
Other charges (cash dis¬
counts, bad debts)
Res. for Fed. inc. taxes..
Net income
Surplus credits (net)
$1,949,235
259,183
7,944
bonds and mortgage
on
Amortization of debt discount and expense
Other interest—
-—
Balance-.-.
485
982
$402,104
23,651
53,700
V
'
$324,753
6,303
$1,262,015
213,374
Depreciation-
208,404
Provision for possible
security losses--
1-
share of capital stock.
per
—
24,558
$1,354,148
1,052.195
$0.64
Dividends paid
Earnings
100,000
19,072
--—-—_-
Net income
$396,732
4,391
271
$1,681,624
-
Amount applicable to minority interest
•;
$1,538,693
268,072
8,336
$1,024,083
526,078
$0.49
Includes
$254,586 (1939—$199,417)
Federal income taxes.
In the
opinion of the management the companies consolidated do not have any
liability under the Excess Profits Tax Act of 1940.
Notes—(1) The consolidated financial statements include the accounts
a
of all subsidiaries of Stone & Webster, Inc., other than two small companies,
the assets and net income of which are relatively insignificant.
The earnings
(2)
amount
and
stated take account of the difference between book
as
quoted market
estimated fair value of securities
shown in the above statement.
or
only to the extent of $100,000,
owned
as
Comparative Consolidated Balance Sheet Dec. 31
Total surplus
Surplus charges
$736,833
101,540
$243,049
2,484
$110,154
30,897
$331,057
1940
7,815
Assets—
a
Net
increase
in
oper.
surplus, before divs.
$635,293
$240,566
8,448
110,024
Pref. stock dividends
293,398
$79,257
8,598
73,350
$323,242
9,140
146,699
Liabilities—
$: •;
5,811,000
Accounts payable.
7,178,942
8,881,190
6,657,408
3,218,920
516,346
6,098,163
7,674,398
Res.
8,881,190
b Securities
Cash in banks and
hand....—
on
1939
$
Bonds & mortgage
real estate
Common stock dividends
1940
.1939
5
Office bldgs. and
Int. & taxes, accr.
a
Deprec. reserves 1,732,780
for
possible
6,018,000
863,769
405,518
1,542,891
a Includes
charge for depreciation of plant in amount of $30,560 in 1940,
$28,356 in 1939, $28,311 in 1938 and $26,713 in 1937.
b No provision made
profits tax.
c Equivalent to $4.49 per share of common stock in
Accts., int. & notes
security losses..
100,000
4,738,862
892,077
Unadjusted credits
38,555
24,927
for excess
Materials & suppl's
44,608
43,860
Minor, int. In cap.
1940 and $1.58 ni 1939.
Prepay ments -.
82,434
78,850
stk. & surplus of
116,458
112,754
189,416
subsidiary.--..
Capital stock
5,000,000
Capital surplus— 9,142,696
9,222,878
Earned surplus...
1,241,828
60,130
54,445
v;:-:-
ing cash held by
Dec. 31, '40
Marketable
securities
June 30, '40
$1,076 ,517
534 ,635
1,631 ,622
113 ,389
Cash
Accounts receivable.........
Inventory
$733,219
504,793
14 ,671
Miscellaneous securities (net)
Land
...
.
_
16,911
13,109
47,750
81,333
354,561
1,035,169
13,502
81 ,333
_
422 .969
........
1,118 ,939
2 ,115
bond trustee.._
depreciation).
...
count & expense
Unadjusted
Total
a
32,900
42,186
56,340
debits
1,540,314
72,332
—27,290,027 24,509,499
Total..
..27,290,027 24,509,499
Office buildings and real estate and related depreciation reserves are
Dec. 31, 1937, amounts (the net representing the then assessed
stated at
property valuations),
and, in the case of the
adjusted for subsequent additions and retirements
for subsequent provisions for depreciation.
as of Jan.
1. 1932, and cost of subse¬
quent purchases except in the case of shares of common stock of Engineers
Public Service Co. remaining after the distribution to stockholders Dec. 27,
1937, such remaining shares having been written down to quoted market
value of Dec. 31, 1937.
The quoted market or management's estimated
fair value, of all securities carried in this account, was at Dec. 31, 1940,
approximately $7,015,000 (1939—$7,703,000).
Included herein are certain
securities deposited under declarations of trust dated Feb. 14, 1938.
c Authorized
2,110,000 shares of no par value; issued and outstanding
2,104,391 shares.
reserves
b Carried at written down values
Total
$5,057,593
payable & accrued
b Common
stock....
Surplus
.....
.....
...
Total
...
...
$95,017
284,806
1,466,990
2,738,977
$5,057,593
Accrued federal & State taxes
June 30, '40
$138,275
a371,456
1,466,990
3,080,873
_
expenses
$4,585,790
Dec. 31, '40
.
Liabilities—
Accounts
$4,585,790
a No provision for United
States excess profits tax on earnings of the six
months ended Dec. 31, 1940 is included in this amount,
b 146,699 no par
shares.—V. 151. p. 3577.
Comparative Income Statements of Principal Suosidiaries
(a) Stone Jfc
Steel Products
Webster Engineering Corp.—
Gross
Engineering Co.—20-Cent Dividend—
Directors have declared
dividend of 20 cents per share on the common
stock, payable March 31 to holders of record March 15.
Previously regular
quarterly dividends of 15 cents per share were distributed.
See also
V, 150, p. 3838.—V. 151, p. 2363.
a
earnings
Operating expenses
1940
$3,371,927
2,667,717
142,316
-
Taxes
Balance for
stock
common
(b) Stone &
Operating
Net sales for the month of February, 1941 were
$488,547 and compare
$403,797 for February, 1940, an increase of $84,750 or 20.99%.
Net sales for the two months ended Feb.
28, 1941, were
compared with $720,021 for the
ncreaseof
$179,726
24.96%
or
as
two months of 194b, and reflect
the 1940 figure.—Y. 152, p. 1144.
an
same
over
expenses
—
Taxes
$466,067
$1,465,545
928,306
142,435
666,939
185,463
-
-
Balance
a
Calendar Years—
Sales
1940
share..
per
1939
1938
a
Less returns, allowances and discounts,
b After all charges including
Federal income taxes, and excess profits tax in 1940.
c On 1,243,063 shares
of capital stock, $5 par.
x Loss.—V. 152, p. 845.
Stone &
1940
1939
1938
$856,985
62,101
32,900
$809,520
65,455
31,400
$1,116,499
291,728
381,106
$951,986
280,066
173,070
$906,375
208,053
Total earnings
b Operating expenses
Taxes
$1,789,333
563,546
81,752
$1,406,022
590,984
61,678
$1,114,428
563,703
62,209
Net income
Dividends paid
Earns, per share of capital stock
$1,144,03.5
1,052,195
$753,360
$488,516
$0.54
$0.36
Other
Total
.
Other divs., int. & miscell.
earnings..
Profit on sales of securities..
a
-
c
.
a
Excludes profits and losses
526,078
$0.23
sales of securities carried at written down
on the written down basis, in
capital
surplus in accordance with practice established Jan.
1, 1932.
Sales of such
securities since that date have resulted in a
net credit to capital surplus.
amounts which
have been
Waster Realty Corp. under
Includes
$33,285
the terms of its lease of the Boston
U939—Cr$2,055)
Federal
income
taxes.
opinion of the management the corporation does no
have any
the Excess Profits Tax Act of
In
the
liaiblity under
1940.
Note—-'The earnings as stated do not take
account of the difference be¬
tween book amount and
quoted market or estimated fair value of securities
owned.
Comparative Balance Sheet Dec. 31 (Parent Company Only)
1940
Invs. In sub.
cos..
1939
$
Assets—
$
4,799,405
4,794,505
Notes recelv. from
hand...
4,045,247
Other notes, int. &
—
accts.
rec.,
Accounts payable.
1939
$
S
a Capital stock
Capital surplus...
3,877,856
Earned surplus
15,206
47,362
25,112
22,955
5,000,000
8,508,096
5,000,000
8,503,848
807,617
4,301,284
6,404
63,296
1,272,500 Unadjusted credits
Cash in banks and
on
715,778
Furn. & eqpt., less
allow.for deprec.
Sundry assets
Unadjusted debits
-
common
stock
$262,461
a
41,977
39,127
11,464
2,629
15,802
1,157
-
Balance
Interest and amortization of debt discount & exp.
_
Depreciation
Balance, deficit..
a
Includes rental payments from Stone &
of $161,219 (1939—$161,540).
1939
a$604,350
184,222
149,179
$247,652
147,320
124,829
$270,947
151,545
124,829
$24,497
expenses
$5,427
Webster, Inc., and subsidiarie
(e) Stone & Webster Really Corp.—
1940
1939
Gross earnings:
Rentals from tenants, other than Stone & Web¬
ster, Inc., and subs..
Rentals from Stone & Webster * Inc., and subs..
Miscellaneous income
Balance of rental due from Stone & Webster,
$150,329
178,015
Inc., under terms of its lease of entire building
alOS,832
all2,205
$456,569
$462,272
102.906
112.460
118.362
Total
Operating
expenses
Taxes
18,392
124,815
Baiance
$157,835
174,656
17,575
Depreciation
Balance for
a
152,
common
Provides for
a
stock
Represented by 2,104,391
no par
$228,847
119,960
72,393
$231,449
$36,493
Interest and amortization of debt discount & exp_«
$32,616
125,681
73,152
sinking fund payment of $115,500 (1939—$112,000).—
1606.
p.
Offer Class B Shares to Employees
The corporation through a letter of notification to the Cleveland
regional
office of the Securities and Exchange Commission
has announced its inten¬
tion to offer for sale not more than 5,000 shares of class B common
stock.
The stock is to be offered to "certain selected
employees, including res¬
taurant managers, assistant managers,
departmental heads and assistant
departmental heads, but excluding executive officers and directors of the
corporation."
Offering price will be $12 a share and date of proposed offer¬
ing is expected to be about March 10, 1941.
writers—V.
151,
p.
2811.
Studebaker Corp.—Annual Report—
1,702
2,373
14,410,526 14,305,1491
$275,762
1940
a$578,113
179,763
150,697
Increased material and manufacturing costs as well as higher taxes
in a reduction of consolidated net
profit of the corporation to
$2,124,628 in 1940 from $2,923,251 in 1939.
Last year's profit, theannual
report shows, equalled 96 cents a common share against $1.31
per share
resulted
Total
100,000
Webster Building, Inc.—
Taxes
$326,522
50,759
51,163
—...
Balance for
$383,247
1936
$1,062,828
716,515
46,791
Proceeds from sales of the securities will be used to increase
working capi¬
tal.
The stock will not be offered to the
public and will have no under¬
less
reserve
Interest-
Stouffer Corp.—Plans to
1940
Liabilities—
Taxes accrued
sub. companies. 1,272,500
Secure, of other cos 4,236,147
-
Provision for possible security losses
on
office building owned by that
corporation.
c
-
Balance--
$409,753
1940
$1,170,801
728,602
28,573
reflected,
b Expenses include, in
addition to fixed rental payments for space
occupied, $109,832 in 1940, $112,205 in 1939 and
$130,353 in 1938, paid to
Sl£ne
—
$394,804
11,556
$413,625
/
Taxes
Operating
$1,016,920
62,271
37,308
Interest
stock...
Gross earnings
Comparative Income Statement (Parent Corporation Only)
12 Months Ended Dec. 31—
Revenue from subs.—Dividends..
common
(c) Stone & Webster and Blodget, Inc.—
earnings.
Operating expenses
id) Stone &
Webster, Inc.—Earnings—
1939
11,437
Interest
Gross
$29,272,500 $25,825,829 $22,561,450
1,470,840
553,224
x294,323
$1.18
$0.45
Nil
b Net profit
Earnings
Subs.)—Earnings-
$421,191
-
Balance for
Stewart-Warner Corp. (&
2,055,611
168,921
$561,893
1940
with
$899,747
1939
$2,690,600
$1,573,594
Webster Service Corp.—
Gross earnings
Sterchi Bros. Stores, Inc.—Sales—
c
189,688
5,000,000
Unamort. debt dis¬
13 ,652
47 ,750
Buildings (net)...
Machinery & equipment (net)..
Deferred charges....
c
Furn. & eqpt. (less
1,591,288
194,156
Deposit in Canadian bank (at U. 8. equivalent)
Miscell. notes & accounts receivable (net)..
...
—
Sink, fd.,represent¬
Comparative Condensed Balance Sheet
Assets—
receiv. (less res.)
Total.
shares.
.14,410,526
14,305,149
earned
on
the
common
stock in 1939.
Volume
The Commercial & Financial Chronicle
152
During 1940, the corporation
sold 119,509 passenger cars and trucks and
net sales amounted to
$84*154,224.
In the preceding year, 114,196 units
were sold and net sales
totalled $81,719,106.
The reduction in 1940
profits, according to the letter to stockholders
by
Raul G.
Hoffman, President, "was due primarily to the fact that through¬
out the first seven months of
1940, cars were sold at prices established at
the beginning of the model
season, August, 1939, although subsequently
there were
progressive increases in costs of material, labor and expense,
including taxes."
In
August, 1940, with the introduction of
new
was
obtained," the letter adds.
The letter points out, however, that the
price advances on 1941 models were not sufficient to
offset the lower
models which prevailed during the first seven months.
in(1940 totalled $4,570,143
The
compared with
$3,855,676 in
and coupon rates will be decided later. The
proceeds will be used in paying
off the outstanding 3
% % first mortgage bonds on May 15, 1941. The issue
will be offered
margin
All taxes
Tampa Electric Co.
Period End. Jan. 31—*
1939-
Operating
are
grave uncertainties which confront all industry today, there
aspects of the business and the position of the corporation which
encouraging."
Discussing
taken by the automobile
measures
ats j°ulin? and metal purchases to the needs of the defense
effort, Studebaker has placed itself
a view to fitting into the national
Concerning Studebaker's airplane engine order from the War Depart¬
ment, the letter states that while every effort is being made to expedite
this project, "it is not
anticipated that any considerable production of
aeronautical engines can be obtained before the end of this
year."
In
addition to its airplane engine order, Studebaker announced that it
an initial order for a number of
heavy-duty military trucks
had received
upon which production will be under
way
$4,726,183
2,046.225
1,819,780
279,930
282,404
66,554
41,653
27,924
35,385
473 778
260.940
433,729
430.245
Util. oper. inc. beforei
retire, res. accruals.
$186,903
$174,290
$1,924,588
$1,932,813
Other income—net.
Retire, res. accruals..__
18
19
2.722
3.106
35.833
35.833
430 000
430.000
$151,088
$138,476
$1,497 310
$1,505,920
676
625
10 482
6.966
$150,413
$137,851
$1,486,828
$1,498,954
taxes
Deprec.
on
prop.,
Int.
on
debs-
Amort, of disct.
on
debs.
Prov. for Fed. inc., excl.
profits and undistrib.
profit taxes
Net profit for period..
stk.
com.
Earnings
1938
(par $1)__
923,741
389,442
112,537
637,500
159,380
CY9.306
Incentive compen. plan.
846,900
395,880
114,398
808,464
406,355
117,427
$2,923,251 d$l,762,465
2,224,792
2,212,792
$1.31
$811,874
2,199,371
$0.37
Nil
a
on
$
deposit
on
a
Accts.
.
—
10,634,621
Liabilities—
Texas Electric Service
Period End. Jan. 31-
curr.
assets.
768,350
Other
268,472
on
200,921
16
202,073
439,712
llabils.
conv.
389,728
6%
5,841,200
6,490,646
Accrued Int., pay.
defd.
by provi¬
565,513
sions of indent..
Subscribed
46
$716,666
$8,916,568
$8,553,857
taxes.__
Direct taxes
res. approp.
295,393
138,265
83,333
273,057
95,697
83,333
3,412,661
1,543,605
1,000,000
3,339,377
1,100,670
1,000,000
Net oper. revenues—
$271,346
$264,579
$2,960,302
900
940
14,081
$3,113,810
11,460
$272,246
140,542
2,772
$265,519
140,542
2,686
$2,974,383
1,686,500
Net income
$128,932
$122,291
Divs.applic. to pref. stocks for the period
$1,254,515
Grossincome
Int.
493,369
2,223,123
2,224,792
50,000
but
38,538,366 36,447,091
Total
38,538,366 36,447,091
After reserve.
a
Domestic
on
March 14 reported domestic retail deliveries of passenger
February were the largest for the month in the history
The factory's February sales to dealers were the largest
Sundstrand Machine Tool Co.—75-Cent Dividend—
paid
Texas Power & Light
Period End. Jan. 31—
Dec. 28, last; $1 paid on Dec. 20 and on Sept. 20, last,
March 20. 1940. this latter being the first
dividend paid since Dec. 28, 1937, when 25 cents per share was distributed.
—V. 151, p. 3902.
Sun
Oil
June 20 and
Co.—$10,000,000 Debentures Placed Privately—
The company recently placed privately with the Prudential
Insurance Co. of America $10,000,000 10-year 2lA% deben¬
tures
Operating
maturing Feb. 15, 1951.
ii
res. approp.
Amort,
operated
as a
Calendar Years-
on mtge. bonds.
on deb. bonds..
Other int. & deductions.
Earnings
a
per
1940
J;
_
share
386
$362,901
$351,019
$363,284
170,417
10,000
on common
_
stock
1939
$5,474,333
527.910
$0.23
605,551
$0.26
After all charges and taxes.—V. 151, p. 3101.
Swift & Co.—Plans to File
$25,000,000 Debentures—
The company is preparing to file with the Securities and Exchange Com¬
mission about April 1, a registration statement covering $25,000,000 of
4,569,123
1,211,778
1,088,310
Balance
3,296
$4,614,349
$4,218,402
2,045,000
120,000
86,729
$4,628,135
2,110,625
120,000
$1,966,673
865,050
$2,266,032
865,050
$1,101,623
$1,400,982
•„
5.724
.....
4,690
$4,200,390
18,012
383
170,417
10,000
5,904
Interest
...
13,786
131,478
Note—Includes in the 12 months ended Jan. 31,1941, provision of $61,0i0
excess profits tax applicable prior to Jan. 1, 1941, but includes
no subsequent provision for such tax since no excess profits are indicated.
—V. 152, p. 1606.
for Federal
Thermoid Co.—To Extend
Options—:Registrar—-
Stockholders at their annual meeting on March 18 will consider extending
options to purchase 25,000 shares of common stock from April 16, 1942, to
April 16, 1940.
Company has notified the New York Stock Exchange of the appointment
of the Commercial National Bank & Trust Co. of New York as registrar
of its common stock and convertible preferred stock.-—V. 152, p. 1452.
Union Tank Car Co.
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
r»
1940
Gross income from oper.
3,709,589
3,300,682
300,000
3,843,919
3,438,962
330,692
3,568,411
1,820,176
278,925
$3,189,969
103,259
Total income
Federal income taxes...
income.
sur. at
beg. of yr.
Total surplus
.
Divs. declared (net)
Earned
$2,967,355
98,264
$1,408,293
54,288
$2,204,825
52,086
$3,293,227
a846,911
$3,065,619
654,953
$1,462,581
97,867
$2,256,910
240,498
$2,446,316
6,419,083
$2,410,666
5,533,612
$1,364,714
5,705,848
$2,016,412
5,583,332
sur.
—
_
$8,865,399
1,980,226
$7,944,278
1,525,195
$7,070,562
1,536,950
$7,599,745
1,893,897
,885,173
$6,419,083
$5,533,612
$5,705,848
1,103.599
$2.21
1,167,081
$2.06
1,177,381
$1.15
1,180,752
$1.70
end of yr.
common
;
Includes Federal excess profits tax of
$7,284.
Consolidated Balance Sheet Dec
1940
Assets—
.
stock
outstanding (no par).
Earnings per share
%
31
1940
1939
$
Liabilities—
?
3,967,958
4,911,047
Accounts payable.
3,028,812
Acer. int. on invest
5,915
Acc'ts receivable.. 1,238,032
3,028,813
Accrued
731,116
370,036
691,523
632,866
Cash
U. S. Govt, notes.
a
1937
$9,818,398
332,475
Net income from oper.
Shares
1938
$8,718,565
$8,634,866
3,693,534,
1,888,677
...
Taxes.
Net
1939
$9,104,655
Maintenance, repairs &
general expenses—...
Depreciation-
Other assets
.$5,481,951
operating income
_
342
Mat'l <fe supplies..
[Including Sunray Oil Co.]
_
4,407.318
1,374,854
1,082,811
95,619
90,179
$349,433
1,586
Interest
a
Sunray Oil Corp.—Earnings—
Net income-
346,648
$11,070,063 $11,486,856
limited-term
Gross income
separate unit.
Directors voted to offer preferred stockholders of record up to and includ¬
ing March 29 the right to exchange their present 6% preferred, par $100, of
which there are 100,000 shares outstanding, share for share for the new
4H% preferred.
Exchange of all the preferred would save the company
about $150,000 annually in dividends.
The new preferred will be callable
at 120 for the first five years and at 115 thereafter.—V. 152, p. 1451.
a
of
Net oper. revenues
Other income (net)
Earned
S'ockholders on March 11 approved amendments to articles of incor¬
poration to permit issuance of 100,000 shares of $100 par class A pref. stock.
Stockholders also approved giving company power to engage in general
shipbuilding, repairing and drydocking business and allowing it to manufac¬
ture and sell machinery, equipment and apparatus of every type and de¬
scription.
Approval of this amendment enables company, if it so desires,
to carry on directly the business of Sim Shipbuilding & Dry Dock Co.,
Gross
1941—12 Mos.—1940
$895,733
381,562
114,203
100,000
taxes-
Direct taxes
Preferred Issue Voted—
now
$945,540
Other income.
1945, 1946 and 1947, and $4,600,000 in partial redemption of $12,000,000
10-year 2V*% debentures due Dec. 1, 1948.
The latter were called on
Feb. 6 for redemption on March 10.
i
which is
Co.—Earnings—
1941—Month—1940
revenues
Prop, retire,
Of the proceeds the company used $5,400,000 to redeem on Feb. 26 the
balance of 10-year 2%% serial debentures due $1,800,000 each on Feb. 15,
New
excess
Oper. exps., excl. direct
on
on
$1,031,318
Federal
an.
Directors have declared a dividend of 75 cents per share on the common
stock, payable March 20 to holders of record March 10.
Dividend of 50
and 50 cents
$878,837
provision of $20,000 and $225,000 for
$164,698
$177,143
Divs. applic. to pref. stocks for the period
Retail deliveries to customers in the United States last month numbered
8,306 units and for the first two months of the year totaled 16,662.
In
February 1940 retail deliveries amounted to 7.490 units and in the first two
months of last year were 13,560.
Factory sales in February were 10,010 units against 9,446 in the corre¬
sponding 1940 month.
For the first two months of 1941 factory sales of
18,125 units compared with 17,975 in the same period last year, and were
the largest for the period since 1923.—V. 152, p. 1144.
cents was
$1,406,996
375,678
Srofits tax in respectively.—V. 152, p. 1941, and in the 12 months ended
31, 1941, the month of January, 1606.
and trucks in
of the company.
since 1928.
$3,125,270
1,686,500
31,774
375,678
Net income
Deliveries—
Corporation
cars
33,368
Balance
50,000
548,226
Capital surplus... 17,226,742 17,156,655
Earned surplus.-- 4,309,449
2,184,821
will <fe patent rts.
-
mtge. bonds
on
Other interest
investments
unissued.
good¬
Total
deps.
debentures
sinking fund.
name,
taxes
curr.
10-year
468,563
1941—12 Mos.—1940
$788,337
_
1,996,853
810,931
7,065,319
397,752
invests,
Co.—Earnings-
1941—Month—1940
Operating revenues—_
Oper. exps., excl. direct
4,434,948
2,194,331
expenses.
sales contracts..
Property, plant <fc
equipment
16,667,303 14,479,238
Deferred charges..
587,055
657,407
Dep. with trustee
as
4,748,586
Dealer's
862,485
*""■
Corp.—Exchanges Notes for Colombian Petroleum
Co. Notes—See latter company—V. 152, p. 133.
Reserve for Federal
come
and receive less
reserve for losses
Trade
$
Accrued
11,341,221
1,207,388
S
and notes
Non-curr.
'-TSiftj".
A'
»
1939
Accts. pay., trade.
receivable, trade
547,317
Inventories, at cost 7,972,122
Other
1940
hand and
Sight drafts outstg. 1,263,616
.
152, p. 1606.
Nate—Includes
1939
S
.
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 31 to holders of record March 17.
Like amount was
paid on Nov. 15, last, and compares with 50 cents paid on June 15, last;
40 cents on Dec. 28, 1939: 25 cents on Oct. 18, 1939: 35 cents on
July 17,
1939; 15 cents paid on Dec. 28, 1938: 35 cents paid on Nov. 1, 1938: 50
cents on June 15, 1938: 25 cents paid on Dec. 23, 1937; 50 cents on
Sept. 1,
1937, and an initial dividend of 50 cents paid on Dec. 26, 1936.—V. 151,
p. 2664.
Mttai
'■
,<**
■ v.'-V/- •
•.
>: <4
:
Consolidated Balance Sheet Dec. 31
Assets—
.
Technicolor, Inc.—25-Cent Dividend—
b86,989
After deducting manufacturing cost, including amortization of special
tools, dies, &c., and selling and general expenses,
b Provision for Federal
income taxes
only,
c Includes $10,726 interest income, less other interest
expense,
d Loss.
Cash
(interest).
Other inc. (net).
$0.96
1940
„
Net income..
-V.
1937
620,500
$2,124,628
2,223,123
per share
i...
Gross income.
Prop, retire,
Interest income (net)...
Shs.
.....
Texas
1939
961,982
338,930
97,953
profs.
excess
Inc. deducts,
shortly.
plant
andenuipment
,
Other taxes
$81,719,106 $43,768,621 $70,683,261
c4,969,472 loss405,287
2,231,110
4,311,068
1941—12 Mns.—1940
25.221
Consolidated Income Account for Calendar Years
1940
Net sales,domes.&
for*n_$84,164,224
a Net profit from
sales..
$491,286
22.002
Fedl. inc. &
program, the
at the disposal of the
Government with
defense in the most effective manner."
439
$5,158,250
head said:
"Announcement of these measures has led, quite
naturally, to speculation as to the extent do which industry generally, and
the automobile
industry in particular, must ultimately subordinate its
normal business to the requirements of national defense.
That defense
needs come first admits of no
argument , but it does not appear as yet that
a restriction of
automobile production is necessary for that purpose.
From
the beginning of the national defense
p.
$430,675
167,855
industry to subordinate
Studebaker
agents.—V. 152,
174,173
Despite the
are some
as
Earnings—
1941—Month—'1940
revenues
Operation....
Maintenance
trend of costs is upward and to what extent
average margin per
be affected in 1941 is unpredictable," the report said.
car may
through Salomon Bros. & Hutzler,
mjgBOSP^
models,
prices
were, advanced as much as we believed the competitive situation
would permit and for the balance of
1940, a higher average margin per car
1771
debentures consisting of one to 10 year serial and 20-year term debentures,
according to William B. Traynor, Vice-President and Treasurer.
Prices
2,228
1,108,466
Tank cars, plant,
equip. & fixt's__27,164,320 27,127,544
76,313
45,505
Deferred charges..
G'dwill, pat'ts, &c
Total
After
1
wages
Res. for gen. taxes
1939
$
303,889
47,938
326.482
37.080
226,776
217,050
Res. for Fed. taxes
904,010
700,615
Reserves.
552,219
566,774
stock...30,000,000 30,000,000
Earned surplus
6,885,173
6,419,083
—
-....
b Capital
c
Reacquired cap¬
ital stock
Dr2,337,503
Dr719.090
1
36,582,502 37,547,9931
Total
.36.582,502 37.547,993
depreciation reserves of $62,891,444 in 1940 and $51,155,852 in
1939.
b 1,200,000 no-par shares,
c Represented by 96,401 no-par shares
in 1940 and 32,919 shares in 1939.—V. 152, p. 998.
a
March
Chronicle
The Commercial & Financial
1772
Consolidated Income Account for
Time, Inc.—Common Dividend—
f
dividend of $2.25 per share on the common
Directors have declared a
payable March 12 to holders of record March 10.
Like amount
was paid
on Dec. 10, last, and compares with $2 paid on Sept. 10 and
June 10, last; $1.75 paid on March 11, 1940; an extra dividend of $1.25
per share in addition to a dividend of $1.50 per share paid on Dec. 20, 1939,
and extras of 50 cents in addition to regular dividends of $1 paid on Sept. 30
and June 30, 1939.
On March 31. 1939, an extra of 25 cents in addition
stock,
Calendar Years
1939
1940
1941
15,
1937
1938
•
$52,082,290 $36,799,545 $29,295,491
39,727,780
29,836,458 24,214,462
Sales & oper. re venues. $127,046,847
Cost of sales &oper. exp. 92,042,578
quarterly dividend of $1 per share was
699,238
646,089
Other income.
$6,263,848
222,332
$4,434,940
207,461
$34,147,816 $11,438,132
370.290
150,363
$6,486,181
$4,642,401
Other deductions
to a
1,221,349
$33,327,344 $11,133,161
820.472
304,971
distributed.—V. 151. p. 3578.
come
Paul D. Wagoner. President, states;
A change has been made in the financial statement for 1940 to exclude
subsidiary companies located outside of the continental
United States.
Reserves created out of earned surplus, applicable to
investments in and advances to subsidiary and affiliated companies not
consolidated, applied directly to the assets, are sufficient to cover all
investments in all foreign countries, including those in the Dominion of
Canada.
Although this policy may be extremely conservative, it seems
desirable because of the unpredictable conditions of international trade.
'
Calendar Years
1940
19391938
Consolidated. Income Account for
Operating
$26,298,123 $24,152,622 $23,326,950
22,871,809 21,182,653 20,718,175
^
$3,426,313
$2,969,969
c592,079
income
Miscellaneous income (net)..
<1304,399
Federal tax on income and capital—
719,443
362,242
534,901
533,220
Federal & State
515,417
520,146
492,078
Depreciation
Social security taxes,
other charges.
c Miscellaneous
12.183
$9,375,437
$5,426,276
$3,856,272
9.298,418
5,298,816
3,245,842
2,517,903
$4,076,621
2,652,302
$2,180,434
2,649,437
$2.04
$1,338,369
2,531,295
$1.52
Surtax on undistributed
a
;
$3.53
profits.
Consolidated Balance Sheet Dec. 31
•
1940
1940
1939
$
$
;}:Assets^<\^:.'''\
......
$1,767,596
1,835,750
734,300
1,477
390,816
164,720
$2.53
$2.41
b Expenses and
operating results
converted at respective foreign
currency rates effective at the close of the year, and dividends received from
such non-consolidated subsidiaries are applied in reduction of the invest¬
ments therein and are not included in income; except that, because of
exchange and other restrictions, (1) no income has been included from
certain foreign subsidiaries the results of operations of which have heretofore
been included in income annually but from which no dividends have been
received in 1940; and (2) income includes a relatively small amount realized
in 1940 in United States currency from dividends out of prior years' income
of non-consolidated subsidiary companies the investments in which are
income includes equity in net
Advances
-----
Notes
&
$
$
Assets—
6,292,580
Cash.---—.
6,080,302
accounts
5,758,380
7,993,847
236,385
Prepaid expenses.
a Fixed assets
5,466,373
Investments
19,598
—.
Patents,
558,194
449,566
1,133,967
&c
taxes
782,522
95,555
273,179
Unred. mdse. coup
5,352,297
Deferred liabilities
1,002,275
Deferred Income.,
20,000
49,487
future
Surplus.
After
in 1939.
for depreciation of $8,597,669 in
Rentschler, Chairman and Eugene E.
Wilson, President,
31, 1940, amounted to $106,640,672, against
current liabilities of $95,716,194, including advances on sales contracts
of $63,404,658.
Cash amounted to $62,971,760, trade accounts receivable
to $11,659,750 and inventories to $31,616,870.
Inventories as well as
materials contracted for. are substantially covered by customers' orders.
The first major expansion of the Pratt & Whitney Aircraft Division, on
account of the French Government's orders was commenced in Oct., 1939.
and this extension was operating at planned capacity in approximatley nine
months, which is practically the theoretical low limit of elapsed time.
In
June, 1940, a second major expansion was undertaken for account of the
British Government's orders; and it is expected that these new facilities
will also be in full operation in approximately nine months from the start
of their construction.
The third major expansion, the largest of all, was
commenced in Sept., 1940, to meet the requirements of the U. S. Govern¬
ment.
The buildings for the American program are completed at this
time, tools and other equipment are being installed, and again it is expected
that the facilities will be operated at capacity within a period of approxi¬
mately nine months, or by the summer of 1941.
Up to the present, the
corporation has progressed beyond the half-way mark toward meeting its
full plant-capacity rate of shipments, and shipments are now substantially
at
Dec.
ahead of schedule.
The costs of the plant expansion of the Pratt
undertaken to meet the requirements of the
& Whitney Aircraft Division
French and British Govern¬
approximately $15,975,000, substantially all of which
was covered by appropriate surcharges provided for in the contracts with
those governments; and the ownership of the facilities is vested in the
corporation.
Following the procedure outlined in last year's annual report,
the corporation is providing for the absorption of the cost of the facilities
during performance under the contracts.
Coincident with the cessation
of hostilities between France and Germany, the French contracts were
taken over by the British Government.
The cost of the additional facilities with which the corporation has under¬
ments amounted to
taken to provide its three manufacturing
divisions for the purpose of meet¬
will amount to approximately
ing the requirements of the U. S. Government
$18,160,000, as at present estimated; and the facilities will be provided
under Emergency Plant Facilities Contracts of a generally standardized
character, by the terms of which the U. S. Government agrees to reimburse
the corporation for its expenditures therefor over a period ending five
years after completion of the facilities, or upon the expiration of the emer¬
gency, if at an earlier date; whereupon title to the facilities will vest in the
Government, subject to optional repurchase by the corporation.
Corpora¬
tion is entering into loan agreements with its principal banking connection,
as permitted
by the provisions of the Facilities Contracts, pursuant to
which the bank will agree to lend the amount of the expenditures, as made,
upon the assignment by the corporation to the bank of the corporation's
right to receive reimbursement therefor from the Government.
Thus, upon
completion of the facilities, the corporation will be relieved of liability for
repayment of the principal of the loans, which will be repaid to the bank
by the Government pursuant to the assignments.
At the conclusion of the present expansion program, in the summer of
1941, the plant account of the corporation will have increased to a figure
several times that of the pre-emergency normal plant account.
According
present policy, it is anticipated that amortization on some of the plant
additions and accelerated depreciation on the remainder, due to multipleshift operations, will so reduce the plant account that, at the end of the
emergency, the account; (after reserves) will not be substantially in excess
of the corresponding pre-emergency normal.
At the present time the corporation is negotiating additional Emergency
Plant Facilities Contracts with the U. S. Government.
Unfilled orders at Dec. 31, 1940, amounted to $445,122,070.
At the beginning of 1939, employees of the corporation totalled 5,200.
to
whichjnumber was increased to 20,500 by the end of the year
1940.
98,504
stock & surplus
13.283,455 13,283,455
Earned surplus..
Total
132,214,877
After reserves
a
67,047,3971
for depreciation,
10,791,214 10,791,214
12,266,615
8,455,114
132,214.877 07,047,397
Total
amortization and retirement of $12,-
654,676 in 1940 and $6,226,070 in 1939.
b Includes 3,121 (4,389 in 1939)
shares to be issued for shares of capital stock of United Aircraft & Trans¬
port Corp. not presented for
Joseph A.
of
President
exchange.—V. 151, p. 3903.
Co.—New President, <Scc.—
United Drug
Galvin, formerly Executive Vice-President has been elected
this company, and Louis K. Liggett, formerly President,
board.
Jr., has succeeded Mr. Galvin as Executive ViceW. Smead, former Assistant Treasurer, has been
elected Treasurer; J. R. Sammons, former auditor, has become Controller.
F. J. HaHer, formerly Controller of Purchases, has been elected VlceF.
President.
Davis
Irving
PrgideniUBrcharge or purchases.—V. 151, p. 2959.
United Gas Improvement Co.—Weekly Output—
The electric output for the U. G. I. system companies for the week just
and the figures for the same week last year are as follows: Week
123,434,745 kwh., same week last year, 106,647,100
kwh., an increase of 16,787,645 kwh. or
2,422,971
7,343,000
7,343,000
13,519,784 14,545,704
United Aircraft Corp.-—Annual Report—
Frederick B.
state in part:
Current assets
104,114
5,500
ended March 8, 1941,
Total—......25,767,104 26,060,677
1940 and $8,169,101
b Represented by 734,300 no-par shares.—V. 152, p. 1298.
reserve
9,053
closed
Total...—...25,767,164 26,000,0771
a
4,300
48,985
Sundry reserves. .
Min.int.in capital
Paid-in surplus-.
51,876
expend.. 2,600,549
b Common stock..
&c.
63,404,658 26,461,051
86)...,
30,000
lies, for conting. &
goodwil,
.
missions,
Accrued
339,485
com¬
88,163
develop¬
ment,
4,947,718
8,404,905
454,019
payable.
wages,
S
$
Liabilities—
Accounts
Acer,
receivable
Inventories-.-
1939
1940
1939
/
sales
of subsidiary..
William
Consolidated Balance Sheet Dec. 31
1,888,475
b Capital stk.(par
has been elected Chairman of the
1940
on
contracts
31,616,870
of non-consolidated subsidiary companies,
regularly carried at cost.
d Including equity in net operating results of non-consolidated sub¬
sidiary companies (exclusive of those where availability of earnings is
seriously curtailed by exchange or other restrictions.)
Note—-Ho provision for Federal excess profits tax.
368,750
20,607,842
Deferred income.
11,904,827
Investments....
192,490
267,009
a Fixed
assets... 24,409,773 12,990,866
Deferred charges.
971,935
718,063
Inventories.
1,729,789
386,600
income
for
taxes
1,074
Other accts. rec.,
$3.03
2,826,292
&c
Pro v.
Accts.rec.,officers
1,468,600
734,300
3,956,492
3,591.659 Acer. Incent.comp
11,659,750
$
8,490,811
payable
Accr.wages, taxes
Trade accts. rec.,
less reserve..__
1939
>r' $
Liabilities—
Accounts
62,971,760 30,023,880
U. 8. Treas. notes
7,385,301
Cash
$1,857,080
-
other
16,482
$3,841,565
2,656,691
$4.94
and employees.
And services, less discounts, returns and allowances,
a
$5,442,758
22,334
.
Surplus
Shares capital stock
Earnings per share
1,652,175
734,300
Common shares outstanding
Earnings per share
251,928
$9,397,771
14.609
$13,139,983
$2,226,255
Net income for year—
Common dividends.
b
557,277
$3,868,455
$13,154,593
interest
of sub. company
d436,047
$3,044,822
a142,905
Minority prop, of profiti
$2,608,775
$3,274,368
$4,018,393
Income
614,003
11,720.669
.
Net profit before xnin.
t
Gross
17,038
996,832
1,889,997
8,902,264
taxes
Excess profits taxes..
from consolidation all
Gross sales.
b Cost of goods sold
46,591
Federal and Canadian
Underwood Elliott Fisher Co.—Annual Report—
a
1,676,925
Depreciation
15.7%.—V. 152, p. 1606.
Light & Power Co,—Dissolution Under Utility
Act Set—Suggests New Setup to SEC—
United
and Exchange Commission started
"death sentence" proceedings against utility holding com¬
panies, one of the major companies has agreed to its own dissolution.
H. B. Munsell, Vice-President of United Light & Power Co., told the SEC
March 12 that dissolution of his company is the "most feasible and practi¬
cal" first step to simplify the system's corporate structure under the "death
sentence."
^
At the same time, he disclosed that United has chosen Kansas City Power
& Light Co. as the nucleus of the integrated operating utility properties
which the system will be allowed to retain under the Public Utility Act of
1935.
He outlined a plan under which a new operating company known as
Peoples Light & Power Co. would take over, among less minor investments,
nine "first lien" companies now controlled by United.
The top holding
company's debt would be paid off from proceeds derived from sale of these
and other properties.
United then would be dissolved and its remaining assets, consisting of the
common stock of the United Light & Railways Co., would be distributed on
a fair and equitable basis to United's present stockholders.
Mr. Munsell said that, using the Kansas City properties as toe nucleus
of the single integrated system which the utility Act permits each holding
company to retain, United would enlarge the system by purchasing physical
assets or the securities of other operating utilities in adjacent areas in
Kansas, Missouri and Iowa.
The United management's policy, he said,
is to retain as many additional systems in those or other States as the law
For the first time since the Securities
its compulsory
will permit.
Dissolution of United Light &
Power Co., plus certain less major changes,
bring the UDited system into compliance with the so-called "great
grandfather" clause of section 11 (B) (2) of the utility Act.
This clause
provides that tnere cannot exist between a holding company and an operat¬
ing subsidiary more than one intermediate holding company.
Mr. Munsell said dissolution of United could be accomplished without
great difficulty and relatively soon.
He analyzed alternative proposals for
eliminating or consolidating one or more of the remaining subholding
companies, but expressed belief that too many troublesome problems would
arise in this connection.
Outlines the Steps
would
Outlining the steps which would be taken to
dissolve United, Mr. Munsell
in
the company first would sell to outside interests its investments
La Porte Gas & Electric Co. and Mason City and Clear Lake RR. for about
said
$3,500,000.
Cash realized would be used to redeem $1,266,600 of its
outstanding 514% bonds and the balance would be added to cash.
The
small investment of United Power Manufacturing Co. in American LigUt &
Traction Co. would be transferred to United Light & Railways
United Light & Railways would then buy for $7,800,000,
Co
78.000 shares
and in addition
surplus. Stock
and securities of United Light & Power Manufacturing Co. owned by United
would be transferred to the new company for $5,229,000 par amount of
stock of the new Peoples Light & Power Co.
would contribute $5,700,000 to the new company's paid-in
of
common
common
stock.
then would use the $13,500,000 obtained from sale of
contribution to apply toward the purchase from United
The new company in addition would as¬
sume $10,578,000 6% bonds and the remaining $5,000,000 5)4% bonds of
United.
The new company would be substituted as the mortgagor under
The
new company
its stock and the
and nine first lien companies.
the first lien mortgage.
United would use proceeds from
to tne
.
.
the sale of the first lien companies
and
and then would contribute
all remaining investments
This stock would be distributed
off its own debentures at par,
paid-in surplus of the Railways company
other assets to pay
other than tne Railways common
to United's present
stock.
stockholders.
,
.
interest in Northern Natural
City Brick & Tile Co.
After dissolution of United, the new company would sell $6,000,000 of lowinterest bonds at private sale to redeem the remaining 5)4% bonds of
United which it assumed.—V. 152, p. 1607
The Railways company would dispose of its
Gas Co., International Paper Co. and Mason
h
United Specialties
Co.—To Convert "B"
The board of directors at a
to
stock,
the presentation
Stock—Dividend
authorized the officers
conversion into common
Under the provisions or
meeting held March 3,
to the company for
the company's class B common stock.
cause
The Commercial & Financial Chronicle
Volume 152
the class
B
stock, it
common
is entitled
to
dividends,
no
can
nor
t
De
converted
into common stock, until the net earnings of the company,
available for dividends, for a period of 12 consecutive months subsequent
to Dec. 31. 1935, as certified
by independent public or certified accountants,
shall be at least S389.812.
ended Dec. 31. 1940, were
issued
a
common
The net earnings for the 12 consecutive months
$411,326. and the company's accountants have
certificate to this effect.
The officers have called the class B
stock for conversion and have determined June 5, 1941, as the
m1 date for raaking such conversion.
Tne
directors declared a quarterly dividend of 15 cents per share on
170.000 shares of outstanding stock, including the 143,000 shares of
stock and the 27.000 shares of class B common stock (either
tne
common
the form of class B common or as common stock, provided conversion
been made), said dividend being payable March 20 to stockholders
of record March 14, 1941.—V. 152, p. 1607.
in
has
.
