The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
*4p
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V
nmntfrcist
DANA COMPANY, NEW
COPYRIGHTED IN 1940 BrwrcLIAM 8.
YORK.
lssuedWia4pa°eYne!a,aCopv~
VOL 150.
NEW YORK, MARCH 2,1940
William B. Dana Co., Publishers,
25
CHASE
THE
BANK
NO. 3897
Spruce St., New York City
BROOKLYN TRUST
COMPANY
THE ACT OF MARCH 3, 1879.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
N E W
respondent bank service
is
traditional
a
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
YORK
Broaden your customer
Chase
service with
cor¬
respondent facilities.
PUBLIC UTILITY
Member Federal
INDUSTRIAL
Deposit Insurance
Corporation
STATE
RAILROAD
AND
MUNICIPAL
MUNICIPAL
City of
BONDS
BONDS
Philadelphia
ACALLYNA^COMPANY
INCORPORATED
V
CHICAGO
Detroit
Bonds
Boston
Philadelphia
Milwaukee
New York
Omaha
The
FIRST
BOSTON
CORPORATION
NEW YORK
Hallgarten & Co
NEW
1850
PHILADELPHIA
CHICAGO
PHILADELPHIA
Established
Moncure Biddle & Co.
BOSTON
AND OTHER
SAN FRANCISCO
PRINCIPAL CITIES
BANK OF MONTREAL
YORK
London
Chicago
The
New York Trust
FINCH, WILSON & CO.
Members New York Stock
Company
Head
Montreal
Office
Capital
•
-
Total Assets in
Exchange
$36,000,000
$40,265,700
Excess
of $1,025,000,000
President
Carefidly Executed
for Institutions and
-
Profits
-
Rest and Undivided
Capital Funds. $37,500,000
Commission Orders
l8l7
Established
Huntly R. Drummond
Vice-Presidents
Individuals
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
IOO
120 BROADWAY, NEW
W.
BROADWAY
YORK
A.
Bog
General Managers
Jackson Dodds
—
G. W. Spinney
*
Branches and
MADISON AVENUE
R. H. Johnson & Co.
In Canada
More than 500 Branches.
AND 40TH STREET
In London:
Members
New York Stock Exchange
Agencies
and Newfoundland—
47 Threadneedle St., E.C. 2;
9 Waterloo Place, S.W. 1.
In the United States—New York, 64
New York Curb Exchange
Wall St.;
Chicago: 27 South La Salle St.:
64
Wall
St.
PHILADELPHIA
BOSTON
San
New York
ONE EAST
Francisco:
(San
Bank of Montreal
Francisco),
333
California
Street.
57TH STREET
CarlM.Loeb,Rhoades&Co.
61
Established 187 If
NEW YORK
London
DeHaVen & Townsend
BROADWAY
Paris
Member of
Amsterdam
the
Federal Deposit
Insurance Corporation
NEW YORK
SO Broad St.
PHILADELPHIA
151S
Walnut St.
Financial Chronicle
The Commercial &
II
March
1940
2f
Dividends
CARBIDE
UNION
CARBON
AND
CORPORATION
of Sixty
dividend
cash
A
cents
(60c) per share on the outstand¬
ing capital stock of this Corpora¬
tion has been declared, payable
April 1, 1940, to stockholders of
record
of
the close
at
business
March 8, 1940.
ROBERT W. WHITE, Treasurer
154/
(0MMERCIAL jNVESMEOTpJST
/»a»
jjv
CORPORATION
Convertible Preference Stock,
MBW ENGLAND MUTUAL
Again Brought Peace of Mind
to Thousands of Families
N othinc gives this Company greater satisfaction than
the 39 millions of dollars it
that families of
in 1939:
in comfort and
educated
...
security
that those
paid out to its members
who died might live
showed
X.
April
payable
record
at
the
,
.
no
that children might be
longer young might retire
will be mailed.
Common
Stock—Regular Dividend
regular quarterly dividend of $1.00 per share
in cash has been declared on the Common Stock
of COMMERCIAL INVESTMENT TRUST
CORPORATION, payable April 1, 1940, to
stockholders of record at the close of business
March 9, 1940. The transfer books will not
A
close. Checks will be mailed.
and Surplus
THE
ELECTRIC STORAGE
of life insurance is to bring help to people
For the record:
now
held in
trust
$154,000,000
to
sum,
with policyholders'
fulfil
more
present contracts,
CO.
have declared
Accumulated
Sur¬
plus of the Company a divi¬
of Fifty Cents
($.50)
per
share on the Common
the Preferred
Stock, payable
organization, New Eng¬
paid $713,000,000 to its policyholders
and their beneficiaries. This
funds
the
from
Since its
BATTERY
Directors
The
in their time of need.
amounts to
I. SNYDER, Treasurer.
JOHN
February 26,1940.
-
Insurance-in-Force, Assets,
land Mutual has
of
.
healthy increases during the year, the primary
purpose
to stockholders of
business on March 9,
close. Checks
1940,
1,
close
1940. The transfer books will not
men
from active work.
While
14.25 Series of 1935, Dividend
regular quarterly dividend of $1.06)4 on the
Convertible Preference Stock, $4.25 Series of
1935,
of
COMMERCIAL INVESTMENT
TRUST CORPORATION has been declared
A
dend
Stock
and
March
30,
of business
be
stockholders of record
1940, to
of both of these
on
classes of stock at the close
March 9,
1940.
CheckB will
mailed.
than all premiums paid.
H.
C. Allan,
Secretary and Treasurer.
Philadelphia, February 16, 1940.
96th
Allied Chemical & Dye
STATEMENT
ANNUAL
.
December
NEW
LIFE
31,1939
35 millions
February 27,1940
Corporation
quarterly dividend No. 76
Fifty Cents ($1.50)
per share on the Common Stock of the
Company, payable March 20, 1940, to
common stockholders of
record at the
$123,278,470
INSURANCE
30%
more
IN
more
lias declared
of One Dollar and
FORCE
than
ever
Corporation
New York
Chemical & Dye
Allied
Including Additions and Revivals
INSURANCE
61 Broadway,
$1,573,841,459
before
m
close of business March 8,1940
than at the end of 1929
ASSETS
VV. C. KING,
$468,860,456
Secretary
Increase of $33,136,776
LIABILITIES
$449,849,653
Includes $10,000,000 for 1940 dividends
A
THE ATLANTIC REFINING
CO.
SURPLUS AND CONTINGENCY FUNDS. .$19,010,803
PREFERRED
NUMBER
DIVIDEND
Increase of $7,629,758
16
Copy of Annual Report Gladly Sent upon Request
At
meeting of the Board of Directors
February 26/ 1940, a dividend of
($1) per share was declared
on
the Cumulative Preferred Stock,
Convertible 4% Series A, of the Com¬
pany.
payable May 1, 1940, to
a
held
one
NEW
ENGLAND
MUTUAL
LIFE INSURANCE COMPANY of
BOSTON
stockholders of record
George Willard Smith, President
THE
FIRST
MUTUAL
LIFE
INSURANCE
COMPANY
CHARTERED
dollar
IN
AMERICA
business
April
be mailed.
5,
at the close
of
1940. Checks will
w
M
Q.CONNOR
February 26,1940
Secretary
Agencies In Principal Cities from Coast to Coast
IRVING
TRUST COMPANY
February 29, 1940
The Board
of Directors has this day declared
quarterly dividend of fifteen cents per share on
the capital stock of this Company, par $10.,
payable April 1, 1940, to stockholders of record
a
at
the close of business March
12,
1940.
STEPHEN G. KENT
Secretary
*
/
T»f. |
onmiptrial f
Vol. 150
MARCH 2,
No. 3897
1940
CONTENTS
Editorials
The Financial Situation.
1320
The
Logan-Walter Bill
1333
The
Barkley-Cole Trust Indenture Act
1335
Comment and Review
Business Man's Bookshelf
Week
on
1337
.
the European Stock Exchanges
1325
Foreign Political and Economic Situation
_
Foreign Exchange Rates and Comment
Course of the Bond Market
1325
1330 & 1376
1336
-
Indications of Business Activity
1338
Week
on
the New York Stock Exchange
1323
Week
on
the New York Curb Exchange
1373
News
Current Events and Discussions
1349
BanJt and Trust Company Items
..1372
General Corporation and Investment News
1417
Dry Goods Trade
.
State and Municipal Department
1469
..1470
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking
1381 & 1383
Fund Notices
1376
Dividends Declared
1376
Auction Sales..
1375
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations. .1384 & 1394
New York Curb
Exchange—Stock Quotations.
New York Curb
1384
Exchange—Bond Quotations..
-.1400
1404
Other Exchanges—Stock and Bond Quotations
1406
Canadian Markets—Stock and Bond Quotations.
.1410
Over-the-Counter Securities—Stock & Bond Quotations. 1413
Reports
Foreign Bank Statements
1329
Course of Bank Clearings
1373
Federal Reserve Bank Statements
General
1349 & 1381
Corporation and Investment News
1417
Commodities
The Commercial Markets and the
Crops
..1459
Cotton
Published
1463
Breadstuffs
1467
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Sedbert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
LondonEdwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New.York. N. Y., under the Act of March 3.1879.
Subscriptions in United States and Possessions, $18.00
$10.00 for 6 months; in Dominion or Canada, $19.50 pa* year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 mouths; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate One.
Contract and card rates on request. NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
per year.
The Financial Situation
New Deal,
content
in the habit
In
are
of them beyond the control of the Na¬
and some of them quite within its
causes, some
of skirting on padded feet.
for example social security, so-
instances, as
some
a
Thanks in part to
whether in political life or in the business
world,
situation still^morerdifficult to remedy.
New Deal tinkering with the gold
of the dollar and in part to a number of other
resultpn
THERE are be number issues, which critics of the
ought to a current of current issues, or what
tional Government
control,
has such wide, if mis¬
guided, popular approval, in the main, that few ven¬
ture in public to do more than suggest modifications
in practice or in detail.
In other cases, doubtless,
other causes operate, while in a certain number the
called, what has been done
artificial
induced the growth of a purely
in the money
ease
dition of bank assets in
world
the
probably
had
presented
are so
stood at $16,638,000,000,
"He Is No
diffi¬
venture
cult that few
opinion as to what ought
to be done. Nowhere, per¬
bargaining
doubtedly,
a
a
into being in
here, un¬
cipitate a "crisis" of some
J
The
in
situation
which
banks find themselves
our
today certainly should not
be
lightly, frivolously or
irresponsibly exposed. Yet,
assuredly, nothing is to be
gained by feeding the pub¬
lic the popular soothing
to
syrup
"our
liquid." Such
is
utterly
with the
a
out
or
truth, and
the
banking
long
The
been
one
may
our
superficial treat¬
be said with assurance that
conditions to normal.
excused for
banking system is
easy or
the utmost wisdom and courage
restore
sound and
permitted to develop—or rather has
Indeed, it
then
higher
been at
banks
any
were
time in our history.
The
six
months
which
conces¬
elapsed
that
since
time have served to accel¬
erate the movement
was
then
so
which
evidence
markedly in
very
which
and
had
such
re¬
markable proportions.
Our
already
gained
gold stock has
grown some
$1,528,000,000 to the stag¬
people is
gering total
question to
serious thought.
a
of $18,166,-
000,000. Member bank re¬
balances
have
in¬
creased by $1,367,000,000,
It is true also that the condition
yield to
earlier. Despite very
than they had ever
to be expected, the case is taken
It is
an
greater by $1,407,-
circulation, deposits at all
serve
in order to place our banks in a
which will not
year
have
question for the American
the
large amounts of money in
.
employer in this way?
which they should give
deliberately induced—in
ment.
of
Government,
000,000 than was reported
a
port for the action which is
which has been
some
obligations
amount
the popular sup¬
liquid condition.
$10,851,-
Federal
Is it wise to restrict the freedom of the
this:
likely to find it impossible
necessary
$22,442,-
direct
cided.
situa¬
tion, just so long are we
to obtain
as appears
date,
same
000,000 were direct or in¬
the highest tribunal.
Meanwhile, Judge Hand has made it clear
enough that the employer is no longer wholly
free, regardless of the matter of a written con¬
tract, and regardless of how a number of other
points currently in dispute are finally de¬
nothing serious the matter
with
.
the
to
accord
so
employees and to exact
reporting member
on
000,000,
that freedom; it meant
pretation of the law here made is to be the
speaks,
pretend that there is
as we
$4,800,000,000.
amounting to
final ruling when the Supreme Court
statement
of
banks
give to the employees whatever advantage
if,
at
ments of
We shall know definitely whether the inter¬
more
officially esti¬
were
mated
year.
of member
reserves
Of total loans and invest¬
sions from them.
the effect that
sounder
banks
corresponding
preceding
no
ditions to his
banking system was
never
Excess
they would get from collective pressure upon
their employer; and the question here is what
are the fair implications of that grant.
"They should include whatever is reason¬
ably appropriate to protect it, and no one can
dispute that a permanent memorial of any
negotiation which results in a bargain is not
only appropriate but practically necessary to
its preservation.
"It is the merest casuistry to argue that the
promisor's freedom to contract includes the
opportunity to put in jeopardy the ascertain¬
ment of what he has agreed to do, or, indeed,
whether he agreed to anything at all.
"The freedom reserved to the employer is
freedom to refuse concessions in working con¬
frightened and pre¬
sort.
that to oblige him to enter
employees would
"The Act impaired
to
the
at
date of the
longer free anyway; before the
was not obliged to bargain with his em¬
ployees collectively; he was at liberty to refuse
to negotiate with them at all, or otherwise
than severally.
vigorously lest the public
grow
ure
written contract with his
"But he is
and
frankly
fully,
772,000,000 above the fig¬
Act he
subject to be dealt
a
with
$2,-
$10,951,000,000, or
said:
feeling on the
re¬
balances had risen to
serve
deprive him of "that absolute freedom in ne¬
gotiation which he had at common law, and
which Congress meant to preserve to him,"
that banks
banking is too "deli¬
cate"
case
Member bank
earlier.
em¬
an
process.
ployer in this
part of many
and
that
Board
rendering the opinion, Judge Learned
Hand, referring to the contention of the em¬
in our banking
system. We have
Relations
In
conspicuous
come
recent years
greater than it was a year
ployer must, under the National Labor Rela¬
tions Act, put into writing any agreement
that may be reached through the collective
than in the state of affairs
that has
Labor
$3,500,000,000
over
or
Appeals upheld the contention of the Na¬
tional
haps, is this tendency to
"wince and relent and re¬
more
Longer Wholly Free"
On Feb. 26 the United States Circuit Court
an
of
frain"
On
before seen.
never
Aug. 30 last our gold stock
understood and the prob¬
lems
market and a frozen con¬
this country, the like of which
inadequately
situation is so
de¬
had, long before the European war
we
veloped last autumn,
will be required to
Anyone may be readily
hesitating to lay down
a
detailed treat¬
standing
of
at $12,318,000,000.
banks
are
now
Excess reserves
officially estimated at
greater than at
September. Total loans
reporting member banks have
$5,690,000,000,
or
$890,000,000
the
beginning
of
last
and
investments
risen
some
of
$769,000,000 to $23,211,000,000, while
holdings of direct and indirect obligations of the
Federal Government have
moved up $404,000,000
is
ment for this purpose.
now
member
to
still
$11,255,000,000.
very
Currency in
circulation
large, while deposits of all banks are
substantially higher,
and
Our Banking
Yet there the
Problem
without
problem is.
It urgently demands at¬
equally without question greatly above the previous
tention, and further neglect of it can hardly fail to
all-time
question
high.
very
Volume
The Commercial & Financial Chronicle
ISO
Nor is there any
good reason to suppose that the
trend
will
Great
soon
Britain
stocks of
mark.
plies, and
more
and
gold,
They
to
come
France
in
reverse
itself.
relatively
large
or
have
of it in this country under ear¬
some
are
end
an
market for various
our
freely here in the future if the
war
rank
and
particularly if, as seems to be expected, it grows
intensity. Sooner or later, it is to be presumed,
they will make payments for their purchases by use
of at least
a
of the
war,
for
which
however,
metal
is
the
optimism and adventure has developed with the
the
and
file
fiscal
with
a
powers
of
the
situation
business
still
community.
With
badly out of hand, and
government clothed Avith extraordinary
enabling it to alter radically at a moment's
notice
the fundamentals of the
position in which
they find themselves, banks heavily burdened with
have been importing gold
we
a
re¬
Quite regardless
government obligations can scarcely be expected to
part of their gold.
past at
years
else
or
sharp reversal in the business world, depend¬
ing in large part upon the degree in which a spirit
of
in
Steps taken for control
way.
sult in
sup¬
continues
such
likely to be either ignored
purposes are
buy
war
in all probability destined to
are
control in any
1321
rate in
being
excess
mined
of
the
rate
outside
of
at
this
act
if
as
which
they
were
they actually
of
unaware
are
the
situation
in
placed.
country.
There is at this time certainly nothing in
sight to suggest that this inward movement of gold
will
to
come
future.
great
a
The
permanent halt in the calculably near
influx
of
gold in the past has in
reflected what is known
measure
capital toward
as
a
flow of
a
shores, and in the past there has
been the possibility—though hardly the
probability—that foreigners would begin to with¬
draw the funds
they had sent here for safekeeping,
should in consequence lose some of
we
supply of gold.
The European war if
long continued will definitely tend to reduce and
ultimately in a large degree, to eliminate this pos¬
sibility, since the funds in question are in effect
being seized by the warring powers and will, as¬
suming a continuation of the war, be at one time or
another
expended here for goods, leaving little or
"capital" here to be withdrawn. A marked in¬
tensification of military operations would of
greatly accelerate the
The
outbreak
greatly
which
out such
a
course
Europe has naturally
problems
here
involved,
development, but it is clear enough that
by which
we
a
are
faced is not in
war or no war,
the
and such
point whatever in defer¬
no
trying task which must
later be tackled and which is
to
grow more difficult rather than less
sooner
tainly does not diminish
as
dition becomes
so
as
more
time passes and the con¬
aggravated. Much has
danger inherent in the unprecedentedly large volume of idle funds now in the banks
and in the
staggering volume of
the
excess
reserves
a
long time past. Except in
absurdly high prices of investment securities,
existing has not greatly reflected
the situation thus
itself in
to the
eral
economy generally as yet, due chiefly
costly preventive furnished by damaging gen¬
our
public policies in other directions
and
partly,
doubtless, to the very fact that the danger has been
widely observed and well recognized. It remains,
however, and should the European war presently
stimulate
business here in
degree remotely com¬
parable to that in 1915, the hazard inherent in our
present
banking
a
situation
would
be
greatly
en¬
larged.
It would, of course, be folly to depend
upon
timely correctives applied by our money managers.
There is every reason to
expect them to be
timid in taking action in view of their
distinctly
experience
in
1937, and in
tion such
as
any event a
now
exists
remedy
long
so
practical purposes with¬
the national budget is
as
badly out of balance and
real
improvement
or
case
Until the
today.
definitely, substantially, and
convincingly moving in the direction of
it
is
idle to
so
wanting in prospect of
so
is the
as
budget is balanced,
a
balance,
expect any regime in Washington to
take the steps necessary to a correction of the bank¬
ing situation, and in the final analysis only the
can supply the needed correction.
A
tion
obliged to borrow billions of dollars
public annually
survive
whatever
only
means
highly artificial situa¬
simply is not amenable
to
in the existing situa¬
can
by permitting
are
inducing by
or
at its command
basically in¬
flationary banking and credit situation. Any ef¬
fective action to set the
banking system to rights
almost
those who govern
A
in this
in
a
inevitably wreck the
Treasury, and that fact of
definite
be
soon
credit of the
is well known to
course
in Washington.
would
Any other Ad¬
well
as
of
aware
the
prerequisite to restoring banks
country is
a
sharp and continued reduction
public expenditures.
Administration
Unless this
or
any
other
succeeding it is prepared to reduce
expenditures to the point of balancing the budget,
it may as well abandon
any
Other
of
danger has without the slightest
question been present for
a
time
been said of the
member banks. That
any
these, and perhaps the most obvious, is that
the state of affairs is for
out
fact.
Meanwhile the very existence of the
pres¬
state of affairs
presents a hazard which cer¬
and
One of
less certain
more or
passes.
more
precede
cer¬
now
always fully appreciated must
fruitful endeavor to find a solution.
ministration
or
enough that full recognition of
facts not
would
likely to mend itself,
ring to another day
tain
from the
in
the
being the fact there is
ent
existing situation, and even to as¬
sign specific causes, than it is to formulate a cure,
government
process.
war
unfortunate
of the
government
in all conscience difficult
enough with¬
the situation
least
of
complicated
were
features
course, much easier to cite
our
excessive
no
is, of
but it is clear
our
always
and that
Prerequisites
It
There
ous
certain
are
hopes of bank reform.
Aspects
other
and somewhat less obvi¬
aspects of this situation.
For the most part
they have to do with the price of the dollar in the
foreign
exchange
peoples to buy
that
market,
our
the
ability
goods, and to
some
all-pervasive sympathy in this
the Powers
now
of
foreign
extent with
country with
aligned against Germany.
In
some
quarters it appears to be believed that it is all-im¬
portant to prevent the dollar from becoming inordi¬
nately valuable in foreign countries, that
be
unwise to
take any
which would in any way
eign peoples to buy
our
in
an
should
reduce the ability of for¬
goods, and that it is to
interest to lend all the aid at
British
we
steps in the monetary field
endeavor to
our
save
our
command to the
sterling from fur¬
ther deterioration in terms of the dollar.
relationship between the dollar and the
A stable
currencies
of other countries of the world is
summation
purchasing
certainly a con¬
devoutly to be wished, as is likewise
power
in the hands of would-be buyers
The Commercial &
1322
of
goods—all quite without
our
in which
war
gaged.
of the
reference to the
to lose sight
objectives on
sound and abiding basis are quite beyond the
monetary, credit, or bank tinkering,
any
to reach them
by such means may
easily result in serious injury rather than profit.
If the rest of the world is unable, whether by rea¬
ideas be abandoned, but the
vested in the execu¬
tive branch of the Government for the purpose of
facilitating this employment of credit must be
end, if for no other reason
long as such authority is held the
temptation to use it will be great, and moreover it
will be impossible to convince anyone that the
brought promptly to an
only because as
this country, there is no way by
keep the price of the dollar down
indefinitely—at least, there is no way which will
not inevitably bring serious disturbances sooner or
exports from
can
we
money-managing theory has been discarded.
When all this is fully realized and fully accepted,
end in our finding that we have in effect
substantial part of our exports away pre¬
cisely as we found after 1929 that we had not been
and were not likely to be paid for many of the prod¬
ucts we sent abroad during the mad twenties.
Cer¬
tainly it would be folloy on our part to consent to
the indefinite continuation of a process which is
undermining—has, indeed, already in .large part un¬
dermined—our banking and credit structure, in the
vain hope that by so doing we can in some esoteric
way avoid the inevitable in the foreign exchange
market.
All this touches us from several direc¬
given a
which failure to
Federal Reserve
the
pointedly as in connection with
credit.
effect of such imports upon
our banking structure, we should of course face the
fact without flinching that in sending out our goods
and in furnishing services to the rest of the world
Quite apart from the
against payment in gold we are taking in exchange
a metal whose value is more than doubtful.
To be
it'can be converted into dollars and thus add
our book wealth, as it were, but the fact remains
sure,
yellow metal is, as such,
At some time or other
quite worthless
in the distant future
the world returns
the metal may
again become more normal, but when that will be
and how much gold will be worth even then are
(as we believe) the rest of
when
to
the
Feb.
cline
should
cease
to
flow
is
mild
but
of business loans
tendency
in¬
in the statement week by
to $1,651,000,000, thus augmenting a
previously apparent in the other 106 re¬
The New York City banks
of brokers' loans on security col¬
lateral by $15,000,060 to $457,000,000.
In the statement week to Feb. 28 the Treasury
report a decline
with the
Considerations which
A seasonal ex¬
to be in progress,
The weekly reporting
being.
only on a small scale.
banks in New York City indicate an
$6,000,000
gold certificates with the 12
raising their holdings of such
$15,793,621,000.
Other cash fell
deposited $54,499,000
regional institutions,
instruments
to
slightly, and total reserves
-
demand, for the time
crease
must defi¬
the sound extension of credit or demand a
credit accommodation for
speculative purposes is Only in
member
which are wholly foreign to the purposes
which money, credit, and banking were insti¬
govern
po¬
It
pansion of business loans appears
consciously abandon the practice and
using money, credit, and banking for
engine for similar purposes.
evident, however, that
either business or
porting communities.
controlling industry
and trade, first stimulating it and then restraining
it much as one opens or closes the throttle of an
and possibly
Treasury
digious total of idle bank funds contains the
tential of a most dangerous credit expansion.
We
for managing or
recede somewhat, owing to
payments to the Treasury,
borrowing of new money. But these
will be only temporary influences, of no great sig¬
nificance in the long-term credit outlook.
The pro¬
to
purposes
i.e.,
level may well
income tax
the notion of
tuted,
$18,166,000,000. The gold in¬
reason for an increase of
of member banks by $60,000,000 to
the principal
reserves
reserve
elementary consideration of far-reach¬
restoration of banking in this country we
for
$58,000,000, so that the total moved
record at
$5,690,000,000, and it seems unnecessary to remark
that the latter figure constitutes an all-time high.
In the course of the month now started the excess
consideration of our
ing importance is that to make headway
nitely and
was
excess
banking and credit policies.
A further
of currency
to another
permit the spectre of a rapidly ris¬
ing dollar to deter us in the
official and unofficial deposits
There was a de¬
in circulation by $11,000,000 to
Federal Reserve banks.
amounting to
for it with something other than
promises to pay or the metal itself.
doubtful
The idle
to
affected little, in the week
$7,439,000,000, and this contributed a little to the
upbuilding of excess reserves of member banks.
The principal item, however, was again a sizable
addition to our monetary gold stocks, the advance
the part of foreign countries to our
their ability to pay
was
expansion
28, by shifts of
with the
metal, which, in turn, depends upon
of the
total
credit
beyond the ken of mortal man at this moment, and
moreover both are in substantial degree dependent
hoard
previous tendency toward continuous
in the United States.
of credit resources
gold standard, the value of
upon access on
Bank Statement
HARDLY abanking statistics, be noted infrom
variation is to this wreek, the
official
makes it inevitable that it all pass
system and then be piled in
public vaults to act as a reserve for further expan¬
to us.
task.
seriously to that
through the banking
that the
shall be
we
high prices and
to
remain,
still
policies which not only permit but encourage the
inflow of gold in excessively large amounts at very
sion of bank
into
will
but when such a realization is a fact
in a position to devote our attention
out of the morass
understand it has plunged us
of finding a way
the task
later, and
tions, but in none so
extraordinary powers
various
tariff policies, or from any
other cause, to furnish us goods and services in
amounts sufficient to provide dollars to pay for
which
only must such
Not
of war or our own
son
of a
control device are
policy indicated by the one is more often than not
diametrically opposed to that dictated by the other.
reach of mere
and that efforts
the mechanism
such actions if
a
must govern
is to be employed as
different order, and the
and those which
restriction of credit
certain leading Powers are now en¬
It is, however, essential not
fact that such highly desirable
March 2, 1940
Financial Chronicle
moved up $52,600,000 to
Federal Reserve notes in actual
circulation declined $2,101,000 to $4,858,677,000.
Total deposits with the regional banks advanced
$70,506,000 to $13,623,425,000, with the account
variations consisting of a gain of member bank
$16,170,650,000.
Volume
The Commercial & Financial Chronicle
150
balances by
reserve
$77,111,000 to $12,317,794,000;
1323
Treasury general account by $34,-
pared with only 2,302,299 bales in the corresponding
period a year ago.
584,000 to $561,400,000; an increase of foreign bank
deposits by $19,463,000 to $380,844,000, and an in-
The import increases were largely in raw materials,
substantial increases being shown in crude rubber,
decrease of the
a
of
crease
381,000.
Open
other
The
deposits
ratio
reserve
market
by
$8,516,000 to $363,-
raw
was
unchanged at 87.5%.
wood pulp.
operations
remained
in
by
the
regional
to
banks
increased
$600,000
to
was
$328,000 higher at $8,966,000.
the
imports,
imports managed to maintain nearly
as
was
reached in the
ber
last, the gain is
be
the
as
high
closing month of 1939.
ments
more
marked than at first
smaller than December's.
are
appears
because ordinarily January's ship-
case,
January
were
1939.
were
imported in double
Cattle
and coffee
considerably smaller.
$236,413,000 compared with
Although the $368,550,000 exports in January were
only slightly higher than the $367,819,000 of Decernto
of
$451,183,000 in
December and $156,427,000 in January last year
while virtually none left the country in any of those
months. Silver imports in January totaled $5,799,000 compared with $3,795,000 in December and
$10,328,000 in January 1939. The imports of this
metal were somewhat offset by shipments of $452,000
*n January, $887,000 in December and $1,671,000 in
January 1939.
upward trend, sharply in evidence the month before,
level
both
considerably
Burlaps, which became difficult to
the other hand,
on
Diamonds,
received in
Cold arrived here in January in the large amount
THE report shows that exports foreign tradetheir
of the Nation's persisted in for
January
while
volume
much greater value
smaller.
were
obtain during the last war,
Foreign Trade in January
a
slightly
and cut
cut
a
due to the higher price although the
greater amount.
Industrial advances increased $277,000
were
year
rough
$10,704,000, while commitments to make such ad- '
vances
Silk imported had
quantity
of United States Treasury obligations
again being reported at $2,477,270,000.
Discounts
tin, expressed oils and
cane sugar, copper,
than last
suspense,
holdings
$6,679,000.
wool,
In
The New York Stock Market
*■■■'.
fact, in the
-
'A
past decade, January, 1935 was the only January in
which
But
shipments
the
QLUGGISH trading and
really impressive feature of
the
a
price variation of
very
O
current
modest proportions sums up the activities of
the
above the preceding month.
rose
week
the
on
New
York
stock
market.
The
figures is the fact that the sharply increased level of
apathy affected almost all groups of equities, and
exports attained in December
bond
the
succeeding month.
months been in
since
was
continued during
Exports have
of the
excess
now
figures for
dealings
month
givings about the market and its mechanism, for
any
business fails to develop in a volume that justifies
Imports in the last two months while at much
the
personnel and equipment which still remains
better levels than earlier in 1939 and in 1938 did not
after
achieve the
stocks
1937.
heights reached in
a
number of months in
January's imports of $241,961,000
in
month of
value
than those
the
for
were
35%
were
25%
the
largest of
any
while
appeared
Exports in January
December
exports
amounted
The influence of the
war
in
to
from
large
and also aluminum
Iron
were
the
and/steel, tin,
than double last year
quintuple.
and aircraft
Soy bean exports
only $33,000
More important still, in the long
Washington
So
attitude affect the
a year ago
Farm
rose
products in the
classification however
were
were
since
exceptionally
amounting to
from
the
in
greatest
1935,
crude foodstuffs
shipments
volume
of
any
and far above
of
January
shipped.
the
1939,
bales valued at $14,-
Shipments in the
season
January 31 have aggregated 4,335,745 bales
the
trend,
Some of the mining securities improved slightly,
than
more
shipped in only half the
only 307,833
exempted
Leading industrial stocks show minor recessions,
Last December 831,712 bales worth $43,were
issues
than
more
of 1,058,078 bales valued at
November
small
individual
of
on
*
the basis of a firm tone in base metals.
to
com-
Utility
shares were inclined to drift downward, with the
impetus supplied by the start of the Securities and
Exchange Commission integration
Raw cotton exports
$59,884,000
toward modestly lower levels, with a number
was
to $2,092,000 from
and meat products
clauses1 operable immediately
were
amount of last year.
741,000
of
The price tendency during the week now ending
principal metals shipped
Shipments of metal working machinery
974,962.
are,
after the next general election,
copper
substantially larger quantities than in January,
month
uncertainties
is the antagonistic attitude of the Administra-
to carry expiration
in various metals, machinery,
chemicals and air-craft.
doubled.
and national
primary reasons for the aloofness of trad-
closely does the
Aside
at-
session of the entire month.
nership agreements of financial concerns are known
year ago was
more
that the 1,000,000-share figure was
tion in Washington toward financial interests.
Europe is observable in
are
Thursday it
New York financial district that a number of part-
over
1939.
on
cotton shipments for which special
raw
are
in
It
accountable, most of the export increase
factors
a
than that modest total.
When February ended
and investors.
ers
run,
and imports.
Turnover in
the average if expenses of the market
International
course,
$367,819,000 and imports, $246,792,000.
the character of both the exports
more
tained only in one
$212,911,000 and imports, $178,-
in
on
to be met.
month since October, 1929
$121,027,000 last December.
246,000
$126,589,000
with $34,665,000 in January, 1939 and
last year totaled
shrinkage of recent years.
the New York Stock Exchange ranged in
is estimated that turnover must amount to 1,000,000
shares
The opening month's export excess of
on
the full sessions from just under the 500,000-share
below that January.
was
the
mark to slightly
corresponding
1929, while the month's exports
and compares
similarly slow and plodding,
The situation is indeed arousing the gravest mis-
March, 1930.
smaller
were
for two
process,
other-
wise known as the "death sentence" of the larger
utility holding company systems. Railroad stocks
well maintained. A little business developed
were
during the week in securities of New York City
traction companies, and the tone was good, owing
largely to market purchases of Brooklyn company
stocks by the municipality. Loft, Inc., was active
and higher.
Apart from these few incidents, the
»
The Commercial & Financial Chronicle
1324
plodded along day after day on a minimum
market
of
activity.
Listed
any
what
changes of
The new issues market was someactive, owing to the appearance of $105,-
more
$26,000,000 Kentucky
000,000 Bethlehem Steel and
Utilities Co.
These were well received
obligations.
close to previous
Treasury securities held
States
United
investors.
other
and
institutional
by
few
dealings disclosed
bond
significance.
levels, and best-grade listed corporate
bonds also
In the foreign dollar department,
Scandinavian securities were under pressure, beunchanged.
were
being made by Russian
of the advances now
cause
Issues of the belligerents in the
in Finland.
Troops
larger European war also were marked downward,
Local traction company
bonds were irregular, with
Brooklyn issues mostly at best levels of recent years,
while Manhattan issues softened.
and
kets disclosed
Speculative rail
The commodity mar-
utility bonds were dull.
uncertainty, wheat and other
some
grains losing ground, while base metals improved.
In the
foreign exchange markets the dollar was per-
sistently strong, and continued gold receipts in the
On
touched
stocks touched
Curb
and
Exchange
104
stocks
levels for the year while
high
now
Stock
York
New
the
157
On the New York
low levels.
now
Exchange 114 stocks touched new high levels
121
Call loans
mained
touched
stocks
the New York Stock Exchange re-
on
Stock
New
York
Saturday
were
377,730 shares;
shares;
567,710 shares;
on
the New
On
Saturday
shares;
Wednesday,
Exchange the sales
98,350 shares;
were
on
Curb
York
on
Monday, 123,920
on
Tuesday, 121,730 shares;
120,575 shares;
on
Wednesday,
Thursday, 159,515 shares, and
on
Friday, 186,143 shares.
on
Awaiting the disposition of
directly
traders
the immediate
on
Saturday
on
extensive
were
events bearing
many
of stock prices,
course
reluctant to make
commitments, thus resulting in
down of the market.
After
a
any
bogging
ruling quiet most of the
session, the close brought with it mild liquidation
which
relieved
a
fractional
took
on
an
pivotal issues of
some
The list in
more.
general
Price movements
way.
irregular
uncertainty
a
point
on
Monday
with the growing
appearance,
the ultimate outcome of the
over
or
affected merely in
was
coun-
try's political and business affairs, not to overlook
the foreign problem at
present confronting the
world, which of
mestic
prices easier
marked
the
from
the
first
of the
of
the
in
day's opening
ruled at
volume
group
a
a
was
quiet, with
Some
hour.
firmness
morning session, but with
trading
irregularly
an
reman^er of the session.
Tuesday's trading to
preceding sessions.
formed in
that
end
colored
little
turnover to
tion
by
resumption
trend
was
the
adds fuel to the fire of do-
course
The
woes.
Wednesday
followed
a
per-
prices in this
Declines in this
sec-
warning by the City Comptroller
unwarranted
as
speculation
in
these
ern
Railway at 16% against 16%, and Northern
Pacific at 8 against 8%.
Steel stocks came in for moderate downward re-
vision of prices the present week.
United States
Steel closed yesterday at 57% against 57% on Fri-
day of last week; Crucible Steel at 37% against
Youngstown Sheet & Tube at 40% against 40%.
In the motor group, Auburn Auto closed yesterday at 1% against 1% on Friday of last week; Gen-
Traction issues raised the sales
on
16% against 16%; National Biscuit at 24 against
24; Loft, Inc., at 29% against 27%; Texas Gulf
Sulphur at 34% against 34%; Continental Can at
46% against 47%; Eastman Kodak at 151% against
148; Standard Brands at 6% against 6%; Westinghouse Elec. & Mfg. at 112% against 113%;
Canada Dry at 20% against 213/4; Schenley Distillers at 12 against 12%, and National Distillers
at 24% against 24%.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 23% against 24% on Friday
of last week; B. F. Goodrich at 19% against 18%,
and United States Rubber at 35% against 37.
Railroad shares were moderately lower this week,
Pennsylvania RR. closed yesterday at 22% against
22% on Friday of last week; Atchison Topeka &
Santa Fe at 22% against 22%; New York Central
at 16 against 16%; Union Pacific at 93 bid against
94%; Southern Pacific at 12%'against 13; South-
There
distinguish it
sluggish manner, and mixed changes
modestly
Friday of last week; Allied Chemical &
37%; Bethlehem Steel at 75% against 77%, and
Special issues lifted sales
made substantial gains.
on
lower
degree, but the market otherwise
closing.
24%
ter at 15% against 15; National Dairy Products at
on
Friday, 601,250 shares.
on
& Tel. at 172% against 172.
on
Thursday, 622,640 shares, and
on
Sears, Roebuck & Co. at 83%
against 83; Montgomery Ward & Co. at 53% against
54; Woolworth at 40 against 40, and American Tel.
Monday, 439,840
Exchange the sales
Tuesday, 511,030 shares;
on
52% against 54;
Hye at 174% against 178%; E. I. du Pont de Nemours at 184% against 184; National Cash Regis-
unchanged at 1%.
the
On
general were fractionally improved at the start, inspired in part by the progress of Loft, Inc., which
attained a new high both for 1939 and 1940 to date,
but with the subsequent decline in traction issues,
other groups finished the day mixed. Except for
modest gains in steel shares on Thursday, equities
had little to be encouraged about. Dulness characterized the session, and weakness in utilities and
traction shares proved somewhat of a feature, falling as they do within the scope of official scrutiny.
Pressure centered around the public utility shares
yesterday, and in an irregularly lower market equities in this group gave up fractions to about two
points on the day. A comparison of closing prices
on Friday of last week with the close yesterday
reveals a modest shrinkage from previous levels,
General Electric closed yesterday at 37% against
38% on Friday of last week; Consolidated Edison
Co. of N. Y. at 31 against 31% 5 Columbia Gas &
Electric at 5% against 6%; Public Service of N. J.
Western Union closed yesterday at 23% against
levels.
low
new
would be of no avail to purchasers who planned
to sell them to the city at a higher figure than the
price already established.
Initial transactions in
at 40% against 42%; International Harvested at
States attested the situation.
United
March 2, 1940
securities
eral Motors at 52% against 53%; Chrysler at 83%
against 85%; Packard at 3% against 3%, and Hupp
Motors at % against %.
Among the oil stocks, Standard Oil of N.
j. closed
yesterday at 43 against 42% on Friday of last week;
Shell Union Oil at 11 against 11%, and Atlantic
Refining at 22% against 22.
Volume
Among
closed
The Commercial & Financial Chronicle
150
the
stocks,
copper
Anaconda
yesterday at 29 against 39%
Copper
Friday of
on
last
France, and to
gold stocks.
occasioned
a
securities.
Gold
39%.
mand.
the
aviation
Curtiss-Wright closed
yesterday at 10 against 10% on Friday of last
week; Boeing Airplane at 23 against 23%, and
group,
Trade and industrial reports indicate that a slow
flight
from
mining stocks
Dealings
war.
a
spring offensive in the
A Netherlands defense loan of 300,000-
guilders
voluntarily oversubscribed,
was
this failed to stimulate the market.
in the United States.
operations for the week
were
that neutral center is
by apprehensions of
Berlin
keenly in de¬
as
beset
activity is taking place
into
currency
were
the Amsterdam market
on
great
decline of general business
Prices
but
the
on
trading.
ending today
last
last
month ago, and 55.8% at this
a
Production of electric
year.
the week ended Feb. 24
totaled
in
power
2,455,285,000 kwh.,
according to the Edison Electric Institute.
This
compared with 2,475,574,000 kwh. in the preceding
week, and 2,225,690,000 kwh. in the corresponding
week of last year.
Car loadings of
in the week to Feb. 24
ciation
of
American
decline from the
a
gain
As
were
revenue
freight
reported by the Asso¬
Railroads
at
595,032
preceding week of 12,892
cars,
indicating the
a
but
cars,
the similar week of 1939 of 38,290
over
day of last week.
May
closed yesterday at
57%c. the close on Friday of last
May oats at Chicago closed yesterday at
40%c. against 41%c. the close on Friday of last
price for cotton here in New York closed
11.07c. against 11.22c.
Friday of last
week.
The
the
close
on
Friday of last week.
spot
price for
Domestic
yesterday at ll%c., the close
week.
In
London
yesterday
20
3/16
rubber
at
20
the
copper
closed
Friday of last
on
price for bar silver closed
3/16
pence per ounce
pence
per
the close
against
ounce
on
Friday of last
week, and spot silver in New York closed yesterday
34%c., the close on Friday of last week.
at
In
fers
the matter of
?3.95% the close
on
on
yesterday at $3.93% against
Friday of last week, and cable
Paris closed
2.24%c. the close
yesterday at 2.23c. against
Friday of last week.
on
London
Prices
well
Stock
moved
Exchange
of
especially
of issues
were
debated in
settled the
stocks
the London
week.
a
un¬
Industrial
at times, and
into demand late in the
came
The London
War financing
time.
impressive strength
gold mining issues
singled out
Parliament, which
gilt-edged issues for
showed
was
suitable media for employment
as
increasing totals of idle funds.
was
active.
irregularly, but the undertone
firm and different
groups
from time to time
authorities
are
now
endeavor¬
ing to fit peacetime trade trends into the
velt's
two
State
Sumner
Both
rived
duties
the
war
pic¬
a
conferred
and
and
was
quiet in early
ses¬
good deal of buying devel¬
velt
by
Myron C.
Taylor.
ar¬
Mr.
Taylor, whose
confined to
conferences at
Monday,
on
length the next day with
some
A letter delivered by Mr. Taylor,
alleviation
the
Mr.
of
endeavors for peace and
suffering."
Taylor thus introduces
tively little attention
the Vatican of the
event of first
indicated
the
real
appearance at
The President
his intention to send Mr.
candor
visit
The
observed
was
Mr.
of
Welles,
hand, is shrouded in mystery, and
conceivable
the
importance.
a proper
connection.
other
The mission of
mystery, and rela¬
paid to the
was
rate
Taylor abroad, and
this
no
special emissary, although it is
time ago
some
of
sort
international
conjecture
on
every
as
of the information gathering
purpose
to
ex¬
pedition already has gained expression.
Not only
from the countries which Mr. Welles is to
visit, but
also
from
South
Moscow,
but the fact that
with
everyone
is seeking
•
in
basis in reality,
current is disturbing to
are
a proper sense
foreign situation.
merely
have any
can
they
distant places
"interpretations" of the
come
Few of them
incident.
term
Tokio and
America, have
of the gravity of the
The opinion that Mr. Roosevelt
opportunity to foster third
an
ambitions, by
sort of legerdemain con¬
some
with the Welles
Our
in
mission,
was
expressed fre¬
peripatetic Under-Secretary of State engaged
first
the
leaders last
the
Bank
of
of
his
conversations
Monday, when he
mier Benito
was
with
European
received by Pre¬
Mussolini, and the interview immedi¬
ately revealed the fact that Mr. Welles carried
"autographed"
message
dictator.
Italian
epistle
The
disclosed.
not
was
was
text
The
a
of
mere
our
the
fact
communication
that
such
an
quixotic President
fresh flood of imaginative
accounts of the real intent of the mission.
message
an
from Mr. Roosevelt to the
dispatched by
promptly occasioned
had been merely
one
"If the
of formal greeting
or
compliment," the correspondent of the New York
to
sage
remarked, "there would have been
hide that fact."
was
evoked
The disclosure that
no rea¬
a
mes¬
carried to Premier Mussolini naturally
much
lor
State
cur¬
Under-Secretary of
Mr.
Sunday.
hopes for "parallel
for
further
the
been
promptly published, indicated that Mr. Roose
comparable
to
and
are
at
Pope Piux XII.
oped thereafter, owing in part to arrangements for
advances
last
apparently
son
week, but
emissaries,
Welles
Vatican, presented his credentials
"Times"
A drive of impres¬
proportions is being made to stimulate British
sions of the
special
Rome
in
sive
The Paris Bourse
Government
personal representatives of Mr. Roosevelt
ture, with good market results.
exports.
States
extraordinary degree by the visits
quently by the commentators.
TRADING ill securities on the leadingweek, with
European
maintained, this
was
United
an
rently being paid to Europe by President Roose¬
nected
European Stock Markets
markets
the
foreign exchanges, cable trans¬
London closed
on
transfers
the
of
stirred to
in
yesterday closed at 18.50c. against 18.76c. the close
on
light
CONJECTURE as to the diplomatic intentions
has
an
week.
yesterday at
in
American Diplomacy
corn
week.
The spot
irregularly higher
cars.
of the commodity mar¬
course
kets, the May option for wheat in Chicago closed
yesterday at 100%c. against 106c. the close on Fri¬
56%c. against
moved
65.9% of capacity, against 67.1%
week, 77.3%
time
Steel
Bourse
estimated by American Iron and
were
Steel Institute at
^
modest
relatively dull all week,
000
Douglas Aircraft at 81% against 82%.
upward revaluation of French
an
These inflationary devices may have
week; American Smelting & Refining at 49
against 59%, and Phelps Dodge at 37% against
In
1325
curiosity
messages
as
to
whether
similar
or
will be delivered to Chancel¬
Ilitler, Prime Minister Chamberlain
and Pre
i
•
The Commercial & Financial
2326
Welles left Rome for Berlin,
Mr.
Daladier.
mier
but stopped over in SwitzerHe arrived in the German
capital early yesterday, and is expected to proceed
soon to Paris and London.
The common belief in
early on Wednesday,
Chronicle
tion of approval by
appears
March 2, 1940
President Roosevelt, and it thus
that the United States will enlarge the
Berlin, propagandists statements began to appear
of its political lending, notwithstanding the
evil effects which always attend the mixture of politics and finance in the international sphere. The
debates made it amply clear that the real intent,
in adopting this legislation, is to lend an additional
$20,000,000 to Finland, and an equal sum to China.
Whether the sum will still be of use to harassed
Finland remains to be seen.
British interferences with American mails
aroused further debate this week, mainly because
of the disclosure by the Associated Press on Feb. 22
that mails were removed from American aerial clippers at Bermuda on Jan. 1G at the point of the
bayonet. The State Department dodged the issue
by claiming that it had not been informed of this
use of force. Lord Lothian, the British Ambassador, denied that any such incident had occurred and
called the story "complete eyewash." Unfortunately
for the Ambassador, Bermuda authorities confirmed the account on the same day and endeavored
to excuse the "show of force" as a step enabling the
clipper captain to surrender the mail without failing in his duty. It was made known last Monday
that the aerial clippers would omit their calls at
Bermuda after March 15, and references to the
"weather" supplied the only acknowledged reason
for this change. As though to emphasize the political aspect, it was stated on the following day that
Bermuda will be omitted as a port of call only on
eastbound flights, the returning clippers, which
carry mails in which British censors presumably
would not be interested, continuing their stops at
the islands. To an American protest against the
British blockade of German exports, dispatched
Dec. 8, 1939, an answer was made on Feb. 22, and
it rejected the protest in polite terms.
German press.
Chamberlain and Hitler
land for
day or two.
a
Europe is that the
German and Italian spokesmen
through Mr. Welles, to urge an im-
will endeavor,
the basis of the German conquests.
mediate peace on
and France, on the other hand, are
Great Britain
continuance of the conflict,
be placed in an
unfortunate light if they do so.
One incident of the
first day spent by Mr. Welles in Rome may be sigexpected to insist upon
though they may appear to
even
Sir
Ambassador,
British
The
nificant.
Percy
visit to the United States
conferred briefly with the UnderSecretary, apparently without being invited.
Some competent and significant remarks were
made on Wednesday by the Rome correspondent of
Loraine, paid an informal
and
Embassy
regarding the visit now
"Times"
York
New
the
being paid to European
capitals by Mr. Welles,
Although only the first stage of the journey is over,
it
noted, "it has become clear already that he
was
is
the
of
center
a
struggle, none the less
fierce
deadly for being conducted in polite diplomatic
formulae."'
Italians are saying of the United
left
States, it was added, that "the spectator has
his box and
stepped into the arena, however inno-
cently, and if he gets slightly mauled, it
is not to
All sorts of pleas promptly were
be wondered at."
presented to Mr. Welles by all sorts of people with
many causes,
it appears, and it is altogether obvi-
this
procedure will be repeated in every
that
ous
capital visited by the mysterious personal investigator of Mr. Roosevelt, who might well explain why
ordinary channels of information were regarded
the
as
Just before Mr. Welles was due in
inadequate.
in
the controlled
that
German
These indicated
spokesmen will ply the Under-Secre-
tary with contentions that the "wrongs" of the Versailles
treaty must be righted, the German colonies
and the Reich
restored,
Southeastern
rally
will
although
a
presented
be
a
Paris
at
doubt is permissible
single item of
neutral
granted
free hand in
Still other arguments natu-
Europe.
some
new
London,
and
to whether
as
information will be elicited
For the time being it
anywhere.
seems
clear that
Italy, which already has sampled the Roose-
velt-Welles
scope
offerings, has the best view of the visit.
If
and
when the
it
will
be
spectator gets "slightly mauled,"
entirely the responsibility of President
.
T-^ THE brief space of a few hours, last Saturday,
general statements on the greater of Europe's
two wars were made by the British Prime Minister,
Neville Chamberlain, and the German Chancellor,
Adolf Hitler. Apparently intransigeant, because
their determined insistence that the conflict
must proceed to the bitter end, these speeches nevertheless seem to offer at least a chance for a settlement sll0rt of that complete victory by one side over
other which could only mean devastation for
vanquished and near-exhaustion for the victor,
It is less in the tone of the addresses than in their
omissions that a slim basis for
Roosevelt.
M
to be found.
.
Neutrality Vexations
encouragement is
Perhaps it is idle to seek for such
loopholes at a time when a general
spring offensive
PROBLEMS of a quite apart from to beset the civilized mind must assume, military experts. effort
seems imminent to most however, that an The
United States, neutral continue
any compro-
mise that
of
the
our
neutral
meanderings
Roosevelt's
about
.
the
Europe
personal emissaries.
Finland and to China
in
position may suffer because
House
and
was
Senate,
of
President
Financial aid to
debated at great
under the
length
guise of
a
proposal to increase by $100,000,000 the capital of
the
Export-Import
House approved
Senate followed this
of
the
measure
tended to
United
Bank
of
Washington.
precedent Thursday, the terms
indicating that loans
countries not in default
States
on
may
be
ex-
debts to the
Government, where American
trality is not affected.
The
the resolution Wednesday, and the
There is, of course,
neu-
no ques-
might well be made prebefore the holocaust.
Of possible importance, moreover, is the fact that
the spokesmen for the leading opponents in the
great European war made their respective declaralions just before the arrival in Europe of President
Roosevelt's special emissaries, Sumner Welles and
to prevent the slaughter
cisely in that slack period
Myron Taylor.
Mr. Chamberlain presented the
aims of the Anglo-
French Allies in a grave and well-ordered speech
before his friends and fellow citizens of Birmingham.
aggressions of the
indicated, occasioned the
He detailed briefly the
German Nazis which, he
Volume
The Commercial & 1 inancial Chronicle
150
war
declarations last
and
France, and dwelt
ations
September by Great Britain
the formidable prepar¬
upon
by the Allies for
to the finish.
war
After
parts of Europe, now that spring weather is near-
ing.
Not only in all the belligerent countries, but
also
of
Chamberlain declared that the Nazis aim at world
other
domination and
ing.
British
man
Empire.
aims,
he
In contrast with the alleged Ger¬
maintained that
fighting to right the
flicted
on
Britain
is
that Germany has in¬
wrongs
people who
Great
once
free.
were
"We
are
the neutral States, the haunting fear
among
dealing in general terms with such matters, Mr.
especially at the destruction of the
1327
general spring offensive by one side or the
a
pervaded all activities and colored all think¬
It
man
to be generally accepted that a Ger¬
seems
for intensification of the
move
the form of
will take
war
sharply increased aerial and submarine
activities, directed against the United Kingdom, and
possibly of
attempt to overwhelm the French
an
fighting for the freedom of individual conscience,"
Maginot line.
said the Prime Minister.
Scandinavian and Balkan countries is1 assumed to
freedom of
religion.
We
cution, wherever it
are
may
"We
fighting against
are
be found.
fighting for the abolition of
tarism
which
and
is
of
that
fighting for the
are
perse¬
And lastly, we
the spirit of mili¬
accumulation
of
pauperizing Europe and
armaments
Nazi
Germany
be
to
a
sive,
the
military
a
Limes
Balkans
Europe
bankruptcy and from ruin."
Mr.
Chamberlain
added,
achieve such aims by
Czechs and Poles.
be
In
saved
concrete
England
from
terms,
expected
to
restoring the independence of
Secondly, tangible and satisfac¬
of
the
If the Allies take the offen¬
line.
well be made against
may
move
But there is
also
the
possibility,
heightened by the vast aggregation of Allied force
in
can
neutrality
requirement of the German situation, owing
herself, for only by the abolition of that spirit and
armaments
benevolent
problems of supply.
of
those
The
the Near
East, of
against Russian
oil
out,
and
rear,
supply lines
Not to be ruled
area.
upward through the
a sweep
against Germany's
of
a
move
from the
moreover,
Baku
is the possi¬
bility that both sides will intensify their activities
occasion
and
problems for all of Europe of the
tory evidence must be forthcoming that pledges and
assurances, when they are forthcoming, will be ful¬
gravest nature.
filled.
tirely in keeping with previous incidents.
As
in
Chamberlain
previous addresses, Prime Minister
asserted
that
in the present German
it is for
ous
no
faith
be
can
placed
regime, and he stated that
Germany to take the next step.
With obvi¬
reference to the United States and other lead¬
ing neutrals, Mr. Chamberlain remarked
Allies do not want to settle the
new
that
the
Europe alone,
Chancellor Hitler spoke at Munich in
tieth
public
life
at
marked less
a
retrospec¬
befitting the celebration of the
anniversary of his
by
the
a
same
original
spot.
twen¬
into
emergence
The
declaration of
l'lict
address
was
aims than
war
by
war
developments of the week
the Western Front disclosed
on
clashes and
remained
were
such
in
but the
Holland,
war neverthe¬
There
stage.
Thursday,
of
heavy
troop movements, but the significance of
of
the British
making flights
airmen
The
of the conflict remained peculiarly
and
Air Force bombers and
a
Some
developments remains to be established.
matter
en¬
com
only scouting
"fortification"
its
from
reports
aerial aspect
as
The
appeared to exceed in scope the
earlier activities of the war,
less
were
periodic artillery bombardments.
of these incidents
German
and will welcome the aid of others.
tive manner,
Actual
German
fighters
forces.
daily reported
were
the German bases.
over
a
Royal
The Ger¬
countered with similar moves,
defensive assertion of Reich
power, and by fervent
man
expressions of faith in the people of Germany. The
warning recurred in the speech, a Berlin dispatch
great damage seems to have been done, this week.
On the
to the New York "Times"
continued
not
tolerate
abroad.
dictation
Caustic
said, that the Reich would
and
references
were
spokesmen, and Herr Hitler
the sallies of his foes
of German
the
It
arms.
German
in
cally
made
the
course
of this
declared
References
exposition
that
were
attitude
of
Germany
"living room"
made to Italo-
Japan.
That
Great
is regarded as the
enemy of the Reich
abundantly clear, and hardly
made
to answer
interdependence, and to the sympatheti¬
neutral
Britain
endeavored
restored and her
Europe assured.
German
from
made to British
by emphasizing the strength
Chancellor
wants her colonies
intimidation
to
a
reference
a
may
be significant that
invoked the aid of
Almighty God.
recognition by Herr Hitler that there
The express
is
a
War, and it
even
"higher justice" is, perhaps, the most favorable
Increases
The
waged
was
any actual developments of
European war
by Germany and
the
obvious increase
torpedo and
a
presum¬
Winston
was
sur¬
about to rejoin the fleet.
battleship Nelson, he stated, had been nearly
after damage
refitted
Churchill
ships
are
the great
also
from
announced
a
German mine.
that
five
Mr.
capital
new
nearing completion, and he intimated that
naval base at Scapa Flow was abandoned;
after the Germans sank the
Royal Ook, there.
authorities claimed last
Ger¬
Sunday that 496 Al¬
ships, totaling 1,810,000 tons, had
been sent to the bottom since the start of the war,
this
figure being in
excess
of the known sinkings.
The British and French commands claimed further
sinkings
submarines.
German
of
aspect of the
war was
emphasized
the introduction of food
similar
The
on
economic
Thursday by
rationing cards in France,
systems of distribution having been adopted
previously in Great Britain and Germany.
All
the
smaller
European neutrals found their
the
of
Anglo-French
tension
States met
curious difficulties which may
indicate the trend of
the current week in the
greater
Allies
and mines
shipping.
Tuesday that the battleship Barham had
vived
neutral
War Tension
being
of
positions hazardous, this week, and even the larger
aspect of the speech.
FAR overshadowing
toll
Churchill, First Lord of the Admiralty, admitted
on
lied and neutral
protest against the pariah
allegedly assigned to the Reich in the period
Herr Hitler
further
was
Confidence in victory was ex-1
by the German leader, but there was no
assertion of a right to rule the world.
Much of the
after the World
depredations,
was
France.
address appeared to be
a
no
the Reich submarine commanders
seas
their
took
ably
man
pressed
role
high
but
in
all
authorities
were
"suspension"
of
diplomatic endeavor.
quite
trade
incensed,
negotiations
with
Britain, which was followed immediately by
ish decision to hold up
Italian
Thursday,
by
a
Great
a
Brit¬
all seaborne coal shipments
The Commercial & Financial
2328
from
and
Rome inquired in the
regarding coal contracts
Mannerheim and other lines in ever greater num-
The Low Countries reported
violations of their neutrality, mainly
At the end of the third month of the Russo-Finnish conflict, there was no dispute regarding the
and protests were dispatched to
course of the military activities. In the early stages
the Finns were able to beat back the Russians with
Italy.
to
Germany
States, it appears,
United
shipping terms.
several aerial
by German planes,
increased in Holland and Bel-
Nervousness
Berlin.
mediation is held
pared for resistance to the end, but all reports agree
oil and other supplies re-
that the limited man-power of the defenders is inadequate.
The Russians moved forward relentlessly on the Karelian isthmus, and they announced
last Sunday the capture of the Koivisto Island
forts, which formed the southern end of the Manneheim line and also provided protection for Viborg, the second largest city of Finland. The Finhigh command admitted on Monday the loss
the Koivisto fortifications. The Russian offenwas intensified, this week, and the Finns withdrew all civilians from Viborg in the expectation of
an early capitulation by that town. A secondary
defense, behind the Mannerheim line, is prepared
*or farther activities, but there is no denying the
insufficiency of defensive man-power and equipment. Far to the north, on the Petsamo front, the
Russians developed a weighty offensive, early this
week, and this battle also appears to favor the
aggressors. As the tired Finns withdraw, however,
fhe battlefronts shortens and the valor of the de¬
at which violations of their
studied.
The Norwegian Foreign
Saturday,
Britain
Great
involved
which
an
mained
over
clear that
but London made it
Rumanian
necessary.
no
found their troubles
and other Balkan nations also
persistent reports
The
multiplying.
contention,
and German
bone of Allied
a
Minister,
to arbitrate the differences
the Altmark incident,
is prepared
country
with
neutrality
announced last Sunday that his
Koht,
of Turkish 1
preparations for war, and of border clashes with
Russian
troops, were countered on Thursday, in a
by the Turkish Premier, Refik Say-
radio address
"We have
dam.
nor
wish
to do so," Premier Refik
us
He maintained, also, the Russia has
Saydam said.
no
intention of attacking Russia,
no
does anyone
aggressive intentions toward Turkey, and added
that the Turkish
policy is to remain out of the war
interests
Turkish
unless
involved.
are
Foreign
agencies were blamed for spreading alarmist
news
reports about Turkish intentions, but it does not
that the Premier provided an explanation
appear
of the statements
by his Foreign Minister that Tur-
but merely non-belligerent."
key is "not neutral,
All
European
^
admitted breach of neutrality,
meeting in Copenhagen, last
vian countries held a
Halvdan
bers.
comparative ease, and this seems to have induced a
sense of security within Finland and a belief in
other countries that the Moscow forces would be
unable to break the defense lines. No news was
made available in Moscow, and Finnish victories
occasioned an undue sense of confidence. The recent fighting, on the other hand, has been detailed
wRb accuracy on both sides, and usually with little
delay. Red troops, it appears, found the Finns pre-
gium when large-scale troop movements developed
the German side of the border.
The Scandina-
on
were
hastened
neutrals
military
their
preparations.
■
doubtless will
fense
Russo-Finnish War
some
time to
MILITARY developments of forces against little
being waged by Russian the undeclared war
Finland
were
all of their many
friends in
The small and war-weary Finnish
other countries.
obviously found their resources inade-
quate, and the Russians weres able to pound forward
of sheer
because
man-power
The outcome of the
to
lines
fresh
now
conquests
admitted
and
States
fallen
to
some
play
a
the invaders,
and
reported daily by the Russians,
are
Foreign aid is being
alacrity for the defenders, and
part in the conflict.
Government
credit of
vious
of the strongest Finnish de-
have
by the Finns.
organized with
it still may
and mechanized aids,
unequal struggle still is open
some
question, but
fense
extend
will
a
The United
non-military
$20,000,000 to Finland, in addition to
pre-
advances, and it is quite possible that the
assistance
financial
count
through
be turned
can
of
purchases
Britain and France.
The
to
military
airplanes
in
ac-
Great
agitation in England for
military assistance to Finland
was
summed up ad-
mirably, late last week, by the former Secretary
for
War, Leslie Hore-Belisha, who called for active
intervention
ish
by the Allies
volunteers
and
some
are
soldiers also
force of volunteers to
Whether
have
a
any
or
bearing
ever, as
Finland's side.
Swed-
are
being recruited in Nor-
are
permitting
a
sizable
augment the Finnish defense,
all of these aids to Finland will
on
the conflict seems doubtful, how-
Russian troops
on
joining the Finns in numbers,
British authorities
way.
e
are
being sent against the
hold
the invaders at bay for
come.
j-
u
r
l.
n
*.
i
Swedish Exchange Control
extremely discouraging, this week, to
the defenders and to
defense corps
March 2, 1940
Chronicle
QWEDISH authorities announced last Saturday
O
a
series of close restrictions on the exporta-
tion of capital and on dealings in gold and
exchange, thereby rendering more nearly
foreign
airtight
by
The
Riksdag, or Parliament, ratified the measures in
two brief sessions, and the new rules governing
Swedish financial relations with other countries
were in full effect at the start of business, Monday,
Two general and quite obvious reasons are held
to have occasioned the new regulations.
They are,
firstly, the developing flight of capital from Sweden in the face of the Russian threat and the danger
of involvement in the larger European war, and
secondly, a trade balance that appears to have become
increasingly more unfavorable in recent
months.
Although Swedish gold and foreign exchange resources have been diminished by such developments, the remaining reserves are ample, and
Swedish officials seemingly are determined to keep
them so. Regrettable as it is to find the area of
free international financial dealings circumscribed
still more by this move, it is hardly possible to
criticize the actions of enlightened Sweden in this
connection. The dangers confronting that country
are such that reasonable measures for the safeguarding of resources can be regarded only as
proper precautions for self-defense.
the gold and other regulations found necessary
the country at the start of the European war.
Volume
The Commercial & Financial Chronicle
150
Stockholm reports of last Saturday make it clear
that
the
flight of capital
immediate
tions at this
the
country
respect.
for the
reason
time, and
of
which
the
step
THEREdiscount no changes during the week in
have been
the
of the foreign central
rates of any
banks.
Present
rates
the
at
leading
Rate in
exo¬
It
Date
Rate
was
Argentina..
Date
vious
Effective
Rate
Country
Holland
1 1936
Mar.
3K,
3
...
foreign
Mon¬
on
day by the local Foreign Exchange Committee, in¬
dicate that exchange will be available
only for spe¬
cific
and
tional
justifiable purposes, while all
monetary
transactions
6 1940
Aug
16 1935
Canada
2K
Mar. 11 1935
3
Dec.
16 1936
4~
Japan
Colombia..
4
July
18 1933
5
Java
3
Lithuania..
3
Jan.
1 1936
3H
Morocco...
4
Jan.
2 1937
5
Norway
Denmark..
5K
Oct.
10 1939
4K
3
June 30 1932
3K
2
Oct.
26 193®
4K
Oot.
1 1636
4
Dec.
3 1934
4K
2
Jan.
4 1939
2K
4
Sept. 22 1932
5
6
Jan.
4 1937
7
Retails of the
made known here in New York
as
Jan.
0
2K
Hungary
...
4
Aug. 29 1935
4K
7
India......
3
Nov. 28 1935
3K
Italy..
4K
May
3.29
Apr.
7 1936
Jan.
14 1937
4
6
July
15 1939
7
6K
4K
May 28 1935
Sept.22 1939
Poland
4H
Dec.
17 1937
5
Portugal...
4
Aug. 11 1937
4
3
Rumania
3K
May
SouthAfrica
5 1938
15 1933
Mar. 29 1939
4K
5
May
4K
15 1939
2 K
Czechoslo¬
prior permission of the Riksbank.
rulings,
without
2
Danzig
currencies
...
Chile
in
will
be
interna¬
vakia
England
—
Estonia
Finland
France
Germany
__
Greece
subject to
*
2
Aug. 29 1939
Bulgaria—
Belgium
Pre¬
Effect
Mar. 1
vious
Effective
Country
Eire
dealings
are
Rate in
Pre¬
Fifed
Afar. 1
explained in broad terms by the Swedish Foreign
Ministry that the new foreign exchange regulations
prohibit
centers
shown in the table which follows:
was
that efforts to control the
liquid capital caused the decision.
Discount Rates of Foreign Central Banks
more
prominent citizens of
many
rapidity with
taken also suggests
dus
perhaps the
application of the restric¬
said to have been mentioned in this
are
The
was
1329
._
3K
*4
Spain
Sweden
3
Deo.
Switzerland
IK
5
Feb.
3.65
4K
3K
2
1935
1
K
5
Nov. 26 1936
Yuvoelavla.
i
5
18 1936
6K
Not officially confirmed.
scrutiny.
The importation of securities, and deal¬
ings in imported securities, will be covered by Kiks¬
bank regulations and directions.
Swedish kronor
balances
owned
residents"
will
general watch
these
by other nationals and by "non¬
freely transferable, although a
be
apparently is
dealings.
finally,
gold
export
over
prohibition,
made definite and all-inclusive.
was
interference
The
to be exercised
far has been
so
No
attempted, it appears,
Bank of
England Statement
THE statement of theexpansion of £1,241,000 in
Bank for the week ended
shows
Feb. 28
note
an
associated
circulation,
which raised the total to
with
was
£478,448,520
the reduction in
rose
month-end
currency
rise
£65,618 in gold holdings,
amounted to
reserves
£1,175,000.
Public
countries, but
the
As the
agd.
a year
attended by a gain of
with the trade relations between Sweden and other
with
£531,216,000 in comparison
restrictions
drain
dispatches suggest that trade
some
will
be the next
should be unabated
step, if the financial
under the
new
financial
curbs.
V.'"'.
deposits fell off £2,838,000 and other deposits
£736,502.
The latter consists of bankers'
which increased
accounts
dropped
proportion
last
Far East
week;
a
Government
ECTLE change is situation, from day to day in the
reported where Japan remains
other
intent upon a
amount,
Far
Eastern
large-scale conquest in China and the
hard-pressed Chinese continue to resist the invad¬
More than
ers.
commercial
treaty
of
now
1911
has
elapsed since the
between
the
United
Japan
terminated
was
Washington authorities.
gestion for
some
are
the
in
dwindling.
It is necessary to emphasize
diplomatic prestige of the United States
the Far
situation
is
mented
wane
rapidly if the current
permitted to continue.
by action of
are
ing weather"
some
The
now
may
implica¬
move
of last
begins to prevail in China, and
are
retention
now
of their
to be intent
The Japa¬
chiefly
taking place.
States
COMPARATIVE
Mar.
1939
we
show
a
STATEMENT
Afar. 3,
Afar. 4.
1937
2,
1936
1938
531,216, 000 478,448,520 478,343,890 460,954,385 404,028,799
45,749, 000
11,643,224
11,425,897
15,174,718
7,930,596
138,260, 679 146,910,610 151,734,487 131,467,856 141,160,973
99,407, 854 110,361,073 115,711,224 93,767,777 104,522,241
Other accounts.
38,852, 825 36,549,537 36,023,263 37,700,079 36.638,732
Govt, securities
127,122, 164 99,046,164 104,446,164 85,089,300 83,439,996
Other securities
25,015, 985
28,747,782 28,119,055 26,237,412 26,585,345
Dlsct. & advances2,780, 689
6,349,490
4,294,942
11,922,095
7,075,892
Securities..
22,235, 396 22,398,292 21,043,163 21,942,470 14,663,250
Reserve notes & coin
50,009, 000 48.967,140 48,828,497 53,562,352 57,322,706
Circulation
Other deposits
Bankers' accounts
..
Proportion of
1,223, 914 227,415,660 327,172,387 314,516,737 201,351,505
reserve
27.1%
2%
Bank rate
Gold val. per fine oz_
168.8.
84s.
30.8%
2%
11 ^d. 84s.
38.44%
29.9%
36.50%
2%
2%
2%
11 Hd. 84s. 11 ^d. 84s. UHd.
Bank of France Statement
THE statement ofshowed increase in advances
the Bank for the week ended
Feb.
again
22
to
If they succeed,
will be the
the
an
prestige
throughout the Far East.
to State
highest
tion of
on
war
now
stand at 39,172,990,139 francs,
record, compared with the pre-declara-
total of
637,440,996 francs
20,576,820,960 francs, and 20,-
a year ago.
declined 281,000,000 francs,
Notes in circulation
the total of which is
Notes in circulation
153,360,000,000 francs.
ago
Total ad¬
State, namely 1,300,000,000 francs.
upon
gains, however, and all sorts of
of the foremost casualties
of the United
Below
Public deposits
reported between the invad¬
seem
peace maneuvers are
one
ad¬
£
vances
engagements
militarists
year
well be called "fight¬
ing Japanese and the defending Chinese.
nese
2% Bank rate.
and
No change
kind, and the unfortunate
any
What
apparent.
Of the latter
discounts
from
30.8%,
was
£4,364,000 while
£5,268,521.
was
Afar. 1,
to liabilities
aspects of the ill-considered treaty
thus
off
1940
States-Japanese treaty denuncia¬
obvious, but they have not been supple¬
were
increased
Feb. 28,
Coin and bullion
East will
tions of the United
tion
made in the
ac¬
reserve
comparison of the different items for several years:
shipments
on
types of war materials to Japan, nothing
developed in the American policy with respect
the Far East, and
Japanese apprehensions rap¬
that
the proportion
£3,413,466, from securities.
Other than the sug¬
"moral embargoes"
has
idly
and
The
the initiative
on
of certain
to
fell
£1,855,055
£2,244,272 and other
£1,507,770. f
little to 27.1from 27.5%
a
ago
securities
securities
vances
was
year
BANK OF ENGLAND'S
States and
of the
month
a
decreased
which
counts
aggregated 111,161,699,970 francs.
now
a year
Gold hold¬
ings, French commercial bills discounted and creditor
current accounts showed increases of
Foreign Money Rates
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
on
are
as
Friday of last week and 1 1-32@1 1-16% for three
months'
bills,
of last week.
1%.
as
against 1 1-32@1 1-16%
Money
At Paris the
on
call at London
open
Friday
Friday
was
market rate is nominal at
2lA% and in Switzerland at 1%.
on
on
1,265,332 francs,
404,000,000 francs and 1,286,000,000 francs, respec¬
tively.
The
Bank's gold holdings
273,519,678 francs,
francs last year.
The
liabilities fell off to
a
year ago
it
was
proportion of gold
56.64% from 56.97%
62.87%.
different items with
total 97,-
now
compared with 87,265,829,350
Following
we
a
to
sight
week
ago;
furnish the
comparisons for previous
years:
The Commercial &
1330
Changes
for Week
Francs
French commercial
+ 404.000,000 11,012,000,000
bills discounted.,
b Bills
*73,731,681
bought abr'd
—€97ob"o,666
Adv. against secure.
3,362,000,000
—281,000,000 153360 000,000
Note circulation
Credit current accts. + 1,280,000,000 18,389,000,000
c
Feb. 24, 1938
35,711,273
7,792,029,397 11,582,402,005
837,849,608
745,831,371
3,316,723,907 3,651,846,295
111,161,699,970 02,740,179,830
27,634,656.331 22,373,723,584
Temp. advs. with¬
out
31,903,974.773
Int. to State.. + 1,300,000,000 39,172,990,139 20,627,440,996
Propor'n of gold on
hand to sight llab.
•
1939.
Figures as of Feb. 1,
Includes bills purchased In
•
48.48%
62.87%
50.64%
—0.33%
c In
b Includes bills discounted abroad,
France,
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-lnterest-bearlng loans to the State.^
the
process
_
_
1940
THE market for prime bankers'demand has been
acceptances has
quiet this week.
The
been
Francs
13,476,674
42,000,000
—2,000,000
Credit bals. abroad,
1939
Francs
97,273,519,678 87,265,829.350 55,806,681,654
+ 1.265,332
Gold holdings
a
Feb. 23,
Feb. 22, 1940
Francs
2,
Bankers' Acceptances
FRANCE'S COMPARATIVE STATEMENT
BANK OF
March
Financial Chronicle
further improvement
There has been no
Dealers' rates as reported by the
good but there has been no
supply of prime bills.
the
in
change in rates.
New York for bills up to
Federal Reserve Bank of
for bills running
7-16% asked;
9-16% bid and %%
days are %% bid and
and including 90
for four months,
asked; for five and six months, %% bid and 9-16%
asked.
The bill buying rate of the New York Re¬
serve
from 1 to 90 days.
Bank is %% for bills running
_
27.5 mg."gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected In the statement of Nov. 17, 1938; prior to
that date and from June 30, 1937, valuation bad been at the rate of 43 mg. gold 0.9
fine per franc previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
Revaluation of the Bank's gold (at
the franc.
Bank of Germany Statement
of February
drop in note circulation of
120,098,000
showed
a
THERE have rates of the Federal Reserve banks;
rediscount been no changes this week in the
11,the record high,
11,797,934,000 marks Dec. 30,1939 and 7,248,745,000
marks a year ago.
Gold and bullion, bills of ex¬
change and checks, investments, other assets and
marks, which reduced the total outstanding to
also
liabilities
namely
decreases,
recorded
The following is the
footnote to the table.
in the
schedule of rates
of paper
in effect for the various
now
classes
banks:
at the different Reserve
FEDERAL RESERVE BANKS
DISCOUNT RATES OF
109,823,000 marks, compared with
other
Government obligations are shown
recent advances on
The statement for the third quarter
the Federal Reserve Banks
Discount Rates of
Rate in
Rale
Established
Boston
1
Sept.
New York
1
Aug.
Philadelphia..
IX
IX
IX
Cleveland
Previous
Date
Effect on
Mar. 1
Federal Reserve Bank
Sept.
May
Aug.
1,
27.
4,
11,
27.
21.
IX
1939
1937
1937
1935
1937
1937
IX
2
2
2
marks,
207,588,000 marks and 163,935,000 marks, respect¬
ively. The Banks gold holdings now total 77,514,000
marks, compared with 70,772,000 marks last year.
Richmond
The
obligations bear a rate of 1%, effective Sept. 1, 1939.
Chicago; Sept. 16. 1939, Atlanta, Kansas City and Dallas; Sept. 21,1939, St. Louis,
118,000 marks, 84,374,000 marks, 27,681,000
proportion of gold to note circulation is now at
0.70%;
the
years:
Below we furnish
it was 1.06%.
a year ago
various
with
items
for
comparisons
1940
77,514,000
—118,000
a
Of which dep. abr'd.
-84,374,000 10,867.053.000
c366,720,OOO
c23,804,000
180,392 000
—27,081,000
Silver and other coin..
Advances
Investments
—207,588,000
Other assets
Feb.
23, 1939 Feb. 23, 1938
Relchsmarks
Relchsmarks
Res. for for'n currency
Bills of exch. & checks
1,895,337,000
Relchsmarks
70,771,000
70,772,000
20,333,000
10,572,000
5,366,000
5,788,000
6,489,424,000 4,763,700,000
260,083,000
256,535,000
46,400,000
35,013,000
396,952,000
947,913,000
897,500,000
1,345,442,000
Liabilities—
—120,098,000 11.109.823,000 7,248,745,000 4,687,700,000
767,923,000
1,552,969,000 1,085,347,000
—163,935,000
342,229,000
439,916,000
€651,548,000
Notes In circulation
Oth. dally matur. oblig
Other liabilities
a
2
Minneapolis..
Kansas
•IX
Course of Sterling
tions
York free market the range
previous
and commercial paper
Market
for
Bankers' bills
show little tendency toward
The Treasury sold last Mon¬
days, and awards were at 0.005% average,
computed
loans
dealings.
further issue of $100,000,006 discount bills
a
all
on an
annual bank discount basis.
the New York Stock
on
transactions,
Call
Exchange held to 1%
and time
loans again
were
1%% for maturities to 90 days, and 1%% for four
to six months'
Exchange
bills, compared with a range
of between $3.94% and
The range for cable transfers has
$3.92% and $3.95%, compared with
$3.9634 last week.
been between
$3.96% a week ago.
fixed by London have
of between $3.94% and
range
York
New
Amsterdam, 7.53-7.58; Canada
unofficially quoted in London at
are
77.75.
fixed for one-month
The London official rates are
exchange market as follows:
with the spot rate; Paris
parity for buyers and sellers; Amsterdam 1% Dutch
cents premium to parity; Brussels 2 centimes dis¬
count; Zurich 3 centimes premium to parity.
delivery in the forward
%c. premium to parity
The
news
war
seems
part in determining
Other
few weeks.
bearing
Rates
cables.
Berlin is not quoted.
4.43-4.47.
Lire
months and are as
4.02%-4.03%; Paris
change for nearly two
no
datings.
New York Money
and fluctua¬
In the New
for sterling this week has
$3.92% and $3.95% for bankers' sight
been between
follows:
money
from
expansion of supply.
due in 91
2
in limited trading.
narrow
are
shown
Figures as of Fe.j. 7, 1940.
ECTLE business was doneand rates werethe New
this week on merely
market,
day
2
Quotations are irregular
several weeks.
checks, 176.50-176.75;
York
2
3, 1937
Advances on Government
The official exchange rates
New York Money
continued
3, 1937
Sept,
IX
San Francisco.
2
Aug. 31. 1937
Sept.
•IX
City..
Dallas
*
Sept.
currency" and "Deposits abroad" are Included in "Gold
"Reserves In foreign
c
2
Aug. 24. 1937
1.62%
1.06%
0.70%
+0.01%
clrcul'n
coin and bullion."
2, 1937
IX
St. Louis
a
Propor'n of gold & for'n
curr. to note
Chicago..
Aug. 21, 1937
no new
Feb. 23,
Relchsmarks
Gold and bullion
)
Aug.
*1*4
•IX
STERLING exchange in all important the past
presents
features from those of respects
Changes
for Week
Assets—
•IX
previous
REICHSMARK'S COMPARATIVE STATEMENT
2
Atlanta
on
were
played little
or no
the trend of sterling in the past
developments with possible
news
the pound sterling
krona received
These
to have
and the Swedish
the market.
only slight attention in
the British plan to
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Exchange
holdings of American securities
ruling quotation all through the week for both new
commandeer English
dollar funds for the
Stock
loans
and renewals.
was
The
market for time
money
and the
widely reported on Feb. 24.
our issue of Feb. 17 that certain
quiet.
Rates continued nominal at 1%%
up to 90 days and 1%% for four to six months'
maturities.
The market for prime commercial paper
continued moderately active this week.
Transac¬
tions have been fairly active with the demand in
excess of the supply.
Ruling rates are %@1% for all
which
maturities.
sterling to
continues
It
was
was
noted in
Conservative
views
members
of industrial and
brought
in order to acquire
purchase of war equipment here
abandonment of the gold standard by Sweden,
before
of
Parliament voicing the
London City interests had
Parliament
higher
levels in
the idea of restoring
comparison with the
The Commercial & Financial Chronicle
Volume 150
dollar.
The minimum rate suggested was $4.50.
During the question hour in Commons a few days
ago this matter was again apparently taken up, with
tion of the
the
foreign
emphatic assertion that the pound had been
devalued by the Treasury authorities when the Bank
of
England's official quotation
$4.02-$4.04
Simon, Chancellor of the Exchequer, in
reply to interrogations
Eeb. 27 officially denied
on
that the British Government had devalued the
sterling after the beginning of the
On
gold
pound
In denying
war.
object of stimulating British export trade, he
maintained that the true level of sterling was
below
that at which it stood before the conflict and that
when hostilities started it
the
was
its true economic value."
England's
further
of
narrowed, if not entirely eliminated in favor
It would appear
indicate at least
rates for
some
future
that these debates
tie
the
R. F.
with
Denmark also gave
while
sterling,
Sweden
official
market,
reflected
as
they
narrow as
the
in
are,
it not for the
were
cur¬
The quotations for all units
closely the fluctuations in the pound.
fluctuations
at all
still evident that
foreign trade relationships of these
and all other countries.
follow
Norway and
exchange rates dominate the
and the
rencies
cut
less attention to the adherence of
their units to London rates, it is
London
public
These
York
New
banks
extremely thin character of
entire
bill of exchange on
to
were
so
no concern
Prior to
minimum.
balance,
a
inconsiderable
as
As
to
a
give
under
tions in
sterling
are
How¬
cial
oc¬
imposing restrictions on
guiding the London market that they may be said
all
the London policies. It is clear
that any future change in policy
on
observers
which may
be adopted by London will be promptly
followed by
Sweden's
Sweden.
action
was
of
the heavy loss of gold and
The immediate occasion
foreign exchange in the past few months
and the
threatening war situation in the Baltic.
A
largely in
took
place in
the past several months,
the form of the withholding of funds
normally sent abroad to Scandinavian countries.
was
estimated that in
a
few days preceding the
prohibited except
are
"Import of bank notes, checks, and bills expressed
bank
ties
is also prohibited.
currency
securities may
subject
owned
balances
transferred
Import of
be made only through Sveriges Riks¬
authorized banks.
or
are
Sales of
Swedish
by Swedish residents
may
krona
not be
account without
non-resident
to
imported securi¬
regulations.
to
per¬
mission."
'
owned
balances
"Krona
freely transferable to other
non-residents
by
non-residents
are
and to
residents."
foreign exchange with non-residents'
balances
krona
are
subject to general regulations.
Application for such purchases must be made through
the bank where the balance is held."
The
exchange regulations do not affect existing
clearing agreements.
A matter
taken
likely to have
important bearing on
an
It
adop¬
Feb. 28 with the simultaneous removal
on
both countries of the restrictions which
the
at
beginning
of the
war
upon
were
by
imposed
private
trade
between the two nations.
Under the extended agreement
business
delays
will
men
English and French
be able to do business with
unhampered by the
many
mark commercial transactions
which
one
formalities and
with
other countries.
In France
when it
was
those
in
on
Feb. 28
signed by President Le Brun.
Except
a
new
in
cases
decree became law
which licenses
and quotas
were
already in force before September, British imports
into France and French
the
new
imports into Britain under
regulations become free from the mass of
formalities which
impeded them.
The freedom
tends to the colonies of both countries and
may
heavy flight of capital from the Scandinavian
countries
exchange and securities
in Swedish
policies adopted bear so close a resemblance to those
patterned
&c."
expenses,
with permission."
another
foreign exchange is not unrelated to sterling as the
to
contracts, traveling
"Exports of bank notes, checks, drafts, and other
with obligations maturing
casioned by small offerings.
to be
purposes,
payment of imported goods, freights, insurance
toward economic unification of England and France
London take advantage of dips in the rate
The action of Stockholm in
Most Swedish
currency.
dealers."
mer¬
circumstances
men
Riksbank
sell foreign?
foreign exchange in the future was the further step
small transac¬
immediately reflected in the free
markets and business
or
result
and they did not find it necessary
present
buy
premiums, commissions, salaries, outstanding finan¬
London dominated
world.
anticipate probable changes in quotations.
ever,
in
the
of
commerce
fluctuations
chants
a
and automatically reached
because the
the
authorized
may
"Exchange is available only for specified
e.g.,
demand and supply of foreign exchange
large
were
every¬
control restrictions that the
severe
trading is reduced to
1914 both
are
made
27
Feb.
on
of Feb. 25.
as
(the Swedish National Bank)
free
would not be noticeable
and purchases of exchange
where suffer such
Committee,
of the Swedish regulations effec¬
"Only dealers authorized by Sveriges
"Purchase of
Both offerings
monopoly of foreign exchange
a
Exchange
a summary
tive in Sweden
the market.
extent of
granted
Loree, chairman of the New York Bankers
Foreign
pound and that Holland previously
link
its
was
bills of
sterling.
to
severed
of payment and foreign claims to
means
transactions.
change in London official
Despite the fact that early last fall
its
foreign exchange order prohibits dealings
new
parties without the intermediation of the Riksbank,
spread between the Bank of
buying and selling rate should be still
fixed rate.
a
con¬
held
Bank
of 432,000,000 krona and
of 1,000,000,000 krona.
reserves
foreign
National
Swedish
exchange against Swedish
Many in London outside the official bodies
tinue to insist that the
the
15
currency reserves
which
deemed wise to allow
pound to fall to the rate "at which it represented
Feb. 24 about 20,-
on
the counter value of Swedish currency between two
reports that such procedure had been employed with
the
Feb.
The
in
after the outbreak of the War.
soon
Sir John
rigid restrictions
000,000 krona had taken flight from Stockholm.
established at
was
1331
embrace certain British Dominions.
From
British
sion
ex¬
ultimately
now
on
a
goods will
from
receive the
his
Frenchman who desires to import
no
longer have to obtain permis¬
Government, but will automatically
sterling required from
orized banks, which will guarantee
one
of the auth¬
the transaction
as
The Commercial & Financial
1332
ine pian win operate in ine
^
29 a decree was signed by the President of France effecting a new convention with the
On February
•
of the French
Bank of France for the revalorization
gold stock at the present international value of the
franc and thus compensating for the non-interest-
the bank has made to the
Treasury for the conduct of the war.
The new
bearing advances that
convention with the
exchange equalization fund to
be transferred to the
constitute
ncreased
purchases.
secret fund to cover foreign
a
York
New
at t e mobilization
is aime
An unspecified amount of gold will
abroad
ments
bank
underwriters
insurance
rates by
cargo
war zone
Feb
on
26
caused
an
of 10 sea accidents a month since
average
the outbreak of the European conflict.
For metal
be
$3.94%@S3.95%.
6M cents
rates without criticism.
Despite
many
$3.94«^@$3.95K.
and dull. The
fange wag ^947^13.95^
bankers' sight and
3$ 95^@$3,951^ for cable transfers.
On Wednes-
which
$3.94^@
^ f(ff bankers, gi ht and $3.94M@$3.95% for
caHe transfers.
0n Thursday trading continued
Feb.
89.4
based
on
Feb. 14 to 94.4
Jan. 3, reached 100.8 on
July 1, 1935
on
Feb. 27.
on
index
News"
"Financial
the
96.0
Reuters indices of industrials
27.
on
of
rose
industrial
30
from
The London
stocks,
No further
been made for lower
has
movement
rates at current levels.
^
Bill rates
are
and 3-months bills 1
^
bills is unchanged at %%
against
money
1%.
.
unchanged
as
follows:
Two-
1-16%, four-months bills 1%%>
since the outbreak of the
war
in
September. Montreal
ranged this week between
and
discount of
are
a
discount of 14%
weekly statement, of the
Department of Commerce and
cover
21, 1940.
Ore and base bullion.
2i^inclusive
*$1,522,752
Refined bullion and. coin
$4^oi2
55,978,082
—
$57,500,834
—
-
$4,012
$973,887
....
Norway
1'128-316
Continental and Other Foreign Exchange
«-pHE Erench franc under the financial and eco1 nomic agreement reached between Britain and
France some time ag0 continues fixed to sterling and
II"
3>75[452
IIII
iv^zeriand"IIIIIIIIIIIIIIIIIIi;iIIIIIIH"I"
u^ed^Ringdom
IIHIH
ivLico™::iIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
BmSniraYJrj:iIIIIIIIIIIIIIIIIIIIIIIIIII
SraTia""
—IIIIIIIIIIIIIII
pound.
Fbe financial accord between the two countries is
mnca
*
closer
23i3!76i
IIII
7,086^729
""
4^918',846
IIII
7,944,233
—
Chiefly $151,780Canada, $590,977Peru, $204,937 Venezuela, $297,896
on
exchange.
For the
present it appears that
hoarding of French
bank notes has decreased and that the citizens are
investing in Government issues for financing the war.
Furtber economic decrees
announced
calculated to intensify production,
Feb. 29
on
are
stabilize prices,
financing.
The most important
of these decrees is that revalu-
jng j.be French gold stock, as
the review of sterling
pointed out above in
exchange,
exceptionally
This unit, while
sterling, is inclined to fluctuate in the
Reigian
currency
continues
steady with respect to the spot rate.
not
tied to
market
York
New
with the
Despite the
pound.
spot belgas, a certain
degree of
pressure
jg refiected in the severe discount on futures.
Cur-
under spot and
90-day belgas at 39 points below the basic cable rate.
Except for Holland guilders, the belga is at the
rently 30-day belgas rule at 13 points
sharpest discount of any Continental currency.
The London check rate on Paris closed on Friday
at
176.50@176.75, against 176.50@176.75 on Friday
In New York sight bills on the French
center finished at 2.22% and cable transfers at 2.23,
against 2.24% and 2.24%.
Antwerp belgas closed
at 16-91 for bankers' sight bills and at 16.91 for cable
transfers, against 16.88 and 16.88. Italian lire
closed at 5.05 for bankers' sight bills and at 5.05 for
cable
transfers,
against 5.05 and 5.05. Berlin
.
Gold held under earmark at the Federal Reserve banks
was
increased
nT1
are
not
^ZCCnOSlOVaKia
011
Jan. 31, 1940.
(nominal).
,
quoted
Pypphrvslnvaldfl
during the week ended Feb. 21 by $18,678,665.
The latest monthly report of the Department of Commerce showed that
$1,122,970,000 gold was held under earmark fpr foreign account as of
According to the current issue of the "Monthly Revuew"
,
.
marks
British Oceania.
which took place
by extensions
outlined above in the review of sterling
Feb# 28, as
°f last week.
27i',655
New Zealand
fluctuates closely with the
|n ()10 New York market
—
4!o26!o47
"
Netherlands
t dosed at
for
Cotton and
y
firmness in
gold exports and imports, feb. 15 to feb.
total
Comu]]a at
90.fJay bills at 83.90M, documents for pay-
rpbe
gold imports and exports which
the week ended Feb.
60.d
ht ^ finished at $3 Q2
(Co days) at $3.9!, and seven-day grain bills at
ment
13%%.
taken from the
United States
$3.93^
$3.93^ for cable transfers.
maintain sound
funds
follow
$3.92^@$3.93M for
was
$3.92M@$3.93% for cable trans-
quotations on Friday were
g.
Canadian exchange follows the trends in evidence
a
The
ht and
c
ferg_
was
ran
tance_
bankers, sj
and six-months bills 1 3-16%.
The amounts of
$3.Q2m$3M3/8 for bankers'
M and $3.92M@$3.94^ for cable transfers. On
the market presented no new features of
made
rates in London, from which it would appear
Call
The
was
range
p
that the authorities have decided to stabilize interest
to
The
respects.
ht_
100, was 79.3 on Feb. 23,
as
highest since Aug. 17.
money
tant
lj
restrictions a marked improvement
exchange
were
of the market was unchanged in all
thg tQne
jm
^ ^
The London "Financial Times" industrial
averages,
Bankers' sight was
Tuesday ster]ing continued steady
0n
is noticeable in the London industrial stock
averages.
On Monday the market
94^(^13.951^; cable transfers,
$3
and exporters accepted the advance in
importers
was
steady in thin
wag
gold, silver,
metals and precious stones the surcharge
per $100 of value.
New York
precious
will
transfers
}ast
for demand and
ingots or similar form
in
market_
steady in an extremely quiet
Banker8- sight was $3.95K@#3.95^; cable
12^ cents per $100.
surcharge for general cargo
moving in or out of the combat zone, it was explained
that navigation hazards directly due io the war have
iln announcing the new
sterling exchange on
Referring to day-to-day rates
ga^ur(jay
for payments at home and for pay-
of two reserves,
banks held about
of Feb. 29.
$lf090>000i0oo gold earmarked for foreign account as
French goods.
with British importers of
March 2, 1940
Federal Reserve Batik of New York, the Reserve
rFhe nian will ODPrate in the
fmrminplv r»nmmprcial
genuinely commercial.
same manner
Chronicle
XT
.
m
or
or
on
on
Bucharest closed at 0.73%
,
.
1N
J,
Poland
roianu.
On
Exchange
on
Ull
JLXCiiange
(nominal), against 0.73%
r?-
,
Exchange
_
~
New York, nor is exchange
i
A
if
A
„+
Jbinland Closed at
1
nt
1.75
The Commercial <£ Financial Chronicle
150
(nominal), against 1.75 (nominal).
Greek exchange
0.73^ (nominal), against 0.73 (nominal).
closed at
EXCHANGE on the countries neutral during the
1914-1918
signalized this week by
of
war
was
the action of the
Swedish Government
Feb. 24
on
Closing quotations for
yen checks yesterday were
Friday of last week. Hong¬
kong closed at 24-7-16 against 24^; Shanghai at
6.80, against 7.00; Manila at 49.80, against 49.80;
23.46, against 23.46
of these controls.
The
the
of
new
policies amount to virtual
gold
Norway and Denmark
policies of Stockholm.
standard
by
Sweden.
expected to follow the
are
The
new
Swedish regulations
discussed in the foregoing review of sterling ex¬
are
change.
The
new
Swedish policy
to have affected the
thus far not
seems
quotations for the Scandinavian
units in the free market.
Swiss francs
as
for
weeks past have been
many
on
Singapore at 47.75, against 47.75; Bombay at 30.22,
against 30.25; and Calcutta at 30.22, against 30.25.
abandoning informal restraints in controlling gold
and foreign exchange in favor of an official
tightening
abandonment
1333
Gold Bullion in European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate, 84s. llj^d, per fine
ounce)
the principal European banks as of
respective
in
dates of most recent statements, reported to us
special
cable yesterday
shown for the
(Friday); comparisons
by
are
corresponding dates in the previous
four years:
Banks of—
1940
1939
1938
1937
1936
£
extremely steady.
England
Whatever improvement is apparent in
points.
the
discount of
a
guilder is attributable to the
of The
success
Hague's semi-forced internal loan.
This issue,
con¬
sisting of 300,000,000 guilders of 4% bonds due in
40 years, was
Bankers'
at
oversubscribed
sight
Feb. 27.
Amsterdam finished
on
53.11, against 53.18
transfers at
on
on
*618,933
130,195.465
327.172.387
293.719,377
314.616.737
201,351,505
295.815.490
347,628.740
3,007,350
2,521,900
c63.667.000
a23,400.000
63.667.000
87,323,000
2,454.860
87.323.000
526,311.953
2,570.660
90,124.000
25.232.000
25,232,000
85.342.000
121,770.000
118,818,000
Nat. Belg..
67.174,000
86,889,000
99.114.000
100.141,000
Sweden
55.533.000
112,505.000
33,065.000
6.511,000
6,555.000
6.667,000
8.222.000
France
per¬
slightly firmer tone, although future guilders
unfavorable, with 90-day bills at
are
53
a
guilder is also steady, showing
b3.875.700
Switzerland
haps
Holland
328.625,979
Netherlands
The
on Friday
Friday of last week; cable
53.11, against 53.19 J/2; and commercial
Germany
Spain
Italy.
Denmark
bills
52.90,
at
53.00.
against
Swiss
francs
-
Norway
Total week.
728,303,612
704,618,054
Prev. week.
42,575,000
66,218.000
78,740.000
47,195,000
26.246,000
25.578,000
23,864,000
6.543,000
6.551.000
6,555,000
7.515,000
6.603.000
6,602,000
96,292,000
899.138.305 1.073.971.664 1.095.265.327 1,099,659,008
896.176.315 1,073,841,397 1,093,326.110 1,097,649,924
*
Pursuant to the Currency and Bank Notes
Act, 1939, the Bank of England
statements for March 1, 1939 and since have carried the
gold holdings of the Bank
at the market value current as of the statement
date. Instead of the statutory prloe
which was formerly the basis of value.
On the market price basis (168s.
per fine
ounce) the Bank reported holdings of £1.22
914 equivalent, however, to
only
about £ 18.9 3 at the statutory rate (84s. 11 M»d.
per fine ounce), according 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.
Amount
held Dec. 31, 1938, latest figures available.
bOold holdings of the
of Germany Include "deposits held abroad"
and "reserves In foreign cur¬
c As of April 30.
1938, latest figure available.
Also first report sub¬
sequent to Aug. 1, 1936.
The value of gold held by the Bank of France Is
a
sight
.
42,675.000
73,218.000
105,304,000
83,613.000
Bank
rencies."
closed at
22.43 for checks
transfers,
against
and at
and
22.43
22.43
22.43.
for
cable
Copenhagen
checks finished at 19.33 and cable transfers at 19.33,
and
19.33
against
19.33.
Exchange
Sweden
on
closed at 23.83H f°r checks and at 23.833^ for cable
transfers, against 23.82 and 23.82; while checks
Norway closed at 22.73 and cable transfers
against 22.72 and 22.72.
Spanish pesetas
on
at
13. 1938. at the rate of 27.6 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23. 1937, gold In the Bank was
valued at
43 mg
gold. 0 9 fine per franc; before then and after Sept. 26. 1936. there were
4 ' mg. to the franc: prior to Hept. 26, 1936, 65.5 mg.
gold 0.9 fine equaled one frano.
Taking the pound sterling at the rate at which the Bank of England values its
gold
holdings (7.9881 gr. gold ll-12th fine equals £1 sterling), the sterling
equivalent
of 296 francs gold In the Bank of France Is now
Just about £1; when there were 43
mg.
gold to the frano the rate
was about 190 francs to the
£1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
22.73,
are
presently calculated, In accordance
with the decree of Nov.
nomi¬
The
nally quoted at 10.15, against 10.15.
About the
Logan-Walter Bill.
lawless
most
activities
States, aside from those that
EXCHANGE on the South American the various
held steady for the most part by countries is
national
exchange
Uruguayan
The
controls.
pesos are
Argentine
and
inclined to firmness in the free
market. The greater firmness in Argentine pesos is due
to
expansion in export trade.
ary
totaled 186,191,000
Exports during Janu¬
pesos,
resulting in
an
ex¬
official
to
advices
received
by
the
Chilean Consulate General in New York the Chilean
by the dozen
on
in the
definitely criminal,
or more
administrative
are
permitted to exercise, by delegation, legislative
well
executive
as
and
judicial
There is
powers.
denied
under
by
or
any
to
democratic
any
re delegation
individual
which, such
or
government,
of discretionary
delegated.
primarily
Having selected and designated
for
performance of
whereby Great Britain will buy wool to the value of
£800,000
in
created will
Chile.
be
The
exchange
balance
thus
liquidated by purchase of British
merchandise.
Argentine unofficial
or
free market rate closed at
23.45@23.50, against 23.40@23.45
week.
5.10.
Brazilian milreis
are
on
Friday of last
quoted at 5.15, against
Chilean exchange is quoted at 5.17
against 5.17.
(nominal),
Peru is nominally quoted at 18J/g,
—♦—
such
principal by the
authority to abdicate
weaker tone,
a
agent
agent with whose
voluntary creation and
ac¬
or
of the agency
a
general
resign the allotted functions
or
responsible
secondary and minor degree.
The courts of the
United States have
frequently
this
principle, especially in its applica¬
legislative discretion, and as often as they
though not much changed from last week's quota¬
tions.
The Japanese yen continues pegged to the
have given
United States dollar.
and
an
principal and either irresponsible
tion to
a
an
by transferring them to another agent unknown to
Hongkong and Shanghai
showing
obviously
function requiring in¬
any
to include within the powers
considered
are
is
ceptance of the relationship, it would be ridiculous
only in
of recent
no new
principle
qualities and qualifications the principal is broadly
acquainted and who is made directly responsible to
EXCHANGE ontrendsFar Eastern countries pre¬
the from those
weeks.
sents
The
tegrity and sound judgment,
the
against 18
the
which
powers
governmental agency to whom,
have been originally and
sound.
agreement
a
powers
Exchange Control Commission and representatives of
an
as
universally admitted but practically almost forgotten
principle of law, never authoritatively disputed or
the British Government have
signed
United
agencies of the Federal and State governments which
prohibits the
port balance of 24,705,000 pesos.
According
carried
are
are
it consideration they have reasserted its
validity and force.
Nevertheless, in both legislative
judicial practice there have been, throughout
The Commercial & Financial Chronicle
1334
decades, repeated departures, under pretense
necessity, from the sound philoso-
many
of convenience or
phy of the rule, and precisely those
have
the hands of men not
tionary powers in
responsible according to
the electorate or
realized and are
method have actually been
cratic
steadily
evils
dangerous proportions. These
always and inevitably attending
to
rising
those
are
Indeed, it may
and
field, narrow or broad, is
arbitrary and irresponsible power.
stated
be
as
generalization that whenever
a
wherever control
over any
placed in the hands of any man or group
of men,
control save the individual
sense of right and wrong and social obligation, such
control rapidly degenerates into bureaucratic restriction in the supposed interest of some limited class
or group.
At its best it avoids venality, but in the
lapse of time it rarely omits to gather to itself also
subject to
check
of this
vice, so
common
irresponsibility.
wherever there is
present state of so-called administrative pracUnited States is that to multitudes of
The
tice
or
elements
minor
least
at
no
in the
and commissions
boards
(like the National Labor
Relations
Board, the Securities & Exchange Commis-
sion, the
Federal Trade Commission, the Federal
Commission, the Interstate Com-
Communications
Commission,
merce
and several others)
entrusted broad discretionary powers, to
there are
make and
methods
issue orders and
regulations controlling the
and conduct of
individuals, partnerships, and cor- •
porations, establishing and modifying property
and
limiting the
all these orders and
of
effect
bodies
statutes
of
have, in
rights
and enjoyment of property;
use
regulations have the force and
regularly adopted by legislative
Similar powers
jurisdiction.
competent
additional instances, been enindividual officers, as to the President,
numerous
trusted to
the
Treasury, the Commissioner of Internal Revenue,
the Secretary of Labor, and many others even of
the
Secretary of Agriculture, the Secretary of
and
lesser
rank.
subordinate
bulk
The
of
the
administrative additions to the written and unwritten
laws of the United States
the
of
sundry
official circular
an
Government Printing
of the
resulting from the activities
agencies
alone
recently emanating from the
Office, at Washington, Office
This circular
in
Superintendent of Documents.
announces
the
somewhat
belated
publication,
accordance with the Federal Register
804, of
some
been in full force
The following
1938.
Act, 50 Stat.
17 large volumes of such regulations,
claimed to have
all
is almost
Some idea of it may be gathered
beyond belief.
from
Federal
Another official circular issued
.
.
on
June
1,
is quoted verbatim from the
1936, and Oct. 7, 1939, some 115
matters as" wildlife, transportation, telecommunication, shipping, railroads, public welfare, public
property and works, public lands, public health,
public contracts, postal service, veterans' relief,
bonuses, pensions, parks, navigable waters, navigation, national defense, money, mineral resources,
labor, intoxicating liquors, internal revenue, Indians,
housing credit, highways,.forests, foreign relations,
food, finance, employees' benefits, import duties,
drugs, conservation of power, commodity and
security exchanges, citizenship, commercial practices, commerce, civil aviation, business credit, banks,
banking, animals, animal products, aliens, agriculture, and agricultural
the Code of Federal Regulations and the
Supplement thereto will be available for sale
.
of Documents
on
or
about
Superintendent
The Code
April 1, 1940.
will embrace all Documents of the various Administrative
Agencies which had general applicability and
7 .Jmf_ \ 19,38-
\?onsist+ of ,50
bound in 17 Books, each book containing
approximately 1,000 to 1,200 pages.
.
.
.
The
term "document" [as used herein—Editor] means
any Presidential proclamation or Executive order and
any order, regulation, rule, certificate, code of fair
competition, license, notice, or similar instrument
issued, prescribed, or promulgated by a Federal
Iitles,
credit.
All these multitudinous, often intricate, detailed,
and diverse, orders or decrees of executive or administrative Federal officers and agencies have, or
purport to have, the same effect as though they had
been enacted by Congress in pursuance of its consti-
tutional functions.
In other words, they have, or
claimed to have, the full force of public laws
commanding every citizen to do what they prescribe
and prohibiting every citizen from doing what they
forbid. As such, they are enforceable, or alleged to
be enforceable, in the courts of the land and are subject to penalties, in many instances extending to long
terms of imprisonment in Federal pentitentiaries.
Furthermore, it has apparently become established by a long line of judicial decisions that the
validity of these quasi-laws can not be challenged
are
upon any
grounds other than that (1) the order was
issued in bad faith or arbitrarily or (2) the
agency.
authority
exercised was plainly beyond the broadest possible
interpretation of the statutory delegation of power,
Findings of fact, when supported by even a scintilla
of evidence, will not be judicially reviewed although
all the administrative agencies ignore the timehonored rules of evidence and apply either no rules
at all or rules of their own devising which are frequently grotesquely conceived. Naturally, no court
of the United States will, save upon the most cornplete evidence, impute bad faith or arbitrary action
to any Federal officer or any agency of the Federal
Government, and it is obvious that no action will be
considered to have exceeded the lawful authority
unless it is so plainly beyond the boundaries of the
delegated discretion as to render any different conelusion impossible.
Under these circumstances,
and distribution at the office of the
March 14,
of the Federal Government
cited circular:
First
contemporaneously
with the foregoing relates that between
different agencies
issued 14,889 "docuchosen by ments" of the classes indicated in the foregoing exthe demo- tract and that these related to and "concern such
evils that might
expected to arise from placing discre-
been
March 2, 1940
and strongly fostered
the arbitrary purposes of the New Deal, a condition adversely affecting every citizen and industry
of the United States, has rapidly grown to destructive
and intolerable proportions. All the business of the
country is today
the whims
conducted exclusively subject to
the practical direction
the control, and
of a great multitude of bureaucrats unknown to the
*
.
,
,
,,
,
electorate, m many instances acting as the subagents of the sub-agent of an agent, only remotely
responsible anywhere, often crude in their ideas,
limited in their comprehension, and crochety in their
tempers. The ICC, for example, does not control
the railroads; its delegated duties are far too extensive, too abstruse and intricate to render direct
.
,
Volume
control
The Commercial & Financial Chronicle
150
through
discretion
railroads
has
body
possible.
even
broad
The
their ruin
to
instrumentalities of public service,
as
employees of the
vast horde of subordinate
a
such
whom
to
entrusted
effectively controlled,
are
financially and
by
the
been
Commission, each severally entrusted with a rela¬
The Com¬
great seal of its authority and,
tively small fraction of delegated power.
holds
mission
the
generally speaking, affixes it to sanction determina¬
by its subordinates which are only partially
tions
within the
knowledge
and
States
United
the
And it is
appointees.
the comprehension of the
President has nominated
or
whom the
commissioners
has
Senate
confirmed
highly conscientious Secretary of Agriculture, how¬
possibility apply his
own
thought to
orders issued in his name;
orders
unknown
of
they
has
no
every one
are,
subordinates,
instances, he
many
could not by
and painstaking,
diligent
ever
any
of the
in reality, the
with whom, in
real acquaintance and
addresses
bill
Logan-Walter
industry and business from this incubus of official
control,
by making anything lawful that
not
is
today unlawful, but by conceding to ahyone damaged
administrative action, as herein
discussed, the right to have such action reexamined
irresponsible
by
and, if necessary, corrected by some Federal court
possessing jurisdiction over the
No valid
parties.
ought to
conditions
that
althought it
pass,
loudly
can
only palliate
much
call for
No
letter.
to
more
com¬
prehensive redress.
only
nuisance" is the most succinctly accu¬
more
occurred,
to describe the latest addition to Federal
control of the securities market—the Barkley-Cole
Act—an
Indenture
Act
and
unnecessary,
costly far beyond any possible benefit which it may
render
this
to the
Stock
While the
Exchange
rather
Act
of
6,000
customers.
than
Securities
regulation under the
1933, there probably would not be much
difference
in
the
representative opinion of inves¬
by the 1933 Act, except perhaps due
tors affected
the
of
poll applied to Stock Exchange regula¬
tion
to
poll
Stock Exchange poll reached
fact that the
people
more
Street
and
less actively interested in
probably somewhat
or
therefore
subordinate official's
a
The results showed that all but some 7 %
now
and
unprofitable end.
full
disclosure, requiring reports by the borrowing
and
by the trustee to the security holder, and in¬
creasing substantially the amount of independent
The second is the elimination of
and
ration,
hand,
underwriter,
on
the other
ests which
catch-all clause about
a
will make it child's
mission to embarrass
which
adequate case was made out for it
in the Security and
Commission's study
Exchange
of "Trustees Under Indenture"
(Part VI of the Protective Committee study).
the 16 cases
cited, 11
wrere
Of
real estate cases involv¬
ing so-called "vest-pocket" trusteeships,
officers of the
"trustees."
brated
original issuing company
Of the
other
five, two
in which
became the
were
the cele¬
Guaranty Trust cases of R. Hoe and Cuba
large private bank
corporate
revised the bankruptcy
so
position within four months of default, that
them
making
by
Let
as
one
things will happen: the banks will simply
rescue
us
loans,
else they will make
or
simple subterfuge which will completely
a
defeat the purpose
review,
of the Act.
one
after the other, these
written into the law—"full
tion of conflicts of
purposes
disclosure," "elimina¬
interest," and the regulation of
preferential collections by the trustees.
trustee at least every
tion
on
the
names
a
form
or
as
is
furnish the
six months complete informa¬
and addresses of its
and the trustee must
bondholders;
keep these lists "in
reasonably practicable."
as
current
Then if three
bondholders of at least six months' stand¬
more
ing want to circularize the list then
can
do
so
by
submitting their letter to the trustee, which must
either let them get at the
lists
for them with reasonable
or
or
else do the mailing
promptness, unless it dis¬
of the letter and sends it to the SEC with
note that
it would
be
illegal
or
contrary to the
The SEC may
then
say yes
no.
Section 313
the
in
Barkley-Cole Trust Indentures Act is quite
inter¬
apply to improvement of the trustee's
requires the trustee to send the bond¬
detailed in the bill.
beginning
common
play for the Com¬
certain
a
Lastly, the Act has
laws
a
ment should leave the market alone.
one
trust field.
approves
felt that
the
on
if and when it chooses to enter into the
Wall
49% included 15.2% who felt the Govern¬
unnecessary; no
containing,
almost incredibly complicated set of rela¬
an
tionships which must be repeatedly reviewed, and
But this
enough.
alleged conflict¬
ing interests between the trustee, borrowing corpo¬
and this
the
The first is the principle of
corporation to the trustee and to security holders,
93% included over 49% who wanted less regulation,
in
promptly
error,
objectives of the Act .divide roughly into
holders
The
in im¬
was
:
bondholders' interests.
regulation is
That
parts, each carrying one of the pet idealistic
more
sophisticated.
Government
In
when the default
coupon money
First, the debtor corporation must
multiplying protection can be gleaned from the
recent
at all.
case
no
objectives of the Washington reformers to the bitter
already much-protected investor.
interesting light on the investor's opinion of
An
reading it without bias could fail
one
corrected.
The
no
Commission, they published this
pounding $390 of
rate way
Trust
the
criti¬
obtained
they
had the "defendant" been remiss.
cease
"One
when
trifling matter—corrected when found—
one
three
and
correcting the record
that the SEC had made
see
of two
Barkley-Cole Trust Indenture Act
The
report was issued the indignant
conclusions;
the
redress from
adduced.
objection to such an enactment can be
The bill
cizing
itself to this
It aims to relieve American
deplorable condition.
the
Guaranty Trust wrote a long letter to
auditing and accounting necessary.
infrequent and merely nominal contacts.
The
When
Commission
the
as
The
all along the line.
so
Cane.
officials of
1335
lease
ture
an
case
or
or
annual
of
report
on
what it has done, as
Interim
reports must be sent
certain
stipulated acts such
substitution of
advances
equal to
value of the bonds
as
re¬
property under the deben¬
more
than 10% of the face
outstanding.
Section 314 says the debtor must send the trustee,
the
same
sort of information it must file with the
Commission for
registration
or
listing of securities,
together with certain other information applying
particularly to actions under the indenture.
The
same
reports must go to the SEC, and
of them must go
to every bondholder.
a summary
This widens
The Commercial A Financial Chronicle
1336
March 2, 1940
cor-
must resign within 90 days after it discovers a con-
porations not already involved in listing require-
flict, or eliminate the conflict,
The net result is that, ideally at least, the corpo-
the Commission's
fact-gathering net, brings in
ments, and assures bondholders the same type and
volume of information available to stockholders—
meantime, of course, costing the debtor considerable
in this wholesale
sums
Taken
mailing operation.
of
each
separately,
these
requirements
Taken together, they
helpful to the investor.
seems
benefit they can
the
preventing "conflicts of
indenture trustees; compared
to this,
work required under the full disclosure
In the earlier drafts of the bill the definitions of
conflict
of interest
were
loosely drawn, and
very
corporate trustees1 who went over the bill
im-
saw
mediately that they would most certainly be under
a
government of men and not laws if the bill passed
in such
a
whether
they
of the corporate trustee.
But while the law is thus putting corporate trustees to all this time and trouble to avoid conflicts,
it contains a little joker which in effect wipes out
all the protection thus given the trustee and lets
the SEC have all the discretion it wants.
nothing.
as
practical
line, and say that a regular check every certain
interest," by defining the eligibility and disquali-
sections is
the
period constitutes reasonable diligence on the part
reports are bound to go to the waste-basket.
the paper
Actually,
corporations.
of
sands
mind will have to step in somewhere and draw a
all
Section 310 is aimed at
fications of
be ceaselessly checking, day in
and day out, changes in the security holdings of, in
some cases, literally hundreds of officers in thou-
render him, and for the most part
simply burdensome and expensive beyond
are
rate trustee would
form, and that they would
tion 3 of Section 310 says:
directly
indirectly control,
or
or
Subsecnot
may
be directly
or
indi-
rectly controlled by, or be under direct or indirect
control with the issuer
common
underwriter
or an
for the issuer."
Now if United States Steel should issue deben-
know
never
"The trustee
or
tures, and J. P. Morgan & Co., Inc., should in the
So they insisted upon and obtained, in
fhis respect, a version for this section of the bill
but the SEC could say whether Steel and the House
right
were
or wrong,
in the clear
in dutch.
of
that
"government by definition" to which the
Washington lawmakers
have
to
seem
tropistic
a
aversion, and to which Thurman Arnold last
alluded with frank dislike.
mer
limits of the
sum-
one
major exception, of which
presently.
more
arbitrary definition of
just what is and just what is not permitted is
clear-cut
protection
it in
inadvertently,
arisen
to the
to
more
the issuer.
or
or
be
thereof ; or
law.
of its directors
force
For
or execu-
The trustee may
with
common
cent of the voting stock of the
partner
executive
or
10% of such stock by
collectively by
any
officer
any two or more of
director, partner,
under-
an
or executive officer
two
or more
of such
loans by any corporate trustee choosing to
stay within the spirit of the law.
this Act
Until
as
every person who
within three years was underwriter of
any
of the issuer
outstanding at the
security
time, excepting
distributors getting the usual distributor's
or
sell-
Bankruptcy Act—a trustee
had been
paid down
of
Now,
however,
position,
be the beneficial
owner, or the holder as collateral
obligation in default
as
issued
under
an
an
an
10% of
or
any
other
obligor (except for securi-
indenture
under
which
the
money
on a
unless
the
improvement
any
in
the
bank's
commercial loan, for example, within
four months of default, must be put in
escrow
and
to the ultimate deficits of each,
if
bank
the
makes
a
secured
loan
within four months of default it cannot keep the
money
("had
unless it proves itself that it did not know
no
reasonable knowledge")
the default
was
the way.
on
bank is
going to make
a rescue
loan under
those circumstances—with the burden of proof of
not knowing laid upon itself,
to principal for 30 days, of
5% of the voting securities
class of securities of
security for
which
eventually split with the bondholders in proportion
No
may not
could keep the
bankruptcy
bank
paid off within four months
or
receiver proved that the bank had foreknowledge,
commission.)
Moreover, the trustee
passed—that is, under the
was
existing
Moreover,
(An underwriter is defined
ties
no
it.
upon
rescue
persons.
er's
other such wide-open sections, it deserves
better than the yoke the Walter-Logan bill would
issuer of the securities
an
20% collectively by
any
it
be beneficially owned by the issuer
such persons; or
writer
a
many
ential collections," quite effectively prevents future
or any
Ten per
director,
any
thereof;
trustee,
see
of the
than two directors in
trustee may not
commissions to interpret such things and promptly;
conflict of interest may have
some
according to the terms
not have
quintessence of what the Walter-
very
The last objective of the Act, to regulate "prefer-
underwriter for the issuer.
an
This is the
Logan bill is driving at—to force the SEC and other
whether,
tive officers may not
ofc
corporate
endless checks
instance, the trustee
or
Or who could gainsay the SEC if it should reach
the solemnly absurd finding that they are?
if the Commission fails in this, as it has failed in
But while this rigid and
also involves
of Morgan were under "indirect common control"?
They had the exact
conflicting interest spelled out in the
utmost detail—with
future desire to become the corporate trustee, who
But
any
ease—if it
so
no
can
get around the clause with
desires.
It need only make the loan
bank
so
big (keeping part
on
deposit) that there will be
default until the lban is
paid,
institution is trustee).
Too, the trustee cannot
serve
if it
comes
into
possession, by default, of 5% of the voting securities of any corporation which it knows to control
directly
It is
indirectly the borrowing corporation.
similarly disqualified if it comes to own 10%
of any
to
own
or
class of securities of
nf +W
a
e__
corporation it knows
.i.
-
1 corporation. LTg secunjtiesi0f
The law
&
,,
,
borrow-
provides that the trustee
The Course of the Bond Market
Bond^prices declined somewhat from last week's levels,
The principal specific development of the week
was
the SEC
action on public utility holding companies discussed below.
mgh grade raUroad bonds have been lower this weekNorfolk & Western 4s, 1996 dropped to 121 li, off 2 points,
while 0regon Washington Railroad & Navigation 4s, 1961
declined
M to 105)^.
Medium grade and speculative rail
Volume 150
The Commercial & Financial Chronicle
bonds lost ground
during the week.
Delaware & Hudson
4s, 1943 declined 2 points to 58; Nickel Plate issues have
been
unchanged.
Morris & Essex 43^s, 1955 dropped 1
Defaulted rail issues have been character¬
point to 35 l/i»
ized
by
price fluctuations.
narrow
1337
General Steel Castings 53^s, 1949 and the Studebaker Conv.
6s, 1945 lost ground and the Celotex 4^s, 1947 (w.w.) at
863^ lost
Moderate
the amusement group,
strength has been displayed by
including the Keith, the Loew's and
the Warner Brothers bonds.
Announcement by the SEC of proceedings
against utility
&
Among high-grades the Liggett
Meyers and Lorillard bonds have been off fractionally.
holding companies to bring about compliance with the inte¬
Aside from the
gration feature of the Public Utility Act, resulted in some
price weakness among holding company debentures.
Cities
of the Bethlehem Steel
Service
week.
Power
&
Light 5^s,
New England
1949,
Power
to relate with
Association 5^s 1954 and Standard Gas & Electric 6s 1951
have been the most prominent in this
group.
have been firm although not
particularly
Higher grades
York tractions again occupied the center of interest.
nancing
New fi¬
limited to $20,000,000 first 4s 1970 and $6,000,-
was
000 general mortgage
Changes of
occurred
New
active.
43^s, 1955 of Kentucky Utilities Co.
importance
any
industrials this week
among
primarily in the lower grades.
Following
a
sharp
foregoing and the apparent complete
success
financing, there is little of importance
regard to industrial bond market activity this
Among foreign bonds Japanese Government obligations
reached
new
highs for the
year on a
ground in that department.
lost several
points but developed
There has been
issues
have
unchanged.
up
some
been
generally firmer back¬
Norwegian and Danish bonds
some
rallying
power
later.
support for German bonds, but Belgian
softer,
Italians
while
continued
almost
Australian bonds have been weak with losses
to 4 points while Canadians lapsed again after
rise in the preceding week, the Marion Steam Shovel 6s, 1947
mediate rally.
followed through with
an
inter¬
firm.
International
following
moderate gain this week, but the
a
Mercantile Marine 6s,
2^ point gain
a
in
the
1941 lost 3% points,
preceding week.
MOODY'S BOND PRICES
(Based
on
The
South American issues continued quiet but
Moody's computed bond prices and bond yield
given in the following tables:
averages
are
t
MOODY'S BOND YIELD
Average Yields)
(Based
on
AVERAGES
f
Individua Closing Prices)
:
t
U. S
1940
AU
120
Govt.
120 Domestic Corporate *
Domes¬
Bonds
Daily
Averages
by Ratings
Corp.*
Aaa
AU
-
120
Baa
RR.
105.79
87.07
93.53
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
118.16
105.79
86.78
93.53
118.38
105.79
86.78
93.53
118 16
105 79
86.78
123.10
118.38
105.79
123.10
118.38
105.79
123 10
118.60
105.79
118.38
Feb. 29.. 115.31
107.11
122.63
28- 115 37
107.11
122.63
27- 115.39
107.11
123.10
26- 115 27
107.11
24- 115.32
107.11
23-
115.32
107 30
22..
Stork
Clos
U.
Corp'
Baa
RR.
2.87
3.06
3.68
4.82
4.39
3.32
29
3.61
2.87
3 07
3.68
4.84
4.39
3.32
28
3.61
2.87
3.06
3.68
4.84
4 39
3.33
3.12
117.07
27
3.61
2.85
307
3.68
4.84
4.39
3.33
3.12
112.66
117.07
26
3.61
2.85
3.06
3.68
4.83
4 37
3.33
3.12
93.85
112.66
117.07
24
3.61
2.85
3 06
3.68
4.84
4.37
3.33
3.12
93.85
112.66
117.07
23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
Stock
Exchan ge Clos ed
2.85
3.05
3.67
4.82
4.37
3.32
112.86
116.86
Feb.
112.66
117.07
93 53
112.66
86.92
93.85
86.78
86-92
ed
118.60
105.98
87.07
93.85
20- 115.48
107.30
123.10
118.60
105.98
87.07
19- 115.47
107.30
123.10
118.60
105.98
87 07
17- 115.49
107.49
123.10
118.81
105.98
16- 115.48
107.49
123.33
118.81
16- 115.48
107.49
123.33
118.81
P.
U.
Ind.
3 12
•
3.13
117.29
21
3.60
93.85
112.66
117.29
20
3.60
2.85
3.05
3.67
4.82
4.37
3.33
3.11
94.01
112.66
117.29
19
3.60
2.85
3 05
3.67
4.82
4.36
3.33
3.11
87.21
94.01
112.86
117.50
17
3.59
2.85
3.04
3.67
4.81
4.36
3.32
3.10
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3 10
105.98
87.07
94.01
112.86
117.50
15
3.59
2.84
3.0*
3.67
4.82
4.36
3.32
3.10
14
2.86
3.04
3.67
4.83
4.37
3.33
3 11
2.85
3.04
3.67
4.83
4.36
3.33
3.10
Exchan ge Clos ed
3.67
2.86
3.04
4.83
4.37
3.33
3.11
1 >7.30
122.86
118.81
1 >5.98
86.92
93.85
112.66
117.29
107.30
123.10
118.81
105.98
86.92
94.01
112.66
117.50
12„
Excnan ge Clos ed
107.30
122.86
118.81
105.98
86.92
93.85
112.66
9- 115.44
Aa
112.86
13- 116.53
10- 115.45
A
3 61
Mar.
123.10
Stock
Aaa
1
117.07
107.30
14- 115.53
P.
22
122.63
Exchan ge
Domes
Averages
Ind.
112.86
107.11
21- 115 42
1940
Corporate by Groups*
Aa
1-. 115.42
Mar.
120 Domestic
tic
3.60
13
3.60
12
Stock
117.29
10
3.60
3.11
107.30
122.86
118.81
105.98
86 92
94.01
112.66
117.29
9
3.60
2.86
3.04
3.67
4.83
4.36
3.33
3.11
8- 115.40
107 30
122.86
118.81
105.79
86.92
93.85
112.66
117.29
8
3.60
2.86
3.04
3.68
4.83
4.37
3.33
3.11
7— 115.40
107.11
122.63
118.81
105.60
87 07
93.85
112.66
117.07
7
3.61
2.87
3.04
3.69
4.82
4.37
3.33
3.12
6.. 115.46
106.92
122.63
118.60
105.60
86.64
93.69
112.45
117.07
6
3.62
2.87
3.05
3.69
4.86
4.38
3.34
3.12
5- 115.44
107.11
122.63
118.60
105.60
86.78
93.85
112.45
116.86
5
3.61
2.87
3.05
3.69
4.84
4.37
3.34
3.13
3- 116 46
107.11
122.86
118.38
105.60
86.78
93.69
112.45
116.86
3
3 61
2.86
3.06
3.69
4.84
4.38
3.34
3.13
2- 115.43
106.92
122.63
118.60
105 41
86.78
93.69
112.45
116.86
2
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
1— 115.42
106.92
122.63
118.16
105.41
86.64
93.53
112.25
116.64
1
3.62
2.87
3.07
3.70
4.85
4.39
3.35
3.14
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
Weekiy—
Weekly—
Jan. 27- 115.54
106.92
122.63
118.38
20- 115.65
106.54
122.40
117.94
13- 115.96
106.73
122.40
118.16
116.03
106.92
122.86
117.72
High 194(1 116.12
107.49
123.33
118.81
Low
106.54
121.94
1940 115.25
105.41
86.64
93.69
105.41
86.21
93.21
112.25
116.43
20
3.64
2.88
3.08
3.70
4.88
4.41
3.35
105 60
86 50
93.53
112.25
116.64
13
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
105.60
87.07
93.85
112.45
116.64
6
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
105.98
87.21
94.01
112.86
117.50
High 1940
3.64
2.90
3.09
3.71
4.89
4.43
3.36
3.16
86.07
116.86
112.25
Jan.
3.15
117.72
105.22
92.90
112.05
116.21
Low
3.59
2.84
3.04
3.67
4.81
4.?6
3.32
3.10
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116.43
High 1939
4.00
3.34
3.55
4.10
5.26
4 76
3.76
3.64
Low
100.00
112.46
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
104.11
119.92
114.51
101.94
85.10
91.20
109.44
113.48
Mar.
3.77
2.99
3.24
3.89
4.96
4.54
3.49
3.29
115.78
109.44
97.11
73.87
85.38
99.83
108.46
Mar.
4.18
3.18
3.49
4.01
3.54
1939 108.77
1 Yr. Ago
1
Mar.l '39 113.74
2 Yrs.Ago
2
Mar.l '38 110.64
96.94
——
.
—"
™uu
mo
uacm
kihu
v/piuai
1940
Year Ago—
l,
1939-
Year8
uouu
—
Ago—
1, 1938-..
uuupuu,
uiatuuuK in o\j /cmo;, aim
4.17
uu
uuv
5.86
&furyuib
4.97
tu ouuw
eitner tuo HYOnif
leva or the average movement of actual
price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
Field averages, tne latter being the truer picture of the bond market,
t The latest complete list of bonds used In computing these indexes was published In the Issue of Jan. 13, 1940, page 179.
The Business Man's Bookshelf
Mr.
The All-American Front
By Duncan Aikman.
344
$3.00
pp.
Doubleday.
races
the
120,000,000
who
people the 20
Latin-American
Republics, "more than half, certainly, live in a poverty
abject" that' millions of them do not even know how to
so
Close
want.
public—are
to half—more
illiterate.
A
than 90% in at least one re¬
uncounted proportion of
"chronically sick with debilitating tropical—and
tropical slum—diseases."
This book is a splendid analysis of
the life of these people and of the manner in which, for
good
them
vast,
are
affected by them.
the Brazilian coffee fazendas, within a few miles
of modern facilities for spending and civilized
living, "there
woe, we are
Today,
are
on
still hundreds of thousands of families whose cash incomes
seldom exceed $15
a
year."
The head of
a press association
bright young men on from
$8 to $20 a week manage to marry, raise children and sup¬
port—as the Brazilian convention requires of their virility
bureau in Rio "wonders how his
and
continues: "Latin-American
history is ful
who have become generals and aristocrats.
The dis¬
orders of the
Of
or
Aikman
of peons who have become dictators, private soldiers who
have become millionaires, members of the ostensibly subject
white collar
wonder how
social
station—mistresses.
He
does
not
they look jaded and undernourished."
And
just as the peons are poor, so are "the nations with¬
money."
Yet "we expect the 20 republics to function
with respectful and contented docility on a slum income as
the mineral and tropical-products
sweatshops of interna¬
tional capital, and at the same time we expect them to
pay
their way and conduct themselves as
self-respecting equals."
out
republics, the possibilities of graft and intrigue,
the fascinations which ostentatious personalities have for the
uncritical Latin public, smooth the upward path for gifted
adventurers in politics and business as neatly as it is smoothed
anywhere in the world."
Why, one asks, are such millions of starvelings to be found
in the lands from which once poured the untold wealth that
galleons carried to Spain?
Why are these countries so
poor?
Whence the intrigue, the corruption, the perennial
revolutions, the revolving dictatorships?
And what will
the future do to these conditions ?
In
as
fascinating
a
narrative
as
you
will find anywhere,
Mr. Aikman shows us, first, the reasons why South America,
as to most of its countries, is unable to subsist on its fertile
lands, and why the
face
are
on
men
who bring the minerals to the
the border of starvation.
clear to us, we
When
this is
sur¬
made
realize why illiteracy prevails, why graft and
often the ladder up which men climb, to
curry favor from military politicians who make and unmake
dictators.
These, in turn, setting aside all constitutional
restrictions, live on by ruling with an iron hand, and keep
their country from drifting into chronic
anarchy.
Slowly,
painfully, out of such conditions a semblance of real democ¬
racy is appearing.
It can be nurtured if education, primary
and secondary, can be brought to the masses.
And when
that is attained, semi-skilled and skilled workers and techcorruption
are so
The Commercial & Financial Chronicle
1338
It will
long years.
Meanwhile, foreigners own, or have a mortgage on, "a
share of Latin-America's wealth that is nominally nearly as
great as the republics' total annual production of purchasing
power." In other words, Latin-America is peopled by
"share croppers"; they have the title to the country, but
foreigners own it.
And that makes for an anti-foreign feel¬
ing that finds an outlet specially against the United States.
Why?
Because America of the North is further removed
from Latin-America, geographically, culturally, mentally,
than the Europeans occupying the same relationships to it
as
do the "Yanquis."*
In endless succession, facts are
brought to light by Mr. Aikman.
He does not confine him¬
self to seeing what should give him pleasure.
He looks at
all he ought to see, and this done, presents his observations
with a gift of facile expression which makes reading an
nicians will grow up
be
a
and earn relatively better pay.
slow process, over
aesthetic pleasure.
The lack of mutual
,
.
comprehension,
separates us from Latin-America,
which
mental gulf,
the
the unending diffi¬
bridge this gap, are vividly
made clear.
Clearly, too, the resultant financial and com¬
mercial consequences are set forth with obvious largeculties which lie in our efforts to
*
Compare V. 150, p. 745,
THE
OF
STATE
TRADE—COMMERCIAL
activity
slight
only
showed
1940
on
with distinct
true.
such a wealth of detail,
which to refer thereto. There is
only space to add that no student of Latin-America—no
matter what special field may be his study—can afford to
He covers
so
much ground, with
that it would take pages in
overlook Mr. Aikman's work.
Those who hold the current,
might say the orthodox, views on South America and
its peoples, its destiny and the manner in which it may
affect ours, should by all means read this book.
They will
be disturbed to discover how much they know "that ain't
one
so!"
When, as a result, they have completed their mental
jettison, they will feel grateful to Mr. Aikman that he has
made this process as easy and painless as could be.
An eye
for drollery and an easy sense of humor provide occasional
light relief to chapters of seemingly prolonged seriousness.
Throughout, one gains the impression that the author
knows his subject thoroughly, and that he gained his knowl¬
edge at first hand.
This, and the fact that this reviewer once
lived for some seven continuous months in Latin-America,
aid him in
saying, without hesitancy, that "The Ail-American
Front" is the most valuable book of its class known to him.
/
EPITOME
2,
the author's side and with an ability to judge
impartiality, so that we repeatedly accept his
judgment with the feeling that what he says is profoundly
mindedness
"America Faces South," by T. R. Ybarra.
Friday Night, March 1, 1040.
Business
March
below the preceding
W. C.
B.
week this year, 38,290 cars more than
the
declines the past
corresponding week in 1939, and 33,093 cars above
the same period two years ago.
This total is 98.78% of
average
loadings for the corresponding week of the 10
stating there are significant signs of a
reversal of the downward trend that has prevailed for
some time past.
The news of the week contained a num¬
ber of encouraging items, foremost of which was the re¬
port that European nations now at war are extending pur¬
chase programs in the United States to munitions and ma¬
terials, as well as aircraft, and indications of this fact
are appearing daily.
A recent news item in this connec¬
tion was the announcement that France has requisitioned
ing income of $45,566,633 against $32,947,172 for January,
1939, the Association of American Railroads reported to¬
day.
The compilation was based on reports from 133
65,000 to 75jOOO barrels of oil daily from Texas, enabling
the Railroad Commission to relax on shut-down orders.
Engineering construction awards for the short week due
to
the
Washington's Birthday holiday total $59,094,000.
explosives manufacturer disclosed that an
government has contracted
for
$450,000 of its "regular products."
On Wednesday it de¬
veloped that an American manufacturer had taken some
overflow business from Canada,
including an order for
shell rounds.
Another encouraging item contributing to
the cheerful outlook was a statement in the "Monthly Re¬
This
observers
week,
In addition,
an
unidentified
view"
of
forth
European
Reserve Bank
the Federal
the
fact
that
of
New York
setting
spending here has averaged
at least $200,000,000 a month for the last four months.
Other encouraging items are the excellent reports coming
from the automobile industry, and an evident change for
the
foreign
better in the steel
industry this week.
"Current
export sales and prospects for further expan¬
sion in steel demand from abroad are attracting more at¬
in the industry than
tention
the domestic situation, but
a
noticeable change for the better has occurred in the volume
of new steel orders in the last few days,"
ported yesterday.
enough
nor
"Iron Age" re¬
"While the improvement is neither broad
large enough
to
be conclusive
evidence
of
general reversal of the downward trend of the last two
a
or
three
months, it is the first sign that the decline in new
buying and production may have been halted," the maga¬
observes.
"Taken in conjunction with other factors,
such as the upward trend in automobile manufacturing, an
increasingly good export trade, the approach of spring,
the stability of the steel price structure, and the fact that
zine
the
steel scrap composite price is unchanged for the first
time since mid-January, the betterment in order volume,
slight though it is, may be significant,", the survey says.
"Inquiries for steel from domestic consumers have also
appeared in large numbers, indicating perhaps the work¬
ing down of inventories, though some buyers are suspected
of "feeling out' the market to determine the
strength of
prices.
The review says that with some companies Febru¬
export totals will exceed those of any month since
September, when the outbreak of war caused a rush of
ary
foreign buyers to the American market.
Notwithstanding
the difficulty of doing business with some countries
owing
to exchange restrictions and other artificial
barriers, the
total volume from all world sources is termed "encour¬
aging."
industry in the United States
produced 2,455,285,000 kwh. of electricity during the week
ended Feb. 24, the Edison Electric Institute
reported. This
an
increase of
690,000
year.
229,595,000 kwh., or 10.3%, over the 2,225,kwh. reported for the corresponding period last
For the week
ended
Feb.
17
total
production
amounted
to
2,475,574,000
<67,000 kwh. in the
Loading of
same
kwh.,
compared
with
2,248,-
1939 week, an increase of 10.1%,
revenue
freight for the week ended Feb. 24
totaled 595,032 cars,
according to reports filed by the rail¬
.
Class
roads
with
made
public today.
the
Association
This
of
was
American
a
decrease
Railroads
of
12,892
and
cars
I
I
Class
of
railroads
carriers.
January
against
in
January
Gross
had
revenues
$305,778,767
a
combined net operat¬
totaled
year
$345,498,219 in
an
increase
ago,
13%.
compares with $52,980,000 reported for a week ago,
$85,605,000 for the corresponding week last year as
reported
by "Engineering News-Record."
The
current
week's volume brings 1940 construction to $462,905,000, a
level 23% below the total of the nine-week period last
year.
Private awards for tjie week reached $11,644,000,
compared with the $17,865,000 volume reported for a week
ago, and $23,377,000 for the 1939 week.
Public construc¬
tion for the current week totaled $47,450,000 as against
$35,115,000 for the last week and $62,228,000 for last year.
and
Bank clearings for 22 leading cities of the United States
during the 5-day week ended Feb. 28, amounted to $4,757,741,000, compared with $5,438,523,000 for the correspond¬
ing 6-day week a year ago, giving a decrease of 12.5%.
The
sharp decline shown in the volume of bank transactions for
the current reporting week, as compared with the same week
of last year, was again due to the disparity in the number of
business days included in the respective weeks, according to
Dun
&
Bradstreet, Inc.
New York turnover totaled
$2,802,460,000, against $3,305,952,000 last year, a decrease
of 15.2%.
The uneven comparison caused a year-to-year
drop for the outside cities for the first time in many weeks,
the turnover for the latest
week—$1,955,281,000—showing
a decline of
8.3% under the $2,132,571,000 a year ago.
The Federal Reserve Bank of New York estimates in the
issue of its monthly review that foreign spending
current
here has averaged at least $200,000,000 a month for the last
months.
The figures for gold imports and foreign
four
central
bank
balances in this country suggest a rate of
spending in the United States well above that
indicated by the reported excess of merchandise exports
over imports, the bank
says.
Ward's Automotive Reports today estimated this week's
output of the country's automobile plants at 100,855 units,
a decrease of 1.7
per cent from that of a week ago and an
increase of 28 per cent over that of a year ago.
One week
shutdowns in two plants were given as the reason for the
decline from last week. Estimating February production at
foreign
more
than 410,000 units, Ward's said that the first quarter
see at least
1,300,000 cars and trucks completed.
would
Output of 410,000 units would be the second best total for
period on record.
Business held its ground this week, a pick-up in trade
activity tending to offset a further moderate decline in manu¬
facturing lines, Dim & Bradstreet, Inc., reported today in
its weekly review.
Indications, the authority pointed out,
were that the
production trend had spent most of its force.
Industrial buyers were said to continue in a waiting mood,
with current needs keeping the flow of orders at a
steady] rate.
Increases in total retail volume over a year ago, while ir¬
regular, were more common than in the preceding week.
The average for the entire country was up 3 to 9%
compared
with 1939.
Except on the Pacific Coast, where high winds
and heavy rains seriously impeded all trade activity, most
the
The electric light and power
is
preceding years.
Volume
The Commercial &
ISO
the
decline
to 5 to
12% for the South and 6 to 15% for the Middle West.
New
leading
cities
recorded
some
gain
1939.
over
For
Pacific Coast the year to year comparison showed a
of 2 to 7%.
In other regions advances ranged up
was ahead by 3 to 8%.
outstanding features of the weather news the past
week were the heavy rains and floods in California.
Twelve
feet of flood water spread over the farm lands along the Sacra¬
mento
River yesterday when the swollen stream broke
through levees in the Princeton-Butte City-Glenn area.
The break carried little menace to life since the flooded
under
The
The inundation, however,
thickly populated.
not
December,
The
1939.
situation
labor
rains in central Pacific coast sec¬
tions, San Francisco, Calif., reporting a 24 hour fall of
1.86 inches, and Redding, Calif., 4.44 inches.
In the New
York City area the weather for the week was generally clear
week closed with heavy
and cold.
described
as
tapering off of production.
Iron
and
4% of the total reported tonnage, showed
representing
steel,
24.3% under the 1936 monthly average, and a decrease
16% under December.
It showed an increase of 7.5% as compared
sharp drop of
a
of
with
of
cent
per
household
of 16%
tonnage
virtually the
was
the
tonnage reported was miscellaneous com¬
textile products, bottles, building materials,
Carriers in this group reported a decrease
total
tobacco,
including
and
cement
in
1939, however.
January,
Four
modities,
goods.
below December, and the amount of freight reported
the amount reported for January, 1939.
same as
Cat-loadings
Elsewhere
Redding area.
During the week much lower tempera¬
tures prevailed in the Northeastern States, with readings
decidedly below zero; Burlington, Vt., reported a low of
11 degrees below; Albany, N. Y., was 13 degrees below on
the morning of Feb. 27.
However, the weather had become
much warmer in the South and the Interior Valleys.
The
was
"quiet," and the 7.2% decrease in tonnage under December was attributed
to
Loading ol
announced
24,
1940,
the Association of American Railroads
This
Feb. 29.
on
Feb.
Cars
595,032
Ireight for the week ended Feb. 24
revenue
totaled 595,032 cars,
Ended
Week
for
Total
rain and
the
industry
automobile
the
in
added considerably to damage already estimated at $5,000,000
in the three day flood over the northern California Valley.
in the flood zone, harassed by several days of
melting snow in the mountains, the situation, ap¬
peared to be improving.
High waters were receding in the
watersheds of the Eel and Russian rivers along the north
California coast.
One thousand persons were homeless in
trucks in January decreased 7.2%
increase of 61.7% above January,
of new automobiles and
but represented an
Movement
;
England
area was
1339
Financial Chronicle
was an
increase of 38,290 cars
6.9% above the corresponding week in 1939 and an in¬
crease of 83,093 cars or 16.2% above the same week in 1938.
Loading of revenue freight for the week of Feb. 24 which in¬
cluded holiday was a decrease of 12,892 cars or 2.1% below
the preceding week.
The Association further reported:
or
totaled 234,315
Miscellaneous freight loading
but
below the preceding week,
cars
corresponding week in
decrease of 6,580
a
1939.
carload lot freight totaled 133,908
of merchandise less than
Loading
cars,
increase of 18,594 cars above the
an
decrease of 9,079 cars below the preceding week, and a decrease of
cars, a
65 cars below the corresponding week inl939.
The weather today was
flurries of
cloudy and interspersed by mild
Prevailing temperatures ranged from 32
snow.
degrees to 39 degrees.
Slightly "colder weather is the pre¬
diction for tonight attended by light rain or snow. No change
is looked for on Saturday and Sunday.
Minimum thermo¬
readings for the city and its environs tonight are ex¬
pected to touch 28 degrees.
Overnight at Boston it was 27 to 37 degrees; Baltimore, 30
to 40; Pittsburgh, 30 to 37; Portland, Me., 23 to 32; Chicago,
35 to 38; Cincinnati, 27 to 45; Cleveland, 30 to 33; Detroit,
25 to 31; Milwaukee, 31 to 34; Charleston, 47 to 59; Savan¬
nah, 37 to 64; Dallas, 60 to 85; Kansas City, Mo., 38 to 66;
Springfield, 111., 28 to 47; Oklahoma City, 57 to 80; Salt Lake
City, 35 to 59, and Seattle, 46 to 54.
meter
*
Coal loading amounted to
week in 1939.
cars
of
—February Average Also
of 180
Live stock loading
in 1939.
week in 1939.
amounted to 10,768 cars, a decrease of 315 cars below
also said:
week, but an increase of 4,653 cars above the
below
corresponding
amounted to 9,696 cars, a decrease of 93 cars
below the pre¬
Forest products
the preceding
Rubber declined sharply on large
imports.
Metals were firmer with copper and tin advancing.
Eggs lost
30% in a single week on large receipts at principal terminals.
Commodity prices average 81.5% of the base year during February,
new
a
low for the move.
October
lowest since
and
a
decline of one-half point as
compared with
loading totaled 30,146 cars, a decrease of 386 cars
of 1,813 cars above the corresponding week
ceding week, but an increase
in
1939.
amounted to 9,869 cars, a decrease of 138 cars
in
AND MONTHLY INDEXES
COMMODITY PRICES
WEEKLY
WHOLESALE
OF
1939.
compared with the corresponding week
reported increases over the
All districts reported increases
in 1939
and all districts except the Southwestern
corresponding week in
1938.
Week of Feb.
2,555,415
657,004
626,903
607,924
595,032
Week of Feb. 17
Week of Feb. 24
—,
2,288,730
2,256,717
573,127
564,740
576,352
556,742
542,991
535,866
511,939
5,042,278
3__
Week of Feb. 10
Total.
Feb. 24,
Feb. 17,
Feb. 25,
Feb.,
Jan.,
Feb.,
1940
1940
1939
1940
1940
4,571,596
4,412,253
576,645
major railroads to report for the week ended
a total of 280,659 cars of revenue freight
lines, compared with 289,848 cars in the pre¬
The first 18
on
their
own
loaded
78.3
79.4
77.0
78.6
78.0
days ended Feb. 25,
70.2
71.4
70.3
71.1
70.8
70.1
73.3
77.3
84.4
CONNECTONS
59.6
87.2
LOADED AND RECEIVED FROM
76.4
Food products
REVENUE FREIGHT
1939
Farm products
1938
1939
1940
ceding week and 261,416 cars in the seven
1939.
A comparative table follows:
(1926=100)
below the
of 2,783 cars above the corresponding week
preceding week, but an increase
Feb. 24,1940
January.
"ANNALIS1"
preceding
above the corresponding week in 1939.
week, but an increase of 755 cars
Four weeks of January
other grains were irregular.
Cotton moved
Livestock prices were easy with hogs
forward but wool and silk declined.
declining to
stock for the week
totaled 7,888 cars, a decrease of 198 cars below the
Coke loading
many
Despite a rally in wheat,
corresponding week
In the Western Districts alone, loading of live
of Feb. 24,
of
above the
of Feb. 24, totaled 18,504 cars, a de¬
preceding week, but an increase of 833 cars above the
the
an increase
below the preceding week, but an increase of 1,489 cars
cars
above the corresponding
Decreased
minor items caused the "Annalist"
index of commodity prices to decline sharply during the week
ended Feb. 24.
On Saturday, Feb. 24, the index was 81.4%
of the 1926 base, lowest since early December and a drop of
0.4 of a point as compared with the preceding week.
This
was reported in
an announcement issued Feb. 26, which
in
Weakness
cars,
In the Western Districts alone, grain and
1939.
grain products loading for the week
Ore loading
Index
totaled 31,223
above the preceding week, and an increase of 2,344 cars
corresponding week in
crease
increase of 3,373 cars above
,
grain products loading
Grain and
326
an
week in 1939.
Wholesale
Commodity Prices
Declined 0 4 of Point During Week Ended Feb. 24
"Annalist"
135,107 cars,
week, and an increase of 7,335 cars above the corresponding
the preceding
Textile products
71.8
72.8
59.6
Fuels
86.7
86.7
84.3
86.9
Metals
97.9
97.6
97.3
97.7
98.8
72.4
72.4
69.6
72.4
72.3
Chemicals
86.9
86.4
86.8
86.7
86.5
Miscellaneous
80.4
81.1
69.6
81.0
81.6
69.8
81.4
81.8
79.3
81.6
82.0
79.1
on
Received from Connections
Weeks Ended—
Own Lines
Weeks Ended—
69.6
86.9
Loaded
97.4
Building materials
(Number of Cars)
Feb.
24, Feb. 17, Feb. 25, Feb.24, Feb. 17, Feb. 25,
1940
Atchison Topeka
Santa Fe Ry.
15,255
.
27,624
22,104
Baltimore & Ohio RR
Chesapeake & Ohio Ry
January Truck
volume
The
of
13,056
17,162
13,427
Chicago Burlington & Qulncy
December
freight transported by motor
represented a 1.4% increase over the
revenue
January
in
truck
Loadings Up Slightly Over
RR.
Chicago Milw. St. Paul & Pac.Ry.
All commodities
preceding month and an increase of 21.3% over the volume
transported in January, 1939, according to a monthly sur¬
prepared and released on Feb. 26 by the American
The survey was based on compar¬
able reports from 197 motor carriers in 36 States, whose
aggregate tonnage for January was 866,012.
This pompared with 854,227 tons in December and 713,936 tons in
vey
Trucking Associations.
Chicago & North Western Ry
Gulf Coast Lines
2,913
International Great Northern RR
Missouri-Kansas-Texas RR
of
tonnage
index figure,
In
it
was
1939,
103.83.
than
in
reporting
January,
1939.
which
2,578
11,638
3,035
Norfolk & Western Ry
17,961
55,122
5,496
Pittsburgh & Lake Erie RR
Southern Pacific Lines
5,518
5,279
4,348
23,234
24,776
21,562
4,974
5,271
4,650
8,593
Louis Ry
Wabash Ry
TOTAL
12,609
12,089
35,938
32,597
5,171
18,843
54,521
5,772
4,243
16,317
50,603
4,407
5,274
14,445
8,056
7,612
7,373
10,109
1,408
2,128
2,738
8,605
4,891
13,515
7,831
7,081
7,140
9,095
1,370
1,953
2,264
8,111
37,494
34,819
9,916
| 9,867
* 4,157
34,468
4,499
36,709
5,506
4,969
*
8,042
8,545
4,825
4,287
7,297
7,605
280,659 289,848 261,416 184,360 183,428 170,576
Total
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
Weeks Ended—
Feb. 24,
♦
carriers
products,
3,612
16,726
Pennsylvania RR
Pere Marquette Ry
N. Y. Chicago & St.
100, stood at 123.54 for
121.24, and in January,
represented slightly more than 11% of the
total tonnage reported, showed
increases in January of 13.5% as com¬
pared with December, and 19.4% as against January of last year.
Petroleum
1,557
7,495
7,249
9,482
1,353
1,976
13,092
1939
1940
(Number of Cars)
indicated the increases would have been more
substantial
had
they not been handicapped by labor difficulties and
unuueally adverse weather conditions.
Seventy-seven per cent of all the freight transported during the month
by reporting carriers consisted of general merchandise.
The volume of
this type of freight increased 3.8% above December and was 22% greater
The
24,180
20,136
5,076
14,948
8,003
computed by taking the 1936 monthly average
the reporting carriers to represent
December the index figure was
January.
1940
1939
16,624
8,145
38,736
10,257
4,263
37,519
5,272
5,378
8,037
Missouri Pacific RR
New York Central Lines
January of last year.
The A. T. A.
1,397
3,264
11,953
35,221
4,978
1940
16,436
27,796
22,502
14,484
17,916
14,073
3,299
1,478
3,684
Chicago Rock Island & Pacific
St. Louis-San
Francisco Ry
Total
In the following we
for
Feb.
17, 1940
Feb,
25, 1939
22,471
20,824
30,185
12,230
27,161
11,454
60,677
Ry -
Illinois Central System
1940
64,886
58,988
20,669
28,554
11,003
undertake to show also the loadings
separate roads and systems for the week ended Feb. 17,
During this period 84 roads showed increases when
1940.
compared with the same week last year.
The Commercial & Financial Chronicle
1340
REVENUE FREIGHT
LOADED AND RECEIVED FROM
CONNECTIONS
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1940
1939
1938
1940
Total Revenue
1939
595
551
510
1,171
1,777
7,161
1,466
2,470
7,146
1,389
182
184
9,021
2,225
9,606
1,796
22
23
24
57
72
1,113
4,207
1,129
3,770
6,933
Southern System
8,082
1,774
6,655
6,922
1,595
7,391
1,219
3,651
7,530
6,109
218
282
286
90
95
2,530
2,171
1,710
17
from Connections
1938
1940
1939
1,144
249
227
175
10,448
4,470
10,776
8,749
3,349
1,819
4,008
10,961
7,691
153
119
172
1,704
1,476
7,060
6,418
.
Maine
Chloago Indianapolis A Louis v
Central Indiana
Central Vermont
Delaware A Hudson.
Delaware Laekawanna A West.
Detroit A Maoklnac
.....
Detroit Tolede A Ironton
Detroit A Tolede 8hore Line...
Erie
Grand Trunk Western....
Lehigh A Hudson River..
4,413
Lehigh A New England.......
Lehigh Valley
1,238
1,374
6,862
Maine Central.
3,048
Monongahela
4,109
1,498
7,439
2,737
3,681
1,709
34,167
9,020
Montour
New York Central Lines
35,938
7,864
N. Y. N. H. A Hartford
1,062
2,464
1,147
794
381
406
365
1,407
854
304
287
292
4,408
8,756
19,958
8,553
8,994
5,034
4,589
4,047
18,420
18,171
14,653
13,657
Tennessee Central
369
365
361
682
569
Wlneton-Salem
142
155
145
728
715
97,937
91,683
89,899
67,995
62,624
12,488
2,227
10,109
2,651
9,410
165
Seaboard Air Line
Southbound...
Total
Northwestern District—
14,073
Chicago A North Western
17,916
3,394
17,655
3,625
12,763
2,281
16,555
3,645
836
575
742
2,271
31
29,679
37,494
10,440
1,436
9,916
1,033
4,774
36,704
11,149
1,593
10,106
4,216
Green Bay A Western
Lake Superior A Ishpemlng
5,506
5,176
Minneapolis A St. Louis
27
30
1,475
4,690
3,841
487
Pittsburgh A Lake Erie
5,474
5,772
4,796
4,726
3,309
4,302
488
391
310
1,345
312
184
211
872
788
704
1,454
1,399
Rutland
542
461
469
870
956
Wabash
5,271
3,301
4,731
3.097
4,736
2,401
8,545
3,274
8,237
2,936
129,898
128,131
113,767
149,371
145,980
419
368
349
706
27,796
25,405
1,616
22,445
1,013
1,006
14,445
1,098
Chicago Great Western
St. P. A Pacific.
Chicago Mllw
Chicago 8t. P. Minn. A Omaha.
Mlssabe A I. R
Duluth
.....
2,295
14,159
1,235
Northern Pacific
Llgonier
54
33
54,521
11,628
945
1,296
36,709
15,521
2,016
5,934
748
46,235
11,273
9,262
5,387
3,098
2.915
124,059
Union (Pittsburgh)
Western Maryland
869
52,566
11,628
14,626
3,180
Co
255
1,224
68,427
64,220
42,436
39,609
17,961
17,899
5,274
5,014
2,588
2,451
2,243
342
422
60
62
14,142
1,974
12,551
1,990
7,612
6,984
731
619
9,919
2,561
10,346
772
732
2,547
2,533
2,262
8,808
2,430
1,192
2,298
680
630
9
113,197
97,669
Chicago A Eastern Illinois
Colorado A
Southern
1,010
1,942
16
979
998
879
1,360
1,226
1,815
1,419
125
102
505
488
349
360
310
9
29
16
0
0
20,119
17,449
18,713
4,248
3,872
405
254
303
1,238
1,096
12,671
12,624
12,311
6,517
6,074
761
Northern
Peoria A Pekin Union
5,620
Southern Pacific
86,682
931
2,102
1,599
North Western Pacific
1,302
90,534
8,354
2,380
882
Missouri-Illinois
Nevada
2,685
2,101
1,790
1,012
1,755
(Pacific)
Toledo Peoria A Western
Total.
3,096
207
1,261
Fort Worth A Denver City
Illinois Terminal
Reading
3,046
60
1,086
Denver A Salt Lake
32
7,665
97
Denver A Rio Grande Western.
41
2,407
1,334
34,209
16,311
8.093
692
61
210
25
1,995
659
389
2,136
1,659
2,767
576
147
64
1,877
2,183
319
14,484
1,830
9,761
Chicago Burlington A Qutncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
238
477
54
1,523
4,526
410
554
127
173
1,395
4,614
2,490
300
517
154
1,105
Bingham A Garfield
13
'
515
.
Central Western District—
10.267
177
2,336
619
16,436
Total
14
488
163
2,504
508
91
10,198
..
399
7,891
580
1,601
International
1,193
Valley
Long Island
Penn-Reading Seashore Lines.
Pennsylvania System
336
8,772
71,968
Spokane
Spokane Portland A Seattle...
4,656
Cumberland A Pennsylvania..
283
5,995
253
346
3
392
6,516
1,546
4,629
8,532
1,640
4
594
3,663
377
Minn. St. Paul A 8. S. M
4,941
203
114
393
6.299
495
329
Central RR. of New Jersey...
Cornwall
2,623
8,545
Ft. Dodge Dee Moines A South.
Great Northern..
1,422
5,379
Gauley
Cambria A Indiana
7,290
3,316
488
Elgin Joliet A Eastern...
Alton
Bessemer A Lake Erie
2.596
7,373
6,921
Duluth South Shore A Atlantic.
Atch. Top. A Santa Fe System.
Alleghany District—
Akron Canton A Youngatown.
891
Piedmont Northern
Richmond Fred. A Potomac...
25
455
Total.
1,838
2,431
967
169
5,171
Wheeling A Lake Erie
1,887
2,447
1,043
Mobile A Ohio
199
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
395
1,753
2,580
Norfolk Southern
2,434
8,457
1,254
420
3,310
10,959
6,923
1,780
1,061
1,720
2,466
2,249
Nashville Chattanooga A St. L.
2,953
2,808
1,316
797
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
1,185
6,077
2,893
New York Ontario A Western.
Buffalo Creek A
1940
Total Loads Received
1939
1940
1,639
6,368
1,475
Abb Arbor
Ohio
FEB.
2,
Southern District—(Concl.)
Bangor A Aroostook
Baltimore A
ENDED
Freight Loaded
Railroads
Eastern District—
Boston A
March
(NUMBER OF CARS)—1WEEK
Union Pacific System
Utah
369
395
324
393
481
303
9
8
1,146
1,108
1,186
1,562
1,705
92,852
91,372
89,515
47,469
44,158
128
130
148
Gulf Coast Lines
Pocahontas District—
3,299
3,769
International-Great Northern..
1,478
3,185
1,650
Western Pacific
Chesapeake A Ohio
22,502
18,843
Norfolk A Western..
Virginian
20,413
15,799
3,905
4,456
16,278
15,»09
3,297
8,056
4,499
1,044
...
8,164
4,227
1,075
Total
Southwestern District—
Total.
45,801
40,117
34,984
13,599
219
160
217
210
13,466
Burlington-Rock Island
Fort Smith A Western
Southern District—
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
726
688
692
146
Kansas Oklahoma A Gulf
573
479
936
1,069
Kansas
9,303
3,791
9,317
3,760
5,180
3,087
4,635
Louisiana A Arkansas
368
360
Midland
1,130
989
1,304
2,670
2,666
1,140
Litchfield A
401
1,985
Missouri A Arkansas
268
275
346
246
263
Missouri-Kansas-Texas Lines..
152
131
176
542
353
Missouri Pacific..
798
Central of Georgia
1,157
541
9,366
3,779
1,261
Atlanta Birmingham A Coast..
Atlantic Coast Line
1,211
1,531
1,048
Charleston A Western Carolina
ainohfleld
Columbus A Greenville
*
Durham A Southern
Florida East Coast
1,364
329
286
1,408
2,128
1,488
2,325
1,296
131
..
1,779
193
185
228
817
1,912
1,891
1,622
1,344
1,716
1,519
1,933
1,429
367
City Southern
333
246
766
Madison
495
Valley
693
522
—
1,792
1.180
682
269
247
129
125
117
295
223
3,684
12,640
3,787
3,615
2,738
12,247
12,574
8,605
2,470
8.683
872
Quanah Acme A Pacific
131
73
83
118
29
73
31
33
111
72
St. Louis-San Francisco
Georgia
6,833
6,337
836
800
1,540
St. Louis Southwestern
Georgia A Florida
1,420
2,251
2,057
259
5,915
2,358
4,260
753
274
329
454
493
Texas A New Orleans
1,452
986
Texas A Pacific
6,197
3,567
2,796
1,620
18,829
15,927
6,473
1,358
6,852
1,559
18,666
18,961
1,035
20,603
21,828
3,867
3,867
3,813
2,403
2,924
5.675
10,267
122
165
224
88
45
5,107
9,778
5,065
25
19
26
32
142
172
142
52
531
635
138
151
181
339
265
45.409
43,716
45,812
34,392
Gainevllle Midland
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah..
Mississippi Central
Note—Previous year's figures revised.
* Previous figures,
x
Fri.
Feb. 23
Feb. 24
Mon.
Tuee.
Wed.
Thurs.
Fri.
Feb. 26
Feb. 27..
Feb. 28
Feb. 29
160.3
159.9
159.7
159.0
159.8
159.7
158.7
Mar. 1
as
33,6
this
The index for the farm products group rose over
increases
of
Feb. 16
160.3
159.1
145.4
172.8
Low—Aug. 15__
138.4
169 4
1940 High—Jan. 2
Low—Feb. 13
158.5
1%
largely because of
approximately
2M% in grains and livestock and poultry.
reported for wheat, corn, oats, rye, cattle, lambs, live
poultry, cotton, apples (Chicago), and sweet potatoes.
Quotations were
lower for hogs, eggs, citrus fruits, peanuts, and wool.
Advancing prices for
Higher prices
Month ago, Feb. 1
Year ago, Mar. 1
1939 High—Sept. 22
Department's announcement, the follow¬
ing is also taken:
follows:
Two weeks ago,
Total
From the Labor
Moody's Daily Commodity Index closed at 158.7
Friday, as compared with 160.3 a week ago.
Sat.
Wetherford M.W.A.N.W
Discontinued Jan. 24,1939.
Moody's Commodity Index Declines
The movement of the Index is
Wichita Falls A Southern
2,514
cereal
were
products and meats
were
primarily responsible for the increase of
nearly 1% in the foods group.
Prices were higher for bread (New York),
flour, cornmeal, pork, lamb, raw sugar, peanut oil, and soybean oil. The
dairy product and fruit and vegetable subgroups declined.
Lower prices
were
reported for butter, cheese, prunes,
canned
corn
and string
beans,
bacon, dressed poultry, canned salmo.n, and lard.
As
Wholesale
Week
Commodity Prices Advanced 0.4% During
Feb. 24,
According to Bureau of
Ended
Labor Statistics' Index
in September.
Continuing the steady decline which began in January, the textile products
group index receded to
Following the steady decline which began early in the
year,
the Bureau of Labor Statistics' index of wholesale
commodity
prices rose 0.4% during the week ended Feb. 24,
according
to a report made Feb. 29
by Commissioner Lubin.
"Higher
prices for farm products and foods largely accounted for the
advance which
result of lower prices for goat skins and
leather, the index for the
hides and leather products group fell to the lowest level reached since late
a
brought the all-commodity index
of the 1926 average," Mr. Lubin said.
to
78.6%
74.2% of the 1926 average. Lower prices for cotton
goods, particularly drillings, muslin, print cloth, sheeting, tire fabric, and
cotton
were
yarns, together
The
building materials
decrease in prices of women's silk hosiery,
a
Prices for
raw
group
silk, silk yarns, and
raw
index dropped fractionally because of lower
prices for Douglas fir lumber, yellow pine timbers, and linseed oil. Prices
for yellow pine lath and flooring, spruce and white
pine lumber, and turpen¬
tine
were
higher.
electrolytic
He added:
with
responsible for the decline.
jute advanced sharply.
In the metals and metal products group, higher prices for
copper
and
copper
and
brass
manufactures
were
counter¬
balanced by lower prices for reinforcing bars and scrap steel and the
group
In addition to increases in the farm
products and foods groups a minor
advance was recorded for chemicals.
The hides and
index remained at 95.3.
textile
the fuel and lighting materials group.
leather
products,
building materials, and
housefurnishings
products,
goods
groups
declined slightly.
Fuel and lighting materials, metals and metal
products,
and miscellaneous commodities remained
unchanged at last week's level.
Advancing prices for agricultural commodities, together with marked
increases in prices of
raw silk
and
raw
jute, caused the
raw materials group
index to rise 0.7 %.
A minor advance was recorded in the index for finished
products and average prices for semi-manufactured
articles were steady.
The index for the large
group of "all commodities other than farm products"
registered
fractional advance while the index for "all commodities
other
than farm products and foods"
was unchanged from last week.
a
A minor decline in prices of
remained unchanged at
vanced
more
73.0.
bituminous coal did not affect the index for
than 4% during the week.
cylinder oils declined.
For the 3rd consecutive week it has
Average wholesale prices of cattle feed ad¬
Crude rubber,
paper
and pulp, and
Higher prices for copper sulphate, oils, and mixed
fertilizers accounted for the advance in the chemicals and drugs
gronp index.
The following tables show (1) index numbers of wholesale prices for the
main groups of commodities for the past
3 weeks, for Jan. 27, 1940, and
Feb. 25, 1939, and the percentage changes from a week ago, a month
ago,
and
a
year ago;
to Feb.
(2) important changes in subgroup indexes from Feb.
24, 1940.
17
The Commercial & Financial Chronicle
Volume ISO
(1928=100)
orders were virtually unchanged in January contrasted sharply with
drop of 8.5% in the Federal Reserve Board's production index, but it is
new
a
'
*■
1341
Percentage Changes from-
'
well
known
that the high December level of output was possible only
backlogs previously accumulated.
The decline in new orders from the peak has not followed the same
course as that experienced early in
1937.
In the earlier period a short
wave of secondary buying set in three months after the peak was reached,
which was immediately followed, however, by a resumption of the defla¬
tionary process.
Up to the end of January no such secondary buying
because of
Feb.
Commodity Groups
Feb.
24,
17,
1940
Jan. Feb.
Feb.
27,
25,
1940
1939
to
Feb.
to
to
.
24, Feb. 24, Feb. 24,
1940
1940
1940
All commodities
1939
1940
1940
10,
1940
1940
17. Jan. 27. Feb. 25,
Feb.
+ 2.3
78.6
78.3
78.5
79.1
76.8
+0.4
—0.6
69.4
•—
68.6
68.9
69.2
67.7
+ 1.2
+0.3
+ 2.5
—0.6
—0.6
wave
k..
Farm products.Foods
71.0
70.5
had
followed
Manufacturers
the 1939
peak.
follow closely the trend in pro¬
The Conference Board index (1936 equals
100) fell from 128 in December tq 118 in January, a decline of 8%.
Com¬
pared with January, 1939, however, the index showed a gain of 22%.