United States & Foreign Securities Corp.—To Purchase
22,198 Shares of Own Preferred Stock—
10 issued an order
permitting corporation to purchase 22,198 shares of its first preferred stock.
A firm commitment
governing the proposed purchase was entered into
between company and J. P. Morgan & Co., Inc., on Feb. 26. 1941. subject
to obtaining the
permission of the SEC prior to the close of business on
March 7, 1941. under which company has agreed to purchase 22,198
shares of first preferred stock at a price of $84 a share, $2.50 below the last
reported sale of shares of such stock on the New York Stock Exchange at
the time the firm commitment was made.—V. 152. p. 695.
'
See
"indications of Business
under
Activity" on
preceding page.—V.
a
1607.
p.
Universal Corp.—New Contracts—
See
Universal
Pictures Co.,
Universal Cyclops
12
cents
paid
March 29, 1933; previously regular quarterly divi¬
share were distributed.—V. 151, p. 3580.
13
a
Weeks Ended—
Net profit
Feb. 1, *41
Jan. 27, '40 Jan. 28, '39 Jan. 29, *38
$703,795
b$395.631
$157,990
x$388.797
Federal
for
x
income
taxes,
Loss.
After providing $15 ),000, as a reserve
to cover normal Federal income
taxes, earnings for the first quarter amounted to $553,795.
No provision
has been made for the excess profits tax.
New Contracts—
r
J.
Oheever Cowdin,
outstanding long-term indebtedness, which would require a total of approxi¬
mately $36,781,166, if such redemption was effected on or before May 1.
The proposed refinancing, according to the trustees, would result in an
immediate overall reduction of long-term indebtedness of Virginia Public
Service and its subsidiaries of $587,000.
Annual savings in interest charges,
upon consummation of the refunding, are estimated at $657,602 by the
trustees.
authorized the execu¬
executives
submitted
tion of contracts covering the services of their senior operating
for a se\ en-year period from Jan. 1. 1941. The contracts are to be
of the two companies,
The executives with whom the new contracts have been executed are J.
Cheever Cowdin, Chairman; Nathan J. Blumberg, President; Charles D.
i
Vice-President and
General Counsel, Clifford
President in Charge of Studio Operations William A. Scully.
Work,
Prutzman,
Other
Vice-
Vice-President
companies," said Mr. Cowdin. ' Thi& will assure continuity of the executive
management
which has been responsible for increasing gross sales from
$lb.l5 ,87o to $27,6/7,627 in the last three years and, in the same period,
has converted a net loss of $ 1,084.999 into a net profit of $2,.39 ),772."
I
Under the terms of the contracts with Universal Pictures Co., Inc., the
annual salaries of this group will range from $62,4ud to $91,000 during the
first two vears and thereafter will range from $75,400 to $117,000.
Additional incentive compensation is also provided. Mr. Cowdin ex¬
plained, through a profit-sharing plan under which the executives will receive
a percentage of the operating income up to $2.5/0,000 and an additional
percentage of operating income above that figure
Individual participations
will range from 4 of 1% to 1% of operating income up to $2,5 »0,'»O0 and
from 1 % to 2% of operating earnings in excess of that amount.
The con¬
tracts provide that these percentages are to be reduced propoitionately to
any future increase in tax rates and that balances blocked in Great Britain
shall be excluded in computing operating income for any year, any adjust¬
ment with respect to these amounts to be made only when and as these
balances are actually transferred into dollars.
1
Under the terras of the contracts with Universal Corp., each of the five
Vice-Presidents is to receive each year warrants to purchase 3,000 shares of
Universal Corp. common stock at $10 a share, expiring in April, 1956, the
Chairman and I "resident receiving 5,000 such warrants.
The warrants now
held by members of the executive ^roup. running for five years and giving
them tne right to buy stock at prices scaling from $,s to $10-a share, are
to be exchanged for the longer-term warrants stipulating the higher price.
—V. 152. p. 848.
Utah Light & Traction
Co.- -Earnings—
:
taxes—--
'
_
86,558
6,523
.
$1,100,692
$1,114,964
990,374
1,024,896
87,105
88,368
7,207
79,378
1
$4,329
47,389
Net oper. revenues
Rent from lease of plant.
on
Notes (1)
$2,963
616,086
.
(deficit)
$51,338
50,763
$619,685
609,150
896
14,393
$619,049
612,896
10,037
$321
mtge. bonds
Other int. & deductionsBalance
$30,940
588,745 "
$51,718
50,763
1,276
Gross income
Int.
$323
51,015
$321
$3,858
$3,884
No provision has been
made in the above statement for unpaid
interest on the 6% income demand note, payable if, as, and when earned,
amounting to $2,290,399 for the period from Jan. 1, 1934, to Dec. 31, 1994.
(2) No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152, p. 1607.
Utah Power & Light Co.
Period End.
Jan. 31—
1941—Month—1940
Operating revenues—_ $1,312,126
Oper. exps., excl. direct
575,034
taxes
221,630
Direct
taxes
Property retire, reserve
appropriations.
Net oper. revenues
Other income (net)
(& Subs.)-
6,202.404
6,187,853
2,419.933
91,000
1,092,000
1,092,000
$424,462
$4,783,311
5,035
$4,172,294
$4,788,346
2,268,330
300,000
$4,176,897
326
447
$407,182
189.028
25.000
189.028
49,653
$3,402,644
1,760.150
$3,191,828
1,713,066
204.779
15,652
199.367
-
Net income
—
—
—
23 722
----------
—
—
—
—
41,782
Cr64,188
26,424
170.519
CY6.228
$1,265,650
$1,067,616
—
176,161
— —
—
—
—
Preliminary.
pro vision
profits tax for the year
has been considered necessary for
1940.—V. 151, p. 3412.
Federal excess
Inc.—Annual Report—
The volume of businass was the largest in 10 years.
Sales amounted to
$241,618,000, an increase of 29.3% over 1939, with sales to the Bell com¬
panies comprising 94.2% of the total.
Manufacturing o erations were at
68% of capacity at the beginning of the year, and increased steadily to
113% in December.
The number of employees on Dec. 31, 1940, was
42,0a3, as compared with 32,602 at the beginning of the year.
Payrolls
amounting to $02,628,000 were $12,803,000 or 18.3% more than in the
previous year, wnile at the end of the year they were 3o% more than at the
beginning of the year.
Taxes for 1940 amounted to $14,840,000.
This is an increase of $6,-
75.9%. Taxes required 31.2% of the net earnings before taxes,
equivalent to 5.4% of the average investment and to $7.97 per
employee.
Provision lor plant depreciation of $7,407,000 was $1,904,000 greater
than in 1939 due largely to increased activity.
Expenditures for replace¬
or
were
per
ments,
improvements and additions to plant aggregated $5,346,000, while
of obsolete, excess and worn-out plant which cost $3,250,000
retirements
less salvage, to depreciation reserve.
On Dec. 31, 1932,
plant accounts were reuueed by $8,233,000 charged to a reserve accumu¬
lated in previous years to provide for anticipated decline in plant cost
levels.
Suosequent increases have brought the cost levels for all classes of
plant to the pomt where this write-off is no longer justified.
Consequently,
the plant accounts have been restored to the original cost basis with result¬
ing creuits of $2,934,000 to reserve for depreciation of plant and $5,299,000
to surplus.
<
The company's investments, consisting chiefly of its equity in stocks of
subsiuiary and associated companies and notes for advances, aggregated
$51,157,000, a decrease of $7,226,000 for the year,
its valuation of the
wholly owned suusiuiaries was reduced:
(a) Teletype Corp.—$5,363,000
by further amortization of patents and goodwill and revaluation of invest¬
ments;
Co) Elecirical Research Products, Inc.—$650,000 to add to the
reserve to cover possible loss due to the European war and other conting¬
encies.
This reserve at Dec. 31, 1940, amounted to $2,400,000.
The
were
charged,
,43.6% interest in the Northern Electric Co., Ltd., previously carried at a
pro rata share of its capital and surplus was written down $1,945,000 to
carry this investment at Wastern's cost of $4,726,000.
The 50% interest
in the capital stock of the Bell Telephone Laboratories amounts to $3,400,000, an increase of $1,000,000 during the year.
Company's invest¬
ment in the orayoar Electric Co. was reduced to $1,000,000 by that com¬
pany's retirement of $500,000 of 7% preferred stock,
a
Consolidated Income Account for Calendar Years
'
1940
1939
1938
(net)—
$
$
$
companies
227,675,811 177,534,532 1 67,359,889
Subsidiary & associated companies
3,153,902
2,699,056
2,323,142
Sales and other oper. rev.
Bell Telephone
18,020,559
12,530,106
10,302,617
248,850,272
192,7637694
85,849,772
5,453,542
72,525,640
3,571,147
1,044,889
179,985,648
75,453,756
2,402,781
—
Others----
Total
-——---- -
-
Payrolls
—.
—
Payments to trustee
of pension funds.
employment stabilization,_
Provision for development equalizat'n
Taxes, 3ocial Security.
Federal income and other (no pro¬
vision required for excess profits
Prov. for
tax)
2,254,018
4,489,307
3,065,172
12,445,755
-
2,842",599)
6,020,178J
76,862,821
5,710,439
7,386,359
67,578,519
6,611,162
15,435,527
31,781,429
16,799,622
1,402,412
5,999,634
811,063
Net
operating profit
companies not consolidated (net)—
Earnings before interest charges—
Interest charges
Net earnings carried to surplus
Dividends paid
Earnings per share
.
-
—
1,782,858
Dr436,433
306,804
33,900,533
1,113,503
17,765,601
1,289,515
7,117,501
32,787,030
24,000,000
$5.46
16,476,086
12,600,000
5,734,033
3,000,000
$0.95
336,246
Changes in Surplus, Year Ended Dec.
4,603
Balance at Dec.
$2.75
Interest on deb. bonds—
Other int. in deductions.
14,691
180,686
$195,852
Net income
$188,463
$2,039,330
for the period-
1,704,761
Dividends applic. to pref. stocks
1
Balance-.a
Dividends
25,000
14.908
accumulated
and
unpaid to Jan.
$1,397,772
1,704,761
$334,569 def$306,989
31,
1941,
amounted
$18,204,199
32,787,030
original cost by the amount
charged off in 1932 for anticipated decline in costs less depreciation thereon for years 1932 to 1S39, inclusive—
5,299,231
Dividends paid during 1940
24,000,000
Revaluation of investment in stocks of:
Teletype Corporation for—
'
Amortization of patents and goodwill
$5,019,950
to
342,669
Revaluation of investments
to
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Jan. 2, 1941.
Dividends on these stocks are cumulative.
Noie—No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152, p. 1607.
$7,955,551.
Earnings for 1940 (as above)
Restoration of plant values
1,383,468
31, 1940
31, 1939--.
_
2,287,818
300,000
191,307
6,504,269
materials and services.. 106,717,154
Depreciation of plant
7,653,096
Change in inventories
DrlO.858,973
Purchases of
2,163,69
$406,735
Int. on mtge. bonds
a
1941—12 Mos—1940
91,000
$424,788
I
$3,142,175
49,036
-
Sundry income (net)
Income from subsidiary and associated
Earnings—
$1,254,699 $14,497,648 $13,615,840
562,934
194,030
$3,353 608
—
,
1941—12 Mos —1940
1941—Monlh- -1940
$95,898
$97,410
234,719
812,498
long-term debt: Mortgage bonds
Note—No
week
in most instances, represent a f.ve year extension of
the periods for which these men are currently under contract to the Universal
Direct taxes
.—
...
Amortization of debt discount and expense
Interest charged to construction—
and
President.
"The contracts,
474.948
1,048,453
397,432
877,975
taxes
Debentures.
x
3,239,442
67,528
84,998
Gross income
on
$9,019,764
551,622
1,225.674
Other income (net)
Interest
1939
.—$10,024,327
3,533.018
-----
taxes
402,000
Vice-President and Executive Assistant
to the
Period End. Jan. 31—
—
resale
or
•
xl940
—
—
Operating income
of Foreign Sales, and Matthew Fox,
Operating revenues
Oper. exps., excl. direct
:
;
(Including Subsidiaries)
for Calendar Years
Years Ended Dec. 31—
Operating revenues
Operating expenses
Electricity purchased
in Charge of Domestic Sales: Joseph H. Seidelman, Vice-President in Charge
)
■
Account
Western Electric Co.,
Chairman of the Boards of Directors of Universal
on March 4 that the
Pictures Co.. Inc. and Universal Corp., announced
boards of these companies, at special meetings, had
for approval to the stockholders
a group of insurance companies
debentures, maturing from 2j^ to
of serial
»
■
Miscellaneous long-term debtOther interest
Inc. (& Subs.)—Earnings—
a After
all charges
but before providing
b After reserve of $65,000 for amortization,
3% % bonds privately to
$8,500,000
and
With the proceeds the company intends to call for redemption all of its
Federal income
Steel Corn.—Dividends—
Universal Pictures Co.,
104.62,
15 years.
Provision for retirement
on
dends of 25 cents per
of first mortgage
Maintenance
151. p. 2516.
Inc., below.—V.
Directors have declared a dividend of 20 cents per share on the common
stoc<, payable March 29 to holders of record Mirch 20.
This compares
with 50 cents paid on Dec. 28, last; 20 cents paid on Sept. 30. June 28 and
March 28 1940: 55 cents paid on Dec 28. 1939: 20 cents on Sept. 30, 1939;
12^ cents on June 30 and on March 29. 1939: 25 cents on Dec. 28, 1938,
and
,
Income
United States Steel Corp.—February Shipments—
152,
Virginia Public Service Co,—Plans Rejinancmg—
The company, an integral operating unit in the Associated v, as & Electric
System on March 12 took the first step in a major refinancing and corporate
simplification operation involving primarily the issuance of $35,500,000 of
first mortgage and serial debenture debt to replace presently outstanding
higher coupon obligations.
Willard L. Thorp and Denis J. Driscoll, trustees, filed an application
with the Federal Court, New York, seeking approval of the proposed re¬
financing.
As part of the program it is planned to liquidate or merge into -Virginia
Public Service the Hampton Towing Corp., the Harpers
erry Paper Co.,
the Middle Virginia Power Co. and the Virginia Public Service Generating
Co.
Capital contributions by the Southeastern Electric & Gas Co. totaling
up to $4,000,000 are to be made to Virginia Public Service, according to
the plan.
The trustees disclosed that the Virginia company would sell $28,000,000
at
The Securities and Exchange Commission on March
1773
Electric
Research
tingencies
— -.
Northern Electric Co.,
Balance at Dec.
5,362,619
Products, Inc.—Reserve for general con¬
Ltd. to carry this stock at cost...
31, 1940
,
-
650,000
1,944,802
$24,333,039
Balance Sheet Dec. 31
Plant at cost—Land
-—
115,708,101 xl05,091,429
14,319,512
14,618,993
47,727,492
53,589,629
2,334,510
1,094,944
2,364,669
2,428,961
including sales contracts and mort-
less reserve of
890,295
fages receivable, at cost
-
Other, at cost less reserve of $11,903
...
Deferred receivables less reserve of $45,556.---
933,054
208,857
366,066
360,685
7,533,532
4,493,914
20,621,191
14,840,247
21,034,083
Prepaid insurance and rent—
Current assets—Advances to
suppliers—150,804
Merchandise at the lower of cost, or
Completed
Receivables—Notes
'Accounts*-""
•
•
■''
Bell Telephone companies
------
market—
liaw materials and supplies
In process
—-
■
1939
$9,372,349
1940
$9,384,410
Buildings, service equipment and machinery.
Small tools, furniture and fixtures
....
Investments—Subsidiary and associated cos—
22,113,738
-
239,467
■1
~.
•
paid on Dec. 30 and on Oct.
were
(Company Only)
Assets—
Kealty,
March
The Commercial & Financial Chronicle
1774
Washington
Co.—Annual Report—
Westinghouse Electric & Mfg.
■
23,899.622
568,729
1,722,336
21,268,722
r°Nhw
10,648,482
5,795,807
orders,
Marketable securities
Voters Reject
Water Power Co.—Spokane
Public Power Distribution—
Spokane, only large city in the Grand Coulee Dam area, again has re¬
jected public power distribution from the world's largest hydroelectric
project.
The complete unofficial vote on March 12 on municipal distribu¬
tion of Grand Coulee power was: Yes, 17,279: no, 26,609.
The ordinance would have authorized the City Commission to purchase
and distribute retail power from the Grand Coulee Dam either through
acquisition of the Washington Power Co. system or a newly-built compet¬
ing system.
A maximum expenditure of $4,200,000 was placed on the
cost of the system if the power company were purchased, or $6,500,000 if
new distribution facilities were installed.
Five months ago Spokane voters
rejected a county-wide public utility district proposal.—V. 152, p. 1608.
2,622,687
4,543,728
Cash and deposits.
1 last 25 cents paid on July 1 and April 1
the 40-cent distribution made
1940 and the pr vious common payment was
Dec. 24, 1937.—V. 151, p. 3759.
l,436,oU6
Other customers
1941
on
34,169,804
...........
companies
Subsidiary and associated
15,
recorded in 1940 "the greatest expansion in
existence," the company announced March 11
The company
55 years of
records, the report stated, were
business in its
in its annual
made in the volume of incoming
sales billed, value of unfilled orders, the total payroll
and the number of employees at the end of a year.
At the
same time,
the company's increased tax bill represented $427 for each
Westinghouse employee in 1940, based on the average number employed
during the year, compared with $238 in 1939.
Orders received during 1940 amounted to $400,477,724, an increase of
87% over 1939.
Approximately 40% of this 1940 business was orders in
connection with the national defense program.
Net sales billed amounted to $239,431,447, an increase of 37% over last
year.
The previous peak was $216,364,588 in 1929.
Unfilled orders at Dec. 31, 1940, were $223,685,737, up 216% oyer 193?.
amount of
for the year
$295,948,030 $281,659,032
1940
1939
Total...
Inabilities—
CapitalCash paid in by stockholders
From surplus
Surplus-..-.-...
y
$141,000,000 $141,000,000
1,500,000
24,333,039
1,500,000
18,204,199
78,355,110
70,261,668
3,273,649
4,408,842
250,000
1,044,889
237,348
222,153
Reserves—
Depreciation of plant
Employment stabilization
Equalization of development-.
Wonanen'a compensation
Other self-insured risks
z
Notes
11,509,521
205,596
6,533,327
9,256,261
1,501,011
2,736,528
3,012,528
...
Accrued taxes and interest...
28,453,521
1,150,304
13,423,889
payable to trustee of pension fund
Deferred credits
Net income for the year was
250,000
6,934,917
1,573,389
1,112,755
4,362,618
Payrolls and suppliers accounts payable
Subsidiary and associated cos. accts. payable—
Other accounts payable
——
Drafts payable
1939,
$13,854,365 in
$18,985,428 compared with
increase of 37%.
an
_
,
employees numoered 58,503 compared with 48,487
at the beginning of the year.
The average hours worked per employee per
week at the close of the year stood at 38.47 as compared with 36.65 hours at
the beginning of the year.
,
The total payroll for 1940 amounted to $109,743,043 compared with
$80,916,341 in 1939.
At the close of 1940,
The report continued:
.
"In view of the unprecedented increase
.
,
t
.
.
.
in the company s business which
due to orders for national defense, the thought might arise that
profits during the coming year will be high. The business of the company
should be good, but after meeting taxes and ordinary and extraordinary
expenses, profits will not be above normal."
,_
The company has no bank loans or bonded, indebtedness, the report
pointed out.
At Dec. 31, 1940. current assets amounted to $137,833,517,
and current liabilities to $32,530,975.
These figures compare with current
assets of $118,546,088 at Dec. 31. 1939 and with current liabilities in 1939
of $16,294,466, "an increase of $16,236,509 mainly from the increase in
Federal tax liability."
Dividends totaling $12,688,408 were paid during 1940, equal to $4.75 a
share on each issued share of preferred and common stock.
is largely
-$295,948,030 $281,659,032
Total
$8,233,301 charged -off in 1932 and restored in 1940. y Repre¬
6,000,000 shares, without par value, authorized and outstanding,
z 4%
demand notes held by trustee as an investment of pension fund not
presently required to meet pension payments.
Under present arrangements
with the trustee, the company expects to retire $1,944,000 of these notes
during 1941.
Consolidated Balance Sheet Dec. 31
x
Cost less
sented by
1939
$9,958,592
1940
$9,970,653
Assets—
Land
119,569,016 al08,884,233
15,503,704
15,763,670
Buildings, service equipment and machinery—
Small tools, furniture and fixtures
Investments—
Of Western Electric Co., Inc.:
In subsidiary and associated cos. not
Other
Of subsidiaries consolidated—
b In subs, operating in foreign
In
v,
10,797,911
11,858,672
3,429,454
consol.
4,793,630
2,874,918
809,243
2,151,068
12,653,339
suds,
12,743,646
15,140,731
20,160,681
1,035,153
countries—
operating in the United States
Other
Patents and goodwill—Teletype
Deferred receivables
Corp
2,392,384
Raw materials and supplies....
Merchandise in process
Merchandise completed
Receivables—
1,225,923
1,300,247
469,606
150,804
9,949,204
21,966,944
22,214,024
1,740,334
482,814
...
Prepaid royalties
Other prepaid charges
Advances to suppliers
Notes
334,787
23,899,622
209,200
2,389,116
11,363,853
Cash and deposits
6,445,597
$303,761,572 $288,289,957
Total
1940;..
Liabilities—
Capital—
Cash paid in by stockholders
1939
$141,000,000 $141,000,000
1,500,000
24,333,039
From surplus
—:
81,444,593
Depreciation of plant
Employment stabilization
Equalization of development
Workmen's compensation
3,298,907
4,489,307
340,000
1,500,000
18,204,199
73,188,013
1,044,889
368,852
60,000
contingencies
(Electrical Research
Products, Inc.)
d Notes payable to trustee of pension funds
129,313
205,596
6,842,880
Deferred liabilities
Deferred credits
Accrued taxes and interest
Accounts payable—Payrolls
and supplies
Subsidiary and associated cos. not consolidated
Other
Drafts payable
Total
1,150,304
14,028,122
9,806,051
1,203,877
2,846,504
3,012,528
7,277,481
1,220,350
1,206.597
4,362,618
$303,761,572 $288,289,957
Cost less $8,233,301 charged-off in 1932 and restored in 1940.
b Pro
rata share of capital and surplus accounts of subsidiary companies and
a
advances at cost, less reserve of $378,934.
c Represented oy 6,000,000
shares, without par value, authorized and outstanding, d 4% demand notes
held by trustee as an investment of pension funds not presently required to
meet pension payments.
Under persent arrangements with the trustee,
companies expect to retire $2,014,800 of these notes during
1941.
company
24,444,916
1,973,838
operations 32,352,721
16,419,614
9,028,743
26,418,754
Crl4,171
Dr256,826
706,233
Cr826,444
759,104
177140,018
10,614,291
26.960,067
and
discount
on
invest--
Dr505,290
803,631
32,651,063
Prov. for war conting—
Directors also elected Guy W. Vaughan, President of the Curtiss-Wright
Corp., to the Western Electric directorate.
709,992
28,633
...
Excess and idle facilities
expenses.
Prov. for Fed. inc. tax—
Excess profits tax
Surtax on undist.
300,674
1,260,844
433,099
4,367,653
13,854.365
51,509,427
9,052.773
49.505,113
20,126,408
45,.546,779
65,363,792
58,557,886
Cr368,773
Dr358,327
65,673,188
Dr898,504
5,153,538
3,181,600
1,530
18,985,428
56,344,948
75,330,377
8,277,630
1,294", 283
profit
Net income
...
Previous surplus
...
Surplus before adjust¬
& dividends-
ments
Adj. in val. of securities .Drl,081,988
Purchase of net assets of
A.
Elevator
See
B.
0669,999
Co., Inc
— —
Miscellaneous (net)..—
Drl95,439
Dr38.375
Cr67,862
CV67.659
Surplus before divs
Pref. cap. stock divs
Common cap. stk. divs.
74,052,949
379,882
12,308,526
65,694,189
279,920
9,069,322
58,267,421
279,914
6,478,080
65.512.342
479,844
15.527.385
Surplus
61.364,541
56,344.948 51,509,427 49,505,113
a Manufacturing cost and distribution,
administration and general ex¬
including taxes (except Federal income normal tax and excess
profits taxes and surtax on undistributed profits), service annunities, operat¬
ing reserves and depreciation of buildings and equipment.
Note—Provision ror plant and equipment depreciation for all companies
amounted to $5,952,415 in 1940, $5,334,842 in 1939, $5,109,153 in 1938 and
$4,782,530 in 1937.
Consolidated Balance Sheet at Dec. 31
penses,
a
Common Dividend—
Market,
a dividend of 75 cents per share on the common
payable March 31 to holders of record at the close of business on
March 26
This compares with $1.25 paid on Dec. 30, last; 75 cents paid
&Hr!e.prececlinS duarters and on Sept. 30, 1939; 35 cents paid
on June
Other
Wagner Baking Corp.—31-Cent Dividend—
dividend of 30 cents per share on the common
Dividends of 40 cents
stock, payable April 1 to holders of record March 21.
1,475,137
22,502,744
51.087,369
Associated
cos.
19,619,518
7,876,099
2.166,290
M>lN4
&c.
billing
on
liab.
2,874,254
1,306,930
112,840
Other liabilities-
3,669,574
337,525
contracts
Other
curr.
f Miscell. reserves
cos. not con¬
..
Adv.
Deferred Income
67,555,218
c3,763.287
Wholly-owned
solidated
5,569,365
Accr.tax., wages,
royalties,
Invest., less res.:
18,363,099
5,486,707
15,742,965
5,454,288
Other sec. inv.
d
Co., Detroit—To Issue Stock—
..
curr. assets
8,730,274
Trade
1,213,070
less res.
S
Accts. payable—
33,419,124
ties, less res..
1939: 25 cents paid on March 31, 1939 and on Dec. 28 and March 31, 1938:
9C cents on Dec. 28, 1937, 75 cents on Sept. 30 and June 30, 1937, and
60 cents paid on March 31. 1937.—V. 151, p. 3905.
corporation has filed with regional officejof Securities Exchange
Commission at Cleveland, a letter of notification of its intention to offer
for sale 20,000 shares (par $1) of common stock, to be offered at $5 per
share
Principal underwriter of the offering to be made about April 1,
is A. M. Kidder & Co., and net proceeds would be used for plant addition
and working capital according to letter of notification.—V. 152, p. 1607.
39,811,264
Notes and accts.
30,
The
Liabilities—
securi¬
b Inventories
Directors have declared
a
31,882,817
1939
$
S
$
Cash
listed below)
1940
1939
1940
Assets—
rec.,
stock
798,139
102,523
234,466
Flood expense
Int. on bank loans
in
of service.
428,853
(Subsidiary companies, not consolidated, are
1909 as an accountant,
was on March 11 elected Treasurer of the company.
He succeeds Frederic
H. Leggett, who will retire from Western Electric on April 1 after 43 years
Directors have declared
8,599,890
964,183
Net profit
Treasurer—
George B. Proud, who joined the
Vinco
15,455.431
1,093,575
miscell. income net—
Divs. & int.
$
206,348,308
181,903,391
31,259,146
profit
Profit from
352,750
1,750,000
29,665,271
General
New
$
$
$
239,431,448 175,071,364 157,953,216
sales---—208.172,302 159,615,933 149,353,326
Profit from sales
340,000
2,400,000
12,479,488
Other self-insured risks
the
Cost of
Interest,
Total marketable securities
Surplus
a
21,268,722
'
companies
Subsidiary and associated cos. not consol
Other customers and employees
defense program re¬
expansion."
Westinghouse is building and
equipping two ordnance plants for the Navy Department, one at Louis¬
ville, Ky., and the other at Canton, Ohio.
These two plants, erected at a
total estimated cost of $21,500,000 will be operated by the Westinghouse
company for the Navy Department.
Consolidated Income Account for Years Ended Dec. 31
1940
1939
1938
1937
233.995
34,169,804
290,847
3,640,461
-
Bell Telephone
improving its manu¬
it for any moderate
a considerable further
In addition to its own expansion program,
quired
Other oper.
less reserve of
4,543,728
$9,224...
National Defense
Though the company's program of rearianging and
facturing facilities during recent years had prepared
increase in the volume of business, "the needs of the
Net sales
6,544,541
15,596,210
21,130,448
^
and trade acceptances,
Accounts
c
-v-
^
.
4,345,442
4,151,245
Fixed assets..
72,367,175
69,063,488
7%
cum.
pref. stock
and franchises
5
7
1,486,154
2,830,129
3,998,700
129,607,750 129,607,750
surplus. 44,398,605
39,379,012
surplus. 16,965,937. 16,965,937
990,125
Other assets.-
3,998,700
stock
(par$50)
Earned
Patents, charters
Deferred charges
410,254
10,384,968
%
partlc.
Common
I
12,759,896
682,712
117,224
3,210,103
e
240,712,227 217,158,310
Total
Paid-in
Total
240,712,228 217,158,311
1939, $265,869.
b Less
of lower of cost
or market,
c Including at Dec. 31, 1940. $6,412 advances to officers and
employees and $2,947,939 due from subsidiary companies, d Less reserves
in 1940 of $70,147,700 and in 1939 $66,368,142.
e Non-current receivables,
non-operating property, &c.
f Includes reserve for contingencies:
1940
a
Including
reserves,
time
deposits:
1940.
$210,689:
1940, $9,419,171; 1939, $8,070,349, not in excess
Volume
Assets and
Operations Outside the United States
The net assets shown in the consolidated balance sheets at Dec. 31, 1940
and
1939, include the following assets outside the United States.
These
assets have been reduced to a value, expressed in American currency, which,
in the opinion of the company and its independent public accountants,
reflected, as of the respective dates, adequate provision for current ex¬
change fluctuations and existing restrictions.
Appreciation of investments
due to excess of market values over values at which the investments are
varried has not been included.
Dec. 31, '40 Dec. 31, '39
91,200
$204,729
42,750
1,876,878
68,239
Cash
2,229,873
111,072
$152,516
Marketable securities
Notes and accounts receivable, less reserves
Inventories, less
reserves
Other current assets
;
552.998
970,090
2,258,829
5.636,400
.
Investment in wholly-owned cos. not consolid__
Associated companies, and other security invest-a
2,979,162
5,683,607
251,133
400,349
$10,888,193
$12,621,632
Other assets
Less:
Liabilities
or reserves
applicable to the above
—
804,267
$12,263,688
_______
Total
a
357,944
$10,083,927
assets--
Decrease in investment in wholly-owned
companies not consolidated is
account
caused principally by provision for reserves, charged to surplus, on
of conditions in invaded countries and countries at war.
The
net
income
shown
in the
statements
of consolidated
and its independent public accountants,
earnings for the years 1940 and 1939.
company
solidated in detail
miscellaneous
87,073
(loss)-—
on
452,456
investments
income,
net,
including
Federal taxes applicable to
129,960
288,021
$2,133,513
775,000
above income__
Deduction from income
on
$2,028,319
427,000
$1,601,319
account of items
S
234,466
102,523
$1,124,047
tingencies.
$1,498,796
Basis
of Consolidation of Financial Statements
companies included in the consolidated statements are: Westinghouse Electric & Manufacturing Co., Westinghouse Electric Elevator Co.,
Bryant Electric Co., Westinghouse X-Ray Co., Inc., and Westinghouse
Electric International Co.
The net assets of the Westinghouse X-Ray
Co., Inc., were purchased by the Westinghouse Electric & Manufacturing
Co. on Dec. 28, 1940.
The following companies are not consolidated in detail, but their net
operating results have been included in consolidated income.
In no case
are the investments in capital stocks of these subsidiaries carried on the
consolidated balance sheet at more than their net worth as shown
by the
In
addition
to
its
(a) Wholly-owned
companies:
Corp.
Laurentide Mica Co., Ltd.
Creek A Allegheny River RR.
Westinghouse Electric Supply Co.
Westinghouse Inter-Wors Railway Co.
Westinghouse Radio Stations, Inc.
A-S National Industrl
of the voting control of the
ownership of 53.33%
La Belle Steamship Co., which operates an ore boat on the Great
the company has a small minority stock interest in a corporation
and operating a fleet of such boats on the Great Lakes.
Funded Debt and Capitalization (Without
Compania Westinghouse Flectric de Cuba
Compania Westinghouse Electric Iuternacional
Westinghouse Electric Co. of Brazil
Westinghouse Electric Co. of India, Ltd.
Westinghouse Elec. Co. of S. Africa, Lt.
Westinghouse Electric Co., S. A.
Majority-owned companies (included in Associated companies):
Wllraerdlng Coal Co. | Westinghouse Merchandise Distributors,
Magrini Societa Anonima
Inc.
(b)
Authorized
Outstanding
$75,000,000
31,500,000
381,547 shs.
18,496 shs.
1,500,000 shs.
1966
$.5 cumul. conv. prior pref. stock (no par)
6% cum. pref. stock (par $100)
Common stock (no par)
$31,500,000
363,166 shs.
14,786 shs.
569,674 shs.
before Jan. 20, 1947, and on or before Jan. 20 in
Jan. 20, 1965, company will be required
either in cash or in series B bonds at the
sinking fund redemption price thereof on the next succeeding March 1, or
partly in cash and partly in series B bonds at such sinking fund redemption
price, an amount sufficient to redeem, on the next succeeding March 1,
$1,000,000 of series B bonds.
The series B bonds will be redeemable for
the sinking fund on March 1, 1947, and on each March 1 thereafter to and
incl.
March 1, 1965, on at least 30 days' notice, at their principal amount
and accrued interest thereon to the date of redemption.
Any moneys in the
sinking fund at any time (if sufficient to redeem $25,000 or more principal
amount of series B bonds) are to be applied to the redemption of series B
bonds on the next succeeding March 1, the series B bonds so to be redeemed
to be selected by lot by the corporate trustee.
Sinking fund payments may
be paid in advnace, in wnoie or in part, to the extent paid in series B bonds.
Sinking Fund—On
or
each year thereafter to and incl.
to pay to the corporate trustee,
Redemption—Series B bonds will also be subject to redemption at any
in part (selected by lot
by the corporate trustee) in principal amounts of not less than $1,000,000,
on at least 30 days' notice, at their principal amount and interest accrued
thereon to the date of redemption, together with the following premiums
on such principal amount:
2H% if red. on or before March 1, 1946; 2%
if red. thereafter and on or before March 1, 1951; 1H% if red. thereafter
and on or before March 1, 1956; 1% if red. thereafter and on or before
March 1, 1961; 34% if red. thereafter and on or before March 1, 1964; and
without Dremium if redeemed thereafter.
All series B bonds so redeemed
are
to
be canceled.
Proposed Bank Loans—Under date of Feb. 27 and 28, 1941, the company
into separate letter agreements with six banking institutions
whereby the lenders agreed to lend to the company an aggregate of $6,000,000, as follows:
Bankers Trust Co., New York
Bank of the Manhattan Co., New York
Central Hanover Bank & Trust Co., New
Chemical Bank & Trust Co.,
$1,000,000
1,000,000
New York
Irving Trust Co., New York
National City Bank of New York
matters and to the
1,000,000
York
several lenders are
1,000,000
1,000,000
1,000,000
subject to certain specified legal
condition that, simultaneously with the making of the
loans (but not later than May 1, 1941), the $30,000,000
to be issued and delivered.
Each participation is to
of series B bonds
be evidenced by
unsecured promissory notes of the company, to be issued contemporaneously
with the delivery of and payment for the series B bonds, to mature serially
in equal annual instalments during a pejiod of five years from the date of
% per annum, and to be subject
prepayment by the company on specified conditions.
Agreements
privide, among other things, that such notes are to be issued subject to the
same
protective provisions with respect to the payment of dividends,
retirement of stock, distribution of cash or property, and working capital
requirements as contained in the company's first morgtage; are to provide
for usual default and acceleration provisions with respect to receivership,
issuance, to bear interest at the rate of IK
to
of the notes or of the
current assets will be
Underwriters—The names of the principal underwriters of the Beries B
bonds, and the principal amount of series B bonds underwritten by each,
are
follows:
as
150,000
55,250,000 J. J. B. Hilliard & Son.
Kuhn, Loeb A Co
Lee Higginson
Hornblower A Weeks
250,000
Harriman Ripley A
W. E. Hutton A Co..
350,000
Corp
2,500,000
Co., Inc.. 1,500,000
Smith, Barney A Co.750,000
The First Boston Corp
750,000
Illinois Co. of Chicago
Jackson & Curtis
150,000
-
Bonbright A Co., Inc
—V. 152, P. 1301.
underwriting
group of 73 houses headed by Kuhn, Loeb & Co. on March 14
offered publicly $30,000,000 1st mtge. sinking fund 3H%
bonds, series B, at a price of 97^% and accrued interest to
date of delivery.
Besides Kuhn, Loeb & Co., principal
underwriters are Lee Higginson Corp.; Harriman Ripley &
Co., Inc.; Smith, Barney & Co.; The First Boston Corp.;
Blyth & Co., Inc.; Mellon Securities Corp.; Bonbright &
Co., Inc.; Drexel & Co.; Goldman, Sachs & Co.; Lazard
Freres & Co.; Kidder, Peabody & Co.; Union Securities
Corp., and Hayden, Stone & Co.
Wheeling Steel Corp.—Bonds Offered—An
Dated March 1,1941; due March 1,1966.
Interest payable semi-annually
on March 1 and Sept. 1.
Company will agree to reimburse owners of bonds
in
the
States
of Connecticut,
Massachusetts,
sylvania for certain taxes of said States payable in respect
the interest thereon.
Irving Trust Co. and Frederick G.
Ohio and Penn¬
of such bonds or
Herbst, trustee.
Listing—Company has agreed to make application in due course for the
listing of the bonds on the New York Stock Exchange and for their registra¬
tion under the Securities Exchange Act of 1934.
Application of Proceeds—The net proceeds (approximately $28,398,400),
together with such portion as may be necessary of the proceeds of the bank
loans in the aggregate amount of $6,000,000 to be made to the company,
will be used to pay the principal and the premium on redemption of all the
outstanding first mortgage sinking fund 4Yi% bonds, seres A, which the
company intends to call for redemption on a date not later than 60 days'
after the issue and delivery of the series B bonds.
There are outstanding
$31,500,000 series A bonds, and the redemption price thereof (105%),
exclusive of accured interest, will be $33,075,000.
History and Business—Company was incorp. on June 21, 1920 in Dela¬
The company is engaged primarily in the business of manufacturing
ware.
pig iron and various steel products, including steel ingots, slabs, billets,
sheet and tin plate bars, plates, hot and cold rolled sheets and strip, gal¬
vanized sheets, tin plate, terne plate, tin mill black plate, steel pipe (butt
and lap welded), railroad tie plates and track spikes, wire rods, plain,
barbed and galvanized wire, wire nails, cut nails, welded wire fabric, wire
fencing, galvanized range boilers, steel tanks and drums, metal roofings and
accessories, building material including expanded steel products, galvanized
met^l ware, stove pipe and elbows, steel shipping containers, steel ceilings
and culverts and other products, and in selling its products either directly
or through its subsidiaries.
The company also produces and sells some
coke and coke by-products.
The more important products of the com¬
light steel products, such as sheets, tin plate, fabricated sheet
products, wire products and pipe, for which the automotive industry, the
building industry, the container industry and jobbing outlets constitute the
principal markets.
The principal subsidiaries of the company are selling companies or are
engaged in coal mining operations.
_
....
The principal selling subsidiary is Wheeling Corrugating Co., which is
engaged in merchandising a diversified line of light steel products.
The
other selling subsidiaries are Ackermann Manufacturing Co., which is
engaged in merchandising steel stampings, principally for use in the auto¬
pany
are
750.000 Landenburg. Thalmann A Co750,000 Laurence M. Marks A Co
750,000 Mackubln, Legg A Co
Drexel & Co
East Pittsburgh A
resident
Lakes,
owning
Giving Effect to Sale of Ser. B Bonds)
1st mtge. bonds (issuable in series)
1st mtge. sink, fund 4Hs, series A,
bankruptcy, &c., or breach of any of the provisions
first mortgage; and are to provide that no pledge of
made while the notes are outstanding.
balance sheets of the subsidiaries:
Turtle
Incidental to its business, the company transports coal on the Allegheny
and Ohio Rivers to certain of its plants and transports semi-finished and
finished products chiefly between plants of the company on the Ohio River.
Incidental railroad facilities are operated in connection with certain plants.
The obligations of the
The
Benollte
company.
entered
$1,358,513
Less:
207,763
434,490
dis¬
counts, fees and foreign exchange adjustments--
Less:
1939
$1,513,571
operating results of subsidiaries not con¬
Dividends and interest
Other
properly included in
1940
$1,638,170
Years Ended Dec. 31—
Profit from sales
motive, refrigerator and washing machine industries; the Consolidated
Expanded Metal Companies, which is engaged in merchandising expanded
metal products; and Atlas Supply Co., which is engaged in merchandising,
in Oklahoma, Texas, Kansas, New Mexico and Illinois, plumbing and oil
well supplies and pipe, manufactured for the most part by others than the
time at the election of the company, as a whole, or
income and
surplus for the years 1940 and 1939 includes the following amounts from
sources outside the United States.
This income is, in the opinion of the
Current
1775
The Commercial & Financial Chronicle
152
14.602.574; 1939, $5,553,593.
(On Jan. 1, 1940, $1,429,157 was trans¬
ferred to a specific reserve for product guarantees for sales billed prior to
1940.)
Note—At Dec. 31, 1940, the company including its subsidiaries had con¬
tingent liabilities on account of letters of credit, endorsed notes (including
those covering instalment sales), guaranteed loans, &c. in the amount of
$1,436,101, and under certain mutual fire insurance policies as to which no
assessment has ever been made.
In addition, the company including its
subsidiaries had other contingent liabilities under agreements covering
instalment sales, any losses to be reasonably expected thereunder being
covered by reserves.
750,000
A. E. Masten, & Co
Goldman, Sachs A Co
Lazard Freres A Co
750,000
Merrill
Blyth A Co., Inc
Securities
Mellon
Corp
500,000
A. G. Becker A Co., Inc.——
Blair A Co.,
Bacon, Whipple & Co..
Baker, Watts & Co--.-—-—.
100,000
300,000
Cassatt
400,000
Hayden, Stone A Co
A. C. Allyn A Co., Inc
160,000
Lynch, E. A. Pierce A
500,000 Merrill, Turben & Co
500,000 Moore, Leoilard A Lynch
F. S. Moseley A Co
250,000 Maynard H. Murch A Co
150,000 G. M.-P. Murphy A Co
150,000 Paine, Webber A Co
350,000 Arthur Perry A Co., Inc..
Kidder, Peabody & Co
Securities Corp
Union
250,000
400,000
150,000
-
150,000
200,000
350,000
150,000
250,000
250,000
150,000
250,000
Riter A Co
200,000
Blair, Bonner A Co
150,000
E. H. Rollins A Sons, Inc.—
Alex. Brown A Sons
200,000
200,000
250,000
300,000
150,000
L. F. Rothschild & Co
350,000
150,000
Inc
H. M. Byllesby A Co., Inc.—
Central Republic
Co. (Inc.)..
Clark, Dodge A Co
House & Co
Dick A Merle-Smith
Curt las,
150,000
250,000
Eastman, Dillon A Co
100,000
Equitable Securities Corp
Estabrook
Ferris
A
Co
350,000
150,000
-
A Hardgrove.
—.
150,000
Field, Richards A Co
First Cleveland Corp
150,000
100,000
250,000
Glover & MacGregor, Inc
Graham, Parsons A Co
250,000
Inc
Shields &
350,000
Co
Singer, Deane A Schribner
Stein Bros. A Boyce
Stern Brothers A Co—.. —..
200,000
160,000
Stern, Wampler A Co., Inc
250,000
400,000
150,000
400,000
150,000
350,000
Inc
Stroud A Co., Inc
Spencer Trask A Co
G. H. Walker A Co
White, Weld A Co
The
350,000
Hemphill, Noyes & Co
150,000
Stone A Webster A Blodget,
300,000
350,000
....
200,000
Schwabacher A Co
250,000
Hallgarten A Co
Harris, Hall A Co. (Inc.)
Hayden. Miller A Co
Schroder Rockefeller A Co.,
Dean Witter A
Whiting, Weeks A Stubbs, Inc
Consolidated Income Statement for
300,000
Co
Wisconsin
200,000
Co..
350,000
Calendar Years
1940
1939
1938
$93,095,627 $85,716,689 $62,420,280
Cost of sales and operations
72,911,554
66,987,883
51,034,700
Provision for deprec. and depletion..
4,884,683
4,796,800
4,515,189
Selling, gen. and admin, expenses—
7,159,377
6,615,883
5,926,534
Gross sales, less disc., returns
for
Provision and charges
notes and accounts
Gross
&c
doubtful
profit from operations
59,190
121,316
$8,079,033
$7,256,933
$822,541
777,594
Other income
Profit
Interest on funded debt
Amort, of debt discount
and expense
Other interest
Federal normal income and
value excess profits
836,620
680,976
$8,856,627
1,440,845
24,957
54,820
$8,093,553
1,455,659
25,234
50,812
$1,503,517
1,487,244
25,777
85,769
1,625,305
24,852
981,754
19,341
88,583
3,680
declared
taxes
Other income taxes
Profit
„
60,980
-
6% cumulative preferred dividends. .
$5 cumulative preferred dividends—
Note—Equity in profits of subsidiary
not consolidated, in excess of divldends received therefrom...
—V. 152, P. 1608.
$5,685,848
95,589
1,815,010
$458
$5,560,753 loss$187,536
24,432
91.612
2,336,481
1,226,120
$8,625
$2,868
'
•
The Commercial & Financial Chronicle
1776
**•
■
March
The Commercial Markets and the
IS, 1941
Crops
COTTON— SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
Rio coffee
COMMERCIAL EPITOME
prices closed as follows:
5.651 July.—
5.83 I September—
March, 1941
Friday Night, March 14, 1941
May
Coffee—On the 8th inst. futures closed 5 to 8 points net
lower, with sales totaling 69 lots.
9
For the week prices were
points lower to unchanged, except for March, 1942, which
9
was
spreads by longs who preferred to take out part
of their accumulated
market,
differences.
Brazil
profits yet wanted to remain in the
effected,
was
resulting
in
Brazilian prices were
On
10th
the
inst.
of
the
reported firm, and in the
spot market Santos contracts
higher.
widening
the
100 to 300 reis
were
closed
futures
points
5
net
higher to 6 points net lower for the Santos contract, with
sales totaling 81 lots.
market
little
Trading
relatively light, with the
was
ruling heavy during most of the se3sio
continued
Rumors
news.
regarding minimum prices.
would be
It
Most cables mention
in New York for
bian Manizales
the next corp
or
an
or,
for that
possible 9-cent price
a
Santos coffee, although Colom¬
average
quoted at 13\i cents, fully 1-cent
are
Brazil
of
out
come
not certain whether they
was
applied to the current
matter, at all.
to
There was
l.
pound
a
above existing minimums, and many other types are selling
$1 per bag above minimum.
announced.
net
No
new
minimums have been
On the 11th inst. futures closed 2 to 5 points
higher for the Santos contract, with sales totaling 114
lots.
One
July contract
sold in Rio division, that de¬
was
livery closing 4 points net higher.
Santo3 coffee
points net higher during early afternoon.
9 points
1942, at
official
Cable
high of 9.10 cents.
a new
spot price on type 5
from
Brazil
said
"Rio"
convention
a
firm.
was
of
States had been called for March 22.
was
Earlier gains of
had put most months at the previous seasonal highs
and March,
the
5 to 7
was
In Santos
200 reis.
up
coffee
producing
The actual
market
Arrivals of four boats from Brazil in New York
yesterday brought 150,000 bag3 of coffee while at the
time about 100,000
Brazil
for
the
bags
United
same
reported to have cleared from
was
States.
On
the
12th
futures
inst.
closed 1 to 4 points net higher, with sales totaling 90 lots.
The
new
Rio contract closed
with sales
totaling 4 lots.
unchanged to 3 points higher,
Santos coffee
was
3 to 6 points
higher during early afternoon after having been
May
was
issued
selling at 8.35,
3 points.
up
up
7 points.
Thirteen notices
were
against March contracts and immediately stopped.
In Brazil the spot
price
Rio 7s
on
100 reis to
was up
high of 16.1 miireis'per 10 kilos.
port prices were raised from 40 cents to SI
The actual market
of Brazilian
was
a new
Colombian minimum
per
70 kilo3
ex¬
bag!
a
steady pending the March 22 meeting
coffee States
delegates and possibly, the first
meeting of the Inter-American Coffee Board which in turn
awaits the effective date of the Inter-American agreement.
On the 13th inst. futures closed
with
sales
There
totaling
were
points net lower,
Santo3
3 contracts traded in the
Rio
(New A), which
firm at declines of 8 to 9
Santos coffee
points.
July sold at 8.45c., off 9 points.
700 reis.
2
to
the
closed 3 to 4 points net lower.
spot prices
1
107 contracts in
were
was
division.
steady to
In the early afternoon
In Brazil the official Santos
off 200 reis, but the Rio 7 spot price
Cargo priorities
selling by those who
on
coffee
"long"
were
may
on
tight.
not
come
forward with full freedom if other and
tial
war
even
by
some
the theory that freights
would be
However,
rose
have brought
preferred commodities
may
more essen¬
materials must be shipped.
The United States De¬
Commerce announced that imports of coffee
from October, 1910, through February, 1941, the first five
partment of
months of the quota agreement were
Today futures
1,124,575,030 pounds.
closed 11 to 13 points net higher for the Santos
contract, with sales 140 lots.
points, with
In
some
Santos coffee advanced 4 to 7
positions reaching
new
early afternoon July sold at 8.59c.,
notices
were
seasonal
highs.
7 points.
Fifty
issued against March contracts,
previous 131 issued,
were
promptly stopped.
difficulty in arranging freight
fluence.
up
The actual market
space
was
was
a
as
-
.
.
8.84
.
9.04
Gocoa—On the 8th inst. futures closed 2 to 4
today's activity
weekend.
the
easier
slightly
43,724 bags,
year
The
was
It
was
points net
generally held
largely evening up of positions for
actual cocoa ruled
grades of
volume
today.
.5.98
-6.08
follows:
8.25 September
8.46 December
—.8.62
lower, with sales totaling 225 lots.
that
—
Arrivals
far
so
this
month total
compared with 9,360 bags the same day a
as
ago7~~ Warehouse "stocks decreased to 1,366,198 bags
Cocoa received in store amounted to 12,293 bags,
today.
compared
as
jvith deliveries out of store of 16,070 bags.
Inarch," 6.70; May! 6.73; July, 6.80; Sept.,
Local closing;
6.8&TOct., 6.91;
closed 5 to 7
of
here gave
cocoa
On the
6.97.
Dec.,
the market fresh impetus upward in a
fairly large volume of trading.
noon
6 to 8 points
were
season,
Prices during early after¬
higher and close to the best of the
countries
rates
were
stirred
up
bullish
interest.
Primary
offering nothing publicly but some under
business is believed to be
going
on
Warehouse stocks increased 6,200 bags.
382
Reports of
with May selling at 6.79, up 6 points.
higher freight
cover
10th inst. futures
Reports on Russian buying
points net higher.
with the Gold Coast.
They total 1,371,-
bag3 compared with 1,093,462 bags a year ago.
Local
closing:
March, 6.76; May, 6.78; July, 6.85; Sept., 6.94;
Dec., 7.04; Jan., 7.07.
On the 11th inst. futures closed 19
to 17 points net higher, with sales totaling 931 lots.
Bullish
enthusiasm
of
was
unabated in the
cocoa
market with the result
further rise into new high ground for the last
four years, with prices up 17 to 20 points during the early
trading, and holding these gains to the close.
Trading was
very active, the turnover to early afternoon totaling 750 lots.
Buying was general, both manufacturer and Wall Street
being aggressive.
The chief influence was news of further
sinkings of steamships.
One-half to three-fifths of our
cocoa is imported from West Africa.
Warehouse stocks in¬
creased 1,930 bags.
They total 1,373,193 bags compared
with 1,095,462 bags a year ago.
Local closing:
March,
6.94; May, 6.96; July, 7.04; Sept., 7.12; Oct., 7.14; Dec.,
7.21.
On the 12th inst. futures closed 10 to 16 points net
higher, with sales totaling 837 lots.
Bullish zeal in the cocoa
market was unabated, with the result that prices were bid up
to new highs for the season, registering net advances of 12
to 14 points.
Trading was active, totaling 700 lots during
early afternoon.
Heavy profit taking was readily absorbed
by speculative and new manufacturer buying, prompted by
the shortage of ships and rising freight rates.
Warehouse
stocks increased 400 bags.
They now total 1,373,565 bags
against 1,085,360 bags a year ago.
Local closing: March,
7.04; May, 7.10; July, 7.17; Sept., 7.26; Oct., 7.28; Dec.,
causing
a
7.36; March,
7.46.
On the 13th inst. futures closed 19 to 23 points net lower,
with sales totaling 929 lots.
The cocoa market suffered its
first
sharp break in several weeks when prices cracked about
points this morning. Stop loss orders were caught on the
break, which finally was halted by substantial dealer and
manufacturer buying.
During early afternoon prices were
19 to 23 points net lower, and this was the range at the close.
Turnover to early afternoon was 675 lots.
Today's sharp
drop was attributed to news that cocoa would receive prefer¬
ence in
shipping as an essential commodity.
Warehouse
stocks decreased 2,900 bags.
They totaled 1,370,649 bags
against 1,084,824 bags a year ago.
Local closing; Mar.,
6.83; May, 6.89; July, 6.98; Sept., 7.04; Dec., 7.13; Jan.,
7.16.
Today futures closed 16 to 20 points net higher, with
sales totaling 333 lots.
Cocoa ralhed from yesterday's break,
the list advancing 11 to 15 points up to mid-afternoon, with
May selling at 7c. Trading was moderate, totaling 220 lots
to early afternoon.
Manufacturers were buyers and new
Wall Street buying also appeared.
Buyers were undeterred
by news that a high record cargo of cocoa had arrived from
West Africa.
Stocks decreased 12,200 bags.
They totaled
1,358,462 bags against 1,083,266 bags a year ago.
Local
closing: Mar., 7.02; May, 7.07; July, 7.14; Dec., 7.33;
Jan., 7.36.
30
and like the
The growing
said to be
an
in¬
steady.
There was nothing
out of Brazil except a rumor that minimums might be an¬
nounced before the March 22d meeting of the Brazilian coffee
States in order to obtain
prices closed
May.
July
Considerable switching into March
points higher.
at attractive
Santos coffee
March, 1941
..
basis for discussion at that
meeting.
Sugar—On the 8th inst. futures closed 1 to 2 points net
higher.
The market's firmness today
Friday's late advance of
Futures
firm
Cuban
buyer, and
a
a
reflection of
totaled 310 lots.
A leading trade
producing connections was an important
trade house with Puerto Rican connections
transactions
with
was
10 points to 4.75c. for refined.
Volume
The Commercial & Financial Chronicle
152
the main sellers, although
also.
World contracts on
scattered profit-taking developed
turnover of 144 lots, closed un¬
changed to 1 point lower.
After the jump to 3.25c. in the
price of raw sugar late on Friday, buyers were inclined to
hold off until today before making new commitments.
Nothing was on offer definitely at the 3.25c. level, the small
quantity that was available late on Friday having been
withdrawn.
On the 10th inst. futures closed 1 point off
to 1 point up, with sales totaling 392 lots in the domestic
contract.
The world sugar contract closed 34 to 134 points
net lower, with sales totaling 49 lots.
Domestic sugar again
moved to new seasonal highs, with gains of 2 to 3 points.
In the raw markets, offers were slow.
At 3.30c. there
were 4,000 tons of Philippines and a cargo of Cubas, while
16,000 bags of Puerto Ricos, second half Mar. clearance for
New Orleans, were offered at 3.25c.
The freight situation
continued the dominant market factor with 43c. paid from
the north side of Cuba and a new high of $30 per ton for
The demand for
Philippine-United States Atlantic space.
refined was unabated.
Sucrest is withdrawing tonight the
offer of Apr. delivery at $4.70 and May at $4.75 per hundred
pounds.
On the 11th inst. futures closed unchanged to
2 points off for the domestic contract, with sales totaling
374 lots.
The world sugar contract closed 34 point off to
34 point up, with sales totaling 30 lots.
Domestic sugar
declined 3 to 4 points in heavy trading.
The selling was
mostly profit-taking induced by a report that "best informed
sugar circles" believed a quota increase of between 200,000
and 300,000 tons was imminent.
Few in the trade do not
admit that a quota increase will come before the end of the
year, but many doubt that it will be made now.
The raw
market was steady with buyers, however, withdrawn.
At
3.30c. were 4,000 tons of Philippines due Mar. 25 and 2,000
tons due Apr. 10; a cargo of Apr. Puerto Ricos and a cargo
of late Mar. Cubas.
At 3.25c. were 16,000 bags of Puerto
Ricos, second half Mar., New Orleans only and a cargo
loading Apr. 7.
Cuban freight space for May-June was
possible at 50c., it was said, against 43c. last paid.
On the
12th inst. futures closed 2 points net higher to unchanged for
the domestic contract, with sales totaling 654 lots.
The
world sugar contract closed 34 point up to 34 point off, with
sales totaling 33 lots.
In the raw sugar market National
bought a cargo of Puerto Ricos loading Apr. 7 at 3.25c.
At 3.30c. were offered 4,000 tons of Philippines due Mar.
25; a cargo of Apr. Puerto Ricos and a cargo of Cubas, second
half Mar. shipment.
Another lot of Cubas, loading Apr.
1 to 10 was offered at 6 points over May futures, or about
3.29c.
Freight rates from Cuba to North Hatteras points
were up 2c. for Apr.
shipment.
Seven Cuban mills have
finished grinding.
On the 13th inst. futures closed 4 to 2 points net higher,
with the exception of the current March delivery which closed
6 points net lower.
The world sugar contract closed 334 to
4 points net higher, with sales totaling 199 lots.
The firm
tone reflected the overnight 10c. advance in refined to $4.85
•—the third 10c. advance in less than three weeks.
Also a
a
was a press report that a New Orlesns fire had de¬
stroyed 100,000 bags of sugar, presumably refined. Private
advices indicate at not more than 10,000 tons
were
in¬
volved.
In the raw market nothing was offered under 3.30c.
factor
per
pound, or 5c. over yesterday's sales.
Despite the OPM
that sugar would have priority in ocean freight
statement
movement, the freight rate from Cuba was firm at 45c. from
the northside.
The rate from Manila to New York was
quoted nominally at $32 per ton. Today futures closed 2 to
points net higher, with sales totaling 794 lots. The world
sugar contract closed 3 to 134 points net higher, with sales
totaling 235 lots. Domestic sugar was at new highs in active
trading. Gains of 2 to 4 points were held in early afternoon.
The clearing of the raw market at 3.30c., best since October,
1939, coupled with further firmness of freight rates was the
principal influence.
The prospect of a quota increase!was
ignored.
Four sales of raw sugar were reported at 3.30c.
Operators took a cargo of Puerto Ricos, half April shipment,
and 6,000 bags clearing March 27th, while McCahan got
19,000 bags of Cubas, loading April 1st to 10th, and National
bought a cargo loading April 4th to 8th.
Another increase
in the refined sugar price would not come as a surprise.
Cuban freights were said to be fully 47c. per hundred pounds
to North Hatteras points, up 5c. this week.
3
Prices closed
as
follows:
2.31
2.35
March
May
July
-
Chicago hog prices remained steady today and during the
sales ranged from $7.25 to $7.75.
Western hog
receipts totaled 78,400 head against 110,200 head for the
same
day last year.
On the 11th inst. futures closed 5 to 7
points net lower.
Demand for lard contracts at Chicago
was
less aggressive today.
Traders in general appeared
reluctant to take a definite position one way or the other.
Closing hog prices at Chicago were mostly 10c. higher.
Sales ranged from $7.35 to $7.90.
Western marketings
of * hogs totaled 72,000 head against 76,200 head for the
same day last
year.
On the 12th inst. futures closed 20 to
22 points net higher.
Chicago lard futures ruled firmer
today under new buying encouraged by the bearish hog news
and reports of export sales of United States lard to Japan
and Russia.
The much smaller hog receipts at Chicago and
other packing centers in the West prompted a fair amount
of support at the outset of the session and prices on the
active months quickly advanced
12 points. Additional
buying was stimulated by the report circulated around the
provision trade that soapers in the West were buying oils
and fats, and the report Japan purchased 600,000 pounds of
cash lard in tierces at New York, had a strengthening in¬
session
fluence.
Hog receipts at Chicago totaled only 11,000 head,
_
receipts for the Western run totaled 62,000 head against
56,000 head for the same day last year.
Hog sales ranged
and
from $7.45 to $8.
On the 13th inst. futures closed unchanged to 2 points net
higher. Lard prices at Chicago responded early to the over¬
night news regarding the purchase of close to 5,000,000
pounds of American lard by Russia and Japan and advanced
sharply shortly after the opening. However, heavy realizing
late in the day wiped out the early gains.
Although it was
reported in provision circles that Japan and Russia had
purchased United States lard, some in the trade were of the
opinion that this lard will not be allowed to be shipped by
the Government.
However, no confirmation of this report
was obtainable.
The deal with Britain is still pending on the
pounds of American lard. Futures opened
points higher, then advanced 7 to 10 points under
active support for speculative account.
Hog prices at
Chicago were off 10c., with sales ranging from $7.35 to
$7.90. Western hog marketings totaled 80,900 head against
78,100 head for the same day a year ago.
Today futures
closed 7 to 10 points net higher.
The firmness of lard was
influenced largely by the large prospective orders from
foreign interests.
sale of 22,500,000
22 to 5
DAILY CLOSING PRICES
Sat.
January
.
_
2.42
2.40
-—-2.39
6.55
6.60
6.55
6.75
6.77
6.85
May
July
6.70
6.87
7.05
6.76
6.95
7.12
6.67
6.87
7.05
6.90
7.07
7.25
6.90
7.10
7.22
7.00
7.17
7.35
September
October
Pork—(Export), mess, $25.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $19.25 (200 pound barrel).
Beef: (export), steady.
Family (export), $21.25 per barrel
(200 pound barrel).
Cut Meats: Quieter.
Pickled Hams:
Picnic, loose,fc.a.f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 1234c.;
8 to 10 lbs.,11234c.
Skinned, loose, c.a.f.—14 to 16 lbs.,
1934c.; 18 to 20 lbs., 1934c.
Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., not quoted.
18 to 20 lbs.,
1234c.; 20 to 25 lbs., 1234c.; 25 to 30 lbs., 1234c. Bellies:
Clear, f.o.b., New York—6 to 8 lbs., 17c.; 8 to 10 lbs.,
1734c.; 12 to 14 lbs., 1534c.
Butter: Firsts to Higher than
Extra and Premium Marks: 2634 to 3134c.
Cheese: State,
Held '39, 2434 to 2534c.; Held '40, 2134 to 2234c. Eggs
Mixed Colors: Checks to Special Packs: 1634 to 1934c.
Oils—Although
linseed
oil
Rumors were circulated in the lard market today
Kingdom has asked for bids on 22,000,000
pounds of American lard for shipment within the near
future.
This news attracted a great deal of attention in
oil and lard circles and prompted a fair amount of new
higher.
that the United
buying in lard futures market.
Western hog marketings
totaled 14,800 head against 14,500 head the same
day last year.
The top price for hogs at Chicago was
nominally quoted at $7.85.
On the 10th inst. futures closed
5 to 7 points net higher.
Continued strength in practically
all commodities encouraged a fair amount of new buying
in lard futures at Chicago again today.
On the close of
last week Britain inquired here for bids on lard to be pur¬
chased within the near future, but their ideas in regard to
for the day
prices were about
lc. per pound under prevailing levels.
some
deliveries
crushers report no expansion in
the past few days, one crusher
over
statedfthat they are rushed to the limit and wonder how they
will|keep iipjwhen May comes. Linseed oil in tank cars is
quoted—9.0 to 9.2. Quotations: Chinawood: tanks, spot—
2734 bid; drums— 2834 bid. Coconut: crude: tanks, nearby
—.0434 bid; Pacific Coast—not offered. Corn: crude: West,
tanks, nearby—.0634 bid. Olive: denatured; drums, spot—
$2.25 bid.
Soy bean: tanks, Decatur basis—.06 to .0634;
New York, 1. c. 1., raw—.077 bid.
Edible: coconut: 76
degrees—.0934 to .0934- Lard: prime, ex-winter—834 offer;
strained—834 offer.
Crude: not quoted. Turpentine: 4434
to 4834.
Rosins: $2.21 to $3.41.
Cottonseed Oil sales yesterday,
Crude,
S.
E.,
including switches, 307
Prices closed as
val. 634-/4-
follows:
March1;::
April
"Lard —On the 8th inst. futures closed 7 to 12 points net
OF LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
March
contracts.
September.
1777
May
June..
-
7.20@ 7.32 July
7.25© n
August
7.31© 7.32 September
7.36© n
October
Rubber—On the 8th inst. futures
7.43@
7.47©
7.55©
7.57©
....
n
closed 10 to 15 points
The market ruled quiet during most of the short
session.
Sales totaled 240 tons in the old contract and 720
tons in the new standard contract.
Because of the current
net lower.
shipping conditions importers here- are reluctant to offer
market. On Saturday spot standard
No. 1-X ribbed, smoked sheets in cases was being offered at
freelv in the New York
2134c. per pound.
Local closing:
March, 21.25; May,
21.15; July, 20.60; Sept., 20.15; Dec., 19.95.
On the 10th
inst. futures closed 20 to 24 points net higher for the No. 1
standard contract, with sales totaling 26 lots.
The new
standard contract, closed 15 to 20 points net higher, with sales
totaling 19 lots.
News that the Dutch East Indies Govern¬
ment was reserving all Dutch shipping space for rubber, tin
The Commercial & Financial Chronicle
1778
and manganese to the
caused liquidation in
exclusion of other export productions,
the rubber market during the earlv
trading, but later the market firmed up in sympathy with
other commodities, standing 13 points lower to 20 points
higher during early afternoon.
Sales to that time totaled
17 lots.
The London market closed unchanged to l-6d.
lower.
Singapore observed a holiday.
Local closing: No. 1
standard: March, 21.45; May, 21.39; New standard: July,
20.75; Sept., 20.35.
On the 11th inst. futures closed 35 to
36 points net higher for the No. 1 standard contract, with
sales totaling 72 lots.
The new standard contract closed 36
to 25 points net lower, with sales totaling 67 lots. The rubber
market rallied strongly to advance as much as 30 points
before mid-day under British dealer and speculative buying.
Firmness in the spot market, where a paucity of offerings was
reported, contributed to the strength of the futures market.
Sales to early afternoon totaled 91 lots.
It was reported that
spot rubber had advanced y o fa cent a pound.
London
closed yd, lower to l-16d. higher.
Singapore was l-16d.
to 3-32d. higher.
Local closing: No. 1 standard: March,
21.80; May, 21.75; New standard: May, 21.75; July, 21.10;
Sept., 20.60.
On the 12th inst. futures closed unchanged
to 5 points higher for the No. 1 standard contract, which
recorded transactions of 40 lots.
The
new
standard contract
closed
unchanged to 12 points net higher, with sales totaling
36 lots.
The opening range was 15 to 17 points net higher
under buying by dealers, but prices failed to maintain their
gains, the market standing unchanged to 7 points higher
during early afternoon.
Sales to that time totaled 54 lots,
of which 34
tendered
on
were
on
the
old contract.
Ninety tons
the March old contract and 20
on
were
the March
London closed l-16d. to yd.
higher.
Singapore was
unchanged to yd. higher.
Local closing: No. 1 standard:
March, 21.85; May, 21.75; New standard: May, 21.75;
July, 21.20; Sept., 20.70; Dec., 20.50.
On the~13th inst. futures closed 70 to 35 points net higher,
with sales totaling 69 lots in the New Standard contract.
There were 69 contracts traded in the No. 1 Standard May
delivery, which closed 50 points net higher.
Rubber re¬
flected increased buying power by advancing 25 to 28 points
up to early afternoon.
Speculative buying and short covering
were reported.
Traders said that February imports were
disappointing. Sales to this afternoon totaled 64 lots, equally
divided between the two contracts.
They included exchange
of 100 tons for actuals.
Thirty tons were tendered for de¬
livery on the new March contract.
The London market
closed l-16d lower to l-16d. higher.
Singapore was un¬
changed to l-32d. higher.
Local closing: No. 1 Standard:
May, 22-25. New Standard: July, 21.90; Sept., 21.10;
Dec., 20.85. Today futures closed 5 to 16 points net higher
for the No. 1 Standard contract, with sales totaling 47 lots.
The New Standard contract closed 14 points off to 30 points
up with sales totaling 156 lots.
Short covering of July
rubber by trade interests was a feature of the rubber market.
Advances in the active list ranged from 18 to 43 points, with
principal activity in the new contract. Trading totaled 98
lots to early afternoon, of which 76 were in the new contract.
Ten tons were tendered for delivery.
London clpsed 1-16d.
to yd. higher.
Singapore was 1-32 to l-16d. higher. Local
closing: No. 1 Standard: Mar., 22.60; May, 22.41.
New
Standard: Mar., 22.60; May, 22.41; July, 21.90; Sept., 21.40;
Dec., 21.15.
new.
Hides—On the 8th inst. futures closed 7 points higher to 2
points lower.
Trading was quiet.
At one time during the
session the September delivery was exchanged for the March
at a premium of 5 points.
The spread at the close showed
the two deliveries at even terms.
Sales on the Exchange
today totaled 1,640,000 pounds.
With Chicago packers
asking for higher prices on actual hides and the shipping
situation growing more serious, hide futures advanced to new
high ground for the current move last week.
Local closing:
March, 13.77; June, 13.75; Sept., 13.77; Dec., 13.78.
On
the 10th inst. futures closed 15 to 32 points net higher.
On
the higher prices for actual spot hides, the
stronger securities
market and strength in the other commodities, the hide
futures market developed unusual strength.
Sales totaled
154 lots.
Chicago packers sold about 50,000 hides to tanners
today at higher prices.
Light native cows (river points)
went at
and
14c., and Northern branded
extra
native
steers
at
15c.
cows
were
Certificated
sold at 13c.
stocks
in li¬
censed
Exchange warehouses decreased 775 hides to 314,838
hides today.
Local closing: New standard contract: March,
13.92; June, 14.02; Sept., 14.01; Dec. 14.10.
On the 11th
inst. futures closed 17 to 35 points net lower.
Transactions
totaled 219 lots.
The market opened unchanged to
11
points higher and was farily steady during the morning,
reaching new highs for the season under speculative buying.
However, there was some heavy profit taking and short selling
later in the session and prices slumped
badly, closing at the
lows of the day.
Certificated stocks of hides in warehouses
licensed by the Exchange decreased by 664 hides to 314,174
hides.
Local
closing:
March,
13.75;
June,
13.75;
Sept.,
13.73; Dec., 13.75.
On the 12th inst. futures closed 1 to 3
points net lower, with the exception of current March de¬
livery, which closed 13 points net lower.
Sales totaled 172
lots.
The opening range was 3 to 7 points net lower.
Additional declines were registered following the opening and
prices declined as much as 17 points.
By 12:30 p. m.,
however, prices were 2 to 3 points higher.
Transactions
totaled 57 lots up to that time.
There were 480,000 pounds
March
IS,
1941
delivery against the March contract.
tendered for
Local
closing: March, 13.62; June, 13.71; Sept., 13.72;Dec.,13.72.
On the 13th inst. futures closed 8 to 14 points net lower.
There was a fair amount of tanner demand for resale hides
steady prices today.
Reports from the Chicago packer
reveal nothing.
Argentine packers are offering
selections at steady prices but no sales were reported.
After
at
market
ruling slightly stronger, most of the day,
trade selling in
depressed the market to close 8 to 14 points
Transactions totaled 88 lots.
During the last
the last hour
lower.
net
Local closing March,
Today futures
points up to 2 points net lower, with sales totaling
Raw hide futures opened 3 to 5 points higher.
hour of trading 65
lots changed hands.
13.53; June, 13.58; Sept., 13.64; Dec., 13.64.
closed 13
lots.
77
The market
prices
was
firm during the morning.
5 to 9 points higher.
were
At 12.30
p. m.
Transactions totaled 48
Certificated stocks of hides in warehouses licensed by
lots.
exchange decreased by 3,137 hides to 311,037.
Local
closing March, 13.66; June, 13.56; Sept., 13.75; Dec., 13.75.
the
Freights—Charters find it difficult to obtain
in line with their ideas, in regard to reasonable
rates and the high asked rates by most shipowners continue
to curtail trading a great deal.
Charters included; Time:
Ocean
tonnage
Two to three months: West Indies trade, March, $7.50 per
Vessel
reported fixed Canadian West Indies trade,
Three months West Indies trade,
March, $7.50 per ton.
Ore; South Africa to Hatteras, $16
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, $25 bid, asking $30.
Queensland to Halifax—St.
John, $21 per ton. Time Charter: West Indies trade, $7 to
$7.50 per ton.
Canadian trade, $6.75 to $7.50 per ton.
North of
Hatteras-South African trade, $7.50 to $8.00
ton.
March,
rate given.
no
asked per ton.
$7.25;
West
$8.25 per
North of Hatteras-East Coast South America,
Coast, $7.
United States Pacific-Far East,
ton.
National Coal Association from incomplete
loading reports from the railroads, estimates bituminous
coal production in the United States for the week ended
March 8, as approximately 10,700,000 net tons.
Production
for the corresponding week: 1940, 8,173,000 tons; 1939,
8,148,000 tons. Percentage of increase: over 1940, 30.9; over
1939, 31.3.
Appalachian soft coal operators yesterday re¬
jected all United Mine Workers' demands for a proposed
new contract and a further proposal that the present wage
hour contract be extended, pending negotiations, past the
March 31st expiration date.
John L. Lewis, United Mine
Workers president, had suggested the extension "to allay
any public apprehension" lest the six weeks' work stoppage
of two years ago be repeated in a time of national defense
emergency.
Before he made this proposal the operators ha
replied with blanket refusal of all the union's contract
demands, including a $1 a day wage increase, two weeks'
paid vacations and a guarantee of 200 working days a year.
Coal—The
car
to
Wool Tops —On the 8th inst. futures closed unchanged
8 points higher.
Trading was relatively quiet, with
fluctuations
Most
of
the
activity was for trade
128.0c. bid and
the local market.
Local closing: Mar.,
128.0; May, 123.3; July, 119.6; Oct., 116.5; Dec., 114.7.
On the 10th inst. futures closed unchanged to 9 points up.
The market ruled within a narrow range, but values were
firmer.
Some improvement in
the tone resulted from
passage of the lend-lease bill and from the sympathetic
effect of the upturn in cotton and elsewhere.
Sales for the
day, however, were estimated at only 30 contracts or 150,000
accounts.
130.0c.
narrow.
Spot
asked
certificated
tops
were
on
pounds,
Friday.
comparing with 140,000 officially reported for
Certificated sjiot tops here were 128.1c, bid and
130.0c. asked.
Boston reported only slow trading in raw
wools there.
Buying in the West was also reported much
less
active
Boston.
than
heretofore
in
wires
received
here
from
Local
closing: Mar,, 128.0; May, 124.02; July,
120.3; Oct., 117.4; Dec., 115.5.
On the 11th inst. futures
closed unchanged to 10 points up.
Wool top futures con¬
tinued to advance today and volume of trading expanded
moderately.
At the closing Mar. was quoted unchanged,
but later months varied from 6 to 10 points higher.
Sales
improved to an estimated 160 contracts or 800,000 pounds,
comparing with the 185,000 officially reported for Monday.
The upturn resulted from some increase in trade buying and
a scattered amount of
speculative support.
Spot certificated
tops were quoted at 128.5c. bid and 130.0c. asked.
There
were
no
Mar.
notices.
Local
closing: Mar., 128.0; May,
125.0; July, 121.3; Oct., 118.0; Dec., 116.3.
On the 12th
inst. futures closed unchanged to 6 points up.
Wool top
futures moved within a narrow range in quiet dealings today.
Slightly more trade demand appeared and prices were
moderately better, with the closing steady and unchanged
to 6
points higher.
estimated at about 55 con¬
Spot certificated tops were
quoted at 128.0c. bid and 130.0c. asked.
Boston reported
spot foreign wmols in better
demand.
Good combing
Australian 64s sold at prices ranging from $1 to $1.05 a
pound.
Local closing: Mar., 128.0; May, 125.2; July, 121.3;
Oct., 118.6; Dec., 116.8.
On the 13th inst. futures closed unchanged to 5 points net
higher.
The market was firmer today in somewhat lighter
dealings.
Sales were estimated at about 45 contracts or
tracts,
or
275,000
Sales
were
pounds.
Volume
The Commercial
152
225,000 pounds, against 365,000 officially reported for the
previous day.
Prices at one time showed net gains of 5 to
17 points.
There was good support from the trade, with the
lend-lease law and the subsequent call for appropriations
attracting attention.
Scattered hedging and profit taking
appeared on advances.
March 25 is last notice day for
March futures.
Sales of 10,000 pounds or two lots of spot
wool tops, were made over the ring here yesterday afternoon.
The basis price was 130.0c. a pound for exchange standard
top. One of the lots sold was a minus one and one a minus
five top.
The price paid was peak level for sales of spot top
here. Boston reported that contracting for wool in the West
was more active today and also said that
South America
wools were in better demand at firmer prices.
Local closing:
March, 128.0; May, 125.4; July, 121.8; Oct., 118.6; Dec.,
Today futures closed 1 point up to 7 points net lower.
Trading in wool tops again was quiet today.
Total sales
^
midday were estimated in
only about 100,000 pounds of tops. At the best
levels of the morning active positions showed a decline of 2
points to an advance of 7 points over the closing levels of
the previous day, while at the lows they were 5 points below
to 7 points above yesterday's last quotations.
Some interest
was shown in
all of the usually active contracts, but was
centered mainly in July.
Local closing
March, 128.1;
May, 124.7; July, 121.7; Oct., 118.6; Dec., 117.2.
New York Exchange to
the
the trade at
Wi to 3^c. net
higher, with sales totaling 74 lots.
The general rise in com¬
modity prices had a sympathetic influence on the silk mar¬
ket.
General speculative buying coupled with demand from
Japanese sources was allegedly based on reports that in¬
ventories in
warehouses
were
decreasing.
An improve¬
Silk—On the
ment
10th inst. futures closed
primary markets also was noted.
During early
the market was 2^ to 3^c. higher and closed
levels.
The turnover to that time totaled 29 lots.
in
with last year:
In the spot
market prices also were strong
with crack double
pound. The Yoko¬
hama Bourse closed 9 to 20 yen higher.
Grade D in the
spot market was unchanged at 1,450 yen a bale.
Local
closing: No. 1 Contract: Mar., 2.723^; May, 2.73; July,
2.74^; Sept., 2.76; Oct., 2.75^.
On the 11th inst. futures
closed 1 to 2c. net higher, with sales totaling 48 lots.
The
market was firm during most of the session.
At one time
prices showed net gains of 4c.
Trading, however, was
mostly in the form of switching transactions.
The spot
market uptown was higher, track double extra being quoted
at $2.76 a pound, up 33^c.
Prices on the Yokohama Bourse
were 3 to 9 yen higher.
Grade D silk in the spot market
advanced 15 yen to 1,465 yen a bale.
Local closing: No.
1 Contracts: Mar., 2.74^; May, 2.75; July, 2.76; Aug.,
2.76Sept., 2.77.
On the 12th inst. futures closed 13^
to 2c. net higher.
Influenced by firm prices abroad the
silk market was steady.
Prices during early afternoon were
unchanged on a turnover of 20 tons.
Thirty bales were
tendered for delivery on the Mar. contract.
The price of
selling at $2.72)^, up 2^c. a
extra silk
>
crack double extra silk in the spot
market was unchanged
pound.
Prices on the Yokohama Bourse closed
unchanged to 8 yen higher.
Grade D silk was unchanged
at 1,465 yen a bale.
Local closing: No. 1 Contracts: Mar.,
2.76; Mav, 2.77; June, 2.77; July, 2.78; Aug., 2.79^;
at
$2.73
a
V
■Sept., 2.79.
Sales
strength of silk markets in Japan, local interest bid up prices
as much as 73^c. a pound for the leading quality grades.
Sales of contracts to early afternoon reached 75 lots.
Ten
bales were tendered on the March contract.
In the uptown
here
spot market the price of crack double extra silk advanced
63^c. to $2.82 ^ a pound. Prices on the Yokohama Bourse
were 28 yen to 35 yen higher.
Grade D silk was 35 yen
higher, at 1,500 yen a bale. Local closing No. 1 Contracts,
Mar. 2.77; Apr. 2.77; May 2.77; July 2.78^; Sept. 2.78;
Oct. 2.78. Silk opened 3lA to 4c. a pound higher, but lost
most of the advance by midday, when the market was un¬
changed to lc. higher on a turnover of 13 lots. Ten bales
were tendered on contract.
In the spot market crack double
extra silk was 3Kc. higher at $2.86 a pound. The Yokohama
Bourse closed 7 to 16 yen higher. Grade D silk in the spot
market advanced 15 yen to 1,515 yen a bale.
grams
of the Crop, as indicated
Gulf port
2",590
Mobile
Pensacola
given below. For the week
have reached 53,542
and 41,552 bales the
week, making the total receipts since Aug. 1, 1940,
from the South tonight, is
112 bales.
Sat.
Receipts at—
Mon.
Tues.
Thurs.
Wed.
Total
Fri.
358
662
2,298
1,313
New Orleans..
4,971
4,739
7,395
4,526
3,620
1,793
4,323
4,405
209
37
1
6
—--
2,315
22
Mobile
Savannah
—
1.848
Galveston
-■■:,
Houston—
_
3,325
1.030
941
1,432
974
11,726
8,571
29,656
2,590
918
918
"81
81
Norfolk
Totals this
week.
10.410
8,935
11,043
6,498
6,129
10,527
53.542
760
38", 978
2,170,313
2"339
142",060
.51,618
1,812
62,227
38,461
26
3
45,557
15,517
29,138
5,600
18,457
"918
Savannah
Charleston
Charles..
832
1
45,919
■.,,""" 4
...
Norfolk
81
307
8,031
14,629
768
Wilmington
748",734
534,280
61,051
53,150
1,971
1,011
148,229
35,432
26,360
11,000
29,572
1,460
178,592
66,915
758
.
Jacksonville
735,021
1,380
Boston
Baltimore
53,542 2,724,853 115,052
Totals
Included in
42,034
92,405
75,394
94,261
*
1,606
122,856
32,710
4,294
10,246
26,001
16,087
New York
1,500
1.250
6,349,965 3,013,412 2,732,098
Gulfport.
1
.
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
Houston
Orleans.
New
Mobile.
2,590
918
_____
Savannah....
832
l
.
445
1,515
460
458
511
34,798
9,920
20.338
2,222
726
■
8,754
19
4
66
719
713
307
130
772
627
641
881
903
1,834
1,867
2,371
115,052
32,436
67,994
54,793
47,370
Wilmington
"81
Norfolk
All others
53,542
Total this wk_
Since
10,601
10,476
12,152
19,246
1,494
1,143
38,568
38,978
2,339
Charleston
1935-36
1936-37
14,224
11,837
4,991
10.685
13,244
1,691
33,142
11,726
8,571
29,656
1937-38
1938-39
1939-40
1940-41
Receipts at—
Galveston
6.126,304
Aug. 1__ 2,724,853 6,349,965 3,141,334 6,635,771 5,713,917
for the week ending this evening reach a total
bales, of which 4,362 were to Great Britain,
566 to Japan, 2,992 to China and 7,433 to other destinations.
In the corresponding week last year total exports were 151,684
bales.
For the season to date aggregate exports have been
The exports
of
15,353
in the same period
Below are the exports for the week:
682,266 bales, against 4,965,868 bales
of the
previous
season.
Mar. 14, 1941
Ger¬
Great
Exports from—
France
Britain
Japan
Italy
many
New Orleans
"566
2,992
566
2,992
12,287
10,087
2,834
7,990
33,047
839
4,362
1940
Total
1939
31,221
5,139
75.659
15,185
4",849
50
50
....
....
Total
11,745
7,383
Los Angeles....
Total
Total
Other
China
4,362
Houston
3,558
7,433
15,353
19,596 151,684
9,981
77,030
Exported to—■
From
Aug. 1 1940 to
Exports from—
Britain
France
1,617
142.983
....
m
m
m
■
113,139
■'
m
mmmmmm
'mmm
mmmm
'%
'
56,886
352 140,156
291,698
600
25,505
43,000
158,419
2,280
■'■'mmmm
mmm
33,131
1,680
mmmm
415
8,207
mm
_
23,225
Corpus Chrlsti
New Orleans.
Total
Other
China
Japan
Italy
many %
21,723
Galveston
Houston.
Ger¬
Great
14, 1941
Mar.
rnmmm
28,461
"
'
28,461
Mobile
m'm
m
~
_
m
mm
m**m**mm
■
314
York
m
m
3,559
Norfolk
******
mm*.
******
:
mm m
mmmm
----
''mmmm
'
'mmm**mm
mmrnmrnrn
Los Angeles..
974
Francisco
3,827
San
;
m
******
mm.*.
„
_
"'mm
■mmmm
'mm
"m-m*
mm
'
Boston
m
■/
mm
****
m
m
m
m
mm
mrn
m.
mm
34,706
m
11,286
mm
mm
mmmm
m
.
"■'■ •'
rnmmm
m
.
•?
-
mm
-
-
3,559
-
26,398
2,313
mm mm
■:-mmmm
20,870
4,461
26,712
2,313
6,606
5.846
25,420
63,156
137
137
26,098 258,187
682,266
......
Total......
59,776
338,205
Total
1939-40 1675,943 702,094
Total
1938 39
387,027 363,202
33,456 464,180
370,621 249,356
711,985 335,694 1042516 4965,868
57,532 541.791 2663,155
693,626
In addition to above exports, our
give
telegrams tonight also
the following amounts of cotton on
us
cleared, at the ports
shipboard, not
named:
On
Shipboard Not Cleared for—
Leaving
Mar. 14 at—
Ger¬
Great
Britain France
many
Other
wise
Stock
Coast¬
Foreign
Total
3,000
Galveston
'889
Houston
New
m
......
Seattle
3,000
168
1,057
400
400
Orleans..
Savannah
Charleston
....
...
......
1,289
35,544
1941
13"173
1939--
12,717
Total
976,660
948,038
533,880
148,229
35,432
53,150
29,572
283,994
ports—
Total
ending this evening the total receipts
bales, against 55,790 bales last week
previous
29",656
New Orleans
*
1940
742,406
949,095
74,055
105,358
110
8,588
767,128
10,529
28,086
Beaumont.
Total 1940.-
by our tele¬
1941
979,660
968
8",571
Corpus Christ!.
Other
Friday Night, March 14, 1941.
Movement
...
Houston
Norfoik.
The
1, 1939
33,142 1,614,156
41,153
38,568 1,897.992
558,365
15,596
1,073,065
148,443
11,726
Brownsville
Mobile
COTTON
1, 1940
Since Aug
Since Aug
Week
Galveston
This
Week
This
Mar. 14
New
closed lc. up to I3^c. net lower.
totaled 109 lots, all in the No. 1 contract. Inspired by
On the 13th inst. futures
Stock
1939-40
1940-41
Receipts to
afternoon
at those
following table shows the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
The
total since
Lake
on
1779
& Financial Chronicle
9,271
3.324
11,575
3,168
5.382
44,236
6,779
4,457 3,008,955
63,3/0 2,668,728
78,631 2,190,078
for future delivery was quite
week, with the undertone of the mar¬
ket decidedly firmer.