The following table gives the Conference Board's indexes of the value
71.4
71.4
+0.7
Hides and leather products. 102.7 103.1 103.2 103.9
Textile products
74.2
74.4
75.3
70.7
92.4
—0.4
—1.2
+ 11.1
65.6
—0.3
—3.3
+ 13.1
Fuel and lighting materials.
Metals and metal products-
73.0
73.0
73.4
73.4
0.0
—0.5
—0.5
95.3
95.3
95.5
95.7
94.5
0.0
—0.4
Building materials
93.0
93.2
93.1
93.7
90.0
—0.2
—0.7
+3.3
Chemicals and drugs
77.7
77.5
77.3
77.6
76.0
+0.3
+ 0.1
Housefurnlshlng goods.....
89.6
89.5
90.2
86.6
—0.1
—0.8
Miscellaneous commodities.
89.5
77.2
+2.2
+ 3.3
77.2
77.1
77.4
73.0
0.0
—0.3
+6.8
with
Raw materials
72.9
72.4
72.7
73.3
70.9
+0.7
—0.5
+2.8
for seasonal
Semi-manufactured articles.
79.6
79.6
80.1
81.2
74.4
0.0
—2.0
81.5
81.4
81.4
81.9
80.4
+ 0.1
—0.5
+ 1.4
80.6
80.5
80.6
81.3
78.8
+ 0.1
■—0.9
shipments continued to
+ 7.0
+ 2.3
...
Finished products
All commodities other than
73.0
+0.8
other than
83.3
farm products and foods..
83.3
83.5
84.0
+ 3.6
—0.8
0.0
80.4
17 TO'FEB. 24,
FROM FEB.
1940
4.1
Hosiery and underwear.....—
Cereal products
Livestock and poultry
3.6
Crude rubber..
2.6
2.5
Leather
2.2
rayon
Grains
the
for
inventories, new orders and shipments for January, 1940,
preceding month, and the corresponding month of 1939, together
the percentage
change.
These indexes (1936 equals 100)
1
Cotton goods.
—
1.0
Meats
1.0
Lumber
Chemicals..
0.5
Dairy products
Mixed fertilizers
0.3
Other textile products
Other farm products
0.3
Paint and paint materials
Other miscellaneous
0.1
Bituminous coal
Nonferrous metals
....
adjusted
January, 1940 (preliminary)..December, 1939
;
January, 1939
130
Shipments
109
118
126
110
113
93
97
+3
+ 15
—1
—8
128
+ 17
+22
New York Reserve Bank Reports
1
0
0
0
....
0
Total January .sales of the reporting department stores in
(New York) District were about 14^% higher
than last year, but about one-third of the increase was due
the Second
0
to
0
Reserve Bank of New York states in its "Monthly Review"
of March 1.
As compared with the preceding month, when
Paper and pulp....
0
Wholesale
Commodity Prices Continued Unchanged
During Week Ended Feb. 24, According to National
Fertilizer Association
business day than in January, 1939, the
one more
sales reached their seasonal peak, about the usual
shown.
The Bank added:
and
year,
three weeks the wholesale commodity price
index compiled by the National Fertilizer Association has
remained at the same level, 77.4% of the 1926-1928 average.
The index was 72.8 a year ago and 76.5 two years ago. The
high point for 1940 was 78.5, reached in the first week in
January.
The announcement by the Association, dated
Feb. 26, continued:
were
offset by declines
The food price average advanced
than farm products and foods
on
hand in the department stores, at retail valua¬
tion, were about 1H% higher at the end of January than a year ago, and
apparel
stocks
store
about
were
but
were
slightly better than last
a
Collections
lower.
year ago
year
burlap, and woolen goods and yarns.
of accounts
in the department stores,
in the apparel stores.
For the three weeks ended Feb. 17, total sales of the reporting depart¬
ment stores in this District fell
slightly below those of the corresponding
period of 1939, apparently due in part to bad weather conditions in the
third week, and were also below the January level, although the rate of sales
is usually
somewhat greater in February than in January.
to the highest
Percentage Change from
a Year Ago
Per Cent of
Accounts Out¬
standing Dec. 31
The average for all commodities other
Net Sales
Locality
Stock
on
Hand
Collected in
January
January
to Jan.
End of
Month
New York and Brooklyn...
Buffalo
+ 14.9
+2.7
+0.2
50.4
+7.9
+6.3
+ 3.4
39.4
Rochester
+ 13.4
+6.9
54.9
+ 19.0
+9.9
37.7
39.8
Northern New Jersey
+ 15.8
+ 4.6
+2.0
+4.3
+ 5.8
55.8
Syracuse...
coal
41.4
38.4
Feb. to
were respon¬
The 11th consecutive weekly decline
the textile price average reflected lower
to a new low for the year.
8H%
outstanding continued slower than
declined during the week to the lowest point
sible for the drop in the fuel index.
12.2%
daily basis the year-to-year in¬
on an average
In the farm product group declining
Lower prices for bituminous
were
was
larger than in the previous two months.
crease was
quotations for hogs, eggs, and wool were more than offest by increases in
cotton, grains, cattle, and poultry.
Federal
decline
January sales of the leading apparel stores in this District
higher than last
Stocks of merchandise
For the past
recorded since last October.
14J^% Gain in January
Compared with Year Ago
—
0
0
Higher prices last week for farm products and foods
as
...
Iron and steel
point reached in the last month.
Department Store Sales
0
0
—
Woolen and worsted goods
in
are
variation:
2
...
Fruits and vegetables
Hides and skins
commodities.
of manufacturers
Decreases
Increases
Cattle feed...
in other
manufactured goods.
P. C. change from Dec. 1939 to Jan., 1940
P. C. change from Jan., 1939 to Jan., 1940..-
IMPORTANT PERCENTAGE CHANGES IN SUBGROUP INDEXES
Silk and
duction of
Inventories New Orders
farm products
All commodities
70.9
quotations for cotton goods,
The building material index dropped
Increases were registered by the indexes repre¬
senting the prices of metals and miscellaneous commodities.
Twenty-nine price series included in the index advanced during the week
1939
1940
50.7
38.4
preceding week there
were
clines; in the second preceding week there were 18 advances and 34 declines.
WEEKLY
WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
+ 16.7
+8.2
—2.9
40.9
43.1
+1' .9
+6.4
+ 5.9
35.9
37.0
+ 10.7
+ 15.9
+0.3
+6.8
Central New York State
31 advances and 29 de¬
Northern New York State
Southern New York State
and 28 declined; in the
+ 15.5
+ 14.9
+ 0.4
—2.5
+ 4.8
+ 11.9
+6.4
Bridgeport
Elsew
-
ere
--
Hudson River Valley District
(1926-1928=100)
Westchester and Stamford
Latest
Bears to the
Month
Year
Week
Ago
Ago
Feb. 24,
Group
Total Index
Preced'g
Week
¥ Percent
Each Group
Feb. 17,
1940
Jan. 27,
Feb. 25,
1939
1940
72.6
25.3
Foods
28.0
Farm products
1940
69.6
72.9
72.3
53.1
53.5
66.4
64.5
65.4
65.8
65.4
65.5
59.8
59.4
57.9
73.6
+ 1.4
46.8
46.1
+4.0
-8.6
49.6
50.1
47.9
Grains
+ 3.8
+12.2
Apparel stores.
63.5
Cotton
+ 14.6
All department stores
January sales and stocks in the principal departments are compared with
50.7
53.1
66.7
Niagara Falls
Fats and oils
Cottonseed oil.-
70.9
71.4
63.1
thoso of a year previous in the
following table:
Net Sales
52.3
62 9
Livestock
69.8
76.1
on
Hand
83.7
84.8
84.9
Miscellaneous commodities..
88.5
88.4
89.6
77.8
74.0
74.9
77.3
91.6
91.3
92.5
90.5
Woolen goods...
0.1
Building materials
80.0
87.3
87.5
84.6
Men's furnishings
1.3
Chemicals and drugs
94.3
94.3
94.3
91.9
Women's and misses' ready-to-wear.
0.3
Fertilizer materials.
73.2
73.3
73.6
71.4
Furniture
0.3
Fertilizers
78.7
78.7
78.3
77.6
Women's
0.3
Farm machinery
94.9
94.9
94.9
94.8
Hosiery
Jan. 31,1940
60.9
Metals
Percentage Change
January, 1940
Compared with
Textiles
10.8
8.2
7.1
January, 1939
+38.4
-----
+28.8
+22.5
+20.5
-
All groups
100.0
77.4
combined
72.8
78.2
77.4
-
Conference
Board—Slump
in
New
Orders Checked
orders
was virtually checked, according to the preliminary indexes
for that month compiled by the Division of Industrial Eco¬
nomics of the Conference Board.
Under date of Feb. 29
month
the Board
in
January, but the slump in new
explained:
Despite a marked curtailment in production in January, the value of
inventories, based on reports made directly to the Board, was 3% higher
than at the end of December, and 15% above the level of January, 1939.
Since last August
the Conference Board's index of inventories has increased
10% below the
Accumulation of stocks has
18% to stand 30% above its 1936 average, but remains
peak reached at the end of October,
at
about
the
same
rate
as
1937.
that which occurred in the four
months
following the buying wave in December, 1936.
The rise since last Septem¬
ber, however, has not been accompanied by any general increase in prices,
as was the case in the opening months of
1937.
Industry in January received about as much support in the way of
orders
as
in
December.
Marked
resistance
to
further
decline
is
—1.6
-
+ 15.7
—1.1
—3.2
—1.4
+ 14.1
+ 5.4
+ 11.9
Toilet articles and drugs-
+ 10.1
+4.1
+8.7
+ 7.6
—5.4
Silks and velvets
Silverware and
jewelry
Luggage and other leather goods..
Miscellaneous
+ 3.7
+4.6
+ 3.8
—0.3
January Sales of Chain Stores 9%% Above Year Ago,
Reports New York Federal Reserve Bank
The Federal Reserve Bank of New York reports in its
"Monthly Review" of March 1 that January sales of the
reporting chain store systems in the Second (New York)
District were about 9H% above January of last year, but
after allowing for one additional shopping day this year, thie
increase in average daily sales amounted to 5K%, or less
than the year-to-year gain on a comparable basis in the
previous month.
The Bank goes on to say:
Grocery and 10 cent and variety chains again showed sizable increases in
sales over a year ago, while shoe chains
registered a less favorable comparison
than in December and candy chains showed a
than
714%, the
—4.3
+ 3.2
+ 11.8
shown
by the Conference Board's index.
The January level was 1% lower
Decernber's, but 17% above that of January, 1939.
The fact that
+8.6
Musical instruments and radio
Linens and handkerchiefs.--
Inventories of manufacturers increased for the fifth con¬
secutive
stationery.
Shoes...
+7.0
—0.7
+ 18.3
+ 14.4
-
—
According to
81, 1939
+2.2
+3.8
+3.0
+5.8
+ 4.4
+ 14.9
,
-
Manufacturers' Inventories Again Advanced in January
Jan.
+ 18.6
Toys and sporting goods—
Home furnishingsCotton goods
Books and
Compared with
+ 19.1
+ 18.9
ready-to-wear accessories
Men's and boys' wear
new
Stock
Percentage Change
Classification
Fuels.-
17.3
been
+ 7.8
largest in several months.
decrease in sales of about
of grocery chain
1939 and January, 1940, incident to
a tendency to operate fewer but larger stores, sales per store of the grocery
chains were approximately 30% ahead of a year ago.
Total sales per store
of all chains combined increased 13%. as compared with the increase of
Owing to
reduction of about 8H% in the number
a
operation between January,
stores in
about 9M%
in total sales.
17%
per Store
—8.7
+ 18.4
+0.4
+ 6.8
4*0.8
+ 2.6
—7.4
—3.2
+ 9.4
1939.
January,
—
-
January
—0.6
v.'
,
••
'■
'
■
,
Sales
.
for Week Ended Feb. 24, 1940, 10.3%
Above
New Brunswick
Nova Scotia
1,032,000
and
the United
of
industry
power
States
Feb. 24, 1940, was 2,455,285,000 kwh.
the week ended
week's
current
its current weekly re¬
of
$33,726,000
117%
8,608,000
_
1,062,000
336,000
The
Canada total
sales
January
the United States
24, page 1194.
for
these columns of
Feb.
were
in
reported
kwh.
The output for the week ended Feb. 17,
estimated to the 2,475,574,000 kwh., an increase
090,000
1940,
$33,726,000
Quebec
Saskatchewan
Newfoundland
for
corresponding week of 1939, when production totaled 2,225,-
128%
106%
120%
149%
107%
156%
111%
117%
Prince Edward Island
10.3% above the output of the
is
output
119%
15,423,000
219,000
Ontario
that production of electricity by the elec¬
port, estimated
litfht
Ago
Institute, in
Electric
Edison
Year
a
117%
123%
2,640,000
2,054,000
909,000
Manitoba
tric
Ratios
1940 to 1939
$1,443,000
British Columbia
The
V
+ 13.1
Alberta
Electric Output
the
following tables:
Volume
-
the
in
given
are
..
All types
for
figures
The
1940,
January,
for
Provinces
+29.8
+6.4
+ 1.8
-
—
—
Candy
Sales
—6.9
Grocery
Ten cent and variety,
Shoe
Sales
of Stores
Type of Chain
Total
in
sales
Canadian
Number
Conn.
Hartford,
over
according
Sales Research
This represents an increase of
Insurance
issued by the Life
report
a
$33,726,000,
January totaled
during
Canada
Bureau,
Compared, with January, 1939
(exclusive of group)
Sales of new ordinary life insurance
in
1940
2,
Canada Increased
January Sales of Life Insurance in
Above Year Ago
to
Percentage Change January, 1940
March
Chronicle
The Commercial & Financial
1342
was
10.1%
Foreign
Country's
like week a year ago.
the
over
Trade
and
January—Imports
in
Exports
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
The Bureau of Statistics of the
Major Geographic
Week Ended
Week Ended
Regions
Feb. 24, 1940
Feb.
5.2
7.0
New England
Department of Commerce
Feb. 28 issued its statement on the foreign
trade of the United States for January and the 6 months
ended with January, with comparisons by months back to
1935.
The report follows:
Week Ended
Week Ended
Feb.
Feb. 10, 1940
17, 1940
at
3, 1940
8.3
8.0
7.4
7.2
8.3
7.0
12.5
12.9
15.3
14.5
9.7
9.9
12.4
10.8
Southern States
10.9
11.2
13.1
16.6
15.1
16.5
22.5
7.2
7.4
4.7
6.6
10.3
10.1
11.2
11.1
on
13.9
Rocky Mountain
Washington
Middle Atlantic
Central Industrial
West Central
Pacific Coast
1939
followed
were
over
DATA
(THOUSANDS
WEEKS
REGENT
FOR
by
even
an
marked rise.
more
and
also
nearly three-fourths larger in value in January,
were
slightly above the relatively
for
figure
high
General imports were over one-third larger in value than
Change
1939.
cotton and of certain manufacturers con¬
vious year in shipments of raw
1929
1932
1937
1940
1939
1940
December,
in January, 1939,
Increases over the pre¬
although slightly below the level of December.
Percent
Week Ended
year
Total exports
1940 than in January, 1939, when export trade was at a relatively low level,
KILOWATT-HOURS)
OF
the corresponding period of the preceding
in January
from the United States
Total United States.
States export trade during the last
in United
The substantial increases
four months of
tributed largely to the expansion in the export total; while increases in re¬
from
ceipts of crude materials and of semi-manufactures accounted in large part
1939
for the substantial rise in the import total.
Jan.
2,169,470
2,269,846
Jan.
13__
Jan.
20
Jan.
27
Feb.
3
Feb.
10
Feb.
17.
Feb.
24
Mar.
Mar.
2,475,574
_i.
2,455,285
2
9
+ 14.2
2,264,125
+ 12.3
2,256,795
+ 11.9
2,214,656
1,619,265
1,602,482
1,698,201
1,588,967
2,287,248
2,268,387
2,248,767
2,225,690
2,244,014
2,237,935
2,622,514
2,244,030
2,292,594
2,592,767
2,572,117
2,665,958
2,541,358
+ 14.0
2,289,659
2,473,397
6
+ 11.1
2,201,057
1,588,853
+ 11.2
2,199,860
1,578,817
+ 10.1
2,211,818
1,545,459
+ 10.3
2,207,285
1,512,158
2,199,976
1,519,679
2,212,897
1,542,000
1,733,810
1,736,729
1,717,316
1,728,203
1,726,161
1,718,304
1,699,250
1,706,719
1,702,570
1,538,452
The value of both import and export trade increased
middle of 1939;
marked
decidedly after the
but the greater gain occurred in exports, with a resulting
increase
in
the
balance.
export
1939
December,
both
In
and
January, 1940, the value of exports exceeded the value of imports by more
than $120,000,000.
including
Exports,
reexports,
amounted
1940 as compared with $367,819,000 in
January,
$368,550,000 in
to
1939 and with $212,-
December,
911,000 in January, 1939.
The value of general imports (goods
entered for storage in bonded ware¬
house, plus goods which entered merchandising channels immedately upon
New
Dwelling Units Provided in Urban Areas During
Increased
1939
Perkins
Reports
More than
valuation of
343,000
provided in the urban
were
the calendar year 1939,
States during
United
Labor Statistics,
according to estimates of the Bureau of
Secretary of
"This is
40%
or
Frances
Labor
increase of
an
the
over
with $246,792,000 in December, 1939 and with $178,246,000 in
Imports for consumption (goods which entered merchandising channels
Perkins reported
10.
Feb.
on
tion from warehouses) amounted to
of
areas
North
In
1938," Miss Perkins said.
year
1939
States,
any year
ing units
as
number
of
The
the
South
during
1929
figures
under
the
55,438,
quoted
United
16%,
or
of
the
Of
the
total
calendar
17,534,
or
In January, however, goods entered
drawn for consumption, a smaller excess than in any
goods with¬
of the three previous
months.
number
total
family
dwellings,
In
built about 86%
we
as
as
many
dwell¬
many
during the
as
dwelling units provided in projects
Authority sponsorship.
During 1939,
were
in
in
USHA
dwellings,
106,916
were
and
families
two-family
In
1938
in
were
dwellings,
areas
one-family
87,521,
26%,
or
States
provided
and
in
for
64,922
during
multiin
in
one-
multi-
of
exports
unmanufactured
comparison of the family-dwelling units provided dur¬
ing the calendar years 1939 and 1938 is shown in the fol¬
by size of city:
to
approximately
193,000 in January,
$36,390,000 in January, 1939, to $82,-
Exports of tobacco increased substantially in
1940.
quantity in January, 1940, over January, 1939, but their value was
largely because of the shipment of lower-priced grades.
a
class, comprised 23%
compared with 17%
The
increase
manufactured
in
reduced
Crude materials,
exports in January as
of total United States
a year ago.
the
foods)
value
over
of
that
manufactured articles
exported
of January,
1939
(except
shipments was nearly
75%; the value of semi-manufactures advanced from $35,412,000 to $75,335,000, while finished manufactures increased in value from $107,358,000
$173,830,000.
Exports of semi-manufactures, which this year include
greatly increased amounts of iron and steel products and non-ferrous metals,
made up 21% of total United States exports as
ago, while
finished manufactures
were
compared with 17% a year
48% of the total as compared with
51% in January, 1939.
ESTIMATED NUMBER OF NEW DWELLING UNITS PROVIDED IN THE
URBAN AREAS OF THE UNITED STATES DURING 1939 AND 1938,
BY SIZE OF CITY, BY SOURCE OF FUNDS.
(1939 PRELIMINARY)
Exports of manufactured foodstuffs increased from $14,607,000
1939 to $20,449,000 in January,
uary,
ports,
products
meat
36,139,000 pounds,
Source of
Funds
greater part
Total
Population Group
During January, United
amounted
cotton
1939; and, mainly because of this increase, the value of total exports
uary,
to
A
principal factor in in¬
a
1,125,000 bales (500 pounds each) as compared with 327,000 bales in Jan¬
dwellings,
family dwellings.
lowing table,
pared with the corresponding months a year ago.
as
provided in urban
69%,
or
projects.
projects.
been
creasing the value of total export trade during the past few months as com¬
of crude materials advanced from
dwelling units
1938,
13,915
times
provided in USHA
238,029,
two-family
dwellings.
famiiy
in
States.
Pacific
the
provided in urban areas of this country
number
were
of
1939,
year
5%,
and
the East
in
The exceptional rise in cotton exports has
all
include
Housing
only 6,706 dwelling units
occurred
gains
States,
6hown In
were
1933.
above
the
Atlantic
In 1939
and nearly nine
States
provided
important
were
since 1929.
bottom of the depression in
The
dwelling units
most
dwelling units
more
moving into
consumption channels, with the result that stocks in bonded customs ware¬
houses have been steadily increased.
for storage were only about $7,000,000 larger in value than
approximately 97,000 dwelling units,
calendar
country.
Central
than in
1939, foreign goods arriving in
have been larger in the aggregate than goods
country
Exports by Economic Classes and Commodities
the
in
the
month since September,
During each
this
$234,698,000 in January as compared
$232,736,000 in December, 1939 and with $169,353,000 in Jan. 1939.
with
She added:
Increases
compared
Jan. ,1939-
immediately upon arrival in the country, plus withdrawals for consump¬
dwelling units, having a permit
new
$1,225,000,000,
over
of the
areas
40% Over 1938, Secretary of Labor
arrival in the country) amounted to $241,961,000 in January as
Private
were
USHA
showed
1940.
increase
an
in
Jan¬
Among the various food ex¬
from
$13,393,000 pounds
to
continuing the upward trend in evidence during the
Exports of canned vegetables and canned fish also
of 1939.
higher than those of
a
year ago,
but those of dried and canned fruit
decreased in quantity..
1939
500,000 and
100,000
50,000
25,000
10,000
1938
and under 500,000..
106,761
71,681
and under 100,000..
and under
50,000..
31,354
17,628
20,335
48,075
31,820
35,136
24,607
25,331
21,567
343,084
245,753
over
and under
5,000 and under
2,500_and under
25,000..
10,000..
5,000
Total United States
Percentage change
.
_
28,062
+39.6
1939
1938
1939
1938
Exports of crude foodstuffs decreased from $16,493,000 in January, 1939
to
86,400
89,774
80,024
16,987
6,376
40,080
47,474
22,030
39,850
17,528
24,207
230
20,335
6,032
5,667
100
25,687
45,680
31,670
2,395
287,646
239,047
as a
result of large reductions in shipments
0
25,331
35,136
24,607
21,567
$7,257,000 in January, 1940,
+20.3
0
150
0
0
6,706
Foodstuffs,
and oranges
as a group,
represented slightly less than 8% of United States
exports in January as compared with nearly 15% in
January, 1939.
0
55,438
of wheat, corn, apples
| Imports by Economic Classes and Commodities
Crude materials constituted 41%
+726.7
compared with 32%
in
January,
of total imports in January, 1940 as
1939.
the value of crude materials was due
The relatively large increase in
not only to
the virtual doubling in
Volume
The Commercial & Financial Chronicle
150
1343
GOLD AND
quantity of imports of crude rubber and the virtual trebling in imports of
MONTHS
SILVER BY
Exports, Imports and Net Balance
wool, but also to substantial increases in receipts of other crude materials.
The rise in prices of certain commodities was a factor in the increase in
As
value.
increased
a
result of the rise in price of raw silk,
tha
more
85%; about
1940 than in January,
10%
United
States
earlier.
amounts was
the
January
Imports
January,
January,
various
as
other
were
as
in
$53,800,000
at
1940
were more
in January, 1939.
items
imported
compared with the
same
$37,089,000
to
16% of the total imports
total in
January,
1939.
in
as
as
1940.
were
in
in
quantities
than
Principally
January,
products
cocoa
5,482
119,000
29,780
8,658
Import balance
452
5,799
5,347
113,517
23,765
almost one-half
Month or
1937
Period
1940
1939
1938
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
2,112
1,811
355
1,671
452
233
2,054
191
1,923
250
2,054
m ^
22
5,067
81
174
15
20
53
—
39
13
145
231
May
4
212
36
317
611
June
81
131
19
1,144
254
303
July
206
65
9
214
193
August
169
17
13
278
401
937
129
11
15
285
1,292
232
16
15
380
1,463
1,259
40%
to
value of $23,316,000.
a
imported in January, 1940.
were
April
The
primarily in imports from Cuba.
of
coffee
and tea, were
September
and
cattle.
Other
crude
30,084
14
10
527
823
487
15,052
16
11
236
1,344
887
6
_
end.
mos.
45,872
139
73
1,920
5,482
6,015
46,020
5,889
508
12,042
7,082
14,630
28,708
15,488
14,440
15,757
17,952
19,186
18,326
4,985
10,328
24,098
4,639
25,072
7,268
24,987
21,533
4,183
3,795
602,196 1731,483 1553,582
57,352 119,000
29,780
December 1631,523 1979,458 3574,659
91,877 230,531
85,307
December
month of last year.
6 Months Ended Dec.
end.
mos.
December
Imports—
Increase I. -f)
Decrease(—)
October
90,709
520,907
562,382
November..
52,194
177,782
167,991
2,846
14,080
5,589
2,821
3,165
6,025
4,476
4,964
8,427
5,701
10,633
December..
33,033
240,542
451,183
23,151
February...
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
212,911
Imports.
178,246
368,550
241,961
1,503,652
999,473
1,761,000
1,223,624
365,436
+ 257,348
+ 224,151
215,824
155,366
52,987
262,101
55,438
63,880
278,645
105,013
165,990
259,934
145,623
326,089
69,740
175,624
August
September
Merchandise export bal.
34,665
MERCHANDISE
TRADE BY MONTHS
1938
1937
1936
1935
Period
537,376
504,179
126,589
1939
.
December
12
1,000
1,000
1,000
1,000
1,000
1,000
Re-exports—
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
198,564
182,024
195,113
176,223
February
222,665
289,071
233,125
261,935
212,911
218,682
267,781
March
163,007
185,026
256,566
275,308
April
164,151
192,795
268,945
274,472
May
165,459
170,244
200,772
289,922
257,276
249,466
232,726
185,693
180,390
265,341
173,230
268,184
227,535
172,126
178,975
277,031
230,790
by Standard Oil Companies in
Quarter Estimated at $22,006,851, Compared
with $22,294,925 in Same Period of 1939
198,803
288,379
221,296
296,579
332,710
246,335
October
277,668
332,151
November
269,838
220,539
264,949
226,364
314,697
252,381
292,536
December
223,469
229,800
323,403
268,943
First
250,484
September
367,819
mos.
ended Dec...
mos.
ended Dec
Cash dividend payments
by the companies of the Standard
for the first quarter of 1940 are estimated at $22 ,006,851, a decline of 1.3% from the total of $22,294,925
distributed by these companies during the first quarter of
1939, according to figures compiled by Carl H. Pforzhmeier
& Co., member of the New York Stock Exchange.
In the
preceding or final quarter of 1939 a total of $67,874,953 was
disbursed by the group, payments in that peiiod having in¬
cluded the semi-annual dividends of several of the larger
Oil group
1,258,763 1,301,017 1,812,604 1,503,652 1,761,000
2,282,874 2,455,978 3,349,167 3,094,440 3,176,878
General Imports—
January
187,482
192,774
166,832
February
152,491
March
177,356
April
170,500
May
170,533
June
July...............
156,754
176,631
August
169,030
September
161,647
.
240,444
170,689
178,246
277,709
162,951
158,072
198,701
202,779
191,697
191,077
195,056
193,073
215,701
307,474
190,481
286,837
173,372
159,827
284,735
286,224
148,248
202,493
145,869
178,922
265,214
245,668
140,809
168,910
165,516
175,614
167,592
181,519
233,142
224,299
241,961
companies which make payments only in (the second
fourth quarters.
The firm's announcement added:
186,296
October
189,357
178,024
169,385
196,400
223,090
176,187
December
186,968
245,161
208,833
171,347
A
the smaller distribution
ended Dec...
mos.
ended Dec
of United
999,473 1,223,624
1,053,018 1,258,082 1,400,246
2,047,485 2,422,592 3,083,668 1,960,428 2,318,133
States Merchandise
and
The
6 Months Ended Dec.
1940
easel—)
1,000
1,000
1,000
with
a
disbursements in recent years follows:
Dollars
Dollars
Dollars
Dollars
210,260
359,064
1+87,034
1,725,882
+ 238,848
169,353
234,698
1,007,174
1,204,457
+ 197,283
with
15c.
recent
per
share a
year
South West Pennsylvania Pipe Lines'
ago.
declaration of a dividend of $5 per share compares with quarterly
share previously.
payments of 50c. per
dend of lCc. per share in addition to
.Month or Period
1935
1936
1937
1938
1939
1940
M erchandise—
of
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Union Tank Car Co.'s extra divi¬
the regular quarterly dividend of 30c.
share in the current quarter is the same as was
per
Exports—U. S.
of $1 per share this year
Southern
payment of 50c. per share in March, 1939, while
Pipe Line Co.'s current semi-annual payment of 25c. per share compares
1,000
Dollars
Exports (U. S. mdse.)..
Imports for consumption
of California, the only
by Buckeye Pipe Line Co., Southern Pipe
Co., South West Pennsylvania Pipe Lines and Union Tank Car Co.
compares
1,000
by the Standard Oil Co.
paying less this quarter than a year ago, was partially
Buckeye Pipe Line Co.'s first quarter dividend
1939
1938
payment
by increased payments
The record of quarterly
Increase ( + )
Deer
1939
reduced
offset
Line
January
Exports and Imports
of 25c. per share, whereas at this time
payment was supplemented by an extra of 5c. per share.
member of the group
Imports for Consumption
making payments in the first
in the current quarter as in the similar
by Standard Oil Co. of California, which declared
only the regular quarterly dividend
last year the regular
mos.
and
The decline reported in the total for the group reflects
period of last year.
235,500
246,792
212,602
majority of the companies normally
quarter are paying the same amounts
215,289
November
5,531
4,365
Cash Dividend Payments
229,631
August
6,152
14,770
368,550
230,974
July
429,440
240,450
7,207
7,143
end.
mos.
236,064
June
606,027
5,799
9,927
6.mo8. end.
1940
Exports Including
January
236,413
June...
July
Dollars'
Exports
156,427
223,296
52,947
71,236
May
1,000
Dollars
7,155
8,211
154,371
January
1939
1938
121,336
120,326
March
April
1940
1,773
December.
imported in larger quantities and were higher in total
January
640
November..
including
foodstuffs,
.
October
1940, valued at $24,793,000
in January,
1939
Exports
1,000
In
increased
Exports and Imports
2
1940
1,000
Dollars
11
March
12
6
1939
1,000
1,000
Exports, including Re-exports, General Imports, and Balance of Trade
12
1938
Dollars
Exports—
February...
value in January than in the corresponding
6
1937
1,000
January
1939.
of crude foodstuffs
or
+ 533
—89,219
Silver
Gold
result of much larger sugar imports, the value of imported
foodstuffs
entries
Month
6,015
con¬
7% less in value than those of January, 1939, largerly as a result of
were
smaller
1,671
...
showed a moderate increase in quantity and
January, 1939, 381,000,000 pounds
Imports
1,553,509
142,000,000 pounds of sugar imported for consumption in
with
increase was
1,731,344
1,546
1,668
1,841
as a
manufacutred
contrast
in
236,391
10,328
Exports
manufactures, steel-mill manufactures and machinery were smaller
value
—177,902
Silver—
value, imports of leather manufactures, flax manufactures, miscellaneous
paper
1,553,682
156,345
Import balance
large in both
compared with nearly 21% of the
While imports of burlaps
—66
1,731,483
23
larger in qunatity and more than twice as large In value as a year earlier
and while newsprints imports
1,000
Dollars
73
156,427
$34,886,000 in
These
1,000
Dollars
1
Imports
year
Imports...
only from
increased
1,000
Dollars
81
wood pulp and
copper,
increased
greatly
January,
in
stituted
than twice
Nickel,
a
1,000
Dollars
Exports
increased
in
imported
1,000
Dollars
Gold—
total
month last year.
of finished manufactures
1939
1939
1938
1940
1939
1939.
of
22%
compared with
as
Jan.
23%
represented
semi-manufactures
tin, receipts of which
quantity and value
diamonds
valued
imports
Among
Increase{+)
Deereasel—)
Exports and Imports
The value of total crude materials imports
1939.
advanced to $95,700,000 in January, 1940 from $53,930,000 in
Semi-manufactures,
6 Months Ended Dec.
January
the value of silk imports
less silk was received in January,
1939,
but compares
paid in the final quarter
three
with only the regular payment in the first
quarters of last year.
J anuary
173,560
195,689
219,063
285,772
210,260
February
160,312
229,671
259,160
216,157
March
181,667
179,381
192,405
270,429
263,995
April
160,511
271,508
227,624
Refining, Standard Oil of Indiana,
May
159,791
252,443
264,627
285,081
regular
Oil of Ohio are the same as were
233,365
226,740
year.
228,312
243,595
Pipe Line's payment of 50c. per share,
283,815
of .37He. per
October—
218,184
175,825
217,925
262,173
247,794
September
167,278
167,865
169,683
196,040
253,713
229,554
224,866
246,119
June
Mfg. Co. declared the usual extra
November
267,258
220,931
223,920
226,666
July
August
December
6
mos.
ended Dec
12
mos.
ended Dec
189,574
197,020
181,386
177,006
256,481
264,613
273,561
293,374
329,373
311,212
274,059
286,844
319,431
266,358
Socony-Vacuum Oil Co.'s semi-annual dividend of 25c. a share
323,239
249,844
359,064
357,450
the regular
-First Quar.
1939
1938
January
168,482
186,377
228,680
February
152,246
189,590
260,047
163,312
155,923
March
175,485
295,705
173,196
169,353
152,577
191,269
280,899
1937
234,698
1936
1935
April
166,070
194,296
199,776
1934
166,756
189,008
278,118
155,118
147,123
185,916
May..
194,185
1933
June
155,313
194,311
July
173,096
197,458
200,783
278,300
262,919
147,779
147,767
178,373
170,430
248,730
180,225
233,959
171,023
172,909
1932
1931
180,381
168,683
October..
189,806
162,828
218,425
213,419
200,304
226,470
178,447
199,404
207,131
212,382
171,668
214,532
179,760
240,230
203,644
165,359
232,736
...
6 mos. ended Dec—
12
mos.
Third Quar.
$62,985,882
$23,896,799
80,623,933
25,427,903
94,996,550
31,984,248
74,817,051
63,821,486
29,911,506
17,653,161
58,908,391
18,582,065
34,527,547
19,546,576
46,278,873
57,843,467
43,858,468
51,263,688
Fourth Quar.
$67,874,953
71,315,026
121,317,075
114,399,982
70,516,298
67,289,092
42,457,920
44,112,501
48,530,230
■
Analysis of Imports and Exports of the United States
in January and the 6 months Ended December
The
1,054,554 1,270,618 1,388,103 1,007,174 1,204,457
ended Dec— 2.038,905 2,423,977 3,009,852 1,949,624 2,276,130
63,101,797
Second Quar.
'
September
December
....
$22,006,851
22,294,925
23,550,943
25,437,708
19,872,088
18,122,737
24,312,981
32,406,332
46,801,053
'
August
November
whileCheseborough
dividend of 50c. per share in addition to
share were likewise the same as a year ago,
quarterly dividend of $1 per share.
1940
Consumption—
37He. per share, Eureka
and South Penn Oil Co.'s payment
Humble Oil & Refining Co.'s dividend of
1,239,961 1,283,515 1,791,563 1,487,034 1,725,882
2,243,081 2,418,969 3,298,929 3,057,169 3,123,402
Imports for
and the
per share each declared by Atlantic
Standard Oil of Kentucky and Standard
paid by these companies at this time last
quarterly dividends of 25c.
.
of the
Department of Commerce's report of the character
country's foreign trade reduces the export and import
The Commercial & Financial Chronicle
1344
March
figures into five separate groups, ranging from crude ma¬
terials to the finished manufactures, in each of which the
agricultural and non-agriculturel totals are shown separately.
This tabulation, which reveals that in the last 6 months
of 1939 22.4% of domestic exports and 49.7% of imports
for comsumption were agricultural products, we present
below in the usual
manner.
1940
6 Mos. Ended Dec.
Month of
Finished
January
1939
1940
1938
7,239
5.482
6,321
9,984
1,035
54.510
60,731
33,216
54,561
9,599
4,925
24,459
21,314
1939
Manufactures—Concluded—
Gasoline and other motor fuel.
.
Lubricating oil
Glass and glass products
614
3,522
3,056
6,720
Steel-mill manufactures
Another arrangement of the figures given out by the
Department shows the value of each of the chief items of
the export and import trade arranged according to economic
groups, and since a special interest attaches to these figures
at this time because of the war in Europe, we append them
also.
Both tabulations are given below:
2,
Iron and steel advanced manufactures
Electrical machinery and apparatus
Radio apparatus
Industrial machinery
Wells and refinery machinery
Metal-working machinery..
456
5,163
1,795
28,909
1,990
14,500
1,984
2,156
Office appliances
50,376
9,371
501
1,467
18.038
2,755
6,673
Household refrigerators..
Printing and bookbinding machinery—..
782
3,521
21,396
5,024
8,911
4,896
'
12,628
128,168
19,654
50.689
13,163
4,599
33,633
115,859
30,064
42,259
31,033
8,830
4,166
4,693
9,460
522
Agricultural machinery and implements...
Automobiles, lncl. parts and accessories...
6,113
39,417
4,369
27,916
56,036
4,326
12,389
148,630
16,299
16,888
14,100
4,061
33,591
109,466
29,780
29,473
1939 AND
MONTHS OF
1938
Analysis by Economic Groups
(Value In 1.000 Dollars)
•
6 Months Ended December
Month of January
1940
1939
Class
Cent
Value
Value
Value
611
767
1,410
1,394
853
15,668
1,241
25,847
113,066
132,718
210,260
359,064
1,487,034
1,725,882
4,614
1,908
12,913
4,731
5,966
27,727
23,364
26,199
99,430
4,039
18,222
22,828
61,010
16.334
1,149
3,186
9,737
19,915
523
4.662
6.379
18,935
4,514
Photographic and projection goods
Scientific and professional instruments....
...
Value
Cent
.......
Total domestic exports.
Per
Per
Cent
814
Motor trucks and buses (new)....
Passengers cars (new)
Aircraft, Including parts, Ac
Medicinal and pharmaceutical preparations
All other finished manufactures
1939
1938
Per
Per
602
Soap and toilet preparations
FOR THE MONTH OF JANUARY AND THE LAST SIX
1,149
Paints and varnishes
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
3,389
23,736
6,211
7,812
25,481
2,208
68,077
12,509
4,879
5,739
9,266
6,732
5,980
Cent
Imports for Consumption
Crude Materials—
Domestic Exports—
36,390
Agricultural
Non-agricultural
...
Crude foodstuffs
Agricultural
17.3
82,193
22.9
317,506
21.3
24,377
12,013
16,493
16,348
Crude materials
11.6
69,866
12,328
19.5
223,623
93,983
15.0
19.3
6.3
333,485
230,695
102,890
7.8
7,257
2.0
96,818
6.5
43,931
2.6
7.8
7,196
2.0
96,018
6.5
43,377
2.5
6.7
3.4
13.4
6.0
0.1
61
Mfd. foodstuffs A bev.
14,607
6.9
20.449
5.7
99.726
6.7
113,669
6.6
Agricultural
Non-agricultural...
6.3
18,611
1,838
75,335
5.2
90,429
6.1
104,579
6.1
0.5
9,296
0.6
16.7
Agricultural
Non-agricultural...
188
0.1
430
0.1
0.1
3,714
0.2
36,224
16.8
74,905
20.9
248,146
1,087
247,058
9,089
361,757
0.5
Semi-manufactures—
13,241
1,366
36,412
16.6
358,042
20.7
Finished manufactures 107,358
534
Agricultural..
61.1 173.830
48.4
724,839
48.8
873,041
60.6
1,132
0.3
3,726
0.3
4,642
0.3
Non-agricultural... 106,824
60.8 172,698
48.1
721,113
48.5
868,399
50.3
145
Non-agricultural—.
0.7
16.8
0.3
800
21.0
0.1
654
21.0
210,260 100.0 359,064 100.0 1,487,034 100.0 1,725,882 100.0
merchandise
Undressed furs
Crude rubber
3,583
2,363
2,770
Oilseeds
Flaxseed
Tobacco, unmanufactured
54,687
...
Non-agricultural... 155,673
26.0
97,234
74.0 261,830
27.1
414,783
72.9 1,072,250
27.9
386.907
22.4
72.1 1,338,975
77.6
Cotton, unmanufactured
609
Jute and Jute butts
Flax and hemp, unmanufactured
342
974
910
985
556
282
235
4,228
8,244
1,169
10,801
15,329
2,535
16,250
1,390
27,121
319
493
Wool, unmanufactured
Silk, raw
Other textile flbers.c..
49,695
7.663
40.8
304,637
30.2
411,335
34.2
75,508
32.2
302,820
25.1
8.6
215,730
88.907
21.4
20,192
24,793
8.8
10.6
130,442
13.0
108,515
140,446
11.7
15.1
23,674
10.1
124,734
12.4
134,745
11.2
0.7
1,120
0.5
5,708
0.6
0.5
151,146
113,501
15.0
5,700
172,988
14.4
132,384
11.0
53,930
95.700
25.1
6.7
26,774
15.8
25,612
1.261
.
31.8
42,648
11,381
Agricultural
Crude foodBtuffs
.
9.0
16,638
11,952
4,686
Agricultural
Non-agricultural...
Semi-manufactures.
9.8
23,316
9.9
7.1
16,918
7.2
2.8
6,398
2.7
37,645
3.7
40,604
3.4
37,125
Mfd. foodstuffs A bev.
21.9
53,800
22.9
204,372
20.3
260,392
21.6
11.3
3,663
33,462
Finished manufactures
2.2
6,374
2.7
22,656
2.3
24,312
2.0
19.8
47,426
20.2
181,716
18.0
236,080
19.6
34,886
Agricultural
Non-agricultural...
20.6
37,089
15.8
216,577
21.5
219,296
18.2
328
0.2
669
0.3
2,365
0.2
3,896
0.3
34,659
20.4
36,430
15.5
214,212
21.3
215,400
17.9
Agricultural
Non-agricultural...
1,447
317
278
Diamonds for industrial use
318
203
2,440
539
7,454
10,864
10,260
2,296
14,890
56,525
69,776
2,983
8,519
2,929
Crude petroleum
ing ores
All other crude materials
sumption
Non-agricultural...
1,400
5.027
487
563
2,210
830
670
1,896
1,961
2,043
14,097
778
680
6,268
1,621
2,406
11,820
Cattle, except for breeding
Bananas
Nuts
Cocoa
169,353 100.0 234,698 100.0 1,007,174 100.0 1,204,457 100.0
47.5
49.7
84,003 49.6 123,133 62.5
478,986
598,158
52.5
50.3
85,360 50.4 111,565 47.5
528,187
606,299
Leading Commodities in Each Economic Group
beans
11,033
67,933
67,960
2,625
8,967
10,554
2,686
13,022
15,148
1,984
14,224
787
1,854
3,506
6.203
9,375
14,121
1,579
2,414
All other crude foodstuffs
Manufactured Foodstuffs—
2.119
Meat products
Cheese
Fish and shellfish (canned, prepared,
Ac.).
899
475
7,934
6,212
4,404
16,650
19,619
From foreign countries
39,124
Whisky and other spirits
2,787
2,002
5,372
2,842
729
27,755
5,153
62,714
28,653
601
3,672
4,622
22,700
1,073
3,521
701
4,088
4,424
5,944
629
19.353
1,434
20.326
979
553
884
3,299
1,121
6,604
1,824
1,362
10,125
2,764
7,244
41,230
11,412
1,388
Wines
1940
6 M08. End. Dec.
1938
1939
Leather
Expressed oils, inedible.d
Wool semi-manufactures
...
278
Domestic Exports
59,884
6,075
Crude petroleum
8,475
2,594
5,815
Undressed furs
2,621
Coal
Soy beans
33
Phosphate rock
3,602
5,805
1,956
2,092
382
Crude Foodstuffs—
Wheat
95
1,495
All other crude materials
2,684
109,757
104,601
29,377
52.584
3,613
1,963
3,152
12,459
174,500
37,767
43,238
47,592
1.
6,581
4,510
455
10,204
1,963
8.204
2,707
1,709
514
12,498
782
889
10,517
5,637
5,119
14,477
8,515
3,186
7,874
10.585
4,730
15,719
9,805
3,940
9,329
9,456
5,162
15.354
6,560
22,983
8,640
8,972
116,948
35,467
....
Cotton cloth
Silk manufactures
668
911
509
7,976
8,814
920
14,097
626
Shingles
3,185
19,080
4,327
13,617
10,558
10,302
3,905
844
4,282
2,542
3,907
62,968
-
Lard, Including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, Ac.
1,870
374
1,624
Dried and evaporated fruits
Canned fruits
604
387
Vegetables, canned and prepared
1,667
I,805
799
Oilcake and oilcake meal
567
1,176
Wheat flour
1.188
1,605
1,392
4.642
1,644
1,512
2,576
.
All other manufactured foodstuffs
SemirM anufactures—
3,069
16,809
14,264
16,217
384
550
1,275
1,158
373
867
55,621
5,688
3,386
5,131
5,748
Works of art
307
1,016
All other finished manufactures—
7,863
1,152
7,682
52,865
Non-commercial imports.g
2,048
1,897
17,370
3,634
5,294
6,958
50,863
16,070
169,353
234,698
1,007,174
1,204,467
Newsprint
3,187
3,360
Pottery
7,800
Steel-mill manufactures
Manufactured Foodstuffs—
Other paper and manufactures
Machinery
7,060
Total Imports for consumption
4,554
3,776
13,876
15,837
26,193
809
742
1,167
1,422
5,708
Naval stores, gums and resins.a
5,880
7,394
9,031
Cotton semi-manufactures
8awed timber
727
1,331
5,266
359
449
Boards, planks, &c.a
Wood pulp
2,303
2,006
289
853
2,071
16,086
5,039
Gas and fuel oil
3,361
3,038
2,668
17.460
4,747
26,440
6,407
99,808
29,548
22,033
14,610
16,533
53,477
a
Includes
Iron and steel scrap-b
555
1,001
10,003
3,352
24,838
27,299
4,796
56,674
17,227
1.643
8,216
749
Tinplate and taggers' tin...
Ferro-alloys
3,567
7,411
640
...
2,475
15,594
1,360
Aluminum semi-manufactures
7,740
in
Far
42,049
3,220
4,467
13,138
950
1,447
5,978
9,278
1,047
Automobile casings
Tobaoco manufactures..
Cotton manufactures
Cotton cloth, duck and tire fabric
Rayon manufactures
...
1,215
7,636
3,233
2,133
1,029
1,857
5,569
3,688
1,556
7,043
21,987
30,398
14,913
19,914
average
5,086
12,224
6,881
17,382
In
4,029
which
January
Western
for Western Business Activity
Declined from December
business
activity in January,
as
measured
preliminary index number stood at 80.8% of its computed
normal trend value as compared with 75.7% for January
714
57,379
c Includes sisal, manila, kapok, New Zealand
d Includes a few Items which are not semi-manufactures.
sponding month in 1939 but declined 0.5% from December,
to the bank's current "Business Review."
The
II,067
Finished Manufactures—
Leather manufactures..
Rubber manufactures
b Includes tinplate
according
1,987
All other semi-manufactures
8,166
23.461
7,332
semi-manufacture,
by the Bank of America index, gained 6.7% over the corre¬
1,367
4.189
a
Bank of America Reports
490
Pigments
2,895
small item which Is not
Chiefly unrefined copper for refining and export,
f Includes a few Items
are not in the 1939 and 1940 figures,
g Chiefly merchandise returned.
6,451
Industrial chemicals
9,705
e
2,207
43,958
4,911
12,762
5,223
4,804
1,015
1,770
a
fiber, crin vegetal, Ac.
835
Copper (ingots, plates, rods)
Coal-tar products
5,302
3,663
and waste-waste tin plate,
scrap
6,844
Crude sulphur..
Iron and steel semi-manufactures
'
12,909
Leather
5,768
2,037
2,444
2,288
2,227
All other crude foodstuffs
Paper and manufactures
3,094
Manufactures of flax, hemp and ramie...
474
2,552
Other fresh fruit
Meat products
17,261
802
Burlaps
954
672
3,571
10,498
43,570
14,575
1,789
21,339
14,626
40,920
8,199
7,732
13,389
50,502
4,473
3,320
2,263
542
Vegetables, fresh and dried
Apples, fresh
Oranges
436
Cotton manufactures
16,213
3,564
4,939
Finished Manufactures—
Leather manufactures
2.258
9,654
27,176
30,081
3,136
7,849
5,561
3,614
1,104
8,286
1,182
1,408
3,109
8,618
821
Fertilizer _d
All other semi-manufactures
Wool manufactures
Corn
5,992
2,541
587
Industrial chemicals.d..
14,975
....
255
3,138
1.891
3.892
1,817
1.120
3,247
6,067
Iron and steel semi-manufactures
Nickel and alloys
pigs).....
Coal-tar products.d
Crude Materials—
5,260
26,176
(except
Tin (bars, blocks,
Ootton, unmanufactured
Tobacco, unmanufactured
2.028
Semi-Manufactures—
Copper.®
1939
997
622
Vegetable oils, edible
Cane sugar—From Philippine Islands
railroad ties)...
Wood pulp
Diamonds, cut but not set
Month of January
12,151
7,316
11,483
1,847
1,391
Fodders and feeds, except hay
8awed boards, sidings and lumber
(Value in 1,000 Dollars)
2,296
14,717
6,241
12,082
846
or cacao
Coffee
Tea
Rayon filaments, short and tops
Analysis by
12,217
4,710
3,571
Crude Foodstuffs—
All other manufactured foodstuffs
Total Imports for con¬
Agricultural..
6,845
1,241
Diamonds, rough, uncut...
Vegetables, fresh and dried
Consumption—
Crude materials
Agricultural
Non-agricultural..
77,726
9,724
7,244
9,575
3.675
Pulpwood
Wheat for milling and export
Imports for
Non-agricultural..
13,964
Manganese, chrome, and other ferro-alloy-
Total exports of U. 8.
Agricultural
Hides and skins
last
of
year
and
81.2%
nouncement further
All
index
three
6.4%,
5.259
ings,
up
20,943
bank
debits
and
respectively,
adjusted
for
led
production
power
for
car
while
with
bank
scored
an
The
bank's an¬
gains
January,
over
1939.
Electric
15.4%, followed by car load¬
2.3%.
Compared with December,
increase of
debits,
loadings
electric
seasonal
December.
up
percentage declines of 4.7 and 4.4,
production gained 4.6.
Each factor is
and
comparisons are based on daily
showed
power
variation
figures.
the
all
and
for
said:
factors
building
types
of
field
January
construction
permits
were
in
valued at
principal Western cities
$16,493,890. a decrease of
50
The Commercial &
Volume 150
9%
from
declines
totaled
this
January of last
for
permits
$10,489,300,
total
large
represents
low-cost
residential
4.1%
Homing Authority.
Western trade, as
over
a
decrease of
a
housing
22% from December.
construction in the
and
year
new
or
projects
indicated
year ago.
28%.
Despite these
centers
same
Compared with December
December, however, several
by the United States
initiated
were
by
In
Financial Chronicle
from
8,653
independent
retail
stores representing all
major fields of retail enterprise, gained 5% in
January of this year over the same period in 1939.
Automobile dealers,
lumber and materials dealers, jewelry stores and household appliance 6tores
led
in
the
reports
advance.
31475691——CPBRDMAhoacsilnvlatmdgnepo.is
Bank Debits
28% Higher Than Last Year
Debits to individual accounts,
passenger cars
road
tractors
and 61 making commercial cars, trucks and
(11 of the 22 passenger car manufacturers
also
n^aking commercial cars, trucks and road tractors).
It should be noted that those making both passenger cars
commercial cars, trucks
and
included
and
in
in
the number
the
trucks
number
and
road
No.
station wagons, and buses,
West Ended
of
21, 1940
Feb.
17
Feb. 14, 1940
$379,313,000
2,855,722,000
379,071,000
460,155,000
258,150,000
244,973,000
1,005,102,000
204,043,000
125.254,000
222,960,000
183,674,000
589,076,000
$353,808,000
2,885,338,000
335,449,000
398,639,000
220,432,000
193,102,000
849,145,000
198,232,000
110,937,000
210,197,000
184,466.000
532,695,000
$6,907,493,000
$6,472,340,000
10—Kansas City.........
28
12—San Francisco
29
$442,421,000
3.384,900,000
430,011,000
585,713,000
302,238,000
261,661,000
1,264,349,000
254,023.000
152,837,000
279,072,000
235,841,000
716,450,000
272
$8,309,516,000
15
....
18
25
23
25
41
16
8—St. Louis
17
18
"Chronicle,'
during the week ended Feb. 17, 1940,
1% greater than in the previous week; shipments
8% less; new business, 0.3% less, according to reports
Manufacturers
Lumber
Association
from
regional associations covering the operations of representa¬
hardwood
softwood
and
mills.
Shipments were 2%
above production; new orders, 5% above production.
Com¬
pared with the corresponding week of 1939, production
was 16%
greater; shipments, 9% greater, and new busi¬
ness, 8% greater.
The industry stood at 68% of the sea¬
sonal weekly average of 1929 production and 67% of aver¬
1929 shipments.
age
Month
Total
Comparisons
corresponding weeks of 1939; shipments were 3% above the shipments,
new
orders were 7% above the orders of the 1939 period.
For the
and
shipments
date
to
business
new
10%
was
above
production,
Division
the
with 17%
compared
a
year
ago;
gross
year ago.
a
stocks
were
on
Unfilled orders
4% less.
were
19% heavier than
17, 1940,
feet
softwoods
of
booked
week
orders
orders,
feet;
Lumber
hardwoods
and
202,627,000
Mills, *537;
were:
044,000
of
Feb. 17, 1940,
orders
production,
203,296,000
Revised
197,252,000
shipped
figures
191,849,000
for
feet;
feet;
the
preceding
shipments, 215,-
3% above production.
Production was 180,331,000 feet.
Reports from 104 hardwood mills give new business as 11,538,000 feet,
or 8% below production.
Shipments as reported for the same week were
11,670,000 feet, or 7% below production.
Production was 12,543,000 feet.
Identical
Mill
Comparisons
Production during
week ended Feb. 17, 1940, of
mills was 177,863,000 feet, and a year ago it was
ments were,
respectively, 183,192,000 feet and
orders received, 188,413,000 feet and 175,572,000
hardwoods,
88
reported production
identical mills
412 identical softwood
153,204,000 feet; ship¬
168,375,000 feet, and
feet.
In the case of
this
and
year
9,867,000 feet; shipments, 9,917,000
8,513,000 feet, and orders, 9,744,000 feet and 7^845,000 feet.
ago
feet and
10,731,000
a
feet
year
and
gain
enough to extinguish
the
(including
United
foreign
States
and
assemblies from parts
reported
as
complete
made in
units
or
for January, 1940, consisted of 432,101 vehicles,
of which 362,736 were passenger cars and 69,365 were com¬
vehicles)
trucks and road tractors, as compared with
vehicles in December, 1939; 342,168 vehicles in
January,
1939, and 209,328 vehicles in January, 1938.
These statistics, comprising data for the entire industry,
mercial cars,
452,142
were
released
Bureau
this
week
of the Census,
by
Director
William
L.
Austin,
Department of Commerce.
1940, are based on data received
Statistics for January,
from
72
manufacturers in the United States, 22 making
consumers'
goods.
The
apparent," continues the survey, "that the rise in earnings of
been more rapid than the increase in the cost of living.
purchasing power of employed workers has been reflected
higher volume of retail trade.
Sales have also been stimulated by a
The
has
increase in
a
the
in
that
of
value
agricultural production in
the
in
wholesale commodity
of
trend
of
to the highest level
1939
an
1939, gaining 13%
over the August level.
Cost
but by a much smaller amount.
substantially in the first four months of
chiefly reflected a sharp increase in shipments to the
Exports to the United Kingdom actually declined from
export trade rose
rise
States.
earlier
level
Canada has differed from
uninterrupted advance in
in
increased,
living also
the
prices
showed
Prices
States.
United
four months
last
the
of
1930."
The
the
but it has become less
V
;v
is
workers
in
the
similar
A
year.
picture is
presented
by
import
statistics.
downward
present
Conference
the
trend
production
in
Board,
have
"may
United
unfavorable
some
increasing.
For the war to date, the War
amounting to about $100,006,000."
is
the
in
States,"
repercus¬
but the flow of orders released by the War Supply Board
sions in Canada,
Supply Board has placed
orders
Government's
Action
in
West African Cocoa Crop
The British Government's action in
West African cocoa crop
Purchasing
Explained
Entire
purchasing the entire
of the 1939-40 season was recently
explained to the House of Commons by Malcolm McDonald,
Secretary of State for the Colonies, it is- learned from a
cablegram received by Comtelburo, Ltd., New York, on
Feb. 23, from which we quote, in part, as follows:
Appearing before
Colonies
the
was
the
asked
House
why
of
in
Commons the Secretary of State for
purchasing the
entire Gold Coast
cocoa
British Government fixed the price at a figure
equivalent to £16/16/0 per ton Accra, which is below production cost.
He was also asked, since the price was fixed and agreed upon by the
Gold Coast farmers, why the export duty of cocoa was raised by the
Gold Coast Government by 18-8 to 42/ per ton.
The question was also
1939-40
of
crop
the
Factory sales of automobiles manufactured in the United
States
while
producers'
the unemployment problem,
;;7 Cv
"It
as
the
what the Government proposes
to
will not inflict serious loss on
Output in January
manufacturing,
in
the work week and in some instances by increases in
"The business improvement and the increase in
Conference Board points out, "have not gone far
acute."
raised
Automobile
Conference
the
wage
rates.
forces," the
hourly
armed
reported
or
the
was
somewhat greater increase than
a
of
lengthening
for the week ended Feb. 17, 1940, by 445
softwood mills totaled 191,089,000 feet, or 6% above the production of
the same mills.
Shipments as reported for the same week were 185,582,000 feet,
of
general improvement has been reflected in a steady rise in total employ¬
ment, which at the beginning of this year nearly equaled the peak for
1929.
Workers in industry in many instances further benefited by a
British
feet.
Economics
Industrial
pronounced
showed
goods
concludes
192,874,000
of
Industrial
"The
533 mills produced
combined;
feet.
14,384
exceptions the highest on record and 21% above last year's
low point.
The Board on Feb. 27 further said:
war,
21%
Softwoods and Hardwoods
During the week ended Feb.
15.518
13,385
4,634
6,487
3,390
3,152
4,239
6,268
production at the beginning of 1940,
although slightly below the peak for 1939, was with few
United
was
stocks
81,849
12,579
11,491
11,404
18,670
17,624
20,652
78.338
69,112
62,340
54,063
of war, but the stimulus imparted by a marked
gain in export trade was largely due to increased demand
from the United States, according to a survey prepared by
Although
Supply and Demand Comparisons
The ratio of unfilled orders to gross
17,213
16,978
14,794
69,365
&
Trucks
Cars
Business activity in Canada has risen sharply since the
6% above production.
were
362,736
373,804
280,040
326,006
156,387
244,385
452,142
339,152
388,346
210,450
326,234
Cars
senger
Total
outbreak
since
and
1940
&c.
Industrial Production Near Record Level,
Says Conference Board—Gain in Export Trade Due
to Heavy Purchases by the United States
Reported production for the seven weeks of 1940 to (late was 9% above
of
Trucks,
Cars
Canadian
rise
weeks
Passenger
432,101
...
...
Comm'l
Pas¬
{All
Vehicles)
in
The Association further reported:
Year-to-Date
seven
Canada {Production)
Year and
Most
Lumber production
tive
(INCLUDING CHASSIS)
United States {Factory Sales)
Feb. 22, 1939
Report of Lumber Movement Week Ended Feb. 17, 1940
National
such
606.
page
NUMBER OF VEHICLES
Board.
Total.
the
but the number of
Figures of automobile production in December, 1939,
1938 and 1937 appeared in the Jan. 27, 1940, issue of the
December, 1937
Ind.
for
Bureau of Statistics.
January, 1940
December, 1939
January, 1939...
December, 1938
January, 1938
Centers
Federal Reserve District
to
figures
special purpose vehicles is very small and hence a negligible
factor in any analysis for which the figures may be used.
Canadian production figures are supplied by the Dominion
the
SUMMARY BY FEDERAL RESERVE DISTRICTS
were
The
respectively.
'
These figures are as reported on Feb. 26, 1940, by
Board of Governors of the Federal Reserve System.
was
shown
tractors,
of last year.
2—New York
and road tractors have been
as making passenger cars
as
making commercial cars,
Shown
passenger cars include those for taxicabs.
The figures
for commercial cars, trucks and road tractors include those
for ambulances, funeral cars, fire apparatus, street sweep¬
ers,
reported by banks in
leading cities for the week ended Feb. 21, aggregated
$8,310,000,000, or 20% above the total reported for the
preceding week, which included only five business days in
many of the reporting centers, and 28% above the total
for the corresponding week of last year, which included
only five business days.
Aggregate debits for the 141 cities for which a separate
totalhas been mantained since January, 1919, amounted
to $7,607,000,000, compared with $6,317,000,000 the pre¬
ceding week and $5,936,000,000 the week ended Feb. 22
as
1345
Gold
Coast
ments
African
serious
this
to
Replying
answer
question,
Malcolm
McDonald
part of the question first.
at the beginning of the war
last
the
made
cocoa
loss
to do
so
that these measures
Gold Coast farmers and tend to impoverish
Colony.
crop
of
would not
the 1939-40
be inflicted
season
upon
stated
that he would
The purpose of the arrange¬
to purchase the entire West
was precisely to ensure that
the
cocoa
fanners with
conse¬
quent impoverishment on the Gold Coast and to a lesser degree on Nigeria.
Mr.
McDonald continued that before the war Germany represented an
important
market for
cocoa,,
consumption representing about
The effect of the loss of the Ger¬
her annual
15% of the world's total production.
market and the
dislocation of
man
other
markets
in
Central
Europe,
together with difficulties in finding shipping space during war-time for a
relatively unessential commodity like cocoa, would beyond doubt have
driven the price of cocoa in West Africa down to a very low level, while a
very considerable proportion of the crop would have been left unbought
in
the hands of
growers.
The Commercial & Financial Chronicle
1346
In
the
£4
as
price
take
into
price of cocoa
in West Africa fell
By guaranteeing the purchase of the whole
ton.
in
the
1914-18
of
war
per
fixed
for
advance
the
the
season
probable subsequent
account
Government
rises
not
freight
in
only
rates
had
to
hold
considerable quantity of
present
crop
year.
addition
In
being made
profit
stated
A
as
mate
cost
ports
of
of
a
fair
very
guaranteed
price
for
£16/16/0 per ton at the Gold Coast
particularly when this price
whole main
for the
crop
Governors of West Africa assured Mr.
season.
.
the second part
was
purchase scheme,
cocoa
the
upon
impose,
to
necessary
ton
as
that in
a
McDonald
said
statement made in
a
view
the
of
measure,
war
Mr.
about
reasons
surcharge
a
the
that
December
considered, it
of £18/8 per
duty.
export
cocoa
.
dissatisfaction
the question,
of
the Governor of the Gold Coast explained in
the
.
McDonald that these arrangementsc
appreciated, and no reports of any general
price at which cocoa was bought are known.
Replying to
Mid-winter Business Rise in Canada Reported by Bank
of Montreal
Canadian
been
business
characterized
during
by
the
distinct
a
midwinter
period
toward
movement
has
higher
levels, due in part to the marked enlargement of rural
purchasing power as compared with the similar period of
last year and in part to the industrial activity
generated
by war contracts, according to the current "Business Sum¬
mary" of the Bank of Montreal.
The review goes
on
Coincident
with
the
are
Paul E.
Hadlick, Secretary and Counsel of the National
Association, to d the sub-committee that
opposition of petroleum marketers is due to their belief
that with the exception of State laws designed to prevent
actual physical waste, there should be regulation of produc¬
tion of crude oil by either the States or the Federal Gov¬
influence
aircraft
with
contracts,
finished
a
been
of
group
apart
from
article,
create
Canadian
aircraft
work
demand
a
Oil
the
providing
for
for
companies.
the
variety
a
Many
companies
of
of
the
materials
raw
Marketers
the
these
producing
a
be obsolescent."
on
general business of stronger rural
steadily increasing distribution of war
contracts throughout the country.
Not only has the Canadian War Supply
Board been placing a fresh batch
every week, but the British Government
has recently concluded a contract for about
$25,000,000 worth of new
has
power
off 5,700 barrels to a daily average of
loss of 3,500 barrels pared the Kansas
was
ands of those who he declared.
Eossible necessity," believe that the"It plays right oughtthe
States
and into
to
to say:
purchasing
Oklahoma
daily output to 173,200 barrels. Mississippi production dur¬
ing the Feb. 24 week had risen to 7,300 barrels daily, against
estimated market requirements of only 1,300 barrels.
A decline of 582,000 barrels in stocks of domestic and
foreign petroleum held in the United States during the week
ended Feb. 17 pared the total to 238,928,000 barrels, accord¬
ing to the United States Bureau of Mines.
Stocks of do¬
mestic crude were off 307,000 barrels, while holdings of
foreign crude oil dipped 275,000 barrels.
Heavy crude oil
stocks in California, not included in the 'refinable" crude
stocks, were up 175,000 barrels to 13,425,000 barrels.
A sharp attack upon the Cole Bill, which would place the
petroleum industry under Federal regulation, was made by
Representative Wesley E. Disney, of Oklahoma, at the
final hearing conducted by a special House Interstate and
Foreign Commerce subcommittee in Washington.
Mr.
Disney will be remembered as the co-author of the ThomasDisney Bill, introduced in 1934. In commenting upon this,
Mr. Disney said that he is now much "wiser."
"If the proof shows that there is a clear, positive, unim¬
peachable, overwhelming need for this legislation, based
upon our actual, immediate, possibly national peril, it would
still be unwise to consider this bill favorably except as a last
net profit
growers,
were
of
a
the Government would share this
African Governments concerned.
Mr.
McDonald
the peculiar conditions in West Africa, to deter¬
suggested in the first part of the question, the even approxi¬
the production of cocoa was an impossibility, but it was
was
was
the unlikely event of
in
the crop,
generally accepted that the price of
was
barrels.
the end of the
421,400 barrels while
undertaking,
West
view
in
the unsold surplus beyond
.
disposing of
the
that
mine,
this
to
in
with
.
.
a nominal increase, daily average output
rising 250 barrels to 278,450 barrels.
decline of 18,500 barrels in daily average production of
crude oil in California carried the total there off to 604,300
carrying costs, but also had to envisage the possibility of being compelled
to
1940
there
other
and
2,
Louisiana showed
low
as
at port
crop
March
like
ernment.
order.
"Our petition to this committee is that you repeal the
legislation that has already been proven to aid the oil mo¬
nopoly," Mr. Hadlick declared.
"We ask you not to carry
that control further as proposed in H.R. 7372.
The one
thing that has prevented complete control over production
of oil is the competition that has come from new fields that
are not approved.
This legislation is undoubtedly aimed at
closing that gap."
The Cole bill would "provide brakes on the industry's
forward movement, but offer no motive power," Frank
Buttram, President of the Independent Petroleum Associa¬
tion, told the members of the sub-committee.
He pointed
out that the proposed legislation made no provision for the
promotion of the discovery and development of oil lands.
"Good government and conscience suggest that we should
first exhaust the powers lodged in the respective States in
our efforts to find a solution to our
problems," he cautioned
the sub-committee.
"Every opportunity should be given
State authorities to effectively meet their oil problems.
The industry has developed those waste prevention methods
which we know and may be expected to develop better ones.
"The evidence shows conclusively that at this time our
petroleum resources are not being exhausted by reckless
methods," he continued.
"Improved production methods,
larger recovery and greater utilization, rather than waste
have marked its history.
We should explore more fully
this power of cooperative influence by the Federal Govern¬
ment before we seriously consider invoking the power of
force by that Government."
"President Lazaro Cardenas appealed today (Feb. 28)
to petroleum workers to sacrifice their personal interests
in order to aid development of the industry as well as to
provide funds for the indemnification of the companies whose
properties were expropriated," a United Press dispatch from
Mexico City reported.
"Cardenas declared the industry had
progressed despite pessimistic predictions that it would
break down under Federal control, but admitted that many
obstacles had been encountered and many mistakes made."
There were no crude oil price changes:
Illinois, which this month was within striking distance of
becoming the third largest oil producing State in the country,
replacing Oklahoma, has no State control and therefore
Bradford, Pa
Corning, Pa
steel,
lumber
different
fit.
the
of
also
for
machinery and
ioojls of
subsidiary industries derive bene¬
Accordingly, numerous
resulting augmentation of payrolls
the
sales
January,
the
and
means
comparable
stantial
volume
working
a
continue
very
of
1939.
department
in
season
of
nearly
stores
Manufacturing
orders
full
activity
up
is
by
in
military
capacity.
The
fact
and
iron
on
most
and
power
that
advance
hand
of
steel
in
compared
as
substantially in
supplies
heavy
the
14%,
The textile mills have
1939.
for
were
buying
more
workers, and evidence of its existence is found
January
with
aluminum,
kinds.
The
for
and
sub¬
a
them
are
industries
busy.
Petroleum and
Its
Products—Texas'
Higher—Commission
Ignores
mendations—Record
Illinois
Production—Wesley
E.
March Allowable
Bureau's
Output
Disney Hits
Recom¬
Lifts Crude
Oil Control
Bill—President Cardenas Asks Oil Reorganization
A substantial increase in
the March allowable orders of
the Texas Railroad Commission came as a surprise to the oil
industry, particularly so since for the first time in history
the Commission ignored the recommendations of the U. S.
Bureau of Mines in setting its crude oil allowable totals.
In
striking contrast to the Bureau of Mines' March
daily market demand, for Texas crude oil which
off some 40,000 barrels from the
previous month's
estimate of
was
estimate, the Commission set the March daily allowable at
1,479,521 barrels or 89,370 barrels above the Feb. 1 quota.
There
was no
alteration made in the proration program for
the East Texss
field, where the basic allowable was fixed at
690,000 bairels daily with shutdowns each Saturday, Sundday and Wednesday except March 2.
Under the March
setup, the East Texas field's actual allowable is 400,645
barrels
daily.
The 40,000-barrel cut in the Texas share of the national
market for crude oil recommended by the Bureau of Mines
failed to reflect the true market demand situation because
of its
"lag." E. O. Thompson, of the Railroad Commission,
Monday.
He pointed out that demand for
Texas oil was such that 900,000 barrels were withdrawn
from stroage in the week
preceding the March proration
commented
does
not follow the Federal recommendations.
However,
industry felt that Oklahoma, Kansas and Michigan
might follow the lead of Texas, as did Louisiana, in ignoring
the Bureau's recommendations
in
setting their Maich
the
allowables.
The March
allowable for
Louisiana
was
of 14,150 barrels
over
Prices of Typical Crude per Barrel at Wells
(All gravities wjere A. P. I. degrees
the previous week, according
Sharpest expansion in daily
average
crude output
was
shown in Texas where the total climbed
34,850 barrels to
1,396,050 barrels.
Illinois, which came within 7,300 barrels
of displacing Oklahoma as
was
up
5,900 barrels to
a
third-largest oil producing State,
record total of 414,200 barrels daily.
1.02
95-1.05
Western Kentucky
Mld-Cont't, Okla., 40 and above._
.90
1.03
Rodessa, Ark., 40 and
1.25
aboye
Smackover, Ark., 24 and
REFINED
.73
over
are not
shown)
$1.03
1.10
Eldoraro, Ark., 40
Rusk, Texas, 40 and over
1.03
Darst Creek
.76-1.03
.90
Huntington, Calif., 30 and over— 1.15
Michigan crude
8unburst, Mont
.
Kettleman Hills, 39 and over
PRODUCTS—MOTOR
FUEL
STOCKS
1.38
SPURT—HOLD¬
INGS LARGEST IN HISTORY'S RECORDS—PRICE WEAKNESS
FEARED
IN
MAIN
OPERATIONS
MARKETS—REFINERY
EASE
The
unprecedented stocks of finished and unfinished
gasoline held in the United States at the end of February
overshadowed all other developments in the refined petroleum
products field.
to the American Petroleum Institute.
This figure was more
than 203,000 barrels above the
February figure of 3,529,000
barrels recommended by the Bureau of Mines.
$2.75
Illinois
lifted
4,159 ban els to a daily average of 277,412 barrels, which is
nearly 25,000 barrels above the Bureau's suggested figure.
Record Illinois output played an important part in lifting
daily average production of crude oil in the United States
during the week ended Feb. 24 to 3,732,100 barrels, an in¬
crease
,
Inventories
of finished
and
unfinished
motor
fuel
rose
2,734,000 barrels during the Feb. 24 week to a record total
of 96,719,000 barrels, and were within striking distance of the
100,000,000-barrel mark figure which now seems certain to
be
passed before March 31 brings the normal seasonal rise in
demand.
#
With stocks of
■
gasoline at their current towering levels, and
further sharp increase feared during the coming month, oil
Volume
men
The Commercial & Financial Chronicle
ISO
felt that the pressure upon the price structure in the
main motor fuel markets would
inevitably be
Nation's
reflected by weakness at the outset of the Spring consump¬
tion season.
With the exception of the Mid-continent area where
bulk
prices s gged over the year-end, the major motor fuel
markets have not yet given full effect to the weakened
statistical position of gasoline.
The high refinery operations
necessary to bolster precariously low holdings of fuel oil this
winter played an important part in the record holdings of
gasoline.
*
■.
Refinery operations were off 2.1 points to 81.5% of
capacity, the American Petroleum Institute report disclosed.
Daily average runs of crude oil to stills were down 80,000
barrels to 3,490,000 barrels.
This total, however, was about
200,000 barrels above the normal figure for this time of the
year in the opinion of the industry's economists.
U. S. Gasoline (Above 65 Octane),
New York—
Socony-Vac.
.06>*-.07
.03>*-.05
1.50
Phila., Bunker C
$1.00-1.25
|
z
Brooklyn
z
28-30 D
$.17
|
I
CRUDE
|
Boston
TO
RUNS
STILLS
$.17
$.1661 Buffalo
.1851 Chicago
——
Ended
estimates
that
States during February.
duction for the four
Daily average pro¬
weeks ended Feb. 24, 1940, is estimated
by the Institute, follow:
reported
and receipts in bond at principal
ports for the week ended Feb. 24 totaled 1,465,000 garrels,
Imports of petroleum for domestic
United States
use
daily average of
256,000 barrels for the week ended Feb. 17, and 204,143 barrels daily
for the four weeks ended Feb. 24.
These figures include all oil imported,
whether bonded or for domestic use, but it
is impossible to make the
daily
a
of
Receipts
that
and
and
that
indicate
Mines
all
in
oil
totaled
Atlantic
at
72,000
and
barrels,
Gulf
a
Coast
daily
ports
average
for
of
unfinished
as
the
industry
as
a
whole ran to stills, on a Bureau
daily during the week, and
storage at refineries,
bulk terminals, in transit
of the end of the week 96,719,000 barrels of finished
gasoline.
The
is estimated to
total amount
have been
DAILY AVERAGE
of gasoline
11,523,000 barrels
produced
by all
during the week.
CRUDE OIL PRODUCTION
(Figures In Barrels)
I
■11
^
'
.V
Week
Weeks
Change
Week
lated
State
Ended
from
Ended
Ended
Allow¬
Feb. 24,
Previous
Feb. 24,
Feb. 25,
ments
ables
1940
Week
1940
1939
(Feb.)
Kansas
89.6
87.3
128
88.3
464
90.7
555
94.9
2,156
419
81.6
Appalachian
166
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
645
429,000 b421,400
165,000 bl73,200
429,000
155,500
1,350
252
73.7
316
50.3
119
74.8
90.0
825
86.8
2,493
Louisiana Gulf
179
97.8
134
76.6
288
North Louisiana & Arkansas
100
55.0
51
92.7
118
54.2
41
64.1
198
828
90.0
470
63.1
1,478
86.4
3,126
81.5
*
487
1,055
9,967
Reported
z892
161
364
1,556
3,490
3,570
11,523
x3,027
yl0,312
Estimated total U.S.:
Feb. 24, 1940
4,441
4,441
*U. S. B. of M.Feb. 24, 1940
*
11,508
Estimated Bureau of Mines' basis,
week's
production based
on
x February, 1939 daily average,
y This la
the U. S. Bureau of Mines, February, 1939, daily
12% reporting capacity did not report gasoline production.
z
STOCKS
OF
FINISHED
AND
UNFINISHED GASOLINE
AND
GAS AND
FUEL OIL, WEEK ENDED FEB. 24, 1940
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks of
Stocks of Residual
Fuel Oil
Stocks of Gas Oil
and Distillates
Finished &
Unfinished Gasoline
District
At Terms'
At Terms,
Total
Total
Finished
At
in Transit
At
Finished
and
Refineries
and in
Refineries
Pipe Lines
Unfln'd
East Coast
19,378
3,924
16,025
18,489
3,496
Appalachian
15,426
Ind., 111., Ky
Okla., Kan., Mo...
4,333
2,464
in Transit
and in
Pipe Lines
3,514
230
170
311
3,978
628
2,437
2,674
8,156
1,770
8,736
2,052
1,077
22
1,946
14,584
2,678
16,298
2,781
"522
5,622
"234
3,223
671
17
948
242
578
726
210
19
460
Mountain..
1,580
1,661
159
Inland Texas
Texas Gulf
Louisiana Gulf
Rocky
280
1,487
490
California
16,668
17,966
7,237
1,765
56,302
22",866
Reported
83,425
89,989
17,546
7,159
74,071
27,328
6,630
6,730
685
Estd.
*
unreported..
Estd. total
2,020
U. S.:
Feb.
24,
1940—
90,055
96,719
1940—
87,395
93,985
18,241
18,195
7,159
7,681
76,091
17,
75,792
27,328
27,632
78,683
84,452
20,440
8,903
82,011
31,224
U. S.
B.
♦Feb.
*
Mines
of
24,
1939.-
Estimated Bureau of Mines' basis.
Weekly Coal Production Statistics
The current
weekly coal report of the Bituminous Coal
of the Interior reported
Division of the U. S. Department
production of bituminous coal declined sharply in the
17.
The total output is estimated at 9,100,000 net tons, a decrease of 750,000 tons, or 7.6%.
Production in the corresponding week of 1939 amounted to
that
week ended Feb.
—5,700
—3,500
419,450
176,550
449,800
was
-
reduction of 45,000 tons.
150,700
ESTIMATED
b
Nebraska
-
S. Bureau of Mines
reported that production of
Pennsylvania anthracite for the week ended Feb. 17 is
estimated at 809,000 tons, a gain of 173,000 tons (27%)
from output in the week of Feb.
10. In comparison with
the corresponding wee "■ of 1939 (Feb. 18) however, there
The U.
Four
of M.
Calcu¬
Require¬
Oklahoma
Blended
551
100.0
8,583,000 tons.
a
B.
'
'
Inc. Natural
the
10,286
refining
from
companies had in
pipe lines
Percent
Operated
Feb.
3,490,000 barrels of crude oil
basis,
companies
a
companies
owning
86.4% of the
estimated daily potential refining capacity of the United
4,441,000-barrel
States
with
fuel oil received at New York.
received
Reports
of
24
was
compared
statistics.
California
Feb.
ended
barrels, which
barrels,
209,286
weekly
in
separation
week
of
average
Daily
Average
Percent
Reporting
No. La. & Arkansas
3,659,250 barrels. The daily average output for the week
ended Feb. 25, 1939, totaled 3,328,850 barrels.
Further de¬
as
Gasoline
Production
the
at
tails,
to Stills
615
.174
of the previous week, and
the 3,529,000 barrels
by the United States Department of the Interior
total of the restrictions imposed by the various
the
WEEK
at Refineries
the current week's figures were above
be
GASOLINE,
Crude Runs
East Coast
average,
Institute
Petroleum
OF
1940
Capacity
14,150 barrels from the output
oil-producing
24,
Daily Refining
daily average gross crude production for the week ended
Feb. 24, 1940, was 3,732,100 barrels.
This was a rise of
to
FEB.
District
a
Daily Average Crude Oil Production for Week
Feb. 24, 1940, Up 14,150 Barrels
calculated
PRODUCTION
AND
Feb. 17,1940
2% city sales tax.
American
Further adjustments along
made.
(Figures in Thousands of Barrels of 42 Gallons Eaoh)
$.02J*-.03
Tulsa
♦
The
and modifications
ENDED
|
$.053
Newark
.17
Not Including
granted
Note—The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
'
Gasoline, Service Station, Tax Included
New York
been
Terminal
Chicago—
I
but to exclude any
these lines, as in the past, are likely with the original order being retained.
d Recommendation of Central Committee of California Oil Producers.
*
z
have
creases
Estimated unreported
Gas Oil, F.O.B. Refinery or
$.04
month and Is presumed to have
wells completed
new
It Includes a net figure of 404,480 barrels for
East Texas after deductions for 12 shutdown days, namely, all Saturdays, Sundays
and Wednesdays of the month.
For all other areas shutdowns have been dis¬
continued and net allowables set which represent actual permitted production.
Developments subsequent to the Issuance of the order, however, Indicate that In¬
$1.00
Orleans C
New
California, 24 plus D
$1<50
27 plus
consideration allowances for
provision for requested Increases.
California
Terminal
2.10-2.20
N. Y. (Bayonne)—
This Is the original net basis allowable for the
Rocky Mountain
| New Orleans.$.05>*-.05>*
| Tulsa
.04 -.04>*
$.04
Fuel Oil, F.O.B. Refinery or
Diesel
c
Inland Texas
| North Texas
$ .061 Los Angeles..
N. Y. (Harbor)—
Bunkder C
Feb. 21.
a.m.
taken Into
Texas Gulf
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
7
determine the amount of new crude
Oklahoma, Kansas, Nebraska, Mississippi, Indiana, figures are for week ended
Rate
$.05
-.05 H
New Orleans- .06>$-.07
Gulf ports—
.05 >*
Tulsa
.04 J*-.05 H
RichOU(Cal) .08M-.08J*
Warner-Qu. .07>*-.08
New York
b
Potential
Chicago
$.07>*-.08
Gulf
08 >*-.08 J*
Shell East'n .07>*-.08
.08>*-.08>*
from the Bureau's estimated requirements to
to be produced.
Other Cities—
Texas
T. Wat. Oil
1347
crude oil inventories must be deducted
withdrawals from
contemplated
Tank Car Lots, F.O.B. Refinery
New York
Std .Oil N. J .$ .06 >* - .07
ductlon,
UNITED
STATES PRODUCTION OF SOFT COAL
(In Thousands of Net Tons)
77,100
Panhandle Texas
102,900
North Texas
+6,300
+2,900
74,200
95,950
32,400
West Central Texas..
West Texas
I
.
'
-
■
+ 100
33,250
247,550
+ 22,3.50
221,800
75,8.50
64,250
79,700
30,550
207,750
I::--
East Texas
Southwest Texas
94,000
Coastal Texas
79,600
397,350
+ 1,500
+50
397,300
372,550
224,400
+ 600
214,300
247,600
234,750
East Central Texas..
+ 1,050
226,350
215,300
'
Bituminous Coal
a—
9,100
Texas
1,371,400 cl390 151 1,396,050
+ 34,850 1,339,000 1,311,700
Dally average
a
67,850
Coastal
Louisiana—
Total Louisiana—
—800
68,450
210,600
North Louisiana
+ 1,050
208,450
71,050
195,850
252,800
273,253
278,450
+250
276,900
266,900
60,000
70,000
69,250
+ 950
69,350
9,850
1,517
Total, Including mine fuel
Total
1,642
Mississippi
Illinois
Indiana
of historical comparison and statistical convenience the
b Sum of 46 full weeks ended Feb. 17, 1940, and correspond¬
Includes for purposes
production of lignite,
ESTIMATED
PRODUCTION
53,400
153",666
700
b7,250
+ 500
325,500
414,200
+ 5,900
5,950
395,000
5,200
b6,500
—750
OF
PENNSYLVANIA
and Indiana)
Michigan
Wyoming
Montana..
Colorado
New Mexico
97,550
+ 950
—200
64,450
54,850
+ 450
66,000
50,200
15,200
4,100
100,300
17,250
+ 200
14,100
3,850
—1,200
17,050
4,700
111,150
—50
109,150
113,000
Total east of Calif- 2,943,100
California
Feb.17, Feb. 10, Feb. 18,
97,000
64,700
67,000
585,900 d594,000
3,127,800
604,300
3,850
101,950
+ 32,650 3,047,050 2,706,550
—18,500
3,732,100
612,200
622,300
+ 14,150 3,659,250 3,328,850
of domestic crude
oil based upon certain premises outlined in Its detailed forecast for the month of
February.
As requirements may be supplied either from stocks, or from new proThese are Bureau of Mines' calculations of the requirements
1939
1940
1940
1940
1939c
1929c
Penna. Anthracite—
Total, including colliery
fuel a
809,000 636,000 854,000
134,800 106.000 142,300
Dally average
Commercial produc'n b. 769,000 604,000 811,000
7,490.000
182,700
7,116,000
7,658,000 11,241,000
186,800
274,200
7,275,000 10,432,000
Beehive Coke—
United States total
Total United .States 3,529,000
a
AND
Calendar Year to Date
Week Ended
96,100
103,700
64,500
55,200
ANTHRACITE
COKE
(In Net Tons)
6,500
Eastern (not lncl. 111.
8,583 351,897 316,550 467,701
1,431
1,303
1,729
1,172
ing periods in other coal years.
BEEHIVE
Arkansas.
Coal Year to Dale b
Week Ended
Feb. 17, Feb. 10, Feb. 18,
1939
1939-40 1938-39 1929-30
1940
1940
Dally average
a
36,500
40,200
6,083
6,700
17,700
2,950
338,500
8,060
125,100
2,979
799,200
19,029
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
of working days in the three years.
c
Adjusted to make comparable the number
The Commercial &
1348
ESTIMATED
International Tin
WEEKLY PRODUCTION OF COAL, BY STATES
Second
based on railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from district
(The current weekly estimates are
#w«(
a#
final
annuo)
mflimfl fwtm
t.hn
\
Avae.
against 120 % for the first quarter. In a special
cablegram to the New York "Times" from London, Feb. 26,
1929
1923e
this action
f
1
1940 at 80 %
Feb.
Stale
Feb.
3,
Feb.11, Feb. 12, Feb. 9,
1940
1940
1938
1939
2
3
2
Alabama...
328
335
290
244
389
409
Arkansas and Oklahoma
107
130
69
36
166
87
Colorado
180
207
184
119
282
231
---
......
......
f
1
1
1
1
1,265
1,386
1,199
855
1,755
1,993
454
481
398
613
Georgia and North Carolina
Illinois
f
explained
was
and to lower the price,
The
The size of the cut,
and wartime necessity to hold large
stocks, took dealers in London by surprise and in unofficial dealings the
price wag bid up to £254 a ton, a jump of £7 10s. official closing price set
329
492
96
86
75
129
215
161
140
196
174
Kentucky—Eastern
890
892
686
537
1,003
556
269
302
215
131
410
226
37
38
35
29
65
51
it is held,
12
15
19
15
18
26
through higher prices.
Western.......
Maryland
Michigan.....
:
136
Montana.........
70
71
70
59
90
80
New Mexico...
26
30
34
27
60
58
53
North and South Dakota
f37
f63
56
86
56
480
504
426
325
484
2,062
1,951
1,487
3,007
153
130
109
129
18
Texas...........
18
23
25
17
15
59
78
104
71
147
...
337
263
249
276
all the tin
37
35
40
31
71
1,512
1,453
2,149
1,127
688
588
383
720
673
122
136
125
85
161
156
1
2
1
f5
f7
Wyoming
Other Western States _c
Steel
*
a
10,956
10,190
1,048
8,690
6,866
12,292
636
106
867
1,762
1,902
10,486
11,238
9,796
7,733
14,054
12,858
9,850
Pennsylvania anthracite.d
The Feb. 29 issue of the "Iron Age" stated
able
Includes operations on the N. & W., C. & O., Virginian, K. & M., B.
on the B. & O. In Kanawha, Mason, and Clay counties,
b Rest
C. & G.,
of State,
c In¬
d Data for Pennsylvania
California, Idaho, Nevada, and Oregon,
Average weekly rate
f Alaska, Georgia, North Carolina, and South Dakota Included
anthracite from published records of the Bureau of Mines,
for entire month,
e
* Less than 1,000 tons.
with "other Western States,"
that
notice¬
a
change for the better in the volume of new steel orders
has occurred within the last few
days. While the improve¬
enough nor large enough to be con¬
clusive evidence of a general reversal of the downward trend
of the past 2 or 3 months, it is, at any rate, the first sign
that the decline in new buying and in production may have
been halted.
The "Iron Age" further reported
is neither broad
upward trend in
Taken in conjunction with other factors, such as the
Including the Panhandle District and Grant, Mineral, and Tucker counties,
cludes Arizona,
But Production De¬
Improves Slightly,
Buying
clines Further
ment
and
required.
+
77
1,920
664
Total, all coal
the
United States from getting
price, should not, it is suggested, prevent the
212
1,912
Northern, b.
Total bituminous coal
The quota of 80%, while tending to Increase
96
322
Utah
Washington..
West Virginia—Southern.a
committee were influenced,
by the importance of increasing the Empire's exchange resources
127
Tennessee..
Virginia
quota was announced
new
British Empire delegates to the international
3,087
142
bituminous
before the
694
2,098
Ohio
Pennsylvania
New York.
however, in view of shipping difficulties
86
...................
the demand of the United States
which stood at more than £300 a ton in
approximately the present rate of world consumption.
214
Indiana
follows:
level, it is estimated, will produce about 180,000 tons a year,
new
Kansas and Missouri.....
Iowa
as
The existing quota had been set to meet
3
Alaska.
second quarter of
26, fixed the export quota for the
Feb.
Week Ended—
Feb. 10,
Quota for
Cuts Export
Committee
1940
2,
Quarter to 80% from 120%
The International Tin Committee meeting in London on
(In Thousands of Net Tons)
ments and are subject to
March
Financial Chronicle
automobile manufacturing, an increasingly good export trade, the
approach
the stability of the steel price structure, and the fact that the
of spring,
"Iron Age" steel scrap composite price is unchanged for the first
time since
mid-January, the betterment in order volume, slight though it is, may be
of
Production
and
Cement
Portland
Shipments of
numbers, indicating,
The Portland cement industry in January,
1940, produced
6,205,000 barrels, shipped 3,889,000 barrels from the mills,
25,765,000 barrels,
and had in stock at the end of the month
according to the Bureau of Mines. The production of Port¬
January, 1940, showed an increase of 17.1%
some
have
a decrease of 31.0%,
as
compared with
Portland cement stocks at mills were 9.1%
higher than a year ago.
The factory value of the ship¬
ments from the mills in 1939—122,295,000 barrels—is esti¬
mated as $180,922,000, representing an average value of
$1.48 per barrel.
According to the reports of producers
shipments
January, 1939.
the
shipments totals
for
1939
include
approximately
3,781,000 barrels of high-early-strength Portland cement
with
estimated mill value of $6,888,000.
The statistics given below are compiled from reports for
an
January, received by the Bureau of Mines, from all manu¬
facturing plants.
In the following statement of relation of production to
capacity
January, 1939, and 159 plants at the close of January, 1940:
RATIO OF PRODUCTION TO
Reports of price concessions
price structure.
Current export sales and prospects
attention within the industry than the domestic situation.
The 12 months ended...
PRODUCTION,
1939 Jan.,
24.2%
41.3%
Notwithstanding
difficulty
the
SHIPMENTS
AND
CEMENT BY DISTRICTS,
1939 Nov., 1939
STOCKS
FINISHED
OF
Oct., 1939
62.2%
46.7%
43.4?
47.3?
IN JANUARY,
war
PORTLAND
1939 AND 1940
the United States.
1939
with
The growing volume
Orders for shell rounds
Among important steel-using industries, the automobile industry is out¬
The jump in assemblies to
standingly the most active.
a
more
than 100,000
well above the production attained in corresponding weeks of
week is
Current high output and healthy sales volume presage
1939.
1938 and
large production in
Railroad
March.
equipment
demand,
more
less
or
dormant since the
buying of last fall, has sprung to life in a moderate way.
1939
heavy
The Western
Association of Railway Executives has received bids on a large number of
purchase plan.
At least
The New York Central
taking bids on 1,000 freight cars for the Pittsburgh & Lake Erie and 25
probably will build 500 cement cars at its
heavy freight locomotives and
increased
year,
production, down to 55% this week, does not yet reflect the
manufacturing activity usually started at about this time of
can
but improvement in mill schedules is expected within a short period.
fairly good showing a week ago, building construction, as rep¬
a
by
fabricated structural steel and reinforcing bar orders and
Despite the small amount of such
inquiries, is in a slump this week.
of Month
1940
some
border.
have come to some mills on this side of the
After
Shipments
1940
business
quirements, has filled up Dominion mills for some months, causing a larger
overflow of steel orders into
resented
1939
doing
orders being placed in Canada, together with normal non-war re¬
Tin plate
Stocks al End
Production
of
Rochester, N. Y., shops.
57.39
46.49 j
(In Thousands of Barrels)
District
some
restrictions and other artificial barriers, the
total volume from all world sources is encouraging.
of
is
1940 Dec.,
28.5%
47.8%
With
September, when the outbreak of war caused a rush of foreign buyers to this
market.
countries owing to exchange
8 roads are interested in this pool
Jan.,
attracting
are
freight cars of standard design, to be purchased in 500-car lots.
CAPACITY
which
gages,
'
for further expansion
companies February export totals will exceed those of any month since
f
The month
sheets, when run down,
rolled pickled sheets in 19 to 22
have not affected the general
more
on
about, it appears, from the $2 a ton concessions quite generally
come
offered by hand mills on hot
the total
output of finished cement is compared
with the estimated capacity of 161 plants at the close of
perhaps, the working down of inventories, though
buyers are suspected of "feeling out" the market to determine the
strength of prices.
land cement in
and
significance than can at present be established.
more
Inquiries for steel from domestic consumers have also appeared in larger
1940
During January,
business
placed in January and February, the American Institute of Steel
Construction predicts that the
1940
total volume in 1940 will not be less than
that of 1939.
Eastern Pa., N. J. and Md
New York and Maine
670
1,073
956
821
100
330
228
202
204
653
399
219
365
387
4,947
1,880
3,337
2,186
plates, shapes, bars,
2,769
2 points from
366
235
466
162
4,297
1,582
3,032
2,166
2,375
1,691
2,698
2,012
Texas
673
445
628
450
826
906
Colo., Mont., Utah, Wyo. & Ida
107
98
124
77
596
622
California
761
879
809
684
1,423
1,349
Oregon and Washington
212
174
104
131
913
648
._
Ohio, western Pa. and W. Va
Michigan
277
161
670
825
393
246
822
717
941
555
261
Wis., 111., Ind., and Ky
Va., Tenn., Ala., Ga., Fla., & La.
Eastern Mo., Ia„ Minn. & S. Dak
W. Mo., Neb., Kan., Okla. & Ark
355
315
147
Puerto Rico
34
1,818
3,096
2,206
34
The Navy Department is
production this week is estimated at 65%, down
last week.
Whether new business will increase in sufficient
volume to forestall a
steel
further decline remains to be seen, but in any event
companies believe there is a sufficient potential volume
to sustain
THE
"IRON
5,301
SHIPMENTS
AND
6,205
STOCKS
5,640
OF
3,889
23,611
FINISHED
25,765
PORTLAND
AGE" COMPOSITE PRICES
Finished
1
Feb. 27, 1940,
2.261c.
2.261c.
2.286c.
One month ago...
One year ago
1937
Stocks at End
of Month
1936...II
1935
..
1934...
1939
1940
1939
1940
1939
1940
1933
1932...
January...
5,301
February..
5,505
8,171
9,674
March
April
6,205
5,640
5,044
8,467
9,654
October
11,185
11,953
12,644
12,369
11,937
12,539
November.
11,053
13,401
13,104
12,829
10,147
December.
9,488
a6,791
May
June
July
August
September.
Total.
a
121,819
Revised.
12,748
12,715
11,755
3,889
23,611
24,092
23,786
23,837
22,251
21,477
22,361
a21,326
20.160
19,870
a20,761
a23,449
25,765
Low
Jan.
3
May 17
Mar. 9
Deo. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
2.236o.
May 16
Oct.
8
2.249c.
Mar.
2
2.016c.
Mar. 16
2.056c.
Jan.
8
1.945c.
Jan.
2
1.792c.
May
2
1.870c.
Mar. 15
2.211c.
Pig Iron
m
Feb. 27, 1940,
$22.61 a Gross Ton
$22.61
22.61
20.61
One week ago
One month ago
One year ago
Based on average for basic
1938
1937
1936
"II
1936
1933
1932
II....
iron at Valley
furnace and foundry Iron at Chicago,
Philadelphia,
Buffalo,
Valley,
and
Southern Iron at Cincinnati.
Low
High
1939
1934
122,295
rolled strips.
These products represent
85% of the United States output.
High
1938
Shipments
wire, rails, black pipe, sheets, and hot
..2.286c.
2.512c.
2.512c.
2.249c.
2.062c.
2.118c.
1.953c.
...1.915c.
1939
(In Thousands of Barrels)
Production
Steel
Based on steel bars, beams, tank plates,
2.261c. a Lb.
CEMENT, BY MONTHS, IN 1939 AND 1940
Month
of requirements
production at 60% or better at least through March.
One week ago
Total
PRODUCTION,
taking bids until March 12 on 11,415 tons of
sheets and strip for 9 yards.
The rate of steel ingot
$22.61
23.25
23.25
19.73
18.84
17.90
16.90
14.81
Sept. 19
June 21
Mar. 9
Nov. 24
Nov.
May
Dec.
Jan.
5
1
5
5
$20.61
19.61
20.25
18.73
17.83
16.90
13.56
13.56
Sept. 12
July
6
Feb. 16
Aug. 11
May 14
Jan. 27
Jan. 3
Dec.
$
Volume
The Commercial & Financial Chronicle
150
Steel
Scrap
Feb. 27. 1940, (16.71 a Gross Ton
One week ago--
Export business in iron and steel products continues active.
Based
on
No. 1
heavy melting steel
quotations at Pittsburgh, Philadelphia,
(16.71
One month ago
One year ago——
17.33
and
Chicago.
Hioh
Low
1940
(17.67
Jan.
2
(16.71
Feb. 20
1939
22.50
Oct.
3
14.08
May 16
1938
15.00
Nov. 22
11.00
June
1937
21.92
Mar. 30
12.91
Nov. 10
17.75
competition for foreign tonnage is
premium
7
Dec. 21
12.67
June
1935
13.42
Dec.
10
10.33
13.00
Mar. 13
9.50
Sept. 23
1933
12.25
1932
8.50
Iron and
9
previous contracts, and meanwhile most carriers
6.75
Jan.
5
25 locomotives
6.43
July
5
The Nickel Plate has ordered 60 container
Feb.
on
Northern
26
an¬
telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 97%
of the steel capacity of the
industry will be 65.9% of capacity
for the week beginning Feb. 26, compared with 65.9% one
week ago, 77.3% one month ago, and 55.8% one year ago.
This represents a decrease of 1.2 points, or 1.8%, from the
estimate for the week ended Feb. 19, 1940.
Weekly in¬
dicated rates of steel operations since Feb. 6, 1939, follow:
IflM
1939—
6
Feb.
13
Feb.
20
Feb.
27
53.4%
64.8%
53.7%
55.8%
65.1%
55.7%
65.4%
56.1%
54.7%
62.1%
60.9%
48.6%
6
Mar.
Mar. 13
Mar. 20
Mar. 27
Apr.
3
Apr. 10
Apr. 17
Apr. 24
May
1
May
8
1939—
May 15
May 22
May 29
June
5
June
12
June
45.4%
48.5%
52.2%
54.2%
53.1%
55.0%
54.3%
38.5%
49.7%
19
June 26
July
3
July
10
July
July
17
24
July
31
1939—
Oct.
83.8%
87.5%
88.6%
90.3%
90.2%
91.0%
92.5%
2
Oct.
63.0%
58.6%
70.2%
79.3%
9
Dec.
11
Dec.
91.2%
90.0%
73.7%
18
Dec.
25
Jan.
1—85.7%
8
16
Oct.
23
60.6%
59.3%
60.1%
Oct.
Feb.
Nov. 13
93.5% Feb.
12
62.1%
Nov. 20
86.1%
84,8%
5
7
Aug. 14
47.8%
47.0%
Oct.
56.4%
93.9% Feb. 19
Aug.
30
6
Nov.
Jan.
15
Jan.
22
Jan.
82.2%
77.3%
71.7%
68.8%
67.1%
65.9%
29
Feb.
26
"Steel" of Cleveland, in its summary of the iron and steel
markets,
Signs
Feb. 26, stated:
on
appearing of
are
activity.
a
check to the recent sharp recession in steel market
Ingot production has declined further and
general upturn has
no
a
leveling off
in steelmaking during March are brighter.
The national ingot rate slipped 2 points to 67% last week.
pares
last
com¬
September's abrupt rise in operations.
Consumers still
incentives
prompted heavy forward
buying last fall.
satisfactory and prices show
are
Possibility that quotations might weaken
no
as a result of
Inventories
upward tendency.
quieter demand has
not been
beyond early needs, the occasion to withhold purchases for lower
levels has been alleviated in
Inventories of steel
some
Appraoch of the packing
users are
This
Steel
inquiries for building construction still
projects.
The
more
being 1,200 tons for
bridge.
on
business
far this
so
with the approach of spring.
The relatively high rate of automobile
purchases by that industry.
period.
increase of
recorded
moved
Output
a
have tended to strengthen.
Cast iron pipe inquirits
volume
California
a
are more numerous in
sections in anticipation of spring work.
Shipbuilding continues
a
j,
supporting factor in plate demand in the East.
Some tonnage remains to be placed, with large lots still on order.
Sustained
activity in this field is in prospect for many months.
Scrap prices have yet to
reverse
districts still being downward.
compared with $14.96
a
year
their recent trend,
changes
in most
The composite is off 12 cents to $16.67,
and $15.50 at the opening of last Sep¬
ago
tember.
Variations in steelmaking
reductions while two
were
last
week
latter 4 points to 63X.
2 points to 59 and
8 points
Buffalo
was
mixed, six districts showing
were
advancing and four
and Chicago moved apace, the former
were
unchanged.
off 3 points to 67, Cincinnati declined
St. Louis dropped 4X points to 63 X.
to 94 and
Cleveland
was
Pittsburgh
being down 3 points to 63% and the
IX
up
to
68.
Wheeling
Unchanged
areas
rose
were
Pennsylvania at 68, Birmingham at 90, Detroit at 92 and New
England at 63.
Youngstown declined 3 points to 40.
Steel
ingot production for the week ended Feb. 26 is
placed at 67% of capacity, according to the "Wall Street
Journal" of Feb. 28.
This compares with 683^% in the
previous week and 72% two weeks ago.
The "Journal"
further reported:
United States Steel is estimated at 64%, against 66% in the week before
and
69 X%
two
weeks
small
Leading
ago.
independents
changes
credited
with
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
u. s. Steel
Industry
1940
67
1939
55
1938
30
85
1936
55
1935
48 X
1934
47
Independents
—IX
X
64
—2
69
—2
53 X
+2
56 X
—2
—
28
+2
six
—2X
—1
81
—1
88
—1
+1
49
+ 1
60
+1
—3
—
X
48
—IX
+2
49
41
.
—1
51
—2
15X
+ 1
26 X
+ 1X
25X
65
+2
52
1933
16X
1932
26
1931
53
+ 1
1930
79
—1
86X
1929
93
+3X
96
+5
1928
82
—IX
89
1927
year
are
69 %, compared with 71 % in the preceding week and 74 H % two weeks ago.
Assemblies last
89 X
+ 2X
97
in
are
in prospect.
most of the
their
totals,
Chrysler and Ford
gain.
while
independent
makers
by about 1,200.
up
of the
Buick Motor plant and 1,260 tons for
a
102,570, a trend contrary to the usual pne for
ago was 75,660.
General Motors, with an
6,500 units, accounted for
only
production has yet to be reflected
Most buying lately has been of a
but larger tonnages still
week increased 7,520 units to
this
short
are
Concrete reinforcing bar prices, recently weak in many districts,
1937
than its usual adverse effect
with compensating betterment expected in demand for certain products
nature,
mill
Fabricated shape awards were smaller last week, principal ones
means
fill-in
tin
moderating, but it is thought unlikely stocks
permitted to decline to the level prevailing the middle of 1939.
in steel
normally stimulates
season
approximate changes, in points, from the week immediately preceding:
instances.
that replacement buying on the part of some consumers is not far off.
year,
13.
looked for by spring but are marked by a relatively large number of
private
realized, and although price steadiness gives buyers little stimulus
to cover
weather has had
and
cars
and 110 containers and the
ordering conservatively, in the absence of most of the
are
which
ample, deliveries
are
This
with 55% a year ago and is the lowest since just prior to the start of
cars
Pacific has placed four small diesel-electric locomotives.
58%.
eastern
appeared in buying, but demand is steadier and prospects for
1,000 box
which the New York Central will open bids March
on
tions in recent months.
1940—
Jan.
marking time in carry¬
operations, but the outlook is complicated by consumers' inventory addi¬
94.4%
92.8%
4
Dec.
are
Tin plate specifications continue light, and production is down 2 points
to
some
62.2% Nov. 27
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
of the
Unfilled rail tonnage also is
Outstanding railroad equipment inquiry comprises
8
Steel Institute
Keener
or all
heavy and for the present is unlikely to be added to materially by supple¬
mentary buying.
12
Aug.
Jan.
nounced that
Feb.
in disappearance of most
ing out additional contemplated purchases.
Apr. 29
1934
The American
seen
domestic prices that such orders previously commanded.
over
Production of steel products for railroad use still is supported by old
orders.
A fairly large number of freight cars remain to be built against
15.08
1936
1349
17X
+4X
—3X
+1
X
+
73
—2
91
+4
—1
76
—1
+3
82
+2
Current Events and Discussions
The
Week
the
with
Federal
balances increased $77,000,000.
reserves
arose
circulation
from
and
Additions to member bank
in
Treasury
deposits
with
Federal Reserve banks, and increases of $58,000,000 in gold
stock, $14,000,000 in Reserve bank credit, and $3,000,000
in Treasury currency, offset in part by increases of $16,-
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¬
rent week, issued in advance or full statements of the member
banks, which will not be available until the coming Monday.
banks and also for the
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
(In MUllons of Dollars)
000,000 in Treasury cash and $28,000,000 in non-member
deposits
and
other
Federal
of member banks
reserves
on
Reserve
Feb. 28
approximately $5,690,000,000,
an
were
increase
New York City
Excess
accounts.
Feb. 28, Feb. 21, Mar. 1,
1940
1940
1939
estimated to be
of
$60,000,000
were
reserve
Loans to brokers and dealers..
year
balances
and
(+)
or
Decrease
(—)
gf JM
Mar. 1, 1939 J
"fmrg
Feb. 28, 1940
7,000,000
Bills bought
direct
Feb. 21, 1940
i
loans
Treasury
Treasury
.
2,106
567
569
520
1,645
114
1,363
122
389
18
388
19
345
457
472
647
33
34
32
Obligations
guaranteed
by
Other securities
Reserve with Fed. Res. banks...
—87,000.000
Balanoes with domestic banks..
Cash In vault
11,000,000
43,000,000
2,537,000,000
Gold Stock...
18,166,000,000
Treasury currency
2,980,000,000
Member bank reserve balanoes
12,318,000,000
Money In circulation
7,439,000,000
Treasury cash
2,374,000,000
Treasury deposits with F.R. bank..
561,000,000
Non-member deposits and other Fed¬
Other reserve bank credits
eral Reserve accounts
992,000,000
+1,000,000
+13,000,000
+14,000,000
+ 58,000,000
+ 3,000,000
+ 77,000,000
—11,000,000
+16,000,000
—36,000,000
-
63
14
74
369
399
50
50
49
108
342
163
331
163
230
237
738
737
672
153
153
179
722
2,457
889
1,616
1,270
1,305
6,181
1,272
1,259
6,088
1,063
1,180
4,315
64
14
...—
66
13
......
125
341
340
322
894
897
658
81
78
49
28
29
25
80
363
83
362
78
239
240
207
402
49
47
52
6,843
626
1,759
1,756
1,530
502
502
471
116
83
83
83
900
896
686
—4,000,000
+ 39,000,000
Liabilities—
....
8,986
8,821
+ 3,278,000,000
Time
+153,000,000
+ 3,376,000,000
+ 700,000,000
—342,000,000
—607,000,000
United States Govt, deposits...
653
44
651
44
3,451
671
3,470
682
2,729
499
265
265
299
15
15
13
1,488
1,490
1,487
247
246
256
—49,000,000
Demand deposits—adjust
deposits
Inter-bank deposits:
Domestic
W
banks
Foreign banks
Borrowings
....
Other liabilities
+ 28,000,000
186
108
50
the
Other assets—net
Total Reserve bank credit
160
113
201
719
+3,000,000
2,477,000,000
(not Including
commlt'te—Feb. 28).
15
112
2,449
bills
notes
United States bonds
—1,000,000
advances
$9,000,000
Other
+1,000,000
and
guaranteed
Industrial
$
2,293
370
...
L
-
securities,
1939
$
2,304
46
Real estate loans
Loans to banks
United States Government...
Blllfi discounted
Govt,
1940
(
7,755
2,899
160
carrying securities
related
ended Feb. 28, 1940,
Increase
S.
1940
8,812
2,923
Other loans for purchasing or
follows:
I
U.
(
8,853
2,909
1,651
113
Investments—total.
agricultural loans
Open market paper
1382 and 1383.
pages
during the week and the
as
(
Chicago
Feb. 28, Feb. 21, Mar. 1,
Commercial, industrial and
Changes in member bank
items
and
Loans—total
The statement in full for the week ended Feb. 28 will be
on
(
Assets—
Loans
for the week.
founded
New York City and
Chicago—Brokers' Loans
reserve
decreases of $11,000,000 in money in
$35,000,000
of Member Banks in
Returns
Banks
Reserve
During 4he week ended Feb. 28 member bank
+ 255,000,000
Capital
account
...—
8
8
9"
.—
The Commercial & Financial Chronicle
j350
Preceding
Preceding
the
for
Cygtem
System
R-BArvA
Reserve
for
the
must ^ surrendered to the Government, which will pay par value plus
interest.
The Treasury thus gets profits resulting from the apprecia-
Week
Week
^
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simultaneously 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
t/n
of weekly reporting
statement
condition
member
leading cities shows the following principal changes
banks
in
101
$194,000,000 in demand
deposits—adjusted, and
a
the report, it
in adjusting
Reich became apparent.
Although Protectorate standards in industry and commerce now approximate those of Germany fairly closely, it is apparent that a union at this
decrease of $97,000,000
$5,000,000 in
Holdings of United States
United
the
by
Treasury bills declined $21,000,000 in the
Holdings
Holdings of obligations guaranteed
member banks.
States
call
freedom in certain categories of trade than the Reich system,
which effects virtually all exchanges of goods on the basis of clearing
agreements.
It is believed, therefore, that the customs union has been postponed
to enable the Protectorate to continue its trade with other nations on
this more favorable basis.
declined $9,000,000. Holdings of United States Governbonds increased $7,000,000 in New York City, and declined $8,000,-
000 at other reporting
Protectorate still has a number of provisional trade
for payments in foreign currencies.
This permits
the
that
greater
of Treasury notes
ment
to the disadvantage of both parties.
prove
Furthermore,
agreements
Other classes of loans showed
Chicago district and $15,000,000 at all reporting member banks.
and prices in the Protectorate to those in the
time might
week.
little change for the
believed
wages
increased $6,000,000 in the Chicago district, $5,000,-
$7,000,000 at all reporting member banks.
The dispatch
official sources give only bare confirmation of
in informed quarters that certain difficulties
Although
is
Francisco district, $4,000,000 in the Dallas district and
000 in the San
that no new
further said:
'
for the week ended
Commercial, industrial, and agricultural loans declined
New York City, and
w t
given for the postponement, but it is stated
date has been set for conclusion of the union.
deposits credited to domestic banks,
in
wJfu
„
Reports of postponement of the customs union between
the Iieich and the Protectorate of Bohemia-Moravia, which
was to have been effected April 1, are officially confirmed,
it is indicated in a wireless dispatch from Berlin, Feb. 24,
to the New York "Times," which states that no reason is
$92,000,000 in reserve balances with Federal Reserve banks, and
loans,
.Am#
,
Germany Postpones Customs Umo
Bohemia-Moravia
Increases of $7,000,000 in commercial, industrial, and agricultural
Feb. 21:
of these
♦
of business Feb. 21:
The
civil war- started
Stocks held as security far short-termt loans wheni the
Banks of the Federal
Member
of
Returns
Complete
March 2, 1940
Government increased
Holdings of
$5,000,000.
Demand deposits—adjusted increased
.'
■
.
_
.
,
Japan Reorganizes Economic controls
"Other securities" increased $14,000,000 in New York City.
$162,000,000 in New York City and
Tlie
Time deposits increased
and $17,000,000 at all reporting member
following
from
taken
is
wireless dispatch from
a
$194,000,000 at all reporting member banks.
Tokio
M.OOO.OOO
ne ' Japan'e8e 'cabinet yeeterday
reorganized ita economic machinery
»<?."f"5'
a under <?.1 control of the Premier, and the other a
kif the
Cabinet and directly
in New York City
Depo.it. credited to domeetic bank, declined $36,000,000 in the Chicago
>11
.
tZ
district,
»1 o
nnn
nwr.HioteiM
/iaa
«o
aaa
aaa
"WW
in
Vorir
^3,000.000 in the Cleveland district, $9,000,000 in NewYork
^
Of the principal assets and liabilities of reporting member banks, together with changes for the week
and the year ended Feb. 21, 1940, follows:
C+) or Decreau <-)
Assets—
.a.'ooo
,
Loans
noo
+ 9,000,000
+15,000,000
+1,605,000,000
+351,000,000
4,316,000,000
+7,000,000
+650,000,000
loans
Commerce.
of
under Ginjiro Fujiwara, noted indus-
now
that policy w.l be
™gcmmt mean., broady .peaking
r»„v.iri<Jx
9na
filial a
r„vn
Ca burnt and
officials.
The change follows the development of differences of opinion regarding Mr. Ikeda's policy of keeping prices low.
That policy failed, causing
Commercial, industrial and agrlcultural
the Department
with
■_
.
8,631,000,000
investments—total.. .23,211,000,000
and
Loans—total
associated
determined by the economic general staff and executed by the price-fixing
commission.
The economic general staff will consist of 15 persons, about
half of whom will be business men and the other half members of the
Feb. 21,1939
Feb. 14, 1940
be
to
the Commerce Department,
trialist.
.The.
Since
Feb. 21,1940
to the New York "Times":
Seihin Ikeda, one of Japan's greatest capitalist leaders, who was formerly
Chairman of the Central Price Policy Commission, becomes a member of
the new general staff, while the price control body will be taken over by
A summary
Incrwe
body
I)rice.fixing
tSDepos,ts CTedited to
foreign banks declined $14,000,000 in
ewY rkCity.
25
Feb
+6,000,000
+12,000,000
+ 6,000,000
—173,000,000
482,000,000
—1,000,000
—17,000,000
Fujiwara is believed to favor a policy of allowing prices to advance in
accordance with economic laws.
The public, which has found that prices
have risen steadily despite the price-fixing edicts, watches the Govern-
SanfwtoSte!:::::":::::::: "ImKoo
+1:000:000
iSSooo
—6,000,000
+3,000,000
+170,000,000
—793,000,000
+1,269.000,000
nKfE. ™?*cd
333,000,000
Open-marketkPaper..._..—__
secwitles™..T.617,000,000
Other
carrying
Other
purchasing
for
loans
securities
loans
the so-called black markets to come into existence on a large scale.
or
1,643,000,000
623,000,000
United States bonds
—16,000,000
1,743,000,000
0,464,000,000
-
Treasury bills
Treasury notes
—9,000,000
—1,000,000
—
3,128,000,000
+21,000,000
+432,000,000
+176,000,000
+3,017,000,000
+50,000,000
+686,000,000
Demand deposits-adjusted...... 19,256,ooo,ooo
Time deposits
5,277,000,000
+194,000,000
+17,000,000
+3,162,000.000
+88,000,000
—97,000,000
+1,853,000,000
+ 5,000,000
+14,000,000
+92,000,000
—23,000,000
Other securities...
Reserve with Fed. Res. banks. j_..lo,306,000,000
Cash In vault
462,000,000
Fnte^-bank^eSSlS111116111 deposlta
banks.'
'
Flight
r.,.
'
^
The
and
Belgium
following is from
a
Sign
War Trade
ports in
any
,
,
.
a
Pact
It is
war
Boods which she requires for her own consumption.
Greece and Iceland.
and foreign claims to the counter-value of Swedish currency
between two parties without the intermediary of the Riksbank, which is
hereby granted
export and
providing for
a
•
j-
i
.
,
,
.
clearing arrangement.
r
Plans to reopen the
Madrid, Barcelona and Bilbao Stock
March 1 was announced on Feb.4 25 in a
Government decree, which also provided1 for the cancellation of futures operations effected prior to July 19, 1936,
when the Spanish civil war broke out.
This is learned
on
Associated Press Madrid dispatch, Feb. 25, which
an
went on to
Thus
since
big
the
say:
paper
outbreak of
stocks and bonds
The
new
Barcelona's
were
decree
and
the
losses
civil
war
of
traders
will
be
holding future positions
wiped out.
The values of
inflated with the war-time currency.
temporarily prohibits operations
"free stock
market"
as
well
as
in
informal
operated in Madrid and Bilbao with official tolerance.
securities
in
.
to
as
means
well
of payment
or
a
certain
extent the
documents representing claims
the sale of securities.
as
addition, the Riksbank is empowered by the foreign exchange order
force the
surrender
foreign
of
of
means
in
payment
foreign
bank
accounts,
The details Of these new regulations were set forth as
a cablegram received from Stockholm on Feb. 25
Vlce-President of
®
'
futures
and closes
exchanges that have
.
Guaranty
,
Foreign ezchange repdatjomSveriges Riksbank may as from Feb. foreign
mtrod.iced m Sweden buy or sell 25.
Only dealers authorized by
ezdmige against Swedish
Swedish
currency.
commercial
banks
for
authorized
are
specified
dealers.
purposes;
e.g.,
payment
of
im-
s°?ds' freiShts> insurance premiums, commissions, salaries, out-.
standmg
financial contracts,
traveling
Export of bank notes, checks,
expenses,
drafts
&c.
and other bills
of exchange
and
securities prohibited except with permission.
Import of bank notes, checks and bills expressed in Swedish
a!s" prohibited.
...
,
,,
to
SwZSa
non-resident
account
currency
....
onI?'hrolfh ffe" »^bank
Swedish
ferred
gains
monopoly in foreign exchange transactions.
Exchange available only
Spain to Reopen Three Stock Exchanges
from
and
,
Most
♦
Exchanges
a
import of
by tbe Foreign Exchange Committee, New York, which is
New Trade Pact Signed by Germany and Norway
According to a United Press Oslo dispatch of Feb. 23,
Norwegian Foreign Minister Halvdan Koht and German
Minister Kurt Braeuer signed on Feb. 23 a new GermanNorwegian trade agreement, including a special protocol
^
Riksbank (Central Bank),
special commission to mobilize the nation's wealth
a
follows in
♦
j.
made into
Moreover, foreign exchange orders will regulate to
The accord covers a wide range of products, including some which proviously played important roles in Belgian-German trade.
Great Britain
^
was
The Foreign Ministry announced:
involved,
are
designed to facilitate commercial exchanges and the importa-
has similar war-time trade agreements with Sweden,
United Press ad-
In reporting this,
emergency.
The foreign exchange order prohibits the dealing in foreign means of
complete war trade agree-
provides that whenever British interests
tl0r^i!nt° l
effort to stop a considerable flight of capital
an
payment
.
British representatives will be entitled to sit with French and Belgian conerees.
.
„
and its investments abroad.
•
The agreement
_
Exchange control will be regulated by the
Ministry of Economic Warfare announced today the conclusion of
*
Anglo-French negotiations with Belgium for
..
vices fe°m Stockholm, Feb. 25, added:
•
•
.
..
from the country and to husband the nation's resources for
London United Press dispatch of
*
.
Foreign
an order> effective Feb. 26, for strict Government control
of foreign exchange and to some extent imports and ex-
'
Feb. 14:
,*
bv
uetaus Announced oy roreign
~
which
Allies
Announced
The Swedish Riksdag (Parliament) approved on Feb. 25
+—fSooo
74i;oooiooo
Details
Canital
rngnt or a.apical
57,000,000
673,000,000
8,091,000,000
of
Exchange Committee—Gold Exports Banned
Liabilities—
Domestic
Scarcity is now accepted as a normal
life.
Swc^den Assumes Control of Foreign Exchange to Stop
2,426,000,000
3,425,000,000
Balances with domestic banks....
of
^
Obligations guaranteed by United
States Government
ur'dcretandins whf ,is aimed
w,ithout
and with little display of interest.
element
Mr.
without
authonmd bank,
may
not be trana-
permission.
Kronor balances owned by non-residents freely transferable to other
non-residents and to residents.
Purchases of foreign exchange with non-resident kronor balances subject
to general regulations.
Application for such purchases through the bank where balance
The exchange regulations
is held,
do not affect existing clearing agreements.
Volume
The
from
gold
The Commercial & Financial Chronicle
150
prohibition
export
existing
now
will
be
general
made
as
TOTAL
ROUND-LOT
CHANGE
tomorrow.
BERS *
AND
13S1
STOCK
STOCK
SALES
ON
NEW
THE
TRANSACTIONS
FOR
YORK
CURB
EX¬
ACCOUNT OF MEM¬
(SHARES)
Week Ended Feb. 10, 1940
SEC Reports Market Value of January Sales on National
Securities Exchange Increased 1.8% Over December
but
The
Declined
Securities
Total for
Week
Short sales
Exchange
Commission
March 1 that the market value of total sales
announced
all
on
registered
Tota
B.
Bond
sales
valued
were
818,245
,
registered—Total purchases
99,325
Short sales
Other sales.b
3,335
105,925
Total sales
at
$134,462,408, an
Sales of rights and war¬
The Commission further
increase of 7.0% over December.
rants in January totaled $87,787.
sales
Round-lot transactions for the account of members:
1.
Transactions of specialists in stocks in which they are
securities exchanges in Januaiy, 1940 amounted to $908,932,169, an increase of 1.8% over the market value of sales
in December, 1939, and a decrease of 29.3% from January,
1939.
Stock sales, excluding rights and warrants, had a
market value of $774,381,974, an increase of 1.0% over
December.
a
9,475
808,760
Other sales.b
29.3% from January, 1939
and
Per
Cent
A. Total round-lot sales:
109,260
2. Other transactions Initiated
on
the floor -Total purchases
12.74
30,200
Short sales
3,200
26,960
Other sales.b...
stated:
Total sales....
30,160
The volume of sales in stocks, excluding rights and warrants, was 31,-
642,779 shares,
increase of 1.3%
an
amount of bonds sold was
$208,517,625,
The two leading New York
value of all sales,
an
3. Other transactions initiated off the floor
Total principal
increase of 1.2% over December.
Total purchases
$716,452,
27,775
a
Total sales
on
all registered exchanges.
on
exempt securities exchanges in January,
4.
28,730
Total—Total purchases
decrease of 1.1% from December, 1939.
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended Feb. 10
Securities
and
7,490
160,660
Total sales
C.
round-lot stock sales
Exchange Commission made public
on
the New York Stock
the Commission said:
The data published are based upon
Stock
Exchange and
spective members.
the
New
These reports
are
weekly reports filed with the New
York
Curb
classified
as
Exchange
by their
re¬
follows:
New
York
New
York
Stock
Curb
Exchange
Total number of reports received
1. Reports showing transactions as specialists
2. Reports showing other transactions initiated on
floor..
Exchange
1,067
The
"members"
term
Includes
all
Exchange
members,
their firms
members' transactions
as
purchases and sales, while the Exchange
I
volume Includes only sales.
b Round lot short sales which are exempted from restriction
by the Commission
rules are included with "other sales."
,
c
Sales marked "short exempt" are included with "other sales."
Odd-Lot Trading
on New York Stock Exchange During
Week Ended Feb. 24
On March 1 the Securities and
public
Exchange Commission made
for the week ended Feb. 24 of complete
a summary
figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handled odd lots on the New York Stock
Exchange, continu¬
ing a series of current figures being published by the Com¬
mission.
Figures for the previous week ended Feb. 17 were
reported in our issue of Feb. 24, page 1207.
The figures
are based
upon reports filed with the Commission by the
odd-lot dealers and specialists.
567
Week Ended Feb. 24, 1940
Total
3. Reports showing other transactions initiated off the
4. Reports showing no transactions
for Week
Odd-lot sales by dealers
Number of orders
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
The
entries in
TOTAL
number
more
Dollar value
in
of reports
than
one
the
various
received
classifications
because
a
may
single report
total
Customers'other sales,
more
may
carry
MEMBERS *
185
i
....
~
a
17,921
Customers' total sales
18,106
classification.
ROUND-LOT STOCK
SALES
ON
THE
NEW YORK
STOCK
Number of shares:
EX¬
Customers' short sales
Customers' other sales,
(SHARES)
Week Ended Feb. 10, 1940
6,024
444,124
a
Customers' total sales
Total for
Week
A.
16,761,395
Odd-lot purchases by dealers (customers' sales):
Number of orders:
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF
16,454
452,006
Customers'short sales
number of reports
the
(customers* purchases):
Number of shares
two exchanges.
than
450,148
Per
Cent
a
Dollar value
14,557,403
Total round-lot sales:
Short sales
Round-lot sales by dealers:
Number of shares:
124,480
Other sales b
...
3,966,150
Short sales
450
....
Total sales
B.
the
per cent of twice total round lot volume.
In calculating these percentages, the total of members'
transactions is compared
with twice the total round lot volume on the
Exchange for the reason that the total
of members' transactions Includes both
the
floor
and
including special partners.
Shares in
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON NEW YORK STOCK EXCHANGE
99
535
a
45,918
60
255
*
partners,
99
227
71,727
...
Total sales
STOCK
806
196
.
71,587
Total purchases
Exchange and
20.51
140
_
Customers' other sales.c.
the New York Curb
Exchange for the account of all members
of these exchanges in the week ended Feb. 10, continuing a
series of current figures being published weekly by the Com¬
mission.
Short sales are shown separately from other sales
in these figures.
Trading on the Stock Exchange for the account of members
during the week ended Feb. 10 (in round-lot transactions)
totaled 844,6.50 shares, which amount was 20.64% of total
transactions on the Exchange of 4,090,630 shares.
This
compares with member trading during the previous week
ended Feb. 3 of 651,135 shares, or 19.69% of total trading
of 3,204,745 shares.
On the New York Curb Exchange
member trading during the week ended Feb. 10 amounted to
$168,150 shares, or 20.51% of the total volume on that
Exchange of 818,245 shares; during the preceding week
trading for the account of Curb members of 128,045 shares
was 18.25% of total trading of 641,505 shares.
In making available the data for the week ended Feb. 10,
168,160
Odd-lot transactions for the account of specialists:
Customers' short sales..
yesterday (March 1) figures showing the volume of total
4.08
167,485
Short sales
York
,
955
Other sales.b
Other sales.b
The
3.69
37,960
Short sales
exchanges accounted for 94% of the market
Total market value of sales
was
December's total.
93.1% of the market value of stock sales and 99.5% of
the market value of bond sales
1940
over
Other sales.b
4,090,630
Total sales
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1.
421,690
Short sales
a
365,610
Sales marked
2.
Total transactions Initiated
421,670
on
the floor—Total purchases
Short sales
Total sales
3* Other transactions initiated off the floor-Total purchases
Total sales
3.34
meeting
to
on
as
Dealers
Feb. 29, directed the Committee
enforce
the
rule
of
on
Exchange,
on
Member
the
Exchange which forbids
member firms to act as dealers on outside
exchanges in
stocks listed on the New York
Exchange. The date for the
rule to become effective was not
specified but it will be
manner
mittee deems advisable.
88,760
and
In
at such
time"
as
the Com¬
reporting this action the New
York "Herald Tribune" of Feb. 29 said:
755,890
844,650
reported with "other sales".
Forbidding Members to Serve
Exchanges in Listed Stocks
enforced "in such
810,995
.
are
The Board of Governors of the New York Stock
at its
118,335
154,590
Total—Total purchases
sales.b
6.59
141,890
Total sales
Othe
Rule
Other
12,700
Other sales.b
round lot
Governors of New York Stock
Exchange Act to Enforce
Firms
Short sales
Short sales
270,970
268,390
a
are reported with "other sales'-,
odd-lot orders and sales to liquidate a
long position
10.31
20,000
248,390
Other sales_b
."short exempt"
b Sales to offset customers'
which is less than
Total sales
108,150
.
56,060
Other sales.b
105,630
Round-lot purchases by dealers:
Number of shares
Transactions of specialists in stocks in which they are
registered—Total purchases
105,180
20 24
Robert L. Stott, chairman of the special committee on
multiple trading,
which offered the resolution, explained
that the action did not have any
relation
prohibited. whether they are executed at the request
discretoin of the broker.
of the customer or at the
—
proceed
of the constitution in respect to such
8 of Article XVI
$154,399 in 1398
showed that six member firms act
as odd-lot dealer specialists in 46 Stock Exchange issues on the floor of the
Chicago Stock Exchange and that 13 firms act in a like capacity for 162
issues on the Boston Stock Exchange.
Similar conditions prevail on the
other registered exchanges, the Exchange said.
Mr. Stott said that the diversion of business accomplished through the
activities of members who maintain markets on the floors of other exchanges
has tended to diffuse the market in nationally held securities to the detri¬
ment of the investing public and cause loss of income to the Exchange.
He emphasized that the Exchange had no argument with local exchanges
over any ordinary type of competition,
but said he did not think Stock
Exchange members should be allowed to aid another exchange by trans¬
ferring the market in listed issues from the floor tof the Big Board to the
out-of-town market.
committee will immediately begin study of the situa¬
The member firms'
be best to enforce the provision
provides expulsion for a member who "deals
which
constitution
In
in securities dealt in on the Exchange.
publicly outside the Exchange
consolidated report for the year
a
Curb
ended Dec. 31, 1939,
and its affiliates, New York
the New York Curb Exchange
Associates,
Realty
Exchange
Inc.,
Cash in
banks and
$400,000
notes of
British Rubber Exchange
Agreement to September
Extends
States
Exchange.
of Dec. 31, 1938.
as
$7,838,112, compared with
rubber and cot¬
under the British-American
States
United
the
period for the shipment of British rubber to
1940—the
London Asso¬
agreement, it was reported in a
ton exchange
dispatch of Feb. 22.
Secretary of Agriculture
Wallace announced on Jan. 18 that shipments of surplus
American cotton under the agreement would be halted dur¬
ciated Press
mentioned in
This was
March and April.
these columns Jan. 20, page 353.
February,
ing
of assets over liabilities
the rate of interest on the balance of the mortgage
reduced by 1%, and the sum of $95,000 was paid off on the
Income
from members
wholly
their firms amounting to
or
fees
members'
$126,322;
of
$949,760
$437,676; regular
included annual dues of regular and associate members of
associate
principal
due of $850,000.
amount, leaving a balance
and
members of the
This net equity totaled $5,019,835 on Dec. 31, 1938.
During the year,
was
for three months—until September,
to extend
agreed
quotation
telephone
Clearing Corp. charges of $236,218, and sundries, $2,593.
Other
totaling $157,209 was derived from:
revenue
$58,108
44,298
30,796
11,434
4,579
3,361
Rents
Listing fees
Curb ticker service royalties
Interest earned and discounts
Profit on sale of eclectriclty to tenants
Apply to
Majority of SEC's Registration and Report Forms
*
requirements which will apply
accounting
of
set
has adopted a
Exchange Commission
Securities and
uniform
to the
under the
report
majority of the Commission's registration and
forms
substituted
be
will
In addition to taxes and
the
for
existing
several
of
sets
instructions which have heretofore applied to
various forms.
Moreover, says the Commission, the
amend¬
interpretations of accounting rules, in as much
regulation will have the effect of simplifying
new
ments and
The
filed
financial
all
of
the form
govern
required
schedules
and
statements
be
to
$17,338, and medical examination of employees, $9,879.
The details
supplied by the Exchange follow:
STATEMENT
CONSOLIDATED
CONDENSED
LIABILITIES
AS AT
DEC.
31,
ASSETS
A
i ft rift
-i
$827,288.04
36,044.96
Cash in banks and on hand
Accounts receivable
$863,333.00
7,873.65
Proceeds from sale of membership held in escrow (contra)
1,980,000.00
Clearing fund deposits (contra)
Fixed Assets (at Cost)—
Lands and buildings
$5,881,495.67
buildings 1,130,887.81
$4,750,607.86
$212,987.51
Furniture, fixtures and equipment
150,844.91
Less—Reserve for depreciation._
10, 11, 13, 14, 15, 17, 22, 23, or 24;
Supplemental or periodic reports under Section 13 of the Securities Exchange
10-K, 11-K, 13-K, 14-K, 15-K, 17-K, or 24-K; and,
Installation cost of telephone equipment.$117,380.49
35,481.17
Less—Reserve for amortization
81,899.32
-$4,894,649.78
Of 1934, filed on Form 8-A, 8-B,
Act of 1934, filed on Form
(d)
Supplemental
periodic reports under Section
or
of the Securities
(d)
15
Investments—
25% par value New York World's Fair 1939, Inc. 4%
made on these
forms after May 31, 1940.
However, if a registrant so elects, the pro¬
visions of the new regulation may also be applied to financial statements
filed
In
general,
contained
dates
and
the
As
each
first
holding
with
filings
Some
A
policies
rules
and
to be filed,
issuing
have
of
bank
articles deal
deposit,
remaining
The
supplementary
and
statements
been added
to
and
in
the
regulation,
new
informative disclosure
more
depreciation,
as
amounts
and
depletion,
from
elimination
involved
and
affiliates,
a
view
bins,
Inc.,
of
retained
the
received
and others, including
tentative
a
pending proceedings
several
and
accountants,
prin¬
such
to
as
and
maintenance,
under
and special
informa¬
10,615.66
68,200.68
LIABILITIES
Current Liabilities-
$6,850.94
11,617.92
Accounts payable
Taxes payable
$18,468.86
Proceeds from sale of membership held
in
escrow
many
1,980,000.00
Mortgage payable—Mortgage matures on Sept. 1, 1950 excepting in¬
stalment payments of $30,000.00 payable semi-annually on interest
dates March 1 and Sept. 1.
Additional payments on account of
principal
be made not to exceed $120,000.00 In any one year.
may
The additional payment
made during the year 1939 on account of
850,000.00
principal allows for the waiving of the March 1,1940 Instalment
9,256.72
55,371.32
Deferred credits to Income
Insurance
reserves
Net equity of the 550 regular members
the
pro¬
was
of
of the New York Curb Exchange
represented by the excess of assets over liabilities as stated above—
(Included herein is the capital stock of the New York Curb Exchange
of
instructions
the
of
the
of
the large group
representatives
revision
7,873.65
(contra)
Clearing fund deposits (contra).
$2,920,970.55
number
from
although
other
altered
in the
the
cases,
matter
rules
and*clarified
in
McKesson
of
Realty
Associates,
Inc., of which each
shares of a par value of
regular member owns
15
4,917,141.86
$100.00 per share)
governing
certification
have
respects,
some
the
and
1933
necessary
as
a
result
The
Securities
an
amendment
1934, for
1934
are
use,
companies.
of
and
to
Acts.
Upon
completion
to be reconsidered with
these
Exchange
Forms
15
a
by
been
these
to
proceedings,
revisions
deemed
cases.
Commission
and
17
under
also
the
announced
Securities
respectively, by incorporated and
The amendments incorporate as
of
view
the adoption
Exchange Act
unincorporated
an
item
in
$7,838,112.41
& Rob-
in
however, such rules
ment
expense—New
$7,838,112.41
as
substantially the form now found in the General Rules and
Regulations under the Securities Act of 1933, and the several major forni6
of
organization
available.
In
of
of
material.
considerable
suggestions
whom
to
portion
York Curb Exchange Securities Clearing Corp
directors and officers.
of schedules
not
are
incorporates
helpful
registrants,
societies,
$56,050.00
1,535.02
$57,585.02
Unamortized
state¬
companies,
investment
certificates
surplus
financial
of
content
companies,
persons.
of
to obtaining
regulation
new
accountants,
made
natural
content
advances
as
Deferred Charges—
Prepaid real estate taxes
Prepaid insurance
forms.
form
industrial
permitting the
the
well-considered
fessional
the
to
flexibility to the requirements has been given through extension
when
The
and
and
view
a
1,680.30
Deposits, tax stamps on hand, &c
now
as
as
22,375.00
Other Assets—
subdivided into 12 articles.
The
general application.
The next 6ix
of
the
committees
and
matters
Additional
rules
contain
requirements
new
such
respective
existing
of
statements
Instructions
comprehensive table of contents is included.
cipally with
accounting
the
respectively,
companies,
schedules.
codification
a
financial
of
listed.
forms
2,625.00
Less—Payments received on account of principal
(Market value, $4,475.00)
regulation is
the
companies,
form
constitutes
content
several
in
commercial
the
the
found
articles
insurance
tion
all
to
for which financial statements are required
be
prescribe,
for
ments
the
organized,
four
articles
and
form
of
periods
now
regulation
new
the
to
as
in
however, will
of
applicable
be
prior to that date.
instructions
to
will
regulation
new
$25,000.00
debentures—cost
Exchange Act of 1934, filed on Form 1-MD or 4-MD.
The
AND
ASSETS
62,142.60
Registration statements under the Securities Act of 1933 Bled on Form A-2;
(b) Applications for registration of securities under the Securities Exchange Act
(a)
(c)
OF
1939
(New York Curb Exchange, New York Curb Exchange Realty Associates, Inc.
New York Curb Exchange Securities Clearing Corp.)
part of—
as
$24,324;
$19,757; insurance,
telephone and telegraph, $22,873;-ticker and wire rental,
Less—Reserve for depreciation of
will
S-X,
Regulation
regulation,' designated
new
content
to a
requirements.
single regulation instead of to a variety of
The Commission's explanation continues:
and
apply
interpretations will
and
amendments
such
as
Salaries, $607,206; legal fees, $51,981; interest on mortgage,
$33,411; building repairs, supplies and other operating expenses,
accounting
the
depreciation, the principal items of expense for
$51,676; light, heat and power, $36,122; stationery, printing and supplies,
Act of 1933 and the Securities
Securities
Exchange Act of 1934, it was announced on Feb. 21.
The
Commission states that the new single accounting regula¬
tion
4,634
Sundries
the period were:
Adopted
The
service
$55,219; Securities
charges of $91,732; telephone booth rentals amounting to
Profit on sale of investments
Uniform Set of Accounting Requirements to
net
States Treasury bonds and
investments in United
$4,917,141, representing the net equity of 550 regular
of
announced Feb. 22 that the United States
Great Britain
had
a
hand amounted to $827,288, as compared with
on
of $547,276 and
cash
total liabilities of $2,920,971, which leaves an excess
United
reports
operating loss of $102,714 after deducting all charges in¬
cluding $116,380 for depreciation. This represents an actual
gain in cash of $13,666, the Exchange announced on Feb. 28.
For the year ended Dec. 31, 1938, net operating deficit
amounted, to $154,399.
Real estate and miscellaneous
Federal, State and city taxes amounted to $146,319, as
against $152,619 in the previous year. The Exchange in its
announcement bearing on the report further said:
Total assets and deferred charges aggregated
.
and New York
Exchange Securities Clearing Corp.
Curb
what manner it will
tion to determine in
applicable.
Exchange Reports Net Operating Loss
$102,714, Compared with Deficit of
of
1939
in
prepared by the committee
floor of the
the
with
the new Regulation S-X is
New York Curb
this Exchange
dealings of members on other exchanges in securities listed on
in such manner and at such time as they deem advisable."
A study
financial data which previously
financial statements and are
historical
connection
in
for
called
certain
for
requirements
operative only when
member firms of the Exchange be directed to
"The committee on
to enforce Section
the
were
1940
2,
said:
adopted by the Board
The order
Commission
exchanges.
trading on out-of-town
commission
to
transactions will not be
of the
March
The Commercial & Financial Chronicle
1352
invest¬
the
form
Notes—Clearing fund deposits shown as "contra" items above represent deposits
by clearing members to the clearing fund of the New York Curb Exchange
Clearing Corp.
Securities
This fund is not available for the general purposes of the Exchange,
clearing member is repayable to him upon his retirement
and the contribution of each
as
such member.
Proceeds from sale of membership held
represent the net proceeds from the
In
escrow
shown as "contra" items above
sale of a member's seat held in trust for his
estate, said fund is not available for the general purposes of the Exchange.
The Treasury Department has proposed an assessment of $8,973.77 on the New
York Curb Exchange Realty Associates, Inc., In income and excess profits taxes
for the calendar year 1938
by the
which is being protested.
If the theory of liability stated
Treasury Department be sustained, additional assessments for the years
1936 and 1937 may be made.
Volume
The Commercial & Financial Chronicle
ISO
Unsatisfactory State of Business
of
Money,
but in
by
of
Measure
Government,
Co.
New
Due Not to Shortage
to Deficit Financing
According
/ Guaranty
to
charge-offs
factors causing larger net profits in
Trust
in 1938, 4.3% In 1937, and 8.9% in 1936
York
Pointing
New
that
out
at
are
York
and
United
high figures, the Guaranty Trust Co. of
"it is clearer than ever that the explana¬
money
deposits
in
the
of net
favorable."
are
Co.
in
deposits
the
in
United
States
are
the
amount
of
money in
circulation—that is, the amount
Treasury and the Federal Reserve banks—also mounted recently to a
peak; and while there has been a seasonal decline in recent weeks,
is
culation
mark.
A
,
deposits,
the
1933
the
on
other
The
maximum.
has
hand,
to
extent, however,
1939
the
against shrinkage in value is necessary, a new ratio of capital accounts to
total invested funds
substitute
designed
fill
to
the
by
created
gap
the
absence
of
trends
of all real estate assets to
Mr. Harrison also
Among the
balances
country
for
war
expansion
domestic
conditions.
than
It
flight
a
nature
a
reflected
affirmative
an
to
exert
in
the
the
of
outlook
situation
here.
conditions
rather
than
abroad—were
promote,
Other
These
and
sustained
restraining
of
recovery
are
increase
the
business.
fidence
primarily
are
business
of
sort
a
While
recovery.
to
con¬
the
use
to
of
the
it has
way
effect
and
and,
led to the
tend,
but
These,
tion
that
been
to
subject
to
exist
the most
In
punitive
are
discourage productive invest¬
initiative.
business
field—most
And
over
regulate business
not
conspicuously
intervention
much wider
a
has
the
to
multi¬
of
cost
the
area
methods through a
adding
only
doing
time
hampering the freedom of managements
changing conditions and in taking advantage
to
in
the principal
are
of the anomalous situa¬
causes
our
restrictions
turn,
of
use
part,
and
the
nor
the
and
velocity with which
The initiative in both
the
funds.
present
and
these
inevitable
that
succession,
that
Only
when
stagnation
give
District.
At
the
the
lic
Federal
loan
both
opportunities
to
way
of
are
normal activity.
public policy.
of business initiative
on
such
at
unbiased
worthy
objectives.
far-reaching
contain
numerous
effort
to
But
importance,
unwise
discover
it
provisions.
where
was
adopted
the
in
What
real
im¬
pediments to recovery lies and to modify specific features of public
policy
in such a way as to make
governmental influence as far as possible a
stimulant, not an obstacle, to business activity.
.
serve
District
in
1939—Net
New York
Profits for
All
Re¬
Banks
Averaged 16.1% of Total Earnings, Compared with
9.9% in 1938
The
annual
compilation of operating ratios of member
(New York) Federal Reserve District
for the year 1939, with
comparisons for the year 1938, was
issued on Feb. 28 by George L. Hariison, President of the
banks in the Second
Federal
the
Reserve
Bank
of
figures, Mr. Harrison
New
York.
In
making public
says:
Net profits for all banks in the district
averaged
for 1939, compared with 9.9% in
Net current
earnings (before charge-offs, etc.) continued the slightly upward
tendency
of the past few years, but
larger profits on securities sold and smaller
the
institutions in
were
possible
Insurance
by
Second
31,
all
District
developed
Second
the
The
District.
of
these
compares
with
building
and
savings,
months
in
communities
Resources
which
1939,
insured
12
106
providing the investing pub¬
when Congress created the
Corporation,
D&c.
at
reported
the
in
earlier.
of
case
two
Federal
savings
Savings
and
and
Loan
Corporation promptly made a complete appraisal
of the assets
to determine the extent of the impairment.
There-
order
to
of
$251,905,
to
up
defaults
prevent
with
in
these
institutions
In
the
An
making of
this
fashion
loan
investors
and
the
subse¬
that
out
in
of
proportion
financial
of
first
continued
the matter
building
mortgage
the
the
insured
estimates.
two
associa¬
savings
without
interruption,
loss of either capital
any
institution,
exceed
and loan
relationships in each of these
investors'
associations
savings,
further contribution
a
losses
these contributions,
neighboring
the
suffered
announcement
Pointing
with
merged
savings and
of
to make
$104,629, should actual
the
were
associations.
insured
of
with
affected
none
contingent obligation
a
maximum
a
Simultaneously
and
earnings.
or
further said:
and
loan
associations
provide
a
financing on homes than any other
Bliss credited insurance of savings
Mr.
accounts
by the Federal Savings and Loan Insurance Corporation with
substantially increasing the volume of funds that insured institutions
have
available
for
lending.
mortgage
building and loan
associations
has
for
of
been
effective
16.2%
with
a
In
and
Loan
2,196
with
the
Federal
in
and
the
Savings
of
are
95
sources
1939
New
in
Loan
and
insure
to
an
which
savings,
insurance
increase
average
during the
past
insured
throughout
He
the
country,
said
that
7.2%
but
that
they
Corporation
was
District,
for
Insurance
the safety of
and
each
by
were
with
savings
the
of
account
law
savings
and
investor.
to
savings accounts
All
provide
loan
created
qualified
associations
Federal
insurance
in
saving
of
and
63
insured
resources
loan
of
up
and
their
to
loan
accounts
savings, building and loan associations may do
there
year,
savers.
1939, the Federal Savings
the savings accounts
in
associations
Second
insured
in
resources.
required
Jersey
insured
of
savings
number of
had
the
reported
$2,506,958,000.
the
associations
$5,000
state-chartered
end of
tions
total
1934
loan
maximum
associations
invested
that
District
longer
the
loan
of
in
are
their
of
by Congress
the
their
and
resources
associations
10.6%
and
of
said
Second
or
Corporation
building
aggregate
The
months
amount
He
the
Mr. Bliss noted that at Dec. 31,
Insurance
savings,
insured
for
in
12
in
corresponding increase in
his report,
so.
At
savings, building and loan associa¬
$57,751,067.
At the same date
associations
in
New
York
reported
re¬
$207,730,274.
Saturday Closing in New York State Bank's Through¬
out Year
Favored by Customers but
Opposed by
Banks—Saturday Closing in Summer Favored
Bank
16.1% of total earnings
1938, and 16.2% in 1937.
Insur¬
quent cessation of their operations, the Corporation made cash contributions
a
in
Dis¬
$50000
institutions,
in
building
Operating Ratios of Member Banks
Loan
impairments
1939,
thrift
made
$265,481,341
in
associations
after^
local
New York
protection
$214,703,898
Insurance
type
deposits.
Bank
York, stated in his report:
year,
and
associations
During
of
safety
totaled
of
loan
the
Jersey and
Savings
institutions
assets
of
end
the
with
larger
possibility
Home Loan
Mr. Bliss, who is president of the Federal Home
the
indi¬
the
Federal
ington by George L. Bliss, its regional agent in the Second
mat¬
This
directed
of
should
and
with
own
by
such
limit the scope
now
Second
the
Corporation, according to the annual review of such
activity transmitted on Feb. 29 to the Corporation at Wash¬
they
does not imply a sweeping abolition
administrative innovations introduced in recent
are
measures
fair
who
primarily
the solution of the problem hinges
threats
such"
speaking,
consumers
controlled
is
be removed.
legislative
a
deposits
investors,
in
will
of
of
Savings
1939
ance
tions
by the banks.
depositors—that is, broadly
and enterprise must
is
that
taxes
income
groups.
with private business, with the most destruc¬
to
6ame
men,
believed
required
and
industry—governmental
to control
the
profitable
Most
the
redistribute
banking system.
Their aggregate effect has
unprecedented abundance of the means of payment but
abundance from exerting any appreciable effect in
pro¬
making
is
con¬
opportunities.
initiative,
swift
of
power
associations in
throughout New
impairing
Insured
158
trict in which insurance of investors' accounts up to
each is provided by the Federal Savings and Loan
besides
certain
hand, to
one
agencies,
volume
business
the
of
Bank Had
$265,481,000 Assets in
The qualifiction of 19 savings, building and loan associa¬
recovery.
with
this
years.
con¬
hampering
in
individuals
1419*
tions in New Jersey and New York during 1939 brought to
a
total of 158 the number of savings, building and loan
an
the
is
lies
the
that
trade
circulate
and
exists
now
prevent
all
complex of
influences
ends—to
of
cripple business
undertaken
at
create
Neither
of
to
brief outline,
in
actions
the
sections
themselves
business
new
For
accounts^
Loan
Loan Bank of New
the
non-revenue
imposition
on
light and
bureaus
of
vidual
item indicates the percentage of cash
new
with
common—they
prospective profits
of
Government,
confidence and enterprise.
on
adapting
The
for
the form of competition
business
But
great
feature
one
reduce
the
economic
important
electric
moting
the
other
The
have
and
of
system
the other,
Government has
ters
risks,
policy
the
that
on
some
the
to
tax
influence
tive effects
of
and
fiscal
but
Recovery
of
part
a
expansion.
kinds,
numerous
costs
The
Hampering
only
are
business
Home
Institutions
foreign
through the tremendous increase in the national debt, has involved
and
in
Factors
factors, however,
ditions
New York
abroad,
The
tributing to the rise in deposits, they tend not to increase but to reduce
velocity of circulation.
plicity
Still another
Reference to the operating ratios of member banks in New
District in 1938 was made in these columns
influence
their
taken
of principal
this
to
capital
constructive
a
distrust
a
confidence
foreign
of
from possible
unsettled
In
showing the proportion
York Reserve
search
in
came
inhibit,
in
capital.
of March 11, 1939, page
from
not of
ordinary business opportunities but of a
depreciation, confiscation, and other dangers.
Thus, all the principal factors underlying the recent increase in bank
deposits—deficit financing by the Government, devaluation of the dollar,
ment
ratios
are
dividends declared to total capital
purposes.
arising
obviously not of
was
rather
iu
capital accounts—averaged 30.9% in 1939.
imports,
Deposit
this
This ratio for
ratios—the ratio
new
points out:
items
new
Another of the
types of assets to total assets, the relationship of capital to the total of
assets to
and
in 1939.
loans, investments, and real estate assets, and the proportion of real estate
Significance of Gold Imports
funds
(loans, investments, and real estate owned) has been
all banks averaged 18.5%
the second great factor underlying the recent increase in
deposits, have been due primarily to the devaluation of the dollar and the
flight of capital from Europe—and in recent months to the building up of
refuge
For all banks the
prepared to show the margin of protection for such funds.
by creating widespread concern regarding the future
rates, Government credit, and the value of the currency.
dollar
not materially reduced.
was
% in 1939, and for the
large New York City banks this ratio averaged nearly 38%.
In view of
the increasing proportion of uninvested
fynds, for which no protection
low
is an
purpose
Gold
hand and deposits in the Fed
on
capital to assets subject to possible
ratio of cash assets to total assets averaged over 24
growth.
It has proved an inadequate substitute, because
strengthened the prospects of profitable business operation on
recovery depends.
On the contrary, it has tended to defeat its
tax
on
the growth of deposits in the New' York City banks in
paralleled by an increase in cash
was
shrinkage in value probably
.
years
this district
of previous years, especially in New York
City banks, reflecting the further growth in deposits.
To a considerable
not
which
own
■
The ratio of capital accounts to total deposits of banks in
cir¬
new
a
The ratio of total current
New York City banks only 2.0%.
credit
has
for all banks.
average
continued the downward tendency
new
velocity of
sunk
large part of the governmental credit expansion of recent
normal
of
below
far
not
bank
.
artificial
it
still
of
equal to about 80%
were
earnings to total assets for all banks averaged 3.5% in 1939, for the large
in history.
outside the
largest
The
amount
large New York City banks dividends
eral Reserve Bank, so that the ratio of
now
1939
profits.
considerably below the
issued Feb. 2G, in which it also says:
Bank
declared in
The rates of income on
loans and investments for the large New York City banks, as
usual, were
are made by the Guaranty
Survey," its monthly review
"Guaranty
Dividends
half of net profits for all banks, but in the
one,
3.3% in 1938, 3.7% in 1936, and 4.2% in 1934.
These comments
the
4.0% in 1939, compared with 2.2%
(when unusual profits resulted from
sold).
1939, from
a
that prevent those media from circulating
actively.
bank deposits have
Trust
securities
on
principal
These net profits
The average rate of return on loans for all banks remained at
5.4%, while
the average rate of return on investments declined to 3.1% in
unsatisfactory state of business is to be sought
shortage of circulating media but in the factors
Rising
obviously been ineffective in promoting
true business recovery.
These deposits represent purchas¬
ing power ready for immediate use; but experience has
shown that, regardless of how
great such purchasing power
may be, it will not be freely used unless other conditions
in
of the
case
tion of the
not
profits
averaged slightly less than
new
says
and
were the
1939 than In 1938.
in relation to capital accounts averaged
recoveries
States
1353
banking houses and other real estate held
on
customers
of
New
York
State
favored
Saturday
closing of banks throughout the year by a vote of five to one,
it was revealed on Feb. 26 by a recent
survey conducted by
the
Public
Relations
Committee
of
the
New
York
State
The Commercial &
1354
The total vote in favor of legislation
Bankers Association.
requiring Saturday closing of banks throughout the State
was 29,548, and
the total opposed was 6,200.
The Asso¬
ciation also states that answers to a questionnaire which was
distributed to the members of the Bankers Association by
the Committee on Legislation shows that a total of 368
opposed Saturday closing through the year, whereas
in favor of the holiday.
Saturday closing during
banks
303
are
July and August was favored by a vote of 479 to 192 banks.
Breaking down the bank replies by population groups re¬
veals that the largest number of banks opposed to Saturday
closing throughout the year are located in towns with a
March
Financial Chronicle
1940
2,
3, 1940, and show that the money in circula¬
(including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
for Jan.
are
tion at that date
as against $7,598,143,063 on Dec. 31,
$6,652,873,301 on Jan. 31, 1939, and comparing
$5,698,214,612 on Oct. 31, 1920.
Just before the out¬
break of the World War, that is, on June 30, 1914, the
total was only $3,459,434,174.
The following is the full
was
1939,
$7,375,682,061,
and
with
statement:
■
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population of less than 5,000.
A majority of banks located
boroughs of New York City favored the five-day
a.
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Q
in the five
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week.
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analysis of bank questionnaire on Saturday closing
The
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and 25,000.
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IV
July & Aug.
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Opposing Saturday closing throughout the year
206
74
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Si
1939,
Were Higher Than Any Previous Call Date, Reports
Comptroller of Currency Delano—Assets Totaled
$35,319,257,000 and Deposits Amounted to $31,-
I
to
612,992,000
l
Deposits
Dec. 30,
on
•
the
on
individuals,
last
call
and
date consisted of demand
and
partnerships
corporations
time
postal
of States and
deposits
deposits
savings
letters
$30,395,000;
of
of credit and
travelers'
certified
-
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$5,899,785,000.
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States and in foreign countries
Savings deposits, included with time deposits of in¬
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checks,
cashiers'
©_
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checks outstanding of $385,017,000,
and deposits of other banks in the United
cd
cm_ co
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of $2,080,992,000;
and
©
fill
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deposits
$14,940,600,000
of
political subdivisions
00
I
$7,717,408,000, respectively; United States Government deposits of $558,795,000;
©" ©* ©*
I
s
Deposits
H*
if
Comptroller of the Currency Preston Delano announced on
Feb. 24 that the total assets and total deposits of National
banks in the continental United States, Alaska, Hawaii
and the Virgin Islands of the United States on Dec. 30, 1939,
the date of the last call for condition reports, were higher
than on any previous call date.
The total assets of the 5,193
active banks were $35,319,257,000, an increase of $634,581,000 over the amount reported by the 5,202 active banks on
Oct. 2, 1939, the date of the previous call, and an increase of
$3,653,080,000 over the amount reported by the 5,230 active
banks on Dec. 31, 1938, the date of the corresponding call
a year
ago.
The deposits on Dec. 30, 1939 aggregated
$31,612,992,000, increasing $632,299,000 and $3,562,316,000
over the amount reported as of Oct. 2, 1939, and Dec. 31,
1938, respectively.
Other details were given as follows in
the Comptroller's announcement:
of
©
©
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671
Bank Assets and
National
cash
cm
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of
—
90
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368
Total banks voting
©
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Opposing Saturday closing throughout the year
©
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192
Favoring Saturday closing throughout the year
co
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479
Opposing Saturday closing during July and August
H
t-
90
%
Favoring Saturday closing during July and August
cm_ ® -t
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dividuals, partnerships and corporations, amounted to $6,910,303,000 and
represented 16,157,329 accounts.
Loans
and
discounts,
including
overdrafts,
were
$9,043,632,000,
i
since
guaranteed,
held
on
United
30,
1939,
•H
$9,073,935,000,
were
increased
$323,424,000
a,
$5,394,123,000, and
of
reserve
with Federal Reserve banks of
$12,503,613,000,
increased
$128,722,000
and
$2,797,204,000 in the three and 12 month periods, respectively.
The unimpaired capital stock on
Dec. 30, 1939,
was
$1,532,903,000, of
which $211,733,000 was preferred stock and $1,321,170,000 was
common
5^
Surplus of $1,216,222,000, undivided profits of $445,403,000 and reserves
a
total
of
$1,872,215,000,
October and $114,693,000 since December,
Bills
payable,
aggregating
rediscounts
and
other
increased
$11,853,000 since
1938.
liabilities
borrowed
s
O
money
$2,882,000 decreased $115,000 since October and $2,726,000
The percentage of loans and discounts to total deposits on Dec. 30, 1939,
28.61, in comparison with 28.29
on
Oct. 2, 1939, and 30.26 on Dec. 31,
1938.
of
Money in the Country
The Treasury Department
in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deduct¬
ing the moneys held in the United States Treasury and by
Federal Reserve banks and
agents.
The figures this time
1
'
1
'
I
I
©
co
©
co
©
©
h
©
h
4H
O
>
©
h-
Hf
cm
rH
rH
©
b.
©
©
©
00
rH
rH
«
rn
4h
00
•o
©
00
o
co
o
tS
c
S
as
«
§
1 Q "
1
o
o
0OH0
.
St
a
S
3
as
•■o
-s
c
o
Does not include gold other than that
held by the Treasury,
b These
amounts are not Included In the
security against gold and sUver certificates
under gold, standard
c
rH
co
&
§
-h
co
*
5?
total, since the gold or silver held as
and Treasury notes of 1890 is Included
sUver doUars, and sUver bullion, respectively.
This total Includes credits with the Treasurer
of the United States payable In
gold certificates in (1) the Gold Certificates Fund—Board of
Reserve System, in the amount of $12,736,676,182, and (2) the
Federal Reserve notes In the amount of $9,335,515.
$1,800,000,000 Exchange Stabilization Fund and
of Increment resulting from reduction In
Includes $59,300,000 lawful money
Governors, Federal
redemption fund for
$142,593,381 balance
weight of the gold dollar.
deposited as a reserve for Postal Savings
deposits.
sliver certificates and Treasury notes of 1890 should be
deducted from this amount before combining
to arrive at the
with total money held In the Treasury
total amount of money In the United States.
circulation Includes any paper currency
tinental limits of the United States.
g The money in
Stock
"3
r"
o
I
t The amount of gold and
for
in the year.
was
I
O O
a
e
$210,590,000,
as
©
0
2 2 3 >
o
o
d Includes
stock.
of
©
3
a
8
$7,117,420,000 and $1,956,515,000, respec¬
Cash of $615,698,000, balances with other banks and cash items in process
total
o
cj
The direct and indirect obligations
899,000, decreased $82,797,000 since October and $15,593,000 in the year.
a
o
a
g
which included obligations of States and political subdivisions of $1,784,-
$6,493,792,000,
8 8
since
Other bonds, stocks and securities held totaling $3,737,641,000.
of collection of
00
! 8
States Government obligations, direct and fully
aggregating
Dec.
©
1
«
October and $367,976,000 in the year.
tively.
©
i
I
December, 1938.
Investments in
.
i
an
increase of $279,436,000 since October, 1939, and an increase of $554,512,000
held outside the con¬
Treasury—(I) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 in gold bullion, (11) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
notes are being canceled and retired on receipt), (ill) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates, and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank.
Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
Note—There Is maintained in the
gold certificates or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
Volume
maintain
The Commercial & Financial Chronicle
150
In gold certificates of at least 40%, Including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
a reserve
notes in
Reserve
circulation.
actual
"Gold
certificates"
as
herein used includes
credits with the Treasurer of the United States payable in gold certificates.
Reserve bank notes and National bank notes are in process of retirement.
Federal
The Treasury bills will be exempt, as to principal
No loss from the sale
During January the liquidation of 15 insolvent National
was completed and the affairs
of such receiverships
finally closed, it was announced on Feb. 23 by Comptroller
of the Currency Delano.
The following details were re¬
ported:
banks
dends paid to unsecured creditors
all claims proved.
allowed, to depositors and other
amounted to an average of 85.82%
of
6.41% of total collections from aU sources, including offsets allowed.
Dividend distributions to all creditors of all active receiverships during
of liquidation of the
1940, amounted to $1,171,250.
Data
as to
results
receiverships finally closed during the month are as
INSOLVENT NATIONAL
BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF JANUARY,
1940
Total Dis¬
Name and Location
Per Cent
Capital
bursements
Date of
Dividends
Slock at
Including
Declared
Date of
Failure
Failure
Offsets
to AU
Allowed
Claimants
$1,312,121
2,387,009
611,735
4,118,808
99.756%
91.87%
110.24%
of Bank
12-28-33
First Nat. Bank in Bessemer, Ala
First Nat. Tr. & S. B., Chico,
Calif...
7-18-33
12- 7-33
Washington Sav. Bk., Wash., D. C
7-14-32
Consolidated Nat. Bk., Dubuque, la.
$100,000
150,000
100,000
500,000
86.37%
8-23-33
107,164
51.75%
25,000
5-24-32
460,411
75.95%
100,000
12- 5-33
First Nat. Bank, Oberlin, La
651,847
United States Nat. Bank, Iron Moun¬
Nat.
other disposition of the Treasury bills
otherwise recognized, for the purposes of
prescribe
the terms
Circular
No. 418, as amended, and this notice
Treasury bills and govern
of the
the conditions of
their issue.
Capital Moved Toward United States in November—
British Holdings However Decreased $120,031,000
The
other
capital movement between the United States and
in November resulted in a net inflow of
countries
capital to the United States of $18,538,000, according to
figures released Feb. 28 by the Treasury Department. The
inflow in November contrasts with an outflow of $96,796,000
in
October.
Capital holdings in the United States of the
$120,031,000 in
November, while the other important belligerents, Fiance,
Canada and Germany increased their holdings.
Countries
other than the four mentioned provided the greatest pro¬
portion of the offset to the British reduction by increasing
their capital holdings here by $102,637,000.
Most of the decrease, in November in British capital in
this country, namely, $95,622,000, was in short-term banking
funds but, on the net, there was an increase of $34,486,000 in
foreign holdings of such funds during the month.
The following tabulation has been prepared from figures
appearing in the February Treasury "Bulletin."
United Kingdom were reduced no less than
follows:
Mich
tain,
or
or
hereafter imposed by the United States or any of its Posses¬
Treasury Department
amounted to $16,973,788, while divi¬
Total costs of liquidation of these receiverships averaged
the month of January,
any tax now or
deduction,
as a
sions.
During January
15 receiverships,
any
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
Liquidation of 15 Insolvent National Banks Completed
of these
inheritance taxes.
estate and
except
shall be allowed
Total disbursements, including offsets
and interest, and
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
gift tax.)
creditors
1355
of
Bank
NET
CAPITAL
Anaconda, Anaconda,
Mont
MOVEMENT
FOREIGN
10-25-33
First Nat. Bank, Conrad, Mont
United States Nat. Bank, Deer Lodge,
10-25-32
Mont
-307,889
477,238
12- 7-33
831,347
1- 3-34
1,153,643
2,015,399
788,397
1,295,381
455,399
75,000
78.513%
86.44%
71.91%
95.88%
94.187%
78.53%
Kingdom
First Nat. Bank, East Palestine,
Ohio.
Old National City Bank, Lima, Ohio..
First Nat. Bank, Woodsfield, Ohio
First Nat. Bank, Ellwood City, Pa...
4-29-31
Citizens Nat. Bank, Stoughton, Wise.
1- 2-34
1-10-33
1-10-34
50,000
25,000
300,000
50,000
125,000
50,000
1939
Ger¬
United
First Nat. Bank of the Thousand
Islands, Alexandria Bay, N. Y
AND
STATES
UNITED
1935 TO DEC. 1,
(In Thousands of Dollars—000 Omitted)
100,000
66.00%
THE
BETWEEN
COUNTRIES, JAN. 2,
100,000
105.3%
64.2%
Movement
in
France
Canada
All
many
Other
Total
Mi
Short-term
Banking Funds—
Jan. 2, 1935 to Dec.
1,1939.
Of which in November, 1939
M ovement in Brokerage
675,061 317,464 280,136 154,309 1,577,237 3,004,207
93,264
34,486
3,164
11,601
95,622
22,079
Balances—
19,603
19,029
9,030
24
29,404
77,090
1,858
627
508
141
147
2,705
1,1939.
338,247
74,900
714
27,982
Of which in November, 1939
22,172
1,666
4,168
293
2, 1935 to Dec. 1,1939.
124,338
41,682
26,669
36,514
519,539
Of which in November, 1939
379
495
2,305
77
4,254
Jan.
Tenders of
$215,771,000 Received to Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,454,000
Accepted at Average Rate of 0.005%
tendered to the offering last
of 91-day Treasury
29, 1940, Secretary
Morgenthau announced Feb. 26. Of this amount, $100,454,000 was accepted at an average rate of 0.005%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST),
Feb. 26. Reference to the offering appeared in our issue of
Feb. 24, page 1209.
The following regarding the accepted
bids to the offering is from the Secretary's announcement:
A total of
$215,771,000
2,1935 to Dec. 1,1939.
Of which in November, 1939
Movement in Transactions
in Domestic Securities—
Jan. 2,1935 to Dec.
was
week of $100,000,000, or thereabouts,
bills dated Feb. 28 and maturing; May
Total applied for, $215,771,000
in Foreign Securities—
Jan.