The healthy demand for spot cotton
in the South and excellent showing compared with spot
sales last year have been having a wholesome influence on
futures.
Large spot sales were recorded in the Texas mar¬
kets.
Out of 37,442 total sales yesterday in the leading spot
markets of the South, 24,000 sold in Texas.
Sales for the
Speculation
in
cotton
active during the past
compared with 7,976 bales last year.
closed 1 to 10 points net
Further new high prices for the season in new crop
day
On the 8th inst. prices
were
registered in cotton futures today as
higher.
months
additional Bombay
buying appeared and the trade continued to absorb con¬
tracts.
Some week-end profit-taking and Southern selling
The Commercial & Financial Chronicle
1780
March 8 to March 14—
caused
partial reactions from the best, and final prices
steady at net advances of 1 to 10 points.
Trading
was at a somewhat less active pace than on the preceding
day.
Bombay brokers, however, continued as the most
active buyers as East Indian interests apparently added
to their long straddle accounts here against sales in Bombay.
Today's buying from that source was in the face of un¬
changed quotations in Bombay for broach cotton.
Spot
cotton sales during the past week at the 10 designated spot
markets amounted to 122,185 bales as against 124,577 bales
a week
earlier and 70,310 bales last year.
On the 10th
inst. prices closed 22 to 33 points net higher.
In one of
the most active sessions since the war boom of Sept., 1939,
the local cotton market again moved into new high ground
for the season, and to very substantial net gains.
The
market started off with congestion on the buying side,
initial prices being 15 to 27 points net higher.
There was
heavy buying for Southern mills. And also for Bombay
accounts.
Speculative buying increased.
Washington pre¬
dictions of the prompt passage of the lend-lease bill inferring
heavy spending for defense, and the possibility of shipping
surplus cotton to Britain, fear of higher wages very soon
in the textile industry and strong spot basis in the South,
were
factors in the rise.
After the opening the market
sold off slightly on profit-taking, but the reaction was
short-lived, and prices again moved up with active trading
toward the close.
The Commodity Credit Corporation
reported that 3,108,000 bales had been pledged for cotton
loans and repossessions for 316,000 bales.
Total sales in
the leading Southern spot markets were 24,358 bales, com¬
pared with 5,003 bales same day last year.
On the 11th
inst. prices closed 4 to 8 points net lower.
Increased re¬
possessions in the South, and belief that the CCC might
urge the sale of loan stocks when the farmer has a profit,
led to increased selling today after cotton had made new
highs for the season during the first hour.
The opening
range was 1 to 8 points higher and moved early into new
high ground.
Bombay brokers bought about 15,000 bales
of Jan. and 15,000 of July and Dec., while trade interests
bought about 15,000 bales of old crop months.
Reports
from Texas were that farmers were getting $1.50 more a
bale from the sale of equities than they received during the
rise in Jan., and this has led to heavier repossessions.
There
March
IS,
1941
Mon.
Middling upland 15-16 (nom'l).10.88
Tue«.
Wed.
Thurs.
11.11
Sat.
11-07
J 1.00
11.02
Fri.
11.10
were
six Mar. notices issued here and five in New Orleans.
were
They had
market influence and
promptly stopped.
Trade estimates are that the Feb. cotton consumption will
total 765,000 bales, compared with 843,274 bales in Jan.,
and 661,771 in Feb., 1940.
On the 12th inst. prices closed
1 point up to 5 points off.
Trade buying rallied the cotton
market
no
from
early low prices.
Heavy offerings
on
the
On the 13th inst. prices closed 1 to 4 points net higher.
Price-fixing by mills and foreign buying combined to ad¬
cotton 4 to 11 points in the face of increased hedge
selling by the South.
The market was steady on the open¬
ing, unchanged to 2 points net higher, and soon showed
gains of 2 to 5 points over last night under active buying
by trade interests and brokers for Bombay accounts.
The
vance
fact that today was observed as a holiday in Bombay seemed
no effect on trading interests here
by operators in
to have
Trade
interests were aggressive buyers of near
months, while outside buying was evident in new crop po¬
sitions, possibly on the theory that operation of the leaselend law would increase shipments to Great Britain later
on.
The selling was active, preventing any substantial rise.
Spot firms were offering cotton on a scale up.
The selling
was
regarded
the South.
as
a
reflection of the active spot markets in
Sales yesterday reached
39,000 bales.
Today prices closed 13 to 21 points net higher. A wave
buying, credited to New Orleans, swept the
on upward to new high
prices for the season,
net gains ranging from 12 to 21 points this afternoon.
Open¬
ing prices were 4 to 11 points net higher under active buy¬
ing by trade shorts, mill interests and Wall Street commis¬
Bombay
tendency to
narrow.
Southern clients.
It
tinued to maintain
a
also lined up on the buying side,
New York and Bombay showed a
was
between
The selling was done by brokers with
was
done
on
a
scale up.
Cotton
firm tone during the forenoon
on
Premiums
contract on Mar. 20.
Mar. 13.
on
%
29-32
15-16
31-32
1 Inch
Inch
Inch
Inch
Inch
and Up
Middling Fair
.34
on
.44
on
.59
on
.66
on
Strict Good Middling
Good Middling
.28
on
.38 on
.53
on
.60
.31
on
.47 on
.19
on
While—
.22 on
Strict Middling..
.10
on
.35
on
.78
on
on
.73
on
.54 on
.42 on
.67
on
.55
on
.17
on
.21 off
.12 off
Basis
.06
.72 off
.63 off
.52 off
.47 off
.37 off
1.44 off
1.38 off
1.32 off
1.28 off
1.25 off
Middling
Strict Low Middling
Low Middling
on
Extra While—
Good Middling
Strict Middling..
.22 on
.10
on
Middling
.21
off
Strict Low Middling
.72 off
1.44 off
Low
Middling
on
.5*
on
.19 on
.35 on
.42
on
.55 on
.12 off
Even
.06
on
.17
.63 off
.52 off
.47 off
.3/ off
1.38 off
1.32 off
1.28 off
1.25 off
.31
.47
on
.67 on
on
Spotted—
Good Middling
.35 off
.27 0rf
.13 off
.08 off
.01 off
.48 off
.39 off
.26 off
.21 off
.13 off
1.02 off
.94 off
.81 off
.76 off
.70 off
Strict Middling
aMiddllng
a
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
culture establishes a type for such a grade.
New York
1941 «... ..11.10c.
1933
1940
..10.88c.
1932
9.08c.
1931
8.95c.
8.60c.
-14.73c.
....
1939
1938
....
1937
....
1936
....
....
1935
....
1934
....
*
..
Quotations for 32 Years
1925
1924
25.60c.
1917
....18.20c.
29.10c.
31.30c.
1922
1929
..21.35c.
1921
18.40c.
11.60c.
1916
1915
1914
1913
1912
1911
1910
....11.95c.
1923
1930
.
6.55c.
7.00c.
..10.75c.
..15.05c.
-10.65c.
1928
1927
-12.35c.
—
..
..
...
...
1926
41.00c.
28.70c.
..19.65c.
..14.00c.
1920
..19.30c.
....
1918 .—-33.80c.
.
1919
8.95c.
-.13.20c.
..
...12.60c.
..-10.65c.
...,14.65c.
...15.15c.
1941 is for 15-16.
Market and Sales
The total sales of cotton
week at New York
For
are
New York
at
the spot
indicated in the
the convenience of
each day during the
following statement.
on
the reader
we
also show how the
market for spot and futures closed on the same
days:
SALES
Futures
Market
Spot Market
Closed
Closed
Nominal.
Saturday
Monday
Tuesday
Nominal.
Wednesday. Nominal.
Contract
Total
500
500
300
800
..
Nominal.
Thursday... Nominal.
Nominal.
Friday
Total
Spot
Steady.
Very steady
Steady
Barely steady.
Steady
Very steady..
500
400
300
900
i
100
1,700
500
1.200
100
2,603
5.103
76.861
week.
Since Aug. 1
2.603
27.200 104,061
6 503
1,400
Futures—The highest, lowest and
York for the past week
have been
Saturday
Mar
Monday
Tuesday
March 8
March 10
March 11
as
closing prices at New
follows:
Wednesday
Thursday
Friday
March 12
March 13
March 14
(1941)
Range..
Closing
April—
10.50-10.53 10.64-10.78 10.67-10.83 10.65-10.77 10.72-10.77 10.75-10.87
10.53
_
10.77
—
10.71
—
—
10.72
10.73
—
—
Range..
10.51ft
Closing.
May—
Range..
Closing
10.75ft
10.70ft
10.71n
10.69ft
10.86ft
10.49-10.55 10.62-10.78 10.66-10.84 10.62-10.74 10.67-10.73 10.74-10.87
10.50-10.51 10.73-10.74 10.69
.
—
10.67-10.68 10.69-10.70 10.83-10.85
June—
Range..
10.47ft
ClosingJuly—
Range..
Closing
August—
Range.
10.73ft
10.68ft
10.66ft
'
10.84ft
10.68ft
10.42-10,49 10.57-10.79 10.65-10.82 10.58-10.71 10.66-10.71 10.72-10.86
10.45-10.46 10.73-10.75 10.67
10.65
10.68
10.84
10.40ft
10.69ft
10.62ft
10.60ft
10.63ft
10.81ft
10.35ft
10.65ft
10.58ft
10.56ft
10.59ft
10.78ft
.
.
Closing.
September—
Range..
Closing.
October—
Range..
10.25-10.34 10.46-10.66 10.52-10.69 10.47-10.57 10.52-10.60 10.60-10.76
Closing
10.31
10.61
10.54
10.29ft
10.60ft
10.53
.
10.52
10.55
10.49ft
—
10.53ft
—
10.74-10.76
November—
Range..
Closing
.
10.73ft
December—
Range..
Closing
10.24-10.31 10.45-10.63 10.51-10.67 10.45-10.57 10.48-10.57 10.58-10.73
10.27
10.52-10.53 10.47
10.60
10.51
10.72
Jan.(1942)
of speculative
sion houses.
on
the average quota¬
Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
.
over
cotton market
and differences
established for deliveries
and discounts for grades and staples are
tions of 10 markets, designated by the
were
opening caused initial losses of from 3 to 7 points.
The
selling came from the South and from spot firms.
It was
believed to have been a reflection of large spot cotton sales
in the Southern markets.
Spot sales were reported as 48,166
bales.
They contrasted with only 5,191 bales a year ago,
and were about double the sales last Monday.
The large
volume represents the intense activity of textile mills.
Memphis spot quotations advanced 20 points today to 10.20c.
a pound basis
middling 15-16 inch staple.
The local market
met brisk support on the dip with the result that prices
regained all early losses during the forenoon, the market
standing 2 to 4 points net higher during early afternoon.
The South reports that loan equities are trading at $4 to
$5.50 a bale, with some farmers demanding $7.50.
India.
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,
Range..
Closing.
February—
Range..
Closing
10.25-10.25 10.47-10.52 10.50-10.68 10.44-10.54 10.47-10.56 10.56-10.63
10.25ft
10.58ft
10.51
10.45
10.51ft
10.71n
.
n
Nominal.
Range for future prices at New York for the week ended
and since trading began on each option:
Mar. 14,
Option
Range for Week
or—
Range Since Beginning of Option
con¬
trade
support in nearby months and commission house buying of
new crop options.
Spot houses were sellers.
Switching was
1941—
March
Mar.
8 10.87
Mar. 14
8.10 May 18 1940 10.87 Mar. 14 1941
May....... 10.49 Mar.
8 10.87
Mar. 14
8.00 May
18 1940 10.87 Mar. 14 1941
Mar.
8 10.86
Mar. 14
8.59 Aug.
7 1940 10.86 Mar. 14 1941
10.25 Mar.
8 10.76
Mar. 14
8.70 Oct.
December.. 10.24 Mar.
8 10.73
Mar. 14
9.28 Dec.
19 1940 10.73 Mar. 14 1941
8 10.68
Mar. 11
9.49 Feb.
17 1941 10.68 Mar. 11 1941
10.50
April..
feature of the trading.
Spot houses switched out of May
and July into October, December and
June
to transfer
September..
a
January, apparently
March expired at noon.
Belated short
covering caused the price to shoot up to a new high price
for the season right at the
end, with sales at 10.87c.
The official quotation for
middling upland cotton in the
New York market each day for the last week has been:
hedges.
July
10.42
August
October
18 1940 10.76 Mar. 14 1941
November..
1942—
January
February
10.25 Mar.
The Commercial & Financial Chronicle
Volume 152
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.
In
1
Open
Contracts
8 Mar. 10 Mar. 11 Mar. 12 Mar. 13
7 Mar.
Mar.
Mar. 13
Sight and Spinners'
Takings
18-,.
Aug. 1
Week
2,724,853
644,631
5,295,000
53,542
Receipts at pores to Mar. 14
Net overland to Mar. 14
13,804
Southern consumption to Mar. 14.180,000
Total marketed
8,664,484
1,129,682
247,346
*21,918
Interior stocks in excess
Excess
of Soutnern mill takings
consumption to March 1__
over
New York
1781
Came into signt during week
Total in signt Mar. 14-
1941—
*
8,700
May
July
41,500
59,500
October
4,700
54,600
December
21,700
19,700
19,400
18,400
38,400
6,700
15.900
5,600
35.800
34.100
299.100
25,000
16.600
340.900
42,100
28,100
24,800
212,600
42.300
15,900
13,900
149,100
*
1942—
700
January
Total all futures
100
26,400
2,900
24,400
2,900
4,400
97,900 1.039,800
84,000 259,000 211,400 125,100
203,400
Oven
New Orleans
5 Mar.
Mar.
Contracts
8 Mar. 10 Mar. 11
7 Mar.
6 Mar.
Decrease.
*13,700
48,400
45,500
23,200
73,800
71,900
54,100
33,100
Mar. 11
1,600
100
2,100
300
2,900
1,550
7,450
May
July
5,000
2,100
4,150
9,650
7,800
45.450
9,000
3,500
3,850
18,400
11.550
45.450
12,600
7,850
21,100
8,000
21,150
12.650
49,900
2,000
October
8,550
13,750
2,700
5,500
2,800
8,900
8.800
20,300
50
600
1,550
December
1942—
500
January
500
"200
"400
1*350
600
,600
3,000
31,200
16,450
51,400
20,450
61,650
43,550
172,450
March
Total all
futures....
Aug. 1
6,349,965
29.810
999.817
145.000
4,665,000
12,014,782
*32,500
275,229
289,862
862,534
257,362
-
13,152,545
9,694,044
1,857,219
1,208,795
36,135
'
Movement into
sight in previous
Week—
1939—Mar.
1938—Mar.
17———
1937—Mar.
19
—
yeais:
Since Aug. 1—
1938
Bales
147,004
171,834
168,188
1937---
-
.
—
1936
Bales
9,108,251
13,265,038
12,416,598
The Visible Supply of Cotton -Due to war conditions,
cotton statistics are not permitted to be sent from abroad,
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—
March
Week
115.052
909,878
225,428
Nortn.spinn's'takings to Mar. 14 52,089
March
-1939-40Since
-1940-41Since
1941
1940
8.90d.
13.34d.
8.00d.
ll.Sld.
March 14—
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian
1938
1939
5.27d.
7.68d.
6.10d.
~4.21d"
3.93d".
7.05d.
9.80d.
8.23d.
5.42d.
6.35d.
8.00d.
Tanguis, g'd fair, L'pool
6.97d.
4.18d.
4.33d
C. P. Oomra, No. 1 staple, super¬
fine, Liverpool
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
*
Includes
12,800 bales.
contracts of
At
leaving net open
which notices have been Issued,
900 bales against
the
Interior
Towns,
the
that is,
movement,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight,
and the
Closing Quotations for Middling Cotton onWeek Ended
15-16
A
In.
In.
\
Wednesday
Tuesday
Friday
Thursday
1
corresponding periods of the previous year—is set out in
detail below:
Monday
%
Feb. 14
items for the
same
Saturdag
Vi
In. 1
In.
15-16
A
15-16
%
15-16
A
In.
,15-16
In.
In.
In.
In.
In.
In.
15-16
In.
Receii Is
Towns
i
Ship- 1
merits
Week
,
Week
Season
Ship-
Mar.
Week
14
Stocks
menis
Receij ts
Slocks
Mar.
15
Week
Season
41,248
2,119
1,566
25.862
15.122
273
7,517
3
16,064
62
45.342
746
95.274
1,834
56,303
443
8,878
74.284
38,746
47,057
1,162
33
24,257
555
50,762
118
27.687
1,148
136.516
2,320
110,345
397
168,125
1,722
41
39,411
605
34,639
859
31.685
1,656
42,813
56,391
1,955
34,952
705
66,932
1,502
46,953
827
38,321
722
42,195
33
40,732
365
36,249
24,820
60
30,803
132.596
1,003
9,199
101,508
450
3*662
4,371
Rock
10.92
49 10
10.63
72 10
75 10
10.90
45(10
.65 10
65 10
10.75
Montgomery. 10.1510, 35 10 30 10 50 10 ,30 10
50 10
50 10
10.65
...
jlO.41 10. 56 10 .64
10.30 10. 5010 50 10 70 10
Norfolk
10.55 10, 80 10 .78 11 03 10, .74 10 99 10 72 10 .97 10 74 10 9910 89 11.14
Houston
10.05 10 2510 .30 10 50 10 .25 10 45 10 25 10 .45 10 .27 10 47 10 40 10.60
12,827
105,312
9, ,95 10 20 10 00 10 .25 10 .05 10 30 10 20 10.45
Little Rock..
9.89 10 05 10 10 10 30 10 .05 10 .25 10 00 10 .20 10 05 10 ,25 10 .20 10.40
9.89 10 14 10 .03 10 28
9 .99 10 24
9 97 10 .22
9 .99 10 ,24 10 .14 10.39
New Orleans Contract Market—The
for leading contracts in the New
the past week have
•
been
as
closing quotations
Orleans cotton market for
follows:
•
816
51,829
1,354
32,816
78
4,137
147,915
5,669
1,141
1,188
3,853
84.010
64,890
1,733
6
62,664
170
14,396
39,471
121,004
360
43.503
5,171
120.022
May
3,047
132,473
July
500
30,500
October
151
32,359
December.
Wednesday
Thursday
Friday
March 12
March 13
March 14
37.791
28
March 10
March 8
257
79,293
37,191
38,471
131,991
32,968
Bluff.
Walnut Rge
Monday
Saturday
Newport
Pine
213
10,674
120
11,087
13
34,207
1,260
40,944
12
4.108
98,404
2,662
34,329
7.211
231,546
5,576
218.405
2,744
600
20,000
800
29,600
232
25,046
457
33,629
Ga.. Albany..
Athens
Atlanta
Augusta
—
Columbus.
4.247
.
Macon
101
136,473
200
11,600
305'.
36,457
v
15,553
10.63&-.65a 10.836-.85a 10.756-.77a 10.776-.79a 10.796-.81a
10.59
----..
10.806-.81a 10.71
10.54
10.79
40
16,146
300
39,822
125
37,972
2,000
1,593
109,219
2,000
80,896
27
107,586
502
65,948
137.366
3,401
68,564
1,444
156,065
4,086
58,151
Columbus..
100
13,802
191
27,963
188
18,735
140
36,196
Greenwood.
1,189
182,964
4,243
92,598
1,998
82,852
Futures
131
230,422
32,758
7,257
26,845
5,005
16,663
509
18,662
637
19,424
Jackson
Natchez
.
"'I
Yazoo
65
.19,450
279
14,756
799
32,901
1,332
32,799
25
47,858
2,664
341,268
16,800
2,822
8,281
271,460
8,281
345
5,185
2,345
89
4,061
57,773
2,164
City
11,417
127
Oklahoma—
♦_
6,112
426,267
9,792
315,524
3,987
321,469
7,299
231,560
C.. Gr'ville
1,672
101.379
867
104.017
1,650
99,209
2,083
75,852
46,001 2936,580
53,035
751,463
260
10.072
15 towns
Tenn.. Merap. 100,986 3387,236 103,697 1013,433
500
21.376
644
36,430
Texas. Abilene
39
6,421
2,926
"13
15,622
50
59,093
"767
54,076
1,204
48,424
885
68,144
2,311
389
20,116
Brenham
.
10,721
.
Dallas
Paris
Texarkana
74,480
6,518
36
578
3,989
8,071
"ioi
260
49,660
5,017
21.302
39,161
569
28,669
Waco—
1,851
1,999
34,579
3,0731
35,065,
"83
.
317
1,024
1,076
123
Marcos
7,392
2,592!
6,778
Robstown..
26,819
1,384
160
36,565
339
27,327
146'
55,899
231
13,822
83,824 5710,314 116.324 2705,278
Total,56towns 162,949 6295,171 184,867 3088,259
*
26.919
199
Austin
San
15
Includes the combined totals of 15 towns in Oklahoma.
The
above
totals
show
that
the
interior
stocks
have
during the week 21,918 bales and are tonight
382,981 bales more than at the same period last year. The
receipts of all the towns have been 79,125 bales more than
decreased
in the
same
10.72
10.91
10.59-10.60 10.82-10.83
10.54
10.566-.57a 10.78
—-
10 656-.67a
10.53
—
10.336-.35a 10 636-.66a 10.526-.53a 10.49&-.60a 10.57
10.766-.78a
Tone—
»
40,131
16" 800
January
14,739
18,634
Vicksburg..
Mo., St. Louis
N.C., Gr'boro
73
5,132
10.92
10.72
10.37
Spot
16.382
10 736-.74a 10.75
10.56
10.69
10.38-10.39 10.67-10.68 10.58
1942—
Rome.....
Miss., Clarksd
50
Tuesday
March J1
1941—
March
La., Shrevep't
S.
9 75 10 00
9.75 10 00
Dallas
137.885
12
2.594
Jonesboro._
Little
75 10
47 10
10 79 10 ,59 10
153,841
1,504
Hope
73 10
10 .34 10. 54 10, 29 10
:l!8 .10 10. 30
Mobile
60,003
1,803
Selma
Helena
10.59
AuguBta
Memphis
2.119
Ark.,Blythev.
Forest City
45 10
Savannah
6.293
Eufaula.__
Montgona'y
43 10
New Orleans. 10.39 10. 59 10 .60 10. 80 10 51 10
Movement to March 15, 1940
Movement to March 14, 1941
Ala., Birra'am
10.05 10. 2510 28 10. 48 10. 2410
Galveston
Steady
..
Steady
Steady
Steady
Steady
Steady
Nominal.
6 Bid.
a
Steady
Steady
Steady
Steady
Steady
Steady
Asked.
Report of Cotton Consumed, on Hand., &c.,
February—Under date of March 14, 1941, the Census
Census
in
Bureau issued its
report
showing cotton consumed in the
United States, cotton on hand, active cotton
spindles, and
imports and exports of cotton for the month of February,
1941 and 1940.
Cotton consumed amounted to 793,628
bales of lint and 106,937 bales of linters, as compared with
843,274 bales of lint and 114,144 bales of linters in January,
1941, and 661,771 bales of lint and 86,161 bales of linters in
February, 1940.
Consumption of lint cotton in February
included 29,000 bales distributed by the Surplus Marketing
Administration through various cotton mattress programs,
compared with 16,000 bales distributed in January.
Cotton on hand, Feb. 28, in consuming establishments,
'1,905,413 bales of lint and 542,112 of linters, compared with
1,874,611 of lint and 516,773 of linters on Jan. 31 this year
and 1,700,394 of lint and 442,187 of linters on Feb. 29 last
year.
In
public storage and at compresses, 14,038,917 bales of
lint and 83,578 of linters, compared with 14,668,189 of lint
week last year.
Overland Movement for the Week and Since Aug. 1—
and 85,529
of linters
on
Jan. 31 this year and 12,176,733 of
statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
lint and 144,784 of linters on Feb. 29 last year.
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
Below
We give
below
a
1940-41
March 14—
Try
Via St. Louis-.-.
Since
,
Week
Shipped—
-
Via Mounds, &c
Via Rock Island
Aug. I
16,800
6,575
738
760
342,693
186,780
16.076
15,548
Via Louisville-Via Virginia points
3,195
Via other routes, &c------«.-_ —11.856
1939-40Since
Week
8,281
2,875
Aug. 1
268.022
212,400
8,733
"172
6,939
125,647
113,901
4,148
425,779
20,438
604,359
1,100.777
35,914
1,226,100
768
16.109
Deduct Shipments—
Overiand to N. Y., Boston, &c
Between interior towns
Inland. &c., from South
Total to be deducted-
Leaving total net overland- *
*
193
25,927
447,355
185
6.431
5,151
203.743
26,120
456,146
6.104
226.283
13.804
644,631
29.810
999.817
Including movement by rail to Canada.
2,285
4,506v
""
August-December United States Cotton Exports 80%
Last Year's Figure—Exports of raw cotton from
the United States during the first five months (AugustDecember) of the 1940-41 marketing year were only 644,000
bales, compared with 3,313,000 bales in the corresponding
period last season, the Office of Foreign Agricultural Rela¬
tions reported on March 11.
This was 80% less than for the
same period last year and 86% below the average for the
corresponding five months in the 10 years 1923-32.
The
announcement further stated:
Shipments to the British market were only 329,000 bales, compared with
1,006*000 bales a year ago.
Among reasons are shortage of transportation,
for non-essential civilian purposes, the policy of the
British Government to encourage mills to live as far as possible from
stocks on hand, fewer export outlets for cotton goods, and regulation of
sources through licensing and foreign exchange control from which hnew
cotton is purchased.
Shipments to continental markets other than Russia in this period were
less than 10,000 bales, compared with 1,374,000 bales during the same give
months in 1939-40.
There were no shipments at all to such formerly
less use of raw cotton
The Commercial & Financial Chronicle
1782
Important markets as Germany, France, Italy, Spain, Belgium, and The
Chief Exporting Countries—
period August-December, 1940, exports from the
six major cotton-exporting countries
(other than India)
totaled 1.6 million bales, compared with 4.8 million last
For
Shipments to Japan and China also were low.
Japan in this five-month
period took only 31,000 bales, against 434.000 bales the year before.
Shipments to China were only 6,000 bales, compared with 221,000 bales
in the 1939-40 period.
Lowered shipments to Japan are attributed mainly to the accumulation
of large stocks of piece goods resulting from reduced export markets, and
to the high price of American cotton compared with cotton from other
countries.
Reduced shipments to China are attributed to the accumulation
average of 5.4 million bales for the 10 years
according to the March 10 issue of "Foreign
Crops and Markets," publication of the Department of
Agriculture.
It is further stated:
Report
showing cottonseed received,
statement
an
It is not likely that India's trade data would alter the picture to any
appreciable extent.
The United Kingdom has found it necessary to curb
Xurchases of Indian cotton because of difficulties encountered in shipping,
loreover, the large market for Indian staple represented by the various
continental European countries taking upward of 500,000 bales annually
has been lost.
It is true that available information indicates that India
\
will continue to export cotton to the Orient (particularly Japan and China),
but this trade'will probably not exceed ordinary pre-war shipments.
Cottonseed
on
and
1923-1932,
Oil Production—On
March 12 the Bureau of the Census issued the following
Census
the
year
of yarns and piece goods in Shanghai, difficulties in marketing piece goods
into free China, a slightly larger Chinese cotton crop, and the relatively
high price of American cotton.
The only country showing increased purchases of American cotton
during this five-month period was Russia.
Shipments to that market
amounted to 147.000 bales, compared with practically none during the
.
15, 1941
Cotton Shipments from
Netherlands.
corresponding period of 1939-40.
March
crushed, and
During the five-month period a decrease of 3.2 million bales, or 67%,
occurred in total exports from the six countries concerned.
The United
States continues to account for the bulk of the decline (81%).
Brazil and
on
Anglo-Egyptian Sudan, with increases amounting to approximately
13% and 49%, respectively, were the only two countries of those listed
the
hand, and cottonseed products manufactured, shipped out,
on
hand, and exported for the seven months ended with
February, 1941 and 1940:
COTTONSEED RECEIVED,
1
Aug.
Aug. 1 to Feb. 28
'
■
Crushed
Received at Mills *
State
'•
CRUSHED, AND ON HAND
*'
'/
:■
OF
SUMMARY
1923-1932,
(TONS)
Feb
1939-40
189,589
72,507
88,381
Arkansas
516,341
447,710
California..
196,395
325,569
162,300
114,973
Georgia
346,868
Louisiana
122,671
205,197
266,374
114,370
Arizona
814,000
702,000
832,000
687,000
812,000
261,000
56,000
442,000
535,000
417,000
470,000
111,000
39,000
182,000
188,000
177,000
94,000
15,000
69,000
42,000
21,000
9,000
106,000
115,000
59,000
88,000
Total 7 countries
6,080,000
5,362,000
6,391,000
4,993,000
4,424,000
3,610,000
5,522,000
Total excl. British India
Brazil
114,098
321,947
84,491
53,075
Peru
60,327
39,112
198,180
8,555
140,004
35,605
7,564
103,466
337,272
521,530
158,117
223,861
141,603
152,403
215,718
147,123
13,011
220,963
209,678
206,047
198,894
Tennessee
387,940
331,317
258,980
264.354
15,432
130,086
1,039,582
916,548
117,509
107,050
Argentina
11,684
69,899
883,778
865,924
94,731 :V 81,253
17,763
138,781
520,847
Does not Include 39,507 and 120,626 tons seed on hand Aug. 1 nor 30,298 and
in 1941.
a
b Bales of 478 pounds net, except
Data not available,
Does Include 665 tons burned
and Peru, which are 500 pounds gross.
Returns by Telegraph—Telegraphic advices to us this
evening denote that there has been some rain in the cotton
belt during the week and temperatures have been mostly
Rain
PRODUCTS
MANUFACTURED,
SHIPPED
'V'/*ON HAND
N
OUT,
AND
...
Produced
Aug. 1 to
Shipped Out
Aug. 1 to
On Hand
Aug. 1
Feb. 28
Feb. 28
Feb. 28
Brownsville
Corpus
El
1940-41
Crude oil, lbs.
*37,351,577 1,064,893 ,291
72,066,763 1,095,635 ,500
1939-40
Refined oil,
1940-41
lbs-,
a493,658,106
1939-40
Cake
and
,067,312,592
895 119
752,622
885, 354
1,040,005
324,665
24, 159
23,922
1,452
24, 043
42,454
6,520
34,581
39,149
32,013
15,017
45,996
1939-40
Linters,
running
20,914
839 ,100
77,087
879 842
852,142
1940-41
_.
1,307,318
1,489,307
648,771
1939-40
tons
Hulls, tons-
79,501
119,718
1940-41
meal,,
129,340
479,316
1,215
24,931
1939-40
Hull'Tiber,' 500-
1940-41
lb. bales
1930-40
1,569 ,864
;
Grabbots, motes,
&c„ 500-lb.
1940-41
bales.
1939-40
*
12,449
30,642
Includes 16,683,017 and 51,971,012 pounds held by refining and manufacturing
and 8,340,320 and 35,089,100 pounds in transit to refiners and
establishments
consumers
a
Aug. 1, 1940, and Feb. 28, 1941, respectively.
Includes 12,623,312 and 5,540,461 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
915,046,050 pounds of crude oil.
AND
IMPORTS
OF
PRODUCTS
FOR
SIX
DEC. 31
1941
Exports—Oil, crude, pounds
1940
458,015
7,012,301
6,290
Cake and meal, tons of 2,000 pounds.
751
Linters, running bales
14,274
164,572
3,273~888
4,174
36,094
Imports—Oil, crude, pounds*
No oil
was
;
._
91,295
"entered for consumption,"
"withdrawn from warehouse for
con¬
Reports
on
Cotton
1940-41
Loans—The
58
71
26
49
82
39
61
79
30
55
No. of Bales
71
36
54
0.15
74
34
54
33
0.02
34
56
2
0.04
70
26
48
Arkansas—Fort
3
0.13
67
30
49
49
Smith
.
_______
California
114,982
68,023
105,995
347,138
Florida
151
Georgia
55
1
0.01
68
29
2
0.36
57
2
3
0.34
73
71
41
Shreveport
Mississippi—Meridian
Vicksburg
34
53
0.30
69
32
51
0.24
66
28
47
Alabama—Mobile
2
1.01
70
35
53
2
2
0.49
69
30
50
0.22
72
32
52
1.45
76
Little Rock
Louisiana—New
Orleans
-
2
Birmingham
Montgomery..
37
57
80
52
66
1
2.58
73
45
4
2
0.27
0.43
69
40
54
65
48
Florida—Jacksonville
1
Miami
„
.
„
dry
r
Tampa
Georgia—Savannah
59
1.52
68
31
31
3
1.51
67
30
49
2
Atlanta
0.70
62
32
47
-
Augusta-.
3
-
50
0.29
3
59
26
43
1.59
3
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
62
30
41
61
34
dry
48
2
2
0.18
61
31
44
0.53
65
29
47
2
_
Nashville
0.34
61
28
45
The following statement nas also
graph, showing the heights of rivers
8 a. m. of the dates given:
New
Above zero of gauge-
Orleans
Memphis
Above
zero
of
Nashville
Above
zero
of gauge.
_..A bo ve
.Above
Above
zero
of gauge.
of gauge-
Receipts
from
the
zero
gauge.
gauge-
14, 1941
Feet
2.5
Fee i
4.'
22.1
5.3
17.6
24.
2.!
1
16.5
18.'
2.1
Plantations—The
Mar. 15,
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Amount
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End
1940
Arizona
59
2
Waco
Week
State
Arkansas..
38
Oklahoma—Oklahoma City
Com¬
modity Credit Corporation announced March 5 that through
March 3, 1941, loans made on 1940-41 crop cotton by the
Corporation and lending agencies aggregate $149,565,361.38
on 3,104,527 bales.
Cotton remaining under loan aggregates
2,800,060 bales.
Cotton loans completed and reported to
the Corporation by States are as follows:
Alabama
54
41
dry
Shreveport
V icksburg
Vicksburg......
sumption," or "entered for warehouse" during February.
CCC
30
76
77
Mar.
OH, refined, pounds*
Cake and meal, tons of 2,000 pounds
Linters, bales of 500 pounds
*
56
77
4,103" 597
28,395
35
Mean
77
77
Antonio
San
3,844,447
5,053,543
......
Oil, refined, pounds
45
77
dry
_
Items
52
22
0.03
1
South Carolina-
COTTONSEED
MONTHS ENDED
38:
67
0.07
2
North Carolina—Asheville
EXPORTS
69
dry
_
Palestine
4,064,378 and 3,430,283 pounds in transit to manufacturers of shortening, oleo¬
margarine, soap, &c., Aug. 1, 1940, and Feb. 28, 1941, respectively.
b Produced from
Rio
Houston
23,795
900,604 ,909
1,480 ,764
2
Fort Worth
201,406,625
a507,248,371
628,632,126
252,947
200,275
211,243
104,787
271,837
Christi
Paso
Del
*176,281,449
5866,764 ,075
560,035.317
1940-41
989,000,194
High
dry .V>-:
dry
dry
dry
dry
Abilene
On Hand
Low
Inches
0.55
'
2
Austin
Season
Thermometer-
Rainfall
Days
Texas—Gal veston
Arnarillo
Item
1.578,000
4,820,000
for the United States
below normal.
v:;/:v^;V
COTTONSEED
a
26,475
843,511
3,485,370'
72,922
21,999
India.
Sudan
6,077
South Carolina
644,000
398,000
80,543
603,203
3,313,000
2,016,000
3,416,000
168,836
228,221
23,089 reshipped for 1941 and 1940, respectively.
Bales
Egypt
255,856
4,139,744 3,885,591 3,335,075
1940
Bales
718,000
British
19,172
470,762
*
1939
Bales
676,000
13,095
4,183
Mississippi
United States
1938
Bales
4,471,000
22,201
71,833
371,222
North Carolina.
All other States
1937
Bales
187,409
Oklahoma...........
Texas
V
1923-32
Exporting Countries
1940
;
1937 TO 1940 (b)
Average
United States
163,809
68,332
353,060
185,428
Alabama.
AVERAGE
AUGUST-DECEMBER,
SEASONS,
AND
(Compiled from Official Sources)
28
.
1941
decrease.
a
EXPORTS,
WORLD
On Hand at Mills
1 to Feb. 28
1940-41
1939-40
1940-41
'
in the table that did not show
1939
1938
1940
1939
1938
1940
1939
1938
$5,504,801.41
3,193,101.69
Dec.
5,031,333.52
17,310,237.38
7,320.73
13.
85,302 257,101
20.
61.655 240.688
27.
62.544 189,049
164,478
4,716,056.72
72,243
3,317,717.27
3.
33,323 169,951
Missouri
11,635
540,017.31
11.
41,434 181,553
New Mexico.
5,383
41,106
247,839.68
17.
31,994 196,677
24.
40.723 149,768
31.
54,214 137,532
39,901
30,873
31,339
7,865,716.92
97,492
64,534 3284,365 3449,968 3471,589 109,399 208,997
54,236 3323,846 3389,066 3448.226 101,106 179,786
44,595 3339,502 3346,020 3434,970 78,200 232,095
Louisiana
Mississippi
..
North Carolina
Oklahoma
South Carolina.
Tennessee
Texas
;
165,935
1,946,568.25
7,833,743.66
116,187
5,872,912.11
Jan.
12,669
70,488,513.17
699
1940
1939
33,573.35
7.
50,328 168,665
Total
Loans by cooperatives
2,794,359
310,168
$134,528,046.45
15,037,314.93
3,104,527
55,381 177,019
48,964 122,734
41.552 138.982
Repayments by cooperatives
Net totals
1939
43,199 3281,765 3072,688 3291,719
35,546 3262,404 3016,687 3246.532
1941
nil
1940
89,025
46,212 105,463
21,395 135,347
26.999
94,692
34,853 81,531
1939
7,896
7,605
Nil
5,798
Nil
12,219,757.61
16,596 108,960
Nil
21,967 117,323
Nil
27,531
70,930
Nil
28.219
88,704
Nil
49,955
Nil
82,552
Nil
29,078 3228,672 2956,982 3212,973
25,681 3195,258 2897,286 3174,825
21,337 3173,825 2845,482 3138,203
25,736 3160,492 2795,204 3096,651
27,264 3110,177 2737,778 3051,323
32,436 3088 259 2705,278 3012,260
5,475
31,624
Mar.
48,834
2,439,974.29
2,800,060
$134,905,629.48
7.
55,790 107,381
14.
Total
Repayments by Individuals.
1940
$149,565,361.38
255,633
14.
21.
28.
Virginia
1941
42,596 3301.310 3265,094 3400,270
38,827 3306,088 3189.004 3369,048
37,387 3295.489 3127,764 3329,120
Feb.
618,593.28
1,470,243
1941
53,542 115,052
The
above
statement
shows:
from the plantations since
i
n
1939-40
were
(1) That the total receipts
Aug. 1, 1940, are 3,866,005 bales;
6,684,703 bales and in 1938-39 were 4,392,943
The Commercial
Volume 152
bales.
(2) That although the receipts at the outports the
were 53,542 bales,
the actual movement from
plantations was 31,624 bales, stock at interior towns having
week
past
decreased 21,918 bales during
the week.
Manchester. Market-r-Our report by cable tonight from
Manchester states that the market in both yarns and cloths
steady.
Production is being curtailed.
We give prices
today below and leave those for previous weeks of this and
last year for comparison:
is
1939
1940
8% Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Ttoist
to Finest
Upl-ds
8% Lbs. Shirt¬
Cotton
32$ Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
d.
d.
s.
s.
d.
s.
d.
d.
8.
d
Dec.
13-.
15.22
12
6
@12
0
16.25
12
6
@12
9
8.43
available
Not
27—
8.53
8 59
Nominal
Nominal
8.37
20—
8.78
Nominal
Nominal
16%@16% 12
9
@12
6
8.70
,
1940
1941
Jan.
3—
15.70
15.68
12
17—
15 71
12
7% @12 10%
7%@12 10%
7%@12 10%
8.77
11—
24__
15.63
12
31—
15.68
12
9.29
6
Nominal
12
3
4
8.98
8.75
Nominal
12
3
6
8.75
8.69
Nominal
12
8.65
Unquoted
12
4%
4%
8.30
7% @12 10%
@13
@12
@12
1%@12
1%@12
1%
8.74
7% @12 10%
7%@12 10%
7%@12 10%
7%@12 10%
12
8.56
12
8.30
4%
4%
8.12
12
1%@12
1 %@12
1%@12
4%
8.56
Unquoted
Unquoted
Unquoted
8.64
14.54
12
1%@12
4%
7.99
8.66
14.54
12
1%@12
4%
8.03
8.90
14.18
12
@12
3
7.68
16%@17% 12
8.29
Feb.
7—
15.65
12
14—
15.55
12
21—
15.49
12
7%@12 10%
15.55
12
7—
15.65
12
0
14—
15.83
12
9
28—
8.58
12
the
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
Bales
Bales
New Orleans—
Houston-—
25
To Colombia---,,,---
To Cuba
To Panama.-
200
------
10
4,362
6,911
To Great Britain
To Indo-China
To Cuba
-
50
To Japan----—-—-——To China
566
2,992
To Cuba
—
Los Angeles—
Total...
237
------
——
.—
15,353
New
Freights—Current rates for cotton from
no longer quoted, as all quotations are open rates.
Cotton
York
are
Statistics—Regulations due to the war
Foreign Cotton
from abroad.
tables:
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
and Shipments.
Liverpool Imports, Stocks, &c.
Alexandria Receipts
Liverpool—The tone of the Liverpool
market for spots
and futures each day of the past
week and the daily closing
prices of spot cotton have been as
follows:
Monday
Saturday
Spot
.
frequent reactions to around previous closing figures during
much of the session, the market developed a strong upward
trend in the final hour.
All types of buyers were reported
in the market, from pit brokers covering previous short sales
to professional and outside investors as well as grain dealers
and milling and other consuming interests.
Traders said
principal constructive factors included gossip concerning
prospects of an increased loan rate for the new crop and the
possibility of foodstuff exports under terms of the lendlease bill.
Strength of other commodities was a factor.
On the 11th inst. prices closed %c. off to %c. net higher.
May wheat contracts continued the current upward move¬
ment for the fourth consecutive session today, reaching a
new
high at 87c., but tlje deferred deliveries finished minor
under the previous close.
Factors favoring the
Wednesday
Tuesday
inquiry
higher
upturn were improved milling demand, a better
for exports, strength in cotton, the possibility
a
Government loan rate on new crops and a belief in
of
exports of cotton from the
have reached 15,353 bales.
made up
said reports of a higher wheat loan rate may stiffen the
holding attitude of owners of old grain.
New crop con¬
tracts, which would be directly affected, closed at discounts
of about 3c. compared with May and 8c. compared with spot
wheat.
On the 10th inst. prices closed 1 to l%c. net higher.
Renewed buying lifted wheat prices almost 2c. today to the
best levels since Jan., extending the recovery of the last four
sessions 5 to 6c.
Despite profit-taking, which caused
fractions
shown on a previous page,
News—As
Shipping
wave of orders,
which grew as the session progressed, ap¬
parently was inspired by reports that a higher loan rate may
be put into effect for the new crop, by prospects of passage
of the lend-lease bill and by the war situation.
Strength
in other commodities encouraged support of wheat.
Traders
8.04
Mar.
@12 13
@12 13
1783
& Financial Chronicle
some
might be shipped after the President
had signed the lend-lease bill.
The new crop months,
July and Sept., also touched new highs for the current
movement at 83% and 84%c., respectively, but profittaking sales coupled with lighter buying power, due in part
to
a
disinclination to follow the three-day advance ag¬
gressively caused a reaction.
On the 12th inst. prices
closed % to %c. net lower.
Profit-taking gained popularity
in the nervous wheat pit today as prices drifted for losses
of a cent or more.
Selling was encouraged by the fact that
gains of 9 to 10c. had been registered since establishment
of five months' lows on Feb. 17.
More moisture in the
Southwest, Government expectations that current prices
may encourage redemption of loan, grain, reports of in¬
creased sales at some points, and indications that immediate
British requirements under the lend-lease law may not
include grains, were bearish factors.
Some light test loan
wheat was reported to have been redeemed in the Southwest,
but advices concerning farmers' reaction to recent price
gains were conflicting.
In some areas free wheat sales
were believed to have increased while in others there was no
quarters that wheat
,
relaxation in the holding
policy.
net lower. The
stiffened today,
advance of as much as lc. after mid-session,
from Monday's high prices continued.
Buying
prices closed % to %c.
wheat market's resistance to profit-taking
On the 13th inst.
Friday
Thursday
but despite an
Market,
12:15
Quiet
■
Quiet
Quiet
Quiet
Quiet
Futures
Quiet,
f
Market
Quiet,
pts. adv.
Quiet
1
Quiet but
steady, 9
pts. adv.
decline
pts. adv.
Tues.
below;
d.
New Contract
d.
a.
d.
d.
d.
d.
d.
d.
d.
d.
8.55
8.58
8.56
8.59
8.51
8.56
8.60
partly
8.51
8.54
affected by
8.48
8.51
8.48
8.49
8.51
8.49
8.50
*
8.36
8.37
8.49
8.52
8.49
*
8.32
8.31
8.43
8.46
8.45
8.45
8.45
8.29
8.28
9.40
8.43
8.42
8.42 f'i——
8.42
December
January,
8.28
8.27
8.39
8.42
8.41
8.41
8.41
8.47
8.50
*
1942—
*
March-
8.51
-—
Closed.
BREADSTUFFS
several days in the
ing
1941.
been rather slow the past
local area, and consumers appear
will¬
inactive while grains move within narrow
Bookings made recently, when the upward move¬
to remain
limits.
commodities commenced, are suf¬
the small consumers' needs, ranging from 30
and unless grains advance sharply above prevail¬
ment on wheat
ficient
to 60
for
days,
ing levels the
ment in the
trade does not anticipate any
demand.
marked improve¬
prices closed 1% to 2%c. net
Rapid expansion of buying in the short grain
market session today sky-rocketed wheat prices almost 3c.
a
bushel to the best levels since Jan., and carried other
to dealers
to milling
They said the
grains higher.
Traders attributed the buying
who were covering previous "short" sales, and
and public
participants as well.
in
strength
by
law.
other commodities more
directly
prospects of increased exports under the lendA cargo of United States flour was sold for
space was
bushels. '
DAILY CLOSING
PRICES OF WHEAT
Sat.
No. 2 red
DAILY
-
CLOSING
MayJuly
-
Wheat—On the 8th inst.
230,000,000 bushels this
Coast to Shanghai, and Oriental
the market for wheat, but no
available. Helping to check the wheat
upturp were an increase in terminal market receipts and
reports that farmers in some localities, particularly east of
Chicago, were redeeming small amounts of loan grain and
selling in the market.
Some of the buying was attributed
to mills, while sending of a British food mission to this
country attracted considerable attention.
Cables also said
France has expected to renew an appeal for wheat from the
United States.
Open interest in wheat totaled 44,231,000
and other
higher.
interests
lease
vessel
Friday Night, March 14,
purchase more than
shipment from the Pacific
buyers were reported in
——
—
Flour—The flour business has
bring out greatly
and that the guaranteed price would remain unchanged at 70c., emphasized the huge surplus available.
Today prices closed
to %c. net higher. The wheat
market tried to rally again today, but made little headway.
Prices were up % to %c. at times.
Buying Was inspired
8.49
8.50
8.48
*
.
...
board would not
8.50
8.47
8.36
May
October
necessary to
under loan. July, and par¬
ticularly September contracts, representing the new crop,
were weakest, the latter sinking as much as %c.
May wheat
was steadied by the 5 to 6c. premium quoted for best grades
of spot wheat.
The Canadian announcement that the wheat
——
8.35
8.37
July
pressed belief a further rise is
increased quantities of grain
——
8.34
*
March, 1941
professional interests and mills accounted for
strength, with the sharp premium at which
quoted an important factor.
Traders ex¬
the
year,
Fri.
Thurs.
Wed.
Noon Close Noon Close Noon Close
Close Noon Close Noon Close
March 14
»
st'y, 2 to 6
Liverpool for each day are given
Mon.
Sat.
to
adv.
Quiet,
point
Quiet but
Prices of futures at
March 8
1 pt.
steady, 15
advance
P. M.
Quiet but
un¬
changed to
advance
4 points
4
Quiet,
changed
Quiet un¬
Steady,
9 to 12 pts.
advance
Market,
of
much
cash wheat was
1 to 5 pts.
i
opened I
8.90d.
8.85d.
8.84d.
8.82d.
8.71d.
CLOSED
Mid. upl'ds
the reaction
attributed to
P. M.
PRICES OF WHEAT
Sat.
85 %
82%
82%
——
September
"89%
85%
September
84
DAILY
May
July—
October
CLOSING PRICES OF
:
—
IN NEW YORK
Thurs.
Wed.
Tues.
y
— —
Thurs.
Wed.
Tues.
77%
79%
-—
Fri.
86 H 86 % 86
85% 86%
83% 83% 82% 82% 82%
84
83 % 82% 82% 82%
Season's Low and When Made
Aug. 16. 1940
70
73.
73%
Feb.
_
Feb.
WHEAT FUTURES IN
Sat.
.
— -
Fri.
106% 107%
FUTURES IN CHICAGO
Mon.
Made
I
May—
Nov. 15. 1940
July
Nov. 18, 1940
September
Mar. 11, 1941
Season's High and When
May—July--
Man.
107% 107% 107% 107
-
Mon.
79
80%
Tues.
79%
80%
Wed.
78%
80
17. 1941
17, 1941
WINNIPEG
Thurs.
77%
79%
Fri.
78
79%
The Commercial & Financial Chronicle
1784
October
corn now under loans is around 73,000,bushels, compared with 212,000,000 a year ago.
On the
10th inst. prices closed y, to 3^c. net higher.
Corn lagged
behind the wheat upturn, due partly to increased bookings
to arrive, which totaled 160,000 bushels and receipts totaling
268 cars.
Shipping sales amounted to 57,0()0 bushels.
On the 11th inst. prices closed
to
net higher. Corn
developed a firmer tone near the close after a modest turn¬
over
in listless early trading.
Most of the buying came
through cash houses.
Sales by shippers totaled 30,000
bushels and bookings to arrive were 90,000 bushels.
On
the 12th inst. prices closed yc. off to y8c. up.
The market
ruled steady during most of the session with trade light.
Shippers sold 30,000 bushels of corn, while bookings to arrive
amounted to 140,000 bushels, although receipts were con¬
siderably smaller.
shifted
there
the
GRAIN!
2 red, c.i f.. domestic... 107%
Manitoba No. l.f.o.b N Y
91%
New York—
Corn
No 2 yellow
Flour
Noji yellow
80%
iTTrCY CLOSING PRICES
80%
62%
61%
62
September.
To edo
62%
Reason's High and
May
66
When Made
Nov
18. 1910
May..
July
Nov.
Jan.
18. 1910
•Tuly
16,1941
September
66%
63 %
September
Wed.
St.
Thurs.
of
the session.
On
the
Oats prices
sold 27,000 bushels of oats.
On
inst.
were
little to the trading in this market.
inst.
prices closed
V8 to V2c. net higher.
32
31
Season's High and
May
July.
September
38
...
36
34%
32%
35%
32%
31%
32%
31^
;;
When Made
Nov. 15 1940
36%
32%
31%
Season's Low and
May.
Nov. 15 1910 July
Jan
15, 1941 September
449.000
42.000
176,000
35%
33%
—
October
35%
33%
32
31%
13th
5.559,000
2,584.000
1,777.000
388.000
1.150.000
3.255.000
3,375.000
1,663.000
531.000
1,662,000
Sat.
_
r
........
DAILY
52%
52%
Corn
Oats
bush 56 lbs
bush 32 lbs
York.
45
46%
47
Tues.
44%
46%
<46%
33%
31%
117.000
56X06
2.COO
20.000
4,000
117,000
21.C0C
24,000
9,100
69.000
14,000
261.000
3.214,000
243.000
55X00
13,000
107,000
2,327,000
22.120.CCO
2,190,000
439.000
162.0C0
217.000
Can.
tic
ports.
51
CLOSING PRICES
OF RYE
Sat.
FUTURES
Since Jan
Man
Tues.
Feb.
Feb.
Week
—
Wed.
51%
52%
52%
50
52%
53%
52%
13x60
"5x66
2.903,000
1
1940.
283.000
2,693,00C
377.000
110,000
28X00
12,000
2,493,000
1940
22,534.000
10,798,000
1,970.000
749.000
811.000
Receipts do not Include grain
passing through New Orleans for foreign ports
through bills of lading.
on
"
"" '■
:
:
The exports from the several seaboard ports for the week
ended Saturday, March 8, and since July 1, are shown in
the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
New
Bushels
Barrels
Bushels
Bushels
Bushels
York
434.000
Portland, Me....
285 000
—
...
...
Baltimore.——
2.903,000
Total week
1941.
Since July 1, 1940
".,V
1
Total week
a
51%
51%
4.055,000
396.666
108.000
315.000
1940.
16.000
126.000
133,000
94,026,000 23,788,000 3,097,111 3,521,000 3,172X00
9,961.000
3,995.000
52.265
542.000
visible
supply of
grain,
comprising
the stocks in
and sea¬
granary at principal points of accumulation at lake
board ports Saturday, March 8, were as follows:
GRAIN STOCKS
Wheal
United States—
New York
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
24,000
Philadelphia
14,000
9.000
39,000
11,000
1,000
294,000
669.000
17,000
87,000
60,000
351.000
140,000
1,000
80,000
Fort Worth
941,000
8,225,000
1,000
20,000
Wichita
3,824,000
10.000
89,000
Baltimore
N ew Orleans
Galveston
136,000
819,000
114,000
7,136,000
3,844,000
27,793,000
2,753,000
126,000
8.0G0
7,879,000
72.000
328,000
6,814,000
13,661,000
26,000
3,000
743,000
1,638,000
37,000
St. Louis
6,038,000
1,320,000
152,000
"8.000
Indianapolis
1,668,000
790,000
1,190,000
681,000
383,000
10,029,000
2,000
128,000
St. Joseph
Kansas City
Omaha
Sioux
City
.
Peoria
4,000
3,000
11,000
4,000
152:660
13,823,000
711,000
1,607,000
548,000
566,000
3,732,666
19,000
276.000
1,172.000
Minneapolis
25,023,000
10,360,000
1,098,000
1,622,000
3,392,000
Duluth
18,771,000
2,722,000
194,000
651,000
95,000
2,000
4,000
2,000
190,000
3,847,000
741,000
586,000
251.000
394,000
"
afloat
Milwaukee
43%
Detroit..
45%
Buffalo
46%
51%
1.000
c38,000
82,457.000 21,676,000 3.862,000
Complete export data not available from Canadian ports.
The
Fri.
Fri.
——
v.-
Since July 1, 1939
283,000
"
afloat
Made
Thurs.
"i"666
276.000
Can. Atl. ports..
21, 1941
21, 1941
21.1941
38.GG0
157,000
Boston
35%
WINNIPEG
51%
—
102,000
4,000
Since Jan. 1
CHICAGO
Wed. Thurs.
44
43 %
45%
45%
46%
46%
IN
1,000
Atlan¬
Tot. wk. '41
33%
31%
Feb.
14.000
1.0G0
180.000
9.1940
35
When
Barley
Made
35
|
Season's Low and
15, 1940 May
41%
Nov. 14, 1940 July
43
Jan.
10.1941 September
44
Rye
bush 56 lbs bush 48 lbs
20.000
17,1941
Nov.
May.
Jul/--October
Wheat
bush 60 lbs
New Orl'ns*
36%
32%
31%
Feb.
Season's High and When Made
July
September
Flour
Hutchinson
Man.
44%
45%
46%
-
September
May
flour and grain at the seaboard ports for
Saturday, March 8, 1941, follow;
Chicago....
July--,-
9.550.000 68,166.000
51,334.000
71,092,000 20.901.000 86.250.000
75,720.000 20.145.000 72,900,000
33.000
I*
May
58,000
un¬
30
IN
141.000
164.000
16. 1940
FUTURES
1,103,000
Baltimore..
market.
RYE
4,414.000
419.000
New
prices closed %c. lower to %c. higher.
more
or
less irregular, and rye
futures were no exception.
The undertone, however, was
firm a good part of the session.
Today prices closed un¬
changed to V4c. off.
There was little of interest in this
OF
2,697,000
448.000
'41
Boston
were
P DAILY CLOSING PRICES
112,COO
Philadelphia
inst.
markets
354,000
bbls 196 lbs
and showed fair losses at the close.
the
45.000
Receipts at—
changes in-grading standards effective July 1.
New rye
was quoted about 4c.
higher due to the new contracts which
specify delivery of better quality grain.
Old July and Sept.
rye futures could be traded only for liquidation.
On the
10th inst. prices closed % to \yc. net
higher.
This market
ruled firm during most of the session, in
sympathy largely
with the strength displayed in the wheat futures market.
On the 11th inst. prices closed
yc. off to lc. up.
The old
rye contracts ruled heavy during most of the session, with
the new rye deliveries
ruling firm and substantially higher.
On the 12th inst. prices closed y8 to
yc. net lower.
With
wheat showing heavy declines and the other
grains ruling
more or less
heavy, rye prices were anything but buoyant
grain
1,652,000
"8X66
Total receipts of
Rye—On the 8th inst. prices closed y to %e. net higher.
was
started in rye deliveries to conform with
On
43,000
41,000
14X66
419,000
17,1941
Trading
All
1,000
26,000
260.0CO
...
City.
14,426.000 242.122,000 188,135,000
Aug.
Oct.
35%
33%
31%
55,000
30.000
Joseph.
14.026.090 247.621,000 162,222.000
DAILY CLOSING PRICES OF OATS FUTURES TN WINNIPEG
Sit.
Man.
Tues.
Wed.
Thurs. Fri.
May.
July-
lV.ooo
14,000
28,000
19.0C0
36,000
14.COO
166.000
1939
Shippers
When
2,000
70,000
Since Aug. 1
1940
13.355.000 208.847.000 178.030,000
62%
62%
23%
30%
...
128,000
210.000
1938
36%
32%
31%
24,000
Samp wk '40
FUTURES IN CHICAGO
Mm. Tves.
Wed.
Thurs. Fri.
36
498,000
18.000
*
May
July.......
September......
5.000
54,000
262.000
144.000
554,000
643.000
Same wk '39
OATS
Sat.
1.000
113.000
Trading light and undertone
OF
106,000
695,000
firm.
DAILY CLOSING PRICES
125,000
46.000
Tot. wk
to lie. off.
Today prices
unchanged
3_.6O6
197.000
..
1941
13th
"e'.ooo
23,000
_
was
closed
242.000
218.000
~
62%
prices closed
the
There
2.000
16.1940
23. 1940
Aug.
Sept
Feb.
steady.
108.000
18.000
the week ended
12th
6.000
282.000
16.000
Made
When
54%
5%%
58%
280.000
150.000
Buffalo
Fri.
62%
62%
62%
1,988,000
108.000
Louis..
St.
closed % to yc. net higher.
Trading was started in new oats to conform with changes
in grading standards effective July 1.
New oats contracts
were quoted at a slight discount
compared with old.
On
the 10th inst. prices closed y8c. off to l/8c. up.
Trading in
oats futures was quiet.
On the 11th inst. prices closed
y to yc. net higher.
Oats advanced under commission
house and local buying.
The undertone was firm during
changed to l/8c. lower.
Barley
177,000
Kansas City
Omaha
Oats—On the 8th inst. prices
most
Rye
bush 56 lbs bush 48 lbs
Peoria.....
Fri.
80%
80%
62%
62%
62%
Season's Low and
...
49%
62%
65%
_53-65% n
708.000
217.000
Indianapolis
IN CHICAGO
62%
62%
62%
62%
61%
}
80%
OF CORN FUTURES
Sal
Mm.
Tups.
May
July
bush 32 lbs
Milwaukee.
IN
80%
Oats
bush 56 lbs
Duluth..
Sioux
NEW YORK
Tues.
Wed. Thurs.
Man
Sat.
Corn
bush 60 lbs
Chlcago
Minneapolis
Wichita
CORN
Wheal
bbls 196 lbs
23,485,000 bushels.
OF
....
to %c. higher.
market, and offerings from the country remained
fairly liberal.
Corn prices were only fractionally lower.
Today prices closed unchanged to %c. higher.
Corn was
steady to firm, with trading light.
Open interest in corn,
PRICES
...
Rye. United 8tates.c.i.f
Bariey. New York—
40 "be feeding
Chicago cash ......
each of the last three years:
Receipts al-
country
CLOSING
80%
all rail..
Oats, New York—
No. 2 white
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, March 8 and since Aug. 1 for
open
DAILY
-_5.05@5.25
5.55 @5.801 Soft winter straights
5.25 @5.551 Hard winter straights. _ ..5.30@5.50
No
storage into terminal facilities, but
little change in the amount of corn available in
was
45
42
follows:
were as
New York—
Wheat
corn
receipts, totaling only 85 cars, reflected
reduction in the amount of Government corn being
from
49%
45
Standard Mill Quotations
Spring patents
First spring clears...
Decreased
a
49%
42%
FLOUR
The amount of 1940
largely
49
44%
49%
44%
49%
45
—-
Closing quotations
000
inst. prices closed unchanged
49%
44%
May
juiy;::::::::::::::::
hedging sales associated with 156,000 bushels booked to
arrive.
Shippers took only 51,000 bushels, and some dis¬
appointment was expressed over failure of this business to
expand prior to opening of navigation in about a month.
the 13th
IS, 1941
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
Corn—On the 8th inst. prices closed % to %c. net higher.
Corn firmed with wheat, but the pit had to absorb increased
On
March
,
2,718,000
275.000
45.000
Total Mar. 8, 1941—129,615,000 62,571,000
3,699,000
5,013,000
6,222,000
Total Mar. 1, 1941.-.131,459,000 61,944,000
3,796,000
5,122,000
6,424.000
Total Mar. 9, 1940— 98.179,000 39,327,COO
7,309,000
9,894,000 13,00^,000
Note—Bonded grain not Included above: Oals—Buffalo 124,000 bushels;
New
York, none; Erie, 172,000; total, 298,000 bushels, against 793.000 bushels In 1940.
Barley—New York, 113,000 bushels; New York, afloat, 25,000; Buffalo. 55,000;
Duluth, 72,000; in transit—rail (U. S.), none; total, 265,000 bushels, against
X.411,000 bushels in 1940.
Wheal—New York, 2,710,000 bushels; New York afloat
Volume
T/ze Commercial
152
389,000; Boston, 1,605.000; Philadelphia, 797,000; Baltimore, 1,096,000; Portland,
1,049,000; Buffalo, 9,272,000 Buffalo afloat, 448,000; Duluth, 15,366,000; Erie,
1,634,000; Albany, 8,307,000; In transit—rail (U. S.)t 2,804,000; total, 45.477,000
bushels, against 26,779,000 bushels in 1940.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
573,000
Lake, bay, river & seab'd 50,281,000
977,000
312,000
Ft. William & Pt. Arthur 89,579,000
Other Can. & other elev.299,425,000
1,567,000
1,628,000
731,000
3,738,000
569,000
3,766,000
Totol Mar. 8, 1941...439,285,000
Total Mar. 1, 1941...442,407,000
6,282.000
2,509,000
6,394,000
2,536,000
Total Mar. 9, 1940—291.179,000
11,960,000
2,926,000
5,070,000
5,233,000
8,085,000
^Summary—~
129,615,000 62,571,000
3.699.000
5.013,000
Canadian
439,285,000
6,282,000
2,509,COO
Total Mar. 9, 1940.-.389,358,000 39,327,000
but the ground is still frozen beneath, while fields continue soft and wet
the central and southern Great Plains.
From the Rocky Mountains
in
westward the weather was generally favorable, especially for livestock;
lambing made good advance.
In Pacific Coast States conditions were
improved for field operations and better progress is reported, especially
in
California.
There was
considerable
complaint of soil blowing in
extreme western Texas and eastern New Mexico.
Small Grains—But little change in the
weather's effect on the winter
crop is indicated by reports this week.
In the Ohio Valley most
wheat tops are brown and there was some complaint of freezing and thaw¬
wheat
ing conditions,
but no extensive lifting.
In the southern Great Plains
growth and fields are scill too wet generally for pasturage,
outlook apparently continues satisfactory although a
of the actual condition is not possible until more active
wheat shows slow
but
the
general
determination
weather obtains.
West of the Rocky Mountains the outlook
entirely satisfactory, as a general rule; much spring seeding is
reported from Washington.
Oat seeding has been further delayed in the
Southwest where in some areas, unless conditions improve soon, consider¬
able intended acreage will probably be diverted to other crops.
growing
~
American
TotsI Mar. 8, 1941...568,900,000 62,571,000
Total Mar. 1, 1941...573,866,000 61,944,000
1785
& Financial Chronicle
6,222,000
5,070,000
9,981,000
7,522,000 11,292,000
10,190,000
7,658,000 11,657,000
19,269.000 12,820,000 21,087,000
remains
THE DRY GOODS TRADE
The world's shipments of wheat
and~corn,
as
furnish by
Broomhall to the New York Produce Exchange, for the week
ended March 7 and since July 1, 1940 and July 1, 1939, are
shown in the
/"
following:
Corn
Wheat
March 7,
1941
Bushels
No. Amer.
March 7,
Bushels
Bushels
Bushels
1,8~9~5~666
Argent i«a.
-
3,992,000
31,140,000
61,675,000 117,924,000
11,293,000
July
July 1,
1939
1,
1940
1941
Bushels
Bushels
21,515,000
4,787.000 116,519,000 137,236,000
Black Sea-
Australia
Week
July 1,
1939
1,
July
Since
Since
Since
1940
Since
Week
Exports
666*000
23,809,000
2,872,000
30,345*,000
79,657,000
------
Total., j
6,200,000
18,128,000
6,682.000 188,386,000 315,721,000
Friday Night, March 14, 1941.
lines were said to have been almost
displayed increasing concern over
possibility that their own sales potentials could not be
realized because of lack of sufficient merchandise.
During
near-by deliveries of many
fruitless and distributors
the
of the week a more or less panicky tendency
buyers of gray goods in their fusli to pro¬
requirements, but trading in this division be¬
came calmer during the latter part of the week.
WM0 all
sections of the trade appear to be convinced that prices will
the early part
developed
.
among
vide for their
Other
countries
New York,
Advancing prices and an active demand characterized the
markets for dry goods during the past week.
Demand for
prompt delivery goods on most constructions was greater
than mills were able to fulfill.
In fact, efforts to purchase
„
«• •
-
666,000
2,520,000
33,928,000
54,380,000 140,266,000
continue
on
the
up-grade
as
long as the war in Europe con¬
defense spending increases, the general feeling
is that the best interests of all will be served by keeping trad¬
tinues and
CCC
Reports
1940 crop up to
1940 Corn Loan—Corn loans on the
on
March 1, 1941, totaled 72,120,843 bushels
valued at $43,934,927.08, the Commodity Credit Corpora¬
tion announced March 7.
Iowa leads the States for the
largest amount under loan with 40,700,307 bushels and
Michigan shows the lowest loan total with only 3,460 bushels
under loan.
There were 15 repayments for the week ended
March 1 for 'a total of 14,068 bushels.
Loans by States
follow:
No. of Loans
Stale
40.774
616
Iowa
Kentucky
Michigan...
.
—
$5,973,070.01
447,242
862
Indiana..
Kansas.
Amount
Bushels
9,792,269
739,565
40,700,307
9,291
Illinois---.
15
451,106.69
24,826,620.99
271,011.27
25,584.01
41,941
6
3,460
2,110.60
6,446
5,106,141
-
2,760
2,352,984
-
11,088
9,578,191
3,108,695.39
1.433,817.60
5,827,515.28
Minnesota
Missouri
Nebraska--.
—
North Dakota.
82
43,290.24
94,026
355
Ohio
South Dakota.
202,890
123,762.90
4,144
3,053,067
1,843,264.30
18
Total.
8,760
5,077.80
76,457
Wisconsin.
72,120,843
$43,934,927.08
Chicago Board of Trade Members Vote on New Rye
Contracts—Members of the Chicago Board of Trade on
March 7
approved amendments providing for trading in new
July and September rye contracts to conform
with
a
change
grading standards, which become effective July 1.
Chicago "Tribune" of March 8, reporting this, added:
in Federal
The
and September rye futures may be traded only
liquidation and no new commitments will be permitted.
Oats contracts
the life of the deliveries inasmuch as grading changes
will not affect them.
Trading is expected to be started in new July and
September rye futures.
The May contract will not be affected.
Starting today old July
for
will be traded through
Weather Report for the
Week Ended March 12—The
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended March 12, follows:
for sometime
East and
much of
air over¬
spread Central and Eastern States, attended by much lower temperatures;
The
general weather characteristics that have prevailed
continued during the week, abnormally low temperatures in the
South and much above-normal warmth in the Northwest and
the West.
Early in the period an extensive mass of cold polar
the morning of March 5 a low reading of 4 degrees above zero was re¬
ported from Elkins, W. Va.
However, the outstanding weather future was
of a depression from the west Gulf area eastward to South
Atlantic districts and thence northeastward to the Canadian Maritime
Provinces on the 6-10th.
This storm was accompanied by heavy preci¬
pitation in the South and abnormally heavy snowfall in the Middle and
North Atlantic States.
The weekly mean temperatures ranged from 3 to 5 degrees below normal
north of the Ohio and Potomac Valleys and from 4 to about 9 degrees below
throughout the Central and Southern States east of the Bocky Mountains.
In contrast, the Northwest had abnormally high temperatures, the weekly
means ranging from 5 to 11 degrees above normal rather generally.
The
Pacific Coast States were again abnormally warm.
Subzero temperatures were reported only from the interior of the North¬
on
the passing
northern Rocky Mountain localities, but the freezing line
the south-central portions of the east Gulf States.
reported were—8 degrees at Canton, N. Y., on
the 7th, and 10 degrees at Big Piney, Wyo., on the 11th.
Precipitation was heavy in the South and generally east of the Appa¬
lachian Mountains.
It was unusually wet in Florida and the east Gulf
States where most stations reported weekly rainfalls of 2 inches or more.
In the far Northwest and the Pacific area there was very little precipitation,
east and a few
extended as far South as
The lowest temperatures
except locally.
Except in Florida, considerable field work was accomplished in the At¬
lantic area, but elsewhere in the South cloudy weather, mostly heavy rain,
wet soil further retarded normal spring operations.
From the lower
Mississippi Valley westward to central Texas and Oklahoma very little
possible, although a little grain seeding was accomplished
locally.
Also, growth was retarded by low temperatures and the spring
and
field work was
is
generally backward.
In Florida, because of heavy rains and low
truck crops made very slow recovery from last week's
peratures,
tem¬
frost
late, but the general condition of groves is good.
commercial truck crops, especially cabbage and
spinach, are materially reduced.
However, rains were helpful in the
Carolinas with germination and growth of early gardens and truck showing
improvements.
Planting of early truck crops, such as peas and potatoes,
is largely completed as far north as southeastern Virginia.
In Central and Northern States farm work is still inactive, mostly be¬
cause of wet soil, although more or less was accomplished in the lower
Ohio Valley.
In the upper Mississippi Valley the surface is thawed out.
damage; citrus bloom is
In the west Gulf area
I
ing on an orderly basis and avoid confusion and disorder.
Thus, mills are doing all possible to accomplish this.
It
was obvious,
however, from the tenor of demand and in¬
quiries that the trade in general is beginning to feel that the
passage of the lend-lease bill will lead to abrupt changes in
the market during the next few weeks, and for this reason
many buyers have indicated that they intend to cover as
far as they can into the future on the theory that there is
little likelihood of prices reacting while the war lasts.
Activity prevailed in the wholesale markets for dry goods
during the past week with the tendency of prices upward.
Not only were higher prices named in a number of directions,
but, in view of the increasing demand both for civilian and
defense account, it was generally expected that the trend
would continue upward.
Both gray goods and print cloths
were taken on a liberal scale although there was some let-up
in the demand during the latter part of the week.^
Demand
for bag sheetings was active but considerable business failed
to materialize because of delivery difficulties, while some
mills advanced prices in an effort to restrain buying.
How¬
ever, they found buyers quite willing to pay the higher prices.
Business in twills continued to improve with prices showing
a strengthening
tendency, while osnaburgs moved in fair
volume at full asking prices.
Rayons were in demand, with
spot and nearby deliveries of staple spuns difficult to obtain.
Firm prices were maintained and some orders were booked
for late delivery.
Print cloths were as follows: 39-inch 80s,
8^-8V2e.; 39-inch 72-76s, 7%-8c.; 39-inch 68-72s, 7^c.;
38^-inch 64-60s, 6^-63^c., and 3834-inch 60-48s, 5^c.
Woolen Goods—Activity in the wool piece goods market
was featured during the past week by the opening of bids on
2,000,000 wool blankets and about 4,000,000 yards of heavy
wool cloths by the Army Depot at Philadelphia.
The
amount of blankets
submitted
was
said to be somewhat in
quantity sought and prices were about 25 cents
per blanker higher than they were several months ago, when
the last defense bids were opened.
On Monday next the
Army is scheduled to open bids on large quantities of worsted
fabrics.
Thus, faced with the task of making large quan¬
tities of uniform materials, mills for the most part have been
hesitant about accepting business for civilian account, with
the result that there is likely to be only limited activity in
the piece goods market until after the awarding of contracts
on Army materials.
In regard to men's wear, buyers con¬
tinued to press mills for quicker deliveries of spring and sum¬
mer fabrics but failed
to meet with much success as mills
have adopted the policy of supplying Army needs before
those of the civilian trade.
Women's wear mills commenced
to book business for the coming fall season at prices showing
advances ranging from 10 to 15% as compared with those
of a year ago.
Wool underwear mills continued to operate
at capacity, while there was no change noted in the hosiery
situation, mills being sold up well ahead.
excess
of the
Foreign Dry Goods—An irregular price trend developed
during the past week.
Prices for the finer goods,
such as white embroidery linens, continued firm owing to
in linens
the scarcity of yarns, and not a great deal of business was
placed.
On the other hand, manufacturers of the heavier
goods, such as apparel linens, offered to release some of
their stocks at slight concessions in price.
Although the
concessions were by no means large, importers accepted the
offers with the result that a fair volume of business material¬
ized.
Burlaps again ruled firm.
Offerings of spot goods
were
limited because importers were
ments,
owing
lightweights
to
were
uncertain about replace¬
shipping situation.
Domestically,
quoted at 7.70c. and heavies at 10.15c.
the
1786
The Commercial & Financial Chronicle
March
15,
1941
Describing revision of our entire tax system aimed at
uniformity of
practice throughout the country as a question which should receive imme¬
consideration, Mayor La Guardia expressed the conviction
that
"the present chaotic and confused system
simply cannot endure."
He
listed four points necessary to tax refo m;
First, proper differentiation
of the sources of taxation; second, avoidance of all
duplication of these
sources; third, invocation of a system of tax collection
most economical
and efficient, and fourth, absolute
uniformity of taxes.
diate
Specialists in
Illinois & Missouri Bonds
He
stressed the national character of the
problem of personal and cor¬
porate income taxes and the consequent need for
uniformity, and sug¬
gested this could be brought about by the Federal Government
imposing
a personal income tax and
fixing a corporate income tax and then
Stifel, Nicolaus & CoJnc.
making
percentage allowance to each State if the State taxed up to that
amount,
that the business man in New
Jersey and Connecticut would not have
unfair advantage in competition with lesidents
of States that are re¬
quired to impose these taxes.
In the case of excise taxes, he
advocated
the administration and collection of these levies
by the Federal Government
and the allocation of a fair percentage of the taxes to
the
a
Founded 1890
so
an
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N.
Broadway
ST. LOUIS
municipality
News Items
budget.
There is no more margin for making room for added
expenditures
he said, adding that with real estate no longer able to
carry the
whole cost of government this source of revenue
must be supplemented.
The Mayor told the investment bankers in his
audience that there are
to points on which they can help him in the
Legislature.
The first of these
is in supporting his request for
authority to impose the city emergency tax
for a period longer than one year.
In this connection he said the
payas-you-go method of meeting relief costs had been
very successful and
"I can leave office with a clear conscience that I am
turning over the city
to my successor without it being in hock and
bankrupt as it was when I
took over seven years ago."
Massachusetts—Changes in list of Legal Investments—The
Commissioner of Banks issued the
following: bulletin (No. 7,
on
March 6,
showing the latest revisions in the list
legal for savings banks:
today,
of in¬
vestments considered
4-DDED TO THE LIST OF JULY 1, 1940
Municipal Bonds as of Feb. 26, 1941—Alhambra, Calif.; Eau Clair,
Wis.;
Hutchinson, Kan.; Parkersburg, W. Va., and
University City, Mo.
Public Utilities as
of March 4, 1941—Wisconsin Public Service Corp.
first mortgage, 3Hs, 1971.
REMOVED
FROM
THE
The second point is in
supporting his contention that the city should
buy its rolling stock out of railroad revenues.
With regard to this
question
said, "If we were to build the new extensions to our subways that
are
recognized as desirable, it would require $837,000,000.
We can't do that.
Now the subway system is crowded and in a
great many instances our only
hope in relieving congestion is in adding trains and
adding cars to the
trains and lengthening some of our stations.
At this very moment we need
LIST
he
Municipal Bonds and Notes—City of Berlin, N. H.; Town of New
Canaan,
Conn.; Town of Paris, Me.; Town of Richford,
Vt., and Town of Wolfeboro, N. H.
Municipal Bonds—Superior, Wis.
Bonds—(Chesapeake & Ohio
Railroad
from 300 to 400 cars.
I believe the prudent way to
acquire this property
is to follow the system of the railroads of this
country and to buy them and
the cost, the real cost of operation, reflect in
the financial statement
of the
subway system itself.
If you agree with me, I would like your help
and cooperation on that."
System) Warm Springs Valley
Branch first 5s, 1941; matured March 1
1941.
Public Utilities—The Detroit Edison Co.
let
general and refunding mortgage
gold (series D) 4>£s, 1961; called March 1, 1941.
United
States—Nine
at Less than Full
States
Legalize Taxing of Property
now direct
by law th t
Value—Nine States
New
Three
of
the
States—Montana,
Minnesota
and
Ohio—tax
ing
more
Assembly.
It takes advantage of the windfall the
city has in its surplus from the
relief taxes and is predicated on the estimate that this
surplus,
which was $14,000,000 on Dec. .31, will be at least
emergency
$25,000,000 on next
July 1.
This surplus came from emergency taxes,
chiefly the sales tax, the
utility tax and the business turnover tax, which has heretofore
been ear¬
for relief.
The revenues from these taxes
during the last fiscal
year were:
Sales tax, $55,139,429; general business
tax, $12,280,442; utility
tax, $8,944,832.
marked
The new program calls for continuance of the sales
tax and the utility
as relief taxes.
It eliminates the business turnover
tax as a relief tax,
but empowers the city to continue it—at half its
present rate—as a
indebtedness
tax
"The
legislatures could have dealt with this problem by
reducing tax
rate and debt limits rather than
by cutting the assessment level," said
the Association.
"The practice of
computing taxes on less than the full
value of the property is often
confusing to the taxpayer and unnecessarily
complicates the work of the assessor.
Of course, with a lower tax
base,
the rax rate must be
correspondingly higher.
For example, in Vermont
the average tax rate in a recent
year was 330% as compared with an
average
of 3.48% in New Hampshire, a full-value
assessment State."
While legislative changes in the assessment
standard have occurred in
few States, "they have a
tendency to recur once they have been indulged
in," according to the Association.
For instance, the Iowa
Legislature has
just passed an Act legalizing assessments at
60% of full value, following a
court decision holding
illegal the common practice of assessing at
60%
when
the
law
called
for
assessment
at
actual
value.
Previous to this,
Iowa changed the legal tax base from full value
to 25% in 1897, and back
to full value in 1933.
North
Dakota experimented from
1917 to
1923
with
different ratios of
taxable value for different classes of
property, with a maximum of
30%
for two years and 100% for the next four
years.
The State then adopted
a uniform 75% ratio in 1923 and a
50% ratio in 1932.
Illinois assessors were directed to list
property at full value before 1898,
at 20% until 1909. at 33
1-3% until 1919, at 50% until 1927, and again
at full value from 1927 on.
New Jersey—Railroad Tax
Controversy to Be Studied—
Under the provisions of a Senate
resolution, a committee of
members of both houses will be created to
study the recom¬
mendations contained in the report, submitted to
the Legis¬
lature
by Governor Edison, on a proposed revision of the
governing taxation of railroad property, according to
Trenton dispatch of March 10.
law
a
The report, prepared
by a special committee named by the
Governor,
suggested that a proposed compromise of the State's
$34,000,000 claims
against eight railroads operating in New Jersey
by rejected, but that pen¬
alties of $16,000,000 be waived.
The changes recommended would
result
in a reduction of $5,000,000 in the annual
tax on the roads.
New
York,
N. Y.—Mayor Addresses
Municipal Club
Tax Matters—There is
on
complete unanimity in opposition to
taxation of municipal securities on the
part of the United
States Conference of
Mayors, despite recent earnest pleas
in behalf of such a measure
by representatives of the Treasury
Department, Mayor Fiorello H. LaGuardia of New York
told members of the
Municipal Bond Club of New York
on
March 7 at
a
luncheon meeting held at the Bankers Club.
"Our contact with the members of the
House
and Senate would
indicate,"
he said, "unless some
intervening condition should change the present
situation, that there is very little likelihood of either
body approving at
this time the proposed measure of the
Treasury Department to tax State
and municipal securities.
We are rather confident now and a
more confident than we
were six weeks ago;
of opinion that the measure would not
bring
great deal
There has been
a
unanimity
any substantial revenue to the
Government for many years to come, but that it
would be reflected imme¬
diately in a higher interest rate on new issues." - <
.
out
conferences between the leaders and
representatives of Mayor F. H.
LaGuardia and was made public by Senator Joe R.
Hanley, majority leader
of the Senate, and Oswald D. Heck, Speaker of the
ment.
government bodies to levy much higher taxes and incur
than is possible on the smaller tax base.
seemingly impossible by insur¬
tax and a
slight cut
a
in
legalize the customary
undervaluation of property by
assessors,
the
Association said.
This
undervaluation is due largely to citizen
pressure on assessors, particularly
n States which
impose property taxes for the support of the State
govern¬
the undervaluations, the legislatures
ordinarily seek to
prevent drastic expansion in the tax base by
changes in administrative
policy.
Such an increase, under the laws of most
States, would allow local
Legislature Approves City Tax
Republican-controlled Legislature
agreement March 12 on a program which
they
the
Moreover, the legislators expect'the plan to aid other cities in
the State
by empowering all cities to raise additional revenues, if
they need them, by
levying a tax on business turnover and by letting them
spend it as they
see fit, without designating it as a relief tax.
The complicated formula on New York
City's finances was worked
States—Washington, North Dakota
legalizing
an
Y.—State
50% cut in the business turnover
in the maximum real estate
levy.
different
and Arkansas—tax
property at 50% of its value.
In addition, local governments in Louisiana
may levy their taxes on fractions of property value
ranging from 25 to 100%.
The Legislature determines the assessment ratio
in all but one of the
nine States.
Arkansas' Corporation Commission sets
the ratio annually,
but has not varied it for more than 20
years.
Fractional assessment laws usually are
adopted to
In
of
believe will solve New York City's current financial
troubles
and at the same time do the
tangible personal property of manufacturers
50%.
The other three
N.
reached
of property at different
percentages of full value.
In Ohio, for
example, real estate is assessed at full value,
tangible personal property
of merchants at 70%, and
at
York,
Plan—Leaders
property taxes be levied against less than the full value of
property, the taxable fraction ranging from bU% in Alaoama
and Iowa down to 1% in
Vermont, the National Association
of Assessing Officers
reports.
classes
or
or political subdivision within the State where
the commodity is consumed.
Mayor La Guardia related his efforts in recent years to streamline the
government of the city and to cut budget expenses
by effecting coordination
and cooperation between departments, and then
warned his audience that
he could see no further room for
"chiseling" in this direction on this year's
manent tax which
will be
an
additioh
per¬
to the
city's general spending
power.
The business tax, passed by the Legislature on
April 25, 1934, and in
effect since 1935, empowers the city to impose a tax of
1-1 Oth of 1% of
gross receipts in excess of $15,000 on business
generally and l-5th of 1% on
business in excess of $5,000 done by financial
institutions.
Since the tax raised $12,280,442 at the present
rate, it will raise about
$6,000,000 at the new rate. The new rate will be l-20th of
1% for business
generally and l-10th of 1% for financial institutions.
New York St&te—New Plan Set
Subways—The
way
Up for New York City's
for New York City to obtain millions
new
subway equipment was cleared
of
dollars
on
March 10 with the announcement
worth
of
of an agreement be¬
Mayor La Guardia and Chairman Moffat of the As¬
sembly Ways and Means Committee on a method of financ¬
ing such expenditures.
tween
Following the announcement,
Chairman Moffat and Senator Coudert
a bill carrying out the terms of the
agreement, which will permit
city to buy up to about $30,000,000 worth of new
subway and bus
equipment outside of the debt limit, but without the use of
equipment trust
certificates, a devise which the Mayor had backed.
introduced
the
It is not expected that the city will
attempt to use all of the $30,000,000
in the immediate future.
No plans have been announced for the
purchase
more than 400
subway cars, to cost $17,000,000, and the actual amount
of
expended in the next year may be only $10,000,000.
The Mayor had suggested the use of
equipment trust certificates,
deemable
out of the operating revenues of
to try to avoid using up the remainder of the
the
unified
transit
re¬
system,
city's unencumbered borrow¬
ing power.
He had made arrangements fo'* the introduction of such
a bill
by Irwin Steingut, minority leader of the Assembly.
It
was pointed out to the
Mayor that this arrangement was of doubtful
constitutionality, since funds for the construction of subways had to be
exempted from the debt limit by constitutional amendment and
subway
equipment would probably be construed in the same
category;
Mr. Moffat countered with a
proposal that the city take advantage
of a provision of the State
Constitution, inserted at the 193S constitutional
convention, which permits the Legislature to set up a method for
partial
exemption from the debt limit of dock and transit bonds, in the
that
they are self-supporting,
pletely self-supporting.
or
proportion
complete exemption where they are com¬
The Moffat-Coudert bill will permit New York
City to get exemption
from the State Comptroller for
partially self-supporting projects in the
proportion of their self-liquidation.
The old Constitution
required the city to go before the Appellate Division
for such exemption.
Under the new
a
Constitution, the Legislature passed
bill last year permitting the cities to
apply to the State Controller for
cases where the debt is
completely self-liquidating.
exemption in
Legislature Approves Budget—The Republican-con trolled
Legislature adopted Governor Lehman's revised $384,000,000
budget and tax program on March 12 after defeating Demo¬
cratic attempts in both houses to restore
$1,271,000 for State
defense.
The Senate quickly passed. 30 to 18. the 1941-42
spending measures after
Assembly action which
was
delayed by lengthly debate
on
amendments
Volume
The Commercial & Financial Chronicle
152
fwK&S*to restore Republican
000,000
enforcement.
S Salient points
'
of the revised budget and tax
1
program
were:
v/
1
Total
appropriations of $384,000,000.
Continuation of all present emergency and permanent taxes, except the
emergency 1% tax on personal income and double tax on odd-lot transfers
of stock—a
saving to taxpayers of $22,000,000.