Heavy-face figures Indicate Inflow.
99.999 equivalent rate approximately 0.005%
(77% of the amount bid for at the low price was accepted.)
of $100,000,000,
or
Thereabouts, of 91-
Day Treasury Bills—To Be Dated March 6, 1940
thereof up to 2 p. m. (EST), March 4, but will not
ceived at the Treasury Department, Washington.
be re¬
The
Treasury bills will be dated March 6, 1940 and will mature
on June 5, 1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on March 6, in
amount of $100,945,000.
In his announcement of the offer¬
ing, Secretary Morgenthau also said:
(the bills) will be issued in bearer form only, and in amounts or
$1,000,
$10,000,
$100,000,
$500,000,
and
$1,000,000
multiples of $1,000.
basis of 100, with not more
be considered. Each tender
The price offered must be expressed on the
than three decimal places, .e g., 99.125.
and trust companies
securities.
and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury
bills applied for, unless the tenders are
bank or
accompanied by an express guaranty of payment by an incorporated
trust company.
Immediately after the closing hour
for receipt of tenders on March 4,
received at the Federal Reserve banks or branches thereof
and public announcement of the accept¬
prices wiU follow as soon as possible thereafter, probably on the follow¬
1940, all tenders
up to
able
the closing hour will be opened
right to
and to allot less than the amount
applied for, and his action in any such respect shall be final. Those sub¬
mitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
ing morning.
The Secretary of the Treasury expressly reserves the
reject any or all tenders or parts of tenders,
March 6.
1940-
to
i5-day cruise covering 4,000 miles which
for an
inspection of Panama
Stops were also made at a half-dozen possibly strategic
At
noon
Canal defenses.
base islands.
De¬
combined with the delights of angling.
today the cruiser Tuscaloosa,
bearing the President, and the
escorting destroyers Lang and Jouett were about 300 miles out of
and during the afternoon they
Pensacola,
moved leisurely across the placid Gulf of
Tropical weather was left behind, but it was sufficiently warm to
Mexico.
permit sun bathing.
Members of the Presidential party joined in a farewell
dinner tonight.
President Augusto S. Boyd of Panama made the trip
through the Canal on Feb. 27 with Mr. Roosevelt, and later
that he and Mr. Roosevelt were in complete
far as major problems of the Canal area were
concerned.
An Associated Press dispatch on Feb. 27 from
the U.S.S. Lang, which accompanied the Presidential party,
told the press
harmony
so
said in part:
Roosevelt
said
today that1 doubling the present
planes and guns defending the
range
number of
Panama Canal was necessary for the longPacific.
contemplates defense operations extending,
defense of the vital link between the Atlantic and
Such
if
incorporated banks
will complete
opportunity
fense surveys were
Frac¬
used.
Tenders will be accepted without cash deposit from
ment
an
President
No tender for an amount less than $1,000 will
tions must not be
President
The
(maturity value).
must be in
Route
During
Fla., yesterday (March 1); he planned to board there a
special train for Washington, where he is expected to arrive
at
noon
to-day (March 2).
Associated Press accounts
aboard the U.S.S. Lang at Sea on Feb. 29, reporting the
conclusion of the President's cruise, said in part:
provided
Secretary of the Treasury Morgenthau announced March 1
that tenders are invited to a new offering of 91-day Treasury
bills to the amount of $100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders. Tenders will
be received at the Federal Reserve banks and the branches
of
En
Cruise
Vacation
Zone Officials
99.998 equivalent rate approximately 0 008%
They
Light-face figures Indicate outflow.
President Roosevelt ended his vacation cruise at Pensacola,
Low
denominations
Mi
Washington—Ends
Which
He
Traveled
Through Panama Canal and Conferred With Canal
Roosevelt
President
100
Offering
wr
1,1939. 1,157,249 453,075 263,211 162,865 2,844,005 4,880,405
18,538
102,637
3,089
9,230
23,613
120,031
Of which in November, 1939
Total accepted, $100,454,000
Average price
New
695,404
6,752
M
Net Capital Movement—
Jan. 2,1935 to Dec.
Range of accepted bids:
High
717,825 1,103,704
4,972
19,995
Movement in Transactions
a
long-range program
necessary,
throughout Central America and as far south as Ecuador,
Colombia and
Venezuela, he told reporters at a press conference
the cruiser Tuscaloosa
after
aboard
he had completed a thorough inspection of
canal defenses and had started the
homeward voyage to the United States.
(The House Appropriations Committee in
Washington yesterday refused
work on a new set of bomb¬
the President's request for $14,150,000 to start
proof locks to enlarge the canal on the ground that Congress'was being
undertaking before detailed
asked to commit itself to a "vast and costly"
plans were available.
It also refused to recommend that canal authorities
$99,300,000.]
.
.
.
He added
that he thought the first thing to do was to finish the present program for
anti-aircraft guns and planes.
About half the total of each recommended
be
given permission to enter into contracts totaling
More
planes and guns were needed, Mr. Roosevelt said.
by the Army-Navy joint
so
board or actually authorized had been delivered
far, he said.
The President stated he had discussed in general long-range
at a
canal defenses
conference aboard the Tuscaloose with Panama's President, Augusto
Boyd, and that they were in complete agreement.
The Commercial & Financial Chronicle
1356
The President stated that Puerto Rico and the Virgin
a
further Atlantic defense line
some
Congressmen,
islands
as
he wanted to impress
but
for the canal,
Islands provided
well as the people of the United States, that those
The departure of President Roosevelt from Washington
Feb. 10 for his vacation cruise was noted in our issue
1067, and
a
further item with regard thereto
appeared in these columns Feb. 24 on page 1210.
Roosevelt
President
American
Observe
Day—In
Occasion
Designates
April 14 as PanProclamation Asks People to
Testimony to Close Bonds of
as
Friendship Between 21 American Republics
desig¬
nating April 14 as Pan-American Day and asked the people
this
said
with
day
the
occasion
appropriate ceremonies.
Mr.
will be especially important
because it will mark the fiftieth anniversary of
which "has con¬
year
founding of the Pan-American Union,
the
stantly
tural
the
fastered
and
Western
;
the
observe
Roosevelt
juridical
closer economic, cul¬
the nations of the
of
development
between
relations
Hemisphere."
By the
v
The vote
By Representative Robert W. Kean (Rep. N. J.), to tighten
restrictions
was
$20,000,000 and
to
that amount to
loan
182 to 35.
follows:
The proclamation
President of the United
Feb. 26 had given the
on
The passage of the bill by the House
rejection of a motion by Representative
the bill to the Committee
with instructions to amend the measure by limiting the loan
authority to $120,000,000 instead of $200,000,000.
Earlier
reference to the Congressional action on the bill appeared in •
our issues of Feb.
17, page 1070 and Feb. 24, page 1211.
Jesse
Jones,
Federal
Loan Administrator, announced
yesterday (March 1) that the Export-Import Bank had allo¬
cated $20,000,000 for an additional loan to Finland, had
made a $15,000,000 loan to Sweden, and also had made a
$10,000,000 loan to Norway, which previously had been
tentatively announced, according to the Associated Press.
Mr. Jones said the trustees of the Export-Import Bank
acted after President Roosevelt had advised him that he
to recommit
Sumner of Illinois
the bank's capitalization by
would sign a bill increasing
$100,000,000.
of America
States
The House Rules Committee
bill the right of way for action on the floor.
The measure
was debated on Feb. 27 but was not called up for a vote until
the following day.
on Feb. 28 following
President Roosevelt recently issued a proclamation
to
Finland.
authority
of the Johnson Act; 135 to 86.
on
of Feb. 17, page
1940
2,
(Rep., N. Y.), to reduce the lending
By Representative Hamilton Fish
contemplated primarily for the defense of the Southern states
were
the Atlantic and Gulf of Mexico.
on
March
+.
A
Whereas
mended
in
that
American
Governing Board of the Pan-American Union recom¬
14 be designated as Pan-American Day in all the
April
republics, and that it be established
of
the sovereignty of
in
one
continental
Whereas
observed
continent;
Whereas
it
in
will
American
lics,
and
Pan-American Day has been annually
through its emphasis on the
years
in
significance
and
uniting
cooperation
the
14,
Pan-American
of
the
especially important be¬
fiftieth anniversary of the founding of the Pan-
the
established
was
by the
1890,
nations
and
1940
mark
commemorative symbol
a
Day
be
will
Union, the international organization of the 21
which
April
increased
friendship,
peace,
American
cause
has
as
the American nations and the voluntary union of all
community;
during the past 10
and
of
spirit
PROCLAMATION
1930 the
in
with
accordance
American
resolution
a
First International Conference of
repub¬
adopted on
American
States
and
which, during the last half century, has constantly fostered the devel¬
opment of closer economic, cultural, and juridical relations between the
nations
the
of
Whereas
should
is
most
commemorate
bonds
close
Western
it
United
Hemisphere; and
appropriate
this
*
the
that
people
significant occasion
and
of
the
thereby
United
testify
States
the
friendship that unite the Government and the people of the
of
States
with
those
of
the
other
republics
of
the
to
American
Now, therefore, I, Franklin D.
do hereby order that
Roosevelt, President of the United States
April 14, 1940, the flag of the United
States be displayed on all Government buildings, and do
hereby invite the
churches, the educational institutions, the civic associations, and the people
of
the United
ceremonies
founding
In
of
States
this
of
witness
Done
of
the
on
Day
and
the
whereof, I have hereunto set
States
of
America
to
be
fiftieth
anniversary
of
nineteen
States
of
hundred and
America
the
one
my
twelfth
forty,
day of
and
hundred
February, in the
of the
and
Independence of
sixty-fourth.
D.
ROOSEVELT.
President:
CORDELL
Hearings in Senate on Recriprocal Trade Agreements
Following Adoption of Resolution by House
Secretary Hull Says Free Enterprise Depends on
Continuance—Secretary Wallace
and Assistant
of State.
and French Against
Receive Further Credits for
to
Non-Military
Purposes—Bank Allots Funds
Finland and China for the purchase of
non-military supplies
in the United States, was
completed on Feb. 29 when the
Senate accepted House amendments made to the bill
pre¬
viously passed by the Senate on Feb. 13.
The adoption of
the bill by the House was effected on Feb. 28
without a
roll call, by a vote of 168 to 51 and
following the acceptance
on Feb. 29 by the Senate of the House
amendments, the bill
sent to the
President for his signature.
amendments, which the Senate approved, per¬
mit the Export-Import Bank to finance exports of commercial
airplanes to Finland and other countries and denies loans to
any nation in default of its debt to the United States.
These
changes were inserted in the bill just prior to its approval by
the House Banking and
Currency Committee on Feb. 23
by a vote of 18 to 5.
Other action by this group was re¬
was
The House
ferred to in
issue of Feb. 24, page 1211.
The associated
Press under date of Feb. 28 had the
following to say in part
in noting the House approval:
our
Opposition to the bill
as
it stood,
thought the United States should
avoid what
for a
was
denounced
go
came
from two
Those who
farther in helping Finland and should
"political flim-flamming" by making provision
direct loan to the Baltic State; and those who were openly fearful
American
as
neutrality would be jeopardized and the United States ultimately
drawn into the
European
war.
Two important amendments
tive Miller (R.) of
Finns, with
no
Connecticut,
restrictions
on
to
rejected,
make
one a proposal
a direct loan of
to
by Representa¬
1211.
page
Passage
after the
came
recommit
than
more
throughout an eight-hour
20 amendments to limit
on
the vote in
program
everywhere are
Commenting
authority.
Secretary Hull said:
and
am,
and
measure,
tariff-making
the House,
I
the
defeated
had
I
am
the
sure
of
supporters
the
immensely gratified at the vote.
in the House a
New York "Herald
describing passage of the resolution
Tribune"
tlie
to
said:
and
first
The
23
Feb.
dispatch
Washington
closest
test
came
offered
amendment
an
on
Repre¬
by
exclude from the
pcope of the trade treaty program the import excise taxes imposed on oil,
copper, coal and lumber in the Revenue Act of 1932.
Coming from the
Democratic side and
embodying the controversy over the right of the
State Department to disrupt import excise taxes as opposed to customs
duties, it missed adoption by a narrow margin of 155 to 167.
The
amendment
was
defeated by teller vote, with the House acting in the
committee of the whole and thus not subject to a roll call later.
sentative
Then
Wesley
the
restore
S.
House
Representative
of two other
disposed
of
measure
some
tariff-making
to
designed to
first, by
major amendments
to
Congress.
of
power
Republican
Crowther,
Frank
of Oklahoma,
Democrat
Disney,
New
The
York,
would
have
provided for congressional concurrent approval of all trade treaties before
they could be made effective.
Another
Nebraska,
the
amendment,
would
manner
teller
vote
voiced
when
accorded
177
of
Representative
by
to
B.
treaties.
full-fledged
157,
Harry
Senate ratification
have required
now
and
the
Coffee,
It
Administration
Democrat
of
trade agreements
of
in
defeated
was
opposition
by
it
to
a
was
by Representative John W. McCormack, Democrat of Massachusetts,
he
said:
for
the
the
power
bill,
When
he
this
has
now
became
it
modities
North
from
trade
under
Carolina,
on
to,
on
that
is
adopted
gives
there
the
will
President
be
no
reason
no
than
more
Constitution."
with
designed for the most part to exclude farm
com¬
a
score
unless
of
members
ready
"parity
Representative Robert L.
Chairman
debate.
"gag" and went
the
negotiations
adhered
were
amendment
apparent
innumerable amendments,
sticks"
amendment
this
"If
because
By
of
a
the
vote
Ways
of
and
148
to
prices"
or
other
"yard¬
Doughton, Democrat of
Means
73
werp
Committee,
the
House
forced
adopted
a
the
the final passage.
$20,000,000 to the
the purchase of outright war supplies,
beaten,
(R.) of New Jersey, in¬
prevent
Export-Import Bank loans to any nation in default
its obligations to private citizens of the United
States.
The latter was
defeated, 135 to 86.
According to United Press Washington advices Feb. 28
other amendments rejected by the House were:
24,
Feb.
of
House, voting 222 to 163, had rejected a Republican motion
limitation
were
106 to 49; and the other by Representative Kean
tended
on
sources:
216
168, and brief reference to this action appeared in these
to
In
Congressional action on the bill increasing the capital of
the Export-Import Bank from
$100,000,000, to 200,000,000
and making possible further credits of
$20,000,000 each to
hear¬
Feb. 26 began
on
approved the measure on Feb. 23 by a vote of
House
the
China
Committee
Finance
Senate
The
Agriculture
ings on the resolution which would extend the Reciprocal
Trade Agreements Act for three years from June 12.
The
session
Legislation Increasing Capital of Export-Import Bank
by $100,000,000 Passed by Congress—Finland and
British
Secretary Grady Discuss Discrimination of
to
HULL, Secretary
columns to-day.
♦
columns
FRANKLIN
the
Passage of the resolution by the Congress
maturity value.
is mentioned elsewhere in these
hand and caused the seal
[SEAL]
By
give consideration to the desirability of patterning the issue
along the lines of the United States postal savings certificates
or baby bonds.
The bonds would be issued in small de¬
nominations without coupon, absorbing the interest in the
the
affixed.
City of Washington, this
Lord
our
United
firm
generally to observe with appropriate commemorative
Pan-American
the
at
York investment banking
specializing in government and municipal bonds, made
public Feb. 24 letters it has written to Senator Pat Harrison,
Hjalmar J. Procope, Finnish Minister to Washington, and
Risto Solanko, Secretary of the Finnish Legation at Wash¬
ington, offering to underwrite, without cost to Finland, a
Finnish war loan in this country should the Finnish Govern¬
ment undertake such financing in accordance with the recent
U. S. Senate resolution.
The letters suggest that Finland
Schwamm & Co., New
L.
the Pan-American Union.
the United
year
War Loan Without Cost
H.
con¬
tinent ;
of America,
& Co. Offers to Underwrite Finnish
Schwamm
L.
H.
On
Feb.
Congress
24
Senator
receive
the
ments that it has over
Brown
same
of
veto
Michigan
powrer
suggested
over
trade
that
agree¬
presidential orders reorganizing Gov¬
ernment
agencies.
The reorganization orders go into effect
automatically after a 60-day period unless either branch of
Congress
vices,
disapproves.
Feb. 24, said:
Washington
Assicated
Press
ad¬
Volume
The Commercial & Financial Chronicle
ISO
Calling his proposal
be
"left-handed
possible compromise if there
a
the
Senate
leaders
to
power
Senators would
Mr.
close
vote
were
or
be
a
reject
that
however,
asserted,
several
ratify
approval,"
the
said
Brown
a
proposal to give
agreements.
trade
Administration
ratification
on
prise in
committee
Hull.
He
continuation
gram."
disappearance of free enter¬
or
abandonment
or
of
Secretary Hull read
the trade-agreements
ing, after which he answered the questions of Senators.
In
defending the reciprocal trade program Secretary Hull was
reported
in
United
Press
accounts
from
Washington,
Feb.
26,
If
we
the
program
would
we
reduce
practically
means of safe¬
to
nothing the efficacy of the existing trade agreements as a
guarding our exports from the inroads of war-time restrictions.
need
for
is
which
wisdom
have
we
influence
relationships
it,
in 6uch
a
there
if
with
agreements
only
we
place the whole weight
to
us
if
years,
effort
rebuild
to
inter¬
advices indicated
"inconsistent"
anything
was
China
Great
and
while
Britain,
also quote:
we
of barter
the other hand the
conclusion
in
on
progress
being pushed, Mr.
was
He opposed
all proposals to restrict the program's operation
would
said,
make
approval.
by requir¬
restrictions,
Any such
unworkable."
Agriculture, labor and industry all would be harmed by abandonment
of the
program,
he continued.
He pointed out that opponents of the
program had offered no substitute except a return to the Smoot-Hawley
ing Senate ratification
he
congressional
or
the
"entirely
program
fullest
the
the
he
"Instead,
development
close
of
the
the nations sought
by the
the
beyond
far
barriers
which
effects of
trade,
to
reckless
of
actually
Hull
26,
nationalism
economic
for
control
trade
of
one
to
on
a
He was like¬
policy of extreme protectionism or substitution for the
a
agreements
of
program
under
warfare
which
what
policy
a
economic
of
have
we
adopt all
would
been
in
be compelled to
adopt most costly and difficult measures of relief and adjustment and to
regiment the country's economic activity.
And the most astonishing thing
is that courses of action which must inevitably lead to these results are
of
staggering proportions.
Government would
Our
proposed and advocated by the very people who like to regard themselves
as
real
the
ment
to
Observing
tlie
Administration
an
that
early
at
make
to
of
use
its
viewed
is
facing
as
reaching a decision
to protect American
of
date
powers
agriculture from trade discriminations imposed by France
and Great Britain or to accept the condition as an unavoid¬
able
impact of the war, Secretary of Agriculture Wallace
and Assistant Secretary of State Grady, at the hearing on
in Washington advices to the New
Commerce," admitted evidences of dis¬
criminations against our commerce by the two belligerents
Feb. 27, it was reported
"Journal
the
that
and
of
matter
given close study by the
Commerce" account con¬
being
was
"Journal
The
Government.
of
tinued, in part:
Mr.
that
Wallace
told
the
the Government
intensely
committee,
undoubtedly has ample
interested
in
is
a
to
to
proposal
use
use
but for
them
setting up
France
and
Britain
to
the
eral
export sales agency which would force Great
near normal
purchases in order to
an
take somewhere
for reimbursing
provide funds
Britain
The
to
"sit
back
with
courses
and
the
take
British
it"
until
which
is,"
the
French
and
question
and France.
the
.
.
.
hearing revealed, are
ends, rely on continued negotia¬
States, the
to the United
open
powers"
"ample
war
Governments,
Government
or
resort
but
possesses
to
is
the
of
use
reluctant
to
employ.
"The
attention
the way
to
La Follette (Prog., Wis.) said in calling
in which the Allies have cut off our trade and dis¬
Senator
tributed it among their Dominions and
Allies, "are
we
in a position to do
something in defense of the farmer if we just have the guts?"
.
.
As
of
that
the greatest peril
would
Senator
tobacco
come
after the
Barkley
and
(Dem.,
indicated
that
and
have
we
by forcing France and Great Britain
products,
he expects
Funds—
Political
vote,
Feb. 23, by
bill to outlaw "pernicious political
a
of the half million State employees
any
would
approved
extend
who
the
employees
State
such
to
pro¬
placed on Fed¬
In describing the bill, Washington Associ¬
The
If
employees in
the
The
sufficient
a
to
officers
in jail,
$1,000 fine,
and
it to the Civil
political corecion
been
had
funds
made to it.
violated, it could order
offending State bureau
the
to
prevent violations."
prosecution
for
authority
Federal
year
Elected
law
dispenses
provide
their
used
leave
would
complaints
any
that the
which
who
which
in
found
would
bill
propositions against
presidential, senatorial or congressional election.
define
the
specific political activities which
"funds
also
the
investigate
agency
bill
officials
be
any
would
Commission
withhold
to
enforce
empowered to
Federal
the
committee
to
Commission
be
would
the
by the
Commission
State
Penalties
administrative
elections
State
of
with
interfere
to
elected.
were
or
for
control
violations
would
both.
or
policy-making State officials would be exempted.
these columns of July 29,
in 1939, was given in
660.
page
Senate Passes $107,079,000 Appropriation
Bill for State,
Justice, and Commerce Departments—Retains Pro¬
vision for Funds for Salary of Russian Envoy
Providing for an appropriation of $107,079,000, the Sen¬
on Feb. 26 passed the supply bill for the State, Justice
and Commerce Departments and sent the measure to con¬
ference with the House.
When the bill was reported to
House
the
be
to
to buy large quantities of American
problem of agricultural adjust¬
gravest
war.
Ky.)
took
there is
up
the
immediate
by
for
$15,340
Approriations
its
Committee on Feb. 24 it
This figure was an increase of
amount voted by the House on Feb. 8
$107,241,000.
the
over
(noted in
our
Concerning the
issue of Feb. 10, page 919).
changes made in the Senate, Washington United Press ad¬
26 said:
Feb.
of
vices
Without
call
roll
to
amendment
an
by Senator
Moscow; deleted $162,000 for
and turned down a
to the Inter-
in the Commerce Department,
hiring trade specialists
item
defeated
(Rep., Mass.) to withhold funds for payment of the
States Ambassador to
salary of the United
$20,000
members
votes,
Henry Cabot Lodge Jr.
defray
American
of
expenses
delegates
Parliamentary Union.
$5,000,000
Approximately
taken
economies
in
Senate
bloc
economy
The
fight
was
the
action
this country and South
led by Senator Lodge, who was joined by several
was
(Dem., Iowa) and Rush D.
Va.).
(Dem., W.
A
in
successful today in removing the appro¬
to promote trade between
to hire experts
Democrats, including Senators Guy M. Gillette
Holt
involved
was
by the two houses.
The
Department issued a statement tonight
for the Commerce
spokesman
regretting the Senate's action.
desire for economy
that
to note
Department is now operating at a cost at least
in
than
The
the
is understandable, but it is interesting
Senate's
"The
the
1932,"
cry
the
statement said.
15% less
.
43 to 27 against
been deleted from the
Committee and which
of "junket" went up before the Senate voted
Union
Inter-Parliamentary
House-approved
bill
by
item,
the Senate
which
had
Appropriations
Majority Leader Alben W. Barkley (Dem., Ky.) pleaded with his colleagues
to restore.
As
the bill carried
finally approved,
ment,
almost
the
$34,000,000
for the
$20,140,500 for the State Depart¬
$41,243,000
Commerce Department, and
Department of Justice.
subject
hope
in
reference
to
of getting back some
Passes
House
$90,069,139
Bill—Includes
Deficiency
$60,000,000 for Farm Benefit Payments and $6,000,000 for Housing Census—Committee Acts Fol¬
lowing Advices from President
The
House
$90,069,139
of
on
Feb. 26 passed
deficiency
various
measure as
bill
and sent to the
designed
to
meet
Government agencies until
Senate a
emergency
July 1.
The
reported earlier in the day by the House Appro¬
priations Committee had been cut $4,020,704 below budget
estimates.
Included in the bill is a $60,000,000 item to be
made available immediately
to the Agriculture Department
soil conservation claims.
Chief debate on the bill
centered on a $5,000,000 housing census fund, and a motion
to recommit the bill to committee to eliminate this item
to
pay
was
defeated
Press
by
a
roll call vote of 197 to 137.
accounts from
In United
Washington, Feb. 26, it was stated:
attacked first by Representative Daniel A.
as a violation of the bill of rights.
He
gave the debate a political flavor by injecting the third-term issue.
Representative John Taber, Republican of New York, said opposition
to the questions is growing throughout the country.
.
.
Several Republicans in both House and
Senate have been hammering
at census questions relating to personal income and home financing.
A
Senate subcommittee will consider on Wednesday
[Feb. 27] a proposal to
The
.
"realistic" about the
matter, adding that France and England are very anxious to buy but
their resources are limited.
He said that if farm acreage were expanded
replied
Wallace
Secretary
that
both the tobacco
Pay from Federal
Activity
Receiving
employees.
needs
nations to
for markets transferred by Great
farmers
the Dominions, Turkey
three
on
ated Press advices of Feb. 23 stated:
that
fact
get desired quantities of war planes and munitions.
Another proposal is a tax on war materials sold to foreign
ment
three
Mexico,
other Departments must
depended upon in the final choice of a tempered course.
He asked to be excused from revealing the nature of the powers he had
mind, but it is known that among the types that have been considered
to
committee
Lothian
problem,
the
in
be
tion
Lord
to meet the situation
powers
them, and intimated that the Department itself would
it wished
be
the
to
hibitions which the Hatch Act of last year
for
if
tempted
•
from
from Federal funds.
The legisla¬
tion, drafted by Senator Carl A. Hatch, Democrat of New
priation
life."
necessity
York
that
types
receive part of their pay
America.
whether
all
American apples.
on
Outlaw
activity" by
of Govern¬
enterprise and non-intervention
free
proponents of
economic
in
the
indicated
Ambassador
British
embargo
Senate Election Committee approved on
six
a
disastrously
so
the recent past," he said, "would not only wipe out our
trade gains but would impose upon our people a further national
prevalent
recent
the
Would
called
business
of
before attempted in this country.
never
instruments
loss
of
about Government
bring
"Reversion
the
New
the
quoted as follows in the same advices:
trade
Wallace
with
soon
and
Employees
a
and lending of
according to Washington ad¬
York "Herald Tribune," that
predicted,
to
substitution
would
of
pounds
Senate Committee Votes to Extend Hatch Law to State
constantly
in
obscured for
were
borrowing
understood
pounds
20,000,000
ate
Feb.
scale
only
is
it
200,000,000
get
can
undoubt¬
limits
from their difficulties
escape
unhealthy stimulation
Secretary
vices,
wise
purchases,
buying
annually,
international
"world trade would
War,
basis
"conducive to
policies
beneficial
mutually
of
World
healthier
a
on
trade
followed
twenties."
a
States
Secretary
confer
situation
said.
creating greater
time
had
world
practicable
at
have expanded
attained,"
the
of
nations
commerce"
edly
United
tobacco
been
has
The text of the Hatch Act, passed
the
the
British
which
Turkey and therefore part of the British market eventually is likely to be
to
regime.
If
the
restored.
Nation and all nations can
our
Hull replied that anything making
against adverse economic conditions is justified.
program
Britain,
Service
From the United Press
Asked
>
that
way
six
past
determined
a
of even
s
the
for
will enable
behind
be
and will
emergency,
war.
and be at peace.
prosper
trade
war
the
pursued
continue
to
country's
our
national
during the
now,
importance after
policy
have the
of
crucial
decisive
The
The
keeping alive the principles which underlie the trade agreements
program
more
with
connection
Tlie
abandon
to
he was advised recently
He said that
hurley.
of his constituents that he is again receiving requests from French
one
In
saying:
as
were
1357
for
pro¬
long statement at the hear¬
a
market
purchasers for the tobacco.
from
country and in the world is bound up with the
our
by
French
Great
Tlie first witness to testify before the Senate
Feb. 26 was
Secretary of State Cordell
"survival
the
of
by
advanced
proposal
defeated.
on
asserted that the
it might
Reed,
housing
census
Republican
item
of New
was
York,
.
eliminate such
questions.
Representative John E. Rankin, Democrat of Mississippi, charged that
were using the census to attack the Administration through
or
Hopkins.
Mr.
charged that
attempting
Bill of Rights."
heritage of Americans—the
select 120,000 local political appointees (census takers)
the authority of law to invade 30,000,000 American homes to
"This attempt to
armed with
violation of the Bill of Rights," Mr.
their private affairs is a
into
pry
shouted.
Reed
In
Press advices, Feb. 26, we
Washington Associated
From
regarding the House action on the bill:
take the following
$60,000,000
the
asking
Secretary Wallace
now,
had proposed that
year's fund for farm benefits be reduced the same amount.
radiogram from President Roosevelt, cruising off Central America,
next
A
prompted
last-minute
the
approval
additional
the
of
for
money
farm
benefits.
speedily
acted
committee
The
the President
when
sent
word
he
that
for the money—which will supplement
for current benefit payments.
Secretary Wallace and Congressmen agreed that the appropriation for
next year would be reduced by $60,000,000 to keep the two-year total
had
approved
usual
the
at
clerks
$(f0,000 for the
included
to
for
insect
pay
of 45 secret service agents and
control;
and
Oregon,
$6,000,000
from
bill
the larger items in the
Among
the
for
Reclamation
Rio
Grande
asked
Civil
Service
were
project,
to the same bureau for
$1,000,000
The
each from a proposed $3,000,000 fund
from $8,000,000 asked for Grand Coulee Dam, Wash¬
$1,000,000
were
Commission,
$1,017,000
New
addition
the various
to
Work
Projects
from
funds
it
rent
original
year
and
Bureau
of
and
Texas;
Boulder Canyon project.
which reported a heavy backlog
$225,000.
appropriated,
the
representing
committee
gave
of
a
the
to use an additional $3,950,000
provided for administrative expense.
The com¬
holding WPA to $50,000,000 for this class of expendi¬
was
"too drastic."
WPA request
connection
with
the
administrative
expense
during
the
cur¬
$1,081,000 for the Department of State
of
United
States
citizens
during the
are
accumulating'in the United States."
If it finds this to be the case, the
determine what, if any, legisla¬
relation to such excess or stagnant
The Subcommittee's inquiry will be part
directed
Full
by the
Committee, the
and determine if excess or stagnant savings
Subcommittee will "investigate and seek to
tion should be recommended in
Committee,
into
of
savings."
general investigation, being
a
national monetary and banking
questions.
Passage of the resolution calling for study of national
banking policy was referred to in our issue of Aug. 12,
959.
page
Vote Up to
Former President Hoover Urges Congress to
Before
Relief—Testifies
Polish
for
$201,000,000
House Committee
Herbert
President
Former
was approved by the committee for the Wage-Hour Division
$80,000 from its funds for salaries this year to other purposes.
the
before
testified
Hoover
House Foreign Affairs Committee on Feb. 29 recommending
that Congress appropriate $10,000,000 to $20,000,000 for
Polish relief.
Making his first appearance before a Con¬
gressional Committee since he was Secretary of Commerce
12 years ago, Mr. Hoover said he had no doubt that "the
whole of Europe will be a spot of starvation when the war is
ovei."
In reporting the matter, Washington advices Feb. 29
to the New York "Times" said:
bills
Seven
authorizing amounts from $10,000,000 to
European relief
of the
are
$20,000,000 for
Mr. Hoover testified in behalf
before the Committee.
objective of these measures.
come
...
would
in the central area—the Gouvemement General—as distinct from the
by Germany and the eastern part occupied by
Russia.
This central
region normally had
a
population of 12,000,000 to 14,000,-
It normally had food enough for 8,000,000 persons, but large
000, he said.
Authority
transfer
resolution adopted by the Full
a
western section taken over
was
repatriation
European crisis last fall.
to
Currency
Mr. Hoover outlined the situation in Poland, saying that the need
for
$70,000,000.
Among the items approved
in
sums
to the
Mexico
Administration authority
been
has
The
Valley
previously
mittee said that in
ture
Central
the
ungraded examination papers,
was
granted
$200,000 cut from the President's request.
In
the
for
California.
Project,
of
the terms
Under
guard the
cuts
and
ington
Senate Banking and
was
Subcommittee will "investigate
President and his family "in view of the con¬
ditions in this country arising as a result of the wars in Europe."
Principal
the
appointed on Feb. 21 to make a study of
excess or stagnant savings and their effect on the country's
economy.
The Subcommittee, composed of nine members,
is headed by Senator Wagner (Dem., N. Y.), who is also
Chairman of the Full Committee.
Washington advices of
Feb. 21 to the Baltimore "Sun."
Committee
$1,OOO OOO,000.
total
The
five
budget estimate
a
already appropriated
$500,000,000
Stagnant Savings
of
Subcommittee
A
income the census
the most priceless
in asking questions about
to "nibble away by degrees
Reed
were
takers
1940
2,
Make Study of Excess
Senate Subcommittee Named to
Republicans
Mr.
March
The Commercial & Financial Chronicle
1358
"transfers of Poles and Jews" from the area incorporated into
Germany and
"migration" from Russian-held territory, Mr. Hoover went on, had largely
increased the numbers for whom food must be shipped into the area.
esti¬
Mr. Hoover said the minimum cost of feeding one person had been
House
Passes
$203,472,567 for Non-Military Functions
of War Department—Funds to Build Third Set of
mated, at wholesale, to be $1.50 to $1.75 a month.
Panama Canal Locks Denied
that emissaries were consulting the German and Allied governments
On Feb. 29 the House
passed and sent ftto the Sbnate
Mr. Hoover traced the history of the relief movement for
endeavor to work out an agreement for food
an
Poland and said
in an
shipment and distribution.
"There must be neutral supervision of the
distribution to insure that the
appropriation bill carrying $203,472,567 for the non-military
relief goes to the people for whom it was
activities of the War
form of trusteeship was proposed for the central relief agency to insure that
Department.
The appropriation is
$16,609,134 below President Roosevelt's budget estimate.
The
House backed up its Appropriations Committee by
failing to restore President Roosevelt's request for $15,000,000 in direct appropriations and $99,300,000 in contractual
authority to begin construction of a third set of locks at the
Panama Canal.
As the bill was reported to the House on
Feb. 27 by the Committee, it carried only $850,000 to be
used for plans and specifications for the new locks; this
amount the House
Passage
was
approved.
reported in a Washington dispatch Feb. 29
to the New York "Herald Tribune"
absolutely neutral.
.
.
.
Mr,.Hoover said he thought it would be desirable, in formulating legisla¬
tion, to leave to the President the determination of the organization to be
charged with the task.
Mr. Hoover said the German Government had given the American Red
Cross "ample
facilities for sending their supplies and the British Govern¬
approved them sending their supplies through the blockade."
ment has
The Germans want some supervision over the
distribution, he said, this
being one of the disputed points on which terms had not been reached with
the British and German Governments.
Mr.
Hoover
was
before the
Committee, of which Representative Sol
Bloom of New York is Chairman, for 45 minutes.
Lord Lothian, the British Ambassador,
follows:
as
it be
intended," he said, adding that a
He later conferred with
and Count Jerzy Potocki, Polish
Ambassador.
Before passing the appropriation bill, the House wrote in two amend¬
ments, one of which, Administration leaders warned, constituted a viola¬
tion of the Panama Convention. !Offered by Representative Fritz Lanham.
Democrat, of Texas, it would deny funds after Jan. 1
the salaries
Zone who
of skilled technical
were
or
United States Supreme Court in 5-3 Ruling Refuses to
Pass
to be used to pay
administrative workers in
the
not American citizens.
Constitutionality of
on
Florida
Law Fixing
Citrus Fruit Prices—Returns Case to Lower Court
Canal
and flood control projects, only slightly reduced below budget estimates.
The United States Supreme Court on Feb. 26, by a 5-3
ruling, refused to pajs upon the constitutionality of the
Florida cost-of-production law, returning the case to the
lower courts for hearings on the present injunction order
against the operation of the law.
A Washington dispatch
The bill provides $66,721,510 for rivers and harbors work, $70,000,000 for
Feb. 26 to the New York "Journal of Commerce" added:
The other amendment, by Representative James Van Zandt, Republican,
of
n
Pennsylvania, would bar funds for its employment of aliens in projects
the continental United States.
No effort
was
made to increase the bill's funds for rivers and harbors
general flood control projects, and $30,000,000 for Mississippi River flood
control work.
;
The
law
under attack by a
signed to protect citrus
group
of the growers, to
Senator Barkley Outlines Plan for
of
Early Adjournment
Congress
was
indicated Feb.
Senator
unduly/
low
prices
commission, upon complaint of 50%
legal price minimum for the products.
a
Minimum Price Set
In attempting to enforce
Adjournment of Congress by June 1
29 when
establish
of independent fruit canners is de¬
of the State against
growers
for their products by authorizing a
has fixed
a
minimum
The canners have
the suspended law the State Citrus Commission
price for grapefruit for canning of 32 cents a box.
protested that the operation of the law would either force
Barkley of Kentucky, Majority Leader,
who said that the only program that has been devised for
them out of business or to operate at a loss. *
the rest of the session is passage of
unconstitutional
remaining annual supply
bills, the Reciprocal Trade Agreements Act continuance
resolution, and the Hatch bifi broadening existing law
restraints upon public officials engaging in politics.
In
reporting this, Washington advices Feb. 29 to the New
York "Journal of Commerce" added:
He added,
are
however, that this does not
mean
that all other
measures
The omnibus railroad bill, he thought would be out of the conference
committee in time for final action before adjournment.
It
was
believed significant, however, that the majority leader failed to
include any mention of labor legislation in
his program—either amend¬
ments to the National Labor Relations
Act, or amendments to the WageHour Law—for which there is much agitation, particularly in the House.
The third item
Senate Monday
today that the
Senate
on
on
the program—-the Hatch bill—will come before the
(Mar. 4.] Mr. Barkley announced
measure
on
the floor of the Senate
would be called up then after he has addressed the
the seventh anniversary of the New Deal.
The trade agreements
resolution is expected to be ready for Senate
approval in about ten days.
because
it
atives
deprives
of
canners
their
property
without
and grower-owned canneries.
In the
majority opinion of the Court, Justice Roberts declared that the
lower court
was
"committed serious error" in making a finding that the law
invalid because the question of validity of the Act was not before it.
He said that the proper question for consideration was whether the case
being abandoned, but only that special attention is to be given these
items.
Enjoining the enforcement of the law, the State court held the act to be
due process of law, and because it unfairly discriminated in favor of cooper¬
made by the canners "raised serious questions, under the Federal Consti¬
tution and State law, and disclosed that enforcement
of the Act pending
final hearing would inflict irreparable damages."
"The observations made in the
in any sense,
findings of facts
course
upon
of the lower court opinion are not,
these vital issues," he said:
"The appellees' principal attack upon the statute,
stitution, centers
on its
regulation of prices.
The
based
mere
upon the Con¬
fact that the Act
fixed prices is, in itself, insufficient to invalidate it; and allegation of that
fact does not raise substantial Federal questions.
"The presumption that an Act fixing prices is constitutional
quire the denial of
ations.
a temporary
Findings to support
need to be unequivocal."
a
would
re¬
injunction, except in extraordinary situaconclusion against constitutionality would
Volume
In
Justices Dissent
In
Frankfurter,
Douglas, contended that the matter should not be left hanging
strong
a
Black and
dissent from the majority opinion,. Justices
year's crop but should be decided by the Court now.
over next
hastily or crudely fixed," the
minority opinion stated.
"It was the result of an approved modern method
of dealing with the complexities of such a problem.
The price was not
fixed directly by statute.
It was ascertained under appropriate safeguards
"The price level here
by
a
challenged
was not
body established to carry into apt result the legislative policy
for as¬
productions.
let this bill hang over next year's crop.
suring the grower returns at least equal to the cost of
"I do not believe we should now
We ought not
to
the use of the judicial process for
encourage
justifiable attempts to set aside a State law by allowing them to
ful in result even though legally
such un¬
be success¬
erroneous."
the position that the Florida law is "obviously con¬
The minority took
stitutional," a position which the majority did not challenge,
the other hand to confirm in contending
on
sidered unconstitutional simply because
but appeared
that an Act is not to be con¬
it provides for price fixing.
United States Supreme Court
viction of Federal Judge
Refuses to Review Con¬
Martin
This
union that the Consolidated Edison Co. of New
of court because it
The Board
such
for conspiracy to
Judge Manton
Judge of the Federal Circuit Court
was
sentenced in June to serve two years in prison and
under the charge—but has been
$10,000 fine—the maximum sentence
pay a
He might file a petition for a
but the action would
to grant him a further stay from prison.
of this kind the Supreme Court is not required
actions nor how its nine Justices voted, and it
It rejected the appeals of Mr. Manton and
pending final appeal.
rehearing by the Supreme Court within 25 days,
not
require the lower court
In discretionary matters
to state the reasons for its
did not do
in this
so
M.
George
case.
Spector,
an
insurance agent
convicted with him, with the
notation:
of certiorari in these cases are denied. Mr.
Justice Stone and Mr. Justice Murphy took no part in the consideration
and decision of these applications.
The
Mr.
writs
for
petitions
Manton's
had
lawyers
attacked his conviction on
continue to do.
public
policy for a high Judicial officer to be convicted of a judicial crime.
It
tends to destroy the oonfidence of the people in the courts."
"The
started in the New York County District Attorney's
case
office,
the strife
statements and otherwise, petitioner has been
by newspaper
would
believing that
welcome
certiorari
granting
Court's
denunciation this Court might give."
provides for protecting
In that sense it does much
clarify the law.
But in reality the decision does no more than establish
judicial precedent for an interpretation of the law originally advanced by
taxes on
Upheld Avoidance of Federal Sur¬
ford Jr. of Minneapolis need not pay a Federal income tax
for 1934 on the net income from a trust.
Justices Roberts
the
dissented. Stating that the Justice De¬
partment had declared that the Circuit Court findings
furnishes taxpayers precisely the type of loophole which
Congress has been assiduous in attempting to prevent."
Associated Press advices from Washington on Feb. 26 like¬
Court ruling,
the Department
mere
Defending
device which, to the average man,
change of bookkeeping methods rather
the
than a substantive
deficiency
tax
be held by Mr. Clifford.
trust
was
or
Mr. Clifford
to
Mrs.
terminate in five years or upon the
earlier death of
or
his estate, but any
be restored to
income was to be treated
undistributed net
Clifford.
did not in any real sense change
position/' the Justice Department asserted.
In his opinion Justice
treat the wife as a
Douglas said that "to hold otherwise wouldbe to
complete stranger; to let mere formalism
normal consequences of family
who feels himself
There, the Court pointed out, a person
Klesner.
vs.
method of competition is not given the
right to institute before the Commission a complaint against the alleged
wrong-doer.
He may only bring the matter to the Commission's attention
and request it to file a complaint: thereafter his legal connection with
the matter ends except that he may be called as a witness.
charge of unfair labor practice may
Similarly, the Chief Justice opined, a
Board, but the person or group making
be presented to the
proceeding.
not become an actor in the
alone
its designated agent,
or
the
against
Board
complaint
he wrote.
his view of the interpretation of the
which has the power to issue its
The Chief Justice's opinion rests upon
a
the charges does
"It is the Board, and the
with the unfair labor practice,"
charged
person
Wagner Act.
labor practices are vested with
and it is the "public interest"
private interests of any individual or group over which the
directed to cast its protecting wing.
In this interpretation, unfair
"public interest" under certain condition^
rather than the
Labor Board is
Any individual
or group,
of course, can "contest" a
if they are
Labor Board order if
enforce it,
they can do nothing to
aggrieved by it; but under this ruling
aggrieved by the failure to enforce.
Case
of
Consolidated Edison Order
Consolidated Edison case was whether
carrying out of a Board order after
the courts. In other
words, if an employer still refuses to carry out a Board order even after
directed to do so by the courts—as alleged by the union in this case—
can the union bring further action to penalize the employer ?
The specific question
union
can
raised by the
bring action to compel the
enforcement
previously
has
been granted by
the individual, or union, is
Board can pursue the case further.
the suit of any
Supreme Court ruled that
and only the Labor
without legal rights
"As the Court has no
jurisdiction to enforce the order at
of persons," the Chief Justice declared, "we
entertain a petition for violation
save as the Board presents it."
private person or group
clear that the Court cannot
it is
decree of enforcement
think
of its
Government Against Southern
Others Under Anti-Trust
Act—Association
Denies
Illegal Activities and
Enters into Consent Decree to Obviate Protracted
Allegations by Federal
and
Association
Pine
Fines totaling
who
obscure the
little or no significance
with the produc¬
lumber following
their pleas of nolo contendere to an indictment alleging, it
is said, violation of the Sherman Anti-Trust Act.
From
United Press accounts from New Orleans, Feb. 21, we take
wrote the dissenting
but of Congress,"
the Act to cover nothing more
following:
opinion, said the majority
the
Judges, he said, ought to read
than Congress has specified."
Pine Lumber Exchange
Southern
orders and
with its Orders
The United States Supreme
Court
on
Feb. 26 unaminously
decided that the National Labor Relations Act empowers
Board, and not labor
compelling employers to
comply with Board orders.
The "Wall Street Journal" in
reporting from Washington, in its Feb. 27 issue, the con¬
the Southern Pine Association and the
compiled and distributed reports on pro¬
shipments "which did not
other
practices controlled the industry
In
part,
the New
Orleans "Times-Picayune" of
Southern Pine Association,
Feb. 22
New Orleans, whose membership
exceeds
fined $10,000 ; W. S. Cloud, New Orleans,
doing business as the Southern Pine Lumber Exchange, $1,000, and the
National Association
of Commission Lumber Salesmen, Cleveland, Ohio,
275
Southern
pine
mills,
was
$1,000.
under the criminal indictment, civil
defendants under which consent decrees
were
entered restraining them from repetition of the practices complained
of in the indictment and providing for different trade practices.
.
.
.
The Southern Pine Association, whose membership extends over at least
11 Southern States, through some 30 directing companies, referred to in
the indictment as "co-conspirators," first was accused of compiling and
addition
the
to
filed
fines
against
levied
the
actions
were
issuing
statistical data through which members
destinations and prices of lumber.
movements,
a
divorcement of
mark
may
Further,
region may
kept
were
.
.
informed of
.
entered against the defendants and "co-conspira¬
indictment are foresworn by them, with
rules and inspection service, and no association
be used eJ^ept those of individual mills.
the orders require that each association in the Southern pine
name one member from each State to membership of a Board
By the consent decrees
tors," all acts complained of in the
Georgia,
and Tennessee.
stated:
only the National Labor Relations
Court said in part:
in Virginia, the Carolinas,
Mississippi, Louisiana, Texas, Oklahoma
Florida, Alabama,
unions, to take the initiative in
clusions of the Supreme
reflect the true Southern
industry," and that the defendants, by "approving" certain dealers,
grade-marking lumber after inspections, agreeing on price standards and
pine
In
Upholds NLRB in Suit
by C. I. O. Union—Decision in Proceedings Affect
ing Consolidated Edison Co. of N. Y. Holds Board
and Not Unions May Act to
Compel Compliance
United States Supreme Court
that
charged
indictment
The
The
"disregards the fundamental principle that legislation is not
function of the Judiciary
$12,000 were imposed in the Federal Court
on
Feb. 21 against three of the largest
organizations in the country identified
and distribution of Southern pine
arrangements."
Roberts,
Orleans
New
at
solidarity; and to force concepts of ownership
fashioned out of legal niceties which may have
in such household
decision
situation.
aggrieved by the use of an unfair
duction,
"The transfer made by the taxpayer
his economic
Justice
the petitions which the
Boards investigation of a particular
Boards may ignore them.
As an analogy for this situation, Chief Justice Hughes drew upon the
Federal Trade Commission Act and recall the high court's decision in FTC
the
Clifford.
the property of Mrs.
to be
the word "complaint" to designate
uses
unions present requesting a
Upon the termination of the trust, the property was to
as
that labor unions bring the action or
behalf—probably arises from the fact that
The popular misconception—i.e.,
the Board
tion
assessment, the Department of
income from the trust was to be paid to Mrs. Clifford
$2,756
Justice said the net
Mr.
potential;
the Board's formal com¬
yesterday's Court opinion,
did little more than adopt this view.
of Justice contended, per¬
alteration of his financial status."
either
Chief Justice Hughes, who delivered
Litigation
Circuit
mitted "the avoidance of surtaxes by a
The
contemplated," said the House Committee
listed are matters of
that the Board does so on their
wise said:
or
,
proceeding is in the name of the Board, upon
plaint."
and McReynolds
a
the measure.
Action
"Essentially the unfair labor practices
Here again the
Federal Circuit Coui-t which had held that George B. Clif¬
means
of
public concern, by their nature and consequences, present or
Income from Trust
The United States Supreme Court on Feb. 26, io a decision
deliveied by Justice Douglas reversed a ruling by the Eighth
The
Right
Private
"No private right of action is
of the bill.
a
Supreme Court Reverses Circuit Court
Decision Which
by employers.
the House labor committee when it reported out
its
United States
popular misconception as to the
of the Wagner Act and the methods it
workers against improper acts
herein,
unable to clear himself before this court,
if petitioner is
he deserves any
this
union is apparently without
through" into the courts.
Only the Board can "follow
recourse.
purpose
even
severely injured.
"Petitioner
Only the Board can bring a legal
individual, under the law end.
This decision should dispel a somewhat
by his investigation," they said, "and it is not impossible that in
of politics,
they have and will undoubtedly
Court said, the rights of the union,
But there, the Supreme
complaint; and if it chooses not to do so, the
10 technical
"from a broad viewpoint it serves no
grounds and argued that
attention of the Board what they feel are
Actually, these are not legal complaints and the
York, on which he had served 22 years.
free in $10,000 bail
action.
an
Labor unions may bring to the
further
Labor Board.
of initiate
itself, the Court decided, is the only proper party
"unfair practices" in violation of the law, as
or any
Industrial Organizations
York be cited for contempt
allegedly failed to carry out an order of the
No
commenting on the ruling rejecting Judge Manton's
plea, Associated Press Washington advices of Feb. 26 said:
The Court refused to hear his appeal from a conviction
ruling by the United States Supreme Court
the substance of the
was
yesterday when it rejected a plea by a Congress of
In
sell Judicial favors when he was senior
remedy, as a matter of right, for the redress
of their claimed private wrongs.
Manton
T.
provide private persons or labor
does not
short, the Wagner Act
unions with an administrative
to
The United States Supreme Court on Feb. 26 reiused a
plea from Federal Judge Martin T. Manton of New York to
give him a final chance to vindicate himself "for the honor
of the American judiciary."
Judge Manton's appeal to the
Court was referred to in the "Chronicle" of Jan. 27, page 621.
of Appeals at New
1359
The Commercial & Financial Chronicle
ISO
grading,
The Commercial & Financial Chronicle
1360
of
Governors,
it
cost.
at
may
Other
to
that
offset
restrictions
schedules
and
wanting lumber inspection
membership, mills in
mill
any
obtain
may
associations'
the
covering
the
court
phases
general
included
prices were
which
of
ment
and
To
Among the subsidiaries of Electric Bond & Share
State
mission's notice are American Power & Light Co.,
each
two members from each State to the Board of Governors.
name
here
in
George Stinson and Fred Autry,
of
production,
decrees,
the
hold
will
perpetual
to
production
guarantee
jurisdiction,
members of Mr.
enforce¬
according
Clark's staff.
General.
Southern
The statement
Pine
Association
issued in the matter by
is
taken
follows
as
the
from
the
"Times-Picayune":
The
Southern
these
in
proceedings
in
was
no
manner
singled out for investigation by the Department of Justice because of
and
the
any
violation of law, but the inquiry into the Association's
suspected flagrant
affairs
subsequent
proceedings
are
the
of
part
a
trade
the
in
the
home
Association
Pine
of the investigation, and,
of
cost
home
its
and
activities
did not
alleged
sponsor
any
the anti-trust laws,
resulting confusion
complete
sympathy
with
kind of
proper
did not and
the
lumber
in
the
does not admit any
complaint
filed
such illegal activities.
consent
for
by
the
illegality
Government,
The Association
has
never
hinder the Association's
or
in
the
to
and
uncertainty
the
on
part
of
sub¬
thought it wise to enter into the
in conducting its activities over a period of 25 years,
been mindful of the public interest and will continue to operate
end
that
Throughout
operating
and
Washington
the
the
public will be protected in
25
of
years
its
existence
all
its
purchases of lumber.
affairs
of
the
Association
been
The electric companies
States.
of those
three
in
Florida, Georgia, Iowa, Kansas, Louisiana, Missouri,
Louisiana,
companies operate in
The gas
Wyoming.
Virginia and Washington.
Western Public Service Co., Key
The electric and gas subsidiaries are
West
Savannah Electric and Power Co., Northern Kansas
Electric Co.,
Power Co., Gulf States Utilities Co., Missouri Service
Co., Mesilla Valley
El Paso Electric Co., and
Puget Sound Power & Light Co.
Any State, State Commission, or municipality affected and any interested
security holders or consumers may apply to the Commission to intervene
Commission's Rules of Practice.
The Securities and
Exchange Commission Feb. 29 made
public the following statement:
The proceedings instituted today concerning the
of Electric Bond &
of
a
program
holding company systems
Service Co. are part
Share Co. and Engineers Public
provided for in the Public Utility Holding Company Act and
designed to bring about compliance with the requirements of Section 11
b)
That section of the Act provides that each public utility
1) of the Act.
holding company shall be limited to the control of a single integrated public
utility system in the
Association,
the
have
industry
the Association
decree.
The
companies
Nebraska, New Mexico, North Carolina, South Dakota, Texas, Virginia,
undertake any activities in contravention
but rather than interrupt
scribing manufacturers,
with headquarters in New York
The Engineers Public Service Co., also
City, controls electric companies operating in 15 different States and gas
has always endeavored to lower
widespread program of benefits and service to the industry, and to obviate
any large expense that might be caused by protracted litigation, with the
has always
utility companies.
in the proceedings as provided in the
as
undertaken and does not desire to
of
in
fact,
construction.
The Southern Pine Association
in
is
in
building and to provide the
subsidiaries
and 45 subsidiaries which are non-
Share Co.
Bond and
Electric
Electric Co., Virginia Electric and Power Co.,
building industry.
Southern
The
purpose
The notice also lists 36 electric and gas utility
Company Act.
Governments
investigation of the entire building industry of the country, which has for
purpose
the prevention of practices in restraint of competition and
its
Co. listed in the Com¬
Pacific Power & Light
Public Utility Holding
registered holding companies under the
also
are
operate in Colorado,
Association
Pine
1940
2,
Co., Electric Power & Light Corp., Utah Power & Light Co., National
Power & Light Co. and American & Foreign Power Co., Inc., all of which
of the
Mr. Clark is special assistant to the United States Attor¬
ney
March
utility systems
geographical area, and to such additional public
same
the applicable provisions
can meet
as
Several holding companies have already
of the statute.
submitted voluntary plans for
A number of
compliance with this section of the Holding Company Act.
these plans have already been approved
conducted openly and
above-board, and its complete records
always have been readily available to authorized public officials.
decree requires the separation of the
grading rules, inspec¬
tion, standardization, and grade-marking activities from the other activities
such plans are now pending.
of
itself into compliance
by the Commission while other
and
files
The
consent
the
rates,
pine
Association,
statistics,
In
the
which
plan
a
inspection
is
bureau,
trade promotion, traffic and freight
legislative problems of the industry.
comprise
conservation
decree
and
forth
set
within
the
all
matters
relating to grading
grade-marking will be handled at
This
bureau
selected
public
will
be
nature
interested
in
the
of
establishment
Association,
under
guided
bureau.
of
its
by
It
Southern
a
whose
standardization,
cost
of
jurisdiction
inspection
and
Board
of
Governors
because
of
the
a
was
semi-
grading, inspection and grade-marking service that
agreed that it should be handled on the basis outlined
separate
from
the
other
activities
of
the
Southern
Pine
Association.
The
meet
to
the
all
Pine
required
crimination,
and
Association
manufacturers
standards
the
of
of
always
has
Southern
pine
manufacture,
Association
made
all
who
grading,
of
were
&c.,
in the nature of fact-finding inquiries
are
Under
the
its
services
qualified
without
to
dis¬
already had made inspection and grade-
marking services available on an actual cost basis to all manufacturers
of
Southern pine without discrimination and
regardless of affiliation with the
Southern Pine Association.
ample opportunity to file
Plans
Are
Held to be Neither Punitive Nor
The
Wanted—Step is
Prosecutory Move
Securities
ancj Exchange Commission Feb. 29
institution °f proceedings under Section
an-
11
(b)(1) of the Public Utility Holding Company Act of 1935
with respect to Electric Bond
and Share Co. and Engineers
Public Service Co.
The Public Utility
Holding Company
Act provides in Section 11
(b) (1) that public utility holding
companies shall be limited to the control of a single
integrated
public utility system and to such additional
integrated
systems as meet the applicable provisions of the statute.
The Commission's action was
taken in notices served on
the two
holding companies.
The notices allege in each case
that it appears to the
Commission that the holding company
system is not confined in its operations to a
single integrated
public utility system.
The notices give each company an
opportunity to make an answer and to present its own views
as
to what
action, if any, the company believes it should take
comply with the standards of Section 11 (b) (1) of the Act.
Such answers are called for
by April 6, 1940.
While public
hearings in these two proceedings have been
tentatively
scheduled for April
26, 1940, precise dates for the hearings
will not be fixed until the
Commission has had an opportunity
to study the answers made
by the companies and to ascertain
the scope of the issues raised
therein.
At the public hearings
each
company will be entitled to present witnesses with
respect to the Commission's allegatons and with
to
respect to
such that
whether
or prosecutory.
companies are given
the Commission's notices and to pre¬
action, if any, they should take to comply
Such answers will be
1) of the Act.
b)
ascertained.
Follow¬
ing this, public hearings will be scheduled at which each company will be
entitled to present witnesses with respect to the Commission's allegations
and with respect to whether the company's
"additional" systems are such
that they may be retained under the provisions of
In
being singled out as test
Similar proceedings will be announced with respect to seven other
major holding
prepared.
Gas
the law.
the two companies named today
on sense are
company systems as
Theseseven companies
rapidly
are:
as
the necessary papers can be
The Middle West Corp., The United
Improvement Co., Cities Service Power & Light Co., The Common¬
wealth
&
Southern Corp.,
Standard Power and Light Corp., The North
American Co., and The United Light and Power Co.
In carrying out the provisions of the law the
Commission is required to
consider primarily the interests of the public and the interests of investors
until after
Integration Starts—Acts Against Electric Bond &
Share Co. and
Engineers Public Service Co. Under
Holding
Company Act—Seven Others Next in
Line—Management
the holding
procedure,
answers to
with the standards of Section 11
and consumrs.
SEC
punitive
and their objective is to
with the standards of the law.
Commission's
sent their own views as to what
cases.
Southern
available
The proceedings instituted today are in no sense
determine what action, if any, each holding company should take to bring
studied by the Commission and the scope of the issues
services.
the
have
decree,
the
to
the
rules,
actual
autonomous,
by the subscribers
all
for
«-
They
In
will any decision be reached or any action taken
no case
notice to all persons affected and after ample opportunity for
hearings before the Commission.
Throughout these proceedings, the Commission will of course be guided
strictly by the provisions of the statute.
In the Holding Company Act,
Congress itself laid down the standards of what constitutes
public-utility system."
ties, must be
operated
as a
operations to
the state
a
"integrated
an
system, where composed of electric proper¬
physically interconnected
one
connection, and
Such
capable of physical inter¬
or
which, under normal conditions, ay be economically
one
single interconnected and coordinated system, confined in its
a
single
of the
considerirg
region, not so large as to impar
area or
and
art
the
area
or
the advantages of
region affected)
localized management, efficient operation, and the effectiveness of regula¬
tion.
Statutory criteria
are
also established for gas utility systems.
Un¬
der certain conditions, a holding company is permitted by the Act to retain
than
more
one
additional
integrated
public
utility
system.
Speaking
generally, the Commission is required to grant such permission where addi¬
tional systems cannot be economically operated independently, where they
are
located in the
State
same
and where the continued
in adjoining States,
or
combination of such systems is not unduly large within the standards of
the statute.
Under the Act there
are two
methods by which the machinery for com¬
pliance with Section 11 may be set in motion.
Section 11
One of these, contained in
e), provides for the voluntary initiation of proceedings by the
Under the other method, the holding companies may
holding companies.
await action by
the Commission.
In this event,
the Commission is in¬
structed to initiate proceedings "as soon as practicable after Jan. 1, 1938."
Under either
both
procedures
no
without
case
a
the
Commission
approve
can
a
plan
or
can
Under
require a
take action only pursuant to the statutory requirements.
company to
In
procedure the standards of the law are the same.
can
the Commission take any action against any company
full public hearing at which all
tunity to be heard.
If after
a
interested parties have
an oppor¬
full hearing, the Commission does determine
that any particular system must take certain action, the law permits the
least one, or if conditions warrant, two years to carry outt he
company at
Commission's order.
It is hoped that during that period the various holding
companies will endeavor, perhaps in cooperation with other companies in
the company's "additional"
system are
they may be retained under the provisions of the law.
systems.
The Electric Bond and Share
Co., is the largest public utility holding
company system in the United States.
With executive office located in
action
New York City, the top
holding company controls, directly or indirectly,
electric companies operating in 26 States and
gas companies operating in
12 of those States.
The electric
companies (not including American &
Foreign Power Co., Inc. and its
subsidiary companies or American Gas and
Electric Co.
and
its
subsidiary companies) operate in Alabama, Arizona,
Arkansas, Colorado, Florida, Idaho, Iowa, Kansas,
Louisiana, Minnesota,
Mississippi, Missouri, Montana, Nebraska, Nevada, New
Mexico, North
Carolina, Oregon, Pennsylvania, South Carolina, Tennessee,
Texas, Utah,
Washington, Wisconsin and Wyoming.
The gas companies (not including
American & Foreign Power
Co., Inc. and its subsidiary companies or Ameri¬
can
Gas and Electric Co. and its
Florida,
nessee,
Louisiana,
subsidiaries)
Mississippi, Montana,
Texas, Washington and Wisconsin.
operate in Arizona,
Oregon,
Arkansas,
Pennsylvania,
Ten¬
the
industry,
Any orders
by
a
to
work out
which
holding
are
their plans
for readjustment of the
ultimately issued by the
company
system
are,
review, as provided in the statute.
For the present,
case
make such
b)
1).
action
subject
to
court
.
of certain of the larger companies,
and Electric Co.,
Commission requiring
of course,
the Commission's program contemplates the initiation
of proceedings only with respect to the major
the
various
inappropriate.
holding company systems.
In
however, special circumstances
For example, American
Water Works
Inc. has already had a plan approved under Section 11
A proposed voluntary plan is pending filed by the Columbia Gas
& Electric
Corp.
Associated Gas and Electric Co., Utilities Power & Light
Corp., and Midland United Co. are the subject of reorganization proceed¬
ings; of these companies, Associated Gas and Electric Co. is the subject of
reorganization proceddings pending in court.
Utilities Power & Light Corp.,
under the reorganization plan recently
confirmed, contemplates disposing
of its utility properties, and the trustees
of Midland United Co.
are
included
Volume
among the
and
The Commercial & Financial Chronicle
150
respondents in the proceedings against The Middle West Corp.
against
United
The
Gas
England Power Association
in New
Imrpovement
Co.
The properties
largely confined to
are
England and therefore present less of
a
of New
relatively small
area
problem under Section 11.
a
Following the meeting of the Directors of the Electric
Bond & Share Co. Feb. 29 at which the annual
report for
the year. 1939 was made public, C. E,
Groesbeck, Chairman,
and S. R. Inph, President, the
siging officers of the letter
making the
complete statement to stockholders regarding the
very
history and present position of the Electric Bond and
public utility system, and in publishing,
of
the 'integration' plan which
the company filed with the SEC in Novem¬
ber, 1938, the directors and officers of the
statement
which
can
appearing in
consumers
between
served
company wish to
emphasize the
the last paragraph of the letter to stockholders
pledges the company to
be worked
Share Co. and its
of the report, a summary
as a part
the
a
policy of cooperation in
SEC and iteslf whereby
by the Electric Bond and
Share
any
plan which
the interests of the
Co.
and
system
the
investors who have provided the capital to make that service
possible will
be protected.
It was with this idea in mind that the
integration plan previ¬
ously filed with the Commission
is the
prepared and submitted.
was
motivating idea back of the efforts of the
company to
This also
coordinate the
facilities of its operating subsidiaries with those oft he federally financed
projects in their territory with the
encouraging results which
very
don its Bermuda stop after the reports, which were denied by the British,
that armed force had
comment
stood
at the same time as the statement of the
by it
at
as to
any statement as to
we
are
the air mail in Bermuda
.^It
the decision to abandon
on
there, however,
that
the Bermuda
M e(
intention of suspending
no
It
stop.
under¬
was
Bermuda service
had
been
doubted whether the suspension was officially connected with the dis¬
received from the
United
States
and therefore it
Government,
The censoring of mail in Bermuda began in
State
January.
Department protested vigorously, and
At that time the
Hull
Secretary
at
a
press
conference hinted that the clippers might pass up Bermuda.
Great
and
Britain replied to the protests by saying that contraband atricles
money
believed
destined
for
had been found in
Germany
and that it had to examine all mail to stop the
practice.
seizure,
Jan.
on
18, it became known here that
of 5,200 pounds of mail had been detained.
2,600 pounds of
mail
a
load
'.
.
.
the
In the first mail
The American weather-reporting service was started on Feb. 10, when
the Coast Guard cutters Duane and Bibb were stationed along the air
between
routes
American
Bermuda
decision
was
Minnesota, suggested
clippers could
now
and
the
Azores.
announced,
Yesterday,
before
Pan
the
Representative Melvin J.
Maas,
James
that
Postmaster
to
General
A.
Farley
of
the
safely abandon the Bermuda stop.
have
occurs
SEC regarding the action taken
the Electric Bond and Share Co.
today and consequently
noon
remove
New Southern Rail Rates Further Deferred
coincidence that its release
a
used to
The United Press, British officials declined to
was
The annual report and letter have been in preparation for some time and
It is only
been
admitted, however, that censorship had been applied.
In London, according to
been reported to stockholders from time to time.
in print for several days.
Secret
Earlier in the week, however,
move.
pute over British search of mails aboard the clippers....
stockholders, made the following statement:
In
1361
knowledge of the
tary of State Cordell Hull had threatened to force Pan American to aban¬
was
Statement by Electric Bond & Share
Officials
to
denied prior
The order was only received
unable at this juncture to make
how it may affect the interests of
our
stockholders.
The Interstate Commerce Commission
Feb. 28 further
on
postponed from April 1 to May I the effective date of its
order of Nov. 30, 1939 in the long-fought Southern rate
case.
It was the second such postponement, these rates
oiiginally having been scheduled to take effect on Mar. 1.
1940.
Statement by Donald C. Barnes, President of Engineer's Public
Service Co.
Donald C. Barnes, President of Engineers Public Service
Feb. 29 made the
show
following statement with reference
Utility Hold¬
ing Company Act directed by the Securities and Exchange
Commission to that Company:
Engineers Public Service Co. has received from the SEC the show
cause
order under Section 11 of the Public Utility Holding Company Act.
The
order is a formal order phrased largely in the words of the statute and is
by the Commission in compliance with the duty imposed
by Section 11.
upon
it
It does not indicate what the attitude of the Commission
be with respect to administering Section 11..
may
In fact, it requires the
company to file an answer within a specified time for the purpose of
defining
the issues involved and contemplates that the facts shall be developed at
by the
hearings
hearings that
an
Commission
or
its
staff, and at the conclusion of such
appropriate order will be entered.
mission in its administration of the law and it will endeavor to do
in the present
proceeding.
so
also
The company hopes to present to the Commis¬
sion facts which will justify an order approving the retention by the com¬
of at least a substantial part of its present system.
time, when the issues have not been defined
premature
forecast
to
what
the
outcome
nor
may
At the present
the facts developed, it is
be.
The
company
will
cooperate with the Commission to the extent it can properly do so, so long
as
Cited
for
Consolidation
American
of
Possibility of foreign domination
international
of
com¬
munications service of carriers domiciled in the United States
is cited by toe Federal Communications Commission in re¬
commending a consolidated international telegraph service,
embracing cable and radio facilities, to "best serve national
needs," promote the national defense, and "provide a more
effective device for securing equitable communication ar¬
rangements with foreign administrations."
The proposal is contained in a supplemental report to the
Senate Interstate Commerce Committee in connection with
the
study of the telegraph industry made at the request of a
sub-committee.
No satisfactory disposition of the
problem as a whole may be accomplished without a conSenate
si derat'on of the international
the domestic situa¬
as
This final section of the Commission's repoit is summarized
in Chairman James Lawrence Fly's letter of transmittal:
A review of the financial and operating status of the carriers engaged in
in the various Section 11 proceedings, some method of working out, through
can
well
as
tion, deelaies the Commission.
the substantial rights of its security holders are not infringed.
The management of the company hopes that as the facts are developed
cooperation, the problems arising under this section
Factor
as
Cable and Radio Facilities
»
It has been the policy of the company to cooperate fully with the Com¬
pany
Telegraph Merger
Recommended
by
FCC—Possibility of Aiien Influence on Carriers
to the
order under Section II of the Public
cause
issued
International
be arrived
international communication indicates that the cable carriers, although in
having paid heavy returns
past years
unfavorable position.
at.
In the
case
on
capital invested, are now in
an
of the cable carriers included in the In¬
ternational System, this unfavorable condition is aggravated by the with¬
drawal of large amounts of cash and other transfers and cancellations
American
Pan
Airways
Eastbound
on
Eliminates
Halt
at
Bermuda
Transatlantic
Flights—Company
Explains Action as Due to Better Weather Report¬
ing Service—Report of British Censorship of Mail
Pan American
York
on
Feb.
Airways announced at their office in New
25 that after March
15 their
over
the
The
ocean.
New
York
"Herald
Tribune" of Feb. 26 said:
No mention
mail
en route
was
made of the censorship by the British of United State
was no comment on the recent
18 the Colonial authorities, enforcing their demands
of the statement by Pan American Airways follows:
the office of Pan American Airways it was announced today that
"At
the company expected after March
muda
on
15 to omit the schedule stop at Ber¬
all trans-Atlantic flights from the
American-flag shipping has been
cur¬
Foreign-flag vessels which in normal times broadcast local weather
tailed.
regular intervals suspended this service due to war conditions.
at
"This limited weather service has
required the clippers to
/
carry excessive
fuel reserves in the interests of safety,
and has also made it advisable to
include Bermuda
on
as
a
temporary stop
eastbound flights which
carry
"The United States has just stationed two vessels in mid-Atlantic com¬
pletely equipped for weather reporting to service ships and aircraft and as
aid
to
the intermediate stop at Bermuda,
which has been scheduled since last October, will no longer
"After March
of early
the
Southern
District
New
of
York.
Radio¬
telegraph carriers, other than the Mackay Radio Companies, are now in a
mentioned reorganization plan the condition of the Mackay Radio Com¬
panies
will
be
strengthened
materially.
Takes
up
Domestic
Field
Unlike the situation in the domestic telegraph field, radiotelegraph service
is
a
far
more
important factor in the international field, constituting about
30% of the traffic in
Since its advent in tfie international field,
1938.
radiotelegraph has proved to be
cable carriers.
radio
As
a
a serious
competitor of the International
general proposition It may be stated that international
communications
tended
have
to
increase
continuously while inter¬
national cable communications have progressively decreased.
that, if cable circuits
were
It is probable
not already in existence, it would be difficult
this time to find economic justification for the laying of trans-oceanic
at
cables
for
certain
telegraph
advantages
tremely valuable as
communication.
radio
over
a
standby
tions from radiotelephone
on
or
The
cables,
communication
however,
addition
in
to
do
possess
being
be required.
15, trans-Atlantic clippers will leave in mid-afternoon in¬
morning.
ex¬
alternate service in the event of disruption
Competition in international communica¬
and airmail has, within recent years, left its mark
the industry.
The
for
competitive situation in this field is
the
complicated by the fact that
handling of international communications.
in the past
For
These arrangements
seldom have been to the advantage of the American carriers, due
to the monopolistic
national
positon of the foreign correspondent.
is
one
of the
more
which
are
set
forth in
This inequality
difficult problems in
communication field which the report discusses
reasons
some
the inter¬
at some length.
detail, the report of the Com¬
mission recommends the enactment of legislation to permit a consolidation
of international
radiotelegraph and cable carriers into
A minority of the
a
single unified system.
Commissioners, while concurring in most of the report
and in the advisability of limited consolidation, were, nevertheless, of the
that
opinion
desirable.
the broad elimination
of competition in
the international
The five-hour saving in transit time will still
permit arrival in Eurpoe the next afternoon at the same hour."
The
reasons
nor
for their position are set forth at some length in the
report of the Commission.
In the
domestic weather forecasting.
"With the improved weather service,
stead
for
con¬
by the United
telegraph field, recommended by the majority, was neither justifiable
American mails.
an
Court
recently approved
generally sound financial condition and upon consummation of the afore¬
of bargaining position
United States to Europe.
"During the severe past winter season weather-reporting service on the
South Atlantic has been restricted.
District
States
plan
American carriers are forced to make arrangements with foreign countries
by armed guards, had removed mail from a clipper plane.
The complete text
the reorganization
of radio communication service.
through Bermuda, and there
report that on Jan.
in
trans-Atlantic
clipper planes would omit the stop at Bermuda on the eastbound flights, although the Bermuda halt would still be
made on planes coming from Europe to the United States.
This announcement followed reports that the British had
begun censorship of United States air mails at Bermuda on
Jan. 18 by removing 2,600 pounds of letters from a Pan
American clipper.
The company in its announcement did
not refer to this incident, but said that the decision to elim¬
inate Bermuda on the eastbound flights was made because
of better service now obtainable in procuring information
about weather
templated
event
that such legislation is enacted, the report discusses other
elements which must be considered in this connection.
As in the domestic
section of this report, the Commission indicates that the protection of the
rights and interests of telegraph employees is
always
recognized
and with respect
fulfilling its responsibility.
to
an
which it
obligation which it
has
every
has
intention
of
The report further recommends that the capital
Washington last night official quarters insisted that Pan American
and corporate structure of the international communications carrier Le
as
had reached the decision to abandon the Bermuda stop on its own respon¬
simple as possible and that the approval of the Commission should be
re¬
quired in order that this objective
re-
In
sibility.
Spokesmen for both the Post Office and the State Departments
may be
fulfilled.
The report also
The Commercial & Financial Chronicle
1362
the presence of foreign influence
cognizes
The Commission further
mum.
>
farm exports. Instead of doing away with the necessity
merits, the war promises to increase the need for them.
mini-
a
recommends that It be given ample regula-
"If we reduce payments to the point where farmers feel
afford to participate in the (crop) programs; that they will
outside, the result will be weakened and ineffective programs.
extensions and abandonments of service and facilities
field, as well as the authority to approve contracts
tory authority over
the international
in
of aliens be held to
foreign correspondents.
between American carriers and their
Representation
Foreign
commend the enactment of legislation with respect to those matters.
ment of Condition as or Liec. ox, iuO»
National Mortgage Association, the entire
re-
The
With
problem the report indicates that the presence of
foreign influence, together with the competitive situation referred to
Federal
respect to this particular
capital
undue
Finance
veTe^StionOTVe8 "
.
A
complicate the already
.
.
the report,
the opinion that the fostering of at least limited
This minority is of
improved service at cheaper
petition will result more quickly in
the
increased to $149,The financial statement as of the close of business Dec. 31, 1939 follows:
The Dec> 31f x93g statement of the Federal National
Mortgage Association was given in these columns of March 4,
The totaj assets Gf the Association have
com-
rates for
1939
but also from the standpoint of negotiation with
foreign correspondents.
cables generally,
c^on
2>^6,989.97
will not
be stimulated
ctomrtf* ^
Other
701 [271.00
—
50,200.00
j:; v; ~ * " "t";""
32,300.52
515,993.91
^
assets!!!!!!!!!!!!!!!!!!!!!!!!!"!!!!"!!!-!"---
33,761.42
by
*140002 677 50
Total
competition, a telegraph communication monopoly in the international field
will not lead ultimately to cheaper rates
146,589,712.30
-
Claims under FH A mortgage insmimre-_
The minority also contends that, because the incentive to make improve-
communication
'
—
Mutual mortgage insurance fund debentures
only in improved communications by cable, but also in better radio service.
either cable or radio
-
Accrued interest receivable
On the other hand it is asserted that competition will result not
in
$1,979,438.35
$144,160,681.83
Insured under Section 207
competition on a limited scale will result in abandoning the much desired
31. 1939)
Housing Act:
Insured under Section 210
justify the conclusion that maintaining
1MO,
_
.
_
deposit with RFC
the Pacific at least between two radio carriers and
on
in the international telegraph field
ments
,
Insured under Section 203
Neither is it believed that present economic conditions
and
cable carrier.
cables.
1243
Mortgages insured under National
preclude fostering of the doctrine of competition, at least between radio and
one
a year ago.
_
contends that the economic situation at present does not
The minority
page
$81,623,214
'
*
Condensed Statement of Condition (As of Close of Business Dec.
flexibility not only from the standpoint of government regulation
greater
had
Corporation,
902 677 from
And, that during the interim much competition will afford
public.
Owned by the Reconstruction
mortgages insured under the
which is
stock of
National Housing Act aggregating $146,589,712 on Dec. 31,
1939, according to its statement of condition, recently issued.
This figure compares with $80,210,948 on Dec. 31, 1938.
.
minority of the
Commissionvwhile concurring in most
does not beheve that the existing situation
justilies abandoning entirely all competition in the international telegrapa field.
Says the report further on this
minority view:
of
_
.
,
communication companies, but does not
representation in American
they cannot
be better off
Federal National Mortgage Association Issues Mate-
deals with the problem of foreign
The concluding section of the report
The war has hindered
for parity pay-
"But the speculative boom has flattened out.
in American communications
carriers and recommends that the employment
March 2, 1940
and better service.
$ 4U,w
-
.
Liabilities and Capital
'
This minority also contends that a telegraph communication monopoly
between cables and radio will make it
arrangements between the United
is felt that a foreign country
States
communication
more
which grants cable landing licenses to
monopoly is in an
excellent position
concessions
exact
concerning communications
whether it be by radio or cable.
the
over
Accounts payable
On the other hand, if there
were a
separate
free
it
to
Undivided profits
most
a
stronger position to insure direct communication
Capital
on
lator.
Competition
a
It is claimed that this is
interest
as
contrasted
a
governmental
regulation
of
which
continuance
report, which
of
the
method of development
coordination, its weak bargaining position,
duplications, and its failure to supply a compre-
hensive unified
system hes
in
American
international
the combination of
a
TP
t—
*.
1
v t
ariu/
1
Wallace—Tells
n
V
Benefits
surpluses.
n
lDterest charges
Net income
Continues Hearings on Life
Companies—W. W. Aldrich Says Insurance
Executives Are Desirable Bank Directors—
j. w. Stedman and Dwight S. Beebe Testify—No
Bagis for Fears of Nationalization of Insurance,
Says Chairman O'Mahoney
1
1
beefu'se"
-
Senate
Secretary .of Agriculture
y
on
on investments,
Winthrop W. Aldrich, Chairman
Chase National Bank, testified on Feb. 26 before
Temporary National Economic Committee which is
currently engaged in an investigation of the insurance
business.
Recent hearings of the Committee were reported
in our issue of Feb. 24, page 1217.
Mr. Aldrich said that
there is no conflict of interest when banks and insurance
companies have directors in common, and that such a
relationship did not result in a bank obtaining insurance
company business more than it would
otherwise secure.
Associated Press Washington advices of Feb. 26 quoted
advice
Gf the
the
Feb. 26 said:
in giving his advice he joined a
$200,000,000 for parity payments.
group
of Senators who want
Economy forces
are
to
vote
He
supplies in 1939 have resulted in
a
Secretary of Agriculture said.
If parity payments were
not
provided, he declared, farmers would be
not
Bill, which makes
no
provision for parity funds.
They
are
Chase
exist."
designed to
Recalling that
President
Roosevelt's
budget
message
Insurance
,
no
specific
Mutual
and
on
on
that
the
necessary.
pletely impartial"
and
However,
many
directors
there
that
New
there
York,
directors
he
as
added,
instances
no
were
of
an
hand,
other
officers
further action would be necessary to carry out the
policy of farm income
of
board
the
recomendation for parity payments, Mr. Wallace said the Chief Executive
had expressed the hope that higher farm
prices would make them un-
"Early in the war when farm prices went upward sharply, some people
thought that prices would reach parity in the market place and that no
had
of
both
were
institutions.
in
directors
Prudential
and
between
New York
common
Equitable of
Companies.
Asserting
were,
also
were
testified
Aldrich
director
had
National
Chase
which
in
instances
Frederick H. Ecker, Metropolitan board
Chase National, and that Newcomb Carlton
director, of
a
was
Aldrich
,Mr.
Mr.
The Secretary testified on the House-approved Agriculture
Department
raise farmers' purchasing power to the 1910-14 level.
"trivial"
as
Testimony showed that in 1939
chairman,
and
encouraged to return to "big production for markets that do
follows :
as
characterized
sought to obtain business through the Metropolitan Life Insurance Co.
large part from the adequate in-
centive offered by the soil conservation and parity
payments combined,"
the
Mr. Aldrich
battling the farm
win Republican backing.
"The high participation in the program and the effective farmer
control
over
Committee
Insurance
programs
and create new price-depressing
In reporting his testimony, Washington Asso-
may
$2,452,804.89
.,
Monopoly
communication
Group Failure
to
Vote
Might Hinder Crop Control Program
ciated Press advices
bloc, which
1'661'510 i!2
ExpeMes (other tllan lntere8t)
Secretary of Agriculture Wallace told the Senate Appropriations Committee on Feb. 26 that failure to vote farm
parity funds "or their equivalent" might seriously hamper
crop-control
$6'°35'852*i9
:—L_
$?'Si'510 22
——
7
_
reflations inThThg^
•
the Year Ended Dec. 31,1939
interest income
Othertocome
strong, thoroughly sound,
governmental
d
t^"d"h.gS
matured instalments.
than 90 days with respect to
Condensed statement of Income and Expense for
plan of international communcations," comThe greatest guarantee of an efficient,
ments the report..
broad and secure
unpaid principal balance of $272,-
helter-skelter
with its lack of
its useless
and make mortgage loons. Insured
$7,823,585.67.
^^gtnwSate
more
dealt with the domestic situatioD, attention was directed by the Commission to the
necessity for maintaining the Ameiicaa character of communication companies by prohibiting the ownership or voting
oi stock by aliens, and forbidding the holding of any maoagerial post by an alien.
The inteinational communications
situation preseots the problem of necessaiv participation by
aliens in the furnishing of service at foreign terminals.
*
"The national public interest can hardly be served
by a
to purchase mortgages
Seventy-five mortgages having an aggregate
monopoly resorts to complicated court proceedings.
In the initial
in connection with which this real estate was
mortgages
by FHA, not yet disbursed,
during
changing administrations In addition to the difficulty encountered when
the
The
%X3fcminltments
monopoly.
monopoly
'
'
-
-
acquired were
insured by the Federal Housing Administrator and therefore the Association is
entitled to receive U. S. Government guaranteed debentures in the amount of
distinct advantage from the standpoint of public
a
to
10,000,000.00
-
—
$149 902 677 50
Total
cor-
natural regu-
would facilitate the attainment of objectives
liooo'.ooo.oo
stock._"_.!!.!
the
*
might not be obtained solely by governmental regulation of
2,990,166.13
Paid-in surplus.
satisfactory basis with any country with whom it may desire to
minority also contends that competition in itself is
53,736.12
Earned surplus
more
respond.
The
68,275.00
$2,452,804.89
-
-
Reserve from earnings
Also,
the world markets for communication traffic.
compete in
would be in
In a dual system the United States would be
234,760.82
Commitment fees—To be refunded upon delivery of mortgages
flexible with respect to countries other than those with which there is
cable communication.
1,979,071.82
-
§5X3 surplus SiTrese^ve, including "xi'diVldid proYite:"""
entire syBtem
cable company and a separate radio company the situation would be much
more
55,492,000.00
603,555 A4
insurance! Ac!!!!!.!!.!
Deposits for taxes,
only to
dictate the terms upon which the cable landing license Is granted, but also
to
-
A^ed^nterest^pavable"
It
United
a
not
-
-
Series B,l%% notes, due January 3, 1944
difficult to provide equitable
States and foreign correspondents.
$29,748,000.00
Series A, 2% notes, due May 16,1943
advantages
insurance
business
no
such
on
insurance
a
men
to
bank
a
Mr.
company,
advantages
bank's
were
in
of
men
us
great
knowledge
its
said there
having
insurance
board.
in
a
position
to
and well informed advice on investments,
something to sell to
having
in
Aldrich
in
the
investment
"comwhereas "in
give
field have
which might not be to our best advantage."
parity established by Congress in the Agricultural Adjustment Act of 1938,"
Committee figures showed that the nine largest insurance companies
had $175,000,000 on deposit with the Chase Bank at the end of 1939,
he stated.
when
the
bank's
total
deposits
were
$2,803,000,000.
Volume
The
with
The Commercial & Financial Chronicle
ISO
Metropolitan
Life
Insurance
Chase at the end of
company's
the
deposits
date
same
Asked
in
and
whether
Company
$34,063,878
had
1938. of which $3,000,000
all
New
York
City
$108,776,506
were
in
banks
all
The
at interest.
was
totaled
It
deposit
on
$97,148,422
is
next
He told the
committee,
plethora
a
politan kept
be
of
hopeful to
The bank
bigger
of its
more
however, that "what
rather
money
funds
because
us
than
outside
have
already had $600,000,000 of
deposits
our
become
the
less
New
of
wouldn't
we
we
shortage
a
anything."
York, he
to
If
Charles
ah
had
represented.
little
advisory committee,
the
now
The
actual
committee,
he
in
part
the
running
said,
had
it."
futing
the
fied before the committee
As
26
the
committee
largest
serted
ments
is
continued
insurance
that
the
liquidity
not
of
study
in
the
and
assets
serious
a
its
companies
problem
of
investment
United
problems
States,
Mr.
the
of
Stedman
as¬
marketability of bond invest¬
larger insurance companies.
the
to
it
to
In
addition
bonds when
to
this,
other
no
he
hand.
said,
that
of
investments
placed
available
were
as
preference to getting
a
interest, with the knowledge that these bonds could
no
cash
Government
in
money
be converted
into
quickly if an attractive investment opportunity offered itself.
Need of ready marketability of bonds due to
any
economic crisis is
not very likely, he
declared, explaining that in case of any crisis in the
very
future
which
market
might
be
even
more
than
severe
that
of
1933,
the
entire
would
drop out of sight anyway, necessitating enactment of legis¬
similar to the moratorium
legislation during the last crisis.
Prudential, Mr. Stedman stated, counts security as the "prime considera¬
tion" in the purchase of bond issues rather
than any question of market¬
lation
ability.
of
sage
"I
inadequate supply of bonds other than Governments which meet the
tests
of
quality demanded by the insurance company makes it
impossible to obtain as many bond investments as his
have,
he stated.
the
utilizes
purchase
the
of
services
utility
of
Factors
they
Act
bonds,
their
own
the
witness
engineers
operating companies.
addition, management and
and
company
taken
into
efficiency
account
appraising
Mr.
accept
explained,
to
explained
that
interest
the
6tated
bonds of
Mr.
Lubin's
in
1937, two
work
In
appraise
that
over
that
in
the
Prudential
operating
the
the
and
1917
The
his
company
physical
valua¬
of
the
parent
size
of
policy of
period
payments amount to
"somewhere around
His company
of
the
the
least
at
desired
there
are
the
parent
company
10%
the
of
company.
in
was,
of
general
total
to
re¬
available
earnings
for
mortgage debt of
70%" would be the limit.
the
ownership
of
industrial
detailed
certified
covering
years
When
or
if
"suitable"
other
of
explained,
prepared
the
of
"a cusion,"
as
the
loan.
Industries
on
sheet,
"fair value"
they would examine very closely
before approval
Stedman
by
Prudential
certified
a
industrial
requirement
that
for
life
it
is
this
would
requires
public
for
company
not
prohibit
adding that
so,
trustee's
a
the
bond
on
was
insurance companies
not
questioned
earned
a
account¬
period,
a
Feb.
to
he
loans
did
to
vent¬
new
feel
not
that
that
have
trend
the
of
ments
witness
as
investments
as
to
a
what
whole
average
in
order
rate
to
of
Mr.
in
free
in
some
committee
only
fulfill
private
enterprise"
of
Iowa,
offered
insur¬
Committee relating
by insurance companies.
expressed
declared,
in
the
to
Senate
farm
gratification
it
the
is
the
insurance
accounts
from
part also said:
best
prompted when
the
the
Gillette
he
work
were
for
in
that
quarters
to
objective,
O'Mahoney's remarks
Democrat
record
real
was
possible
Senator
excerpts
estate
at
destroy
and
make
the
"sys¬
manner.
Guy M.
from
Gillette,
testimony
mortgages
held
of
the
Committee
to
invade
the
values
behind
their
policies."
Mr.
O'Mahoney
"testimonial"
surance
that
2,772
were
a
number
of
strikes
reached
peak
a
1901-03
years
inclusive
the
year.
number
of
the
for
the
Whether
passed, with 4,700 stoppages
in 1930 and 2,500 in 1939.
was
strikes
and
pas¬
comment."
cannot
the
otherwise.
or
Com¬
strike.
to
convinced that
were
injunctions
I
the
after
despair"
of
strikes
had
been
"definitely
downward"
1937.
Lehman
Feb.
on
Banking Bills
23
also quote:
we
measure
provides that loans and investments
made
as
A third provides that a bank
or
or trust company officer indebted to a
bank
trust company other than his own must within ten
calendar days after
he contracts the debt make
of his
written report to the chairman of the board
a
bank.
own
Formerly such
succeeding January after the debt
a
requiring
measure
all surplus used by him in his
private
held
by him
report was not required
a
incurred.
was
private banker to segregate
a
banking business,
well
as
as
funds
private banker.
as a
Licenses
Issued
New
in
York
State
Non-Profit
to
Medical Indemnity Corporations
Licenses
do
to
business
have
beeD
issued
to
two
non¬
profit medical indemnity corporations having their head¬
quarters in Utica and Buffalo, it was announced on Feb. 29
by Louis H. Pink, New York State Superintendent of In¬
surance.
The Utica Plan, known as Medical & Surgical
Care, Inc., is sponsored by physicians, surgeons and osteo¬
paths of Oneida County and will serve 12 counties in central
and northern New Yorlc.
The Western New York Medical
Plan, Inc., with headquarters in Buffalo, will operate in
the eight counties of the Eighth Judicial District.
Super¬
intendent Pink expressed the hope that through these non¬
profit corporations there will be offered to the members of
the public a greater opportunity to meet the expense of their
medical care through voluntary action.
Previous reference
to the Medical & Surgical Care, Inc. appeared in our issue
of Dec. 2, 1939, page 3488.
a
said
to
whole
the
most
of
the
evidence
efficiency with
had
been
With the conclusion
mittee recessed
Meeting at
before
Opponents
.
hearing
on
life
in¬
proposed
St.
Lawrence
Albany
York
of the New
industrial
and
States
ern
and
on
Seaway and
Feb. 28 under
Waterways
State
Associa¬
of
merce
construction
State
of
it would
defense
am
vojiced their opposition to the pro¬
According to a statement presented
by
Lawrence,
the
the
be
President
New
of
Lawrence
St.
an
of the Chamber
York,
afraid
that
will
it
be
not
arouse
Com¬
waterway on the ground
important contribution to
hysteria is in the air to
of
"the arguments for the
most vulnerable to attack,
are
the East¬
organizations throughout
Canada
project.
posed
Richard W.
our
national
but despite this fact
difficult
at
time
a
when
fresh support and to create
fictitious atmosphere of wide public demand for
the
project as a whole, unless those who are opposed to it are
doubly vigilant."
Stating the New York State Chamber
of Commerce always has been a leader in demanding that
a
our
national defenses
be
made
as
impregnable
Mr. Lawrence added that "it is second to
in
belief
the
against war,
waterway
from Washington
"Times" which in part con¬
the
Members of the State Legislature and representatives
His
York
of
auspices
civic
of
Feb. 28 the Com¬
of
in
treaty held a meeting at
power
and
institution
Protest
Against Proposed St.
Lawrence of New York
Chamber/of Commerce Regards Project Unwise
was
the
managed.
of the
that date to the New
tinued :
Committee
which
indefinitely, said advices
on
the
Albany
Lawrence Waterway—R. W.
I
Mr.
or
to
O'Mahoney's statement, say¬
ing that he understood meetings of
policyholders were being held or would
held throughout the
country to protest "what they assume to be the
a
by
told
collectively
"in
Banking Department
banks, trust companies, industrial banks and private bankers at least
that
be
purpose
bargain
workers
"that labor leaders
4,450 strikes
strikes
the
middle
to
Another makes compulsory the examination
by the
of
the
expressed
the
Committee's
Mr.
Statistics,
up
but
the work of
to
by banking institutions and insurance companies under the
Housing Act shall be subject to regulations of the State Insurance
Superintendent or the State Banking Board.
interest
Chairman
Washington that date, which
before
Labor
set
National
put money in new ventures
he said.
nationalize
We quote from Associated Press
business."
of
Statistics,
necessary"
many
caused
belief,
The principal Williamson
tion.
22
been
intention
tem
should
Labor
"was
of
employers
showed
There
were
from which
investment,"
O'Mahoney of the Committee
previous assertions that nothing in the testi¬
before the committee "gives any basis for the fears
The
Research
of
signed eight Williamson
bills, sponsored by the New York State Banking
Department,
making changes in the present banking law, it was reported
in a Albany dispatch Feb. 23 to the New
York "Times",
it
reiterated
mony
Bureau
Board
of
contracts.
company
On
this
words
Gesell
be
ance
had
more
"In
must
balance
admitted
was
Mr.
Mr.
operations
asked
he
ures,
bonds,
of the
to this
the "cushion"
Plan
ten
the
after the Wagner Act
3,000
was
loan,
possibly invest in first
although it had refused to
amount
would want about 30%
stated, adding that in addition
ant,
had
operating
company
the
by Commissioner Leon Henderson of the Securities and
Exchange Commission, as to whether Prudential would buy bonds amount¬
ing to 90% of the fair value of the issuer, Mr. Stedman
answered that
On
It
cases
be obtained from
may
the
Governor Lehman Signs
Eight State
might
utility
debentures
ten-vear
a
policies
of
character
issuer.
into
of
had
think
not
of
sabotaged
records
years
recorded.
average
since
of
this
in
Among the others is
Questioned
he
decisions.
hearings
of
Board's
furnished
inferentially
Commissioner
being
was
the loan.
good
a
maintenance
management
the
as
quality of
participation
He
the
of
well
as
the
Stedman
mortgage
quire
after
dispute
a
did
Economics
failure
justified
were
until the next
Considered
of
In
reaching
the
had
.
he
convinced," he said,
of directors
Outlines
in
would
company
to
tion
not
the Wagner Act had
am
Labor
An
In
justify
been alleged,
in
number
a
twice in 18 months, instead of twice in 15 months.
severe
like
to
had
work, where such services
"
that
Lubin,
the
Governor
Prudential
Re¬
to Congress
the opportunity of re¬
challenged the right of
of Economic Research,
saying the Wag¬
authorize the appoinment of individuals
duplicate the work
In
on
did
chiefly
it
Labor."
replied
Isadore
mittee
answer to
questioning by Committee Counsel Gerhard Gesell. he ex¬
plained that, due to desire to have cash available for
any profitable invest¬
ments which might be offered his
company, it was their policy to keep
approximately $100,000,000 cash
which
National
Board.
Dr.
ready
of
to
Smith
Division
a
that
Division
of
follows:
as
the
27, describing standards
required for the quality of the bonds in -which the two
companies invest.
A Washington dispatch Feb. 27, to the
New York "Journal of Commerce" outlined this evidence
report
the
presented
presented
were
party
statistical
Madden
division
a
create
for
Department
that
Feb.
on
to
*
Mr.
took
John W. (Stedman, Vice-President of the Prudential
Life
Insurance Co. of America, and Dwight S.
Beebe, Vice-Presi¬
dent of the Mutual Life Insurance Co. of New
York, testi¬
in
Board,
considered
facts
Mr.
the
which,
were
such
neither
opinions.
stated
*
the
branch.
that
Board
Act
"*
was
and
preliminary
a
changes
intended
was
Research
which
that
such
authority
for
for
counsel
testimony
facts
and
company
prepare
be ready for submission
may
*
Economic
alleged
ner
insurance
legal
no
of
Board
been
Metro¬
make."
which the
on
report
general
whose
Division
George H. Saylor, Vice President in charge of Chase's Metropolitan
branch, which handles the insurance company's account, testified that the
branch
to
suggestions
This
*
Fahy,
witnesses
he said, and "the
reserves,
we
*
closed
on
sessions
contain
Act.
week.
"it would
added,
interest
pay
excess
money
suffering from
are
of
to
Labor
1363
executive
f
it
would not be
advantageous for the Metropolitan to
spread its deposits more widely over the country, Mr. Aldrich
replied that
he believed the
company should keep its funds where they were needed.
is
hold
expected
lations
on
banks.
will
as
Let
us
opment
suppose
had
in
operation.
as/
a
failed
Dominion
a
possible,
preparedness is the best insurance
has regarded the St. Lawrence
possible link in our national defenses."
never
went
that
and
say,
earlier
that
Great
to
on
the
What would
of
as
in patriotism
that
but it
statement
none
the
be
its
Britain,
in part:
opposition
waterway
had
international
at
war
with
r
the
to
.
St.
Lawrence
devel¬
been constructed and
status
a
today
nation
was
with Canada,
with
which
the
The Commercial & Financial Chronicle
1364
States
United
is
Would Canada permit the United States to
the waterway to a country which was at war
peace?
at
ship commodities through
Britain
Great
with
to
or
other
any
through
country
which
exports would find their way to an enemy nation?
the
if
Incidentally,
with
Canada in
with
would
channel
27-foot
its
allied
were
we
all
expose
a
Great
.
suspected
it
.
.
Lake
ports
the
to
If the British Empire were at war
and we were not, a superior enemy fleet could blockade the mouth of the
St.
Lawrence River, thus temporarily ending the principal
usefulness of
the waterway to friend and. foe alike.
Assuming further that both the United States and Canada had com¬
pleted the proposed power developments along the St.
Lawrence and
Canada
that
of
danger
possible
naval attack.
a
at
was
war,
today,
is
she
as
her
plants
power
United
States
not
where
crisis
shall
forever
River
difficult
is
be
free
from Mr. Lasser asking specifically about
stabilization fund, silver funds,
and the Treasury working balance.
The available funds are
listed by Mr. Lasser, from Mr. Eccles' letter as follows:
response
of
the
time
from
vessels
Canadian
within
using that
States,
international
the waterway which is wholly
territory.
Regardless of what, I hope, is the improbability of such complications
arising, I feel nevertheless that it would be most unwise for the
ever
States
United
make
to
tremendous
a
expenditure
deepen the St. Lawrence when its only outlet to the
of
sea
public
funds
to
is entirely within
foreign jurisdiction.
a
Silver profits
1,500,000,000
Excess Treasury working balance
1,350,000,000
&
Power
Co.,
President,
Wilson,
held
said
at Montreal
is
my
considered opinion that
immediate
the
of
supplies
without
needs
post-war
power
be
can
resorting
to
the grounds of
on
made
far
as
Central
available
capital
vast
so
of
This letter clearly reveals that
for not appropriating
needs
power
for
power
is
wholly
expenditures
in
project, the value of which is a matter for serious
either
war-time
concerned, ample
Canadian
connection
differences
of
sources
with
a
opinion.
Negotiations for the signing of the treaty
our issue of Feb. 3, page 761.
mentioned
were
nearly five billion dollars available to
Report
on
Field Warehouse Loans
comprehensive report covering field warehouse loans has
William V. Stone, Assistant Vice-President of the Lincoln
National Bank & Trust Co. of Syracuse.
Mr. Stone, who is
Chairman of the
a
*
Committee, stated that this report is one
cover the various forms of loaning
number which will
activities that
are
and to give purchasing power and work to needy
recession advancing on us;
responsible officials
unemployed youth and farmers. Knowing these facts no
statement can hoard these
funds
or
throw up his hands in helplessness
and misery to engulf us.
allowing this new recession with its suffering
The text of the letter from Mr. Eccles follows:
I have your letter of Feb.
5 in which you inquire as to cash resources
available to the Administration,
available to the commercial banker.
The
report entitled "Field Warehousing, A Method of Inventory
Financing" includes a series of nine articles by leading
authorities on this method of creating commodity paper that
has come into wide acceptance in the last several years.
You
without further legislative authority.
the power to issue silver certi¬
ficates, and the Treasury's working balance.
fund is available for ex¬
Reserve Act the stabilization
Under the Gold
the Treasury "for any
penditure under the direction of the Secretary of
of this section, in¬
in connection with carrying out the provisions
purpose
direct obligations of the United
portions of the fund which the Secretary of the Treasury, with
cluding the investment and reinvestment in
President, may from time to time determine are not
the approval of the
value of the dollar."
I am
apply the fund to
expenditures.
informed that approximately $1,500,000,000
As to silver, I am
available by monetizing the difference between
been released by the Loan Research Committee of the New
York State Bankers Association, it was announced by
balances
hurl back the tides of new
currently required for stabilizing the exchange
New York State Bankers Association Issues
of
with the silver fund and excess Treasury working
This together
makes
meet current
A
With regard to the
Administration to issue large sums of new currency.
advised, however, that it would require legislation to
+.
of sound
Mr. Eccles* letter clearly indicates that there
of funds, without touching the power of the
gold stabilization fund I have been informed that the amount available
is about two billion dollars without endangering our own currency one bit.
States of any
in
the issue of the debt limit, as an excuse
sufficient funds for our social needs is a lot
signifying nothing.
three immediate sources
are
$4,850,000,000
releasing the letter declared:
mention specifically the stabilization fund,
Canada
from
_
and fury
21, James
Waterway
on
Mr. Wilson added:
Central Canada.
It
or
Feb.
Lawrence
St.
that the
project cannot be justified
in
Total
or
At the annual meeting of shareholders of the Shawinigan
Water
$2,000,000,000
Gold stabilization fund
the St.
on
United
of
the other side of the river might feel
part of
a query
be
would
by the exigencies of war or otherwise find it expedient to prohibit
forced
American
to
Mr. Lasser, in a statement
that navigation
citizens
arising in
for meeting current expenses without increasing
the Federal debt limit.
Mr. Eccles' letter was in
or
funds available in the gold
interests.
power
to
imagine situations
to
good neighbor on
our
or
1871 which provides
treaty of
Despite the
Lawrence
it
properties
power
1940
Government has
available
potential objects of air attacks and, with the mistakes all too frequently
made in the selection of targets, the process of destruction could easily
involve
2,
Mr. Lasser, it was revealed that the
cash resources of $4,850,000,000
Feb. 26 by
on
Federal
taxes
the waterway
war,
leased
March
would be
what has been paid by the
Treasury for the silver and the official price of $1.29,
and that this would not
require legislation.
approximately $1,600,000,000. Tentative estimates made in our statistical division indicate that
without any new financing the balance will not fall to less than $1,000,000,000 at the end of the present fiscal year and may be somewhat more than
that if sales of so-called baby bonds continue at the volume at which they
have been selling of late.
I understand that prior to the advent of the
present Administration, it was not customary to keep working balances in
excess of $250,000,000 or $300,000,000.
In addition, as you point out. there
is the unused authority, under the Thomas Amendment, which provides that
up to $3,000,000,000 of currency may be "issued only for the purpose of
working balance as of today is
The Treasury's
meeting maturing Federal
obligations."
wise observes that Field
would he using such funds for
The Government can spend
only what Congress authorizes and appropriates.
To the extent that these
funds were used to meet such expenditures, it would avoid an increase in
of banks that has had
the public debt
Two
pamphlets
on
also included.
i
Warehousing and samples of forms
The Association in
are
its announcement like¬
Warehousing is a loaning activity
spectacular development during the
past few years, and is looked upon with favor by those ex¬
perienced in its use. In the introduction to the report, Mr.
Stone states:
a
'
There has been sufficient material and legal experience to demonstrate
its usefulness, when properly handled, to the banker as well as to the manu¬
Field Warehousing
one
has
a
increasing work and consumer buying power.
voted
of
Cut
tremendously broad application—broader than
as
an
$1,745,000,000
Hegeman, President of the Warehousemen's
Association of the Port of New Yoik and Vice-President of
the New York Terminal Warehouse Co., has been distributed
to all commercial banks throughout the State.
Bill
Association of New York Urges
State
in
Transit
Legislature
Continuing
Commission to Control
Transit
Defeat of
Powers of
Facilities
After Unification
Upon being advised
had
been
Feb. 27 that the Thompson-Wicks
advanced
to
third
reading in both
houses of the Legislature, the Merchants' Association of
New York announced that it had sent
a
letter to the Senate
and Assembly leaders recommending defeat of the measure.
The Association stated its conviction that supervision of the
City's rapid transit utilities as to adequacy and safety of
service should be returned to the State Public Service Com¬
mission and that the Transit Commission
should be
abolished at
on
as a separate body,
transit unification takes
the time
Feb. 25 a
for 1940-41
by cutting $1,745,000,000 from President Roosevelt's recom¬
mendations and by raising $431,000,000 in new taxes.
In
reporting the plan, Washington Associated Press advices of
for balancing the Federal budget
25
Feb.
said:
for the lending corporations to
Economy League called also
The
return
terming it "drawing on the surpluses" of
lending corporations, and suggested new taxes of $431,000,000.
The League, a private organization with headquarters in New York,
included its proposal in a study entitled, "Must There Be Another Deficit?"
It said its reductions had been "carefully diagnosed and substantiated
the Treasury,
by sound argument" and were not selected "at random to
on
bill continuing the present powers of the Transit Commission
to control rapid transit facilities in New York City after
unification
proposed
League
Economy
National
broad program
$700,000,000 to
Merchants'
by
ancing Budget
The
compiled through the cooperation
Urged
League—Present I*lan for Bal¬
inducement to
of the New York Terminal Warehouse Co. under the direc¬
Budget
Federal
in
National Economy
explore fully its many possibilities.
tion of W. E.
by Congress.
It would appear from our inquiries that
might assume—and that fact deserves emphasis
The report, which was
hands of the low income
increased exi enditures were
but consumer buying power in the
would not be increased thereby unless
groups
-
<
facturer, producer and merchant.
Finally, you ask what the economic effects
picture."
social
Left intact
were
and veterans'
security
make a pleasing
defense,
Mr. Roosevelts estimates for national
payments.
that used by Mr.
be cut from
$1,433,000,000 to $603 000,000; that the public works fund be cut from
$764,000,000 to $350,000,000, and agriculture funds from $861,000,000
together
figures
Lumping
form differing
in a
from
Roosevelt, the League suggested that the relief appropriation
to
$500,000,000.
In
Ernest Angell,. Chairman of
public the study,
making
the League,
said:
"Forty-five million working Americans
"To
of
a
tie
sure
perity,
place.
cannot much longer continue to
the burden of 8,000,000 unemployed.
carry
is
The
the
welfare
blown
inflation,
a
cruel
League
and
up
stupid
and
proposed
to
of the
security
hoax.'
reduce
to the slippery bubble
promises of debt-to-pros¬
masses
the spenders'
by
*
expenditures
$930,000,000 by
halving
—
the
Chairman Eccles of Federal Reserve System on Use of
Cash Resources of Government To Increase Work
and
Consumer
Rise,
Vote
Buying Power—Would Avoid Debt
He Says, But Would Require Congress to
Increased
Expenditures—Reply
to
David
ming
Youth
a
letter from Marriner S. Eccles, Chairman of the Board
of the Federal Reserve System, to David
Lasser, President of the Workers Alliance of America,
instead
re¬
allowance
of
230,000 enrollees; reducing funds for the National
$83,000,000 to $25,000,000 to care for only
from
600,000 enrollees;
abandoning farm
security grants of
$25,000,000; needy families to be cared for by general relief, and slashing
the
Work
This
Governors
cash
Administration
20,000
to
In
the
instead of the proposed
Lasser, of Workers Alliance
of
for the Civilian Conservation Corps, trim¬
from $30 to $5 a month to care for 166,000
$225 000,000 appropriation
cooperative
State
the
and
cost
State and
from $1,100,(>00,000 to $466,000,000.
the League said, "and a return
Projects Administration
"assumes
abandonment of
relief
local
would
local,
with
Federal
governments.
be
WPA,"
$311,040*,000."
grants
With
$777 600,000
per
an
of
60%
average
the total cost to
load of 2,700,000,
share, $466,560,000;
of
case
year—Federal
Volume
The Commercial & Financial Chronicle
150
States
Opposed to Federal Supervision of Insurance
Companies, According to Louis H. Pink—New York
Superintendent, in Report to Legislature, Says
Federal
Control
Is
Resisted
Throughout
Nation
The
Superintendents of Insurance in the 48 States are
unalterably opposed to Federal supervision, Louis H. Pink,
New York State Superintendent of Insurance, said in his
81st annual report to the Legislature, of which an extract
was made public Feb. 19.
Mr. Pink said that the extract
was made public in advance of the entire
report "in view of
the public h terest in life insurance created by the
Monopoly
Investigation at WasniDgton, now in process." He said
that while the States have gladly accepted Federal relief
aid, "it will be quite another thing to expect them to re¬
linquish tie supervision and control of the largest financial
institution in the country, particularly when there is no real
reason for doing so and no promise that the Federal Govern¬
ment can do a more efficient job than the States."
In discussing the
matter of Federal supervision over
insurance companies, Mr. Pink said in part:
The investigation of the
Temporary National Economic Committee at
Washington has aroused not only the interest but the
world.
ance
of the insur¬
concern
Originally intended to inquire into the investment practices
of the companies, it has spread and every conceivable phase of life insurance
has
been investigated.
In the beginning there
and these rumors have been intensified
It must
were rumors
Federal control of insurance at least
purpose was to secure
be encouraging to
as
that the real
to some
extent,
the proceedings have advanced.
the insurance industry that Chairman O'Ma-
honey has recently categorically denied any intent to promote Government
power life insurance
control.
1365
has been
free from selfish financial domination
so
The people's money has gone back to
or
make richer the lifebiood
of the Nation and to finance and make possible the continuation of its in¬
dustries and the extension of trade, commerce and business into
In
State
our
have had
we
companies is concerned.
try is done by
enviable record
an
far
so
the
as
fields.
new
stability of life
Approximately 40% of the business of the
coun¬
domestic companies and 85% of that business is done by
our
companies authorized to do
business in this
Not
State.
single
a
of
one
those companies failed during or since the depression and our records show
that for
period of 30 years, while
a
companies have gone out of busi¬
some
and have had to be reinsured, there has been no ultimate loss to policy¬
ness
holders in the entire period.
What financial institution
with
can compare
this 7
Work
of
Bureau
of
of
Reclamation
John
missioner
Associated
C.
Page
Discussed
by Com¬
Convention
Annual
at
Contractors
The Bureau of Reclamation follows the policy of letting
its work by contract on competitive bidding, John C. Page,
the
Bureau's
Commissioner, said
Feb.
on
7
in
address
an
before the annual convention of the Associated General Con¬
tractors of America at
Memphis, Tenn.
In the few instances
with Govern¬
in which the Bureau has recently done work
ment
forces, he said, there has been good reason for it, but
not anticipate that this would often
added that he did
he
be necessary in the future.
The volume of the Bureau's
new
work
during the coming year will probably be reduced, he
remarked, but nevertheless predicted "a considerable num¬
ber
of
with
attractive
(projects
jobs placed
under
now
the
on
way."
market
In
in connection
Edward T. Taylor, the Senator stated among other things that no member
in reviewing
briefly "the history of the relationship between the Bureau
of the Committee
of
competition with private insurance.
recent letter to
a
Representative
its staff had ever intimated to him that the Govern¬
or
should take
ment
In
industrial insurance, nor had any suggestion been
over
He also reiterated that the
program.
only
of
purpose
the
Committee
been to make "an objective study" of the economic
system of the country.
While the Chairman made
mention of "super¬
no
vision," it is apparent that many of the rumors and fears have been
over-
stressed.
are
no
question but that those who manage and supervise insurance
almost unanimously
opposed to transferring the supervision of insurance
from the States to the Federal Government.
and considered but this
Their views must be weighed
question will really be determined, and properly
by the States themselves and the 60,000,000 policyholders throughout
so,
the Nation.
It is necessary that there be unity of purpose and procedure
directions.
In the last analysis the future of State supervision of
insurance will rest upon
its effectiveness.
State laws must be well adapted
for public protection.
and economic changes and problems which
depression.
It
was not
mendous burdens which
developed
as a result of war and
possible for the States to effectively meet the tre¬
were
thrown upon them and in order to prevent
unemployment, starvation and social unrest, the Federal Government
was
Government alone
was
so
and
no
and control of the largest financial in¬
particularly when there is
promise that the Federal Government
than the States.
New York State alone has
and fees of some
$17,000,000
a
an
no real reason for
can
do
efficient job
a more
income from insurance taxes
The cost of administering the In¬
year.
Department, by far the largest in the country, is only about 6%
surance
of this amount,
and when refunds collected from the companies
are
the net expense of the Department to the State is only 3 H %
mately 45%
deducted,
Approxi¬
It is not likely that the
will voluntarily give up this source of income at
necessary
•
of the State's insurance income is from the life companies,
practically all of which do an interstate business.
States
doing
for them to
use
every
effort to increase
a
time when it is
Neither is it
revenue.
likely that the States will voluntarily surrender their powers and responsi¬
bilities to the Federal Government in the absence of any controlling reason
But more importnat still is the attitude of the policyholders of the Na¬
for
indirectly interested in life insurance and to a large extent dependent upon
In spite of all the publicity that has been given to defects,
real and
supposed, in the institution of life insurance through the present
investigation,
there is apparently no
On the contrary,
vision.
public demand for
Federal
super¬
those who have put their savings through the
in life insurance policies are fearful of any change in control which
years
might shift the emphasis from broad diversified investment in the wealth
of the country to the
for the support
Ever
since
utilization of this vast reservoir of the people's savings
of Government projects.
the
Armstrong
.
investigation
insurance
supervision,
while not free from certain faults and defects, due in large part to the dif¬
fusion
of control,
has made good.
The volume of life insurance has in¬
creased from about 10H billion dollars in 1906, when the Armstrong Com¬
mittee made its report, to nearly 114
billion dollars last
year,
and the
pre¬
mium income from about 499 million dollars to nearly 3M billion dollars.
This huge accumulation of capital belonging to the plain people of this
country,
groups,
and in very large measure to those who are in the low income
has been invested in the railroads, utilities, real estate, mortgages,
obligations of Federal, State and local governments, and in the financing of
It is through diversity that
huge industrial concerns.
achieved unknown in most financial institutions.
a safety has been
This money has been
hired out by the boards of directors of the life companies for the purpose of
securing the safest possible investment
return.
than others but on the whole
one
the experience of the past 35
years
bonds during the depression
almost
it is
pany
18%.
has been
The Federal
received full cooperation in the marketing of its
period.
panies in United States Government
Prior to 1929 the holdings of the
com¬
and
doing business in this State, at least, do not invest
They have no interest in the
management of industry excepting from the standpoint of
sound
1925
bidding
investment.
when
undertaking work
received.
were
and to build
This meant
up
in
over
places
obliged
were
we
construction
a
We
forced to take
were
force
(and
it
this
amount
$40,000,000
tion
adopted
to
$60,000,000
construction
by
Government
for
was
$50,000,000
and $10,000,000 for rights of way.
ali possible work by contract on competitive
the Department of the Interior.
This policy
contract,
the
by
Bureau
of Reclamation.
Since then very little construc¬
done by Government forces.
Between 1933 and 1939
$290,000,000 of construction was done on Bureau of Reclama¬
work
total
a
about
for
policy of letting
a
was
extended
has
of
been
projects.
Government
contractor
Of this total only $2,567,000,
forces.
It
is
today to state that 6ince 1932
done by
was
the reliability of the
on
have
we
2%
less than
or
notable commentary
a
not
experienced
a
sus¬
pended contract.
From
work,
tlie remarks
not
are
heard
types
informed,
the
contractor
founded
are
two
well
identify
of Mr.
Page incident to the Bureau's
also quote:
we
have
I
on
of complaints about
complain
made
We
rumors.
that
on
expect the
methods.
our
job
some
unreasonable
an
which
profit.
contractors
These
make
to
anticipated
instances
that
the
complaints
reasonable
a
for
by others and
I
work
they
undertook.
first
most
came
revealing
of
a
new
Moreover,
would work,
the
benefit
secret when
I
with
review
the
data
of
it
which
to
to
I
include
Corps
advises the other in
and
interest
its
on
contractor
was
taken
say we would base
up
similar
next
development.
.
.
next
our
.
developments which may have an impor¬
programs in the future in which you will be interested.
obtained
construction
the
once
the idea
new
these
granted
price.
it
got
the
on our
of
fair
a
want
to
call
consideration
attention
of
flood
is
of
in
its
Engineers
the
of
the
control
large, multiple-purpose reclamation dams and reservoirs.
ment
than
than
In
sort, however, the contractor
this
proved
important
use
two
bearing
The
was
and
Government
not
the
on
idea
the
am
are
tant
recently
instances of
what
brilliant
his
There
the
on
new method,
an
ingenious device, or an improved procedure
wholly his which earned his take for him.
The Government got
work done
estimate
make
Some
other
a
was
used
should
suspected
or
with
up
they
not
can
profit.
We know that some have taken losses in doing work for us.
lucky, and have not had the interference from weather or
bugaboos which was reasonably to be expected, and have done better
they anticipated.
Frankly, I believe a few have made more money
we
who
Some,
they
have been
authority
in
' Under
planning
an
agree¬
War
Department, we jointly
preliminary investigations, and each organization
special field.
operation
and
belong with the
Except for this
constant
made in
the western
to
area
By this method,
of multiple-purpose
they logically
responsibility.
danger of duplication of
which
effort
dams
projects
in
the
is
will
be
having the principal
innovation,
work
our
it is believed that
and
agency
there
would
be
preliminary investigations
confined, and a possibility
that some valuable function might be
slighted in projects undertaken.
Our
relationships with the Corps of Engineers have been and remain most cor¬
dial.
We can work together.
,
The second
lias
been
in
the
in
important development is
expressed by contractors.
I
one
in
which
refer
to
the
considerable
type
of work
interest
involved
this
Great
Plains
water
conservation
and
utilization
program.
Projects
type of program are part relief.
Some money expended is appro¬
priated directly for this work and it is reimbursable, as is the entire cost
of construction of the projects in our
regular program.
This money goes
for supervision, for materials and
supplies, and for machinery.
Additional
money
are
is allotted from relief funds and
used
to
involved.
means
pi
of
hire
It is
a
relief
labor
to
do
is
as
non-reimbursable.
much
as
possible
type of force account construction.
providing necessary relief later
on
It
These
of
is also
the
a
funds
work
desirable
worthwhile, permanent, wealth-
oducing improvements.
♦
R. McLean Stewart Says Investment
Is in Period of Crisis Due to
Government
investments are now in government, county and municipal securities
kind or another.
equities but in the primary securities.
safe
Of
construction,
In
It is remarkable that with such potential
Banking Business
Engagement of Many
Agencies in Its Sphere—Amendment
Urged to Securities Act of 1933
one
operation or
bid3
no
adopted the contract method.
we
contracts, and
found
we
com¬
securities was less than 3% and today
Approximately one-quarter of all life insurance
The life companies
in
a steady and adequate
of which the life companies generally may well be proud.
Government certainly has
of
coupled with
Naturally the investments of some companies turned out better
Soon
for materials and supplies,
.
State
Page
Mr.
one,
placed where
.
suspended
jobs ourselves,
construction.
force
tion—which means the general public, for nearly everyone is directly or
it for security.
industry,"
Government
contract.
why they should.
contracting
too) in order to get the work done.
Later, work was done
forces to keep our organization busy.
During this time
we did work that the contractors would have been
glad to have had.
This
phase extended to 1925.
In these 23 years we spent about $160,000,000
able to give, it will be quite another thing to expect
stitution in the country,
good
a
with
than theretofore contemplated.
them to relinquish the supervision
these
do
called upon to step in and assume far larger powers and responsibilities
While the States have gladly accepted the financial aid which the central
of
difficult to reach that
to
tion
Concentration of power was necessary to a large extent to meet the social
the
work in 1902
our
great number
a
plant, and equipment.
the several States and there must be uniformity of State action in
among
many
At the outset of
bad
was
There is
and
said:
made that industrial insurance should be merged with the social security
from its inception has
Reclamation
part,
The investment
in
which
essential
the
banking business in in
fundamental
function
is
to
be
issue
carried
a
involved
on
period of crisis
is
whether
its
by the Government,
Government-controlled economy, or whether pri¬
in the
Harriman
Itipley & Co. Inc., declared on Feb. 26 in an address
before the New School of Social Research, New York City.
Pointing out that a vast army of Government agencies are
in varying degrees engaged in the investment banking func¬
leading to
enterprise is to continue to exist in industry and
nation itself, It. McLean Stewart, Vice-President of
vate
Stewart asserted:
Mr.
tion,
agencies
those
with
compete
cannot
business
Private
of
government
And
available records do not suggest that agencies of government generally
have that concern
for the taxpayers' money which bankers and invest¬
ment
bankers are not only expected,
but required, to have for other
people's money—for the savings of investors.
If an agency of govern¬
ment
underwrites or buys
a
bad issue of securities or makes a bad
loan, the loss can be written off and charged to the tax-payers.
On
feb.
10 last, the Secretary of the Treasury reported to Congress
that
borrowers
from
31
government corporations and lending agencies
had defaulted on $1,053,742,488 in principal and interest payments.
Pre¬
sumably this lost billion has been written off or charged to the tax¬
payers.
Investment banking cannot meet that kind of competition.
It
which
prudent business principles.
the bounds of sound and
1939,
the economic area open to invest¬
has not only been reduced in size and
governmental invasion of business spheres, it
has also been greatly circumscribed and restricted by regu¬
latory laws and administrative agencies.
Pointing out that
business in the United States, which once set the world
standard for efficiency, is now so tightly tied in "red tape"
that efficiency is being destroyed, Mr. Stewart said that
it was immensely important that procedures under the vari¬
ous
Federal and State laws be simplified.
banking
ment
hemmed in by
Urging
amendment of the Securities Act of 1933 so
more workable, without reducing the
an
will
it
that
become
protection to the investor, Mr. Stewart declared that as a
result of the "20-day waiting period"
required between
registration
of
offering
and
capital
the
securities,
new
afford the
borrowing cor¬
market has not functioned in a way designed to
flow
free
Since
takes
funds
of
the
of
from
prior to registration usually
data
of registration
preparation
minimum
a
and
investors
between
Stewart continued:
Mr.
porations.
the result is that
three to four weeks,
six
some
be made ready for public
offering
The delays and inconveniences imposed by this requirement have
caused many issuers to avoid the public market and sell their securieies
directly to institutions without registration through "private placement."
eight weeks must elapse before an issue
to
can
Emphasizing that it has, in general, been widely recog¬
corporate management that substantial advantages
derived from widespread public distribution of
nized by
Stewart said that the fact that 2% billion
more
of corporate financing in the past five
were
1930."
and related products shared in the general gain
of chemicals
All classes
the minor group of explosives shared
exports, and all but fertilizers and
in
the
in
increase.
import
trade dislo¬
unevenly distributed
among the various groups," Mr.
Wilson adds.
"Fertilizers suffered more
severely than any other important group, exports showing but little gain
"As
in a year of such drastic
expected
have been
might
cations, the changes in both imports and exports were
face
the
in
the
of
"Coal-tar
long
stride
took
one-half.
value
for
in
1938
over
alcohols,
5%
rose
new
of industrial
1939
a
value
of
$36,51.4,000,
anhydrides,
and
ores,
metals,
1939, to
and
minerals.
or
synthetic
collecting
reagents
Imports of industrial
chemi¬
value of $17,632,000.
a
Desvernine Sees Threat to American
R. E.
again
trade in chemicals, registering a total gain in
45%.
Outstanding groups were sodium compounds,
export
of
in
with
exports,
acids
gases,
concentrating
cals
by the
most
Sales
while
forward,
chemical
lead
the
and imports
chemical sales,
trade, both in purchases and in sales."
brisker
much
in
increase
conditions, exports in¬
chemicals abroad also took
medicinals and pharmaceuticals enjoyed a
benefited
products
creasing almost
a
big
general
11%.
by
declining
Democracy
in Growth of Federal Power
Commenting
the
increasing encroachments of the
sovereignty of the States, R. E.
Desvernine, President of the Crucible Steel Co. of America,
sees a serious threat to democracy in the present trend toward
government regimentation of private business. "The authors
of the Constitution thought they had set up impregnable
defense mechanisms against an authoritative and absolute
central government," savs Mr. Desvernine in Chapter XIII
of "The New Outlook in Business," a recently issued book,
edited by Bronson Batehelor and published by Harper &
Brothers.
"But," continues Mr. Desvernine, "most of
on
Federal Government
on
the
these defense mechanisms have been dismantled and most
of these ramparts
scaled, not by any authentic act of the
people through their prescribed procedure of amendments,
but rather by 'interpretative amendment' by the courts and
by executive and legislative expropriations in default of
opposition." An announcement bearing on Mr. Desveinine's
remarks further says:
be
to
are
being valued at $19,502,000
at $6,763,000,
Imports,
March,
since
chemical
of
exports
1938,
December,
475,000.
Industrial
Mr. Stewart added that
An
said:
matter further
the
goods were almost double those
as compared with $11,practically the same as in 1938.
"An augury for the 1940 trade is seen in the fact that in December
total exports of merchandise of all kinds from the United States were
37% more than in December, 1938, and imports 40% more," Mr. Wilson
says.
"Total exports in December were the highest for any one month
December,
for
need to be concerned about economic risk.
no
or
within
work
must
little
have
in
announcement
1940
2,
of the preceding year.
the total
slightly above
only
March
Chronicle
The Commercial & Financial
1366
As
highlight
a
on
the milestones past which the Federal Government has
securities, Mr.
been marching to secure jurisdiction over American industrial and economic
dollars
life, Mr. Desvernine points out that Federal taxes, first levied for
or
has avoided the general market and gone directly
insurance companies and other large buyers, was due
years
to
largely,
to
on
As
entirely,
if not
say—
things
law
and public utility issues which would normally become
through the general market.
situation will disappear when
Congress examines the
amends
all
for
Referring
stead
of
The
only
sell
direct
a
fair
circumstances,
and
method
high
prices
ties
the
bankers,
is
fair and equit¬
of
but
much
more
followed by taxation for social
months
industrial and
which
expected
certain
And
ultimate
the
buyer
of
unwar-
corrective and
subsidization
block
sale
bidders
to
who
have
had
bility for, the actual construction of the issue will
the
may
in,
part
no
punitive
of
most
certainly lower
quality of the security and eliminate provisions which, although they
seem
burdensome to the issuer, should be included for the pro¬
tection
of
investors.
responsibilities
been
of
In
the
1933
underwriters
Act,
with
Congress
those
of
clearly
issuers.
identified
This
would
the
goes
to
on
say,
social instrument
and
industry;
the
the
competition
our
and
control
Federal
of
of homes and relief;
provision
as
the
typical
entire economic system."
"Another potent implement used by the expansionists to pierce through
constitutional
barriers,"
avers
Mr.
Elasticity is discovered in
are
devised
to
Desvernine,
every
serve
the
"is
'interpretive amend¬
word of the Constitution and
objectives
of
a
new
political
The progression is constant; each adaptation of the Constitu¬
philosophy.
tion by so-called 'liberal' construction is a new point of departure for further
and further expansion."
Desvernine asserts that
Mr.
necessarily a Democratic
mon
all
to
this governmental
or a
however,
he says,
"appetite for power" is
Republican attribute, but has been
administrations, particularly from
Government,
1900
on.
Of the
com¬
present
"The movement toward socialization of
economic life, under the Roosevelt administration, has received encourage¬
ment as never before at any
unless
period in the history of the United States and,
checked, will destroy the institutions of American democracy."
have
illogical and unreasonable thing to do had Congress contemplated
would be arranged in any way other than through
negotiation.
The language of the Act shows that no such idea
a
'implements of public power'
agriculture
projects with private enterprise; the
securi¬
responsi¬
or
principle," he
a
redistribution of wealth; the regulation of profits—these he cites
not
Auction
Such
Income Tax Amendment into
investor.
is
the
from
The justification for
for the sequestration of large private incomes; the employment of taxes "as
'interpretations'
be
can
purposes.
duty to employ its political functions for
a
objectives.
The distortion of the
ments.'
rather one which tends, under
the pressure it exerts, to extract
buyer.
in¬
Stewart stated:
one
social
has
"certainly contains the germ of industrial socialization."
compel
to
bidding
competitive
not
Government
employment of taxes "to recast
is
of
im¬
public.
recent
by
Mr.
sale
of
It
because
rantly
in
securities
price.
principles
the investment
negotiation,
block
auction
produce
for
agitation
the
to
the
with
investment
for
and
issuers
to
corporations
accordance
in
it
treatment—not
portantly,
to
the country are being denied
unbalanced
and
able
position of decided
in a
are
throughout
investors
them
to
purposes,
to purchase securities of a large percentage of the highest
industrial
This
the large buyers
stand,
now
the opportunity
available
prescribed in the Constitution—were shortly thereafter collected for economic
these two latter purposes, says Mr. Desvernine, "implies the principle that
the Federal
advantage and smaller
grade
He went
Act.
the Securities
to
revenue
only—to provide for the limited political functions of the Government, as
an
that
underwriting
direct
could
have
been
entertained
by
Increases in Tax Rates Have Made It Easier For
People to
According
Congress.
Mr. Stewart criticized inferences
Estates"
developed at Temporary
National Economic
Committee bearing that the investment
banker
becoming
is
rapidly
contended,
capital
many
if not most businesses
without
needs
unnecessary
having to
because,
can now
borrow,
that
it
was
meet their
when
they
Wealthy
Contribute to Charitable Purposes,
to Study
Published in "Trusts and
A
new
and different light is thrown upon the supposed
effect of heavy taxation upon American philanthropy, in a
statistical study of the benefactions of wealth in recent
years
by C. Lowell Harriss of Columbia University, pub¬
do borrow they often go around the investment bankers and
lished in the current issue of "Trusts and Estates," monthly
the public market
magazine devoted tq the interests of trust companies and
trusteeships generally.
Mr. Harriss says:
businesses
has
are
the
reached
through private placement, and that few
since the United States
expanding anyhow,
state of
mature
economy.
Income, estate and gift tax rates have reached new heights during this
decade, especially in the higher brackets.
Chemical
Report-Sees
War
in
Conditions
—
Rising Foreign Trade Under
Exports Reached New High
1939
other
under
by
commodities,
war
Otto
American
The
much
answer
or
so
generous?
is: The Government, within wide limits, relieves a person of
all of the tax if he
uses
his property for any of a very wide variety of
charitable purposes.
Record chemical exports, coupled with rising sales abroad
of
If the Government thus takes
much of one's income or estate, how can one possibly afford to be
conditions,
Wilson,
presage
expanding
according
Washington,
D.
to
an
C.,
foreign
analysis
trade
Pointing out that the laws exempt from taxes gifts to
foundations, Mr. Harriss states:
prepared
statistician
for
the
A person can
as
Chemical
new
high last
Mr.
Wilson
year,
points
Society.
Chemical
exports
reached
a
surpassing those of 1938 by almost 30%,
Imports, on the other hand, were
out.
devote his wealth to the specific purposes he wishes, can
control the investments, and can leave his heirs responsible salaried positions
trustees or co-trustees.
any part
He can also eliminate the difficulties of liquidating
of his estate, such as an investment in a family business, while
leaving his heirs in effective control of the property, if he is willing to devote
the earnings, minus
trustees' fees, to some worthy cause.
Volume
The Commercial & Financial Chronicle
ISO
Mr. Harriss presents a number of statistical
computations,
and also a series of tables,
demonstrating tbat in the first
place, wealthy persons can in effect to a very large degree
give money to charity which they would otherwise have to
pay in taxes to the Government, so that the Government
actually bears by far the larger share of the burden of the
gifts; aDd that at the same time wealthy persons, while
complaining that taxes make it impossible for them to give
to worthy causes, actually bear a much smaller proportion
o2 the support of those causes, than people of moderate means.
1.
very
Individuals'
of
Problems
Effecting
of
Two
main
and
Civil
Sound
Lib
Personal
Are
Recovery
Association
2.
problems confront
United
the
States
today:
first, the maintenance of personal and civil liberties of the
and, second, the obtaining of a sound and sub¬
stantial sustained
Noel Sargent, Secretary of the
Manufacturers, told the Marshall
Wythe Seminar at the College of William and Mary, Wil¬
liamsburg, Va., on Feb. 15.
Mr. Sargent said;
of
American advocates of Communism and other
control
and
over
civil
all
industry and private life apparently
liberties
Most
recovery.
sacrifice
is
worthwhile if
only
obtain
to
sacrifice
should
do we
a
of
be
Americans
personal and civil
Not
systems of full government
sacrificed
do
not
we
retain
can
in
the
of
obtaining
of
believe
us
and
the vital elements
and
(2)
7. The
representative democracy,
our
of
substantial
the
sustained
American
factors:
house
as
can
is
factors
which
in
the
cure
least
at
can
promote instead
of impede
eco¬
foreign
reduce
which
disruptive
disturb
effect
if
our
our
to
promote order
at
home,
giving
us
business
men
(1) A tax system
of
our
may
which reduces
be said in
the country
internal
all
together
are
progress
the incentive
of
the
put
risk
venture
or
One of the most essential steps necessary to
putting this
domestic house in order is the maintenance of good labor relations
capita
country's
Whereas
of Industrial establishments
conform
to
equitable principles
Industrial employees or their representatives fully cooperate with manage¬
mutually satisfactory relationships.
Government
National
provides
a
framework
Association
Study
of law
under
which
both
management
of
of
Employment
Manufacturers
Completes
Regularization
control
taken, was recently completed by the National Association
Manufacturers "to assist manufacturing companies in
of
their efforts to achieve greater employment stability and
greater protection for employees."
The study describes the
various methods utilized to reduce violent
"ups and downs"
in production and employment, and lays emphasis upon the
benefits to both industry and employees,
resultant
Eighty-nine leading manufacturers comprised the N. A. M.
Committee on Employment Relations, which undertook the
study under the chairmanship of A. W. Hawkes, President
of Congoleum-Nairn, Inc., Kearny, N. J.
Details of the
by
special subcommittee appointed
study the problem, which was headed by C. S. Craigmile,
a
Vice-President of the Belden Manufacturing Co.,
Chicago.
In making public the report on Feb. 24 the Association
stated that 35 tested procedures for
stabilizing
employment
industry, successfully utilized in the four broad fields of
production, distribution, personnel and management activity
are analyzed in the
survey, intended to serve as part of the
industry's
nation-wide
efforts
to
stabilize
employment
in
whenever possible.
the
control
efforts
to
The
tion
of
almost
are
management,
entirely
there
following to
the report
say
this week Mr.
regarding the
marked by
process
number of different
greater
external
an
substantial
achieve
the
con¬
that
and
nature
evidence
some
in
factors
success
where
of
beyond
strenuous
degree of employment
report also discusses handicaps faced in some cases
it is pointed out, "definitely limit the ability of
firms to accomplish desired employment regulariza¬
Difficulty
Among
the
major
handicaps
encountered
of
planning
in
advance
because
of
such
factors
as
seasonal
changes
in style, the fact that the customer's
requirements
production schedules, and the need to install new
machinery
for changing models and
designs.
must
control
fact
that
The
fact
that
The
building advance inventories requires tremendous capital.
extent
industries
many
to
which
are
in
dependent
other
commented
in
the
on
maintaining
a
fact
that
regular
and
other
In
this
force
and
entirely
industries.
notably the
companies
many
work
conditions
upon
markets
certain
existing legislation,
law, rigidly restricts the averaging of work hours.
wage-hour
connection
in
the
past
affording
the
had
them
a
greater annual volume of work-hours and
wages by using this now-restricted
method.
•
Harbors
Tied-up
by
Longshoremen's
Strike
A
tie-up
in
coastwise
shipping in
findings
of the group:
This study offers
convincing evidence that industry refuses to accept as
completely insurmountable the factors that militate against the solution
of
this
problem.
Manufacturing concerns throughout the country are
giving increasing thought and study to the feasibility and practicability
of providing their employees with
greater continuity of work.
Southeastern
seven
ports resulted from a longshoremen's strike which started
Feb. 24.
The strike was voted the
day previous, when de¬
mands for wage increases were not met
by steamship
panies.
Associated Press advices from
on
L.
com¬
Jacksonville, Fla., Feb. 25
the strike, said:
Bernard,
Washington, who
representative
came
out, said there had
the
of
Maritime
here several days ago In
been
no
an
Labor
Board
at
effort to avert the walk¬
change in the situation.
Vice-President of the International Longshoremen's
Federation of Labor affiliate, was
expected
can
V.
E.
Townsend,
Association,
here
an
shortly
Ameri¬
and
Mr.
shipping interests
Longshoremen who work coastwise ships, it was
explained by Ike Gray¬
leader of the local union, want a pay Increase of 10 cents an hour to
son,
unload
wage
in line with that received by wharf workers who load and
deep-sea and intercoastal vessels.
Approximately 8,000 union longshoremen in Charleston, S. C., Savannah,
Ga., Jacksonville, Fort Pierce, Port Everglades, Miami and
Tampa, Fla.,
are involved in the strike, voted last
Friday night.
A number of steamship
lines canceled sailings from New York and one
placed an embargo on cargo
moving out of the port.
Similar steps were taken at other affected
ports.
Joseph P. Ryan, President of the International Longshoremen's Asso¬
ciation, said yesterday that he would seek today to have the conciliation
service of the United States Labor Department intervene
to
prevent steam¬
ship companies and dock workers from losing business
"they
back."
On his return
he had not yet
can never win
yesterday to New York from Miami Mr. Ruan said
been officially informed of the longshoremen's strike in
eight
South Atlantic ports.
Referring to reports that the strike was called by the I. L. A. after un¬
successful efforts to avert it had been made
by the Maritime Labor Board,
Mr. Ryan said:
"As far
as
having the Maritime Board,
we wiU not accept
it while Dr. Louis Bloch is
a
with what
On the other hand, we will gladly accept the
we represent.
member, because
ciliation service of the Department of
in Dr. John R.
Steelman, who settled
we
know he is not in sympathy
Labor, because
our
we
con¬
have confidence
strike here in November,"
Negotiations to end the strike in the South were resumed
according to Associated Press advices from Jacksonville,
Fia., Feb. 28 which stated:
So
"the public would not suffer," striking
longshoremen in five South¬
compilation of 68 "case histories" of indi¬
vidual companies which present in detail
practical experi¬
ences with employment stabilization and the
degree of suc¬
cess accomplished.
a
the
of
is
flatten production peaks and
results."
eastern
had
a
a
were:
cargoes
Preliminary to the issuance of
that management
was
continuity.
For the guidance of manufacturers the
report contains
train¬
stabilize production wherever
employment regularization has had a
industries, even in those industries
production
bring their
analysis of American industry's methods of regularizing
employment, said to be the most comprehensive yet under¬
survey were handled
survey
Bernard said he was trying to arrange a
conference with
on the dispute.
An
Hawkes
emerged from the
strenuous efforts to
goods
sumer
James
and employees can work together.
to
that
so
bearing
managers
and
techniques.
accomplished best to the extent that:
ment efforts to establish
i
fact
that regularized employment will result,
the practical application of and
experimentation with
through¬
Nation.
is
(1) The
(2)
significant
possible,
factors
of employment relations.
(3)
A
however, that
convinced that the prin¬
are:
to
examination
flexibility of employees.
brief,
fe(2) A labor situation which promotes discord and disturbance.
the
incidental to the
expense
making widespread and
Southeastern
review
Into employment-providing enterprise.
This
costs.
founda¬
sound
a
recovery?
certainly not the time to
impede economic recovery.
It
the
situations
their
order.
cipal domestic barriers to
out
of
costs.
penalties during peak periods.
increase and extend
continuity of employment for workers."
The report points out:
The
is
whole
a
we
do
we
for national
labor
turnover
employees.
committee
cannot
we
economy
What
which
labor
succeeded
though
internal
This
of
beyond their control—conditions
domestic
unem¬
plant and equipment.
of overtime
elimination
fluctuations,
balance and recovery.
national
tion
of
use
Increased versatility and
many
He continued:
Even
through merit-rating provisions in State
Upgrading of workers.
our
system.
as
The study stresses the "immeasurable benefits" to em¬
ployees of employment regularization in furthering "their
security and their sustained income" through "efforts to
without
recovery
summarized
are
laws.
production and
new
which,
finance.
Presence of
nomic
Reduction
ing of
Absence of foreign situations which drastically disrupt international
(1)
The avoidance
any
Mr. Sargent asserted that "recovery for the United States
must rest upon two
trade
Greater
Lower
6.
real
that
liberties, and the American system of free enterprise.
so believe,
but we believe further than it is possible
completely sound
tax rate
5.
believe that personal
hope
Most
agree.
advantages
efficiency of the plant.
4.
recovery,
Association
of
Increased
3.
is
individual
National
Reduction
ployment compensation
real sense made it easier rather
Main
United States, Says Noel Sargent of
Manufacturers'
these
9.
a
than harder for many to contribute.
and
of
8.
The increase in tax rates has in
erties
1367
follows:
His final conclusion is that:
Maintenance
important
more
ports were ordered back to work temporarily
today to discharge
from vessels loaded before the strike was called Saturday.
a conference with shippers, V. E. Townsend, Vice-President of
Following
the International Longshoremen's
in
Association, issued the order to strikers
Charleston, C. C., Savannah, Tampa, Miami and Jacksonville, Fla.
"We took this step," he said, "in order that the
public would not suffer
in a
dispute which is entirely between the union and the steamship lines."
No steps were taken to end the dispute which has
6,700 men idle between
Charleston and Miami.
Conversations between
Joseph P. Ryan, President of the International
Longshoremen's
Association, and John E. Craig, Vice-President of the
Clyde-Mallory Line and Chairman of the coastwise steamship operators'
committee, continued in New York yesterday but "not much progress was
made," it was said last night by Mr. Ryan.
Negotiations to
Where
points
companies
out,
have
succeeded
"important advantages"
in
this aim,
have
the study
resulted.
The
Pierce and Port
were
end the strike at Miami, Tampa,
Jacksonville, Fort
Everglades, Fla., Savannah, Ga., and Charlestown, S. C.,
resumed in the South and
the I.
L.
A.
leader said,
"we
seem
to
be
close to
pretty
agreementJwith the Refrigerated Steamship Lines."
the five companies affected by the strike.
an
(United Fruit Company), one of
Vessels of the coastwise lines
affected which also includes the Clyde-
Savannah,|Bull and Merchant and Miners Lines, remained
of the embargo placed on caigo as a result of the strike.
Mallory,
because
idle
payers
and
2,
1940
whole, and I think it is, then we can assume that about one
million families would have to reduce some part of their
a
as
half
a
March
Chronicle
The Commercial & Financial
1368
curtail their purchasing power at some point, in order to
additional 10% income tax.
do they plan to cut?
Whom will their curtailments affect?
expenditures,
an
pay
Where
questions are very interesting; interesting not
"one-third who are ill-fed, ill-clothed, ill-housed."
the answers prove that we have reached the point in taxation where
further increase in taxes means an increase in unemployment.
other words, when the taxes are raised on you men in the middle class It Is
The
those
to
answers
only to you but to the
York Launches Mem¬
Campaign—Program Divided into Con¬
servation, Production, Coordination and Service—
Representative Bruce Barton Decries "War Against
Middle Class"—Remarks of J. D. Maguire
Association of New
Merchants'
bership
Administration in Washington is conducting
a
"war against the middle class," Representative Bruce
Barton of New York said on Feb. 26 in an address before
the Merchants' Association of New York City.
Mr. Barton
said that a Government "which bases its policies and pro¬
gram on burdening the middle class, and assumes that in
so
doing it is working no hardship on the poor, is eco¬
nomically illiterate."
The destruction of the middle class,
he continued,
means the destruction of democracy, and
"without a prosperous middle class there is no security
for anybody."
Representative Barton's address featured
a luncheon of the Association at
the Hotel Astor at which
it launched its membership campaign, on the eve of
the
opening of which John Lowry, President of the Associa¬
tion, announced that its program of activities had been
reviewed and brought up to date with the idea of fitting
them to the exact needs of business in 1940.
Included in
the new program are such items as limitation of national
expenditures to indispensable public needs, a reduction in
State taxes, increased trade with Latin America, work to
present
The
greatest convention year, promo¬
understanding between the public and
business, and ascertainment of the causes of the loss of
industry by New York.
In making the program public Mr.
Lowry declared:
1940
make
of
tion
any
In
however powerful,
enterprise,
the proof.
Here's
Sixty
would
cent of the men who answered my
cutting down on entertainment—in
per
begin
clubs,
That
less
means
Fifty-three
employment and
people, etc.
as
they would have to reduce their savings
put aside for the education of children
said
cent
per
a
said that their contributions to charity had already been
further diminished.
colleges, hospitals, and all benevolent and philanthropic
Forty per cent
be
would
and
cut
for waiters caterers, theatrlca
fewer Jobs
most cases, are being
provision for old age.
which, in
or
questionnaire said they
their homes, in their
etc.
restaurants,
theaters,
at
and motion picture
Good news for churches,
organizations.
Forty
is
wearing apparel;
they would buy less
also that
said
cent
per
"the old suit
year."
necktie workers, and other employees In the clothing Industry
little shabby, but make it do another
a
Tailors, shoemakers,
will be Interested In this statement.
Mr. Maguire stated that every
business man in New York
citizen to do his part
it to himself and to his fellow
owes
of
upbuilding
the
toward
Mr. Maguire
Association.
the
also said:
I
selling
am
business
I am selling a policy as important to every
It seeks to protect him—
insurance.
policy he may procure.
any
as
man
pernicious legislation either by the city, State, or the
1. Against
Federal Govern¬
ment.
unjustified taxation.
2. Unwarranted and
Government-subsidized agencies.
gangsters, racketeers and other unauthorized
3. Unfair competition from
originated by
Labor troubles
4.
labor agitators.
seeks
It
deal in any adequate
can
with the forces behind hostile, short-sighted or foolish laws and regu¬
lations.
Adequate protection for business requires more than constant
watchfulness and more than expert study of many complex public ques¬
In the classes further down.
going to mean loss of Jobs
better
a
individual
No
York's
New
For
provide to the policy holder—
to
Safety for his business.
a.
way
determined action backed by numbers.
talks lounder than numbers among the politically minded.
Nothing
requires
it
all
Above
tions.
luncheon,
New York, who also spoke at the
Chairman of a committee comprising nearly
500 business men through which the Associations member¬
is the General
ship campaign will be carried on.
Arthur A.
Under-Secretary of the Treasury, who
Ballantine,
recently be¬
Chairman of the Associations Members' Council, pre¬
at the luncheon.
From the remarks of Representa¬
Guardianship against the social termite who Is
c.
Better coordination
d.
well as
These
How
came
retain
Bruce Barton
of you
ened
by
who
extension of the paternal theory of government.
WORK and PAY.
When, therefore, the statesmen
must
every
few
learned,
have
groups
will
you
squawk
for
vote
to
candidates
will give you
who
a
break.
So
are
beginning
just
to
now
get
the
bad
real
The seven
news.
the Association's mem¬
Each
Chairman will act as
Division
divided according
20 to 100 committeemen
from
in which
industries
and
they
are
engaged.
divided into four main
Conservation, Production, Coordination and Serv¬
to its program for conservation the Association
The Association's new program is
sections:
Asi
ment of
of riotous governmental living are ended ; the banquet is over, and
the waiter is bringing in the chack.
defense.
of
relief
New
York State taxes.
in
with
relief methods
wasteful
accordance
sary
due
sound economic
with
July
neces¬
Reduction
in
systems before
of the Zoning
Plan.
Adjustments
Reform of the unsound municipal pension
1940.
Sound city planning, especially revision
1,
and
Regulations
the
provision for
policies.
limitation of the expenditures of the city
Sound
government.
in
and
conserve
public finances to meet any emergency.
An adequate program
Protection of the interests of the Port of New York.
our
elimination
The
shall
America
that
The Merchants' Association is working for:
Limi¬
to indispensable public needs and adjust¬
expenditures
national
of
tation
demand
times
Conservation—The
develop her strength.
development
speedy
the Master
of
of the capital gains tax and other
laws, including elimination
tax
the investment of private capital—re¬
vamping of the city relief taxes to make them less irksome—a more
general spreading of the visible tax load.
calculated
changes
politicians don't lose any sleep worrying about you.
we
You
divisions
who will participate in
trades
of national
you
the
18 the names of those
Feb.
on
says:
will not do anything.
You go
right along foolishly dividing yourselves between the Republican party
and
the Democratic
party.
You never have learned, as the pressure
while
that
know
of
the
and the
and
unemployed.
We never hear anything about you.
There are only a
more than
3.000,000 of you who pay income taxes anyway, and we
the
answer
announced
campaign.
bership
leader
The
Division Chairmen will head the various
of workers
ice.
enemies or reward your friends.
Congress we hear plenty about labor, the veterans, the farmers,
In
insur¬
in the
How did they attain and how do they
is obvious.
It is through the number
who join up in a mutually objective plan.
Maguire
as
It is he
ought to do,
they really mean to decide WHAT THE FORGOTTEN MAN SHALL DO."
Well, gentlemen, politically you do not amount to anything.
You are
not organized; you have no spokesman, no champion, no power to punish
your
to pay.
upon
legislation?
status?
their
who
philosophers sit down to think what the State can or
social
called
industry and
policy holders
to
"annual dues,"
through a misnomer commonly called
of us present have ever thought of the large mutual
in our country who wield much influence both
many
of
Mr.
take the following:
we
gentlemen is a "forgotten man."
That phrase, as you know, was not coined by the present President of
the United States.
It is first found in Professor Graham Sumner's book,
"What the Social Classes Owe to Each Other," published in 1883.
.
.
.
The real "forgotten man" for whom Professor Sumner felt sorry was
the middle class
citizen.
"I call him the Forgotten Man,' he says,
"because I have never seen any notice taken of him in any of the dis¬
cussions.
It is this Forgotten Man (the middle class man) who is threat¬
Each
features of
many
companies
ance
of
of the
few
a
insured is
the
which
field
tive
the
is
writer
and the public, as
the policy.
The under¬
Merchants' Association of New York.
The premium is the
but
are
negligible amount,
former
sided
attempting to undermine the
of America.
and understanding between business
between business and the Government.
nisiness and social standards
President of the Federation Bank
Jeremiah D. Maguire,
& Trust Co. of
business.
any way to
n
1b. Representation before legislative and civil groups on all matters pertaining
to
encourage
years
think is elected to pay the check? You are—you, the
forgotten men.
In a press conference a few weeks ago the President threw out one of
those light-hearted, hit-or-miss comments so typical of our boasted "eco¬
nomic planning" to the effect that a 10% increase in income taxes would
finance the proposed expenditures for economic defense.
He added airily
that such an additional tax would be easy to collect (we politicians know
And who do you
middle
where
the
class—you
to
find
you;
you
are
all
in business and listed
in
the telephone
directory), and he added that such a tax would be socially desirable since
it would not "hurt the consumer."
In other words, it is not a tax that
be
can
passed
to the masses
on
city
this
governments
not
shall
give
a
political
a
based
brief answer to that question.
classes
of
are
reducing
No
men.
on
supposition,
insurance,
a
none
of typical middle
is poor.
Their incomes
group
and then
I
homes
on
which
they
are
so,
would
have
to
gradually
asked
these men to figure out and report
10% increase in their income taxes would
asked:
"Would this added tax necessitate any changes or cuts In other
Just exactly
an
year
and with
I
mortgages.
budget, and, if
but
to $35,000, or 'perhaps $40,000.
Most
in their 30's and 40's, married, with children to educate,
men
life
the
to,
based
of them is Tich;
one
$6,000
anonymously just how much a
amount
answer
partisan answer;
facts.
from around
some
an
Not a
circulated a questionnaire among a
class business
of them
Not
answer.
on
recently
Tange
with
the middle
multitudes?
answer
I
indefinitely bleeding
on
Items of
make
cuts.
who answered the questionnaire said they
If this group is representative of income tax¬
men
encourage
housing and
a
slum
clearance program
to
be car¬
Better building by keeping the New
City Building Code up to date.
Shifting to private contractor* of
necessary
construction work now done by WPA.
Increased trade with
Latin-America; development of special opportunities to increase the City's
tourist trade.
Ascertainment of the causes of the loss of industries which
out
by
enterprise.
private
York
New
York
this
migration
has
experienced,
and
increase
in order that steps may be taken to check
the City's factory employment and output.
ican
life—business, capital, labor and the public—shall be
united
in
thought and
Continued
the
public
ment
sound
and
work
and
closer
business.
business
ideas
for
under
with
the
action.
relations
The program includes:
and
better
understanding
between
Support of sound cooperation between govern¬
on forestalling the
imposition of un¬
emphasis
guise
of
meeting
emergencies.
Limitation
of
Development of a fairer atti¬
tude of the government toward public utilities.
A check on government
competition with private business and repeal of laws interfering with the
flow of capital.
Development of cooperative relations between manage¬
ment and labor on a voluntary basis, including the drastic amendment of
government control over private enterprise.
Relations
law.
Service—Recognizing,
as
the
National
Labor
a
service
organization,
the
greater obligation and opportunity imposed by present con¬
you
where would you cut?"
half of the
to
Laws
ried
Coordination—The times require that the forces of Amer¬
groups.
country without in any way affecting the jobs or the living standards
of the
I
go
can
in the lower income
Is it a fact that the national and State and
Well, now, is that true?
Declaring that production is the basis of all employment,
Associatiation indicates that is working for:
The
ditions,
To
be
The Association
at
the national,
all
times
is determined:
prepared to place
our
facilities at the disposal of
State and local authorities for service in the event of emerg-
Volume
The Commercial & Financial Chronicle
150
To keep abreast of all developments brought about by the war abroad
and by changing domestic conditions to the end that the business
public
ency.
continue
may
from
The
have
to
the
Association's
staff
of
of
type
same
up-to-date
advice
in
past.
specialists
as
the
and
counsel
Feb. »10,
925.
page
as
liner Manhattan after
lecture tour of South America and
a
a
In
sailing,
particularly impressed
Mr.^Guedalla said that he
was
with the
an
interview before
futility of straw polls as a measure of public opinion.
on this subject as
reported in the New
York "Sun" of Feb. 24 we quote the following:
have been reading not
only
news
Somehow they have struck
but also the polls
me as
number of
a
on
peculiar feature of life in
a
a
democracy.
historian and lawyer,
a
I know that under the Constitution there is
which is carefully guarded by law, of taking the
the opinion among the American people.
As
democrat I
a
of
measure
am
very sus¬
picious of any other method, especially if it is privately done and is
con¬
cerned with only a fraction of the public.
Before
attaching
opinion based
on a
the slightest
importance to
to
You
communicate to this Government any matters which may
course,
come to your
feel will
attention in the performance of your mission which you may
the best interests of the United States.
serve
success
mission, I am,
on your
FRANKLIN
,
D.
yours,
ROOSEVELT.
Taylor sailed from New York oil Feb. 17 (noted in
24, page 1212) and arrived in Rome on
He held a preliminary talk with Luigi Cardinal
Maglione, Papal Secretary of State at the Vatican on Feb. 26.
issue of Feb.
our
Feb. 25.
♦
Undersecretary of State Welles Visits Premier Mussolini
—Also
From his comments
one way,
further communications
Mr.
two-month visit in the United States
As
to personally convey
Measure of Public Opinion Called Futile
Philip Guedalla, British historian, lawyer and former news¬
paperman, sailed for Europe Feb. 24 on the United States
•only
you
I may from time to time request you to serve as a channel of
communication for any views I may wish to exchange with the Pope.
With all best wishes and
by Philip Guedalla
I
asking
His Holiness.
1369
Very sincerely
Straw Polls
subjects.
also
am
will, of
Previous reference to the campaign appeared in our issue
of
I
any
diagnosis of public
privately selected register of voters, I should want to
Confers
sations Held in
with
Chancellor
Hitler—Conver
Secrecy
United
States Undersecretary of State Sumner Welles,
visiting Europe as a representative of President Roose¬
velt to explore it is reported, possibilities of peace after the
conclusion of current hostilities, called upon Premier Mus¬
solini of Italy in Rome on Feb. 26, nothing of an official
nature, however, being divulged as to the conference. Follow¬
ing his talk with the Premier Mr. Welles left, via Switzerland,
for Berlin, where he was scheduled to have a similar confer¬
who is
with Chancellor Hitler of
ence
Germany. He will also visit
returning to the United
be told at the top of each statement exactly how many voters were con¬
Great
sulted.
States, and expects again to call upon Premier Mussolini in
Rome before he leaves Europe.
Under date of Feb. 27
When
I
told, for example, that 62% support this view
am
or
that I want to know 62% of what?
Britain and
before
France
United Press accounts from Rome said in part:
Myron C. Taylor Received
at
Rome by Pope Pius XII
President Roosevelt's Personal
as
Envoy—Presents
Letter Expressing Hope for Parallel Peace Efforts.
Myron C. Taylor, personal representative of President
Roosevelt to the Vatican, was received by Pope Pius XII
on Feb.
27.
Mr. Taylor presented to the Pope a letter
written by Mr. Roosevelt stating that the appointment was
made "in order that our parallel endeavors for peace and the
Under
sonal
of suffering may be asisted."
Inasmuch as
Taylor represented the President only as a personal
envoy, there were no exchange of credentials.
The Presi¬
dent's letter to the Pope expressed the hope that "the
common
ideals of religion and humanity itself can have
united expression for the re-establishment of a more per¬
manent peace and the salvation of freedom and assurance of
the life and integrity of all nations under God."
The President in
defining Mr. Taylor's position said:
and
and I may wish to exchange in the interest of concord among
Taylor the President expressed the
idea.
The Pope asked that Mr. Taylor convey his best wishes to the President
included
come
Taylor
Harold
message.
H.
assigned to
.
an
Tittman
Pope,
serve as
...
Jr.,
The
American
Counsul
General
at
Taylor
Secretary
of
Geneva,
Cardinal
Maglione,
who returned
the
on
courtesy
The
THE
WHITE
"Premier
you
my
own
representative in
Your Holiness
was
good enough to reply that the choice
C. Taylor as my representative was acceptable and that
you
would receive him.
There
to
efforts
on
His humani¬
behalf of those whom political disruption has rendered
I shall be happy to feel that he
be the channel of communication for any views you and I may wish
was
Ribbentrop.
.
,
.
William
Phillips
present,
re¬
or
fou
possibility the Under-Secretary, who will return home via
a
Paris and London
bassador, along with
von
had
well
as
Berlin, will
was a guest at
half hour's
a
see
Europe.
luncheon guests of the Am¬
were
Mr. Welles, while the German Ambassador,
Mackensen,
Welles
Mr.
as
Court Ciano again after his swing around
The French and British Ambassadors
Hans
tea.
talk
with
the
British
Ambassador,
Sir
Percy Loraine, before luncheon.
We also quote
in part from Associated Press Berlin ad vies
of Feb. 27:
Chancellor Hitler's speech last Saturday (Feb. 24) was regarded by many
furnishing the framework
as
his probable
for
He left
no
exposition
of the
German
doubt that Germany demands
a
free
hand in middle and southeastern Europe, at least in continguous nations
the east and southeast, and at least as far as agreeable to Germany's
to
special friends.
Der Fuehrer also reiterated de¬
Russia and Italy.
mands for return of the colonial empire lost in the World War.
early
on
Feb. 28.
Rome
advices of Feb. 28 to the United Press said in part:
Officials
of
the
Foreign Office and
farewell at
the American Embassy
the railway
station.
Welles
Mr.
bade the
reach
will
Zurich this afternoon and will spend tonight in Switzerland visiting with
United States Minister Leland Harrison before continuing to the German
As he left Italy all Europe was buzzing with these speculative
capital.
reports:
special envoy may be informed in Berlin that Ger¬
considering mediation in the Russo-Finnish war as preliminary
"peace drive" to end Europe's full dress war.
That Hitler is prepared to give Mr. Welles a detailed program for general
a
is
new
peace
but is not prepared to take the initiative in efforts to negotiate with
Britain and France.
That President Roosevelt's personal letter to Premier Benito Mussolini,
which Mr. Welles delivered at his conference with II Duce Monday, was
far more than
letters
similar
Daladier
on
and
a
a
letter of greeting and that the Undersecretary has
Hitler, French Premier and Foreign Minister Edouard
Prime Minister Neville Chamberlain, which may
mere
to
British
"peace plan "
and good
Taylor to convey my cordial greeting to
you,
my
old
friend, and my sincere hope that the common ideals of religion
and of humanity itself can have united expression for the restablishment of a
permanent peace on the foundations
of freedom for the
The Undersecretary would confirm none of
previously announced
assurance
of
intention
to say
the reports and stuck
to his
nothing and withhold all infor¬
his tour for his confidential reports to the President
mation he gathers on
and Secretary of State Cordell Hull.
He did reveal at a
exchange }n the interests of concord among the peoples of the world.
I am asking Mr.
more
von
Welles-Mussolini conversation said:
Ambassador
with
Italy after conversations in
bear
hopeless are well known to Your Holiness.
may
Joachim
and
German Chan¬
entrusting this special mission to Mr. Taylor, who is a very old
friend of mine and in whom I repose the utmost confidence.
tarian
Mussolini,
the
of
announcement
conference
satisfactory ground¬
a
Mr. Welles decided to shorten his stay in Rome from the "three
to
order that our parallel endeavors for peace and the alleviation of suffering
am
Welles-Mussolini
indications that
conversation which lasted one hour."
many
of Dec. 23, 1939, I had been honored to suggest that it
give me great satisfaction to send
of Mr. Myron
were
That the American
Holiness:
might be effected.
Mr. Welles
tonight and the indications
ceived the American Undersecretary of State, Sumner Welles.
Mr. Welles
delivered a signed message from President Roosevelt.
There was a cordial
HOUSE
Washington, D. C.
I
official
Undersecretary
Pope
Pius XII, delivered by Mr. Taylor, follows, according to
United Press advices of Feb. 27 from Vatican City:
would
surrounded the
secrecy
cellor Adolf Hitlerand his Foreign minister,
this
The text of the letter from President Roosevelt to
In my letter
which will follow it.
Mr. Welles left Rome for Berlin
the Papal
afternoon at Mr. Taylor's hotel.
Your
per¬
said
Mr. Taylor's secretary, arrived in another automobile.
concluded his visit by the usual formal call
State,
peace
work has been laid for Welles' impending conference with
At the end of the conference, Mr. Taylor presented him to the Pope.
Mr.
greatest
the Roosevelt letter but there
two
the
a
have
to
long conference with Foreign Minister Count Galeazzo Ciano
a
position to Mr. Welles.
„
.
automobile sent for him by the
conducted immediately to the Pontiff and presented Mr.
was
Roosevelt's
in personal
.
the Vatican in
Arriving at
Mr.
especially since he had been able to
Duce with
II
believed
in advance of his conference with Mussolini.
and the people of the United States, saying he had a great admiration and
with them.
long conference with
a
was
that the Under Secretary was well pleased with his work here, which
Viktor
Following the presentation of letters, the Pope and Mr.
Taylor held a private conference lasting about 40 minutes.
Associated Press advices from Vatican City, Feb. 27, said:
contact
which
Roosevelt
investigate the outlook for the
were
Benito Mussolini and
In his letter to Mr.
affection for them,
President
days" first planned and go direct to Berlin, leaving here at midnight.
the peoples of the world.
same
Sumner Welles had
Mussolini yesterday and presented
from
and his party will leave for Germany at midnight
I shall be happy to feel that he may be the channel of communication for
any views you
Benito
letter
that Mr. Welles' task is to observe the background of the European war
alleviation
Mr.
State
Secretary of
Premier
press
conference
that he intends to
see
Mussolini
again when he returns here from his swing through Germany, Britain and
France, but gave no indication that he expects any important development
from the second conversation.
When asked if he had been consulted about the unexpected communique
Cordially, your friend,
D.
My Dear Mr. Taylor:
purpose
earliest convenience to Italy, there to act as my personal representa¬
rank of Ambassador to His Holiness Pope Pius XII.
My
in entrusting you with this mission is set forth in myletter of Dec. 23,
1939, to the Pope.
(A copy of the letter is enclosed.)
Monday night, Welles answered, somewhat shortly:
Benito
Mussolini,
which
was
released
by the
The communique was drawn up and put out entirely without my
knowledge."
Mr. Welles said he expects to leave Zurich for Berlin Thursday morning
and
to
arrive
in
the
German
capital
Friday morning.
The letter from
President Roosevelt which he presented Mussolini, he said, was merely a
letter of introduction containing the usual greeting from the President to
II Duce.
Reposing special faith and confidence in you, I am asking you to proceed
tive with the
with
Government
"No.
ROOSEVELT.
The text of the President's letter to Mr. Taylor on appoint¬
ing him as representative which was also presented to the
Pope by Mr. Taylor was given in the same advices as follows:
at your
conversation
on
of all nations under God.
FRANKLIN
his
Italian
the life and integrity
Mr.
Welles'
proposed visit abroad
was
noted
in
columns Feb. 17, page 1081 and Feb. 24, page 1212.
statement issued by President Roosevelt on Feb. 9
regard thereto, follows:
these
The
with
«
T7ze Commercial d
1370
At the request
of the President, the Undersecretary
of State Mr. Summer
Italy, France, Germany and
Great Britain.
This visit is solely for the purpose of advising the President
and the Secretary of State as to present conditions in Europe.
Mr. Welles will, of course, be authorized to make no proposals or com¬
mitments in the name of the Government of the United States.
Furthermore, statements made to him by officials of governments will
be kept in the strictest confidence and will be communicated by him solely
Welles will
proceed shortly to Europe to visit
President and the Secretary of
to the
Death
State.
Griswold, Official of International
Telephone & Telegraph Co.
Col.
of
Griswold, Vice President and Director of
the International Telephone and
Telegraph Corporation,
died on Feb. 24 at the New York Hospital.
He was 60
former Executive Vice
President of the Postal Telegraph and Cable Corporation,
and had played an important part in forming the American
Telephone & Telegraph Company's radio policies during
the early Nineteen Twenties.
He was Director of telephone
and telegraph service of the American Expeditionary Forces
during the World War.
The following account of his career
Griswold
Col.
old.
years
Illinois in 1901 with the
He entered the Western Electric
ing.
August, 1901, as an
Company factory at Chicago in
apprentice.
He Joined Pacific Company
After
working in the company's shop
attained resources of about
of 1929 the Continental & Commercial
absorbed the Illinois Merchants Trust Co.,
and Mr. Reynolds became Chairman of the Executive Com¬
mittee of the enlarged bank, a post he held until March, 1932,
when he succeeded his brother as Chairman of the Board of
Directors.
This office he held until March, 1933, when he
In the early part
National Bank
handled the disposition of all Sginal Corps property
Adjustments, which
We quote again
retired.