Republicans reduced appropriations soueht by Mr. Lehman *1,486,000
by
lowering
funds
for
education,
$465,000;
ierring railroad grade crossing elimination
miscellaneous
expenses
defense. $1,271,000: transfunds to save $1,304,978, and
$209,791.
signed to aid cities of the State, particularly New York City,
in their
financing, introduced by Mr. Moffat, were passed by
the Assembly on March 10 and sent to the Senate, accord¬
ing to Albany advices of that date.
The bills provide that when a
city issues serial bonds, some of which
normally would come due a year from the date of issuance, the due date
for the first year would be
18 months after issuance.
Under
this
expected,
bill,
New
assuming completion of legislative action, which is
City plans to borrow considerable amounts well
York
iu a£vance of the time needed to take advantage of the present state of
the
be
bond market, compared with what experts expect the bond market to
the autumn.
;
if
in
^Other
Bills.
Approved—Governor Lehman signed
on
Coudert-Fogarty bill extending to Dee. 31
this year the period in which interest on unpaid real estate
taxes in New York City shall be 7%, provided the City
Comptroller and Treasurer determine payment at the
reduced rate to prevent foreclosure.
March
11
the
& Co. of
of
Cleveland; the Milwaukee Co. of Milwaukee; Stern, Wampler &
Montgomery; McDougal & Condon of Chicago, and Lamar, Kingston &
Labouisse of New Orleans, as 2 Ms, at a price of 100.319, a basis of about
Dated April 1,1941. Due on April 1 in 1946 to 1961, inclusive.
4
2.47%.
BONDS
OFFERED
FOR
INVESTMENT—The
successful
bidders
reoffered the above bonds for public subscription priced to yield from 1.50%
to
2.50% for the bonds maturing up to 1958, and priced at 99^ for the
bonds maturing in 1959 to 1961.
Other bids
were as
follows:
Bidders—
Price Bid
Ward, Sterne & Co., and Associates
First Boston Corp., and Associates..
Farwell, Chapman & Co., and Associates
Steiner Brothers and Associates
Equitable Securities Corp. and Associates
Stubbs, Smith & Lombardo and associates
Milhous-Gaines & Mayes, Inc. and Associates.
until 11
of all
a.
or
m.
none
$37,000 water bonds.
1949
to
Due $1,000 in 1945; $2,000,1946 to 1948, and $3,000,
1958.
17,000 school bonds.
Due $2,000 in 1945, and $3,000 in 1946 to 1950.
20,000 public improvement bonds.
Due $2,000 in 1945 to 1954 incl.
Denom. $1,000.
Dated April 1, 1941.
Bidders are invited to name in
their bids a single rate of interest for all of said bonds in a multiple of
H of 1%.
Prin. and int. payable at the Chemical Bank & Trust Co.,
New York.
The bonds will be sold to the highest bidder, but no bid for
less than par and accrued interest will be considered.
The legal opinion
of Storey, Thorndike, Palmer & Dodge of Boston will be furnished to the
purchaser without cost.
Delivery on or about April 1.
Enclose a certified
check for $1,000, payable to the City Clerk.
-
Markets in
allManicipal Issues
State—Insurance
Superintendent Ovposes
Common Stock as Investment—Questioning the advisability of
recommendation made by Sumner T. Pike, of the Securities
and Exchange Commission, that life insurance companies
invest in common stocks, Louis H. Pink, New York State
Superintendent of Insurance, declared on March 11 that
REFSNES, ELY,
large
measure
of control
over
ARIZONA
the great indus¬
tries of the country.
BECK & CO.
PHOENIX, ARIZONA
serious objection to the recommendation is that it would give
"The
BONDS
ARIZONA
18 months after date of issue, instead of not more than one
York
a
_
Ala.—BOND OFFERING—Sealed bids will be received
on March 25 by P. M. McCall. City Cierk, for the purchase
of the following refunding bonds aggregating $74,000;
year as heretofore.
insurance
_
$1,369,993.50
1,367,010.00
1,366,497.00
1,263,524.00
1,352,829.60
1,378,890.00
1,378,170.00
1,368,358.65
GADSDEN,
The Governor also signed the Moffat bill which provides that the first
on bonds of
municipal corporations and districts shall be paid
New
SALE—The $1,350,000 Issue of semi¬
offered for sale on March 12
Co. of Chicago; the First of Michigan Corp. of Detroit; King, Mohr & Co.
instalment
not more than
Ala.—BOND
annual capital improvement refunding bonds
—V. 152, p. 1313—was awarded to a syndicate composed of Blyth & Co.,
Inc. of New York; Stranahan, Harris & Co., Inc. of Toledo; Field, Richards
Marx & Co. and Associates
City Financing Aid Passed by Assembly—Three bills de¬
.
BIRMINGHAM,
cuts in Governor Lehman's original $385,-
measure.
The Assembly vote was 86 to 60.
Senate Democratic Leader Jonn J.
Dunnigan offered similar amendments
uPPer house which were defeated by strict party votes.
with the exception of several items
increased by the Legislature the
Duagetbecame law when it was passed by the Senate.
The increases, over
which Governor Lehman has
veto power, included $1,564,000
for two
county roads, $150,000 for county fairs and $50,000 for minimum wage law
m
1787
GILA
COUNTY
SCHOOL
DISTRICTS
(P. O. Globe), Ariz.—
Cyril Kennedy, County Treas¬
WARRANTS CALLED—It is reported by
insurance
companies would be busy running factories, public
utilities, railroads, banks and all manner of industrial enterprises," he
continued.
"This is exactly what we want to keep out of life insurance.
We do not seek any control; we do not want it.
We want only the best and
safest investments possible.
.
"The itch for power and control which existed in the life companies before
the Armstrong investigation (when companies were permitted to invest in
common stocks) has
entirely disappeared.
It should not be encouraged or
brought back."
Touching on the subject of Federal control, Mr. Pink indicated that if
policy holders, who have not
been consulted in the matter, will probably be brought into the picture.
the problem should come to a head then the
North Dakota—Bond Debt
that the following warrants were called for payment at the end of
January and should be presented:
urer,
registered Dec. 6, 1940.
registered Jan. 15, 1941.
registered Dec. 31, 1940.
High S. D. No.
1—AH registered warrants.
High S. D. No. 26—Through warrant No. 28277, registered Jan. 23, X941,
S. D. No. 10—Through warrant No. 1918,
S. D. No. 19—Through warrant No. 2745,
S. D. No. 26—Through warrant No. 2420,
MARICOPA
Ariz.—BOND
COUNTY
bonds.
financial circles
on March
10.
It is understood that, in
place of the refunding plan, the Legislature voted a special
nine-mill tax to take care of debt service requirements.
Under the plan as proposed by bankers, the State would have issued new
bonds carrying two coupon rates.
The first rate of interest would be the
that of the bond which was replaced and would be payable until the
maturity date of the earlier security. From then until rescheduled maturity,
the second and lower coupon rate would be payable.
Outstanding bonds of the State carry coupon rates of from 4% to 6%,
and the new bonds would carry those rates until maturity of the old bonds
and a2^% or 3% rate thereafter.
The plan would have necessitated the
exchange or the new securities with the old, since the outstanding bonds are
are
DISTRICT NO. 10 (P. O. Mesa),
informed that sealed bids will be re¬
A certified check for 5% of the bid is required.
Denom. $1,000.
Refunding Plan Rejected—The
State Legislature rejected the refunding plan under which
the State's entire bonded debt of $21,643,000 would have
been rearranged, according to reports reaching New York
SCHOOL
OFFERING—We
ceived until 10 a.m. on March 31. by J. E. De Souza, Clerk of the Board
of Supervisors, for the purchase of $10,000 not to exceed 5% serial refunding
ARKANSAS
ARKANSAS,
of
State
—
BETTER
BOND
OFFER
SOUGHT
BY
by new investment problems to be created in the
April 1 redemption of more than $90,000,000 of State highway refunding
bonds, Arkansas insurance companies are acting with banks and investment
houses in an effort to obtain a better offer than was made by Jesse Jones,
HOLDERS—Faced
Federal Loan Administrator, when the $136,330,557 refunding issue was
purchased by the Reconstruction Finance Corporation of Feb. 27.
Eastern and Middle West insurance companies also are large holders of
the bonds, and additional cash for new investment thus will be made
same as
not callable.
United
States
Housing Authority—Note Sales Sched¬
housing authorities will receive sealed
bids in the near future for note issues aggregating $42,660,000.
The new offerings will raise to a total of about
$700,000,000 the volume of such notes sold by various
housing authorities since November, 1939.
uled—Seven
local
Mr. Jones offered Arkansas investors $18,000,000 of 3% bonds, and a
voted to seek more diversification
committee in deliverations in Little Rock
as
to maturities and interest rates.
insurance companies and investment
It is estimated that Arkansas banks,
houses hold upward of $15,000,000 of
the bonds to be redeemed.
COUNTY BONDS AUTHORIZED—Arkansas
House and Senate have
approved House Bill 443 authorizing counties to issue bonds, estimated at
$1,200,000 and payable out of 25% of gasoline tax turnback to refund
highway warrants.
Highway Turnback Control Board would grant permits
for such issuance and supervise sale of bonds, and State Treasurer would
withhold 25% of such allotments to meet bond principal and interest.
Maximum period of retirement would be 30 years.
Opponents based
argument upon possibility that State might be compelled to discontinue
turnback payments from gasoline tax to avoid default on 1941 series of
highway refunding bonds.
CONWAY, Ark .—BONDS SOLD—A $35,000 issue of 3% airport bonds
to have been purchased by the First National Bank of Conway.
were originally sold on Jan. 22 to the Southern Securities Co.
Little Rock, as 3s, at 102.59, and the sale was set aside because of defect
failing properly to advertise the issue.
Of the total. $24,760,000 will be offered at competitive
bidding on
March 20 and the remaining $17,900,000 will be offered on April 1.
H|
The April 1 offering consists of $17,900,000 Pittsburgh, Pa., Housing
is said
Authority notes, dated April 15 and due Dec. 31, 1941.
The remaining
$24,760,000 on which bids are to be received March 20 will be marketed
by the following:
Chicago, $9,700,000, due Feb. 3, 1942; Hammond, Ind.,
$1,465,000. due Sent. 30, 1941: Holyoke, Mass., $940,000, dueJFeb. 10,
1942; $5,000,000 New Haven, Conn., due
March 31, 1942; $5,370,000
Peoria, 111., due Sept. 30, 1941; $2,285,000 Springfield, 111., due Sept. 30,
1941.
Funds obtained from the sale of the notes will be used to repay the
USHA for money already advanced on loan contracts, together with accrued
interest, and the balance will be used for construction costs during the
term of the notes.
With the current offering there will be a total of
$265,000,000 of such notes outstanding.
The remainder issued since 1939
in
,
have
been repaid.
These bonds
of
California
BANKAMERICA COMPANY
San Frahciscoi
.
Bidders will pay for bond
Municipals
Los Angeles
New York Representative
counsel's opinion and for the paying agent.
Telephone WHftehall 3-3470
52 Wall St.
Bond Proposals and Negotiations
CALIFORNIA
CALIFORNIA,
State
of— WARRANTS SOLD—It is reported by
the following warrants aggregating
Harry B. Riley, State Controller, that
Alabama
$3,729,425.76, were offered for sale on March 11 and were awarded to
Kaiser & Co. of San Francisco at 0.50% plus a premium of $3,138.42:
$2,855,633.76 general fund and $873,792 unemployment relief warrants.
Dated March 15, 1941.
Due on or about Nov. 26, 1941.
Municipals
Steiner, Rouse & Co.
Members New York Stock Exchange
NEW
BIRMINGHAM, ALA.
Direct
YORK
Wire
SCHOOL DISTRICTS (P. O. Fresno) Calif.—
The bonds aggregating $66,000, off^ed for sale on
1466—were awarded to the Security-First National
Bank of Los Angeles, as follows:
j
^^
r
FRESNO
March 7—152, p.
$40,000 Malaga School District bonds as 2%s, pay ng a premium of $129.
equal to 100.322, a basis of about 2.71%. Dlue in 1942 to 1958.
26,000 Fresno Colony School District bonds as 2Hs, payinga, premium of
$5. equal to 100.019, a basis of about 2.495%. Due $2,000 in 1942
ALABAMA
COUNTY (P. O. Clayton), Ala.—BONDS SOLD—An
sue of $46,000 2H% semi-annual refunding general obligation bonds is
lid to have been purchased jointly by Marx & Co. and Watkms, Morrow
Co., both of Birmingham.
BARBOUR
COUNTY
SCHOOL BOND SALES-
to 1954 incl.
SAN
COUNTY (P. O. Redwood City) Calif.—SCHOOL
reported that an election has been scheduled for
the voters pass on the issuance of $400,000 San
High School District construction bonds.
MATEO
BOND ELECTION—It is
June 6 in order to have
Mateo
The Commercial & Financial Chronicle
1788
SANTA
coupon
Calif.—BOND
BARBARA,
.SALE—The
fssu
152, p.
of refunding bonds, dated July 1, 1937, of Special Tax School
Special Tax School District No. 32. The amount of
he purchased will be determined by the said Chairman.
1.63%. Dated March 1,1941.
georgia^1Iv>;M^^
Ga.—CERTIFICATE SALE— The $260,000 issue of 2%
offered for sale on March 7—V. 152,
p. 1624—was awarded to the Trust Co. of Georgia, of Atlanta, paying a
premium of $6,656, equal to 102.56, a basis of about 1.74%. Dated March 1,
1941. Due $13,000 on March 1 in 1942 to 1961 incl.
The second best bid was an offer of $4,880.20 premium, submitted by
Wyatt, Neal & Wagoner of Atlanta and associates.
ATLANTA,
COLORADO
water revenue certificates
semi-ann.
STERLING, Colo.—BOND SALE DETAILS—The City Clerk states
that the $7,500 curb and storm sewer construction, special assessmens
bonds sold to a local investor, as noted here—V. 152, p. 1466—are dated
Sept. 1, 1940, and mature on Sept. 1, 1957, callable at any time,
mm
CONNECTICUT
IDAHO
WASHINGTON, Conn.—BOND SALE—The $150,000 coupon high
school bonds offered March 11 were awarded to Cooley & Co. of Hartford,
CITY, I da ho—BOND SALE—The $8,000 coupon semi-annual
sewage disposal plant bonds offered for sale on March 7—V. 152, p. 1624
—were awarded to the First National Bank of Malad City, according to the
Village Clerk.
Dated April 1, 1941.
Due in 10 years.
MALAD
l^s, at a price of 100.269, a basis of about 1.35%. Dated March 1.1941.
Denom. $1,000. Due March 1 as follows: $8,000 from 1942 to 1959 incl. and
$6,000 in 1960. The bonds will be payable at, certified by, and delivered
at the Hartford-Connecticut Trust Co., Hartford.
Legal opinion of Day,
as
Berry & Howard of Hartford.
Other bids:
Int. Rate
Bidder—
Day, Stoddard & Williams, and R.D.White & Co..
It. K. Webster & Co.-
_
-----
—
—
Paine, Wrebber & Co
—
Putnam & Co
Blair & Co., Inc.Estabrook & Co
-
R. L. Day & Co
-
-
-
-
F. W. Home & Co. and First of Michigan Corp..-.-
Spencer Trask & Co
Halsey, Stuart & Co., Inc..
———-
-
ILLINOIS
Rate Bid
\V2%
1H%
SANITARY
DISTRICT
(P. O.
Chicago
Heights), III.—BONDS AUTHORIZED—The Board of Trustees author¬
an issue of $10,000 5%
refunding bonds.
Dated March 1, 1941.
Denom. $1,000.
Due March 1, 1956.
100.349
1 Yt%
\lA%
l%%
1 % %
1 H%
BLOOM
100.785
100.26
100.112
100.533
100.069
15
101.017
1H%
1 %%
100.17
handling Florida issues gives us
hensive background of familiarity with these
FRANKLIN, III.—BOND ELECTION—An election will be held April
on the question of issuing $11,000 water system revenue bonds.
GALESBURG, III.—LIST OF BIDS— Following is a complete list of the
bids submitted for the $101,000 judgment funding bonds awarded March 3
to the First National Bank of Chicago, as lYs, at par plus a premium of
$540, equal to 100.534, a basis of about 1.44%, as reported in V. 152,
p. 1624:
Bidder—
Int. Rate
Premium
First National Bank of Chicago
1 2Yt %
$8,235.00
/ 1^%
540.00
First GalesburgNational Bank & Trust Co—-----2Y%
7,877.00
Central Republic Co
\ 2K%
7,424.71
100.129
101.086
2%
TOWNSHIP
ized
FLORIDA MUNICIPAL BONDS
Our long experience in
1941
District No. 7. and
bonds to
1623—was awarded to the Security-First National Bank of Los Angeles, as
l%s, at a price of 100.8449, a basis of about
Due from March 1, 1942 to 1956 inch
15,
at 10 a. m.,
$149,000
semi-ann. airport bonds offered for sale on March 6—V.
March
—
a compre¬
municipal bonds.
We
obligation.
f 1H%
Northern Trust Co
808.71
2lA%
will be glad to answer any inquiry regarding them at no
7,228.57
895.87
7,030.73
—
/
John Nuveen Co
FLORIDA
Flu.—ADDITIONAL
1963.
3^, 3M and 4%,
are
869.00
6,126.66
969.69
1 2Yz%
J 1H%
738.32
PRE-ELECTION—The Carleton D. Beh Co. of
Des Moines purchased, subject to outcome of election on April 8, an issue
of $250,000 light plant revenue certificates.
Legal opinion of Chapman &
MARSEILLES, III.
—
Cutler of Chicago.
INFORMATION—In
connection
with the $1,131,000 refunding bonds that were validated recently, as noted
here—V. 152, p. 1466—it is stated by the City Clerk that the bonds bear
interest at
6,282.00
Ripley & Co
Halsey, Stuart & Co
,
BARTOW,
2A %
1H%
1 2H%
I 1 H%
CHICAGO. ILLINOIS
1ST.NAT. BANK BLDG.
\
f
Harriman
R E Crummer & Company
1H%
dated Oct. 1, 1940, and mature in 1941 to
III.—PRE-ELECTION BOND SALE— The Fidelity Life
subject to election
Due $1,500 annually
MORRISON,
Association of Fulton has contracted to purchase at par,
on
April 15, an issue of $30,000 2.80% hospital bonds.
rom
1942 to 1961 incl.
Prin. and int. (A-O) payable at the Irving Trust Co. in New York.
NEPONSIT, 111.—BOND ELECTION—An election wiU be held
FLORIDA,
State of—BOND AND NOTE TENDERS INVITED—
Pursuant to Chapter 15891, Laws of Florida, the Statt Board of Adminis¬
tration, through J. Edwin Larson, State Treasurer, will receive
until
10 a.m. (EST) on March 28, in Tallahassee, sealed offerings of matured or
unmatured original or refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of the
counties, and special road and bridge districts therein, as follows:
Brevard, Charlotte, De Soto (except Districts No. 7 and Charlotte
Harbor), Gladys, Hardee, Hermando, Levy District No. 7, Martin, Monroe,
Palm Beach, Districts Nos. 4. 8, 12, 16, 17 and 18 only, and St. Lucie,
including Jensen R. & B. District and Quay Bridge District.
AH offerings submitted must be firm for 10 days subsequent to the date
of opening, i. e., through April 7, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity,
and price asked.
The offer must specifically state exactly what coupons
are
attached and will be delivered with the bonds for the price asked.
►» Sealed envelopes containing offerings of bonds pursuant to this notice
shall plainly state on its face that it is a proposal for sale of road and bridge
bonds.
Separate tenders shall be submitted covering the bonds of each
county, but any number of such sealed offerings may be enclosed in one
mailing envelope.
MIAMI,
Fla.—BOND OFFERING—Sealed
bids will
be received until
2 p. m. on March 24. by A. E. Fuller, Directors of Finance, for the purchase
an issue of $7,663,000 coupon o»* registered water revenue bonds.
In¬
terest rate is not to exceed
5%, payable J-D. Denom. 81.000.
Dated
of
Dec.
1, 1940.
Due Dec. 1, as follows: $50,000 in 1941, $65,000 in 1942
$38,000 in 1943. $175,000 in 1944, $180,000 in 1945, $185,000 in 1946,
$195,000 in 1947 and 1948, $205,000 in 1949, $215,000 in 1950, $220,000
in 1951, $225,000 in 1952. $235,000 in 1953, $255,000 in 1954, $270,000 in
1955, $280,000 in 1956, $295,000 in 1957, $305,000 in 1958, $315,000 in 1959.
$325,000 in 1960, $335,000 in 1961, $345,000 in 1962, $355,000 in 1963,
$365,000 in 1964, $385,000 in 1965, $395,000 in 1966, $405,000 In 1967.
$420,000 in 1968 and $430,000 in 1969.
The bonds will be subject to
redemption prior to their respective maturities, at the option of the city,
either in part on any interest payment date not earlier than June 1, 1943,
or in whole on any date, at the principal amount thereof and accrued in¬
terest, together with a premium of Y of 1% of such principal amount for
each i2 months' period or fraction tnereof between the date of such re¬
demption and the date of the maturity thereof, provided that in no event
shall such premium exceed 5% of such principal amount,
Bidders are re¬
quested to name the interest rate or rates in multiples of K of 1 % and each
bidder must specify in his bid the amount and maturities of tne bonds
of each rate.
Prin. and int. payable in New York in legal tender; coupon
bonds registeraole as to principal alone and as to both principal and interest,
and, if registered as to both principal and interest, reconverting into coupon
bonds.
No Did for less than par and accrued interest or for less than all
of the bonds will be entertained.
Prin. and int. of the bonds will be pay¬
able solely from the net revenues of the water works system of the city
and will be issued under and secured by the provisions of a Trust Indenture
be executed by and between the city and the Chase National Bank,
New York, as trustee.
The bonds will be awarded to the bidder offering
to
soon on
the question of issuing $20,000 road bonds.
OGLE
LEE
AND
COUNTIES
TOWNSHIP
HIGH
SCHOOL
DIS¬
TRICT
NO. 212 (P. O. Rochelle), 111.—BOND SALE— The $125,000
building bonds offered March 10—V. 152, p. 1624—were awarded
to the First National Bank of Chicago, as 1.70s, at par plus a premium of
$27, equal to 100.021, a basis of about 1.698%. Dated March 1, 1941 and
due Dec. 1 as follows: $7,000 from 1946 to 1949 incl.; $8,000, 1950 to 1953
incl.; $9,000 from 1954 to 1958 incl. and $10,000 in 1959 and 1960. Second
high bid of 100.209 for \
was made by Harriman Ripley & Co., Inc.
coupon
SPRINGFIELD
SCHOOL
WEST
FRANKFORT,
111 .—PROPOSED
DISTRICT,
ISSUE—The Board of Education discussed
issuing $30,000 bonds to create
on
March
BOND
11 the question of
working cash fund.
a
111.—BONDS SOLD—Barcus, Kindred & Co.
of Chicago purchased on March 12 an issue of $70,000 sewer revenue bonds
at a price of 95.60.
At a previous offering on Feb. 25, all bids were rejected.
INDIANA
ATTICA, And.—BOND OFFERING—Morris Blout, City Clerk-Treas¬
urer, will receive sealed bids until 3 p.m. on March 28 for the purchase of
$11,000 not to exceed 3% interest refunding bonds of 1941. Dated March
5, 1941.
Denom. $500.
Due as follows: $500, June 20 and Dec. 20 from
1942 to 1949 incl.; and $1,000, June 20 and $500, Dec. 20 in 1950 and
1951.
Bidder to name a single rate of interest, expressed in a multiple
of M of 1%,
Principal and interest (J-D) payable at the office of the
Clerk-Treasurer.
HYMERA, Ind.—BOND SALE—The $4,000 4A% street improvement
bonds offered March 8—V. 152, p. 1467—were awarded to the Farmersburg State Bank of Hymera, the only bidder, at par plus a premium of $25,
equal to 100.62®
LAWRENCEBURG
FLOOD
CONTROL
DISTRICT,
Ind.—BOND
OFFERING—Leo W. Johnson, Secretary of the Board of Commissioners,
will receive sealed bids until 8 p.m. (CST) on March 21 for the purchase
of
$160,000 not to exceed 3H%_ interest series A flood control works of
Dated April 1, 1941.
Denom. $1,000.
Due $8,000 on Jan. 1
Bidder to name a single rate of interest,
expressed in a multiple of M of 1 %.
District will furnish at its own expense
approving legal opinion of Matson, Ross, McCord & Ice of Indianapolis,
and transcript of proceedings had in relation to the issuance of the bonds.
The bmds are payable cut of unlimited, special benefit taxes to be levied
and collected on ad valorem basis on all of the taxable property within
the district, and do not constitute a corporate obligation of any city, town,
township or county.
All bidders shall be deemed to be advised of the
provisions of the authorizing resolution and governing statutes, and all
other matters relating to or affecting the bonds.
Further information
relative to said bonds may be obtained upon application to the Board of
Commissioners of the district.
Enclose a certified check for $20,000 pay¬
1941.
and July 1 from 1943 to 1952 incl.
able to the Treasurer of Dearborn County for the district.
I
to
purchase the bonds at the lowest interest cost to the city, such cost to
be determined by deducting the total amount of any premium from, or by
adding the total amount of any discount to, the aggregate amount of
interest upon all of the bonds until their respective maturities.
The water
revenue
bonds
were
validated by a decree of the Circuit Court of Dade
County, rendered on Jan. 3,1941, and the Supreme Court of Florida has
affirmed said validating decree.
Each bid must be submitted on a form
furnished by the above Director of Finance.
Delivery on or about April 4,
at the Chase National
Bank, New York.
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 declared to he taxable under
any
present Federal income tax laws, either by a ruling of the Bureau of In¬
ternal Revenue or by a decision of any Federal Court, or shall be taxable
by the terms of any Federal income tax law, the successful bidder may, at
his election, be relieved of his ooligations under the contract to
purchase
the bonds and in such case the deposit accompanying bis bid will be returned.
Tne approving opinion of Masslich & Mitchell, of New York, will be
furnished.
MILTON, Fla.—BOND OFFERING—We are informed by S. D. Stewart,
Town Clerk, that he will receive sealed bids until 10 a. m. on March 28,
for the purchase of all or any part of $30,000 5% semi-ann. library and
warehouse revenue bonds. Dated June 1,1938. Denom. $500. Due $1,500
Dec. 1, 1941 to I960. Prin. and int. payable at the Town Clerk's and Col¬
lector's office. The Town Council reserves the right to sell all or any portion
of said bonds, and if they sell only a portion, to select the numbers which
they sell. No bids for less than par vaiue of the bonds wiU be accepted.
Enclose an unconditional certified check for 5% of the par value of the
WAYNE
TOWNSHIP
(P. O. Indianapolis), Ind .—OTHER BIDS—
The $30,276.48 judgment funding bonds awarded March 3 to the Indian¬
apolis Bond & Share Corp., Indianapolis, as 1 As, at par plus a premium
of $184, equal to 100.607, a basis of about 1.39%—V. 152,p. 1625—were
also bid for
as
follows:
Bidder—•
Int. Rate
Kenneth S. Johnson-Fletcher Trust Co
John Nuveen & Co
City Securities Corp
Raffensperger, Hughes & Co
McNurlen & Huncilman
____
Seasongood & Mayer
—
(P.
Dade City) Fla.—SCHOOL DISTRICT
TENDERS INVITED—It is stated by D. A. Storms, chairman of the
Board of Public Instruction, that he will receive sealed tenders until April 7,
O.
$150.00
103.00
94.94
83.00
131.54
111.11
25.85
BELMOND
INDEPENDENT SCHOOL DISTRICT (P. O. Belmond)
Iowa—MATURITY-
The
District
Secretary states that the $28,000
Beh Co. of Des Moines, as 2s, at a
price of 101.178, as noted here—V. 152, p. 1625—are due on Nov. 1 as
follows: $1,000 in 1942 to 1948; $4,000, 1949 to 1952, and $5,000 in 1953,
giving a basis of about 1.86%.
school bonds sold to the Carleton D.
CHARLES CITY,
Iowa—BOND OFFERING—It is stated by the City
Clerk that he will receive both sealed and open bids until March 18, at
7.30 p.m., for the purchase of $62,538.55 not to exceed 5% semi-annual
street
improvement bonds.
DES
COUNTY
IH%
1H%
2%
Premium
IOWA
amount of bonds bid for.
PASCO
1H%
1A%
IA%
1A%
------
BONDS
MOINES
(P. O. Des Moines), Iowa—
of the Board of School Directors
proposal to issue $990,000 school build¬
March 10.
DISTRICT
SCHOOL
DEFEATED—'The
Secretary
states that the voters defeated the
ing bonds at the election held
on
Volume
t
UNION, Iowa—BOND SALE—The $4,000 semi-annual town hall and
fire station
purchased
bonds
as
offered for sale
on
March
10—V.
152,
p.
1625—were
GREAT BEND SCHOOL DISTRICT (P. O. Great Bend), Kan.—
BOND ELECTION—It is reported that an election has been called for
in order to have the voters pass on the issuance of $400,000 junior
April 1
college
construction bonds.
KANSAS
CITY,
Kan.—BOND
SALE—The
$750,000
issue of semi¬
annual
municipal airport, general obligation bonds offered for sale on
152, p. 1467—was awarded to a syndicate composed of
the First National Bank of Chicago, Harriman Ripley & Co., Inc. of
Chicago, and the City National Bank & Trust Co. of Kansas City, at a
price of 100.299, a net interest cost of about 1.61%, on the bonds divided
as follows:
$150,000 as 3s, due on Sept. 1; $25,000 in 1942, $20,000, 1943,
$25,000. 1944. and $40,000 in 1945 and 1946; the $600,000 as l^s, due
$40,000 from Sept. 1, 1947 to I960, and on March 1, 1961.
March
10—V.
BONDS OFFERED FOR INVESTMENT—'The successfil bidders reoffered the above bonds for public subscription at prices to yield from 0.30%
to
State of—BONDS AUTHORIZED—The
State Tax
Com¬
mission has authorized Hutchinson to spend $3,435 for fire department
equipment, Crawford County to issue $35,000 in poor bonds, Wyandotte
County to issue $106,000 in poor bonds, Cherokee County to issue $21,000
in poor bonds, and Sumner County to issue $25,000 in poor bonds.
WICHITA, Kan.—BOND SALE—The $97,469.70 issue of
park and
sewer
awarded
jointly to Harriman
PUBLIC
COUNTY
SCHOOL
CORPORATION
(P.
O.
purchased
$120,000 first mortgage revenue bonds, divided as follows; $12.COO matur¬
ing $6,000 April 1, 1942 and 1943, as 2 Ms, $18,000 maturing $6,000 April,
1944 to 1946, as 2 Ms; $49,000 maturing April 1, $7,000 in 1947, $6,000 in
1948, $7,000 in 1949 to 1951, $8,000 in 1952, $7,000 m 1953, as 2%s,
$41,000 maturing April 1, $8,000 in 1954 to 1956, $9,000 in 1957, and $8,000
in 1958, as 3s.
Dated April 1, 1941.
Denom. $1,000.
Callable on any
interest payment date on 30 days' notice at 103.50, and accrued interest
during the first five years from date of issuance, 102.00 during the second
five years, and 101.00 thereafter.
Prin. and int. payable at the FirstOwensboro Bank & Trust Co., Owensboro.
Legality approved by Wood¬
ward, Dawson & Hobson of Louisville.
ADDITIONAL SALE—It is stated that the above firm also
DISTRICT
(P.
O.
Glasgow),
Ky.—BONDS
TO BE SOLD—It is reported that $50,000 3% semi-annual refunding bonds
will be purchased by the Bankers Bond Co. of Louisville at a price of 103-00,
pursuant to an agreement.
SALE—The $100,000 coupon semi-annua
sale on March 7—V. 142, p. 1625
—were awarded jointly to Pobl & Co., and Seasongood & Mayer, both of
Cincinnati, paying a price of 102.555, on the bonds divided as follows:
$85,000 as 3s, due on July 1; $2,000 in 1943 to 1946. $3,000, 1947 to 1950,
$4,000, 1951 to 1955, and $5,000 in 1956 to 1964, tne remaning $15,000 as
2^s, due $5,000 in 1965 to 1967.
: The net interest cost figures to about 2.77%.
The bonds do not begin
to bear interest until July 1, 1942.
The interest absorption from April 1,
1941, to July 1, 1942, amounts to approximately $3,700.
Ky.—BOND
unlimited tax refunding bonds offered for
LIVINGSTON
PARISH
(P.
O.
Livingston),
La.—BOND
SALE
bonds sold
of New Orleans as 4 Ms, reported here on
March 8—V. 152, p. 1625—are dated April 1,1940, in the denom. of $1,000,
and mature as follows:
$1,000 in 1942, $2,000 in 1943 to 1945, $3,000
in 1946 to 1949, $4,000 In 1950 to 1954, $5,000 in 1955 to 1959, and $6,000
in 1960 to 1965.
Prin. and int. payable at the Louisiana Savings Bank
Ernest
M.
Loeb
Co.
Co., New Orleans, or the Central Hanover Bank & Trust Co.,
New York.
Legality approved by Wallace & Martin of Baton Rouge
and Chapman & Cutler of Chicago.
&
\
R.
L.
Discount
Day & Co
Boston Safe
Shawmut
National
Trust
Bank
_
Merchants National Bank ofBoston
0.183%
National Bank ofBoston...
.
ii-Vi—Bank of Attleboro____----First National Bank of Boston__„_^_.__..i.._..._.i_..-..-4
0A9jt%
Second
First
National
Leavitt
&
Co
—
BRAINTREE,
La.—CERTIFICATES
have approved the
to
Mass.—NOTE SALE—The $30,600 fire station notes
awarded to Tyler & Co. of Boston,
price of 100.199, a basis of about 0.66%.
Dated March 15,
1941 and due March 15 as follows: $8,600 in 1942; $8,000, 1943, and $7,000
in 1944 and 1945.
Second high bid of 100.512 for Is was made by Newton,
as
0.75s, at
a
Abbe & Co. of Boston.
;
BRIDGEWATER, Mass.—NOTE SALE—The Bridgewater Trust Co.
awarded on March 10 an issue of $50,000 revenue notes at 0.18%
discount.
Due Dec. 5, 1941.
The Merchants National Bank of Boston,
second high bidder, named a rate of 0.19%.
was
CONCORD, Mass.—NOTE SALE—The Merchants
0.174%; National
Boston,
Shawmut Bank of Boston, 0.18%.
RIVER, Mass.—-NOTE OFFERING—Eugene J. Cote, City
Treasurer, will receive sealed bids until 11 a. m. on March 18 for the pur¬
chase at discount of $500,000 notes issued in anticipation of revenue for the
year 1941.
Dated March 19, 1941, and payable Nov. 28, 1941, at the
National Shawmut Bank of Boston.
Denoins. to suit purchaser.
Notes
will be authenticated as to genuineness and validity by the aforementioned
bank, under advice of Ropes, Gray, Best, Coolidge & Rugg of Boston.
FALL
W GLOUCESTER, Mass.—NOTE SALE—'The issue of $400,000 notes
offered March 12 was awarded to R. L. Day & Co. of Boston, at 0.16%
discount, plus a premium of $2.50.
Payable Feb. 3, 1942, at the
chants National Bank of Boston, or at the Central Hanover Bank &
high bidder, named a
Mass.—NOTE SALE— The Merchants National Bank of
of $40,000 tax notes at 0.187% discount.
National Bank of Boston, next highest
bidder, named a rate of 0.195%.
GROTON,
Boston recently purchased an issue
Due Nov. 25, 1941.
The Second
LYNN, Mass .—BOND SALE—'The issue of $50,000 coupon water bonds
Co. of Boston, as 1 Ms, at a price
100.333, a basis of about 1.19%.
Dated March 1, 1941.
Denom.
$1,000.
Due $5,000 on March 1 from 1942 to 1951, incl.
Principal and
interest (M-S) payable at the First National Bank of Boston, or at holder s
option, at the City Treasurer's office.
Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
Gther bids:
Int. Rate
Rate Bid
——
1M%
1 M%
1 M%
—
1H%
100.308
100.275
in? An
jnn
'Mulder—•
Lyons & Shafto_-__
Whiting, Weeks & Stubbs...
Halsey, Stuart & Co., Inc
Newton, Abbe & Co.
R. L. Day & Co
— — — —
——
^eo
—-
Estabrook & Co
-
.
F. S. Moseley & Co
-
WATERVILLE, Me.—NOTE SALE—Jackson & Curtis of Boston pur¬
13 an issue of $400,000 notes at 0.36% discount.
Due
$200,000 Oct. 16, and $100,000 each on Nov. 28 and Dec. 21, 1941.
Other
F. W. Home & Co..
Smith, White & Stanley....
Inc
...
Discount
0.367%
0.37%
0.448%
0.46%
MARYLAND
COUNTY (P. O. Towson), Md.—BOND OFFERING
—James G. Selfe, Chief Clerk, County Commissioners, will receive sealed
bids until 11 a. m. on April 7, for the purchase of $920,000 not to exceed
5% interest coupon Metropolitan District, 11th issue bonds.
Dated
March 1, 1941.
Denom. $1,000.
Due $23,000 annually on March 1 from
1942 to 1981, incl.
Rate of interest to be expressed in multiples of Mth
or l-10th of 1 %,
Each yearly maturity of the oonds shall be considered as
a separate issue.
i
It may be provided in the bids that one or more series of the bonds shall
bear one rate of interest and one or more series a different rate of interest,
or it may De provided in the bids that all of the bonds shall bear one rate
of interest up to the date of maturity of one of the series and thereafter a
different rate, but no more than two rates may be proposed in any Did.
The bonds will be awarded to the bidder naming the lowest rate or combined
rates of interest named in any legally acceptable proposal and offering to
pay not less than par for the bonds.
As between bidders naming the same
rate or rates of interest, the proposal of the bidder offering to pay the largest
premium will be accepted; wbere the bids of two or more bidders are identical
in all respects, the bonds will be apportioned equally between all of the
bidders.
The lowest rate or rates of interest will be determined on the basis
of the lowest interest cost to the county of the bonds so issued, from the
date of their issue to the last date of maturity of any of the bonds.
Prin¬
cipal and interest payable in lawful money at the Second National Bank,
Towson.
The bonds will be issued subject to registration as to principal
only at the office of the Safe Deposit & Trust Co. of Baltimore, registrar.
The bonds are issued pursuant to the authority of Section 336 of Article
III of the Code of Public Local Laws of Maryland (1930 Edition), as
orignally enacted by Chapter 539 oi the Acts of the General Assembly of
Maryland, passed at its January Session in the year 1924, and as last
amended by Chapter 186 of the Acts of tne General Assembly of Maryland,
passed at its January Session in the year 1937, and the bonds are also issued
BALTIMORE
JRRoA
00.32
100-157
issue of $500,000 notes
1 lA%
-
BEDFORD, Mass .—NOTE SALE—The
11—V. 152, p. 1625—was awarded to Jackson & Curtis,
at 0.298% discount.
Dated March 12, 1941 and due Nov. 7,
Other bids:
.
March
1941.
.
Bidder—
-
Bishop-Wells Co. - Bond, Judge & (Jo
SOMERVILLE,
and the Merchants
March
13
an
- —
0.478
jJ-486 %
0.49%
SALE—The National Shawmut Bank
------ - - -
-
- .
-
—
—
Mass .—NOTE
National Bank, both of Boston, jointly,
issue of $500,000 revenue notes at
Nov. 28, 1941.
rate of 0.285%.
Discount
-
National Shawmut Bank of Boston
First National Bank of Boston-.--.
-
Bidder—■
Shawmut Bank of Boston
J00-769
1 M%
1H%
—
_
of Boston,
chased on March
National
Mer¬
Trust
second
Jackson & Curtis, of Boston,
rate of 0.197%.
Co., New York, at holder's option.
NEW
Harriman Ripley & Co.,
National Bank of
Boston, was awarded On March 13 an issue of $100,000 notes at 0.16%
Due Nov. 17, 1941.
Other bids: Second National Bank of
discount.
offered
MAINE
bids:
0-228%
0.234%
0.273%
offered March 10—V. 152, p. 1625—were
Jackson & Curtis.
VERMILION
PARISH
(P.
O.
Abbeville)
AUTHORIZED—The Parish Police Jury is said
issuance of $32,273 certificates of indebtedness.
0.16%
0.17%
______
Deposit & Trust Co. (plus $7 premium)
of
DETAILS—It is now reported that the $100,000 court bouse
the
MASSACHUSETTS
ATTLEBORO, Mass.—NOTE SALE—Jackson & Curtis of Boston
purchased on March 11 an issue of $200,000 notes at 0.16% discount, plus
a premium of 50 cents.
Dated March 12, 1941 and due Nov. 26, 1941.
offered March 12 was awarded to Tyler &
LOUISIANA
to
OFFER•
Jan. 1 from 1944 to 1958 incl.
1941 and due $12,000 annually on
Bidder—
Owensboro) Ky.—BOND SALE DETAILS—In connection with the sale
bonds to Stein Bros. & Boyce of
Louisville, as noted here—V. 152, p. 1159—it is stated that the bonds were
sold as follows: $19,000 maturing Apitl 1, $9,000 in 1942, $10,000 in 1943,
as 2Ms. $31,000 maturing Apirl 1, $10,000 in 1944 and
1945, $11,000 in
1946. as 2 Ms, $68,000 maturing April 1, $10,000 in 1947. $11,000 in 1948
and 1949, $12,000 in 1950 to 1952, as 2 Ms, and $82,000 maturing April 1,
$13,000 in 1953 to 1955, $14,000 in 1956 and 1957, and $15,000 in 1958,.
as 3s.
Denom. $1,000.
The bonds are callable on any interest payment
date only in inverse numerical order on 30 days' notice at 103.50 and accrued
interest during the first five years from date of issue; 102.00 during the
second five years, and 101,00 thereafter.
Prin. and int. payable at the
First-Owensboro Bank & Trust Co., Owensboro.
Legality approved by
Woodward, Dawson & Hobson, of Louisville.
NEWPORT,
QUEEN ANNES COUNTY (P. O. Centerville), Md.—BOND
ING—Florence B. Moore, County Clerk, will receive sealed bids until Mar.
for the purchase of $180,000 2% coupon school bonds. Dated Jan. 1,
Other bids:
of the $200,000 first mortgage revenue
SCHOOL
Oakland), Md.—PROPOSED BOND
signature authorizes the county to
O.
(P.
construction bonds.
25
on March 10—V. 152, p. 1625—was
Ripley & Co., Inc., and Brooks-Mil burn,
KENTUCKY
GLASGOW
COUNTY
bonds offered for sale
1951, inclusive.
DAVIESS
GARRETT
issue $40,000 school
semi-annual
Inc. of Wichita, as 1Mb, paying a premium of $100.32, equal to 100.012,
a basis of about 1.23%.
Dated March 1, 1941.
Due on March 1 in 1942
to
March 3,
on
ISSUE—A bill await'ng the Governor's
1.75%, according to maturity.
KANSAS,
duly adopted by the County Commissioners
1941.
The bonds are issued upon the lull faith and credit of
Commissioners and the full faith and credit are irrevocably
pledged for the payment of the maturing principal and interest of the bonds.
The primary fund for the payment of the principal and interest is the
proceeds of special assessments and other charges levied by the County
Commissioners pursuant to the authority of Section 335 of Article III of the
Code of Public Local Laws of Maryland (1930 Edition), as last amended by
Chapter 463 of the Acts of the General Assembly of Maryland, passed at
its January Session in the year 1939, against all property located within the
Metropolitan District benefited by the construction or instalation of any
water, sewerage, or drainage systems installed pursuant to Authority of
Chapter 539, of the Maryland Acts of 1924, as amended.
The bonds will
be delivered to the purchaser within a reasonable time after the sale theerof
at the Court House in Towson, or in Baltimore City.
Delivery elsewhere
will be made at the expense oi the purchasers.