The
Chicago and the
largest in the country,
& Trust Co.
Bank
recounting his other activities, the same paper said:
Reynolds came into nation-wide prominence during the financia
crisis of 1907.
In that year, while he was Chairman of the Executive Com¬
mittee of the American Bankers Association, he also served as a member
of the Chicago Clearing House Committee which took charge of the finan¬
cial situation during the panic and rescued many of the city's financial
In
Mr.
institutions.
.
the national monetary com¬
mission to Europe, which studied foreign financial systems, an investiga¬
tion which was one of the preliminaries to the establishment of the Federal
Reserve System.
In 1909 William Howard Taft, then President, invited
Mr. Reynolds to become Secretary of the Treasury in his Cabinet, but the
He headed the company's engineer¬
national Western Electric Company.
and had charge of the engineering and installation
of the first long-distance telephone cable in Europe, which was constructed
between Stockholm and Goetborg, Sweden, in 1920.
Returning to the United States in 1921, Col. Griswold became assistant
Vice President of the American Telephone & Telegraph Co. in New York.
He had a major part in the engineering and building of the original Station
which was sold to the Radio Corporation
A. T. & T. had withdrawn from
of America after the
Mr. Reynolds
declined.
served
President of the Postal Telegraph & Cable
time as Executive Vice
He held the latter post until 1938.
been in charge of the I. T. & T. telephone and radio
Corp.
been identified in various
when the Federal Reserve
the Federal Reserve
Bank
Citizens' War Board of Chicago
During his last year in
associations in 41 States to
prior
.
.
.
Chairman of the
Corporation, which organized local loan
aid distressed banks during the collapse of 1932,
establishment of the Reconstruction Finance
headed the Chicago loan agency of the
the
to
in 1917.
banking Mr. Reynolds was
Credit
National
$500,000,000
Until his retirement he
Corporation.
RFC.
Hughes of U. S. Supreme Court
Justice
Chief
Marks
Tenth Anniversary
Hughes completed 10 years of
United States Supreme Court.
Chief Justice Hughes, who is 77 years old, was appointed
by President Hoover in 1930. Washington Associated Press
advices of Feb. 24 said:
The Chief Justice presided over the Supreme Court during, perhaps, the
most
turbulent decade of its history—climaxed by the Congressional
On Feb. 24 Charles Evans
service
Chief Justice of the
as
Roosevelt's court reorganization bill.
absent a single day on account of illness until
The Chief Justice was not
1924 Col. Griswold was made
same
Bankers Association,
capacities, in 1909 and
System was established he becam^a director of
of Chicago.
He also had been President of the
President of the American
as
with which he had long
struggle Over President
radio broadcasting operations.
Vice President of the Southern Cali¬
fornia Telephone Co. and in 1925 he became Vice President and operating
head of the Pacific Telephone & Telegraph Co.
He was named Vice President of the I. T. & T. in 1928, serving at the
In
he served as an advisor to
work as assistant chief engineer of the Inter¬
ing activities in Europe
WEAF,
biUion-dollar banking institution for
The consolidated bank became the second
under the name of the Continental Illinois National
Middle West.
in Europe.
He returned to peacetime
from the "Times":
established the first
merger
Chicago banker
road in telephone central office installation work,
he joined the Pacific Telephone & Telegraph Co. at San Francisco in 1905...
In 1917 he entered the army as major in charge of the 411th Telegraph
Battalion.
At first he was director of long lines of the A. E. F., and then,
in March, 1918. became director of telephone and telegraph services.
In
this capacity he was in charge of the construction, installation, operation
and maintenance of all Signal Corps lines of the A. E. F. in Europe.
He was commissioned lieutenant colonel, was decorated by the French
Government and received the Purple Heart of the United States.
After
the armistice he was appointed a member of the Signal Corps Board of
$400,000,000.
important in the country.
of the half-dozen mo6t
was one
departments, in the engineering
department and on the
and Commercial
the Board. He
bank then had
which continued to increase, and
head of the Continental
1920, becoming Chairman of
Arthur Reynolds.
The
brother,
by his
succeeded
was
The following year
University of
degree of Bachelor of Science in Electrical Engineer¬
111., and was graduated from the
born in Milo,
was
a
York "Times" of Feb. 25:
is from the New
He
was
Reynolds retired as active
Mr.
and affiliated institutions in
H.
Colonel A.
March 2, 1940
Financial Chronicle
An attack of grip kept him
last Mar. 6.
Then
returned to Washington in October
17.
duodenal ulcer.
Justice Hughes
recovered
however, and when
rapidly to treatment,
responded
It
from the bench until April
announced he had contracted a
June 3 it was
on
he was described as having
completely.
Col. Griswold had
operating subsidiaries
Chile, Cuba, Mexico,
providing telephone service in Argentina, Brazil,
Peru, Puerto Rico, Rumania and Shanghai, and was
director of many other
associated companies.
Death of George M.
Reynolds, Noted Banker of Conti¬
Chi¬
nental Illinois National Bank & Trust Co. of
cago,
also
Commission
Former Chairman—Served National
in Europe—Declined Treasury Post
Under President Taft
leading figure in national finance,
in Pasadena, Calif., on Feb. 26.
Mr. Reynolds, who was 75 years of age, retired as Chairman
of ttie Board of Chicago's largest bank, in January, 1933,
after having been identified with banking in that city for 35
years.
Born in Panora, Guthrie County, Iowa, and educated
in the public schools of Guthrie County, he began his banking
career at the age of 14, in 1879, as a clerk in the Guthrie
County National Bank.
Seven years later he entered the
real estate field engaging in that business for two years in
Nebraska.
Returning to the Guthrie County National
Bank in 1888, he became Cashier and Manager, and re¬
mained until 1893, when he moved to Des Moines, Iowa,
Co. of Chicago,
111., and
to become
a
son
Cashier of the Des Moines National Bank.
Two
later he was elected President of the institution, an
office he held until 1897.
In that year Mr. Reynolds went
years
Chicago, where in the same year, he was elected Cashier
of the Continental National Bank.
Five years later he was
to
promoted to Vice President and early in 1906 was chosen
President.
During his Presidency the bank was consolidated
with the Commercial National Bank under the name of the
Continental & Commercial National Bank and subsequently
a trust and savings bank of the same name was organized.
We quote below iD part from the account of his career as given
in the New York "Times" of Feb. 27:
By
field.
1917 his institution had become dominant
While
he
was
a
As
President
$34,000,000
in
and the National Bank of North Amer¬
he had merged into it,
had $72,000,000 in deposits,
deposits,
besides the Commercial which
the American Trust and Savings Bank, with
and
the
Hibernian Banking
Association, with
When he entered the Continental it had $2,000,000 capital
$14,000,000.
The
consolidations
added
deposits of all Chicago
field.
banks
at
and deposits
$148,000,000 to its
and it gained $170,000,000 from growth so that it had
total
Duties
should stay out of the
question the United States
"without
In Boston
from
on
he will retire
completion of his duties at London.
relative to the Ambassador were given in
Feb. 20 Mr, Kennedy said that
public life
Previous items
our
on
issue of Feb. 17, page
Confirms
Senate
1678.
Appointment
Col.
of
the time
deposits
50% more than the
he entered the Chicago
Fleming
as
Wage-Hour Administrator—Warns Employers to
Comply With
Act—Cites Atlantic Coast Line
Ruling
appointment of Colonel Philip B. Fleming as Admin¬
and Hour Division of the Department
Labor was confirmed by the Senate on Feb. 19.
The
The
istrator of the Wage
of
nomination
Fleming
Colonel
of
columns of Feb.
17, page 1081.
was-
mentioned
in
these
In his first statement after
Administrator, Colonel
their houses
in order" to avoid employee suits for unpaid wage? under
the minimum-pay standards of the Wage-Hour law.
Re¬
porting
this,
Washington
Associated
Press advices of
officially
the
assuming
title
as
Fleming issued a warning to employers "to put
Feb. 19 said:
N. C.,
the Atlantic Coast
Line RR. for back pay and damages.
In this suit, Mr. Fleming said,
it was shown that the railroad charged some employees excessive rental
for converted box cars, "many of which were in fact non-existent," in an
attempt to show a legal hourly wage rate on the books.
He
called
awarding
attention
to
a
Federal
court
at Fay'etteville,
decision
judgment to five maintenance employees of
a
Regarding the court decision Washington advices, Feb.
the
to
The
Baltimore
"Sun"
five men, acting
under Section 16 (B) of the Fair Labor Standards
Act, had brought suit against the Atlantic Coast Line
allegedly due them
Today
at
in back
wages,
Fayetteville, N.
C., Judge Isaac M.
of
Meekins, of the Federal
North
Carolina,
total of $1,072.20, representing back wages,
a
Eastern
District
group
and
the
RR. for the amount
plus an equal amount for damages.
Court
for
19
said:
District
$26,000,000.
of
London—To
Joseph P. Kennedy, United States Ambassador to Great
Biitain, sailed on Feb. 24 on the United States liner Man¬
hattan to return to bis post in London, from which he has
been on leave for three months. Mr. Kennedy was unwilling
to discuss international affairs but said he believed that
in the Chicago banking
subordinate officer it acquired the International
Bank and the Globe National Bank
ica.
in
Post
for
Public Life at End of Present
Retire from
war."
George McClelland Reynolds, former Chairman of the
Board of the Continental Illinois National Bank & Trust
died at the home of his
Sails
Ambassador Kennedy
awarded
the
damages, court costs
attorneys fees.
"While
were
the
about
each case,"
judgments
awarded
these
five
maintenance-of-way workers
and attorneys' fees of $100 for
Colonel Fleming noted, "this verdict evidently presents a very
$100
each,
plus
court
costs
Volume
serious
The Commercial & Financial Chronicle
ISO
situation
the railroad,
to
similar suits may be
as
"This
suit
Hour
United
employees
of
fact
railroads
States
Sounding
am
merce—who
box
converted
for
show
attempt to
an
operated,
road
of
class
of
ranking thirteenth
cars,
were
which
of
many
legal hourly wage rate
a
have
this
to
employers,
the
in
not
yet
the
in
or
hope
that the
like
production of
their
put
this
houses
in
accumulate
added:
the Administrator
by the wage and hour law—that
commerce
before situations
so
subject
goods
interstate
order under the
will
proportions."
Confirms
Nomination
Director
of
of
J.
J.
increase
serves."
as
a
recom¬
our
the
The
excessively
already
Council
is
bank re¬
following
large
of
composed
the
members:
Federal
Reserve
District
No.
Federal
Reserve
District
No.
(Boston)—Thomas
2
(New
of
New
of
Steele
M.
York)—Leon
Fraser
New
Y.
N.
Reserve
Philadelphia,
Federal
CCC
1
Conn.
Haven,
York,
McEntee
in
foreign silver by the Secretary of the Treasury.
The
expressed itself "unanimously of the opinion that
these purchases of foreign silver should be discontinued
forthwith, particularly in view of the fact that silver pur¬
Federal
Senate
adopted
given
was
Council
com¬
Act,
Council
silver the
(the text of which
of
is, those engaged
for
to serious
of
management
of
Feb. 24
issue, page 1209) in which it noted the consideration by
the Senate Committee on Banking and Currency of the
Senate bill (S. 785) which would discontinue the purchase
chases
calling attention
interstate
do
miles
this
of
many
corporation
average
warning note to other
a
establishments covered
in
in
rental
excessive
non-existent, in
that
revealed
$80,000,000
an
books."
the
"I
Independently
Richmond
at
this railroad,
charged
in
were
Brought
brought by these employees independently of the Wage
after an injunction suit brought by the Division in the
Court
United
being
on
was
Division
States
among
the
mendation
Suit
and
On
brought by other
workers.
1371
No.
District
3
(Philadelphia)—Howard
Loeb
A.
of
Pa.
Reserve
District
No.
District
No.
4
(Cleveland)—B.
G.
Huntington
Co¬
of
lumbus, Ohio.
Senate
The
nomination
of
26
James
confirmed
J.
Feb.
on
McEntee
President
of
New
Roosevelt's
Jersey
to
be
Director of the Civilian Conservation Corps.
The nomina¬
tion was referred to in our issue of Feb. 17, page 1081.
Federal
Federal
lanta,
ber
of
the
Interstate
Pennsylvania to be
Commerce
expiring Dec. 31, 1946.
was a
reappointment,
page 784.
Commission for
a
term
Reference to the nomination, which
was made in these columns Feb. 3,
Reserve
of
Martin
of
Massachusetts
Republican
National
Resigns
as
Committee
He made his decision known in letters to Chairman John D.
Hamilton of the National Committee and George W.
Federal
Worth,
Federal
Silver
Reserve
Eastern
National
campaign
for former Governor Alfred M. Landon of Kansas.
manager
Reserve
Weir
Named
Chairman of
Finance
Republican National
Committee
Finance
Committee, it was announced Feb. 22 by John
Hamilton, Chairman of the Republican National Com¬
mittee.
Other members of the Committee would be named
to raise money
soon
for the
expenses
Pagan
as
Louis)—S.
(Kansas
11
No.
of
E.
Ragland
of
Crosby
of
Minne¬
City)—John Evans of Denver,
(Dallas)—R.
12
on
Act
Feb.
(San
the
13
E.
Harding
Francisco)—Paul
S.
of
Fort
Dick
of
Senate Banking and Cur¬
in
deferring action on the
repeal the provisions of the 1934
authorizing the Treasury to buy for¬
to
was
from
"real
his
views"
the
on
same
Government's purchases
advices quoted the Senator
follows:
as
the
Senate
subcommittee
on
Feb.
13
voted
favorably
on
my
silver bill, in the full
Banking and Currency Committee there
request, after consultation with the Acting Secretary of the Treasury,
to delay the vote for two
weeks, so that the State and Treasury Depart¬
was
a
mittee
could
far
is
be
again
as
program,
to
decide.
of
the
but
now
has
he
After
Treasury
foreign-silver
Currency
consulted.
almost up, and the Banking and
Currency Com¬
awaiting word from the Secretary of the Treasury.
That official
I know heretofore has never
publicly endorsed the foreign silver
are
stated
nearly six
has
now
program
Committee is
repeatedly that
it is a matter for Congress
foreign silver buying, the Secretary
opportunity to make his real views on the
of
years
an
known.
The
interested
Dinner Held in New York
in
Celebration
of
country
to
learn
as
his
well
as
the
Banking and
position.
Honoring P. F. Warburg and
Anniversary of National
40th
Jewish Hospital
Washington
At¬
revised
of the Committee until
by Senate of Appointment of Bolivar
Puerto Rican Resident Commissioner at
(St.
(Minneapolis)—John
10
foreign silver, and the
after the national convention.
Confirmation
of
Brown
made in these columns Feb. 17, page 1081.
Washington (Associated Press) on Feb. 22
reported that Senator Townsend (Republican) of Delaware
had called
on
Secretary Morgenthau that day to make
so
Ernest T. Weir, Chairman of the Board of the National
Steel Co. and President of the Iron and Steel Institute, has
been
appointed Chairman of the Republican National
9
to the action of
The two weeks
T.
8
No.
District
resolution
eign silver
ments
E.
No.
District
Purchase
When
the
Clay
E.
Ore.
Advices
date.
on
District
Committee
rency
of
served
G.
(Chicago)—Edward
Tex.
known
was
No.
Reserve District No.
Federal
Schryver, Chan man of the Massachusetts State Committee,
and requested that the resignations be effective at an
early
House minority leader has
Committee since 1936 when he
of Win¬
Minn.
apolis,
M.
The
(Atlanta)—Ryburn
7
No.
District
Reserve
Townsend
Representative Joseph W. Martin Jr., Republican floor
leader in the House, announced on Feb. 25 his resignation
as a member of the
Republican National Committee from
Massachusetts because of his increased Congressional duties.
District
Reserve
Reference
Member
Hanes
Colo.
Portland,
Representative
6
Tenn.
Federal
a mem¬
(Richmond)—Robert M.
No.
111.
Memphis,
The Senate, on Feb. 29, confirmed President Roosevelt's
nomination of Carroll Miller of
District
Ga.
Federal
I.C.C. Confirmed by
to
Senate
5
C.
Reserve
Federal
Chicago,
Appointment of Carroll Miller
Reserve
ston-Salem, N.
/
Paul Felix Warburg, philanthropist, was guest of honor at
a dinner given Feb. 25 at the Hotel
Astor, New York City,
in celebration of the 40th anniversary of the National Jewish
confirmed
Hospital at Denver, Col. A purse of $30,000 collected from
the 1,000 guests was presented to Mr. Warburg for use of
the hospital, which gives free non-sectarian service to the
tubercular. Mr. Warburg is a Vice-President of the hospital.
Leahy, Governor of Puerto Rico, has already assumed his
Farm Dinners In 19 States to Hear President Roosevelt
The
appointment of former
Senator
Bolivar Pagan
as
Puerto Rican Resident Commissioner in Washington, was
on Feb.
17 by the U. S. Senate.
Mr. Pagan,
who was named last December by Admiral William D.
duties.
G. P.
Lyons Resigns
as
Deputy Governor of FCA—Roy
Agency
Green also to Leave
Gerald P. Lyons, as Deputy Governor of the Farm Credit
Administration, resigned his post, effective March 1, to
return to private practice of law at Cresco, Iowa, it was
made known Feb. 27.
The FCA also said that Roy Green, another Deputy
Governor, had accepted the Presidency of Colorado State
College at Fort Collins, but would remain at his present
post until late in the Summer.
+
Meeting in Washington of Advisory Council of Federal
Reserve
System — Edward
E.
Brown of
First
National Bank of Chicago Elected President of
Council—Would Discontinue Purchase of Foreign
Silver
The
March 8
on
on
The farmers'
dinners
are
to
Advisory
Council
of
the
Federal
Reserve
organization meeting in Washing¬
ton on Feb. 18-20, and elected Edward E. Brown, President
of the First National Bank of Chicago, as President of the
and
Tradesmen's
reelected
National
Howard A.
Bank
Walter
Vice-President.
Secretary.
cil
&
Loeb,
Trust
Chairman
Co.
Lichtenstein
of
was
of
the
Philadelphia,
reappointed
In its announcement of this, Feb. 20, the Coun¬
said:
Int. the
pending
over
600 counties,
Lieutenant Governor Poletti to Speak at State Cham¬
ber of Commerce Meeting on Mar. 7
Lieutenant
Governor
Charles
Poletti
will
address
Chamber of Commerce of the State of New York
on
the
"The
Relation of Government to Business" at its monthly meeting
held at noon next Thursday (Mar. 7). A number of
to be
will be acted upon at the business session
preceding the Lieutenant Governor's talk.
System held its annual
as
be held in
mostly in the Mid-West and Western States.
committee reports
Federal
Council,
Anniversary of AAA
Secretary of Agriculture Wallace announced on Feb. 29
that more than 100,000 farmers would gather at dinners in
19 States on Mar. 8 to hear radio speeches by President
Roosevelt, Postmaster' General Farley and himself.
The
program, Mr. Wallace
explained, is being organized to
commemorate the calling of Congress in 1933 to launch the
first
Agricultural Adjustment Administration program.
course
of
legislation
its
meetings the Council
affecting
banking,
gold and silver questions.
v
and
discussed business
monetary
policies,
conditions,
including
♦
C. A. Schacht
Appointed Managing Director of Louis¬
ville Branch of St. Louis Federal Reserve Bank
Announcement
was
made
on
Feb. 29 by the Federal Re¬
Bank of St. Louis that Col. Frank D. Rash, Managing
Director of its Louisville Branch, has resigned, effective at
serve
the end of February, in order to devote more time to his
personal affairs.
Chas. A. Schacht, who has been Cashier
of the branch since 1931, has been elected Managing Director
of the Branch, beginning March 1, 1940.
Entering the
The Commercial & Financial
1372
employ of the Federal Reserve Bank of St. Louis on Nov. 16,
1917, Mr. Schacht served in various capacities, advancing
to the position of Assistant Cashier of the head office in
1927.
Previously he was with the Franklin Bank, St. Louis,
for 11 years.
'
' '
Held in New York Honoring
Research Workers—President
Prentis
of
Manufacturers'
Association
Denies
Inventions Lead to Labor Surplus
At
and
Inventors
dinner in New York honoring 101
a
"modern pioneers"
H. W. Prentis Jr., President of the
National Association of Manufacturers described as "defeat¬
ism" a recent statement by President Roosevelt that "the
of the New York area,
efficiency of
industrial processes has created a surplus of
our
Speaking at industry's observance of the 150th anni¬
versary of the American patent system, Mr. Prentis said
that "every invention that creates a new industry or releases
labor in one process or one industry to make it available for
another process or industry, ultimately contributes to the
wider satisfaction of human wants."
He went on to say:
labor.
Did the President count our
encouragement of invention and business
technological advance, 1870 to
that he mentioned* It was during
period while our population nearly trebled that the number of gain¬
employed persons nearly quadrupled and the volume of production
enterprise during the period of our greatest
1930, among the ways that have failed
that
fully
increased
about eleven-fold.
other jobs could be
Did invention take away jobs faster than
found in those years?
Obviously not.
Employment today is most nearly normal in those
industries that are
has been the greatest technological
Manufacturing employment has risen, despite many obstacles, to virtually
most
highly mechanized—in which there
Foreign
issued under date of Feb. 15 a sum¬
mary of exchange restrictions and regulations of nearly 100
countries.
In its announcement the bank stated:
New aspects appear
considered
as a
almost daily, and,
the climax to
was
a
responsibility for omissions and errors.
President of Intertype Corporation and
member of the law firm of Debevoise,
Stevenson, Plimpton & Page, on Feb. 29 were elected directors
of the Bank of the Manhattan Co., New York City.
The
Neal Dow Becker,
William F. Stevenson, a
following bearing on their careers
country during February under the auspices of the
National Association of Manufacturers, at which more than
Scrolls were presented to the
500 inventors were honored.
praising each as "a modern pioneer on the frontier
of American industry, in recognition of distinguished achieve¬
ment in the field of science and invention, which has advanced
the standard of living."
Silver plaques were presented to 18 individual inventors
and similar awards were made to a group of 11 research
workers of the du Pont laboratories honoring them as
inventors
"national modern
Other speakers at the dinner
pioneers."
National Association of Manufacturers held at the
Waldorf Astoria
Kail T. Compton,
Dr.
were
President of
headed the
the Massachusetts Institute of Technology, who
committee
scientists which
of
Lund.
L.
Vice
Executive
of the
and member of the
Executive Committee of the Brooklyn Edison Co. and the New York Dock
Co.
lie is a trustee of Cornell University, a member of the Corporation
of the Polytechnic Institute of Brooklyn, chairman of the Executive Com¬
mittee of the National Industrial Conference Board, a member of the
Council on Foreign Relations and the National Foreign Trade Council, a
director.of the Merchants Association of the City of New York.
Mr. Stevenson is a graduate of Princeton and Oxford Universities, having
been the Rhodes scholar from New Jersey in 1922 to 1925.
He was ad¬
mitted to the English Bar (Inner Temple) in 1925 and to the New York
Bar in 1927.
He was assistant United States Attorney of the southern
district of New York from 1925 to 1927.
Mr. Stevenson is treasurer of
the Princeton Graduate Council, a trustee of The Commonwealth Fund
Mr. Becker is a trustee
and the Big
and member of the Executive Committee
Edison Co.
Consolidated
of New York, a director
Brother Movement.
of the General
Motors Corp., addressed the gathering by radio from his
laboratory at Coral Gables, Fla.
Charles F. Kettering, Vice-President
held last week
Dinners
Manufacturers Safe Deposit
noted in tnese columns of
were
Feb. 24, page 1222.
of
an
This vault is equipped with safe deposit
sizes to meet the requirements of
corporations and individuals.
The vault is open daily from
9 A.M. to 5 P.M., and Saturdays from 9 A.M. to 1 P.M.
Udvardy will give a lecture at Carnegie
Dr. Z. D.
The
New
York State Banking Department on
The Nominating Committee of the New York Stock Ex¬
change announced on Feb. 28 that open meetings will be
held on March 5,12 and 19 for the purpose of receiving sug¬
gestions for the positions to be filled at the annual election
to be held in May.
All members and their partners are in¬
vited to attend these meetings to suggest nominees.
Feb. 21
approval to the Great Neck Trust Co., Great Neck,
N. Y., to reduce its capital stock from $160,000, consisting
of 8,000 shares of the par value of $20 each, to $150,000, con¬
sisting of—
(1) $50,000 preferred stock, divided into 20,000 shares of the par value
gave
each; and
$100,000 common stock,
divided into 8,000 shares of the par value
of $12.50 each.
«
It is learned from
are as
Hall,
March 9 revealing for the first time it
is stated facts which made it possible for Chancellor Hitler
to intervene in Austria, in spite of the reliance of Austria
on Italy for Austrian independence.
At the same time, it
is indicated, Dr. Udvardey will discuss the succession of
events which followed ending in the ravaging of Poland.
New York City, on
Nominees
Associated Press advices from James¬
town, N. Y., on Feb. 24, that the proposed merger of the
National Bank of Westfield, Westfield, N. Y. and the Bank
of
Brockton, Brockton, N. Y., into the Union Trust Co.
in our issue of Feb. 17, page 1083)
of Jamestown (referred to
was
completed
on
The dispatch added:
that date.
branches of the
members of the Exchange to
the Westfield and Brocton banks will become
Jamestown institution, which will have resources of more
than $7,500,000
follows:
A Chairman of the Board of Governors for one year;
are
affiliate of Manufac¬
boxes and safes in various
(2)
The offices to be filled
an
Street, New York.
of $2.50
Nominating Committee of New York Stock Exchange
to
Hold
Three
Meetings
for
Suggestions
for
Five Governors who
Co.,
Co., New York, announces the establishment
office in the Stock Exchange building at 10 Broad
turers Trust
made the awards;
President of Lambert
Commissioner of
Pharmaceutical Co. and Conway P. Coe,
Patents.
is from the bank's an¬
nouncement:
series of 14 held throughout
the
Robert
information on these
this bank obviously
frequent changes which occur,
«
The dinner
special
countries.
made to include the latest
Every effort has been
countries, but due to the
cannot accept
therefore, this information is not
will necessarily be made
statement of how settlements
transactions with these
the 1929 level.
of the
1940
Bank of Chicago, through its
The First National
to be
101
2,
Banking Department,
in future
"Modern Pioneers" Dinner
March
Chronicle
and capital funds in excess of $800,000.
By the terms of the sale
be elected for three
years:
Two
Governors who
metropolitan
Two
are
allied members or non-members living in the
area:
Governors
who
are
members
or
allied members or non-members
from outside the New York area, and
Two Trustees for the
gratuity fund.
Committee of New York Curb Exchange
Relations
John
S.
Baumfeld,
McDermott,
have been
a
partner of Sutro Brothers,
and
of Auchincloss, Parker & Redpath,
appointed members of the Public Relations Com¬
mittee of the New York Curb Exchange, it was announced
on Feb. 29 by Alpheus C. Beane Jr., Committee Cbairman
and partner of Fenner & Beane.
Mr. Baumfeld and Mr. McDermott
both regular mem¬
Board of
Governors.
ITEMS
ABOUT
BANKS,
previous transaction
TRUST
COMPANIES,
&c.
was
at $50,000 on February 9, 1940.
Regional Vice-President of the Mid¬
dle Atlantic Division of the Association of Bank Women,
Miss Lillian M. Russ,
meeting of the Association will be held at
March 8, at the Bowery Savings Bank, New
announces
that
4:30 P.M.
on
a
James G. McDonald, President of the Brooklyn
Arts and Sciences and past President of the
Foreign Policy Association, will speak on "Foreign Policy."
Mrs. Helen R. Feil, Assistant Secretary of the Dime Savings
Bank of Brooklyn, will preside.
City.
Institute
his death.
di Roma (head office
Rome, Italy) at its meeting of Feb. 25, approved the state¬
ment of the institution at the end of the year 1939, showing
profit "of lire 12,510,461.38 against lire 11,760,396.00
It was decided to propose at the stock¬
be held in Rome on March 15, the dis¬
tribution of a dividend at the rate of 4% on the capital stock,
and to add to undivided profits the balance of 4,510,461.38
lire.
It was also decided to propose at the stockholders'
a
Arrangements were made Feb. 26 for the transfer of a
New York Stock Exchange membership at $50,000.
The
York
born in
Belleville and entered
He headed the firm
of Cooper & Rhodes, of Newark, wholesale butter and egg
merchants, before joining the Dime Savings Institution in
1904.
He served the institution as Treasurer, Vice-President
and President, retiring in 1938 after 10 years in the last
named office.
He continued as a director, however, until
The Board of Directors of the Banco
are
Curb Exchange, but are not on the
bers of the
President of the
Feb. 27.
Boonton, N. J.; attended schools in
the commission-merchant business.
T. W. Baumfeld and J. S. McDermott Named to Public
Theodore W.
George S. Cooper, director and former
Dime Savings Institution of Newark, N. J. died on
The deceased banker, who was 77 years old, was
net
for the year 1938.
holders' meeting, to
meeting an increase of the capital stock of the Bank from
200,000,000 lire to 300,000,000 lire in relation to the ever
growing importance of the institution in the economic life
of the country and in order to participate to a greater extent
in the development of business in Italy, in the Italian Empire
and abroad.
«
of
The semi-annual statement
of the Standard Bank of South
Africa, Ltd.,(head office London), has recently been received.
It covers the six months ended Sept. 30, 1939, and shows of
that date resources of
£88,098,701 (as compared with assets
Volume
The Commercial & Financial Chronicle
150
of £86,120,381
March 31, 1939, the end of the fiscal
year), of which the principal items are: Bills discounted,
£37,541,829; cash in hand and with bankers, and cash at
DAILY
on
THE
NEW
YORK
CURB
EXCHANGE
Bonds (Par Value)
(Number
notice, £15,465,804; investments, £15,437,506,
and customers' bills,
&c., for collection, per contra, £11,350,-
Week Ended
Foreion
of
Shares)
Mar. 1. 1940
Domestic
Foreion
Government
Corporate
Total
The bank's
paid-up capital and reserve fund remain
unchanged at £2,500,000 and £3,000,000, respectively. The
instituion
was
established in 1862.
THE
CURB
Saturday
Monday
Tuesday
but
changes
the
market
were
narrow
and
largely fractional.
Aircraft stocks have shown
only moderate activity with changes largely on the down
side.
Public utilities have been
quiet and mining and metal
issues moved within a narrow
range.
Industrial specialties
$2,000
$12,000
$570,000
4,000
1,000
30,000
15,000
1,477,000
2,000
4,000
5,000
64,000
985,000
1,028,000
1,173,000
1,207,000
1,546,000
$6,315,000
$18,000
$176,000
$6,509,000
123,920
951,000
1,021,000
159,515
186,143
Total
1,154,000
810,2331
Sales at
1,156,000
Week Ended Mar. 1
6,000
49,000
.
Jan. 1 to Mar. 1
New York Curb
Exchanoe
price
were
$556,000
121,730
120,575
Friday
MARKET
fluctuations
98,350
Wednesday.....
Thursday
Irregular price movements and dull trading dominated the
Curb market dealings during most of the
present week.
There were brief periods of
strength apparent from time to
time
AT
Stocks
call and short
446.
1373
TRANSACTIONS
1940
Stocks—No. of shares.
1939
1939
1938
810,233
1,008,675
6,575,837
7,795,595
$6,315,000
$12,359,000
$64,870,000
$92,086,000
18,000
163,000
502,000
835,000
176,000
122,000
916,000
793,000
$12,644,000
$66,288,000
$93,714,000
Bonds
Domestic
Foreign government
Foreign corporate
attracted the most of the speculative attention and oil shares
have been irregular.
Total
$6,509,000'
Mixed price
changes were apparent during most of the twotrading period on Saturday.
The market was com¬
paratively quiet, the transfers dipping to 98,000 shares, as
compared with 107,000 during the preceding short session.
hour
Aircraft issues were, with one ot two
exceptions, lower
the preceding close and there was a
than
fairly large number of
active stocks
the side of the decline
on
as
the session ended.
The oil group registered occasional advances but the
mining
metal issues moved within a narrow channel.
The
declines included, among others, Aluminum Co. of
and
America,
point to 165; Child s pref., 1 point to 251^; Mid vale Co., 1
1 point to 107; Ohio Brass, 1
point to 21; Valspar pref., 1
point to 20H; and Pittsburgh & Lake Erie, 1 point to 58%.
Curb stocks were again irregular on
Monday with advances
and declines about evenly divided.
There was some activity
apparent among the industrial specialties and food stocks
but the gains were not
especially noteworthy.
Humble Oil
was one of the weak
spots as it receded 134 points to a new
low level at 58^, and market leaders
including National
Steel Car, United Shoe Machinery, Tubize Chatillon,
Draper
Corp., and Southwest Pennsylvania Pipe Line were down a
point or more.
Nehi Corp. gained 234 points of its Friday
loss of 5 points and Sterchi Bros. Stores 1st
pref. moved up
2% points to 36.
Fractional declines were registered by
most of the aircraft stocks and
public utilities were mostly
1
in the lower group.
Industrial specialties led the modest upturn on
The gains were not
excess
of the recessions
as
the market
came
to
a
close.
Aluminium, Ltd. also shared the advance and climbed 234
points to 100 at its high for the day.
Aircraft stocks moved
within
a
narrow
noteworthy
advance
to
and public utilities
movement.
Prominent on
the
were
range
were
without
side of
the
Mead Johnson, which surged forward 6 points
167; Axton-Fisher,
134 points to 44; Aluminium, Ltd.,
\% points to 9934; Childs pref., 134 points to 26; and New
England Tel. & Tel., 134 points to 130%.
Dull trading and narrow price
changes were the dominating
characteristics of the dealings on
Wednesday.
Oil shares
were somewhat more active than
they have been recently
and there were some gains in evidence from time to
time, but
there were also a number of
changes on the downside.
Air¬
craft stocks were generally irregular and industrial issues
lost a goodly part of the modest advances of the
preceding
day.
Public utilities were inclined to move downward and
the mining and metal stocks were lower.
Outstanding
among the advances were Aluminium, Ltd., 2 points to
10134; St. Regis Paper pref., 134 points to 6734; Chicago
Flexible Shaft,
1 Yi points to 76; and Sherwin-Williams,
1 point to 91.
Public utilities
were
inclined to
upward on Thursday,
gains among the
preferred stocks, the changes were generally small and with¬
out special significance.
In the aluminum group, Aluminium
Ltd. worked into new high ground for 1940 with a gain of
434 points at 10514-.
Industrial specialties continued to
and while there
were
a
issued recently by Mills, Spence &
Co., Ltd., bond dealers, of Toronto.
The review covers many phases of the Dominion's
economy and is amply
illustrated
with
a
variety
of statistical
"to bring into perspective
purpose
anticipated economic
some
of the known
as
and
or
dealers who clear
through
by Securities and Exchange Commission Rules X17A-3 and X17A-4
are
available at the office of the National Association of Securities
Dealers, Inc.,
44 Wall St., New York, N. Y., Frank L.
Scheffey, Secretary of District
Committee
No.
13,
announced.
—Alex. Brown & Sons
announce
"
that Carl H. Oilman has become
'
asso¬
ciated with their Chicago office in the Field
Building to deal in municipal
and other tax-exempt
bonds, according to D. Dean
McCormick, Resident
Manager.
Mr. Oilman has had many years' experience in this field, his
most recent association
being with Hemphill, Noyes & Qo.
—John S. Niemond Co., members of Philadelhpia Stock Exchange, an"
nounces
that
John
Grillo, former Chief Examiner of
Securities Commission,
Daniel M.
the
Hanshaw and John
H.
Pennsylvania
Steinert
have
become associated with them in their Harrisburg office.
—Mackubin, Legg & Co., 42 Broadway, New York, N. Y., have pre¬
a folder comparing the performance in 1939 of 50 fire and
casualty
pared
insurance company stocks
and
—Walter E. Schwartz Jr.
containing the record of 45 stocks
&
Co.
with offices at
announces
most
the formation of Walter Schwartz
8 East Broad St., Columbus,
Ohio, to conduct
an
investment business specializing in Federal income-tax free municipal and
United States territorial bonds.
—With
the
admission
of
Robert
J.
Jacobson,
a
member of the New
York Stock Exchange, to partnership and J. Lewis Hay to limited partner¬
ship, Giles, Norris & Co.
announce
the change of their firm name to Giles,
Norris & Hay.
/
—J. Frederick
Hartfield, who
was
formerly Manager of the New Jersey
municipal trading department of Campbell & Co., has become associated
with H. S. Renton &
Co., where he will specialize in New Jersey municipals.
COURSE OF
BANK
CLEARINGS
Bank
clearings this week show a decrease compared with
a
year ago.
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, March 2)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 6.1% below those
for the corresponding week last year.
Our preliminary
total stands at $5,798,297,891, against $6,177,392,776 for the
same
week in
week ended
1938.
At this center there is
Friday of 11.5 %.
a
Our comparative
loss for the
summary
for
the week follows:.
Clearings—Returns by Telegraph,
Week Ending March 2
New York
Per
1940
lower
or
did not appear on
the tape.
Mining and metal stocks were down and oil issues
moved within a narrow channel.
Outstanding among the
National Power & Light pref., 324 points to
8834; Pa. Salt Mfg. Co., 234 points to 169; Pittsburgh Plate
were
Glass, 2 points to 102; Electric Bond & Share pref., 234
points to 5534 and Tampa Electric, 4 points to 29. As com¬
pared with Friday of last week, prices were lower. Aluminum
Co. of America closing last night at 15934 against 166 on
Friday a week ago; American Gas & Electric at 33^4 against
3434; Cities Service at 4 against 4%; Electric Bond & Share
at 524 against 734; Gulf Oil Corp at 34 against 3534* Humble
Oil (new) at 59 against 60, and United Gas pref. at 97
against 9824-
San Francisco
..
Detroit
Cleveland
Baltimore
Eleven cities, five days
Other cities, five days
.....
Total ail cities, five days..
All cities, one day
Total all cities for week.
$2,683,872,711
271,779,403
340,000,000
189,096,246
80,335,537
79,900,000
135,663,000
113,164,206
106,684,151
85,243,958
72,681,042
$3,032,423,294
245,100,340
$4,158,420,254
673,494,655
$4,430,231,313
733,946,675
—6.1
$5,164,177,988
1,013,214,788
—6.4
$5,798,297,891
Boston
1939
$4,831,914,909
966,382,982
.
Chicago
Philadelphia
Pittsburgh
mining and metal stocks and oil shares were quiet.
Among the day's advances were Chesbrough Mfg. Co., 234
points to 113?4; Royal Typewriter, 1
points to 593i; Ohio
Brass, 1 point to 2124; Childs pref., 134 points to 2734 and
Babcock & Wilcox, 1 point to 22.
Stocks moved irregularly downward on Friday.
Scattered
through the list were a number of active issues that moved
to higher levels but the changes were generally in minor
designed
members of National Securities Exchanges to
preserve records as required
and
recessions
is
consequences of Canada's war effort."
—Forms of agreement suitable for brokers
Kansas City
St. Louis
were
It
move
number of modest
Aircraft shares
tabulations.
"an objective summary of recorded
developments in the year just past."
having for its
attract some speculative attention and the gains ranged up
to 2 or more points.
Aircraft issues were moderately active
fractions.
NOTICES
comprehensive review of the Canadian business situation has been
favored by the leading investment trusts.
Tuesday.
particularly noteworthy, but they were
in
CURRENT
—A
$6,177,392/776
—6.1
328,000,000
196,804,193
72,816,416
74,800,000
137,490,000
100,752,846
91,884,895
75,991,721
74,167,608
Cent
—11.5
+ 10.9
+ 3.7
—3.9
+ 10.3
+ 6.8
—1.3
+ 12.3
+ 16.1
+ 12.2
—2.0
—8.2
—4.6
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
In the elaborate
has to be estimated.
detailed statement, however, whicn we
present further below, we are able to give final and com¬
plete results for the week previous—the week ended Feb. 24.
For that week there was an increase of 7.6%, the aggregate
of clearings for the whole country having amounted to
$4,893,327,669, against $4,548,755,056 in the same week in
1939.
Outside of this city there was an increase of 11.1%,
March
Financial Chronicle
The Commercial &
1374
this center having recorded a gain of
We group the cities according to the Federal Re¬
districts in which they are located, and from this it
Week Ended Feb. 24
the bank clearings at
4.7%.
serve
that in the New York Reserve District (including
this city) the totals show a gain of 5.0%, in the Boston
Reserve District of 12.9%, and in the Philadelphia Reserve
District of 3.7%.
In the Cleveland Reserve District the
totals are larger by 20.4%, in the Richmond Reserve Dis¬
trict by 6.5%, and in the Atlanta Reserve District by 11.1 %.
The Chicago Reserve District enjoys an expansion of 19.7%,
Clearings at—
Inc. or
Louis Reserve District
St.
%
istrict—Chic ago—
Seventh Feder al Reserve D
—3.1
302,995
,
of 10.5%, and the Minne¬
District of 19.2%. In the Kansas City
the totals record an increase of 6.0% and
in the Dallas Reserve District of 16.0%, but in the San
Francisco Reserve District the totals register a decrease
Reserve District
Indianapolis...
15,200,000
Bend...
1,684,456
4,384,835
18,902,591
1,007,702
7,266,665
2,991,545
269,928
286,769,776
893,987
3,256,849
1,063,429
1,011,530
Detroit
Rapids.
Grand
Lansing
Routh
Terre Haute..
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
City..
Sioux
Ill.—Bloomington
Chicago..
Decatur
of 3.4%.
In the
Ind.—Ft. Wayne
293,530
90,269,061
2,775,405
1,336,211
1,440,862
MichAnnArbor
Reserve
apolis
Peoria
following
we
furnish
a summary
1937
1938
Dec.
1939
1940
appears
the
2, 1940
by Federal Reserve
Rockford
Springfield—
districts*
SUMMARY OF BANK CLEARINGS
+ 12.6
936,061
727,771
—2.2
+ 79.9
12,555,000
1,174,452
3,739,733
16,018,146
+ 9.2
+45.5
+ 8.1
+ 24.6
+ 14.7
+4.5
+ 8.3
410,459
108,724,780
2,627.214
1,388,582
1,042,405
16,206,000
1,289,329
4,635,590
15,705,824
922,709
942,759
7,603,808
2,554,916
1,095,390
—7.7
6,364,289
2,500,682
259,718
237,078,521
749,802
2,755,166
906,764
915,908
368,257,274
+ 19.7
357,474,489
483,310,101
83,700,000
38,235,426
17,609,030
—1.9
+ 23.5
713,222
+ 25.3
2,945,823
+ 10.6
841,613
•
440,818,362
Total (18 cities)
286,010
67,535,560
2,048,197
+ 12.3
80,398,169
2,465,341
1,366,202
801,092
13,917,000
1,157,772
4,055,806
15,167,527
878,892
6,952,946
2,761,954
275,222
232,160,308
+ 26.4
353,713
312,083,444
983,620
4,339,390
1,193,667
1,224,601
Inc.or
7th
8th
St. Louis... 4
0th
Minneapolis 7
3d
4th
5th
6th
1937
$
S
Eighth Federa
uis—
1 Reserve Dis trict—St. Lo
3,735,795,829
Ky.—Louisville..
Tenn.—Memphis
298,984,829
358,561,165
111.—Jacksonville
215,375,712
298,213,823
185,545,403
278,497,721
2,420,482,655
152,119,935
136,920,120
131,695,461
150,666,157
440,818,362
368,257,274
+-19.7
357,474,489
112,640,231
+ 11.4
67,500,000
29,040,223
15,795,825
+ 4.9
26,800,595
+ 16.8
17,914,636
483,310,101
116,342,048 +-10.5
71,100,000
79,200,000
30,458,344
Mo.—St. Louis..
+•12.9
+•5.0
+-3.7
+-20.4
+-6.5
+-11.1
228,518,854
202,380,284
2,710,520,605
2,582,307,767
354,573,419
Boston
12 cities
New York..13
"
PhiladelphialO
"
Cleveland.. 7
"
Richmond.. 6
"
Atlanta
10
"
Chicago
18
"
1st
2d
1938
Dec.
S
$
Reserve Dists.
Federal
1939
1940
1940
Week End. Feb. 24,
341,777,794
281,069,784
233,495,704
118,960,368
111,705,622
"
"
128,585,033
"
"
"
113,955,513
99,870,566
x
x
x
x
476,000
406,000
+ 17.2
425,000
524,000
128,585,033
116,342,048
+ 10.5
112,640,231
140,068,456
121,407,082
Total (4 cities).
x
140,068,456
73,283,713 +-19.2
77,947,121
80,206,856
+-6.0
59,307,685 +-16.0
87,357,139
18,450,689
Quincy
109,510,235
126,992,505
Ninth Federal
59,719,157
61,544,442
Minn.—Duluth..
Reserve Dis trict—Minne apolis-
6
11th Dallas
68,775,653
We
2,592,086
52,736,152
18,027,360
52,544,628
+ 49.5
1,714,165
468,072
519,793
2,180,907
87,357,139
73,283,713
+ 19.2
77,947,121
—3.4
190,831,686
219,161,891
4,548,755,056
+•7.6
+-11.1
4,260,077,545
6,054,428,028
N. D.—Fargo
2,054,446,101
1,924,199,192
2,430,520,896
S. D.—Aberdeen-
add
St. Paul
Mont.—Billings
our
265,305,619'
+-9.5
263,047,733
288,032,717
32 cities
now
2,300,672
+ 19.3
215,483,381
4,893,327,669
113 cities
Outside N. Y. City
Canada
+ 19.5
Helena
2,041,769
48,096,793
18,321,887
1,671,228
547,945
514,618
2,089,473
208,073,004
Minneapolis
2,281,704,611
12thSan Fran... 10
Total
107,493,664
2,440,926
57,384,853
21,208,308
1,954,265
641,791
603,107
3,123,889
Total
10th Kansas City 10
342,729,678
.
(7cities).
the four years:
Tenth Federal
1938
Dec.
1937
$
-Boston
Reserve Dist rict
River..
Lowell
New Bedford..
Springfield....
631,079
+ 16.6
+ 13.2
1,467,750
158,876,768
498,204
278,575
384,976
1,618,913
241,772,105
+8.0
8,929,065
+ 7.1
437,386
2,505,208
1.538.566
8.073.567
2,633,270
1,610,377
Worcester
407,020
+ 31.8
+ 8.2
+ 10.4
N.H.—Manches'r
656,428
Total (12 cities)
228,618,864
+ 64.2
+ 12.9
185,545,403
278,497,721
+ 5.1
+ 4.7
202,380,284
R. I.—Providence
2,576,999
1,370,255
7,850,665
3,123,340
8,314,100
396,751
628,476
2,881,325
1,976,586
13,467,320
4,227,841
9,593,600
574,727
+ 10.6
3,596,344
8,604,000
399,708
3,891,684
9,499,000
New Haven..
Second
Pueblo
Total (10
cities)
Eleventh Fede ral
Texas—Austin.
.
12,033,602
1,474,471
30,400,000
Buffalo..
Elmira
549,742
Jamestown
706,708
2,611,623,058
7,131,337
3,664,891
New York
Rochester
Syracuse
Westchester Co
2,897,686
Conn.—Stamford
4,340,961
359,583
14,758,482
20,580,184
N.
J.—Montclalr
Newark
Northern N. J.
12,275,422
1,192,161
33,300,000
691,975
+ 6.0
109,510,235
126,992,505
1,202,383
46,195,723
1,155,029
47,797,593
6,174,572
2,054,000
'
—1.9
1,289,684
47,071,491
5,465,979
855,446
+8.2
5,487,771
2,491,000
814,300
2,831,085
+ 16.8
3,527,980
3,496.361
68,775,653
Wichita Falls..
(6cities).
59,307,685
+ 16.0
59,719,157
61,544,442
+ 16.7
+ 19.6
+ 1.1
1,794,000
istrict—San
Twelfth Feder al Reserve D
Franci
866,887
SCO
29,651,288
27,143,025
764,978
+ 20.8
—0.1
26,093,284
667,999
812,461
27,455,703
13,209,547
3,258,781
2,592,062
122,597,000
2,140,560
1,166,496
2,094,262
24,598,880
11,439,426
4,384,981
3,774,116
137,817,000
+ 11.6
25,032,676
11,920,510
3,436,405
2,613,547
1,351,370
1,596,058
208,073,004
215,483,381
32,794,647
Wash.—Seattle..
763,946
Yakima
—31.3
2,859,412
—11.0
116,191,000
—18.1
+ 31.2
1,781,835
1,415,566
1,432,999
24,624,824
13,013,798
3,668,127
3,801,488
138,306,581
2,279,349
1,269,034
1,734,941
-3.4
190,831,686
219,161,891
4,893,327,669 4,548,755,056
+ 7.6 4,260,077,545
6,054,426,028
Outside New York 2,281,704,611 2,054,446,101
+ 11.1 1,924,199,192
2,430,520,896
7,695,942
Ore.—Portland..
3,725,823
2,187,451
Utah—S. L. City
3,224,460
390,069
17,960,287
28,618,879
Calif.—L'g Beach
Pasadena
San
Francisco.
San Jose
Santa Barbara.
+ 5.0 2,420,482,655 3,735,795,829
402,721
622,481
1,019,035
1,960,345
+ 37.6
+ 3.5
618,024
+ 35.2
664,179
961,331
789,956
5,122,500
+21.7
1,093,593
3,196,900
—37.6
6,550,000
(10 cities)
354,573,419
341,777,794
+ 3.7
298,984,829
358,561,165
282,495
1,015,258
344,000,000
1,402,613
2,029,679
Lancaster
Philadelphia...
Reading
Scran ton
Wilkes-Barre..
York
N. J.—Trenton
Total (10 cities)
Grand
total
(113
1,319,323
3,484,800
516,088
Chester
441,954
437,958
257,881
1,130,141
—24.5
330,000,000
+ 4.2
+ 17.8
+ 9.5
—10.2
cities)
254,514
1,254,972
347,000,000
1,144,368
+ 15.5
—25.7
—13.7
Week Ended Feb.
'
2,205,419
872,567
Clearings at—
Ohio—Canton...
Cincinnati
Cleveland
Columbus
1,956,349
52,442,502
90,101,055
9,513,900
1,856,079
2,334,900
Mansfield
Youngstown
_
122,864,999
1,592,908
47,497,897
72,061,884
8,152,500
1,277,880
1,694,756
101,217,879
+ 10.4
+ 25.0
63,242,544
+ 16.7
7,748,200
1,032,939
1,251,141
95,693,637
+ 45.2
+ 37.8
+ 21.4
2,206,334
57,256,271
84,685,454
11,808,300
1,926,305
2,296,577
138,034,582
$
Canada—
96,125,944
83,103,145
35,696,040
15,912,819
14,220,200
4,448,163
2,591,610
5,307,808
5,142,575
1,915,726
1,613,680
2,808,173
3,962,300
2,658,010
236,698
429,797
1,117,359
519,661
842,032
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Total (7 cities).
281,069,784
233,495,704
+20.4
215,375,712
Victoria
London
>"■
Reserve Dist rict
Fifth Federal
-Richm ond-
Edmonton
445,002
309,407
+ 43.8
284,884
2,174,000
34,856,683
1,901,000
34,629,438
1,004,811
56,543,563
+ 14.4
2,314,000
+ 0.7
29,913,376
—1.4
+ 8.6
978,531
49,800,064
17,317,403
+ 10.1
16,579,711
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
990,726
61,421,563
19,072,394
309,925
3,159,000
33,471,696
1,210,082
63,537,639
19,718,740
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort
.
118,960,368
+ 6.5
111,705,622
99,870,566
121,407,082
3,303,419
17,347,889
51,900,000
1,172,681
*15,000,000
1,455,069
William
New Westminster
Tenn.—Knoxville
4,026,772
16,359,201
Nashville
56,300,000
Ga.—Atlanta
Augusta
Macon
Fla.—Jacks'nville
.
Mobile
1,182,695
717,333
17,739,000
19,831,372
1,774,024
Miss.—Jackson..
x
a-
894,996
+ 32.1
832,274
—13.8
17,499,000
17,174,136
1,234,544
+ 15.5
+ 43.7
1,270,156
x
+ 21.6
+ 4.6
+ 15
+ 1.4
x
837,020
17,305,000
x
x
136,797
34,052,741
102,381
+ 33.6
La.—N ew Orleans
31,329,380
+ 8.7
33,021,093
42,231,169
Total (10 cities)
152,119,935
136,920,120
+ 11.1
131,695,461
+ 16.3
+ 52.6
+ 20.2
+ 22.7
+ 27.2
2,793,754
2,230,610
+ 41.8
225,492
337,337
858,819
+ 5.0
+ 27.4
474,896
+ 9.4
750,958
513,109
492,319
171,143
473,791
439,782
834,511
+ 12.1
615,692
536,918
+2.8
+ 34.3
+ 19.2
+ 30.1
+ 20.0
+ 9.1
96,771,445
84,214,902
20,098,253
14,368,305
13,182,568
3,718,767
2,054,101
4,592,875
4,169,635
1,449,272
1,380,403
2,032,825
3,153,466
1,984,680
213,162
310,762
942,357
449,017
859,970
609,484
624,518
1937
126,439,074
111,830,589
28,164,858
20,901,617
14,038,507
4,167,924
2,024,127
4,602,583
6,113,844
1,552,968
1,587,231
2,337,162
3,514,253
2,734,784
218,721
360,225
1,128,664
442,939
859,870
635,386
497,622
170,442
+ 68.4
191,126
601,853
545,598
+ 17.9
1,090,132
939,840
2,273,231
+ 10.6
2,627,969
3,112,404
265,309
702,348
489,705
578,556
463,871
734,723
208,824
626,043
371,291
505,328
441,651
647,136
+ 27.0
245,878
270,880
+ 12.2
634,615
423,304
483,274
410,396
+ 13.5
870,707
618,621
418,876
511,218
443,702
940,202
288,032,717
263,047,733
+ 9.5
265,305,619
342,729,678
Kitchener
984,069
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
150,666,1/57
—5.7
1938
+ 34.5
+ 10.8
+ 31.9
+ 14.5
+ 5.0
560,561
589,984
113,910
108,455
Vicksburg
+ 54.4
+ 20.7
230,272
524,952
740,504
Peterborough..
3,172,021
15,137,174
45,200,000
930,932
701,786
16,136,000
16,017,844
3,312,282
15,641,127
48,900,000
%
+6.7
—3.8
1,586,737
1,569,605
2,090,327
Sherbrooke
Medicine Hat.,
Reserve Dist rict—Atlant
Sixth Federal
90,125,217
86,351,483
23,118,358
16,869,107
12,225,170
2,915,529
2,156,345
4,325,455
4,044,425
Dec.
2,514,058
St. John
298,213,823
1939
1940
Montreal
1,601,280
44,805,971
+ 22.8
22
Inc. or
Toronto
Feder al Reserve D istrict—Clev eland-
Ala.—Birm'ham
411,755
422,853
Total
,623,905,132
835,312
Bethlehem
Total (6 cities)
2,159,976
—6.8
+44.2
Stockton.
628,228
323,297
328,403
228,425
989,995
286,000,000
1,033,979
1,772,958
333,743
Pa.—Altoona
,
75,299,925
+2.4
+ 15.1
+ 12.3
Reserve Dist rict—Philad elphia
Third Federal
Pa.—Pittsburgh
+ 9.3
—4.5
2,049,677
27,262,949
1,952,686
2,795,964
88,964,336
2,497,118
718,759
543,809
1,812,904
925,977
3,305,798
Fort Worth
Total
+ 25.7
102,815
104,392
105,666
1,722,694
25,188,456
1,876,147
2,235,315
District—Da lias—
Reserve
York-
5,799,097
5,027,898 + 139.3
837,733
+ 32.6
1,111,750
25.600,000
+ 16.0
26,200,000
342,405
631,897 —13 B
632,647
+ 24.9
565,627
+ 4.7 2,335,878,353
2,494,308,955
6,395,216
+ 3.2
6,911,278
3,628,898
4,271,911 —14.2
2,700,266
3,547,522 —18.3
3,158,721
+ 38.5
3,134,113
276,135
+28.6
279,601
—5.2
14,516,446
15,562,105
—0.8
20,716,738
20,755,110
Total (13 cities) 2,710,520,605 2,582,307,767
Fourth
80,206,856
1,265,680
54,927,337
6,537,957
.
Dallas.
La.—Shreveport.
Feder al Reserve D istrict—New
Bingham ton...
493,682
87,448
—9.4
107,493,664
Colo.—Sol. Spgs.
Galveston
N. Y.—Albany..
477,063
2,307,392
City
+ 37.1
113,955,513
St. Joseph
754,701
371,048
as
26,225,321
1,648,137
2,107,002
72,069,469
2,368,968
450,698
463,983
Mo.—Kan. City.
+ 27.5
330,353
676,419
Conn.—Hartford
_%
174,413,140
589,180
1,773,669
197,486,102
636,341
363,828
.
Wichita
371,451
1,621,381
473,771
-Kane
78,802,470
2,261,317
461,503
533,972
Omaha
Kan.—Topeka.
Mass.—Boston..
+ 17.2
53,982
2,246,903
24,454,841
2,376,231
2,648,604
Lincoln
Inc. or
1939
1940
Federal
+ 17.1
105,619
2,000,485
74,026
95,646
Hastings
Clearings at—
Fall
Reserve Dis trict
Neb.—Fremont..
Week Ended Feb. 24
First
+ 16.9
20,204,469
1,587,536
detailed statement showing last week's
figures for each city separately for
Me.—Bangor
Portland
+ 15.8
Total (32 cities)
♦
Estimated.
xNo figures
available.
Volume
The Commercial & Financial Chronicle
ISO
GOLD AND
THE ENGLISH
CONTINGENT
SILVERJMARKETS
1375
STATES, NOV. 30,
THE UNITED
OF
LIABILITIES
1939
Compiled from Latest Reports Received by the Treasury
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
We
Matured
GOLD
pared with the previous Wednesday.
The Bank of England's buying price for gold has remained
168s. per fine ounce.
unchanged at
gold output for November, 1939 amounted to
68,901 fine ounces as compared with 69,673 fine ounces for October, 1939
and 67,786 fine ounces for November, 1938.
Southern Rhodesian
SILVER
At the beginning of the week, there was a recovery from the low level
touched last week, moderate speculative buying in a market rather bare of
supplies causing a rise of %d. in the cash and 5-16d. in the two months'
quotation to 21 %d. and 21 ll-16d. for the respective deliveries.
There has since been a little reselling and a small enquiry for trade pur¬
poses, but conditions have been quiet and, until today, movements were
narrow.
Today, on offerings from India, prices eased 3-16d. to 21 j^d. for
cash and 21 %d. for two months' delivery; the offerings followed a sharp
decline in Bombay rates, possibly influenced by the news that a bill had
been introduced by the Indian Government to reduce the fineness of the
Indian four anna silver piece from the present .916 fine to .500 fine.
Commodity Credit Corp.:
%% notes, ser. D, 1941.
1% notes, series E, 1941.
per
Federal Farm Mtge. Corp.
3% bonds of 1944+9
Feb.
2
Feb.
5_
Feb.
6_>
Feb.
7_
Jan.
21%d.
21 13-16d. 2l%d.
21 Md.
2\%d.
21 ll-16d. 21 9-16d.
21 %d.
.2iy2d.
21.600d.
21.700d.
Average
3%% bonds of 194+64..
3% bonds of 1942+7
2%% bonds of 1942+7..
94,678,600
236,473,200
103,147,500
follows:
31
—
Feb.
1
—
1,912,329
2,012,798
1,449
2,014,248
"""716
725,450
652,366
Second called
725,450
Uncalled
651,650
3% bonds, ser .A, 194+52
2%% bds., ser. G, '42-'44
%% bonds, ser. K, 1940.
% % bonds, series L, 1941
Price
35 cents
5...
35 cents
Feb.
6—
34%
34 %
34%
34 %
34%
35 cents
2...
Feb.
35 cents
Buying, $4.03%.
cents
cents
cents
cents
cents
1%% bds.,
SALES
f2,73
%% notes, series P
14% notes, series R
1% notes, series 8
$ per Share
8%
Stocks
.
6 2-3%
10 Chapman Valve Mfg.
preferred, par $60
Co. common, par $25
-—..
$400 Lincoln
26%
34
Percen1
Bonds—
Mortgage Co.,
Inc.,
5s, April,
stock
1948, with 10 shares commoon
82 %
flat
U. 8. Housing
...
following statement of the public debt and contingent
the Treasury's
or
or
5,620,715,823
3,749,771
5,624,465,595
272,000
15,611
287,611
641,600
2,744
644,344
%% notes, ser. C, 1939.
Federal Farm Mtge. Corp.:
114% bonds of 1939
Federal Housing Admin.:
ser.
B-
2%% bds.,ser.B, 1939+9
1 % % bonds, ser.
C, 1936
2% bonds, series E, 1938
1)4% bonds, ser. F, 1939
—12,179,530
Deduct outstanding obligations:
_
Disbursing officers' checks
Discount accrued on War Savings certificates
;»
rant checks
Total
55,127,873
228,171,628
3,428,780
1,136,922
$533,464,755
3,497,845
Total, based
10,112
1229,500
1,569
92,270
231,069
1,075,588
a87,019,675
1,094,003
88,113,678
5,707,735,498
4,843,774
5,712,579,273
1,266,918,995
on guarantees.
112
6,270
35,059,425
dl,301,978,420
Savings
System:
Funds due depositors
Tennessee Valley Authority:
2)4% bonds,
Total, based
8,300,000
£8,300,000
1943
ser. A,
on credit of the
United States
1,275,218,995
Payable
e4,851,692,964
Q-M
Q-J
30, 1939
Nov. 30, 1938
$
49,800,000
28,894,500
States.
$
49,800,000
28,894,500
b Does not include
Special:—4s Adjusted Service Ctf. Fund—Ser. 1938
16,800,000
1,512,000,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
22,700,000
1,032,000,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352.993,450
544,870,050
M-S
J-D
J-D
M-S
..J-D
818,627,000
M-S
755,432,000
755,432,000
3%s Treasury bonds of 1941
F-A
834,453,200
834,453,200
4%b-3%8 Treasury bonds of 1943-1945
A-O 1,400,528,250
1,400,528,250
3%b Treasury bonds of 194+1946
A-O 1,518.737,650
1,518,737,650
3s Treasury bonds of 1946-1948
J-D 1,035,874,400
1,035,874,400
3%B Treasury bonds of 1949-1952
J-D
491,375,100
491,375,100
2Kb Treasury bonds of 1955-1960
M-S 2,611,093,650 2,611,095,150
2%s Treasury bonds of 1945-1947
M-S 1,214,428,950
1,214,428,950
2%b Treasury bonds of 1948-1951
M-S 1,223,495,850
1,223,495,850
2%s Treasury bonds of 1951-1954
J-D 1,626,687,150
1,626,687,150
2%b Treasury bonds of 1956-1959
M-S
981,827,050
981,827,050
2%b Treasury bonds of 1949-1953
J-D 1,786,140,650 1,786,143,150
2%b Treasury bonds of 1945
J-D
540,843,550
540,843,550
2%s Treasury bonds of 1948
M-S
450,978,400
450,978,400
2%b Treasury bonds of 1958-1963
J-D
918,780,600
918,780,600
2^8 Treasury bonds of 1950-1952
.M-S 1,185,841,700
866,397,200
2%b Treasury bonds of 1960-1965
J-D 1,485,385,100
2s Treasury bonds of 1947
J-D
701,074,900
U. 8. Savings bonds, series A, 1935
cl75,828,642
179,411,523
U. 8. Savings bonds, series B, 1936
c321,833,661
329,992,225
U. 8. Savings bonds, series C, 1937
c420,781,151
434,028,872
U. 8. Savings bonds, series C, 1938
c508,220,938
399,474,113
U. 8. Savings bonds, series D, 1939
c640,120,163
Unclassified sales
c78,707,997
59,071,272
3s Adjusted Service bonds of 1945
271,266,469
300,254,700
4%b Adj. Service bds.(Govt. Life Ins. Fund ser. 1946)
500,157,956
500,157,956
2%b Postal Savings bonds
J-J
117,673,020
117,867,240
Treasury notes
9,497,550,600 10,602,167,450
Treasury bills.
1,453,726,000
1,303,020,000
of 1946-1956
of 1943-1947
of 1940-1943....
of 1941-1943
of 1946-1949
3s Treasury bonds of 1951-1955.....
3%b Treasury bonds
3%b Treasury bonds
3%a Treasury bonds
3%b Treasury bonds
3%s Treasury bonds
.
$20,000,000 face amount of bonds of 1940 held by the Treasury
and reflected in the public
Certificates of indebtedness:
2%a Unemployment Trust Fund—Series 1938..
4%s Treasury bonds of 1947 1952...
A-O
4s Treasury bonds of 194+1954
J-D
Funds have been deposited with the Treasurer
of the United States for payment
of outstanding matured principal and interest obligations guaranteed by the United
a
c
debt.
$12,971,945.50 face amount of notes held by the Treasury and
Does not include
reflected in the public debt.
d
Figures shown
available.
are as
of Sept. 30, 1939—figures as of Nov. 30, 1939, are
Offset by cash In designated
751,513.29, cash in possession of System amounting to $61,631,537.36, Government
with a face value of $1,174,425,510 held as
and Government-guaranteed securities
investments, and other assets.
exclusive of $9,867,765.27 redemption fund deposited in
Reserve notes held by the
for Federal Reserve notes issued consists
of $5,224,000,000 in gold certificates and in credits with the Treasurer of the United
States payable in gold certificates, and $2,274,000 face amount of commercial paper.
e
In actual circulation,
the Treasury
issuing
and $264,078,120 of their own Federal
banks.
collateral security
The
f Does not Include
$14,000,000 face amount of series N bonds held by the Treasury
does include $2,575 face amount of bonds held
and reflected in the public debt; but
by the Home Owners' Loan Corporation as "Treasury" bonds pending
h Does
Nov. 30,
on
i Does
$404,050 face amount of bonds in transit for
include
not
98,423,815
104,680,360
$5,000 face amount of bonds in transit for redemption on
include
Nov. 30, 1939.
j Bonds in the face amount of $272,500 Issued under Section 15a and an
certificate in the face amount of $50,000,000 issued under
nessee
Total debt
a41,310,189,759 38,606,584,934
deficit...+ 1,867,507,195 +1841,704,237
k Does not include
$10,000,000 face amount of notes series C held by the Treasury
debt.
and reflected in the public
ENGLISH
The
FINANCIAL
MARKET—PER
reported by cable, have been as follows the past week:
as
Sat.,
Mon.,
Gold, p. fine oz.
Consols, 2%%
Feb. 27
168s.
Closed
20 3-16d.
Thurs.,
Feb. 29
Feb. 28
20 7-16d.
20%d.
20^d.
Fri.,
Mar. 1
20 3-16d.
168s.
168s.
168s.
168s.
168s.
£74%
£74%
£74%
£74%
£73%
.
C%%
Closed
W. L
British
Wed.,
Tues.,
Feb. 26
Silver, p. oz..d. Closed
£99%
£99 7-16
£99%
£112%
£99%
£112%
£99 %
4%
The
Total gross debt Nov. 30, 1939, on
CABLE
daily closing quotations for securities, &c., at London,
Closed
£112
£112%
£112%
b39,442,682,564 36,764,880,697
the basts of daily Treasury statements, was
$41,305,056,749.64, and the net amount of public debt redemption and receipts in
transit, «fcc., was $5,133,009.56.
b No reduction is made on account of obligations
of foreign governments or other investments,
c Amount issued and retired include
accrued discount; amounts outstanding are stated at current redemption values.
a
the Treasury and
reflected in the public debt.
1960-90
Net debt
interim
Section 15c of the Ten¬
Valley Authority Act of 1933, as amended, are held by
British
Deduct Treasury surplus or add Treasury
redemption
1939.
not
-
,40,811,683,747 38,071,262,001
400,082,197
430,642,573
cancellation,
g Held by the Reconstruction Finance Corporation.
Feb. 24
Aggregate of interest-bearing debt
no*1
interest
depository banks and the accrued
amounting to $55,190,619.97, which is secured by the pledge of collateral as pro"
vided in the Regulations of the Postal Savings System, having a face value of $54,"
.
Bearing no interest...
Matured, interest ceased.
1,310,278,420
35,059,425
Other Obligations
Fed. Res. notes (face amt.).
+1,867,507,195 +1841,704,237
Interest Nov.
-
87,177,363
Secretary of Agriculture
699,118
INTEREST-BEARING DEBT OUTSTANDING
3s convertible bonds of 1946-1947
86,826,925
10,000
86,000
86,101,775
48,639,316
540,628,476
$287,865,203
Matured interest obligations
Title of Loan—
16,986
1,050,650
h85,776,275
Postal
3s of 1961
16,986
Total matured securities
$2,155,372,398 $2,435,168,992
Balance, deficit (—) or surplus (+)
4,359
59
4,300
Home Owners' Loan Corp.:
4% bonds of 1933-51
On Credit of U. S.
—10,155,180
under disbursements on belated items
wa
114,159,906
Matured Obligations—
Commodity Credit Corp.:
Deduct—Excess or deficiency of receipts over
Settlement on
2,906
>
_i_$2,165,527,578 $2,447,348,522
Balance end of month by dally statements
Add
1,095,768,901
j
Total unmatured securities.
AVAILABLE TO PAY MATURING OBLIGATIONS
Nov. 30, 1938
275,868,000
11,901
kll4,157,000
surplus position, all as of Nov. 30, 1939, has been extracted,
from
the Treasury's official report.
Comparative debt
figures of a year earlier are also shown.
Nov. 30, 1939
736 310,090,736
1%% notes, ser. B, 1944.
U. 8. Maritime Commission
liabilities of the United States, showing also
CASH
2,786 211,462,786
8,377 298,347,377
,095,757,000
First called
The
2,733,050,493
1,820,468
,230,025
Authority:
2%% debentures,
COMPLETE PUBLIC DEBT OF THE UNITED STATES
110,381 879,149,006
3,679 127,871,079
11,420 190,849,320
36 754,906,886
211,460,000
298,339,000
310,090,000
275,868,000
Tennessee Valley Authority
By R. L. Day & Co., Boston:
10 Holeproof Hosiery
M,'45+7
ser.
cl
following securities were sold at auction on, Wednesday
11 units Fruit of the Loom
3,392,064
2,166
1,694,950 780,274,200
778,579,250
879,038,625
127,867,400
190,837,900
754,906,850
Reconstruction Fin. Corp.:
% % notes, series N
the Bank of England during the week
Selling, $4.02H.
¬
of the current week:
Shares
1,271,300,229
bl,269,387,900
3% debentures, series A.
2%% debs., series B—
Market
Price
35 cents
Feb.
AUCTION
The
1,517,584 836,603,184
170,296 94,848,896
196,386 236,672,586
28,061 103,175,561
Federal Housing Admin.:
The official dollar rates fixed by
were as
406,794,000
835,085,600
Home Owners' Loan Corp.:
YORK
U.S.
Treas.
2 Mos.
21 ll-16d.
1
204,241,000
406,794,000
(Per Ounce .999 Fine)
Oz. Std.)
Cash
Feb.
202,553,000
202,553,000
204,241,000
3,389,898
IN NEW
LONDON
IN
Total
a
Guaranteed by U. S.
Unmatured Obligations—
Quotations during the week;
(Bar Silver
Interest
Principal
The gold held in the issue department of the Bank of England on Jan. 31
£219.561 at 168s. per fine ounce showing no change as com¬
amounted to
The
of Contingent Liability
Amount
Detail
Feb. 7, 1940:
States
Bar
price of silver
on
the
N.Y.(for'n)
same
per
34%
34%
34%
71.10
71.10
71.10
U. 8. Treasury
(newly mined)
ounce
(in cents) in the United
days have been:
34%
,
34%
34%
71.10
71.10
..
71.10
The Commercial & Financial Chronicle
1376
FOREIGN
EXCHANGE
RATES
Amt. of Inc.
Section 522 of the Tariff
Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in tne different countries of the world.
BANK TO
FEB.
CERTIFIED
RATES
EXCHANGE
FOREIGN
We
record for the week just passed:
a
BY
FEDERAL
TREASURY UNDER TARIFF ACT OF
24,
1940, TO MARCH 1,
RESERVE
Feb. 26
Feb. 27
Feb. 28
Feb. 29
t
*
S
I
*
,168811
.168816
.168977
.168462
.168488
.168877
a
a
a
a
a
a
.193116
.193075
.193100
.193080
.193100
.193100
1.952500
3.947916
Mar. 1
Cxechoslov'ia. koruna
Denmark, krone
3.933333
.932638
.016000*
.015833*
.015833*
.015833*
.022397
1.948333
Engl'd, pound Bterl'g 1.963333
.017000*
.017000*
Finland, markka
.022377
.022411
France, franc
47,000
50.000
50,000
DIVIDENDS
*
lev
$350,000
National Bank of Chicago,
From $153,000 to $200,000-.
—
Feb. 19—The First National Bank of South River, South River,
N.J.
From $150,000 to $200,000.
---Feb. 23—Citizens National Bank & Trust Co. of Goose Creek,
Goose Creek, Texas.
From $50,000 to $100,000
——
Chicago, 111.
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced thsi week are:
Dividends
Feb. 24
Bulgaria,
Dallas, Texas.
at Dallas,
Bank
From $1,300,000 to $1,650,000
Feb. 17—The Milwaukee Avenue
1930
Unit
Europe—
Belgium, belga
17—Mercantile National
Feb.
1940, INCLUSIVE
Noon Buying Rate for Cable Transfer» in New YorX
Value in United States Monty
Country and Monetary
1940
2,
STOCK INCREASED
COMMON CAPITAL
Pursuant to the requirements of
Act of 1930, the Federal Reserve
give below
March
.022375
.022286
.022287
Germany, relchsmark
.401176*
.401150*
.401175*
.401160*
.401150*
Greece, drachma
.007162*
.007181*
.007171*
.007171*
.007171*
.007159*
Hungary,
.176050*
.176050*
.176050*
.176050*
.176050*
.175950*
.050471
.050471
.050471
.050471
.050471
.050471
.631755
.631755
.531900
.531887
.531105
.531016
.227087
.227033
.227071
.227057
.227085
.227114
are
pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
.401125*
.036281
.036187
.036181
.036181
.036175
.036150
b
b
b
b
b
Rumania, leu
b
Allied
Aluminium. Ltd
-
Spain, peseta
.099500*
.099500*
.099500*
.099500*
.099500*
.099500*
American Cities Pow. & Light,
Sweden, krona
.238058
.238016
.238100
.238114
.238071
.238142
Switzerland, franc
.224183
.224183
.224183
.224194
.224183
.224200
Yugoslavia
.022557*
.022537*
.022557*
.022537*
.022537*
.022537*
Opt. div. l-16th sh. of class B or
American Export Lines, Inc
American Hawaiian Steamship Co
dinar...
Asia-
$234 cl. A (quar.)
tUK
Apr.
a
a
a
a
a
25c
.067700*
.067750*
.066968*
.066868*
a
a
Hongkong, dollar.
British India, rupee..
.244791
.244866
.245175
.244658
.244150
.243800
.301635
.301735
.301695
.301595
.301695
.301695
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
.461383
Shanghai (yuan) dol
.068031*
Tientsin (yuan) dol.
Straits 8ettlem'ts, dol
.463366
New Zealand,
Africa—
a
463683
3.149583
3.146250
.463133
.464062
149375
| .463516
Australasia—
Australia, pound
.067875*
3.145625
3.134166
3 133750
162708 * 3.158125* 3.146666*3
pound. 3.162291*3.159218*
American States Insurance Co.
25c
146250*
Armour & Co.
3.980000
3.980000
3.980000
3.980000
North America—
Apr.
5
15 Mar. 15
Mar. 29 Mar. 15
30c
(quar.)
(quar.)
Apr.
Apr.
UK
25c
—
$1
_
UK
12Kc
(Del.) 7% preferred (quar.)
Arnold Constable
50c
Arrow-Hart & Hegeman Electric
Atlanta Gas Light Co. 6% cum. pref. (quar.)—
Atlantic Refining Co., preferred (quar.)
flH
1 Mar. 15
9
1 Mar.
5
Mar. 25 Mar.
2
Mar. 13 Mar.
1 Mar. 11
Apr.
Mar. 25 Mar. 11
Apr.
Apr.
1 Mar. 20
1 Mar. 15
_ _
1 Apr.
5
10c
Autocar Trucks $3 cum. & partic. pref. (quar.)
Balfour Building voting trust ctfs. (quar.)
Basic Dolomite, Inc
May
Mar.
5 Feb.
2C
75c
AtlSrS Press Co
3.980000
Union South Africa, £ 3.980000
Mar. 15 Mar.
30c
Mining Co
A nhpiiRftT-BiiR(*h
1 Mar. 15
1 Mar. 14*
Apr.
Apr.
t$l K
preferred
4
Mar. 15 Mar.
25c
American Tobacco Co., preferred
Anaconda Copper
1 Mar. 11
20c
American Rolling Mill Co., 434 %
American Safety Razor (quar.)
a
8
Mar. 27 Mar.
(bi-monthly)
American News Co.
a
(yuan) dol'r
Hankow (yuan) dol
8
1 Mar.
1 Mar. 18
8
Mar. 20 Mar.
Apr.
1 Mar. 18
6834c
cash.
American Home Products
China—
Chefoo
$134
$134
(quar.)
Stores Corp., preferred (quar.)
Holders
When
Payable of Record
Apr.
Apr.
Ry. Co. (s.-a.)
Allegheny Ludlum Steel
Alabama & Vicksburg
Allied Chemical & Dye Corp.
...
Portugal, eecudo
Per
Share
Name of Company
Apr.
1 Mar. 19
S1K
1234c
Feb.
19
5
29 Feb.
Mar. 15 Mar.
Canada, dollar
.865625
.863593
.862578
.862734
.861016
.861562
Mexico, peso
.166550*
.166575*
.166575*
.166575*
.166575*
.166550*
Newfoundl'd, dollar.
.862812
.861093
.860156
.860156
.858593
.859218
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Beattie Gold Mines (interim)
Bell Telephone of Canada (quar.)
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Bell
.060333*
.050333*
.050333*
.050333*
.050133*
.050333*
.051650*
.051650*
.051650*
.051650*
.051650*
.051650*
Bethlehem Steel Corp. (Del.) 5% pref.
Black & Decker Mfg. Co. (quar.)__
export-
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
Bohn Aluminum & Brass
25c
Apr.
Colombia, peso
Uruguay, peso contr.
.572650*
.572650*
.572633*
.572650*
.572425*
.572450*
Mar. 15 Mar.
.658300*
.658300*
.658300*
.658300*
.658300*
,379375*
.379375*
.382500*
.382500*
.382500*
.382500*
Bond Stores, Inc. (quar.)
Boston & Albany RIt. Co
Boston Woven Hose & Rubber Co
40c
.658300*
South America—
Argentina, peso
Brazil, mllrels official
Chile, peso—official.
"
"
Non-controlled
*
Nominal rate,
a
No rates available
Bastian-Blessing
Preferred
$1H
(quar.).
Telephone of Pa. pref. (quar.)
4c
$2
6/,
—
Brazilian Traction, Light & Power,
b Temporarily omitted
40c
- —
21
(qu.)—
$2
50c
UK
CALLS
AND
SINKING
NOTICES
Below will be found
list of bonds, notes and
preferred
stocks of corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
a
Company and Issue—
Allied Stores Corp. 15-year bonds
Aroostook Valley RR. 1st mtge. 434s.
♦Autocar
Co.
7%
.
bonds
Bear Mountain Hudson River Bridge Co., 1st mtge. 7s
♦Bethlehem Steel Corp. 334% bonds
Date
Apr. 15
Mar. 13
Mar. 15
Apr.
1
Apr.
1
Apr.
1
Apr.
1
May
1
Apr.
1
May
1
Apr.
1
Mar. 16
May
1
May
1
Apr.
1
Mar. 19
5% preferred stock.
Chicago Union Station Co., 4% guaranteed bonds
Colorado Power Co. 1st mtge. 5s
♦Consolidated Gas Utilities Corp. 5-year 6% notes
Consumers Power Co. 1st mtge. 3Kb
♦Crown Cork & Seal Co., Inc., 434 % debentures
Dayton Power & Light Co. 1st & ref. 3 Ms.
Denver Gas & Electric Co. gen. mtge. 5s
Denver Gas & Electric Light Co. 1st mtge. bonds
♦Duluth Missabe & Iron Range Ry. 334- bonds
Fairchild Engine & Aviation Corp. $6 pref. stock
German-Atlantic Cable Co. 1st mtge. 7s
Apr.
1
(B. F.) Goodrich Co. 434% bonds
Mar. 15
Great Northern Power Co. 1st mtge. 5s
Mar. 15
(Walter E.) Heller Co.—
f 10-year notes
IMar. 16
\7% preferred stock
J
Interstate Telephone Co., 1st mtge. 5s
Mar. 4
Johns-Manville Corp., 7% preferred stock
Apr.
1
Lexington Water Power Co. 1st mtge. 5s
Mar. 11
Libby, McNeill & Lib by, 5% bonds
Apr.
1
Louisville Sc Nashville RR., unified 50-year 4s
July
1
♦Manila Electric RR. & Lighting Corp. 5% bonds
Mar. 8
Marion-Reserve Power Co., 1st mtge. 4He
Apr. 20
♦Morristown & Erie RR. 1st mtge. 6s
Mar. 28
Ohio Electric Power Co. 1st mtge. 5s
June
1
Ohio Water Service Co., 1st mtge. 5s
Mar. 16
Oklahoma Natural Gas Co. 1st mtge. 334 s
Apr.
1
Pennsylvania Telephone Corp. 1st mtge. bonds
Apr.
1
Peoples Light & Power Co., coll. lien bonds
Mar. 16
Penn Mercantile Properties s. f. bonds
Mar.
4
Richfield Oil Corp. 4% debentures
Mar. 15
♦Richmond-Washington Co. 4% bonds
June
1
Sayre Electric Co. 1st mtge. 5s
Apr.
1
♦Skelly Oil Co. 4% debentures
Mar. 28
6% preferred stock
May
1
Southern Natural Gas Co. 1st mtge. 4Kb
Apr,
1
South. Pacific Golden Gate Ferries, Ltd., 1st mtge. 534s.-Mar.
4
Southwestern Gas & El. Co. 1st mtge. 4s
Mar. 21
Vanadium Corp. of America—
334% notes
Mar. 15
5% debentures
Mar. 15
*
Announcements this' week,
x Volume 149.
Pace
1127
1128
1419
813
1421
1421
835
x3713
1429
275
1431
1276
x3714
x3714
1432
1277
x2687
1136
x995
435
842
436
1283
842
843
1442
1285
1444
1289
441
1003
x3725
850
1143
1145
1453
1294
1455
1455
1146
855
1295
1148
1148
Burgess Battery Co.
Ltd.
divs.
by
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
CHARTER
Feb.
ISSUED
Amount
17—City National Bank of Winston-Salem, Winston-Salem,
N. C
—
...
(quar.)
Canadian Foreign Investment Corp.
Canadian General Electric (quar.)
Canadian General
Investments,
8% pref—
Ltd
Capitol Life Insurance (Denver) (s.-a.)
Carpenter Steel Co
Central Power Co. 7% cum. preferred (quar.)
7% cumulative preferred
6% cumulative preferred (quar.)
6% cumulative preferred
Central Power Co.
Capital stock consists of $200,000, all common stock.
Presi¬
dent, J. R. Fain.
Cashier, J. S. Foster Jr.
Conversion of
the Morris Plan Bank of Winston-Salem, Winston-Salem,
N. C
1 Mar. 15
1 Mar. 15
1 Mar. J5
t$2
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
15 Mar. 30
1 Mar. 15
Feb.
19 Feb.
i$2
|1234c
UK
t$l K
UK
niK
(Del.) 7% preferred
t$3tH
Mar. 20 Mar.
19
9
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr.
Mar.
1
Mar. 20
1 Feb.
26
$4
Citizens Wholesale Supply
Mar. 30 Mar. 26
$1
Extra
Mar.
50c
Cluett, Peabody & Co., Inc. (interim)
(quar.)
Apr.
$1
$1.0634
(quar.)
$1
Commercial Investment Trust (quar.)
Convertible preference (quar.)
$134
8
8
1 Mar.
9
Consolidated Edison
(N. Y.), pref. (quar.)
Consumers Power Co. $5 preferred (quar.)
$434 preferred (quar.)..
Continental Gas & Electric prior pref. (quar.)
Continental Telephone Co. 7% part. pref. (qu.)_
634% preferred (quar.)
Corrugated Paper Box Co. 7% pref
Courtaulds Ltd., Am. dep. rec. (final)..
Creameries of America, Inc. (quar.)
Crowell-Collier Publishing Co. (quar.)
Crown Cork International Corp., class A
Crown Zellerbach Corp. (final)
Apr.
Apr.
1
Mar. 15
Mar. 15 Mar.
62Hc
$134
$134
Mar. 15 Mar.
Dayton & Michigan RR. (s.-a.)
8% preferred (quar.)
Detroit-Hillsdale & Southwestern (s.-a.)
!154
134
134
Apr.
Apr.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar.
Mar.
Mar.
Mar. 15
Mar. 30 Mar.
9
Mar. 25 Mar. 14
1 Mqr. 11*
1 Mar. 13
Mar. 30 Mar. 15
Mar. 20 Mar. 15
Apr.
1 Mar. 15
Apr.
2 Mar. 15
July
5 June 20
Apr.
Apr.
20
5
Mar. 29 Mar. 15
Dominguez Oil Field (monthly)
Draper Corp. (quar.)
Preferred
(quar.)
De Long Hook & Eye
Duplan Silk, preferred (quar.)
Duquesne Light Co. 5% cum. 1st pref.
8
8
15
15
15
6 Feb. 29
Ma-. 20 Mar.
(quar.)
5
Mar. 29
Jan. 1*41 Dec.
Semi-annually
5
May
Apr.
$134
—
—
9
1 Feb. 20
1 Mar. 8
25c
Compo Shoe (quar.)
Preferred (guar.)
Doernbecher Mfg. Co.
Mar. 30
Mar. 30 Mar.
Apr.
1 Mar.
Mar.
75c
15
Mar. 30 Mar.
$1.0634 Apr.
Commonwealth Loan preferred (quar.)
Commonwealth & Southern, $6 preferred
Commonwealth Telephone preferred (quar.)
31
Mar. 21
Apr.
10c
(quar.)
1 Dec.
Mar. 25 Mar. 14
$1K
Commercial Alcohols, Ltd., pref.
Commercial Credit Co. (quar.)
Preferred
Apr.
Apr.
Apr.
50c
—
6% preferred
Chicago Daily News $7 pref. (quar.)
Chicago Dock &. Canal Co. (quar.)
Preferred
tu
t$2
tUK
t37fs
Canadian Westing house (quar.)
Duke Power Co
$200,000
Mar. 30 Mar. 15
Apr.
1 Mar. 21
t6234c
...
from the office of the
£50c
X
preferred
Canadian Cotton Ltd. (quar.)
Extra
Preferred
Apr.
the
Canada Starch Co.. Ltd
Canada Steamship Line,
5
Mar. 15 Mar.
1 Mar. 15
Mar. 20 Mar. 9
1 Mar. 15
Apr.
Oct.
1 Sept. 14
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 25 Mar. 30
Apr. 15 Mar. 30
$1
Extra
BANKS
25
t62Kc
t30c
XIK%
David & Frere Ltd. class A
NATIONAL
29
1 Feb.
JUK
(quar.).
cum.
Both
1
1 Mar. 15
2 Mar. 16
62fl
preferred (quar.)..
subject to approval
Foreign Exchange Control Board.
7%
Apr.
May
Mar.
15c
...
California Ink Co., Inc
Cambria Iron (s.-a.)
Semi-annual
Canada Northern Power Corp.
8*
29
Mar. 15 Mar.
Apr.
15c
(initial).
Canada Bread Co., 5% preferred
Class B preferred (quar.)__.
1 Mar. 15
Mar. 30 Feb.
Mar. 30 Feb.
Xl2Kc
Burlington Steel Co., Ltd
15 Mar. 20
1
1 Mar.
lOd
ft?
Budd Realty Corp
Buffalo Ankerite Gold Mines, Ltd
Apr.
Mar. 29 Mar. 12
50c
25c
Bridgeport Gas Light (quar.),.
,--r-British-American Tobacco Co., Ltd. (interim)..
FUND
1 Mar. 15
20 Apr. 27
May 20 Apr. 27
Mar. 30 Mar. 15
50c
Brewers & Distillers of Vancouver
Extra
REDEMPTION
1 Mar. 15
1
Mar. 15 Mar.
Apr. 15 Mar. 23
Apr.
25c
pref. (qu.)__
Apr.
Apr.
(qu.)__
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar.
2
Mar. 15
Mar. 15
Mar. 20
Mar.
7
15 Mar. 15
a
Volume
The Commercial & Financial Chronicle
ISO
Per
Name of
Company
Feb.
26 Feb.
21
26 Feb.
21
Mar. 28 Mar. 14
Apr. 20 Apr.
1734c
37J^c
^c
25c
General Box Co. (semi-annual)
General Mills, Inc., 5% cum. pref.
(quar.)
General Public Utilities, Inc., $5 pref.
(quar.)__
General Reinsurance Corp. (quar.)
Extra
General Telephone Allied pref. (final)
Gibraltar Corp. of Amer., 7 % pref. (quar.)
Girdler Corp
Globe Hoist
2c
$134
SIX
75c
50c
$50
25c
4334c
(C. M.) Lamp Co
30c
Hamilton Cotton
Hamilton United Theatres, preferred
Harrisburg Gas Co., 7% pref. (quar.)
Harsh aw Chemical Co
Preferred (quar.)
Hawaiian Electric (monthly)
t75c
t$134
$1K
Hearst Consolidated Publications, class A.
Hein-Werner Motor Parts (quar.)
Helme (Geo. W.) Co
43 He
15c
25c
$134
15c
SIX
SIX
Preferred (quar.)
Hercules Powder Co
Hickok Oil Corp. (quar.)..
60c
25c
7% preferred (quar.)
5% preferred (quar.)
1 June 10
8*
1 Mar.
1 Mar. 20
July
Apr.
5
Mar.
7
9
1
5
2 Mar. 15
2 Mar. 15
Apr.
1 Mar. 22
Mar. 29 Mar. 11
1 Mar. 15
30 Mar. 18
Mar. 15 Mar.
5
1 Mar. 15
Mar. 30 Feb. 29
Apr. 15 Mar. 30
Apr.
1 Mar. 21
Apr.
Mar. 30 Mar. 25
Feb.
26 Feb.
15
Mar. 15 Mar.
1
Mar. 25 Mar. 16
Apr.
1 Mar. 9
Apr.
1 Mar. 9
Mar. 25 Mar. 14
Mar. 15 Mar.
8
SIX
Apr.
1 Mar. 23
Apr.
1 Mar. 23
SIX
Mar.
1 Feb.
25c
May
1
25c
(quar.).
Hoskins Mfg. Co
Household Finance Corp. (quar.)
Mar. 26 Mar. 11
$1
5% preferred (quar.)
(Harvey), Inc. (quar.)
Hummel-Ross Fibre Corp
Hyde Park Breweries Assoc
Hydraulic Press Mfg. Co., 6% pref. (initial)
Hygrade Sylvania Corp
Preferred (quar.)
Illinois Bell Telephone
Imperial Tobacco of Canada (final)
Hubbell
SIX
40c
(semi-annual)
Indianapolis Water Co., 5%
Mining Co
cum.
pref. A (qu.)
International
$134
3734c
6734c
$134
$2
*2234c
m
ilOc
10c
International Salt Co. (quar.)
Investment Corp. of Philadelphia
3734c
15
Apr. 20
15 Mar. 30*
Mar. 30*
Apr.
Apr. 15
Mar. 20
Mar.
Apr.
Mar. 15
8
1
Mar. 21 Mar.
7
24
Mar.
1 Feb.
Apr.
1 Mar. 11
1 Mar. 11
Apr.
Mar. 30
)Mar. 30
Mar. 19
Mar.
8
Mar. 30 Mar.
Mar. 30 Mar.
8
8
Apr.
1 Mar. 11*
Mar. 20 Mar. 11
Mar. 15*
1
1 Mar. 12
Mar. 15
Apr.
1
Mar. 15 Mar.
Irving Trust Co. (quar.)
15c
Jamaica Public Service, Ltd.
17c
(quar.)
7% preferred (quar.)
Preferred B (quar.)
%
5% preferred C (quar.)
Jamieson (J. E.) & Co
Kansas City Power & Light, pref. B
(quar.)
Kansas Electric Power, 7% pref.
(quar.).
6% preferred (quar.)
Kaynee Co., 7% preferred (quar.)
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
,
Special preferred (quar.)
Special preferred (quar.)
•
Keystone Public Service Co., pref. (quar.)
Koppers Co., 6% preferred (quar.)
Lindsay Light & Chemical Co., pref. (quar.)
Leonard Refining
Lone Star Cement Corp
Lord & Taylor (quar.).
Lorillard (P.) Co
Preferred (quar.)
Machine Mfg
SIX
1 x%
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
Mar. 15
Mar. 15 Mar.
1
Apr.
tin
1 Mar. 14
Apr.
Apr.
Apr.
Mar.
1234c
75c
$234
30c
SIX
50c
4c
McCoU-Frontenac Oil Co., Ltd., pref. (quar.)..
Merrimac Hat Corp
*$134
15
Metropolitan Edison, $6 pref. (quar.)
Meyer-Blanke Co
7% preferred (quar.)
:
Michigan Seamless Tube
Midco Oil Corp., voting trust ctfs
Middlesex Water (quar.)..
Sept.
Dec.
Apr.
Apr.
_
Nov. 20
Mar. 15
Mar. 11
Mar. 15 Mar.
Mar. 20 Mar.
8
5
Mar. 29 Mar. 11
1 Mar. 16
Mar. 15
Apr.
Apr.
Mar. 15
Apr.
Mar. 20 Mar. 5
_
Mar. 15 Feb.
Apr.
28
15 Mar. 30
1 Feb.
26
Mar.
1 Feb.
Apr.
1 Feb.
26
29
40c
25c
25c
75c
$1
50c
50c
Mfg. Co
Montgomery Ward & Co
Class A (quar.)
Moore Corp.,, Ltd. (quar.)
Preferred A and B (quar.)
Morris (Philip) & Co., Ltd., Inc. (quar.)..
$134
40c
SIX
75c
Extra
$2
preferred (quar.)
Morrison Cafe Consolidated, 7% pref. (quar.)..
Motor Finance Corp., $5 pref. (quar.)
Myers (F. E.) & Bro
National Bond & Investment (quar.)
Preferred (quar.)
National Breweries, Ltd. (quar.)..
cum.
Preferred (quar.)
National Cash Register
SIX
50c
25c
—
National Linen Service, $7 pref.
(s.-a.)
$5 preferred (semi-annual)
Steel
75c
25c
44c
Lead
(quar.)
SIX
SIX
SIX
Castings Co
National Standard Co
National Steel Car Corp. (quar.)
Neisner Bros., Inc., 434 % Pref. (quar.)
Nelman-Marcus Co., 7% preferred
New Bedford Cordage
New Britain Machine Co. (quar.)
Extra
New England Fire Insurance (quar.)
...
1234 c
SIX
$334
$234
25c
50c
50c
Mar. 12 Mar.
6
1 Mar. 23
Mar.
7 Feb. 29
Mar. 20 Mar.
1
Mar.
1 Feb. 23
Apr.
Apr.
1 Mar. 23
Mar. 20 Mar.
5
Apr. 15 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 7
Apr.
1 Mar. 7
Mar. 25 Mar. 8
Mar. 25 Mar.
8
June
1 May 15
Apr.
1 Mar. 23
Mar. 29 Mar. 16
Mar. 27 Mar. 15
Mar. 21 Mar.
8
Mar. 21 Mar.
8
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
15 Mar. 30
Mar. 30 Mar. 15
May
Mar.
1 Apr.
1 Feb.
Mar.
19
20
1 Feb.
Mar. 30 Mar.
Apr.
1 Mar.
Apr. 15 Mar.
30
15
20
13*
15
1.18X
SIX
May
1
Apr.
June
1
May 20
25c
Mar.
50c
25c
12c
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
Mar. 23
Gas, 5X % pref. (qu.)
6% preferred (quar.)
--
1 Feb. 21
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Apr.
1 Mar. 15
29
Mar.
20
Mar.
8
Mar. 15
Mar. 15
Mar. 15
Mar.
Mar. 15 Feb.
8
29
Mar. 15 Mar.
5
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Oklahoma Natural Gas
$534 preferred (quar.)
$3 preferred (quar.)
Omnibus Corp
Mar. 30 Mar. 15
Mar. 30 Mar. 14
1 Mar. 14
Apr.
Preferred
(quar.)
Otter Tail Power, $6 preferred
(quar.)
$534 preferred (quar.)
Paramount Pictures, Inc., 1st
pref. (quar.)
Second preferred
1 Feb.
1 Feb. 20
Mar. 29 Mar. 20
1 Feb. 29
Apr.
North American Co. (quar.)
„
Holders
Mar.
NY, Pa, NJ Utilities Co., $3 non-cum. pref
New York Shipbuilding,
preferred
New York State Electric &
534 % preferred (quar.)
Ohio Brass Co., class A and B
Ohio Match Co
Ohio Oil preferred (quar.)
When
Payable of Record
Apr.
_
New York City Omnibus
1 Feb.
Apr.
Apr.
Apr.
(quar.)
29
1 Feb. 29
1 Mar. 15
1 Mar. 15
4
1 Mar. 15
Apr.
Penick & Ford, Ltd. (quar.)__
Mar. 15 Mar.
Penna. Glass Sand Corp., $7 cum.
Penn Electric Switch, class A
pref. (quar.)
Apr.
Mar. 15 Mar.
1
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 15 Mar, 21
1 Mar. 14
Apr.
Pennsylvania Telep., preferred (quar.)
Pennsylvania Water & Power (quar.)
Preferred (quar.)
Peoples Gas Light & Coke
Perfect Circle Co. (quar.)
Petroleum Exploration (quar.)
Mar. 15 Mar.
Mar. 15 Mar.
Extra
4
4
Philadelphia Dairy Products Co., Inc.—
First preferred (quar.)
Apr.
Pierce Governor
Pioneer Gold Mines of B. C.
1 Mar.
Mar. 15 Mar.
1 Feb.
Apr.
June
1 May
1 Mar.
Apr.
2 Mar.
Apr.
(guar.)
Pittsburgh Coke & Iron Co., $5 pref. (quar.)
Pittsburgh Fort Wayne & Chicago (quar.)—
Preferred (quar.)
Pittsburgh Metallurgical
Power Corp. of Canada, Ltd., 6% cum.
pref—
6% non-cum. participating pref. (quar.)
—
8
5
29
20*
11
11
Mar. 15 Mar.
7
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Mar. 23 Mar. 8
Mar. 15 Feb. 29
Mar. 15 Feb. 29
_
-
Preferred Accident Insurance
Public Service (N. H.) $6 preferred (quar.)
1 Mar. 20
Apr.
Philadelphia Electric Power, pref. (quar.)
—
$5 preferred (quar.)
Public Service Co. (Oklahoma)—
7% prior lien stock (quar.).
6% prior lien stock (quar..
'.).
Publication Corp., voting trust ctfs. (quar.)__.
Preferred (quar.)
7% first preferred (quar.)
Pure Oil Co., 5% preferred (quar.)
534% preferred (quar.)
6% preferred (quar.)
Ralston Steel Car, preferred (quar.)
Reading Co., second preferred (quar.).,
Real Silk Hosiery Mills, 7% preferred-.
'
"
'
—
Reliance Grain preferred
Reliance Steel, preferred (quar.)
Remington Rand (interim)
Preferred
(quar.)
SIX
SIX
30c
SIX
1X vo
134%
$134
50c
t$lfl
37^
25c
$134
SIX
3734c
634% Preferred (quar.)-Roos Bros., Inc. (quar.)
Roeser & Pendleton, Inc.
25c
(quar.)
Sabin Bobbins Paper
Preferred (quar.)
$2
SIX
75c
$234
75c
SIX
SIX
six
St. Joseph South Bend & Southern RR.
5% preferred (s.-a.)
Safeway Stores, Inc
7% preferred (quar.)
6% preferred (quar.)
5% preferred (quar.)
Scovill Mfg. Co.
25c
25c
—
Scranton Lace Co
Shell Union Oil pref. (quar.)
SIX
Shepard-Niles Crane & Hoist Co
Siscoe Gold Mines, Ltd. (quar.)
50c
3c
75c
Sloss Sheffield Steel & Iron
Preferred
(quar.).
Southern & Atlantic Telegraph, gtd. (s.-a.)
Southern Advance Bag & Paper, 7% pref. (qu.)_
6% preferred (quar.)
$2 preferred (quar.)
Southern California
$134
6234c
SIX
SIX
50c
Edison, orig. pref. (quar.)
—
-
3734c
34Hc
t20c
(quar.)
6% cumul. partic. preferred (quar.)--
Southwestern Light & Power Co.—
$6 cumulative preferred (quar.)
—
$6 cumulative preferred
Spencer Trask Fund
Stalev (A. E.) Mfg., $5 preferred (quar.).
Standard Fuel, preferred
it
3734c
$134
t8?l1cC
$134
ill
Standard Screw Co
Stecher-Traung Lithof tpb.
5% preferred (quar.;
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
*
Steel Products Engineering Co. (quar.)
1234c
$134
$134
$134
$134
15c
Extra
5c
Sterchi Bros. Stores, 1st preferred (quar.)
Strawbridge & Clothier, 7% preferred
Sunset-McKee Salesbook Co. class A (quar.)_Class B (quar.).
Telephone Bond & Share Co., 7% 1st pref
$3 1st preferred
Terre Haute Electric, 6% pref. (s.-a.)
Texon Oil & Land Co—
Thew Shovel Co., preferred (quar.)
Todd Shipyards
75c
$1
3734c
25c
28c
12c
$3
10c
$134
Time, Inc
Vd
Corp
Trans-lux Corp
Twentieth Century Fox Film Corp., pref. (qu.)
Union Carbide & Carbon Corp
Union Premier Food Stores, Inc. (quar.)
Cumulative conv. preferred (quar.)
Universal Products
10c
3734c
60c
25c
34c
40c
Upson-Walton Co. (quar.)
Veeder-Rsot, Inc (quar.)
Vicksburg, Shreveport & Pacific Ry. Co
Preferred (semi-annual)
Wagner Electric Corp
Waldorf System, Inc.
(guar.)
—
—
Waltham Watch Co., 7% preferred
Walt ham Watch, 7% prior pref
Warren (S. D.)
Welch Grape Juice Co
Wellington Fund. Inc
Western Light & Telephone, 7% pref. (quar.)__
Westmoreland, Inc. (quar.)
West Texas Utilities Co., $6 cum. pref. (quar.)__
Wheeling Steel Corp., $5 preferred (quar.)
$6 preferred (quar.)
;
Wisconsin Power & Light Co., 6% cum.
pref
7% cumulative preferred
—
..
1 Mar.
Apr.
1 Mar.
Apr.
Mar. 27 Mar.
l'Mar.
Apr.
Mar. 15 Mar.
1 Mar.
Apr.
$134
Robertson (H. H.)
Rochester Telephone Corp. (quar.)
Southern Colorado Power Co., 7% cum. pref—
Southern Phosphate Corp. (quar.)
South Penn Oil Co. (quar.)
Mar.
$134
Midvale Co
Jersey Power & Light Co., $6 pref. (quar.)
Newport Electric
May 20
Aug. 20
Mar.
June
25c
SIX
Modine
New
Preferred C (quar.)
Southern Canada Power Co., Ltd.
$1
(quar.)
Share
Mar. 15
Mar. 22
Feb. 20
Apr.
six
SIX
six
Six
70c
$134
1 J4%
Managed Estates
Company
—
15c
Interim
Preferred
Per
Name of
—
Apr.
Mar.
31Xc
Hooven & Allison, 5% pref. (quar.)
National Malleable &
5
Apr.
Apr.
134
134
Group No. 1 Oil Corp
Corp.
5
Mar. 15 Mar.
$134
Hackensack Water Co., pref. A (quar.)
4
Mar. 15 Mar.
5
Mar. 30 Mar.
9
Mar. 30 Mar. 22
Apr.
2 Mar. 21
5c
Gulf Oil
5
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
Apr.
25c
Great Western Sugar
Preferred (quar.)
Green (D.) Co. 6% preferred
Mar. 15 Mar.
Mar. 31 Mar. 15
Mar. 15 Mar.
4
Mar. 12 Mar.
Mar. 12 Mar.
Mar. 15
25c
25c
75c
1234c
Goodrich (B. F.) Co., $5 preferred (quar.)
Gorton-Pew Fisheries Co., Ltd
8
Mar. 15 Mar.
5
Mar.
2 Feb. 21
Apr.
$134
„
5
Mar. 25 Mar.
$2
10c
Class A
Preferred B
Mar. 14
Mar. 14
Mar. 123
Feb.
62 34 c
25c
Gaylord Container
Preferred (quar.)
General Acceptance Corp
National
21
1 Mar. 14
25c
(quar.)
5% conv
1- 2-41 Dec.
Apr.
Apr,
Apr.
Apr.
$2
50c
Foote-Burt Co
Preferred
Sept. 21 Sept. 7
Apr.
1 Mar. 16
July
1 June 22
Oct.
1 Sept. 21
50c
Fulton Market Cold
Storage, preferred (quar.)__
Garfinckel (Julius) & Co. (quar.)
Preferred (quar.)
Inc.
1 Mar. 14
1 Mar. 16
Mar. 23 Mar.
9
40c
Special
Horders,
4
Apr.
Apr.
$3 34
$334
5634c
5634c
5634 c
56 34 c
$134
$134
$134
Fifth Avenue Coach Co
Firestone Tire & Rubber
First National Stores
Goebel Brewing
Mar. 15 Mar.
75c
35c
.
Holders
Payable of Record
mx
Emporium Capwell.
7% preferred (s.-a.).
7 % preferred (s.-a.).
434% preferred (quar.)
434 % preferred (quar.)
434 % preferred (quar.)
434% preferred (quar.)
Engineers Puolic Service Co. $6 pref. (quar.)
$534 preferred (quar.)
$5 preferred (quar.)
Ex-Cell-O Corp
Faber, Coe & Gregg, Inc. (quar.)
Hall
When
Share
Eastern Massachusetts Street
Rys. pref. A.
Electric Auto-Lite
1377
10c
50c
1 Mar.
Apr.
20
20
18
20
5
8
8
8
1 Mar.
Apr.
Mar. 30 Mar. 20
Apr. 11 Mar. 21
Mar. 25 Mar. 12
Mar. 15 Feb. 29
Mar.
1 Feb. 24
1 Mar. 11
Apr.
Apr.
1 Mar. 11
Mar. 15 Mar.
1
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Mar. 15 Mar.
9
1 Mar. 11
Apr.
Apr. 20 Apr. 10
1 Mar. 20
Mar. 21 Mar. 10
Mar. 21 Mar. 10
Apr.
1 Mar. 18
Apr.
Apr.
Apr.
Apr.
1 Mar. 18
1 Mar. 18
1 Mar. 18
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Mar. 30 Mar. 15
Mar,
1 Feb. 21
Mar. 15 Mar.
1
Mar. 21 Mar.
9
Mar. 21 Mar.
9
Apr.
Mar.
1 Mar. 16
1 Feb. 23
Mar.
1 Feb.
23
Mar.
1 Feb.
23
Apr. 15 Mar. 20
Apr. 15 Mar. 20
May 15 Apr. 30
Apr.
15 Mar. 20
Mar. 15 Feb. 29
Mar. 30 Mar. 15
Mar. 29 Mar. 15
Apr.
Apr.
ar.
1 Mar. 20
1 Mar. 20
15 Mar.
5
Mar. 20 Mar. 10
1 Mar. 15
27 Feb. 19
Mar. 31 Mar. 15
Apr.
Feb.
Mar. 31 Mar. 15
June 30 June 15
Sept. 30 Sept, 14
Dec. 31 Dec. 14
Mar. 30 Mar. 15
Mar. 30 Mar. 15
1 Mar. 25
Apr.
1 Feb. 21
Apr.
Mar. 15 Mar. 4
Mar. 15 Mar.
4
Mar. 15 Feb. 29
Mar. 15 Feb. 29
1 Feb. 19
Mar.
Mar. 29
Mar. 15
Mar. 11
Mar. 15
Mar. 11*
1
Mar.
Mar.
Mar.
7
1
Mar. 15 Mar.
8
Mar. 30 Mar. 15
8
1 Mar.
Apr.
1 Mar.
5
Apr.
Mar. 15 Mar. 5
Mar. 29 Mar. 15
Mar. 20 Mar.
9
Mar. 15 Mar.
1
t$7
8
8
5
1 Mar. 15
Apr.
Mar. 15 Mar.
1
40c
Mar. 15 Mar.
1
Mar. 25 Mar. 18
Mar. 14 Feb. 29
IP
'0
tc
15c
20c
4334c
25c
$134
$134
$134
Apr.
Apr.
ar.
1 Mar.
1 Mar.
20 Mar.
Mar. 30 Mar. 15
Mar. 20 Mar.
8
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 12
1 Mar. 12
Mar. 15 Feb.
Mar. 15 Feb.
29
29
The Commercial & Financial Chronicle
1378
Per
Name
Wisconsin Public Service,
Per
Holders
Name of
Payable of Record
SIX
(quar.)
Mar. 20 Feb.
29
29
Mar. 20 Feb.
29
-
t87Xc
SIX
% pref. (qu.)
1 Mar. 15
Apr.
we
When
Per
Name of
Share
Company
Extra.
75c
Acme Steel Co. (quar.)
Aero
37 He
Supply Mfg.. class A (quar.)
Aetna Bail Bearing Mfg. (quar.)
Agriew-Surpass Shoe Stores preference
35c
(quar.).
Agricultural Insurance Co. (quar.)
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Allied Laboratories (quar.)
Allied Products Corp., common (quar.)
Class A (quar.)
Allis-Chalmers Mfg. Co
—
Alpha Portland Cement
Aluminum Goods Mfg. Co
Aluminum Mfg., Inc. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Asphalt Roof Corp. pref. (quar.)
American Automobile Insurance Co. (quar.)
American Bank Note 6% pref. (quar.)
American Can Co., 7% pref. (guar.)
American Cbain & Cable Co., Inc
5% convertible preferred (quar.).
American Chicle Co. (quar.)
American Cigarette & Cigar, pref. (quar.)
American Colortype Co
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American & Foreign Power Co., Inc., $6 pref__.
$7 preferred
American Gas & Electric Co. (quar.)
$1%
SIX
SIX
15c
25c
Payable of Record
25c
20c
15 Apr.
1
Mar. 12 Feb. 20
Apr.
1 Mar. 15
Mar. 15 Mar.
1
Apr.
1 Mar. 15
'
1 Mar. 20
1 Mar. 15
1 Mar. 15
Apr.
May
Apr.
Apr.
Apr.
1 Mar.
1 Mar.
Apr.
1
June 30 June
50c
$1%
tlX
SIX
SIX
six
31 Dec.
15
15
75c
Apr.
1 Mar. 11
Apr.
1 Mar.
15
40c
Mar. 15 Mar.
5
SIX
Mar. 15 Mar.
5
$1
Mar. 15 Mar.
1
SIX
Mar. 25 Mar. 15
40c
June
Mar. 15 Feb.
Mar. 15 Feb.
19
8
50c
Mar. 15 Mar.
75c
$5
mxc
preferred
American Public Service Co
7% pref. (quar.).
Amer. Rad. & Standard Sanitary, pref. (quar.)..
,
American Stores Co
American Sugar
25c
$1*
$1%
5
1
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1
Mar. 31 Mar. 15
15c
Mar. 30 Mar. 13
Mar. 15 Mar. 13
Assoc. Breweries of Canada
I25e
tsix
50c
Mar. 30 Mar. 15
$1%
62Xc
Mar. 30 Mar. 15
6% cumul. preferred (guar.)
Atlantic Rayon Corp. S2X prior pref. (quar.)..
Atlantic Refining Co. (quar.)
Atlas
Powder Co
Bangor & Aroostook RR. 5% conv. pref
Bangor Hydro-Electric Co., 7% 1st pref. (quar.)
6% preferred (quar.)
Barnsdal
Oil
Co
25c
75c
$1%
SIX
SIX
15c
25c
Bayuk Cigars, Inc. (quar.)
1st preferred (quar.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
$1%
50c
$1
Extra
25c
Beiding-Corticelll (quar.)
Preferred (quar.)
Berghoff Brewing Corp. (quar.)__
Bethlehem Steel Corp. 7% preferred (quar.)._
5% preferred (quar.)
Birmingham Water Works Co., 6% pref. (quar.)
Bliss & Laughlin
Preferred (quar.)
Borg-Warner
$1%
25c
$1%
25c
SIX
25c
3725c
U7&
„
Boston Elevated
Ry. (quar.)
Bower Roller Bearing Co.
Brewing Corp. of Amer. (quar.).
Bridgeport Gas Light (quar.)
Briggs & Stratton Corp. (quar.)
Brunswick-Balke-Collender Co
Preferred (quar.)
Buckeye Pipe Line Co
15c
50c
75c
25c
$l£
May
21
Mar. 11 Feb.
29
1
Mar.
9 Feb.
Mar. 15 Feb.
29
Apr. 15 Mar. 31
Apr.
1 Mar. 15
Apr.
1 Mar. 8
Apr.
1 Mar. 8
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Mar. 15 Mar. 5
preferred (participating)
preferred (quar.)
Second preferred (participating)
First
Second
Canadian Marconi Co. (initial)
i50c
(quar.).
1 Mar. 15
Mar.
9
Mar. 20 Mar.
Mar. 15 Mar.
8
1
Mar. 30 Mar. 15
Mar. 15 Mar.
2
5
Mar. 20
Mar. 15 Feb. 23
Apr.
1 Mar. 20
1 Feb. 26
Mar. 29 Mar.
Feb.
Mar.
Feb.
Mar. 15 Mar.
Apr.
4
16
3
1
1 Mar. 15
Apr.
1
Mar. 20
Apr.
2
Apr.
1
Mar. 15
Feb.
1
1
15
29
Mar. 15
Mar. 15
Mar. 15 Feb. 29
Mar. 15 Feb. 29
Mar. 15 Feb. 29
....
Mar. 10 Mar.
Mar. 15 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
..
Apr. 25 Apr. 15
Mar. 15 Mar.
Mar.
Apr.
1
Apr.
1 Mar. 20
Mar. 15 Mar.
$4%
June
Apr.
Mar. 15
Mar. 15
Mar. 15
1
1
2
Apr. 30 Apr.
1 Mar. 20
Apr.
Mar. 15 Mar.
Detroit Steel Corp
Devoe &
Apr.
Raynolds Co., Inc., 2d pref. (quar.)
Devonian Oil Co.
Mar. 20
_
Mar. 15 Feb.
(quar.)
Dewey & Almy Chemical Co., $5 conv. pref. (qu)
Diamond Match Co. (quar.)
Mar. 15 Mar.
1
10
3 Aug. 12
Dec.
2 Nov. 12
1 May
Sept. 3 Aug. 12
2-10-41
3-1-41
Mar. 15 Mar.
1
(quar.)
Payable in 1J. S. funds.
Mar.
Apr.
Dixie-Vortex Co., class A (quar.)
June
Pepper Co. (quar.).
Sept.
Quarterly
Dominion Coal, 6%
Nov. 16
Apr. 20 Mar. 30
Mar. 15
Apr.
Mar. 20
Apr.
Mar. 15
Apr.
Apr. 15 Mar. 30
preferred (quar.).
Dominion Foundries & Steel..
Dominion Textile Ltd.
9
May 18
3 Aug. 17
Dec.
Quarterly
Dome Mines Ltd
Preferred
29
Sept.
June
_
Quarterly
Quarterly
Doctor
1
5
Apr. 20 Apr.
July
5 June 20
9
Mar. 20 Mar.
(quar.).
(quar.).
Feb. 29 Feb.
Dominquez Oil Fields (monthly)
16
Mar. 30
Dover & Rockaway RR. Co
Apr-
Dun & Bradstreet, Inc.
Mar. 11 Feb. 20
Mar. 20
Preferred
(quar.)
Apr.
(quar.)
deNemours (interim)
% prior pref
Co. (quar.)
(quar.)
Easy Washing Machine, Ltd., 7% pref.
Economy Grocery Stores Corp
Eddy Paper Co.
Edison Bros. Stores, Inc. (quar.)..—
5% cum. preferred (quar.)
Kodak
Preferred
Mar. 15 Feb. 29
Mar. 15 Feb. 29
Mar. 20 Mar. 11
Mar. 20
Apr.
Mar. 30 Mar.
9
Mar. 23 Mar.
Apr. 15 Mar. 29
•—
Empire Power Corp. $2.25 cum. partic. stock.
$6 preferred (quar.)
Erie &
Pittsburgh (quar.)
Falconbridge Nickel Mines (quar.)
Falstaff Brewing pref. (semi-annual)
Faultless Rubber Co (quar.)
9
9
Mar. 30 Mar.
Mar. 15 Feb. 15
(quar.)
El Paso Natural Gas
Mar. 15
Apr.
Mar. 25 Mar. 15
Mar. 15
Apr.
Egry Register Co. pref. (quar.)
Electric ControUer & Mfg. Co. (increased)
Electric Storage Battery Co. (Phila.)
Preferred
_
Apr. 25 Apr. 10
Mar. 15
Apr.
Mar.
5
Apr.
Mar.
5
Apr.
$4% preferred (quar.)
Eastman
_
Mar. 14 Feb. 26
DuPont (E.I.)
Elgin National Watch Co
El Paso Electric Co., $6 preferred (quar.)
Mar. 15
4
Mar. 25 Mar. 15
-
Mar. 15 Mar.
Sept. 15 Aug. 31
tl5c
J5c
1
29
29
Mar. 30 Mar. 20
Fund, lnc—
Mines (initial)
June 15 May 31
Mar. 15
1
May 15 Apr. 29
Apr. 15 Mar. 30
Electrolux Corp.
Dec. 15 Nov. 30
Apr.
1 Mar. 15
4
1 Mar. 15
1 Mar. 15
1
Mar. 10 Mar.
Eastern Gas & Fuel Assoc., 4X
Apr.
1 Apr.
Mar. 25 Mar.
(quar.)
Distillers Corp.-Seagrams Ltd.
Apr.
Apr.
Apr.
Apr.
Apr.
|5c
May
Apr.
Apr.
1
Mar. 30 Mar. 23
Apr.
1 Mar. 15
1 Mar. 15
Mar. 15 Mar.
Mar. 30 Mar. 15
Apr.
1 Mar. 11
1
Mar. 30 Mar. 23
Mar. 15 Mar.
29
9
Mar. 15 Feb.
1 Mar. 15
Apr.
Apr.
Apr.
Mar. 15 Mar.
Mar. 15 Mar.
1
29
1 Mar. 15
Mar. 30 Feb.
(semi-ann.)
Mar. 30 Mar. 16
%12Xc
J25c
8
Apr.
Mar. 15 Feb.
(semi-ann.)
25c
Canadian Breweries .Ltd., preferred
Canadian Canners, Ltd
First preferred (quar.)
1
Mar. 20 Mar.
Preferred
Apr.
$1
Mar. 15 Mar.
Preferred
Apr.
5
5
Mar. 15 Mar.
Mar. 15 Mar.
1
Mar. 30 Mar. 16
1
23
23
1 Mar.
1 Mar.
SIX
...
8 Feb.
Derby Oil & Refining $4 pref
•
Detroit Gasket & Mfg. Co
Detroit Hillsdale & Southwestern RR. (s.-a.)
SIX
(quar.)
1 Mar.
Mar.
Delnite
20
Apr.
5
Apr.
Dennison Mfg. Co., prior preferred
Mar. 11
Apr.
Apr.
Apr.
Mar. 15 Feb.
27
27
27
26
Mar. 31 Mar. 15
Delaware
1 Feb. 29
1 Mar. 11
Budd Wheel Co., preferred (quar.)
Preferred (partic. div.)
Class A
Mar. 15 Feb.
Mar. 11 Feb.
6X% prer. (quar.)
Curtis Publishing Co. $7 preferred
Cutler-Hammer, lnc
Davenport Hosiery Mills
Deisel-W emmer-Gilbert
Bucyrus-Erle Co., 7% preferred (quar.)
Building Products Ltd. (quar.)
Xl7Xc
Bullard Company
25c
Burma Corp. Ltd. (Amer. deposit rets.) interim
3 X annas per share, equal to 3.93 pence persh.
10c
Burroughs Adding Machine
Butler Water Co., 7% preferred (quar.)
$1%
40c
Calamba Sugar Estates (quar.)
35c
7% preferred (quar.)
Canada Cement, Ltd., 614% pref
tsix
Canada Foundries & Forgings class A
*37%c
Canada Permanent Mortgage Corp
$2
25c
Canada Wire & Cable, class B (interim)
6H% preferred (quar.)
Class A (quar.)
Class A (quar.)
Class A (quar.)
$1
Apr.
Mar. 31 Mar. 15
Cuneo Press, Inc.,
1 Apr. 26
Mar. 15 Feb.
Apr.
Apr.
Oct.
19
1 Mar. 20
1 June 19
1 8ept. 18
1 Mar. 15
Mar. 15 Feb.
$2.25 preferred ex-w. (quar.)
Crown Drug Co
Crum & Forster 8% pref. (quar.)
Mar. 30 Mar. 15
Apr.
1 Mar. 15
Preferred (quar.)
Apr.
July
Mar. 15 Feb.
$2.25 preferred w. w.
Mar. 31 Mar. 15
10c
Associates Investment Co
Mar. 13 Feb.
(quar.)
7% preferred (quar.)
Copperweld Steel Co
5% cum. conv. preferred (quar.)
Corporate Investors class A (quar.)
Cosmos Imperial Mills preferred (quar.)
Crane Co. 5% cum. conv. preferred (quar.)
Crown Cork & Seal Co., Inc.—■
8
Ashland Oil & Refining (quar.)
Preferred (quar.)
(quar.)
Mar. 31 Mar. 25
Continental Steel Corp
1 Mar. 20
SIX'
Extra
1
Mar. 30 Mar. 20
—
5
Mar. 15 Mar.
15c
1
Mar. 30 Mar. 20
Continental Assurance Co. (Chic., 111.) (quar.)
Continental Can Co., Inc., $4.50 pref. (quar.).
Continental Oil Co
Mar. 15
Mar. 15 Mar.
8
Consolidated Laundries, pref.
Mar. 15 Mar.
Apr.
2
1 Mar.
Mar. 29 Mar.
Special
6
Mar. 25 Mar.
Apr.
Mar. 29 Mar.
4%% preferred (quar.)
Mar.
2
Apr.
1 Mar. 15
1 Mar. 15
1 Mar.
8
Consolidated Investment Trust.
Mar. 25 Mar.
Apr.
28
Apr.
Apr.
Consol. Gas El. Lt. & Pow. Co. (Bait.) (quar.).
6
29
1 May 24
Mar. 30 Mar. 15
Apr. 15
29
Mar. 15 Feb.
Consolidated Edison Co. of N. Y. '(quar.).
Consolidated Film Industries, pref
6
Mar.
1
six
25c
Mining Co
Anchor Hocking Glass Corp.
$6X dlv. conv. preferred (quar.)
Andes Coppef Mining Co
Arkansas Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
Armstrong Cork Co. (interim) preferred (quar.)
Asbestos Corp., Ltd. (quar.)
5
June
S2X
Anaconda Copper
Apr.
29
Mar. 20 Feb.
Coniarum Mines Ltd
5
Apr.
Mar. 20 Feb.
$7 prior lien preferred (quar.)
$6 prior lien preferred (quar.)..
Champion Paper & Fibre
Preferred (quar.)
Chartered Trust & Executor Co. (Toronto, Can.)
Congoleum-Nairn, Inc. (quar.)
5
Mar. 20 Feb.
SIX
Refining, pref. (quar.)
American Sumatra Tobacco (quar.)
American Telep & Teleg. (quar.)
15 June
16 Dec.
1 Mar.
Dec.
20
Mar. 15
Connecticut Light & Power (quar.)
Consolidated Cement Corp., class A
1
Sept. 16 Sept.
six
25c
25c
American Steel Foundries
June
Feb.
Compo Shoe Machinery Co. (quar.)
Preferred (quar.)
Compressed Industrial Gases
Mar. 15 Feb. 28
Mar. 15 Mar.
5
American Paper
5
Columbian Carbon Co. (quar.)
Colt's Patent Fire Arms Mfg. (quar.).
23
SIX
SIX
SIX
SIX
tsix
Co., preferred
American Meter Co
14
Mar. 20
Feb. 20
Colgate-Palmolive-Peet pref. (quar.).
Columbia Broadcasting System, Inc. cl. A & B-.
23
Mar. 15 Feb.
Goods Co. 7% pref. (quar.)...
7% preferred (quar.)__.
7% preferred (quar.)
7% preferred (quar.)
American Power & Light Co., $6 pref
American Ice
June
Mar.
Coast Counties Gas & Elec., 6% pref. (quar.)__
1 Aug. 25
1 Mar.
14
Mar. 15
Mar. 15
Preferred
1 May 25
Sept.
Apr.
Mar.;15
Mar. 15
Extra
Mar. 29 Mar. 15
25c
Mar. 30 Mar. 19
& Leather, pref. (quar.)
June
.
75c
Hide
Mar. 15
7% 1st preferred
7% 1st partic. preferred
7% prior preferred (quar.)
7% prior preferred (quar.)
Central Cold Storage Co. (reduced)
Central Illinois Light Co., 4%% pref. (quar.)__
Central Illinois Public Service, $6 pref.
6% preferred
Central Patricia Gold Mines (quar.)_
Extra
Apr. 15
...
American
Mar. 12
Co. preferred (quar.)
Chicago Railway Equipment, pref
Chrysler Con)
Cincinnati Union Terminal, 5% pref. (quar.).
5% preferred (quar.)
5% preferred (guar.)
.
City Auto Stamping (quar.).
City Ice & Fuel Co
Clark Equipment Co., common (quar.)
15
25c
SIX
SIX
t30c
t35c
Mar. 20
Chicago Flexible Shaft (quar.)
Mar. 30
Mar. 15 Mar.
1
SIX
9
Mar. 20
Extra
Sept. 30 Sept. 15
31 Dec.
Mar.
B
Preferred A (quar.)
Mar. 31 Mar. 15
June 30 June 15
Dec.
Mar. 25
Chesebrough Mfg. Co. (quar.)
Sept. 30 Sept. 15
Dec.
Mar. 20
Chesapeake & Ohio Ry
Mar. 31 Mar. 15
50c
50c
8
Mar. 20
Extra
2
Mar. 16*
1
Mar. 30
Central & South West Utilities Co.—
2
Mar. 25 Mar.
Mar. 30
Mar.
_
1 Apr. 19
1 Mar. 15
50c
$1.18%
4%% preferred (initial) (quar.)
Case (J. I.)
Apr.
Apr.
Apr.
Mar. 30
Celanese Corp. of America
Stock dividend (1 sh. for each 40 held)
Mar. 30 Mar. 11*
—
.
Preferred
Mar. 31 Mar. 14
six
4X% preferred (quar.)
Mar. 15
6% preferred (quar.).
Carolina Telephone & Telegraph Co. (quar.)_._
Carter (Wm.) Co., pref. (quar.)
Carthage Mills, preferred A
Mar. 31 Mar. 14
10c
—
Mar. 15
Mar. 15
Canfield Oil Co
Holders
40c
Laboratories (quar.)
Holders
When
Payable of Record
7% participating preferred (quar.).
Partic. pref. (participating dividend).
Common (irregular)
Canadian Industries, Ltd., class A—
Class B (quar.)
7% preferred (quar.)
Canadian Tube & Steel Products, Ltd., 7% pref.
Apr.
1 Mar. 11
Mar. 25 Mar. 12
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Abbott
1940
2,
Canadian Celanese, Ltd.—
Mar. 20 Feb.
25c
Wood (Alan) Steel, 7% preferred
Yellow Truck & Coach Mfg. Co., 7
Below
Share
Company
SIX
SIX
7% pref. (quar.)
6%% preferred (quar.)—
6% preferred (quar.)
Wiser Oil Co
When
Share
of Company
March
_
Mar. 16
Apr.
Mar. 11 Mar. 1
_
1
Mar. 15 Mar.
Mar.
9 Feb. 29
Mar. 28 Mar.
7
Apr.
1 Mar. 18
Apr.
1 Mar. 15
Volume
The Commercial & Financial Chronicle
ISO
When
Name of Company
Common A & B (quar.)
$5 cum. preferred (quar.)
Fireman's Fund Indemnity
(quar.)
Firestone Petroleums, Ltd
Mar. 20 Mar.
1
Mar. 15 Mar.
5
Mar. 22 Mar. 11
15c
.
Fiscal Fund (bank
stock) (stock
6Hc
50c
div.)I_
2H%
Class A (quar.)
Class B (quar.)
Feb.
Mar. 15
Mar. 15
Mar. 15
Mar.
1
Mar. 30
Mar. 15
Mar. 30
Mar. 15
Mar. 15
Mar.
5
Mar.
Mar. 15
Mar.
1
Mar.
1
Apr.
Mar.
Mar.
1
Mar. 11
Mar.
Mar.
Feb.
Feb.
26
15
May
Apr.
Apr.
Apr.
8
Apr.
Mar. 11
Mar. 15
Mar. 15
Mar.
1
Mar.
5
Preferred
Mar. 15
Mar. 15
Apr.
Apr.
Feb.
20
Mar. 29.Mar.
;
May
(quar.)
Apr.
Glidden Co., preferred
(quar.)
God's Lake Gold Mines, Ltd
Goebel Brewing Co. (quar.)
Gold & Stock Telegraph Co.
8
llApr.
1
1 Mar. 15
1 Mar. 15*
Mar. 15 Mar. 1
Mar. 30 Mar.
9
Apr.
(quar.)
Apr.
Golden Cycle Co.
(quar.)
Goodyear Tire & Rubber Co. (quar.)
$5 convertible preferred (quar.)
1 Mar. 30
Mar. 11 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Mar.
(Extra 1
Gorham Mfg. Co
Grand Union Co. (arrear ctfs.)
(initial)—
Payable in cash or capital stock
Greene Cananea
Copper Co,
Mar.
29
15
15
24
1
8'
-
Mar. 11 Mar.
4
Mar. 15 Feb. 29
Mar. 15 Feb. 29
Mar. 20 Mar.
5
Mar. 15 Mar.
1
pref. (quar.)
$5.50 preferred (quar.)
Hall (W. F.) Printing (quar.)
Hamilton Watch Co
Preferred (quar.)
Hammermill Paper 4H% pref. (quar.)
Harbison-Walker Refractories Co.6% pref. (qu.)
Hart & Cooley Co. (quar.)
Mar. 15 Feb. 16
1 Mar. 15
Apr.
Apr. 20 Apr.
6
Apr.
Apr.
Extra
Hazel-Atlas Glass Co
Hazeltine Corporation (quar.)
Apr.
1
29
Mar. 15 Mar.
1
Mar. 29 Mar. 19
1 Mar. 15
Apr.
--
Home Fire & Marine Insurance
Mar. 15
Jo
4f
Interlake
25c
Steamship Co
International Business Machines Corp.
(qu.)
A stk. div. at the rate of 5 she. for each 100 shs.
International Harvester Co.
(quar.)
International Nickel of Can. (in U.S.
funds)
International Ocean Telegraph Co.
Mar.
Apr.
(quar.)
Houdallle-Hershey Corp., class A (quar.)
Class B (interim)
Howes Bros. Co. 7% 1st preferred
(quar.)
7% 2nd preferred (quar.)
6% preferred (quar.)
Humble Oil & Refining Co
Hussman-Ligonier, preferred (quar.)
Idaho Maryland Mines
(monthly)
Imperial Tobacco of Great Britain & Ireland—
American deposit receipts (final)-American deposit receipts (bonus)
Independent Pneumatic Tool
Mar. 20
Mar.
5
Mar.
5
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar. 21
Apr.
Mar.
2
Kimberly-Clark Corp (quar.)
6% preferred (quar.)
Kings County Lighting, 7% pref. B (quar.)
6% preferred C (quar.).
'erred D (quar.)-.
5% preferr edD (quar.
Klein
Emil)
Kresge (8. S.) Co. (quar.).
Extra
Quarterly
Kroger Grocery & Baking 6% preferred (quar.).
7% preferred (quar.)
Lake Shore Mines, Ltd
Lamaque Gold Mine, Ltd
Landis Machine preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)..
Lane-Wells Co. (quar.)
Lang (John A.) & Sons, Ltd. (special)
(quarterly)
Lava Cap Gold Mining
Leath & Co.. preferred (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.)_
Lehn & Fink Products Corp
Libbey-Owens-Ford Glass Co
Life & Casualty Insurance Co. of Tenn
$1H
SIX
SIX
87Hc
10 Nov. 25
_
Mar. 15 Mar.
1
Mar. 25 Feb. 29
Mar. 25 Feb. 29
Apr.
July
Mar. 22
Oct.
Sept. 21
June 21
1-2-41 Dec. 23
Mar. 15 Mar.
1
Mar. 30 Mar. 15
June
Sent.
May
3 Aug.
Mar. 15 Mar.
1
1
1
J8c
Mar. 15 Feb.
29
50c
$1H
S1H
$1H
JOc
20c
Mar. 15 Feb.
28
May 15 May
Aug. 16 Aug.
4
5
Nov. 15 Nov.
5
Apr.
Apr.
■US
Mar. 15 Mar.
1
Mar.
9 Feb. 28
1 Mar.
Mar. 15 Feb.
Mar. 10 Feb.
Mar. 10 Feb.
Mar. 20 Mar.
Mar. 30 Mar.
Mar. 30 Mar.
Mar.
25c
June
preferred
25c
25c
Sept.
(quar.
1 Mar. 20
1 Mar. 15
Apr.
5 Mar.
6 June
23
29
20
20
5
4
4
1
1
30c
30c
30c
30c
Merck & Co..
6% preferred (quar.)
Mar.
Dec.
25c
preferred (quar.
preferred (quar.
preferred (quar.
preferred (quar.
preferred (quar.
5
5
5
5
5
5
Apr.
Apr.
1 Mar. 20
1 Mar. 20
Apr.
1
S1H
Mesta Machine Co
Metal & Thermit
50c
$1
nil
ill
(quar.)
(quar.).
(quar.)
(quar.)
15c
50c
60c
8% cumulative first preferred
Mid-West Refining, Inc. (quar.)
Mississippi River Power, 6% pref. (quar.).
Mississippi Valley Public Service Co.—
6% preferred B
Mock, Judson, Voehringer
Preferred (quar.)
Mohawk Carpet Mills, Inc
Molybdenum Corp. of America (resumed)
$2
10c
$1H
Dec.
June
Sept.
Sept.
1
Dec.
1
Mar.
1
June
1
Sept.
1
Dec.
1
Mar. 16
Mar. 11 Mar.
1
Mar. 30 Mar. 20
June 29 June 20
Sept. 30 Sept. 20
Dec. 23 Dec.
13
Mar. 11 Feb. 29
1
Apr.
1 Mar.
1
Apr.
1 Mar.
1 Mar.
1
Mar. 25 Mar.
9
Apr.
Apr.
1 Mar. 15
Apr.
1 Mar. 16
Mar. 11 Mar.
1
1 Mar. 15
Mar. 15 Mar.
1
Mar. 31 Mar. 15
Mar. 15 Mar.
1
Apr.
1 Mar. 11
June
1 May 10
Apr.
__
Monarch Life Insurance
Monroe Chemical, pref. (quar.)
Monsanto Chemical Co. pref. A and B (s.-a.)—
Montreal Cottons, Ltd. (quar.)
Mar. 15 Feb.
29
held.
40c
50c
Mar. 15 Feb. 29
Mar. 15 Feb. 29
Mar. 15 Mar.
1
Mar.
SIX
Preferred (quar.)
Montreal Loan & Mortgage Co. (quar.).
Monsanto Chemical Co. (quar.)
Moore (Wm.
Apr.
July
Jan.
31
Mar.
Jan.
31
Mar.
Mar. 19
Apr.
Apr.
Apr.
Mar. 15
Apr.
Mar. 20
Feb. 29
Mar.
Apr.
1
Mar. 15*
$1H
Apr.
Mar. 30
Apr.
Mar.
1*
Mar. 20
Mar.
Feb. 24
Mar.
1
Feb. 29
Mar.
Mar.
10c
...
$ ~C
3l&
Dec.
Mar. 11
Mar.
30c
(quar.).
Common v. t. c. (quar
••)Jefferson Lake Oil Co., Inc., preferred
Jewel Tea Co. new shares (quar.)
Johns-Manville Corp., 7% pref. (quar.)_
Joslyn Mfg. & Supply.
Preferred (quar.)
Joy Manufacturing Co. (quar.)
Kalamazoo Vegetable Parchment Co. (quar.)
Katz Drug Co. (quar.)
Preferred (quar.)
Kaufmann Dept. Stores 5% preferred
(quar.)__
Keith-Albee-Orpheum, 7% preferred
Kennecott Copper Corp
Keystone Steel & Wire
10 Nov. 25
Mar. 10 Feb. 24
10 May 24
preferred (quar '
Preferred
24
10 May 24
Sept. 10 Aug. 24
Mar. 20
$1
25c
t. c.
Mar. 10 Feb.
June
Mar.
7Hc
Inter-Ocean Reinsurance (semi-ann.)
Interstate Hosiery Mills
Investors Distribution Shares (quar.)
Iron Fireman Mfg. common v. t. c. (quar.)
25c
37 He
Preferred (quar.)
Mercantile Acceptance Corp. 5% pref. (quar.)--
Pre!erred
1 Mar. 15
Apr. 12 Mar. 30
Mar.
$2
(quar.)
International Silver Co. preferred
International Vitamin Corp
29
Apr.
29
Apr.
1 Mar. 16
Mfar. 30 Mar. 15
Apr. 22 Mar. 22
Mar. 18
Apr.
50c
20c
25c
Midland Steel Products Co
Non-cumulative dividend shares----
15
Mar. 12 Feb.
Sept.10 Aug. 24
60c
Michigan Steel Tube Products Co
Mar. 15 Feb.
Hibbard, Spencer, Bartlett & Co., (mo.)
Holophane Co., Inc. preferred (semi-annual)
Extra
1 Mar. 22
1 Mar. 14*
Mar. 15 Feb.
26
29
50c
50c
50c
Master Electric Co. (quar.)
Mathieson Alkali Works (quar.)
Preferred
26
1 Oct.
25c
40c
10c
25c
Maryland Fund, Inc
Masonite Corp. (quar.)
Preferred
1 July
Mar. 12 Feb.
Mar. 12 Feb.
SIX
Marsh (M.) & Sons, Inc
1 Mar. 22
Mar. 15 Mar.
Heel a Mining Co
Heilman (G.) Brewing Co. (quar.)
Hewitt Rubber Corp
1 Apr. 25
Nov.
Dec.
3c
Common (quar.)
Mallory (P. R.) & Co
Manischewitz (B.) Co., preferred (quar.)
Mapes Consolidated Mfg. Co. (quar.)
5%
5%
5%
6%
6%
6%
6%
May
Aug.
June
50c
50c
(quar.)
Mar.
Holders
Apr.
1 Mar. 12
Mar. 15 Mar.
1
Mar. 30 Mar. 15
50c
50c
Mines (quar.)
(quar.)
Preferred
When
Payable of Record
1.10
26c
Macassa Mines, Ltd. (5 c. regular, 3c.
extra)
Magma Copper Co. (irregular)
Magnin (I.) & Co. preferred (quar.)
Mar. 15
t|2
$1.10
"1.10
10c
6H% preferred (quar.)
MacKinnon Steel, Ltd., preferred
McCrory Stores Corp. common (quar.)
Mclntyre Porcupine Mines (quar.)
Quarterly
Gold
37 He
87 He
$1H
Class A common (quar.)
Lunkenheimer Co. 6H% preferred (quar.)._,
6H% preferred (quar.)I6H% preferred (quar.)
McKenzie Red Lake
25c
$1X
Louisville Gas & Electric Co., class B com.
(qu.)
Mar.
Mar.
Mar. 15
Mar. 30 Mar. 20
German town & N orris town RR. Co.
(qu.)
Gillette Safety Razor
I
—
Lone Star Gas Corp
Loose-Wiles Biscuit 5% pref. (quar.)
Louisiana Land & Exploration Co
Apr.
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
30c
30c
(capital (quar.),
Original capital (quar.).,,
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Liquid Carbonic Corp. (quar.)
Loews, Inc. (quarterly)
Mar.
(quar.)
$2H preferred (quar.)
5
Apr.
General Telephone Tri
Corp. (quar.)
General Tire & Rubber
6% preferred A (quar.)
Gulf States Utilities Co., $6
20
Mar.
General Railway Signal, pref. (quar.)
Preferred (quar.)
25
Aug. 20
Feb.
Apr.
Corp
12&c
Little Miami RR. Co.,
origin
Mar.
$5 preferred (quar.)
General Refractories
General Telephone Corp.
25
Feb.
Apr.
Mar.
General Printing Ink
Preferred (quar.)
v.
Quarterly
Quarterly
Lincoln Service Corp.
(Wash., D. C.) (quar.)
6% participating preferred (quar.)
7% prior preferred (quar.).
Link Belt Co. preferred (qua
Lit Brothers, 6% preferred,.
Apr.
Apr.
Apr.
Apr.
5% preferred (quar/)
5H % preferred (quar.)
General Candy Co., class A
(quar.)
General Cigar Co
*IX
30c
15
Apr.
Apr.
Apr.
Mar.
Gamewell Co
Preferred (quar.)
Gannett Co., Inc., $6 conv.
pref. (quar.)
Gatineau Power Co.
(quar.)
Common
Liggett & Myers Tobacco preferred (quar.)
Lily-Tulip Cup Corp
Lima Cord Sole & Heel Co
Lincom National Life Insurance Co.
(quar.)
15
Mar.
Gabon Iron Works &
Mfg. Co., 6% pref. (quar.)
GaUand Mercantile
Laundry Co. (quar.)
Galveston-Houston Co
Share
Company
Mar. 15 Feb.
Mar. 15 Feb.
Sept.
Preferred (quar.)
Fruit of the Loom, Inc., S3 n-c
pref
Fuller Brush 7 % pref
Fuller (Geo. A.) 4%
pref. (quar.)
Insurance
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Mar. 15 Mar.
5
Mar.
2 Feb. 20
Mar.
Fort Wayne & Jackson BR.,
5H % pref. (s.-a.)__
Foundation Petroleums. Ltd
Fox (Peter) Brewing
(quar.)
:
Extra
Glens Fails
Per
Name of
Mar.
Insurance stock (stock
dividend)
Ford Motor Co. of Canada—
General Motors
Holders
Payable of Record
Federal Mining &
Smelting Co. (irregular)
Federal Mogul Corp
Ferro Enamel Corp
IIIIIIIIII"!
Finance Co. of America at
Baltimore—
1379
June
30c
Sept.
May 10
Aug. 10
30c
Dec.
Nov.
35c
60c
Mar.
Mar.
Feb. 29
Mar.
8
Apr.
Mar. 15
Mar.
1'
SIX
75c
Mar.
9
R.) Dry Goods Co. (quar.)
Quarterly
Quarterly
Quarterly
1 Oct.
1-2-41 Dec.
Morris Finance Co., class A common...
Class B common
Morris Plan Insurance Society (quar.)__
Quarterly
Quarterly
Motor Finance, preferred (quar.)
Motor Wheel Corp. (quar.)
Mar. 29 Mar. 16
Mar. 15 Feb. 29
Mar. 15 Mar.
1
Mar.
5 Feb. 24
Muncie Water Works Co.,r8% preferred (quar.)_
Munsingwear, Inc., common
Muskegon Piston Ring Co
Mar. 30 Mar. 11
Mar. 15
Mar. 15 Feb. 24
National Biscuit Co
National Container
National
Apr. 15
(Del.)
Dairy Products (quar.)
Apr.
Apr.
12Hc
$1H
SIX
mx
Mar.
Feb.
Apr.
Mar. 15
New Amsterdam Casualty (semi-annual)
Apr.
Mar.
1
Mar. 15
25c
Mar.
Mar.
25c
Mar.
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Feb. 29
Mar. 12
60c
Newberry (J. J.) Co. (irregular)
New England Public Service Co.—
$6 prior lien preferred
t75c
$7 prior lien preferred
t87Hc
New England Telep. & Telegraph
$ik
New Jersey Zinc Co
50c
Newmont Mining Corp
50c
New York & Queens Elec Light & Power (quar.)
$2
SIX
Niagara Share Corp. of Md., class A pref. (qu.)
25c
30c
15c
Mar.
Mar. 20
Mar.
1
Mar.
Mar.
30c
June
May 31
$1H
SIX
Apr.
May
Mar.
!50c
Mar.
Mar.
Mar.
10c
IX
%IX
$1X
$1X
Apr.
Apr.
60c
Sept.
Dec.
Mar.
Feb.
Mar. 15
$1
Apr.
Apr.
21
Mar. 15
Mar.
9
Mar. 15
50c
Mar.
Mar.
Mar. 14
Mar.
1
Feb. 29
12c
Apr.
Mar. 15
25c
North River Insurance (N. Y.)
North Texas Co. (initial).
Northland Greyhound Line pref. (quar.).
Norwalk Tire & Rubber, pref. (quar.)..
Apr.
Apr.
62 He
50c
50c
Noblitt-Sparks Industries
June
Mar.
Niles-Bement-Pond Co
Nor an da Mines, Ltd. (quar.)_
Norfolk & Western Ry. (quar.)__
30c
3c
—...
Apr.
1
8
1
Norwich Pharmacal Co. (quar.)
Ohau Ry. & Land Co. (monthly)
Ohio Finance Co. (quar.)
Preferred (quar.)
Ohio Edison Co. $5 preferred
$1
21
10c
SIX
87 He
25c
10c
40c
(quar.)
$6 preferred (quar.)__
$6.60 preferred (quar.)
87 preferred (quar.)
$7.20 preferred (quar.)
Omar, Inc., 6% preferred (quar.)
Apr.
1
Mar. 15 Feb.
29
Apr. 22
25c
37Hc
Mar. 16
25c
17Hc
N. Y. Curb will announce ex-div. date later..
Neisner Bros., Inc. (quar.)
50c
50c
19
1
1
Mar. 15
Nehi Corp., stock div. of 4 additional shares of
common stock for each share of common held
1900 Corp., class A (quar.)
Class A (quar.)
Class A (quar.)
1
1
Mar. 15 Mar.
1
8
Mar. 12
Mar. 15
Mar. 15
Mar. 15
1 Mar.
1 Mar.
Apr.
Preferred A & B (quar.)
National Grocers, Ltd., prior pref. (quar.)
National Lead Co., preferred A (quar.)
Mar.
$1H
SIX
1 Nov. 22
2 Mar. 15
Anr.
Mar.
Sig
1 Aug. 23
Dec.
Mar.
1
1
Sept.
Mar.
Mar.
Mar.
1
31
Morristown Securities Corp
25c
15c
29
1
Mar. 30 Mar. 15
Mar. 30 Mar. 15
June
1 May 24
$ih
Mar. 19
1 Apr.
1 July
Oct.
S1H
SIXSIX
$1.65
SIX
$1.80
$1H
Apr.
Apr.
1
1 Mar.
1 Mar. 16
Mar. 15 Mar.
1
Mar. 15 Mar.
1
Mar. 30 Mar.
8
9 Feb. 17
Mar.
Mar. 15 Mar.
1
Mar. 14 Feb. 23
Mar. 20 Mar.
Mar. 15 Mar.
8
May 15 May
Aug. 15 Aug.
1
1
Nov. 15 Nov.
1
5
Mar. 30 Mar. 15
Mar. 15 Feb. 20
Mar. 19 Feb. 29
9 Feb. 23
Mar.
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Mar. 11 Feb. 23
Mar. 15 Mar. 12
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
ar.
1 Mar. 11
1 Mar. 11
1 Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
March 2,
& Financial Chronicle
The Commercial
1380
Per
Company
Name of
Holders
When
Per
Name
Payable y Record
Share
Share
of Company
6% cumulative preferred (quar.)_.
7% cumulative preferred (quar.).
Orange & Rockland Electric Co.—
6% preferred (quar.).
5%
25c
5% preferred (quar.)
Panhandle Eastern Pipe lane—
Class A & B preferred (quar.)
Paraffine Cos., Inc
Preferred (quar.)
Park & Tilford, pref. (quar.)
Parke Davis & Co
Paton Mfg. Co., Ltd
7 % preferred (quar.)
Penney (J. C.) Co
Pennsylvania Salt Mfg
Pennsylvania Sugar
Peoples Drug Stores, Inc.-
Mar. 16
Mar.
Feb.
Mar.
Feb. 28
Mar.
29
1
25c
Mar.
5
25c
Apr.
Apr.
25c
Mar.
Feb. 20
15c
Mar.
25c
Mar.
Feb.
Mar. 15
6*
1
Transue & Williams
35c
Mar.
Mar.
10c
Mar.
Mar.
tic
Mar.
Feb.
50c
Si H
Anr.
Mar. 15
Mar.
Feb.
23
MH
!1 H
Apr.
July
Apr.
July
5
5
Mar.
So preferred (quar.)
Puget Sound Power & Light
Pullman, Inc
1
1
15
15
Mar.
Feb.
15
50c
Ajpr.
Mar. 15
S1H
t$lH
SI H
$1H
25c
(quar.)
Refining Corp
Raybestos-Manhattan. Inc..
Rayonier, Inc.. $2 preferred
Reading Co. 1st preferred (quar.)
Reeves (Daniel), Inc. (quar.)
May
Mar.
Feb.
50c
(quar.)
Engineering Corp—
Reliance Grain Co., Ltd., 6H% preferred
Reliance Manufacturing Co
7% preferred (quar.)
Republic Investors Fund pref. A and B (quar.)..
Republic Natural Gas Co. common (quar.)
Republic Steel Corp., 6% cum. pref. A (quar.)..
6% cum. conv. preferred (quar.).
Reliance Electric &
2d pref. (quar.).
Rich's, Inc., 6H% pref. (quar.)
Risdon Mfg. Co. 7% preferred (quar.)
Mar.
Mar.
Feb.
21
Mar.
Feb.
29
Uff
Mar.
Feb.
29
25c
Mar.
Mar. 15
Mar.
Feb.
May
Apr.
Apr. 20
May
Apr. 15
Apr. 16
"Id
S1H
15c
20c
$1H
Mar. 11
Apr.
Mar.
Mar.
$1H
%l%
$1H
Apr.
Mar. 15
Mar.
Mar. 15
Apr.
Apr.
July
Mar. 20
(quar.)
Inc., common—
Roeser & Pendleton, Inc.
Rubenstein (Helena),
(25c. and 25c. special)
Class A (quar.)
Safety Car Heating & Lighting
St. Joseph Lead (quar.)
Co., Inc
Savannah Electric & Power 8%
pref. A (qu.)_.
7H% preferred B (quar.)
(quar.)
6H% preferred D (quar.)
7% preferred C
Apr.
Mar. 11
May
Apr.
Mar.
Apr. 15
Utah Power & Light.
(s.-a.)
6% preferred
-
25c
(quar.)
$1H
5H% preferred (quar.)
40c
(quar.)
$4.50 preferred (quar.)__
$4 preferred (quar,).
Scott Paper Co., common
May
Mar.
13
75c
75c
Mar.
Feb.
Mar.
Feb. 29
12Hc
Mar.
Feb. 24
10c
10c
Mar.
Mar.
Apr.
Apr.
Apr.
Mar.
Mar. 15
$1H
Mar.
Mar. 12
40c
Mar.
Feb. 24
37Hc
Selby Shoe Co
Shattuck (Frank G.) Co
Sheller Manufacturing Corp
L
Sherwin-Williams (Canada) preferred
Silverwood Dairies, Ltd., partic. preferred.
Simon (H.) & Sons (interim)
Mar.
Mar. 23
Mar.
Mar. 23
May
Feb.
t$3H
t20c
15c
(quar.)
Simonds Saw & Steel Co. (irregular)
Stockyards (quar.).
$1H Partic. preferred (quar.).
Skelly Oil Co. preferred (quar.).
kelly
Sioux City
37,&
1
Mar. 15
9
Mar.
Mar. 12
20
proposed financing plan of
pref. stock will be retired as of
If SEC approves
company,
May 1.
(H.) Paper Mills, pref. (quar.)
Socony-Vacuum Oil
Sonotone Corp
Preferred (quar.)
South Carolina Power Co., $6 1st pref. (qu.)__
South Porto Rico Sugar Co. (quar.)
Preferred (quar.)
South West Pennsylvania Pipe Line
Southern California Edison Co.—
6% preferred B (quar.)
Apr.
Smith
5c
15c
25c
2
37 He
40c
Original preferred (special).
(quar.)
Sparks-Withington pref. (quar.)
Spencer Kellogg & Sons (irregular)
Spiegel. Inc., $4H conv. pref
Spring Valley Co., Ltd. (liquidating)
Square D Co
5% preferred (quar.)
Stalev (A. E.) Mfg. Co.. $5 cum. pref. (quar.)__
Standard Brands, Inc. (quar.)
$4H preferred (quar.)
$4H pref. (quar.)
Southland Royalty
15 Mar. 30
Mar. 15 Feb. 21*
$1H
5c
4
Mar. 25 Mar.
Apr.
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
7
1 Mar.
1 Mar. 7
1
Mar. 12*
Apr.
Feb. 20
Mar. 20
Mar.
Mar.
Mar.
-
Whitaker Paper
Preferred (quar.)
preferred (quar.).
5
Mar,
Mar.
40c
Mar.
Feb. 24
*1#
50c
Mar.
Mar.
Mar.
Feb.
30c
Mar.
Mar. 16
Wilson Line, Inc
Winsted Hosiery
Extra
10
preferred (quar.)_
Will & Baumer Candle Co.
Willson Products,
Mar.
Mar. 10
10c
Apr.
Feb.
$1H
$1H
June
June
1
16
25c
Mar.
15
25c
Mar.
Feb.
15
Standard Oil Co. of Ohio
Preferred
25c
_
Mar.
25c
(quar.).
(quar.)
Mar.
$1H
30c
Apr.
Mar.
16
Feb. 29
Feb. 29
Mar. 30
Engineering
Sudbury Basin Mines, Ltd.
20c
Mar.
5
Mar. 15
2 He
Mar.
Mar.
Sun Oil Co. stock dividend.
5%
Mar.
Feb. 24
Feb. 24
Standard Wholesale
Phosphate & Acid Works
Steel Products
Quarterly
Sundstrand Machine Tool..
Sunray Oil Corp
5H% preferred (quar.)..
Mar.
Mar.
50c
Mar. 30 Mar. 10
5c
May
Apr.
l'Apr.
1 Mar.
Mar.
1
25c
Mar.
Feb. 29
$1H
Mar.
Feb. 29
Apr.
Apr.
Apr.
Mar. 15
Apr.
Mar. 20
Mar. 15
Mar. 16
Mar. 19
Mar.
Feb.
Mar.
Mar.
1
Mar.
Mar.
5
June
June
5
Sept.
5
Dec.
Dec.
5
Feb. 29*
May 31*
Aug. 31*
Nov. 30*
Mar. 16
8ept.
Apr.
July
5
5
Feb.
26
Feb.
26
Apr.
Mar.
2
Apr.
l'Mar.
2
8
21 Feb.
1
Mar. 15 Mar.
1
Mar. 15 Mar.
Mar. 20 Feb. 29
May
Aug.
1 Apr. 20
1 July 20
Mar. 26 Mar. 16
Mar. 20 Mar. 11
June 20 June
10
Sept. 20 Sept. 10
Apr. 20 Apr. 10
July 20 July 10
Oct. 19 Oct.
Mar. 20 Feb.
Mar. 15 Feb.
10
20
Mar. 15 Feb.
27
20
Mar. 15 Feb. 27
1 May
1 May
15
15
Mar. 15 Feb.
23
June
June
Apr.
1 Mar. 16
Mar. 15 Mar.
Apr.
1 Mar. 20
Mar. 15 Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 16
1 Mar. 16
1 Mar. 20
1 Mar. 20
1 Mar. 15
Mar. 11 Feb. 29
Nov.
(quar.)
1 Apr.
1 Apr.
1 July
1 July
1 Oct.
Apr.
_ -
15
1 Mar. 15
1 Mar. 16
Nov.
Wright-Hargreaves Mines
1
May 31 May 15
Aug. 31 Aug. 15
1 Mar. 11
Apr.
1 Mar. 15
Apr.
July 15 June 29
May
May
Aug.
Aug.
xtra
1 Oct.
1 Feb.
1
15
15
15
15
15
15
15
15
Mar.
Extra
Wrigley (Wm.) Jr. Co.
26
Mar.
(quar.)
Tube Co. com.
5H% preferred A (quar.)
Youngstown Steel Door Co
Youngs town Sheet &
Apr.
1 Feb.
1 Feb.
Apr.
1 Mar.
2
1 Mar.
Mar. 15 Mar.
2
Apr.
20
1
5
25c
68Hc
1
Mar.
Mar. 15 Mar.
Extra
Standard Oil Co. (Indiana) (quar.)
Standard Oil Co. (Ky.) (quar.)...
Inc
Co. (quar.)
Quarterly
Standard Oil Co. of California
Feb.
Feb.
preferred (quar.) —
guarterly
Mar.
Mar.
$1H
June 30
1
9 Mar.
Mar. 30 Mar. 14
1 June 15
July
Wieboldt Stores 6% pref. (quar.)
Apr.
8ept. 30
Mar.
Mar. 31
Sept. 10 Aug. 31
Dec. 10 Nov. 30
Whitman (William) Co
$1H
$1H
$1H
Oct.
15c
17
9iMar.
1
Mar.
1
June 10 June
Quarterly
preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Walgreen Co. (quar.)
4H% preferred w. w. (quar.)
Walker (Hiram)-Gooderham & Worts
Preferred (quar.)
Washington Railway & Electric—
5% preferred (quar.)
5% preferred (s.-a.)
Washington Water Power, $6 pref. (quar.).
Wayne Pump Co
Weber Showcase & Fixtures, 1st preferredWelch Grape Juice, preferred (quar.)
Preferred (quar.)
-—.
West Virginia Pulp & Paper Co
West Virginia Water Service pref. (quar.)_.
Western Pipe & Steel 7% preferred (s.-a.)
Western Tablet & Stationery Corp., 5% pf. (qu.)
Westinghouse Air Brake Co
Weston (Geo.) Ltd. (quar.)
Prior
8
Apr.L 6
Mar.
1
1
Mar.
Mar.
Viking Pump Co. (special)
$2.40 preferred (quar.)
Virginia Elec. Pow. Co., $6 pref. (quar.)
Virginian Ry. Co. 6% preferred (quar.).
6% preferred (quar.)
(New stock) (initial)
Vulcan Detinning (quar.)
—.....
Quarterly
...——
1
Apr.
May
Apr.
July
Mar. 20;Mar.
$
$7 pref
Ventures, Ltd
Vermont & Boston Telegraph (ann.)
Apr. 20
Mar.
5
%l%
$134
Mar.
(quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Feb. 29
29
Mar. 1
1 Apr. 20
Mar.
Apr.
Apr.
July
Vapor Car Heating Co., Inc..
Mar. 15 Feb.
Mar. 21
June
Co. (quar.)
Vanadium-Alloys Steel Co
Mar. 15
2
Mar.
Mar.
Mar.
Mar.
Van Norman Machine Tool
Mar.
Mar.
Mar.
1
2
Mar.
$6 preferred
$1
25c
Sears, Roebuck & Co. (quar.)
Seeman Bros., Inc
(quar.)
_
1
Apr.
1
Apr.
1
Apr.
Mar. 15
$1.12H May
Seaboard Oil or Del. (quar.)_
Preferred
111
20
Mar.
Dec.
25c
8
Mar. 22
15c
(irregular)
Preferred (quar.)
U. S. Tobacco Co. (quar.)
Mar. 20 Mar.
liMar.
Apr.
l'Mar.
Apr.
Mar.
Apr.
Apr.
Sept.
Sept. 20
Apr.
Feb.
Mar.
30c
Card
—
United States Sugar pref. (quar.)...—.
Mar. 4
UMar. 15
5
Mar.
$1H
-----
Dec.
15c
$1
25c
1
15c
Dec.
-
Rustless Iron & Steel
Schiff Co.
Quarterly
Mar. 15
5
15c
Oct.
25c
5
Mar.
10c
Quarterly..
Preferred
Mar.
Mar.
Ap.r
50c
....
Mar.
1
95c
United States Playing
6
Mar.
25c
10c
10c
>
Mar.
16
t20c
Quarterly--
June 20
Feb. 22
-—
United States Pipe & Foundry
Mar. 22
Mar.
Mar. 12*
Quarterly
1
Mar.
Mar.
Mar. 14
-
Mar. 11
21
10c
Quarterly
Quarterly
Quarterly
Mar. 21
Apr.
Apr.
10c
(quar.).
29
Feb.
Mar.
7% pref. (quar.)>_
United Gas Improvement (quar.)
Preferred (quar.)
United Light & Railways Co. (Del.)—
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly).
Unite
nited New Jersey RR. & Canal (quar.).
United Pacific Insurance Co. (quar.)
United States Freight Co
—
United States Graphite Co
United States Petroleum Co. (quar.)
Quarterly
Quarterly.
29
Mar. 11
Mar.
Mar. 16
United Gas & Electric Corp.
Mar. 11
26
Mar.
Mar.
United Elastic Corp
Feb. 29
Mar.
5
26
Feb.
Apr.
Quarterly
Quarterly
1
50c
Preferred
Rice-Stix Dry Goods Co. 1st &
May
25c
Oats Co. (quar.)
Mfg. Co
Mar.
Feb.
Mar.
Mar. 22
Mar.
United Bond & Share. Ltd. (quar.)
Mar. 20
Feb. 23
Mar.
1
25c
Mar.
Mar.
Mar.
(semi-annual)
United Dyewood Corp., pref. (quar.)
United Biscuit Co. of America preferred
15
Feb.
Mar.
Apr.
Mar.
Preferred
Mar. 22
Apr.
12 He
56c
Union Twist Drill Co
United-Carr Fastener Corp.
Mar.
10c
Union Pacific RR
50c
$5 prior pref...
Roberts' Public Markets, Inc.
Mar.
Feb.
Mar.
Apr.
Apr.
S§H
50c
—
1
Feb.
Mar.
Mar.
15c
Mar. 20
Mar.
Mar.
Mar.
$1H
(quar.)
Mar.
Mar.
5
Mar.
65c
Apr.
Mar.
Apr.
29
25c
(quar.)
Preferred
$2
$1H
Mar.
Feb.
35c
Udylite Corp
Mar.
Mar.
Apr.
S1H
$1H
(quar.)
208 So. La Salle Street Corp.
Feb. 29
Mar. 15
Mar.
25c
Mar.
Mar.
Mar. 15
Apr.
Mar.
25c
(quar.)
Underwood Elliott Fisher Co. (quar.)
Union Gas Co. (Canada) (quar.)
Union Investment Co
7.6% preferred (quar.).
$1H
37Hc
Mar. 18
Apr.
%IK
(quar.)
5H % preferred
May
16
50c
Steel Forging
Truax-Traer Coal 6% preferred
20
Mar. 16
+7 5c
Tokheim Oil Tank & Pump Co
Toronto Elevator, pref. (quar.)
Apr.
Mar. 16
Mar.
50c
Timken-Detroit Axle (quar.)
Timken Roller Bearing Co
Apr.
Mar.
Mar.
50c
Mar. 15
Mar. 15
75c
Mar. 16
Mar.
25c
May
Mar.
7&c
Mar.
10c
Common
4
1
25c
Oil, pref. (quar.)
Roofing Co., Inc., $1.40 conv. pref.
May
12 He
& Gas, $5 pref. (quar.)..
7% preferred (quar.)
Public Service of New Jersey
8% preferred (quar.)
7% preferred (quar.)
$6 preferred (monthly)
$6 preferred (monthly)
Tilo
23
12
60c
preference (quar.)
Tide Water Assoc.
5
Mar.
Feb.
10c
Thompson Products, Inc., common
$5 Conv. prior preferred (quar.)
Mar. 11
Mar.
6$Hc
Tappan Stove Co
Teck Hughes Gold Mines (quar.)
Texas Corp. (quar.)
Texas Gulf Sulphur Co. (quar.)
Thermoid Co., $3 preferred
Thew Shovel Co., 7% pref. (quar.)
Mar. 15
Feb.
Mar.
12
$1H
(quar.)
(James), Inc
1
Mar.
Feb.
50c
Preferred
5 H % participating
Talon, Inc. (quar.)
$2
25c
2
Mar.
Mar.
25c
Talcott
28
Mar.
Apr.
50c
1
Mar.
-
preferred (quar.)
Rheem
Mar.
50c
Public Finance Service, Inc. $6 preferred (quar.)
Public National Bank & Trust Co. (N. Y.)
Quaker State Oil
Mar.
Apr.
Mar.
40c
(quar.)
Co. (quar.)
Pharis Tire & Rubber
Phelps Dodge Corp
--Phoenix Acceptance Corp., class A (quar.)
Pictorial Paper Package..
Pilot Full Fashion Mills. Inc., 6% cumu. pref..
Pittsburgh Bessemer & Lake Erie (s.-a.)
Plymouth Oil Co. (quar.)
Powdrell <fc Alexander Inc
—
Prairie Royalties, Ltd. (irregular)
Pratt & Lambert, Inc
Procter & Gamble 5% pref. (quar.)
Prosperity Co., 5% preferred (quar.)..
Preferred
Apr.
7^
Pet Milk Co.
Quaker
Mar. 16
Mar.
1
29
25c
(quar.)
Class A (quar.)
Extra
Mar. 11
Feb.
5c
Extra
Apr.
Mar.
5c
Extra
Tacony-Palmyra Bridge
2
May 10
30c
(quar.)
Syl van!te Gold Mines (quar.)
2
1 Mar.
1 Mar.
Mar.
30c
Swift & Co.
Mar.
$ 1H
75c
Pfeiffer Brewing
Public Service Electric
Apr.
Apr.
$1H
Mar.
Mar.
May
10c
Sutherland Paper Co
Mar. 25
1
1 Mar. 25
Mar. 20 Feb. 23
Mar. 20 Feb. 23
$1H
- - -
& Power Co. (quar.)
29
5
Mar.
25c
—
(quar.)
Superior Oil Co. of Calif., common
Supervised Shares, Inc. (quar.)
Sunshine Mining Co.
29
A or.
15c
—
Ottawa Light, Heat
5%
Apr.
$1H
$1H
preferred (quar.).
Otis Elevator Co
Preferred (quar.)
Mar. 15 Feb.
Mar. Id Feb.
1H%
IH%
Holders
When
Payable of Record
40c
2Hc
Sunset Oils Ltd
Electric Co.—
Oklahoma Gas &
1940
1
1
*
Transfer books not closed for
t On account of
this dividend,
accumulated dividends.
% Payable in Canadian
deduction of a tax of 5%
funds, and in the case of non-residents
of the amount of such dividend will be
of Canada
made.
Volume
The Commercial & Financial Chronicle
ISO
Condition of the Federal Reserve Bank of
New
Weekly Return of the New
Clearing House
York
The following shows the condition of the
Federal Reserve
Bank of New York at the close of business
Feb. 28, 1940,
in comparison with the
previous week and the
date last year:
Feb.
The
weekly
STATEMENT
issued by the New York City
Friday afternoon is given in full below:
OF
on
MEMBERS
1940 Feb. 21,1940 Mar.
I,
$
$
*
1,540,000
90,691,000
Deposits,
Average
Average
$
1,149,000
Bank of New York
6,000,000
Chem Bank & Trust Co.
City Bank
Guaranty Trust Co
13,931,000
212,248,000
14,217.000
20,000,000
77,600,000
20,000,000
Bank of Manhattan Co.
obligations
26,512,700
67,518,600
517,622,000
,180,383,000
39,674,000
56,744,100
184,702,000
40,151,100
72,745,600
19,065,100
90,000,000
42,117,000
21,000,000
15,000,000
10,000,000
50,000,000
53,188,800
4,000,000
100,270,000
4,409,900
133,291,800
500,000
3,922,200
81,047,700
2,515,700
475,000
552,000
1,969,000
374,000
Corn Exch Bank Tr Co.
2,596,000
2,444,000
926,000
Irving Trust Co
215,000
2_,050",556
discounted
Bills
2~,05()~666
3,846,000
Continental Bk & Tr Co.
Chase National Bank...
bought in open market
Industrial advances
U. 8. Govt, securities, direct and
guar¬
anteed:
Fifth Avenue Bank
Bankers Trust Co
Bonds
408,181,000
344,156,000
Notes
408,181,000
344,156,000
Bills
Total U. 8. Government securities,
direct and guaranteed
25.000,000
237,660,000
Title Guar & Trust Co..
6,000,000
343,525,000
143,478,000
Marine Midland Tr Co..
New York Trust Co
5,000,000
752,337,000
752,337,000
Totals
Total bills and securities
756,983,000
Due from foreign banks
756,831,000
17,000
1,749,000
159,923,000
9,876,000
18,718,000
17,000
3,299,000
159,076,000
9,876,000
19,015,000
Federal Reserve notes of other
banks.__
Uncollected items
Bank premises
Other assets
*
63,000
official reports:
per
companies,
9,005,000
Includes
14,194,000
b (Feb.
Dec. 30,
deposits
1,628,000
,831,090,000
52,626,000
39,231,000
4,592,000
39,713,000
,094,742,000
13,649,000
2,224,000
136,149,000
2,967,000
27,951,000
85,576,000
51,760.000
925,016,000 13,713,457,000
664,455,000
2,068,000
National, Dec. 30, 1939; State, Dec. 30, 1939; trust
1939.
in
20) $70,345,000;
foreign
branches
follows:
as
a
(Feb.
$247,284,000;
24)
(Feb. 29) $3,077,000; (d (Jan. 31) $69,931,000;
c
e (Feb.
21)
$19,846,000.
8,963,356,000 8,863,707,000 6,720,869,000
....
As
3,651,000
167,383,000
2,098,000
4,766,000
66,470,000
8,525,000
9,910,300
518,887,000
729,650,000
,049,594,000
291,974,000
660,124,000
640,620,000
411,751,000
104,267.000
7,000,000
724,663,000
046,791,000
630,199,000
9,395,300
27,959,100
12,500,000
7,000,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
172,213,000
5,052,000
77,023,000
99,550,000
49,664,000
28,154,000
687,582,000
109,480,000
190,000
2,406,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
direct and guaranteed
Total assets
Time
Deposits,
First National Bank
Govt,
1940
Undivided
Capital
120,410,000
Other bills discounted
bills
1,591,000
88,489,000
National
U. S.
HOUSE
Net Demand
Surplus and
Members
8,015,090,000 7.916,593,000 5,796,923,000
Total reserves
Bills discounted:
by
CLEARING
7,922,859,000 7.826,513,000 5,675,364,000
f
Secured
NEW YORK
Profits
Clearing House
Other cash
THE
1939
hand and due from
United States Treasury.!
Redemption fund—F. R. notes
OF
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, FEB. 29,
$
on
York City
statement
Clearing House
corresponding
28,
Assets—
Gold certificates
Total
1381
Liabilities—
F. R. notes in actual circulation
Deposits—Member bank
reserve
1,243,073,000 1,242,057,000 1,000,190,000
Foreign bank
137,109,000
135,050,000
129,872,000
253,267,000
133,509,000
265,369,000
...
Other deposits
Total deposits
liabilities, incl. accrued dividends.
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
304,475,000
87,830,000
177,991,000
each
received by cable
as
day .of the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Feb. 24
7,457,569,000 7,354,684,000 5,437,428,000
140,346,000
144,739,000
163,167,000
758,000
668,000
1,011,000
Deferred availability items
Other
THE
acc't.. 6,921,582,000 6,836,495,000 4,867,132,000
U. S. Treasurer—General account
Feb. 26
Feb. 27
Feb. 28
Feb. 29
Mar. 1
8,841,746,000 8,742,148,000 6,601,796,000
Capital Accounts—
44/101/10%
£65
44/3
102/6
%
103
Cable & W ord
£64
Central Min & Invest..
Total liabilities.
Boots Pure Drugs
British Amer Tobacco.
£13
£13
£12%
Cons Goldlields ol S A.
Capital paid in
Surplus (Section 7)
Surplus (8ection 13-b).
51,148,000
53,326,000
7,109,000
Other capital accounts.
10,027,000
51,149,000
53,326,000
7,109,000
9,975,000
45
44/3
/9
Courtaulds S & Co
37/9
45/38/1%
£718u
£7%
£7 %
Distillers Co
52,463,000
7,457,000
8,128,000
45/7%
37/9
De Beers
51,025,000
70/-
/7 X
Imp Tob of G B & I__
122
69/6
8/9
16/7%
25/6
123 /9
London Mid Ry
Metal Box.
£21
£20%
Rand Mines
£6 %
£15 %
Electric & Musical Ind
8/9
Ford Ltd
Total liabilities and capital accounts..
8,963,356,000 8,863,707,000 6,720,869,000
92.1%
vances.
1
92.1%
1,752,000
t "Other cash" does not Include Federal Reserve notes
Hudsons Bay Co
90.0%
1,753,000
bank's
Federal
own
These
Vickers
West
£33
79/4%
10/27/6
21/4 %
£3%
United Molasses
70/1%
8/9 '
16/7%
26/6
126/2
£20%
80/£7
78/1%
10/27/7%
21 /6
Swedish Match B
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.
78/9
£6%
£15%
89/4%
£33
Shell Transport
certificates given by the United States Treasury for the
gold taken
are
90/-
Royal Dutch Co
over
16/7%
25/1%
/6
79/4%
Rio Tinto
2,673,00
Reserve bank notes.
x
Closed
Rolls Royce
or a
44/104/4%
£64
£63
£13%
50/37/10 %
£7%
67/9
8/10%
9/17/17/26/6
26/4%
125/7%
126/3
£20%
£19%
80/80/£78id
£15%
90/£33%
80 /7%
£3%
43 /9
104/4%
£63%
£13%
47/6
38/£7%
68/6
10/27/6
21/4 %
£73ie
£15%
£15%
90/7%
£33%
81/3
10/27/4%
24/1%
92/6
£33%
81/10%
10/27/3
24/4%
Witwatersrand
Areas..
£3%
£4«u
£4%
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 Syst^fn, giving the principal
items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve
banks themselves.
The comments of the Board of Governors
oj
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.
Commencing with the statement of May 19, 1937, various changes
described in
The
an
amounts of
securities.
are
of loans
were made In the breakdown
announcement of the Federal Reserve Bank of New York of
changes in the report form
April 20. 1937,
as
confined to the classification of loans and discounts.
as
reported in this statement, which
were
follows:
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and
dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between
outside New York City.
loans
to brokers and dealers in securities located in New York
Provision has been made also to include "acceptances of
City and those located
bank purchased or discounted" with "acceptances and commer¬
own
cial paper boight in open market" under the revised
caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items
"commercial, industrial and
agricultural loans" and "other loans"
would each be segregated as "on securities" and "otherwise secured
and unsecured."
A more detailed explanation of the revisions was
published in the May 29, 1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON FEB.
21, 1940 (In Millions of Dollars
Federal
Reserve Districts—
Loans and Investments—total..
Total
Boston
New York
Phila.
$
ASSETS
$
$
$
Cleveland Richmond,
$
Atlanta
Chicago
St. Louis
I
%
$
$
Minneap. Kan.CUv
1
Dallas
San Fran,
$
$
%
1,169
9,624
1,163
1,921
713
629
3,386
697
432
684
536
610
2,257
680
263
310
912
332
189
296
272
968
293
3,278
1,759
421
4,316
196
256
115
168
535
193
100
178
182
341
333
67
120
25
8
17
4
38
11
4
19
2
18
617
21
477
24
22
2
5
40
5
1
4
2
482
20
216
31
25
15
11
73
13
8
10
13
47
81
198
50
174
41
31
114
52
10
28
22
384
50
1
2
1,543
128
458
94
193
73
90
112
57
66
57
51
623
Commercial, Indus, and agrlcul. loans
Open market paper
23,211
8,531
1,185
Loans—total
12
185
2
331
17
30
10
19
Loans to brokers and dealers in secure.
Other loans for purchasing or carrying
securities
Real estate loans.
Loans to banks
55
Other loans
Treaury bills
1
7
1
14
'
'
'
—
-
-
-
-
------
—
-
-
-
-
-
---
---
164
10
Treasury notes
1,743
46
755
31
176
177
28
286
34
35
68
United States bonds
45
62
6,464
324
2,644
339
648
154
115
1,072
140
116
103
91
718
Obligations guar, by U. S. Govt
Reserve with Federal Reserve Bank..
Cash in vault
2,425
54
1,349
99
123
54
72
3,425
Other securities
123
1,413
273
287
65
102
10,306
480
6,291
437
552
190
127
285
71
19
66
52
181
500
.
103
43
141
57
318
1,202
241
89
188
132
377
462
140
96
20
43
22
13
62
11
7
15
11
Balances with domestic banks
22
3,128
176
219
227
335
209
218
552
193
89
328
299
Other assets—net
283
1,242
80
482
86
100
38
48
79
22
16
24
29
238
19,256
1,186
1,313
505
407
2,594
486
287
535
475
235
9,490
1,030
943
5,277
262
744
200
190
956
190
119
146
136
573
14
1,035
1,069
64
54
47
32
44
134
18
3
24
31
108
8,091
323
3,561
439
454
306
290
1,185
370
156
428
275
304
9
------
1
------
------
—
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
banks
Foreign banks
Borrowings
Other liabilities
Capital accounts
745
21
684
5
1
1
1
1
1
20
270
15
15
31
10
18
5
8
3
3,720
245
1,613
215
377
97
93
385
95
59
103
21
------
------
1
686
------
'
------
—
—- —
—
— ——
—
—
—
------
------
------
3
/
288
86
352
The Commercial & Financial
1382
Weekly Return of the Board of Governors
March 2, 1940
Chronicle
of the Federal Reserve System
Federal Reserve System on Thursday afternoon, heb.29,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 28. 1940
The
following was issued by
the Board of Governors of the
Feb. 28.
.
Feb. 21,
Feb.
14,
Jan.
Feb. 7,
Jan.
31,
24,
Jan. 17,
Jan.
Omitted
10,
1940
1940
1940
1940
1940
1940
%
$
$
$
S
%
$
Mar.
1,
1939
$
3
12,154,719
15,674,618
10,118
8,602
15,433.121
9,385
413,173
386.451
15,384,025
9,903
370,419
432,094
387,624
9,903
315,569
384,791
15,552,120
9,335
413,222
15,483,120
367,455
15,739,122
9,430
369,49fc
15,619,619
15,304,121
16,069,527
15,974,677
15,904,895
15,828,957
15,764,347
12,596,717
16,118,050
16,017,361
15,629,593
16,170,650
1,954
ASSETS
Gold ctfs. on
Jan. 3,
1940
1940
1940
$
Three Ciphers (000)
S. Treas.x.
Reserve notes)
hand and due from U.
Redemption fund (Federal
Other cash *
Total reserves
15,793,621
9,574
10,118
9,904
Bills discounted:
by U.
direct and fully
455
558
644
593
623
741
520
606
512
6,388
6,357
6,303
1,744
6,168
6,264
6,185
5,338
6,236
6,167
obligations,
S. Government
guaranteed
Other bills discounted
Secured
6,896
6,842
6,808
3,698
6,679
6,623
6,784
6,946
lb" 704
lb"427
"l"o"485
10,373
"lb",9U
10,893
"lb",843
"lb",883
14,586
10,434
1,344,045
1,344,045
1,133,225
1,344,045
1,344,045
1,133,225
1,344.045
1,133,225
1,344.045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,351,045
1,133,225
1,215,466
1,133,225
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,564,015
2,477,270
2,484,270
2,477,270
2,494,327
2,494,539
2,494,589
2,495,182
2.495,059
2.501,961
2,582,852
2,493,776
2.494,955
2,494,653
discounted
6,079
1,133,225
Total bills
7,001
553
Bills bought in open
market
Industrial advances
United States Government
securities, direct and
guaranteed:
Bonds
Notes
840,893
507,656
Bills
Total
Govt,
S.
U.
securities,
direct and
guaranteed
Other securities
Total bills and securities
Uncollected items
Bank
47
59,877
29,790
841,095
41,736
58,293
19,184,824
19,009,607
19,102,515
15,926,704
47
47
47
47
47
47
20,003
21,273
638,754
banks
636,295
41,771
63,931
792,040
41,792
22,084
598,495
26,266
640,571
41,711
60,703
27,895
731,253
41,736
19,169,375
41,741
premises
Other assets
—
-
64,759
62,895
61,460
24,626
625,068
41,808
61,973
19,235,778
19,222,788
41,792
"169
""""47
30,623
618,796
41,735
59,104
47
21,582
Due from foreign banks
Federal Reserve notes of other
19,058
634,023
42,735
51,150
19,432,186
19,373,873
19.481,901
4,832,101
4,827,752
4,849,757
4,355,946
4,846,468
4,836,768
4,947.763
4,860,778
4,886,229
4,858,677
Total assets
12,149,576
642,138
631,565
388,173
12,147,656
607,485
412,567
300,014
12,019,594
574,794
395,767
282,519
11,829,930
655,434
409.375
267.376
11,720,622
651,075
402,425
251,072
8,941,650
12,150,709
12,096,727
13,367,722
621,950
13,272,674
711,207
13,162,115
609,799
10,593,108
1,991
1,498
1,518
13,025,194
779,077
1,332
18,753,366
15,582,724
LIABILITIES
Federal Reserve notes in
actual circulation
Deposits—Member banks' reserve account—
United States Treasurer—General account..
Foreign banks
Other deposits
Total deposits
—
13,623,425
596,109
Deferred availability items
Other liabilities,
12,317,794
561,406
380,844
363,381
3,140
inol. accrued dividends
12,240,683
595,990
361,381
354,865
13,552,919
606,706
2,733
392,526
340,677
13,526,050
755,965
2,867
2,415
13,421,614
616,701
2,153
'
1,167,818
246,296
237,344
630,626
3,044
19,081,351
19,023,136
19,131,350
18,885,415
18,872,569
18,819,415
18,835,136
136,075
136,093
151,720
26,839
36,103
151,720
136,008
151,720
26,839
35,652
135,954
151,720
26,839
35,447
135,936
151,720
26,839
35,899
136,093
151,720
26,839
35,711
26,839
35,193
136,041
151,720
26,839
35,346
135,889
151,720
26,839
34,701
19,222,788
19,169,375
19,184,824
15,926,704
19,481,901
19,235,778
19.102,515
19,373,873
19,009,607
19,432,186
87.5%
87.5%
87.5%
87.4%
87.3%
87.3%
8,638
8,350
8,376
8,395
8,294
8,403
8,966
8,361
87.0%
8,454
84.3%
87.5%
87.5%
1,038
978
743
2,688
2,247
773
796
932
821
3,995
1,191
1,580
1,608
135
145
140
3.632
1,641
205
4,556
244
260
3,818
3,708
3,717
5.199
403
376
1,563
3,814
1,703
3,741
387
226
—
18,659,661
136,081
151,720
26,839
36,195
Total liabilities
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
—
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts
and Federal
Reserve note liabilities combined.
Commitments to make Industrial advances
Ratio of total reserves to deposits
Maturitv Distribution of
354,408
13,470,873
575,359
549,441
407,313
316.284
135,016
149,152
27,263
32,549
12,925
Bills and
Short-Term Securities—
1-15 days bills discounted..
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
179
1,119
279
355
243
295
365
476
304
205
197
464
149
6,784
6,946
7,001
6,896
3,698
6,623
6,808
6,079
6,842
6,679
Total bills discounted
198
148
Over 90 days bills discounted
377
256
74
16-30 days bills bought In open
market
3l-fl() days bills bought in open market
61-90 days bills bought in open market
151
72
Over 90 days bills bought in open market
"~M68
1,587
553
"
"
"
Total bills bought In open market
1-15 days industrial advances
"l",435
"l~,439
1,484
~1~468
"l~,470
1,407
1*4 71
149
97
105
154
164
2,428
145
16-30 days industrial advances
59
171
215
159
275
566
392
178
187
501
523
205
491
283
31-60 days Industrial advances
503
500
243
292
493
511
184
522
331
8,550
11,204
10,883
283
61-90 days Industrial advances
8,284
Total Industrial advances
U.S. Govt, securities, direct and
1-15 days
7,995
8,061
8,180
8,069
8,568
8,535
10,427
10,434
10,485
10,373
10,911
10.893
10,843
10,704
Over 90 days industrial advances
8,555
guaranteed:
124,720
16-30 days
31-60
14,586
74,745
72,518
days
185,125
61-90 days
...
2,477",270
2,477",270
2,477,270
2,477",270
2,477,270
2,477",270
2,477,270
2,477,270
2,484,270
2,106,907
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,484,270
2,564,015
2,477,270
2,477,270
2,477,270
Over 90 days
5,166,486
5,163,324
316,856
6,160,100
323,332
5,164,940
332,839
5,178,093
350,341
5,204,261
354,504
5,227,565
341,336
6,268,551
320,788
4,637,302
5,180,520
321,843
4,947,763
4,355,946
Total U. S. Government securities, direct
and guaranteed-
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F
.
R. Agent
Held by Federal Reserve Bank
305,708
281,356
4,858,677
4,860,778
4,846,468
4,836,768
4,832,101
4,827,752
4,849,757
5,313.500
5,298,500
5,298,500
5,305,000
1,152
5,309,000
1,307
5,309,000
1,390
5,329,000
1,423
5,341,000
1,374
4,771,000
3,284
1,068
1,296
5,371,000
1,371
723
5.306,152
5,310,307
5,310,390
5,330 423
5.372.371
4,774,284
5,299,568
5,299,796
5.342.374
5,314,223
In actual circulation
4,886,229
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Tieas..
By eligible paper
United States Government securities
Total collateral
*
i
cents
"Other cash"
These
on
does
not include
Federal
notes.
certificates given by the United States Treasury for the
provisions of the Gold Reserve Act of
Reserve
dollar was devalued from 100 cents to 59.06
appropriated as profit by the Treasury under
gold taken over from the Reserve banks when the
31, 1934, these certificates being worth less to the extent of the difference, the difference Itself have been
are
Jan.
1934.
■f
Volume 150
The Commercial & Financial
Chronicle
1383
*
«
.
Weekly Return
of the Board of Governors of the
Federal Reserve
WEEKLY STATEMENT OF
RESOURCES AND LIABILITIES OF EACH
OF
THE
12
FEDERAL RESERVE
Three Ciphers
(000) Omitted
Federal Reserve Agent at—
Total
and
Boston
Yew York
Phila.
%
ASSETS
certificates on hand
from United States
Gold
$
$
$
Treasury
15,793,621
Redemption fund—Fed. Res. notes..
9,574
864,532 7,922,859
648
367,455
Total reserves
Bills discounted:
16,170,650
8ecured by U. S. Govt,
obligations,
direct and guaranteed
895,600,
10,704
S.
Govt,
768
28,619
26,819
21,639
861,864 1,003,451
430,300
96,123
81,047
Minneap. FCan. City
%
427,316
664
661
16,377
9,368
316,630 2,447,170
444,357
258,058
248,029
13
604
575
267
235
687
664
588
288
270
763
3,401
301
925
802
408,181
344,156
110,221
137,084
92,934
115,581
68,135
57,447
$
230,227
851.100
377
302
19,220
14,723
1,117
38,087
362,574
245,252
890,304
24
23
418
193
449
158
418
217
119
483
76
54,495
45,945
342,977
San Fran
■
133
331
35
%
189
60
21
Dallas
$
295,254 5,395,122
783
1,149
20,593
50,899
2,050
1,408
1,133,225
U.
407,893
2,596
45
1,344,045
Total
$
934
& guar.:
Notes
St. Louis
$
2,406
6,679
Bonds
Chicago
$
975,698
190
6,167
Total bills discounted
Atlanta
$
631
I, 015,090
45
Richmond
•$
832,614
1,540
90,691
30,420
512
Other bills discounted
securities, direct
:
due
Other cash *
Industrial advances
U 8. Govt,
Cleveland
System (Concluded)
BANKS AT CLOSE OF BUSINESS
FEB- 28, 1940
25
200
'
200
144,872
60,273
50,818
39,771
33,533
62,897
51,196
122,148
53,031
43,167
securities,
direct and guaranteed
472
695
.
110,797
93,418
2,477,270
177,170
752,337
203,155
252,665
125,582
100,440
267.020
111,091
73,304
115,928
94,363
204,215
2,494,653
178,623
756,983
207,220
253,554
47
3
126,795
18
5
101,512
4
268,114
116,465
988
1,222
1
205,382
3,299
6
95,063
540
2
73,651
21,582
2
111,291
159,076
9,876
44,849
77,387
2,767
1,081
1,571
1,079
519
2,880
3,376
24,792
4
59,740
41,741
64,759
4,551
88,709
25,447
16,338
5,343
2,027
2,589
3,379
6,680
2,241
2,755
1,393
1,959
29,736
3,229
2,932
22,814
19,014
5,523
7,140
2,839
51,466
2,532
3,813
1
638,754
2,301
38,400
2,938
5,670
19,432,186 1,141,696 8,963,356 1,124,820
1,348,281
617,747
450,928 2,816,825
587,173
352,970
516,016
Total bills and securities
Due from foreign banks
Fed. Res. notes of other
banks
Uncollected items
Bank premises
Other assets.
Total assets
4,310
See
1
a
1,172
2,554
367,375 1,444,999
LIABILITIES
F. R. notes in actual
circulation
4,858,677
Member bank reserve account
U. 8.
402,671 1,243,073
345,134
453,017
218,425
157,912 1,067,399
190,882
139,578
180,959
80,159
12,317,794
379,468
581,431 6,921,582
43,167
137,109
27,531
133,509
5,193
265,369
599,308
694,587
.40,302
48,277
285,549
27,808
311,167
148,255
37,583
25,346
35,666
210,699 1,465,928
24,825
97,962
16,491
3,942
210,428
29,434
11,505
628,753
32,289
11,041
260,107
26,098
11,121
657,322 7,457,569
702,539
789,571
333,790
•
Deposits:
Treasurer—General account..
561,406
Foreign banks
380,844
363,381
Other deposits
Total deposits
13,623,425
Deferred availability items
Other
liabilities, incl.
596,109
3,140
accrued divs
Total liabilities
136,081
151,720
actual circulation
Collateral held by Agent
nor
Eligible
711,711
50,217
23,611
91,201
105
25,843
13,973
111
26,715
421
22,059
75
28,541
152
253
121
128
438,190 2,772,139
576,335
343,840
505,652
13,583
22,824
1,429
6,850
4,104
2,958
4,374
4,709
3,152
1,001
2,019
3,613
450,928 2,816,825
587,173
352,970
516,016
151
367,37E 1,144,999
61
492
3,857
9,343
51,148
53,326
10,405
2,874
11,907
14,198
4,393
2,134
7,109
10,027
1,688
602,537
13,993
5.246
5.247
3,246
1,471
14,323
1,007
3,659
%
New Yori t'
RESERVE
PhUa.
$
421,10'
$
1.336.7CK)
18,43(
713
1,678
763
$
74
1,243,07;
Treasury
5,313,501
440,00f
20
453,01" r
23'
440,041
1,355,23'
1940
13,991)
218,42.3
Mar. 27 1940
3 1940
April 10 1940
April 17 1940
i
482, (XX
250,001
9(
Atlanta
Chicago
St. Louis
Minneap
%
$
170,66
12,75
1
1,113,97
482,001
7
250,05:
Bid
April 24 1940
May
May
Asked
Mar. 15 1941...
Junell5 1941...
15 1941...
1H%
1X%
1H%
1H%
1H%
1H%
_
May 15 1940
May 22 1940
May 29 1940
7,73< 1
437,163
57,695
1
190,88:2
139,5711
180,95
3
80,15 9
379,468
175,001) 1,130,OCX )
209,00( )
147,5(M1
195,(XX)
91,(XX 3
464,000
3<1
25 S
91,00 3
464,00
157,9112 1,067,39
175,001 ) 1,130,00()
209, OCX )
PARIS
one
Banque de France-.
Bank
or
32ds
more
of
101.18
101.20
Dec.
102.10
102.12
June
102.9
102.11
Dec.
102.19
102.21
15 1943...
Mar. 15 1944...
STOCK
103.24
\%%
2%
1H%
1X%
1H%
15 1942...
15 1943...
1%^
15 1944...
Sept. 15 1944...
Asked
H%
1%
103.26
105.1
105.3
101.20
104.22
102.26
102.28
103.2
103.4
as
Feb.
Feb.
24
26
6%
Deutsche Reichsban (German Rys.) pf.
950
948
950
476
475
482
491
17,280
16,650
16,700
17,250
624
623
618
625
2,064
2,070
2,082
2,140
518
518
524
525
/83
(6%)
Farbenindustrie I. G.
29
Verelnigte Stahlwerke (6%)
•
8,100
985
778
526
270
782
783
789
220 *
220
225
247
248
251
521
1,675
*
513
517
527
1,660
1,670
1,690
Closed
275
623
621
620
617
630
819
812
818
828
1,592
1,595
1,602
1,640
914
912
923
904
885
Orleans Ry (6%)
Pathe capital
889
904
905
33
35
Pecblney
Rentes, Perpetual 3%
4^%
5%, 1920
901
898
928
910
38
916
42
42
1,850
1,873
1,870
1,877
73.20
1,910
73.75
73.50
73.80
74.05
83.60
83.75
83.60
83.45
84.00
113.25
113.65
113.75
113.85
114.20
2,410
1,720
2,445
1,700
2,445
1,687
2,445
1,680
2,470
67
64
66
65
65
1,130
1,140
1,149
1,149
1,155
645
643
643
643
643
1,709
82
78
77
79
414
406
409
412
42
Wagon-Llts
79
414
Union d'Electrlclte
42
42
41
43
1
United
135
136
137
136
137
163
162
164
165
165
167
110
110
110
7,940
Mar.
Per Cent of Par
110
7,790
221
1,662
Tublze Artificial Silk pref
States
York Stock
Government
Securities
Exchange—-See following
on
the
New
page.
110
114
114
114
114
114
114
7%_128
128
128
128
128
128
109
(7%).
Relchsbank (new shares)
Seimenu & Halske (8%)
*
220
Lyon (P L M)
Saint Gobaln C & C
Feb.
2g
Francs
801
Schneider & Cle
Soclete Generale Fonclere
Soclete Lyonnalse
28
Francs
Thurs.
Feb.
1,575
102.7
Feb.
Francs
28
246
Credit Commercial de France
Credit Lyonnals
101.2
27
Feb.
510
102.6
Feb.
Wed.,
27
2,078
102.4
received by cable
Tues.,
Feb.
7,790
Comptolt Natlonale d'Escompte
Coty S A
102.5
134
109
26
Francs
475
Citroen B
Soclete Marseillaise
—
Dresdner Bank
Feb.
616
101
EXCHANGE
Closing prices of representative stocks
day of the past week:
Commern'und Privat-Bank A. G.
Deutsche Bank <6%)
Mon.,
24
Francs
947
V
each
Allgemeine Elektrizltaets-Gesellschaft (6%)
Berliner Kraft u. Llcht (8%)
Sat.,
Feb.
NordRy
Mar. 15 1942...
Sept. 15 1942...
102.4
Bid
received by cable
as
16,700
L'Air Llqulde
Rate
102.2
BERLIN
BOURSE
7,725
de Paris et Des Pays Bas
Banquedel'UnlonParlslenne
Kuhlmann
100.1
23
Francs
Energle Electrlque du Nord
Energle EJectrlque du Littoral..
Maturity
195,251 2
day of the past week:
Feb.
Int.
Asked
147,53(
Courrleres
June
THE
%
87,88 3
Fri.,
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
1 1940
8 1940.
Int.
15 1940...
San Fran.
2
THE
each
Asked
Figures after decimal point represent
point.
Dec. 15 1940...
$
9,73
Quotations of representative stocks
Mar. 1
Mar. 15 1940...
Dallas
$
190,6912
46,57 3
Cle General d'Electrlclte
Bid
Kan. CU !/
.
144,31: 2
4,73'i
1
Quotations for United States Treasury
Notes—Fridgy,
Rale
10,709
10,224
2,121
2,097
201,62 7
10,74 5
2
Canal de Suez cap
Cle Dlstr d'Electrlclte
9** Maturity
1,235
%
5:
375,091
Treasury Bills—Friday, Mar.
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Mar. 20 1940
375,001
•
for discount at purchase.
are
Mar. 13 1940
Dec.
.
%
232,41. 5
26,18.
345,13'j
1,355,001
4f
5,314,22.'
Bid
June
1,487
4,094
3,974
K266
1,850
1,142
*
72;
Rates quoted
a
539
STATEMENT
$
479,20:2
19,63>
securitj
NOTE
Clevelanti RichmoniI
m
364,77:
93,62'
402,671
617,747
4,622
5,725
356,191 1,119,848
Less than $500.
a
Boston
paper
United States
28,054
370
$
Total collateral
April
253,852
hand and du<
on
from United States
6
297,725
notes Issued to banks:
Gold certificates
Mar.
22,615
190,137
72,341
Total
4,858,67'
as
2,485
359,835
355
FEDERAL
In
399
256,556 1,613,118
44,160
"Other cash" does not
include Federal Reserve notes,
5,180,52(
321,841
27,032
8,437
6,413
758
Total liabilities and
capital accounts 19,432,186
1,141,696 8,963,356 1,124,820 1,348,281
to make Indus, advs..
8,966
356
1,752
425
1,015
Federal Reserve notes:
Issued to F.R. Bank by F. R.
Agen
Held by Federal Reserve
Bank
27,103
11,505
9,760
'
140,346
26,839
36,195
Three Ciphers (000) Omitted
Federal Reserve Bank of—
3,208
291
Commitments
*
46,020
7,610
57,102
19,081,351 1,117,386 8,841,746 1,092,188
1,315,299
CAPITAL ACCOUNTS
Capital paid in
Surplus (8ection 7)
Surplus (Section 13-b)
Other capital accounts
13,422
109
109
109
109
109
175
176
177
178
178
178
105
105
105
105
105
233
237
241
239
111
112
111
111
112
the
New
York
Stock
242
110
at
105
232
Transactions
Daily, Weekly and Yearly—See
Stock and Bond
page
Averages—See
1399.
page
1399.
Exchange.
March
1384
1940
2,
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
United States Government Securities
Bond Prices
Feb.
24jFeb. 26
119.30
High
Treasury
Low.
Total sales in $1,000
'
.
4B, 1944-54
119.30
Loan and Federal Farm Mortgage
119.29
119.31
119.29
120
119.31
119.29
120
mmAmm
mmmm
\
105.27
105.29
105.31
105.27
105.29
105.27
106.2
105.31
105.28
106.3
2
Total sales In $1,000 units...
6
2
7
15
114.19
(High
3
Low.
1946-56
Close
mmmrn
mmmm
mmmm
Low.
101.24
Close
mmmrn
Total sales in $1,000 units...
mmm
101.23
6
m
/'.
12
(High
105.7
105:7
105.7
105.11
| Low.
105.7
105.6
105.7
105.11
2Hs, 1949-53
105.7
105.7
105.11
105.8
I
....
mmmm
High
;
• Low.
3H9. 1941-43
mrnmm
mmmrn
High
m
Close
mmmrn
m
m mm
m
High
1 Low.
1941
104.30
Close
3X8.
104.30
Total sales in $1,000 units...
15
105.11
105.16
105.13
105.9'
105.14
Low.
105.11
105.11
105.13
105.9
105.14
Close
105.11
105.16
105.13
105.9
$1,000 units...
10
20
*2
$1,000 units...
6
«
Low.
Total sales in $1,000 units...
109.27
109.27
Low.
103.1
1
1
Close
103.6
Total sales In $1,000 units...
110.10
110.10
110.10
110.9
110.10
110.10
110.10
110.10
110.9
1
3
4
111.3
2 :
1
•.«
111.22
-
-
-
•
mmmm
4
mmmm
mmmm
mmmm
mm
m
mmm
m
mm
m
mm
110
no".r
UO"
110.1
109.29
110.1
110
110.1
109.29
7
*2
13
107.12
107.18
Low.
107.12
107.14
mmmrn
Close
107.12
107.18
mmmm
mmmrn
11
mmmrn
mm
Low.
2X8. 1945-47
m
mmmrn
Close
mmmrn
W
2X8, 1948-51
mmmrn
Low.
m
m
mmmrn
mrnmm
mmmrn
Low.
107.22
107.20
107.20
107.21
Low.
107.22
107.20
107.20
107.20
Close
107.22
107.20
107.20
107.20
107.20
Total sales in $1,000 units...
*3
5
I
5
11
(High
104.18
Low.
104.18
Close
104.18
107.12
107.16
2^8, 1942-44
109
108".31
109.2
108.30
108.31
108.31
109
108.31
109.2
14
2
mmmm
Total sales in $1,000 units...
mmmm
6
(High
101.19
101.16
101.19
(Close
101.16
101.19
3
9
m'mrnm
mmmm
107
107
106.31
106.31
107.6
107""
107
107.7
107.4
*
Odd lot sales,
f Deferred delivery sale,
Note—The
107.7
107
5
8
2
•
107.7
107.4
107.2
106.31
1
.
107.4"
107.6
1
bonds.
1
above
106.9
106.9
5
includes only
registered bonds
Total sales in $1,000 units...
5
of
sales
coupon
were:
1 Treasury
106.9
t Cash sale.
table
Transactions in
Close
Treas.4s, 1944-51
3Xs. 1940-1943
to 114.16
114.9
.101.22 to 101.22
103.4
to 103.4
Treasury 2s, 1948-1950
1
High
106.1
105.29
106.3"
105.29
loo'.r
Low.
106.1
105.29
106.1
105.29
106.1
Close
Total sales in
101.16
\ Low
1HS, 1945-47
mmmm
Low.
2X8.1958-63
•
12
High
1956-69
*1
.Low.
High
mmm
Close
2 Jis,
105.2
Total sales in $1,000 units..
107~~~
_
105.3
38, series A, 1944-52
.
High
1,000 units.
105.2
Home Owners' Loan
I
107.20
4
Total sales in $1,000 units...
Total sales in
105.3
107.16
Close
2X8,1951-54
105.3
Close
2
9
mmmrn
High
■
m
mm
'mmmrn
Total sales in $1,000 units...
v
Low
Total sales in $1,000 mils..
107.16
'
$1,000 units...
High
1
105.2
110.1
"
[High
Total sales in
108.1
105.3
110.1
110
109.27
108.1
5
A
(High
2^8. 1942-47
'
2X8. 1955-60
108
105.3
■
m
109.27
mmmrn
108
Total sales in $1,000 units...
mmmm
109.27
Low.
108.1
105.3
3s, 1942-47
m
mmmm
m
108
mmmm
mmmm
■m
108
(High
mmmm
mmmm
108.1
108.1
108
Total sales In $1,000 units...
mmmm
mmmm
108
Close
mmmm
108.1
Low.
3s, 1944-49...
'mmmm
mmm
mmmrn
High
■mmmrn
mmmm
1
Total sales In $1,000 units
mmmm
m'mrnm-
----
mmmrn
mmmm
mmmm
mmmm
mmmrn
.mmmrn
rnmm
m
mmmm
mmmm
111.22
2
108.10
mmmm
mmmm
111.22
mmmrn
108.10
m-mmm
mmmm
103.6
mmmrn
108.10
Low.
3X8, 1944-64
3
■
103.6
Low.
High
Federal Farm Mortgage
110.10
5
mmmm
103.1
Total sales in $1,000 units...
2s, 1948-50
I
110.10
111.3
Close
103.6
(High
109.27
110.9
High
38, 1951-65
Close
Total sales In $1,000 units...
3
110.10
Close
.
8
Low.
■
110.10
111.3
Total sales in $1,000 mils...
103.7
110.10
111
High
103.3
103
2s, 1947
109.27
110.10
mm+.rn
- Low.
38. 1946-48...
103
103.3
10
3
111
Total sales in $1,000 units...
103.3
102.30
109.27
mmmrn
Close
102.30
Close
....
109.27
110.10
Total sales in $1,000 units...
\
Low.
Total sales In $1,000 units...
109.27
m
V-.W
High
103.7
109.27
111
High
3X8.1949-52
1
mmmrn
Low.
103
2^8, 1951-53..,
....
110.10
mmm
mmmrn
j Close
103.3
(High
mmmrn
Close
Total sales in $1,000 units...
3X8. 1946-49
104.30
I
mmmrn
1
102.30
....
mmmrn
Low.
1944-46
mmmm
....
105.14
1
High
mmmrn
High
3 X8.
mmm
....
109.27
mmmrn
11
....
mmmm
m
104.30
mmmrn
109.27
I
mmmm
104.30
104.30
mmmrn
109.26
Close
3X8. 1943-46
....
mmmm
Total sales In
....
mm'm
104.30
mmmrn
109.27
mmmm
mmmm
1
2 Ha, 1950-52.
2
mmmm
2
1
103.26
mmmm
104.30
mmmrn
7
High
mm'mm
mmmm
109.21
mmmm
mm
104.30
.mmmm
mmmm
109.21
mmmrn
m
Total sales in $1,000 units...
mmmm
105.11
105.12
«
23
103.26
103.26
'
109.21
mmmrn
mmmrn
mmm
• Low.
3
mmmrn
mmmm
103.26
mmmrn
mm
mm
mmmrn
103.26
mmmrn
Close
Total sales in $1,000 units...
3%8, 1943-47
103.26
mmmrn
mm*r—
105.8
(High
Total sales in
....
mmmm
Close
'
,
105.12
105.8
105.7
....
mmmm
10
1
107.17
107.17
Total sales In $1,000 units
1
101.23
101.24
mmmrn
108.20
107.17
(Low.
I Close
2Hs, 1948
....
114.9
101.24
108.20
(High
....
mmmm
101.24
mmmrn
----
13
108.20
Total sales in $1,000 units
1
114.9
mmmm
mmmm
mmmrn
High
J—-■
mmmm
14
Low.
I Close
114.19
114.9
mmmrn
■
mmmrn
mmmm
Total sales in $1,000 units...
ZHB. 1940-43
2^8, 1945
114.19
mmmm
mmmm
1
106.3
105.29
1
High
29 Mar.
105.291
106
105.29
mmmm
mmmm
106.2
Low.
'
Total sales in $1,000 units...
105.29
(Close
mmmm
mmmrn
mmmrn
J...
Close
mmmm
105.31
2^8, 1960-65
4
15
mmmrn
'mmmm
26 Feb. 27 Feb. 28 Fei,
fHigb
Treasury
120
120
'
Daily Record of U. S. Bond Prices Feb. 24 Feb.
1
29 Mar.
28 Feb.
'
Low.
/v---
mmmrn
mSLmm
3
units...
High
27 Feb.
mmmrn
119.30
Close
4^8, 1947-52..
Feb.
No
the New York Stock Exchange
on
Below|we furnish a daily record of the transactions in Treasury, Home Owners'
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Daily Record of U. S.
transactions of the day.
day's range, unless they are the only
NOTICE—Cash and deferred delivery sales are disregarded In the
account is taken of such sales in computing the range for the year.
106.1
105.29
106.3
105.29
106.1
$1,000 units...
,
4
1
1
2
United States Treasury
Bills—See previous
United States Treasury Notes,
1
page.
&c.—See previous
page.
New York Stock Record
LOW AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER CENT
Feb. 24
$ per share
Monday
Feb.
26,
$ per share
Sales
STOCKS
for
Saturday
NEW YORK STOCK
the
EXCHANGE
Tuesday
Wednesday
Thursday
Friday
Feb. 27
Feb. 28
Feb. 29
Mar. 1
Week
$ per share
8 per share
$ per share
$ per share
Shares
*69
695s
69
69
69i4 6984
69*4
6884 6884
6914
6914
1593s *136i2 1593s *130
1593g *140
1593s *136
1593s *135
1593s
45lo
*41i4
4512
*4114
*4H4 45i2 *41U
45l2
*4H4 45i2
*4114
4512
*47
48
*47l2 48
471.1
4714
*46
48
4714
4714
*46
48
7»4
758
758
75«
758
75g
758
75g
7*8
734
75s
758
*2H8 2214
*21i8 22l8
*2U8
22i8 *2H8
2214 *2Hs 22is *2H8
22i8
*18
18
18
I8I4
18
18
*1734
18
*17<«4
18
*1784
18
50
49
49lg
49
49l8
4914
4984
49S4
4858 49
4858
49
1
34
*58
*58
*5g
%
*58
84
*58
84
614
6I4
638
6-i8
6I4
<
6I4
6U
6I4
63s
?8
7«
7«
h
h
78
*78
1
78
78
78
1
1134
lHi?
1112
115s
lli2
Uh *115S
12
1134
1214
1134
12
10
10
*10
1034
*984
1034 *10
11
1034 *10
*984
11
*958
1014
*9i2 IO84
*10
*9i2
IOI4
11
*9i2
1034
*912
11
*14
1434
*1312
1534 *14
1534 *1334
1512
*1334 151.1 *14
14«4
22
22t«>
223s 2258
22
22
22i8
22l2
22
22
22i8
2234
*71
*7058 72l2
72lf>
72l2 72l2 *7H4
73
73
73
*72
10
10
103«
*9i2
*10
*912
10l8 *10
1018
10is
Ids
10i8
176
178I2 178t2 17634 177
17634 1763s 17714 17512 17714
173
174i2
13
13
*1234
*1234
*1284
13
1234
1234
12i2
12l2 *12i4
13
14
14
1358
14
14
135s
13i2
13i2
*13l2
14
*135s
14
8
8
8l8
8l2
8*4
8i8
8I4
8
8I4
8is
8U
8i8
*65
*66
67i2 67i2
6784
*66
67i2
67i2
67i2
6714
*6614
67l4
363s 36i2
36l4 37
36i2 3612
36l2 37
36ifi
3678
3614
36i2
15
15
15
*145s
*1434
155g *15
15
15I4 *15
♦14U
15
*178
2i8
*17b
2l«
178
178
15s
1*8
*17s
2
178
178
*15
17
*15I8
15
15
163s
*1514
1612
*1518
1612 *15
16i2
*54
55l2 *5334 5514 *5414
5514 *54
5514 *54
5484
54U
5414
*1934 20i8
*1958 1934 *195s
1978 *195s
20
20
20
1958
195s
48
48
47i2 471?
4718
4778
48i4
485s
48
48
4778 48l2
1034
1034
10S4
1034
103s
103s
10U
10U
103s
103s
IOI4
103s
49
49
*48i2 49l2
49
49
48l2
49l2
*48l2 49i2 *48i2 4912
69i4
800
*135
«
Bid and asked prices; no sales on this day.
Ranoe Since Jan. 1
On Basis of
J In receivership,
a
Abbott Laboratories
No par
4M%
200
Acme Steel Co
2,400
Adams Express
"206
4,300
100
-
-
Air Way El Appliance. .No par
Alaska Juneau Gold Mln
10
Allegheny Corp
1,700
5X % Pt A with $30 war. 100
% pf A with $40 war. 100
&X% pf A without war. 100
$2.60 prior conv pret.No par
Alghny Lud Stl Corp..No par
Alleghany & West 6% gtd.100
20
200
No
par
Allen Industries Inc
1
300
Allied Chemical A Dye.No par
Allied Kid Co
.......5
500
Allied Mills Co Ino
No par
Allied Stores Corp
No par
3,200
6,500
200
4,000
300
1,300
5% preferred
100
AUIa-Chalmers Mfg....No par
Alpha Portland Cem_.No par
Amalgam Leather Co Inc
1
100
6% conv preferred..
100
Amerada Corp
50
No par
200
AmAgricChem (Del)
No par
3,700
Am
1,200
American Bank Note
80
Def. delivery,
41i4 Feb
6
4878 Jan
6
1778
48*4
5s
6I4
78
3,500
3,000
3
Feb
7U Feb
21
10
No par
Airlines Inc.
6% preferred..
n
New stock,
r
Cash sale,
10
70i4 Feb 14
41U Feb
Address-Multgr
Corp..
$ per share
53
Apr
120
Apr
45
Adams-Millils ........No par
Air Reduction Ino
$ per share
2
No par
25
.No par.
Lowest
Jan
144
3.600
100
$ per share
68
Jan lb
100
conv pref
Abraham & Straus
147
9
Feb
Jan
8
3
9
3
Jan 16
22!% Feb 15
Jan 20
19i2 Jan
58i8 Jan
34 Jan
6
Feb 7
Feb 24
Jan 12
1034 Jan 30
9
Feb
Jan 31
9i2 Jan 18
1334 Jan 19
18U
Jan 15
^
Feb 19
72
Year 1939
Highest
Lowest
Par
Range for Previous
100-Share Lots
9i8 Jan 23
Jan
lis Jan
145s jan
12
Jan
1212 Jan
I6I4 Jan
23U Feb 21
73
Feb 29
107g Feb
9
Feb 13
2
180
Jan 10
14
Jan 25
13i2 Jan 15
77g Jan 19
15
Feb
171
12is
Feb
7
4
6334
35i2
14i2
I5g
Jan 22
Feb 1
Feb 5
Feb 28
14i2 Jan 15
5314 Feb
195jj Mar 1
4184 Jan 12
Jan
Apr
May
52
634
Apr
I5li2 Apr
10
912
Apr
Apr
Apr
Apr
Apr
49i2 No«
56i2 Oct
lli2 Sept
25
Mar
27i2
Jan
Sept
68
H4 Sept
10
Jan
2
Sept
20i2 Sept
18U Sept
18
Sept
23i2 Sept
28>4 Jan
69
Sept
1178 Oct
200i2 Sept
1478 Sept
15i8 Sept
113s Jan
71
Aug
16
1234 Apr
114 June
1978 Jan
33g Sept
Jan
23s Jan
4838
Jan
16i2 Jan 24
56i2 Jan 3
12
Aug
21
50
Apr
21
4
16
Apr
74i2 Sept
24i2 Sept
26
June
47
9»4 Sept
46i2 Dec
1784
Jan
60
Jan
Jan
IOI4 Feb 28
5014 Feb 19
lli2 Jan 4
60
y
June
54t2
46
Ex-div.
8
14
share
28
10
z
6I4 Dec
58 July
534 Aug
4i2 Aug
4i2 Sept
per
7H2 Sept
149i2 Sept
4178 Jan
50
Jan 22
6i2 Aug
19
Sept
I57s Sept
45U Apr
84 Jan
6
9
93s Jan
68
33i2 Apr
31i2 Mar
Highest
i
Ex-rights,
Jan
3
f Called for redemption.
Sept
Dec
\
Volume
LOW
New York Stock
ISO
AND
HIGH
SALE PRICES—PER
Record—Continued—Page
SHARE, NOT PER CENT
Sales
STOCKS
1385
Range Since Jan. 1
Saturday
Monday
Tuesday
for
Feb. 26
Wednesday
Thursday
NEW YORK STOCK
Feb. 24
Friday
the
Feb. 27
Feb. 28
Feb. 29
Week
Range for Previous
EXCHANGE
Mar. 1
S per share
7
9 per share
7
*425s
*7
43
♦13012 133
*169
17278
2478
24%
*42
44
1984
20
*108*4 112
*134*2 137
*11*4
1278
8*4
8%
7
*6^4
14
1318
*87
90
25«
*87
25*4
*5*8
6
15s
21U
32*4
512
.
90
2%
*4*2
*15s
24l2
*5*8
6
*514
158
2434
*3H2
*5*8
*3314
*58*2
9 per share
7*8
59
*87
2%
*7
$ per share
7*4
4134
7*8
3
3
30i2
19
*5212
543s
*1914
3012
5%
3412
1378
278
1334
*2%
3
27g
"
307g
5*4
5l4
42
*41
I
112
*108*4 112
137
1278
8%
658
20
8*4
1,200
6&S
600
13
13
13
90
*87
2,100
2%
5*8
*5
6
1*2
1*2
215g
23
1,400
434
5
1,000
24
5*8
*29
30i2
5I2
34
5834
587g
234
234
*28*2
5*4
4,400
19
400
31
1,300
*33*2
5878
583s
234
36
200
587g
1,400
234
2,600
234
29
5*4
200
5*4
29
*5%
300
5*4
*41
42
*41
42
*41
42
*51*4
52
*51*4
52
*51%
52
19
19
19
19*8
1,000
56
14*4
3
19*8
19*4
19*4
55%
55*8
*54%
567g
14
14%
14
""206
3
3
3
1,000
600
14
2,500
3
800
*2%
2234
2334
24
*23*4 24l4!
24
24
24'
*23*4
237g
23
*115i2 122
*115i2 122
*115l2 122
*115l2 122
*115*2 122
*115% 122
26
25
*25
25*4
25*4
25*4
25
25*4
25*4
*25
25*4
2534
37g
378
378
4
37g
37g
37g
3%
334
378
3%
334
55i2 55i2
55i2 5534
56
56
55l2 56*4
5E34
56*8
£4*2
5534
4434
45
445g 445g
453g
46
46*2 4634
45*2
46*4
44*2
45%
9*8
9*4
9
*158
164
15*4
*158
15
15
147g
15*8
15*8
15*41
64l4
12*4
*6234
1214
*10*2
3H4
49*4
65
65
66
66
6634
12U
1218
1058
12*8
105g
12*4
*10%
3U4
4834
12*4
164
15
64*4
*12
1078
11
31
3H2
49l2
50*4
*14178 144*8 *142
*68
69%)
*14734 150
28
28*4
*13
13l2
15
I6I4
22l2
2278
*91%
93
*1534
16
17134 172
11
31*4
49l2
144
*97
97g
98*2
8*8
42
8*8
42
678
40
7*4
40
2912
30*8
37*2
2034
2078
*111*2 113
*36
15
15
*25g
34
27g
34
*158
*31
9*4
164
32l2
49lg
i*142
50
144
9*8
*161
9*4
164
142
12%
700
220
49l2
4834
49*4
4834
49%
144%
142
13
13
*15*8
21%
16%
22l2
& JP
778
4U2
67g
*39i2
2914
*36
4134
92
1434
*25g
278
13
13
13
16
*15%
*21%
*92*4
21*4
21*4
21*4
92*4
92*4
*15*4
16
1715g 172*4
88%
88*4
88*4
89%
90%
897g
148
*146l2 148*2
53g
5*4
5*4
934
9l2
934
98*2
96*2
96*2
7%
734
77g
8934
148
5%
9l2
*95
7%
4134
7*8
42
4U2
*39l2
29l4
7*4
43
297g
*40
*36
37*2
*36
203g
20%
1115s 11134
14
*212
14%
234
42
7*4
293g
*8*2
*93
*734
*74
77
*74
*68
73
*42
43
8%
100
8*8
68
*8i2
*93
*778
8%
*2*2
234
*60
39*2
*10
*8i2
96*2
7*2
68
10*2
10%
8%
8%
96*2
7%
7%
*75
73
43
73
*69
*42
100
100
22%
23
2234
23%
51*4
51%
18*4
51
51
1434
*93
77
43
*18
*60
39%
100
1612
15*2
30*2
307a
11*8
30*4
*114% 115
*114*4
*27%
27%' 27*8
*10934 112
*3034
*10934
*30%
11*4
18*2
2073i
*119
207jj
207m
119
11
....
_...
20732 2 0732
11934 119%
*27% 29
*8*2
*93
734
7%
11
1*7 00
100
100
7%
20
2,900
30
Preferred
100
Am Sumatra Tobacco..No
par
Amer Telep & Teleg Co... 100
American Tobacco
.25
Common class B
25
6% preferred
100
Am Type Founders Inc
10
Am Water Wks & Elec.No
par
16 1st preferred
No par
American Woolen .....No par
Preferred
100
Amer Zinc Lead & Smelt
15 prior conv pref
2,300
11,100
14*2
22%
*107% 10834
25
No par
AnchorHockGla8s Corp No
$6.50 conv preferred-No
Andes Copper Mining
par
par
20
5
Archer Daniels Midl'd.No par
Armstrong Cork Co
No par
Constable Corp
5
..No par
7% preferred
Associated Dry Goods
100
1
100
7% 2d preferred
100
Assoc Investments Co. No par
100
Atch Topeka <fc Santa Fe..l00
5% preferrred
100
Atlantic Coast Line RR
100
400
Atl G & W 1 8S Lines.-No
par
200
17
22%
5% preferred
Atlantic Refining
3,600
4%
"4,7 00
49%
49*2
70*2
100
25
conv pref series A
100
Atlas Corp
1,000
70%
700
120% 120%
7%
7%
170
5
6% preferred
50
Atlas Powder
4,800
5%
6%
7,200
11%
700
Bangor & Aroostook
210
Conv 5% preferred
100
Barber Asphalt Corp..
10
Barker Brothers..
No par
190
66*2
32
22*4
22%
56
No par
JBattimore & Ohio
900
10*4
*20*2
10%
*18
*18
18%
*18%
18%
18
*14%
*14%
15
*14%
15
14%
*1434
*65
70
*65
70
*65
70
21
/0
preferred
4,300
Bayuk Cigars Inc
30
$5 preferred
w w
Beech Creek RR
100
Aug
11
Apr
22% Jan 26
Jan
Jan
43% Jan 27
Feb 26
300
Belding-Hemlnway
200
Jan
25% Feb 21
5% Jan
63% Jan
54
100
300
4,800
*17%
18
15
70
70
70
74
8
24*8
23%
23%
23
23%
Apr
49
162
50
2 984 Feb
34
46
Jan 22
26% Jan 22
1
Jan
2
*14% Feb 29
167% Jan 15
85
12% Feb
11% Feb 23
Jan
52% Jan
146% Jan 19
Feb
150% Jan 22
33% Jan
Feb 23
16% Jan 11
172% Jan 5
Jan
2
8684 Jan
2
90% Feb 23
146*2 Feb 29
150*2 Jan 21
5% Feb 23
12% Jan 4
5
Jan 12
9% Feb 26
95
Jan 22
7*2 Feb
41% Feb 26
89
534 Jan 30
39
Jan
2
25% Jan 22
35% Feb
5
19
3
Feb
111% Feb 21
11
Jan 27
2% Jan 26
31% Jan 12
Feb
99
Jan
6
Aug
Apr
41
Jan
9
Apr
18%
15% Apr
75*8 Mar
137„ Dec
148
Oct
132
Sept
4*8 Sept
8% Apr
Apr
12
Apr
Apr
48
2034
Jan
2
Jan
5
Jan 10
15
Feb 23
378 Jan
35
Feb 29
6*8 Jan 29
Apr
10
54%
Sept
Sept
Sept
Jan
27% Aug
11434 June
21
Sept
Jan
8«4
Apr
1*2
Apr
4
Dec
Apr
May
37
Sept
106
Dec
21
97
1
3% Aug
33% Apr
60
7
51% Mar
6434 Feb
50
Mar
65
31«4 Sept
7% Sept
58
Jan
13
Mar
Feb 13
4
4
96*2 Jan 12
Jan 11
5%
73
5%
884 Sept
Apr
10%
Jan
100
Apr
10%
Sept
Jan
Oct
Dec
Jan
75
Feb 13
78
70
Feb 10
85
Jan 16
Apr
81
Oct
43
Feb 21
30—Apr
38
June
100
June
100% Feb 19
Jan
90
Jan
3
21
Sept
54% Feb
2312 Jan
9
*4934
Dec
71
3
15
Apr
30%
Feb
18
Jan
3
Jan 27
Jan 15
18% Jan
4
23% Feb 16
Feb 24
Mar
Feb 19
Jan 12
Jan 2
1% Feb 15
178 Feb 7
16% Jan 19
6
Jan 15
14% Jan 18
110
Jan 25
87g Feb 20
51
Feb 14
73
Feb
7
43%
Apr
Apr
2
Jan
6% Jan
2
8
Jan
3
5
11*2
Dec
4
49
Dec
52*2 Jan
8% Jan
27
Jan
5
Jan 22
3
15% Feb 16
29
Feb 20
13% Jan
3l7g Mar
115
9
Feb
4
1
7
29% Jan 25
109% Feb 3
30% Jan 15
30% Jan 15
20
122
No par
9
Feb
6
31s Aug
9*8 Aug
378 Aug
147g Jan
Feb 29
Jan 18
1
2534 Jan 15
26
127
127
Jan 24
434 Sept
10% Aug
Jan
Sept
Oct
Jan
8
Sept
5% Sept
3% Jan
Nov
18
2
Jan
Mar
110*2 June
9% July
48% Aug
71
Sept
Apr
16
7% Jan
Oct
2684 Sept
2434
4% Apr
1*2 July
4% Feb 23
7% Jan 23
8
1
4
42%
534 Aug
9J2 Aug
18*8 Sept
104*4 Apr
28*2 Feb 23
Feb 29
114
7834
25% Jan
22*8 Jan 22
50%
1778
13%
14%
20*2
10778
8%
47%
Jan 11
109% Jan 10
'
30% Jan
9% Nov
21% Sept
884
Jan
11% Sept
30*2 Jan
87% Jan
21% Jan
6
Apr
13
Jan
24%
Apr
33
Feb
19%
Jan
11*8 Aug
15% Apr
109% Oct
17
Apr
98
Apr
2784 Sept
10478 Sept
26% Nov
115% Nov
28
July
107% Nov
32
Nov
128*2 Aug
9% Oct
73% Jan
3334 Oct
22*2 Dec
Jan 15
9% Jan 27
63% Feb 27
26% Jan 15
33*2 Feb 21
16%
Apr
1778
48%
Apr
56
32
Sept
50*4 June
100
64
Feb 28
Jan 15
•F5
Feb 19
22% Feb 23
56% Jan 18
37
Jan 15
39
5
40
Apr
13%
111
3
35*2 Feb 27
9
Aug
15% Sept
6484 Sept
24
114
110
Jan
Jan
96
Apr
Jan
No par
Bliss & Laugblln Inc
8%
14%
Apr
.....50
No par
18*2 Jan
171% Dec
87*2 Jan
8934 Jan
153% May
Apr
75*4
Sept
97% Sept
Apr
73
34
36% Jan 12
97% Jan 3
10% Mar
No par
14% July
Oct
Aug
1078 Jan
9% Jan
7% Feb
20*8
8%
4
41
8% Jan 12
96*2 Jan 12
Aug
July
3%
28%
Jan 15
4
Nov
69
3
Jan 15
Jan
144
Feb 21
Jan 11
3
Jan
153
3
Jan 23
Jan 23
20
46*4 Sept
63
Sept
Oct
140
97g Jan
7%
43%
31%
38%
21%
Jan
80*4 Sept
15% Mar
Sept
47% Jan
10
2
9
Jan
Jan
2284
25% Aug
35% Apr
127*2 Sept
59% Apr
78
106%
5*8
46%
58*2
; 37
Jan
7
10%
Nov
1838
Apr
Dec
9
2
26*8 Feb
25
5878 Nov
140
Jan
70
Feb
Apr
70
2
Jan
7
32
64% Feb
11% Jan 2
9% Jan 16
Feb 24
100
*26
Apr
17% Jan
Mar
21
Blaw-Knox Co
300
70% Jan 22
17% Jan 10
Jan
3
83*4 Jan
3
20%i Jan 26
7%
52
115
Jan
2
27
Mar
1
34% Jan
5
15%
99%
1578
19% Jan 16
22% Jan
5
14
9% Feb
18
5
Feb 29
121
Jan 26
11% Jan 4
23% Jan.3
8*2
22
Apr
Nov
Apr
Apr
Apr
Apr
Apr
Apr
Dec
Deo
57% Mar
Sept
18*2 Sept
120*8 Sept
3234 Oct
24% Oct
1734 Jan
36% Oct
23*2 Mar
Bloomlngdale Brothers.No par
Blumenthal & Co pref
100
n
147g Jan 17
55*2 Jan 4
15
Jan
9
13%
78
Mar
1
35
Boeing Airplane Co
110
4,100
Pet, delivery,
3%
28
Jan
10% Jan
161
Best & Co
400
18%
15
Oct
21*? Sept
14% Feb
8
Feb 26
Belgian Nat Rys part pref
1,700
10%
Apr
8*2 Sept
Sept
11% June
Jan
5
No par
30% Jan
79% Jan
1534 Jan
5% Sept
40*8 Jan
124% Mar
22% Dec
112
Bendix Aviation..
5
Beneficial Indus Loan..No par
Pr pfd$2.50d!v ser'38No par
21,300
21*2
2*8
_
120
2334 Jan 30
3% Mar
62*2 Jan 27
50
Beech-Nut Packing Co
10
a
41
1478 Jan
3% Jan
2478 Feb 21
..6
1st preferred
Beatrice Creamery
100
*20%
X In receivership,
Aug
60
Feb 20
6*8
11%
44%
J 334
50
Barnsdall Oil Co
,300
10*2
*1434
13
100
15% preferred
20
7% preferred
100
Blgelow-Sanf Corp Inc.No par
Black & Decker Mfg CoNo par
10*4
Sept
2234 Jan
100
4% preferred
500
3134
...
$5 prior A
No par
Aviation Corp. of Del (The).3
Baldwin Loco Works v t c
13
500
9%
9
7% Mar
27g Jan
15%
125
Aug
334 Sept
6% Jan
25
Feb 15
155
Deo
3% Aug
Jan
Aug
Austin Nicholas
1,500
/
60
Jan
June
15%
11
Apr
50
10,200
734
29
4184
1®8
14*2
116
1,700
10%
60*4 Jan
3% Feb 19
30% Feb 24
9
3%
27%
6%
14%
Sept
8 ' Sept
43% Sept
Jan 29
3%
45
Apr
6
6%
7*2
33
25%
Jan
124% Jan 10
2,600
*14%
25% Nov
Apr
278 Mar
Atlas Tack Corp
No par
tAuburn Automobile..No par
1,200
*11%
44%
Apr
12
Jan 15
3,350
10%
10
3
Feb 29
120% *117% 11834 *117*2 11834
*27
28
29
27
27
10*4
24% Jan
35% Jan
6% Jan
6*4 Sept
3% Jan
30% Nov
934 Jan
Apr
Apr
41% Feb 23
52*4 Jan 23
234 Jan 24
9
86*2 Sept
6% Jan
Dec
5
63
Bethlehem Steel (Del).No par
10*4
7% Jan
120
200
10*4
18%
15
178
12%
Feb
119
18% Sept
Feb
Feb 16
5034
18%
51%
13%
Aug
17% Sept
8% Feb
1178 Sept
434 May
2% Jan
Oct
132
2% Sept
100
conv preferred
1%
l9*%t 19al3i
3
28*4 Jan
37
Apr
No par
6%
1%
*55*2
5% Jan 18
40*2 Jan 24
1
Anaconda Copper Mining..50
5% preferred
18
9%
*64%
2% Jan
24*4 Jan
Jan 18
6% 1st preferred
100
17%
*123
4% Feb 20
33% Feb 15
56% Jan 13
Jan 11
Artloom Corp
18%
1434
1034
Mar
28% Jan
Feb 28
300
600
*2834
18
61
5*2 Jan
68
Amer Steel Foundries..No
par
3% Jan
Jan
1*2 Feb 28
21% Mar
434 Mar
142
8%
51
11
5
Feb 21
May
5*2 Sept
6*4 Apr
14% Feb 23
87
Oct
25% Oot
115% Mar
Aug
10*2 Jan 26
81% Jan
2*2 Jan 17
July
40%
64
Dec
5
149
Arnold
23%
6%
9
100
500
51
5
Feb 23
8% Feb 23
8% Jan 5
Feb
...25
17,500
10%
*18*8
1.400
~
2234
26
13
6
6% Jan 15
American Snuff
37%
21
Bid and asked prices; no sales on thla day.
Preferred
par
76
19"32
21
147s-
Refg.No
75%
21
2334
American Safety Razor..18,50
American Seating Co..No
par
*37%
21
*65
100
Amer Ship Building Co.No
par
Amer Smelting &
10%
30%
31%
31*2
31%
'114% 115 ,*114% 115
*27%
27%' *27% 27*2'
*10934 112% *10934 112%
*30*2
32
*30%
21%
2334
conv pref
Armour<fcCo(Del)pf7% gtdlOO
*99% 100
14%
4Yt%
25
Armour & Co of Illinois
5
$6 conv prior pref
No par
7% preferred
100
52
*15
American Rolling Mill
1,000
77
*51%
18*8
...100
10,100
44
*99% 100
23
23%
Preferred
A P W Paper Co Ino
T.266
73
119%
29
23%
68
40
*42%
21%
23*2
500
2%
35
*69%
*27%
120
1,380
*75
207jj 207« X\9*hi
*27%
T,406
*10
..No par
Am Rad & Stand
San'y. No par
Anaconda W & Cable
15
73
22'
23%
100
17,100
20*4
43
119%
29
24
4,300
43
*27*2
23%
900
7%
*69
*21%
18%
4134
40
100
*123
123*4 123% *122% 127
126%
9%
*9*8
9*4
*9%
9%
64
64
6334
6334
*64%
67
31% 32%
3134
32*4
31*2 32%
*22
22
22%
22%
22*8
22%
*53% 55%
55%
55%
5534
55%
38
38
*37%
38%
*37%
38%
74%
7634
75
75*4
76%
76%
207I2
400
1,500
77
16
11*4
10%
11
3078
3012
31
2:3034
31
115
114*4 115
*114% 115
*27
27*4
28
27%
27%
112
*10934 112 1 *10934 112
*3034
I *3034
*122% 126
*122% 127
*9
*9
9*8
9%
*64
*6334
65*8
65*8
32
33*8
31% 32%
*22
22*4
22*4
22%
*55
55%
55%
55%
38%
38%
*37%
38%
75*4
76
76%
78
400
1,000
8,000
8*2
*60
.
11*8
1,800
4,100
5%
934
*2%
68
22
11*4
5,100
43
20%
3934
10*2
8%
1434
*1412
1434
15l2
16
*14l2
*15
15*2
16
*14%
I
22
21%
2134
22*2
22*4
22%
22%
22%
*1073s 1085g *10738 108&8 *107% 10834 *107% 10834 *107% 10834
834
8«4
834
87g
834
834
884
834|
834
8%
*49
4934
493g
49%
49%
49% I
49l2
49%
49%
4934I
7034
71I2
70I2
70i2
*70i2 71i2! *70%
70*4
*70%
7034
123
*121*8 123*2 *121% 123*2
123
120
| 121
121%
120%
*6*2
7
*6*4
7%
*6*2
7*8
*6*2
6%
7%
7%
134
1 34
ia4
17g
1%
1%
1%
1%
1%
3%
4
*3
35g
*3%
334
3%
3%
3*2
3%
2612
265g
*24
26%
*24*4
*24*4
26
26%
26%
*24%
634
67g
6%
6%
634
6%
6*2
634
15*4
15%
15*8
15*4
15%
15*2
15%
1534
15%
15%
5
5
5*8
5
5*8
5*8
5%
5*4
5%
5%
*6*4
6%
6*8
6*4
*6%
*6%
6%
634
*6%
6%
12
12
12
12
12
12
12
*11%
11%
11%
45%
45%
46
46
4634
4634
:r45%
45%
44*2
45%
14*2
1412
14*4
14*4
14%
14%
*14%
14%
14%
14*2
734
77g
*7*2
8*4
*734
8%
8%
8%j *28% 29
*734
*28
29
*28
29
28*2
29
*28%
29
16
300
111% 111%
35
109%
Feb 23
13
-
93
6%
*40
2%
100
23% Feb 23
400
98%
*8*8
4184
35
Feb 15
18% Jan 23
1.600
109% 110
*109% 111
5*2
534
584
5%
51
49%
51
51%
39%
100
*75
*2*2
35
...No par
95 preferred...
179
Feb 15
81
*13
*42
*15
21%
*95
15
86 preferred
Apr
Sept
Aug
116*2 Sept
16% Aug
30*4 Aug
13% Apr
138
13% Feb 16
17% Jan
*13
*69
18*8
29%
par
83%
Jan
140
109
Feb
9%
*36
par
6% conv preferred
100
American News Co
No par
Amer Power & Light...No
3
Feb 24
5
43
Amer Mach & Metals
No par
Amer Metal Co Ltd ...No
Jan
12
92%
92%
*1434
15%
1?2
172%
7%
„
American Locomotive..No
par
Preferred
100
Amer Mach & Fdy Co.No
par
2
15
14
73
18*4
7%
50
jan
8
5734 Sept
Apr
Jan 15
No par
pref
150
2
No par
205g
111*4 1115s
43
18*8
4134
conv
Jan 29
Jan 16
Jan
American Stove Co
No par
American Sugar Refining.. 100
*13
*42
52
8
5%
116*2
176%
32*2
5134
23%
American Stores
86%
86%
87%
89
147
147
9%
98%
8%
4134
*95
"4", 100
37*2
*68*2
*50%
9*2
American Ice
6% non cum pref
100
Amer Internat Corp...No
par
Amer Invest Co of III..N0
par
i 25
108% Feb is
6% preferred
300
29%
*75
*99l2 100
22%
2278
88
89%
146*2 146%
5*8
5%
American Home Products... 1
I per share
3% Aug
3134 Apr
Jan 12
200
29
77
77
88
50
3
Highest
share
133
No par
6% preferred
8*8 Feb 20
4534 Jan
$ per
132
800
*36
10%
8%
96*2
16
200
16 preferred
Amer Hawaiian SS Co
10
American Hide & Leather... 1
Feb
1984 Feb 23
share
15%
22
2934
10%
22
5,800
42
Lowest
13
*15%
37%
20*2
20*2
111% 111%
10
*60
13
1534
2134
89*2
*40
297g
10
68
13
37l2
21
10*2
*15*4
*142
94*8
2:1434
15
172
1/2%
7*2
43
*10
18*8
12*4
142
*15*4
92
88
7
43
2934
37*2
20*2
13
163g
39%
50i2
18*2
16*4
142
16
*15*4
1715s 172
8
20*4
111% 111%
*14
13
*15*4
2H4
39U
50i2
6734
10%
3934
*9912 100
22*2
22%
67%
12%
31
39*4
734
3,800
67*4
10-%
*60
7*2
15%
67*4
12*4
♦10&8
30%
68
100
10
14%
11
40
*93
161
1538
31
49*4
834
9%
161
15
3034
11
*39
*8*2
9
2,100
16,000
3U4
*60
49
9*4
162
2,300
1,500
1,100
*34*4 34l2
34i2 35i2
35*4
35*4
109*4 10914 *10834 109l8 *10834 10912
Sl2
5%
5l2
5% I
512
5*2
*49
4914
49l2
5034l *49
50%
109*4 109*4
5l2
512
9
,*161
9.500
6834 69%* *6734 69*2 *677g 69
*67*2
68%
*14734 150
*14734 150
*14734 150
*14734 loO
*14734 150
277g 2778
2734
28
2734
28*4
28
28%
28
2834
*9034 94
*15*4
I6I4
17134 172*4
88
88
8734
88
8978
90*8
89i2 90*4
*147*2 149l2 *147l2 150l8
5*2
5%
*5*4
5l2
934
9
9*8
900
""250
No par
97 preferred
No par
97 2d preferred A...No par
18
51%
14*4
AmerA For'n Power
30*2
*5*8
30
55
American Encaustic Tiling... 1
Amer European Sees...No
par
300
15s
42
3*8
Corp..20
American Crystal Sugar
10
6% 1st preferred
..100
"706
*2*2
2384 Feb
Am Comrn'l Alcohol
90
234
35121
14
5% conv preferred
100
American Chicle
No par
Am Coa^ Co of Allegh Co
NJ25
American Colortype Co
.10
"""406
137*4 137*4
11*4
11*4
8%
34
543s
Feb 21
Preferred
100
Am Chain & Cable Inc.No
par
19
3
Feb
171
20%
*3412
57l2
234
137g
112
20*2
51*4
3
25
American Car & Fdy..No
par
3,900
per
5% Jan 13
"ioo
Preferred
9
38% Jan 22
130% Jan
21
19*4
$ per share
1
100
Year 1939
Highest
par
100
£38
1378
pref
2,300
19*4
31*8
54
conv
25
*5*4
513s
18*2
543g
ii%
43
30*2
*5i8
100
5
American Can
25
1*2
20
*5%
40
2,600
43
3034
538
3034
5*4
34*2
58i2
*29
514
*19
20*4
31
*57l2
234
3012
1%
245g
*5%
300
132
Par
American Bosch Corn
Am Brake Shoe &
Fdy.No
26
5
5*8
2.500
115*4 115*2
*171
173
100-Share Lots
Lowest
Shares
7*4
41%
*40*8
On Basis oj
4378
23%
6
245g
3412
*52l2
137g
*27g
2334
52
245g
158
7
132
173
5*8
5*8
5l2
514
*41
*51*8
18l2
42l2
5*8
158
245s
195g
41*8
133
115*2
234
5*8
$ per share
7*2
*87*8
2%
1*4
313s
90
25g
24l2
6
278
*29
5%
*87
234
5*8
15g
58
30*2
5*4
*4034
*51*8
90
*25s
5*8
6
195g
31*4
512
*34
34%
19
7
*41
4134
4134
43
4134
41%
*130*2 133
13012 13034 *131*2
11534 115»4
115l2 116
115U 11534
115*4
17278 17278 *170
173
*170
173
*171
24*4
24*4
2434
2434
245g
25*4
25*2
*42
*4H2 43
44
*43
4412
*42*2
1934
1934
20
20*4
20*4
20*4
20*4
*108*4 112
*108*4 112
*108*4 112
*108*4
137
*134l2 137
137
*135l2 137
*134*2
*11*4
127g
*11*4
1278
*11*4
123g
*11*4
8*4
8*4
8*8
8*4
8*4
8*4
8%
7
*65g
678
7
678
*634
634
13i2
13%
1278
13
13
1314
13*4
2%
*19
5 per share
7*4
*13012 133
115% 116
♦
2
Apr
57
Dec
21% Jan 12
2578 Feb
9
I684
Aug
3434
Jan
New stock,
r
Cash sale.
5
xEx-dlv.
y
Ex-rlghts.
Dec
f Called for redemption.
New York Stock Record—Continued—Page 3
1386
WW
HIGH
AND
.
I
Feb. 24
$ per share
*24%
*115
SALE
|
Feb.r 26
|
Feb. 27
Feb. 28
Feb. 29
$ per share
2412
*2458
25
24%
25
24%„ 245g
25
119
11978 *116
119% *115
1197# *116
63'2
24%
6334
2412
24i2
23»4
22%
23's
2284
23%
2234
2
2
64*2
*2334
64
*2
23*g
22*2
*2
2l8
647g
647g
64
64*4
2412
24*2
24l2
*23%
23*8
23*2
23*g
2234
24lz
23%
23ig
2%
33*2
0*2
11
203i
39*2
22*2
2*g
22»4
2ig
33*2
*2
33l2
6*4
33l2
684
6%
634
11%
IH4
11
10»4
1034
107g
11
33*2
Z0%
IO84
2012
2078
3931
5112
2li
107g
20%
2012
203g
2034
2012
2034
*3714
3938
5184
5178
2%
*38*8
5134
39
517#
203g
38*2
517g
517g
178
*37i2
5112
*33
3312
684
2
33*2
33*2
6 34
*37
38*2
51*2
.
2
2
55
55
17i2
17*4
173g
197S
19i2
17*4
1934
81
81
8 J 34
85
19*2
*83*2
20
807g
203s
807g
17U
19«4
173s
'1934
845g
81*4
58
58%
58
5814
5734
58
57
57
57
2112
21%
2Hg
2114
2114
21*4
21*2
2134
*21%
22
35
35
35'
35
*35
50*4
171#
I
17g
52
2418
24*4
2414
24l2
2412
2414
*912
93s
978
9i2
93g
95g
97g
*104
105
*103*2 105
*10314 105
*103
105
«
514
514
5*8
5*8
5*8
5*4
5M
5%
*40
41
41
*3912 417«
417#
*40*4
42
24l2
534
534
55g
584
558
534
*2518
2514
2534
2514
25*2
*2912
255g
30
*29'2
1834
187«
I8I2
12%
121#
30
57g
12
12
12
11 r>8
11%
*11*2
12
*6814
70
*66*2
69
67
69
1312
24l2
*1358
♦24
14
25*4
*13*2
24%
*5112
1%
55
17-8
*51*2
55
*51*2
ll2
69i4
14
2514
55
10s
1%
134
1%
714
734
7U
73»
7*4
73«
*73g
24%
22
3%
*2134
*334
11%
11%
*11%
69
*66*2
*67
39%
*38*2
395«
*38*4
39*2
514
514
5*s
*5*4
5*2
397g
3978
8684
25
3934
397s
*115
115
115
116
4734
48
2914
28'2
11234
10%
*6612
23%
*2%
11134 112
116
5%
*38*4
*5*4
39%
*85*2
2434
512
3912
5%
40
87
2434
1034
66l2
23%
*65*4
66
23
23
2258
27«
3
234
*4U
5I4
*8*2
8«4
5%
8I4
5i8
814
*5
5'g
38U
7
*94l2
99
*1834
*104
217g
*18
1914
3914
393g
9614
*18
20
7
*104
x21%
20*2
4*2
434
3984
40
96*4
39*4
*94
*2
2
434
178
l3l
134
134
1014
1014
10's
14
10*8
14
%
10*8
I4
*4
**4
1314
13*2
*14
*lo
*12
*14
>16
*34
%
%
1312
*34
♦
*34
36
49%
49%
I4
**8
14
34
36
*49l2
4934
*34*8
4934
*58
*%
5g
*lo
*8i4
1178
9
117g
53g
34
8518
137«
*8%
5*2
*29*2
82l2
83*2
83
*1358
1334
13%
96
*96
98
5U
*2912
82l2
*1312
96
*3
3i2
3434
3514
*11158 112
3934
*7634
3934
78
12
20% A 20
4*2
4*2
*4l2
39*2
39*g
95
94%
2
2
*1%
*1*4
10%
*134
1%
10*8
*10*4
10*2
14
*2
*8
%
%
'4
>16
*4
34
13*2
13*2
*34*4
50
%
'4
%
5g
*96
83%
135g
98
*45
*3358
3*4
34
35
112
39*4
111
395s
*7634
78
39*4
*7634
5%
83*2
84
13*2
13*2
96*2
96*2
*45
3*4
34
111
33%
3*4
34
39%
111*4 111*4
39%
39%
78
*77%
*46
78
10
20
4%
3934
94%
200
2%
1%
10%
500
*134
10*2
*4
2,200
1,200
*%
%
6
*29*2
82%
13*2
*95%
3*8
*3334
11134
3434
*49%
*4
112
40
40
78
12%
6
*29%
43
*134*2 139
*134i2 139
*134*2 139
*134*2 139
*1201# 121*2 120*2 120*2 *120*8 122
*120% 121
63
63
63*2 *62%
63*2
6234
*6278
62*8
19
19
19
19*2
1934
19*4
19*2
19*4
10538 105*2 *105*8 105*4
105*8 105%
10518 105*4
136
136
120
120%
*61
6334
3734
43%
19*4
18%
105% 105%
*91*2
93
7
7
*21
22*2
*67g
*22
79
91*2
*75*4
*91*2
7
22*2
*67g
22
79
92*2
7
22
75%
92*4
7
75%
92%
7*4
21%
21%
*74
76%
92%
7*4
93%
7%
21
21
*
32*2
323*
Bid and asked
3212
323«
prioee;
no sales on this
32l2
32%
32%
day.
31%
32%
Pr pf ($2.50) cum dlv No par
{Chic Rock Isl & Pacific
100
7% preferred
100
6% preferred...
Chicago Yellow Cab
12%
900
Chlckasha Cotton Oil
4,000
83%
13.906
13%
700
*95%
97*2
20
3*4
200
34%
Childs Co
1,400
100
No par
10
No par
Chile Copper
13%
25
5
Co
Chrysler Corp
City Ice & Fuel
No par
614% preferred
City Investing Co
City Stores
Jan 31
28
111
40
Clev El Ilium 54.50 pf.No par
Clev Graph Bronze Co (The). 1
90
Clev & Pitts RR Co 7 % gtd.50
2,200
Climax Molybdenum—No par
43
7,600
Cluett Peabody & Co ..No par
138
10
120*2 120*2
1834
6334
18%
104% 105
*74
76%
93%
7*8
95
7%
22
*20
31%
{In receivership,
a
32
400
300
12,700
1,400
500
20
30
230
60
2,000
1,800
26,100
800
30
1,000
1,600
35% Jan
35% Jan
9
2
par
No par
118
Jan
2
61
Jan
No
par
100
6% preferred.
38*2 Apr
13% Apr
84
Apr
7% Aug
33
Sept
4
Sept
94% Mar
122% Mar
64% Sept
30% Dec
109% Aug
19*8 Jan
72% Mar
5%
Jan
12% Sept
1434 sept
6%
85% June
96*
32
Oct
52%
June
Sept
Jan
Jan
18
Sept
22% Sept
.
21# Jan 24
1218 Jan 4
% Jan
s4 Jan
5% Aug
98
Apr
105
Dec
17
Aug
30
Jan
6% Apr
i3% Dec
27
Apr
8534 Oct
1% Sept
1% Aug
4
9*2 Apr
% Apr
14
*2 June
% Jan
1*8 Jan
1434 Jan
35% Jan
49% Feb 29
% Dec
% Dec
10
Apr
30% Aug
44
Aug
9
% Jan
2
*2 Aug
% Jan
3
Jan
9
*2 Aug
7*2 Apr
9
Feb
1
91% Jan 3
14% Jan 26
98
z60
Feb
6
Jan 30
Sept
4% Sept
Oct
% Sept
1% Sept
1% Sept
3% Sept
20*4 Jan
39% Sept
50*4 Nov
% Sept
% June
Jan
%
21% Oct
29*2 Sept
47% Sept
95% June
10
Apr
4% Dec
1%
Jan
1% Sept
9% Mar
15% Sept
13% Jan
25
Apr
41
53%
Apr
9
Apr
94% Oct
14% May
97% June
79
Jan
46*2 Sept
58
Sept
2
35*2 Feb 15
334 Jan
Mar
114% Jan 10
40% Feb 17
15
Apr
4%
34%
Oct
Oct
Feb
69
Feb
106% Sept
20% Apr
115
2%
Apr
78
Feb 19
"3934" Jan
3
4434 Feb 19
142
69
Sept
Jan
34% June
21% Apr
Feb
39
Oct
78
Mar
45*4 May
60%
Jan
38
Dec
Feb 14
125
Sept
135
Mar
Sept
133
105
58
Jan
62% Dec
Feb 21
106% Feb 0
11*2
101%
Apr
18
Dec
Feb
110
Oct
10334 Jan 30
35% Feb 3
112% Feb 10
1934 Jan 3
4% Jan 2
20%
Apr
100
30
Jan 16
Feb 28
100
4% 1st preferred
4% 2d preferred
-.100
100
C-olumb Br'd Sys Inc cl A.2.50
2.50
Class B
Columbia Gas & Elec.-No par
17% Feb 29
3
Jan 19
4% Jan 19
334 Feb 27
23
Jan 13
22'4 Jan 13
5% Mar
1
Feb
2
6% preferred series A
100
87
5% preferred
100
75% Feb 28
87% Feb 3
Columbian Carbon
v t c
No par
20
5% Jan
3
4% Jan 12
26*4 Feb 9
26*8 Feb 9
7% Jan 4
92% Jan 10
79
95
Jan 26
Mar
1
7% Jan 11
4,400
"3",920
Comm'l Invest Trust.-No par
t c
4K% conv preferred
$4.25 conv pf ser
100
'35.No par
12,200
Commercial Solvents ..No par
40,700
Commonw'lth &
Sou. .No par
$6 preferred series
No par
Commonwealth Edison Co..25
r
Apr
Sept
85% July
123% Jan 4
63
Feb 27
110
Colorado A Southern
n New stock,
110
z43
Jan
23% Jan 29
Def. delivery,
Apr
13% Apr
2% July
63*2 Aug
Sept
13
684 Jan
1,800
77
Jan
8
47*2
19% Jan
46% Mar
20.400
41% Sept
4% May
35
July
Sept
No par
100
29% Sept
6%
8
100
preferred
Colo Fuel & Iron Corp. No par
v
Jan
June
16% Jan 15
103% Jan 23
No par
Collins & Aikman
Columbia Pict
Jan
47
22
92.75 conv preferred.No par
Commercial Credit
10
300
17«4
20%
36% Dec
3*g Sept
42
Feb 29
Colgate-Palmolive-Peet No
conv
3% Sept
10% Sept
10334 Jan 30
Coca-Cola Co (The)
Class A
5%
Feb 27
35% Jan 2
7634 Feb 14
136
6% pref called
1,500
Jan 17
100
Preferred
July
3*2 Apr
3*2 Apr
Jan
50
Specialgtd4% stock
3734
Jan
Sept
53
68
Clark Equipment
No par
CCC & St Louis Ry 5% pf.100
1,400
Apr
17%
30
334 June
12% Feb 21
6*4 Feb 29
79% Jan 15
12% Jan 15
94% Jan 17
9*g Apr
12
6*4 Sept
I63g Nov
84% Nov
3034 Sept
31
1
Apa
113% Aug
31
Feb
7
7
Feb
% Jan 29
834 Feb 28
11% Jan 16
4% Feb 8
Jan 30
78
*61
% Mar
18% Apr
2*2 June
Oct
8
1
3
40
*135
*4 Jan
z60
78
42 34
Jan 12
46
6
3934
*37*4
*4 Jan 13
s4 Feb 9
12% Jan 22
3334 Jan 19
9% Jan
23«4 Mar
Apr
Apr
% Feb 28
100
100
*111% 113
4634
465s 467s
4678
46*2 4634
46*2
46-% 46*2
46%
46%
46%
*107*2 109*2 *10778 109*2 *107*2 10978 *107*2 108*2 *107% 109% *107% 10812
54
54
54
5458
54l2
54is
545s
5414
53%
54lg
5334
5414
*112
113
*112
*112
113
1133s *112
113*8 *112
112%
112% 112%
13*2
13&8
1378
137g
1334
13%
137g
13%
13%
1334
13%
13%
114
Us
Us
1*4
Us
1%
1%
1*8
1*8
1%
,llg
66
66
66
66
67
65
65
65*4
67
66*2
66*2
323s
100
Preferred
734 Sept
Sept
20
5%
2% Apr
103*2 Sept
i8 Feb 28
Chicago Pneumat Tool.No par
S3 conv preferred. ..No par
20% Dec
1834 Jan
18%
97% Jan 16
2% Jan 3
Jan 12
134 Jan 12
{Chic Mil St P & Pac.-No par
5% preferred
100
{Chicago & North West'n.100
100
32
2
94% Feb 29
2
Jan
34% Mar
20% Jan
105*4 Feb 20
2634 Jan 3
20*2 Feb 27
434 Jan 3
42% Jan 8
Jan 19
39
Jan
30
58
3
8% Feb 15
9
934 Jan 29
"
9
4*4 Jan
Jan
6% Nov
36% Feb 15
Jan 18
5
100
*103»4 104*8 *10334 1041# *10334 104*8 *10334 104*8 *10334 10418 *10334 104*8
31
*31
*31
3034
3034
31%
31*2
31*4
31*2 31*2
31*4
31%
112
110
*110*4 112
*110*4 112
110*4
110% 110% *110
*110*4 112
181
18
18
175g
17*2
17%
17*2
17*2
17*2
17%
1734
*17*4
4
4
4
4
4
*4
4
4
4*8
*37g
*3*4
*3%
4lo
41
434
434
4*2
I 4*2
4*2
4%
438
4%
*43g
*4%
4
4
4
334
334
*334
4*g
4%
*3%
*334
4%
*3%
245g
2478
245g
24*4
24*2
24%
2334
24*2
24%
2478
24% 24%
24
24
24*8
24*4
24*4
24*2
24%
24*4
24*8
24*8
24%
24%
6
6
6
6
6
6*8
6*4
6%
6%
6*8
6*8
5%
89*2
89l2
88%
*887g
88%
89i2
88%
*88*2 89*2
88%
8834 8884
*75*4
91*2
100
200
83%
*3%
*333i
5
No par
25
Preferred series A
lo
*46
37%
Chesapeake & Ohio Ry
1,100
*45
*77%
Cab Mfg
{Chesapeake Corp
6*4
*8*4
3*8
35
Checker
Jan
15
Feb 15
Feb 21
Feb 23
94% Jan 30
41% Jan 10
1
*21% Feb 27
102
3
Jan 26
5% Jan
92% Jan 31
Mar
4
Jan
Jan
8
55*2
9
4% Jan 15
684 Feb
1
5% Feb 26
37
5
114
2
Cham Pap & Fib Co 6% pf-100
Common
No par
%
%
Jan
No par
Chain Belt Co
14
9
12%
43%
78
100
400
50
lo
6*4
32
83%
1334
97*2
300
112
4
3% Jan
6% Jan 22
2784 Jan 26
18*4 Feb 13
100
6% prior preferred
Chicago Mall Order Co
1
13%
3434
*4
100
Preferred
Cerro de Pasco Copper.No par
Certain-teed Products
1
500
*4
36
49%
Century Ribbon Mills-No par
400
*%
*4
Central Violeta Sugar Co
{Chic & East 111 Ry 6% pf.100
{Chic Great West 4% pf-.lOO
13*4
37%
78
10,800
'4
*46
*46
95
13*4
43%
4234
39%
*4
37
~3~8%
39
95
13%
43*8
383g
42*2
2,200
7,600
38"
43*2
19%
4%
23,900
4234
~38%
42 34
4*2
*1%
38
3812
100
2,100
1,200
*45
*3*8
1,340
'8
*884
12%
32
*19
7
33*2
1934
>16
%
12
6 34
32%
10
3,200
4,000
%
834
12
38
>16
**2
534
*29*2
94%
37
%
834
32
94*o
*4
%
5*2
100
Central Foundry Co—
Apr
25% Nov
13% Jan
106% Aug
5% Feb 10
Jan 12
62
113*4
*4%
5*2
23
*3434
49%
36
*49
26% Jan
234 Jan 22
105
%
par
3
Jan
56%
30%
11434
12%
6634
24%
47*4 Feb
107% Jan
9% Jan 22
2184 Jan 22
%
>16
13*2
100
1
Central 111 Lt4^% pref—100
{Central RR of New Jersey 100
23
1%
10%
par
par
100
*19
2
Caterpillar Tractor
No
Celanese Corp of Amer.No
7% prior preferred
Celotex Corp
No
5
H884 Jan
Assoc. No par
>16
,
9
123g
534
*29*2
3*4
*46
*46
*19
Feb
5% preferred
*104
105
*22
111
3% Jan
Central Agulrre
22*2
105
22*8
*1<>
*12
51o
34
*3*8
*111
20
105
Preferred
Jan
75
110
900
99
38*8
7%
34
19%
7
Jan
2% Jan
1,900
*9412
33*4
19*4
I) Co
Jan
23*2
2 34
100
7%
Case (J
Feb
66
2 34
"""166
34*4
Carriers & General Corp
38% Jan
23*2
5%
38
66
100
Carpenter Steel Co
434 Jan
5
June
1
Sept
6*2 Mar
% Feb
4% Aug
27
Carolina Clinch & Ohio Ry 100
Feb
66
8*2
**2
12
7,900
*8
39
36
4934
730
*5
*83#
9
*45
*45
7
*!4
*%
9,300
5%
*94
*34
*34
1314
4,100
8%
95
2
4934
28%
113
113
40
2*4
20
*8
38
22*8
19*4
*
*5*8
99
*104
22
12
66
23%
2%
400
5%
38
*19*4
105
1,100
8*2
33*2
45g
2
133s
7*4
10
5*
*94*2
3734
230
1
10
11
48% Mar
23
Capital Admin class A
$3 preferred A
15% Aug
21*2 Apr
11% Apr
Jan 16
Jan
38*2 Jan
86% Jan
No par
Cannon Mills
13*4 J&n
16% Jan
39
Apr
Feb
5
1
100
Canadian Pacific Ry
600
800
2
16% Jan 8
22% Feb 21
39% Jan 12
5% Mar 1
40i2 Jan 3
5% Jan 4
40% Jan 23
89% Feb 8
6
100
25
Ale
500
*4i2
*8
99
28",900
28*2
113*2
11*4
11%
49%
29
113*2
*113
*5%
191#
*93
234
5%
2
2
23*2
2%
*8
*412
412
*6512
23*2
2%
*5*8
*19*4
23
11%
5*2
*94*2
49
28%
112
11%
6534
*4*2
34
105
11*4
6%
87g
32 34
*22
22
*4*2
113*2
*113
3734
19%
105U *104
118
23%
1934
321#
*1884
*116
Canada Dry Ginger
Canada Sou Ry Co
68
*65*4
234
38is
7
3212
678
32 34
412
*93
99
3778
38l2
7%
32 %
11*4
11312 113l2 *113
514
68
2878
66
24
3
3
48
28%
1078
*4i2
*94l2
47*4
285g
112
87
2.5%
3*8
70
48
48*g
113
*85*2
*25%
*2%
5%
38*4
*5%
*115l2 118
118
283g
112
*3934
39
5%
38*2
5%
40
*68
3
69*2
*116
2034
3
3
4734
1058
105s
6634
113
113
69
116
87*2
25
*66*2
3*g
*67
47%
2858
47%
28%
112
3
3
6834
13% Feb 7
23% Jan 18
Campbell W & C Fdy_.No par
*35%
Apr
3
25*2 Apr
11% Aug
13*4 Apr
Jan
600
*13%
39
4
52
8
Jan
17,800
14*4
2134
21
Apr
3
3
3
4
9
4% Jan
14%
21%
14
*35*2
7
1334
81*2
15%
26%
1% Feb 21
*3834
3
Feb 10
22
3% Jan 29
11% Jan 22
8% Feb 21
512
*66%
4
1% Jan 23
395g
3
7% Jan
6% Jan 15
53g
67
684 Jan 30
2034 Jan 3
1
5*2
3
3
3
4
Calumet & Hecla Cons Cop..5
5*4
67
Feb 19
3,200
518
2434
29% Apr
"9.606
Callahan Zinc Lead
Dec
6*4 Jan 5
4484 Jan 5
6*4 Feb 17
12% Jan
4% Jan
Jan
Dec
Dec
9434 Apr
12% Jan
51
Dec
Feb 16
105
1%
55
50
Dec
30*8 Aug
3134 Jan 3
21% Jan 10
Feb
Jan
14%
13*4
15*8
50%
41
26
69
Jan
13% Apr
7%
2434
135g
*86
30
Copper & Zinc-.-5
No par
Participating preferred.-100
Byron Jackson Co
No par
California Packing....No par
6% preferred
50
5% conv preferred
Jan
31*g Jan
9% Apr
2
3% Jan 19
Butte
2
Feb
4
ll"
39
5*2
25
Apr
Nov
9% Feb 28
By ere Co (A M)
7% Apr
39
4% Sept
3434 Oct
3534 Feb 10
25% Feb 21
10% Feb 9
1134 Jan
—
Nov
27
2834 Jan 12
18% Feb 27
1
1% Apr
5ig Apr
11
Feb 27
25% Jan
1
Jan 15
434 Jan 18
Jan 19
{Bush Term Bldg dep 7 % pflOO
Butler Bros
.—.-10
1*2 Apr
59% Feb 17
85
7*4
*13*2
22*4
397g
87*2
20% Feb 20
.3
7*2
135g
*24
1784 Feb 17
Jan 30
7%
21%
*35*2
*86
30
Jan 30
134
13*2
*3934
100
500
600
Feb 28
55
_
7*2
39*2
8684
1,000
Jan
20
1
—_
2% Feb 20
Jan
900
21«4
*2334
7
22
334
12
69
Aug
Jan 23
53
21*4 Jan 15
8 34 Jan 15
101% Jan 15
5% Jan 30
39% Jan 30
No par
Bush Terminal..
53
35
Burroughs Add Macli..Aro par
10
4134 Apr
1
1,600
13*2
88
4,100
900
Aug
39% Feb
Feb 28
Feb 16
13%
21*8
*3512
39%
334
Burlington Mills Corp
3%
41
20% Mar
3,400
12
Apr
par
..No par
Bulova Watch
31
Jan 15
241*
30*4
18%
700
15%
31%
12i4 Jan
2234 Jan
Jan 23
25l4
39%
24
Bullard Co
734
734 Aug
48
No par
Budd Wheel..
1,500
5% Sept
16% Apr
par
No par
100
G) Mfg
6% Feb 27
3
3
3
Jan
Jan
5
100
7% preferred
19% Apr
2434
21i8
24
Budd (E
4
4
*13*2
2034
*3934
2'74(j
284 Jan
3584 Jan
49
Bruns-Balke-Collender.Ao par
4,600
6
Jan 17
*51i">
*35l2
*8634
5*4
Jan
12% Jan
16*2 Jan
1834 Apr
par
par
7% preferred
Aug
32
3
par
par
Bucyrus-Erie Co
Dec
22
25% Jan
14
14
5
2,300
1,000
24
23% Feb 21
25
55
1*4
55
3912
47S
*5M
9%
Jan
Dec
24% Feb 21
*51*2
1%
J
14
2434
21%
5
24*9
6312
5
6
...No par
Brown Shoe Co
Jan
5
19*g
38*2
51*g
1*2
1234
12%
13%
12
12
*2134
14
47g
*3834
z24%
30*4
18%
7
37g
200
41
7
634
22
20»4
14
5*4
41
3*2
6%
3,700
40
*934
6%
37g
*1314
24*2
9*2
3%
*2H2
1,700
2,100
36
10*4
69%
*—
20%
3%
12%
*5112
5,400
24,800
*934
3%
67g
22
No
56 pref ctfs of dep—No
Bklyn-Manh Transit..A'0
86 preferred series A,No
Ctfs of deposit
No
Brooklyn Union Gas
No
$6 preferred.
51
share
per
28%
121% Dec
2
10% Jan 15
Brooklyn & Queens Tr.No par
17%
35g
3%
1,000
5,400
2,500
19%
85
56%
21*2
9*2
4
12
51%
2
*
55
9*2
*37g
*11%
13'2
100
3*2
♦2112
*634
38%
5%
6
12
3%
12
12
♦13%
2514
5*4
41*2
1218
35g
*21l2
3,100
Sept
31*g Jan 15
3
20%
3
16
100*2 Sept
i
Jan
Feb
2
100
Bridgeport Brass Co
No par
Briggs Manufacturing.No par
Briggs & Stratton
No par
Bristol-Myers Co
5
*104
12
*9*2
684
912
18%
35«
37«
Brewing Corp of America
2,700
Jan
5
share
22
5
3,700
U
*35
185g
1U2
684
22
6%
2134
1
18*2
3%
37#
*684
3334
6%
56
29%
*93g
2134
Boston & Maine RE
19%
185g
4
Borg-Warner Corp
65
Highest
per
21% Jan
15
6
Bower Roller Bearing Co
84%
30
12
*334
*10
Borden Co (The)
600
17
17%
20*4
84
5734
18%
29%
22
Bond Stores Inc
Feb 10
26
Jan 16
62
200
1%
2434
30*4
18*2
24%
No par
._
6,300
55
123*2 Jan
1
Class B
*37%
25*4
297g
*29l2
1834
121#
12
534
*24
4112
5%
900
4,700
No par
per
$
share
$
21% Jan 12
117% Jan 11
5
Bobn Aluminum & Brass
Bon Ami class A
Year 1939
Lowest
Highest
$ per share
Par
22%
2%
51%
Range for Previous
.
100-Share Lots
Lowest
20%
105
5*g
V
On Basis of
*32%
6%
10%
24*4
9%
105
20
24
23%
*2
55
24
24i2
*9i2
6434
650
22*2
36
36
*35
36
*35
50
2,000
24
2tg
*1714
46%
46r>8
2434
119%
64*4
51%
17g
52
17*8
197#
2i4
*45
Shares
23%
1940
2,
EXCHANGE
Mar. 1
*116
23*2
22%
2*8
NEW YORK STOCK
the
Week
24 34
24%
65
*6*8
634
,<
119
119
STOCKS
for
$ per share
$ per share
Ranoe Since Jan. 1
Sales
Friday
Thursday
Wednesday
$ per share
9 per share
23%
225g
*32l2
I'
NOT PER CENT
SHARE,
.
Tuesday
24%
6312
PRICES—PER
.
Monday
Saturday
March
Cash sale,
x
104
Jan
48
_
51% Jan 15
110% Jan 9
13% Mar 1
Mar
1
6334 Feb
1
2
30% Jan 15
Ex-dlv.
y
Jan
3
108% Feb 21
5534 Feb
112%
15%
1%
73%
9
Feb 23
Jan 4
Jan
Jan
32% Jan
Ex-rights,
2
8
3
Apr
11*8
Apr
234 Aug
3% Sept
3% Aug
14
Apr
14
Apr
5*4
74%
62%
Apr
73
6*8
934 Sept
8% Sept
25% Dec
25% Dec
9
Feb
91
Mar
Jan
83
Feb
Apr
Dec
Apr
98%
Oct
42
Apr
10334 Sept
8% Aug
1*8 Dec
4534 Jan
x25%
Oct
37*2
111% Dec
24% Sept
8*2 Sept
Jan
15% Dec
3834
Jan
Apr
96
Oct
15%
Jan
30*2 Mar
57
Jan
109% Aug
Jan
60
110*2 June
16
Sept
2*8
Feb
72*2 Aug
32%
f Called for redemption.
Dec
Volume
LOW
New York Stock
150
AND
HIGH
SALE
PRICES—PER
SHARE,
Monday
Tuesday
Feb. 24
Wednesday
Thursday
Feb. 26
Feb. 27
Feb. 28
Feb. 29
$ per share
$ per share
538
$ per share
53s
*24
8%
283,
2734
10%
11%
*78
81%
86%
"87
9
9%
3134
108
317,
108
1
*7,
*834
87,
4
4
7%
7%
2%
3%
*17,
8
27%
105s
12%
*8
23%
12i8
8
24%
117g
$ per share
*518
235s
1134
2712
*518
23%
12i8
*8ig
2734
11
11%
538
*78
8H2
8612 86i2
9
914
3134 317,
1081, 108%
*78
1
87g
87«
378
378
7%
7%
*17s
2i2
5%
235,
12i4
8i2
2734
12%
81i2
87i4
9ig
*78
86i2
9
3134
317,
108ig 108%
*7g
*884
1
87,
37g
7i4
2i2
334
16
334
7lg
*17,
*31.4
35g
*33g
*14i4
16
*1414
*10238 103
*10284 10318
1612
16i8
16
16l4
16i2
127,
125s
1278
*1234
13
*3%
*14%
17
♦1023s 103
16%
1278
1
1
1%
1
1
.
*518
5i2
23l2
13
,23
12'4
*8ig
2734
12l4
8i2
28
13l2
*78
8H2
90
*883g
9lg
914
315g
317,
108i4 108i2
1
78
*884
87g
37g
37g
7%
172
51,
*1
21
*98
*170
514
Ug
2H2
1
1%
21
102% 103
4,700
1,300
Continental Bak Co cl A No par
95%
95%
46%
4634
46%
4634
113% *113% 114
5,400
175
*170
5%
*31%
3134
*6%
120
63
63
63
63
3,000
175
*170
175
100
*96% 100%
32
*31%
6%
*41%
33%
44%
*40
42
81
82%
3l2
7%
91
1234
29
*3%
7%
4%
4%
10%
2834
20%
10%
10%
2914
92
287,
*8884
4%
43%
10%
287g
92
68
*58
68
20%
*1934
*4%
20%
5
*16
*4%
27
18
19
!
47g
16
712
43%
*118
*115
30%
5
13
*12%
*35%
36
36
120
5
36
187,
2134
*118
120
183% 184
124% 124%
\
88
29
4%
4
43
44
43%
43%
105,
29
90
10%
28%
10%
10
287g
*8884
90
28%
*8884
287g
90
68
*57
68
*57
19
19
*1834
19%
4%
19%
19%
30
*47,
30%
5
147% 148
1457g 148
*17034 177
*17034 177
*3034 315,
3034
3034
16%
16% *16%
17
*1
1
1
1%
38
38% 39
38%
1434
1434
143g
14%
1%
1%
1%
1%
6%
285,
6%
6%
29%
25
25%
30%
30%
28%
24%
30%
*1%
1%
*1%
39%
44%
6%
29%
*118
478
1
7 00
100
2:187,
19
82%
152
18
5%
*1234
5,300
100
600
19
5
25
20
10
30%
1
37%
14%
6%
28%
29%
6%
29%
25
25
25
31%
1%
3034
3034
31%
*1%
1%
1%
38%
*1%
6
283s
*24
39%
39%
*44%
45
110% 110%
9%
"
*73% 75 I
9%
9%
*73%
76%
*8334
84%'
*8334
85%
82
*87
6% partlc preferred
25
Distil Corp-Seagr's Ltd. Wo par
897g
*86
8978
87
2,500
400
121%
1%
i%
1*8
*1%
*2%
234
*2%
*1
*1%
1%
*1%
4%
6,500
1%
600
400
6,400
20
2,800
300
900
preferred
100
Du P de Nem (E I) & Co...20
$4.50 preferred
No par
Duquesne Light 5% 1st pf. 100
Eastern Airlines Inc
8
Edison Bros Stores Inc
Eltlngon
2
Schlld
No par
$7 preferred
$6 preferred
El Paso Natural Gas
.No par
3
83
Endlcott Johnson
170
*79%
*84%
5% preferred
Engineers Public Service
200
Corp
$5 conv preferred
50
100
1
1
1
*%
1
*5
6%
*5
*7,
5
1
5
4%
4%
9%
243s
*34
*5
1
*4%
*8%
24
417,
27%
42%
41
6%
41%
4134
42
4134
42%
28%
*27
27*4
27
27
27
*15%
*97%
16%
*15%
16%
*15%
16
27%
15%
*98%
*24%
4%
25%
2434
*4%
99
*97%
99
2434
*2434
25%
4%
4%
4%
1
7«
*34
*23%
24%
*87%
*17%
89*4
23%
*87%
407,
40%
17%
40%
*17%
*40%
*18%
2334
*18%
2334
*18%
7«
*
18%
17%
*34
99
4%
1
99
*24%
*4
*a4
23%
*23%
24%
*23-4
8934
89*4
89*4
*88%
40
1734
173.1
*5
15%
99
100
25%
*24%
4%
h
*23%
*88%
4%
1
Jan 15
5% Mar
Mar
27%
237g
28%
1%
36%
1
Jan 23
Jan 27
Jan 12
Jan 12
Eureka Vacuum
200
417g
Jan
3
4534 Jan 29
111.
Jan 12
Jan
Jan
69
Apr
Apr
Apr
17, Sept
1% Jan
1% Apr
65% Sept
5
3
4
Jan
8%
Jan 16
10
2,800
Fairbanks Morse & Co. No par
27%
2,600
Fajardo Bug Co of Pr Rico. .20
34% Jan 15
2534 Jan 31
15
600
Federal Light & Traction... 15
15
20% Jan 15
1
7g Jan 17
434 Jan 9
Mar
1
Feb 16
5
Feb
1
9% Jan 8
24% Feb 27
1
Jan
3
6% Feb 19
42% Feb 23
283s Feb 23
17% Jan 8
100% Jan 19
28% Jan 3
*
*96
100
Federal Min & Smelt Co
2
24
4
4
500
Federal Motor Truck..No par
4
h
24%
%
*23%
%
24%
900
Federal Water Serv A.No par
% Mar
100
Federated Dept Stores.No par
90
*88%
*17%
90
100
preferred...
100
857, Jan 12
89% Feb 27
18%
600
Ferro Enamel Corp
1
39%
*18%
3984
2334
900
Fidel Phen Fire Ins N Y.S2.50
17% Jan 30
37% Jan 18
40% Feb 14
Filene's (Wm) Sons Co. Wo par
22%
22%
17 78
18
40
40
2334
{ In receivership,
a
Def. delivery,
preferred
n
New stock,
r
Cash sale,
Feb
1
Jan 22
Sept
6
Sept
3% Sept
6
Apr
14%
Apr
%
234
Dec
Apr
Jan
98
Dec
31% Dec
63, Nov
1% Jan
27% Oct
89*4 Feb
Apr
11
1
Jan
9
84 May
Jan
3
I884 Apr
8234 Sept
17% Nov
27% Apr
x Ex-div.
y
Ex-rights.
5
Jan
29
Apr
25
3
13
81
Apr
24
20
1
Jan
3% Sept
65% Sept
5% Mar
25% Nov
2% Jan
87, Sept
437, Jan
38% Sept
18% Aug
217, Jan 23
Jan
Aug
3
4
20
Aug
17g Sept
Jan
8
89
95
Aug
47g
Jan
137, Aug
80% June
Aug
84
100
*18%
Jan
62%
65%
25%
*39%
Sept
Apr
99%
*18%
55
111
7
8
99%
23*4
Jan
33g Jan
42%
434%
28
Feb
Sept
3% Sept
4234 Nov
32% Aug
1% Feb 20
5
Feb
Deo
2:103% Mar
2% Jan 23
15
4%
%
1% Jan 23
Corp
3
Exchange Buffet Corp .No par
Fairbanks Co 8% pref
100
$6
Apr
Apr
7, Jan
1'4 Jan
Ex-Cell-O
Aug
35
50
Evans Products Co
7,800
Nov
Sept
38
*24%
25%
Aug
100
100
Cleaner
700
9%
116%
188%
124%
118%
317,
186% Jan
18312 Feb
307, Oct
197, July
33, Jan
40% Oct
18% Nov
3% Mar
12% Jan
41% Jan
15% Apr
15% Sept
100
24%
7,
Jan
June
Apr
Apr
97
4% 1st preferred
4% 2d preferred
Deo
14
Apr
89
2%
17%
19%
23%
313, Mar
1% Jan 10
1
{Erie Railroad
34
July
8784 Nov
144% Deo
Apr
Apr
8
1,000
90
I884
Feb
1%
Sept
Jan
Oct
Jan
July
July
Nov
Mar
July
13% Nov
35% Jan
22% Jan
6%
20%
Mar
% Jan 22
Oct
87,
1%
125%
323,
34%
447,
10%
20%
138% Apr
155% Sept
1% Sept
Jan
87
Oct
Deo
8% Sept
1
Jan
83
82
Deo
July
28
36% Jan
1
$5M preferred w w..No par
Mar
Sept
334 July
8%
Jan
Nov
17%
10%
11234
25%
27%
18%
3134
Mar
27%
100
8%
Apr
108
Apr
126% Apr
112
Sept
111% Sept
12% Apr
22%
134 Jan
73
$6 preferred
No par
Equitable Office Bldg..No par
6
4
Jan
No par
100
*5
Jan
123, Jan
42%
6
42%
27%
15%
Jan
1%
1
300
500
17%
Mar
700
4%
Jan
31% Jan 27
8
%
*4%
*8%
237g
*34
1857g Feb 17
125% Feb 29
118% Jan 19
3
8884
1%
1
1
Mar
42
*2%
*1%
%
40
Bid aad asked prices; no sales on this day.
5%
1
*1%
4%
9%
*%
Jan 31
*%
24%
Jan 17
109% Jan
Erie & Pitts RR Co
*8%
24%
120
17
1,700
74
Dec
14% Feb 26
1% Jan 2
Elk Horn Coal Corp.
*72
Mar
3
1,800
16,400
6
39% Jan
1,300
300
16
Mar
6
34% Jan 16
No par
_
Jan 19
277fl Jan 15
Sept
934 May
10
5
1%
884
2
66
30
4
Jan
9
31%
39
2
28
Apr
3634 Sept
0% Aug
13% Sept
Jan 18
178
No par
Elec Storage Battery..Wo par
4484
Jan
Dec
Apr
Sept
Apr
14578 Feb 26
Electric Power A Light. No par
111
Jan 15
18
Aug
8
Feb
103
101%
9
156% Feb 1p
18% Feb 28
1334
122
Sept
1534 Apr
23
Apr
10
Apr
20% Sept
Feb
173
22,600
111
175
June
Apr
55
5
116
7
3% Aug
14% Sept
86
6
4
Sept
19% Feb 27
237, Jan 10
3
2
Elec <fe Mus Ind Am shares...
1%
*38%
*44%
Jan
Feb 2 3
6% Jan
166% Jan
1,500
3,900
1,700
117
38
8
4% Jan 22
1%
6
14% Jan 12
5% Feb
12% Feb
25
3
Rolling Mills
5
Eastman Kodak (N J). No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eastern
2,500
24
2
1334 Jan
9
14%
28%
10% Feb 2 J
31% Feb
Electric Auto-Lite (The)
Electric Boat
5%
27%
237,
31%
Jan
55% June
Apr
3,
26% Jan 22
38
'7,800
Jan 15
Jan
13%
Jan
125% Jan
23% Jan 10
34% Jan 27
43% Feb
1
1%
1%
*4
17
1
No par
14%
2%
1%
152
No par
Silk
8%
184%
5
Dresser Mfg Co.
Dunhlll International
Duplan
1
Mar
45
3% Sept
Jan
177,'
I
84
91
Jan
Jan 25
142
5%
57g
Apr
11% Apr
12% Aug
81
No par
37%
6%
1%
9
19% Mar
23% Jan
20
Feb 27
Dow Chemical Co
13
Jan 26
Nov
32% Nov
103
23% Jan
27
Sept
Apr
4%
18% Jan 15
11% Jan 31
34% Jan 15
2,100
*16%
%
1%
4%
8% Feb
11234 Jan
76
1543,1
151
25%
31%
82'2
No par
Jan 15
16% Jan 15
1/6% 176%
31%
31%
29
87
No par
8
75
*47g
1%
38%
14%
1%
34
Co.
2
Jan
38% Mar
20
4,500
%
33%
No par
1
39
Feb 24
No par
30
44% 447,
1107, 1107g
8%
9%
73
7334
Feb 21
20
Doehler Die Casting Co No par
30
,%
24%
207g Jan 11
47g Jan
1634 Jan 31
% Jan 18
120
Douglas Aircraft
125% 125%
31
%
*8%
Jan
Dome Mines Ltd
140
1%
5% pref with warrants.. 100
700
I
*%
24
16
4
6,200
116
27,
9
25% Jan
6,900
184
*1%
24
Feb 26
I
116
*2%
*8%
16
82
1778
5%
*1234
Apr
4% Aug
Jan 12
20%*
153%
38
53
18% Jan 30
4% Jan
Diamond T Motor Car Co.__2
2,100
1878'
Jan
Jan 12
Devoe & Raynolds A..No par
Diamond Match
No par
200
9%
3% Sept
Feb
{Denv
200
1847,
125%
1%
23%
46
Jan
90
DIesel-Wemmer-Gllbert
116%
27g
834
4%
Jan 12
2,600
39%
121% *118
*1%
23%
Jan 2'
9% Jan 15
81%
5%
*2%
8%,
42
20
18
1%
23%
Sept
Deo
Sept
378 Jan 15
53
Preferred
1,100
/
1878
13
27,
4
19%
28%
7%
63%
13%
Davison Chemical Co (The).l
6% Jan 22
Dayton Pow & Lt 4^ % pf. 100 zlll
Jan 19
Deere & Co
No par
19% Feb
110
*9%
*13,
4
Sept
Dec
580
*2%
4"
93
Aug
12034 12034 *119
12034
20%
20%
20%
20%
34
34
337,
•3378
1%
6%
39%
4478
1107, 1107,
Aug
9
26
4% Jan 31
|
39%
*44%
48
14% Jan 11
293, Feb 24
Feb 14
82
Davega Stores Corp
Conv 5% preferred
300
300
Sept
12% Feb 20
18% Jan 30
121% *118
184%
1843g
1247, 12478
125%
116
116
116%
14%
1%
91% Feb 24
Jan
8% Sept
13
26
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Cutler-Hammer Inc
No par
187,
21%
83%
15284
1%
3 834
Apr
Deo
52% Sept
27, Aug
19%
73%
*18%
203s
14%
3
Jan
11% Feb
30% Jan
Class A
*1
8% Feb 23
Jan 23
210
31
4%
1
28
38%!
31
Jan 16
Jan 12
*79
1
A
38
38%
1%
5
62
1
Class
38
14% I
1%
50
82% Feb 23
Feb
100
184
1
100
Curtlss-Wright
37
3884!
28%
25
30%
500
5,200
Dixie-Vortex
534
10
Curtis Pub Co (The)._.A7o par
Preferred
No par
600
18%
100
Packing
600
14%
1%
96
13
38
1%
6%
June
100
R G West 6 % pf. 100
Detroit Edison...
100
*118
30%
5
Apr
Apr
Cuneo Press Inc..
45,200
Apr
94
24%
Delaware Lack & Western. .50
*4%
5
5
*47g
14634 147%' 147% 149
150
151%
177
177
.*176% 178
*176% 178
31%
31%' 31
31%
31%
31%
16%
*163s
17
16%j *16% 17
24%
30%
39% 395,
39%
*437,
44%
44%
110% 110% *110% 1107g
9%
9%
9%
9%
*74
76% *74
75%
*84
84
85%
84
j
897g
*89% 8978
*86
34
%
%
*%
1%
1%
1%
*%%
120
183% 184%
124% 124%
116
11634
30
Apr
Jan
Cudaliy
700
38%
13
41% Jan
40% Feb
37% Mar
17% Deo
43
Delaware & Hudson
40
678 Aug
Jan 22
Jan 22
900
9%
Jan
Feb 26
Jan
Jan
32% Aug
34%
78%
3%
6%
79%|
13
7%
Deo
110
9
1,500
*39%
Jan
28
2,100
gg
26%
75
%
*3g
Jan
32% Feb
5
2% July
38
Jan
1234
*36%
*18%
17%
105
Sept
3
Sept
% Sept
16
Sept
93
Apr
42% Feb
17% Jan
*76
*5%
*12%
558 Feb 28
1% Jan
24% Jan
Apr
150
May
10% Jan
4078 Deo
5% Nov
31% Jan
32% Sept
61% Sept
67% Sept
177
Aug
9234
13%
152
Feb 28
Apr
16%
116
Jan 15
77%
18%
f8
31% Mar 1
6% Jan 15
Jan
5478
Jan 11
Deo
51% Sept
Feb 20
13
2034
2
7g Jan 10
49
65% Jan
177
Deo
Jan
297, Feb 14
61% Jan 3
4
Sept
22% Mar
15
77%
83%
153%
45, Jan
Jan
34
89
13
18%
Feb 24
25
Jan
Mar
Sept
Sept
10178
17%
5
*12
20%
82%
172
20% Feb 28
No par
Preferred
400
68
10%
ex-warrants
Cuba RR 6% preferred
Cuban-American Sugar
1,400
28%
*88%
*43%
pref
Preferred...,
180
1334
conv
36
13%
82%
116% *115% 116%
31
88
*58
19
19%
21
21%
817,
82
152% 15234 *152% 1533,
17
17%
17%
17%
*5%
534
*5%
534
*12%
13
*12%
13
1834
20%
183% 184
1243, 1243,
4,000
1334
*28%
Jan 13
Jan
4034 Feb 29
434 Feb
Aug
Mar
5% Sept
9
$5 conv pref erred. ..No par
Crucible Steel of America.. 100
60
7%
*7%
*12
81%
17l4
534
13
4%
4%
43%
10%
%
3,
*%
i2
%
*%
%
*119
12134 *118
12034 *118% 12034 *118% 120%
20
20
20
20%' *19%
20
20%
20%
*33I2 34i2 *33% 34
*33% 34
*33%
34
*39
*39
4012
40l2
*39%
40%
*39%
40%
95,
934
*914
95,
9%
9%
9%
9%
19l4
19%
19%
1914
19%
19%
19%
19%
77
76
*77% 79
7712
76%
76%
76%
1714
*3%
*4
12
*5%
*12%
4%
Pref
400
*45S
47,
5
*484
4%
16%
16%
*15%
17
16%
16%
7%
7%
7%
*7
7%
*7%
7%
111
111
*111
111% *111
111% *111
III84 *111
11134
2034
21
21
21%
21%
21
21%
21%
21%
21%
26i2
26i2
*26%
2678
*26%
27
26%
2678
*26%
27
18
18%
18%
18%
18%
18%
1834
19
19
19%
19
19
19
19
19
19
19%
19
19%
19%
5
478
5
5%
47,
5
5
5
478
5
I
16
21
4
84%
13%
283,
62
1
Crown Zellerbach Corp
2,100
17
44
*714
111
4
37 78
82%
3778
*80%
90
13
5
Mar
Mar
Apr
38%
283g
Jan 22
53% Feb
35
108%
2%
12%
778
978
100
2
38
*88
25
Aug
Sept
z87% Sept
32% Apr
xl06
Sept
5
Apr
29% Apr
1% Apr
1978 Aug
37% Jan
38%
1234
29
3% Jan 22
22% Jan 12
7%
11
2
Apr
Sept
81
9034
Jan 19
Feb
91
Dec
20%
37%
*86
4734 Feb 17
116% Jan 26
65, Jan 13
38
85
1
Jan 10
97% Jan 10
Jan
Apr
33
81
*12%
*28%
Feb 29
1%
8
11%
33% Feb 20
81
*12%
28%
94% Feb 5
41% Jan 19
Jan
15% Jan 10
7
Feb
113
Jan
Feb
17%
45
37%
*87%
1
Apr
8% Aug
88
Sept
9% June
Feb
3234 Nov
9% Oct
July
9
82l4
13
12% Feb 26
18
104
1
8%
30% Jan
97g Deo
1'4
9
3634
287g
Feb 28
Jan 24
Jan 15
Jan
Jan
270
9H2
6% Aug
2% Jan
4% Mar
Jan
400
7
8
Jan 24
Jan 23
27
$2.25
11,000
7%
784 Sept
334 Dec
37
17
7
9% Jan
43g Jan
No par
91
*3%
Jan
Dec
No par
41
4%
7%
Apr
84
w w_.i\7o par
1634
73,
27
101%
5
Crown Cork & Seal
91
3i2
Jan
Crosley Corp (The)
182
17%
7%
Feb 29
1%
Jan 31
7
1%
3%
14%
100%
147S
1
5% conv preferred
100
Cream of Wheat Corp (The) .2
109
79%
7%
1,400
91%
334
Jan 18
Apr
73
3
Jan
978 Feb 21
32% Feb 7
7, Jan 19
8% Jan 31
384 Feb 77
25
Co
5
6,400
17
*43
47,
16l2
7i2
152% 152%
100
200
90%
*41,
197,
19
Crane
91
*8834
2134
Coty Inc....
Coty Internat Corp
41%
17
*58
827,
41
9,700
167,
68
2134
44
ICO
3,900
91
*8884
82
*40
Preferred
21,300
1678
*58
*18
32%
584
1%
21%
100%
31%
6%
3284
89"g
37l2
91l2
*12I2
287g
44%
1234
36
*96%
31%
6%
634
32%
45
5%
1%
21%
Continental Oil of Del
5
Continental Steel Corp. No par
Corn Exch Bank Trust Co. 20
Corn Products Refining
25
1,000
1658
1012
293,
92
1234
*365,
'
107
Fibre.5
Insurance...$2.50
Continental Motors
4,100
54%
897g
73s
414
5
23%
29
54
1%
No par
28,000
2834
57,
preferred
4%
16%
312
13
$4.50
20
Continental Diamond
x23
2084
100
Continental
*80
293g
*47,
200
55%
20%
preferred
1,100
2334
29%
1%
I
8%
Continental Can Inc
3,400
91
163,
9H2
19
23%
29%
*54
734 Jan 30
30% Jan 15
No par
7%
40%
7%
40%
37g
4%
Corp of America. 20
Class B
600
*89%
3634
82%
4i2
7%
18
4
634
3234
7%
4034
558
32
*40
*26%
7%
40%
5%
1%
995,
32%
*41%
21
113
*95
*170
175
5%
1%
41
3734
5% preferred v t e.;
100
Consumers P Co$4.50 ptNo par
100
13%
1%
9534
45
111
400
1
3H2
7%
*102% 10234
127,
41
165,
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
400
1,500
1
45
195,
*45,
*15%
2
4%
18
13%
3034
IOI4
2
1
42
29
334
I784
13%
45
414
*43i2
384
17
91
1
44
13
8,900
5%
Feb 23
13%
303,
29
7%
484
15%
86
5
1
*40%
7%
7%
8% Feb 15
297, Jan 2
Sept
Apr
Aug
Apr
Apr
Apr
Nov
100
127g
32%
*334
2,200
Apr
5
Feb 10
Container
42
91
200
4
19
79
Highest
share ( per share
per
6% Jan 3
24% Feb 17
13% Feb 29
Jan 15
578 Jan 13
25% Jan 15
7% Jan 29
Consol Film Industries
1
$2 partlc pref
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
400
$
100
Consol Edison of N Y..No par
$5 preferred
No paT
1,800
8
Lowest
1434 Feb 29
81% Mar 1
2.400
44
90
preferred
6k % prior pref..
Consol Coppermlnes Corp
12,500
4
1
No par
7%
16,00
37,
7%
2%
Corp
16%
44
3634
884
10
5% Jan 12
22% Jan 12
par
4H% pref. 100
Consolidated Cigar
Year 1939
$ per share
No par
*157g
31
*80
9%
31%
108% 10834
*7,
1
*884
87g
1
Conn Ry & Ltg
Consol Aircraft
80
2,300
29,600
$ per share
Range for Previous
Highest
No par
Congoleum-NairnInc__A70
Congress Cigar..
220
91
9
307g
Conde NastPub Inc
100
1,600
2,600
16%
*397,
1612
91
93,
Par
16
634
3214
90
90
14%
81%
Lowest
16
32
6%
81
Range Since Jan. 1
On Basis of 100-Share Lots
16
2034>
*31i2
81%
2'8
98
I
8%
13%
3178
*15
20%
7
5%
■
1387
EXCHANGE
Shares
227g
12%
8%
28
27%
1434
7%
98
7
89
714
1'8
21
7i,
8%
28
1338
*79
884
334
995,' *9712
2078
8'4
2734
78
*2%
214
3%
3I2
14%
14%
10234 10234
1
514
12%
10878 109
*3H2
32
7%
*170
*5%
227S
9%
*97
100
*3H2
5%
1%
207,
175
5%
13%
NEW YORK STOCK
4
Week
$ per share
23
1278
1
STOCKS
the
Friday
Mar.
318s
*9434 95% *9434 95
95
95
95
95
467, 475,
4634
471g
46i4
47l4
467g
467g
*113i2 1151a *113i2 115i8 *113i2 115
*113% 114
71,
71,
*7i8
7i2
7is
7i8
7%
7%
40i4
40i2
40
40%
40
403,
40% 40%
4ig
414
4
4
4%!
4
4ig
4%
24
241,
23l2
24
2334 24
23%
2334
*2878
29l2
287,
29
287,
29
29
29%
545,
54% >
54
54
i *54
55
5334 5334'
6414
64%
63
63%
64%
63
63
I
63i2
172
*5i4
X23
Sales
for
Saturday
5 per share
Record—Continued—Page
NOT PER CENT
2%
Aug
16% Sept
Dec
23% Nov
40% Deo
21% Dec
Called for redemption.
I
New York Stock Record—Continued—Page 5
1388
WW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Monday
Monaay
Feb. 24
Feb. 26
$ per share
20%
20%
*1043s 10434
4434
447g
1934
1934
33% 3312
*2312 24l4
2%
2%
32i2 32I2
*106
107i2
$ per share
173g
17%
75
"
*71
5%
55s
34
*28
*15
34%
2%
312
1578
*14l2
15
34%
2%
*33g
*100
104
4%
,
,
Range Since Jan. 1
|
Sales
t
,
rrway
Friday
Feb. 29
|
Mar. 1
$ per share
$ per share
$ per share
Shares
20%
20%' 20% 20%
20%
20%
20%
20% 20%
104i2 *104% 10434 *1043s 10484 *104% 10484 10434 104«4
45
45
44%
4?%'
44%
45%
44%
4434
44% 45%
1934
1984
19%
19%
19%
1934
19%
195s
1934
19%
*33
*34
35
34% 34%
34t4
*33%
34%
34%
34%
24
24
*24%
25
*23l2 2414 *23%
24% *23% 24%
2%
*2%
2%
?%
*2l2
25S
*2%
2%
2%
2%
*32
33
32
*32% 33
32%
*3218 33
*31% 32%
*100
106
106
107% *106
107% 106
107i2 107% 106
17%
18
*17%
17%
17%
17%
17%
18
1784
18%
*71
*71
75
75
*71
75*71%
75
*71%
75
*5
*4%
5%
*478
5%
5%
512
5%
*434
5%
*2i4
312
1534
14%
*100
34
*28
34
34
212
3l2
1534
1412
*33%
*2%
*3%
34
2%
104
*28
15
*100
*28
34
34
*2%
3%
14%
*1434
15
14%
34
34
3%
15
1,100
*100
104
2%
3%
2%
3%
14%
15%
34
14
400
300
700
34
"MOO
14
1,100
1,400
1,500
10
17
1,190
*101
104
34
104
2%
3%
4%
4%
4%
4%
4%
*4%
43% Jan 18
18% Jan 15
46
Jan
21
Florence Stove Co
32
No par
Florahelm Shoe class A .No par
t Follansbee Brothers..No par
Corp
10
100
10
*40l4
*6«4
*101
*53l4
712
*133i2
3
10%
*20%
58
1212
58
*56
59
*50
69
*50
59
*50
59
*56
Jan
15
25
Apr
38
2334 Jan 23
2% Jan 30
35% Feb
24% Jan
3% Jan
17
May
25
Oct
5
Sept
3i
35
21
Jan 25
Feb 29
105
Feb
8
5
3% Feb
8
*20
44
*9414 94l2
1285s 1285s
53
535s
*12312 124
5H2
5112
584
*9
*108
578
9%
111
*20
94l2
129
%
1734
2978
*17
15
15
278g 27l2
227g 2278
♦1212
1234
*16i2
18i2
*98% 100
20i2
20i2
a50
50
7%
5434
1778
*43
51i4
5l2
9%
5%
9%
5%
Q
Cl
*9
111
*108
*84
7g
*34
%
*10l2
*92i4
17
99i2
10%
*92%
1034
99%
58
%
%
%
2914
17%
29%
15
15
27l2
28
2284
*17
2234
12%
12%
*16%
18i2
*98l4 100
20i2 20l2
6i2
6%
a50
50
*17
0%
4984
734
2234
12%
18%
*98%
2034
32% Jan 25
27
Sept
55
Jan
Jan 15
35
18% Apr
1% Apr
36
Sept
Jan 18
6
14
Jan
preferred
conv
$6 pref No par
3
Gar Wood Industries Inc
2,300
General
General
1,500
General
200
Class
*41%
3%
3%'
2%
*80%
19%
05%
23%
234l
24%
98
35s
69i4
3%
*04
69%
1
1
1
1
8%
884
8
8%
14%
*1414
145g
*9%*
9%
*13%
15
*3312 3412
*2334 2412
13i2 1334
225s 2278
14%
9%
*13%
*33%
*2334
13%
22%
97
*3%
*64
%
8%
14%
15
*9l4
*13%
34%
2484
34%
*2334
13%
23%
28%
13%
9%
2234
27%
Feb 13
101
9
104
Jan 26
94
5
Jan
11% Jan 22
14
24
10
800
General Tire & Rubber Co.__5
20% Jan 18
6%
47%
7%
47%
Jan
Jan
17
Jan 15
7%
21
63S
50%
7%
*54%
50%
5034|
55%
17%
43
17%
*41%
3%
43%
3%
284
20%
08
24%
*2%
80%
1984
68%
23%
97
97
83
*3%
*04%
4
69%
%
1
17%
*41%
3%
*2%
*80%
80%
20
69
19%
24
*68%
23%
97
*96
4
3%
64'
69%
1
8%
8%
14%
9%
15
34%
24%
13%
23%
27%
14%
*9%
*14%
33%
*2334
13%
227g
%
8%
8%
14%
9%
15
33
33
33
33
32%
16%
16%
117g
16%
16%
10%
10%
12
1134
11%
II84
*104
*98
2084
6%
784
55%
17%
33
*1512
1284
*17%
100
163s
*27%
,
*14%
*9%
2%
*3%
*15%
33
*33
*35%
1834
35%
19
16
16
1834
16
*104
101
101
101
101
24
24
24
24
147
*135
147
*135
147
*135
147
3i2
109
109
3%
*107
8%
95%
3%
110
*8
93%
3%
*107
8%
93%
3%
110
8%
*93%
3%
*107
17%'
1,300
43%!
3%
"2". 7 00
2%
600
3%
*62%
%
8%
*14%
*17
113% *112
114
18
*17
18
17
31%
31%
*31
3O84
31
7
7
31%
7%
*112
17
7
7%
7%
*16%
30%
7%
Bid and asked prices; no sales
on
preferred
No par
Glldden Co (The)
No par
4)4 % conv preferred
50
Gobel (Adolf)
—1
300
15
100
34
34
500
.
1,000
90
57
No par
Preferred
100
Graham-Paige Motors
Granby Consol M S & P
Grand Union
w
1
5
dlv ctfs.No par
No par
Without dlv ctfs
Granite City Steel
Grant (W T) Co
5%
No par
10
preferred
20
Gt Nor Iron Ore Prop.-No par
Great Northern pref...No par
Great Western Sugar..No par
Preferred-
100
Green Bay & West RR
Green (HL)Co Inc
100
Guantanamo Sugar....No par
70
preferred
100
Gulf Mobile '& Northern... 100
24%
*135
3%!
110
3%
j*108
147
8%
90
*135
80
3%
3%
110
8%
96
3%
110
*108
114
*112
114
113
17%
*16%
17%
31
31
30% 3034
*7
7%
7%
7%
14
14
*13% 14
| 113
17%
30%
7%
14 I
*16%
f In receivership,
a
preferred
Hackensack
100
25
Water
7% preferred class A
25
Hall Printing Co
10
Hamilton Watch Co— -No par
6%
preferred
100
64
100
300
30
%June
14
Sept
19%
Apr
12% Aug
Apr
23% Feb 29
15
Apr
Jan
13% Jan
6% preferred....
Corp of Amer class A
6 H% preferred w w
Hayes Mfg Corp.
100
1
Feb 29
Feb
6
6% Feb 21
51
9
5%
Apr
Apr
Jan 11
43%
Oct
3
6%
Aug
Sept
Jan
5634 Feb 16
10% Jan 4
43
15%
Feb
6
43
14
Sept
34
May
2% Jan
69
2
Feb 28
2434 Jan 19
97% Feb 21
4% Feb
8
71% Jan
9
1% Jan 30
8% Feb 24
14% Jan 4
34% Feb 16
24% Feb 21
18% Jan 8
27'4 Jan 3
29% Jan
Feb
2
6
Jan 29
1%
Jan
53
Apr
21%
87
67
Dec
% Aug
4%
9% Dec
10
24%
227s
12%
16%
23%
129%
42
6
2% Feb 23
28% Feb 21
Feb
7
Houston Oil of Texas
v
Hudson & Manhattan
t c__25
5%
5
preferred
100
100
Hud Bay Mln & 8m LtdNo par
Hudson Motor Car
No par
Hupp Motor Car Corp
1
Illinois Central RR Co
100
200
6% preferred series A—.100
60
Leased lines
90
RR Sec ctfs series A... 1000
n
New stock,
4%
r
100
Cash sale.
Nov
38%
109%
Jan
Jan
5% Sept
80
Mar
1%
1078
15%
10%
22%
Nov
Sept
Dec
Dec
Sept
35
Aug
25
Aug
22%
33%
37%
141%
53%
35%
2134
12%
June
Sept
Sept
Sept
July
Dec
July
Mar
Sept
Sept
17% Jan
2
11
Apr
6% Sept
22% Sept
May
32% May
30% Jan 5
34% Jan 17
17% Jan 15
34
Feb 29
29
37
Jan
9
32
Jan
38
20% Feb 19
8
Apr
18% Dec
Feb 21
17
8
15
Apr
18
Oct
106% Jan 12
99
Apr
105
Oct
103% Jan 2
96
May
103% Nov
17
Apr
33% Sept
123
Sept
18
104% Jan 25
Feb 14
Jan 22
7% Jan
3
Jan
3
3% Jan
6
Jan
28% Jan
4
Feb 14
Jan 12
Feb
2
87% Jan 10
Jan
5
Jan 15
112% Jan 16
17
Jan 23
30% Feb 28
5% Jan 18
12% Feb 1
53%
33%
11%
67%
110
10%
Jan
92
3% Jan 11
113% Jan 2P
10% Jan 3
2
Apr
4% Nov
12% Dec
13% May
47g
3
117
Mar
148
Oct
167
June
3
10
Apr
91
8
63
Apr
18% Nov
101% Sept
135% Mar
Jan
133% Jan 30
Jan 11
Feb 26
21% Jan 19
38% Jan 25
5% Feb 6
zEx-dlv.
y
128% Apr
Jan
8
54
115% Jan
I884 Jan
9
4
100
62
34
Jan
4
7% Mar 1
15% Feb 23
137g Jan 3
70% Jan 29
111% Jan 10
6% Jan 3
23% Feb 29
5% Jan 19
% Feb 9
11
Sept
Jan 31
Feb 2
Feb 29
5% Feb 1
47% Jan 24
34 Jan 3
Apr
8% Apr
Oct
Nov
15% Jan
60% Jan 12
7
May
Feb
71
Mar 1
Jan 30
Feb
144
Nov
Jan 30
8% Feb 26
95
163
Howe Sound Co
Jan
86
24% Jan
74% Mar
Apr
14
800
3% Mar
27g
3
155
700
Mar
47
4
100
100
Jan
Jan
4
100
No par
137g
6
8
preferred
Mar
54
66% Mar
24% Jan
36
Jan
5%
Jan
Nov
Apr
110
Class B
Jan
Jan
15% Oct
43% Sept
20% Nov
15% Jan
Apr
%
97g Jan 10
107% Mar 1
Household Finance. _..No par
41
Jan
9
107
1,800
700
Aug
Sept
May
2% Jan
1
25
100
Apr
Apr
25
No par
10
10
Hollander & Sons (A)
5
Holly Sugar Corp
No par
7% preferred
100
Homestake Mining
12.50
Houdallle-Hershey cl A.No par
Jan
Apr
Apr
Hecker Products
14 conv preferred
Apr
Jan
10
Jan
Hazel-Atlas Glass Co
Hlnde & Dauch Paper Co
Holland Furnace (Del)
Apr
14% Dec
100
2
Corp
Apr
Nov
27g June
91
Helme (G W)
Preferred
Apr
24%
14%
15
Apr
18
4
9
4
3% Jan 27
Jan
92%
1%
20%
99% Feb
27% Mar
8% Jan
Jan 17
23% Jan
3
Feb 13
28
97% Nov
100
12
20
Jan
1078 Jan
111% Nov
1% Sept
8% Sept
34% Feb
17% Jan
Feb 29
67g
10% >ug
4
16
Feb
38
18% Feb 27
11% Jan
30% Jan 12
99
4
55
61
Def. delivery,
% June
12% Sept
85% Aug
16
142
131
1,200
2,000
1,100
2,100
2,600
Apr
2
Jan 29
55
100
1,100
105
1% Jan 11
19% Jan 4
31% Jan 26
23% Jan 18
12% Jan 30
22% Jan 15
27% Feb
5
133% Jan 15
No par
800
3
Jan
2
6% cum preferred
Hershey Chocolate
5",800
Mar
3
Hercules Powder
900
7
99% Feb 21
84 Jan 9
18% Jan 9
3334 Jan 4
15% Jan 11
30
Sept
Apr
3% Sept
Jan 10
Jan
800
1,300
28
Jan
No par
No par
100
112
Feb 20
5
16
Hercules Motors
100
8
10
200
80
3
Jan
13
Hat
1,600
130% Jan
55% Jan
72% Jan
125% Dec
30% Apr
% Jan
2
7% Feb 5
13% Jan 15
9% Jan 15
"soo
2,500
2
3% Jan 20
1,000
10
3
91% Jan 23
Hanna (M A) Co $5 pf. No par zlOl
Harbison-Walk Refrac.No par
24
147
8%
*93
8%
6%
40
9
3
Jan 24
Jan 13
38% Jan
Jan
13% Apr
3,100
30
1% Jan
65% July
July
128% Dec
56% Oct
126% June
95% Feb 16
%
39
70
2%
1*101% 102
24%
2434 2434
118% July
Dec
8
8
1
Greyhound Corp (The).No par
5)4 % preferred..
10
102
107% Sept
2
Jan
3
1,100
100
118% Jan
Jan
13,100
10%
Jan
20% Jan
"lloO
2,500
Apr
36%
88
16%
1178
19
31
16% Jan 15
63% Jan 15
21% Jan 15
32%
200
Oct
2
2
6
80% Feb 28
No par
16
35%
106
Jan
48% Jan
41
Gold & Stock Telegraph Co 100
1134
17%
34%
116% Jan 31
Jan
130% Mar
44% Jan
477g Aug
Goodrich Co (B F)
32%
37g
25%
2% Feb
1178
28
Dec
3% Feb 17
100
3,800
8,200
Jan
Jan
16
2% Jan 29
200
*9%
Feb
Jan
5
1934 Jan
2% Jan 22
10
6,000
3,900
Jan 15
197s Jan 2
1178 Jan 16
15% Feb 2
98
18
35
1
Goebel Brewing Co
10%
8%
8%
96 I *93
this day,
$6
Gotham Silk Hose
1
8%
14%
15
14
14%
14
14%
14%
13%
*101
110
*101% 110
*101
110
*101
110 '*101
110
*101
110
55
55»4 5584
55
55% 55%
55%
55% j
53% 55%
55
55%
*3334 35
*33% 34% *33% 34% *33% 34%' *33% 34%
34% 34%
12% 12%
12% 12%
12% 12%
12%
12%
12%
12%j
12% 12%
68% 68%
68% 68% *65% 68% *66% 68 |
67% 67%
07% 67%
*105
1103s *105
110% *105
109% *105
*105
110
110% *105
110
534
534
*5%
578
5%
5%
5%
5%
5%
584
5%
5%
*48% 50
49
48% 48% *48
49% 4984 *49
4984
48
48%
1%
1%
1%
1%
1%
1%
1%
1%
*1%
1%
*1%
1%
5
5
5
5%
*4%
47g
4%
5%
*5%
5%
5
5
24
24% 24%
24%
2334 24
2384 2384
23% 23%
23% 23%
6
6
5S4
57g
534
5«4
6
6
*5%
534
584
5%
%
%
s4
%
%
%
%
%
34
7g
34
34
11
11%
11%
11
11
11%
11%
11%
11%
113s
11%
11%
*21% 22% *21% 22
2IS4 2IS4 *21% 22%
*21% 22% *21% 22
*40
41% *40
41% *40
40
4034 *40%
4034
40%
40
40
5%
5%
*5%
5%
*5%
5%
*5%
5%
5%
6%
5%
5%
*
No par
.No par
800
*14%
*50
preferred
Brothers
5% preferred
No par
Goodyear Tire & Rubb. No par
15 conv preferred
No par
66
*2384 25
1284
13%
2278
23
2784
2778
14084 142
conv
300
2,500
0,800
334
10%
1014
10%
10%
10%
10%
10%
10%' 10% 10%
10%
10%
*1075s 108
*107
108
*106% 108
107% 107% *100% 107% 1071t 107%
*15512 160
*158
160
160
*155% 160
160 ,*157
*157
160
160
*145s 15
14% 1484 *14%
*14
15%
*14%
15
*14%
147g
1434
*88% 89S4
88% 88%
8834 8934
88% 88841
88
88
87%
88
*132
13214 *132
132% *132
132
132
132% *132
132% 132
132
*60
61
1 *60
61
*59
01
I *00
*59% 61
61
*60%
61
*11112 11312 *112
10
11,700
$5
3284
*101
24
*135
Glmbel
3
2%
2%
2%
*25
*24%
28
*3%
*3%
378
*15%
17%
*15%
*33
33% 34
*35
35% 3{J%
I884
19
18%
*1584
16%
*1534
104% 104% *104
37
35%
Gillette Safety Razor.-No par
117S
17%
8%
13%
2384
28
5,300
700
3,700
/00
7%
*54%
17%
*41%
10
37g
*93
24
20%
0%
50%
7%
55%
32%
28
24
834
95%
3%
9%
13%
2%
37g
17%
*25
24
*8*8
1
8%
147g
24
32%
16%
1134
24
*92
64
57
2%
*104
37g
34
*2784
300
98
142
*3%
....
*90
6834
23%
97%
142
37S
17%
33
377g
*104
83
19»4
68%
2384
*50
*3%
*100l2 10H2 *10012 101%
*80%
19%
*07%
23%
57
26
33
83
197g
143
26
35%
18%
*15%
*2%
34
28
1,100
100
*98
2%
*50
.
18%
3,500
1234
18%
20%
6%
*4978
14%i
23
23%
*12%
21
6%
50%
784
50%
17%
43%
3%
*142
27
1834
16
100
143g
34%
24%
13%
23%
27
*32%
*35%
*18%
*15%
400
% Feb
6
17% Feb 19
$Q pref. .No par
General Telephone Corp
20
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
6% preferred
100
33
*32%
*355s
18%
2" 300
Gen Steel Cast
57
*15%
%
670
143
*16
Jan 12
28%
23%
*50
173s
33
3578
185s
16
86% Jan 15
28%
23%
1234
18%
*142
*10
s4 Feb 20
6% preferred
100
Gen Realty & Utilities
1
?0 preferred
No par
27% Jan 19
14% Jan 13
29
23%
1284
18%
Mar
75
110
General Refractories...No par
General Shoe Corp
1
28%
233s
Mar
July
5% Sept
Apr
109% Jan 27
16
11
149
17% Apr
10
Gen Railway Signal
No par
Sept
103% Mar
43
Feb 21
59
6% Feb 20
1,200
"
65
9
lUs Jan
237b Jan
Feb 16
9
Jan
Apr
7% Dec
128
Sept
2% Apr
'
54
4% Jan
300
57
37g
General Printing Ink
1
$0 preferred
....No par
Gen Public Service
No par
Jan 15
Jan 15
123% Mar
37% Jan
300
144
*38s
No par
Jan
9
Jan
126
86% Jan 16
51
Jan
Jan
40
Jan
44
Jan
128
7%
18%
52
96
3% Jan
% Jan
40
15
28
2%
Common
145
July
Apr
Apr
3% Sept
578 Sept
18% Oct
15% Sept
104% Dec
% Jan
Feb 10
116
Jan
8% Jan
2
17%
*50
234
%
No par
Gen Outdoor Adv A ...No par
4,500
"loo
100
10
(5 preferred
Jan
29
*142
2%
7g
17%
99%
preferred
General Motors Corp
7%
142% Feb 21
2% Jan 16
9% Feb
5
1834 Feb 5
48% Feb 6
17% Jan 15
113% Jan 2
37% Feb 29
45% Jan 12
17%
57
234
*34
5%
No par
Jan 15
29
28
28
650
500
pref series A.No par
General Mills
1,200
900
conv
51
.Jan
7
3%
x9% Sept
45% Aug
5% May
103% Jan
67% Jan
Jan 19
*1478
28%
144
25s
14.60 preferred
No par
Gen Gas & Electric A..No par
23,900
57*
9%
17%
*92%
...100
Electric Co..-No par
2,100
'
9%
*108
111
1
preferred
General Foods Corp.—No par
50
49% Feb 29
6% Jan 24
102
15
28
28
17%
7%
General
3
Jan
30
*50
12
%
17%
99%
%
17
150
Mar
2
4% Feb
*29
*142
*1178
*34
17%
*92%
*%
al7
17
5«4
100
No par
July
7% Aug
1
*147S
0%
234
83
65
111
7% cum preferred
General Cigar Inc
2
17
15
*50
44
3%
187g
05
2334
97%
3%
678
9%
No par
3,900
""906
129% 130
62%
5234
123% 123%
*5134
53%
A
3
17% Feb 16
30
20»4
*2%
*80%
18%
*6478
23%
97%
2%'
7g
99%
100
*41%
3%
3i4
*9
*108
53
5
No par
Corp
5
Cable Corp ...No par
9
9
28%
23%
12%
*17%
17%
*55
534
Baking
$6
95
Container Corp..—5
$8 preferred
Bronze
44
95
Gaylord
8
3% Jan
Jan 30
13
$3
Feb
2% Jan
3% Jan 26
10
Gamewel! Co (The)....No par
30
1784
734
53
578
9%
*18
Aug
1% Apr
37% Sept
108% Jan
29% Jan
90% Jan
97g Sept
Jan 29
*1478
17%
784
94%!
129% 129%
7g
*17
44
62%
53%
12334 124
111
17
784
28
94%
*92%
*%
17%
30
15
28%
23%
12%
18%
100
2084
.6%
50
*29%
*14%
*18
53
6%
177g
65
*64
53
5%
*108
111
44
94%
94%
129% 129%
527g 53%
124% 124%
55%
83
19
2384
5314
124
*....
55
25s
*80is
185s
*97U
35s
94%
94%
128% 128%
5234
53%
124% 124%
51
51%
44
734
65
44
3i4
95
Sll4
%
*29i4
*20
129
5234
124
*108
*34
78
1084
17
*9184 101%
44
14
66% Aug
Feb 23
Jan
2
<6 preferred
No par
Gen Am Transportation
5
24,000
103% Apr
72% Jan 18
Aug
July
31
5H % conv preferred
50
Gen Amer Investors...No par
700
Apr
Apr
51
31%
31%
100
18
175g
17%
1734
1734
17«4
1734
18
I784
1784
11578 11578 *115% 1157g
1157g 11578 *115% 11578 *115% 115%
38
38
383s
38
38%
38%
3778
38%
37%
37%
37% 37%
475s
47»4
47%
47%
47%
47%
47%
4778
47%
4784
47%
47%
*11714 11812 *11714 118% *116% 118% *116% 118% *110% 118% *110% 118
%
12
%
%
%
%
%
%
%
%
%
%
1%
Jan
107% Jan
20% Jan
17% Feb 10
Feb
2
Free port Sulphur Co
10
Gabriel Co (The) cl A.,No par
Galr Co Inc (Robert)
1
""766
♦175s
18
*11514 llSTg
share
25% Sept
105% June
70
2,300
59
per
Apr
17 conv preferred
No par
Francisco Sugar Co
No par
F'k'nSlmon&Co inc 7% pf.100
800
200
~
17%
99%
38%
Highest
Jan
Apr
Sept
'
*1214
3
Jan 24
First National Stores...No par
Fllntkote Co (The)
No par
Gannet Co
300
4%
21% Jan
19% Jan 31
104
% per share $
$ per share
share
106
100
4H% conv pref
Foster-Wh eeler
"""200
$ per
Year 1939
Lowest
Highest
Feb 20
6% preferred series A
210
1.400
*11
12
I
12
*11
12
12
12l4
12%
12l4 *11
*48
50
50 I *46l4
50
*46%
50
49%
49% *48
48»4
*684
67S
078'
634
6«4
0%
034' *6%
07g
6%
0%
103l2 *102
103% *102
103i2 *102
103% *102
103% *102
103%
52
54181
53l4
54
52%
53
5184 5234i
52
52%
52%
734
7%
75s'
712
7i2
7%
7841
7%
784
7%
784
140
*133i2 140
*133% 140
*133% 140
*133% 140
*133% 140
3
27g
27g
*27g
3
*27g
3
*27S
3
2%
2%
10
10
10i4
IOI4
10%
10%
10%
10%
10%
10%
10%
21
*205g 21%
22
20% 20% *19% 21% *19
20%
20%
4%
Firestone Tire <fe Rubber..-10
Food Machinery
""SOO
*4%
Par
400
14
16
*101
1,400
2,800
337g
2%
3%
2%
3%
14%
15%
104
*28
34%
1940
Range for Previous
100-Share Lou
Lowest
500
4%
4%
On Basis of
Week
$ per share
2,
EXCHANGE
lnursaay
Thursday
•
-
20i4
3312
NEW YORK STOCK
the
rveanesaay
Wednesday
I
Feb. 28
|
luesaay
Tuesday
Feb. 27
104
*28
STOCKS
for
Saturday
March
35
Feb 17
50% Feb 21
1% Feb 20
7% Feb 20
Jan
Sept
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
27
Apr
8%
Apr
00% Oct
102
Sept
4% Sept
Apr
40
% Dec
278 Sept
5
2l% Sept
6% Feb 17
27
Jan
05% Aug
115
Jan
Jan
11% Mar
21% Sept
HO
Oct
66% May
36% Mar
17% Jan
73% July
11034 Aug
9% Sept
Sept
1®4 Jan
57
5%
Jan
3534 Sept
87g
Jan
Jan
1
Jan
2
4% July
% Aug
13%
24%
41%
6%
Jan
3
9
Aug
2%
20%
Jan
Ex-rights.
July
19
51
Jan
3
16%
Apr
35
Jan
Jan
5
38% Sept
49
Mar
Jan
3
4% Sept
11%
? Called tor re emptlon.
Jan
Volume
LOW
AND
New York Stock
150
HIGH
SALE PRICES—PER
Record—Continued-Page
SHARE, NOT PER CENT
Sales
for
Saturday
Monday
Tuesday
Wednesday
Feb. 24
Feb. 26
Feb. 27
Feb. 28
$ per share
$ per share
? per share
$ per share
*558
*27%
*112
618
27%
6%
25%
114
*112
*152
"152
*84l4
13l4
6l8
3%
*3
4H8
*109
86
*84
13%
1278
6i8
*618
3i2
3i2
41i8
3i4
*3
6%
2612
*5%
6%
*26
26%
113% 113%
114
154
...
8612
84%
1312
6i4
3%
*6%
3%
13%
*3
3l2
154
6
6
' Thursday
I
Feb. 29
5 per share
*2
33l2
191
535g
I63i8
378
934
*634
36%
131l2
1234
57%
4%
54
*35
*3412
*2512
*99
378
*378
*934
*82
7
*153
154
*153
85
384
41%
*3
13%
6%
384
86%
13%
6%
5%
4
.
154
i
684
4
10
26l4
*3%
37g
93
*8%
*26
8%
267g
4
9%
*82
9%
*82
93
8%
*26
*126
9%
8%
28
*126
36%
6%
4%
*3%
13%
6%
4%
4%
42
*34
34%
*25%
27
*99
102%
3%
4
3%
3%
*9
*82%
*8
*26%
10
93
8%
28
*126
—
36%
*34
34%
27
*98
102%
3%
3%
*25%
4
""400
70
70
*125
70%
12534
125
125
*59
62%
*58
61
58%
58%
59
59
14%
*13%
14
*13%
14%
*13%
14
13%
*120
*120
6%
*17
6«4
18%
*13
14
*92% 100
*12%
13
*95% 117%
12%
12%
*6%
*90
7
94%
15
92
92
71
70
70
69%
*120
...
*6%
*17
14%
*91%
1484
92
125
*17%
18%!
7
18%
14
*13
14
*13
100
*90
*12%
13
12%
92%
12%
*95% 117%
*6%
/
6%
9434
6%
*90%
37
12%
6%
94%
37%
Sl3%
13%
*2%
29
26
*90%
37
*13%
36%
26
4%
26%
2578
4
2578
*3%
26
4
26%
26%
26%
25
26
30
30
297g
30
8%
18
*8
30
778
15%
50
77g
36
36
2%
*28%
25%
*4
*25%
30
2%
29%
26
4%
2584
30
*15%
16%
157g
16%
16
16
*7%
14%
15%
15%
*143g
*1578
*4%
5%
32%
21%
*4%
32%
21%
5
32%
21%
3284
21%
8%
5%
*4%
5%
33%
3278
33%
21% *21% 22
114% *112
114%
3%
3%
3%
1
%
1
3%
*2%
3%
22% *22% 22%
13% *13%
1378
28% *28
28%
50%
49% 50
778
*7%
7%
*41
43
*42
107
*104
105
106% 107%
*174% 178
*174%
*19% 20%
19%
*25% 26
*25%
*37%
38% *37%
13
13
13
17%
17%
30®4
3534
17%
35%
4%
12%
*1234
13
*95% 117%
11% 1134
6%
*90
9484
£37
37%
13%
1334
36%
36%
*2%
2%
29%
30
£25% 2534
3%
3%
2534 26
2978
30
778
77g
297g
77g
15%
*105
30%
13
*95% 117%
12
29
3
*12%
12
30
35%
32%
21%
112
112
3%
78
*2%
22%
13%
3%
7g
3%
22%
13%
2834
4934
112
8
14%
112
3%
%
2%
3%
%
2%
22
22%
13%
13%
*5
18%
18«4
56
56
*158
3%
%
27g
2%
22%
1334
22
*13%
160
158
18%
*18%
*55%
56%
*55%
*34
33% 33%
34%
*134% 136
*134% 136
24%
24% 24%
24%
28% 28% *28% 28%
12
12
*11%
12%
37
37% a:36% 36%
3%
3%
3%
3%
*6%
6%
*6%
6%
*29% 32
*30% 31%
158
18%
56%
158% 159
3/1834
1834
*55
57
34
34
*33% 34%
134% 134% *134% 135%
*24% 25
24% 25
28%
28%
28%
28%
12
12
1178
117g
36%
36%
37
37
3%
3%
3%
37
6%
32
6%
6%
31%
32%
30
30
30
30%
30%
31
35%
31%
*15%
1584
15%
15%
15%
16%
15%
15%
15
15
15%
15%
15%
17
15%
16%
15%
15
15
*15
*1%
47g
*4%
14%
40%
1%
5
5%
147g
41%
12%
36
2984
1%
1%
*168
1%
478
*4%
14%
102
14%
15%
111
1%
5
5%
40%
14%
40%
12
1278
*35%
28%
36
2878
*168
52%
4
27%
15%
15%
*51%
4
...
52
4
15%
*15
*1%
4%
5
*4%
5%
14%
14%
40%
12%
40
12%
35%
28%
*168
5134
*3%
*25%
35%
2834
...
52
4
1%
5
112
*109
112
1%
5
'l',200
77*s Jan
4
59
Sept
105
Jan
1
Mar
128
Jan
2
122
Aug
133
June
67
Jan
3
35
Apr
83
Sept
14% Jan 5
120% Jan 30
7% Jan
13
Apr
13% Jan 18
120
Feb
8
6% Jan 22
20
15*2 J&n
..100
Feb 23
97
8
Jan
1284 Feb 27
15*2 Jan
8
95
9
85
Jan
9
Jan
Jan 19
30
Jan 13
Feb 28
Feb
9% Jan
1834 Jan
16% Jan 11
434
31%
21%
10934
Feb 6
Jan 15
Feb 21
Jan 31
5% Jan 17
3534 Jan
23% Jan 10
115
Jan
8
3
Feb 20
4
Jan
3
% Feb 20
2% Feb 19
21
Jan 16
138 Jan
43g jan
23% Jan
4
3
12% Jan 12
14
Feb 19
2684 Jan 18
48% Jan 15
0% Jan 12
29
Jan 11
2,400
200
4
26%
30
7%
2934
7%
3,600
70
5,800
14%
14%
140
16
16
800
5% preferred
Lambert Co (The)
Lane Bryant
Lee Rubber & Tire
*5
*32
5%
32%
"""960
*21%
2134
1,300
113
*112
700
%
1%
3
4
21%
*13%
28%
22
1384
28%
No par
5
Lehigh Portland Cement
20
3:
3%
100
No par
4% conv preferred.
Lehigh Valley RR
Lehigh Valley Coal
5,200
3,400
6%
conv
100
50
preferred
No par
50
400
Lehman Corp (The)
Lehn & Fink Prod Corp
800
Lerner Stores Corp
4,100
3,300
1,100
1
5
No par
Llbbey Owens Ford Gl.No par
Libby McNeil & Libby
7
Life Savers Corp
.....6
Liggett A Myers Tobacco..25
700
.
25
100
par
19
Jan
25
800
Lion Oil Refining Co...No par
36%
II84
15%
28%
2,300
Liquid Carbonic Corp..No
Lockheed Aircraft Corp
12,200
Loews Inc
7,500
par
1
No par
?6.50 preferred.... .No par
1
Loft Inc
Lone Star Cement Corp No par
*3
17
17
Loose-Wiles Biscuit
*6%
20
140
100
*35
Mac Andrews & Forbes
-
100
Mandel Bros
f Manhattan Ry 7% guar. 100
5,000
300
6,000
110
3,700
10,700
a
Market St Ry 6% pr pref. 100
No par
Marshall Field A Co
Martin (Glenn
1,000
2,000
Mathieson Alkali Wks.No par
*168
t In receivership,
25
Maracaibo Oil Exploration..1
Marine Midland Corp
..5
L) Co
Martin-Parry Corp
Masonlte Corp
42,300
2934
112
100
Ctfs of deposit
.Manhattan Shirt
300
"i'ooo
51
*109
No par
Ctfs of deposit
Modified 5% guar.
2,200
'
200
40
400
2,300
100
Def. delivery,
1
No par
No par
7% preferred.
-.100
May Department Stores. .10
Maytag Co
No par
53 preferred.
...No par
56 1st cum pref—
No par
McCall Corp..
.No par
MeCrory Stores Corp..
1
6% conv preferred
100
-
n
New stock,
r
Feb 13
Feb 29
Jan 23
Apr
Jan
Sept
I684 Nov
99% Jan
18
July
100*4 Dec
1434 Mar
10% Mar
99
Sept
46*2 Sept
1678 Sept
38
Dec
4
Sept
Oct
Aug
30*2
26%
5%
2984
29%
13*2
23*2
18%
Jan
July
Oct
Jan
Jan
Mar
5% July
37% Oct
Jan
17
Apr
25
Mar
112
Dec
118
Mar
2% Sept
% May
1% Apr
20
9%
23
Sept
Apr
Apr
36% Apr
4% Apr
33
Sept
95
Sept
6%
3*4
884
2784
13%
3284
5684
Sept
Sept
Sept
Jan
Nov
Mar
Mar
10
Sept
43% Aug
108*2 Aug
10984 Aug
Jan 26
Jan 12
Jan 6
95% Sept
152
Sept
Jan
3
Jan
2
2084 Aug
31% Apr
47
Feb 17
Feb 23
Feb 9
Jan 3
10
18% Sept
13*2 June
2934 Dec
30*2 Sept
15
Apr
Aug
101% Sept
31% Feb 28
46% Jan
38% Sept
4
Jan
3
I884 Jan 11
Jan 30
109
25
Jan
5
Jan
6
159
Jan 31
Jan 15
153% Jan 12
16% Feb 10
Feb
7
21% Jan 4
60
Jan 25
35
55% Jan 16
33% Feb 24
Jan
3
134% Jan 27
2834 jan 3
Jan 15 .V 30% Jan 4
9
12% Jan 4
37% Feb 16
Jan 19
Jan
6
2
Mar
Aug
10% Sept
105
19 %
Jan
Apr
138
Sept
1584 Jan
30% Apr
28
Apr
180
19
19
Nov
Mar
Jan
3284 Dec
64% Jan
109% July
2I84 July
62
Jan
6*8 Sept
22% Mar
110
24%
June
Feb
159% June
20% Mar
67
Sept
35
Aug
135
Nov
124
Feb
18
Aug
3384
25% Sept
11*8 Sept
25% Apr
43%
1
May
407s Sept
19%
40
Oct
Feb
Jan
Sept
Cash sale,
27
Jan
3
2
684 Jan 27
35% Feb 28
9
Apr
30
Nov
28
l
560
280
5%
50%
50®4
51%
4
*3%
334
27% *25%
27%
102
103% *101
105
*14%
15 | *1484
15
153.1
15%' 15% 15%
10
3
3*8
jan
24
25
108% Feb 15
27%
1134
33*2
234
6%
Magma Copper
Manati Sugar Co..
Jan
12 % Sept
12
Jan
3
Macy (R H) Co Inc
800
Feb 21
Apr
384 Dec
2384 Sept
20% Apr
7
Apr
2
Jan 15
Jan 15
Jan 30
1.200
20
Feb 26
Jan
24
No par
Madison Sq Garden...No par
Feb 16
Jan
Mack Trucks Inc....—No par
500
Apr
18%
42%
3%
16%
10784
2334
1,000
14%
4034
13
35%
*334
*25%
10
Apr
106
1,500
;
134
Jan
11%
13%
18%
32%
37%
Jan 12
preferred
20
19*2
121s4
40
Jan 2
Jan 15
3384 Jan 15
133
6%
Apr
884 Apr
12% Apr
IO834
17884
20%
29%
4
.100
30
5
*29
Louisville Gas & El A ..No par
Louisville & Nashville
100
300
1%
1%
4%
100
10
100
preferred
7% preferred
400
15
15
5%
25
Lorillard (P) Co...
3,300
6%
3434
31
10
15%
*30
*2934
*15%
15%
Long Bell Lumber A ...No par
400
Aug
June
Jan 24
53%
7%
43%
108
Jan 18
Jan 2
400
5
28
4
Jan 22
200
Lima Locomotive Wks.No par
Link Belt Co
No par
Lily Tulip Cup Corp..No
7% Apr
79
28
Jan 31
"""306
3
Jan
284 Jan 24
Apr
31
41% Feb 14
10534 Jan 15
175
9
39
Jan 15
2% Jan 15
25% Jan 15
24% Jan 16
3% Feb 29
100
Preferred
3078
3%
14% Feb
Feb 20
44
367g
3%
2
Jan
105
30% 113,700
2,500
300
3%
29%
4378
13% Feb 15
7% Jan
9584 Jan 30
38% Jan
10% Jan 31
5% Feb 2
26
Series B
3,400
11
95
8
Feb 23
28%
7%
14%
15%
160
1
117% Jan
5% Apr
Apr
888 Apr
90
Sept
12*8 Apr
.
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
500
.
Oct
55% Jan 16
Feb 15
conv cl A
18
89% Dec
123% Jan 19
a
13
...
Mar
Sept
Apr
29% Jan
*334
26%
ClassB
125
13
68
Feb 27
Kelsey Hayes Wh'l
June
1084 Jan
3284 sept
2
97
5
1434 Jan
87
3
Feb
100
Dec
9% Jan
9% Feb
Jan
17
_ _
Sept
7% Nov
18
Apr
119% Sept
Oct
107
Feb
100
pf
Sept
7% Aug
33
17
69
Keith-Al bee-Or pheum
Feb 29
4
76
Sept
4034 Sept
93
No par
100
5% conv preferred
Kay ser (J) & Co
200
126
Jan 13
Jan
3% Sept
May
Jan 17
87
4% preferred
Kaufmann Dept Stores
Feb 16
84
Jan
57% Dec
60*2 June
14% Feb 70
1
.....No par
Preferred
9
27
2434 Jan 18
123
6
8% Jan
Jan 15
Jan
25
25%
3578
112
1
80
35
29%
*109
1
preferred
(W B) Co
Jan 30
Kimberly-Clark.......No par
Kinney (GR) Co...