The legality o> this issue
will be approved by J. Howard Murray, Attorney for the County Com¬
missioners, and by Niles, Baron, Morrow & Yost, oi Baltimore, and the
approving opinions will be delivered upon request to the purchaser of the
bonds without charge.
Enclose a certified check for $25,000, payable to
the County Treasurer... ;
V.'-:
['-./Jtin accordance with an ordinance
the County
2s, at a price of 98.75.
KANSAS
^
1789
The Commercial & Financial Chronicle
152
purchased on
Due
0.27% discount.
high bidder, named a
Leavitt & Co. of New York, second
TAUNTON, Mass .—NOTE SALE—The issue of $300,000 notes offered
152, p. 1625—was awarded to Jackson & Curtis, or Boston,
0.26% discount.
Dated March 12, 1941 and due Nov. 10, 1941. Other
March 11—V.
at
Other bids:
Discoun»
Bidder——
Bristol County Trust
Co., Taunton
National .Shawmut Bank
^-259%
—
_ —-
Machinists National Bank, Taunton.
Merchants National Bank-w
First National Bank
Tyler & Co. (plus $1
—
—
of Boston.--
_ —-
— -
9.27%
0.28/o
0-28 Jo
0.36 %
0.37^/b
premium)
WALTHAM, Mass .—NOTE SALE—Leavitt & Co. of New York were
$300,000 notes at 0.253% discount.
Due
Nov. 3, 1941.
The Merchants' National Bank of Boston and the Second
National Bank of Boston each bid a rate of 0.26%, which was the second
best offer.
The First National Bank of Bostonibid 0.267% and the Waltham National Bank bid 0.27%, plus $1.50.
awarded on March 13 an issue of
MICHIGAN
FARMINGTON TOWNSHIP (P. O. Farmineton), Mich.—BONDS
NOT SOLD—The $20,000 refunding bonds offereu^March 7—V. 152, p.
1626—were not sold, as the bids were rejected.
r
MINNESOTA
DEARBORN TOWNSHIP
(P.
O. Inkster), Mich.—BOND SALE—
$118,000 coupon water supply system
bonds offered
p.
1626—were awarded to Welsh, Davis & Co.,
Denison & Co. of Grand Rapids, jointly, as 3s, at a price of
The
V.
152,
Marcn 10—
Chicago, and
98.271. a basis
The Commercial & Financial Chronicle
1790
of about
as
to
3.20%.
Dated March 15, 1941.
Denom. $1,000.
Due March 15
$5,000 In 1944 to 1946, $6,000 in 1947 to 1950, $/,000 in 1953
1954, $8,000 in J955 to 1957, and $9,000 in 1958 to I960.
Bonds matur¬
follows:
ing $9,000 in 1960 shall be subject to redemption at any time on or after
March 15, 1946, on any interest payment date, and bonds maturing $8,000
in 19o7 and $9,000 in 1958 and 1959 snail be suoject to redemption at any
time on or after March 15. 1956, on any interest payment date in the
inverse order of their maturities and redeemed oy the payment of tne prin¬
cipal together with the accrued interest thereon to the date of redemption.
No other bonds shall be callable.
Second
high Did of 98.102 for 3^s and 2%b was made by a group com¬
posed of Miller,
McCarty & Co.
Kenower
& Co., John
Nuveen
&
Co. and
Campbell,
DULUTH, Minn.—BOND SALE—The $100,000 coupon semi-ann. re¬
funding bonds offered for sale on March 10—V. 152, p. 1626—were awarded
to the Northern Trust Co^of Chicago, as 0.75s, paying a price of 100.087,
Due on April 1 as follows:
a basis of about 0.70%.
Dated April 1, 1941
$40,000 in 1942 and $30,000 in 1943 and 1944.
MINNEAPOLIS, Minn.—RELIEF FINANCING CONTEMPLATED—
We quote in part as follows from an article appearing in the Minneapolis
•'Journal" of March
6:
Minneapolis' need for immediate aid in financing relief again was brought
today, with a request by the Board of Public Welfare Finance
Committee for Issuance of another $1,000,000 of city relief bonds.
Officials plan a bond sale April 10, including refunding work relief and
other bonds in addition to the million for relief, for a total of $3,710,000.
After these are issued, George M. Link, Secretary of the Board of Estimate
and taxation, said the city will have a leeway of only $1,765,000 for addi¬
to the front
tional issues this year.
The margin may be
completed exhausted by
a
second sale scheduled
charges of $20,249.
Depreciation taken over all of the divisions aggregate
than 7.5% of gross revenues received in January.
In Columbus
Division, depreciation of $32,265 for the year, amounted to over 8% of gross
more
revenues.
These assets, of course, are available to finance additions and
as well as making those extensions which prove necessary.
betterments
FREMONT, Neb.—MATURITY—It is now reported that the $37,500
aviation field bonds sold to Steinauer & Schweser of Lincoln, as l&s, at a
price of 102.533, as noted here on Jan. 4, are dated Dec. 1,1940, and mature
on Dec. 1, 1950, optional on Dec. 1, 1945, giving a basis of about 1.24%.
MURDOCK, Neb.—BOND SALE DETAILS—The Village Clerk reports
$9,500 3 K% semi-annual water refunding bonds sold recently,
noted here—-V. 152, p. 1627—were purchased by the Wachob-Bender
Corp. of Omaha, at par.
Due on Oct. 1 in 1942 to I960,' optional on and
that the
as
after Oct.
1, 1950.
NORFOLK,
Neb.—BOND PURCHASE CONTRACT—It
today in
a
statement by Senator Gerald T. Mullin of Minneapolis, who
action to aid the cities.
ST. PAUL, Mlnn.—CERTIFICATE OFFERING—Sealed bids will be
a. m. on March 20, by Harold F. Goodrich, City Comp¬
troller, for the purchase of $265,000 issue of coupon certificates of indebted¬
ness.
Interest rate is not to exceed 6%, payable M-S.
Denom. $1,000.
Dated March 1, 1941. Due March 1, as follows: $31,000 in 1942, $32,000
in 1943 and 1944, $33,000 in 1945 and 1946, $34,000 in 1947, and $35,000
in 1948 and 1949.
Bids may be submitted in multiples of l-10th or & of
1%, and must be the same for all certificates. No bid for less than par and
accrued interest will be considered.
The approving opinion of Thomson,
Wood & Hoffman, of New York, will be furnished. The certificates will be
furnished by the city, but delivery will be at purchaser's expense.
The
full faith and credit of the city are irrevocably pledged to pay principal
and interest at maturity.
All bids must be unconditional.
Authority:
Chapter 345, Laws of Minnesota for 1939, and Council File No. 121752,
approved Feb. 27,1941. Enclose a certified check for 2% of the amount bid
for, payable to the city.
received until 10
MISSISSIPPI
CHICKASAW COUNTY
(P. O.
Houston), Miss.—
SOLD—
A $12,000 issue of county bonds is reported to have been purchased atlpar
by O. B. Walton & Co. of Jackson.
HOLMES
COUNTY
AGRICULTURAL
HIGH
SCHOOL-JUNIOR
COLLEGE DISTRICT (P. O. Lexington) Miss.—BONDS SOLD—It is
reported that $17,500 2H% semi-ann. school bonds have been purchased
by the FirstNational Bank of Lexington, at aprice of 100.40.
JACKSON, Miss.—BOND SALE—The following semi-ann! coupon
aggregating $139,000, offered for sale on March 11—V
152, p.
1468—were awarded to a syndicate composed of Stranahan, Harris & Co.,
Inc. of Toledo, King, Mohr & Co. of Montgomery, the Baum, Bernheimer
bonds
Co., and Soden & Co., both of Kansas City,
basis of about 1.63 %:
as
l%s, at
a
price of 100.652,
a
$67,000 street intersection of 1941 bonds.
Due on April 1 as follows:
$4,000 in 1942, and $7,000 in 1943 to 1951.
Issued for the purpose
of funding the city's portion of the cost of completed street paving
projects undertaken in conjunction with the Works Projects
Administration.
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¬
SALEM, Neb.—BONDS SOLD—The Village Clerk states that $7,500
ZH% semi-annual water system bonds approved by the voters last May,
have been purchased by the Wachob-Bender Corp. of Omaha.
Denom.
$500.
Dated July 1, 1940. Due on July 1, I960; optional on July 1, 1945.
WAKEFIELD, Neb.—BOND ELECTION—It is reported that an elec¬
tion will be held on April 1 in order to have the voters pass on the issuance of
$15,000 community building bonds.
NEW
HUDSON COUNTY (P. O. Jersey City), N. J.—BOND OFFERING—
McHugh, Clerk of the Board of Chosen Freeholders, will receive
until noon on March 27 for the purchase of $664,000 not to ex¬
John J.
sealed bids
ceed 6% interest coupon or
Dated April 1,1941.
NEW HOPE CONSOLIDATED SCHOOL DISTRICT (P. O.
Colum¬
bus), Miss.—BOND SALE DETAILS—It is now reported that the $10,000
4H% semi-annual refunding bonds reported sold in these columns last
August, were purchased by Cady & Co. of Columbus, and mature $500
from July 1, 1941, to 1960, inclusive.
.
MISSOURI
CHAFFEE SCHOOL DISTRICT (P. O. Chaffee) Mo .—BOND SALE
DETAILS—The Clerk of the Board of Education states that the $15,000
high school bonds sold to the Mississippi Valley Trust Co. of St. Louis,
noted here
on Dec. 7, were purchased as 2
$1,000 in 1943 to 1946, and 1948 to 1958.
as
at par, and mature on March 1,
LEBANON, Mo.—BONE ELECTION—It is
reported that
an
election is
scheduled for March 18 in order to have the voters pass on the issuance of
$20,000 community building and city hall bonds.
registered bonds, divided
as
follows:
$522,000 Materniay Hospital, third series, bonds.
142,000 Nurse's Home, third series, bonds.
All of the bonds will be dated April 1, 1941.
Denom. $1,000.
Due
April 1 as follows: $20,000 from 1942 to 1945, incl.; $25,000, 1946 to 1954,
incl.; $30,000, 1955 to 1965, incl., and $29,000 in 1966.
Bidder to name a
single rate of intreest, expressed in a multiple of l-20th of 1%.
Princi¬
pal and interest (A-O) payable at the County Treasurer's office.
A certi¬
fied check for $13,280, payable to order of the county, is required.
The
bonds are unlimited tax obligations of the county and the approving legal
opinion of Hawkins, Delafield & Longfellow of N. Y. City will be furnished
tne successful bidder.
In the event that, prior to the delivery of the bonds,
the income received by private holders from bonds of the yame type and
character shall be taxable by the terms of any Federal income tax law,
the successful bidder may at his election be relieved of his obligations under
the contract to purchase the bonds and in such case the deposit accompany¬
ing his bid will be returned.
JERSEY
CITY,
N.
J.—REPORT
ON
REFINANCING
OF
BONDS
HELD BY SINKING FUNDS— Raymond M. Greer, City Comptroller of
Jersey City, N. J., has issued a report of the debt equalization plan put into
operation in December, 1940, and involving $8,089,754.72 of the city's
outstanding and early maturing indebtedness, all of which was held by the
city sinking funds or the sinking funds of the State of New Jersey.
The plan was prepared by Wright, Ramsey & Lancaster, of New York,
and the main results thereof are set forth in the following summary:
1. The effects of the plan upon debt service requirements:
(a) A more even distribution or leveling off of maturities providing an
orderly retirement of serial bonds at better than a 20-year rate for the
next 15 years.
(b) An immediate reduction of over $800,000 in total debt service charges
for the next three years, and a constant decline throughout the life of the
outstanding bonds.
(c)
of
A conservative margin provided by the plan allowing for the incurring
capital improvements without increasing present debt service charges.
The effects of the plan upon sinking funds:
new
2.
the WPA.
Denom. $1,000.
JERSEY
BOGOTA, N. J .—BOND SALE— The $43,800 building and bridge bonds
offered March 13—V. 152, p. 1316—were awarded to Van Deventer Bros.,
Inc., Newark, as lj^s at a price of 100.001, "a basis of about 1.499%.
Sale consisted of $15,300 building bonds, due from 1942 to 1951, incl., and
$28,500 bridge bonds, due serially from 1942 to 1951, incl.
All of the bonds
bear date of March 1,1941, and the combined maturities with payments due
yearly on March 1 are as follows:
$4,800 in 1942: $4,000,1943; $5,000from
1944 to 1946, incl., and $4,000 from 1947 to 1951, incl.
Second high bid,
for 1 Hs, was made by Schmidt, Poole & Co. of Philadelphia.
tion with the 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
street embraced in paving projects undertaken in conmunction with
is reported
following 2J4% semi-annual bonds aggregating $56,020, have been
$22,900 district paving, and
$33,120 intersection bonds.
that the
contracted for by Greenway & Co. of Omaha:
of the State Legislature
declared the entire State, as well as the three large cities, will face serious
financial difficulties unless the Legislature takes immediate and adequate
15, 1941
Public Power District, during the 12 months ended Jan. 31, 1941, had gross
revenues of $2637733. covered maximum debt service charges 1.49 times,
maximum interest 3.19 times, and showed a net earned surplus after all
tentatively for July 10.
The acute situation was called to the attention
March
(a) A rearrangement of the maturities of investments providing con¬
tinuing assurance of the orderly payment of term bonds.
(b) Provision for continuing to maintain a sound investment program for
sinking fund accumulations for the future.
(c) Provision for a gradual liquidation of sinking fund surpluses at the
greatest advantage to the taxpayer and creditor.
The legal problems involved in the consummation of the plan were con¬
sidered and passed upon by Messrs. Reed, Hoyt, Washburn & Clay, who
have approved the legality of the refunding bonds issued to give effect to
the plan.
A schedule accompanying the plan indicates that serial bonds in the
amount of $5,478,500, having maturities ranging from 1941 to 1965, have
been exchanged for a like amount of new refunding bonds maturing during
the years 1945, 1947, 1948, and in the years 1953 to 1963.
An additional
$1,362,000 bonds maturing in 1941 to 1944 are to be refunded during those
years, by exchange for a like amount of refunding bonds maturing in the
years 1953 to 1959.
The plan also covers the exchange of $1,249,254.72 term bonds, maturities
of which, however, are not disturbed.
All of the new bonds that have been
issued, or will be issued, bear 3lA% interest with the exception of $414,000
bonds exchanged by the State sinking funds which bear a, 3%% rate.
NEWARK, N. J.—SINKING FUND COMMISSION APPROVES RE¬
PROGRAM—A debt reorganization program proposed by
been
approved on March 7 by the Newark Sinking Fund Commission.
Approval
was a necessary step
in putting into effect the program which will help
reduce the budgetary debt requirements this year by $1,029,000.
It was announced that approval would be sought March 10 from the
State Funding Commission in Trenton.
The City Commission also must
adopt with votes of all four members an ordinance refunding $11,669,200
term bonds to scale down interest requirements from a range of 3)4% to
4)4% to 2%.
The ordinance was introduced March 5 and scheduled
for public hearing two weeks hence.
The sinking fund already had obtained permission of Local Government
Commissioner Darby to cut the debt requirement by $280,000.
Approval
of the plan to exchange term for serial bonds was given March 7.
At the
same time cancellation of $5,617,901.52 of serial bonds held by the fund
FINANCING
ST. LOUIS COUNTY (P. O. Clayton) Mo.—BONDS VOTED— Bond
issues totaling $70,000 were approved recently by special elections in two
communities. One for $45,000 was approved by a vote of 377-46 by
Valley
Park residents, to construct additional storm and
sanitary sewers in the
city and to erect a sewage disposal plant. This issue will be supplemented
by a $149,000 Work Projects Administration grant. The second issue, for
$25,000, was passed by a vote of 204-27 in Maryland Heights, for estab¬
lishment of a water district which will lay pipes in an area now serviced
only
by cisterns and wells. This issue is supplemented by $75,000 in WPA funds.
MONTANA
GREAT
FALLS,
election to be held
Mont
.—BOND general
At the
April 17 the voters are to
$54,000 not to exceed 4% fire department bonds.
on
pass
on
city
the issuance of
was approved.
Objectives set forth March 7 by the Sinking Fund Commission, as an¬
nounced, included:.
Provision for the utilization of the accumulation of excess assets in the
NEBRASKA
CONSUMERS
PUBLIC
POWER
DISTRICT
(P.
O.
Columbus),
Neb.
ISSUES DETAILED EARNINGS REPORT—The first
compre¬
hensive earnings report from the above district was issued March
14 oy
Charles Fricke, President, and shows that during
January of this year the
properties recently acquired were operated profitably and results compare
favorably with any similar month in the past.
The District is a public
body organized in Nebraska under State laws to acquire electric light and
power properties and furnish electric service at cost to consumers.
It is
the first large municipal project of its kind ever undertaken.
Divisions
financed by the District's $14,850,000 revenue bonds serve
37,047 customers
in 40 of the 93 countries in the State.
Mr. Fricke's report showed, that total operating revenues
(including un¬
billed revenues) were $163,190 as compared to d rect
operating expenses of
$69,448, for a net operating income available for debt service, depreciation
renewals and replacements of $93,742.
These earnings are for the Colum¬
bus, Elkhorn Valley, Northeastern and Central Divisions now directly
operated by the District.
The $93,742 net operating income is equivalent
to 1.69 items maximum debt service on the debt
outstanding against the
various divisions and 3.13 times maximum interest.
After deduction of
financial charges amounting to $60,167 and depreciation of
$21,167, the
divisions showed a total net surplus of $12,408, including unbilled revenues.
The Columbus Division, first in the series
organized by the Consumers
Norman S. Taber, municipal finance consultant, was reported to have
Sinking Fund
ous to
over
requirements in
a
strictly legal manner most advantage¬
the sound credit structure of the city and to the taxpayers.
insure the prompt payment of all term bonds at maturity,
Provision to
or
at the earliest call date whenever callable.
Fulfillment of all contractual obligations to the bondholders.
Anticipated results of the debt reorganization program were listed as
including:
There will be outstanding only $14,253,000 of term bonds and the sinking
funds will contain assets of $14,463,477.59, or over 100% of the term bonds.
No further contributions to the sinking fund will be required.
Assets in the sinking fund will mature at dates to furnish the cash to
pay every outstanding term bond at its maturity, or at the earliest call
dcit>G wh6ii0V6r callable
The total debt service requirement on the entire outstanding indebtedness
of the city will be reduced in 1941 by approximately $280,000 reduction
already approved by the Commissioner of Municipal Accounts.
The debt service requirements in each succeeding year are constantly
diminishing amounts.
The contractual obligations of the city to all bondholders are maintained
and the term bondholders' .security is materially strengthened by the im¬
mediate placement of assets in the sinking fund equal to 100% of all the
outstanding term bonds.
Volume
1791
The Commercial & Financial Chronicle
152
The future investment problem of the Sinking Fund Commission
is re¬
duced to
a minimum.
The March 7 meeting of the Sinking Fund
by its Chairman, John R. Hardin.
Commission was presided over
successful bidder may, at his election, be relieved of his obligations under
the contract to purchase the bonds, and in such case the deposit accompany¬
ing his bid will be returned,
GLOVERSVILLE, N. Y.—BOND OFFERING—W. H.
NEWARK, N. J.—PROPOSED REFUNDING ISSUES—An ordinance
authorizing the issuance of $11,669,200 refunding bonds received first
reading at a meeting of the Board of Commissioners on March 5, Frovision
is made for $6,196,000
general refunding of 1941 bonds, $3,984,200 school
refunding and $1,489,000 water refunding.
NORTH BERGEN TOWNSHIP, N. J.—TENDERS WANTED—'The
Hudson County National Bank of Jersey City, fiscal agent for the town¬
ship, will receive sealed tenders until 11 a. m. on March 24, of 4-4H%
refunding bonds, dated Dec. 1,1936,due Dec. 1,1975. Asum of $95,404.56
is available for retirement of such bonds and the sale price must not exceed
par and accrued interest.
WEEHAWKEN TOWNSHIP (P. O. Weehawken), N. J .—BOND
OFFERING—Leo P. Carroll, Township Clerk, will receive sealed bids until
9 p. m. on March 19 for the purchase of $155,000 not to exceed 4% interest
coupon or registered general funding bondsof 1941.
Dated March 15.1941.
Denom. $1,000. Due March 15 as follows: $25,000 from 1945 to 1949 incl.
and $30,000 in 1950.
The bonds are redeemable at the option of the township on Sept. 15,1941,
or on any March 15 or Sept. 15, subsequent thereto and before maturity,
at par and accrued interest, upon notice published one or more times at
least 30 days before the date fixed for such redemption in a newspaper or
financial journal published in New York. Rate of interest to be in a multiple
of l-20th of 1%, and must be the same for all of the bonds.
No bid for
less than all of the bonds will be considered. Principal and interest payable
and
the
semi-annual
interest
City Attorney,
registered public works bonds offered March
MIDDLETOWN,
Clerk and Treasurer,
N.
Y.—BOND OFFERING—P.
procedure prescribed by the Acme Tables of Bond
Value, published by the Financial Publishing Co., Boston.
The price
offered must not in any event be less than $151,900.
The purchaser must
pay accrued interest from the date of the bonds to the date of delivery. The
successful bidder will be furnished with the opinion of Reed, Hoyt, Wash¬
manner
or
of
mode
burn & Clay, of New York, that the bonds are valid and binding obli¬
gations of the township.
Enclose a certified check for $3,100, payable to
the
township.
Monicipal Bonds
Government Bonds
-
Housing Authority Bonds
Tilney & Company
NEW YORK, N.
76 BEAVER STREET
All of the bonds will be dated April 1, 1941.
BOND OFFERING DETAILS—Bidder to name a
will be returned.
MONROE COUNTY (P. O. Rochester), N.
or
registered bonds, divided as follows:
$150,000 home relieTbonds.
to 1951, inclusive.
_
Due~$15,000 annually
Mineola), N. Y.—GOVERNOR VALIDATES
Herbert H. Lehman signed on March 12
bill to legalize Nassau County's "lump sum"
the decree be stayed pending legislative
Herman Block, of Munsey Park, L.
N. Y.—BILL PERMITS
pending in both houses of the State Legislature
refund, with
approval of the State Comptroller, indebtedness contracted prior to Jan. 1,
1939.
The refunding bonds will be secured by general tax in several mu¬
nicipalities in the district.
DUNKIRK, N. Y.—BOND OFFERING—Frank J. Janice, City Treas¬
will receive sealed bids until 4 p. m. on March 20 for the purchase of
$30,000 not to exceed 6% interest coupon or registered Work Projects
Administration (street improvement) bonds.
Dated April 1, 1941.
De¬
nomination $1,000.
Due April 1 as follows: $4,000 from 1942 to 1944,
incl.. and $3,000 from 1945 to 1950, incl.
Bidder to name a single rate of
interest, expressed in a multiple of
or l-10th of 1 %.
Principal and inter¬
est (A-O) payable at the City Treasurer's office.
The bonds are unlimited
tax obligations of the city and the legal opinion of Albert J. Foley, City
Attorney, will be furnished the successful bidder.
A certified check for
$1,500, payable to order of the city, is required.
urer,
N.
Y.—BOND SALE—The
$75,000
coupon
or
registered
rational Commercial Bank
Trust Co., Albany, as Is, at par to the
feneral bonds offered March &13—V. 152, p. 1627—were awarded plus a
premium of $103.33, equal to 100.137, a basis of about 0.97%.
Dated
March 1, 1941 and due March 1 as follows:
$10,000 from 1942 to 1948, incl.
and $5,000 in 1949.
Other bids:
Bidder—
Int. Rate
1%
—1%
Traders Trust Co__^1%
Marine Trust Co. of Buffalo,.
Union
Securities
Manufacturers &
Corp
—-
Halsey, Stuart & Co., Inc—
Goldman, Sachs & Co
Chicago
i
Boston
&
Weigold,
100.17
100.16
1.10%
1.10%
1.10%
Inc
Kean, Taylor & Co...
100.087
100.041
100.02
1.10%
—
II. L. Allen & Co.
100.218
100.185
100.11
-
R. D. White & Co...
Roosevelt
1.10%
1.10%
—1.10%
Corp.
H. L. Schwamm & Co
100.034
100.033
100.289
1.10%
1.10%
First National Bank of
George B. Gibbons & Co.. Inc—
Bankers Trust Co. of New York
100.04
100.036
1%
1%
1.10%
Hemphill. Noyes & Co
K. Webster & Co..
R.
Hazard Freres & Co
First
Rate Bid
100.135
100.07
100.059
1%
1%
Adams, McKntee & Co., Inc
Harris Trust & Savings Bank
.w..
——._
100.018
1.20%
1.20%
100.146
100.11
FULTON, N. Y.—BOND OFFERING—Harold A. Fielding, City Cham¬
bids until 3:30 p. m. on March 19 for the pur¬
exceed 6% interest coupon or registered bonds,
berlain. will receive sealed
chase of $130,000 not to
divided
as
follows:
1
$89,000 home relief bonds.
Due March 15 as follows: $8,000 in 1942 and
$9,000 from 1943 to 1951, inclusive.
19,000 water bonds.
Due March 15 as follows: $2,000 from 1942 to
1950, incl., and $1,000 in 1951.
14,000 equipment bonds.
Due March 15 as follows: $4,000 from 1942
to 1944, incl., and $2,000 in 1945.
8,000 public works project bonds.
Due $2,000 annually on March 15
from 1942 to 1945, inclusive.
dated March 15, 1941.
Denom. $1,000.
Rate
expressed in a multiple of Y\ or l-10th of 1%.
Different
be bid for the separate issues, but all the bonds in each issue must
bear the same rate.
Principal and interest (M-S) payable at the Conti¬
nental Bank & Trust Co., N. Y. City.
Delivery of the bonds will be made
at that institution on or about March 28.
The bonds are unlimited tax
obligations of the city and the approving legal opinion of Caldwell & Ray¬
mond of N. Y. City will be furnished the successful bidder.
A certified
check for 2% of the bonds bid for, payable to order of the City Chamber¬
lain, is required.
In the event that, prior to the delivery of the bonds,
the income received by private holders from bonds of the same type and
character shall be taxable by the terms of any Federal income tax law, the
All of the bonds will be
of interest to be
rates may
Appeals.
must be
request of county officials that
action.
I., unsuccessful 1940 Democratic
_
for Nassau County executive, brought the court action.
He
contended that the budget, consisting chiefly of four lump-sum appropria¬
candidate
Port District Act to permit the above district to
ELMIRA,
April 1 from 1942
$17,813,000 budget for 1941, recently invalidated by the Court of
The Court of Appeals previously had ruled that the budget
YORK
ALBANY PORT DISTRICT (P. O. Albany),
on
400,000 improvement bonds.
Due April 1 as follows: $50,000 from 1942
to 1945, incl., and $40,000 from 1946 to 1950, incl.
All of the bonds will be dated April 1, 1941.
Denom. $1,000.
Bidder
to name a single rate of interest, expressed in a multiple of M or l-10th
of 1%.
Principal and interest (A-O) payable at Union Trust Co., Roches¬
ter, or at the Marine Midland Trust Co., New York.
The bonds are gen¬
eral obligations of the county, payable from unlimited taxes.
A certified
check for $11,000, payable to order of the county, is required.
Legal
opinion of Dillon, Vandewater & Moore of N. Y. City will be furnished
the successful bidder.
In the event that prior to the delivery of the bonds
the income received by private holders from bonds of the same type and
character shall be taxable by the terms of any Federal income tax law,
the successful bidder may, at his election, be relieved of his obligations under
the contract to purchase the bonds and in such case the deposit accompany¬
ing his bid will be returned.
further itemized and reserved decision on a
amend the
Y.—BOND OFFERING—
Clarence A. Smith, Director of Finance, will receive sealed bids until 11a.m.
on March 21 for the purchase of $550,000 not to exceed 4% interest coupon
and thus enacted into law a
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
DEBT REFUNDING—Bills
single rate of interest,
expressed in a multiple of M or l-10th of 1%.
Interest A-O.
The bonds
general obligations 'of the city, payable from unlimited taxes,
A certi¬
fied check for $2,200, payable to order of the city, must accompany each
proposal.
In the event that, prior to the delivery of the bonds, the income
received by private'holders from bonds of the same type and character
shall be taxable by the terms of any Federal income tax law, the successful
bidder may, at his election, be relieved of his obligations under the contract
to purchase the bonds and in such case the deposit accompanying his bid
are
LUMP SUM BUDGET—Governor
Bell
NEW
Bidder to name the rate of
County Trust Co.J
& Moore of New
Principal and interest payable at the Orange
Legal opinion of Dillon, Vandewater
NASSAU COUNTY (P. O.
Y.
Benedict, City
$15,000 home relief bonds.
Due $3,000 on April 1 from 1942 to 1946, incl»
30,000 Work Projects Administration bonds.
Due April 1 as follows >
$7,000 from 1942 to 1945, incl., and $2,000 in 1946.
65,000 grade school bonds.
Due $5,000 on April 1 from 1942 to 1954, Incl.
Middletown.
York City.
{irices named in all other proposals submitted, will yield to the purchaser the
owest rate of income to the maturity dates of the bonds, computed in the
E.
will receive sealed bids until 2 p. m. on March 20
registered bonds, divided as follows:
for.the purchase of $110,000 coupon or
interest.
Commonwealth-Merchants Trust Co., Union City.
of the bonds the ordinance adopted by the Town¬
ship Committee cn March 5, 1941, to provide for the issuance of the bonds,
establishes a reserve fund which can be used solely for the purpose of paying
the principal of and interest on the bonds and which is to consist of all
moneys received after the issuance of the bonds and representing collections
of taxes levied for each fiscal year prior to the fiscal year 1941 on real estate
used for railroad and canal purposes in the township and separately assessed
and valued under the provisions of Subdivision II of Section 54:22-1 of the
Revised Statutes, and commonly known as "second class railroad taxes,"
and not required to be paid into reserve funds established to secure the
payment of $150,000 outstanding general funding bonds, dated April 1,
1938, payable $50,000 April 1, 1949 to 1951, and $460,000 outstanding
general funding bonds of 1940, dated March 15,1940, payable March 15, as
follows: $50,000 in 1943 to 1949, and$55,000in 1950 and 1951.
The bonds
will be sold to the bidder or bidders submitting a legally acceptable proposal
and offering to pay for the bonds the price which, as compared with the
required.
FALLS, N. Y.—BOND SALE—The issue of $45,000 coupon
14 was awarded to Lazard
Freres & Co., New York, as 0.80s, at 100.067, a basis of about 0.79%.
Dated March 15, 1941.
Denom. $1,000.
Due March 14 as follows:
$10,000 from 1942 to 1945, incl., and $5,000 in 1946.
Prin. and int.
(M-S 15) payable at the Little Falls National Bank, Little Falls, with
New York exchange.
Leaglity approved by Dillon, Vandewater & Moore
of New York City.
Among other bids were the following:
Halsey, Stuart & Co., Inc.
100.198 for 0.90s, and Southgate & Co., Boston, 100.073 for 0.90s.
or
To
the payment
Legality approved by
payable in Gloversville.
A certified check for 3% of the bid is
LITTLE
in lawful money at the
secure
Marple, City
Clerk, will receive sealed bids until 11 a. m. on April 9 for the purchase of
$54,000 registered refunding sewer construction bonds.
Dated May 1,
1941.
Denom. $1,000.
Bidder to name the rate of interest.
Principal
Tine by line under the county charter requirements.
Upholding Mr. Block's contention, the court declared the budget "may not
it is practical to state the item."
tions, must be itemized
consist of lump sums where
________
YORK, N. Y.—BOND OFFERING—Joseph D. McGoldrick',
City Comptroller, is announcing in today's (Saturday. March 15) issue
of the City Record, details of the $40,000,000 bonds which will be sold at
his office at noon on March 18. A total of $21,215,000 bonds will be offered
for public bidding and the other $18,785,000 will be reserved for private
sale to the sinking funds.
All of the bonds will be dated March 15, 1941.
In
giving
herewith details of the total offering, reference is made
to the particular portion of each issue reserved for private sale to the
sinking funds.
NEW
$24 000,000 water supply bonds.
Due $605,000 annually on Sept. 15 from
1942 to 1981 incl.
The 1957 to 1981 maturities will oe re¬
served for the sinking funds,
7,900,000 various municipal purposes and school construction bonds.
Due $316,000 annually on Sept. 15 from 1942 to 1966 incl.
The 1957 to 1966 maturities will be reserved for the sinking
funds.
'•
2,000,000 dock improvement bonds.
Due $100,000 annually on Sept. 15
from 1942 to 1961 incl.
The 1957 to 1961 maturities will be
reserved for the sinking funds.
Due $675,000 annually
5.400,000 various municipal purposes bonds.
on Sept. 15 from 1942 to 1949 incl.
500,000 various municipal purposes bonds.
on Sept. 15 from 1941 to 1945 incl.
Due
$125,000
annually
_
NEW YORK (State of)— BOND SALE— The $19,600,000 housing bonds
March 11—V. 152, p. 1470—were awarded to a group composed
of the Bank of The Manhattan Co., Ladenburg, Thalmann & Co., C. J.
offered
J. Van Ingen & Co., Inc. and
York, as l^s, at a Price of
Dated March 15,1941 and due $400,000
1991 incl.
\
BONDS PUBLICLY OFFERED—Members
of the purchasing group
reoffered the bonds from a yield of 0.40% for the 1943 maturity to a price of
98.50 for the 1989, 1990 and 1991 maturities.
The bonds, interest exempt from all present Federal and New York State
income taxes, are legal investments in the State of New York for trust funds
and savings banks and are acceptable to the State of New York as security
for State deposits, to the Superintendent of Insurance to secure policy¬
holders, and the Superintendent of Banks in trust for banks and trust
companies. They will be issued under the provisions of Section 60, of State
Finance Law, and the issuance thereof is authorized by Chapter 946 of the
Laws of 1939 enacted pursuant to the authority vested in the Legislature
by Sections 2 and 3 of Article 18 of the Constitution, for the purpose of
providing moneys out of which to make loans to cities, towns, villages and
authorities for low rent housing for persons of low income as defined by law.
or for the clearance, replanning, reconstruction and rehabilitation of sub¬
standard and insanitary areas, or for both such purposes and for recreation
and other facilities incidental or appurtenant thereto.
OTHER BIDS—The State received three other bids for the issue.
The
National City Gank of New York headed a group which submitted the
second best bid of 103.459 for 2s, a net cost of about 1.866%.
The Chase
National Bank syndicate was third with an offer of 102.089 for 2s, or a cost
of 1.919%, while the final tender of 101.406 for 2s, or a net cost of 1.94%,
came from a group composed of J. P. Morgan & Co., Inc., Kuhn, Loeb &
Co., Drexel& Co. and Dick & Merle-Smith.
#
Associates of the National City Bank were First National Bank of New
York' Bankers Trust Co., NewYork; Smith, Barney & Co., Harriman Ripley
& Co., Inc., Halsey, Stuart & Co., Lazard Freres & Co., First National
Bank of Chicago, Goldman, Sachs & Co., and the Union Securities Corp.
In addition to the Chase National Bank, that syndicate included, among
others, the following: Hallgarten & Co., Barr Bros. & Co., R. W. Pressprich
& Co., Salomon Bros. & Hutzler, Blair & Co., Inc., Blyth & Co., Marine
Trust Co.
of Buffalo, Manufacturers Trust Co., Northern Trust Co.,
Chicago, Harris Trust & Savings Bank, Kidder, Peabody & Co., and
E. H. Rollins & Sons, Inc., B.
McEntee & Co., Inc., all of New
Devine & Co.,
Adams,
100.6489, a basis of about 1.725%.
annually on March 15 from 1943 to
.
Extabrook & Co.
The Commercial & Financial Chronicle
1792
March
NEW ISSUE OFFERING—Formal announcement of the reoffering of
the bonds by the Bank of the Manhattan Co., New York, and associates,
will be found
NEW
on
page
YORK
iii.
(State
of)—BRIDGE
AUTHORITY
MAY
REFUND
—Henry Piwonka. Clerk of the Board of Education, will receive sealed
bids until noon on March 28 for the purchase of $25,000 4% building bonds.
Dated April 1, 1941.
Denom. $625, or such other denom. as the Clerk
may determine.
Due $625 on May 15 and Nov. 15, from 1942 to 1961,
incl.
Callable on any interest date on or after May 15, 1952, in inverse
numerical order at not more than par and accrued interest.
Bidder may
name a different rate of interest, provided that fractional rates are expressed
in a multiple of *4 of 1%.
Interest M-N.
A certified check for $250,
payable to order of the Board of Education, is required.
NORWICH, N. Y.—BOND OFFERING—J. Benjamin Williams, City
Chamberlain, will receive sealed bids until 2 p. m. on March 18 for the
purchase of $84,000 not to exceed 6% interest coupon or registered general
of 1941 bonds.
Dated March 1, 1941.
Denom. $1,000.
Due March 1
as follows: $10,000 from 1942 to 1949, incl.
and $4,000 in 1950.
Bidder
to name a single rate of interest, expressed in a multiple of A c* l-lbth of
1%.
Principal and interest (M-8) payable at the City Chamberlain's
orfice or at the National Bank & Trust Co., Norwich.
A certified check
for $1,680, payable to order of the city, is required.
Legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
In the event that prior to the delivery of the bonds the
income received by private holders from bonds of the same type and char¬
acter shall be taxable by the terms of any Federal income tax law, the
successful bidder may, at bis election, be relieved of his obligations under
the contract to purchase the bonds and in such case the deposit accom¬
panying his bid will be returned.
ROCKVlLLE
CENTRE,
N.
Y .—BOND
OFFERING—James
H.
Dalziel, Village Treasurer, will receive sealed bids until 1 p. m. on March 28,
for the purchase of $73,500 not to exceed 6% interest coupon or registered
as
OHIO
AURORA VILLAGE SCHOOL DISTRICT, Ohio—BOND OFFERING
bonds and providing that tolls shall be the same on the Bear Mountain,
Poughkeepsie and Iiip Van Winkle Hudson River Bridges.
The bill
contemplates a reduction in the automobile toll from 50 to 35 cents.
An
amendment offered
by Assemblyman Emerson D. Fite, Poughkeepsie
Republican, to bring about a 25-cent toll was defeated.
bonds,
1941
A
BONDS—The Assembly passed and sent to the Governor on March 12
the Ryan-Stephens bill for the refunding of the State Bridge Authority
$*60,000
15,
follows:
bondsT Due $4,000 annually on April 1 from 1942~to
1956, inclusive.
13,500 fire truck bonds.
Due April 1 as follows:
$2,500 in 1942; $2,000,
1943, and $3,000 from 1944 to 1946, inclusive.
incinerator
All of the bonds will be dated April 1, 1941.
One bond for $500, others
Bidder to name a single rate of interest, expressed in a
$1,000 each.
multiple of A
or l-10th of 1%.
Principal and interest (A-O) payable at
the Bank of Rockville Centre Trust Co., Rockvllle Centre, with New York
exchange.
The bonds are unlimited tax obligations of the village and the
approving legal opinion of Dillon, Vandewater &. Moore of New York
City will be furnished the successful bidder.
A certified check for $1,470,
payable to order of the village, is required.
TUCKAHOE, N. Y—TEMPORARY FINANCING—The First Na¬
tional Bank & Trust Co., Tuckahoe, purchased $10,000
114% tax anticipa¬
tion notes, due July 1, 1941, and a similar loan, maturing July 15, 1941,
was taken by the Crestwood National Bank of Tuckahoe.
AVON LAKE, Ohio—BOND OFFERING—Joseph M. Boehm, Village
Clerk, will receive sealed bids until noon on March 27 for the purchase of
$17,556 3% storm water sewer construction bonds.
Dated not later than
June 1, 1941.
One bond for $1,256, others $1,000 and $700.
Due Oct. 1
as follows:
$2,256 in 1942 and $1,700 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 A-O.
A certified check for $176,
payable to order of the village, is required.
CLEVES, Ohio—BOND OFFERING—R. R. Robison, Village Clerk
will receive sealed bids until noon on March 24 for the purchase of $6,000
2A% sewer extension and improvement bonds.
Dated March 15. 1941.
Denom. $600.
Due $600on Sept. 15 from 1942 to 1951, incl.
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 $100,
payable to order of the village, is required.
The proceedings had and taken
in
the
issuance
of these
bonds
have
been
taken
under
the
direction
and
supervision of Taft, Stettinius & Hollister of Cincinnati, whose unqualified
opinion as to legality of this issue will be furnished by the village to the
purchaser without cost.
;
COLUMBUS,
Ohio—BOND
OFFERING—Helen
T.
Howard,
City
noon (EST) on March 20 for the pur¬
bonds, divided as follows:
Clerk, will receive sealed bids until
chase of $138,000
4%
coupon
$100,000 motor vehicles and motor driven equipment bonds. Due $20,000
annually on Oct. 1 from 1942 to 1946 incl.
38,000 electric street light extension bonds,
Due Oct. 1 as follows:
$4,000 from 1942 to 1949 incl. and $3,000, in 1950 and 1951.
All of the bonds will be dated April 15, 1941.
Denom. $1,000.
Bonds
may be registered as provided by taw.
Bidder may name a different rate of
interest, exepressed a multiple of A of 1%. Principal and interest (A-O)
payable at the City Treasurer's office.
Bonds are payable from ample
taxes levied within the tax limitations.
A certified check for 1% of the
bonds bid for, payable to order of the Cidt Treasurer, is required. Approving
opinion of Squire, Sanders & Dempsey of Cleveland will be furnished the
successful bidder at the city's expense.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—BOND OFFERING
Stahler, Clerk of the Board of County Commissioners, will
a. m. on March 31 for the purchase of $400,000
—George II.
YONKERS, N. Y.—NOTE SALE—The issue of $2,000,000
March 12
was
interest rate.
notes offered
awarded to the Chase National Bank of New York at 0.364%
The issue includes $1,100,000 notes issued in anticipation
of 1940 taxes and $900,000 in anticipation of 1941
The notes
taxes.
are
dated March 14, 1941 and mature as follows: Against 1940 taxes, $500,000
April 28 and $600,000 Aug. 14, 1941; the $900,000 of 1941 notes are due
April 28, 1941.
Other bids:
Bidder—
Int. Rate
National City Bank of New York...
First National Bank of Boston
Leavitt &
Co.
Lee Higginson Corp
-
NORTH
f
0.38%
0.48%
0.4.45%
0.51%
-
CAROLINA
BOONVILLE,
N. C.—BONDS NOT SOLD—It is stated by W. E.
Easterling, Secretary of the Local Government Commission, that $30,000
water system and sewage disposal plant bonds approved
by the voters
last June, were offered on March 4 without success as no bids were received.
It is said that these bonds will probably be sold to the RFC.
DALLAS, N. C.—BONDS NOT SOLD—The $32,000 not to exceed
6% coupon semi-annual sanitary sewer bonds offered on March 11—V. 152,
S. 1628—were not sold Government Commission. Dated Feb. 1, to the
ecretary of the Local as there were no bids received, according
1941.
Due
on
Feb. 1 in 1944 to 1963, without option of prior payment.
ELIZABETH CITY, N. C .—BOND OFFER ING—Sealed bids will be
11 a. m. on March 25 by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the
purchase of
the following not to exceed 6% semi-annual
coupon refunding bonds, aggre¬
received until
gating $1,756,000:
$1,275,000 public improvement bonds.
Due April 1 as follows: $25,000 In
1942, $26,000 in 1443, $27,000 in 1944, $28,000 in 1945, $29,000
in 1946, $30,000 in 1947, $31,000 in i948,
$32,000 in 1949,
$33,000 in 1950, $34,000 in 1951, $36,000 in 1952, $37,000 in
1953, $39,000 in 1954. $41,000 in 1955, $42,000 in 1956, $43,000
in 1957, $44,000 in 1958, $46,000 in 1959,
$48,000 in 1960,
$50,000 in 1961, $52,000 in 1962, $54,000 in 1963, $56,000 in
1964, $58,000 in 1965, $61,000 in 1966, $62,000 in 1967, $64,000
in 1968 and 1969 and $65,000 in 1970.