1
$5 prior preferred...No par
Kresge (S S) Co
10
Kresge Dept Stores
1
Kress (S H) & Co
No par
*35%
29%
112
8
par
Kalamazoo Stove & Furn
10
Kan City PAL pf ser B No par
Kansas City Southern.No par
100
38
13
*109
..No
9
100% Feb 21
434 jan 5
4% Jan 3
10% Jan 3
82% Feb 16
Jones & Laughlin St'l pref. 100
10
2%
29%
25%
13%
....
100
No par
300
13%
12%
*168
31% May
19
'Apr
3478 Feb 2
13% Jan 12
5
4
5
5
Jan
Kennecott Copper
No par
Keystone Steel & W Co.No par
14%
3934
12%
35%
52
36% Jan
28
6
97% Jan 15
334 Feb 29
3s4 Feb 29
14,300
1,000
1,100
5
4
1
Mar
37%
U84
41%
1384
*51%
34
25% Feb
.50
90
5
*168
38
Kendall Co $6 pt pf A ..No par
14%
4034
30
29
Johns-Manville.
50
Jan
Sep
5584 jan
138
May
1484 Jan
7
Feb
30
5
36
Dec
6%
8%
36
Jar vis
500
37
10
Sept
Aug
1178
2%
29%
17% Sept
5% Apr
35
9484
36%
Sept
123
2
Oct
3»4 Apr
2% Aug
142
4
»148g Jan
41
I9584 Mar
71% Sept
I6684 Aug
Jan 11
38% Jan
133
Jan 22
3
*1134
15%
29%
Jan
*90
41%
Bid and asked prices; no sales on this day.
3434
31
16%
15%
15%
Apr
Sept
45% Sept
1
Jewel Tea Inc
*95% 117%
47g
*4%
147g
40%
*25
*25% 27%
27%
27%
*101
102
102
101% 101% *101
14%
14%
1434
1434
*14%
1478
1584
15%
15%
1584
1534
15%
*109
*1%
478
37%
3%
6%
16
145
Sept
5% Dec
9% Mar
3% Dec
46*4 Oct
109*2 Dec
5% Sept
16% Sept
3% Oct
3484 Feb
51
...No par
600
108% 108%
24%
24%
158% 15878 *156
195
18%
*18%
18% *18%
*55
56
5684 *55
*33%
34
*33*2
34
135%
134% 134% *134
2434 25% *247g
25%
28
28%
28%
28%
12
12
117g
U7g
*29
*6%
3%
17
3
Jan
5% Jan 5
11% Feb 17
7
Apr
21
6%
$6
1,300
108% 108%
.24%
24%
3%
*6%
*32%
3034
16%
15%
3%
30%
4378
5
Apr
2% Apr
7i2 Aug
1% Apr
Feb 24
6234 Jan 4
171
Jan 23
5084 Jan 18
4% Jan 2
*
Island Creek Coal...
108%'*107% 108%
•
2% Jan
38
191
Jan 22
90
Apr
Sept
Dec
Sept
Aug
9884 Sept
25% Aug
3% Jan
39% Jan
700
-
18%
*15
113
*3%
%
4
9%
4%
2«4
234
17%
Apr
Apr
60% Feb 9
5% Jan 24
56*4 Feb 6
400
29
29
29
29
28%
49%
50
49%
49%
£49% 50
49%
*7%
7%
7%
7%
7%
7%
7%
7%
43
43
43
43
42%
43
43%
43% *42
106% *104% 10684
105% 10534 *10534 107
*10584 107
106
106
107
107
106%
107%
107% 10784 107
178
*174% 176% *174% 176% *174% 176% *174% 176%
19% *19% 20%
19%
19%
19%
*19% 20%
19%
26
*26
26
26
26
26% 26%
26%
26%
38
38
38% *37%
37%
37%
*37%
38%
38
13
13
12
13
12%
*12%
13
*127g
13
17%
17%
17%
17%
17%
17%
17%
17%
17%
30
30%
30%
30%
30%
29%
30%
30%
30«4
35
35%
3534
34%
35%
3434
34?g
35%
35%
*108% 108% *108% 108% *108% 108% *108% 108%
24%
24% 24%
24% 24%
24%
24% 24%
159
5U
3234
2134
*112
*107i2 108% *10778 108% *107% 108% *107% 108% *107%
27
27
28
30
27%
27%
30% 31%
29%
43
43% 4384
43% 43%
43%
42% 43%
4334
*3
*3%
3%
3%
3%
3%
-3%
3%
3%
17
17
17
17
17
*16% 17
*16%
17
*158
15%
16
6
157
67
2
lntertype Corp
20
13
*1234
Jan
12% Jan
II84 Jan 18
No par
Interstate Dept Stores.No par
Preferred
100
100
*95% 117%
11%
11%
*6%
6%
8
147*2 May
Jan
7% preferred
Telep <fc Teleg
Foreign share ctfs
14
*90
29
22%
*13%
*2734
17%
5
6% Jan 19
35% Feb 1
131
Jan
44% Jan 8
110% Fefe 14
3
53*2 Jan 15
163% Feb 24
334 Feb 29
8% Jan 15
.100
Inter
100
7
17%
100
*2%
*7g
*6%
*17
3
4% Jan 15
9% Feb 6
1% Jan 19
32% Feb 1
180
4
14% Feb 21
6*4 Feb 14
5% Feb 28
Jan 15
Jan
Jan
131
International Shoe....No par
"""400
...
*13
29
3%
*120
90
9% Sept
29% Jan
Apr
International Silver
13%
*90
37
*112
13%
14
2%
29%
*4%
*334
80% Jan 22
11% Jan 22
5% Jan 17
3% Jan 15
284 Jan 15
100
pref
preferred...
5%
101
334
100
*36%
21%
*98
*13
36
33%
*17
conv
Feb 27
15
Internat Rys of Cent Am
190
27
*90
14
16
120
7
7
18%
6%
700
34
I
14
*15%
*15%
15,500
300
13%
120
Inter Paper A Power Co
300
34
*26
j
37%
14%
36%
234
*8
300
13,600
International Salt
14
37%
13%
*4
*6%
*17%
___
15,700
154
40
Internat'l M lnlng Corp....
1
Int Nickel of Canada..No par
Preferred
.100
500
100
3778
25'g
400
86
3
108
Int Mercantile Marlne.No par
36
*13
37%
*2%
100
3,300
16.600
4% Apr
1034 Apr
4
Jan
par
Internat'1 Harvester ...No par
Preferred...
100
Int. Hydro-Elec Sys class A.25
3534
*90
92%
37%
1378
36%
284
*28%
124% 124%
*120
*6%
6%
9,500
....
124%
58%
*1334
15
*91%
*69%
125
100
3
150
No par
...No par
Internat Agricultural..No par
Prior preferred
.100
Int. Business Machlnes.No par
500
9%
9%
*82%
93
8%
8%
27% *26% 27%
126
*125%
15
14%
14%
92
92%
93
69
69%
69%
124% *124% 125
*58% 60
60
3%
*14%
14%
92
Intercont'l Rubber
Interlake Iron.
9
Jan
Jan
.....
No
684 Jan
Highest
9 per share S per share
29
100
Corp
6% preferred-
14,300
1,100
10
93
8%
126
Interchemical
340
200
share
118
1
Certificates of deposit.
per
Feb 28
100
.
8
6% Jan 31
25% Feb 26
20
-
Year 1939
Lowest
112
.No par
t Interboro Rap Transit-
17,200
2,300
3%
*8%
*26%
6% preferred
Inland Steel Co...
26,500
3%
4
*9%
*82%
*69%
*
Insuranshares Ctfs Inc
13
6%
4%
14%
111
Inspiration Cons Copper
2,000
14
6%
*91%
15%
1,000
6,200
86
14%
14%
30
86
*36
10
No par
......100
Range for Previous
Lots
Highest
5 per share
No par
Ingersoll Rand
154
87%
91%
*26
200
6%
36%
*36
Indian Refining
Industrial Rayon
1/200
6%
6%
*6%
6%
35%
a:36%
3638 367g
36%
131% 131% *131% 133
*131% 133
12%
13
12%
12%
12%
1234
56
56%
55%
56%
57%
56%
4:
4%
4%
*4%
*4%
4%
54
53
54
53% 54
53%
*6%
Par
*153
85%
13%
4%
*3%
Range Since Jan. 1
On Basis of 100-Share
Lowest
500
*534
6%
6%
6%
26% 26%
2034
27%
*111% 113% *111% 113
26%
14%
*101
Shares
112
26%
91%
*3?8
$ per share
112
84%
1378
6%
3%
634
6%
6%
365g| 36i8 36®4
36% 36%
131% *13114 133
*131% 133
13i8
12%
13%
1284
13%
58
fc57% 58%
56% 58%
4%
4%
4%
4%
4%
54
5384
54
53%
53%
36
36
36
3584 35%
3434
35
34% 34% *34
27
*25% 27
*25% 27
102% *99
102% *99
102%
37g
3%
378
37g
4
812
26J4
52%
Week
41
41
*40%
*40%
42
42% 42% *41%
*10912 110
110
110
*109% 110
109% 110
109% 110
*4%
434
*4%
*4%
4%
484
*4%
434
4%
4%
1012
10
10
IOI4
IOI4
10%
10%
9%
9%
10%
10%
2
2
2i4
*2
218
17g
2
*1%
2
1%
2
*33
33% *3212 34
34
*32% 33
*32% 33
*32%
33%
191
*189
192
*190
189
190% *190% 190% 189% 189% 189
54
53l2 54
53%
537g
53%
53%
53%
53%
53%
53%
163l8 *158l2 162% *158
16284
162% *158
162% *158
162% *158
4
4
4
378
4
378
4
3%
4
3%
4
IOI4
9% 10%
9%
10
9%
10
9%
9%
9%
9%
*126
35%
Mar. 1
1389
EXCHANGE
4-34
93
*8
29
the
110
*4l4
10l4
12
STOCKS
NEW YORK STOCK
Friday
6
Jan
5
31% Feb 28
27
Nov
29
Nov
17
Feb 28
5
10
Jan 26
Apr
Oct
Apr
3% Jan
Feb 6
Feb 28
14% Jan 2
14*2 Jan 3
14i2 Feb 16
10% Jan 17
1 *8
Jan 5
434 Jan 13
*
3% Jan 31
13
Jan 31
35% Jan 15
734 Jan 15
35% Mar 1
28% Jan 16
161% Jan 6
50% Feb 1
3% Jan 22
26
Feb
98
169
108
Feb
2
x Ex-div.
6
y
Jan
3
Jan 5
Feb 13
Feb 21
Feb 9
Feb 20
Jan
Jan
8
4
Feb 20
53*2 Jan 4
4% Feb 23
27% Jan 13
Jan 11
14% Jan 13
14% Jan 31
1%
5%
5-4
15%
42%
14%
40%
3184
•
5
12%
10
1
155
Apr
Apr
Nov
4034 Apr
3% Sept
2434 Dec
93
Feb 24
88
Ex-rights.
Apr
4*8
3% Aug
934 Apr
20% Aug
2
May
30
Sept
2084 Aug
103% Feb 29
16% Jan 8
16% Jan 4
111
Apr
Jan
10% Apr
934
6% Sept
734 Oct
1584 Nov
16
Nov
16
Oct
2% Sept
684 Sept
8%
1734
45%
8%
57%
3788
Mar
Nov
Nov
Dec
Jan
Sept
176
July
5334 Oct
6% Mar
36% Mar
105
June
Jan
15*2 Aug
17% Nov
Jan
108% Dec
3 Called for redemption.
New York Stock
1390
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page 7
Mondavi
Feb. 24
Feb. 26
$ per share
.
$ per share
*23%
7%
24
7%
42
42
11«4
1134
8*4
*102
10i4
812
112
10l2
Tuesday
j
,
Wednesday
|
27
$ per share
Thursday
.
|
28
Fe&.29
*72
80
*72
80
*72
80
66
66
*63l4
65%
*63%
6434
32
32
3234
3234
333s
65%
3334
30%
10%
5%
2412
*14%
*30ig
10*4
80
514
5
2412
24
15
*14i4
31
30%
11
10%
5
24%
15
303g
1034
HI4
14%
14%
3334
3334
34
34
11884
50
49
I
*3%
*391/,
*9%
4
*334
43%
*3914
978
10
h
34
3%
3%
*%
*1678
7,«
108% 109
|
118
*117
*30
103s
10%
10%
14%
14%
*102
4
*334
108
*34
3%
3%
%
3%
%
%
%
%
3%
3%
*%
«8
*117
1
17%
%6
17%
109
109
118
118
118
*11
29
29
11
29%
11%
11
175s
17%
1734
1778
*2412
434
2434
24%
484
*3134
28%
1078
177g
24%
4%
24%
484
33
33
*1278
7434
*110i2
7^8
*50
13%
33%
13
13
13
50%
75%
73s
7%
7%
*110%
7%
50%
50%
50%
6%
634
678
*183s
19%
*18
1534
*15%
12%
1534
12%
75
19%
1534
*12i8
2378
24
24
*163
170
*163
18
18
*18
*97
99
97
*19
*19
20%
15
15
15
11
11
*11
16i2
167S
11334 11334
11334 11334
*5l2
534
*6
16%
*5%
2434
*13
247g
24%
*13
14
223s
778
68
9
778
68
9%
13%
834
*13
13U
4234
*4114
414
*934
*23%
4234
42
42%
4%
*35%
*86
23
1%
138
39
Feb 28
30
Apr
No par
10
Jan 22
14
Feb 15
9
Sept
75
Feb 24
50
Apr
109
110% Feb 23
8% Feb 16
105
Sept
4
Aug
9%
110
3,100
National Acme Co
12
1,200
Nat Aviation
2334
24
*165% 170
7,300
National Biscuit Co
19
*1834
19%
*14%
15%
11%
11%
17% 21634
17
11334 11334 *11034 11334
11%
14%
11%
95
800
preferred
Munsingwear Inc
Murphy Co (G C)
lb",200
No par
5% preferred
100
Murray Corp of America._10
50%
6%
400
Nash-Kelvinator Corp
5
Nashv Chatt & St Louls.__100
*91
21
11
11%
95
21%
21%
19%
900
15%
2,000
900
113
113
1133g
13
3,700
95
13
100
11
11
3,100
95
21% 2134
21%
2134
2171
171
*170
172
145
*138
23
23
23
146% *138
2234
7.900
6%
National Lead Co
42
42%
4%
10
1,000
Nat Mall & St'l Cast Co No par
National Pow & Lt
No par
National Steel
834
884
834
834
1,700
13
13
*13
National Supply (The) Pa..10
$2 conv preferred
40
*41%
*41%
*4%
*934
*23%
42%
42%
4%
25
*41%
*38%
4%
*934
*24l4
90
*86
10
13
13
600
42%
600
42%
42%
43
43
150
434
*934
5%
10
24%
*24%
25
90
*86
90
4%
10
115
115
115
*113%
*110
57
%
18s
119
*113
*110
*55%
57
%
%
118
%
%
1%
19,400
934
984
2484
100
Natomas Co
600
Neisner Bros Inc
24%
90
41% 42%
IO884 IO884
74%
7484
12%
127g
43
43
16
16%
*16%
"""2OO
20
17%
800
31
32
32%
32%
800
*3%
*6%
4%
7%
100
59
%
%
Jan 16
1%
1%
*1%
1%
%
15%
*%
15%
%
500
15%
7.100
N Y Air Brake
100% 102%
31%
31%' 31% 31%
31% 31% *3134 32% *3134 32%
3134 3184
*216
21734 218
218
217% 217% *215
217
216
216
*21484 216
*1105g 112
110% 110% *110% 111% *110%
112% *110% 112% *110% 112%
22
2178
21%
2I84
2134
2134
21%
21%
213g
21%
21%
20%
58
*5714
57%
57% *5734
58
58
*57% 58
*57%
*57% 57%
57
*5684
56%
57
57%
*57
57%
57%
*57
57%
56%
57
25
2438
24%
24%
24%
24%
25
24%
2434
243g
24%
24%
90
*88%
89% 89%
89%
89%
89%
89%
*89%
90%
*89%
90%
8
8
8%
8
8%
8
8
107
107
105
106
100
8%
111% *110% 113
103
8%
8
*110% 1113g *110% 111% *110% 111%
*3384
*43g
34%
4%
4%
4%
4%
4%
4%
4%
4U2
6i2
41%
*4034
42%
42%
6%
20%'
*4084
6%
42%
20
*4034
6%
19%
634
6%
6%
19%
20%
20%
*19%
20%
13%
*133s
14
13%
13%
13%
13%
105
105
*434
16%
*140
IOI4
*35l2
*27%
5
16%
141% *140
10%
397g
28%
144
10%
10%
*3578
38%
28%
*27%
105
*434
1578
140
10%
*36
*27%
34
34%
105
105
34
105
33%
*4%
*4034
33%
33%
4%
*4%
42%
42%
104% 105
Jan
9
Jan
JNYNH& Hartford..-.. 100
Conv preferred
100
JN Y Ontario & Western.. 100
%
Jan
5
2
500
Norfolk & Western Ry
100
30
Adjust 4% preferred
100
North American Co
55
*51
55
*51
119
*115
684
5i2
22
584
5%
23
11%
*1178
11%
*34
34%
47%
137g
475s
1358
12
*13312 137
151
151
6%
*
6%
5%
5%
6
6
*6
20
21
*21
1034
*11%
11%
12
5%
5%
6%
*6
North Amer Aviation
88
50
100
Jan
5
7% Jan 18
219
Jan
113
Jan 26
33%
Jan 30
4
50
Jan 31
6% Feb 24
3
900
6
6%
70
21
34
34%
33%
34
3,400
47
47%
47
47
13%
21%
*10%
10%
12%
600
94%
31%
Dec
33%
Sept
Dec
Dec
Jan
217
Nov
103% Sept
113
June
168
Feb
5
Jan 24
1534 Feb 28
140
Jan 11
10
Jan 24
Feb
100
100
Sept
113
Dec
29
Sept
40
Oct
12% Jan
Apr
6% Nov
Apr
Aug
4434 Aug
6
4*4 Aug
3
Jan 11
128
7%
33
Oct
Apr
July
30
Feb
55
Jan 22
40%
54
Dec
120
Jan 17
114%
Jan
120
Dec
50
Apr
70
Jan
3
Aug
Jan 19
59% Jan 15
5
5% Feb 29
10
5% Feb 24
20
No par
Jan 17
10% Feb 29
8
6
6% Jan 10
6*4 Jan 6
64% Jan
16%
2%
Apr
Jan
Apr
11% June
15% Sept
12% Mar
27%
Apr
3484 Mar
50
41
Apr
13
Jan 23
100
130%
Jan 16
134
Feb 23
114
Apr
100
151
6
154
Jan 24
128
Sept
1
6
6% preferred
Pacific Tin Consol'd Corp
Def. delivery,
n
New stock,
46*4 Feb
No par
r
Cash sale,
x
Feb
5
Feb 26
Ex-div.
y
Nov
Apr
32*8 Jan 15
Jan 15
25
984
334 June
Pacific Mills
11
7% Sept
7% Nov
2334 Feb 13
12% Jan 4
12% Feb 9
34% Feb 17
1,000
90
Jan
20% Mar
Jan 22
2,500
2,000
30
113% May
8% Jan
27% Jan
148% July
16
Sept
55% Sept
26% Dec
Feb 2^
...No par
Pacific Telep & Teleg
101% Sept
55
26%
Pacific Finance Corp (Cal).lO
Pacific Gas <fe Electric
25
Pacific Ltg Corp
No par
........
Jan
284
15% Sept
41
1434
32%
12
Sept
100% Sept
Feb 19
Nov
June
119
Owens-Illinois Glass Co. 12.50
1st preferred_
8
144
89
Jan
7
14% Sept
14% Jan
conv
Pacific Amer Fisheries Inc
Pacific Coast Co
3
Apr
82
Jan
106% Feb
5% Jan
18% Jan
100
2d preferred
Jan
Jan 22
37
440
*12
Jan 12
Jan 13
...No par
70
11
12%
22
Feb lr
Jan 3
Jan 3
13%
1st pref..No par
Outboard Marine & Mfg
5
Outlet Co
No par
5%
112%
34%
5%
42%
7%
103 %
No par
Preferred
3
90% Feb 20
9% Jan 3
.6
No par
Co
Jan 17
26*4 Jan
100
6% preferred
$5.50
5%
a
Collins
Otis Elevator
Otis Steel
111
No par
(The)
8% preferred A
30
2,900
Telegraph
Omnibus Corp
Oppenheim
3,400
2,100
% In receivership,
1
Northern Central Ry Co
Northern Pacific Ry
410
47%
this day.
1
Apr
29% Nov
280
4,700
34%
on
3l34Mar
1% Sept
70
12%
11,800
13%
Bid and asked prices; no sales
Feb 27
5% Sept
17
Aug
61%
*13%
14% *13%
14%
137
*134
137
*134% 137
*135% 135% *135% 137
152% *151
152% *151
152% *151
152% 152% 152%
6%
6%
6%
6%
6%
6%
6%
6%
684
107
1% Dec
% May
8% June
Aug
47
13%
2
% Jan 11
16% Feb 19
26%
34%
47
1334
Mar
1% Sept
59
47%
13%
47%
13%
21
Mar
62
Dec
59%
34
47
21
120
%
Apr
11%
11%
10%
*12%
4
118% Mar
July
3
Jan
Nov
May
47
18%
12.
12
% Jan
106
50% Sept
22%
11%
34
6
*6%
*21
61%
61
20
52% Sept
11%
34
*151
6%
5%
6%
22%
11%
59%
Feb 27
50'"Feb
8
*11%
34
*134
5%
61
15% Sept
3
119
60%
5%
Feb
10% Sept
Jan 10
55
*115
43%
1% May
47g July
Jan
5
119
25% Sept
45% Sept
Apr
59
13*4
104% 105
*51
Apr
58
18% Jan 20
*115
Apr
18%
23*4 Jan
10
Oliver Farm Equip
55
23% Sept
8
900
191
1784 Sept
Sept
62
56% Jan 26
22% Jan 15
1,200
*51
Apr
56% Feb
17,500
*115
27
Apr
50
20%
55
8%
50
140
61
110% Feb 26
20% Mar 1
41% Feb 24
119
60%
28% Jan 15
208
Jan 29
Norwalk Tire & Rubber No par
Preferred
50
Ohio OU Co....
...No par
*51
112% June
32
SlA% pref series
20
*115
Apr
105% Sept
6% preferred series
500
5
*484
5
5
*4%
*4%
1534
16
16%
15%
15%
15%
*138% 144
*138% 144
*138% 144
10%
10%
1034
10%
10%
10%
10%
397g
*35% 39% *36
37%
*36%
37%
28% *27%
28%
*27% 28% *27% 28%
11% Feb
29% June
87% Aug
42
July
700
4%
16%
Jan
200
42%
6%
55
6034
5%
5
Jan 30
Northwestern
119
60%
92
110
*51
60
1% Jan 23
% Jan 25
13% Jan 15
100
Noblitt-Sparks Indus Inc
Apr
Jan
20
119
110
Corp part stk._ 1
preferred
8% Sept
18%
73% Mar
Aug
Sept
15%
10%
5% Jan
7®4 Jan
115
2%
10
82
30
21% Jan
50
North States Pow $5 pf No par
♦115
60
6% Jan 31
Apr
35% Sept
11% Sept
Jan
100
13%
6%
1934
13%
13%
104% 105
5
*434
16%
16%
»3334
3
Jan
33
33%
6%
20%
*133s
34%
No par
400
11,000
39
3134 Feb 14
3% Jan 12
52%
7%
Jan
18% Jan
Ry Co.. 100
N Y Shipbldg
1
4
50
Jan 22
1638 Jan 22
30*4 Jan 23
100
50
Jan
75% Feb 21
14% Feb 20
15*4 Jan 22
6% preferred series A... 100
NYC Omnibus Corp..No par
New York Dock
No par
5% preferred
42% Mar
110
41
No par
N Y Chic & St Louis Co
Feb 14
71% Feb 1
11% Jan 18
..No par
New York Central
430
10384 105
IO884 Jan 17
1
10% preferred
*%
9% Jan 10
10
N Y & Harlem RR Co
15%
Oct
40
N Y Lack & West
%
1%
Apr
5%
87
70
1,200
1,100
50%
Apr
Feb 1-
Jan 12
70
%
Dec
10
Jan
Jan 26
69
%
41
Apr
July
5% Aug
83
118
*54
Jan
43
Jan
24
*110
*54
59%
Apr
684
52
1
300
1,800
33% July
2
40% Feb 10
3% Jan 4
No par
Newport Industries
Feb
43% Feb 23
Jan
14%
Jan
Jan
4Ji % conv serial pref
100
Newberry Co (J J)
No par
5% pref series A
100
3,200
Jan
173% Aug
145
8%
73*4
934
137s
5% Mar 1
10% Jan 29
25% Jan 3
Newmont Mining Corp
1,300
Jan
27%
Jan
Jan
Mar
39
-
_
1,800
23,900
27
16%
106
3
7% Mar 1
63% Jan 22
8% Jan 15
12% Jan 2
2184 Feb
25
5M % prior preferred
100
6% prior preferred
100
National Tea Co.
No par
5%
*113
*110
66"
*55
Corp
5%
*86
Jan
Oct
6,400
42%
Feb
Sept
2,900
13%
Oct
6%
26%
18%
152
784
67
Jan
Jan
4%
132
23%
4284
6
Jan 31
Aug
Mar
20% Sept
10% Sept
8% Sept
83
Sept
**% June
Apr
2134 Feb 29
173% Jan 31
7%
13%
6% Feb 13
25% Feb 21
Jan
Sept
8%
4%
148% Jfin 29
6634
42%
114
Jan 12
*22%
884
13%
42%
42%
117%
Sept
Jan
7%
834
Sept
107
170
6734
834
18%
110
6% Jan
16
Jan
144
*86
9
13%
26%
12%
100
734
2234
Apr
Dec
100
2
Jan
14%
7 % preferred A
67%
16%
6%
1934
10
Nov
17%
Jan
15% Jan
12% Jan
15
28% Mar
175
28% July
12% Jan
17% Jan
116% Jan
96
Jan
17% Nov
95% May
23% Sept
Apr
Sept
6% preferred B__j
8
%
684
93% Feb 26
19% Feb
68
15%
*3334
Jan 19
10% Jan 19
par
7%
%
,*110
13
Jan
1
pref erred. No
67%
1%
111
conv
8
16%
111
Jan 15
68
15%
*102
6
23
7%
*1%
%
15
..10
No par
Jan
Dec
1834 Sept
20% Jan
16% Jan
Feb 26
114
Dec
Nov
26% Nov
10%
5% Feb 23
Gypsum Co
2
Jan 20
9%
Jan
Aug
87
1434 Mar
Nat Enara & Stamping No par
$4.50
Jan
52
Jan
Mar
Sept
77g Aug
7% Sept
21% Sept
14778 Oct
18% Feb 16
110% Jan 25
109% Jan 30
preferred
167
Sept
5% Sept
14
97
No par
Nat Distillers Prod
Nat
Jan
100
67%
834
%
%
15%
10334!
100
14
24% Jan 24
Jan 24
10% Jan 30
16% Jan 15
No par
Nat Dept Stores
10
1538
*3s
1514
Products
22% Jan 3
16% Feb 15
43 %
1834 Feb
No par
1
7% pref class A
7% pref class B
400
144%
16
Jan 12
3% Aug
92*4 Jan 17
100
Register
Nat Dairy
200
172
1134 Jan 16
2234 Jan
165
National Cylinder Gas Co
400
2478
247g
200
5
10
51
7% Feb 15
18% Mar
13% Jan 13
Nat Bond & Share Corp No par
Nat Cash
Feb 15
6% Jan
100
5% pref series A
70
5%
Corp
5% Feb 16
Feb 13
50
1
pref
cum
Jan 30
5% Jan 13
Nat Bond & Invest Co .No par
160
6%
5%
*6
172
173%
9,700
*91
11%
*91
7%
18% Feb 27
26% Jan 9
673a Jan 23
My ere (F& E) Bros ...No par
8,900
11%
167g
113%
19%
1434
11%
conv
7%
144% 144% *138
23
7%
68
*110
%
3
75
,
%
Feb
75
41%
*4034
41%
*40»4
41% *4034
41%
*4078 41%
10914 109% *108% 110
,*108% 110 *108% 110 *108% 110
75
74
74
7414
| 74
74
*73%
74% *7334 74%
13
137g
13i2
13%
1234
13%
1234
13%
127g
13%
45
*43
*43
44
*43
44%
44%
4484 *43
44%
16
16
16%
16%
16%
16%
16%
16%
16%
16%
18
*1784
17%
17%
17
17%
17%
17%
17
17
32
*31
*3n2
3234
32
3134
184
32
32%
32%
32
32
317g
31%, *32%
32% *32% 32%
32% 32%
*4
5
47g
*334
5
| *334
*4%
5%
4%
4%
*658
7%
*658
7%
6%
6%
6%
6%
7%
7%
*55%
%
1%
*3g
30
300
11%
Oct
30
No par
163g
14%
Jan
1778
Apr
7%
44%
14%
70%
111%
18%
19
19
Apr
16%
4
6
Feb
May
10
1
12
11%
16%
10% Jan 12
par
Oct
11434 Sept
Mullins Mfg Co class B
1234
11334 11334
112% 112% *112% 113
2112
112
*5%
*5%
584
5%
5%
*6
6%
6%
*6
6%
6%
24%
2434
2434
2434
24% 2434
*13
*13
13%
13% *13
13%
21
5734 Oct
47
Sept
37% Mai
Apr
1,900
18%
16%
17
*172
122% May
Corp..No
Corp
12%
16%
21%
Sept
40% Apr
31% Aug
22% Sept
9% Apr
Motor Products
16%
17
173
112
1
3
300
11
121% Jan 30
4
Apr
1534 Jan 20
""2OO
*91
Jan
10%
85%
23
18%
I
120
30% Feb
12% Jan
18%
15
21
121
50
12%
11%
9*4 Jan
1% Sept
2% Sept
1
12%
Jan
Jan
Sept
2
1534
11%
2%
Jan
Mar
110
3
18%
15
147g
July
8
Jan
Jan
12%
19%
6%
54
19% Jan
110% Feb 13
Feb
15%
11%
114
118
45
$7
Deo
Jan 16
56
50%
6%
15
40
120% Nov
85% Jan
Jan 15
43% Feb 14
28% Mar 1
50%
6%
20%
Jan
Jan
21% Sept
39% Jan
16% Sept
18
Sept
28%
5
12%
24%
Nov
6%
Motor Wheel
500
170
Nov
63
117
5038 Jan 15
50%
6%
19%
23%
73
30% Dec
Mueller Brass Co
39
Oct
Nov
Sept
104
No par
*50%
24%
Dec
Sept
No par
50%
24
Aug
%
Morrell (J) & Co
Morris & Essex
7%
24%
1
2% Aug
% July
Montg Ward & Co. Inc.No par
7%
170
2% Sept
Sept
8% Aug
36
June
No par
Co
73%
11%
Apr
44% Sept
103% Sept
59%
18%
10%
101%
14%
1,600
39
*41
*112
1,100
99%
13%'
2T634 Feb 29
Apr
25% Dec
10*4 Jan
4,000
*18
90
55%
360
*97
25
115
7.800
Jan 20
4% Jan 6
42% Feb 28
20
10
Carpet Mills
$4.50 preferred
Preferred series B
18%
*86
5512
Mohawk
Monsanto Chemical
30
99%
25
*110
400
5% conv preferred
1.700
4
101
% Jan
1,900
"7%
*1834
15%
18% Apr
% Jan 18
38
7%
12
4
Jan
100
%
7%
1534
37
% Jan
No par
*1234
*73
18%
Apr
9% Jan
7% preferred series A... 100
J Missouri Pacific RR
100
6%
Apr
11%
1% Jan
4*4 Jan
Mo-Kan-Texas RR
500
*50
6%
2
*i« Jan 26
3,400
4,600
*110%
7%
25
16% Jan
34 Feb 13
3% Feb 28
84
*u
...
31%Mar 1
11% Feb 21
10% Jan
3%
75
Aug
2
34
*97
2434
10
3%
*%
39
*110%
14
110
%
7,«
Feb 21
Jan
3%
%
July
Jan 15
3*4 Jan 29
37% Jan 16
No par
Mission Corp
56
397g Aug
28% Dec
July
106
500
Aug
11% Sept
8% Jan 27
13% Jan 29
33% Jan 15
1
Impt
6
16% Jan 10
28
No par
$6.50 preferred
Jan
14% Jan 26
5
Minn Mollne Power
88
3
4% conv pref series B... 100
800
6% Aug
5
26
3
15% Apr
5% Sept
Sept
8% Apr
39
6% Jan
11934 Feb 28
53% Jan 8
99%
534
Copper
*12%
73%
*110%
....
21% Jan
Highest
share $ per share
1
Jan 25
*97
90
*112
Miami
Jan 12
1
per
Mar
Feb 29
99%
19%
113
50
Mid-Continent Petroleum__ 10
100
934
5
1
Mar
Feb 24
34
47
*97
*4%
*934
*23?g
10
934
80
66
111
97
*144% 146%
22%
7%
68%
934
5
8% cum let pref
100
Minn-Honeywell Regu.No par
*18
11
*22
3%
44
Feb
53% Feb 6
29% Jan 30
1
Merch & M'n Trans Co .No par
Mesta Machine Co
5
108
3%
*39
64
Corp
Mengel Co (The)
5% conv 1st pref
160
1,600
*165
93%'
21
*102
Jan 12
Midland Steel Prod
18
107g
173
48
10
Melville Shoe
4
9
3
9
9% Jan 4
102% Jan 11
11% Jan 6
No par
2
Lowest
1
700
170
93%
21
118%
48
2,000
18
11
173%
118
700
3,600
*163
96
21
3%
10%
14%
33%
18%
1034
*144ls 147
108
45
984
%
3%
%
*3g
*1634
31%
10%
14%
33%
*18
*9314
♦172
♦40
31
20
18%
*6
6%
670
14
8% Feb
47% Jan
12% Jan
Jan
39
18%
15%
24%
24%
*1334
1
25% Jan
100
13
75
*163
24%
14%
40% Feb 29
10% Jan 15
8% Feb 1
$6 preferred series A. No par
10
2,100
11
z2234 Jan 15
7% Jan 17
99
39
12
170
4,000
5%
31%
$ per share
$5.50 pref ser B w w.No par
200
34
Stores Co
6 % conv preferred
Mead Corp
36
6%
12%
24%
67
17%
1634i *1634
17%
107% a; 107
107% *105% 107
11734 11734 *117
118
| II784 11/34
*119% 121% *120
121% *120
121%
5334 54%
54
53%
53%
53%
*43% 44% *4334 44% *43% 44%
28% 28%
28%
28%
•28%
28%
1034
10% *10% 10%
IO84
11
*17%
17%
17%
1734
17%
17%
2434 2434
24% 25%
24% 24%
5
434
5%
5%
*434
4%
634
113% 11334
113
11
34
*12%
*7478
*110%
75
28%
18%
24%
4%
35%
434
80
107
*11918 121% *119i8 121% *119% 121%
54
537S
53l2
53%
5334
543g
*4312
44% *43% 44% *4378
44%
*2812
80
*60
5%
3%
934
"l'loo
5%
2434
107«
4
10
McLellan
53g
42%
®16
*'4
7.6
*%
*17
17%
108
108
97S
1,400
1.200
33%
*102
4
42%
934
McGraw-Hill Pub Co..No par
Highest
$ per share
Mclntyre Porcupine Mines..6
McKeesport Tin Plate
10
3334
24%
14%
31%
1
400
65%
IX XAJ
*102
378|
%
42%
1,100
65%
14%
14%
14%
34
34% z34
11934 11934 *115% 118%
47%
47
47%
34%
119% 119%
48
48%
109
80
McGraw Elec Co
Range for Previous
Year 1939
of 10O-Share Lots
Lowest
Par
1,900
33%
1434
On Basis
Week
*76
5%
243»
Range Since Jan. 1
Shares
14%
34%
42%
V*
17%>
1434
30%
*39%
*934
3%
»u
24%
*14ii
30%
*34
11834 119%
48%
48%
*102
109
♦102
24
*64%
3334
5%
24%
*14%
5
14
♦117
Afar. 1
$ per share
23%
23i2
2334
2334
23% 2334
23% 23% ♦23%
23%
7%
7%
♦7%
7%
*7%
7%
*7%
7%
*7%
7%
4Hs
41%
41%
41%
41%
41%
41
4078 41
41
11%
lllg
11%
11% *11%
1134
*1138
1134
11%
11%
8%
8%
8I4
8%
8%
8%
8%
8%
8%
8%
*102l8 112% *102% 112% *102% 112% *102% 112% *102% 112%
*1018
10%
10%
10% *10%
10% *10%
10%
*10%" 10%
2, 1940
EXCHANGE
$ per share
$ per share
3134
*7012
STOCKS
NEW YORK STOCK
the
Friday
Sales
for
Saturday
March
Jan
3
16% Jan
4
7% Jan
Ex-rights,
4
9%
Apr
6% Dec
52
Oct
21% 8ept
132
June
156% July
7%
Dec
f Called for redemptlca.
Volume
LOW
New York Stock
150
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
Record—Continued—Page
CENT
8
1391
Sales
STOCKS
Range Since Jan. 1
On Basis of 100-Share Lots
Saturday
Monday
Tuesday
for
Wednesday
NEW YORK STOCK
Feb. 24
Feb. 26
Thursday
Friday
the
Feb. 27
Feb. 28
Feb. 29
Week
Range for Previous
EXCHANGE
Mar. 1
$ per share
*7%
$ per share
734
3*8
163s
1634
1%
*7i4
3i4
16i4
1%
33,
*7
714
*95
*95
105
7l2
712
*1612
*87i2
9i8
*16i2
*9ig
43
4278
*43
18
2
2
2OI4
*1U
20U
1%
:138
11
11^8
10%
6i2
57
*55l4
20
*634
89
334'
*22l2
*14
89
20
1%
11
7
6i2
57l2 *55i4
8934'
8834
*33g
334j
334'
*14
14i2
23
i
*22
14%'
*119
*14
22%
22
3534
*3434
22%
3534
3734
37
37%
*2i2
*10l2
3312
43,
*3
IH4
10%
10%
33
34
23«4
33iz
2334
*21%
22%
*21%
914
3834
*4334
*78i2
*7%
914
39%
9%
9%
38%
4414
84
*79
44%
85%
3778
*43%
*78%
3g
94%
9434
146
534
*58
%
94
,*138
534
534
38%
5%
49
38%
37%
*5%
534
5%
60
*58
a2634
*46
49%
*48
43,
*20%
4%
23
*7
70
*173% 175
7
.
*58
*26%
565s
8878
334
37g
3%
334
49%
110
22%
72
634
31
32
*9%
30%
6%
10
31
3534
*3434
22%
3534
*37%
38
38
|
3%
34%
95
146
6
|
1
49
38%
5%
3734
49%
*
34
*1038
11
10%
1%
*1%
1%
31
*%
21%
*1234
78%
14%
*1434
14%
15
534
653,
1%
1%
21%
17
1%
21%
21%
17%
17%
*27
28
15%
*25%
26%
15%
*25%
223,
22
*21%
*3%
52
t
15%'
4%
52
78%
145g
14%
*1434
15%
5%
5%
*75
100%
6534
6534
100%
65%
78%
*27
1%
*20%
21%
X21
17%
28
17
*27%
15%
25%
15%
26%
22
4%
13
*12%
*9%
10
978
9%
53%
53%
533g
533g
7
7
*57
*7
67
134
20
*56
134
134
20%
86%
88
|
19%
*83
57
134
20%
87%
74%
12%
*21%
4%
53
*12
*7
*12%
9%
53%
*65
*72
27
*79
81
81
82
*81
*46
48
41%
7%
*634
*11%
19%
*90%
7%
41%
55
*73,
1334
413a
*91
15
94
1434
*53
*46
*53.
7%
7%
8
7
*634
14%
14
87%
72%
1212
46
21%
600
1734
1,400
28%
800
200
300
500
50
13
13
13
130
7
7
200
55%
55%
40
10%
"2,000
10%
55
55
67
900
54
7
41%
*53
*23
26
*23%
*81
83%
47
*81
83%
47
14%
*45%
14%
94
*88%
91%
100
7%
7%
41%
1.200
14
54
7%
7%
8
7
I
7%
7
12
*12%
19%
38%
38%
38
*%
%
1%
38%
3734
1%
38
38%
38%
3g
%
3g
*%
%
%
3%
%
%
*2%
3%
*%
*2%
%
3%
*%
*2%
49%
48%
1%!
3%
*4
7%
41%
41%
54
*53
7
7
7
*12
19%
*1
38%
%
%
*2%
*4
7
140
*6%
7,100
"2", 700
100
7
*1
3
1%
4
36% Jan 27
3834 Jan 3
4% Jan
1284 Jan
9
3
36% Jan
4
28% Jan
4
22% Feb 17
8% Jan
4
10% Feb
2
40% Jan
2
24
Feb
30%
Apr
May
7% Apr
21
Apr
13% Sept
2
17
Jan
684 Sept
Apr
28% Apr
534
47
Jan 11
36
Jan
4
75
%Mar
1
95% Feb 28
Jan 23
136
37% Feb 27
Jan *3
Mar
17
Dec
124
Mar
27% Sept
39% July
45
Oct
534 Sept
1934 Sept
45
Sept
40
Sept
25
Sept
10% Sept
8% Mar
47% Sept
Apr
48% Aug
Jan
91
% July
Aug
1% Sept
Sept
103% Mar
74
124
154
7
Jan
34
Feb 14
25
35
July
4134
Jan
5
31%
Apr
0% Feb
9
2
Aug
4% Jan 31
Jan 10
434 Sept
5% Sept
33
Sept
234 July
Apr
6% Feb 19
Mar
8
36
Jan
834 Feb 1
27% Jan 10
49% Jan 5
6
Aug
23
Apr
35% Mar
31% Sept
51
Sept
26
100
Jan 22
48
100
Pittsburgh Coal of Pa
Jan
4
107% Feb 10
4% Feb 27
6% preferred
100
Pitts Coke & Iron Corp No par
$5 conv preferred
No par
Pitts Ft W & Ch 7% gtd pf 100
21
Jan 29
7
Feb
769% Feb 16
171
Jan
5
No par
9% Jan 20
7% pref class B
100
30
Apr
Apr
4
Mar
72% Jan 75
173 -g Feb 14
50
Apr
158
2
Jan
11
Jan
4
9
16% Jan 15
34% Jan
19% Jan
Jan 18
32
12
Feb
15'4
% Feb 14
20% Jan 2
Pond Creek Pocahontas No par
Poor & Co class B
No par
12% Jan 13
10% Feb 5
I Porto RIc-Am Tob cl A No
%
par
1st pref
1
Jan
18
4
June
6
Sept
Aug
50
36
Jan 18
65»4 Jan 2
112% Feb 10
3934 Jan 18
No par
%
Jan
6
1284
Jan
4
6%
Apr
7% Aug
2% Feb 27
% Aug
% May
6
Aug
% Feb 27
14% Jan
1434 Jan
3
42
5
3
Jan
69%
118%
42%
115%
7127%
Feb 13
Jan
2
Feb 27
6% Sept
Apr
Apr
18
50%
112
Mar
31%
12
Apr
Sept
32% Sept
14% Sept
95
Sept
175
Aug
11%
16%
4812
25%
40%
20%
149
Apr
17% Sept
15
% Jan 16
No par
Mar
22 \ Feb
Jan 12
11% Jan 15
11% Jan 18
5
5% conv 2d pref
Procter & Gamble
5
Feb 13
Sept
4% Aug
6% Apr
22
Apr
12% Aug
142
Class B
No par
Pressed Steel Car Co Inc...
conv
8%
24
Pitts Y'n & Ash Ry 7% pf.100
Pittston Co (The)
No par
Plymouth Oil Co
5
2%
12
5
Jan
100
100
Pittsburgh & West Va
5%
3
4
8%
pf. 100
5% pref class A
ser conv pr
Jan 18
Jan 17
5% Jan
273g Jan
6% Feb 19
No par
Feb
110
5
Pitts Screw & Bolt
Sept
Sept
Oct
Oct
Sept
Sept
Dec
2% Sept
24
Sept
17
Sept
16% Sept
2%
84
Jan
Jan
16% Sept
1034 Sept
49
Sept
66
Dec
II934 Feb
4134 Aug
11438 Aug
128% Aag
11034
Feb 21
Jan 11
101% Sept
100
124
Feb 20
Jan 12
112
preferred
100
141% Jan
9
143
Feb
9
129
Sept
Apr
143
preferred
Aug
100
160% Feb
117% Jan
0
104
Jan 20
147
Sept
166
June
9
118
Jan
4
111
preferred
;
Pub Ser El & Gas pf $5-No par
Pullman Inc
No par
Pure Oil (The)
No par
2534
8%
$3.50
conv
Feb
5
32% Jan
3
Feb
7
9% Jan
8
85
6% preferred
100
5% conv preferred
100
Purity Bakeries...*
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
$5 preferred B
No par
Feb
2
89
Feb 16
77% Feb 13
79
Jan
14% Jan 19
15% Feb 9
15% Feb 3
6% Jan 11
14%
5%
1st pref..No par
Feb 29
Jan
6
JRadio-Kelth-Orpheum No
par
60% Jan
1% Jan
Raybestos Manhattah.No
par
19%
Feb
16
Jan 15
Rayonier
Inc
1
1% Jan 29
8
...25
50
14% Jan 16
4% 1st preferred
4% 2d preferred
50
25%
27
...50
8
66% Feb 21
$2 preferred
Reading Company
Jan 13
Feb
5
20% Jan 16
21% Feb 21
19% Jan 24
2834 Jan 3
16%
Jan
21% Feb
9
23
11
Autf
5
Aug
85% June
53% Apr
1% Dec
16%
Apr
6% June
12% June
117%
41%
1184
90%
81%
18%
16
8%
Dec
Sept
sept
Mar
Jan
July
Nov
Jan
85% June
67%
2%
Jan
Jan
23% Sept
19
Dec
10% Apr
20% Sept
2834 Dec
2234 Sept
2834 Oct
27
3
16
40
Jan 31
54
Feb 28
40
Reis (Robt) & Co 1st pref.. 100
Reliable Stores Corp...No par
12
Feb 23
13
Jan 12
7
Apr
16%
7
Feb 16
8
Jan
9
6%
Apr
10
10
Feb
9
9
Remington-Rand
1
11% Jan 19
9«4 Jan 30
10% Jan
3
Apr
Dec
14% Sept
17% Jan
Dec
75% Mar
Hosiery
5
Preferred
3%
Preferred with warrants..25
49%
68%
1%
18%
79%
Class
5
A
"
*4
3,300
460
10
110
5,000
Def. delivery,
6%
23%
Jan
3
Jan 23
1434 Jan
3
Feb
2
Apr
% July
12% Apr
43
Apr
Sept
5% Sept
54
75
29
Jan
21% July
82
Feb ?6
63
Aug
84
Feb 28
53
Jan 12
50
Jan
Dec
Oct
Jan
Jan
Sept
Sept
3
15% Feb 20
37% July
7% June
1434
Jan
4
94
7834
Jan
87
Dec
5%
Apr
Sept
11%
Jan
45
Feb 15
6% Jan
Apr
Apr
Nov
234 Nov
6
9%
Oct
28% Sept
9584
8984
20%
40%
42
Mar
Nov
20
Jan 10
8% Feb 13
41% Jan 20
5218 Jan 29
8% Jan
3
Jan
3
7%
35
52
July
6% Apr
6% May
Sept
Jan
58
Jan
10%
Jan
Oct
10%
Jan 2*
12
Feb 27
10
17% Sept
18%
Jan 15
20%
Jan
4
15% Sept
34
1% Feb
1
Jan 23
36%
100
Feb
7
9
34
Jan
3
27%
%
Jan
2
3
42
% Jan 3
% Jan 19
Apr
Apr
% June
3s Aug
No par
%
Jan 30
3%
Feb
9
134 May
4
Jan
4
Jan
9
3% May
2734 Apr
82% Jan
109
96
9
44% Jan 15
50%
110%
Feb 17
Jan
2% Nov
49% Sept
% Sept
Jan
2
100
r
Jan 2'>
92% Jan 31
76% Feb 28
preferred
New stock,
2
4
6
7
...100
JSt Louis Southwestern... 100
n
Jan
Jan
6%
39% Jan 2
52% Jan 29
100
5% preferred
6% preferred
7% preferred
Savage Arms Corp.!..No
1%
Dec
Dec
60
Jan 18
10
5% preferred
Safeway Stores
5
9% Jan
..No par
1,700
50
Jan
Jan 23
88
10
19
Feb 29
Jan 22
Feb
45%
5H % conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B_ 10
fSt Louis-San Francisco
9%
55%
69
July
7634 Feb 16
10
St Joseph Lead
6
13%
2%
11%
22%
preferred
100
sk % preferred
100
Reynolds Metals Co...No par
tRutland RR 7% pref
"
Feb
4% Feb
65
7%
Richfield OH Corp
Ritter Dental Mfg
Jan 15
Jan
Sept
722% Aug
6% Aug
70
Sept
6334 Aug
1034 Jan
100
Real Silk
2",500
a
5
85
30
No par
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
100
'
J In receivership,
5
66
2,300
3
3
2
%
39
*2%
Jan
16% Jan
118% Jan
2434 Jan
5
U
....
25
Apr
2% Aug
17% Aug
1134 Sept
120% June
15
Aug
6
%
38%
Feb 17
Apr
Jan
1,100
12%
20
19%
4
Apr
34
Jan
Common
7%
48%
48%
48%
4834
49%
4834 49%
48% 49
110% 110% 110% 110% 110% 110%
110% 110%
110% 11034
*112% 114 ,*112'4 114
*11234 114
*11234 114
*112% 114
*11434 115
115
116
*115
115% *115
115% *115
115%
26%
28%' 2734 28%
27%
28%
27% 27%
27% 27%
Bid and asked prices; no sales on this
day.
6.000
54
*12
12%
19%
1%
38%
%
%
200
14%
41%
*53
*634
12%'
19%!
*%
*1
7%
8
Jan
40
600
83%
*89
2
Jan
4% Sept
47
Sept
21
Sept
2% Feb
13% July
1 is4 Mar
59% Dec
9434 Aug
8
900
734!
41%
5
Jan
4%
Jan
Jan
3
1,500
87%
12%
27
1434
Apr
Dec
Jan
135g
26
44
7/%
91
534
75%
48
Jan
5
*74%
12%
7%
1
1134 Feb 21
Feb
14%
107%
Preferred
,100
Pierce Oil 8% conv pref
100
Pillsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
12%
*46
Aug
104
46% Sept
3% Sept
45% Mar
9% Oct
75
*12%
|
Apr
1%
Jan 20
130
Rensselaer & Sara RR Co.. 100
76%
12%
24%
46
Apr
11%
4
Jan
60%
Reliance Mfg Co
13
*64
67
36
Apr
5
Jan
8834 Jan 15
No par
75
*64
3
1%
74% Jan 26
38 Jan 3
100
Hosiery
1
3484 Feb
Reading C & I. No par
Philip Morris & Co Ltd
10
5 % con v pref series A... 100
Phillips Jones Corp
No par
Phoenix
1
Jan 94
7% Jan 30
6% Jan 11
Phila &
87
*53
j
21
No par
Petroleum
Jan 24
30% Feb
21% Feb
Petroleum Corp of Amer
5
Pfeiffer Brewing Co...No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
Phillips
Feb 16
10
100
preferred
5
3
.No par
preferred
Feb
33% Feb 5
3584 Jan 16
100
preferred..
86
7
100
15
26
*12%
prior preferred
86%'
19%
2634
5%
5%
Pet Milk Co
6%
7%
8%
4
13
No par
Peoria & Eastern Ry Co... 100
Pere Marquette Ry Co
100
$5 preferred
55
10%
_
Pennsylvania RR
50
Peoples Drug Stores...No par
Peoples G L & C C(Cbic)__100
*200
22
10
pref erred...
300
170
5
Jan 17
1%
Jan 23
Jan 24
Jan 5
21% Jan 15
Pub Serv Corp of N J..No par
*3%
*12%
par
v t c No par
3,900
22
734
conv
A...No
ser
Corp
3%
20%
13%
118%
5% pf (ser of Feb 1 '29). 100
*54%
*7
pref
Penn G1 Sand
No par
Republic Steel Corp...No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper <fe Brass
5
19%
*
734
13
conv
34,800
12
26%
$7
21%
*1
110%
11212 112%
Penn-DIxie Cement
60
*12
13
1% Feb 28
9% Jan 11
534 Jan 13
Jan
74
20%
87%
11%
110
2",400
2%
6
95
21%"
20
*11434 115%
"
55
3%
Jan 15
Feb
2
20%
54
'
900
18
6
tReo Motor Car
41%
*4
3,100
4,300
12
26
22
9
Feb
"MOO
*1
*4
22
22
Jan
2% Jan
1%
*19
*4
%'
11%
3%
*543g
4%
54
44% Jan
18
10
1%
*11%
48%
1%!
600
4
9% Feb 20
134 Feb 7
42% Feb 24
No par
134
1%
%
200
6,300
8734 Jan
2
8% Jan 18
17
Jan
834 Sept
2
Sept
Apr
Sept
92
Sept
6% Sept
72
Sept
7% Sept
14% Sept
4
1
134
11%
*%
*2%
,
10-%
163
*20%
1734
*2734
14%
Jan
8% Jan
June
%
35
101% Jan 25
1
134
21
I
91
*7
21%
1734
85
10
67
19%
*1
*20li
17%
53%
14%
73s
41%
21%
800
*162
100
5
2
8.3
5H % 1st
*34% 36%
6834
68%
11334 11334
4034 41%
111 34 11134
125%
124% 124%
142% *141% 143
162
Jan 15
1%
20%
86%
74%
12%
24%
*81
92
734
162
17%
53%
*90%
7%
41%
7%
21
10
45%
14%
93
*124
*141
7
Penn Coal & Coke Corp
10
300
*11%
1
Jan
Feb 23
Penney (J C) Co
""306
1
14
Jan 18
Pittsburgh Steel Co
""I36
Jan 10
1
44
100
*65
83%'
4534
"2,800
*11434 119
*lli>% 119%
100
26%
2634
2534 26%' 10.800
S3s
8%
6.500
8%
8%l
*89% 92%
*89% 95 I
100
78%
78% 78%
900
*77% 78%!
14%
14%
14%
14%
14%
1,900
15
14%
14%
300
14%
14%
5%
5%
5%
5%
5%
16,600
100%
*75
100% *75
100%
66%
66
65% 66
66
"l~6d6
1%
1%
1%
1%
3,000
1%
10
53%
50
36%
6834
6834
11334 11334
241% 413g
*111% 11134
*21%
*3%
25
48
*34%
22%
4%
5334
13%
7%
13
*12%
600
200
7%
41% Jan 12
100
Pitt C C & St L RR Co
"3",000
5%
23%
%
11%
12
28
10
10
110
1%
15%
2634
67
25
11%
*15
20%
*24
11%
*11%
*2534
20%
*83%
72%
12%
72%
%
2%
%
z28
*7
100
-
1
1034
2%
15%
2634
22
*12
600
21%
*1?34
1034
14
1034
2%
%
28
54
5
9%
*147
34
21%
*15
134
12%
27
21%
*1234
*2738
*25
10
49%
*____
*147
84
21%
1334
15%
25%
134
72%
12%
*24%
12%
1%
*17
"
52%
*12
66%
17%
*12%
12%'
*75
28
52%
13%
734
13
12%
14%
213g
43,
'
*78
*14%
5%
300
28%
5%'
llsi« Feb 28
s4 Feb 13
7% Mar
,
%
15
6,100
58
*8%
*26%
% Feb 14
6'4 Jan 16
2d preferred
7%
|
11
78%
14%
110
4%
T.900
5
58
Dec
62% Jan
56
2234 2234
23%
7%
7%'
*7%
7%
*70
72 i *70
72
175
*17334 174% *17334 174%
634
6%
6%
6%
6%
10%
*9%
*10
10%
10%
31
| *30%
31
*30% 31%
17% *17
18
18
*17
30
*22% 28% *22% 30
1234
12%
12%
12%
12%
2
%
5%
5%
*75
100%
65%
65%
1%
1%
900
7%
70
11%
11%
11%
11%
12
*1138
12
*11%
12
36%
36% *34%
36
*34%
36
69%
68%
6834
68%
6834
6884
114
113% 11334 *113% 11334 11334 H334
42
4134
41%
41%
42%
42%
42%
111% *11034 111% 111% 111% *111% 11134
*194
191
125
124% 124% *124% 125%
143
*141
143
|*141
142% *141
142%
163% *162
163
163
163% 163
163
119
*115% 119
118
*115% 119
118
27
2638
26%
26%
26%
2634
27%
8%
8%
8%
83g
8%
8%
8%
89
89
1
8934
*89
95
*89% 95
78
5,100
38%
*48
28%
49%
*
11%
14%
5%
11
|
9%'
37%
*4%
5%
*48
4%
22%
*147
2%
*75
28%
48%
|
62
*8%
*26%
110
70
....
834
38
19%
1
I
1,900
*58
12%
80
"7",600
60
30%
44
*76%
800
3g
834
*26%
48%
72
37%
80
8% I
38% I
44%
95%
*58
10%
15
44%
*76%
283s
1%
*%
1134
78
43%
44%
85
7%
9%
3S38
60
10%
8%
1,200
7%
8%
7%
*8%
38
*5
1234
*883,
7%
77g
9%
38
14
*115%
26%
100
*21%
Jan
9% Sept
Jan
55% Feb
150
22%
5
*12%
*141
24
t
22%
434
par
370
24
38
14
*124
34
5
21%
1234
10%
*162
34
600
*38
%
V
95% 95%
95% 95%
*140
148
*140
148
148
|*140
5%
6%'
6%
6
6
6%
*37%
49 ' *34
49
1 *34
49
95
17%
*34%
33%
25
%
*28%
12%
*11334
4134
*11034
33%
2434
*215g
38
18
11%
*11%
*34%
68%
100
200
9%
|
100
4i«>
38
44%
13,400
3534
11%
38%
44%!
I *7834
22%
37%
3
11%
Apr
8%
Pathe Film Corp
1
Patino Mines <5s Enterprises. 10
Penlck & Ford
No
$7
363s
*2%
7%
%
38
Deo
Parke Davis & Co
No par
Parker Rust Proof Co
2.50
Parmelee Transporta'n. No par
...J
22%
3534
3D34
3
22
85
223s
*10%
22
30
11%
1134
900
11%
24%
%
900
*10
24%
22%
734
9%
*28
1134
1
34%
24%
*17
3g
334
*119
22%
*3434
*37%
43s1
*10
18
*%
5,800
I
3%
3%
11
*3
10%
34
|
13
%
89
334
*119
22
32
1%'
334
*119
227g
*17
*12%
334
334
100
*17334 175
*173%
634
6%
634
*9
*9%
10%
*%
21%
89
500
14%'
*20%
*7%
*145
2,900
*14
*12%
1
7%
55%
7
155%
88%
14%
22%
7%
2134
500
27,100
7
*3%
500
1%
12%
*14
*28
....
20% 1
1%
1134
I
19
*144»4
*%
2134
*20%
14
12%
1
20%'
13g
1134
5634
7
3
Park & Tliford Inc
Park Utah Consol Mines
500
32
22
43%'
24
*28
*%
4314
*22
*17
22
88>4
1,300
43%!
634
5634
"moo
24
*12%
*145
138
11%
2%.
2
share
per
4
No par
conv preferred
6%
Highest
share $
per
3% Feb 15
20s4 Jan 3
...
Paramount Pictures Inc
6% 1st preferred
900
*22
*20%
12%
2
7
9%
|
4%
30%
18
22
434
7%
*87%
9%
*16%
14
14l2
110
*70
"moo
7%
share
per
7% Jan 12
Parafllne Co Inc
22
4%
75g
*173% 175
10%
*
434!
*4%
*20%
*7%
7
*9
*48
7'4
5
3% Jan 12
1/15% Feb 15
5
Pan-Amer Petrol & Transp__5
Panhandle Prod & Ref
1
4%
share
Lowest
par
Corp
Rights..
102
9%
18
*3%
20%
Pan Amer Airways
$ per
Year 1939
Highest
10
400
4334
89
9%
378
334
300
Pacific Western Oil
Corp
Packard Motor Car
No
700
7%|
%!
7&
2
612
57
23
*63g
7%
Par
100
3% 21,500
1734 93,500
134 194,400
*16%
8934
634
3%
*98
Shares
7%
92
93g
18
20'2
1%
1134
634
567g
89i4
1%
113s
834
*70
7%
70
60
2634
834
*
110
*5%
*37%
37%
83,
28
*..'..
*138
6
*37%
49
*2634
834
146
7%
43
*20l4
4334
102
*87%
2
43
13s
113s
*•%
94%
*5
22%
734
9%
94%
38%
*2%
10%
3334
24%
*21%
*7%
37%
*43%
%
*37%
4%
24%
8
*3,
*138
22%
*3434
*3634
734
92
2
*119
22ij
*3434
3734
*75,
7%
*98
17%
TT%
714
7g
43i2
%
*7%
1734
134
43i2
102
S per share
7*2
33g
*6i2
%
*87i2
9i4
*16i2
20
*35g
*22
7
43i2
*95
4358
35s
*35s
3S4
23
*119
*427g
1%
10%
7
2ig
•*7%
314
17%
rl%
1M„
*42
93s
18
2
4334
20t4
134
75s
92
S per share
714
33s
18%
%
73s
9U2
93s
2
7U
314
1734
102
*87l2
2
3l2
334
*95
18
*9i4
*1612
6i2
43%
43'8
75s
91%
93,
*87%
89
*7g
43%
*7s
7%
*55%
*7
1
16%
1*16
13g
*43
105
S per share
7
3%
16%
7
44
share
per
*7i4
3l4
7i2
3%
1734
134
73s
1*1«
%
44
S
,
7i2
Lowest
2
Jan
6
Sept
6% Sept
5134 Nov
100
104
Jan
100
112
Jan 10
114
Jan 29
Jan
113
100
113% Jan 30
19% Jan 15
113
Feb 21
104%
Jan
110% June
Feb 27
1034
Apr
par
Cash sale,
x
Ex-div.
2
y
28%
Feb 20
Ex-rights.
23
Aug
Oct
Sept
\ Called for redemption.
==*•
New York Stock Record—Continued—Page 9
1392
AND
SHARE,
SALE PRICES—PEIl
HIGH
Ranoe Since Jan.
Sales
Friday
|
Feb. 24
Feb
Feb. 27
26
12%
12% 1 *12%
*74%
76
%
*6%
6%
47
47
114
6%
*46%
7
♦113
%
%
%
47%
113%
*113
$ per share
12%
12%
12%
12%
76
*74%
74%
74%
%
%
%
%
6%
6%
6%
6%
47%
*46%
*46% 49%
*113
114
113% 114
12%
76
%
%
%
%
%
*%
%
%
%
%
%
%
*1%
825g
13%
2%
83%
1%
82%
83%
83%
1%
84%
13%
13%
13%
13%
*13
14
13
137g
14%
*13%
14
*54%
56%.
54%
54%
*55
59%
*18
5%
50
7%
*38%
11
*18
18%
♦18
18%
1%
1%
39
5
507«
51
7
7%
5%
*50
•
5%
50
7%
7
5%
*38%
11%
11%
*38%
39
11
11%
%
%
%
6%
2:46%
6%
46%
63ft
46%
*18
18%
*18
%
%
%
68,900
%
34
%
%
3,400
178
1%
84%
84
13%
13%
14%
13%
*55%
59%
39
1378
13%
*55%
5%
*50%
2:6%
*38%
11
*11
5%
5%
51
*50%
7
7
7%
39
*38%
11
11
18%
17ft
84%
14
1378
59%
5%
*18%
*134
83%
1334
13%
*55%
5
67ft
39
24
*20
2%
2%
*23
24
*19%
20%
119
115
*112
112%
112% 112%
*15
16%
16
10%
10
10
23%
23%
23
23
11%
11%
11%
11%
2%
2%
*14%
2%
2i4
14%
15%
15%
27%
28%
27% 27%
♦149% 150
*149% 150
29%
29% 29%
29%
13
12%
12%
12%
16%
16%
16%
16%
28%
28%
39
20
20
116
*116
*10
*23
25
28%
39
*37
28%
2%
*110
2%
2%
25
*23
25
20
*23
20
20
*19%
110
115
*112
112
*37
41
42
*39
40
*37
*2%
2%
2%
2%
2%
2%
2%
2%
6%
*5%
6%
*5%
6%
♦5%
6%
*64
70%
23
23
44%
44%
33
33%
52
52
*64
70%
25%
23%
20
44%
33
44
33%
51%
52
9%
63%
3258
67g
*107
*1%
4%
10
63%
32%
7
108
64
64
1%
4%
32%
678
*107
1%
4%
*11%
9%
9%
64%
97g
64%
33
327g
7
108
Feb
Feb
54U Feb
50
Feb
54
400
10
2,800
107
900
200
Slmonds Saw <fe Steel...No par
Skelly Oil Co
6%
*107
*64
"
23%
44%
*23
34
54
*52%
97g
10
97ft
64%
1%
1%
4%
4%
33%
*33
6%
6%
67«
4%
17g
1%
*4%
4%
1,100
18,900
5,500
6%
1%
4%
37ft
4
4,500
11
11
11
11
14
24%
2378
24%
23%
24
23%
24
24
24%
26
25%
26
26
26
25%
2578
2578
257ft
26
42%
43%
42%
43
43%
43%
43%
2378
25%
43%
143ft
24%
105ft
13%
10%
14%
44%
43
44
*30
31
31
31
30%
30%
80
80
80
80
795ft
80
*30
31
30
43%
30%
*795g
80
80
80
*29%
.
80
31
80%
8%
8%
8%
8%
8%
8%
*8%
8%
8%
8%
6%
6%
6
6%
5%
5%
5%
5%
6
6
10%
10
10%
10%
10
10
10
10
10
8%
6%
10%
93ft
3,100
.
63ft
-
.
16
*15%
16%
*15%
16%
53
*50
53
*50%
53
*3%
*38
4%
*29%
4
*4
32%
2%
4%
42%
47g
32
4
4%
33%
2%
*4
42%
4%
42%
4%
5
*29%
31
3%
*4
321.1
2%
*4
40%
4%
31
3%
3%
4%
32%
32%
2%
4
2%
*15%
50%
4%
40%
40
16
16
50%
*51
53
*51
4%
4
4
*4
*39
42
16
*4
4%
31
4
4
33
2%
40
4%
478
30%
31%
4
4
*4
41g
33%
33%
2%
2%
5
155ft
4io
5
31%
*30
*4
4%
33%
2%
33%
2%
4%
16%
53
40%
5%
31%
4%
40%
5%
32
4%
Southern Pacific Co
Southern
Conv
4%
2
65
Feb 28
57%
Dec
16% Mar
75% Mar
1
No par
No par
(The)
1
No par
Paper
Co
10
3,100
1,100
Swift International Ltd
25
Symington-Gould Corp w w.l
Without warrants
.1
Inc
(James)
534% preferred
Telautograph Corp
0
50
6
5
Tennessee Corp
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
Texas Pacific Land Trust
200
200
Thatcher
1
Texas & Pacific Ry Co
100
No par
Mfg
pref
conv
The Fair
No
par
No par
,«
Preferred
100
2,600
240'
Thermoid
Co
1,300
Third Avenue
1
preferred
Ry
conv
10
..100
4%
100
3,200
1,800
Thompson Prods Inc.-No
par
Thompson Starrett Co.No
par
Tide Water Associated OH.. 10
Thompson (J R)
900
$4.50
5,300
1,600
Tlmken
25
$3 50 cum preferred.No par
22%
22%
22%
22%
22%
22
22%
22
227ft
90%
22%
49%
48%
49
48%
48%
48%
5%
48%
48%
55ft
47%
5%
48
5%
48%
5%
558
5,300
Tlmken Roller Bearing.No par
Transamerica Corp
2
15%
*7%
15%
15%
15%
15%
155ft
7.600
Transcont'l & West Air Inc._5
5%
5%
5%
5%
15%
7%
15%
7%
15%
15%
2%
79%
*7%
2%
*78%
80%
5%
5
5
*4%
478
9%
*8%
9%
*8%
978
8
*4%
5
*8%
97„
2%
*78%
*4%
*8%
2%
90
7%
2%
778
*7%
8
2%
2%
*78%
2%
*78%
47ft
83
90
11%
1178
11%
11%
11%
11%
11%
*23%
2%
24%
*23%
23%
*23%
24%
*2%
24%
2%
23%
2%
*2%
2%
*2%
2%
*26
27%
12%
27
27
26%
26%
26%
26%
11%
1%
11%
12
*1
44
44
43
43
1%
43%
43%
13%
1378
13%
13%
13%
13%
84
8478
83%
84
83
84%
1%
112% 113
11%
*113
16%
16%
16%
95
96
94%
*87%
89
*87%
1%
113%
113
16%
94%
16
16%
94%
95%
89
*87%
114
89
1%
44
14%
83%
26%
26%
26%
*26%
26%
47%
4778
47
47%
47
47%
47
47%
15%
15%
15
15%
15%
15%
15%
16
16%
16
16%
16
16
15%
*15%
119% *116
119
119
*116
*56%
*18%
57%
56%
56%
*56
57
19%
1878
18%
*18%
2%
2%
2%
40%
2%
2%
19%
2%
41
41
40
40%
*116
16%
*9
11%
1134
*23%
11%
*%
24%
2%
27%
117ft
1%
44
*44
*26
47%
15%
*157g
*116
119
*2%
*26
11%
1%
14
117ft
1,300
"1.966
25
200
115ft
7,400
2%
2%
41
1
7,800
130
Union Carbide <fe Carb.No par
Union El Co of MoJ5 pf No par
2,600
1,700
Union Oil of California
157ft
119
58
1,000
a
4%
United
1,200
185ft
100
2%
17,900
40%
Def. delivery,
New stock,
4%
Jan
Apr
10%
Jan
Jan
9
10
Apr
20%
Oct
8
13%
Apr
26 lg
4
24% Sept
25% Oct
33% Sept
■1812
Jan
2734 Jan
3
22%
Aug
30
5
38
Aug
53% Sept
28i2 Jan 29
46% Jan
335s Jan
4
20%
Apr
36
Sept
8
8034 Jan
3
65
Apr
80
Dec
7614 Feb
Jan
2
938 Mar
1
Jan 15
9
5614 Jan 23
Jan 23
9% Jan
Feb
6
2
Jan 19
2
1
87g Feb 15
67g Jan 27
125« Jan 5
125g
63%
124
6% Aug
3% Apr
12%
85g
Apr
17%
5%
Sept
Jan
7% Sept
Jan
Apr
10
Oct
Feb 20
45% 8ept
66
Jan
Feb 13
118% Sent
Feb 21
107g Jan 20
277g Jan 5
2i2 Jan 3
17% Jan 3
35% Feb 28
Jan 11
758
Apr
19% Sept
1% Aug
10
Apr
22% Sept
57g Sept
128% June
11% July
38% Jan
358 Sept
22% Jan
30% Mar
2
2338 Feb 15
17
Apr
10% Jan
25% Sept
32% Jan 25
24% June
37% Sept
7i4 Jan 23
5% Feb 5
95s Jan 3
7U Jan 4
5% Jan 3
3734 Feb 10
4% Aug
12% Sept
6i2 Feb
22
Jan
7
Feb
2
34i2 Jan
2
5
Jan 25
4
55g Feb
428s Feb
5
1
312 Jan 23
3234 Jan 2
712 Feb 21
558 Feb 19
11
Feb 23
7
434 Feb 23
678 Jan 4
46 78
Jan
9
4% Jan 4
35i2 Feb 14
85g Jan 8
234 Feb
5
4
2
Jan
277g Jan 15
2
Jan 15
4
Feb 16
434 Feb 23
4l4 Jan 17
34% Feb 21
2i2
Jan
4
90% Mar
1
95
Jan 24
Jan 19
2
4i4 Feb 13
9
Feb 16
1U2 Feb
Jan 15
912 Jan 15
1
Jan
2
39i2 Jan 16
12ig Jan 15
78i2 Feb 3
1125s Feb 3
16
Jan 16
11% Sept
Jan
Jan
7
Jan
38% Sept
Aug
Jan
Jan 27
2ig Feb
5%
Sept
7
9
lllg
77i2 Feb Ifi
Aug
26
22%
23
5i2 Jan 23
12% Jan 15
3%
6% Mar
9 ig Sept
50% Sept
5% Nov
1
20i2 Jan 13
4612 Jan 19
Apr
8% Sept
Feb
l6i4 Jan 13
10
4
8
42i2 Feb 16
512 Feb 20
33i2 Feb 20
37g Jan 16
8
3% Aug
32% Aug
9% Sept
7% Mar
43% July
4
Jan 16
34
Oct
Jan
65g
18% Jan 8
52i2 Jan 29
2634 Jan
33%
12l2 Jan
157g Feb 13
Jan 3
3i2 Jan 12
50 <8
3% Aug
4% Aug
3
15% Dec
24
Oct
Dec
61
Oct
48
3%
30
2%
14
1%
Dec
41
Oct
Apr
6
Nov
33
Nov
Jan
Apr
1% July
7%
A pr
3%
18% Dec
14% Mar
9% Aug
83
Sept
96
Feb
Dec
3
10%
Apr
25
52
Jan
3
34%
Apr
54%
Jan
9
5
Sept
65s
8i4
Feb 19
Jan
3
234 Jan 4
7912 Jan 10
5t4 Jan 4
28
Jan 30
6%
Apr
5%
Apr
Mar
Apr
3
Apr
7% Sept
6
Apr
14% Sept
Dec
26 %
Jan
34%
Jan
17%
Jan 11
34% Sept
Jan
8
6
Aug
883s
Jan
4
65%
Apr
Jan 12
Jan
1934 Sept
1% Apr
1478
115
Jan
4% Sept
88
11%
Feb 19
Feb 21
Dec
2
45
1%
Jan
8% Sept
12%
10%
74
Apr
7%. Apr
34 Dec
13
Oct
4% Nov
33% Nov
3% Jan
24l4 Jan
1634
Oct
Apr
Sept
234 Sept
17
5%
10834 Sept
15% Aug
81% Apr
334 Aug
35% Aug
12% Jan
4% Jan
66
Jan
13% Dec
94% Sept
118
19%
July
1712 Jan
8
9714 Jan
4
85
Jan 29
89i2 Feb 10
78
20% Mar
July
24% Sept
31
51
2234 Jan 11
27
43i2 Jan 15
14ig Jan 15
153g Jan 2
4912 Feb
9
Jan
3
No par
100
No par
No par
r
8
5%
Jan 15
5
Preferred
United Carbon Co
n
7% Jan
Jan
June
2234 Jan
5
Transport
preferred
Dec
Dec
7%
93
United-Cair Fast Corp.No par
United Corporation
No par
S3
2
No par
Aircraft Corp
United Biscuit Co
3,300
4
3458
108
100
preferred...
Un Air Lines
25g Jan
Dec
100
25
Union Tank Car
10
58%
*18%
2%
3978
No par
Union Pacific RR Co
300
Oct
24
10,400
86
*116
X In receivership,
Twin Coach Co
Co
18% Apr
5% Dec
94
25% Jan 23
2% Jan 4
14%
83%
2
Jan 18
6
Under Elliott Fisher Co No par
Union Bag & Paper
No par
800
2%
40%
preferred
tUlen &
734
2334 Feb 27
214 Jan 26
par
700
9,300
19,600
19%
7%
3334 Jan
I081g Feb 16
par
No par
1.200
26%
57%
CorpNo
City Rapid Tran.No
1%
94%
86
2934 Jan 26
6
Jan
2
1037g Jan 4
1% Jan 19
3% Jan 19
95g Feb 21
13% Jan 4
10
$1.50 preferred
Twin
50
47%
153ft
16%
119
20th Cen Fox Film
100
23ft
267ft
113% 113%
16
16%
*93
Jan
100
Truscon Steel Co..
15
56%
10
Transue & Williams St'l No par
26i.i
*18%
2%
Axle
Trl-Continental Corp. .No par
$6 preferred
No par
Truax-Traer Corp
No par
47
19%
Detroit
.No par
4410
13%
8234
*
pref
100
153ft
16%
5678
401»
5%
conv
3,800
47%
5678
41
23ft
97ft
*23%
*2%
*18%
Bid and asked prices; no sales on this day.
8
83
978
14%
82%
82%
827ft
*113% 113% *113% 113%
16
16
16
16%
95
*94%
293%
93%
87
87%
88%
*85%
26%
26%
26% 26%
13%
*7%
44
117ft
1%
478
23
23ft
*78%
434
11%
12
11%
44
*9
23ft
60
Apr
3034 Jan 15
(The) —50
Swift & Co
9078
*
Aug
No par
4,300
91
*7%
*2%
*78%
1
8%
13i4 Feb
91
41
3
283g Jan 11
91
119
Jan
No par
Sweets Co of Amer
91
*26
lllg
Sutherland
91%
*1
53
1
Superior Steel Corp....... 100
*90%
11%
Apr
9ig Feb
Jan 15
100
91%
5%
Apr
11
42
42i2 Jan 12
23
91
1578
36
434
9
preferred
Sunshine Mining Co
92
5%
47
5
3
6%
*91
1% Aug
9% Sept
70% Nov
Jan
9
No par
Oil
4,600
>23
23g Feb
Mar
Jan
33%
2%
Jan
22% Dec
51% Sept
34% Dec
4234 Feb 23
103ft
39
36% Nov
Apr
25
18
Jan
Apr
Sept
Standard Oil of New Jersey.25
103ft
347g
Feb
Starrett Co (The) L S__No par
Sterling Products Inc
10
10%
4334 Sept
3% Jan
3
53
Standard Oil of Indiana
$3 div
34
2012 Jan
34% Jan
Standard Oil of Calif
190
Jan
4
3
14%
I0i2 Jan 19
13% Jan 19
23?g Feb 24
25l2 Feb 24
$3.60
Jan
23%
3
11% Apr
15% Apr
Jan
5
^Standard Gas <fc El Co No par
34 preferred
No par
$6 cum prior pref
No par
$7 cum prior pref
No par
100
Dec
2158
153g
23%
10%
Feb 26
Superheater Co (The)..No par
Superior Oil Corp
1
100
Dec
29%
3
2314
2,000
1,300
143
Jan
Apr
Jan
60
122
1,900
Apr
Apr
30
Jan1 29
100
10c
3,500
Sept
14
127
7
Studebaker Corp
2,700
13
Feb>19
Sept
15% Sept
3% Sept
18 s8 July
35% Sept
65
42,800
600
3
Feb
>23
24
8
Stone & Webster
1,200
14,100
Jan
12% Apr
10% Aug
U2 Sept
50% Feb
preferred
Talcott
2
2
5
400
2
Jan
29
1
Square D Co
800
9
Jan
Jan 29
1
100
Feb
2
Standard Brands
Sun
150
Jan
Sept
No par
54 50 pref
54.50
lUj
2434
12i2
23g
I65g
2884
11%
98% Nov
Feb
Stokely Bros & Co Inc
6,600
29%
I7g Feb
1,200
800
15% Aug-
No par
Spiegel Inc
10%
15%
3734 Jan 15
Jan 16
10%
22%
1
21
10%
*49
Mar
No par
preferred
*4
2%
28
Spencer Kellogg & Sons No par
33
*17
1434 Feb £6
22% Jan 16
14434 Jan 6
287g Jan 19
12i2 Jan 15
16% Feb 28
6
10%
18
Jan 19
65
10%
*17
No par
2
1
10%
18
100
Sparks Wlthlngton
10%
*16%
No par
Ry
Mobile & Ohio stk tr ctfs 100
10%
18
1934 Jan 13
11% Feb 28
100
preferred—
6%
19
*16%
par
8% preferred
100
Southern Calif Edison......25
*10%
18
Feb 26
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum.. 1
*17
*17
par
10
7
75g Jan 31
3.300
4
Oct
Jan
Dec
Feb
5
20
22l4 Jan
Jan
3% June
28%
Sept
15
Stewart-Warner Corp
900
Apr
17% Mar
10
7,500
10
12
11%
11%
11%
11%
12%
11%
11%
11%| 11% 12
597g
59%
60%
59% 59%'
59% *59%
59% 5912
59% 59%
124
124
*123
123
124
*123
*123
124
*123
124
123% *123
107g
10%
10%
2:10%
10%
10%
10%
10%
10%
10%
10%
10%
23
24
23%
23%
23% *23
23% *22%
23% 24
23% 23%
2
2
2
2
2
2
2
2
2
2%
2%
2%
15
15
*14
15
15
15
*14%
*14%
*14%
15% *14% 15
35
35
35%
32%
34%
3378
33% 34%
343ft
33%
33%
2:34%
7
7
*7
7%
*67g
*6%
*678
*6%
7%
73ft
73ft
7%
22 34
23
23
23%
22%
23%
2278
23%
23%
22%
222% 23%
31%
31%
31%
31%
31%
31%
31%
31% 317ft
3134 31%
31%
7%
7%
7%
7%
7%
7%
7%
73ft
*7%
7%
7%
7%
6
*519
6
6
5%
5%
*5%
5%
*5%
5%
*5%
57ft
5%
*5%
5%
*5%
5%
*5%
5%
5%
534
*5%
5%
5%
40
40
40
*37%
*37%
*37% 40
*37% 40
*37%
*37% 40
4%
4%
4%
*4%
4%
4%
*4%
43ft
4%
4%
4%
*43ft
6
6
6%
6%
6%
6%
6%
6%
*6%
6%
6%
6%
44
244
44
44%
43% 44%
43%
44%
44%
447ft
44%
•443ft
4
4
4
*3%
3%
378
3%
37ft
3%
3%
334
3%
34%
34%
34%
3478
3478
34% 34%
34%
34%
234% 34%
34%
8
*7%
7%
7%
778
7%
7%
7%
7%
*7%
75ft
7%
5%
5%
5%
5%
5%
5%
5%
*5%
578
57ft
5%
57ft
11
11
11
11
*10
*10
11%
11%
11%
11%
*10%
*10%
16
400
1,700
1,200
115g
*50
14,700
9,000
18,200
8%
60
*
400
14
16 '2
Dec
300
14%
Feb119
25
8% Sept
3234
9
330
12
Dec
4
3,400
15%
Apr
2i4
21
O) Corp
Smith & Cor Typewr..No
Snider Packing Corp...No
10
14%
*11%
Apr
17%
Jan
Apr
Smith (A
51 leer Mfg Co
53 conv pref A
15%
12
4%
3
23g Jan1 10
24
112
Slurry Corp (The) v t c
15%
107% Nov
Jan
140
15%
12
17% Sept
98% Aug
101
3,700
15%
23%
25%
*11%
97g Aug
108% Feb 7
6l2 Jan 10
112i2 Jan 17
17i2 Jan 3
4,700
1,900
38% Aug
Jan 29
54
1%
Feb
Jan
111
preferred
34
15ft
17ft
43ft
.
No par
$6
$5.50
2,000
15,000
Oct
1134
127
70l,i
7
28
7% Sept
54
Dec
June
6%
Jan
Jan
Jan
Sept
Apr
Spear & Co
333ft
37g May
43
Jan
18%
2134
72
Apr
S'eastern Greyhound Lines..5
108
Dec
Sept
70
44%
67ft
51
1
3% Sept
2438 Sept
3% Jan
85% Nov
92
600
33%
Apr
Jan1 31
23%
108
AUg
Feb>21
34
7
-
Sept
118
50 Porto Rico Sugar...No par
64%
678 Feb
21% Feb
2% Jan
21% Jan 19
19% Jan 15
9914 Jan 3
Jan
10312
500'
1,300
Jan
1
10% Jan
52% July
117% May
Jan 30
3,300
4,200
10,500
6,000
2,700
1078 Feb
105
76% Aug
105
100
44%
64%
33%
107% 107% *107% 108
1%
200
15
preferred
6%
100
70%
33%
33
108
100
10
Petroleum
Jan
40l2 Feb
I3ig Jan
36% Jan
105
Jan
534 Jan
73g
65* Jan
Apr
Sloss Sheffield fcteel & Iron. 100
30
2%
2:64%
No par
534% conv preferred.-.100
Sliver King Coalition Mines. .5
Simmons Co
...No par
Slmms
6%
65
Union Oil
Shell
300
*2%
65
No par
Sheaffer (W A) Pen Co.No par
1,400
*5U
44%
9%
(Frank G)
2%
2%
33%
*52%
9%
Sharpe & Dohme
No par
53.50 conv prefser A.No par
Shattuck
6%
22%
6%
34%
54
$5 conv preferred
Apr
44i2 Sept
1
2ig Jan
100
No par
No par
Sept
%
3%
1512 Aug
1% June
60% Apr
115s Apr
10% Apr
Jan
60
Sharon Steel Corp
10
61
»4
Jan
15
1
Highest
share $ per share
177g Mar
Aug
per
Jan
Jan
2%
44%
*52%
1%
20
Jan
[
Feb 27
900
*5%
34
34
52
Jan 11
109
A
Feb
18
4
11-512
13%
40
43%
44%
33%
Jan
Jan
163g Jan
130
'
%
49
87
300
*23
Feb 27
109
2
734 Feb 21
Feb
1,600
70%
11234 Feb 10
Jan
134 Jan
20
23%
4618 Feb 16
3s
135s
125g
54%
4%
116
*39
434 Jan 11
Feb 13
77
8
80% Jan
*10234 103
*110
3
Jan
No par
Seagrave Corp
2510
♦23
Jan
%
Serve! Inc
11
23%
23%
*51%
9%
40
JSeaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del.No par
1134 Jan 23
72
Sears Roebuck & Co...No par
300
3,400
*2%
20
118
100
5,700
2,000
*64
*64
70%
23%
44%
23%
2%
preferred
534%
JSchuIte Retail Stores—.—1
8% preferred
100
Scott Paper Co
No par
$4.50 preferred
No par
$4 preferred
No par
Year 1939
Lowest
S per share
135s Jan 11
6,300
112% 112% *112% 112% *112% 112% *112% 112%
*15
*15
16
15
15
*1478
15%
15%
10
10%
*9%
10%
*9%
*9%
*9%
10%
*23
23%
23%
23%
23% 23%
23%
23%
11%
11%
11%
11%
11% 11%
11%
11%
2%
2%
2%
2%
2%
2%
23ft
*2%
*14%
15%
15%
*14%
1434
14%
14% 14 %
26%
26%
26%
27%
26%
267ft
26% 26%
*149% 150
*149% 150
*149% 150
*149% 150
29%
29%
29% 29%
29% 29%
295ft
29%
13
127«
12%
12%
127ft
1278
12%
12%
16%
16%
16%
16%
16%
16%
16%
163ft
28
28
28%
28%
28%
28% 29%
28%
♦5%
*64
*2%
102% 102% *102% 103
102% 102%
*102% 103
*102% 103
*15%
*2%
2%
18%
5%
11
11%
Schenley Distillers Corp.....6
$ per share
2%
84%
137ft
50%
50%
*67g.
7
38%
•38%
51
*106
*106
107
*106
107
*105% 106% *1057g 106% *105% 107
6%
6%
6%
6%
*6%
6%
6%
6%
6%
6%
6%
22
21%
21%
22
21%
21%
21% 21%
22
2178
217g
*2%
50
%
*1%
5%
140
109
83%
51
400
114
*108
Par
200
46io
*113%
109
,
18%
2,400
15,800
1,500
113
1940
Range for Previous
1
Lots
Highest
Lowest
Shares
12%
73%
113
On Basis of 100-Share
Week
1
2,
EXCHANGE
%
6%
73%
%
%
.
share
12
12%
75%
12%
*74
%
%
'
$ per share
1 $ per
*108
109
109
109
109
Mar
Feb. 29
Feb. 28
$ per share
S per share I $ per share
*75
|
NEW YORK STOCK
the
NOT PER CENT
STOCKS
for
LOW
March
Cash sale,
x
112
Jan 31
545g Feb
5
1712 Jan 12
2ig Jan 31
38
Jan 15
Ex-div.
y
1678
Feb 19
16l2 Feb 13
119
Feb 23
60% Jan
19
2% Jan
42
Ex-rights.
4
Feb 21
3
Feb 13
7'g
Apr
Aug
Apr
145s Sept
112% Mar
105
Jan
Sept
90
Nov
16% Dec
18% July
119% June
52
Apr
69%
13%
Apr
20
Oct
Mar
2
Apr
3%
Feb
30%
Apr
39%
Aug
^ Call?d for redemption.
New York Stock
Volume 150
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Feb. 24
Wednesday
Feb. 26
Feb. 27
Feb. 28
Feb. 29
$ per share
$ per share
$ per share
CENT
Thursday
8 per share
$ per share
534
*412
5%
484
59
*412
59
4%
*34
5%
484
59
43g
5%
434
60
4%
35
5%
434
60
4%
35
514
*434
60
414
514
5
*62
4%
64
414
5%
*434
Mar.
S per share
53g
5
65
4%
*61
41.4
200
5
140
434
180
21
*174
5
4%
31
*29%
21%
514
21%
5%
5%
934
934'
*61
180
4%
31
*4l2
*2914
21%
21%
*514
5%
95
9%
63
63
37
37
*35l2
3634
*35%
18s
13s
35%
113
36%
35%
36%
11234
62%
*66l2
62
*11534 116%
37%
37%
*4534
48
I
*2
2%'
*7
7%
.
67
*54%
*13%
*66%
55%
15
| *13%
6734
*66%
,*148
151
j 88% 89
90
5s
%
5o
%
18
31
21%
215s
215s
514
5%
*5'4
95g
*9l4
*60i2
2:375s
36l2
9%
912
63i2
3778
*60i2
63%
37%
37*2
36i2
36
36
1%
1%
63l2
3734
35% <
1%
365g
55%
15
'
I
67%'
151
88
88
*t«
%
18
I
7% I
1%
*148
1J
1«
18
*17%
5
3234
218s
55s
*7
>1%
*5434
*45g
*5i4
116% 116%
*3634
37%
*4534
4734
2%
2%i
1%!
5
213s
62
7%)
*4%
180
31
67
*7
5
474
180
5i2
57%'
55%
18.
I
*174
2H2
6684
*54%
14%
*66%
*88%
31
57
134
14%
68 |
*4%
02
1%
151
I
I
"I84
*148
37i8
35l2
1%
3578
180
5
112i2 113i2
62
67
*61
*174
56%
57%'
116% 116%
*36%
37%
*4534
48
2%
2%'
I
67
57%!
57
13s
j 11234
113
62
I
36%'
1%
180
9%
63
3 7'8
37
*174
*30
36
30%
113% 113i2
*6H2
62
6512 65l2
57%
58%
116% 117
3634
4534
2%
37%
4534
*7
2%
7%
*134
1%
*5434
*13%
66%
55%
14%
66%
*148
I
%l
18%
150
87
87
*%
18%
*30
3284
36
64%
65%'
11634
I
I
59
116%'
373g
373«
*4534
46%
1%
*1%
*13g
*7
*21%
*94%
*1%
*1%
2%
7%
7%
2%
7%
22
22
95%
*9478
1%
1%
22
....
*1
149
149
*80
84
|
'
1934
|
*1%
134
1%
1%
*1%
2%
*1%
2%
*1%
2%
*1%
7%
*21%
7%
7%
2134
7%
2178
97
5%
7%
2134
7%
2178
95%
5%
*95
£34
34
*34
*15%
16%
*1534
16%
*7%
1%
♦2384
378
*48%
*1%
5%
8
*7%
1%
1%
1%
*2334
25%
378
378
*48%
%%
*6%
1%
87g
*3%
5%j
*28%
4%
17%
23%
4%
*3%
4%
2934
2734
23
*2414
*69
70
*69
*108
109
*108%
112%
104%
117% *116%.
*16
*10134
39
24
29
29
23
4%
1%
87g
5
*3%
4%
25
24%
70
*69
*48%
4934
*48%
1%
*1%
87g
*67S
8%,
*6%
*§%
5%
*3%
1%
29
*29
*27%
17%
*227g
28%
17%
23 |
1734
23
4%
4%
4%
18
23
4%
*24%
25
70
*69
70
1
*2414
69
7%
23%
2334'
38%
334
334
*6
....
38%
334
*3834
*3%
38
34
%
2334
23%
24%
24%
112%
24%
*60
2&%
30
*97%
98
29%
2934
*80% 110 ,
*65%
70 I
*9%
9%
11%
11%
29%
*80% 110
*65%
70
*9%
9%
11%
11%
9-%
5%
5%
5h
5%
5%;
|
1634
....
5
5%
69
*60
97%
29%
*80
*6
*66%
*9%
11%
5%
5%
5%
5%
69
9%
5%
110
I
*80
70
j
2934
*65%
6%
110
9%
9%
11%
11%
2,900
5%
*5%
5%
400
*5%
*47
5%
60
5%
1,200
*9
5%
3%
3%
1,800
3%
3%
3%
3%
5%
3%
3%
*3%
5%
334
5%
334
53g
3%
5%
5934
134
3%
5%
5%
5%
5%
4,600
64%
64%
40
40
40
40%
40
18%
1834
1834
65
60
20
20
600
3
6%
Apr
1334 May
Jan 11
4% Nov
7»8 Sept
Feb 27
5
7
19%
Apr
3534
Oct
4
1434
Apr
24%
Jan
24
Jan
4
Jan 16
5
Jan
*67%
18%
73
*67%
73
*67%
73
70
*56
70
*53
70
*53
70
36%
*45%
36%
35
35
35
35
35
35
35%' *35
36%
*34
36%
400
4634
45%
45%
47%
*44
47
44%
300
113
113
18%
44%
1
Feb
Feb 15
Aug
79
Jan
Apr
107%
Dec
Apr
112%
Dec
Feb 14
108
Jan
8
88
Apr
106
Deo
Jan 10
116% Feb 20
19% Jan 4
105% Sept
15% Nov
115
Nov
Jan 31
Feb 14
103%
Feb 14
33% Jan 13
3% Jan 13
3 1%
5
Feb 24
6%
82%
4% Jan
38
..5
Jan
2
No par
45
July
78
Oct
Jan 26
4
Jan 29
65
Feb 29
Jan
6
116
Jan
2
22
Mar
1
38% Jan
2
10
121% Mar
25% Feb
41% Feb
18
Jan
21% Jan
68
Jan 19
71
Feb 24
44
Jan 18
15%;
15%
37%
60%
114%
89%
Apr
Sept
Aug
Feb
Feb
32
Aug
Apr
Apr
7
8
36
Sept
10%
Apr
47% July
May
Jan
23% July
Jan
31%
Jan
11%
Jan
3
Feb 24
98
8,300
Young Spring & Wire..No par
Youngstown S & T
No par
Jan 22
48%
Jan
3
30
100
86
Jan 15
89
Jan
6
74
Apr
May
2", 000
Youngst'n Steel Door..No par
22
Feb
6
Jan
4
17
Apr
2,200
Zenith
Radio Corp
Zonite Products Corp
14%
Feb
3
28%
16%
Jan
3
12
Apr
2
Mar
2%
Jan
3
2
Aug
85%
23%
514% preferred
|
1,200
Def. delivery,
n
New stock,
ser A
r
38%
No par
Cash sale.
1
£
Ex-div
1
y
Ex-ri^h's.
9%
Oct
Oct
Nov
Mar
18% Sept
12
69
127
Apr
75
122%
74
Apr
85
Jan
1
Sept
3134 Sept
50% Jan
23% Jan
Apr
Apr
Jan
5
60% Nov
115
Sept
Sept
Feb
10% Feb
7% Sept
38%
53%
124%
85%
33%
21%
25
19%
Jan
6%
15
5
7
4% Nov
3434 Nov
20% Dec
4% Nov
3%
105%
16% Feb
1157g Jan
12% Mar
15% Oct
2% June
278 Aug
1
Jan 2 "
Oct
June
43
35
Aug
9
100
100
134
6
Jan 13
23%
2%
3
1
15
a
6%
Jan
23s
23%
2
Jan
14
*84
t In receivership,
80
Jan
86
2%
Oct
Jan
1% Feb 16
4% Feb 15
23%
2%
38%
3% Jan 11
51*4
100
Preferred
Oct
97
Apr
4%
10
Prior pref 4^% series.. 100
Prior pf 4Yi % convserieslOO
50
600
75
Apr
15%
22
*84
15
3
1% Jan 5
3
Jan 15
*23%
15
33% Jan
14
86
15%
2%
Apr
July
28% Dec
39% Deo
39% Dec
74
Feb 27
24
15%
2%
42'
49
122% 122%
10%
10%
39%
40 I
23%
x29
4
Yellow Truck & Coach cl B..1
*82%
Apr
19% Feb 28
3% Feb 9
No par
20
7 .200
85%'
Mar
15%
Apr
Jan 23
17%
24%
Sept
Dec
6
17%
*82%
121
145
Apr
80
25% Jan 18
Jan 22
£23%
Apr
May
10%
8
Jan 20
23%
15%
126
3
Jan 22
Sept
Jan 30
22 %
this day.
Sept
37
37% Sept
Jan
85
on
2
Apr
Apr
Feb
105
2%
Dec
18%
65
par
2%
%
1678
98
Wright Aeronautical...No
2%
Jan
8
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
2%
1
28% Jan
28% Jan
Jan 29
120
2%
Apr
Apr
Feb
700
Bid and asked prices; no sales
2%
3%
8%
6% preferred B
36% Nov
034 Sept
11% Sept
Jan
65
300
86
Apr
Dec
Jan
94 <4
110% 110%
23%
15%
20%
19%
7%
Feb
86
86
86
85% 85% *85%
86%
22%
22%
22%
*221.8
23
I
22
22%
17%
17%
17%
17%
17%
17%
17%
17%
*120
124
*120
122% 122%
122
*120
122
10%
10%
*10%
10%
10%
10%'
10%
10%
40
40
41
£40
41
I
40
40%
40%
»
4
Jan
95
*22
*2%
Jan
Oct
28%
85
*85%
15%
July
55%
23
15%
16
3
86
*84
3
Jan
Dec
Jan
23
86
75
Jan
334
Feb 27
86
23%
15%
27%
32%
80
114
23% I
*84
Apr
Dec
109
86%'
11%
40
Sept
2
*23
*10%
39%
1 %
Jan 30
*85%
17%
17%
122% 122%'
20
4% Feb 21
103%
Worthingt'n P«fcM(Del)No par
7% preferred A
100
18
73
Jan
Jan
7
1,500
19
*67%
378
1984
3% Sept
18%
*18%
58
31% Jan
28% Feb
Feb
8
Wool worth (F W) Co
*56
Feb
1% Nov
8
9,900
70
36
Jan 11
40%
113
3
Jan
40
18%
73
,
113
Jan
Jan
Jan 13
Jan
40%
Jan
July
1%
6%
preferred
Jan
Mar
078
6%
4%
Jan 13
10
$6
Jan
Jan 11
13%
Wilson & Co Inc
278
44
Dec
11% Jan 24
40%
*56
Dec
Jan
20% July
1478 Mar
18
1
6% conv preferred
9%
50%
Dec
70
40
*67%
1%
3%
66% Jan 23
9% Feb 29
40
73
,*110
60
Dec
21
4% Feb 19
100
Wisconsin El Pow 6% pref. 100
Woodward Iron Co
10
60
7
Jan 10
Jan 10
Oct
Oct
102%
111%
30
Wilcox Oil & Gas Co
1,400
121% 121%
70
113
2
68
Willys-Overland Motors..... 1
1,500
*56
*110
14%
3
8
23•% July
98% July
111
100
2,000
46% *44
*110
*110% 113
Feb
Jan 10
Jan
24%
*45
Apr
Jan
Jan
24%
35%
4
6%
f
138
$4 conv preferred
Prior preferred
100
*67%
|
Jan
118
25
18%
Apr
% Jan 31
25
18%
15%
85
Jan
16%
9%
1%
25%
Jan
3
June
98
Deo
378 Sept
Sept
1% July
22% Feb 17
22% Jan 15
22% Jan 15
105% Jan 15
2434
40%
Jan 19
105% Jan
White Rock Min Spr C0N0 par
White Sewing Mach Corp..
500
*1%
*47
Sept
White Motor Co
100
1134
Mar
3
Apr
6% pref.. 100
preferred
131
$5 conv prior pref...No par
White Dental Mfg (The SS) .20
70
*5%
63%
Jan 18
23%
5M % conv preferred
100
Wheeling Steel Corp...No par
3,100
101
5%
35% Jan 19
29%
*121
3
5% conv preferred
Wheeling ALE Ry Co
3%
'
Jan
900
"140
1%
62
2%
7% Feb 27
Feb 13
1%
24%
2
38%
39%
134
*121
Jan
Jan 23
69
Apr
Mar
% July
64%
1%
33%
1934
24%
Jan
Mar
Westvaco Chlor Prod..No par
1934
3%
24%
35
100
Feb 27
400
*1%
*3%
5%
61%
61
9
37
134
*122
Sept
Jan
*36%
20%
3%
2434
July
15
48
293g Jan
134
2434
118
Feb 2)
Union Telegraph-100
1st preferred
Apr
56% Aug
65
Sept
2934 Deo
5*4 Sept
33% Sept
4% July
Jan 20
*1934
*3
*121
17
116% July
44% Dec
112% Sept
Jan 15
1»4
60
Jan
26
3%
25
Jan
130
20%
121
4%
3184
50
1»4
121
Jan
Weston Elec InstrumentNo par
20
*3
*24%
(9% Feb 28
31
300
*1934
*58%
Jan
80
100
1,900
134
5%
61%
46
2634
133
2634
3%
5%
60
Apr
30*4 Sept
3%
10
100
11234 11234
30-%
20
Apr
Sept
34% Apr
54% Aug
65
Sept
18% Apr
2% Apr
Jan 11
22
Westlnghouse Air BrakeNo par
Westinghouse El & Mfg
50
98
1934
Nov
16
25
109
17
100
Co
Maryland
Western
37
*3
pref
Western Pacific
1%
3%
Sept
40
34% Jan
3934 Feb 2)
115% Jan 8
Jan 18
29
par
1,300
3%
|
Co No
2,500
19%
52
40
Aug
27% Feb 20
100
2,800
49
*47
Sept
Sept
16
Jan 13
4% Jan 11
No par
34
*45
49
21
Feb 29
5
Jan
23%
49%
19%
49
19
Jan 15
24%
9%
51.4'
preferred
preferred
4% 2d preferred
11%
12
Feb
1
...100
Western
*97%
*65%
78
Jan
6
3%
45%
1%
0%
No par
preferred
Western Auto Supply
*36
*60
*80
103
Apr
%
Jan
7% Jan
1% Jan
No par
100
97%
,
Sept
45%
Jan
21%
24
133
June
146
7
8
5
23%
2334
24%
July
36%
par
No par
West Va Pulp & Pap
7
Sept
Jan 23
100
900
3%,
Deo
17
85
16
preferred
100
WestPennPowCo 4>£ % pf.100
6%
>334
30
110
130
64
May
33% Jan 15
No par
preferred
3834
*38%
69
Baking Co cl A..No
conv
7%
6%
Apr
9
60% Sept
118
93% Jan 31
No par
"506
97%
*60
97%
30
$4
46
Jan 12
%
Jan 22
5%
Sept
8% Mar
2% Oct
9
Feb
20%
West Penn El class A..No par
70
Jan 2'
4
Apr
1
Wesson Oil & Snowdrift No par
300
1%
5
94% Feb
6% Feb
No par
16%
k%
90
7%
*100%
38%
Co
Webster Elsenlohr
200
69
112%
16%
.
70
2,400
Jan 31
1%
100
No par
Washington Gas Lt Co .No par
Waukesha Motor Co...
6
Wayne Pump Co
1
117% *116% 117%
112
112
112
112
11234
134
134
*133
136
*133
136
*26
27 | *26%
27
*26%
27
I
36%
36%
7*37% 37% *36% 37
37
37
3634
37
,
3634 3634
98
11%
5%
*67
3
Jan
100
Warren Fdy & Pipe
"5 00
*107% 109
4634 July
134 Deo
6% May
125
$3 convertible pref..No par
$1 1st preferred
No par
....
25
2
Jan 29
Feb
1
No par
No par
$3.85 conv pref
JWarren Bros Co
800
%
23%
24%
7%
500
4%
90
100
Class B
500
25
69
25
100
Warner Bros Pictures
190
23
Oct
Aug
98% May
Jan 12
100
Walk (H) Good & W Ltd No pio
300
25
25
Walworth Co
800
18
4%
3%
27%
116%
■5%
44%
31%
100
4H % pref with warrants 100
Ward
6
28% Jan 17
No par
System
Walgreen
1,500
28
*85
*6
23%
*60
70
4%'
Cbem
5% preferred A
5% preferred B
4,000
29
...
*334
*%
*97%
*65
38%
4
23%
24%
70
110
39
7%
*6
7%
98
*80
23
56% Jan
5
preferred
Waldorf
"""206
29
Sept
.100
Works
Preferred
*17%
2234
104% 104%
*6%
29
1%,
10434
.
400
"""800
*27%
,
100
preferred
Jan 23
June
30
15 »
43
68% Sept
£70
39
Jan 19
5
Jan
41%
3
Feb 13
28% Jan 22
35% Jan 15
114% Jan 23
Apr
July
Jan 97
Jan
67
100
8684
Feb 20
37%
48%
2%
7%
148
100
Mar
37% July
6% Mar
5284 Jan
114% Nov
82% Sept
12078 Sept
37% June
Jan 15
6
3
Oct
49
48
Jan
.% Jan
16% Jan
67
60
Jan 12
J Wabash Railway Co
87g
578
111
34
*37
48%
109
39
"""166
300
334
1%
28%
*17%
1%
24
3%
48%
I
30
*27%
*85
1%
24
4934
134
*29
*85
24%
1%'
378!
112%
7
38
538
1%
24%
334
24%
37«
25
2734
*60
*43
8
578
29%
*97%
*9%
11%
8
Jan 16
Feb
15% Sept
Apr
4
14%
100
109
3834
*3%
10
700
112%
10434
3%,
24%
*5%
8
64
Jan
Jan
Aug
3234 Sept
31% Oct
1% Dec
31% Apr
7034 Jan 11
68% Jan 3
118% Jan 4
1% Jan 19
Virginia Ry Co
6% preferred..
Vulcan Detinning Co
"""266
16%
784
05
70
6%
50
*153g
784
2
5
Va El & Pow $6 pref ...No par
Va Iron Coal & Coke 5% pflOO
600
16%
Jan
No par
I
pref erred.. .No par
Va-Carollna
60
4,000
*15%
Feb 19
Jan
Feb 29
50%
200
5%
2
43% Jan 2
1% Feb 15
6*4 Jan 9
Corp
VIcks Shreve <fc Pac Ry
400
33%
1%
41%
113%
35
25
Victor Chemical
3% July
584
'
5%
5%
2
115
Vick Chemical Co
10
33%
34
35% July
29% Sept
10% Sept
Jan
No par
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
""200
96%
*96
5%
5%
34
'
1%
*6%
8
*85
24%
2434
24%
24%'
112-3s 113
111% 111%
*133% 135
*131% 134%
26
*26%
27
26%
37%
37%
*36%
37%
*37
49%
34
22%
Apr
34% Jan 29
55% Jan 22
7% 1st preferred
22
22
16%
....
39%
*3%
*6%
34
1%
2334
378
34
1%
1%
*1
96
96
108
109
*107% 109
*107%
112% 112% *112% 112%
112%
10434 1043.4
104% 104%
1043.1
117% *116
117% *116% 117% *116%
1634
*16
1634
16%
16%
*16%
16%
163g
*10134
*I0134
*100%
*100%
*112% 112%
10478 10478
*116
49%
%%
*6%
*3%
273.4
*17
17%
4%
25
*7%
1%
2334
378
*15%
*7%
*1%
*23%
334
.
*85
...
25
1%
878'
23
28
*85
49%'
—
29%
2734
17%
29%
*2734
*23
8
25%
37g
49%
*6
17%
5%
*95%
5%
1%
Apr
13%
5
Jan 10
13% Feb 20
2%
7%
*1
23
Jan
Feb 28
64% Feb 29
Preferred
7%
1%
Feb 28
26%
6%
62
*133
...
*1%
*1%
35
53s
*133
31
30%
Jan
Jan
Mar
7% July
2
61
113
180
Apr
Jan
50
Preferred
"V,66o
5% Aug
65% Sept
149% Sept
4
8% preferred
100
Universal Pictures 1st pref. 100
Sales
No par
500
17% Sept
14
Sept
34
Jan 15
Jan
Mar
46
1%
11
87% Mar
5
Jan
109
Sept
7% Sept
June
Jan
100
Nov
14
Aug
534 Mar
Jan
Feb 28
15
75
11
Vadsco
3,100
384
Apr
Jan
Feb
4
Jan
5%
No par
70
*1
16%
-
*16
*133
Jan 2 6
Jan 11
Universal Leaf Tob
700
*18%
19
89
181
Universal-Cyclops Steel Corp 1
30
%
8
Apr
6%
70%
38%
United Stores class A
270
*1<>
Jan
7% Jan 3
86% Feb 29
9% Feb 21
10% Jan 3
9% Jan 18
63
No par
preferred
conv
5
35% Jan 18
....No par
100
United Stockyards
Conv pref (70c)
5%
J an
10
U S Tobacco Co..
$6
Feb 24
5% Feb 26
50
1,000
""760
21
10
1,300
7%
8
117%
13%
20
Preferred
50
Feb
4% Feb
1
29% Feb 13
100
1st preferred
U S Smelting Ref & Mln
600
7
Jan 13
Feb 5
Feb 23
Feb
Jan 15
177
cl A..No par
conv
1
7% Jan 25
8% Jan *3
81% Feb 28
5
8%
100
19
Corp
Prior preferred
""166
j
80
100
U S Pipe <fc Foundry
U S Playing Card Co
116% 116%'
37%
37 •%
*45% *46%
%
10
No par
100
30,900
1%
1%
95%
5%
34%
5%
35
*133
...
*1
Partlc &
100
67»4
84
t c I
v
preferred
58%'
,
"133
1
600
55%
14%
%
110
115%
10%
4%
5%
5M % conv preferred
50
U S Industrial Alcohol.No
par
U S Leather Co
No par
2,000
*14
83
Feb 21
U S Hoffman Mach
7%
148% 149
11
7%
1,000
*66%
117% June
62%
6
57%
....
1
100
1,600
14%
Apr
Sept
3
IJ S Distrlb Corp conv pref. 100
U S Freight Co
No par
U S Gypsum Co
20
140
67%
Apr
8% Sept
35% Sept
95
Sept
3
U S & Foreign Secur
$6 first preferred..
300
*13
Apr
Jan
U S Steel Corp
Preferred
32
32%
32%
32%
3234
33
33%
33%
33%
3234] 33
33%
39
39
39%
39%
*38% 39% | *38% 39
39%
39%
38%
3834
*115% 118
*115% 117% *115% 117% *115% 117% *115% 117% *115% 117%
*43% 44% *43%
44
44%
44
44
44%
44%
44%
45%
45%
1
"
*60%
62
59% 59% *59% 65
*59%
*60
70
*63
I *62% 80 t *63
70
70
*63
70
,
*63
70
*29%
30
I
2934
2934
*2934
30
*2934
30 1 *2934
30
2934
293i
3%
3%!
3%
3%
*3%
3%
*3%
3%
*3%
3%
*3%
3%j
*28% 28*4
28% 28% *28%
28
28%
28
'
*28% 28% *28% 28%
*117% II784 *117% 11734
11734 118 ,*116
118
116% 116% *116
117%'
*5%
634
6%
6%
*534
6%|
6%
6%
*6%
634
6%
*44%
4534
*44%
4534
*44%
4534
*44% 4534 *44% 4534 *44% 45%
*31% 323g ♦31%
32%
317g
3178
*31% 32%
32
32
*31%
32%
*93
99
*93
99
*94
99
| *95
99
*95
100
99
100
*133
400
*66%
74
3
Jan
65
1%
Dec
Jan
Jan
1,300
1,200
1%
*54%
54%
5%
15
61%
*7
61%
35
61%
65
7%
134
834
85%
US Rubber Co
*7
7% Mar
Dec
8
4% Feb 29
13% Mar
share
per
4% Aug
4%
Feb
Jan 18
|U S Realty & Imp
2%.
534 Feb 21
5% Jan 4
Highest
share $
per
Feb 27
1,900
*2%
55%
5
$
75
2,200
I
2
Jan
4% Jan 11
56% Jan 10
share
33
9,800
1%;
per
5
35%
2%
%
18%
5,400
400
*2
134
*.5434
5
$
3%
2534
113341
35%
11334
62
I
I
36
1%
I
62
57%
36
I
113% 11334
37
share
5
10
United Mer & Manu Inc
United Paperboard
100
fisv
63%'
fin
*60
365s
4,400
700
10
♦
i%'
1%
35%
*9U
9%
200
.
$ per
Year 1939
Lowest
United Fruit Co
No par
United Gas Improv't..No
par
$5 preferred
No par
700
3,700
31,400
I
I ""166
21%
5<2
Range for Previous
Highest
100
United Electric Coal Cos
United Eng & Fdy
3,400
*34
34%
*34
35%
35i8 *34
35%
34i2
34i2
75
78%
77%
79%
7734
75l2 76l4
77
78U
77%
7734
1412
14%'
1412
1434
14l2
1434
£14%
14%
1334
14%
1388
1358
117% 11714 *11534 117% *116l2 120
*115% 116
*112l2 11534 *113l2 115
1138
113s
12
11%
11%
12%
*11%
1178
III4
11%
1112
1212
4%
43s
*4%
4%
4%
4i2
5
4%
434
47g
583
514
6
534
534
534
6
534
*6
*6
6%
6%
614
*578
*84
88
85
*8458
88
8 534
*8514
89
89
86i2 86i2 *86
*884
10
834
884
*8%
10
*8
10
*8l2
10
914
914
*9l4
10
*9%
9%
*918
9%
*9
9is
9%
978
*8%
9%
82
84%
84*4
82i2
8134
8134
81%
82
8112
82%
*80%
8H2'
*4%
*29%
Par
United Drug Inc
United Dyewood Corp
Preferred
1
On Basis of 100-SAare Lots
Lowest
8,100
65
412
Range Since Jan.
Shares
514
5%
*434
1393
EXCHANGE
Week
1
78
*174
STOCKS
NEW YORK STOCK
the
Friday
•
*62
4U
Sales
for
Saturday
5%
Record—Concluded—Page 10
Aug
Nov
Dec
Mar
Oct
21% Jan
56% Sept
92
Sept
Sept
22% Jan
3% Sep
34
U Called for redemption.
March
1394
2,
1940
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and interest"—except
disregarded^ the
Cash and deferred delivery sales are
for income and defaulted bonds.
are shown in a footnote
unless they are the only transactions of the week, and when selling outside of the regular weekly range
they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
week's range,
in the week in which
vs»
Week's
Last
EXCHANGE
N. Y. STOCK
Range or
Sale
Friday's
Vih
Week Ended March 1
(33^
No.
High
Low
24
119.30120.17
114.19
1
114.14114.29
114.9
1
114.9
Treasury 4%$
1947-1962
A
O
120
Treasury 4s—
1944-1964
1946-1966
1940-1943
J
D
114.19 114.19
D
101.23
101.24
16
1941-1943
1943-1947
...1941
M S
103.26 103.26
103.26
5
103 26 104.24
109.21
1
109.20109.30
F
A
1943-1946
1944-1946
1946-1949
1949-1952
A
O
J
D
1946-1948
..1951-1955
1955-1960
1945-1947
1948-1951
1951-1964
1956-1959
1968-1963
1960-1965
J
D
Treasury 3%s
Treasury 3%s
HTreasury 3^8
Treasury 3%s
Treasury 3 As
Treasury 3 An
Treasury 3%s
Treasury 3 An
Treasury 3 An
Treasury 3s
Treasury 3s
-
Treasury 2%B
Treasury 2 As
Treasury 2Ah
Treasury 2^s
Treasury 2An
Treasury 2%n
Treasury 2As
M S
J
M
119.30
114.9
«.
D
J
104.30
104.30
109.27
O
-
D
110.10 110.9
M S
107.20 107.12
8
M
109.28
8
D
J
•
-
pt
*
Treasury 2 As
Treasury 2s
—
Treasury 2s
108.2
~
107.7
106.9
108.20
106.28107.30
18
1
106.9
106.31
J
D
106.1
105.29
106.3
9
105.27106.26
J
D
106.3
105.27
106.3
57
105.25106.26
108.10108.30
D
108.20 108.20
108.20
1
8
107.17
107.17
12
107.17108.3
52
105.1
106.6
J
D
*104.18104.21
J
D
103.1
D
105.12 105.6
105.12
8
J
105.14 105.9
105.16
34
105.5
103.7
22
102.20 TO3.20
M
D
J
103.7
102.30
103.6
104.16 105.4
102 23 103.22
2
S
M
Mar
3s
15 1944-1964
May
Jan
3s
108.10
15 1944-1949 MN
J
15 1942-1947 J
108.1
108.10
108
108.1
71105.2 105.3
105.3
108.9
1
105.1
3
1254
1254
*1354
O
1254
"12 k"
MN
*13%
2854
...1962 MN
1254
1254
♦Guar sink fund 6s
♦68 assented
d
J
D
J
A
A
♦Chilean Cons Munlc 7s
♦7s assented..
of
S
M
Mar
1 1942-1947
Home Owners' Loan Corp—
3s series A
May
1 1944-1952 MN
107.20 107.20
107.22
M S
32 54
1927.Jan 1961
548—1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
1952
25-year gold 454s
1953
{♦Cordoba (City) 7sstamped_.1957
Cordoba (Prov) Argentina 7s. .1942
J
104.18
104.18
6
*104.26104.30
D
J
101.16
101.19
105.15
♦Costa Rica (Rep of) 7s
1951
1944
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
101.10101.24
12
♦Czechoslovakia (Rep of) 8s
A
26
2754
2654
2654
J
D
3954
39
4054
41
39
4454
MN
3454
3454
3654
22
3354
42
"83"
J
J
20
8
M
External g 4 As
1945
100
1354
1354
f 7s series D
1946
1354
1957
1254
f 7s 2d series. 1957
*1254
! 16
1554
1 554
12 54
1 454
1354
f 7s 1st series
sec s
1254
1354
1254
1454
1967
1945
♦Frankfort (City of) s f 654s
1953
French Republic 7 54s stamped. 1941
7 54s unstamped
95 54
9554
168
94
9554
44
8754
♦554s stamp(Canadlan Holder)'66
♦German Rep extl 7s stamped.. 1949 A
7954
S f extl conv loan 4s Apr
1972 A
O
85
8354
85
144
8054
1955 J
1957 M
J
77
7654
82
35
7654
91
S
7754
7554
82
46
7554
9054
74
73
78
78
73
84
*7
9
.1957 J
654
854
♦554s
State) 6 An. ..1945 F A
♦7s (Central Ry)_—
Brisbane
(City)
...1952
f 5s
Sinking fund gold 5s
20-year sf 6s
..1957
s
1958
1254
*12
97
97
92
92
9954
9354
10354
104
*1254
42
96
78
89
16
100
22
*11
10354
20
13
1254
95
10454
14
1154
1154
23
1754
1654
1654
17
80
1654
1654
17
67
1354
36
13
1854
21
2154
38
♦7s
1754
♦Greek Government
s
63
8
14"
5754
554
(Republic)
8
8054
9
1968
♦Hamburg (State 6s)
1946
j
♦Heidelberg (German) extl 754sl950
Helslngfors (City) extl 654s
I960 a o
Hungarian Cons Municipal Loan
♦7 548 secured s f g
1945 j
18""
"16
"1454 *1654
79
*1054
90
11
22 54
31
"15"
*954
29
2954
10
8
854
3
7
854
754
2954
754
1946 j
♦7s secured sfg
Irish Free 8tate extl
s
8
4
7
8
8
*8
7
*754
7%
1951 J
ser
D
B '47 M 8
Italian Public Utility extl 7s...1952 J
A
6054
6254
5754
6354
62
5654
66
6254
6354
56 54
67
44
40
4554
Japanese Govt 30-yr s f 654s._.1954
Extl sinking fund 554s
1965 MN
25 54
2854
9154
92
92
7054
70
7154
6954
72
76
74 54
78
68
78
5054
5154
49 54
83
8554
7754
5454
8554
61
62
5754
62
1754
15
1754
1254
1254
*
J
F
8
28
28
28
1960 MN
f 5s
9A
15
10
80
8054
f 6s ser A...1952
7
"l054 "u"
14
1254
10
♦6s part paid
Haiti
1054
7
2054
6554
44
MN
*63~
1967 J
f 7s
♦Stabilization loan 7 As
*1354
1968 M N
13
*85
54
62
*15
13
13
13
9454
9354
94 54
61
1952 M N
10054
10054
14
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F A
*1154
D
*1054
1954 J
D
13
13
1254
1454
1954 J
D
7654
77
72
7754
14
1154
1454
O
♦Medellln
Mendoza
1960 A
Canada (Dom of) 30-yr 4s
6s
Aug 15 1945
F
A
1961 J
25-year 3 54s
92
83 54
10254
104
92
9354
91
8354
85
39
9554 10154
10054 107
9154
9654
8354 9354
9254 9654
(Colombia) 654s
(Prov) 4s read]
*1
1943 MN
♦Mexican Irriga'n gtd 454s
*54
1943 MN
♦454s stmp assented
♦Mexico (US) extl 5s of 1899 £.1945 Q
J
*1
1945 Q
J
1
*54
♦Assenting
1944 J
9254
9254
93
16
30-year 3s
30-year 3s
1967 J
80
7954
35
7954
89
5s large
♦Assenting 5s small
8054
7954
8154
8054
2
7954
8854
♦4s of 1904
*5
15 54
16
16
..1968
♦Carlsbad (City) 8s
1954
♦Cent Agrlc Bank (Ger) 7s
1950
♦Farm Loan s f 6s...July 15 1960
♦6s July coupon on
1960
M N
J
M
~16~
J
♦Farm Loan s f 6s...Oct 15 1960 A
♦6s Oct coupon on
S
*14
7
1554
14
30
O
1454
"l5~"
14
♦7s assented
1454
1454
2
1354
1354
16
O
1454
1454
6
1354
1354
69
14%
14%
2
1960 A
♦6s assented
I960 A
♦Extl sinking fund 6s.-Feb 1961 F
♦6s assented
...Feb 1961 F
Jan 1961 J
3
1354
1354
1354
1454
Jan 1961 J
f 6s...
♦6s assented
1454
3
1354
1354
30
♦Extl sinking fund 6s..Sept 1961 M
*14 54
Sept 1961 M
1354
♦External sinking fund 6s
♦6s assented
♦External sinking fund 6s
♦6s assented
For footnotes see pa<?e
1962 A
54
*1354
1963 M N
1963 MN
1454
1354
1354
1154
1354
*54
D
54
J
15
{♦Treas 6s of '13 assent (large) '33 J
J
{♦Small
A
O
54
54
1354
1254
1354
14
17
1454
17
1454
17
12
14
12
Milan (City,
MInas
Italy) extl 6548—1952
(State)—
1
54
D
14
*17""
154
1
54
154
54
54
10
154
J
4954
49
48
'
1154
20
8
1154
1154
20
48%
53 54
Geraes
♦83c extl s f 6 54s
♦Montevideo (City)
7s
External
s
1959 M S
1952 J D
*46
(State) extl 5s..1957
f 5s
Norway 20-year extl 6s
F
A
Apr 1958 A O
1943 F A
854
1154
1154
44
"54
47
40
*46
1959 M1Y
♦68 series A
New So Wales
11
1958 M S
♦Sec extl s f 6548.
47
79
79
8154
79
9054
78
83
6
78
89
"88*
85
9154
54
85
9354
1354
.1454
1354
47
20-year external 6s
1944 F A
8754
85
92
48
85
9354
17
External sink fund 454s
1956 M S
71
6854
74
152
68
7754
1254
1
14
1354
1354
1654
12
1354
*1454
1962 A
1399.
154
*1054
1942 M N
1942 MN
♦External sinking fund 6s
1954 j
1954 j
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
*10
1960
♦Chile (Rep)—Extl s f 7s
7
16
1
1
1
154
♦Assenting 5s of 1899
7-year 254s
854
6 54
6
"im
Italian Cred Consortium 7s
6154
6254
1054
954
10
♦Lower Austria (Province) 754s 1950 J
1975
f $ bonds
♦6s assented
107
8754
754
Bulgaria (Kingdom of)—
s
11554
*1954
1554
Italy (Kingdom of) extl 7s
1984 J
♦Ry extl
105
Ii§"
11554
11554
Fa
83
6054
10-year 254s
1 254
1254
102
103
*2354
*1754
-.1968
84
1977 M 8
s
50
106
102
..1964
Hungary 754s ext at 454s to—.1979 F A
63
♦Secured
16
5354
40
14
*1154
102
1354
48
f ser 7s..1964 MN
♦7s part paid
78
External
s
J6
48
e48A
754
74
85
3% external
7154
1 354
1354
75
*7854
A
O
1154
754
74
1961 M S
1976 A
15
*1454
79
♦6s stamped
1976 F
*11
1949
70
8
f 4A-4As
71
7154
1958 J d
unstamped
♦(Cons Agrlc Loan) 6 54s
1654
*754
s
0
70
83
External read] 454-4548
External s f 454-454s
7054
72
*6
16
D
Refunding
71
"75"
*7154
*7154
654
1965
70
1654
D
f 4%-4%n
7054
*7154
♦Hungarian Land M Inst 7 54s. 1961 MN
♦Sinking fund 754s ser B
1961 MN
-.1962 J
s
71
10054
1754
1354
2154
__1950 J
♦Budapest (City of) 6s
Buenos Aires (Prov of)
d
1965 J d
unstamped
♦8ink fund secured 6s
1957
1967
71
70
German Prov & Communal Bks
159
f 6 An of 1926
f 6 As of 1927
72
71
German Govt International—
♦554s of 1930 stamped
85
s
7154
75.
*10854
9554
9154
s
1
7454
1454
8454
♦External
72
*7154
*7154
1949
70
91
♦External
72
72
D
1949 J
7s unstamped
1254
85
f eks....1950
♦External sinking fund 6s
1968
♦Brazil (U S of) external 8s
1941
48
1941
External 7s stamped
67
9154
s
6754
58
3654
100
32
A
(Germany)
J
1354
1972 F
1955
54
45
64
mn
6854
S f extl oonv loan 4s Feb
External 30-year s f 7s..
55
29
4054
1454
6754
9154
8554
8554
♦Berlin
5954
47
3654
MN
*1254
M S
J
J
J D
A O
J D
J D
A O
A O
J D
M 8
F A
54
1940 A
1940 A
6754
f 7s 3d series. 1957
1955
1354
45
45
s
..1949
1 354
1354
38
48
s
6^s
13 54
5454
S
♦External
f 6s
1
10
46
J
♦External
s
80
1354
1354
1354
1354
m
♦External
External
104
74
J
13 54
Belgium 25-yr extl
61
101
15
1948 J
13
♦Bavaria (Free
56
20
80
♦El Salvador 8s ctfs of dep
14
1956 M N
J
274
10254
7854
10254
Estonia (Republioof) 7s
Finland (Republic) ext 6s
1654
f 7s
""2
61
103
1554
1454
s
lOOA
2054
102
10254 103
99
10154
6054
29
*10
M N
102
1354
*10
1958
17
9
2654
14
1945
Argentina (National Government)
S f external 4 As.
..1945 M N
4
e,o%
1942 J
1955 F A
Apr 15 1962 A O
External gold 554s
20
102
*10254
A
65
1945
(Govt)
84
102
M N
28
f 7s series C
External g 4 As of 1928
63
73
"83" "u
8254
*55
f 7s series B
♦Austrian
60
6154
A
F
....
2854
s
Australia 30-year 5s
External 5s of 1927
26
1
2754
a
.1971
2854
2654
28
♦External
S f external 4 As
53
3254
34
34
2654
2654
*2654
*2654
♦External
Antwerp (City) external 5s
27
14
2754
A
1961
1952
♦Dresden (City) external 7s...1945
-.1947 F
♦Gtd sink fund 6s
1948 A O
Akemhus (King of Norway) 4s. 1968 M S
J
J
s
13
111
34
F
M S
0
0
Customs Admin 554s 2d ser..1961 M
554s 1st series
1969 A O
554s 2d series
1969 A O
Agricultural Mtge Bank (Colombia)
♦External sec
1254
654
654
2654
external debt
1977
Sinking fund 554s—Jan 16 1963
♦Public wks 554s...June 30 1946
2d series sink fund 554s
Municipal
♦Antloquia (Dept) coll 7s A
1654
1054
10 54
2654
External loan 4 As ser C....1949
1st ser 554s of 1926
♦Gtd sink fund 6s
16
1354
*2654
Denmark 20-year extl 6s
104.15104.22
See Over-the-counter Securities.
&
14
1154
"~7
O
A
Dominican Rep Cust Ad 554s..1942
Govt.
16
13
M N
1949 F
♦Sinking fund 8s ser B
New York City Bonds—
Foreign
1254
1154
"12" "13
3254
3154
34
16
14
*654
*1154
Oct 1961
1928
♦6s extl s f gold of
107.18108.4
14
J
1942-1944
1946-1947
"3
(Republic of)—
♦Colombia Mtge Bank 6
V%
1354
U54
1254
1154
11A
d
J
....
1254
*17
8
M
♦Chinese (Hukuang Ry) 5s
13 a
16 54
13
1254
3
O
♦6s assented
104.26 105.2
S
G
1 An series M
108.20
107.29108.13
11
M
2 An
2 An series
d
♦654s assented
d
J
1
High
Low
5
J
4 54s
Federal Farm Mortgage Corp—
3Ks
1354
♦Guar sink fund 6s
♦6s
No.
106.4
M
1947
1948-1950
Treasury 2Ab
108.10
108.28 109.13
V<
106.31
1948
1949—1953
1950-1952
1951-1953
Treasury 2 As
Treasury 2 As
p,
106.9
107.7
8
M
P.
107.7
28
109.2
*107.28108
High
Low
Since
Jan.
1554
1961
1961
1961
,.1961
1962
Colombia
35
107.20
108.30
«
-
25
110.1
Is
S3
1354
♦6548 assented
♦Sink fund 654s of 1926
109.28110.30
11120
111.19112.13
Range
Friday's
&
Asked
*13%
1254
♦Chile Mtge Bank 654s--
110.10110.28
110.18
111
6
111.22
*110.12110.15
110.1
(Cont.)
1957
1957
1960
...1960
1951
♦Cologne (City) Germany 6 54s. 1950
110.6
3
111.3
111.22
8
109.25110.1
16
110.10
111
M
104.30 105.17
19
■
114.30
101.22 102.8
9
109.27 109.26
**
J
M
120
109.21
A
1945 J
Treasury 2 As—
«.
Foreign Govt. & Munic.
Bid
Price
Week Ended March 1
1
Jan.
I
Sale
EXCHANGE
N. Y. STOCK
Since
Last
ti
BONDS
Range
*3
Asked
&
Low
Government
United States
3
High
Bid
Price
Week's
Range or
Friday,
Friday
00
BONDS
1354
External
1354
1654
4s 8 f extl loan
14
12
7354
1965 A
O
6254
61
6854
233
61
1963 F
A
62
59
66
166
59
73
Municipal Bank extl s f 5s.—1970 J
D
*69
78
7554
80
s
f 4548
Volume
150
New York Bond
Record-Continued-Page
2
1395
Week's
BONDS
n.
y.
STOCK
Foreign Govt.
& Mun.
(Concl)
F
A
A
O
M
.
1947 M S
♦Peru (Rep of) external 7s
1959 M
♦Nat Loan extl 8 f 6s 1st ser. .I960 J D
♦Nat Loan extl sf 6s2dser._1961
0
~
*11%
-
M
-
•»
-at «r
^
55%
23
51%
55%
70%
21
67%
73
77
70%
9
9%
9%
8%
1
*7
o
*14
8%
*5%
10%
12%
—
*12%
100%
—
101
90
90%
10%
9%
7
10%
10%
10%
D
103
98
21
21
10%
7
9%
13
10%
7%
7
12
9%
10%
2
10%
1
*10%
O
55%
56
A
*9%
7%
7%
7%
55%
*12
10%
1957 MN
J
♦8s external
1950 /
J
12
♦7s extl water loan
♦68 extl dollar loan
♦Secured sf 7s
1956
J
11
1940 A
O
32
1945 J
D
D
5
7%
7%
10%
2
9%
6
7%
7
*16
1946 J
8
-
9%
60%
9%
7%
22
9
1936 /
31
«.
7%
W..<-
/""j
11%
11%
10%
8%
10%
9%
*16
♦Saxon State Mtge Inst 7s
♦Sinking fund g 6 %s
Serbs Croats A Slovenes
18%
19
11%
12
*10%
3
13%
19
8
11%
10%
11
31%
32%
7%
7%
21%
17%
31
40
19
12%
11%
B
1962 MN
13%
13%
1962 M N
12%
12%
D
*4)48 assented
1958 / D
♦Slleeian Landowners Assn 6s._ 1947 F A
*15%
3
13%
12%
11%
11%
8
*5%
♦Sydney (City)
s
1958 /
f 5%s
Taiwan Elec Pow s f 5 %s
Tokyo City 5b loan
s f
of 1912
5%s guar
F
O
s
f 6s
f 6s
1964
6
-
5
...
13%
12%
5%
53
5
■*
S'western Dlv 1st mtge 6s...1950
Certificates of deposit
Toledo Cln Dlv ref 4s A
1959
Bangor & Aroostook 1st 5s
1958
conv
a59
1
53
53
59
1
52
59
59
53%
44%
53%
43%
43%
51
46
9
51
52
:im
-
*
-
25
"5l"
54%
•
t
*66
'
.
*109%
*108
1948
1948
51
8%
5
21
61%
56%
7%
61%
104
—
108%
70
1•
■''
«
:
~
~
104%
103M
107% 108%
J»
-
55%
102
«•
51
9
52%
70
*
80%
109
-
108%
-
—
109
107% 108
-
3
54%
54%
st g 5s.
96%
111
110%
*16%
61 %
31
63
64
303%
61%
104
104
16
I
61
17%
64%
102
104
104
104%
71
1943 M N
108*32
108%
1961 A
108%
108%
107%
108%
108%
108%
125
3 % s debentures
47
107% 109
106%
106%
2
105% 107
108%
108%
107%
5
107
404
107%
/
J'
—
108%
O
107
58
15
103
104%
108% 109%
108
109%
109
106% 107%
♦Anglo-Chilean Nitrate—
1967
4s
Jan
1955 Q
36
36
*44%
Ark A Mem Bridge & Term 5s. 1964 M S
*97%
10
98
Armour & Co (Del) 4s series B.1955 F
1st m s f 4s ser C (Del)
—1957 /
Atchison Top A Santa Fe—
General 4s._.
1995 A
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
...1995
A
.
45
50
98%
100
J
100%
100%
18
99% 101%
O
104
103%
104%
108
86%
3
103% 107
85%
87%
86%
*92%
92%
*95%
87%
48
103%
*99%
103%
109%
110
9
108
108
3
56
86
D
D
..I960 /
D
1948 J
D
Rocky Mtn Dlv 1st 4s
1965 /
J
Trans-Con Short L 1st 4s
1958 /
J
Cal-Ariz 1st A ref 4 %s A
1962 M 8
103%
'
1946 J
D
1944 J
109^
J
97%
92%
1
96
100%
43
........
92
91%
93%
95%
101% 103%
100
100%
109% 110%
107
108%
114
*114
*
88%
92
m
85%
95
-
"89"
84%
109K
109%
101%
100%
86%
71%
44%
87
"45"
80
15%
99%
45%
9%
32
16^
89
38
75%
109%
101%
89
97
106%
*109%
"38"
"38"
37%
.
48 !
41%
40%
47
9
9%
66%
90
7
62
75%
37
109
96
144
110
83% 101%
90
82
84
35
39%
84
45%
21
38
46
5
46
85
85
"99% "65
44%
50%
88% 100
92
87
114
106k
109% 109%
48
41%
4
112
112
113%
111% 114
93%
97%
105
106%
109% 112%
97%
106%
109%
108% 108%
"39
36
41
35%
38%
40
7
5%
5%
5
40%
58
1966
A
*5
*68
1960
Calif-Oregon Power 4s
102%
80%
1962
69%
68%
42
58
103%
82
14
32
9
7
6%
69%
44
40%
60
51%
102% 104%
85
80%
1957 /
July
Guaranteed gold 5s
Oct
Guaranteed gold 5s.
Guar gold 4kb
June 15
Guaranteed gold 4Kb
97
1969 J
1969 A
102
99%
101%
1970 F
101 %
101
101%
1955 J
1956 F
99%
99%
100
66
99% 105%
97
97
26
97
110
110
98%
98%
111%
1944 J
/
Celotex Corp deb 4Kb w w
♦Cent Branch U P 1st g 4s
101
81%
"75%
75
*42
A 1952
108%
1981 F A
1947 J D
1948 J D
.Nov 1945 F
♦Consol gold 5s
96
n
"86%
6%
16%
*27%
6%
*2%
2%
O
♦Ref A gen 5 Kb series B
1959 A
♦Ref A gen 5s series C
1959
O
♦Chatt Dlv pur money g 4s.. 1951
♦Mac & Nor Dlv 1st g 5s
1946
D
8
J
♦Mid Ga A At Dlv pur m
58.1947
♦Mobile Dlv 1st g 5s
1946 /
Central Foundry mtge 6s
1941 M
Gen mortgage 5s
1941 M
Cent Hud G & E 1st & ref 3 Ks. 1965 M
Cent Illinois Light 3 Kb
,.1966 A
{♦Cent New Engl 1st gu 4s.—1961
{♦Central of N J gen g 5s
1987
35
102
23
99% 106%
101% 107%
22
112
35
101
103%
96% 103
110
65%
72
60%
44
80%
104
69
82
23
75%
48
41
113%
66%
87
101% 108%
79%
84%
70
77%
108
1 09%
....
108%
96%
107
10
94%
97%
48
86%
A
1945 MN
97% 103%
100%
87
64%
86%
103%
1954
.1960
1949
ser
46
/
1946 M S
Dec 1
%
99%
Guaranteed gold 4%s__Sept 1951 M S
/
Canadian Northern deb 6 Ks...1946 J
Canadian Pac Ry 4% deb stk perpet J
g 5s.
47
*52
99%
1955
gu 6s
91
46
*5%
Bush Term Bldgs 6s gu
cons
46
112
~29
1
29
6%
"is
"86% "90%
8%
30%
6%
17%
30%
3
2%
2%
2%
8
6%
7%
3%
3%
8
6
5
*4%
J
87
*5
J
*4%
S
S
*95
75
98
95
95%
75
77
75
75
*106%
S
107%
108% 109
111
110
111
44
48
16%
20%
15
18
O
111
44%
44%
♦General 4s
17
1987
15%
Central N Y Power 3%s
1962
*106%
Cent Pac 1st ref gu gold 4s
1949 F
A
44%
:
114
68
68
66
73%
65
63
63
48%
54
MN
*60
65
58
62%
MiV
*110
A
..I960
Central RR A Bkg of Ga 53...1942
Central Steel 1st g 8 8s
1941
Certain-teed Prod 5kb A..... 1948
Champion Paper A Fibre—
M 8
4kb (1935 issue)
1950 M S
8 f deb 4Kb (1938 Issue)
1950 M S
Ches A Ohio gen g 4kb
1992 M S
Ref A imp mtge 3%s ser D..1996 MIV
Re & impt M 3 Kb ser e.—1996 F A
D
Ref A impt M 3 ks ser F
1963
J
Craig Valley 1st 5s
May 1940
S f deb
94%
94%
94%
93%
94%
96%
Potts Creek Branch 1st 48—1947
75
75
76
52
74
77
R A A Dlv 1st cod g
D
54%
53%
55
49
53%
62
10-year coll tr 5s....May 1 1945 M N
71%
71
72
14
71
76
2d consol gold 4s
Warm Spring V 1st g 5s
68%
69%
64%
106% 110
49%
O
F
Guaranteed g 5s
17%
15%
107%
"48%
Through Short L 1st gu 4s...1954 A
Nov
15%
101%
100%
1955 /
Atl Knox & Nor 1st g 5s
Atl & Charl A L 1st 4%sA
-
100%
100%
1955 J
Conv gold 4s of 1910
Conv deb 4 Ms
~
40
101
1995 M N
Conv 4s of 1905
47
34
98
36
/
9%
Carriers A Gen Corp deb 5s w w 1950 MiV
17%
15%
15'
15%
8
15%
113%
Cart & Adir 1st gu gold rs
101%
72
45
15%
14%
22
*86
Coll trust 4Kb
97
94%
109% 111
43
111
A
59
62%
105% 106%
30
96
96%
¥
100
1
45%
1952
{♦Car Cent 1st guar 4s
Caro Clinch A Ohio 1st 6s
0
44%
44%
♦Certificates of deposit
80%
2
58
115% 117%
131% 133%
"ie"
lo47 MN
Bush Terminal 1st 4s
60
20-year sinking fund 5%s
g
46
{♦Buff Roch & Pitts consol 4%sl957 MN
♦Certificates of deposit
70%
45%
62
*109%
45%
46
Debenture gold 5s
1950 / D
1st lien A ref 5s series B
1957 MN
Buffalo Gen Elec 4%s series B.1981 F A
Buff Niag Elec 3%s series C...1967 / D
7«%
106%
133
96% 101
70
59%
45
83%
116%
133%
1945 MN
5s
oon« g
41
100%
50
116
Certificates of deposit.
Bklyn Un Gas 1st
66%
62
116
S
1950
15
100%
1
11
75
27
106
9
60
*70
1955 Af N
mtge 3 %8—1966 MN
Bklyn Manhat Transit 4%s—.1966 MN
32
106
97
60
58
D
cons
79%
2030 M S
S f income deb
58
Certificates of deposit
Bklyn Edison
{♦Central of Ga 1st
{Ann Arbor 1st
48%
69
*14%
1st g 4%s series JJ
1961 A O
{♦Boston & N Y Air Line 1st 4s 1955 F A
Brooklyn City RR 1st 5s
/
1941 J
42
Anaconda Cop Mlnsf deb 4 %s 1950 A
49%
41%
11
100% 101%
70%
D
43%
88
105
69%
41%
A. 1975 M N
23
56%
199
69%
.1955 M S
ser
48%
48%
47
101%
Coll trust gold 5s
Collateral trust 4Kb
A
Amer Wat Wks & Elec 6s
47
mi
96%
109
5s equip trust ctfs
3)^8 debentures
1966 J
Am Type Founders conv deb.. 1950 J
59
107%
100%
61
O
54
100 %
87
J
3
1959
85
1949 IN
54
1962
53
1949 /
54
18%
Cons mtge 3%s ser F
4
1998
%8
61%
104% 105%
104% 109%
12
Amer IG Chem conv 5 %s
54
lO^'ii 108%
85%
Am Internat Corp conv 5
Amer Telep & Teleg—
18
133
61
1950
Foreign Pow deb 5s
18
55
110
85%
78%
O
Am &
13%
54
l06932
1949
♦Alplne-Montan Steel 7s
13%
105%
60
conv 4s..1952
14
99
105
85%
78%
1951 F
58
14
1063ib
1944
.1946
4%s debentures
Allls-Chalmbers Mfg
14%
105*32
Consolidated 5s
54%
1950 A
25%
26,
14
{{♦Burl C R A Nor 1st & coll 5s 1934 AO
•
«^ CO
*14
51
8%
*104
..1942 M 8
17
1063io
1st lien & ref 6s series A
54%
*99%
*107%
Allied Stores Corp deb 4%s
26
108
Bklyn Union El
51%
-.1943
5s
28%
25k
25%
25%
1966
Canadian Nat gold 4Kb
Guaranteed gold 5s
1943
Coll &
26%
28
19
70%
Cons mtge 3%b series E
3%s conv debs
59
1948
♦5s stamped..
25%
28%
25%
25
25%
15
40
1947
Allegh & West 1st gu 4s
Allegh Val gen guar g 4s
26%
28
16
58%
*5%
1946
Alleghany Qorp coll trust 5s
25k
*14%
37
60
61%
{{♦Abltibl Pow & Paper 1st 5s. 1953 / D
Alb & Susq 1st guar 3%s
29%
29%
67
*105%
53
87
AND
INDUSTRIAL
COMPANIES
4s series B
24%
24%
34
133
♦Berlin Elec El A Undergr 6%s 1956
Beth Steel cons M4Hfl ser D..1960
RAILROAD
6s with warr assented
J
1st & ref 5s series C
1960
Belvldere Delaware cons 3 %s—1943
♦Berlin City Elec Co deb 6 %S—1951
♦Deb sinking fund 6%s
1959
♦Debenture 6s
1955
Canada Sou
Albany Perfor Wrap Pap 6s
5
*35
55%
85
*5%
1952
8
26%
O
21
50%
*8%
1961
cons
24
26%
60
20
.
1958
1st
19
31%
29%
29%
"58"
59
15%
1
1952
Ala Gt Sou 1st cons A 5s
1943
1951
4s stamped.
1951
Battle Creek A Stur 1st gu 3s. .1989
Beech Creek ext 1st g 3%s
1951 A
Bell Telep of Pa 5s series B
1948 J
40
52%
54%
Venetian Prov Mtge Bank 7s..1952
10-year deb 4%s stamped
Adriatic Elec Co extl 7s
j""j
4
15%
1984
Adams Express coll tr g 4s
Coll trust 4s of 1907..
24
14
58%
#
1978
♦4%s assented..
Yokohoma (City) extl 6s
32
26%
12
48K
48 %
A
Certificates of deposit
Bklyn Qu Co A Sub con grd 6s 1941 in
Certificates of deposit
1st 58 stamped
1941 j""/
Certificates of deposit
50%
1978
♦Vienna (City of) 6s
♦Warsaw (City) external 7s
i960 F
1
51%
1979
3%s extl readjustment
26%
12
26%
26%
25k
28K
♦Certificates of deposit
86
mm*'mm.
*59%
1979 Af N
3%-4%-4 his extl conv
4-4%-4%s extl read)
14
29
14
D
1967 M
3%-4~4%s ($ bonds
of *37)
external conversion
29%
28k
26%
26%
26%
26%
55 %
96 %
1995 J
Boston A Maine 1st 5s A C
1st M 6s series II
3%s-4-4%e (J bonds of '37)
external readjustment
29%
25%
1996 M S
D
34
59
1961 MN
s
24
2000 M S
Ref A gen 5s series F.
1995 J
1944 /
a59
♦External
11
28k
Ref & gen 5s series A
Ref A gen 6s series C
Ref & gen 5s series D
56%
59
A
♦External
26%
20
Stamped modified—
58
58%
1961 A
70
29%
1996 M S
86
1952
External
5
*4%
A
1971
♦Uruguay (Republic) extl8s...1946
66
24%
♦Certificates of deposit
39
1955 F
12
48
♦Certificates of deposit
♦Ref A gen 5s series F
Big Sandy 1st 4s
(Kingdom)
♦8s secured extl
♦78 series B sec extl
M ♦Silesia (Provof) extl 7s
62
100% 101%
64%
70%
26%
2000 MS
11
18
87
2
100%
68
P L E & W Va
Sys ref 4s...1941 MIV
Certificates of deposit
99
•r4%
82
68
♦Certificates of deposit
12%
90
High
43%
2
65k
j"d
♦Convertible 4%g
12
92
F
1968 /
1995
12%
12%
52
101%
Low
9
87
26
11%
14
No.
52%
66%
D
12
7
12%
High
Jan. 1
67 k
Con ref 4s
1952jMN
§♦88 extl loan of 1921
8%
7%
11%
13
1952 A
of) 7s)..1959
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of.
Brazil)—
♦6%s extl secured s f
San Paulo (State
of)—
2
12
U ♦Roumanla (Kingdom
7%
6%
11%
10%
5%
11
9%
*11%
1966 MiV
f._
7%
7
*19
10%
D
1967 /
7%
*10
*11
6%
16%
7%
Since
©
26k
♦Ref A gen 5s series D
6%
1
66%
"68"
♦Certificates of deposit
♦Ref A gen 6s series C
15
«
—
©
51%
100K
Certificates of deposit.—..
♦Ref A gen 5s series A
1995 J
10%
10%
8%
Range
Is
Asked
87
Baldwin Loco Works 5s stmpd.1940
J Bait A Ohio 1st mtge g 4s July 1948
1st mtge g 5s
..July 1948
10%
9%
8%
*7%
7s A.... 1950 M
♦Rio de Janeiro (City
of) 8s
1946 A 0
♦Extl sec 6 Ms
1953 F A
Rio Grande do Sul (State
of)—
♦8s extl loan of 1921
1946 A O
..—1968 J
29
9
7%
9
6%
9%
9%
60
9%
O
♦78 municipal loan
Rome (City) extl 6%s
1
9
9%
9%
9%
A
♦6s extl s f g
♦7s extl loan of 1926..
74%
4
o
f 7s—.1941 A
78
68
10%
o
1947 F
s
74%
&
Low
51%
—in
103% 105%
1
23
10%
1947
25-year external 6s
♦Rhlne-Maln-Danube
9
103%
77
68
—
Bid
Railroad & Indus. Cos. (Cont.)
burn Auto conv deb 4%s 1939
& N W 1st gu g 58
1941
54%
1958
Queensland (State) extl
High
12
55%
_
4%s assented
o
1968
♦External sink fund g 8s
J
1950
4%s assented
/
...1963
♦Porto Alegre (City of) 8s
D
1961
♦Extl loan 7%s
J
..1966
♦Prague (Greater City) 7 %s._.1952 IN
♦Prussia (Free
State) extl 6%s.l951 M
♦External s f 6s
1952 JX 0
Price
Low
17%
Range or
Friday's
Sale
Week Ended March 1
24
1940
f 7s
s
NO.
Week's
Last
N. Y. STOCK EXCHANGE
69
-
68%
—
High
BONDS
Since
Jan. 1
03 03
60
59%
103%
m
1963 MN
♦Pernambuco (State of) 7s
s
-
D
1963 MN
♦Poland (Rep of) gold 6s
-
-
59%
55%
M N
1953 /
♦Stamped assented....
-
MS
I3
Ask
A
Low
Range
or
Friday's
Bid
Price
♦Panama (Rep) extl 5%s
♦Extl s f 5s ser A
♦5s extl secured
Range
Sale
5? ts
♦Nuremburg (City) ertl 6s
1952
Oriental Devel quar 6s
1953
Extl deb 5%s
—1958
Oslo (City) s f 4%s
„_1955
4%s assented
♦Stabilization loan
Last
*5
EXCHANGE
Week Ended March 1
Friday
67%
*
"48%
"78%
78%
110%
110*31 112 hi
79
106
106
75
106%
82
104% 106%
104
104
104
103
104
122
122
123%
122
125%
99
99
99%
98%
98%
99%
98%
105
99%
99%
103% 107%
101% 101%
109
109
*117
118
114
117%
*106%
105
113%
106
106
105
98%
70
1st 30-year 5s series B
Atl Coast Line 1st
cons
1944 J
4s July 1952 M
General unified 4 %s A
L & N coll gold 4s
1964 /
/
S
-
Oct 1952 MN
1
9
95
Atl & Dan 1st g 48
1948 J
/
39
38
39
11
38
41
Second mortgage 4s
Atl Gulf & W I SS coll tr 5s
1948 J
/
33
33
34%
6
32
34%
1959 /
J
69%
69%
70%
3
69%
71%
Atlantic Refining deb 3s
1953 M
S
105%
106%
10
105% 107%
4s
♦Chicago A Alton RR ref g 3s..1949
Chic Burl A Q—111 Dlv 3 Kb—1949
Illinois Division 4s
General 4s
1st A ref 4Kb series B
1st A ref 5s series A..
For footnotes see page 1399.
*100
J
J
1989
1939 / J
1941 M S
1949 J
O
15
15
15%
45
14
/
94
92%
94%
68
/
99%
97%
99%
50
92%
9'
97% 101
.—..1958 m 8
1977 F
1971 F
*103
1<
88%
87%
53
87%
9:
A
79%
77%
79%
50
77%
8!
A
85
83%
85%
39
83%
91
New York Bond Record-Continued-Page 3
1396
I*
BONDS
N.
Y.
STOCK
II
EXCHANGE
Week Ended March X
Last
Sale
Price
5a—,1982
(♦Chicago Great West 1st 4a—1959
(♦Chic Ind A Loulsv ref 6s—-1947
Chicago A Erie 1st gold
1947
1947
♦IstAgei 5sseries A
--.I960
♦1st & gen 0s series B.-May 1960
Chica o ind A. Sou 50-year 48.195'
Chic L 8 & East 1st 4 %s
1969
(Chic Milwaukee & St Paul—
♦Gen 4a series A
-May 1 1989
♦Geo g 3 Hs series B..May 11989
♦Gen 4 %s series C..-May 11989
♦Gen 4 %s series E—May 11989
♦Gen 4 %s series F—May 1 1989
(♦Chic Mllw St P A Pac 5s A„1976
♦Conv adj 6s
Jan 1 2000
♦Refunding g 5s series B
♦Refunding 4s series C
Range or
Friday's
Bid
16
MS
S
J
J
J
J
14
J
J
....
J
J
J
D
8
27
14
12m
7%
23 m
.
13
60
48
....
25%
25%
25%
6%
1%
14%
39
25
s
O
3%s..l087
UN
14%
1987
UN
16
♦Stpd 4s non p Fed lnc tax 1987 UN
♦Gen 4%s stpd Fed inc tax—1987 UN
♦Gen 5s stpd Fed inc tax
1987 UN
16
10
10M
3
23%
8%
8%
60
12
20
23%
26%
26%
26%
7%
2%
14%
21
24%
25
24
10
2*m
6%
1%
319
41
'
EastT Va & Ga Div 1st 5s
16%
32
16%
17%
16
Ed EI 111 (N Y) 1st cons g 5s—1995 J
Electric Auto Lite conv 4s
1952 F
3
Elgin Jollet A East 1st g 5s
1941
1905
A
8%
8%
5s stamped
Erie A Pitts g gu
10%
1965
1940
1940
D
9%
9%
9%
9%
9%
15
♦Conv 4%s
UN
2%
3%
98
47%
15%
14
46
49
41
13%
12%
16
(♦Chic R I & Pac Ry gen 4s—1988 J
♦Certificates of deposit
—
J
A
O
{♦Refunding gold 4s
1934
♦Certificates of deposit
{♦Secured 4%s series A—..1952
♦Certificates of deposit
♦Conv g 4Mb
I960
Ch St L & New Orleans 5s
1951
Gold 3 Mb
June 151951
Memphis Div 1st g 4s
1951
•Chic T H A Bo-eastern 1st 5s..1960
Income guar 5ff7-^-~Dec I 1960
46
15%
15%
"s%
♦13%
5%
15
6%
"40
5M
5
5%
24
US
6%
6%
7
MS
5M
1%
5%
5%
1%
2
137
4
28
2%
5
4%
6%
6%
1%
10%
4
12%
6%
5%
7%
6%
2%
1943
(♦Choctaw Okla A Gulf con
Cincinnati Gas A Elec 3Mb
1st mtge 3 Mb
58.1952
1960
1967
4s...1942
Cin Un Term 1st gu 3 Mb ser D 1971
1st mtge gu 3%s ser E
—1969
Clearfield & Mah 1st gu 5s
1943
Cin Leb & Nor 1st con gu
4s—1993
..1993
Af N
♦Genessee River 1st s f 6s
6
54
♦N Y A Erie RR ext 1st 4s—1947 AfN
56
11
92
92%
*92
Ernesto Breda 7s
1954 F
A
96%
96%
1956 J
D
107%
107%
107%
11
104
104%
8
A
O
A
O
100
A
J
100%
6
107
106
107
107%
56%
108"
D
108
24
106%
106%
14
91%
93%
92%
29
90
94
94
13
89%
94
55
57
29
49%
57
12%
106 M
92 M
MN
F
100
*107%
12%
3
12%
108%
4
108
111
*110%
UN
106% 108%
104% 106%
108
12%
109%
109% 110%
*103
MS
109
109
109"
108% 110%
F
111%
111%
111%
109
A
75
75
64
46
60%
79%
54%
51%
02
67
J
J
♦68
J
D
65
*75
79%
77
50%
*46%
50%
49
03
111%
65
■»'
49%
04%
J
*99
109 m
100
109
109%
100% 100%
23
*108%
*105%
*106%
UN
F
109%
108% 110%
100% 108%
106% 100%
109% 109%
106%
109%
109
A
*102%
J
1951 J D
*104%
80
80
80
87
88
87
77
76%
78
70%
70 M
70%
71%
70%
83%
90%
82%
74%
*106%
105
165"
105"
72
72%
68
27%
72%
29%
27%
106%
73%
34%
103%
104%
103% 105%
104
103%
104
104
104%
104%
104%
103% 104%
108%
109%
126m
108%
109%
126%
109%
108%
1
20
106%
107%
36
107%
107%
91
107
16
108%
108%
108%
33
105%
105
108% 109%
109% 111
125
130
108% 108%
109% 109%
108% 109%
106% 107%
106% 107%
106
107%
107% 109%
105%
15
*15%
16
15
15%
15%
15%
"15% "e"
56
55%
MS
107%
108
UN
*108%
108%
109
107%
108%
108%
106%
56
14
104% 105%
55%
60
Consumers Power Co—
UN
UN
109
6
57
106%
104%
106%
106%
104%
105
102
14
D
109"
108
109
20
A
104%
104%
104%
28
1
J
D
J
D
J
F
101%
Crown Cork & Seal s f 4s—....1950 UN
106%
7
"103%
102%
106%
103%
Crucible Steel 4 Ms debs——.1948
103%
103%
104
85
1942
1952
29%
29%
30
20
37
38
23
7MS series A extended to 1946—
'"45"
43
45
2
*32
34
1948 J
J
6s series B extended to 1946
1943 MS
1938 M
{♦3d mtge 4%s
Federal Light A Traction 1st
5s International series
5s 1942
S
18
58
1942 Af 8
"58"
58
59%
16
35
46
33%
63%
68
105
103%
104%
103%
104%
104%
1974 M S
6%
6%
7%
70
6%
8%
6%
6
6%
23
6
8%
*2
2%
2%
2%
♦1st A ref 58 series A
—
—
—
*102
-
-
104
-----
*
t {♦Proof of claim filed by owner . UN
(Amended) 1st cons 2-4s
1982
({♦Proof of claim filed by owner— UN
♦Certificates of deposit
Fort St U D Co 1st g 4 %s
1941 J J
Francisco Sugar coll trust 6s.—1956 UN
Gas A El of Berg Co cons g 5s.. 1949 J D
Gen Amer Investors deb 6s A.. 1952 F A
1947 J J
7s......1945 J J
♦Sinking fund deb 0%s
1940 J D
♦20-year s f deb 6s
1948 MS
Gen Motors Accept deb 3%s—1951 F A
Gen Steel Cast 5 %s with warr. 1949
J
J
(♦Ga A Ala Ry 1st cons 5s Oct 1 '45.
J
({♦Ga Caro A Nor 1st ext 6s...1934
♦Good Hope Steel A Ir sec 7s—1945
O
D
Goodrich (B F) 1st mtge 4%s..l956
Gotham Silk Hosiery del>5s w w '46. M 8
Gouv A Oswegatchie 1st 5s
1942 J D
J
Grand R AI ext 1st gu g 4%s..l941
D
Grays Point Term 1st gu 5s
1947
Gt Cons El Pow (Japan) 7s
A
1944
1st A gen s f 6%s
J
1960
f 5%s A
♦Gen Elec (Germany)
.
Great Northern 4%s series
General 5%s series B
A..1961
..1952
J
J
General 5s series C
1973
J
General 4%s series D
General 4 %s series E
General mtge 4s series G
Gen mtge 4s series H
1970
1977
1946
1946
1967
*2
*101%
Gen mtge 3%s series I
Green Bay A West deb ctfs A
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
Gulf Meb A Nor lst5%sB
1st mtge 5s series C
Gulf A Ship Island RR—
50%
104
104
102%
102%
J
J
J
J
*26%
------
32%
*27%
104%
68%
69
*
-
-
-
*20%
—
104%
104%
87%
Gulf States Utll 3 %s ser D
J
1970
1951
1951
1951
...1951
1952
1955
1952
J
49
53%
5
-----
105
101
103
24%
----
2
32%
30
103
7
104%
102%
105%
6
69%
13
23
24%
32%
32%
26%
28%
104% 107
....
06
70%
-----
-----
17
35
02
104%
-
-
21%
104
105%
88%
91%
0
-
17%
18%
----
104% 104%
—
80
80
96%
72
83
7
9 «%
100
89%
90%
43
89%
92
81
82
16
81
81
-
-
35
96%
90
-
107%
90%
81%
9
81
106%
106%
96%
-
80
85
95%
74%
9
17
93
-
100%
89%
72%
100%
$89%
72
*55
*6%
105% 107%
84
84
82
91%
88
92
72
75%
58
58
23
72%
64
99%
32
101
-
-
-
-
.
7%
7%
104
8%
....
*87%
"87%
83
83
87%
5
83%
87%
79%
83%
97%
19
107%
21%
108%
24
21%
2
122
107%
96
99
J
A
O
122
122%
11
21% 21%
120% 123
75%
80
45%
45%
2
44%
47%
Af N
97%
97%
6
97
O
O
*70
-
-
38
32
126%
3
125
126%
48%
112
15%
15%
15%
168
------
111%
111%
1
32
126
*87%
33
-----
-
-
-
-
*85
O
45%
50%
16%
110% 112%
12%
90
91
*85
86%
68
51%
54
46%
46%
47%
45
20
48%
48%
42%
4
42
45
44%
45%
18
44
51%
52%
5
51%
40%
56%
43%
78%
43%
42
43%
46%
78%
78%
63%
65%
*
O
UN
86%
42%
M S
A
-
47%
33
126%
47%
J
J
-
98%
37%
J
A
76
107% 109
MiV
46%
46%
J
1953 UN
.1951
2%
2%
iooitjiioowji
1
87%
J
Refunding 5s
1955 UN
40-year 4%s
..Aug 1 1966 F A
Cairo Bridge gold 4s
1950
Litchfield Div 1st gold 3s
1951
Louisv Div A Term g 3 %8
1953
Omaha Div 1st gold 3s
1951
St Louis Div A Term g 3s
1951
Gold 3 Ms
1951
Springfield Div 1st g 3 Ms
1951
Western Lines 1st g 4s
54
123% 124%
105%
97
1969 MS
♦Adjustment Income 5s.Feb 1957
Refunding 4s
46%
*85%
s f 5s ser A
1962 / D
Hudson Co Gas 1st g 5s
1949 MiV
Hudson A Manhat 1st 5s ser A. 1957 FA
Illinois Bell Telp 3%s ser B
Illinois Central 1st gold 4s
——-
_
86%
Feb
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4%s—..1999
Hoe (R) A Co 1st mtge
...1944
({♦Housatonic Ry cons g 5s—1937
Houston Oil 4%s debs
1954
-
50%
*104%
Feb
1940 M2V
1950 A O
1950 A O
3%
103
16%
*15%
——————
1st ref A Term M 5s stamped 1952
Gulf States Steel s f 4%s
1961
1st gold 3 Ms
46%
49
6
49
*124%
J
Extended 1st gold 3%s
1st gold 3s sterling
101% 104
105% 106%
09
8
.
s
-----
103% 104%
103
104%
1952
Fonda Johns A Glov 4%s
Gen Cable 1st
-----
4
12
106%
49
49
....
1
104
105%
*43
-
106%
♦Certificates of deposit
Purchased lines 3 Ms
Collateral trust gold 4s
43
97
104
104%
stamped
111
32
"69
93
106% 108
103%
f 6s
Collateral trust gold 4s
38
11
97
..1942 AT S
1942 M S
30-year deb 6s series B
1954 J D
Firestone Tire A Rubber 3 %s_. 1948 A O
(♦Fla Cent A Pennln 5s
1943 J J
(Florida East Coast 1st 4 %s—1959 J D
s
1st lien 6s stamped
109%
110%
107%
104% 105%
101% 102%
108
110%
104% 105%
104% 106%
102% 103%
101% 104
28% 30%
*75
M S
Hudson Coal 1st
14
*13%
J
J
109%
109
106
1955 A O
1960 J
343
107%
15%
*15%
15%
1956 J
109%
128%
30
107"
J
♦Debenture 4s
22
*118
.1955 J
♦Debenture 4s
108%
105
*85
15%
1399.
52
54%
J
-------
Fairbanks Morse deb 4s
J
see page
18
51%
14%
49%
53%
48
(♦Consol Ry pon-conv deb 4s. .1954 J
Del A Hudson 1st A ref 4s
14%
138
63%
53%
4s_...1965 UN
Commonwealth Edison Co—
1st mtge 3 Ms series I
1968
Conv debs 3 Ms
1958
Conn A Pasump River 1st 4s.. 1943
Conn Ry A L 1st A ref 4Ms—1951
Stamped guar 4 Ms.
—.1951
Conn Riv Pow s f 3%s A
1901
Consol Edison (N Y) deb 3%s.l946
3 Ms debentures..
—1948
3 Ms debentures
.1956
3Ms debentures
.1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s...1956 J
J
Cuba RR 1st 5s g
105
14%
61%
Columbus Ry Pow A Lt
5Ms
1957 J
21
14%
14%
14%
14%
1
50
*112
8 f 4 Ms debentures.
J
24
18
14%
------
47%
J
May 1 1965
1st mtge 3 Ms
1967
1st mtge 3 Ms
1970
1st mtge 3Mb
1966
Container Corp 1st 6s
1946
15-year deb 5s
1943
Continental Oil conv 2%s....l948
Crane Co s f deb 3 Ms
1951
J
19%
52
S
mtge 3 Ms
O
24%
16
19%
48
*113
Consolidation Coal s f 5s
A
20
18%
63%
O
1967
1975
1955
57
21%
19%
-4-
51
Columbus A H V 1st ext g 4a..1948 A
For footnotes
{Ref A imp 5s of 1927
{Ref A lmpt 5s of 1930
♦Erie A Jersey 1st s f 6s
53
19%
19%
19%
23
55%
22%
63%
Columbus A Toi 1st ext 4s.... 1955 F A
Cuba Nor Ry 1st
o
18
29
54%
22%
22%
48
O
•Debenture 4s
59
—
D
...Apr 15 1952 A
...Jan 151961 J
1st
1953
-
19%
o
J
-
D
M S
1940
Codsoi Oil conv deb 3 Ms
59
*100%
*100%
93%
141
109%
105% 105%
60
5'%
56
J
Columbia G & E deb 5s—May 1952 MS
Debenture 5s.
68%
J
series B.198*
Cleve Short Line 1st gu 4 Ms.—1961
ClevevUnlon Term gu 5 Ms
1972
1st s f series B guar..
1973
1st s f 4Ms series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 5s..1943
♦6s income mtge
1970
Colo A South 4Mb series A....1980 MS
Debenture 5s
90%
67
U
1950
1977
13
107%
105%
*51%
*51%
67
Cleve Elec Ilium 1st M 3%s_..1965
Gen 4 Ms series A
Gen A ref mtge 4 Ms
*105%
67
1940
Series D 3 Ms guar
12
53
*60
St L Div 1st coll trg 4s.—.1990 UN
Series A 4 Ms guar
____
J
1953
4s series D
mm
141
109%
J
conv
-
100% 108%
6
91%
109%
J
o
♦Gen
—
—
101% 109%
148
*140%
109%
-
-
D
J
Series C 3 Ms guar.