499,000 general bonds.
Due April 1 as follows: $13,000 in 1942 to 1944,
$14,000 in 1945 to 1950, $15,000 in 1951, $16,000 in 1952,
$17,000 in 1953, $18,000 in 1954, $19,000 in 1955 to 1957,
$20,000 in 1958, $21,000 in 1959. $22,000 in 1960. $23,000 in
1961. $24,000 in J962, $26,000 in 1963, $28,000 in 1964, $29,000
in
1965 and $30,000 in 1966 and 1967.
Denom. $1,000.
Dated April
1, 1941.
Bidders are requested to name
multiples of A of 1 %.
A separate bid for each
issue
(not less than par and accrued interest) is required, and each bid
may name one rate for part of the bonds of either issue and another rate
or rates for the balance, but no bid
may name more than three rates for
either issue, and each bidder must
specify in his bid the amount of bonds
the interest rate
or
rates in
of each rate.
Each rate must be bid for bonds of consecutive
maturities.
Prin. and int. payable in New York in
legal tender; general obligations;
unlimited tax; coupon bonds registerable as to
orabout April 11 at place of purchaser's choice.
The bonds will be awarded to the bidder
at the lowest interest cost to
principal alone; delivery
There will be
no
on
auction.
offering to purchase the bonds
the city, such cost to be determined
by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their
respective maturities.
be on a form to be furnished with
additional information
Secretary
.
In the event that prior to the delivery of the
Bids must
by the above
the income
bonds
received by
private holders from bonds of the same type and character
shall be taxable by the terms of
any Federal income tax law, the successful
bidder may, at his election, be relieved of his
obligations under the contract
to
PY1,0"3,80
bonds and in such case the deposit accompanying his bid
will be returned.
The approving opinion of Masslich &
Mitcbeli of New
York will be furnished.
Enclose a certified check for
$35,120, payable
unconditionally to the
PASQUOTANK
State
Treasurer.
COUNTY
(P.
O.
Elizabeth
receive sealed bids until 11
3lA% coupon refunding bonds.
Dated April 1, 1941.
Denom. $1,000;
different denoms: may be had if requested by the purchaser.
Due $20,000
April 1 and 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
A of 1%. Principal and interset (A-O) payable at the County Treasurer's
office. A certified check for 1 % of the bonds bid for, payable to order of the
County Treasurer, is required.
Coupon bonds will be furnished with the
privilege of registration by the owner as to principal only, or convertible
into fully registered bonds.
Bids must be made on a blank form furnished
on application to the above Clerk.
The proceedings incident to the proper
authorization of these bonds have been taken under the direction of Squire,
Sanders & Dempsey, of Cleveland, whose approving opinion will be fur¬
nished.
Delivery of the bonds must be accepted at Cleveland, before 10
a. m., April 1.
on
HILLSBORO,
City),
N.
C.—BOND
1942
to
KRAMER, N. Dak.—BOND
SALE—The $2,500 semi-ann. village bonds
March 10—V. 152, p, 1470—were purchased
by Herman
offered for sale on
Carbaneau of Bottineau,
according to the Village Clerk.
1942, 1944, 1946, 1948 and 1950.
McHENRY
Due $500
in
COUNTY
(P. O. Towner), N. Dak.—BONDS SOLD—
It is reported that $95,000
refunding bonds have been purchased by the
State Board of University and School Lands, as
2 As, at par.
ROLETTE COUNTY SCHOOL DISTRICT NO. 1
(P. O. Dunseith),
N. Dak.—CERTIFICATES SOLD—It is stated
by the District Clerk that
the $4,500 certificates of indebtedness offered
without success on Aug. 26,
were later purchased
by local investors.
1951,
inclusive.
Interest M-S.
IRONTON, Ohio—OTHER BIDS—The $9,000 delinquent tax bonds
awarded March 5 to the Provident Savings Bank & Trust Co., Cincinnati,
as 2 As, at par plus a premium of
$29.70, equal to 100.33, a basis of about
2.19%—V. 152,
p.
1628,
were
also bid for
as
follows:
Bidder-—
J. A. White & Co., Cincinnati
Einhorn & Co., Cincinnati.
Int. Rate
.
2)4%
2)4%
2)4%
2^%
3%
Weil, Roth & Irving Co., Cincinnati
Seasongood & Mayer, Cincinnati
Van Lahr, Doll & Isphording, Inc., Cincinnati
Premium
$57.00
56.78
37.00
11.85
1.80
MAUMEE, Ohio—BOND OFFERING—Henry C. Ostrander, Village
Clerk, will receive sealed bids until noon on March 21 for the purchase
of $8,500 4% waterworks plant addition bonds.
Dated April 1, 1941.
One
bond for $5u0, others $1,000 each.
Due Oct. 1 as follows:
$500 in
1942 and $1,000 from 1943 to 1950, incl.
Bidder may name a different
of interest provided that fractional rates are
expressed in a multiple
rate
of
A of 1%.
Co., Maumee.
Prin. and int.
(A-O) payable at the State Savings Bank
A certified check for 2% of the bonds bid for, payable to
order of the Village
Treasurer, is required.
The legality of the proceedings
leading
up to the issuance of the bonds will be approved by Peck. Shaffer,
Williams & Gorman of Cincinnati, and bids should be made subject to their
approval, said approving opinion to be paid for by the purchaser of bonds.
MINSTER,
Ohio—BOND
SALE
DETAILS—The
$25,00C
sewer
system bonds awarded March 4 to the State Teachers Retirement System,
Columbus, V. 152, p. 1628, were sold as 2s. at par plus a premium of $192,
equal to 100.769, and
were also bid for as follows:
Bidder—•
Premium
Int. Rate
Weil, Roth & Irving
Pohl & Co., Inc_____
Stranahan, Harris & Co
Ryan, Sutherland & Co
:
.
J. A. White & Co.
Minster State Bank
2A%
2A%
2A%
2)4%
2A%
2%
$141.00
297.75
82.00
217.77
279.00
75.00
NAVARRE VILLAGE SCHOOL DISTRICT (P. O. Navarre), Ohio—
BONDS NOT SOLD—The $7,500 coupon building bonds offered March 8—
V. 152, p. 1471—-were not sold, as the bids were
rejected.
NORWOOD, Ohio—BOND OFFERING—A. M. Schoneberger, City
Auditor, will receive sealed bids until noon on March 17, for the purchase
of $10,000 4%
police and fire equipment bonds.
Dated March
1, 1941.
Denoms. $1,000 and $500.
Due $2,500 on Sept. 1 from 1942 to 1945, incl.
Principal and interest (M-S) payable at the First National Bank, Norwood.
All bidders must satisfy themselves of the
validity of the issue before sub¬
mitting tenders.
Favorable final opinion of Peck, Shaffer, Williams &
Gorman of Cincinnati will be furnished the successful bidder at this cost.
A certified check for
5% of the bonds, payable to order of the City Trea¬
is required.
PLYMOUTH
SCHOOL
DISTRICT,
election will be held March 25
on
Ohio—BOND ELECTION—An
issuing $47,500 building
the question of
bonds.
ROSS TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Cedarville),
Ohio—BOND ELECTION—An election will be held March 18 on the ques¬
issuing $18,000 building bonds.
TAYLOR
DAKOTA
2^%
I RONTON, Ohio—BONDS' SOLD—Sinking Fund Trustees of the city
purchased an issue of $7,000 2A% poor relief bonds.
Dated Sept. 1, 1940.
Denom. $1,000.
Due $1,000 annually on Sept. 1 from 1944 to 1950, incl.
tion of
NORTH
$20,000
system improvement bonds purchased at par by the Farmers &
Traders Bank of Hillsboro—V. 152, p. 1628, mature $2,000 annually from
surer,
SALE—-The $9,000 semi-annual
coupon school building bonds offered for
sale on March 11—V. 152, p. 1628—were awarded to
the First & Citizens
National Bank of Elizabeth City, as 3s,
paying a premium of $54, equal to
100.60, a basis of about 2.93%.
Dated Nov. 1, 1939.
Due on May 1 in
1950 to 1954, inclusive.
Ohio—BOND ISSUE DETAILS—'The
water
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Broadway).
Ohio—BOND SALE—The $48,000 school house improvement bonds offered
March 10—V. 152, p. 1471—were awarded to the State Teachers
Retire¬
ment System, of Columbus.
Dated <Jan. 1, 1941 and due as follows:
$1,100 April 1 and Oct. 1 from 1942 to 1962, incl.; $1,100 April 1 and $700
Oct. 1.1963.
<
^
WARREN TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Warren)
Ohio—BOND OFFERING—W. G. Moran, District Clerk, will receive
sealed bids until noon on March 28 for the purchase of $125,000 not to
exceed 3% interest improvement bonds.
Dated Jan. 1, 1941.
Denom.
$500.
Due $2,500 on April 1 and Oct. 1 from 1942 to 1966, incl.
Rate of
interest to be expressed in a multiple of A of 1%.
Interest A-O.
Board
of Education to pay for printing of bonds; successful bidder to pay for
legal opinion and expense of shipping the bonds.
A certified check for
$1,250, payable to order of the Board of Education, is required.
Volume
OKLAHOMA
ALVA, Okla.—BONDS VOTED—At
an election held on March 4 the
approved the issuance of the following bonds, aggre¬
§250,000 water works, and §25,000 hospital bonds.
voters are said to have
gating §275,000:
CUSHING,
Okla.—BOAT) OFFERING—Sealed bids wilt be received
until 7:30 p. m. on March 24, by Loren Crook, City Clerk, for the pur¬
chase of §100,000 not to exceed 4% semi-annual airport bonds.
Due
§8,000 in 1944 to 1955 and §4,000 in 1956.
The bonds will be sold to the
bidder offering the lowest rate of interest and agreeing to pay par and ac¬
crued interest.
These
are
the
bonds authorized
Feb. 25, by a vote of 339 to 89.
amount
Enclose
a
at
the election held
on
certified check for 2% of the
bid.
"
.
MUSKOGEE, Okla.—BOND OFFERING—It is stated by R. L. Davis,
City Clerk, that he will receive seaied bids until 7:30 p. m. on March 17,
for the purchase of an issue of §125,000 airport bonds. Dated May 1,
Due May 1 as follows: $12,000 in 1944 to 1952, and §17,000 in 1953.
1941.
The
city desires to bid on and purchase the first three maturities. Bidders are
requested to submit any bid or combination of bids on this issue.
The
city recommends that bidders arrange their bidding in such a way that they
will have one bid on the first §36,000. and one bid on the last $89,000.
These
are
the bonds authorized at the election held on Feb. 25.
TULSA, Okla.—BOND ELECTION—An election is said to be
sewer
purchase of §100,000 municipal bonds.
Interest rate is not to exceed 5%,
payable J-J.
Dated Jan. 1, 1939.
Denom. §1,000.
Due July 1, as
follows: §3,000 in 1941, §5,000 in 1942 to 1946, and §6,000 in 1947 to 1958.
are part of a §200,000 issue authorized by ordinance adopted
by the Municipal Assembly of Mayaguez on Dec. 16,1938, approved by the
Mayor on Dec. 17, 1938, and by the Executive Council of Puerto Rico on
March 14, 1939.
The principal and interest on said bonds shall be paid
at maturity out of the proceeds of a tax on the real and personal property
of the Municipality of Mayaguez, by the Treasurer of Puerto Rico, in San
Juan, Puerto Rico, at his office, or at any bank or depository bank in
Washington, D. O., New York or Puerto Rico, at the election of the buyer.
The coupons due shall be canceled and detached from said bonds, and ac¬
crued interest shall be paid up to the date of delivery of the bonds.
All
propositions must be accompanied by a certified check issued in favor of
the Treasurer of Puerto Rico, for an amount equal to 2% of the par value
of the bonds bid for.
Any document in connection with this bond issue
will be sent upon request to any interseted party.
These bonds
bonds.
ISLAND
RHODE
CRANSTON, R. I.—NOTE SALE—The issue of §200,000 notes offered
March 12—V. 152, p. 1629—was awarded to Jackson & Curtis, of Boston,
at 0.34% discount.
Due June 15, 1941. Other bids: First National Bank
of Boston, 0.455%; Stephen W. Tourtellot, of Providence, 0.47%.
scheduled
for March 25 in order to have the voters pass on the issuance of the following
bonds aggregating $750,000: §275,000 water works; §250,000 airport, and
§225,000
1793
The Commercial & Financial Chronicle
152
MIDDLETOWN,
R.
I.—ACTION
all
business, including the proposal
postponed to March 15.
OREGON
ISSUE
BOND
PROPOSED
ON
POSTPONED—James A. Peckham, Town Clerk, states that "owing to the
severe storm on March 8," the date of the annual financial town meeting,
to
issue §75,600 school
bonds,
was
NEWPORT, R. I;—BOND SALE— The §90,000 coupon school bonds
I5*s at
BAKER, Ore.—BOND SALE—The §5,500 improvement bonds offered
on March 5—V. 152, p. 1471—were awarded to the Federal Securi¬
ties Co. of Portland, as 2s, paying a price of 100.19, a basis of about 1.97%.
Dated March 15, 1941.
Due §500 from March 15, 1942 to 1952, inclusive.
offered March 6 were awarded to Estabrook & Go. of Boston as
for sale
price of 100.91, a basis of about 1.66%.
Dated March 1, 1941.
Denom.
§1,000.
Due §5,000 annually on March 1 from 1943 to 1960, incl.
Prin.
and int. (M-S) payable at the City Treasurer's office or, at holders' option,
at the First National Bank of Boston.
Legal opinion of Storey, Thorndike,
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 3 (P. O. Parkrose), Ore.—BONDS VOTED—It is stated that $95,000 construction bonds
were approved by the voters at a recent election.
Palmer & Dodge of Boston.
a
Other bids:
to
1951, incl.
BONDS
offered
.
OFFERED
above
the
FOR
bonds
INVESTMENT—The
for
successful
public subscription at
bidders
re-
THE
DALLES,
WATER DISTRICT (P. O. Portland,
Ore.—BOND SALE—The §14,500 semi¬
on March 5—V.
152, p. 1629—were
awarded jointly to E. M. Adams & Co., and Blankenship & Gould, both of
Portland, as 3s, at a price of 100.33.
Dated April 1, 1941.
Due on Jan. 1
WOLF
R.
F.
CREEK
D.
No.
water
HIGHWAY
Box 695-C),
5,
bonds offered for sale
in 1946 to 1960.
v"'
.
x;-./"
PENNSYLVANIA
ALIQUIPPA BOROUGH SCHOOL DISTRICT, Pa .—BOND OFFER¬
ING—Ixjuis A. Smith, District Secretary, will receive sealed bids until
8 p. m. on March 24 for the purchase of §325,000 coupon bonds.
Dated
April 1, 1941.
Denom, §1,000.
Due $13,000 annually on April 1 from
1942 to 1966. incl.
Bidder to
name a
100.448
15*%
100.095
First National Bank of Boston..
1 5* %
Par
First; of Michigan Corp_
R. L.Day & Co.
2%
2%
100.571
100.55
COUNTY
(P.
O.
Reading),
Pa .—NOTE OFFERING—
Ralph E. Schoener, County Controller, will sell at public auction at 2 p. m.
on March 17 §950,000 tax anticipation notes as follows:
§700,000 general
county, dated March 20. 1941, and §250,000 institution district, dated
April 20, 1941.
Notes will mature Oct. 20, 1941, and be issued in denom.
to be determined by the successful bidder.
Interest will be paid at maturity.
Payment will be made in lawful money at the County Treasurer's office.
Deposit of the tax collections pledged to the payment of the notes will
be made in a bank mutually satisfactory to the county and the successful
bidders.
The stipulation is made by the County Treasurer, however,
that the designated depository must agree to deposit satisfactory securities
in its trust department to guarantee the pledged deposits of taxes, or furnish
him with a satisfactory depository bond.
The favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia to be paid for by the county.
A certified check for §5,000, payable to the County Treasurer, is required.
FREELAND, Pa.—BOND SALE—A group composed of MooreTLeonard
Lynch, of Pittsburgh, Dolphin & Co., Inc., Philadelphia, and Glover &
MacGregor, of Pittsburgh, purchased on March 3 an issue of §83,000
refunding bonds as 3 Ms, at a price of 100.787.
W
&
SCHOOL DISTRICT, Pa.—PROPOSED BOND ELEC¬
expected that an election will be held on the question of
LANSDALE
TION—It
is
m
^PHILADELPHIA, Pa.—ORDINANCE PROVIDES FOR REFUNDING
OF $8,804,000 CALLABLE BONDS—A proposed ordinance calling for the
refunding of $8,804,000 of callable bonded indebtedness was submitted to
City Council on March 13 by Mayor Lamberton for study and considera¬
tion.
Refunding of this issue, which carries a 5M% interest rate and is
callable next October, with a 2% issue, would save the city about $12,375,000 in interest charges, the Mayor stated.
A total of §244,000,000 of
the city's bonds become callable between now and 1949 and a total of
§347,000,000 between now and 1958.
To refund the §8,804,000 issue council would also have to pass an ordin¬
ance empowering the city to exercise its option to redeem the bonds.
The Mayor said he has be n studying a refunding plan submitted by
A. Webster Dougherty, Philadelphia banker, and expects two other plans
to be submitted to him by other interests within next week or 10 days.
"The subject is so technical and complicated that I believe we should not
commit ourselves for or against any plan until exhaustive public hearings
have been held and each plan has been examined in the most minute detail,"
the Mayor declared.
l*The Dougherty Plan the Mayor points out, concerns only the §244,000,000 of city bonds which become callable between now and the end of
1949.
Mr. Dougherty informed the Mayor that his plan would save the
cicy §164,400,744 in interest charges over the life of the bonds.
SPRINGDALE, Pa.—BOND SALE DETAILS—'The $55,OQO"refunding
as 2 Hs to Phillips, Schmertz & Co., and Moore, Leonard &
Lynch, both of Pittsburgh, jointly, as reported in—V. 152, p. 1629—were
sold at a price of 101.394, a basis of about 2.36% .
Other bids:
bonds awarded
Int. Rate
Bidder—
;—2^%
2M%
Warren A. Tyson Co
25*%
Johnson & McLean....—2%%
National Bank of Springdale—
25*%
S.
K. Cunningham
& Co
Elmer E. Powell & Co.....
...
Rate Bid
100.793
100.611
101.46
101.27
100.50
MAYAGUEZ,
RICO
Puerto Rico—BOND OFFERING—Sealed bids will be
received by Manuel V. Domenech, Treasurer of Puerto Rico, at his office
in the Intendencia Building, San Jaun, until 3:30 p. m. on Aprili4, for the
1.87%, as reported
Rate Bid
Int. Rate
Bidder—
Kidder, Peabody & Co.; F. S. Moseley &
Co.; Geo. B. Gibbons & Co., Inc.; Roosevelt & Weigold,
Inc.: Eastman, Dillon & Co.; Spencer Trask & Co.;
Tucker, Anthony & Co.* F. L. Dabney & Co.; John
Nuveen & Co.; Otis & Co., and Equitable Securities
Corp
Harriman Ripley & Co., Inc.; Smith, Barney & Co.;
Phelps, Fenn & Co., Inc.; Stone & Webster and Blodget,
Inc.; Estabrook & Co.; Union Securities Corp.; Mer¬
cantile-Commerce Bank & Trust Co.; R. L. Day & Co.;
Lehman Bros.;
2%
100.55
2%
100.429
2%
100.278
2%
100.10
Boatmen's
Mississippi Valley Trust
Eldredge & Co.; H. C. Wainwright & Co.;
National Bank, St. Louis, and
Co., St. Louis
Chemical Bank & Trust Co.; Lazard Freres & Co.;
Gold¬
Sachs & Co.; Northern Trust Co., Chicago; Kean,
Taylor & Co.; Manufacturers & Traders Trust Co.;,
C. F. Childs & Co.; First of Michigan Corp.; Charles
Clark & Co., and William R. Compton & Co.
man,
^
Blyth & Co.; Paine, Webber & Co.; Hemphill, Noyes &
Co.; Alex. Brown & Sons; Burr & Co.; Francis I. du Pont
& Co.; Field, Richards & Co.; Doughtery, Corkran &
Co.; Granbery, Marache & Lord, and Schabacher & Co.
National City Bank of New York; First National Bank of
New York; Bankers Trust Co., New York; First Boston
Corp.; R. W. Pressprich & Co.; Salomon Bros. &
Hutzler, and Lee Iligginson Corp
REFUNDING
COUNCIL APPROVES
PLAN—A
2J*%
101.74
recommended
plan
by Mayor Dennis J. Roberts to cut §1,000,000 from the city's
deficit by refunding bonded indebtedness in that amount annually
annual
for five
approved March 6 by the City Council.
Acting on the Mayor's recommendation, the Council directed the city
solicitor to seek proper authority from the State Legislature.
The Mayor said the plan would reduce debt service payments from ap¬
proximately §4,250,000 annually to about §3,250,000. which is the limit
of the city's ability to pay at present.
Mr. Roberts also pointed out that §3,000,000 additional bonds were
sold March 7 in retirement of floating indebtedness, which he said totaled
"some §11,000,000" when he took office.
He said he would offer proposals
for conversion of additional short-term notes soon and added in part as
years
was
,
follows:
..
.
u
it_
.....
plan does not call for any increase whatever in the citys present
In fact, it will permit the continued retirement of in¬
debtedness at a rate well in excess of §1,000,000 annually."
Because of present interest rates, he added, it will be possible to issue
the refunding bonds at a rate more favorable than that which are to be
"The
indebtedness.
\
refunded,
.-v.
expressed hope his plan will bring current city operations into
excepting relief, and indicated certain proposals for meeting
the relief problem would shortly be submitted to the City Council.
Commenting on the Mayor's message, Councilman Howard Presel,
Chairman of the Finance Committee, declared it was the first time since he
had been a member of the City Council that he had seen a planned finan¬
The Mayor
balance,
cial policy
adopted by the city.
REFUNDING BILL BEFORE
the House on March
LEGISLATURE—A bill was introduced in
$5,000,000 serial re¬
12 authorizing the city to issue
funding bonds at the rate of
1941 to 1945 incl.
v-U.."-:
§1,000,000 annually during the period
;X-U-v\
■: v
from
:
OFFERING—Halsey, Stuart & Co., Inc., and associates
made public reoffering of the current issue of §3,000,000 2% unemployment
relief bonds pursuant to the terms of the advertisement on page il.
NEW ISSUE
WARWICK
Anderson,
11
a.
as
(P.
O.
Apponaug),
R. I .—BOND OFFERING—G.
C.
City Treasurer, will receive sealed and telephone bids until
March 26, for the purchase of §270,000 coupon bonds, divided
follows:
m.
on
§75,000 series of 1941 refunding
to 1954.
bonds.
Due §15,000 on April 1 from 1950
inclusive.
.
.
145,000 public works bonds. Due §5,000 on April 1 from 1942 to 1970, incl.
50,000 water bonds.
Due §5,000 on April 1 from 1971 to 1980, inclusive.
All of the bonds will be dated April 1, 1941.
Denom. §1,000. Bidder to
name one rate of interest in a multiple of 5* of 1%, and to state total net
interest cost to the city in dollars.
Principal and interest (A-O) payable at
the Rhode Island Hospital Trust Co., Providence.
The bonds will be
valid general obligations
of the city and all of its taxable
real estate and
the levy of unlimited ad valorem
The rate on taxable intanbile
personal property is fixed by statute.
The bonds will be certified as to
genuineness by the above bank and their legality will be approved by
Storey, Thorndike, Palmer & Dodge of Boston a copy of whose opinion
relative to each issue will accompany the bonds when delivered.
Delivery
on or about two weeks after date of sale, against payment at the Rhode
Island Hospital Trust Co., Providence, or shipped to any member bank of
the Federal Reserve System in Boston or New York, draft attached.
tangible personal property will be subject to
to pay both principal and interest.
taxes
SOUTH
PUERTO
-
PROVIDENCE, R. I.—OTHER BIDS—The §3,000,000 unemployment
headed by Halsey, Stuart &
single rate of interest, expressed in
multiple of M of 1 %.
Interest payable A-O, free of all taxes (except gift,
succession, and inheritance taxes) levied pursuant to any present or future
law of the Commonwealth of Pennsylvania.
Sale of the bonds is subject
to approval of proceedings by the Pennsylvania Department of Internal
Affairs, and the approving legal opinion of Burgwin, Scully & Churchill of
Pittsburgh will be furnished the successful bidder at the district's expense.
Purchaser must pay for printing of bonds.
A certified check for $6,500,
payable to order of the District Treasurer, is required.
In the event that
prior to the delivery of the bonds the income received by private holders
from bonds of the same type and character shall be taxable by the terms of
any Federal income tax law, the successful bidder may, at his election, be
relieved of his obligatin under the contract to purchase the bonds
and
in such case the deposit accompanying his bid will be returned.
issuing §100,000 building bonds.
100.379
&
Co., Inc., New York, as 2s at 101.209, a basis of about
In detail in V. 152, p. 1629, were also bid for as follows:
a
BERKS
Whiteside
relief bonds awarded March 7 to a syndicate
Ore.—BOND OFFERING—It is reported that sealed
bids will be received until April 4, by J. H. Steers, City Recorder, for the
purchase of §35,000 airport bonds, part of a total issue of §39,000, approved
by the voters at an election held on Feb. 26.
annual
15*%
1 H%
15*%
prices to yield from
0.70% to 1.30%, according to maturity.
100.768
100.536
15*%
— ..
PORTLAND, Ore.—BOND SALE—The §500,000 issue of U. S. High¬
way W-99 semi-annual extension bonds offered for sale on March 12—V.
152, p. 1319—was awarded to a syndicate composed of John Nuveen & Co.
of Chicago, Otis & Co. of Cleveland, Hartley, Rogers & Co., and Blankenship & Gould, Inc., both of Portland, as l%s, paying a price of 100.049,
a basis of about 1.24%.
Dated March 1, 1941.
Due on March 1 in 1944
Rate Bid
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc.
Kidder, Pea body & Co,
Harriman Ripley & Co., Inc
Goldman, Sachs & Co.
Bond,
Judge & Co. and Chace,
Symonds
CAROLINA
of—CERTIFICATE SALE—The $2,500,000 issue of semi-ann. State Highway certificates of indebtedness offered for
sale on March 11—V. 152, p. 1471—was awarded to a syndicate composed
of Lehman Bros., Phelps, Fenn & Co., Merrill Lynch, E. A. Pierce &
SOUTH CAROLINA, State
The Commercial & Financial Chronicle
1794
Cassatt, all of New York; R. S. Dickson & Co. of Charlotte; the Equitable
Securities Corp., of Nashville; the Robinson-Humphrey Co. of Atlanta;
Johnson, Lane, Space & Co. of Savannah: Frost, Read & Co. of Charleston;
G. H. Crawford <fe Co. of Columbia, and J. H. Hilsman & Co. of Atlanta,
lMs, at a price of 100.14, a net interest cost of about 1.73%.
March 15, 1941. Due $250,000 from March 15, 1943 to 1952 incl.
as
offered
the
Dated
INVESTMENT—The successful bidders rebonds for public subscription at prices to yield from
OFFERED
BONDS
above
FOR
TENNESSEE
CLARKSVILLE, Tenn.—BOND SALE—The $16,000 semi-annual fire
COUNTY
KNOX
SALE POST¬
Tenn.—BOND
Knoxville),
O.
(P.
PONED—It is stated by W. W. Hall, County Court Clerk, that because of
the failure to receive a notice of the grant of funds, the sale of the $30,000
Ex-Service Men's Memorial Armory Building bonds, which had been
scheduled for March 10—V. 152, p. 1164—was postponed to March 27, at
Dated Feb, 1, 1941.
Denom. $1,000.
Due 3,000 Feb. 1, 19-13
The bonds will be sold at par and accrued interest to date of
10 a. m.
1952.
to
delivery, at the lowest interest cost to the county after deducting premium,
if any.
Interest payable F-A 1.
The purchaser will bear all expense of
the sale, including cost of printing bonds and attorney's opinion as to
validity.
_'-i.
: ."A
MARSHALL COUNTY
(P.
O.
Lewisburg), Tenn.—BOND SALE—
$65,000 issue of 2% coupon semi-annual funding bonds offered for
sale on March 6—V. 152, p. 1320—was awarded to the Thomas H. Temple
Co. of Nashville, at a price of 99.707, a basis of about 2.04%.
Dated
March 1,1941.
Due on March 1 in 1942 to 1957.
The
MURFREESBORO, Tenn.—BONDS OFFERED—Sealed bids were re¬
Recorder, for
ceived until 7 p. m. on March 13, by William Draper, City
the purchase of $68,000 school bonds.
SOUTH
PITTSBURG, Tenn.—BONDS AUTHORIZED—An ordinance
calling for the
is said to have been passed by the City Council recently,
issuance of $85,000 3 Yi % water works revenue bonds.
WILLIAMSON
(P. O. Franklin), Tenn.-BOND OFFER¬
ING—We are informed by D. B. Graham, County Judge, that he will
offer for sale at public auction on April 15, at 10 a. m., a $25,000 issue of
jail bonds.
Interest rate is to be named by the bidder, payable April and
Nov. 15.
Denom. $1,000.
Dated April 15, 1941.
Due on April 15 as
follows: .$3,000 in 1942 to 1945 and in 1947; $5,000 in 1948 and 1949,
without option of prior payment.
WASHINGTON
BREMERTON, Wash—BONDS SOLD TO RFC—The Reconstruction
Finance Corporation is said to have purchased at par the following 4%
semi-ann. bonds aggregating $40,000: $18,000 sidewalk improvement, and
$22,000 sanitary sewer bonds.
UTILITY DISTRICT NO. 3 (P. O.
SOLD—A $385,000 issue of 4M% semi¬
purchased by Murphey,
Favre & Co. and Richards & Blum, both of Spokane, and associates.
Due
in 1944 to 1971: with the district reserving the right to redeem any or all
of the bonds beginning with Feb. 15, 1945, at a price of 105, with the pre¬
COUNTY
MASON
INDEPENDENT
mium scaling down to 101 if called in
(P.
O.
Big
Spring), Texas—BONDS SOLD—It is said that $37,000 refunding bonds
been purchased at par by the First National Bank, and the State
National Bank, both of Big Spring, jointly, divided as follows:
$10,000 as
1Mb, and $27,000 as 2Ms.
INDEPENDENT
CLARKSV1LLE
SCHOOL
DISTRICT
(P.
O.
Texas—BOND OFFERING— Sealed bids
will be received
by E. C. O'Neill, President of the Board of
Trustees, for the purchase of $50,000 school house nonds.
interest rate
is not to exceed 4%, payable A-O.
Dated April 10, 1941.
Denom. $500.
Bonds can be issued in $1,000 and $500 denom. if preferred by purchaser.
Due April 10 as follows:
$1,500 in 1942 to 1949, $2,000 in 1950 to 1958,
and ,?2,500 in 1959 to 1966.
Any rate or rates named must be in multiples
of A of 1%.
Bidders are required to name the rate or combination of
two rates with their bid which is nearest par and accrued interest. Prin. and
until 7:30 p. m. on March 31
int. payable at place preferred by purchaser.
It is the intention of the
Board of Trustees to sell tne bonds at the lowest interest cost that will
bring a price of approximately, but not less than, par and accrued interest.
Alternate proposals will be considered on bonds with 15-year option.
All
bids must be submitted on a uniform bid blank.
These bonds are being
offered subject to an election to be held on March 18.
The district has no
litigation pending or threatened and is not in default.
The district will
printed bonds, a copy of the proceedings, the approving opinion
of Gibson & Gibson of Austin, or of Chapman & Cutler of Chicago, and will
deliver the bonds to the bank designated by the purchaser without cost to
him.
It is anticipated that delivery can be effected by approximately
April 15.
Enclose a certified check for $1,000, payable to the district.
These are the bonds originally offered for sale on Feb 28—V. 152, p. 1320.
furnish the
FORT WORTH, Texas—BONDS VOTED—The City Secretary states
that the following bonds, aggregating $3,000,000, were approved by a wide
margin at the election held on March 4:
$1,250,000 airport; $1,112,000
street improvement; $320,000 incinerator; $160,000 garage, and $158,000
sewer system bonds.
HIDALGO COUNTY (P. O. Edinburg) Texas—BOND CALL.—It is
Kirkland, County Clerk, that a total of $1,168,000 water
improvement refunding bonds, dated April 10, 1936, are being called for
stated by O. D.
payment as of April 10, at the
1957.
SHELTON, Wash.—BOND SALE DETAILS—The City Clerk states
the $50,000 water revnue bonds sold to Dean Witter & Co. of San
Francisco, as noted here—V. 152, p. 1472—were pu chased at a price of
100.26, a net interest cost of about 2.66%, on the bonds divided as follows:
$23,000 as 2Mb, due $1,000 in 1942 to 1946, and $3,000 in 1947 to 1952;
the remaining $27,000 as 2Ms, due $3,000 in 1953 to 1961.
that
SKAGIT
COUNTY
(P.
DISTRICT
UTILITY
PUBLIC
Guaranty Trust Co., New York.
O. Mount
Vernon), Wash.—BONDS SOLD—An issue of $125,000 semi-annual water
bonds is said to have been purchased on Feb. 27 by a syndicate
composed of John Nuveen & Co. of Chicago, and Hartley, Rogers & Co. of
Seattle, and associates, divided; $77,000 as 3 Ms, and $48,000 as 3Ms.
revenue
Wash .—VOTERS
SPOKANE,
REJECT
PUBLIC POWER USE—We
dispatch out of Spokane
quote in part as follows from an Associated Press
March
on
12:
'
,
Spokane, only large city in the Grand Coulee Dam area, has again
rejected public power distribution from the hydro-electric project.
Yesterday's complete unofficial vote on municipal distribution of Grand
Coulee power was: Yes. 17,279; No, 26,609.
The ordinance would have authorized the City Commission to buy
.
.
and distribute retail power from the Grand Coulee dam through acquisition
of the Washington Power Co. system or a new and competing system.
A
maximum cost of $4,290,000
was
figured if the power company was
$6,500,000 if new distribution facilities were installed.
the voters rejected a countywide public utility district
proposal for using Grand Coulee power. Districts outside the city favored
the plan,
1
bought out
or
Five months ago
WEST
DISTRICT
SCHOOL
have
Clarksville),
PUBLIC
Wash .—BONDS
Shelton),
annual electric revenue bonds is said to have been
TEXAS
SPRING
BIG
1941
jointly to C. F. Cassell & Co., and the Peoples National Bank, both of
Charlottesville, as 2Mb, paying a premium of $1,4W, equal to 100.80, a
basis of about 2.18%.
Dated March 15,1941. Due $7,000 from March 15.
1942 to 1966, inclusive.
It was reported subsequently that Scott, Horner & Mason, Inc., of
Lynchburg, and Fox, Reusch & Co. of Cincinnati, were associated with the
above named in the purchase.
_
COUNTY
15,
152, p. 1472—was awarded
school bonds offered for sale on March 6—V.
0.80% to 1.75% for maturities from 1943 to 1950, at 99M for bonds due in
1951, and at 99Yi for bonds due in 1952.
fighting equipment bonds offered for sale on March 6-—V. 152, p. 1471—
were awarded to the Union Planters National Bank & Trust Co. of Memphis
as 2 Ms, paying a premium of $10. equal to 100.062, a basis of about 2.24%.
Dated May 1, 1941.
Due on May 1 in 1942 to 1954.
March
VIRGINIA
Va.—BONDS OFFERED FOR INVESTMENT—A
syndicate composed of Stifel, Nicoiaus & Co. of St. Louis, Otis & Co. of
Cleveland, Stranahan, Harris & Co.. Inc. of Toledo, McDonald, Coolidge
& Co. of Cleveland, E. W. Clark & Co. of Philadelphia, and Stein Bros. &
Boyce of Baltimore, offered on March 13 for public subscription an issue
of $2,870,000 3% semi-ann. toll bridge revenue bonds at prices to yield
from 0.85% to 2.59%, according to maturity, and the syndicate announced
late in the day that the entire issue had been taken by investors.
Dated
March 1, 1941.
Denom. $1,000.
Due March 1, as follows: $140,000 in
1942, $150,000 in 1943, $160,000 in 1944. $170,000 in 1945, $180,000 in
1946, $190,000 in 1947, $200,000 in 1948. $210,000 in 1949, $220,000 in
1950, $230,000 in 1951, $240,000 in 1952, $250,000 in 1953, $260,000, in
1954, and $270,000 in 1955: bonds maturing in 1952 to 1955 are redeemable
prior to maturity on or after March 1, 1943.
Prin. and int. payable at the
State Sinking Fund Commission, Charleston, or at the Chemical Bank &
Trust Co., New York.
These bonds are issued under the authority of
Chapter 27 of the Acts of the Legislature of the State, 2nd Extraordinary
Session 1933 (same being section 1687 (2) et seq. of the State Code of 1937),
and pursuant to an ordinance authorizing and providing for the issuance of
the bonds as adopted by the City Council on March 4, 1941.
Legality
approved by Chapman & Cutler of Chicago. Thes ■ bonds do not represent
nor constitute an indebtedness of the city within the meaning of any con¬
stitutional provision or limitation, and are neither payable from nor a
charge upon any funds other than the net revenue of the group of bridges
pledged to the payment thereof.
WHEELING,
W.
WISCONSIN
FENNIMORE, Wis .—BOND SALE DETAILS—It is now reported
that the $85,000 electric plant revneue bonds sold to Harley, Haydon &
Co. of Madison,
for
a
as noted here—V. 152, p. 1630—were purchased as 3Ms
premium of $5,075, equal to 105.97, are dated April 1, 1941, and
April 1, 1956, giving a basis of about 3.02%.
mature on
FOND DU LAC COUNTY (P. O. Fond du Lac), Wis.—BOND SALE
—The $150,000 semi-annual refunding bonds offered for sale on March 10
—V. 152, p. 1630—were awarded to Halsey, Stuart & Co., Inc. of Chicago,
1 Ms, paying a premium of $907.50, equal to 100.605, a basis of about
1.12%.
Due $50,000 on April 1 in 1945 to 1947.
as
HOUSTON, Texas—BONDS SOLD—It is stated by W. H. Maunsell;
City Comptroller, that $100,000 general improvement bonds authorized
recently by the City Council, have been purchased by the City Sinking
sealed
Fund.
following not to exceed 5% semi-ann. bonds aggregating $140,000:
.
vA;-'V'
;
TARRANT COUNTY
At the election held
on
(P. O. Fort Worth), Texas—BONDS VOTED—
March 4 the voters
are
said to have approved the
issuance of the $1,250,000 highway bonds.
awarded to Steinauer & Schweser, Inc. of Lincoln, as
3Ms, at a price of
100.50, a basis of about 3.45%, to maturity. Dated March 1, 1941.
Due
$6,5b0 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 for each
$100 of bonds redeemed. The bonds are being issued to pay for the cost of
new
COUNTY
Chapman & Cutler of Chicago.
MORONI
CITY, Utah—BONDS OFFERED—Sealed
bids
were
received
until 8p.m. on March 15, by Rulon Johnson,
City Recorder, for the pur¬
chase of $40,000 not to exceed 6% semi-ann. electric
light revenue bonds.
Dated March 1, 1941.
Due $4,000 March 1, 1943 to 1952.
The bonds
payable at some duly designated bank or trust company, and
solely
from the net revenues derived from the operation of the
plant and system.
These bonds were authorized at the general election in November of
1940
These are the bonds offered on Nov. 12,
1940, for which all bids received
are
were
rejected.
VERMONT
ST.
Prin. and int. (A-O) payable at the County Treasurer's
are being issued to refund a like amount of bonded
These bonds
to the county.
Delivery on April 15, on the basis of the payment of the
purchase price plus accrued interest to date of delivery.
The county will
furnish
its
own
completed
on
election may
the question of issuing $29,000 street
refunding bonds.
VIRGINIA
BIG STONE
to 1962.
as
3s at
par.
Due
on
March 1 in 1943
KEMPSVILLE MAGISTERIAL SCHOOL DISTRICT
(P. O. Princess
Anne), Va.—BOND SALE—The $175,000 issue of coupon semi-annual
and the legal opinion
Enclose
of Chapman &
certified check
a
% of the amount bid.
WYOMING
LARAMIE,
Wyo.—BOND
SALE— The $256,000 issue of refunding
bonds offered for sale on March 4—V. 152, p. 1320—was purchased by a
syndicate composed of George W. Vallery & Co., Sullivan & Co., Boettcher
& Co., all of Denver, the Albany National Bank, and the First National
Bank, both of Laramie, divided as follows: $21,000 maturing Jan. 1,
$4,000 in 1943, $6,000 in 1944, $7,000 in 1945, $4,000 in 1946, as 5s. to
Nov. 1, 1941, and 3s, thereafter, $100,000 maturing Jan. 1, $5,0C0 in 1946,
$16,000 in 1947, $22,000 in 1948, $24,000 in 1949, $30,000 in 1950, $3,000
in 1951, as 4.40s, to June 1, 1942, and 3s, thereafter, $35,000 maturing
Jan. 1. $25,000 in 1951, $10,000 in 1952, as 4Mb, to July 1, 1944, and 3s,
thereafter, and $100,000 maturing Jan. 1, $20,000 in 1952, $31,000 in 1953,
$39,000 in 1954. and $10,000 in 1955, as 4Ms, to July 1, 1944, and 2}js,
thereafter.
Dated Jan. 1, 1941.
CANADA
CANADA
(Dominion
of)—TREASURY BILLS
$40,000,000 three-months' treasury bills was sold
average yield of 0.609%.
V
SOLD—An issue
March 13 at
on
of
an
^
GAP, Va.—BONDS SOLD—We are informed by Harold R.
Cheek, Town Manager, that the $100,000 semi-ann. street and
bridge
refunding bonds offered for sale without success on Feb. 18, when all bids
were rejected—V.
152, p. 1320—were purchased subsequently by Scott,
fi°rner & Mason, Inc. of Lynchburg,
bonds
Cutler of Chicago, without cost to the purchaser.
for not less than 2
ALBANS, Vt.—PROPOSED BOND ELECTION—An
be held to vote
Wis .—BOND OFFERING—
indebtedness of the county. The bonds will be sold to the highest responsible
bidder at not less than par and accrued interest to date of delivery.
The
basis of determination being the lowest interest rate bid and interest cost
hydro-electric plant and improving the present dis¬
a first lien against the net revenues of
The city will furnish the printed bonds and the
legal approving opinion
Kenosha)
bonds.
Dated April 1, 1941.
Due on
April 15 as follows: $14,000 in 1942 and 1943, and $12,000 in 1944.
100,000 refunding, series of 1941 bonds.
Dated April 15, 1941.
Due on
April 15 as follows: $2,000 in 1944, and $14,000 in 1945 to 1951.
tribution system and will constitute
the plant.
of
(P. O.
informed by John C. Niederprim, County Clerk, that he will receive
until 2 p. m. (CST), on March 20, for the purchase of the
bids
$40,000 refunding, series of 1941
office.
BEAVER CITY, Utah—BOND SALE—The $130,000 semi-ann. electric
light revenue bonds offered for sale on March 4—V. 152, p. 1472—were
a
are
Denom. $1,000.
UTAH
constructing
KENOSHA
We
LANARK
COUNTY
(P.
O.
Lanark),
Ont.—BOND SALE—The
$15,000 &M% improvement bonds offered March 12—V. 152, p. 1630—
were awarded to Wood, Gundy & Co. of Toronto, at a price of
101.53, a
basis of about 3.28%.
Due in 15 annual instalments.
J. L. Graham &
Co. of Toronto, second high bidder, named a rate of 101.337.
TECK TOWNSHIP (P. O. Kirkland Lake), Orjt.—BOND SALE—
Harris, Ramsay & Co. of Toronto purchased a total of $93,724 improvement
bonds, of which $88,724 mature serially from 1942 to 1951 incl. and $5,000
from 1942 to 1946 incl.
@FedFRASER