91%
—
-
O
-1953
♦Series B
—
-
*106
------
•
J
J
B.1942
1942
1942
1948
51
75
D
Cleve A Pgh gen gu 4Mb ser
Series B 3%s guar
3
107%
7*>
/
Spr A Col Div 1st g 4s
W W Val Div 1st g 4s
108%
12%
107%
O
(♦Erie RR 1st cons g 4s prior. .1996
♦1st consol gen lien g 4s
1996
♦Conv 4s series A
2
12%
—
—
97% 101
105% 107%
106%
108%
80%
J
1977
4 Mb series E
B
*105%
-
—
13
*74
Cin Wabash & M Div 1st 4sl991 J
Ref A lmpt
ser
99
D
J
J
1st mtge 4s series D
J
J
1st mtge 3%s series E
3%8 guaranteed
1951 U S
J
Chic & West Indiana con 4s—1952 J
1st A ref M 4Mb series D—.1902 u s
Childs Co deb 5s
3%s
Series C 3 %s
1st lien
...1944
1903
1963
Cleve Cin Chic A St L gen
General 5s series B
•
35
J
Chicago Union StationGuaranteed 4s—
-------
MS
El Paso & S W 1st 5s
D
46
A
10%
J
3
J
18%
J
21
108% 110%
109% 111%
110% 113
45
98
O
1956 MiV
8
♦1st A ret 4Mb ser
3
A
East Ry Minn Nor Div 1st
16
12
110%
*23
5
-----
24
110%
99
2%
6%
4
70
3%
5%
.
*112
107%
16
26
3
109%
*40
10
2%
19
108%
14
8
2%
------
12%
106% 108%
8%
10%
18
108%
------
Ry3%sl962
13%
13%
13%
15%
16
5
110%
({♦Dul Sou Shore & Atl g 5s—.1937
Duquesne Light 1st M 3%s
1965
11
17%
5%
5
*50
♦Second gold 4s
1995 J D
Detroit Term A Tunnel 4%s.._ 1961 MS
Dow Chemical deb 3s.
1951 J D
100
1
5
16
9%
53
8
109
2%
Gen A ret mtge 4%s ser G—.1960 M
1995 J D
4s.. 1948
1
8%
2%
5%
Detroit A Mac 1st lien g 5s
Dul MlssabeAIr Range
107%
2%
High
108%
104%
8%
*2%
A
Low
2
----
2%
5%
36
10%
A
A
No
High
108%
-
8
16
9%
9%
C.May 1 2037
series A
-1949
1965
Gen & ref M 4s ser F_
Since
Jan. 1
107%
16
16
( {♦Chicago Railways 1st 5s stpd
Aug 1938 25% part paid—.... F
F
4 %s
16
MS
D
6
57
255
UN
J
6%
17%
112% 114
38
6%
1%
14%
15%
15%
15%
10%
♦4%s stamped
1987
{♦Secured 0%s
♦1st ref g 5s
:
May 1 2037
♦1st & ref 4 Mb stpd—May 12037
12%
25%
23%
23%
♦General 4s-
2
112%
6%
l %
(♦Chic A N West gen g
14
23%
23%
24%
"25?*
A
16%
12%
108%
*104%
Range
2
k
Ask
A
Low
8%
<t mortgage
88
27%
Bid
108%
({*Den & R G 1st cons g 4s
1936
{♦Consol gold 4 %8
1936
(♦Den A R G West gen 5s. Aug 1955
♦Assented (subJ to plan)
♦Ref & lmpt 5s ser B—.Apr 1978
(♦Des M A Ft Dodge 4s ctfs...1935
(♦Des Plains Val lstgu 4%s.—1947
Detroit Edison Co 4%s ser D—1961
15%
1940
<*)<§
Friday's
Price
4%s—1971
1969
1969
*-t A ref 4%s
"27
*
2,
.3
Range or
Sale
EXCHANGE
Del Power A Light 1st
16
23%
58
STOCK
Railroad & Indus. Cos. (Cont.)
High
118% 118%
86
h2m
25
F
4
12%
8%
8%
7m
Y.
Week Ended March 1
Low
"u4
17%
12%
♦57
24 m
J
No
"68
94
20
*14
MS
/
16
♦85%
"26M
M
J
119%
16%
16%
16
N.
Since
Jan. 1
High
♦112M
16
Last
BONDS
Range
Ask
A
Low
Railroad & Indus. Cos. (Cont.)
({♦Chicago A East III 1st 6s—1934 A 0
(♦Chic A E III Ry geD 6s
1951 MS
♦Certificates of deposit
March
Week's
Friday
Week's
Friday
45%
43%
*56
*
-
-
-
—
45%
6<
62%
60
*
60
*76
56
_
75
52%
52%
-----
56%
*51
*
2
78%
65
65
*
1
-----
—
-----
-
53
-
-
56
Volume
New York Bond
ISO
Friday
BONDS
N.
Y.
II
STOCK EXCHANGE
Week Ended Mar. 1
Railroad &
Indus.
Cos.
Bid
(Cont.)
Low
High
No
N.
Since
II
Jan. 1
1963 J
48
48
49
1st
1963 J
43%
43%
45
Illinois Steel deb 4 %s
______
1940 A O
Ind 111 <fc Iowa 1st g 4s
{♦Ind 4c Louisville 1st
Low
Ind Unibn Ry 3%s series B
F
1961
1966 J
6s_...
conv
106%
106%
74%
73%
32%
32%
73%
71%
107
74 H
♦Certificates of deposit
deb 4s
1947 A O
1942 M N
Interlake Irdn
conv
{♦Int-Grt Nor 1st 6s
J
1952
.July 1952 A
ser A
♦Adjustment 6s ser A
_.
♦1st 58 series B
85%
t
1H
1%
10%
70 H
1956 J
1944 A
70%
70%
102%
98%
91%
96%
10
Internat Hydro EI deb 6s
Int Merc Marine a f 6s
Internat Paper 5s ser A & B
Ref s f 6s series A
1955 M S
Int Rye Cent Amer
1972 MN
1941
70 H
1947
1st 5s B
A
J
102%
1st lien & ref 6 Ma
1947 F
Int Telep & Teleg deb g 4%s..l952 J
A
1955 F
A
99
.
Debenture 5s
J
11
304
272
612
36
22
74
13
72
20
86
18
13%
1%
10%
10%
72
73
102%
99%
18
10
21
70%
56
67
25
67
/
J
36
75%
Mead Corp 1st 6s with warr
75
Metrop Ed 1st 4 %s series D
1968 M S
Metrop Wat Sew & D 5%s
1950 A O
{{♦Met West Side El (Chic) 4s. 1938 F A
1945 MN
16%
2
♦Mex Internat 1st 4s asstd
14%
14%
74%
76%
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Cent Det't & Bay City
Jack Lans & Sag 3%s
1951
1st gold 3%s
.1952
Ref & impt 4%s series C
1979
Michigan Consol Gas 4s.
1963
{♦Mid of N J 1st ext 5s
1940
{{♦Mil & No 1st ext 4%s
1939
♦§Con ext 4%s
.1939
{♦Mil Spar & N W 1st gu 4s... 1947
J
84
93
38%
97
42
43%
46%
1%
99
Jones & Laughlln Steel 4%s A.. 1961 M S
Kanawha & Mich 1st gu g 4s. .1990 A O
A
{{♦KCFtS& MRyref g 4s. .1936
♦Certificates of deposit
Kan City Sou 1st gold 3s......1950
Ref & Impt 5s...
Apr 1950
Kansas City Term 1st 4s
1960
O
*65
35
33
33 H
33%
66%
67%
66%
93%
88%
10
35
16
34
107 H
107
67%
68%
107%
104
103%
104
68
Kansas Gas & Electric 4 Ha—1980
4
13
52
93%
95
"28% "35"
65%
64%
69%
68%
108%
31
107
10
103% 105
♦Karstadt (Rudolph)
♦Ctfs
w
♦Ctfs
w w
w
♦Ctfs with
Inc—
stmp_(par $645). .1943
*8
(par $925). .1943
102
102
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky & Ind Term 4%s—1961
Prior lien 5s
101% 103
107
107%
*65
MN
J
*93
J
M S
A
O
J
65%
103
103%
19%
D
J
D
16%
*42%
22%
14
*
J
52
51%
7
39
42
8 %
81%
51
44%
6
42%
44
10
42%
12
"88%
10
63
103%
111%
15
80
64%
76
66
63
52% 63
52% 63
103% 105%
110% 112%
80'
7%
90
7
7%
18%
96
65%
103%
80
19%
42
57
22%
14%
7%
1%
6%
5%
*5
5%
*1%
1%
69%
62%
5%
2%
1%
59%
26%
26
27
14
13
11%
12%
6%
14%
12%
12%
6%
17
17%
17
17
J
1990
~22% "32"
19
13%
15%
""5% ""7%
11
62%
2%
1%
2%
5
.
"5%
91% 94%
62
66%
101% 103%
9% 19%
73
F
5%
18%
75%
1%
*%
1962 Q
1
32
2
4%
53
6%
5%
6%
2%
1%
59%
5
59
70
54
26
31
86
13
19%
45
11%
12%
5%
15!
16!
55
26
13%
18%
4%
4%
1%
2
3
1%
RR—
.1962
A..
50
40-year 4s series B
Prior lien 4%s series D
♦Cum adjust 5s ser A
1962
1978
Jan 1967
87
80
80
{♦Mo Pac 1st & ref ser A
1965
82
85
5%
6
8%
85
1961
Plain..
1961
*80
1961
1997
1949
*80
83
*160
170
100
100
88% 100
88%
106%
87
108
107
1P8
loBk
88%
105%
107%
104%
105%
104
106
104%
104
105
104
105%
105%
105%
105% 106%
3H
3H
3%
Kings County Elev 1st g 4s
Certificates of deposit
81
10
*%
*16%
50
"92%
Stamped
4 %s unguaranteed
:
Kings County El L & P 6s
ser
107%
77%
88
"*7%
Mo Kan & Tex 1st gold 4s
High
106
51
*7
S
5%s._..._
1949
1st & ref 5 %s series B
...1978 J
{♦Mo-Ill RR 1st 5s series A...1959
Missouri-Kansas-Texas
102%
80
80
M S
24
*106%
103%
111%
D
J
M
♦25-year
*8
warr
103%
111%
.1946
25
stmp (par $925). .1943 UN
Low
78
"76
__1949 M S
♦1st & ref 6s series-A
Jan. 1
*%
{5*M St P & SS M con g 4s int gu*38
{♦1st cons 5s
1938
{♦1st cons 5s gu as to int
1938
34
28
15
25
No
"68
1934 UN
1st & ref gold 4s
♦Ref & ext 50-yr 5s ser A
Since
*55
78%
77%
66%
61%
68
1977 M S
♦
55
54
41%
79%
Range
o
CQCQ
*15
1977 M S
♦4s (Sept 1914 coupon)
High
106%
78%
75%
*64%
M S
{♦Milw & State Line 1st 3%s—1941
29
59
55
*31
J
{♦Minn & St Louis 5s ctfs
James Frank 1 & Clear 1st 4s—1959 J
48
O
101% 103%
96% 99%
1%
63%
40%
78%
77%
44%
43%
*85%
m~s
1953
1941
20
44%
1%
54
1959 M N
1947 A
97
43%
54%
93%
20
1%
10%
f 5s
Certificates of deposit
Market St Ry 7s ser A...April 1940 Q
Certificates of deposit
83% 90%
102% 102%
13
s
Manila RR (South Lines) 4s
{♦Man G B & N W 1st 3 %s
93
44
D
45
78
78
2013 JD
Marion Steam Shovel s f 6s
41
40
*1%
~52
105%
30%
72%
71%
O
Ask
&
106
78%
♦Certificates of deposit
106% 109%
74%
77%
73%
77
30
38%
76%
74%
40%
M S
{♦Iowa Central Ry 1st & ref 4s. 1951
101
103
~13~~
1956 J
♦1st g 5s series C
85H
J
76
A
cons
♦Second 4s
Manila Elec RR & Lt
105%
73 H
35 H
78%
14
103%
J
Int Agrlc Corp 5s stamped
Friday's
Bid
40%
61
12
*105
1932 M S
7% notes
57%
14
105k
♦Certificates of deposit
{♦10-year
Range or
Sale
Price
Low
4s. .1990
♦Certificates of deposit
99%
57%
14
14
1932 AO
{Interboro Rap Tran 1st 5s
♦Certificates of deposit
{♦10-year
A
99%
57%
J
J
1986 M S
J
.1948 J
Is
McCrory Stores Corp s f deb 5s. 1951 MN
Maine Central RR 4s ser A
1945 J D
Gen mtge 4%s series A-....1960 J D
Manatl Sugar 4s s f
..Feb 1 1957 MN
50%
47
100"»100"m
*98
1956 J
Industrial Rayon 4%s__
Inland Steel 3%s series D
STOCK EXCHANGE
Week Ended Mar. 1
Railroad & Indus. Cos. {Cont.)
High
47%
43%
*98
1950 J
4s
gu
66
A
O
Week's
Last
Y.
{♦Manhat Ry (N Y)
Joint 1st ref 5s series A
♦Ilseder Steel Corp 6s
1948 F
Ind Bloom & West 1st ext 4s._1940 A
1397
BONDS
Range
Ask
&
Ill Cent and Chic St L & N O—
ref 4%s series C—_
4
Friday
Range or
Friday's
Sale
Price
Record-Continued—Page
Week's
Last
F
A
17
♦Certificates of deposit
♦General 4s
1975 M S
♦1st & ref 5s series F
1977 M S
2%
2%
17%
17
2%
17%
16%
17
1
63
158
17
14
2%
13%
13%
13%
4
J
Kings Co Lighting 1st 5s
1954
1st & ref 6%s
1954 J J
Koppers Co 4s series A
1951 MN
J
Kresge Foundation coll tr 4s—1945 J
3 Ha collateral trust notes... 1947 F A
{♦Kreuger & Toll secured 5s—
Uniform ctfs of deposit
1959 M S
26
87%
87%
9
83
82%
47%
47%
83
7
48
Goll & ref 5%s series D
1953
1960
Coll tr 6s series A
1942
41
Coll tr 6s series B..
1942
*40
47%
5s 1937 extended at
2d
3% to..1947 J
J
J
J
1941
1997
gold 5s...
Lake Sh & Mich So g 3
Ha
49%
12
48%
5
41
1
89
90%
82
*
85%
44
51%
43 M 49%
41
44
45
""l6
83%
4
82
89
81%
s
♦5s
s
39%
55%
48
22%
24%
4
20%
26%
25
34
2
87%
33%
4
32
27%
6s
Leh Val Harbor Term gu 5s
1940
1940
4s—2003
10
f 5s series A
Gen & ref
s
f 5s series B
Gen & ref
s
f 4%s
Gen & ref
s
f 5s series D
33%
29%
29%
29%
Nash Chatt & St L 4s ser A
50
50
Nassau Elec gu g
49%
J
42%
MN
.2003 MN
2003 MN
15%
15%
15%
15
15%
15
MN
42%
42%
15%
15%
15%
15%
43%
42
45
4
42%
47
11
15
25
14%
16%
16%
16%
4
19
17%
*49%
18%
16%
51
Liggett & Myers Tobacco 7s. .1944
5s
1951
A
J
D
*99%
F
A
J
r
104""
D
1953 F
A
♦Long Dock Co 3%s ext to
1950
1949
1949
1949
A
O
stamped
109%
"89%
A
125%
"84%
-
50%
117
126%
127%
97%
108%
129%
100%
109%
89%
89%
104
156
10
109%
63%
89%
15
54
101
109%
8
8
73%
108
109%
63% 67
89
91%
90
59
87%
90%
90
1
87%
90
4
125% 126%
128
13
84%
85
20
126% 128
83
85%
109
15
91
o
1st & ref 48 series D
2003
o
1st & ref 3%s series E
2003
Paducah & Mem Div 4s.__.1946 F A
St Louis Div 2d gold 3s
1980 M S
85
86
85
88
£9
82%
82
South Ry joint
1945
Monon 4s...l952
M S
J
Atl Knox & Cine Div 4s
1955 MN
♦Lower Austria Hydro El 6 Hb. 1944 F A
81
3
81
102% 104
81""
*77
*106%
*10%
79
112
*111%
'79%
A
69
69
83%
J
51%
71%
50%
*102%
106%
107
105
105%
120
118
101% 101%
70
10
83%
69
51%
144
107%
105%
"35
70%
66
43% 83%
42% 51%
102% 102%
106
107%
104
105%
15
*1
*1
*%
*%
*%
*%
*4s April
*%
on.i..1951
1914 coupon off
1951
*%
M
National Steel 1st mtge 3s..—1965
102
102
%
102%
102
103
103
103
103
71
70
♦Assent warr & rets No 4 on '51
Supplyjlst mtg3%s
{♦Naugatuck RR 1st g 4s
1964
1954
%
D
*124
J
{♦New England RR guar 5s—1945 J
♦Consol guar 4s
1945 J J
New England Tel & Tel 5s A.. 1952 J D
1st g 4 %s series B
1961 MN
N J Junction RR guar 1st 4s.. 1986 F A
N J Pow <fc Light 1st 4%s
1960
New Orl Great Nor 5s A
1983
*36
*36
108%
77%
109
104
105%
104
104%
105%
104
69%
33%
71
123% 124%
35%
36%
34
37
125% 128%
124% 127%
107%
69%
109""
78%
53% 55%
102% 105%
103% 106%
66% 71%
27% 29%
25
O
1956 FA
1956
A
♦1st 5%s series A—,—.—1954 O
♦Certificates of deposit
v-nMwi
%
103%
103
30
34
34
34
80
38
32
1954 A
1st 4 %s series D
♦Certificates of deposit
77%
59%
32
32
29
40
30
29
34%
37%
32%
34%
32%
31%
39%
33
33%
*31%
/ ♦Certificates of deposit
♦
127%
70%
*55
♦Certificates of deposit
♦1st 5s series C
38%
37%
126
»
108%
125
125%
127%
125%
127%
N O & N E 1st ref & Imp
♦1st 5s series B
H
*
*66%
MN
Newark Consol Gas cons 5s—1948 J
82%
112
73% 79
105% 107
H
%
*%
*%
*%
♦4s April 1914 coupon
-
For footnotes see page 1399.
1951
{♦Assent warr & rets No 4 od '26
83
Mob & Montg 1st g 4 Hb
1978 F
*28
O
*104%
56%
41% 47%
39
44%
36% 39
107% 109%
36%
108%
119%
*101%
{{♦NO Tex <fc Mex n-c Inc 5s.. 1935
♦Certificates of depsolt
O
2003
99%
92%
108%
*118
*69%
.2003
99
35%
New Orleans Term 1st gu 4s—1953
*101%
99
44
41
35%
101% 101
98
100%
90%
94%
J
series C
86
"68
4 %s A 1952
New Orl Pub Serv 1st 5s ser A.1952
1st & ref 5s series B
1955
1945 M 8
111%
83%
65%
72
108% 110
108% 111%
1940
_
3
ioi% 104""
Louisville & Nashville RR—
Unified gold'4s
1st & ref 5s series B
5
55%
107
Nat RR of Mex prior lien 4%s—
127%
130%
108%
111%
Louisv & Jeff Bridge Co gu 4s_
99% 100%
84
39
1914 coupon on... 1977
♦4s April 1914 coupon off
1977
118
10
125%
109% 110%
109% 111%
54
Natl
73%
125%
39
64%
48
42%
♦Assent warr & rets No 5 on '77
51
116%
126%
127
O
1944
109%
63%
90
M S
5s
1951 F A
J
Louisiana & Ark 1st 5s ser A..1969 J
Louisville Gas & Elec 3Hb
1966 M S
deb 7s
102%
51%
20
40%
♦4s April
—
107
72
M 8
M S
109%
109%
MN
Lone Star Gas 3%s debs
Long Island unified 4s
Guar ref gold 4s
129%
129%
O
1952
Lion Oil Ref conv deb 4%s
Liquid Carbonic 4s conv debs..1947
Little Miami gen 4s series A... 1962
Loews Inc s f deb 3Hs
1946
Lombard Elec 7s series A——1952
*125%
0
D
2000
1955 UN
♦Assent warr & rets No 4 on '57
19%
*112%
105
110%
110%
55%
*54%
Mexico—
♦4%sJan 1914 coupon 00... 1957
♦4%s July 1914 coupon on. .1957
♦4%s July 1914 coupon off..1957
17
MN
O
"32
106
84
J
Nat Acme 4%s extended to—1946 J D
Nat Dairy Prod deb 3%s w W..1951 MN
1949 M S
16%
O
32
100
110%
99%
Certificates of deposit
19
O
88
101
National Rys of
17
A
33
38%
59%
109%
110%
110%
Nat Distillers Prod 3%s
14%
{Leh Val Term Ry 1st gu g 5s. .1941
5s assented
1941
1965
O
D
5%.. 1941 MN
4s stpd
3
20
Lex & East 1st 50-yr 5s gu
128
106
Mutual Fuel Gas 1st gu g 5s—1947 MN
Mut Un Tel gtd 6s ext at
53%
48%
*17%
2003
♦5s assented
17%
1%
13%
15%
13%
29
2003 MN
2003
♦4%s assented...
♦General cons 5s
A
1955 UN
D
Mountain States T&T3%s... 1968
24%
44%
S
Constr M 4%s series B
70
42
M
MN
1955
Constr M 5s series A—
25
J
12
13
series C...1955
53%
45%
FA
17
37%
*51%
1955
24%
24%
*53%
53%
53%
52
32
S
1955
26%
28%
24%
24%
26
17%
*54%
s
24%
J
.1943
1954
♦6s stamped
27%
35
M
1965 A
debentures
Gen & ref
37%
29
5s. .1947 F
1977 M
Montana Power 1st & ref 3%s.l966 J
Montreal Tram 1st & ref 5s
1941 J
25%
*25
A
1964
♦5s stamped
1974
♦Sec 6% notes extended to..l943 J
1st & ref 4 Hb
g
25
1964 F
f 5s
Lorillard (P) Co
22%
32%
42
"23
17
17%
.1981 F
1938
Mohawk & Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4%s
1960
89
35
40
89
28
A
4s
73
{Mobile & Ohio RR—
♦Montgomery Div 1st
♦Ref & impt4%s
{♦Secured 5% notes
A
17%
""l%
*16%
1%
♦Certificates of deposit
54
52
A
..1954
f 5s
{♦Lehigh Val (Pa) cons g
♦4s stamped
♦General cons 4%s
49%
*37%
1954 F
f 5s
J Leh Val N Y 1st gu 4 Hb
4 Hb assented
—
34%
14
32%
..1944
1974 F
s
14
68
17
17
1980
H
Morris & Essex 1st gu 3%s
stamped
♦1st & ref
21
52
49
1945 M S
♦5s stamped
♦1st & ref
35%
89
51%
o
Lehigh & New Eng RR 4s A—1965
Lehigh & N Y 1st gu g 4s
Lehigh Valley Coal Co—
♦5s stamped
♦1st & ref
35%
50%
52
8
3
"~15
..1949
,
♦Certificates of deposit
♦1st & ref 5s series I
r
85
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
1975 Dec
Lehigh C & Nav s f 4%s A
1954 J J
J
Cons sink fund 4%s ser C—1954 J
17
73
"17"
MN
♦Certificates of deposit
♦Conv gold 5%s
1st & ref g 5s series
9
85
70
87%
17
.1978 MN
♦1st & ref 5s series G
♦
3%
2%
42%
47%
83
J D
16%
73
♦Certificates of deposit
106%
Lake Erie & Western RR—
*60
17
73
91
105% 106%
87 H
§ ♦Laclede Gas Light ref & ext 5s '39
Ref & ext mtge 5s
1942
Coll & ref 5 %s series C
105%
A
{♦Mo Pac 3d 7s ext at 4% .July 1938 MN
J
18%
18
18%
17%
2%
18%
17
18%
17%
F
34
32%
A
35
*32%
32%
34%
32%
35%
35
32%
28
55
New York Bond Record—Continued—Page 5
1398
Friday
Friday
Y.
Last
sj
STOCK EXCHANGE
Hale
Range or
Friday's
Week Ended March 1
1998\b A
—1946 A O
2013 A 0
2013 A O
10-year 3Ms sec s f
Re£ & impt 4 Ms series A
Ref & impt 5s
series C
Conv secured
3 Ms
1952
N|Y Cent & Hud River 3 Ms—1997
Debenture 4s-—
--1942
Lake Shore coll gold 3 He—-1998
Mich'Cent coll gold 3Ms—1998
M N
J
J
S3
No.
♦111
J
4M8-1945J
N Y Cent RR 4s series A
<fe
Asked
High
Bid
Low
(Cont.)
Railroad & Indus. Cos.
Newport & C Bdge gen gu
Price
57 M
77 M
Low
111
57 M
58
22
77M
21
Railroad &
High
62
74M
51M
79
56M
52
58 M
68 M
59
91
57
62 M
58M
75 M
57 M
58 H
44
56 M
63 M
75M
75 M
89 M
90 M
77
59 M
90 M
59 M
F
56 M
57
7
1974
Ref 5
Ms series Aseries C
4s collateral trust
~1£78
---1946
O
A
M
F
8
63 M
82
81M
105 M
—„~~19do
1851
Conv 5% notes*
1947
Y Edison 3Ms ser D
...1965
1st lien & ref 3Ms ser JE
1966
84M
81 M
105M
107
3 Ms extended to,-.1947
3-year 6% notes
1941
Y Connect 1st gu 4 Ms A
1953
1st guar 5s series B
N Y Dock l8t gold 4s
N
54M
81M
84 M
81M
105M
1st mtge
N
64
53 M
54
A
107
51M
62
52
108
RR
Y Gas El Lt H & Pow g 5s. - -1948
Purchase money gold 4 s
1949
108
10SM
108M
52 M
52
108 M
109
86
8
56
79M
90 m
59 m
3
56 M
60
Debenture g 4 Ms
125 M
118M
F
A
108
F
A
107M
j/n
j/n
A
O
13
61M
67
132
53 M
59 M
Conv deb 3M»
12
77M
81X
78 M
104 M
Lake 5s—1946 J/N
N Y & Harlem gold 3 Ms
2000 J/N
N Y Lack & West 4s ser A
1973 J/N
13
♦N Y & Greenwood
4 Ms
1973
series B
*95
1
11
29
3
2
1
86
105 M
108 m
7
25
/114M
114
47
1941
Branch gen 4s
M
S
A
N Y & Long
108
89 M
38
117M
118M
101M
49
101
106 M
107
51
86 M
95 M
O
{{♦N Y & N E (Bost Term) 4s. 1939
{♦N Y N H & H n-c deb 4s
1947 M 8
♦Non-conv debenture 3 Ms—1947 M S
♦Non-conv debenture 3 Ms.-1954 A O
J
♦Non-conv debenture 4s
1965 J
♦Non-conv debenture 4s
1956 M N
J
J
♦Conv debenture 3Ms-1956
1948
♦Collateral trust 6s
1940
♦Debenture 4s._
1957
♦1st & ref 4Ms ser of 1927---1967
{♦Harlem R & Pt Ches 1st 4s 1954
♦Conv debenture 6s
16 M
110
13
A
J
J
~64M
64
1956 J
J
54 M
54
1980
3Ms deb-..1952
—
*107
M S
4s..--1992
J
D
sec
1967 J
5s series A
71
72
{{♦Philippine Ry 1st s f 4s
♦Certificates of deposit
16
16M
Phillips Petrol conv 3s.—
1948 M S
Pitts Coke & Iron conv 4 Ms A. 1952 M s
99 M
17
15M
15M
2
15
16
17
18M
18M
29
62
62 M
5
6M
3M
69
3M
J
D
O
O
El Lt & Pow 3 Ms-1965 M N
J
N Y Rys prior lien 6s stamp,—1958 J
N Y & Rlchm Gas 1st (is A
1951 M N 105 M
N Y Steam Corp 3 Ms
1963 J J\ 105M
J
J
18H
f }»N Y Susq & West 1st ref 5s. 1937
N Y Quec-ns
9
16
17
16
15
16
36
18M
20M
33
Series D 4s guar—
Series F 4s guar gold.
18 M
6M
20
60
63
Series H cons guar 4s
1
5M
1945
Series E 3 Ms guar gold
1949
—
Series G 4s guar
2M
6M
46
3M
52
i()7M
108
16
107
107
2
105M
105M
10
104 M
105 M
106
66
104
9
15
18M
A
10
10
10
6
5M
A
8
7
8M
16
5M
8M
60
52 M
2
39 M
52 M
110M
17
J
J
I)
110M
110M
*85M
M
S
A
O
IN
F
A
87
42
5
6M
111 M
111 M
5
110
112
108M
103 H
15
108
109
22
102
104
102
12M
13
M
*
114
115
107
109
108
3
106 m 108
105 M
105 M
106
26
104 m 106 m
110
110M
9
109 m U1M
"I2M
11H
3M
3M
8
111 H
him
} {♦Norfolk & South 1st g
13
40
HM
14 M
12 M
12M
21
10
1996 O A
1949 F A
1954 F A
North Amer Co deb 3 Ms
Debenture 3 M s
—.1959 F
Debenture 4s——
A
1974 J/ S
1974 M 8
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 & sub coupons.-1945
♦Oct 1938 & sub coupons
1945
Ctfs of deposit stamped—
♦Apr '33 to Oct '34 coups. 1946
♦Apr '33 to Apr '38 coups. 1945
North Pacific prior lien 4s
1997
Gen lien ry & Id g 3s Jan
2047
Ref & impt 4 Ms series A——2047
Ref & impt 6s series B
2047 J
Ref & impt 5s series C
2047
Ref & Impt 5s series D
2047
Northern States Power 3M8---1967
Northwestern Teleg 4 Ms ext.-1944
122
1962
1974
1977
1st gen 5s series C
1st 4 Ms series D
*102.16
107 M
107 m
j/n
F
A
D
j/n
..1967 M
33
104 M
21
105 M 106M
105 M 108 7
Pub Serv of Nor 111 3Ms-
*113
114
114
Purity Bakeries s f deb 5s
*107M
107 M
107 M
A
*115M
j/n
*115M
A
109
45
45
40
*50
*40 M
64 M
39 M
0
45
40
1
21
J
42
47 M
147
53
43
M
47 M
108
7M
48 M
18
46
60M
51M
61M
108M
31
108
109M
8
108
110
20
106 M
12
104M
*105 M
HIM
117M
118M
105 M
74 M
46M
7M
7M
*108
~5l"
Paramount Pictures 3s deb
108 M
14
14
48
105
8
117M
111 M
"~6
117M
1
118M
106 M
75 M
16
59
48
59 M
111M
111M
59 M
112M
38
111M
ill M
38
108M
108M
109M
18
74 M
O
F
109
110M
110M
*101M
8H
108 M
109 M
10 7 M
108 H 109 m
106 H 108
10 »M 110M
105 M 107
104 M 108 M
44
103 M
"72"
72 M
107
107
69 M
74 M
22 M
23 M
103 M
M 8
J
59
78
58 m
78
78
25 M
66
644
15
lst& lef mtge 5s
*147
107 m
17m
25m
108M HO
79
82m
150
148
222m 224
108 m 109 m
104 M
104 M
104 M
102 m
104 m
52 m
65
64m
*50 M
74 M
77
57h
~60"
60
55 m
70 M
71M
70m
71
70 M
71M
71
Gen mtge 4 Ms series C
1956 j/n
J
Revere Cop & Br 1st mtge 4Ms 1956 J
♦Rheinelbe Union s f 7s
1946 J J
101
102
100 M
101
100M
*
100M
~94M
148
0om
75m
76
6
58 M
60M
111M 113M
109 h 112M
107 M 109 M
74 M
79
76
"~2
22
75
100
♦Rhine-Westphalia El Pr 7s-.1950 UN
*15M
15 M
15 m
j/n
*14M
14M
15
F
A
14
15 m
A
O
*14 %
*14 M
♦Direct mtge 6s
♦Cons mtge 6s of 1928-—
♦Cons mtge 6s of 1930
Richfield Oil Corp—
4s s f conv debentures
1952
1953
1955
106
1952 M S
J
O
10 M
10M
m
S
S
♦Ruhr Chemical
s
m S
M 8
1949 J
*7
J
J
J
1941
109 M
110M
96
Saguenay Pow Ltd 1st M 4MS.1966
M
95
12m
8M
108m 111
107m 109m
6M
9m
~~8M
7M
96 M
7m
112
95
9m
98 m
43 H
124
67 M
*60
70
*60
79 M
61
61
62 M
59m
61M
61M
61M
58 m
62m
62
110M 111M
St Louis Iron Mtn & Southern—
45
♦{Rlv & G Dlv 1st
♦Certificates
125 M
72
*111M
•
1933 J/N
g 4s
of^ deposit
J
18m
23m
65 m
58 M
58 m
66 m
62 m
12 m
13
10m
13m
12 M
10
13
14
14M
11
15M
14
13 M
14
10M
11x
11M
12M
HM
10
15M
12M
12m
20 M
94
97 M
105
106 M
96M
98 M
97 M
99
pr
♦Certificates of
deposit
1950 J
♦Certificates of deposit
♦ConM 4 Ms series A
..1978 MS
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs—1989 MAT
♦2d 4s Inc bond ctfs
20M
*65
1959 M 8
1955 J
lien 4s A—1950 J
♦Prior lien 5s series B
20 M
65 M
58 M
12
{♦St L Peor & N W 1st gu 5s—1948 J
14m
J
10m
1966
J
"97M
10m
"28m "3l"
1996
104 M
O
105
10m
1947
10iM
1981 J
105
St Lawr & Adir 1st g 5s..
2d gold 6s
104 M
Pa Ohio & Det 1st & ref 4Mb A. 1977 A
109
St Jos & Grand Island 1st 4s
103M 104M
103
*106 M
11
108 M
7M
105 M
D
12
38 M
30 M
14m
106
*21
1948 A O
f 6s
{♦Rut-Canadian 4s stmp
{♦Rutland RR 4Ms stmp
108
8M
104
Penn Glass Sand 1st M 4Ms.. 1960 J
105
*111M
108 m
M S
12m
97
14M
15
15
*108
J
S
15
*121M
m
1977
1967
Gen mtge 3Ms series 1
1967
Gen mtge 3Ms series J—1969
{{♦R I Ark & Louis 1st 4 Ms.-1934
{♦St L-San Fran
105M
"l9M
106 M
*103M
106
103 M
95
17
*14M
J
105M
.0
16M
*15M
St L Rocky Mt & P 5s stpd
104
96
ioom
26
30
J
St Louis Pub Serv 5s
.1963 F
99 M
95m
108m
J
1946
—
10^M
.1952 J/N
91
J
♦3Ms assented
105 m
106
28-year 4s
91M
107
96
♦Rhine-Ruhr Water Service 6s.1953 J
102 M 102 M
*107
98m ioom
108 H 109 M
125M
72
102
—
108 M
95 M
99 M
29
95M
98 m
94 M
107 M
~94M
Roch G & E 4 Ms series D
86M
*98
64
*50
J
60
97
5
222 M
108 M
222 M
t {♦Rio Grande West 1st gold 4s 1939 J
♦
1st con & coll trust 4s A
1949 A
118M
104 M 106 m
84M
*70
3m
169"" 112"
108 M
2037
.2037
1968
1948
1st & ref mtge 8s
3M
109"
109
118
48M
D
11M
57
Nov 1989 J
J
*28 m
{♦ 1st terminal & unifying 5s. 1952 J
J
16M
♦Gen & ref g 5s series A
81M
101
*63
109
*8 H
85 M
43 M
.1944 J
For footnotes see page 1399.
67 M
9
83
3M
*35 H
28 M
50
*102 M
*105M
4Mb series B
104
66
*81
J
A
125M
97
46m
78
110
D
43 M
D
Penn-Dixie Cement 1st 6s A... 1941 M
73 M
110
{{♦Rio Grande June lat gu 5s..1939 J
85 M
A
44 m
40m
107
69 M
Richm Term Ry 1st gen 5s——1952 J
•Rlma Steel 1st s f 7s
1955 F
104
.1942 J
A
1
75 M
Guar 3 Ms trust ctfs C
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs—
Penn Co gu 3 Ms coil tr ser
46
41
19
*106
105 M 105 h
110M 1HM
116M H7M
50
43 M
Pat & Passaic G & E cons 5s_.. .1949 M S
.1942 M S
♦Paulista Ry 1st s f 7s.
B—. 1941
75
*74 M
109
1947 M S
Parmelee Trans deb 6s——... .1944 A
42 H
43
42
42
Gen mtge 3Ms series H
"l03M
97m 100
*108
73 M
4Ms without warrants------1956 M 8
Rensselaer & Saratoga 6s gu...1941 j/n
Republic Steel Corp 4 Ms ser B 1961 F A
Purch money 1st M conv 5 Ms '54 mat
15
55
110M
17
109
116m
115m 115m
104m 108 m
104 m 107
D
Remington Rand deb 4 Ms w w.1956 M 8
109M
{♦Pac RR of Mo 1st ext g 4s.. .1938
.1938
{♦2d ext gold 5s
Pacific Tel & Tel 3Ms ser B— 1966
.1966
Ref mtge 3 Ms series C
Paducah <fc 111 1st b f g 4 Ms— .1955
Panhandle Eastern Pipe L 4s.. .1952 M S
Paramount Broadway Corp—
.1955 F A
1st M s f g 3s loan ctfs
116
98 M
J
42 M
44
111M
116M
116M
68 M
48 M
Pacific Coast Co 1st g 5s——- .1946
108
109
*106
64
106 M
104 M
Pacific Gas & El 4 s series G—. .1964
.1961
1st & ref mtge 3Ms ser H
.1966
1st & ref mtge 3 Ms ser I
112
*110M
39 M
54
75
107M 108
108 M 108 M
112
106
A
49
47 M
118M
105 M
8M
102m 103
108
108 M
104 M
I)
50
54 M
iiiM
3m
103 M
105
98 M
J
65
48
117M
13
110m h2m
98
ioom
104 M
97 M
104 M
F
40 M
110
..1962
Otis Steel 1st mtge A 4 Ms—
106 M
45
107 M
..1961
Ore-Wash RR & Nav 4s
45
*41M
107 M
Ore Short Line 1st cons g 5s. ..1946
..1946
Guar stpd cons 5s
6
109
O
A
{♦Radio-Kelth-Orph pt pd ctfs
for deb 6s & com stk (65% pd).
{♦Debenture gold 6s—
1941
{♦Deb 6s stamped
1941
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 4 Ms series A
1997
Gen & ref 4 Ms series B
1997
J
Ontario Transmission 1st 5s. ,.1945 J/N
Oregon RR & Nav con g 4s.. ..1946 J D
1956
{♦Providence Term 1st 4s
43
109M
107 M
A
10M
3m
109 M 110
f
Public Service El & Gas 3M8--1968 J
105M
D
.1943 F
66
106 M
109
D
——
54 M
121M 126m
107M
S
,.1946 J
4 s debentures-
Ontario Power N F 1st g 5s._
3
38
108 M
109
..1972 J
3 Mb
Oklahoma Gas & Elec 3 Ms— ..1966 J
1st mtge
123M
106
J
{♦Og & L Cham 1st gu g 4s—. ..1948 J
Ohio Connecting Ry 1st 4s— ..1943 M S
..1965 M N
Ohio Edison 1st mtge 4s
1st mtge 4s
66
121 M
106 M
48M
112
*109
A
1951 J
Pressed Steel Car deb 5s
105M
65
13
108
F
{♦Porto Rico Am Tob conv 6s. 1942
♦6s stamped..1942
{{♦Postal Teleg & Cable coll 5s 1953
Potomac Elec Pow 1st M 3Ms. 1966
105M
40 M
43 M
43
*107
I960 M S
106 M
45
37
♦105M
J
1st 5s 1935 extended to—.1950 J
106 H
North Cent gen & ref 5s
Gen & ref 4 Ms series A
H
8M
13 M
65
5s—1941 M N
4s
13
100M
100
100
{♦Providence Sec guar deb 4s. .1957 J/N
Norf & W Ry 1st cons g
109m 110m
115
108
1948 J D
1st gen 5s series B
Port Gen Elec 1st 4 Ms
90 M
108M
1UM
"l"02M
12
♦Certificates of deposit
5M
1959
1960
1st mtge 4 Ms series C
Pitts Y & Ash 1st 4s ser A
*87
90 M
5
J
110
108 M
*109
1970 J D
—1975 A O
1st mtge 4Mb series b
10
109M 110M
85 M
90M
89
J
58
61m
i11m
18M
107 M 110
106 M 10 >M
F
J
57
108
J
Gen 4 Ms series C
1
1977 J J
Pitts Va & Char 1st 4s guar—1943 UN
Pitts & W Va 1st 4 Ms ser A—.1958 J D
105 M
106
94
1953
1957
—.I960
1963
1964
Series J cons guar 4Mb
Gen mtge 5s series A
GeD mtge 5s series B
*44 "
F
52 M
J
___
{♦2d gold 4 Ms--
MN
1937
4Ms A—1940 A 0
Series B 4Ms guar
1942 A O
Series C 4 Ms guar
1942 MX
♦General gold 5s—
1937
1940
♦Terminal 1st gold 5s
—1943
N Y Telep 3Ms ser B
1967
N Y Trap Rock 1st 6s
1946
6s stamped,.
1946
{{♦N Y.Westch & Bost 1st 4Ms '46
Niagara Falls Power 3 Ms.
1966
Nlag Lock & O Pow 1st 5s A—1955
Niagara Share (Mo) deb 5 Ms. 1950
{{♦Norfolk South 1st & ref 5s. 1961
54m
109 m
1
Pitts C C C & St L
*82
r
55
16
15
18M
A
69 m
10
108 m
Ms—-1967 M S
74
D
1955
—
D
{♦Phlla & Reading C & I ref 5s. 1973 J J
♦Conv deb 6s
1949 M 8
5M
4s 1942
♦General 4s
{♦N Y Providence & Boston
J D
Phlla Electric 1st & ref 3
28 M
N Y & Putnam 1st con gu 4s.-1993 A
6
106 m 106 M
63 h
67
111M
110
64
7
5M
3M
64
87 m
116
108 M
J
67
5
6M
98
82 m
64 M
M
*114
J
<5
5M
S
98«
95 m
110
110M
ill"
1943 M N
64
97
5
M
95 m
90
58 M
1977
1981
Series I cons 4Ms—...
{♦N Y Ont & West ref g
106 % 108 m
85
89 m
35
9M
57 M
1974 F A
Phlla Co
29
M N
90 m
114m 117
General g 4 Ms series-C
General 4M» series D
60
5M
J
87 m
117
118m
ioom 102m
68
F
1974
A 5s—-1956
Phlla Bait & Wash 1st g 4s
99 M
29 M
19M
113m 114m
114m
113
117
8M
99 M
O
15
J
A
16M
108 M
108 H 109 m
114
65 M
13
M N
J
16M
109
107
116
9
1st g 4Ms series C__
117M 118M
15M
16M
16M
15M
19M
29 H
16
107m
84
67
11 %
16M
16M
1
High
35
95 M
117
67
♦15M
15M
"iTm
68
Low
125 M 126M
26
64
16
87 X
96 M
84
Jan.
82 M
Apr
Pere Marquette 1st ser
1st 4s series B
109 M
108 H
63 M
*72 M
*75 M
11
89 M
82 M
Apr 1990
4s
Peoria & Pekln Un 1st 5 Ms
52
10
57
65
iu'H ""2
114
114
89 M
♦115M
116M
♦Income
108 M
52 M
50M
10
101M
*64 M
No
107 m
Peoples Gas L & C cons 6s
1943 A O
Refunding gold 5s
...1947 M S
Peoria & Eastern 1st cons 4s._.1940 A O
85M
106
64
J/N
5 Ms 42 J/N
J
Imp 5s 1943 J
High
Since
©
82 M
*55
♦N Y L E & W Coal & RR
♦N Y L E & W Dock &
Range
©
cqec
107 M
General 5s series B
118
Asked
107 M
118M
101M
106 m
86 M
95 m
95M
.1968
General 5s series B
General 4Ms series D._
Gen mtge 4Mb series E
&
*109
j/n
1970
series A
Bid
Low
1981
1984
1952
General 4 Ms
Phelps Dodge conv
♦124 M
118
1970
1960
1965
67
N Y & Erie—See Erie
N
Price
Indus. Cos. (Cont.)
Gen mtge 3Ms series C
Consol sinking fund 4 Ms
N Y Chic & St Louis—
Ref 4 Ms
N&.
Pennsylvania Pow & Lt 3Ms—1969
4Ms debentures
-.-..—1974
Pennsylvania RR cons g 4s
1943
Consol gold 4s
1948
4s sterl stpd dollar.May 1 1948
111
56 M
52
F
STOCK EXCHANGE
Week Ended March 1
1
78 M
52 M
153
Y.
1940
Week's
Range or
Friday's
24,
T»
N.
Since
Jan.
£1
BONDS
Range
g"®
Last
Sale
Week's
fej
BONDS
N.
Feb.
J
1990 J
9
10
57
54
64
33
27H
16M
16
30
17M
10M
9
8H
Volume 150
New York Bond
Friday
BONDS
N,
Y.
STOCK
EXCHANGE
Week Ended March
|l
1
Range
Sale
Bid
(Cont.)
g 4s._1968 J D
con
{♦St Paul E Gr Trk 1st 4MS--.1947 J
{♦St Paul & K C Sh L gu 4M3--1941 F
tPaciflc ext gu 4s (large)
&
Low
Ask
High
*82
J
1972 J
J
98M
Low
5
6M
1
98M
97M
5
S A & Ar Pas* 1st gu g 4s
San Antonio Pub Serv 4s
San Diego Consol G & E 4s
1965 M N
ilili
111 M
111 M
1942 M
S
109M
109M
109M
20
{♦Schulc© Co
1946 J
J
114
1
Santa Fe Pres & Phen 1st 5s
guar
6M8
J
1963 A
O
♦Stamped
♦Guar
s
J
f 6 Ms series B
♦Stamped
O
A
0
4s
♦Adjustment 5s.._
O
Oct 1949 F
43 M
0
cons
6s series A
♦Series B certificates
1935 F
Shell Union Oil 2 Ms debs
Sliinyetsu El Pow 1st 6M8
1954 J
J
1952 J
D
11H
4M
56
4M
13M
"55
2M
3M
96 M
65
63
3M
6
104M
105M
H9M
mli
108
103M
103M
106M
110M
105M
Southern Colo Power 6s A....1947 J
J
1946 J D
100
30 M
99
78
*
..1979
33 M
14M
25
101M
108 "
-
65
14M
102«35 102M
Southern Calif Gas 4Ms------1961 M S
1st mtge & ref 4s
1965 F A
4M
96 M
57
25
101
"105M
4
95
~1~4M
*24 M
101M
8M
7M
15M
29 M
14 M
1964
5M
b
*32 M
South 4c North Ala RR gu 5S..1963
South Bell Tel & Tel 3Ms
1962
1M
6M
95M
95 M
1951
Southern Kraft Corp 4 Ms
1M
4M
5
2M
S
.1952
15M
2M
4M
*12
"2 M
1941
3s debentures
U
"27
15
"60
1946 F A
Skelly Oil deb 4s.
Socony-Vacuum Oil 3s debs
12M
2M
6
65
44 M
12 Ws
4M
4M
6M
5M
15M
6H
A
♦Siemens <fc Halske deb 6 Ms.-.1951 M
118
*2M
S
♦Certificates of deposit
{{♦Atl & Birm 1st gu4s
1933 M S
{♦Seaboard All Fla 6s A ctfs._.1935 F A
32
14
*4M
1945 M
♦Silesia Elec Corp 6 Ms
Sllesian-Am Corp coll tr 7s
Simmons Co deb 4s
43 M
125
*1M
4 M
♦Certificates of deposit..
♦1st
30 M
43 M
M 101M
1022,«105
85
104M 106
"23
l"07M 109"
103 M
34
103M 105M
107 M
12
110M
4
106 M 108M
109M 11 I
105M
100M
99 M
29
2
105
106
97 M
100 M
Southern Natural Gas—
1st mtge pipe line 4 Ms
1951 A 0
So Pac coll 4s (Cent Pac coll)..1949 J D
1st 4 Ms (Oregon Lines) A--.1977 M S
106M
44 M
107
106M
44 M
45M
15
106M
107 M
24
43 M
48 M
53
47 M
47 M
48 M
Gold 4 Ms
1968 M S
53
1969 A/N
45 H
46 M
45 M
47
Gold 4 Ms
46
119
45
Gold 4 Ms
1981 MAT
45 M
46
116
45
10-year secured 3 Ms
1946 J
J
45 M
52 M
53
32
San Fran Term 1st 4s
1950 A
O
77 M
78 M
13
So Pac RR 1st ref guar 4s
"78"
77
47M
45 M
M
51M
77 M
50 M
50 M
50 M
58
80 M
1955 J
J
60
59M
60 M
53
58
65 M
1955 J
1994 J
1st 4s stamped
Southern Ry 1st cons g 5s
Devel <fc gen 4s series A
45
17
17M
30
28 M
25M
28
46
41
47
13M
12 M
13M
11 M
10M
13
"l3"
13
10M
fe
A/.S
S
-*7M
J
J
87 M
87
87M
53
56 M
75
57 M
117
86 M
56 M
77 M
81 M
17
75
20
7M
105M
105 H
1955
7 M
9M
7M
9M
105M 106 M
1
7M
65 M
9M
9M
7M
10
7M
66 M
2
67
19
64
2
74
70
76
F
F
20
84 M
31H
31M
.20
31M
35 M
35
35M
36M
*50"
70
70
70
107M 108
127M
109 H
126
127M
110
A
D
77
109
*108
D
J
88M
e
A
J
76
87
"88"
QA/
*126M
109 M
108M
108
108 M
18
108
S
118
118
20
1966 J
J
110M
117M
110M
110M
11
117M 120
110M 111 M
1954 J
D
1952 A
O
M
1st mtge 3 Ms series 1
West Va Pulp & Paper 3s
Western Maryland 1st 4s
1st & ref 5 Ms series A
West N Y & Pa gen gold 4s
J ♦Western Pac 1st 5s ser A
1977 J
J
1943 A
O
99M
84
1946 M
Western Union Teleg g 4
Ms.-.1950 M
25-year gold 5s
1951 J
30-year 5s
..I960 M
♦Westphalia Un El Power 6s.
West Shore 1st 4s guar
17M"
91
108M
18M
16M
4
66 M
16
68M
70M
95
67M
72
68M
67
69
72
66 M
70
15
5
14
15
S
49
27
47
16M
17
J15M
18M
64
67 M
46 M
62 M
41 M
47
113M 115M
96 M
99 M
1
"~99M
99M
99M
102'32
102132
102'32
1
12M
12M
3
12M
3
103 M
97
106
110
110
1955 J
J
"ioo"
1947 A
O
99 M
105 M
89
106
102
103
13 H
99 M
3
17M
"l8M
"32
16 H
20 M
16M
16M
1
16 M
19
14
6M
9M
7
7M
99
%
*109 M
J
1949 J
49 M
46 M
115M
D
1960 J
.
15
1940 UN
J
"18 H
♦Certificates of deposit
{♦Sup & Dul div & term 1st 4s *36 M N
♦Certificates of deposit
Wisconsin Elec Power 3M8
1968 A~~d
Wisconsin Public Service 4s.... 1961 J
{♦ Wor & Conn East 1st 4 Ms
1943 J
107 M
16M
46 M
Winston-Salem SB 1st 4s
{♦Wis Cent 50-yr 1st gen 4s
88 M
5
4
65
~49M
.
33
18M
16M
J
.
89 M
65 M
2361 J
Wilson & Co 1st M 4s series A
Conv deb 3 Ms
85
S
Registered
2361 J
J
Wheeling & L E RR 4s
1949 M S
Wheeling Steel 4Mb series A... 1966 F A
^{♦Wilkes-Barre& Eastgu 5s..1942 J
99 K
82 M
N
D
J
White Sew Mach deb 6s
99 M
68
108M
89
108M
17M
.1953 J
.
17
84
82 M
1946 AT S
♦5s assented..
88 M
61 %
17
8
7M
7M
Warner Bros Pict 6s debs
1948 M S
t* Warren Bros Co deb 6s...... 1941 M S
Warren RR 1st ref
gug3Ms—.2000 F A
..
High
106M 108M
37 M
45M
8
*6M
(Hiram) G&W deb 4Ms 1945
Walworth Co 1st M 4s
-.1955
1948
Wash Term 1st gu 3 Ms
1945
1st 40-year guar 4s
..1945
Westchester Ltg 5s stpd gtd__.1950
Gen mtge 3 Ms
1967
West Penn Power 1st 5s ser E..1963
Low
54
42 M
A
M
Walker
Washington Cent 1st gold 4s.
Jan. 1
No.
1980
6s debentures
Since
©
*25
1976 F
18M
Range
..
High
1978
28M
29M
•
M
42
*
♦Ref & gen 4 Ms series C
♦Ref & gen 5s series D
4
11
11
5Ms A. 1975
<3
Ask
107 M
43
42
1941
♦Ref & gen 5s series B
?0M
&
106
106M
1954
109M 111M
25
*9M
gen
rS
Bid
Low
{♦Des Moines Div 1st g 4s__1939
♦Omaha Div 1st g 3 Ms
1941
♦Toledo & Chic Div g 4s
1941
t* Wabash Ry ref &
13
Friday's
(Concl.)
109 M 111
43 M
42
Indus. Cos.
Range or
Sale
S
s
Price
♦1st lien g term 4s
♦Det & Chic Ext 1st 5s
61M
107 M 108 M
~29M
*120
Week's
Last
is!
EXCHANGE
Virginian Ry 3Ms series A..__'_1966 M S
t{* Wabash RR 1st gold 5s
1939 M N
{♦2d gold 5s
--1939 F A
98 M
21
42
STOCK
Railroad &
116
54
18
107M
28M
43 M
A
1959 A
{♦Refunding 4s—
24
*28 M
O
1950 A
g
1950 A
57
107M
1989 M N
;
{{♦Seaboard Air Line 1st
{♦Gold 4s stamped
56
J
1946 A
Scioto V <fc N E 1st gu 4s
56 M
High
5
116
Y.
Week Ended March 1
6M
116
1943 J
N.
Jan. 1
No.
5
*5M
1940 J
1399
BONDS
Since
<§3
90
5
J
A
St Paul Minn & Man—
St Paul Un Dep 5s guar
6
Friday
Range
or
Friday's
Price
Railroda & Indus. Cos.
St Paul & Duluth 1st
Record—Concluded—Page
Week's
Last
7
6M
107 H
D
9M
*6M
107M
109M
108M
"24
109 M
3
107M 109M
109 M 110M
9M
9M
20
*9M
J
100
79 M
1956 A
O
56 M
Devel & gen 6s
1956 A
O
75
Devel & gen 6 Ms
Mem Div 1st g 5s
1956 A O
80
1996 J
J
*72 M
78
78
1951 J
J
*66
68
69M
D
111 M
107
108M
.
S
108M
108
108 M
1961 M N
105 M
105M
105 M
1948 M
1st mtge s f 4s
ser
C
105M 109M
105 M 106M
72
111
.
Conv deb 4s
84 M
78
St Louis Div 1st g 4s
-
Youngstown Sheet & Tube—
So'western Bell Tel 3 Ms ser B.1964 J
1st & ref 3s series C.
-.1968 J
So'western Gas & El 4s
J
J
21 M
107M
3
'105M
104M
107M
105M
104M
109
108M
105
105
-
Tenn Coal Iron & RR gen 5s
1951 J
Term Assn of St L 1st cons 5s__1944
f g
4s
1953
Texarkana & Ft S gu 5 Ms A
Texas Corp deb 3 Ms.
90 M
106M
..1959
105
1943
*60
108
43
105
104M 106M
101M 105 M
99 M U3M
transaction
103
105
x
29
34
88
109M
92
73
105M 107 H
105M
33
65
108
110M
68M
68 M
69M
17
67M
72 M
68M
68 M
68M
25
67 M
Jan
69
29
67
93
7
92
J
56
54 M
56 M
145
19
17M
19M
398
1937 J
5s
Tide Water Asso Oil 3Ms-~-
J
1952 J
J
98M
106"
106
,
50 M
13M
59
19M
8
95
9
106
1953 J
D
/
O
1950
Tol W V & Ohio 4s series C
1942 M
4s..1946
Trenton G & El 1st g 5s
J
62 M
63
139
56 M
85 M
6
85M
UnloD
s
Electric (Mo)
1962 J
{{♦Union ElevRy (Chic) 5s
66M
66 M
8
64 M
♦
99M
98
J
*124M
126
125
106M
107
106 M 108
106M
J
93
107M
108
95
34
H2M
35-year 3Ms debenture.. —1971 M N
96 M
107M
107 M
1
65M
15
79 M
24M
24 M
24M
25
*14M
90 M
__1947
90 M
1947
"24M
"J
"25"
"3
21M
24 M
100
1959
O
1955 F
A
101M
92
"18
90
Stocks—No. of shares.
$2,080,000
41,305,017
$6,191,000
$13,696,000
4,933,000
4,811,000
39,882,000
23,115,000
36,409,000
224,181,000
40,503,000
247,805,000
$28,506,000
$43,300,000
$270,254,000
$302,004,000
State and foreign
Railroad and industrial
Total
Stock and Bond Averages
100M 102 M
64
101
103 M
87
93M
86 M
"5
103 M
"23
100
101M
101M
11
.
103 M
86 M
87
93M
Va Iron Coal & Coke 1st g 5s
2003 J
J
1958 A
O
the
daily closing
as
on
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
-
106
Bonds
Stocks
101M 105
■109M
10
'
10
♦M
109M
109M
*42 M
1M
109M
Yi
14
109
83
62 M
15
Total
10
First
Second
10
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
110
40
1
1
1*0 a>
91.29
46.99
108.61
88.62
30.48
24.64
49.11
107.71
91.34
47.10
108.70
88.71
146.56
30.53
24.89
49.18
107.75
91.51
46.94
108.79
88.75
Feb.27.
146.17
30.63
24.80
49.10
107.79
91.38
46.93
108.69
88.70
Feb.26.
146.44
30.63
24.80
49.17
107.74
91.69
47.00
108.67
88.78
Feb. 24.
146.72
30.63
24.90
49.25
107.73
91.86
47.16
108.68
88.86
1.
146.23
48.90
107.61
24.17
146.54
Feb.28.
Mar.
42
1
30.41
Feb. 29.
45
*55
*61 M
20
Rail¬
trials
*/i
'
30
Indus¬
J
Va 4c Southwest 1st gu 5s
are
stocks and bonds listed
103 M 106 M
166"
Below
J
1968 M S
1949 M S
$458,000
1939
30,062,670
4,838,549
Bonds
Government
Date
1st cons 5s
3,120,200
*109
1957 M N
Va Elec & Pow 3 Ms ser B
1940
1939
1940
93 M
28
Vera Cruz & Pacific RR—
1934
..1934
Jan. 1 to Mar. 1
Week Ended Mar. 1
Exchange
20
101 M
103M
1959
^Vanadium Corp of Am conv 5s 1941 A
{♦4 Ms July coupon off
{♦4Ms assented.
4,953,000
$28,506,000
"2"3M "25"
101 M
*
1947
f 4s series B
1
101
t
s
81 M
110M
100M
101M
101M
1944
Cons
77
110
105M 106 %
24M
23M
66,000
$458,000
*14M
United Stockyards 4Ms w W..1951
Utah Lt & Trac 1st & ref 5s.-.1944
Vandalia cons g 4s series A
79
116
67 M
785,000
$4,933,000
New York Stock
97 M
107M 109
61M
4,102,000
$23,115,000
*14M
1951
—.1951
,
♦3Ms assented C
».
1951
♦Sink fund deb 6 Ms ser A.-.1947
{♦Debenture 5s
5s stamped
80 M
105 M
24 M
*110
98
5,052,000
601,250
Sales at
96
105M
5,054,000
$3,115,000
3,120,200
Total
115
96
80 M
65,000
4,268,000
37
105M
5,413,000
622,640
97 M
24 %
D
4,919,000
84,000
928,000
1,009,000
721,000
13
65
70,000
117,000
3,850,000
4,320,000
96 M
O
999,000
$2,568,000
$56,000
4,007,000
97 M
O
1953 M S
1944 M S
Sales
$491,000
439,840
105M 108 M
113M 116M
17
United Drug Co (Del) 5s
Bond
567,710
113
23
1952 A
Total
States
Bonds
State
1
Bonds
511,030
39
108
1950 A
United
Municipal
Mis cell.
Wednesday
Thursday
Friday
49
116
J {♦Util Pow & Light 5 Ms
5 Ms stamped
Exchange,
For'n Bonds
Railroad &
Number of
Shares
Tuesday
9
8M
112M 112M
101M 102 M
"2
107M
United Biscuit of Am deb 5s
1940
95
102
H5M
97 M
United Cigar-Whelan Sts 5s
Mar. 1,
377,730
114M
97 M
107M
115M
Utah Power & Light 1st 5s
Stock
Saturday
Monday.
107 M 109
9M
O
June 2008 M S
♦3Ms assented A
York
13M
101 M
June 2008 M S
U 8 Steel Corp 3Ms debs
1948 J
♦Up Steel Works Corp 6Ms A. 1951
New
85 M
10
108
112M
1st lien & ref 5s
U N J RR & Canal gen 4s
the
at
Stocks,
Week Ended
125
114M
114M
1st lien & ref 4s
1970 A
week and not included
Daily, Weekly and Yearly
13 M
*13M
*8M
1947
34-year 3 Ms deb
during the current
*14
1959
-
♦3Ms assented A
Deferred delivery sales transacted
Pennsylvania RR. 4s 1948, Feb. 24 at 113.
99M
Union Oil of Calif 6s series A... 1942
♦Sec s f 6Ms series C
Bonds selling flat.
z
In the yearly range:
66 M
QQ
1945
Union Pac RR 1st & Id gr 4s
under
No sales transacted during current week.
S
D
1945 M S
f 7s.*
3Ms
3s debentures
Friday's bid and asked price.
89 M
♦Tyrol Hydro-EIec Pow 7MS--I955 M N
♦Guar sec s f 7—
1952 F A
Ujigawa Elec Power
/
63
85 M
66
1949 M S
Tri-Cont Corp 5s conv deb A. .1953 J
range.
107 M
99M
62 M
D
A
In year's
t The price represented is
Accrued interest payable at
list of the New York Stock Exchange bond issues which have
a
Transactions
1st 6s dollar series
Tol & Ohio Cent ref & imp 3 M s 1960
Toronto Ham & Buff 1st g
quotation per 200-pound unit of bonds.
99M
106
*
Tokyo Elec Light Co Ltd—
Tol St Louis & West 1st 4s
Deferred delivery sale; only
a
not included
Vanadium Corp. 5s 1941, Mar. 15 at 101.
97 M
O
Odd lot sale,
n
impaired by maturity,
X Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
72
92
1960 A
week,
Treasury 3Ms 1940-1943, June 15 at 100.
72
68M
dollar
If The following Is
66 M
13
92
1960 J
♦Adj income 6s
current
{ Negotiability
been called in their entirety:
104 M 106 M
1980
Third Ave Ry 1st ref 4s
during
exchange rate of $4.8484.
107 M
106M
108M
Cash sales; only transaction during current week,
the
1964 M S
Gen & ref 5s series D
r
Ex-interest.
114M 115
27
91 M
and not Included in the yearly
1953, Feb. 27 at 51.
126M 128M
liiji "l5
108M
.
106
1977
Tex Pac Mo Pac Ter 5Ms A
Cash sales transacted during the current week
Finland 6Ms
105M
M
105M
1979
Gen & ref 5s series C._—
g
105M
104M
2000
gold 5s
Texas 4c Pacific 1st gold 5s
Gen <fe ref 5s series B
{♦Third Ave RR 1st
90
e
range:
105M
111
*128M
114M
107M
108
1950 |F
..1951
3s debentures
con
J
108M
104M 106M
17M
21M
105
10 M
25
1953
2MS--
19M
111 M
107
1961
Standard Oil N J deb 3s
s
78M
110
21M
Studebaker Corp conv deb 6s._1945
Swift & Co 1st M 3Ms
1950 M N
Texas & N O
107M
26
D..1960 UN
ser
♦{Spokane Internat 1st g 5s. .1955 J
Staley (A E) Mfg 1st M 4s.... 1946
Gen refund
80
1
"62
M
sales are disregarded In the week's range
in a footnote in the week in which they occur.
NOTICE—Cash and deferred delivery
regular weekly range are shown
of the
In the following
Weeks Range
for
Sale
of Prices
Low
High
Price
covered.
.19**
19**
(Continued)
19
Par
Feb
22**
Jan
1
1
Ainaworth Mfg com
6
Air Associates Inc com—-1
4,800
5%
5
5**
5%
5%
1,100
Investors common.
Conv preferred..
2X
2%
2**
1,500
26**
7;
7i«
—
Gt Southern..60
*
...*
A lies A Fisher Ino 00m...♦
Alliance investment
♦
4%
5%
5**
Jan
Feb
Jan
Allied Products
6**
Jan
11**
Feb
Jan
Feb
Feb
1,500
**
Jan
Feb
Jan
77**
Jan
pre'erred
Blrdsboro Steel Foundry
101
Jan
108
Feb
93
Jan
98
Mar
Feb
2**
Jan
Rlauner's com
1**
Feb
Bliss (E W) common
1
1
Co common..*
Aluminum
0%
2",250
166
116**
850
Aluminum Goods Mfg—
common.*
Aluminium Ltd
0%
1,100
3,400
10**
com.l
100
Box Board Co com.l
Beverage
Feb
10c
10c
common
Common class B
<3 preferred
10**
Feb
2
>
Feb
Feb
25
Class A with warrants.25
Class B
1
Amer Cyanamld class A. 10
33
Feb
Bourjols Inc
Feb
Mar
1st preferred
100
preferred
*
Brazilian Tr Lt A Pow...*
Feb
106
Jan
107**
Jan
Jan
1J*
Feb
Mach
Jan
Breeze Corp corn
Brewster
Feb
7
Jan
IX
Jan
2**
Jan
Jan
*ii
Jan
18**
18**
Mar
20**
Jan
75
.
100
72
Feb
J*
1,100
75
Feb
**
Jan
Jan
325
31**
Jan
33**
Feb
31
Jan
33**
Mar
1**
Jan
33?*
800
IX
1,500
35
k "37X
16**
17**
"11366
2,200
Amer Maracalbo Co
37**
Feb
18**
Feb
Jan
**
12
12
400
11**
Feb
35
2,300
33**
Mar
3%
3**
28**
32**
14**
30
mil"
16**
**
Jan
•11
Jan
12
Jan
39**
3**
Jan
16**
800
16
Jan
17
Jan
2,800
14**
Class A
1,000
28 X
Jan
27?*
39**
Feb
5**
5**
600
Jan
5X
Mar
8**
13*
7%
Feb
300
1
Jan
1?*
Feb
1,600
7
Jan
8
5?*
Jan
6X
Feb
Jan
16?*
Feb
6X
6%
1,100
16**
19,200
pref
6**
1,500
4 J*
Feb
66**
12**
Feb
3 J*
1**
Jan
Feb
Angostura-Wupperman __1
1**
1**
Jan
11**
600
Apex Eleo Mfg Co com...*
Feb
Jan
Jan
17
Jan
114**
114**
2
130
ht
2**
114
'""2**
1,500
1,300
2,900
7**
1,500
1i«
JArcturus Radio Tube...l
2**
Common cl A non-vot__*
2X
2
7H
10
98
98
30
99
113**
Feb
'u
Vot trust ctfs
Am
Feb
7% partio pref
Jan
Jan
Class A voting
Cjas B non-vot
Jan
Canadian MaroonI
7
Feb
7 J*
Jan
Capital City Products...*
Jan
Carlb Syndicate
6**
Feb
Carman A Co class A
5**
Jan
8**
£1
8X
Jan
8X
Feb
200
10**
Feb
11**
39**
600
28
Jan
43
21**
21?*
101** 102
12?*
12J*
21 J*
Mar
500
101**
Feb
3,000
zl2 **
Feb
14**
1?*
600
1?*
Feb
2**
1
200
**
Feb
IX
Jan
»i«
Jan
X
15 X
Feb
17%
19
Feb
22
1,800
15**
153*
200
6?*
....
7**
1,300
1**
IX
2,000
**
Jan
»ta
Jan
**
Feb
**
Jan
Carrier Corp common
1
Carter (J W) Co common. 1
2X
1,500
5**
Jan
Casco Products
'it
Feb
Feb
Assoc Tel A Tel class A.
39?*
X
1053*
98**
200
983*
39?*
?*
105
105
■2X
19**
Atlantic Rayon Corp
19**
5**
Auas Corp warrants
"16**
Plywood Corp
tAustin Sliver Mines
1
Automatic
5
Products
1,300
19**
5%
2**
16
Feb
130
19**
200
5**
Feb
Feb
Feb
X
1,300
**
.3**
300
16**
%
3**
Atlas Drop Forge com
3
800
2**
13**
Feb
Jan
6
"11
3%
17
Jan
Jan
Cent Ohio Steel Prod
Jan
12?*
Cent States Elec
'i«
xi«
400
ba
Jan
**
Jan
1**
20
1**
Feb
■1%
Jan
100
5 **
Jan
6 J*
Feb
7%
55*
Feb
7
Feb
6**
Avery (B F) & Sons com..5
com
preferred
preferred
7%
Jan
Jan
7**
Feb
200
Aviation A Trans Corp__l
3H
3X
4
2,700
45
44
45
130
22**
20**
23
4,000
4**
Jan
Charts Corp.
Cherry-Burrell
Jan
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach
4
3**
Jan
Axton-Flsher Tobacco—
10
common
•
Feb
3
Ay re hire Patoka Collieries 1
Baboock A Wilcox Co
42
Jan
19 **
Jan
53
3**
23
Jan
Mar
Jan
Jan
Cities 8ervlce
Baldwin Looomotlve—
Pur oh warrants for oom
6X
30
7% preferred
23%
1,500
150
5**
23
Jan
Feb
6X
100
6**
Jan
'it
#i6
200
°ia
1
8
26**
7i«
X
**
7ia
1,600
X
9**
5
com
Bath Iron Works Corp
1
6**
10**
X
Feb
6
10**
6**
10**
400
1,400
6
10 J*
common
20
5**
..1
"
7X
4
For footnotes see page 1405
5**
4%
14"
14
Jan
17**
Feb
270
100** 103
83*
9
300
600
9
50
1093* 110
14
7**
5**
4%
14
7**
6
375
25
3,700
6**
Jan
8%
Jan
8**
Jan
Jan
2?*
100
Jan
2
Feb
2?*
Jan
Feb
4
6**
Jan
7
12
112
Feb
13
150
110
Jan
116
78
9**
1,350
68
Jan
78
200
8%
Feb
si6
200
X
Jan
6i«
27?*
525
21
Jan
27?*
4?*
57**
2,900
4
Jan
Z113?*
73**
78
9
6ie
24?*
9X
200
50
Feb
51
10
89
Jan
104
40
82
Jan
100
.*
102
"97""
102
97
97
1,200
Jan
4?*
Feb
Jan
58 X
5X
6%
7X
1,700
7**
53*
Jan
Jan
6 X
163*
Jan
16?*
**
**
1,000
X
Jan
43*
4**
100
4%
Jan
463*
46**
50
42 X
Jan
7
6**
7,200
5X
Jan
48**
7?*
2**
2**
7?*
2**
2
Jan
2**
**
Claude Neon Lights Inc..l
Clayton A Lambert Mfg..*
»
Cleveland Tractor com...*
Cllnchfleld Coal Corp.. 100
64?*
5
63*
7**
..1
FeD
Feb
2**
Mar
280
*
City A Suburban Homes 10
Cleveland Eleo Ilium
Feb
5**
2
5**
Jan
Mar
**
52**
City Auto Stamping
4%
Jan
?*
Jan
800
5
Jan
14
115
Feb
500
51
Jan
Jan
Feb
**
**
3?*
**
55
Jan
Jan
Feb
10 J
2*4
616
*16
**
"is
•
7**
5**
Feb
52**
*
10 J*
4**
12**
Feb
9
55
$6 preferred
13**
100
103?*
4
Feb
100
Jan
Jan
Feb
4
Feb
100
109
27
Cities Serv P A L $7 pref. *
$6 preferred
*
Jan
Jan
106?*
97**
7?*
10
$6 preferred BB_
Baumano, see "Ludwlg"
Ties Inc._l
Jan
153*
100
60o preferred B
Clark Controller Co
Beaunlt Mills Inc com..10
Feb
85
1
Feb
Mfg—
Basio Dolomite Ino com_.l
Feb
34**
Jan
15?*
100**
5 **
Jan
6
Jan
7
Jan
1
Barium Stainless Steel
6**
23**
6X
Baldwin Rubber Co com.l
Bardstown Distill Ino
6**
23
Feb
Jan
10
Chief Consol Mining
ChUds Co preferred
113**
3**
5
common
Jan
Jan
105
3**
69**
Chamberlln Metal Weather
Strip Co...
Jan
Jan
20?*
preferred
100
Conv pref opt ser *29.100
Jan
Feb
20
2**
75
100
15**
IX
Jan
Jan
40
53*
Jan
Feb
100
9
Jan
12
4?*
5**
14**
Warrants
Feb
82
9
Feb
10
32**
5**
19**
Feb
15?*
7%
80
2
Jan
Jan
Feb
4?*
1
16
25
25
Feb
**
99
100
10
100
1**
6% preferred w w
0% preferred xw
40**
Jan
Conv
6**
6%
Feb
313*
"80"
*
1
Jan
6?*
92**
12**
800
13
7?*
10
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
1**
j16
Automatic Voting Mach.
*
Jan
Feb
10
725
com
Jan
IX
106
112?* 1133*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
38
Jan
9**
25
Jan
113
Cent Hud G A E
Jan
Feb
Jan
i;266
*
Jan
1
*u
~"2% "3"
Jan
Feb
Feb
100**
3
Feb
3%
23**
Jan
1**
50
1
1st partio pref
Atlanta Gas Lt 0% pref 100
2?*
Jan
400
Celanese Corp of America
$7 dlv. preferred
Atlantic Coast Fisheries..*
Feb
X
Feb
18
12?*
Celluloid Corp oommon.15
A
Coast RR Co pref...100
7X
8
.....
7% 1st partio pref... 100
*i«
*
Jan
Jan
5**
»
Catalln Corp of Amer
Jan
6?*
25
Castle (A M) common. .10
Option warrants
...
1,666
*
1,000
Assoc Laundries of Amer
22?*
108
2**
IX
1
3,800
Mar
4?*
16x«
*
Carolina P A L $7 pref...*
'it
2
Jan
»
oom
■x
2
2
*
X
$5 preferred
IX
500
26c
X
1
Class A
4**
*
$6 preferred
Gas A Eleo—
Feb
IX
2?*
10**
*
1
common
Carnegie Metals
7**
...
Class B
Carnation Co
100
Jan
Feb
25
Feb
Feb
1X
Feb
,
"is
12?*
Cndn Colonial Airways...1
Canadian Indus Alcohol—
2
Industries
20
1**
Canadian Car A Fdy Ltd
Breweries of Can..*
20 X
Jan
IX
dep 6**% pref shs £1
**
Jan
Jan
100
60c
2
99
18**
Cables A Wireless Ltd—
2**
2**
Jan
200
Cable Elec Prod oom...60c
Feb
94**
100
uu
21**
Calamba Sugar Estate..20
Camden Fire insnr Assn..6
Jan
Jan
18?*
Burry Biscuit Corp..12**c
Jan
115
19?*
400
1?*
Feb
Jan
Jan
Feb
Feb
Jan
•
Feb
5**
1
25
$5 1st preferred
2
6
Works com...6
$1.00 preferred
1**
12**
Feb
12**
3:?*
4%
10**
37?*
oom
3**
Appalachian Elec Power—
38
Feb
18
Burma Corp Am dep rets
•11
Jan
Feb
Jan
13*
2**
Feb
75
Feb
13*
Bunker Hill A Sullivan 2.60
Jan
Feb
1?*
Brown Forman Distillery. 1
$0 preferred
•
Jan
7**
6**
Jan
IX
Feb
6**
1
4X
68
6**
100
»
Feb
104
1
27**
5**
"""360
Jan
Feb
22
X
50
3
Jan
Ys
100
Jan
Jan
Feb
"38""
Jan
49
2 ?*
22
1
Jan
Jan
200
22
Brown Rubber Co
**
500
2?*
25
Bruce (E L) Co com
5
Buckeye Pipe Line
60
Buff Nlagra A Eastrn Pw—
Jan
Jan
3**
23*
250
Jan
**
85**
6X
Jan
2?*
22
Jan
l,i«
2?*
Jan
25
Jan
800
Atlas
10
IX
22
30
Feb
X
Jan
22
10**
29**
Jan
Jan
Jan
22**
Jan
Jan
Jan
7X
IX
Feb
900
Atlantic Coast Line Co.60
5
"25"
18**
400
$1.60 oonv oref
Beech Aircraft Corp
Jan
18**
28 X
1X
2
Beau Brummell
26 X
z20% x20%
50
12**
3
$1.20 conv A
Jan
40
30**
18**
100
1**
Barlow A 8eellg
2**
29**
12**
18**
12**
3**
Atlanta Birmingham
Mar
1
15**
X
Jan
1?*
49
29
Mar
Jan
42
23*
14**
100
12X
com
40?*
Jan
1?*
8**
14**
6%
15
*
Feb
*
Class A
reg—10s
16**
32
$0 series preferred.....*
t c
Am dep rots ord
British Col Power cl A
Jan
American Thread 5% pf„6
v
Jan
Feb
Jan
Am dep rets ord reg.__£l
11**
67**
Common...
Jan
15
38?*
7X
68
66**
A8800
IX
273*
100
73*
2X
X
•
Amer deposit rets
6
13*
Am dep rets ord bearer £1
200
Mar
Elec
100
Jan
6
Jan
Feb
British Celanese Ltd—
15?*
**
Associated
7%
1
6%
Jan
6**
12**
»
§ Brown Co 0% pref... 100
66**
Assoc
41?*
200
IX
Brown Fence A Wire com. 1
250
Ashland Oil A Ref Co
500
•
Amer Tobacco—
Jan
0,300
Art Metal
Registered
British
Feb
7i«
6% preferred
1**
*
Mar
**
Arkansas P A L $7 pref..*
Class A
30
%
*
1**
41**
British Amer Oil coupon.. *
33
Am Superpower Corp oom*
$7 preferred
100
300
100
Jan
Jan
Jan
Jan
Arkansas Nat Gas com...*
Feb
6**
Co common..*
Feb
3**
100
Fence
39
X
*
7% preferred
31
6**
Post
Jan
Feb
13**
100
25
6**
Anchor
14**
38
50
39
50
_..*
150
400
6**
1st $0 preferred
Feb
7%
IX
2X
Preferred
Brill Corp class A
Class B
425
3X
2
com
Aeronautical... 1
Bridgeport Machine
30
*
Republics....10
Seal-Kap
Jan
Feb
4
18**
Amer Potash A Chemical.*
Amer
**
h»
13**
29
"l4X
1
Co
1
33
Amer Pneumatic Service.*
American
(i«
Jan
Jan
15
34
34**
100
Preferred
Jan
31**
100
Jan
"33%
Amer Mfg Co common 100
Amer Meter
1**
31
..26
0% preferred
33**
1**
20
Amer Lt A Trao com...26
39
7%
2d
Jan
45
Jan
Jan
Feb
*!•
Bowman-BUtmore com...*
X
33**
American General Corp 10c
Amer Laundry
46
25
Feb
X
..1
Jan
45
37?*
5%
11**
18**
IX
*
$2.60 conv preferred
1
Amer Hard Rubber Co. 60
Jan
IX
17**
100
33?*
36 X
$2 conv preferred
43**
27**
373*
lli*<
1,100
33
zl6%
new...10
Jan
273*
Jan
7%
Brillo Mfg
Amer Foreign Pow warr
Amer Gas A Eleo
40
"ik"
Jan
**
**
**
10
Amer Fork A Hoe com
50
100
Feb
Jan
75
**
18**
com—1
Class Bn-v
Amer Export Lines
Feb
41
*
*
7**
93**
138**
114**
Am Cities Power A Lt—
Class A
124**
Bridgeport Gas Light Co
100
2
Corp.. 1
Centrifugal
Jan
700
41**
Boback (H C) Co com
168**
6
2
2
*
$6.50 prior pref
Amer
com
Blumenthal (8) A Co
American Capital—
Class A
Corp
1st preferred
Borne Scrymser Co
41
Co
American Book
Jan
103 J*
1
100
preferred
American
Amer
106
11
95** 106
10?*
Aluminum Industries com
123
6**
17
159"
116
159**
100
preference
100
10
20
25
Jan
J 24
25
1,000
A Machine Co com
$3 opt conv pref
10**
136
*
Jan
Blue Ridge
10**
124
*
$2.50
40
98
Feb
13**
"""70
108"
97**
Feb
Jan
131**
warrants..
1
98
Feb
8?*
6%
30
24
7%
6?*
Conv pref
Purchase
2i**
133
22?*
Blckfords Inc com
Jan
Jan
17**
Berkey A Gay Furniture. 1
700
25*
26**
**
High
Low
Shares
2,400
2,600
133
com...*
Benson A Hedges
Jan
2
107"
107
*
(Mich)..10
Class A conv com
6**
1**
17**
Allied Internat Invest com
S3 oonv pref
Pel'
Range Since Jan. 1, 1&40
for
Week
41
22**
100
Tel of Pa 0 V* % pf .100
Range
124
oom—1
74**
25
*
pref
preferred
Aircraft
10
lAlr
$0
Price
Bell Te' of Canada
Class B
Ala Power $7
of Prices
Low
High
oom—.1
Aircraft Corp
Bfllanca
Class A
Warrants
Bell
Week's
Sale
High
Low
Supply Mfg—
Alabama
Last
STOCKS
Week
50
Sales
Friday
Shares
10
Acme Wire Co 00m
record of the transactions on the New York Curb Exchange for
and ending the presentFriday (Mar. 1, 1940).
It is compiled
itself, and is intended to include every security, whether stock or
Range Since Jan. 1, 1910
Last
Par
No account is taken of such sales in
Sales
Friday
STOCKS
March 2,
the week and when selling outside
computing the range for the year.
unless they are the only transactions of
extensive list we furnish a complete
beginning on Saturday last (Feb. 24, 1939)
entirely from the daily reports of the. Curb Exchange
bond, in which any dealings occurred during the week
the week
Aero
and Yearly Record
New York Curb Exchange—Weekly
1400
X
100
5
Jan
Jan
as
Volume
New York Curb Exchange-Continued—Page 2
ISO
Friday
stocks
Last
Sale
(Continued)
Par
Club Alum Utensil Co
Price
Sales
Week's Range
for
Range Since Jan. 1, 1910
High
Low
Pa
200
3
Jan
3n
Jan
50
6
Feb
6
Feb
7n
in
134
in
Feb
8n
Jan
Flat Amer
ini Feb
2n
Jan
Jan
4N
Jan
5Nj Jan
6n
Jan
Fidelio Brewery
1
Fire Association (Phila)-lO
Fisk Rubber Corp
1
300
£1
warr.
5%
5N
300
Colt's Patent Fire Arms.25
Columbia Gas A Elec—
78n
78n
50
77
Jan
83
Jan
67
69 34
2
250
64
Jan
70j4
Feb
67
134
15
5,500
in
Feb
2n
Jan
6n
Columbia Pictures Corp..*
Jan
8
Jan
Commonwealth « Southern
Warrants
he
Community P A L $6
i ret *
Community Pub Service 25
332
2,500
he
Jan
in
Distribution..1
he
in
in
800
IN
Jan
in
Jan
40 n
Feb
46 34
Feb
34
Jan
37 n
Jan
Froedtert
n
Feb
Feb
Jan
18
Feb
45
81N
82 N
80
in
Feb
45
Feb
S3
Feb
IN
in
*
4n
4n
78 n
Feb
200
35
500
in
5n
3
Creole Petroleum
5
Crocker Wheeler Elec
Croft Brew.ng Co
IN
39 n
Jan
Jan
25
*
preferred
com
IN
Jan
Jan
534
Jan
Gen Fire proofing oom
*
Gen Gas A»E16% pref B._»
General investment oom.l
Jan
98
Jan
Jan
n
Jan
356 preferred
Jan
Jan
Jan
Jan
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 16 pref
*
Jan
Jan
3N
Feb
17N
1654
Jan
Feb
Jan
IN
Jan
Jan
14N
Feb
Feo
Jan
200
9N
Jan
19 N
700
17 N
Jan
1034
19N
800
Jan
32 N
50
27 N
17
Feb
19
Jan
25
22
Feb
27 N
Feb
41
Jan
41
Jan
85N
Feb
87
Jan
73
Jan
78
Jan
1
Mar
IN
Jan
Jan
15 N
Feb
85N
~85N
in
10
500
Jan
Jan
1634
i~66o
34
14N
13N
Jan
J6N
Feb
25
15n
34
16N
Feb
25
Feb
'"500
Jan
N
50
Gen Rayon Co A stock...*
5 n
150
4N
Feb
10N
10n
25n
5n
Feb
15n xl5%
700
15n
n
Jan
16 34
Jan
General Shareholdings Corp
Common
1
Jan
n
Feb
Feb
200
103
*
Feb
55 N
Feb
90
75
Jan
87 34
Feb
50
35
Jan
44
Feb
he
Feb
Warrants
9n
8n
"is
ION
*
Jan
Jan
in
Jan
77 n
Feb
in
Jan
in
Jan
9
20
in
Feb
Feb
7
74
in
S6
conv
87
n
39
85n
8734
39
39
n
100
34
Jan
34
in
700
IN
Feb
IN
130
72 N
Jan
100
103 K
Jan
105 34
Feb
9N
Jan
Feb
"75
934
40N
39 N
Jan
40 N
Feb
10134 101n
225
98 N
Jan
10134
87 M
Jan
90
Jan
Jan
6
Feb
*
5N
40 34
Jan
45
Jan
*
434
Jan
434
preferred
n :
in
74
73
*
70
1,500
5
77
Jan
Jan
Jan
Feb
7n
Jan
Georgia Power $6 pref...*
15 preferred
*
19 n
Feb
22 N
Jan
Gilbert (A C) common...*
434
5n
500
434
Feb
634
Jan
n
900
n
Jan
34
Jan
2%
2n
2m
200
8
8
200
in
10
Jan
Jan
234
Feb
"i9n "l9n
Jan
8n
Feb
Feb
in
Feb
Jan
19 n
Mar
Jan
8n
Feb
Goodman Mfg Co
Jan
20
%7 preferred
Jan
2n
Feb
7
Feb
4n
Jan
300
4
Feb
18
19n
150
17 n
17
Jan
19
a
Feb
Jan
19n
Jan
Mfg common..10
Non-vot
com
"7n
20
Feb
102
25
"25
in
in
.27
"ili "in
Feb
7% 1st preferred
Gt Northern Paper
25
Jan
Greenfield Tap A Die
Feb
Feb
Grocery Sta Prod com..25c
Feb
Grumman
Feb
IN
27 n
Feb
92
Feb
Guardian Investors
Jan
2
Jan
*
100
Gull Oil Corp
10
11
Feb
Jan
17N
Jan
in
"ioo
Jan
1634
"in "In
IN
Jan
IN
i
21n
n
1834
200
Jan
Feb
22
Jan
2634
800
Jan
Feb
2634
n
21
Feb
15 N
Jan
Jan
Jan
27 N
Feb
Feb
Aircraft
Engr
Jan
400
834
Feb
109 54
130
Jan
114
Jan
Jan
135
Jan
Jan
46
Jan
Jan
43 n
500
8
834
300
7N
Jan
8N
Jan
2n
16n
234
234
800
2N
Jan
1634
17n
1,300
14 N
Jan
2N
17 34
Jan
Feb
"35 n
33)66
N
Jan
109n 109n
50
109 N
Jan
11 IN
10
112
Jan
114
40
N
"34" "34"
Xil2
Xll2
f6 preferred
Gypsum Lime A Alabast.*
Hall Lamp Co
5
UN
4334
1
26
6N
9
4334
8n
Gulf States Util 15.50 pf.*
11
15 N
25 54
8n
100
Jan
4N
IN
ijoo
Feb
Feb
400
25
8
14
225
Jan
he
25
200
550
32
84 n
25
Feb
1534
114
Jan
1,000
Jan
25
27 n
134
Jan
7 n
X7 n
6
1,900
15n
100
34
5N
Jan
Mar
Feb
39N,
Jan
Jan
Jan
IN
Jan
1434
Jan
x7 N
18
IN
Feb
Hammermlll Paper
10
28
Feb
30
Jan
Jan
Hartford Eleo Light
26
69
Jan
70 N
Feb
2634
Jan
Hartford Rayon v t C....1
IN
Jan
Feb
28
Jan
Harvard Brewing Co
1534
5
Haloid Co
in
in
100
IN
Feb
100
Feb
Feb
Hartman Tobacco Co—. *
26n
27n
75
n
N
IN
IN
200
N
IN
Jan
1
Jan
134
Jan
1
6n
7n
200
6
Jan
7 N
Feb
£2834
2n
29
2n
2034
"""266
2N
17N
Jan
3N
Jan
250
Jan
21N
Feb
Feb
Jan
Feb
Hat
Jan
13 N
7N
4N
Jan
Feb
9N
Feb
4N
Feb
Dominion Steel A Coal B 25
UN
Feb
1234
Jan
8ni
8n
9n
5,200
Jan
*
Dominion Tar A Chemical*
Corp of America—
Haverty Furniture cv pfd.*
Hazel tine Corp
*
Hearn Dept Store com...5
6% conv preferred
50
Hecla Mining Co
25c
75
75
20
75
Feb
78
Jan
10
28
28
28
100
27 n
Jan
29
Jan
100
109
109
109
10
108 N
109
Mar
134
Jan
Jan
25
7434
Feb
77
100
34
Jan
2N
Feb
Dubiller Condenser Corp.l
100
74n
Durham Hosiery cl B com *
Duro-Test Corp com
1
n
74 n
n
2n
2n
200
"ion "ion
"1/200
*
10N
Jan
Jan
10
2n
preferred .100
6% preferred
100
49n
45n
19n
18
*
*
*
16
16
Economy Grocery Stores.*
Elsier Electric Corp
1
16
16
N
Mar
1,350
17 n
Feb
22 N
Jan
n
""360
Eastern Malleable Iron..25
llxe
16
16
3n
200
50
Jan
Preferred ex-war
26
26N
Jan
26 N
Jan
Participating class A—*
16
3N
A—.lO
7
7
Holllnger Consoi G M...6
11
11
19 n
Feb
Horn A Hardart
4N
17N
Jan
Jan
Horn A Hardart—
Feb
67 n
3,800
*
13n
13n
14n
200
234
700
Feb
10
2
6% preferred
Jan
Hummel-Ross Fibre Corp 5
63
Mar
70
Jan
Hussmann-Llgonler Co
Mar
20
Jan
Mar
n
13 n
15
24
24
50
21
Jan
pf 100
77
79
100
77
Mar
66
67 n
66
67 n
66
67 n
67 n
67 n
n
12n
Jan
Feb
3N
Jan
*
Jan
10
4N
*
Jan
26
1034
Feb
11
®16
10,300
n
Feb
he
Feb
25n
24 n
25 n
350
23 n
Jan
25n
Mar
4n
4n
26 n
4n
600
434
Jan
4n
23n
Feb
Jan
Feb
Feb
8n
8n
2434
14 h
500
22 34
n
5n
"400
3
2 4 34
4N
7N
4n
7n
Feb
ION
"234"
22 34
70 n
23 N
N
2N
50
Jan
50
Feb
Feb
2n
65 N
1,100
Feb
ION
254
234
25
16,200
N
ION
Jan
Feb
N
Illinois Iowa Power Co...*
67 n
5n
Jan
Jan
«N
254
Feb
Dlv arrear ctfe
11n
7N
50
Hydro Electric Securities.*
Hydrade Food Prod
5
Hygrade Sylvauta Corp..*
6% conv preferred
10n
5n
150
Jan
Feb
Illinois Zinc Co
Imperial Chemical Indus—
Am dep rets regis
£1
Imperial Oil (Can) coup..*
Registered
-•
Jan
Feb
Mar
600
7N
Jan
8n
50
23 N
Jan
2534
Feb
3,600
1034
Jan
14n
Feb
Indiana Pipe Line
Indiana Service 6%
7% preferred
Jan
Jan
3
Jan
Jan
40
Feb
Mar
Mar
4
Jan
7N
63
1,000
2N
2234
800
4N
Mar
450
7N
Mar
25
60 N
Jan
63
5N
Jan
6
11N
11N
Feb
12 N
Jan
Mar
12 N
Jan
26 N
Jan
6N
7N
Jan
Mar
Feb
Jan
UN
UN
12N
2,500
200
12 N
Jan
13 N
Jan
24 N
6
1,300
22N
554
Jan
24 N
Feb
Feb
6N
Feb
pf.100
12
Feb
16
Jan
100
13
Feb
16N
Jan
11n
11n
UN
24 n
6
24 N
£1
10
11N
1234
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain A Ireland
2N
29
Illuminating Shares A...
Jan
Feb
"2
63
Jan
1234
6n
Jan
9n
1
Feb
Feb
_
554
24
69
1405
16
Feb
Feb
68
434
79
67 n
11n
Jan
58 N
1,700
9N
Jan
24 n
Feb
14
2,700'
9n
Jan
8n
Jan
Feb
Feb
"ISO
100
6334
1
35 N
59 n
5
7% pref stamped
30
*
120
lit
4n
58 n
7% pref unstamped.. 100
225
1
Jan
Feb
*
Common
67 n
25
4n
Jan
IN
Jan
Falstaff Brewing
Jan
33 N
"1434 ~ie"
59
Jan
14
60 n
64
Fanny Farmer Candy
Fansteel Metallurgical
50
IHuylers of Del Ino—
2
34 n
110
100
5
Mar
Empire Gas A Fuel Co—
26 n
34 n
*
Hubbeil (Harvey) Ino
Humble Oil A Ref
1
5n
120
Baking..*
Jan
13
.1
834
61N
Electrographlc Corp—-.1
E ectrol Inc vtc..
1
10n
Jan
Feb
63 n
26 n
Jan
14
Feb
63 n
1
12
Jan
Feb
*
Falrchlld Eng A Airplane .1
Mar
14 N
5534
1
Eureka Pipe Line com..50
Jan
Jan
11
12 N
1,800
Co common..*
35
400
Esquire Inc
8N
7
Jan
Mar
Equity Corp common.. 10c
S3 conv pref
1
Feb
400
N
Feb
134
5n
"66"
Jan
Feb
21N
20
14 N
2,600
90
12 N
79N
67
29 N
44,100
66
Jan
Jan
Feb
425
300
*
7
6% preferred
100
6N% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip..5
Holophane
79n
21
7n
11N
Horn (A C) Co com
Jan
16
100
78n
20 n
Hormel (Geo A) A Co com*
2
13
78 n
1
Jan
58
2
10
Jan
5n
2
11N
Hewitt Rubber common..6
Jan
55 n
Option warrants
100
n
5n
in
Feb
ion
19 n
55 n
in
ION
Feb
*
Elec Bond A Share com..5
Jan
Jan
16
50
4
16
16
8N
Holt (H) see Henry
Horde's Inc
Feb
"w
25
50
ion
ion
ion
Mar
9
*
Jan
ion
Henry Holt A Co—
Hey den Chemical
3N
Jan
ion
2
Hires (Chas E) Co
49
4 N
7N
634
Mar
Jan
Jan
6N
ION
Jan
Feb
2,600
27 N
Jan
2n
on
Jan
2N
7N
4234
6n
Jan
12 n
900
634
8N
Jan
1,600
3
Jan
26 N
Jan
49n
19n
29
25
Hoe (R) A Co class
*
4 34 % prior
*27N"J»n
Preferred w w
Heller Co common..
134
East Gas A Fuel Assoc—
100
*
Class A
Feb
6N
..10
IN
20
.*
Helena Rubenstein
*
pagt
100
112
Feb
13 N
Elgin Nat Watch Co
Jan
134
N
2^900
Dobeckmun Co common. 1
$6 preferred
Elec P A L 2d pref A
Jan
9
•
stock
434
"~7~
11
Am dep rets ord reg..£l
Dlvoo-Twln Truck com..i
15 preferred
24
Jan
6N
$3 preferred
B non-vot com
J6 preferred series B
Jan
8N
100
Grand Rapids Varnish...*
7
29
7n
Distil lers Co Ltd—
Easy Washing Mach B
Jan
23 N
26
Gray Manufacturing Co. 10
Jan
10
$7 preferred series A
8
Great Atl A Pac Tea—
6N
4
Diamond Shoe Corp com.*
Distilled Liquors Corp.-.5
Eastern States Corp
Feb
15n
112
200
10
Common
Jan
6N
he
50
Jan
111
7
4n
6n.
1
Duval Texas Sulphur
734
24
25
Godobaux Sugars class A.*
Class B
_*
Gorham
6 34
♦
Driver Harris Co
6n
24
Gorbam Inc class A.....-*
2N
111N 112
6% pref w w
20
Detroit Gray Iron Fdy
1
Det Mich Stove Co com..l
Draper Corp
734
Goldfleld Consoi Mines.. 1
Detroit Gasket A Mfg—1
Dominion Textile Co
Feb
100
*
^
18
"50
100
7% preferred
Glen Alden Coal
7
*19 n
Derby On A Ref Corp com*
A conv preferred
*
com
Gilchrist Co
1
50
Detroit Steel Products
Preferred...
7N
1
Detroit Paper Prod
101 n
100
1~806
"40N
Gladding McBean A Co..*
Dennison Mfg ol A com...5
$6 prior pref...
40 n
9n
he
1
Delay Stores
1
*
2034
36
Decca Records oom
104 n 10534
100
com
S3 preferred
"l9n
*
conv
6% preferred A
Gen Water G A E
9n
20 n
Darby Petroleum com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg.
1
see
ION
30
*
7n
74
5
Falrchlld Aviation
Feb
Amer dep rets ord ref.£l
Jan
n
100
Curtis Mfg Co (Mo)
For footnotes
General Alloys Co
Gen Electric Co Ltd—
Jan
Feb
6
*
com
Eagle Plcber Lead
15 N
15 34
100
100
10
Empire Dlst El 6%
5% preferred
IN
Crown Drug Co com...25c
Duke Power Co.
Jan
19
22
in
15H
Crown Cork Internat A..*
7% preferred
Jan
2N
Jan
29 N
17
200
1
De Vllblss Co
9654
600
600
16
22
3n
25
Crowley, Milner A Co
*
Crown Cent Petrol (Md)-5
8% debenture
275
334
*
5n
*
Class A
v
1
stock
9n
50
£l
preferred
Courtaulds Ltd—
Cuneo Press 6N% pref.
Curtis Lighting Inc
Jan
oonv
6n
10
6n
*
1
com
conv
oonv
100
N
General Tire A Rubber—
*6 preferred A
7%
98
30 N
17
4N
400
1
...
$6 preferred
Cuban Tobacco
1
1
97n
n
*
Corroon A Reynolds—
Common
Jan
Jan
12N
15
Jan
90
Cornucopia Gold Mines. 5c
Crystal OH Ref
Common
Conv partic pref
Fruehauf Trailer Co
Feb
Feb
200
*
5
334
Feb
IN
*
com
$3 prior preference
b%
J&n
120
1
Copper Range Co
Copper weld Steel
Coeden Petroleum
83
Jan
97 n
Cont Roll A Steel Fdy
♦
Cook Paint A Varnish...*
Cooper Bessemer
Jan
117
Cent O &K7% prior pf 100
Continental Oil of Mex-
Feb
15N
h»
IN
Gamewell Co $6 conv pf_»
Gatlneau Power Co com. *
Mar
1,600
36 n
3
3
100
10
Consoi Royalty Oil
Consoi Steel Corp com
70
Jan
4% conv preferred...100
2N
10
in
36
1
800
119
119
Consoi Mln A Smelt Ltd.5
Oonsol Re tab Stores
Jan
13 N
Malt—
he
1
8% preferred
Grain A
17 n
100
Coneol Gas Utilities
6734
.*
200
*
com
80
7,000
15n
*
Feb
n
1534
Class A non-vot...
Class B voting
400
400
Jan
12
70
Ford Motor of France—
44
3n
Jan
Ford Motor of Canada—
36 n
n
934
100
15n
3K
43 n
2N
High
Feb
14n
3N
36
2
Low
69 n
*
43n
*
1
4 n % series B pref
Range Since Jan. 1,1940
.
Shares
900
dep rets ord ref.._£l
Fuller (Geo A) Co coin
S3 preferred
Consoi GELPBat
Am
12
h«
14N
9934
Florida P A L 17 pref..
Ford Motor Co Ltd—
Jan
Conn Gas A Coke becur—
Coneol Biscuit Co..
for
Wee
High
12
36
1
ext to 1946
Range
of Prices
6
dep rets
n
Compo Shoe Mach—
o
Week's
Low
Amer dep rets...100 frcs
Fox (Peter) Brew Co
5
Community Water 8erv._j
V t
Price
FeddereMfgCo
5
Ped Compress A W'b'se 25
434
Colon Development ord
Commonw
Sale
High
*
Conv 6% oreferred.. 100
Columbia OH A Gas
1
Last
(Continued)
Shares
Cocksbutt Plow Co com..*
Cobn A Rosenberger Inc.*
6% oonv preferred
Colorado Fuel A Iron
stocks
Week
of Prices
Low
1401
Sale
Friday
5N
1,000
900
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
Class B
Jan
113
Jan
Feb
Jan
Feb
200
1
100
V t c common
7% preferred
Jan
Feb
22%
Jan
Mar
18%
Jan
100
21
10%
1%
10
400
1%
Feb
1%
Jan
Midwest Piping A Sup
125
9%
Feb
12%
Jan
2%
7,000
1%
Feb
Jan
1,100
17%
Jan
19%
Feb
18
Feb
19%
Feb
18%
100
4%
4%
1,200
4%
Jan
%
»x8
400
%
Jan
8%
hi
8%
300
8%
bn
700
%
100
16
$3.60 prior pref
*
Warrants series of 1940.
Vitamin.-.1
Interstate Home Equip.-1
Interstate Hosiery Mills.*
Interstate Power $7 pref.*
International
non cum
Mid vale
3%
%
%
200
3%
Feb
•11
Feb
100
1,400
9
8
Jan
8%
8%
1,500
8
8
8%
800
10
*?% "3%
i'ii
75
107
18%
Feb
Jan
Feb
200
?%
1,600
63
750
65
Feb
5
Jan
10%
10%
100
10%
Feb
3,000
5%
Jan
28%
200
24%
Jan
'hi
Feb
Molybdenum Corp
1
6%
Jan
Monarch Machine Tool
*
28%
28%
3
Jan
7
Montgomery Ward A
*
8%
Feb
1
Jan
Feb
2%
Jan
250
168 XA 69
16<<
Feb
171
Jan
23%
Feb
26
Jan
26
Jan
30
Jan
Montreal Lt Ht A Pow__*
24%
24%
300
Jan
Moody Investors part pf.*
28%
28%
25
Jan
I Moore (Tom) Distillery. 1
Jan
Mtge Bank of Col Am shs.
Feb
Feb
Mountain City Cop com 6c
Mountain Producers. ..10
Jan
Jan
17%
hi
100
hi
Jan
hi
Jan
600
2%
Feb
3
Jan
Mountain Sts Tel A Tel 100
2%
2X
200
1%
Jan
2%
Feb
90%
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.2%
Muskogee Co oom
*
hi
4%
I Mountain States Pw com*
2%
*
Jersey Central Pow A Lt—
90%
25
88
Jan
90%
Feb
90%
90%
104% 105
30
95
Jan
98
Jan
Jan
105
Feb
6% preferred
Nachman-SprlngfUled
29%
1,300
Feb
36
Jan
Nat Automotive
28%
50
116%
Jan
119%
100
1
1
0%
100
Jan
7%
Jan
4
150
Feb
4
Jan
$3
112%
Jan
Jan
92
Feb
67%
Jan
68
Jan
"T% "i%
i'loo
1%
Mar
2
Jan
2%
1,200
2%
Jan
2%
Jan
1
1%
Feb
10
92
92
2%
89
88
86
80
88
*
Jan
Jan
Nat Rubber Mach
10%
Jan
National Sugar
7%
Jan
National Tea 5 % % pref. 10
National Transit
12.60
Feb
Nat Tunnel A Mines
•
Feb
12%
Feb
JNebel (Oscar) Co
Nebraska Pow 7 % pref.100
Nehl Corp common
._.*
Lakey Foundry A Mach.l
Lane Bryant 7% pref. .100
4
21
4%
Lane
9%
10%
z6%
Jan
Jan
42%
Jan
20%
Feb
25%
Jan
700
3%
Feb
4%
Jan
Nelson (Herman) Corp
6
Jan
80
Jan
Neptune Meter class A
Jan
11%
Feb
16%
Jan
16%
Feb
%
Feb
%
Feb
Lehigh Coal A Nav
Le Tourneau (R G) Ino.
Line Material Co
2%
%
cum
Jan
Jan
700
hi
Jan
2%
%
Feb
Jan
18%
35%
11%
Jan
New Idea Inc common
Feb
New Jersey Zlno
Jan
16%
Feb
New Mex A Ariz Land
21%
Fen
New Process Co
100
1
Feb
1%
Jan
N Y Auction Co com..
13%
13%
13%
50
13
Jan
13%
Jan
N Y A Honduras Rosarlo 10
9%
9%
9%
1,700
Jan
10%
Jan
N Y Merchandise
*
1
1
1%
7,900
1
Feb
100
41%
41%
42%
125
41%
Mar
6% pref class B
100
37
37
40
450
37
Mar
2
2
5
5%
1%
48%
44%
Jan
Jan
500
1,700
Jan
2
Feb
Feb
6
Jan
100
28%
Feb
31
10
Feb
Jan
hi
Jan
Jan
100
11%
Feb
200
14%
Jan
16%
Jan
150
43
Feb
47
Jan
10%
10%
10%
2,500
Jan
Jan
12%
12%
12%
4,000
11%
13%
3%
Feb
9%
12
Jan
100
3
41%
42%
600
41
88%
93%
615
88%
Mar
3%
3%
3%
100
2%
6%
6%
4,600
3
3
Feb
Jan
44
Jan
Jan
125
10%
10%
800
10
Mar
Jan
• %
Feb
Feb
54*4
Jan
50
0%
48%
Jan
97%
3%
11%
Jan
8
Jan
Feb
5%
Jan
8%
1%
hi
Jan
30
115
Feb
117
900
60
Jan
70
5%
5%
Feb
6
Feb
6
Jan
Jan
1
Jan
1%
6%
625
%
7%
Jan
1%
Jan
13%
Jan
10%
11%
2,400
1%
1%
600
8i«
e,«
115
116
62%
62%
5%
5%
5%
63%
100
8
Mar
Jan
11%
Feb
Jan
1%
Feb
Feb
%
Jan
12%
Jan
6
400
5%
100
Jan
75
12
Feb
71
850
65
Feb
76%
Jan
24%
25
24%
Feb
130% 131%
110
124%
Jan
25%
131%
Mar
5%
131%
12
65
24%
Jan
6%
Jan
Feb
12
13%
62%
13%
"166
12
Jan
13%
61%
62%
400
60
Feb
65
Jan
Jan
1
Feb
33
Feb
33
Feb
2
Feb
2
Feb
1%
Jan
Jan
105%
Jan
23%
Mar
8%
500
7%
Jan
9
Feb
116% 116%
10
114%
Jan
118%
Jan
106
106
109
*
Conv 7 % 1st pref v t C100
Jan
25
Jan
25
26%
26%
.1
preferred
1%
1%
24%
Jan
26%
Jan
•u
Jan
7i«
Jan
6% 1st pref
6% 2d preferred
hi
Feb
"11
Feb
Jan
1%
Feb
35
50
Manischewltz (The B) Co. *
"29"
Mapes Consol Mfg Co...*
"29"
""l"66
dH
Feb
36
Feb
Jan
10
Jan
25%
Jan
29
Feb
Marine
15
3%
4%
4
Massey Harris common..*
Master Electric Co
1,500
"260
4
27
1
28%
Feb
15
300
*
8
166
165
Memphis Nat Gas com..6
Mercantile Stores oom...*
Merchants A Mfg ol A...1
Participating preferred.*
Merritt Chapman A Scott*
167
4%
4%
5
common
Class A preferred
NUes-Bement-Pond
3%
""3% "4"
Jan
2%
Jan
4
Feb
21%
Jan
5
29%
Jan
Feb
2%
Feb
9%
Jan
152%
Jan
800
4%
Jan
167
4%
15%
100
"266
%
500
104
105%
30
10
*
Feb
Jan
Nor European Oil com
Feb
21%
Jan
29
Jan
5%
6,500
4%
Feb
Jan
88%
575
Jan
0%
89%
Feb
5
87%
Jan
Jan
81%
Feb
'»i
Jan
hi
Feb
%
Jan
1
Feb
Jan
5%
Feb
1
J 00
5%
5%
200
64%
200
5
94%
"1%
"300
99%
Feb
Jan
67 %
Jan
Jan
8%
Jan
1
Jan
1%
Jan
4%
"T
Feb
57%
8%
Jan
5%
Jan
30%
Jan
3%
Feb
Jan
Feb
4%
%
7% preferred
....100
Northern Pipe Line
10
Northern Sts Pow cl A..25
Feb
Northwest
Jan
Jan
hi
Feb
4
67
Jan
%
3%
Feb
Jan
42%
Jan
Feb
2%
108%
%
%
7%
Jan
Jan
Jan
104
Jan
hi
Feb
6%
Feb
600
%
Jan
100
4%
Feb
"u
5
Jan
Jan
Jan
Jan
Feb
Feb
%
'hi
7,500
79
80%
900
73%
Jan
84
Jan
23%
23%
100
23%
Feb
26%
Jan
24%
Feb
26%
Jan
50%
a%
50%
10
49%
Jan
52
Feb
a%
100
hi
Jan
*u
Jan
2%
Jan
2%
hi
80%
50%
Nor Ind Pub Ser 6% pf.100
Jan
Feb
Feb
%
"566
86
Feb
hi
Jan
Feb
1
Engineering
*
Novadel-Agene Corp....*
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
1%
Jan
10
100
Jan
105%
Feb
60
106%
Jan
114
Feb
7%
7%
7%
700
6%
Jan
7%
11%
11%
17%
11%
200
11%
Mar
15%
Jan
17%
100
16%
Jan
18
Feb
36
36%
200
36
Mar
37
Jan
21%
150
23
Feb
103% 103%
110% 112
"36%
21%
20%
110
110
25
•
19%
107
Jan
Jan
Feb
110%
104%
Feb
Jan
100
103% 104%
200
100
Ohio PS7% 1st pref...100
113% 113%
10
98%
113%
Feb
116%
Feb
113% 113%
10
112%
Feb
106%
Jan
115%
107%
Jan
Jan
7%
Feb
8
Ohio OU 0% pref
Ohio Power 0% pref
0% 1st preferred
100
Oilstocks Ltd common
5
Oklahoma Nat Gas com. 15
$3 preferred
so
$5% conv prior pref
♦
Jan
Jan
7%
7%
100
19%
20%
2,500
18%
Jan
20%
Feb
49%
112% 113%
50
46
Jan
49%
Jan
325
112
Feb
114%
Jan
1%
1%
1,400
1%
Feb
1%
Jan
8%
19%
8%
200
Jan
8%
Feb
3%
3%
200
7%
2%
Jan
3%
Feb
49%
U3%
l
Oliver United Filters B
*
Omar, Ino
......1
Overseas Securities...
*
0%
~"io
*
Oldetyme Distillers
For footnotes see page 1405.
Feb
Jan
"22% "22%
63%
5%
*
15
42%
%
105%
1
3%
28%
1,600
3%
..*
Michigan Bumper Corp..1
Michigan Steel Tube..2.60
Michigan Sugar Co
*
Common
$6 preferred
North Amer Rayon cl A
ClassB common...
0% prior preferred... 60
No Am Utility Securities.*
Nor Central Texas OU
5
Metropolitan Edison—
....*
Feb
104
Nor Amer Lt A Power—
Feb
3
"1#
Feb
40
i
Noma Electric
63
I
26c
Partldpat preferred..16
14%
104%
*73
*
Feb
Feb
50
15
3%
Feb
100
4%
7%
0%% A preferred... 100
Metal Textile Corp
..........
Class B
%
15
12%
Niagara Share—
Jan
250
8%
Jan
1,500
1
2%
.....
Mesabl Iron Co
88%
6
2
8
101%
14%
106
500
Niplsslng Mines
500
McCord Rad A Mfg B_._*
Mead Johnson A Co
100
Feb
May Hosiery Mills Ino—
$4 preferred
...»
Dredging...*
10
14
100
2%
4%
1
▼ t o
5
Nineteen Hundred Corp B1
Communlca'ns ord reg £1
MargaV Oil Corp
Jan
5%
22%
Class B opt warrants
500
28%
104
14%
Class A opt warrants
10
35
*
Marlon Steam Shovel....*
10
200
200
1%
24
Niagara Hudson Power—
3,100
Manatl Sugar opt warr...
23%
8%
6
Common
20
25
26%
23%
100
New York Transit Co
20
Mangel Stores
1
N Y Water Serv 0% pf.100
Jan
Lynch Corp common
6
Majestlo Radio A Tel—1
150
8%
5% % preferred
25
Preferred.
Jan
New York State El A Gas—
1%
5
J an
Mexico Ohio Oil
hi
116%
$0 preferred
21
$6 preferred
1,300
10
N Y SblpbuUding Corp—
Founders shares
Ludwlg Bauman A Co com*
Conv 7% 1st pref.... 100
Warrants
%
.hi
9
7% pref..100
Jan
103
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L $6 pref
Mo Williams
Jan
Warrants
9%
7% pref class A
Mass UtU Assoc
7%
*
1%
N Y Pr A Lt
Common
Intl
Jan
3,600
9
»
Long Island Lighting—
Marconi
Jan
11%
N Y City Omnibus—
Class B
.♦
Locke Steel Chain.......6
Lone Star Gas Corp
*
conv
Feb
Feb
1
Jan
Loblaw Groceterias cl A
$6
10
81%
29%
8%
Jan
15
*
25
21%
26
Jan
Feb
«%
4%non-cum_100
6% preferred
1%
0% preferred
Lit Brothers common..
15%
79
100
450
21
10
11%
Jan
4,400
2%
Llpton (Thos J) class A..1
150
45%
12
Feb
6
Mar
150
Jan
15
67
6
10%
2%
hi
16%
16%
10
79
11%
*
Feb
9%
Leonard Oil Develop—.26
Mar
44%
100
$2 preferred
New England Tel A Tel 100
New Haven Clock Co
*
6
31%
*
3%
com.
New Engl Pow Assoc
2%
12%
Nestle Le Mur Co cl A...*
*
Class B
Lefoourt Realty common 1
Conv preferred
*
Jan
1st preferred
Nevada Calif Elec
Lang e ado rf Utd BakeriesClass A.....—.......*
Feb
9%
29
*
400
9%
%
141%
300
oom._
800
x71
1
Jan
12%
1
55
Feb
Jan
11%
16%
12
Nat Union Radio Corp
Navarro OU Co
Jan
41
20%
h«
*
Feb
5
8%
Refining.*
11%
Lackawanna RR (N J) .100
Lake Shores Mines Ltd.. 1
Jan
10%
National Steel Car Ltd..
55
4% conv 1st pref
100
Kress (S
special pref. 10
Kreuger Brewing Co
1
Feb
5%
48%
Jan
88
4%
Feb
8%
*
Jan
Jan
Feb
5%
88%
Jan
85
3%
400
79
*
1%
13%
6%
16%
4
10
•
com
Nat Mfg A Stores com
National OH Products
National P A L $6 pref..
National Refining com
*
Koppers Co 6% pref—.100
Kresge Dept Stores—
*
Jan
6,300
5%
%
conv
13%
Emll) Co oom..*
ColO
1
Kielnert (I B) Rubber
Knott Corp common
Co
Jan
pref
60
National Container (Del) .1
Feb
4%
4%
138
12%
1
National Fuel Gas
111
Klrkl'd Lake G M Co Ltd 1
Kobaoker Stores Ino
Hess oom
Jan
5%
7% preferred
25
National Candy Co
*
National City Lines com.l
*
6% preferred D
Kingston Products
Kir by Petroleum-
Fibres..1
Jan
hi
Jan
4
100
*
Jan
4
H
.
National Breweries com__*
0%
6
Key Co com
Wells
27
Nat Bellas
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Kings Co Lte 7% pf B.100
Klein (D
103%
Jan
Feb
Feb
2
13
16
10%
11%
7%
29%
10
Feb
117
100
1
3%
5%
%
17%
200
Feb
117%
Monroe Loan Soc A
«
05
Jan
Monogram Pictures com.l
Jan
Jan
57%
Feb
Jan
Feb
Feb
4%
Jan
•11
Jan
1
30
18%
3%
11
200
37
325
Jan
Jan
Feb
Jan
4%
Feb
300
8
117%
Feb
Jan
114%
1%
4%
117
100
%
9
Feb
Jan
Feb
1%
7%
4%
6% preferred
14
7%
10%
105
1
1%
Missouri Pub 8erv com..*
hi
Ken-Rad Tube A Lamp A *
Jan
Mock, Jud, Voehrlnger—
Common..
$2.60
2H
Kennedy's Ino
6
Jan
Jan
Feb
10%
preferred
100
preferred.:——.100
7% preferred
100
Jones A Laughlln Steel.100
Julian A Kokenge com..*
Kansas O A E 7% pref.100
Keith (Geo E)7% 1st pflOO
Jan
Jan
11
1%
7%
10%
6%
16
5%%
Jan
Jan
5
Jan
Feb
*A
hi
107
7%
*
1
Iron Fireman Mfg v t o—*
Irving Air Chute
...1
Italian Superpower A
*
Jacobs (F L) Co
1
6%
'hi
5%
60c
Montana Dakota UtU
8%
In restore Royalty
Jeannette Glass Co
4%
9%
17%
•
Co
32
14
——*
lbiO
High
Mississippi River Power—
3
International Utility—
$1.76 preferred—
8%
Minnesota Min A Mfg
*
MinnesotaP AL7% pf 100
18%
%
hi
3%
Mining Corp of Canada. _*
4%
8%
3%
"8%
*
600
70%
18%
Class B
dlv shs
11X
1%
Registered shares
*
1
$2
IX
Coupon shares
Low
Shares
Products—
10X
18
Class A
Steel
1,000
9%
A Pow warr
Products.--*
Safety Razor B
conv
Midland
Mid-West Abrasive
10 %
High
*
Midwest Oil Co
Feb
Range Since Jan. 1,
for
Week
of Prices
'Low
Corp—
preferred
Jan
Feb
International Petroleum—
International
$2
Oil
%
9%
73%
Jan
|
Price
1
new
c
71%
21%
Internat Hydro Klec—
60
Intl Industries Ine
1
Internat Metal Indus A._*
1
t c new
v
B v t
70%
21%
Am.10
International Cigar Maoh *
Pref $3.60 series
Jan
9
Insurance Co of No
Internat Paper
Class
Middle West Corp oom..6
Midland
Industrial Finance—
1940
Middle States Petrol—
Class A
Jan
%
400
1
-
Par
High
%
1
Non-voting ciase A
Low
111
IndplsPAL6%% pf-100
Indian Ter Ilium Oil—
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1, 1940
Last
2,
Sales
Friday
Sales
Friday
STOCKS
{Continued)
Internat
March
New York Curb Exchange—Continued—Page 3
1402
3%
Volume
New York Curb
149
Friday
STOCKS
Last
(Continued)
Pacific Can Co
Low
High
for
34%
33 K
34 H
31
31
13 x
33 N
1,800
200
Feb
Jan
Par
Feb
14
34 K
88
88
31X
Jan
108
Mar
108 K
88
Feb
95 N
Jan
Feb
Feb
Pacific Pub 11 o Serv
11.30 1st preferred
*
American shares
5%
Cla^s All
40
12 N
12%
9%
X
5N
Feb
Selby Shoe Co
Jan
3K
Jan
Feb
10 K
Jan
Convertible stock
35N
Jan
36.60 prior Btock
Jan
Jan
49K
Feb
Jan
16
Feb
34
34
100
33 X
Jan
34K
13 k
12 X
13 h
2,900
Pa Pr A LI 17 pref
*
*
Id praferred.
Penn Salt Mtg Co
50
%l Jan
13 N
Feb
Jan
65
*
100
Papperell Mfg Co
PerTeat Circle Co
Pharls lire A Buhber
1
"
"67
h
78 n
Jan
38 X
Jan
"67 k "67 k"
112
Feb
Feb
Feb
16
Feb
Simmons H'ware A Paint.*
66 K
Feb
72 X
Jan
Feb
90 N
27 N
Jan
Simplicity Pattern oom..)
Singer Mfg Co
100
"""550
'
79
175
77
27
200
26
Feb
Jan
7X
600
7%
Jan
8N
Jan
7%
300
6
Jan
8N
Jan
20
117
.Feb
,
6
Co
1
Feb
Sonotone Corp
Jan
11N
Feb
South Coast Corp com
Jan
44 K
Feb
South
Jan
13K
Feb
12
102
Feb
Feb
5,700
IN
Jan
2
Jan
IK
1,000
7%
40 N
9N
Feb
8K
Jan
55
Jan
25
12
100
1,200
ion
IN
9K
700
Jan
45
Feb
Jan
UK
61N
Jan
N
%
21N
i %
1
Am—1
25c
Prosperity Co class B
*
%
9
Southern Pipe Line
IN
Jan
Jan
IN
Jan
11
Jan
Jan
15
Feb
Feb
5% iSt preferredSpanish A Gen Corp—
Am dep rets ord reg—£1
29 N
Jan
30 K
28 N
Jan
29N
IK
Feb
2
Feb
167
167
6K
Jan
Jan
7N
Feb
300
Jan
3
Jan
125
14 N
Jan
19 K
Feb
700
18N
5K
18N
5K
5N
al4
5N
2N
Jan
5N
Mar
Jan
2K
"UK "\4K
"no
in
300
Jan
Standard Cap A Seal oom.l
15n
15
15n
1,100
Feb
10
20 N
20 k
21 n
Jan
5K
Jan
9N
Feb
31.60
6
Jan
7
Jan
97 N
Jan
100
Feb
»is
Jan
106 N
Jan
106 K
Feb
10
HON
Jan
113N
Feb
425
79 N
Feb
93 X
Jan
425
39 N
Feb
50 X
Jan
Standard Products Co...1
1
Jan
109 N
Feb
Standard »teel Spring
112K
Feb
Standard Tube cl B
6
*
33 K
Jan
11
ion
20 %
29
Jan
Jan
Feb
19 N
Jau
15N
21N
Jan
2N
150
12 K
Jan
13 K
350
8K
Jan
11
Jan
20 N
20 k
11
20 k
800
29 k
900
50
108 K
Jan
500
K
Jan
k
k
8n
3i«
33 K
200
20
29
Jan
K
100
8n
*
Wholesale
8n
Jan
8K
Feb
79 X
325
76 X
24 N
Mar
300
Jan
32 N
Jan
Starrett (The) Corp v t c
16n
700
11N
Jan
17K
Feb
8N
Feb
8N
Feb
*120
100
117
152
10
149
13
25
13
N
Jan
7
Feb
125
Feb
8terchl Bros Stores.—.
Feb
153
Jan
6% 1st preferred
13
Feb
6<v
Feb
8N
Jan
*i«
Feb
40 N
Jan
Jan
IN
Feb
2d
10 K
Feb
Sterling Aluminum Prod.l
Feb
N
Feb
Jan
It
Feb
Jan
300
100
N
2N
100
24 N
37 K
Jan
Jan
IK
Feb
Stroock (81 Co
2N
Jan
Sullivan
Jan
26K
Jan
Sun Ray Drug Co
Jan
Sunray Oil—
Jan
N
Jan
300
13
Feb
6
Stlnnes (Hugo) Corp
Machinery
Jan
21
Feb
Jan
Superior OH Co (Caiff)..25
6K
Feb
Superior Port Cemewt
33 .30 A part
6NW conv pref
6X
118
0*600
800
»i«
Jan
18k
400
18 n
Feb
19 N
IN
Feb
x5X
Jan
Swan Finch Oil Corp
2X
Feb
Taggart Corp com..
Tamra Electric Co com..*
5N
*
1
IN
800
1%
Jan
Feb
'is
Jan
Jan
Rio Grande Valley Gas CoVoting trust ctfs
700
k
X
Jan
Jan
"7%
"~7n "~7k
36
Feb
Feb
8
Feb
5X
IK
Jan
7N
Feb
Jan
2
Feb
n
Mar
9N
Feb
Jan
Feb
36 K
Jan
Tastyeftfit Inc class A
29
1
1
100
34 k
34 n
100
34
Feb
36
Jan
Jan
13
Jan
X
"\5K
Feb
110N
Feb
Texas P A L 7% pref.. 100
113 n
Jan
Jan
Texon OU A Land Co.—.2
2K
13
200
ik
1,900
2%
500
IN
Feb
Jan
2%
2K
600
2N
Feb
11
10 %
100
20
500
X
34
MOO
36 K
'is
Jan
K
K
1,400
N
Jan
1,800
12 K
Jan
16K
Feb
40
110K
Jan
113 N
Feb
2K
Feb
2K
Jan
23 N
Feb
Jan
12 N
Feb
N
113K 113K
2K
2K
500
23K
3,900
12 K
12 N
1,100
11K
N
7N
516
Feb
Ordinary reg
62
Jan
150
3X
100
3K
1,700
13 N
Jan
15N
Jan
43
14X
Jan
47
Jan
2N
Jan
Feb
IK
200
IN
IN
3N
3%
3X
100
2%
2%
673*
6K
X
2,000
2N
75
67 N
500
6K
X
50
15
5
100
67
6%
6K
Samson United Corp com J
K
400
Jan
Feb
Jan
Feb
Jan
Jan
3%
4K
15
Mar
Jan
Jan
10N
25
65
Truni Pork Stores Inc
'ink 115"
64 k
Jan
70
Jan
107N
Feb
112
Jan
115
Jan
Jan
75 N
Feb
7N
Jan
IK
Jan
35
Jan
35
Jan
1
Jan
1
Jan
Schiff Co common
♦
xl3 %
13X
200
12 N
Jan
14
Jan
29K
30x
1,700
28X
Feb
31
Jan
27
27
24
Jan
27
Feb
•
r arm western
OU Co
Tublze ChattUon Corp
Class A
1
IK
2N
IK
Jan
Jan
Jan
3
1,000
200
200
;*
1
Jan
IK
Jan
2N
2K
Feb
3N
Feb
*.»
Jan
•is
Jan
Jan
2-8 N
Jan
10N
39K
3K
2K
.
Feb
10
200
8K
37
9K
37
-.1
1
N
Jan
1
Jan
8K
10
Tung So! Lamn Works...1
80c conv preferred
*
Udylite Corp
JUIeB A Co ser A pref
Series B pref
"20
«n
Trl-Contlnental warrants—
*
10
..1
Common.
1
5
1405
Jan
5
Toledo Edison 6% pref.
Jan
Savoy Oil Co.
Scranton Lace common..*
65
•
Jan
Jan
Feb
Todd Shipyards Corp
Jan
3h
Sanford Mills
29 x
59
Jan
Trans Lux Plct Screen—
2
14 X
*
1X
1
Jan
4K
105K
100
7% preferred A
..100
Tonopah Mining of Nev.l
*
Ryerson A Haynes com—1
St Lawrence Corp Ltd—*
Jan
57 K
200
"
'"Ik "4%
6s
registered
59 x
3X
13 X
Jan
"406
1
1
4n
£)
Def
3K
Feb
Tobacco Secur Tr—
Jan
Jan
Jan
•is
10 K
Tlshman Realty A Constr*
Tobacco A Allied Stocks..*
Tobacco Prod Exports...*
Jan
K
15N
X
15
20 K
Jan
Jan
100
12K
Feb
Jan
Jan
Mar
27
22 n
Feb
»i«
56
Jan
6
1
Royallte Oil Co Ltd.—. -*
58
Feb
2
9K
5
2%
3K
Jan
*
13
Jan
18 K
12 X
7N
Rotwia International-.-—*
Jan
Jan
Thew Shovel Co com
2
Jan
6K
Tllo Roofing Inc
11
Feb
35
27
Technicolor Ino common.*
-6
Feb
9K
10K
IK
33 K
4N
Taylor Distilling Co
-.1
Jan
s16
50
200
Jan
Root Petrweum Co
Jan
200
*
Feb
Roosevelt Field Inc
Feb
200
15
1
104N
Rome Cable Corp com—5
Jan
3H
4K
N
10N
10N
13
34
104 N
£1
Jan
2K
4K
k
ik
Jan
14
400
10k
13
Jan
Rolls Royee Ltd—
moo
Feb
35
101
Roeeer A Pendleton Inc..*
Jan
10
ht
12 N
"*75
33
10 k
116N
101 n 102
Jan
14N
4K
Feb
4
25
36
Jan
100
4k
4k
10
104
ioix
Feb
*
Class B com
Ti«
Jan
62
8
50
*16
5X
Feb
IN
12
1
K
13N
18n
5%
Feb
36
5
..*
*
1
1
1
Jan
"~2N "2%
Feb
5N
16
Mar
1
Stetson (J B) Co com...
ik
26
21
500
Sterling Brewers Inc..— 1
2%
X
100
1
20
preferred
Mar
1
26
21
62
4n
——1
Jan
Jan
Jan
K
1
60
8N
50
2H
*
For footnotes see page
27 N
10
Jan
33 K
1
*
Stein (A) A Co common..*
ION
8N
60c
Rellanec Eleo A Eng'g—5
Scranton Elec 36 pref
Jan
Feb
N
N
500
Ordinary shares
N
8N
Relter-Foster Oil
26
32 K
500
21
phate A Acid Wks Inc.20
1
Jan
6N
119
152
119
Jan
Sterling Ino
1
Feb
Feb
Steel Co of Canada—
Reeves (Daniel) common.*
Co
Feb
Phos¬
26
3d
St Regis Paper com
Jan
Mar
110
Jan
22 X
Preferred
15 X
♦
32.50 conv pref
Jan
14
29
1
76 k
24%
60c
Ryan Consol Petrol
Jan
N
109k 109k
k
n
100
5% preferred
Standard Pow A Lt
Common claw B
•
*
2N
1
Jan
300
'13
n
104 X
109 N
Standard Invest 16 N pref*
Standard Oil (Ky)
10
Standard Oil (Ohio) com 25
86
'i«
IN
2
jan
IK
12n
preferred..2D
113h h3n
85
40 n
Jan
Jan
Feb
Dredging Corp—
conv
100
39x
Feb
15
Jan
IK
k
Conv preferred
Standard
Jan
2
Common
Jan
12
'u
ik
Feb
Feb
Jan
Feb
46
6K
4N
2K
Jan
ht
4K
2N
900
Shoo Corp——
3%
Jan
900
S re now
10
IN
IN
Jan
29N
Stahl-Meyer Ino
Standard Brewing Co
Jan
N
Jan
30 K
Jan
Jan
4
Feb
29K
Feb
400
83 X
Jan
35
8K
IK
39 K"
K
IK
IK
Jan
22
1,000
84 n
155
Jan
81N
Jan
li«
40 n
Feb
29 X
25
Preferred A
4k
33 conv preferred.
Scovlli Mfg
143
45
3
Jan
8X
*
Salt Dome Oi
Jan
Feb
50
450
Spalding (A G) A Bros...1
Raymond Concrete Pile—
7% preferred
IN
IN
35
6X
6X
100
100
76 K
Jan
Feb
45 n
3
Southland Royalty Co...6
1,000
100
Jan
IN
34
Jan
A—1
1
Roches terGAEl 6%pf C 100
6% pref D
100
Rochester Tel 6 N % prf 100
Jan
44
Jan
13
Radiator
19
Fen
Jan
1
Manufacturing.-10
Rice Stix Dry Goods.
15K
Jan
Mar
81N
20 N
Pyle-Natlonal Co oom—5
Investing
Jan
Jan
IK
700
Jan
15 h
Republic Aviation
Jan
39 K
22
♦
24%
Reed Roller Bit Co
Jan
Jan
114K
10K
700
7K
Feb
Standard
Common
Jan
96 N
Jan
45
Standard Sliver Lead
Quebec ^ower Co
Ry A Light Secur com
18 N
Feb
1,000
7
IK
N
4N
Paget Sound P A L—
Clas A 12 conv pref..
100
2
Jan
600
pref.-.100
pref—100
Rustless Iron A Steel
4K
41X
4
400
22
100
Royal Typewriter
Russeks Fifth Ave
4N
10
Southern Union Gas
8N
let preferred
100
Public Servloe of Indiana—
31.20 codv pref
200
1,400
Southern Phosphate Co-10
Mar
he
7%
*
100
Mar
100
7% prererred
3%
*
Am dep rets ord reg
in
ik
South New Engl Tel.-.100
Public Service of Colorado
Richmond
"~50
in
in
Mar
"is
800
—*
36 preferred
IReynolds
146"
39K
Jan
9%
Corp
preferred.——*
15 k
Feb
89
1,100
in
in
in
12
39 X
Metals of
Rbeem Mfg Co—
in
"l45"" 'l"45"
40 n
104
Feb
200
4%
*
33 preferred
Feb
IK
ik
IN
1
Jan
IN
1
Puget Sound Pulp A Tim
Feb
6N
19
8K
*
*
7N
Feb
14
2*
Penn Oil
Jan
9K
99
13
*
36 preferred
Public Servloe of Okla—
Feb
5H
10 K
Southern Colo Pow el A.25
45
100
37 prior preferred
Feb
111
6% original preferred.25
6% preferred B
25
6N% pref series C...25
34
Power Corp of Canada..
Prudential Investors
Feb
N
2
7
1
com
xl%
5
Prentice-Hall Inc oom
•h
Jan
Southern Calif Edison—
Mfe
IX
ion
common—5
Premier Gold Mining
Feb
Feb
2,500
5
1,900
25c
Pratt A Lambert Co
3u
2
100
34,400
101 % 104
Plough Inc oom
__7.50
Pneumatic Scale oom—10
Raytheon Mfg oom
Red Bank Oil Co
ri«
Southwest Pa Pipe Line. 10
N
6%
Mfg
11k
Wine Co.l
Railway A Utll Invest
400
200
1
Jan
120
41x
45
Pittsburgh Metallurgical 10
Quaker Oats common
6% preferred..-
n
n
Jan
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
%
IK
Pittsburgh Plate Glass. .25
6% prior Hen
Jan
*
Solar
5N
210
7% prior Hen
pref
conv
Jan
Jan
1,000
6% 1st preferred
55
*
Feb
30 X
11
Providence Gas
Jan
25
common
31N
6N
150
60
Pyrene
33
8 tamped
Sioux City G A E 7% Pf
Skinner Organ
300
31x
9%
35 prior
Line
9n
117
58 k
12
Producers
X
7X
m
Pressed
200
Simmons-Boardman Pub—
1-5
58 h
1st preferred
54 n
Sherwin-Williams of Can.*
Jan
1
6%
53 X
300
7X
Powdrell A Alexander
Feb
1,400
Jan
Pittsburgh A Lake Erie.50
Potrero Sugar
55 N
91n
166 X
13
1
Co
Jan
16k
Postage
Mining
K
RK
Jan
Feb
52 N
52 K
90
110
78 3^
9x
Pitta Bess A L E RR——50
Polaris
Feb
4K
150
15n
Sllex Co
40
39
«•«-
Pleasant Valley
K
250
15n
Soss
II
40
Pittsburgh Forgings
700
90 n
Jan
125
6
Pioneer Gold Mines Ltd—1
m
*16
ser AAA 100
Feb
Pierce Governor common.*
MOt€r
Jan
Jan
4k
6m
5% cum pref
11
54 x
5n
2
175
31%
1
Pltney-Bowes
n
4n
6K
113
111
117
A—10
Plnee Winterfront Co
Jan
Feb
*
common
Jan
169
Phoenix Securities—
Coav 13 pref sanee
7
10
Shattnck Denn Mining...5
8hawlnlgan Wat A Pow..*
Jan
7
*
Common
900
Jan
54
1
111
26%
"vn
pref 25
Packing Co
Phillips
Mar
250
1
125
112n 113
110
169
*
pref
Feb
IN
8N
.£1
2
112n
Philadelphia Co common.*
Phila Elee Pow 8%
39 N
Jan
Shreveport El Dorado Pipe
*
PhUa Elec Co It
Amer dep rets reg
Jan
38 K
Pennsylvania Sugar com 20
Pa Water A Power Co
Jan
11
*
com
2K
t Jan
65
Pennsylvania Edison Co—
12.50 series pref
*
Pennsylvania Gas A Elec—
»is
Jan
8n
Sherwln-Williams com..25
IN
*
Jan
N
10 k
4K
26
Seton Leather
4,900
15 serlas pref
Jan
8
1
-.5
Sentry Safety Control
Sernck Corp
2H
Feb
1
10
Allotment certificates...
Selfrldge Prov Stores—
Feb
IX
Class A
Common
12 N
Feb
9%
12
in
Jan
9N
K
39
*
Feb
12
43 X
1
45 N
Selected Industries Ino—
500
2N
1
Pennroad« orp com
Jan
Feb
i'ii
47~600
50c
Penn Cent Airlines com
High
Jan
8
100
"1%
14
Penn Traffic Co
2,400
n
13%
*
Low
100
X
X
pref25
cum
8n
Segal Lock A Hardware.. 1
Selberllng Rubber com...*
Feb
Jan
200
Penn-Mex Fuel
8N
Feb
6K
20
4%
50
9%
'
Range Since Jan. 1, 1940
Shares
"16
30
9%
14
Peninsular Telephone com
14,500
High
45 K
*
Warrants
3%
Parkersburg Rig A Reel.-l
Patchogue-Ply mouthMllls *
Pender (D) Grocery A—*
Class B
5H
5k
for
Week
of Prices
Securities Corp general...*
See man Bros Inc
*
Pantepec Oil of Venezuela—
Paramount Motors Corp.l
Parker Pen Co
10
Week's Range
Low
Water Service 36 pref..*
Scullln Steel Co com
Feb
30%
Price
Sales
Scranton Spring Brook
Jan
Feb
75
10
108k
Sale
High
6
108
Last
(Continued)
Low
20
"108 %
STOCKS
Range Since Jan. 1, 1940
Shares
t
1st preferred—25
Pacific Lighting $5 pref— *
Pacific P A L 7% pref100
1403
Friday
Week
of Prices
Price
*
common
Pacific OA E 0% 1st pf.25
5N%
Week's Range
Sale
Par
Exchange—Continued—Page 4
Sales
100
31K
3
500
2K
Feb
Jan
Feb
Jan
Jan
7N
"4H
"*3N "4%
Feb
8
Jan
moo
3K
Feb
Jan
K
K
Feb
4N
IN
Feb
1
Jan
•
X
X
100
*
N
K
100
Jan
March
New York Curb Exchange—Continued—Page 5
1404
Last
Week's Range
for
Sale
of Prices
Low'
High
BONDS
Par
Price
Shares
13
.1
100
18
"
"fit "in
7
13 54
1374
14 H
♦
S3 cum A part pref
4
of Prices
Low
High
JOO
500
Price
High
154
Jan
Feb
32
35
7074
7574
7674
10574 10574
10074 10074
4774
4554
91
$9074
95
$94
Feb
1374
374
Feb
Birmingham Elec 47481968
Birmingham Gas 6s... 1959
17%
64%
Jan
1974
Feb
Broad River Pow 5s.. 1954
Jan
Jan
Canada Northern Pr 5s '53
5%
Jan
Feb
Canadian Pao Ry 6S..1942
Feb
Carolina Pr A Lt 6s... 1966
107
Jan
Cent Power 5s ser D..1957
Jan
Cent States Elec 5s... 1948
10074
3174
12
Jan
Jan
62
8ts..l0c
*»i«
22^400
»!•
Feb
United Corp warrants....
United Elastic Corp....
74
11,600
%
6%
Jan
n
Jan
Jan
874
274
Feb
Cent States PAL 674s'53
Jan
9074
9574
102
96
8174
151
9054
9654
102
96
9654
8174
8074
107
10654
9954 10074
3174
3474
Range Since Jan. 1, 1940
High
Low
%
32
96%
3H
6474
774
1474
for
Week
24,000
40,000
21,000
1,000
32,000
38,000
7,000
21,000
27,000
69,000
57,000
150
Betblebem Steel 6a—-1998
Jan
12
Feb
60
Un Stk Yds of Omaha. .100
United Chemicals com...*
200
3H
IS
Union Premier Foods Sts.1
100
13
3H
Union Investment com...*
United Aircraft Prod
Low
1H
Union Gas oX Canada...
Week's Range
Sale
Range Since Jan. 1,1940
..10
Unexcelled Mfg Co
Last
(Continued)
Week
1940
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
2,
151
Feb
141
Jan
96
Feb
9854
9474
Jan
9974
Jan
10074
Jan
10274
10054
Feb
96
Feb
8054
Feb
8354
Jan
Jan
Jan
10074
Jan
10774
Jan
9854
Jan
10074
Feb
3174
Mar
41
Jan
32
Mar
4174
7054
Jan
Feb
Chicago A Illinois Midland
Un Cigar-Wbelan
1
United Gas Corp com
pref non-voting.*
1st SI
m
m
99 n
%
97
97
h
74
n
54
n
16 1st preferred.......*
34 54
34 >4
70"
200
Feb
Jan
89
Jan
Feb
174
174
3874
Jan
(♦Chic Rys 5a etfs
Jan
5,700
i
n
%
Jan
101
Jan
ht
Jan
6 74
Am deo rets ord reg
2,000
10,000
29%
Jan
Jan
24
Jan
Cities Service 5e
1966
"70 "
""""25
70
Feb
70
Feb
Conv deb 6s.
1950
United Shoe Mach com .26
...—-26
United Specialties oom._.l
U 8 Foil Co class B
1
38
h
72 74
"674
054
574
71%
43 n
4%
on
100
10
in
77%
43 n
5H
en
1,100
1,900
'It
300
50
1,100
3,100
.6
U S Graphite com..
'it
U 8 and Int'l Securities..*
$51st pre! with warr...*
Lines pref.....
Plywood
$174 oonv pref...
*
1
20
U S
U S
r
67
64
67
Mar
Jan
375
240
Jan
Jari
%
71%
Jan
Feb
43
Jan
4
Jan
4%
074
%
Jan
Jan
Jan
61
Jan
3
Jan
Communis- Pr A Lt 5s '57
44
•*>74
774
774
74
07
Feb
Feb
Conn Lt A Pr 7s A.
(Bait) 374s ser N
1971
1st ref mtge 3s ser P. 1969
Consol Oas (Bait City)—
400
19%
Jan
2374
27%
29n
1,200
27%
1%
2%
Jan
Feb
3074
"ioo
Feb
Feo
United Stores common. 60c
74
United Wall Paper......2
Universal Consol Oil
10
274
74
300
2n
%
274
2,800
Class B
Jan
6
Jan
%
174
Jan
74
274
Jan
JJUI
Jan
6
*
Utility A Ind Corp com..6
Conv preferred
7
UtU Pow A Lt 7% pref-100
Valspar Corp oom
...1
94 oonv preferred
6
Van Norman Maeh Tool. 6
Petroleum...1
Edison El 111 (Bost) 374s '66
Elec Power A Light 6c.2030
Elmlra Wat Lt A RR 6s '56
Jan
11
Feb
Feb
1874
Feb
Empire Diet El 6s....1962
154
Feb
874
17
17
17
.50
1674
174
6174
174
Jan
in
0154
174
154
1554
154
2674
Feb
100
100
1
Jan
.50
52
Jan
Jan
Feb
Jan
Federal Wat Serv 674s 1954
Jan
Finland Residential Mtge
Banks 6e 6s stpd
1961
74
Jan
he
Jan
174
1374
Jan
in
2074
Jan
Florida Power 4a
Jan
Florida Power A Lt As.1964
74
Jan
Feb
27
1,100
7.5
17
350
25
7,200
1
'64
16,800
69
Jan
Jan
154
2254
2874
Jan
154
Jan
60
Gatlneau Power 354s A '69
General Bronze 6s....1940
General Pub Serv 6s..1953
Gen Pub Utl> 074s A.1956
9874
♦Genetal Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
"96%
Jan
Jan
Jan
1154
Feb
474
574
Jan
574
Jan
Jan
7
Feb
174
354
Jan
2
Feb
•Geefurel 6s
800
Feb
4
Feb
Glen Alden Coal 4s
1
Jan
1
1
Jan
174
Jan
1474
Feb
..♦
i%
West Va Coal A Coke
3
1%
m
100
1474
100
"ioo
m
4%
6
4n
6
55
7% 1st preferred.... 100
Westmoreland Coal Co
3
Weyenberg Shoe Mfg
1
Wichita River Oil Corp.. 10
Williams (R C) A Co
♦
Williams OU-O-Mat Ht..*
2
com
Woodley Petroleum..... 1
Woolworth (F W) Ltd—
11
13474
Feb
11174
Jan
9,000
10754
Jan
109
Jan
1,000
12574
Feb
12774*
Jan
8474 39,000
9174 154,000
57
57
1,000
93
9474 22,000
10674 10074
2,000
7874
Jan
8574
Feb
Jan
8374
9074
*
674
1,000
6
74
Feb
Feb
Jan
-
100
400
55
Feb
5974
10174
87
10474
8,000
44,000
$2654
40
10054 10174
10474 10474
37,000
98,000
10074 10174
87
8774
0,000
25,000
107
Jan
Jan
1054
754
Feb
Feb
Feb
674
674
Feb
Jan
2
Jan
111 Pr A Lt 1st 6s
10
774
Jan
1154
Jan
Jan
974
Feb
Jan
Jah
Feb
109
105
10074 102
10274 10274
1st mtge 4s........1963
Debentures 474s
1948
Appalao Power Deb 6s 2024
Arkansas Pr A Lt 6s..1966
109
ser
A.1953
1st A ref 574* ser B.1954
1st A ref 6s ser C...1956
674s^..May 1957
Jan
Indiana Hydro Elec 6s 1958
Indiana Service 5s....1960
Jan
1st lien A ref 5s....1963
574
Jan
1254
Feb
654
Jan
8774
Feb
6
74a series C
103
Jan
109
Feb
17,000
6,000
10474
Feb
Jan
10474
Feb
10774
10574
Jan
104
Feb
10674
Jan
102
Mar
10374
10574
10274
Feb
9974
100
Jan
Jan
10874 109)4
10774 107 74
63,000
6,000
12674 12774 30,000
10674 10774 32,000
4974
51% 117,000
1574
1574
1574
14%
1574
1574
7074
7254
10874
16
10074
Feb
Jan
75
Jan
97
12,606
96
Feb
9874
Jan
10074 107
44,000
90
7674
6874
3774
95
Jan
Jan
10874
10054
Jan
Feb
11154
108
Feb
126
Jan
129
Jan
10674
Jan
104
72
10554
10454
103
9974
73
72
7174
10874 109
10554 10674
104
10454
10274 103
9974
9974
99
99
66
66
0474
6474
6754
6574
67 74
72
99
10654 107
a42
40
4374
43
4374
6274
4374
4454
...1952
6s series B
40
Jan
474s series C.
.1961
Kansas Elec Pow 3 74s. 1966
Kansas Gas A Eleo 6s.2022
105
10874 ll174
Jan
30
Jan
26,000
43,000
47,000
6,000
20,000
1474
Jan
Mar
Jan
20%
2854
2854
Jan
1474
1474
1574
Jan
Lake Sup Dlst Pow 3 74s *66
♦Leonard Tletz 774s.. 1946
Mai
3454
Jan
Long Island Ltg 6a
Louisiana Pow A Lt 6s 1957
Mansfield Mln A Smelt—
10954 11074
11074 11174
44,000
75
Feb
107
Feb
Jan
10874
Feb
9574
9274
Jan
10074
Feb
105
Jan
120
107
Feb
Feb
Jan
54,000
10954
Mar
116
Jan
34,000
11074
Mar
117
Jan
Feb
Feb
63
Jan
Jan
50
Jan
4254
Jan
1574
Feb
3574
Mar
1574
10254
7,000
l66o
Feb
103
Feb
Jan
Jan
10354
10174
Jan
10474
Feb
10354
Jan
10854
Feb
111
Jan
.......
"Feb
"3^606
6674
Jan
3,000
15,000
57,000
67
Jan
10754
10574
Jan
10974
Feb
Jan
10074
Jan
10* %
Jan
105
10174
Jan
10354
Jan
9774
Jan
100
Feb
2,000
16,000
9854
Jan
100
Jan
6,000
8,000
18,000
0474
Mar
0-74
Jan
10374
Feb
10974
40
Jan
4374
Jan
43
Feb
41
Jan
4974
4774
Jan
61
Feb
68
Jan
40
Feb
51
Jan
15,000
69,000
17,000
674s series F
5s series I
1955
.....1969
1945
♦7s
1941
MoCord Rad A Mfg—
6s stamped
.....1948
Memphis Comml AppealDeb 4 74s
1952
Mengel Co conv 4 74s. 1947
Metropolitan Ed 4s E.1971
4s series 0.
-.1965
13,000
6,000
23,000
65
Jan
72
Mar
Jan
7374
7254
Jan
72
Feb
Jan
Jan
104
Jan
2~i"66O
10774
Feb
10674
10574
10974
7,000
4>T4
Jan
4874
38
Jan
42
Mar
45
Feb
36,000
50
10,000
10574
12574 126
104
Jan
Feb
42
105
Jan
10574
Jan
Jan
Jan
Jan
51
10374
Jan
105
Feb
105
Jan
10554
Feb
1<554
Jan
10674
Jan
3,000
12574
Jan
12874
Feb
10374
10574
10374
10274
10554
Jan
6,000
7,000
$10674 108
"l26"
10474
6274
10,000
Jan
50
8,000
4054
10474 10474
lOS^az
10774
Jan
6074
4974
42
Kentucky Utilities Co—
1st mtge 6s..
1961
Feb
6874
10674
10674
"5,666
6354 109,000
4274
39,000
10674
3,000
10774
10774 10774
4474 4574
6s stamped
.....1942
Jersey Central Pow A Lt—
Feb
Jan
6,000
$106
Iowa Pow A Lt 4748—1958
Isaroo Hydro Eleo 7s. 1952
Italian Superpower 6s. 1963
Jacksonville Gas—
61
40
106
1961
1474
95
Jan
25
...1952
47
Jan
10554
6674
Jan
50
...1957
Jan
3,000
1,000
Mar
Feb
4254
4374
1955
Debenture 6s
107
10,000
47,000
84,000
6,000
87
International Power Sec—
Interstate Power 6s... 1957
Works—
Jan
10054
99
$5
♦Indianapolis Gas 6s A 1952
Indpls Pow A Lt 354s. 1968
Jan
$7,000
$10774 108
For footnotes see page 1405
10174
Jan
9874
$10174 10254
10854 10854
674s series D......1948
109%
no n
Jan
89
104
6s series B......... 1947
108 n
Jan
10054
Feb
102
8,000
$1474 30
$10254 103
♦Hungarian ltal Bk 774s'63
Hygrade Food 6s A...1949
10774
474
774
Avery A Sons (B Fl¬
♦Convertible 6s....I960
Bell Telep of Canada—
1st M 6s series B...1967
6s series C
1960
10174
10454
Jan
$1574
6s series B...
...1949
Idaho Power 354s
1907
6
10474 10474
95
Feb
Jan
Jan
Jan
3574
♦Hamburg Eleo 7s
1935
♦Hamburg El Underground
A St Ry 674s
1938
Heller (WE)4sw W..1946
Jan
12
io in
Baldwin Looom
31
2274
9874
10354
9854
9774
7474
8874
102
$10754 110
104
10574
64
$6054
52
$5074
Ouantanamo A West 6s '68
Guardian Investors 6s. 1948
Feb
1,000
104% 106%
6s without warrants 1947
Jan
Jan
Feb
Feb
574
7,300
105n
100
Jan
Feb
Feb
674
108
ea with warrants... 1947
Jan
96
10574
Jan
1254
108
t!07
109
Jan
81
68
Iowa-Neb LAP 5s...l957
70n
Jan
Jan
108
9
Jan
Atlanta Gas Lt 474s..1955
Atlantic City Eleo 374s '64
4674
10954
9954
Feb
1,000
35,000
$74
Houston Lt A Pr 3 74s. 1966
5
15n
Jan
Jan
10374
Feb
Jan
300
6s.n2016
Seating 6s stp..l946
Appalachian Elec Power—
♦Conv deb 574s
1977
Assoc TAT deb 574s_A'55
10574
10>74
10754
Feo
1074
5
14%
Jan
Feb
104
Jan
5
14%
Jan
8354
11974
Jan
108
Feb
5
14%
14%
14,000
10954 10954
9854
99%
88
Green Mount Pow 354s *63
Grocery Store Prod 6s. 1945
1774
Jan
14%
112
Jan
Jan
Jan
Jan
1960
Feb
78
11754
Feb
1474
674
1949
Jan
Jan
Feb
110
4674
4974
102
Houston Gulf Gas 6s.. 1943
074s.
1943
474
102
♦Conv deb 474s
♦Conv deb 6s
1
Feb
Jan
10454
-
102
♦Debenture 6s..... 1968
6
8174
Jan
Feb
8774
Jan
500
14%
674
77
Sold
Associated Eleo 4)48.. 1963
574
107
Jan
6
400
Associated Gas A El Co—
♦Conv debt 474s
1948
Jan
Jan
Jan
674
107%
51%
Feb
574
70
Jan
4 74
Amer
10454
73
Bonds
Am Pow A Lt deb
Jan
3,000
16,000
Feb
25
8%
BONDS
1st A ret 6s........1968
1st A ref 4 74s
1967
Feb
9654
77
274
674
674
105,
5374
Feb
7774
12,000
5 54
»n
52,000
8174 128,000
110
11074
4,000
78
7974 90,000
$119
120
10574 10574 "5^666
7s series E...
1st Aref 6s........1061
1st A ref 6s
-.1966
Jan
Jan
93
87 74
7974
7s series F...
Alabama Power Co—
1st A ref 6s........1946
5,000
93
5374
86
102
474
6
Feb
10954
76
Jan
6%
1254
Jan
Jan
85
6 f deb
Amer dep rets....
6s
Wright Hargreaves Ltd..*
Feb
Oobd (Adolf) 474s...1941
Winnipeg Electric B com.*
Wolverine Tube
1574
Grand Trunk West 48.1950
Gr Nor Pow 5s stpd
I960
Feb
"200
-
Jan
Jan
9674
174
474
ion
*
91
Jan
Feb
Jan
"h%
-
Jan
7374
Jan
"5 H
-
9274
6974
674
174
Wisconsin P A L 7% pf 100
Wolverine Port! Cement.10
Jan
Jan
4
40
17%
8%
83
Jan
Jan
2
25
11
Jan
70
674
Wlilson Products Inc ....1
Wilson-Jones Co.
.....*
8274
36,000
Jan
io n
m
Jan
71
Jan
400
Georgia Power ret 5a.. 1967
Georgia Pow A Lt 6s.. 1978
10
*
66
70
154
*
Westmoreland Inc
Jan
Jan
$18
500
50
55
17%
Jan
66
7874
7774
7654
9254
Jan
1965
Western Maryland Ry—
Western Tablet A Station'y
Common
•
50
Jan
...1953
30
101
1%
4n
*
Western Air Express.....1
Western Grocer corn
20
i%
3
...1
Wayne Knitting Mills
6
Wellington Oil Co
..1
Wentworth Mfg......1.26
West Texas Utll 96 pref..*
101
10474
Feb
76
"IOO
C1966
6s ex warr stamped. 1944
300
7
Waltt A Bond class A....*
Class B.
9974
Feb
Feb
Feb
ser
Feb
40
Wahl Co common.......*
Walker Mining Co
Feb
Jan
Gary Electric A Gas—
100
174
2074
674
*
91
70
133
$43
Erie Lighting 6s......1967
174
300
'474 "474
....*
Jan
6774
90
138
104
1953
174
55
...100
7% preferred
674s series A..
974
Vogt Manufacturing.....*
1960
400
'«4
69
66
El Paso Elec 5s A
74
174
H*
Feb
474
154
16
1
1
Jan
1
20
26%
Jan
174
54
74
"in
1,300
150
62
1
54
64
....
Wagner Baking v t o
1%
Feb
Eroole Marelll Eleo Mfg-
1774
in
Jan
90
"id
"78"
Feb
200
3
49
Jan
2,000
674
554
8074
Mar
1,000
24
Va Pub Serv 7% pref-.100
Waco Aircraft Co
10674
Aug 1 1952
24
374
2174
4
24
1
10c
1
"94k"
♦Certificates of deposit
♦Deb 7s
Universal Pictures oom—1
Utah-Idaho Sugar
Utah Pow A Lt $7 pre!
Utah Radio Products
1958
Cudahy Packing 314s. 1955
Delaware El Pow 674s 1969
Detroit Internet Bridge—
♦674s
Aug 1 1962
Feb
»
Universal Products Co...*
6s ser A stamped...1943
Eastern Gas A Fuel 48.1956
1
8
8474
9074
Cuban Tobacco 5s.... 1944
Universal Cooler cl A—•>„'
Universal Corp v t c
Universal Insurance
Mar
85
12574 12574
10874
.1954
Gen mtge 474s
Contl Gas A El 5s
Jan
Jan
4554
Jan
Consol Gas Utll Co—
Jan
5
Feb
10054
10974 10974
10874 10854
$133
1961
Feb
Feb
274
274
74
*i«
106
Feb
Consol Gas El Lt A Power
Feb
Feb
8,000
1949
574s-
Feb
Mar
6
5n
*
94n
Jan
2in
4n
84
8374
Feb
10074
17,000
8374
Cities Serv P A L 574s. 1952
10474
1,000
39,000
9574
71
7074
7074
8374
Feb
1,000
9454
7174
Debenture 5s......1969
Jan
84
71
Feb
7174
74
1,000
7274 363,000
99,000
7174
7174
19,000
8674
99,000
44,000
8654
74
71
674
24354
174
"~2% "2H
29
U S Rubber Reclaiming..*
U S Stores common....60c
pref.
4J4
21
4%
1
U S Radiator com
Rights.
4554
Cincinnati St Ry 674s A '52
6s series B
1955
242
United Profit Sharing..25<
Venezuelan
1927
n
574
242
United NJBR4 Canal 100
Utility Equities..
96.60 priority stock
1956
Ry 474s A
Chic Jet Ry A Union Stock
Yards 6s....
1940
Debenture 6s......1958
*
S3 partlc pref
United Molasses Co-
conv
1,000
1%
92%
%
24
United Milk Products...*
1st S7
Feb
1954
674s
83
154
Option warrants.....
United G A E 7% pref-100
United Lt A Pow com A..*
Common class B
*
Preferred
*14",400
74
10474
9,000
10554 10574
8,000
10354 10354
10274 10254
$10574 10674
40
$16
10474 105
10674 10754
10674
7,000
22,000
12,000
35,000
10474
Jan
Jan
106
Feb
Jan
10374
Feb
Jan
10254
Feb
Jan
10774
Feb
10474
Jan
106
Jan
105
Jan
108
Jan
$17
6954
6954
100
9254
107
70
2,000
67
Jan
100
5.000
9974
9074
Jan
Jan
9374
10774
10974 110
10,000
3,000
5,000
107
Feb
108
Jan
7074
101
Feb
Jan
9374
Jan
11074
Feb
U054* Feb
New York Curb Exchange—Concluded—Page 6
Volume 149
Last
Week's Range
for
BONDS
Sale
Week
(Concluded)
Price
of Prices
Low
High
Range Since Jan. 1, 1940
Last
Week's Range
for
Sale
of Prices
Week
(Continued)
Price
Low
100
"10234
10354
10634
"i04"
9434
9934
11234
10734
Nebraska Power 4348-1981
6s series
...2
110
Nelsner Bos Realty 6s
"7834
"6734
5s.
6734
$
High
100
67
67
-.-.-•TO...
20,000
1,000
12,000
22,000
19,000
27,000
27,000
11,000
Jan
Texas Power A Lt 53.1956
6s series A
.....2022
Jan
103 %
Feb
Tide Water Power 58.1979
Jan
10334
10634
Mar
9934
Feb
65
Jan
10034
10234
10534
Jan
100)4
70
Jan
Jan
104
Jan
Jan
Jan
10434
11034
Feb
United Eleo N. J 48..1949
Jan
98
Jan
United El Serv 7s
9834
Feb
9934
Jan
11134
Jan
11234
10734
Mar
Feb
United Lt A Pow 6S..1975
2534
Jan
111
Jan
124
Jan
12734
Feb
106
Jan
108
Feb
Jan
8234
12234
7134
7134
7134
10934
Feb
7834
121
Jan
70,000
68
6334
Jan
51,000
28,000
63
Jan
6234
Jan
—
m
—
„
9534
99 34 108,000
80,000
9734 100)4
1956
89,000
834
11834
8234
8534
8534
8634
10434
106
106
106
106
11334 114
5634
57
11,000
118,000
2,000
1,000
4,000
3,000
6s.—
86)4
Jan
10534
104)4
Feb
Feb
Feb
106
Feb
U334
Feb
11434
West Newspaper Un 6s '44
Wheeling Eleo Co 5S..1941
Wise Pow A Light 4s.1966
Yadkin River Power 5s '41
Feb
10534
10634
Feb
57
85
85
Feb
10
Jan
Jan
8234
7,000
4,000
101
Jan
11854
4554
Jan
6,000
12,000
6,000
Jan
20
Jan
Jan
1934
Feb
Jan
7734
107
Jan
8734
Jan
Jan
10834
Feb
Jan
11734
8934
Jan
88
70,000
9334
Jan
Feb
119
Feb
Jan
Jan
8434
10134
10034
Jan
Jan
99
15,000
20,000
9,000
10134
74
99
7,000
8234 83
9934 100
99
9934
102
102)4
100
Jan
75
26,000
8534
11734 118
Wash Ry A Eleo 48... 1951
West Penn Eleo 5s.. 2030
Jan
Jan
66 34
102
Jan
103
Jan
10034
9734
Jan
10234
Jan
Jan
101
Jan
Jan
Feb
Feb
Jan
Jan
Waldorf-Astoria Hotel—
Jan
Feb
Jan
Jan
1734
"s'.OOO
834
734
10834 10834
81
Feb
1934
734
104
Jan
Feb
Jan
10834
11834
10334
20
9934 10034
Jan
55
25
108)4 10834
91
9234
"9134
16734
West Penn Iractlon 5s '60
104
*20
1934
8234
"10034
Jan
New York Penn A Ohio-
"i04"
Jan
1946
Feb
9934
10034
10234
10334
Feb
l"02"
Jan
Jan
Jan
8
11734
4334
45
434s
1011
Va Pub" Serv"~5~MAII1946
1st ref 5s series B«„ 1950
Feb
Jan
7,000
6,000
12,000
44
Utah Pow A Lt 6s A..2022
Mar
102
44
Jan
9534
9734
101
.
6234
6534
Jan
♦5a Income debt....1954
*102)4 10234
10234 10234
19,000
8
834
11834 11834
6534
Jan
New Orleans Pub Serv-
"16234
66)4
11834
10134 10234
6)48
1974
5)48.-...
..-.1959
Un Lt A Rys (Del) 5)48 '52
United Lt A Rys (Me)—
6s series A
...1952
Deb 6s series A....1973
10834
High
Jan
117
10134
♦United Industrial 634s *41
♦1st s f 6s*
..1945
Jan
mrnmrnrn
stamp.1950
92
Jan
Low
9.000 10734
4,000 '115.
21,000 100
10734 10734
i
Conv 6s 4th
Feb
Feb
-----
Po
10334
2134
10834
27,000
City Rap Tr 5 >4a '52
t HI ATI
109 X
2,000
—
Twin
102
106
Range Since Jan. 1,1940
$
Tlets (L) see Leonard—
Feb
4,000
24,000
3,000
*10934
9534
9734
High
Low
2,000
5,000
29,000
65 34
66 34
10234 10334
103 34 103 34
10634 10634
10334 10354
10^
10434
10934 10934
9234
94 34
9954
9934
11234 11234
10734 10734
2134 22
10934 HO
12734 12734
*10734 109*
7834 8234
*121
123
67
6834
67
6734
Sales
Friday
tSales
Friday
BONDS
1405
(♦York Rys Co 5s
1937
♦Stamped 5s......1947
Feb
17,000
■
1,000
5,000
4,000
5,000
108
11534 11534
5834 5934
105
*104
10634
10434 10434
106
10634
10434
95
94
95
96
9534
96
7)4
108)4
Mar
Feb
1034
10834
10634
Jan
108
115
Jan
11534
Jan
6034
Feb
5234
Jan
Jan
Feb
Feb
105
Jan
5.000
10434
10534
10134
4,000
12,000
94
9534
1,000
2634
Jan
29
Feb
2634
Jan
2834
Feb
1234
Feb
1234
Feb
"47666
106)4
Jan
105
Jan
Feb
97
Jan
Feb
9834
Jan
No Amer Lt A Power—
102
51,000
10,000
6,000
10134 10234
10534 10534
4634
47
mm
...
"i06"
Feb
104)4
10234
Jan
10134
108
Jan
mmmmmm
Jan
49)4
Jan
Feb
10634
Jan
Jan
10634
U134
10834
mmrnm*
Pacific Gas A Elee Co—
i
1941
let 6s series B
Jan
10934
10734
Jan
15,000
10,000
10234
Jan
105
Feb
10934 10934
11,000
3,000
10934
9334
10934
9034
Feb
11034
Jan
106
"I02"
106
Electric 4s F....1971
m
m
m
5s series H..——
52,000
30,000
96
11034
16,000
Jan
Jan
Jan
Jan
Jan
96
Jan
♦7s
dep.1946
*12 34
Jan
112
Jan
♦7s ser B otfn of dep.1945
♦7s ser C ctts of dep.1946
*12 34
1334
Jan
25
Jan
♦7s ser D otfs of
*1234
*1234
*10
*10
*10
*12
*10
Jan
108
Jan
Jan
106
Feb
10534
Jan
♦7s 3d
Jan
10834
Feb
♦Baden 7s
♦Bogota (City) 8s ctib 1945
Bogota (see Mtge Bank on
Jan
♦Caldas 7)48 ctfs of dep
Jan
♦Cauea
7,000
......
6,000
14,000
13,000
3,000
10834 10834
10734 10734
108
10134
108
10734 10834
It
.1961
4s series B
9634
9834
95 34
9634
98
9834
54,000
31,000
*11434 115
9934
99 34
""4634
44
^m'mmmm
2,000
81,000
3,000
1,000
4634
106 34 106 34
10034 10034
♦7s 2d ser etfs of dep.'57
10734
10934
106
Jan
10734
Jan
10754
Jan
10734
10834
10834
Feb
♦7s ctfs of deposit.. 1948
Jan
♦734s ctft of dep...l946
Cent Bk of German state A
♦Prov Banks 6s B..1951
9534
Jan
9534
11334
Jan
9734
9834
Jan
♦Prussian Electric 6s.. 1954
Jan
102
Feb
certlbcat
6°7~ prepetnal
Jan
14
Jan
Mar
♦634s ctft of dep...l959
Danish 5348
...1955
94
158
158
156
10634
Seirv
10634 107
9734
9834
♦6s
Feb
109
Jan
110
Jan
11034
Jan
Feb
53
Jan
♦German Con Munto 7s '47
8734
Jan
9134
Jan
♦Secured 8s........1947
Jan
15
Feb
95
9234
95)4
♦Ruhr Gas Corp 634&.1953
♦Ruhr Housing 6 34a. 1958
9534
9634
*17
"10834
Safe Harbor Water 434s'79
B '52
6S..1937
♦Sobulte Real Est 6s.. 1951
Baa Joaquin L A P 6s
*.
mm
♦Saxon Pub Wka
1951
hhawlnlgan WAP 434s '67
1st 434« series D
1970
Sheridan Wyo Coat 6s -947
Sou Carolina Pow 5S.1957
Southeast PAL 6s...2025
95
9234
*24
-
Soripp (E W) Co 5 >48.1943
9434
9234
29
.
"i03"
Scullin Steel 3s
10834 10834
*13334 13434
12
12
35
35
12
♦Hanover (City)
♦Hanover (Prov)
Mar
108
Jan
♦Maranhao 7s
52.000
9434
Jan
10034
Jan
♦Medellln 7b
14,000
Jan
100
Jan
30,000
9134
9034
Jan
97
Jan
6.000
9534
Feb
99
1834
Jan
1834
Jan
stamped.1951
♦7s ctfS of deposlt..l951
♦63*s ctbot dep.... 1954
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
♦7 ctfS of dep.May '47
15
Jan
15
Jan
♦Issue of Oct 1927—.
29
4,000
mmmmmm
1,000
3.000
150
10734
134
12
♦634s stamped.....1958
1958
23
10234
6334
9234
"11134
.
Jan
109)4
Jan
Ref M 334s.May 1
Ref. M 394s B.July
Sou Indiana Ry 4s
1960
1 '60 "i09"
1968
1951
5134
m
m
m
m
-
Jan
S* western Assoc Tel 5s 1961
10634
So'west Pow A Lt 68.2022
10034
'
So'west Pub Serv 6s..1945
♦Spalding (A G) 5S...1989
Standard Gas A Electric—
6s (stpd)
"57k
Mar
Jan
29
Jan
104
Jan
Jan
69
Feb
9834
97 *4
Jan
94
9534
33,000
94
Mar
96
92
9234
10034 10034
111
11134
19.000
9434
Mar
Feb
92
Feb
♦7s rtfel of dep
Jan
9534
10034
Jan
9834
79,000
11034
Jan
11234
Jan
..1948
1948
59
10934
10934
10534
52
10634
10034
25,000
5,000
10834
10834
Jan
10.000
104)4
Jan
10734
18,000
44,000
5834
5834
5834
59
Standard Pow A Lt 6s 1957
5934
5834
6234
63
6334
63
6334
5834
63
1950
2134
2134
2234
...
Conv6s (Stpd)
1951
Debenture 6s.Dec. 1 '66
6s goid debs.......1957
59
Debentures 6s.
♦Starrett Cor pine 5s.
5934
'
^
^
_
5834
Jan
52,000
50
12,000
105
Jan
17,000
99
Feb
10734
50
49
Jan
Feb
11034
11034
10534
52
10634
10534
10834
Jan
Feb
Kft
Jan
39
634
Feb
37666
1234
Jan
1334
Jan
1234
Jan
1234
Jan
"l2" "
Jan
"
Jan
41
Jan
7
"12k" "Feb
Jan
10
Feb
Jan
12
Feb
15
Jan
Jan
2634
14
Jan
1
•
2,000
"Feb ""2634"
IO
40
Mar
40
*1634
*1634
1961
♦78
Jan
Jan
Feb
26
27
2634
*20
*20
*20
*30
1334
934
*34
tH
7734
1949
♦Santiago 7b
Jan
934
ir
40
*1334
1947
1,000
1,000
25
*22
192'
♦634s
934
.12
14)4
25
26
♦634s etfS of dep..1947
Mtge Bk of Denmark 5s '72
♦Parana (State) 7b.—1958
♦Rio de Jfnelro 6348.1959
♦Russian Govt 634s..1919
Jan
7,000
11,000
•
.
.....
"4834"
3,000
2m
*2634
♦Santa Ft 7-4s stmp.,1945
58
Feb
20
*22
Mtge Bank of Colombia—
♦7s ctfS of dep
.1946
8,000
57
Feb
1434
60
*10
♦Mtge Bk of Chile 68.1931
12
33,000
10834
10834
10534
5134
10634
9934
10734
14
Feb
40
*10
♦7 ctfs of dep..Oct '47
134
Sou Calif Edison Ltd—
Sou Counties Gas 4 34*
934
12
*1334
2634
Jan
69
9434
Jan
Mar
69
9434
94 34
Feb
Lima (Clty» Peru—
158
mm
14
1434
40
10
*1134
Jan
mm
1,000
1334
2034
6349.1949
Mar
mmrnrnrnm
Jan
13)4
25
13
7s... 1939
10634
mm
15
1,00
1334
25
*6
13
*1234
*1134
2,000
10234 103
69
39
Danxlg Port A Waterways
♦External 6 34s
1952
50
of Oklahoma—
9834
*10
*4234
1953
56.
Jan
14
24,000
Mar
40
Cundlnamarca (Dept. of)
14
Public bervioe of N J—
Pub
Jan
40
ctfS of dep.-Oct-
Jan
100
9034
mm
12
*22
10434
Jan
mm,
Jan
61
♦6s ctfs of dep..July
Feb
mi*
12
40
40
Mar
Feb
4634
10634
8334
10834
6,000
Jan
30
*22
Jan
83 34
8934
16
Feb
"l 134"
'61
4134
46,000
289)4
*14
1134
Jan
Colombia (Repubilo of)—
330,000
4,000
Feb
1134
14
Feb
88
2,000
2,000
1134
25
35
1C0
30
53
25
25
14
Jan
94
53
25
*14
96
87
10834 10834
11034 H034
*10
1334
*10
*10
♦6s series A........1952
Feb
88
-
'46
1948
7s.
115
*13
-
Valley
Jan
88
—
dep.'67
...*1951
otfB of
Jan
""92 34
Portland Ga.
ser
Feb
'
mmmmmm
dep.1945
ctls of dep.'57
♦7s 1st ser
Feb
Mar
Peoples Gas L A Coke—
4s series D_.
A ctts of
104
Jan
Penn Ohio Edison—
"10734
ser
10334
10734
43
25
*22
Feb
1,000
mm
92,000
106
*22
2634
35
2934
35
35
35
lombia—
6,000
-
—
10434 10434
10834 10834
2634
*22
*2634
*22
♦20-year 7s....Jan 1947
♦7s ctls of dep. Jan '47
♦6e otlS of dep...Aug '47
♦64 cttt of dep.. Apr '48
Antloquia (Dept or) Co¬
Feb
9734
4334
10334
65,000
9234
9434
*4334 44
10 1 34 102 34
106
m
m
m
2,000
12,000
108 34 10834
9534
Penn
106
11134 11134
10734 108
110
70234
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s otfB of dep.Apr '46
Feb
10634 107
107
AND MUNICIPALITIES—
Wmmmm
.
10434
11034
10734
10734
10^34
10334 10434
11134
10734
10834
FOREIGN GOVERNMENT
Jan
45*4
105)4
*105ni#106
*10334 106
m
12,
Jan
3834
Jan
Jan
Jan
Jan
"""1334" "Feb
40
40
43
1334
934
34
34
7734
2,000
1,000
934
43
Feb
,1334
934
734
34
H
7734
25
1434
Jan
25
1434
Jan
1634
1634
1,000
Feb
Feb
h$
Jan
Jan
*4
Feb
Feb
7734
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
58
Feb
Jan
Jan
41,000
4934
Jan
88,000
99,000
36,000
70,000
10,000
48
Jan
7234
7234
7234
48
Jan
7234
48
Jan
72
Jan
49
Jan
Jan
19
Jan
7134
2434
Feb
55,000
Jan
Jan
Jan
Stlnnes (Hugo) Corp—
2nd stamped 4s
1940
2nd stamped 4a
1946
Ternl Hydro El 6348-1953
Texas Eleo Service 5sl960
45k
10534
*3534 36
*20
26
4434
4534
10534 10534
2,000
mmmmm
13,000
23,000
37
Feb
2434
Jan
26
Jan
42
Jan
46
Jan
29
10434
Jan
Jan
10534
♦
No par value,
a Deferred delivery sales not included In
n Under the rule sales not Included In year's range.
lnterest.
cluded in year's range,
Feb
x
year's range,
jCash sales
d Ean
t in¬
Ex -dividend.
♦ Friday's bid and asked price.
Bonds being traded flat.
I Reported In receivership.
1 Called for redemption:
No sales being transacted during current week.
♦
None.
BCash sales
transacted during the current week and not
Included In weekly or
yearly range:
No Sales.
y
Under-the-rule sales transacted during the current week and not included in
weekly or yearly range:
sales
2
Deferred delivery sales transacted during the current week
weekly
or
Power
Abbreviations
i
and not Included In
yearly range:
Corp. of Canada 434s 1959, Feb. 28 at 86.
Used AOove—"cod."
certificates of deposit; "cons." consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock
*v t e," voting trust certificates; "w 1," when Issued; "w w," with warrants: "x-w"
without warrants.
The Commercial & Financial
1406
March
Chronicle
2,
1940
Other Stock Exchanges
Baltimore Stock
Exchange
Week's Range
Last
of Prices
High
Sale
Par
Stocks—
Range Slnee Jan. 1,1940
for
Week
Low
Shares
Paal RDaVls & ®<x
High
*
19%
19
19%
765
19
Feb
21%
(Conn) 50
19%
19
19%
234
19
Feb
20
50c
498
40c
.....
Atlantic Cst Line
Law
Price
...
,
Bait Transit Co com v t c.»
1.85
61
118% 118%
9%
9%
3
128
127% 128
32%
32%
1.70
1.70
81
Consol Gas E L A Pow...*
100
4%% pref B
Eastern Sugar Assoc com. 1
17
"~45c
Jan
Feb
31
Jan
Jan
130
8%
Jan
30%
Jan
Jan
17%
Last
Week's Range
for
Feb
„
Friday
Feb
32%
17
64
890
17%
Feb
Sale
of Prices
Week
45c
50c
1,900
40c
Jan
70c
Jan
13%
Merch A Miners Transp..1*
Mt Vrn-Wdb Mills
11 %
27
126
14%
354
13%
Jan
16%
72
1%
Jan
2%
Jan
Sales
Atbey Truss Wheel cap...4
Range Since Jan. 1, 1940
Jan
2%
2
com-100
St., CHICAGO
La Salle
10 S.
Feb
61
Municipal Dept. CGO. 621
Trading Dept. CGO. 405-406
Jan
119%
25
740
29
29
1
Preferred vtc
Fidelity & Deposit
20
Fidelity A Guar Fire Cor 10
Houston Oil pref
100
Mar Tex Oil..
1
Bell System Teletype
Jan
83
Jan
Jan
Principal Exchanges
Members
Jan
1.85
Jan
78%
116
Jan
4 Feb
55c
Jan
1.50
1,390
82%
118%
100*
1st pref v t c
42c
~
SECURITIES
Listed and Unlisted
Sales
Friday
Arundel Corp
CHICAGO
both inclusive, compiled from official sales lists
Feb. 24 to March 1,
Stocks
(Continued)
Par
High
Low
Price
High
6%
200
6
5%
Low
Shares
Jan
Jan
7
46%
47
34
45%
Jan
48
Jan
Auburn Automobile com.*
1%
1%
55
1%
Feb
2%
15
15%
923
12%
Jan
15%
Feb
Aviation
6%
7%
Jan
North Amer Oil Co oom..l
100
1.25 *Feb
1.45
Jan
800
6%
3%
Jan
1.30
6%
3%
212
1.30
Corp (Del)
3
Aviation A Transport cap. 1
Jan
4
Jan
Owlnss Mills Distillery
1
Penna Water A Pwr com.*
23c
26c
550
40c
Jan
pfd 100
Mt Vrn-Woodb Mis
15
New Amsrerd ru Casualty 2
67
67
$8
23%
23
23%
34%
.2
D H Fidelity A Guar
35
Western National Bank.20
23c
Feb
67
22%
40
33%
72%
Jan
r
Jan
Jan
Feb
Aviation com....5
86
Mar
Mar
86
86
31%
30%
26%
Jan
81%
Feb
H>7F.
36%
31% $48,500
19,800
36%
31
Jan
36%
Feb
1975
95%
7,000
92
Jan
95%
103%
Jan
Ctfs of indebt 5%
A
5« flat
B 59
Flnane Co of Amer 4 %
35%
95%
95%
103% 103%
1947
103%
1,000
Jan
Jan
Boston Stock
Exchange
18
Friday
Last
Par
Stocks-
Week's
Sale
of Prices
Low
High
Price
Range
Range Since Jan. 1, 1940
for
Amer
Tel
l«l A
15%
Low
Shares
Boston A Albany
100
100
Boston Edison Co
Elevated
147
49%
100
High
120
1%
Jan
25
13%
Feb
Class A 1st pref
CI A 1st pref
CI B
1st
Calumet A Hecla
25
Range
Copper
Common
Jan
149%
Jan
Jan
49%
Feb
10%
Jan
11%
Jan
747
78
Jan
85
Feb
170
7%
2
68
2
2
160
165
18%
Jan
7%
Feb
192
1%
15
Jan
4%
200
4%
1C%
Jan
5%
Feb
Feb
11%
Feb
6%
""10%
com.....5
10
6%
1%
11%
Jan
Mar
84%
Jan
300
6%
Jan
9%
7
17
7%
5%
%
%
%
5,400
%
Feb
%
Jan
56%
Feb
120%
6%
Feb
50c
%
* "113"
Convert
113
70
90
Chi Flexible Shaft com...5
4%
Jan
11%
400
10%
1%
4,300
1%
Jan
36%
200
36
76
200
67
37
Feb
76
Feb
%
185
82%
84%
456
4%
4%
50
4
Feb
5
Club Alum Utensil com..*
3
3
100
3
Jan
3%
37
37
80
35
Jan
37
Feb
32
31%
32%
14,000
31
Jan
14%
14%
14%
32%
15%
3%
Feb
%
111"
20
111
111
-Mr-—.—
%
Jan
%
Jan
Jan
109
79%
111
Mar
Jan
91
Jan
1%
Jan
Feb
2%
14%
Feb
Compressed Ind Gases cap5
250
13%
Jan
12%
16%
Jan
3
3
2%
Feb
19%
3
200
Jan
Consolidated Biscuit com.l
116
7%
7
7%
7
Feb
Jan
8%
Consolidated Oil Corp
8
Feb
Feb
690
6%
4%
Jan
6%
Feb
Consumer
3%
Feb
4%
Feb
215
Jan
18
19
Feb
6
•
3%
Jan
Jan
Jan
Jan
Co—
3%
15%
Preferred
100
Jan
1.00
Jan
12%
12%
5
12%
Feb
17%
Jan
Jan
— —
-
182
29%
25
Jan
29%
Feb
110% 110%
30
110%
Feb
110%
Feb
21%
320
20%
Feb
24%
69
60
59
Jan
70
Feb
18%
300
18
Jan
19
Feb
31
— —
-
Cudahy Pack'g 7% preflOO
CunnlnghamDrugStores2 %
16%
29%
18%
------
10
67
20
Container Com com
Continental Steel com...*
3%
20%
60
part sh pref
Jan
Feb
49
2%
26
Capital
21%
31
250
29%
Jan
31%
Jan
2%
21%
150
1%
19%
Jan
2%
Feb
Feb
23%
15%
25
17%
Jan
Jan
Dayton Rubber Mfg—
Crane Co
4
210
25
4
30
50
24%
3%
30
"30*
30
3%
6%
Jan
4%
25
Feb
30
Feb
21%
655
10
30
6%
6%
32c.
Jan
24%
Feb
6
Jan
31%
Jan
Jan
29%
156
6%
Jan
7
22
7%
22
10
25c
2%
1%
Jan
13%
Feb
6%
Jan
90
2
14%
8%
2%
...
21%
•
2%
21
14%
—
—- —-
Diamond T Motor Car cm2
13
5
10
5
Feb
5%
Jan
9%
70
8%
Jan
10%
Feb
200
25
Feb
Dodge Mfg Co com.....*
2%
15%
Jan
Eddy Paper Corp com
Feb
Elec Household
*
------
13
36
11%
Class A
11%
15
15%
-----
23%
3%
24%
40%
42%
3%
Utll cap. 6
%
4%
Jan
5%
Feb
Fairbanks Morse A Co cm*
6c
340
5c
Feb
6c
Feb
Four-Wheel Drive Auto. 10
----
1%
1%
130% 132
%
%
132
New England Tel A Tel 100
N YNHAHRR
100
555
------
5%
185
1%
Feb
1%
Feb
Fox (Peter) Brewing
------
189
124%
Jan
140
%
Jan
45c
60c
3,724
75%
....2 50
North RR (New Ham). 100
75%
20
"lie
11c
Pacific Mills Co
13%
13%
Pennsylvania RR
50
Reece Button Hole MachlO
22%
22%
319
8%
1%
27%
Bhawmut Assn TC
*
9%
9%
31%
*
5
United Shoe Mach Corp.25
77%
11%
*
Stone A Webster
1%
11%
10%
31%
27%
72
Reece Folding Machine. 10
8%
"72
43
43
25
75
lie
%
Fuller Mfg Co com
Feb
Gardner Denver com
------
------
Feb
64c
Jan
75%
Feb
General Candy cl A
Jan
15c
Feb
General Finance Corp coml
15%
Jan
General Foods com
24%
Jan
General
9%
Jan
General Outdoor Aav com*
1%
Feb
4%
4%
13%
Jan
Jan
36
Feb
11%
Feb
13
250
15
Feb
16%
Jan
400
3
Jan
3%
Feb
Feb
24%
Feb
Jan
42%
Feb
4%
Feb
850
105
100
250
15
4%
450
1%
Jan
Jan
10%
Jan
12
Feb
9%
Feb
12%
Jan
Jan
32
Feb
Jan
18
52
53%
291
51%
Jan
57%
Jan
10%
10%
300
10%
Feb
10%
Feb
2%
100
2%
Jan
2%
------
MotorsCorpeomlO
Common
-
——.
------
Jan
47%
48
289
45%
Jan
48%
53%
855
51
Jan
55%
5%
20
25%
Jan
28
Feb
72
Feb
84%
Jan
Great Lakes DAD com..*
42%
Jan
44
Jan
Hall Printing Co com...10
------
25%
------
5
6%
Feb
12%
Feb
24%
Feb
150
Jan
12%
25%
950
25
Jan
27%
Jan
18%
35
17%
Jan
Feb
150
20%
5%
10
Feb
12%
25%
12%
18%
400
45c
Feb
50c
Jan
Harnischfeger Corp com. 10
145
Jan
7%
Feb
Helleman Brewing cap
5%
9%
800
6%
65
Jan
1%
Jan
Heln-Werner Motor Parts 3
9
9
150
1%
26%
Jan
Feb
Horder's Inc com.
*
15
15
20
7
12%
12%
14%
16
30
Houdaille-Herehey cl B_.*
Hubbell Harvey Inc com .5
Bond*—
------
4%
Illinois Brick Co cap...-10
Eastern Mass St Ry—
94%
95%
98
99
$6,000
2,100
92%
93%
Jan
95%
Feb
Illinois Central RR com 100
Jan
99
Feb
Indep Pneum Tool 8 t c
*
Indiana Steel Product coml
------
22%
——————
9
22%
22%
2%
March 1,
both inclusive, compiled from official sales lists
*-
-
Friday
84%
86%
53%
54
16%
16%
Sale
Par
of Prices
Low
Price
High
Week
Shares
Low
.
■
High
1
"""5%
8%
Katz Drug Co com
69%
Allied Products Corp cl A25
Common
10
Allis-Chalmers Mfg Co..
20
10%
68%
Jan
70%
4
Jan
350
2%
Feb
Jan
Leath A Co com
13%
600
11%
Jan
13%
Feb
LeRoi Co com
20
20
100
20%
Feb
Feb
20%
Feb
10
10%
150
10
Jan
10%
Mar
Common
145
35%
Jan
41%
Jan
167%
Jan
172%
Jan
5%
Jan
6%
Jan
43%
rse 1409
14
150
13%
Feb
15%
Jan
1
450
%
Jan
1%
Feb
Jan
43%
Mar
Mapes Cons Mfg Co cap.
100
37
100
2%
Jan
75
82%
Jan
90%
53%
Feb
62%
Jan
16
Jan
17
Feb
50
3
Jan
Jan
Feb
Jan
Jan
Feb
17
100
19%
Jan
21%
Jan
250
5%
Mar
Feb
8%
1,050
7%
Jan
6%
8%
44%
Jan
49%
Jan
Jan
103%
Feb
15
20%
5%
6
8
14%
46%
150
20
45%
100
Jan
%
%
1%
Jan
%
1%
Jan
200
250
3%
Jan
3%
Feb
6%
6%
5C
6
Jan
Feb
Jan
Jan
7%
7%
102
6%
Jan
6%
7%
2
2
20C
2
Feb
2%
Jan
5
""2"
Uounon Packing com
43%
24%
1%
3%
11
Liquid Carbonic com
43%
Feb
%
Lion Oil Refg Co cap
1
21%
5%
40C
4%
9%
Jan
5%
Feb
Fet
10%
Mar
Lindsay Lgt A Chem—
886
13%
Jan
50
1%
*
2,379
36%
Feb
5%
13%
3%
1C
5%
5%
16
Jan
%
Lincoln Printing Co com.*
36%
5%
Jan
Feb
4%
Jan
Libby McNeiUALibbycom'
50
18%
19%
Jan
19%
3
Jan
350
La Salle Extens Unlv com-£
171% 172%
*
Aro Equipment Co com..]
Asbestos Mfg Co com
l
800
13%
2%
_
Amer Tel A Tel Co cap.100
Armour A Co common
6
Associated Invest Co com-*
69%
19%
3
Advance Alum Cstgs com.5
Aetna Ball Brng Mfg coml
Allied Laboratories com..*
69
13%
""3%
Klngsbry Brewing Co cap 1
_._*
Feb
Jan
11
102% 102%
45%
IOC
6% preferred
Abbott Laboratories—
Jan
15
950
14%
20%
15
1
Common
Kellogg Switchboard com.*
Kentucky Utll lr cum pf 5(]
Range Since Jan. 1, 1940
for
9
Jan
Jarvls (W B) CoJefferson Electric Co com. *
Sales
,
Week's Range
Last
Jan
129
*
*
Jan
14
100
328
Jan
8%
550
4%
Feb
8%
11%
11%
International Harvest com*
Chicago Stock Exchange
Mar
200
4%
Iron Fireman Mfg vtc
Inland Steel Co cap
5
13
11%
2%
Jan
Feb
Jan
1%
1948
Jan
6
Jan
417
46c
------
r
Jan
250
24%
7%
1
Jan
6%
10%
185
12
5
4%
21%
11%
6%
12
23%
12
1%
1948
Feb
52%
5%
6%
*
Goldblatt Bros Inc oom__*
Goodyear T A Rub com..*
Goesard Co (H W) com
*
29
— -
46c
*
Jan
15%
7%
30
4%
450
Warren Bros
30
Jan
4
Feb
15
Feb
18
Waldorf System
Warren (S D) Co
Jan
4
12%
17%
Utah Metal & Tunnel Co
_
22%
37%
Jan
Gillette Safety Razor—
8%
,
21
*
Jan
Feb
534
2,006
6
18%
20
4%
14%
Jan
34%
400
2%
General Amer Transp com5
470
160
1
new*
21
55
415
4%
17%
Feb
132
Jan
45c
61
25
21%
Old Colony RR Ctfs of dep
15c
com.6
3%
11%
50
13
36
*
Common
Feb
6c
Natl Tunnel & Mines Co
Jan
5
Dixie Vortex Co—
Feb
Jan
Feb
198
Jan
9%
5
5%
5c
6% cumul pref
10
Deere A Co eom
—
—— — -
Elgin Natl Watch Co... 16
15
15
15
15
.1
Union Twist Drill Co
31
36
Class A
Decker (Alf)& Cohn—
Common
Jan
22
603
21
26
Feb
Assn
Torrington Co (The!
...
Jan
32c
Feb
100
100
23
2%
2%
t o.l
14
....
com
Dexter Co (The) com
35
1%
1%
14
14
7
Tnc
m
Jan
Jan
Jan
.
Commonwealth Edison—
Jan
National Service Co
For footnote*
Jan
Jan
1%
Coleman Lmp A Stove cm*
42
100
Common
13
Feb
1%
36%
11
Jan
Jah
100
100
Stocks—
77
Feb
200
5
4%
Chic A Nor Wt Ry com 100
Chicago Towel conv pfd..*
Chrysler Corp oommon._5
Feb
Mergenthaler Linotype...*
to
113
75
36%
*
preferred
57%
113%
56%
*
Feb
Loews Theatres (Boston) 25
Feb. 24
Jan
Jan
628
Isle Royale Copper Co.. 15
Series A 4%s_i
Series B 5s
Jan
Jan
2%
3
32c
.
7
Feb
49
Class B
...
8%
79%
Feb
140
79%
%
60c
*
Butte
Jan
250
— — —
350
17%
•
North
20
%
432
Hasor
Racing
Feb
%
290
Gillette
Narragansett
19%
9%
80%
18
.1
Common
70c
General Capital Corp
v
Feb
250
19
Feb
23%
pref
22%
10%
2%
Hathaway Bakeries—
cum
Jan
Jan
Jan
46%
EmDlo*er« Oroun
Mass Utilities Assoc
7%
21
Feb
19
*
Maine Central com
Feb
200
6%
65c
Preferred
Bamtt
1,465
pfd..*
100
Preferred B
7
22
9%
79%
*
.
6%
*9 — —
— —
100
preferred
East steamship Lines com *
5%
f'ent III Fhib Ber fft pref
650
10%
10%
21%
7
—
4%
20%
Eastern Mass St Rr—
Common
Jan
35
14%
3
Feb
Cities Service Co com...10
19%
49
100
100
Feb
25%
Jan
172%
East Gas A Fuel Assn—
4%% prior pref
33%
Jan
Feb
Bruce Co (E L)
vtc
Common
Jan
10
Feb
1%
44%
7%
5%
b
27%
700
18
11%
144%
17
Boston A Providence..-100
975
11%
22
Chicago Com common—1
541
14
14%
Jan
32%
790
Cherry Burrell Corp com.6
297
2
100
pref std
Boston Personal Prop Tr
5
150
Jan
260
2
std_.100
100
Jan
18
Mar
2
15%
Jan
167%
7%
1%
..100
4%
23
4%
Boston A Maine—
Prior preferred
50
18
Cent States Pow A Lt pfd. *
49%
19%
Boston Herald Traveler-
4%
22%
-
$7 preferred
1,837
48%
Feb
Brown Fence & Wire—
Common new
172%
11%
11%
86
883%
146% 147%
11%
83%
♦
1%
15%
171%
172%
10<»
Bird A Bon Inc..
Boston
1%
'
Jan
9%
5
.
Prior lien pref
50
60
18%
Jan
Central & 8 W~
Week
American Pneumatic 8er—
6% non-cum. pref
1st preferred
Jan
17%
8%
Jan
450
1
Common
Central 111 See conv
Sales
350
9%
Borg Warner Corp—
30c
Castle(AM)ACocm(new)10
Central Cld Storage com-20
March 1, both inclusive, compiled from official sales lists
18
11%
23%
Cumul conv pref
to
11
11%
11%
Butler Brothers
Feb. 24
Jan
31%.
"31%
Bliss A Laugbllnlnccom.5
86
3,000
86
Bait Transit as flat... 1976
9%
4%
Bergboff Brewing Corp..!
Atlantic Cst Line (Conn)—
150
Jan
9%
10
Belmont Radio Corp com.*
Bendlx
Bonds—
10
17%
Belden Mfg Co com
35
Jan
237
10
BarlowASeellg Mfg A com 5
Bastlan-Blessing com
*
23%
Feb
1,609
3%
...
Preferred
10%
*
n
.
10%
10%
210
12%
1(
12%
1C
12
Jan
13
Jan
III""
""2"
17%
17%
1C
15%
Jan
17%
Feb
1%
Jar
2
Feb
Jar
29
Feb
2
2
85(
29
29
IOC
26
Volume
150
The Commercial & Financial Chronicle
Friday
Sales
Last
Week's Range
of Prices
Sale
Stocks (Concluded)
Par
Marshall Field com
McCord Rad & Mfg A
Merch ft Mfrs Sec
Class A
Low'
Price
*
143*
*
High
'
■
Friday
for
Range Since Jan. 1, 1940
Low
Stocks
High
1,000
123*
Feb
153*
Feb
Little Miami Guar
53*
Jan
73*
Jan
Par
110
33*
273*
33*
83*
500
33*
Feb
4
Jan
20
27 3*
Feb
30
Jan
National Pumps
Preferred
600
Jan
P ft G
7,700
13*
100
33*
73*
13*
Jan
13*
55*
......
......
5
.
85*
Midland United env pfd A*
Midland Utll6% prllenlOO
6
150
5
Jan
63*
Jan
53*
50
43*
Jan
63*
Jan
3*
100
3*
Jan
3*
Jan
U S Playing Card.
73*
Feb
100
Miller & Hart lno env pf
»
Minneapolis Brew Co coml
_
65*
100
Mar
23*
3
10
111
65*
105*
120
33*
Jan
11
150
93*
Jan
11
111
150
19
Jan
22
14
3*
23*
683*
100
Randall A
*
113?*
183*
533*
543*
103*
183*
423
553*
300
503*
103*
Jan
103*
173*
Feb
113*
Jan
350
163*
Jan
113
Mar
4
10
Feb
5
111
Feb
*
3*
100
35
113
Feb
183*
30
18
3
Feb
Feb
90
Feb
10
1123*
14
23*
69?*
1153*
Jan
11
566
Feb
33*
4
483*
483*
353*
23*
"~36"
390
14
23*
69
113?*
183*
TImken Roller
10
High
Feb
36
2
Jan
65?*
Jan
Feb
Mar
Feb
Feb
Jan
19
Jan
43*
Jan
15
473*
Jan
50
Feb
22
343*
13*
Jan
36
Mar
Jan
Feb
183*
*
10
B
Low
100
'
Feb
22
*
"69"
Jan
Range Since Jan. 1, 1940
Shares
100
*
Jan
533*
*
High
5% pref
Jan
33*
93*
21
_
Modine Mfg Co com
Low
U S Printing
13*
7% prior lien pref...100
6% preferred A
Price
10
73*
53*
3*
*
1
oom.
Middle West Corp can
Week
Manlschwitz
63*
35*
for
of Prices
50
Preferred
12 cumul part pref
Mlckelberry's Food
(Concluded)
33*
273*
35*
83*
......
1
Week's Range
Sale
Shares
—
com
Sales
Last
Week
15
143*
1407
"22"
73*
220
23*
23*
Feb
Montgomery Ward—
Common..
*
Nachman-Sprlngfleld
com*
Nat'l Bond A Invest com.*
Nat'l Pressure Cooker com2
National Standard
"
4
com. 10
_
A10
50
Peoples O LtftCoke
Perfect Circle Co oom
*
Pictorial Paper Pkge com .5
Poor & Co cl B
1
com
33*
10
com 1
St Louis Natl Stkyds
cap.*
Sangamo Electric oom new*
Jan
Jan
12
103*
Feb
12
Jan
Feb
100
163*
Jan
18
62
Feb
70
Jan
17
17
17
10
17
Mar
Jan
133*
13
35
133*
223*
143*
GILLISMRUSSELLcb
Feb
70
...
.
—
.
9
14
3*
Jan
373*
26 J*
...
UiIh Chunks
1183*
-
152
29
53*
Feb
123*
Jan
113*
Jan
Jan
c
Feb
Feb
Akron Brass Mfg
Amer Coach & Body
100
150
33
Feb
13*
753*
Feb
813*
200
3*
573*
3*
Feb
Cliffs Corp com
Colonial Finance
Jan
11
Jan
13*
113*
Mar
2>*
Jan
c
Firestone T & R
com..
Jan
13 3*
Feb
c
General Electric
com
253*
Feb
273*
Jan
c
Glidden Co com...
12
Jan
14
Jan
Goodrich (BF)
Feb
Goodyear Tire ft Rubber. *
Feb
323*
Feb
23 3*
Feb
c
453*
Feb
c
Jan
50
*
4
100
5
Industrial Rayon com..*
Interlake Iron com
*
Lamson ft Sessions
823*
813*
Feb
403*
Feb
Jan
20
Feb
Jan
c
Midland Steel Product
Miller Wholesale Drug
*
Monarch Machine Tool--*
353*
173*
153*
Feb
Feb
60
50
160
1143*
273*
193*
373*
Feb
Jan
Jan
17
Jan
Jan
Jan
Jan
Jan
24?*
Feb
Feb
14
Feb
Feb
15
Jan
79
163*
213*
133*
133*
253*
19?*
20?*
Feb
29
Jan
10
9?*
Feb
Jan
47
37?*
Feb
75
432
71
25
50
139
16
Jan
123*
403*
173*
50
13
Feb
15
1,580
3
Feb
4
33*
a395* a403*
16
153*
a34«* a343*
65*
73*
10
1183*
Jan
13*
550
13*
Feb
13*
Jan
3*
1?*
■
100
3*
850
Jan
39
195
81
13*
393*
13*
203*
223*
Jan
283*
Jan
National Tile
1063*
Jan
1173*
Jan
13*
c
*
16
13*
163*
200
30
123
15?*
Jan
30
30
30
Feb
40
50
2
350
22
387
Jan
Jan
7
63*
1,250
5
4
Jan
855*
33*
863*
33*
350
15
16
50
1,000
*
Myers (F E) & Bros
National Acme
*
50
1
16
Natl Refining (new)
Prior preferred 6%
*
Jan
2
Feb
Feb
223*
Jan
250
250
Murray Ohio Mfg
283*
113*
40
Jan
53*
43*
Jan
Feb
3*
1?*
Jan
Jan
*
.
Jan
Otis Steel
Jan
Packer Corp
Jan
Jan
33*
Jan
Rlchman Bros
163*
Jan
Selberllng Rubber
*
Feb
Feb
Jan
120
50
Feb
51
Jan
133*
23*
363*
Jan
Feb
Jan
163*
33*
Jan
40
Jan
Jan
13*
183*
303*
Jan
Feb
23
Feb
200
331
25
10
383*
393*
391
a8
a83*
a333* a335*
75
53*
__*
White Motor
50
Youngstown Stl Dr com-*
193*
Jan
93*
Feb
255
25
25
141
160
270
71
Jan
Jan
123*
Jan
Jan
10
Jan
183*
Jan
233*
393*
Jan
363*
7
273*
4
300
53*
all5* all3*
a563* o583*
53*
53*
6
63*
all3* all3*
a393* a41
•
Mar
10
70
a235* a235*
1
93*
119
222
1
com
Jan
205
21
43*
37
29?*
12?*
20
Youngstown Sheet ft Tube*
Established 1878
73*
Jan
25
*
c
Jan
10
U S Steel com
Vlchek Tool
YL2l LYONS *£2z
Jan
4?*
10
1
Jan
Jan
333*
*
com
Jan
Feb
423*
173*
■243*
*
Republic Steel
Feb
100
O103* al03*
*
Feb
c
50
Mar
Jan
325
a203* a21
*
,
43*
893*
Jan
843*
23*
14 3*
13*
Nineteen Hundred Corp A*
Ohio Brass B
*
Feb
73*
53*
39
*
,..*
New York Central RR.
Jan
353*
153*
113
285*
123*
503*
163*
33*
33*
Jan
Jan
Jan
16
Jan
41
Feb
Jan
Jan
Jan
Jan
Feb
115 3*
56
Jan
123*
1553*
32?*
21?*
35
819
Martin (Glen L) com..
Medusa Portland Cement-*
Jan
Feb
183*
11
873*
683*
Upson-Walton
93*
553*
53*
53*
11?*
Jan
Jan
Feb
Jan
83*
343*
53*
Feb
Jan
13
Feb
Jan
Jan
Feb
Jan
683*
Feb
53*
Jan
Feb
63*
Feb
Jan
Jan
133*
Jan
38?*
Jan
Feb
483*
283*
Jan
22
Jan
Cincinnati Stock Exchange, New York 8tock
Exchange
and Other Principal Exchanges
116
E.
Fourth
St., Cincinnati
Telephone Cherry 3470
March 1,
Last
Sale
Par
Price
Mach.. .20
s
Rang
of Prices
Low
High
Burger Brewing
Champ Paper pref
*
5
153*
97
Cin Gas ft Elect pref... 100
33*
33*
103
"~2~H
108
2 3*
108
14
100
10
*
Gen Motors
523*
273*
*
10
"~63*
100
Feb
33*
105
23*
Feb
Friday
Feb
Week's Range
Sale
of Prices
14
Feb
Baldwin Rubber
23*
983*
43*
Jan
Bohn Alum ft Brass com..5
......
Feb
Brown McLaren com
......
Feb
Burry Biscuit com_._123*c
Feb
Chiysler Corp com
Consumers Steel com
for
Range Since Jan. 1, 1940
Week
Jan
92
Jan
Feb
1,879
98
983*
208
97
Jan
43*
45
3
Jan
10
130
Feb
53*
63*
103*
153*
523*
273*
135
23*
110
135
63*
201
63*
103*
295
10
Feb
153*
55
133*
Jan
533*
303
65
513*
263*
Jan
273*
25
43*
Jan
6
6
147
53*
63*
Feb
Stocks—
Par
Feb
63*
Jan
Jan
73*
123*
15?*
553*
283*
Jan
Delsel-Wemmer-Gil
Feb
Detroit Edison
Jan
Jan
Continental Motors
com
1
_
1
4
10
Detroit Gray Iron com
Feb
Detroit Paper Prod com
.
.
1
63*
25
6
Jan
63*
Mar
423*
143*
5
40
Jan
423*
Feb
Detroit Steel Corp com —5
Divco Twin Truck com
1
Jan
15
Feb
Eaton Mfg com
Feb
105
Feb
Ex-Cell-O Corp com
Federal Mogul com
105
303*
125
21
328
123*
101
283*
Jan
303*
Feb
4
3
*
97c
100
Low
High
Jan
200
63*
24?*
Feb
243*
Feb
100
88c
Jan
13*
Feb
7
Jan
90c
400
87c
Feb
1.25
Jan
823*
357
823*
Feb
82?*
Feb
66c
75c
100
66c
Feb
13*
Jan
43*
183*
1203*
2,072
33*
183*
Jan
4?*
183*
Feb
Feb
4
119
Det-Michigan Stove com.l
5
97c
183*
100
Jan
243*
63*
243*
Shares
90c
66c
Feb
High
823*
1
com
Low
63*
..5
com.
....
Price
1
com
63*
293*
1409
Sales
Last
Feb
Feb
108
23*
104
*
page
Jan
*
13*
Exchange
both inclusive, compiled from official sales lists
423*
143*
*
see
Jan
Feb. 24 to March 1,
Feb
23*
6
*
Kroger
33*
102
Detroit Stock
Feb
133*
135
1st pref
Feb
92
»
*
Kahn
Feb
97
4
Con Gas
100
153*
Jan
10
98
Part pref
Feb
92
50
Hobart A
6
100
143*
963*
163*
133*
25
prior pref
300
High
Jan
21
Cin Telephone
Cin Tobacco Ware
Gibson Art
29
Low
16
132
"2%
Eagle-Picher
Shares
14
50
Formica Insulation.
23*
DETROIT
Telephone: Randolph 5530
108
Cin Street
Coca Cola A
33*
103
New York Curb Associate
Chicago Stock Exchange
Building
92
City Ice
Crosley Corp
Ford
Range Since Jan. 1.1940
177
143*
97
100
Cin Ball Crank
for
66
97
100
Exchange
Week
163*
153*
Baldwin pref
Members
Stock Exchange
Detroit Stock
Sales
Week
16
Amn Roll Mill
Cin Post Term pref
New York
Exchange
both inclusive, compiled from official sales lists
Friday
Stocks—
Watling, Lerchen & Co.
Teletype Cin. 274-275
Cincinnati Stock
For footnotes
Jan
Jan
13
Kelley Isl Lime ft Tran
Jan
Cincinnati Listed and Unlisted Securities
Hatfield
Feb
43
173*
Jan
163*
Troxel Mfg
Twin Coach
Amer Laundry
111
180
3
88
Jan
c
to
14
60
224
13
Feb
143*
54
Thompson Products Inc..*
Feb. 24
2
2,479
173*
783*
65
Jan
603*
1143*
113*
*
349
Feb
Jan
16
*
153*
Interlake Steamship
Jaeger Machine
Jan
63*
143*
Jan
20
*
Jan
Feb
88
603*
Jan
Feb
153*
113*
*
43*
Jan
Jan
Jan
6
123*
1?*
a93* ol03*
373*
373*
143*
53*
15
•
*
200
4
......
*
10
Jan
51
1143* 1143*
a31J* a313*
a20
a203*
a373* a383*
ol73* al73*
195*
203*
a23«* a233*
133*
133*
133*
133*
a'25% a263*
100
*
Jan
63*
5
Dow Chemical pref
Eaton Mfg
Feb
100
20
153*
i.
Jan
13*
53*
43*
5
Jan
9
193*
20
100
42?*
464
23?*
243*
111?* 1113*
Woodall Indust Inc cap-.2
Wrigley (Wm Jr) cap
*
17
22
1,500
213*
Western Un Teleg com. 100
W'house El ft Mfg com..50
Jan
25
Great Lakes Towing
Halle Bros com
59
563*
1163* 117
~~~il4
Wleboldt Stores Inc—
Common.
*
Wisconsin Bankshrs com.*
Cleve Railway
15
Jan
Jan
15*
*
Jan
Jan
Feb
7
300
513*
1113* 1113*
a393* 0393*
*
93*
85
368
2
•
Jan
Jan
563*
1
240
13
CI Graphite Bronze com-1
Feb
4
40
c
30
Jan
153*
843*
153*
155*
3*
13*
•
Jan
23*
23*
4
Convertible preferred.. 7
Viking Pump Co pref
*
Feb
14
63*
133*
51
153*
303*
13*
6
2
*
600
443*
153*
......
*
CI Cliffs Iron pref
CI Elec 111 $4.50 pref
565
23 3*
813*
-
CI Builders Realty
Jan
320
4
.
Feb
83*
193*
825*
...
Feb
103*
193*
63*
100
85
Hijh
Jan
8
173*
80
0583*
63*
30
Low
80
7
85
87
Range Since Jan. 1,1940
93*
a58
Jan
32
313*
223*
433*
85
Amer Home Prod com__l
Feb
10
4
Brewing Corp of Amer
3
City Ice ft Fuel
___*
16
477
83*
......
c
14
650
185*
445*
Apex Electric Mfg pref. 100
Jan
for
Week
Shares
al8
7
223*
93*
300
13
5
Jan
50
26
*
,
Feb
28
230
High
al73*
93*
9
140
13*
Low
26
150
1133*
Price
official sales lists
Sales
Week's Range
of Prices
Addressograph-Mul cmlO
Jan
134
80
Jan
Par
Exchange
inclusive, compiled from
Sale
Stocks—
Feb
553*
Feb
796
'
15*
4-
23
154
90
193*
.....
Feb
20
253*
......
150
100
Feb. 24 to March
1, both
Jan
Jan
23*
13
Feb
118
800
30
Mar
14
403*
*
143*
1233*
2,100
Utah Radio Products com-1
Utility ft Ind Corp—
oom
28
Jan
Feb
13
United States Steel com..*
7% eumul preferred. 100
cap
Feb
43*
103*
230
93* 1103*
26
25
common
26
16
13*
Trane Co (The)
com.,
2
Union Carb ft Carbon
cap *
nnlted Air Lines Tr cap.fi
U S Gypsum Co com
20
Wahl Co oom
Last
14
13
oomo
Common
Feb
23 V 25
10
Swift International cap. 15
Swift A Co
25
Texas Corp oap
25
oom
383*
14
5
Sunstrand Mach Tool
Friday
Jan
750
2
*
Stewart-Warner
Jan
16
25
.
24 3*
93*
843*
9
'
com
213*
353*
Jan
30
283*
"243*
20
of i n.J
Jan
773*
30
1
Preferred (new)
15
30
34
823*
2
Jan
100
13* v' 13*
......
Jan
Feb
160
154
333*
Cleveland Stock
3*
143*
325
43*
103*
113*
113*
1183* 1203*
A. T. & T. OLEV. 565 ft 566
Feb
40
110
43*
103*
"34"
2
Standard Dredge—
Common (new)
Members:
Billdlng, Cltvtland
Jan
9
284
27
373*
263*
Jan
50
143*
225*
373*
22
7
100
14
40
143*
753*
Wkscap.5
common
to 0
40
......
«...
9
14
40
......
Slvyer Steel Castg Co com*
Radio Corn
33*
103*
18
Slgnode Steel Strap pref. 30
Common
*
Zenith
Feb
50
150
......
Schwltzer-Cummins Co cpl
Sears Roebuck A Co cap.*
Serrick Corp cl B com
1
Yatee-Amer Mach
3
2,050
,
63
100
Packing com
Rollins Hosiery Mills
Walgreen Co
33*
< '121*
18
......
common. *
Thompson (J R)
Feb
62
*
Rath
Stein (A) ft Co
Members Cleveland Stock Exchange
Jan
32
"62""
cap 100
Standard Oil
283*
Feb
103* 1103*
100
conv
Penn RR capital..
Spiegel Inc
Feb
28
12
5
6% preferred
Sou Bend Lathe
2o
600
*
Common cl B
Quaker Oats Co
Preferred
550
32
Telephone: CHerry 5050
Common.....'......
Peabody Coal—
Pressed Steel Car
Ohio Listed and Unlisted Securities
Jan
273*
33*
Oshkesh B'Gosh—
Penn Elec Switch
Jan
Jan
31
313*
_
Northwest Eng Co cap
*
North West Utll pr In pf 100
7% preferred
100
Omnibus Corp com
6
4
50
183*
43*
26
......
Noblltt-Sparks Ind com..5
North Amer Car Corp cm20
Northern 111 Finance com. *
North west B ancorp com
*
4
292
145
119.
Feb
125
Feb
Jan
......
......
9
......
24
13*
13*
100
1
J*
Feb
1?*
Jan
13*
......
13*
900
13*
Jan
13*
Jan
91c
93c
550
91c
Feb
13*
Feb
153*
Jan
Jan
93*
Feb
Jan
313*
Feb
Jan
23 3*
Jan
Jan
153*
Feb
143*
9
14 3*
127
93*
492
14?*
8
313*
313*
120
23
24
555
303*
20?*
13?*
14?*
742
12
Jan
The Commercial & Financial Chronicle
1408
Stocks (Concluded)
Week's Range
Sale
Price
Par
for
Low
High
*
Stocks (Concluded)
Par
Week's Range
for
Sale
Week
of Prices
Low
High Shares
of Prices
Low
High
Frankenmuth Brew com
_
1
1
3
_
Fruehauf Trailer com
Price
Gar Wood Ind com
Graham-Paige com
Grand Valley Brew com
_
30
2X
975
380
Jan
Western Air Express
1
aAH
Jan
4%
4%
2%
32%
Jan
Yosemite Ptld Cem pref.10
2%
aAH
2X
Low
Shares
)
1
2%
Jan
3%
Jan
2%
Feb
3
Feb
Feb
14%c
Jan
5
AX
AX
1.00
1.00
611
90c
Jan
1%
Jan
Mining—
AlaskarJuneau Gold
10
a6H
a6H
a6H
74c
1
.1
75c
400
60c
Jan
76c
Jan
Black Mammoth ConsollOc
10c
10c
10c
1,000
10c
Xc
Jan
2e
Jan
Xc
Feb
%c
Feb
6
7X
6,425
5%
Feb
17%
5X
17 X
605
17 H
Feb
7%
Hall Lamp com...
17 X
Hoover Ball & Bear com. 10
Jan
Feb
Calumet Gold
10c
lXc
lXc
l%c
Jan
7%
18
Imperial Development_25c
Xc
Xc
Xc
3,500
5%
6%
Jan
6%
com—1
"45c
44c
47c
1,500
41c
Feb
52c
Jan
Kingston Products com__l
IX
IX
IX
575
IX
Jan
1%
Jan
Amer Had A Std Sani—
alb
42c
42c
100
35c
Feb
50c
Jan
Amer
a48%
Feb
Amer Tel A Tel Co
Hudson Motor Car com..*
1
Kresge (8 8) com
10
Lakey Fdry A Maeh com.l
Kinsel Drug com..
26
26
575
24%
Jan
110
2,000
200
Hurd Lock A Mfg
26
Unlisted—
Smelting A Refilling*
alb
15
10
10
al5
aA8H aA8H
al71%a!72%
100 a!72X
Jan
Jan
47%
Jan
Jan
•
10
Jan
47 %
29%
5%
24%
Feb
344
.
AH
IX
AH
150
4
Jan
Anaconda
29
29
29
211
100
IX
Feb
4%
1%
Jan
IX
Jan
Armour A Co (111).——5
abX
Jan
1.00
90c
Jan
1%
Jan
Atch Topeka A 8
22X
200
22%
Feb
1
19c
19c
19c
2,670
3,350
abX
22X
5%
90c
abX
22X
100
98c
19c
Jan
25c
Jan
Atlantic Refining Co
2H
2H
100
2X
Jan
2%
Jan
(Del)3
a6X
7
7
500
7
Feb
7
Feb
Barnsdall Oil Co
5
alOX
80c
80c
100
74c
Feb
83c
Jan
Bendlx Aviation Corp
5
*
c32
2
McClanahan Oil com
1
Michigan Silica com
Mich Steel Tube com. .2%
*
M ichlgan Sugar com
50
Copper
Fe RylOO
25
Aviation Coro (The)
AX
AX
194
4
Jan
4%
Feb
Bethlehem Steel Corp
1
9%
w
9%
4,263
7X
Jan
9%
Feb
Borg-Warner Corn
Mid-West Abrasive com.50
1X
IX
IX
1,000
IX
Jan
1%
Feb
Canadian Pacific Ry
*
...5
10 H
io x
250
10%
Feb
11%
Jan
Caterpillar Tractor Co
18%
18X
454
16 X
Jan
18%
Feb
Columbia Gas A Elec
10
7X
1.400
5X
Jan
Commercial
*
*
3X
3,060
3X
Jan
Feb
Jan
Continental Motors
9X
9X
200
Feb
IX
500
IX
100
Motor Products com
Motor Wheel com
M urray
Corp com
Packard Motor Car com
..
43 X
_.*
Parke Davis com
Parker-Wolverine com—*
.....
1
Peninsular Mtl Prod com.l
IX
Prudential Invest com—1
23
23
*
Scotten-Dillon com
43
762
Jan
IX
Jan
300
2
Jan
25
Jan
5
4
1
IX
IX
2x
1H
2X
3X
3X
300
3X
3X
100
3X
AX
5
250
A
Jan
IX
IX
100
IX
Jan
203
16 X
Jan
1
IX
IX
Tivoll Brewing com
1
2%
Union Investment com
*
...
United Shirt Dit com
*
United Specialties
1
Universal Cooler B
*
Universal Products com
IX
bX
*
aA7X
Jan
1%
Jan
1
A
A
A
175
3%
Jan
4%
Feb
Continental Oil Co (Del).6
a24
a24
a24
3
10 X
a28%
10 X
539
X
Jan
11
Feb
a.28% a28X
45
29%
Feb
29%
Feb
25
7%
Jan
8%
A..
1
1
Electric Bond A Share
5
Curtlss-Wright Corp
Class
10 X
a7X
38
o.7X
38
a7X
38
Feb
Goodrich (B F) Co
Graham-Paige
*
1
19%
2%
3%
Jan
a75c
a75c
a75c
80
1.00
Jan
1.00
Jan
Jan
Feb
Tntl Nickel Co of Canada. *
3bH
36X
530
35%
Mar
38%
Jan
Jan
International Tel A Tel
*
3X
3bX
3%
3%
150
4
Feb
4%
Kennecott Copper Corp..*
*
o37 X
a3bX
a37X o37%
30
36
Feb
36%
Jan
a3b
75
35%
Jan
35%
Feb
ab3H
Jan
Jan
Feb
Jan
Jan
4%
5%
1%
18%
1%
Feb
Jan
Motors
Loew's ido
*
17 X
a24%
X
6%
100
6%
Jan
"X
Jan
North
Feb
a3b%
17 X
Feb
104
50
7
Jan
7%
Jan
482
3%
Jan
3%
38
7%
Jan
182
21%
7%
24%
Jan
Feb
Jan
6X
60
a22X
*
a8%
bX
Range Since Jan. 1, 1940
of Prices
Low
High
Week
Low
Shares
770
4%
28%
3%
High
Jan
4%
Feb
28%
28%
2
2
300
1%
Jan
2
50c
50c
114
50c
Feb
50c
a4X
a4%
60
a2b%
a2b% a2b%
40
Central Invest Corp
100
alOX
al0% al0%
80
*
83%
7%
Chrysler
Corp
Consolidated
Oil Com
5
Consolidated Steel Corp..*
Preferred..
*
Creameries of Amer
v t
10%
5%
a82%
10%
c..l
Douglas Aircraft Co
*
Electrical Products Corp.*
10
Emsco Derrick A Equip..6
36c
Exeter Oil Co A oom
Fanners A Merchs Natl 100
Fltzimmons
Stores
General Motors
396
Ltd.-l
9%
10
52%
Goodyear Tire A Rubber.*
Hancock Oil Co A com
a23%
com
37%
Jan
5
Jan
Jan
26
8%
Feb
11
280
83%
Feb
90%
235
7%
4%
Feb
8
Jan
220
Jan
5%
Jan
10%
750
9%
Jan
10%
Jan
5%
5%
770
5%
Jan
6%
Feb
a82t4
a82W
2
5
10%
10%
10
36c
395
9%
5
515
10%
220
10
90
.
10
Jan
10
Feb
35c
Feb
10%
11
43c
Jan
Jan
Jan
Jan
383
1,003
9%
53%
52%
023% a24%
37%
37%
4%
25
450
36c
396
8%
39)
Feb
Feb
10
Jan
746
51
Jan
54%
Feb
195
24%
Feb
24%
38%
Feb
•
180
37
Jan
Jan
Holly Development Co...l
70c
70c
70c
300
70o
Feb
80c
Jan
Hudson Motor Car Co...*
6
6
6
110
6
Feb
6
Feb
Hupp Motor Car Corp_..l
75c
75c
75c
100
75c
Feb.
75c
Feb
Intercoast Petroleum
12c
12c
12c
1,000
11c
Feb
12c
Feb
220
9%
Jan
11%
1
10%
Lincoln Petroleum Co.. 10c
Lockheed
16c
30
10%
10c
30
10%
16c
24,620
7c
Jan
16c
Feb
800
28%
Jan
32%
Jan
3,000
1%
Feb
3
Feb
492
4%
Jan
4%
Jau
?
1%
1%
30%
1%
Los Angeles Investment. 10
4%
4%
4%
Aircraft.Corp.. 1
I.OS Ana Industries Tne
.
22%
Jan
23%
Feb
16
42%
Feb
43%
Feb
10 X
120
10%
Feb
11
Jan
82%
82%
15% al5%
100
78%
82%
Feb
75
15%
15%
Jan
38
48%
62%
10 X
a2
a2
a2
55
2%
35X
3b%
165
35%
*
ab7X
180
5
a3%
ab6% a58
a3%
a3%
57%
3%
Jan
Jan
60 a!12X all2%a\l2%
15
Westlnghouse El A Mfg
a
a47% a47%
1
48c
46c
48c
Jan
50c
Menasoo Mfg Co
1
2
1%
2
6,585
1%
Jan
2%
Jan
17c
15c
20c
34,000
He
Feb
32c
Feb
25c
25c
25c
500
25c
Feb
3)c
Feb
Occidental Petrol Corp..„l
Ooeanlc Oil Co
1
Pacific Clay Products
36c
*
40c
Par
Stocks
Price
Bankers Sec Corp
12%
172%
pref__50
Barber Asphalt Corp
10
Bell Tel Co of Pa pref.,100
124%
Jan
36c
700
36c
Feb
47c
Feb
4%
100
Jan
4%
Jan
11%
12
593
Jan
12
Feb
34
150
33%
Jan
34%
Feb
34
250
33%
3)%
47%
Feb
34
Jan
Westmoreland Inc
30%
Puget Sound Pulp A Timb*
Republic Petroleum com. 1
6%% pref
50
36%
15%
2%
30%
30%
a47% a47%
15%
15%
2%
2%
36%
36%
114
85
Feb
31%
Jan
Feb
49%
16%
52%
53%
1,181
34
2
.
13%
*
10
30
31
Jan
33
935
2,105
6
23%
Feb
Jan
6%
30
Feb
Arkansas Natrl Gas
Armstrong Cork Co
*
Blaw-Knox Co
29%
29%
287
Jan
29%
Jan
34%
34%
258
Feb
34%
Jan
Devonian Oil Co
Southern Pacific Co
13
34%
12%
23%
23%
33%
13
390
12%
Feb
Jan
5%
5%
23%
6%
Jan
Jan
Lone Star Gas Co..
Feb
Jan
Jan
Nat'l Flreproofing
5%
Feb
Pittsburgh Brewing Co—*
Preferred.
*
6
Feb
Pittsburgh Coal com—100
see
page
14)9
300
115%
Jan
117%
Feb
394
9%
Jan
11%
Jan
20
9%
Jan
10%
Feb
20
2,953
3,098
2,126
310
13%
Jan
Feb
40
1,316
4%
Jan
700
2%
Mar
compiled from official sales listt
Sales
Range Since Jan. 1, 1910
Shares
10
22
10
High
Low
7%
7%
25
39%
15
10%
23%
Feb
Feb
7%
Mar
Jan
40%
Feb
11%
Jan
18%
Jan
6%
37
213
9%
Feb
2,700
30c
Jan
40c
Jan
6
6%
865
6
Feb
Jan
16%
16%
90
19
Mountain Fuel Supply-.10
For footnotes
Jan
6
*
16
6%
17%
15%
3
15%
35c
19
Jan
pref...100
Fort Pitt Brewing
1
5%
Mar
30c
Follansbee Bros
Feb
15%
26%
5%
2%
13%
Jan
35c
Carnegie Metals Co.
1
Columbia Gas A Electric.*
2%
24,406
10
*
Jan
5%
14%
115% 117%
9%
10%
10%
10%
13%
39%
7%
pref 100
Jan
Jan
Wellington Oil Co of Del.. 1
Feb
22
Allegheny Ludlum Steel..*
46%
14
41%
Feb
10
30%
a8%
38%
Jan
for
Price
Par
Stocks—
Jan
13%
Jan
41%
349
2
,
Week
Feb
a8%
2%
of Prices
Low
High
29%
13%
Jan
Week's Range
44
a8%
1,092
Friday
1,210
Oil... 10
1
Jan
45
Consol
Feb
March 1, both inclusive,
30%
29%
VandeKam'sHD Bakers.. *
Vega Airplane Co..
1%
Feb
X
8%
to
45
Universal
Feb
Jan
X
345
Feb
Feb. 24
30
16%
Feb
X
41%
381
%
2%
7
Jan
45
16
47%
Jan
Pittsburgh Stock Exchange
Jan
30
16
90
Jan
%
Feb
.
25
...2*
Jan
16c
Feb
6% preferred B
25
6%% preferred C
25
So Calif Gas Co 6% pfd A25
Union Oil of Calif..
48%
Feb
2%
39
45
24
Jan
14c
Jan
a48% a49V*
23%
5%
Jan
186
Jan
Sale
Standard Oil Co of Calif..*
Transamerlca Corp
2
Jan
31%
Feb
Jan
loo
120%
Jan
12
Feb
.
Feb
30%
46%
2%
36%
24
1%
Original pref
117%
1,044
110
8%
6%
29%
118
,
315
Jan
6
Jan
21
Jan
Feb
29%
Jan
166%
47%
47%
40
40
com*
7%
29%
Jan
20
2%
24%
174%
46%
47%
%
2
2
'1%
2*
Jan
%
-46%
1,005
So Gftiif Edison Co Ltd
Jan
1%
31%
2,300
Sontag Chain Stores Co..*
8%
119%
8%
32%
Feb
31
1%
all
7%
118
31%
8%
32%
170
119
8%
allM
Jan
7%
1,756
Last
32%
Jan
2%
2%
1,231
all%
6%
Jan
35%
Jan
22%
174%
7%
1%
a49%
55%
Feb
2
1%
7
*
Jan
34
392
21%
7%
1%
*
50%
45
2%
170
1%
Rich held OH Corp com ...»
Shell Union Oil Corp
Jan
Feb
Feb
4,000
Security Co units ben Int..
90%
4%
14c
Safeway Stores Inc
Jan
31%
14c
Warrants
80%
Jan
14c
Roberts Public MarketSi.2
Feb
75
Feb
1
Rice Ranch Oil Co
Jan
6%
3%
*
a47%
Mar
6
Jan
170"
*
Westmoreland Coal
127%
Feb
4%
4,219
*
33%
Jan
5
290
20%
*
34
122%
35
5%
85%
4%
86
7%
pref. -.25
12
218
Jan
34
Phila Elec of Pa $5 pref__*
34
Feb
1,197
"2%
c—;__1
50
50
Preferred
15%
53%
10
United Corp com
Jan
31%
Y)cm_*
Paper
*
Tacony-Palmyra Bridge..*
Transit Invest Corp
25
Preferred
25
Feb
10
30%
4
Lehigh Coal A Navgtn—*
Nat'l Power A Light. _—*
Scott
15
31%
_*
BatterylOO
Pennroad Corp v t
172%
Feb
5%
85%
Pennsylvania RR
Penna Salt Mfg
Jan
13%
14%
123%.127%
5
General Motors
168%
30
Chrysler Corp
Horn A Hardart(N
13%
757
5%
Curtis Pub Co com
Feb
Feb
11%
*
Electric Storage
High
Low
292
5
-*
(E G) Mfg Co
Shares
12%
13%
171% 172%
14%
15
15%
15%
Budd Wheel Co
34
5%% 1st pref
Jan
Week
100
American Tel A Tel
Budd
for
of Prices
Low
High
*
American Stores
Pacific Finance Corp oomlO
Pacific Lighting Corp com*
4
Range Since Jan. 1, 1910
Week's Range
Sale
Pacific Gas A Elec oom..25
25
25
Jan
Feb
Jan
Sales
Last
United Gas Impvmnt
Preferred
4%
Jan
2%
38%
compiled from official sales lists
Friday
4%
11%
6% 1st pref
4%
36c
400
60
48 %
Philadelphia Stock Exchange
Feb. 24 to March 1, both inclusive,
Phila Elec Power
Mascot Oil Co
Rights
Feb
a44% a44H
Feb
Lane-Wells Co
Jan
12%
35%
Jan
83%
7%
12
Jan
10
(Del).*
Jan
83%
7%
Feb
US Rubber Co
United Corp (The)
Jan
X
10%
9%
45
Feb
Jan
Jan
Jan
Feb
LlnesTransp_.5
United Aircraft Corp
5
Feb
Broadway Dept Store
»
Calif Paoklng Corp com..*
a4
57
185
82 X
albX
aA7X
United Air
Feb
50c
28%
Jan
Feb
63
2
28%
Jan
45%
23%
10 X
Jan
7%
Feb
23X
23 X
"l?%~"jan
43%
707
a44%
Jan
67
11%
al%
25
Jan
22%
17%
Jan
6
alX
UX
1%
Jan
17%
a9X alOX
.25
Warner Bros Pictures
Jan
10
ClS8 A com
*11% "Feb
TT 8 8teel Corp
Sales
Sale
o43
a
Union Carbide A Carbon.*
Stock Exchange
for
303
Tide Water Assoo Oil Co. 10
March 1, both inclusive, compiled from official sales lists
Weeks Range
20
7
a43%
UX
IX
1
Texas Corp (The)
Last
a 16X
6X
a9X
1
Superior Oil Corp
Swift A Co
Friday
11X
a 16X
6%
aA3X
Studebaker Onrp
Teletype L.A. 290
308
11X
16X
Standard Oil Co (N J)..25
Stone A Webster Inc
*
San Francieco Stock Exchange
Jan
19%
161
11X
a
Jan
250
a20
a8AX
*
Jan
6
a23H
a23X
.16
*
9
a82X a84%
*
Roeony-Vacuum Oil Co
Jan
Feb
Feb
42
.*
Standard Brands Inc.
Jan
9
alH
alX
alX
Southern Ry Co
Chicago Board of Trade
13
234
5%
1%
Radlo-Keith-Orpheum ...*
MEMBERS
21%
3X
a7X
Sears Roebuck A Co
18%
26%
Feb
ol%
a22X a22%
o8H
aSX
b%
b%
3 X
a7X
Republic Steel Corp
Jan
21
0.6%
a
RR
22%
3 X
*
*
Radio ("orn of Amer
16
173
247
a6X
Ohio Oil Co
Pennsylvania
Wm. Cavalier & Co.
300
17 H
21
21
American Co
Pure Oil Co
Los Angeles
Jan
21
*
Paramount Pictures Inc._l
104
36
19
170
ab3H ab3%
a24% o24%
Packard Motor Car Co
10 4
295
Feb
Nor American Aviation. 10
Bolsa-Chlca Oil A com.. 10
Jan
1%
Jan
3
New York Central RE..
Barker Bros 5%% pref..50
20
Jan
2X
75
aA7X aA7H
19X
19%
047 X
Montgomery Ward A Co.*
4
Feo
431
..*
Go.
Jan
4
Feb
*
F.lectrlo
Jan
Price
Jan
47%
General Foods Corp
Feb
1
40
Jan
General
Feb
1%
Par
Jan
45%
Feb
1%
20c
Petroleum Co..
Jan
38
5%
Jan
Jan
Stocks—
9
Jan
Jan
Jan
Randlnl
278
6
AX
IX
IX
Feb
Los Angeles
Jan
1%
10c
to
Jan
161
Feb
7
110
IX
Feb. 24
51 %
IX
1
523 W. 6th St.
Jan
IX
300
Angelee Stock Exchange
61%
IX
7,660
Lob
50
14%
2,535
York Stock Exchange
Feb
Feb
Feb
Jan
l"c
New
76
23%
.5%
13%
IX
104
Feb
Feb
Feb
10
IX
104
73%
23%
5%
6
15c
..100
185
200
al3X
IX
—
Jan
Feb
0
IX
Preferred
7%
32%
a 13X
IX
2
Jan
Feb
200
bX
a47% aA7%
6
a
Tx
Wolverine Tube com
6
31 %
13 X
Solvents
1
Warner Aircraft com
60
76
bX
Wayne Screw Prod com..4
Wolverine Brewing com_.l
10
150
a22X a23H
a22%
Jan
Feb
1,265
18
18
.*
.
X
Jan
1%
Jan
1
Sheller Mfg com
Sim pliclty Pattern com
Std Tube B com
44%
10%
Feb
IX
23
480
IX
8X
181
5
Feb
76
5
25
2b X
5
a21X o2l%
a6X
a6X
al0%*all
a31% o32
76
Commonwealth A South..*
A3X
3X
A3X
8%
3%
Feb
a21X
*
7X
10
Preferred
Mlcromatlc Hone com
Jan
Feb
M asco Screw Prod com—1
LaSalle Wines com
High
100
aAH
2h
Jan
Jan
28 X
335
Jan
AX
2%
30 X
2X
2%
30
165
AX
1910
Week
'
4%
Federal Motor Truck com *
1940
Range Since Jan. 1,
Last
Range Since Jan. 1, 1940
Last
2,
Sales
Friday
Sales
Friday
March
,»
»
~
172
16%
Feb
7%
17%
13
Jan
20
1%
10%
Jan
5%
1%
Feb
1%
1%
260
1%
Jan
9%
9%
9%
1,048
9%
Feb
5%
5%
1%
1%
5%
879
5
Jan
1%
825
1%
Jan
1%
210
1%
Jan
33%
33%
80
32%
Jan
5%
5%
25
4%
Jan
1%
Corp..*
M
-
-
—
-
-
5%
2%
34
5%
Jan
Jan
Jan
Jan
Feb
Jan
Volume
The Commercial & Financial Chronicle
150
F
riday
Last
Sale
Stocks (Concluded)
Par
Sales
Price
for
of Prices
Week
Low
High
Pittsburgh Plate Glass..25
Pittsburgh Screw A BoIt__*
6%
e%
1X
IX
6%
IX
IX
*
Ruud MfgCo
5
Shamrock Oil & Gas.___.l
Vanadium-Alloys Steel
*
Victor .Brewing Co
1
6%
X
6%
IX
20c
20c
125
30
Jan
Lockheed Aircraft Corp..)
30
30%
685
30c
200
60c
200
9%
280
7
Feb
Jan
Jan
Jan
25c
Jan
Feb
28%
Jan
Magnavox Co Ltd
2%
Magnln A Co (I) com
*
Preferred
-.100
March Calcul Machine...5
Meier A Frank Co Inc.
10
Jan
117%
Jan
Menasco Mfg Co com
_
Last
Sale
Stocks—
Par
American Inv
Price
*
com
42
High
Range Since Jan. 1, 1940
for
Week
Low
Shares
High
157
41
Feb
51 >4
52
25
'25%
200
51
Jan
52%
Jan
100
16 X
Jan
26
Feb
13 X
100
12
Jan
13%
Feb
33
33
34
1.23
5
42
1.24
205
350
1.25
31
Jan
1.25
Feb
42
Feb
34
Mar
2.00
Jan
16
16
16
85
\4X
Feb
16
Mar
22 X
com
22%
24
325
22X
Mar
27
Jan
18
18
77
93
Dr Pepper com
93
Ely A Walker D Gds com25
2nd pre!
1st pref
100
100
Faistaff Brew
Range
of Prices
Law
8X
18
Feb
19%
Jan
5
93
Feb
93
Feh
8
118% 118%
1
com..
.
118
Feb
120
Feb
675
7%
8%
Mar
1
15
15
50
15
Feb
15%
Feb
Griesedieck-West Br com.*
Hu9emann Ligoniercom..*
43
43
25
43
Feb
44
General Shoe com....
Pref series '36
Hydraulic Pr Brick pref 100
International Shoe com
*
I^emp Brew com
McQuay-Norris
2
*
com..
Mo Port Cement com
25
Natl Bear Metals pref.. 100
Natl Candy oom
*
"12"
Feb
190
20
5
4
1,560
4%
3
12%
Feb
50
Jan
2
Feb
Feb
15
Feb
5
36%
Jan
Jan
16%
Feb
Feb
5%
4%
Jan
Feb
Mar
38
80
37%
Feb
15
15%
85
14 X
11
Feb
38%
15%
'ilx
Feb
11%
Jan
352
11
Feb
12
Feb
5
100
Feb
lm
1,710
11%
111
99
110
100
12
102 %
111
15
10
99
4X
4X
Feb
11
12
9X
110
Feb
111
98
140
4%
110
Feb
'
Feb
4X
105%
Jan
11%
Feb
112
Feb
99
Mar
Feb
Jan
6%
110
85
108%
Feb
*
2X
2X
10
2%
Jan
1.00
68
2%
1.00
Jan
1.00
Feb
1.37
Jan
Feb
7
7X
240
6
Jan
7%
leb
75c
5
com
75c
100
75c
Feb
75c
Feb
7%
630
7%
Mar
ocullln Steel warrants
Sterling Alum
2
34
Feb
cl A..1
St L B Bldg Equip com
1
com
Wagner Electric
10
90
15X
11
100
Rloe-Stlx Dry Goods com. *
PK 1st pref
100
Stix Baer A Fuller
Mar
2
102 X
100
Scruggs-V-B Inc
Feb
49
37%
"ibx
.
com
11
15
5
4X
Jan
525
34 X
15X
*
Meyer Blanke com
*
Midwest Pip A Sply com.*
St Louis P Serv
49
34
5
to 1st pref
W> 2nd pref
12 X
49
49
Johnson-S-8 Shoe com...*
com
8X
12 X
50
Laclede-Chriety C Pr
8%
com
7X
7X
*27 %
26%
9
10
.
_
15
com
5%
110
9
531
27%
Jan
Jan
9
Feb
Jan
7%
26-
28
Jan
Bond*—
♦City A Sub 5s e-d's
United Railway 4s
38
St Louis Pub Serv 5s. .1959
25-year
Feb
38%
Feb
7.000
36%
Jan
38%
Jan
37 %
6,000
37%
Feb
65%
6,500
65
Feb
38%
66%
Jan
Jan
9X
8.400
12%
Jan
65%
9X
1964
oonv__
38
37%
37
37
38
37%
1934
-4s c-d's
$10,000
9X
Feb
12
1
com
Jordan & McKinney
ST
LOUIS
STOCK
ST.
BANK
OLIVE
ST.
St. Louis Bank and Trust Companies
Bid
Boatmen's National Bank
First National Bank
Ask
Bid
34
Mississippi Valley Tr Co..
44%
2)%
__
36%
42%
.
31%
Mercantile
Commerce
Ask
Bk
130% 133%
A Trust Co
St Louis Union Trust Co.
_
53%' 55%
9%
615
Exchange
Sales
Friday
Last
Stocks—
Alaska-Juneau
Par
Gold
for
of Prices
Week
Price
10
Anglo Amer Min Corp
Angii>-CHllf Nat'l
Week's Range
Sale
110
14c
14c
6%
4%
6%
'*»
4%
6%
400
471
1.60
6%
Low
Mar
120
14c
Feb
505
6%
Feb
7%
Jan
4
Jan
4%
Feb
5%
Jan
7%
Feb
2,100
1.50
Feb
1.60
Feb
13%
278
13%
Feb
15%
Jan
16%
16%
140
16
Feb
18
Jan
20
~
—
m
Atlas Imp Diesel Engine. .5
20
100
19%
Jan
20%
Jan
200
20c
Jan
25c
Feb
6%
1.55
2
*
«,
J,
20
M
16%
20
13%
'
23c
Callf-Engels Mining Co. 25
25
Calif Hacking Corp com.. *
Preferred
50
^
Calif Water Service pref 100
l05%
24%
^
^
_
23c
25
52%
52%
105% 105%
6%
19c
Feb
Jan
468
23
Jan
26%
Feb
20
51
Jan
52%
105%
Jan
25
102%
Jan
Mar
Carson Hill Cold M cap__l
28c
28c
28c
300
26c
Jan
32c
Jan
Cent Eureka Mln Co com 1
4%
3%
4%
12,731
3%
Jan
4%
Mar
Clorox Chemical Co
55
10
Commonwealth Edison..25
......
57
32
32%
24
820
1,175
787
Cons Onem Indust A
*
Cone.Coppermines
5
9%
23%
9%
Creameries of Amer com__l
5%
5%
16%
16%
17
4,008
91%
90
8%
19%
91%
8%
19%
1,220
18%
Crown Zellerbach
com
-»
6
Preferred
El Dorado Oil Works
*
Emporium Capweli Corp. *
Preferred (ww)
—
-
Fireman
s
Fund Ins Co. -26
com..
Preferred
43%
Galland Merc Laundry
"97"
1
Hunt Brothers com
Preferred
Langdendorf Utd Bk A
Class B
*
10
10
*
Feb
"70c
Jan
8
Feb
9%
Feb
5%
Feb
5%
Feb
'm
^
Jan
Jan
-
*
8%
Jan
25%
100
25
Jan
26
Feb
23c
300
4%
4%
1.35
4%
4%
4%
Jan
Feb
4%
Feb
1.30
Feb
1.50
Jan
300
Jan
532
20%
Jan
135
151
151
*
com
Preferred
135
"43%
Preferred
43%
100
100
"16%
15%
34
32%
Jan
34%
Feb
2,559
32%
Feb
34
Jan
590
30%
Feb
31%
563
47
Feb
50
43%
100
15%
4
22
22
1
17%
17
17%
28%
28
...
Preferred
Richfield Oil Corp oom
Roos Bros com
1
Ryan
1
7
*
Aeronautical Co
17
5
4%
Schlesinger (B F) 7% pfd 25
Signal OU A Gas Co A
5%
*
Soundview Pulp Co com..5
26%
"27%
27
So Cal Gas Co pref ser A 25
34%
12%
Southern Pacific Co
100
Standard Oil Co of Calif.. •
Jan
Jan
130
Jan
82
149%
Jan
154
Jan
903
41%
Jan
99%
Feb
12%
Jan
43%
100%
17%
Feb
24
560
Jan
4
Jan
112
140
3
5
5%
26%
28%
34%
13
23
19%
Jan
475
7%
17%
Jan
Feb
26
Jan
28%
Jan
866
7
Feb
8%
Jan
594
16
Jan
Feb
Feb
Jan
895
4%
Jan
14
5%
Feb
200
26%
Feb
17%
5%
6%
28%
1,640
26 %
Jan
30
200
38%
Jan
34%
Jan
Jan
Jan
Feb
Feb
710
33%
33%
562
32%
Feb
16c
15c
16c
500
15c
Feb
20o
10%
10%
315
91
91
Transamerica Corp......2
6%
16
16
8%
"10%
295
Yel Checker Cab Co
150
10%
93
105
10%
11
Feb
7,243
2,233
8%
Feb
91
10
5%
16%
Jan
Feb
16
8%
Jan
Jan
Jan
6%
Jan
Feb
17%
8%
Jan
Feb
10%
Feb
Feb
281
10
Jan
295
5
294
Jan
18
280
21
21%
10%
Jan
Jan
Jan
5%
295
"2l"
ser
12%
24
2,991
18
Wells Fargo Bk A U T. 100
Western Pipe A Steel Co. 10
Jan
Feb
17
10
Union Oil Co of Calif
26
Unlon Sugar com
...25
Victor Equip Co pref
5
Jan
Feb
18%
32
Texas Consol Oil Co
1
Tide Water Ass'd Oil comlO
Preferred
..*
5%
Feb
1,089
15%
26%
33%
Super Mold Corp cap
Jan
5%
21%
135%
24%
33%
24
Feb
34
.25
com
100
28o
1,010
1,294
4
loo
Rayonier Inc
Jan
Jan
5%
20%
Jan
10c
384
300
Jan
15%
18%
Jan
20
40
Jan
Jan
22
Feb
Mar
Unlisted—
Amer Rad A Std Sanitary. *
9
150
9
Mar
9
American Tel A Tel Co. 100 al72% al71%al72%
Amer Toll Bridge (Del) ..1
52c
52c
404
171
Feb
171%
Jan
230
62c
Feb
59c
Feb
Anaconda Copper Mln__60
Anglo Nat Corp A com
*
Atchis Top A Santa Fe 100
29%
260
Jan
31
Jan
8%
8%
a22% a23
a8%
a8%
a6%
a6%
3%
3%
338
27%
8%
22%
Feb
9%
25%
Jan
Jan
Jan
8%
Jan
50
8%
6%
Jan
Jan
340
3%
Jan
5
Feb
7%
3%
5%
33%
Atlas
Corp
29%
a22%
.5
com
Aviation Corp of Del....3
Aviation A Trans Corp
Bait A Ohio RR com
Aviation
1
....
25
5
5
25
33
33
180
30%
Feb
1%
12%
1%
12%
548
1%
Feb
100
85
47
12%
82%
Mar
85
131
1.25
Feb
19
Feb
20
4%
%
5%
87
30%
Jan
7%
Feb
Co com
""12%
1.25
a4
10
"a]
a%
5%
a31
Y_.
5
*
a31
7%
10%
*
Mines.. 1
a6%
a38
"~6%
*
International Tel A Tel cm*
Italo Pet Corp of Am com 1
Preferred
..1
Kenn Copper Corp com..*
Marine Bancorporatlon..*
"~3X
M JAM AM Cons
25%
10
corn
5%
Jan
Jan
14%
86
Jan
Jan
1.25
5
Feb
Jan
Feb
%
Jan
Feb
6%
32%
7%
Feb
Feb
7%
10%
216
482
9%
Jan
11%
Feb
35
320
33%
Jan
36
Jan
7
80
155
Jan
8%
41
Jan
Jan
Jan
37%
Jan
Jan
6%
Jan
50
6%
35%
Feb
442
3%
Mar
38%
4%
Jan
16c
Jan
30
980
Jan
15c
15c
1,100
15c
Jan
1.35
510
1.25
Feb
1.55
Jan
76
35%
24%
4%
Jan
35%
26%
4%
Feb
65
50
Jan
Feb
Jan
Feb
11c
2,000
IPC
Jan
12c
Jan
a55% a54%
4
4%
237
51%
Feb
1,000
3%
Feb
55%
4%
Feb
45
6%
Jan
7%
Feb
26%
J6%
Feb
a7
a24% a24%
"21"
55
Jan
Feb
1.25
a7
15
23%
Jan
21
21
211
21
Mar
22
22
105
21
Jan
22
Jan
Feb
Feb
6%
"l~50
«22%
5%
*
aX
a32
Jan
2
Jan
a36% a37%
25%
25%
4%
4%
11c
4
Pacific Ptld Cement com 10
Packard Motor Co com..*
50
a4
♦
Oahu Sugar Co Ltd cap.20
Olaa Sugar Co
20
..
1.25
a6%
a38
a38%
al8% al9%
6%
6%
a36% a36%
3%
4
15c
1
6
34%
a6%
1.25
a36%
McBryde Sugar Co......5
Radio Corn of America.
50
I
10
North Amer Co
9
100
Corp
6%
10
6%
Feb
6%
Feb
1.50
1.50
35
1.25
Jan
1.50
Mar
3%
3%
a22%a22%
5%
5%
4
4%
197
3%
Jan
3%
125
21%
Jan
23%
1,015
5%
Feb
4
Jan
6
Jan
Jan
Jan
Feb
5
Jan
*
9%
30
9
Feb
25
29%
9%
29%
4%
5%
12%
945
29
Jan
30%
25
30
30
302
.29%
Feb
30%
Jan
1.10
100
75c
Jan
1.10
Mar
6%
6%
11%
11%
a44% a44%
201
6
Jan
7%
Jan
Feb
Riverside Cement Co A..*
a5
Schumach Wall Bd com..*
Shasta Water Co
com
So Oaiif Edison com
6% pref
So Pac Gold Gate
6%prfl00
Standard Brands Inc
1.10
..*
1
"n%
Texas Corp com
25
Title Guaranty Co pref
*
United Aircraft Corp cap.6
a44%
Studebaker Corp com
United Corp of Del
*
1.10
a5
al6% al6%
47%
47%
500
50
9
Jan
12%
7
20
Jan
20
225
47
Jan
40
470
Feb
Jan
Jan
77
Jan
"1%
x
Feb
2%
59
120
2%
Mai
2%
Jan
417
51%
Jan
1%
1%
450
1%
Jan
c3%
2%
United States Steel corn..*
Utah-Idaho Bug Co com..5
Warner Bros Pictures
5
Feb
15
17%
Jan
17%
92%
8%
19%
88%
8
Feb
Feb
a3%
50
3%
Jan
66%
1%
4%
Feb
2%
58%
Jan
Jan
♦No par value,
a
Odd lot sales.
6 Ex-stock dividend,
c
Admitted to unlisted
trading privileges,
d Deferred delivery,
r Cash sale—Not Included in range for
x Ex-dividend,
y Ex-rights,
s Listed,
fin default.
year,
Jan
Jan
42%
44%
365
40
Jan
44%
173
36%
Jan
44
Feb
96%
93%
J an
97
CURRENT
NOTICES
Feb
44
97
402
2.00
2.00
150
18
1-75
Mar
Feb
are
distributing
trust income
Co., 50 Broadway, New York, N. Y., have prepared
an
analysis of Portland Electric Power Co. collateral
6% bonds due 1950, of which $15,918,000 are outstanding.
Jan
9
Jan
11
Feb
Jan
.15
Feb
announce
associated with them as manager of their customers'
4,646
675
13%
20
349
19
1,000
70c
22
Feb
Jan
20%
Jan
Mar
76c
Feb
Feb
16
666
17%
Jan
1.05
1.10
937
55c
Jan
1.15
Feb
Jan
3.75
Feb
16
1,037
2.00
16%
16%
134
15%
Jan
16%
Feb
7%
8%
240
7%
Feb
8%
Feb
3%
and
20
30
11
15
71c
2.00
18%
18
22
70c
Feb
Feb
Feb
—L. D. Sherman &
82
10%
3
mm**-—
*
11
Jan
16
16
»
»
Feb
9%
Feb
32%
24%
20
10%
*
Holly Development
Honolulu Oil Corp cap
952
57
Feb
15
*
♦
__♦
Hawaiian Pine Co Ltd
325
22
25
Golden State Co Ltd
1,777
18
2.00
.2 %
Hale Bros Stores Inc
250
5%
Jan
31%
23%
43
.50
Fireman's Fund Indm Co 10
Foster A Klefeer
8
9%
51
27
10%
20
5%
20%
135%
Pennsylvania RR Co
High
6%
1
Byron Jackson Co
Calamba Sugar com
Shares
6%
Sank.20
Bishop Oil Co
High
6%
Associated Ins Fund Inc. 10
Preferred
Low
Range Since Jan. 1, 1940
10
Jan
200
23c
Nash-Kelvinator Corp
fi
No American Aviation.__1
Feb. 24 to March 1, both inclusive, compiled from official sales lists
Jan
25
10%
5%
20%
Puget Sound PAT com..*
REAR Co Ltd com.
*
Jan
25
9%
Pacific Pub Serv com....*
Preferred
I*
Pacific Tel A Tel com.. 100
Preferred
100
Paratflne Co's
Feb
10%
25%
47%
Mountain City Copper
Francisco Stock
Mar
Jan
25
Montgomery Ward A Co.
San
8%
30%
Tntl Nickel Co of Can
on
Jan
47%
Idaho-Maryland
Quotations
Feb
•7%
26
General Electric Co
St. L. 494
33c
..*
6%% 1st pref
Pac Light Corp com
Elec Bond A Share Co.
A. T. & T. Tel.
Garfield 3450
2.70
8%
....25
Goodrich (B F) Co com
418
Jan
8%
Consolidated Oil Corp
*
Curtlss-Wright Corn
.]
Domlnguez Oil Fields Co.*
(MEMBER)
Jan
Feb
33%
33%
30%
25
com
6% 1st pref
Jan
Feb
17c
33%
Pac G A E Co
9%
106
1.75
Jan
4%
4%
Claude Neon Lights com.l
Columbia River Packers..
STOCKS
Jan
1.30
Cons Edison Co of N
EXCHANGE ISSUES
LOUIS
Jan
4%
Cities Service
Inc.
Feb
Jan
*1*36
Bunker Hill A Sullivan 2 50
Cal Ore Pwr 6% pfd '27-100
ACTIVE IN:
70c
50c
9
102%
7,050
17,582
1,370
Occidental Iasurance Co. 10
Occidental Petroleum
1
CalWaCocom
Gatch Bros.,
Feb
11%
25c
*
Oliver Utd Filters B
*
Pacific Clay Prod cap
*
Pacific Coast Aggregates.5
Feb
30c
400
1.95
,
32%
16%
12%
15c
8%
Jan
Jan
Feb
15
1.85
Blair A Co Inc cap.1
LOUIS, MO.
12
35
562
Too
N Amer Inv 6 % pref.. 100
North American Oil Cons 10
Bendlx
ST.
15%
Feb
30c
20
18c
1
....
s
13%
"25"
1
10
Coca-Cola Bottling com._l
Collins-Morris Shoe com
1
Columbia Brew
Week
42%
6% pref
Burkart Mfg com
Chic A Sou Air L pre!
Sales
106
15%
16%
.
1, both inclusive, compiled from official sales lists
Friday
•*
60c
9%
106
.
NatomasCo
Stf Louis Stock Exchange
30c
*
Natl Auto Fibres
to March
High
29
Lyons-Magnus B
2%
23
Low
Jan
2
33%
106%
Range Since Jan. 1,1940
for
Shares
32%
Jan
20c
High
145
Jan
500
Low
Week
33%
Feb
30
Price
Range
of Prices
33%
Feb
Rights
Feb. 24
Week's
LeTourneau (R G) Ino__.l
103%
8%
IX
500
10
Jan
Feb
Feb
Par
5%
100
IX
Stocks (Concluded)
Hihg
99
55
24 %
24%
111% 113%
Weetinghouse Air Brake.. *
Westinghse Elec A Mfg-50
Low
204
31
Last
Sale
61
103X
31
20c
Range Since Jan. 1, 1940
Shares
7
Reymer Brothers
102 %
Sales
Friday
Week's Range
,
1409
—Leopold Spingarn & Co., members of the New York Stock Exchangethat
Ernest A.
Beck,
formerly of Newburger,
Loeb & Co., is
room.
-—R. S. Dickson & Co. announce the installation of open-end teleprinters
between Charlotte, N. C,, New York and Chicago,
—Smith, Frizzelle & Co., Inc. announce the removal of their offices to
111 Broadway, New York, N. Y.
The Commercial & Financial Chronicle
1410
1*
March
2,
1940
=5
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock
Service
Exchange
Sales
Friday
all Canadian
on
Range Since Jan. 1, 1940
Last
Stocks
{Concluded)
for
Sale
Securities.
Week's Range
of Prices
Week
Low
Price
Par
334
Greenshields & Co
*
B
1434
Gatlnean Power.....
1534
1534
*
100
534 % preferred
— -
96
-100
102
534
Rights.
Provincial and
Municipal Issues
Ask
Bid
Province of Alberta—
Gurri (Charles)...
Ask'
Jan
1 1948
64
5534
5s
Oct
1 1966
6234
6434
6s
Sept
15 1943
10234
104
5s
May
1 1959
102
103
1 1962
92
94
Prov of British Columbia—
6s
July
12 1949
91
93
4a
11963
85
89
434s
Oct
Province of Manitoba—
Aug
1 1941
86
6e
June 15 1964
78
Deo
102 34 103 J4
1 1942
..June
16 1966
2 1969
-
.
-
78
434b
.
9534
97 34
95
96 34
1 1958
89
11961
Mar
4s
-
434a
...
Prov of New Brunswick—
..Feb
May
90
91
Apr 16 I9601
Apr 16 1961
Province of Nova Scotia—
6s
P5
97
6s
88
91
6348
4348
4%s
Sept 16 1952
95
93
Mar
1 1960
98
15 1943
68
Nov
16 1946
7034
/
—
5,031
634
103
3034
1434
1634
Hudson Bay Mining.....*
*
2134
2734
Intl Bronze Powders
Preferred...........—
Intl Nickel ol Can
4334
2334
*
*
Power
~
92
2534
....-—100
Montreal Cottons..
Ask
Preferred.
..........
100
100
Ask
Bid
Montreal Telegraph
Feb
15)4
95)4
101)4
5)4
Feb
9)4
89)4
Jan
10 %
Feb
Jan
96
Feb
Jan
Feb
Feb
Jan
10)4
5)4
7)4
175
6
Jan
Jan
105
Feb
6
Jan
Feb
Feb
Jan
Feb
Jan
1434
791
14)4
Feb
15
22
667
19
Feb
22)4
Jan
103
46
100
Jan
103)4
Feb
330
30
Jan
34
Jan
1,186
14)4
Feb
1,993
15)4
7)4
Jan
15%
10%
Feb
Jan
7%
Jan
270
3034
1434
1634
2134
2734
4334
2234
3034
1434
1634
Jan
Jan
734
2234
2734
225
21)4
Jan
23
Feb
276
27
Jan
28%
Feb
4334
2334
1,122
43
Jan
46%
Jan
1,415
21)4
Jan
21
Feb
Jan
6
Jan
4
4
55
4
92
50
90
Jan
94
Feb
14
10
14
Feb
14%
Feb
25
2534
92
23)4
Feb
27
12434 12434
1234
1234
834
834
10
124)4
Feb
128
Jan
100
12)4
7)4
Feb
13
Jan
Jan
9
Feb
934
534
934
9
80
80
120
..
..
340
4
Jan
15
4
Jan
5%
Jan
660
5
Feb
Jan
3,836
8
Feb
6%
9%
203
60
Jan
80
Feb
5
107
Jan
120
Feb
120
3,396
3034
3034
.40
40
40
42
•
...
15)4
16)4
96)4
301
5
36
36
3634
41
41
85
*
National Breweries
Canadian Pacific Ry—
Jan
634
3034
Mont L H A P Consol
Jan
10
434
4
4
*
—...»
MoColl-Frontenac Oil
*
Closing bid and asked quotations, Friday, March 1
(American Dollar Prices)
Canadian Pacific By—
834
25
Massey-H arris
Railway Bonds
Feb
24
92
....
Laura Secord. .......—3
Legar pref
Lindsay (C W).
Feb
Feb
7)4
4)4
«
Preferred
5%
22 %
14
.
Lake of the Woods......*
_
Jan
5
4
20
7
£1
Preferred
High
Jan
103
2134
100
Preferred..
934
434
634
2%
1434
5
Howard Smith Paper....*
«■> m
100
Bid
10
934
Jamaica Pub Serv Ltd new*
65
1 1951
360
InternationalPower pref 100
.....June
Oct
'Holllnger Gold
International
97
6s
96
Intl Petroleum Co Ltd.—*
Prov of Saskatchewan—
4%s
95
"
Imperial Oil Ltd..
2 1950
Jan
30
610
Imperial Tobacco of Can. 6
Province of Quebec—
4%s
6s
uOct
58
120
10
Hamilton Bridge...——*
Bid
172
10
Gypsum Lime A Alabas..*
Province of Ontario—
10234
534
2,380
Umm.---
Preferred, i.
Closing bid and asked quotations, Friday, March 1
(American Dollar Prices)
1534
1534
9634
100
10
*
General Steel Wares.
4%s
140
15
Preferred
*4%S—
534
Foundation Co of Canada. *
507 Place d'Armes, Montreal
Montreal Curb Market
68
165
2234 4i23
Famous Players C Corp..*
Montreal Stork Exchange
4
534
Enamel A Heating Prod..*
Members
Low
High Shares
130
2,410
30)4
Jan
31%
Jan
Feb
40
Feb
45
Jan
36)4
Feb
38%
perpetual debentures.
6s
Sept 15 1942
4348
Deo
July
6s
16 1944
1 1944
6434
81
Jan
40
Feb
41
Jan
5s
Dee
11964
82
434s
82
7634
103
8734
8234
July
1 1960
7534
76
4)4s
11946
Sept
£634
104
Dominion Government Guaranteed
Bonds
Canadian National Ry—
434s
..Sept
1 1951
434s
June 15 1955
434s
..Feb
1 1956
434s
July
1 1957
6s
July
11969
5s
Oct
1 1969
6s
.Feb
11970
Ask
634s
11946
July
Ask
110
11034
9934 100
9634
97
61
Feb
09
Jan
3234
365
26 X
Jan
73
888
72)4
Feb
3034
32
251
31
Jan
1234
1234
175
11)4
Feb
32%
78%
33%
13%
Feb
7134
3034
10
10
45
7)4
Feb
10
Feb
Ottawa Electric Rys
*
Grand Trunk Pacific Ry—
9934 100
10134 10134
101
10134
4s........Jan
11962
3s
-
Jan
15
15
50
15
Jan
16
Feb
65
65
90
58
Feb
65
Feb
1034
1034
1034
595
19)4
Jan
24
100
Regent Knitting...—...*
Rolland Paper v t
Baguenay Power pref— .100
20
20
2034
715
74
Jan
80%
5
5
5
95
5
Jan
6
17
520
17
Feb
19%
107%
5%
20%
50%
24%
13%
...
17
107
434
..*
19
A
82
84
1 1962
Jan
Us mm —
Jan
Feb
65
_.*
St Lawrenoe Corp.
9734
9734
m
Ottawa L H A Power...100
5% preferred
Bid
97
397
31
7134
.
Penmans
Canadian Northern Ry—
9634
63
32
Preferred...
Price Bros A Co Ltd.....*
Closing bid and asked quotations, Friday, March 1
(American Dollar Prices)
Bid
61
Niagara Wire Weaving...*
Noranda Mines Ltd.....*
6534
......25
National Steel Car Corp. *
Ogllvle Flour Mills......*
Ottawa Car Aircraft.....*
4s
preferred
50
St Lawrence Paper pref .100
Bhawlnlgan W A Power..*
Bher Williams of Can
4634
2034
434
1834
4634
20
13
*
10734
434.
19
4634
2034
1334
1334
45
106)4
Jan
985
Feb
546
4)4
17?<
100
Jan
43)4
Feb
3,273
20
Feb
101
12
Jan
13)4
Jan
15
15
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Southern Canada Power..*
Steel Co of Canada......*
Preferred
25
Montreal Stock
Feb. 24
to
Sales
Sale
Stocks—
Par
Price
AomeGloveWksO 34% Pf 100
Agnew-Surpass Shoe.....*
AJgoma Steel Corp
•
Preferred
1134
1434
Associated Breweries
High
134
1434
100
Amalgamated Electric...*
*
Range
of Prices
Low
66
..100
Asbestos Corp
Week's
8
2434
*
2434
18
Batburst Pow A Paper A. *
1434
Bawlt (N) Grain
Preferred..
1.30
100
35
35
Bell Tele phone
100
167
165
»
Braslllan Tr Lt A Power.*
British Col Power Oor pa. *
B
*
Brook Silk Mills
*
234
22
Canada Cement Co
*
6
34
100
:
56
10
55
Feb
1134
15
25
11
Jan
215
1434
Jan
150
92
Jan
100
8
45
8
Jan
Jan
1834
1534
Jan
Feb
1.75
1334
1.30
2534
Feb
268
420
27
234
17
Canada Steamship (new).*
734
6% preferred........60
2034
Feb
Jan
Jan
Jan
15
Feb
22
Feb
1734
2334
734
9834
22
635
7
Feb
834
100
95
Jan
99
Feb
155
20
Jan
23
Feb
17
1734
734
185
1634
534
1534
Jan
18
8
20J4
Jan
56
Jan
45
Jan
43
Jan
13
Feb
Preferred..
..26
Canadian Celanese......*
24
2434
35
36
12634 12634
21
1734
21
1734
109
109
114
114
1334
234
234
1734
634
1334
3
Consol Mining A Smelting 6
Crown Cork A Seal Co...*
4434
234
1934
734
734
45
30
30
Distillers Seagrams..... *
Dominion Bridge..
Dominion Coal pref
25
24
2434
38)4
2134
14
25
Cockshutt Plow....
7
3734
21
100
1234
100
155
DomlnlonSteel A Coal B 26
Dominion Stores Ltd
*
1334
434
634
8634
Dom Tar A Chem
Preferred
Dominion Textile
Preferred
100
155
14J4
434
734
170
24
Feb
1,015
30
Jan
221
125
Jan
500
20
Jan
11
10
Jan
1
155
Feb
Tuckett Tobacco pref. .100
Doited Steel Corp.—*
Vlau Biscuit........
Wabasso Cotton
......
534
........
260
11
Jan
Woods Mfg pref.......100
Zellers
*
64
65
20
58
Jan
65
1034
2334
11
480
9)4
23)4
Jan
11%
Feb
2334
Feb
24%
Feb
...........
......
25
Preferred
17634
..
...
.
.
.
185"
100
Roval
Last
Sale
Par
Stocks—
Price
12%
100
6% cum pref
Jan
Jan
Jan
Feb
136
175
Feb
Feb
210
Jan
310
311
20
308
Jan
310
Feb
185
187
74
182
Jan
187
Feb
Week's
115
160
Jan
official sales lists
Range Since Jan. 1, 1940
for
Week
High Shares
Low
•
Feb
334
Jan
Canada Malting Co
Jan
1934
Feb
734
Mar
Can Nor P7% cum pref 100
Canada Vinegars Ltd....*
Jan
Cndn Breweries Ltd...—*
....
5%
4834
Jan
*
Preferred
*
High
12%
13%
121% 136
1,063
119
Feb
134
4
150
4
Jan
5
5%
267
5
Feb
25
95
Jan
4%
22%
Jan
3634
2034
Jan
.22
Feb
Cndn Vlckers Ltd..—..
Jan
125
Jan
Jan
155
Feb
Catelll Food Prods T.td
Jan
2%
City Gas A Electric Ltd..*
Commercial Alcohols Ltd. *
Feb
677
1334
434
Jan
534
Jan
3,095
634
Jan
734
Feb
Cndn Industries Ltd B—*
7%
cum
*
100
pref
43
.....
6%
Jan
90
Feb
Consolidated Paper Corp
Jan
155
Jan
1134
*
*
No par value,
r
Feb
6%
96
Jan
Jan
Feb
Jan
Jan
Feb
5%
Feb
23%
Jan
5%
225
23%
17%
33%
910
31
17
Jan
19%
155
33
Jan
35
Jan
39
475
36
Jan
39
Feb
7
109
Jan
111
Feb
111%
Feb
15
Jan
12
Feb
1.95
3.145
1.55
Jan
2%
Feb
825
24%
Jan
29%
Feb
12
12
2%
29%
232% 232%
43
43
85
21
231
Jan
235
15
43
Feb
45
1.25
1.30
250
6%
6%
645
25
25
50
17
175
3
15c
225
3%
6%
1,085
50
30
6%
6%
17%
6%
17%
6%
7
1,198
30
5
Jan
Feb
Cosmos Milling
12%
2%
17%
27%
15c
Consol Bakeries of Can—*
12
96
30
5
Preferred..
Jan
Jan
5
1.151
17
25
*
89
Feb
4
110
12
Feb
3,024
17%
29
1.30
1.40
33%
38%
1534
Range
of Prices
Low
33%
38%
9
160
Sales
23
Brit Amer Oil Co Ltd
Canada A Dom Sug (new)*
_
British Columbia Packers*
Jan
8734
Jan
200
5%
22%
Feb
Feb
168
25
Brewers & Dlsts og Vano.5
3J4
86
88
Belding-Corticelll Ltd..100
1334
Jan
Jan
17634
203
1934
Jan
Feb
162
175
96
Feb
Feb
91
203
Beauharnols Power Corp.*
463
934
Jan
Feb
Cnd nlntllnvTr5 % cmpf 100
10
Feb
2
1.30
Abltlbl Pow A Paper Co..*
Canadian Marconi Co—l
300
2
830
Friday
Jan
290
320
2
Montreal Curb Market
Jan
155
Feb
234
Feb. 24 to March 1, both inclusive, compiled from
Feb
15
12)4
22)4
2
160
100
Commeros—..........100
Montreal
100
Nova Sootla
100
30
227
70
Feb
Banks—
Canadienne.
4034
150
Feb
30
Preferred
*
2234
1234
2234
2
2
*
2534
872
Jan
Feb
1034
Winnipeg Electric A
Winnipeg Electric B.
Jan
122
Feb
10
2234
Jan
5
110
100
——*
Jan
15
55
Jan
1234
Wllsils Ltd
23
95
90
11
7
Jan
Feb
12%
23%
2%
2%
11%
Weston (Geo)
759
1,570
155
11
6
4434
2834
Feb
28)4
Feb
Feb
349
Jan
Jan
Feb
55
50
Feb
6%
3%
36%
110
45
114
18,546
62
157
1
*
Feb
12
Jan
3
Bathurst P & P Co B
11234
1,573
Feb
2 34
55
Jan
10
65
5)4
606
103
*
Feb
234
234
240
334
3634
55
Aluminium Ltd
109
125
934
Jan
Jan
10
534
103
......
100
Feb
Jan
75
155
10%
Jan
Jan
16
910
534
36
36
*
*
155
3
*
1034
Jan
Jan
101
88
934
1634
2834
3734
12734
Feb
25
90
Dryden Paper.........
Electrolux Corp
-.1
7
10
155
..100
35
1034
100
....
Feb
56
10
1334
234
Feb
Feb
Jan
5
1,450
2,278
335
114
Jan
3
Jan
14
1734
83
Feb
Jan
Jan
44
.100
86%
Feb
3
Feb
634
9834
2134
434
1334
Preferred
Feb
65
44
Dominion Glass
Feb
185
Canadian Bronse
Canadian Pacific Ry
Jan
285
Canadian Car A Foundry.*
Preferred..
100
Ondn Foreign Investment*
Cndn Industrial Alcohol.. *
ClassB..
Canadian Locomotive....*
Jan
6
2034
6934
Rights .......
...»
Canadian Converters.. 100
Canadian Cottons..... 100
2934
2 34
Feb
16
734
1934
5934
Preferred 7%
35
16834
934
Jan
22
Can Wire & Cabled A... *
*
Feb
76
50
3
Jan
1634
50
834
Jan
Feb
Jan
145
5,527
1634
109
Feb
648
934
29
3
1134
Feb
834
1.30
35
165
Feb
2634
24 34
10
55
Jan
390
211
77
170
Preferred
Feb
2434
1834
1434
167
116
3
*
Western Grocers Ltd
High
15
5
Preferred
Low
22
.....
Building Products A (new)*
Bulolo..
Canada Foigtngs CI A....*
Can North Power Corp J..*
834
2834
234
634
Range Since Jan.
for
1. 1940
Week
Shares
77
7634
Preferred
March 1, both inclusive, compiled from official sales lists
Last
77
7634
Tooke Brothers.....
Exchange
Friday
1334
Canadian market.
Jan
Jan
Jan
Feb
1 35
6
Jan
8%
25
Feb
33
Jan
13%
Jan
18
Feb
1.00
Feb
Jan
Feb
20e
Jan
3
Jan
6%
Feb
Feb
17%
Feb
3%
6%
18%
6%
Feb
15c
30
Feb
8%
30
Jan
Jan
Jan
Feb
Volume
The Commercial & Financial Chronicle
150
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Sale
Stocks (Concluded)
Par
Cub Aircraft Corp Ltd
David & Frere Ltee A
Low
*
David <fe Frere Ltee B
Price
*
*
2%
High
2%
Shares
3
45
40 X
39
100
2H
Feb
4H
Feb
Feb
9%
1,915
3%
9H
796
8
Feb
8
Feb
93
0%
Feb
8H
8X
Feb
8%
5X
Feb
6H
Fraxer Companies Ltd
Eraser Cos voting trust
*
16 H
18 H
*
8X
5%
9
545
8%
Jan
10
Feb
20 X
477
19%
Feb
22 %
Feb
16 H
5
20
Jan
20
Jan
19 %
16 H
17%
1,474
17H
Feb
21H
35 H
Jan
35H
Jan
3
50
3
Feb
3H
5
18
Feb
9%
9H
1
45c
21
21
23
*
26 H
26 H
Mackenzie Air Service...*
26 H
30c
MacLareu Power & Paper*
21
20
21
Lake St John P& P.
Massey-Harrisfi%cmpf 100
MeCoil-Fron 6% cm pf.100
Melchers Distilleries pref 10
Mitchell (Robt) Co Ltd..*
40c
45c
51H
97
~25~~
*
____*
Page-Hersey Tubes Ltd..*
Jan
27 H
Feb
100
30c
Feb
40c
Jan
19H
51H
Jan
115
100
1st pref
Feb
59
Jan
Jan
99 H
Jan
5%
13H
Feb
6 H
Jan
Jan
15H
Jan
10
Feb
25
Feb
44%
Feb
46
Feb
5
44
%
120
84
Quebec Tel A Power A...*
101
7H
107
Feb
150
7H
4%
4%
Reliance Grain Co Ltd prf *
Jan
96
175
108
101
7%
22
61
Powei of Canada—
Provincial Transport Co.. »
Jan
28
25
44H
60c
Pel)
Feb
65
14
107
Feb
23
6H
25
Moore Corp Ltd
10 H
21H
20
97
14
Feb
Feb
61
30c
6
Feb
4<C
1,879
125
61H
6H
8H
18
99 H
Jan
,1.180
6H
4H
111H
Jan
101
Feb
60
4%
Feb
7H
Jan
Jan
4H
68
68
5
64
Feb
64
Feb
*
3
3
100
3
Feb
3
Feb
prf 100
112
112
1
112
Feb
112
20
4
Feb
5H
Jan
95o
Feb
1.15
Jan
Jan
43 %
Feb
20%
Feb
Rogers-Majestic A
Sou Can Pow6% cm
United Securities Ltd.. 100
4
Walkerville Brewery
*
Walker-Good & Worts (H)*
SI cum pref
*
%
4
4H
1.00
150
43H
~20~'
1.00
43%
20H
105
20
311
41
Jan
19%
Feb
Mines—
Aldermac Copp. Corp. Ltd*
Amm Gold
29c
31c
5,420
29c
Feb
4c
4c
500
4c
Feb
4c
Feb
9c
9c
1,000
Q/«
Feb
16Hc
Feb
4c
_
Arntfleld Gold
Bankflled Consol Mines..
20 He
20Hc 20Hc
35c
Jan
500
20Hc
Feb
12c
12c
20Hc
Feb
Beaufor Gold Mines
1,800
10c
Jan
13c
Jan
Bidgood-Kirk Gold
Big Missouri Mines
16c
16c
500
16c
Feb
16c
Feb
8Hc
8Hc
250
10c
Feb
11c
Feb
2c
2c
6,100
2c
Feb
14c
15c
2Hc
Feb
Cent Cadillac Gd M Ltd.. I
3,100
14c
Feb
*
1
19c
19c
1,000
14c
Jan
13c
1,500
12c
20
26 %
Cartler-MaLartlc Gold
Century Mining Corp
Consol Chibougamau
Dome Mines Ltd
Duparquet
13c
12c
*
25
1
Mining
2Hc
2c
1,000
l
3.65
1
Falconbrldge Nickel
Feb
Feb
16c
Jan
Feb
He
29 X
Jan
Feb
3.76
2%c
Jan
2,350
3.60
Jan
4.10
Jan
95c
*
1.08
460
95c
Feb
1.25
Jan
4.65
10
95c
Francoeur Gold
*
J'M Consol Gold
1
3c
2Hc
Joliet-Quebec Mines
1
7Hc
5Hc
45c
44c
Kirkland-Gold Rand
1
Lake 8hore Mines Ltd
1
Macassa Mines Ltd
1
1.03
McWatters Gold
*
45c
Newbec Mines Ltd
*
O'Brien Gold
1
4.00
Feb
4.50
Feb
1,100
44o
Feb
68c
Jan
3c
3,000
8Hc 256,220
2HC
Feb
4 He
Feb
3Hc
Feb
8Hc
Feb
Feb
4c
6c
3,190
4c
Feb
6C
26 H
1.07
470
25 H
Feb
31H
Jan
1.03
1,846
1.04
Feb
1.07
Feb
4.45 455,400
45c
500
4.35
Jan
4.80
Feb
44c
Feb
57 He
Jan
2%c
2%c
Feb
2Hc
Feb
1.45
1,000
1,600
2%c
1.35
1.43
Feb
1.82
Jan
1.80
"26
1.90
1,100
1.80
Feb
2.35
Feb
26
Malartic Gold Fields..
4.45
45c
1.85
Pamour-Porcuplne Mines. *
Pandora-Cadillac Gotd
Jan
20c
4.65
3.65
East Malartic M Ltd
Eldorado Gold....
25
20c
■'
1
7c
7c
1,000
4HC
Jan
Pato Consol Gold Dredg'g 1
10HC
Jan
2.30
2.40
500
2.00
Feb
2.40
Feb
Perron
1.90
1.94
1,200
1.90
Feb
Gold.
...1
2.H
Pioneer Gold of B C
Jan
1
2.20
2.20
200
2.20
Feb
2.20
Preston-East Dome
Feb
...I
2.10
2.10
100
2.03
Feb
2.40
Jan
Quebec Gold
1
Red Crest Gold
*
36c
500
36c
Feb
41c
Jan
7c
4,000
3c
Jan
3 He
8Hc
Feb
3c
5,500
3c
Jan
95c
Sherritt-Gordon Mines... 1
36c
7c
3Hc
Shawkey Gold Mining.__1
5Hc
Jan
95c
1.00
1,948
96c
Feb
1.15
1
Jan
79c
79c
80c
4,095
75c
Feb
85c
Sladen-Malartic Mines... 1
Feb
45c
45c
45c
600
38c
Jan
61c
Jan
Sullivan Consol Mines._.l
85c
85c
86c
6.300
85c
Feb
1.00
3.90
Jan
3.90
3.90
3.00
Feb
4.15
Jan
5.85
5.85
155
5.65
Feb
6.00
Jan
21c 22 He
3,700
19Hc
Jan
31c
Siscoe Gold
Teck Hughes Gold
1
Waite- Amulet Mines
1
Wood-Cadillac Mines
1
Wright-Hargreaves
*
.
"21 He
7.50
7.50
350
115
Jan
7.50
Feb
8.20
Jan
6 He
Feb
7c
Feb
Stocks
(Continued)
*
Anglo-Caaadian Oil Co
6Hc
6 He:
1,000
*
86c
90c
400
1.00
Jan
1.03
Jan
Calgary & Edmonton
*
1.98
1.98
275
1.98
Feb
2.35
Jan
*
40c
45c
800
40c
Feb
55c
Jan
Home Oil Co Ltd
*
3.10
Jan
7c
Jan
2.62
2.57
262
Homestead Oil & Gas Ltd. 1
5Hc
5Hc
500
Prairie Royalties Ltd..25c
33
33
75
2.49
Feb
5 He
Feb
33
Feb
33
Feb
Toronto Stock
March 1, both
Bell Telephone Co.—.100
Bldgood Klrkland
..1
inclusive, compiled from
Friday
Par
Abltlbl
6%
for
Sale
Stocks—
Week's Range
of Prices
Price
*
1.40
12H
Acme Gas
*
Alton
4Hc
1
Alberta Pacific Grain
*
Preferred
Aldermac
AlgomaSteel
2H
32
Gold
Anglo-Can
Mines
1.40
13H
4Hc
lHc
2H
720
1,066
16.200
1.30
20
75
5,700
11c
11H
11H
85
Blue Ribbon...
*
10
Bob Jo
1
Bralorne
*
Brazilian Traction
*
Brewers A Distillers
5
British American oil.
Brit Columbia Powe A..*
Broulan-Porcuplne
1
Cons
Bank of Montreal
Bank of Toronto
54c
1,000
Products
(new).*
3c
Calgary
Edmonton
Canada Bread
A
2.00
Canada Bread B
*
Preferred
14
104 H
104
Feb
2.39
5
Feb
10
104
Feb
105
24
55
55
Feb
58
5%
X
290
6H
Feb
98
97
38
1.95
50
H 104H
OH
97
1,425
5
55
"oh
2.00
36
99
275
92 H
36
Jan
39
Jan
39
17
120
16
7%
8H
17
H
Feb
104 X
104 H
35
102
Jan
104 H
146
147
15
140 H
Jan
150
..
_
....
Canada Steamships
7H
50
*
7X
7H
864
20 X
19 %
20%
1,085
61
60
61
19 H
Preferred
Canada Wire A
20
B...
Canadian Breweries
2.00
Preferred
1.90
Cndn Bk of Commerce. 100
177
Canadian Can
Canadian Can A
Canadian Celanese
Preferred
*
13H
Canadian
Malartic
"25
Canadian Oil
~17H
295
10%
70
569
9H
Jan
10
Jan
22
12 %
13 X
Jan
14
Feb
14
10
24
Feb
545
30
Jan
50
175
2 15
20
36 H
124 H
Jan
%
16H
29
37 %
127 %
25
10
24
Feb
32
240
5
235
Feb
240
3
130
2%
Feb
20
2,469
1,876
10 X
67Ho
Feb
17
67 He
19
68c
19
6H
"21
7H
4H
7X
2.55
Jan
3%
20
85o
15
19
Feb
30,338
6
Feb
7H
4H
21H
4H
21H
21
j
Central Porcelain
178
168
24 H
2.50
1
29
Jan
114
13H
2H
Cariboo
Central Patricia
Jan
25
*
Castle-Trethewey
Jan
240
•
C P R
26
Canadian Wineries....._*
Canadian Wirebound....*
Jan
1.55
126 H 127 %
Canadian ind Alcohol A..»
Canadian Locomotive. .100
20
17
24 H
13%
...100
Canadian Dredge
*
Cndn General Electric..50
20 %
62
34%
"36H
8
Jan
Feb
24 H
26
*
Jan
15 H
65
870
22
13 H
13H
Can Car A Foundry
Preferred
835
5H
17H
3,945
2.13
10H
21H
.20
B
50
27 H
29
175
178
29
150
4H
19H
Mar
185
760
•
2.25
Jan
Jan
21
2.55
65c
66c
15,800
65c
Feb
75c
2.23
2.33
6,685
2.23
Feb
2.65
]
11c
12c
3,200
10He
Jan
14c
Chestervllle-Larder Lake.l
78c
80c
10,595
78c
Feb
1.05
Chromium
50c
55c
4,120
26,650
48c
Jan
68c
2.29
«
Cochenour-Willlams Gold 1
65c
60c
Cockshutt Plow
*
Co alarum
*
1.69
1.69
Consolidated Bakeries...*
Consol Chibougamau
1
Smelters
I
12 He
Mines
Cons
Consumers
Gas
Cosmos-
*
Nlokel
9H
1.95
600
513
97
30 H
33 H
33H
2%
24Hc
6,500
24 H
1,410
95
209
209
25
21
21
24 H
24H
33 H
1.25
11
45
34
549
1.25
20
30
v
14
12%
15
7
87
14H
1,583
4H
470
7%
4X
7
100
530
88
25
16c
Jan
178
31
Jan
33
H
2%
Jan
3 H
24 Ho
Mar
32c
5Hc
Jan
8Hc
23
Jan
25
90 H
24 H
Jan
96
Mar
29
20 i
Jan
209
21
Jan
22 H
JaD
36H
32H
1.25
Feb
1.25
30
Feb
30
13%
Feb
15H
4H
6H
86
Feb
Jan
5%
7%
Feb
88
Jan
3 He
*3 He
2Hc
3Hc
3,502
lc
8%
7H
9H
6,770
5%
Jan
3c
3c
3,000
3c
Feb
4c
_.l
7c
8c
4,500
6c
Feb
lOHo
*
6Hc
6Hc
500
6 He
Feb
7Hc
3.65
3.80
15,435
3.65
Jan
4.10
Dominion Woollens
Dunuesne Mining
2,630
21H
30
4H
•
26 X
209
33 H
Dominion Scottish Inv..
Preferred
50
6
19
49
Jan
169H
27
6c
Feb
Feb
Feb
27
25c
5Hc
12c
34
95
23 H
17 %
44
177
23H
24%c
100
...
3
1,050
3,500
Dom e M lnes (new)
Dominion Bank
2t
241
45
Dominion Coal pref
Dominion Steel B
78c
Feb
Mar
28 H
H
"~2%
100
Dominion Foundry
Feb
6H
1.69
175H 178
28
60c
430
2,800
44
Mines...!
*
71c
7H
1.77
18
17 %
12HC 12Hc
44 H
100
Cub Aircraft Corp.—...*
Da vies Petroleum
_*
Denison
7
10<
Crows Nest Coal
East Malartlc.
3.65
Easy Washing Machine..*
4
4
4
93c
12%
Feb
4Hc [Mar
17H
Jan
English ElectricB..
*
6
175
9H
3
Feb
90c
Feb
4H
Jan
10
1.09
17,330
85
6
4H
Jan
6
500
22 H
Jan
26
4
1.23
6
2H
30
29c
6c
Jan
Equit Life
5
5
Feb
Extension OH...
25c
25c
Feb
lHc
2%
FaiconDrldge
*
4.75
4.55
4.75
1,427
4.00
Jan
Jan
lc
36
4.75
Jan
Fanny Fanner
1
27%
27%
27 H
746
26 H
Jan
Jan
27 %
Federal-Kirkland
1
3Xc
3XC
6Hc
3Hc
9,200
3c
Feb
4%C
1,500
5 He
Feb
Jan
38c
Feb
38
Feb
16H
Feb
Firestone Petroleum
25c
.....
Foundation Petroleum.25c
2.30
Jan
3.00
Jan
Feb
17c
Jan
Gatlneau Power
1,500
4Hc
6Hc
Jan
2.10
2.30
6,700
2.10
Feb
2.68
Jan
7c
8Hc
2,875
7c
Mar
10HO
Jan
20c
General Steel Wares
*
20c
Feb
28c
Jan
Gillies Lake..
210
GatlneauPower pre! ..100
Rights
Jan
God's Lake
*
10HC
6
23c
26o
Golden Gate
l
16Hc
14c
17c
14c
Feb
1
17c
18c
3,500
17c
Jan
Gold Eagle
Jan
4
20
Goodyear Tire A Rubber. •
Preferred....
50
Feb
Jan
Feb
690
Jan
Mar
5 He
Jan
33c
8c
10 %
4,000
Feb
15H
5
6c
Jan
Feb
Jan
1.19
97
Feb
14c
Feb
Jan
Jan
5H
9H
16c
22c
Feb
35
295
55c
13 H
Feb
5H
10
14,767
885
3H
6c
96
5,500
32,550
32,550
1,900
1.05
94
5H
9H
5Hc
17c
24c
5 He
10
18c
»
15
5,300
35
11c
60c
Feb
8,884
16H
14c
6H
7c
70c
Mar
Mar
55c
Gold Belt
1.19
Feb
15H
16Hc
Gold ale
Feb
1.11
41c
69
18c
Feb
268
Jan
5Hc
12,030
55c
315
Jan
5
6c
9c
45c
15H
9C
16 He
Jan
260
1.12
10 %
22%
l
305
200
l
Jan
Feb
60c
2
40
6H
1
8H
19 H
9c
15H
95 H
9c
"15X
1
Feb
8Hc
390
1,255
1,600
41c
7c
201
Feb
9%
'
*
20c
Feb
20
20 H
6Hc
20 H
8H
*
Francoeur
8He
17 H
Feb
*
Canada Packers
9,800
4
Feb
12
Can Permanent Mtge.„100
/1,004
*
15
10
38 X
100
Canada Malting
Canada Northern Power.
4Ho
290
5
50
Canada Cement
Jan
16
12
1.95
*
...100
3c
15H
12
16
._*
Ford A
14H
%
3H
3c
Building
Burlington Steel.
Fleet Aircraft
14 H
Feb
69o
Jan
*
2H
8.60
Jan
Bathurst Power A
.
48c
27
19Hc
Feb
22 He
Bear Expl
BeattieOold
50c
22 %
Feb
1.03
24c
55
110
Feb
6Hc
*
1,352
2 H
Feb
38
Base Metals
B
29
2H
48c
Feb
310
29
23 X
28 H
4
6.60
Feb
6H
23
Jan
22 H
175
15 Ho
Feb
310
Feb
23
5
885
3c
262 H *265
5
4H
3,450
2.50
265
9H
Feb
5
18,000
87c
*
11
Jan
16c
8Hc
100
Jan
10%
8H
Feb
3,579
6.75
7,600
Barkers
8o
395
9%
6.60
2.37
Bank of Nova Scotia...100
11,300
10 H
1
38
HHo
8Hc
10 %
8H
Eldorado
14
4,520
9
15Hc
,3,450
20c
Feb
16c
4c
203
11H
8
6.75
89c
202
8
1
4Hc
100
Jan
*
3c
4Hc
14c
10
*
8Hc
2.20
18 He
Feb
Buffalo-Ankerlte
1
l
Jan
9c
Buffalo-Canadian
1
Bagamac
Jan
12o
8c
"2%
B
1
Aunor Gold Mines.
8
8c
High
Feb
OX
168H
850
87c
2.50
165
167H
14Hc 18Hc 108,717
17Hc
11c
1
.
5
147
Jan
10
Low
18
165
2.25
35
38
High
5
Feb
1,000
30c
15
Low
167
Range Since Jan. 1,1940
Shares
*
East Crest
Shares
32 %
38
3Hc
*
*
Arntfleld Gold.....
Ashley
Bankfield
2H
15
1
Anglo-Huronian
4Hc
29c
...*
Hold Dev
130
12K
31
*
American Cyanamid B..10
Amm
«
High
1 He
100
Copper
Low
Range Since Jan. I, 1940
High
l
Dominion Woollens pref. 20
Dorval-Siscoe
1
Week
..100
preferred
official sales lists
Low
Blltmore
Preferred
Sales
Last
Price
Big Missouri
Dominion Tar
Exchange
Week
5
Dom Stores.....
to
for
of Prices
Beauharnols
Preferred...
Dalhousle Oil Co
Feb. 24
Par
Week's Range
Sale
Distillers Seagrams
OH—
Anaconda Oil Co Ltd
Sales
Last
Brown Oil
Jan
Exchange
Friday
Jan
18
Toronto Stock
Jan
5
18
*
18M
35
3
—
cum
Jan
35
Inter-City Baking Co.. 100
Intl Paints (Can) Ltd A
*
5% cum pref
20
TORONTO
Jan
5%
'20 %
Grain Exchange
11 Jordan Street
Feb
10
7
8%
*
unlisted
Feb
151
and
Jan
100
listed
Toronto Stock Exchange
(Winnipeg
Jan
2H
8 %
Ford Motor of Can A
iv/for«K«wJThe
Members
Feb
OH
~"5H
6%
44
on
F. J. CRAWFORD & CO.
Feb
2,580
8H
OH
PalrcMld Aircraft Ltd.-.6
Fleet Aircraft Ltd
•
Montreal Island Power
Jan
Feb
3H
2%
8H
European Electric Corp. 10
Loblaw Groceterias A
37
Jan
17
Jan
8%
9
*
Jan
2H
,3%
3
*
16
3H
incited
Canadian Mining and Industrial Securities
High
Feb
2H
401
40H
2H
Preferred
Low
1,020
3H
3%
Intl Utilities Corp A
Intl Utilities B
Range Since Jan. 1, 1910
3 J-fl
Dom Engineering Works- *
B
for
Week
19
17
Dominion Square Corp
Dominion Woollens-
Donnacona Paper A
Inquiries
Sales
Week's Range
of Prices
*
No par value.
84
84
81H
120
54 H
54 H
55 H
98
22c
26c
84
Feb
87
54H
Jan
57 H
The Commercial & Financial Chronicle
1412
March 2, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Last
(Continued)
Par
Week's Range
Sale
Stock*
of Prices
Low
High
Price
Range Since Jan. 1, 1940
for
rr
Low
Shares
1,000
*
*
Greening Wire
Feb
3c
2*c
7*
70
7
Feb
26 *
43
25
Feb
27*
2.50
2.00
2.50
81
Feb
2.00
13
18)4
210
Feb
HH
Jan
50c
55c
2Hc
1.75
13
8
Jan
Jan
.
50c
Mar
64c
3,000
2c
Jan
3*c
8,000
2c
Jan
3HC
3*c
1
345
7.00
Feb
7.75
STREET
YORK
Teletype N. Y. 1-2316
Telephone Whitehall 4-0784
Feb
7.00
NEW
Jan
2c
7.00
HaUlwell
Hallnor Gold
6,550
2c
Feb
2c
1
.
RECTOR
19
Jan
2*c
H alcrow-Swazey
English Transcontinental, Ltd.
Jan
13*
50c
Gunnar
So. American Bonds
High
2*c
7%
l^ake* voting.
Voting trust pref
Great West Saddlery
Any Other European Internal Securities
Foreign Dollar Bonds
CCA.
26
-.1
Graham-BouBquet
Great
British and
Sales
Friday
6
Jan
Toronto Stock
Exchange
6*
7
Jan
7H
1%
1*
10
1.75
Jan
2.50
Feb
72)4
8%
72)4
23
72 H
Mar
72 H
Feb
Friday
150
3%
Feb
4%
Jan
Last
Week's Range
for
1.03
1.14
1.03
Feb
1.48
Jan
Sale
of Prices
Week
..1
5*c
6c
15,720
1,200
1,000
5%C
Feb
10c
Jan
19*o
__*
15
15
14*
14*
14*
2.57
2.56
2.60
5c
6c
.__*
Hamilton Bridge
6
*
1
Hamilton Theatres
...100
Preferred
Harding Carpets
*
Hard Rook
J
Barker
72)4
"l.'io
15c
Hlghwood
Ilinde A Dauch
Coiisolldated.
H oiling er
6
..
Home Oil Co
Homestead Oil
...1
♦
Honey Dew...
Howey Gold
J
8m,.*
Hudson Bay Mln A
Hunts A.
25
35*C
30
Imperial Bank of Can.. 100
Imperial Oil
*
6
Imperial Tobacco
Inspiration
37c
Jan
16
Jan
2,930
5,950
14*
Mar
15
Jan
Simpsons A
Sim peons B
2.45
Feb
3.10
Jan
Sim peons
13,700
5c
Feb
7 Ho
Feb
127
17 X
Jan
25
Feb
3,950
35c
Feb
435
30
Jan
25
7
Feb
1
72
Jan
35
215
40HC
16*
1614
16)4
Low
High
Range Since Jan. 1,1940
Low
Shares
High
Jan
Jan
Feb
12 H
Feb
214
12 H
11*
101H 103
170
5)4
Jan
103
106
99%
Jan
J
76 He
76 He 82 He
75C
Jan
87c
Jan
Bladen Malartlc
1
45c
45c
39c
Jan
6I0
Jan
Slave Lake
1
5c
Jan
4Hc
5c
4c
Feb
7%c
7Hc
Jan
"4 Ac
12,775
8,100
2,700
11,500
1.40
1.40
125
1.30
Jan
2.00
100
23 H
Feb
26
76 H
Feb
86 H
76
Feb
83
11%
«
.
100
pref.....
Jan
South End Petroleum
Standard Paving
*
74*
Jan
Stedman
5c
*
Feb
51c
*
5c
26
26
77
16
21H
21H
21
9H
34
132
Jan
103
Jan
Jan
Jan
Feb
76 H
77 H
1,881
1,696
14H
Mar
15*
Jan
76
76
77
15H
Jan
16 H
Mar
Steep Rock Iron Mines
*
2.50
2.48
2.63
23,400
1.80
Jan
2 65
6%
Jan
Feb
Straw Lake Beach
*
3*c
3Hc
4c
4,500
3 He
Feb
5*c
Jan
Feb
El 2c 12*c
2,500
ll*c
Jan
14c
Feb
Jan
1.80
Jan
2.05
Jan
4*0
Feb
8 He
Feb
85c
Feb
1.02
Jan
3.20
Feb
3.45
Feb
11
Feb
12
Feb
4.15
Jan
7
Jan
220
Jan
38)4c 38)4c
2,600
30c
Jan
7%
38 He
12*
635
9*
Feb
15*
100
110
110
110 X
100
110
110
110*
*
43
43
23 *
Sales
400
14*
9%
Price
Par
Slscoe Gold
217
A
International Nlokel
Feb
74
Preferred
preferred
15c
9)4
14)4
*
Stocks (Concluded)
14 H
30
7
Jan
145
14*
1
Intl Metals A
35c
30
215
216
£1
Preferred
15c
74
100
Huron & Erie
4
25
25
8)4
*
...
530
44
Steel of Canada
Preferred
25
_
35
106
Feb
113
Jan
Sturgeon River
Sudbury Basin
Sudbury Contact
277
106
Feb
112H
Jan
Sullivan
3,214
1,550
43
Feb
47
Jan
Hvlvanlte Gold
Feb
.
...1
*
1.90
1.90
1.95
1
7c
6Hc
8HC
85c
87c
Jan
Jan
Feb
3.20
3.20
3.30
1,850
9,100
1,800
3,900
*
11X
11
11X
135
1
3.90
3.9
4,353
3.85
Feb
1
49c
49c
1,350
45c
Feb
72c
25
12X
Jan
13 %
Jan
300
1.70
Feb
1.90
Jan
l
Tamblyn
75
1
...
Jan
110
21H
8H
24
Jan
10 H
Feb
Teek
35c
45c
200
30c
Feb
65c
Feb
Texas-Canadian
1
4*c
4*c
1,200
4C
Feb
5c
Jan
Tip Top Tailors
1
13c
13c
2,372
13c
Feb
19c
Jan
To burn
2*c
2*c
3c
16,050
2Hc
Jan
Feb
Toronto Elevator
8%
8%
5
8%
Feb
4H0
9H
Jan
48
2.33
2.29
2.38
2.29
Feb
2.75
Jan
Toronto Elevator pref
50
Toronto General Trusts 100
48
Kerr-Addison
89
89
4
Kirkland Lake
1.28
1.27
1.35
1.27
Feb
1.54
Jan
Toronto Mortgage
93
94
25
86
25%
Feb
32
Jan
Towagmac
22
Feb
27
Jan
6.35
Feb
International Petroleum..1*
International Utilities A.
.
1
Jacola
Jellicoe
J M Consolidated...
"'45c
*
Kelvlna tor
22*
23*
10
*
B
10
26
26 X
25)4
Lake Shore
26,410
13,975
1,622
25 X
36
Lake of the Woods
*
LamaqueG
Lang & Sons
*
*
6.40
6.35
6.70
1,751
16 X
15c
15%
Jan
14*c
16)4
13)4o
75
1
3
7,200
13 He
Feb
12*
12 X
12 X
435
12*
Feb
13
1
l*c
l*c
l*c
9,500
lHc
25
8*
8)4
8)4
200
J
73c
73c
75c
._*
3.10
3.00
3.10
18,550
5,987
*
26*
26*
27
*
2 5*
25)4
26
4.40
4.55
Lapa-CadUiao.
Laura Secord (new)
......
Lebel-Oro
Legare pref
Leitch
Little Long Lac
Loblaw A
B
7.50
17
22HC
com..
Hughes
3.85
49c
13
13
1.70
1.70
1
29
60
21c
1
48
Jan
49
Feb
Feb
90
Feb
Feb
98
3,500
21c
75c
Jan
35c
Feb
Feb
Jan
1.12
80c
8,650
16 X
16
16H
378
15H
Jan
17
Feb
40
41H
127
38%
Feb
40 H
Feb
10
Feb
75c
1
Union
»
Jan
United Fuel A
Jan
Jan
41
Uchl Gold
Feb
Mar
32
87
50
22c
Feb
29
10
29
Jan
Gas
Jan
56
6
Jan
5*
5H
5%
755
5H
Feb
6%
Jan
61c
59c
64c
11,330
59c
Feb
85o
Jan
4.10
4.30
994
4.00
Jan
4.35
5.70
5.45
5.85
1,266
5.45
Feb
6.05
Jan
*
41H
41H
43 H
872
41
Jan
43 H
Jan
*
20
20
20*
715
20
Jan
20X
Feb
12c
10,550
1,140
12c
Feb
12
95
2Hc
Jan
United Steel
Jan
8H
Feb
Upper Canada
1
72c
Feb
88c
Jan
Ventures
»
2.95
Feb
3.40
Jan
Walte
260
26 X
Mar
28 H
Jan
Walkers.
329
25 H
Mar
26*
Jan
2,805
5,140
27,567
4.30
Jan
4.75
Feb
2.00
Mar
2.55
Jan
37c
Feb
62c
Jan
Wlltsey-Coghlan
1
92c
Feb
1.10
Jan
Winnipeg Electric A
*
Jan
l*c
Jan
B
Feb
5H
Jan
Preferred
9%
4HC
Jan
Annulet
Preferred...
Wendlgo
lie
lie
1
Westons
»
10
8X
10
B
Jan
7
8c
Jan
Feb
13
Jan
Jan
96
Jan
Jan
3Ho
Jan
IX
Feb
2%
1.30
Feb
2.38
Jan
12H
13
95
95 H
12
2*c
2*c
6,000
2c
100
15
13
Jan
Macassa Mines
J
MacLeod Cockshutt
1
2.00
2.00
2.10
..1
44c
37c
45c
1
1.03
1.02
1.09
VAc
l)4c
42,872
1,000
4%
5%
764
He
4*
8
8)4
252
7H
Feb
3c
3c
1,000
1,285
3o
Feb
1
21c
30c
Jan
5*
5
Feb
6*
Jan
Wright Hargreaves..
*
7.35
7.30
7.65
8,835
7.30
Feb
8.15
Jan
50)4
8%
52 A
675
50%
Feb
59 H
Jan
Ymlr Yankee
♦
5c
4Hc
10,900
4Hc
Feb
5Hc
Jan
9)4
836
7H
Feb
9H
Mar
5*C
8H
51
7H
Jan
11
Jan
97
95X
99 X
$2,500
95
Feb
97
Jan
50,250
99X
Feb
99%
Feb
Madsen Red Lake
Malartlc Gold
Manitoba & Eastern.....*
Maple Leaf Milling
*
Preferred
"I X
*
Maralgo
1
3c
Massey-Harrls
*
5*
Preferred
100
McColl Frontenao
*
"9"
5
.J. 100
Mclntyre
5
50
McKenzIe
1
McVlttle
*
Mentor
*
Modern Containers
99
50
Feb
58
Jan
10
40
10
Feb
11H
Feb
100
77
77
25
77
Feb
80
Feb
York Knitting
8H
95
6,610
1.28
Mar
1.47
Jan
Uchl
1,000
9 He
Feb
15HC
Jan
War Loan 1948-1952
45c
5,600
44c
Jan
58o
39c
Feb
8)4
8*
125
6%
Jan
Y.04
1.04
1.11
2,535
1.04
Mar
95
15H
Jan
39c
19 X
39c
20
500
39c
Feb
9
Jan
20
Feb
99
5
98
Jan
99
21
60
Feb
65
7)4c
70c
72c
1,000
12,130
45 X
680
44
34
181
to
25c
Corp---—
*
A
100
Morris-Kirkland
i
Murphy
70c
45 *
182
*
National Grocers pre!
National Pete Corp
Natlonal Steel Car
....
*
Naybob
1
Noranda
Mines
63*
23*c
Jan
Canada Bud Brew
Price
*
5*c
Jan
80
Jan
Canada Vinegars
Jan
2c
Feb
Canadian Marconi
1
7%
25
7H
Feb
40
25
Jan
Feb
15X
JaD
1.00
Jan
1.40
Feb
Consolidated Paper
*
7
1,810
6*
Feb
8*
60
60
20
40
Jan
60
Mar
12*
25
12
Feb
15
Feb
7
26
Jan
Corrugated Box pref.. .100
60
Jan
DeTTftvlllftnd
6*
Jan
Disher Steel pref
*
12
12
20
12
23 He
Feb
37*c
Jan
Dominion Bridge
*
37*
38
225
37
2 He
Feb
3c
Jan
Foothills
•
525
Feb
Feb
61
21H0
69
*
73 X
,3,300
1,087
Feb
78 H
Jan
Klrkland-Townslte..
6Hc
3,000
5*c
Jan
6*c
Feb
51Hc 51Hc
700
51c
Feb
55c
Jan
Langley's pref
Mandy
73
6c
1.45
60c
73
60c
Feb
75c
Feb
Montreal Power
3*
Feb
4
Feb
1
1.40
Feb
1.81
Jan
Pend-Orellie
1
*
1.12
1.10
1.15
4,820
1,800
1.30
Okalta Oils
1.08
Feb
1.29
Jan
Robb-Montbray
1
25c
24c
25c
11,671
24c
Feb
34o
Jan
R ogers Majestic A
4
4
Jan
4H
Jan
Shawlnlgan
8 X
8%
100
7
Jan
9
Feb
Temlskamlng
53c
53c 59 He
15,800
35c
Jan
61c
*
15,000
5c
Jan
6*0
Page-Hersey
*
Porcupine
Partanen-Malartlc
107
7c
j...l
36c
Perron Gold
1
1.90
Photo Engravers
*
Pickle
Cons
Crow
1
75
6c
3
107 H
82
1.75
1.91
5,025
1.75
Feb
2.35
Jan
6*c
1.84
1
Paymaster
5c
5*c
...1
-
30*
30*
496
30*
Mar
31*
Jan
35
30*
35
35
Feb
4,395
1.75
Feb
3,000
He
Feb
*c
Feb
135
2*
Jan
3*
Feb
20*
*c
3*
20 H
7c
1,200
5c
Jan
10*0
Jan
6*c
7Hc
42,000
19,050
1,715
4c
Jan
8Hc
Feb
53c
Jan
1.90
Feb
18H
Jan
35c 39 H c
1.90
1.95
19H
3.85
.1
125
20*
Feb
24
Jan
6c
6Hc
3,000
6c
Feb
8HC
Jan
6 He
Jan
45
_
Jan
35c
*
Mining.
3.85
20*
3.95
4,570
107
Jan
3.75
Jan
111
2.12
24
Jan
Industrial and Public
Bid
Abltibl P A P&P ctfs 5s 1953
4.25
Jan
AJ berta Pao Grain 6fl
Algoma Steel 5s
-
48
Ask
Gen Steel Wares 4Hs_1952
80
82
Ot Lakes Pap
Co 1st 6s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
76
78
85
87
1961
71
73
-1946
79
81
2.25
3,310
2.05
Feb
2.25
Feb
.1948
84
86
1.44
1.25
1.45
18,750
1.13
Feb
2.18
Jan
Beauharnols Pr Corp 5s '78
78
80
10 H
10 H
175
10 X
Jan
11*
Jan
British Col Pow 4*8-1960
79 H
80H
2.12
Bid
Ask
50
10*
2.14
March 1
(American Dollar Prices)
Jan
Feb
Utility Bonds
Closing bid and asked quotations, Friday,
*
1
2.35
Jan
1.85
l
Gold
Feb
25
*c
3H
Powell Rou
Corp
5
1.76
1.80
Power
Pioneer
Jan
Feb
13Hc
Feb
*
Pamour
Pandora-Cad llac
15c
20
Feb
Feb
*
Pacalta Oils
Feb
20
Jan
Jan
Jan
Feb
♦
8*
10c
1.05
9c
1
Omega
Orange Crush
Orange Crush pref
40
600
10c
OntarioSilknit pref-,. .100
*
45
14
Jan
Feb
1,000
20
Feb
75c
Jan
10c
*
50
700
10c
10c
20
100
100
4
79c
79c
1
.
_
Jan
115
1.25
1.25
37,450
2*c
15c
High
5
Feb
300
12
11*
61
63*
23He 25*c
60c
*
Low
4*
11*
~
Jan
3X
1.30
Oro Plata
100
3,000
*
O'Brien
Range Since Jan. 1, 1940
for
Week
Shares
12H
12
-
8
.
5
5
*
lc
26
of Prices
High
Low
Jan
4,500
...5
Preferred
46
184
50,350
6c
*
North Star.....
Feb
2c
2*c
1
Canada
Sale
Par
Stocks—
Feb
H
official sales lists
Sales
Week's Range
15c 16 He
...»
Norgold
Jan
Last
Jan
93 He
6c
7*
...*
Northern
9c
Feb
5)4c
26
20
25c
Newbeo
182
Feb
70C
Exchange—Curb Section
Friday
l)4c
5*c
..1
National Grocers
44)4
182
7 Ho
99 X
March 1, both inclusive, compiled from
Feb
7)4c
Feb. 24
Feb
64 X
99*
Toronto Stock
Feb
1.33
99
Moore
Jan
Jan
64
.1
I9Ho
9,200
Bonds—
1.35
100
Moneta
23c
21c
—*
9)4c
Monarch Knitting pref. 100
Monarch Oils
Jan
10
Wood (Alex) pief
Wood Cadillac
44c
*
Preferred
1.30
1.30
Jan
1,400
2
2
..100
1.28
*
Mining Corp
Feb
22*c
*
9)4c
5
Exploration
Mercury Mills...
96
.100
45c
1.28
1
McWatters Gold
60
51*
96
Preferred
Jan
Preferred
5HB
Premier
1
1.27
1.25
1.31
2,500
1.25
Feb
1.42
Jan
Brown Co lst5Hs
1946
42
44
Pressed Metals
*
10 *
10 X
11H
1,313
10
Feb
12 H
Feb
92
94 H
1
2.05
2.05
2.14
17,363
1.98
Feb
2.38
Jan
Calgary Power Co 5s..1960
Canada Cement 4*s_1951
80
82
Maple Leaf Milling—
2*s to '38-6 Hs to '49
60
62
36c
36c
500
36c
Feb
42c
Jan
Canada SS Lines 5s
1957
75
77
Massey-Harrls 4 Hs—1954
75
77
37c
370
600
36c
Feb
57c
Jan
Canners 4s. 1951
80
82
Minn A Ont Pap
35*
36*
20
26 X
FeD
28
Jan
Canadian Inter Pap 6s 1949
86
87
McColl-Front Oil 4*8 1949
80
82
3,200
4Hc
Feb
6Hc
Jan
Canadian Vlckers Co 6s '47
55
57
Jan
Consol Pap Corp—
N Scotia Stl A Coal 3 Hs '63
67
69
50 H
52
of Can 4 *s'69
86
88 X
Price Brothers 1st 5s. .1957
77
79
S0H
81H
Preston
E Dome
Quebec Mining.
Reno Gold
1
Riverside Silk
Roche L L
Royal
27
—1
100
Bank
Royallte Oil
*
.1
St Anthony
St Lawrence Corp
1
Sand River
27
4*c
4*c
185
188
Jan
190
180
115
33
Feb
36 H
Jan
15c
6,100
13c
Feb
21c
Feb
4H
2.25
87
33 X
13*c
33
*
San Antonio
4*c
187*
27
4H
70
4H
Feb
5*
Jan
Dom Gas A Elec 6HS-1945
84 H
86
2.16
2.30
16,270
2.16
Feb
2.50
Jan
Dom Steel A Coal 6
88
90
10c
* s 1955
Dom Tar A Chem 4 *s 1951
Donnacona Paper Co—
80
82
1966
80
84
1956
66
68
4-5s series A
1965
62 H
63 X
4Hs..l951
79
81
4-5s series B
1965
51H
53)4
1949
78
80
33
1
8c
8c
Feb
15c
Jan
34c
Feb
57c
Jan
1.07
Feb
1.24
Jan
1961
5Hs ex-stock
1
98c
95c
1.00
4,100
16,300
3,000
11,929
95c
Feb
1.18
Jan
Famous Players
Sigman Mines, Quebec...1
Silverwoods
7.55
7.55
8.10
648
7.55
Feb
8.70
Jan
Federal Grain 6s
6%
335
5H
Jan
46(\
6%
Feb
Power Corp
Quebec Power 4s
Saguenay Power—
4Hs series B
Feb
7*
7*
7*
Senator-Rouyn
1
37c
Sheep Creek..
50c
1.11
Sherritt-Gordon
Sllverwoods pref...
..
—
6s—1945
'34c 40 He
1.07
6
7*
7
.
1.13
Feb
4s
*
-
No
par
value.
/ Flat
1962
Winnipeg Elec—
price,
n
Nominal.
Volume ISO
The Commercial & Financial Chronicle
Quotations
New York
Bid
a2%s July
15
1969
a3a
Jan
1
Feb
1
1979
a3%s
a3%s
a3%s
a3%s
o3%s
98
1
May
Nov
1
1954
1
a4s
May
1
1957
Nov
1
1958
a4s
May
May
1
1959
1
1977
o434s May
1
116M 1
107 M
107 M
o4 Ha Nov
1
1957
1957
o434a Mar
107 M
1
1963
a4 J4a June
1
1965
o4^s July
o434s Deo
1
15
1967
1971
120% 122
121M 123%
o434s Dec
1
1979
124% 12634
Triborough Bridge—
1
1980
1
1960
1
1962
115
1964
1966
15
1972
1
1974
15
1976
Apr
June
Feb
8M
116% 118 34
119
120 M
119 M 121%
Oct
1
120 M
119M 121%
Sept
Mar
1
119
1981
a 4a
Mar
15 1978
1
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
Apr
Ask
118% 120 %
a4348 Mar
111M 112M
111% 113
113M 115M
114M 116
114M 116 M
a 48
a4%s Nov
1977
104 M 105 M
111
H2M
1960
15 1976
a 4a
1
99 M
102
100 M
103
1954
1
Mar
New York Bank Stocks
Bid
a4%s Jan
106 M
1975
Jan
95 M
99 M
103
July
Securities—Friday Mar. 1
City Bonds
Ask
94 M
98
1977
a3s
Over-the-Counter
on
116M
115M 117M
115M 117 M
117
118M
117M 119M
118M 120
New York City Parkway
Par
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
Bid
Bensonhurst National—.50
75
Chase
34 M
3 Ms revenue 1944
61.50 less
13.55
Commercial National.. 100
62.50 less
f revenue 1977
.100 770
First National of N Y..100 1915
Merchants Bank
100
108
3s serial
6.90 less 34
63.35 lessM
101% 102
1953-1975.. 62.55%
97%
rev
2Mb serial
rev
191
Ask
40
44
29M
30
12
14
City
12 M
National Safety Bank. 12 M
100
36 M
Bid
National
Penn Exchange
M
10
14
50
47
55
17 M
32
34
Sterling Nat Bank & Tr 25
26
28
Peoples National
16
800
1955
118
Chicago &, San Francisco Banks
1980
1945-1952
Par
& Trust..
4s serial revenue 1968
f revenue
Par
National Bronx Bank...50
18 M
50
Bid
Ask
American National Bank
113
4s serial revenue 1942...
8
Ask
Public National
1
334s
186
Fifth Avenue.
1
3 Ms revenue 1949
8
17M
40
112
Authority 3 Ms 1968
4s
1413
61.50
100
Continental
209
Par
Bid
Harris Trust & Savings. 100
Northern Trust Co
100
220
Ask
299
310
563
575
35
37
Illinois Natl
Bank & Trust
33 1-3
First National
100
88 M
244
91
SAN FRANCISCO—
250
Bk of Amer N T & S A 12 M
2.50%
New York State Bonds
Bid
Ask
Bid
3s 1974
62.15 less
1
3s 1981
62.20 less
1
Canal & Highway—
5s Jan & Mar 1964 to '71
4Ms April 1940 to 1949.
Highway
62.35
61.20
Improvement—
4s Mar & Sept 1958 to *67
Canal Imp 4s J&J '60 to *67
Highway Imp 4%s Sept *63
Canal Imp 4Ms Jan 1964..
141
141
138
...
Barge C T 4Ms Jan 1 1945.
Specialists in insurance Stocks
131M
114%
...
Can & High Imp 4%s 1965
Vermilye Brothers
Ask
World War Bonus—
131M
30
BROAD ST.,
N. Y. CITY
HAnorer-2-7881.
Port of New York
Bid
Gen & ref 4s Mar 11975.
Gen & ref 3d ser 3 Ms '76
Gen & ref 4th
107
Gen & ref 3Ms
108
1942-1960
99 M 100M
103
104 M
1977
Bid
Holland Tunnel 4Mb ser E
1940-1941
M&S
103 M 105
3s 1976
ser
Authority Bonds
Ask
Port of New York—
M&S
Inland Terminal
4Mb
108 M
Aetna Cas & Surety
Aetna
10
10
Aetna Life
il/&S
1942-1960
Par
...
6.25
Jf&S
...
108 M
5s
Apr
Feb
32
34
79
82 M
24
25M
Jersey Insurance of N Y.20
19M
21 M
Knickerbocker
5
5
10
5Ms Aug
1941
115
7M
2M
xl3M
9
10
M
20
72
46
9%
Lincoln Fire
5
14%
Maryland Casualty
1
67 M
25M
Mass Bonding & Ins.. 12M
Merch Fire Assur com
5
July 1952
116M 118M
5s
July 1948 opt 1943.
110
112
10%
2H
51
...10
23 %
American Surety..
25
48 M
50 M
35
37
National Casualty
National Fire
2M
Bankers & Shippers.
7M
53
7%
8%
10
61 %
30%
63%
2
25
102
104M
National Union Fire
629
639
5
Camden Fire
49
27 M
National Liberty
8M
3%
70%
10
100
New Amsterdam Cas
New Brunswick
....
Boston
3
2
Merch & Mfrs Fire N Y..5
10
Baltimore American
4 Ms
21 M
.
71
43 %
■
49
Automobile.
Ask
121
Govt of Puerto Rico—
100 M 101M
117M 119
107 M
106
34%
2M
l
Ins Co of North Amer... 10
10
Ask
32 M
10
25
122
114
1952
Bid
5
Home Fire Security
Homestead Fire
American Reserve
Bid
U S Panama 3s June 1 1961
1955..
6s
Home
54 M
American Re-Insurance. 10
Ask
118
Par
132
52 M
..10
American of Newark
Bid
128
Companies
Ask
American Alliance
American Equitable
American Home
United States Insular Bonds
Philippine Government—
4Mb Oct
1969
4Mb July 1952
Rid
Agricultural
ser D
1940-1941
Insurance
Ask
6.25
Teletype N. Y. 1-894
7M
8M
20
135
140 M
2
15
16M
37%
50%
17%
4%
117M 119M
112M
Ask
3s 1055 opt 1945
3s 1956 opt 1946
J&J
J&J
105 M
105 M
105 M
105 M
—
3s 1956 opt 1946
M&N
105 M
Bid
Ask
105%
3Ms 1955 opt 1945..M&W
106 M
4s 1946 opt 1944
111 M
J&J
29M
30%
10
24M
25 M
10
27 M
29
Northern
.5
2M
36 M
38 M
North River
1M
2M
50 M
52 M
Pacific Fire
25
128
131
103 M
111M
11
Phoenix
10
82
86
53
Preferred Accident
5
16
18%
5
Eagle Fire
Employers Re-Insurance 10
Excess
7
5
Federal
9%
10
51
Fidelity & Dep of Md...20
127
Fire Assn of Phlla
10
Fireman's Fd of San Fr.25
10
8
48 %
5
Northeastern
Burlington 5s
/14
16
4Ms
Chicago 4 Ms
/14
/2M
/2M
/2M
16
5s
5 Ms
Providence-Washington .10
Reinsurance Corp (N Y) .2
34M
70 M
95M
9M
98
Republic (Texas)
25%
10 M
33 M
Revere (Paul) Fire..... 10
Rhode Island
5
Denver
3§
100
First Texas of Houston 6s
First Trust of Chicago—
100
4 Ms
•
mom —
69
98 M
Lafayette 5s
-
-
—
—
~
-
'
mmm
100
4 Ms
99 M
27
29
Seaboard Surety
Glens Falls Fire
5
43 M
45 M
83
Globe & Republic.
5
Globe & Rutgers Fire... 15
2d preferred
15
121
20 M
22 M
Security New Haven
10
Springfield Flre& Mar..25
Stuyvesant
5
5Ms
3
4
72
75
Sun Life Assurance
100
290
340
Great American
27M
29
Travelers
100
465
475
79
Montgomery 3Ms
99
New Orleans 5s.
99
99
M
100 M
100
5
10M
11 %
39
36%
Great Amer Indemnity
Halifax
13
U S Fidelity & Guar Co. .2
16M
18M
U S Fire
51%
Hanover
10
27 M
28
U S Guarantee
Phoenix 4Mb
5s
102
104
Hartford Fire
10
86
89
103
105
Hartford Steam Boiler.. 10
62
64
St Louis 4 Ms
5s
/21
/21
125
23
10
100
23
99
M
23
.
1
11
%
4
10
Westchester Fire
24%
53%
74
2.50
77
33%
35%
:
•'
1
/12
14
Southwest 5s
83
86
Union of Detroit 2Mb
99
Virginian 2s
...
Obligations of Governmental Agencies
100
Southern Minnesota 5s
'
Virginia Carolina lMs
'
99 M
99 M
''mm*
...
Bid
Ask
Commodity Credit Corp—
%%
Aug
1 1941 100.20 100.22
1%
Nov 15 1941 101.10 101.12
28
Dec
Apr
Par
Ms
Bid
Ask
Atlanta
80
90
New York
100
2
6
Atlantic
46
50
North Carolina
100
90
100
150
160
Pennsylvania
100
31
1 1943 102.18 102.24
Potomac
100
105
95
100.4
Corp—
Nov
M%
1%
101.2
101.4
1 1941 101.3
101.5
Jan
July
15 1942 101.5 101.7
11942 101.19 101.21
U 8 Housing Authority—
1M% notes Feb 1 1944.. 102.21 102.24
115
100
1943—
Call May 16 '40 at 100M 101.18 101.22
IMS Jan 3 1944—
Call July 3 '40 at 102
101.8
101.12
15 1940 100.2
%% notes July 20 1941
M%
36
San Antonio
May
Ms
May 15 1941 100.19 100.21
Reconstruction Finance
*
Federal Natl Mtge Assn—
2s May 16
Ask
Bid
Home Owners' Loan Corp
1 1940 101.10 101.13
2s
Joint Stock Land Bank Stocks
Bid
37
34M
10
/41
Federal Home Loan Banks
Par
9
7%
Oregon-Washington 5s
San Antonio 3s
•a
99
Iowa of Sioux City 4%s__
Gibraltar Fire & Marine. 10
83
10
->
•
69
SMs
5
245
.
69
5s
Seaboard Fire & Marine. .5
3M
Pacific Coast of Portland 5s
-
100
Illinois Midwest 5s
29
27%
26%
240
83
'
100
Fletcher 3 Ms
Fremont 4%s
St Paul Fire & Marine..25
Georgia Home
New York 5s
99 M
4%s
45 M
79
North Carolina lMs
First Carollnas 5s
31M
43 M
27
8%
26%
79
5s
100
5
M
36%
7
10
5
Ask
Bid
Lincoln 4Mb
3M
3M
3M
27
126M 132
69
Franklin Fire
Bank Bonds
Ask
106
25M
National .25
General Reinsurance Corp 5
Bid
3M
102
...2.50
Firemen's of Newark
Joint Stock Land
16
__5
12.50
Northwestern
128M
35%
10
New Hampshire Fire
New York Fire
...
Federal Land Bank Bonds
Bid
23
10
City of New York
City Title
Continental Casualty
111M
Conversion 3s 1947
21
Carolina
Connecticut Gen Life
U S conversion 3s 1946
Hawaii 4 Ms Oct 1956
Dallas
Denver
45
Des Moines
100
56
First Carollnas
100
8
Fremont
66
...
1M
Lincoln.
3M
100
3
Virginia
5
105
2M
2M
FHA Insured
6
Virginia-Carolina
100
100.
106
Mortgages
Offerings Wanted—Circular
on
Request
Federal Intermediate Credit Bank Debentures
Bid
% % & 1% due Mar
1% due
Apr
1 1940 6 .20%
1 1940 6 .20%
1 1940 6.20%
Ask
Bid
6
M%&1% due July
.25%
Aug
Sept
Oct
1 1940
Dec
New York Trust
Bankers
Par
Bid
100
.
Bank of New York
437-
10
due
61M
Irving
Brooklyn..
82
23 M
87
100
Guaranty
18 M
Central Hanover
20
105 M 108 M
51
63
Bid
195
12
Kings County
Lawyers
Preferred.
20
50
31
38
New York
25
10
12
Title Guarantee & Tr. ..12
1660
100% 102
102% 104
4%s
5s
Delaware 4 Ms
101
District of Columbia 4Mb.
101M 102 M
Florida 4Mb
101
Georgia 4M8._
101
102
102 M
25
29
32
41M
Illinois 4%s
102%
101M 102%
54
Indiana 4%s
101
102
Louisiana 4Ms
101
Maryland 4 Ms
112M 113 M
3
Continental Bank & Tr.10
13M
15%
Trade Bank & Trust..
10
1G
Corn Exch Bk & Tr
20
54
55
Underwriters
100
80
10
11 %
12 M
United States
100 1675
13 M
Arkansas
102
52
Empire
page 1416.
Asked
101
39M
Manufacturers.
Clinton Trust
see
301
M
1620
25
Ask
210
296
Colonial Trust
For footnotes
FHA Insured Mortgages
Alabama 4 Ms..
Par
59 M
Chemical Bank & Trust. 10
Telephone: WHitehall 3-6850
Bid
Fulton
—
FISCHER
Street, New York, N. Y.
...
Companies
Bronx County new
........100
6.30%
2 1940 6. 35%
Ask
447
44 Wall
11940 6.25%
1 1940 6.30%
3 1940 6 .30%
M% due
—
%% due
%% due
M %
%% due
May
M% & 1% due June 1 1940
WHITEHEAD &
Ask
4
Bid
Minnesota 4Ms
Asked
101
102 M
New Jersey 4Ms
101
103
New Mexico 4Ms
N Y (Metrop area)
101
102
101
102
4%s__
New York State 4%s
North Carolina 4%s
_.
Pennsylvania 4Mb
Rhode Island 4Mb
101M 102 M
101M 102 M
10 2 M 103 M
12
Massachusetts
Michigan 4Mb.
4 Ms
103
102
101
90
102
101
102
South Carolina 4Ms
Tennessee 4Ms
102
Texas 4Ms
101M 103
102
103%
Virginia 4Ms
West Virginia 4Mb
101
102
101
102
101M 102%
101M 102 M
1725
A servicing fee from
M% to M% must be deducted from Interest
rate.
The Commercial & Financial Chronicle
1414
March
1940
2,
Quotations on Over-the-Counter Securities—Friday Mar. 1-Continue j
Railroad Bonds
Ailed
Bid
Guaranteed Railroad Stocks
.1945
Mjrmktrt J\(rw York Stotk
Dukn la
773*
493*
51
.1944
Cambria & Clearfield 4s
Tel. RE ctor
46
483*
.1955
—
100
.1956
57
60
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal & Valley ^8
2-6600
STOCKS
S Sine* 1859
.1951
75
79
103
.1961
112
.1951
33 3*
34 3*
78
79
1946
50
523*
.1953
58
1960
(Guarantor In Parentheses)
Illinois Central—Louisville DIv A
Indiana Illinois & Iowa 4s
100
6.00
10.50
121
753*
126
70
73
50
2.00
303*
323*
8.76
83
853*
Boston A Providence (New Haven)
100
8.50
17
22
Canada Southern (New York Central)
100
3.00
353*
39
5.00
6.00
86
87?*
66 3*
76 3*
78?*
50
2.00
47
.50
25
2.00
.100
5.50
155
47 3*
58
9.00
(Pennsylvania)
Fort Wayne A Jackson pref (N
Y Central)
453*
63
■
•
««.««•
4.00
41
50.00
650
800
3.875
28
30
5.00
54 3*
57 3*
-50
Morris A Essex (Del Lack A Western)
New York Lackawanna A Destern (D LA W)— .100
433*
91
4.00
89
38
413*
1.50
43
45
3.00
50
83
Preferred
(Pennsylvania)— .100
.100
(DLAW)
.100
Valley (Delaware Lackawanna A Western)
Vicksburg Shreveport A Pacific (Illinois Central). .100
United New Jersey RR A Canal
Utica Chenango A Susquehanna
»
«
1013*
1043*
105
*
1733*
1633*
176 3*
6.64
653*
New York Philadelphia A
-
3.00
67
136
10.00
241
.503*
5.00
63
-
-
United New Jersey Railroad A
-
91
713*
Washington County Ry 33*8
48
60
613*
Virginia A Pittsburgh 4s
West
*
American Arch
*
A com...*
59
62 3*
Amer Bemberg
66
2d
Ail
62.60
63.25
33*8 Deo 1 1936-1944..
63.00
2.00
1.25
62.25
St Louis 4?*s
2.00
61.85
1.75
New York New Haven A
63.75
3.00
62.00
62.75
2.00
62.25
Hartford 4>*s
1.25
1.50
.
62.25
1.75
61.80
1.50
3.75
99 H
0.50
3.75
64.50
0.50
61.00
2.00
64.50
5s
61.00
1.20
63.00
Northern Pacific 43*s
Pennsylvania RR 43*s
61.75
100 3*
4s series E due
Jan & July 1937-49
2 Ha series G non-call
Dec 1 1937-50
62.00
Reading Co 4>£s
63.75
4^gs_
58
3.00
1.50
3.00
63.75
Denver A R G West
t
1.50
61.85
Pere Marquette 43*s
Chicago R I A Pacific—
Trustees' ctfs 33*s
St Louis-San Francisco—
48
63.00
0.50
63.00
2.25
43*s
2.25
61.00
Erie RR 4?*8
Great Northern 4?*s
63.00
2.25
St Louis Southwestern 5s__
62.40
1.75
Southern Pacific 43*s
61.90
1.50
62.00
1.50
62.00
1.50
62.00
1.50
Hocking Valley 5s
Illinois Central 43*8
62.25
0.50 Southern Ry 43* s
1.50
Internat Great Nor 43*s.
62.75
2.00
61.00
Texas Pacific 4s.
43*9
62.75
1.00
Maine Central 5s
62.75
Missouri Paclf
62.50
2.00 Western Maryland 43* s.
1.75 Western Pacific 5s
62.50
1.75
4?*&
6s
c
43*s
Maize
Products..
Arlington Mills
Armstrong Rubber A
61.00
Virginia Ry 4?*s.
0.50
61.75
1.00
63.75
3.00
100
100
*
Art Metal Construction. 10
17?*
12 3*
243*
Petroleum
1
3*
26
Petroleum Heat A Power. *
23*
75
Pilgrim
23*
243*
27
Pollak
Exploration
1
Manufacturing...^
57
61
Postal Telegraph System
19
4% preferred w 1
60
Remington Arms com
♦
Safety Car Htg A Ltg...50
17
Botany Worsted Mills cl A6
$1.25 preferred
10
2H
Buckeye Steel Castings..*
1
19?*
Chic Burl A Qulncy—100
38
Members New York Stock Exchange
New York Curb
16
284
Conversion
Scovill
53*
213*
23*
41
5
IX
Solar Aircraft
.
*A
3?*
3
113*
133*
73*
43*
SX
53*
59
613*
29?*
31?*
1433* 1463*
2
3
53*
73*
3?*
4?*
x373*
403*
3X
43*
Standard Screw
20
6X
63*
Stanley Works Inc
25
73
77
103*
123*
Sylvania
*
21
23
Tam pax Inc com
63?*
25?*
66?*
27?*
Tennessee Products
*
com—10
61
64
Time Inc
*
Devoe A Raynolds B com *
20
22
Trico Products Corp
*
33?*
35?*
Dictaphone Corp
*
Dixon (Jos) Crucible—100
Domestic Finance cum pf.*
363*
393*
Triumph Explosives
2
33*
4?*
263*
303*
United Artists Theat com. *
1?*
29
32
3*
H
*
733*
76?*
United Piece Dye Works. *
Preferred
100
33*
4 3*
Farnsworth Telev A Rad.l
2?*
3?*
573*
59?*
19?*
21?*
$1 cum preferred
8 tromberg-Carlson
$3 conv pref
CroweU-CoJiier
.*
*
Pub
Dentists Supply
Draper Corp
*
Federal Bake Shops
30
Preferred
Foundation Co For Bhs
American
83*
*
shares
10
*
3*
2 3*
Steel
Veeder-Root Inc
7%
3*
33*
$3
cum
preferred
Wickwire Spencer
*
Steel..*
16
Wilcox A Gibbs com
203*
Worcester Salt
50
2
29
303*
1
4
5.3*
*
33*
53*
100
Machine Tool
Humor Corp
423*
47
39
413*
42
45
5
93*
13*
103*
1?*
29
28
30
Lawrence Portl Cement 100
143*
163*
?*
3*
8X
93*
3
100
6s_.1961
.I960
3?*S
Blaw-KnoxCo 33*s
.1950
Brown Co 53*8 ser A.. 1946
Carrier Corp 43*s
1948
Comml Mackay 4s w i. 1969
Deep Rock Oil 7s
Mallory (P R) A Co
»
Corp...l
5
3*
92
52?*
583*
100
101?*
1950
1945
/933*
95?*
Minn A Ont Pap 6s
/353*
37?*
1946
/26
283*
47
483*
Nat Supply 3?* 8
19 "4
* NY World's Fair 4s. 1941
4?*
243*
-53*
Old Ben Coal Inc 6s w-s.'48
25?*
Scovill
5s
483*
Woodward Iron 1st 5s. 1962
National Casket
16
20
*
44
503*
Nat Radiator
11?*
1945
1950
2d
conv
income 5s.. 1962
~
283*
30
34
363*
1083* 109?*
993* 1003*
West Va Pulp A Pap 3s '54
116
IOC
90
McKesson A Rob 53*s
1?*
463*
/42
/563*
173*
100
preferred
_
101
15?*
$6
98
100
1937
Stamped
Mfg 53*s
Skelly Oil 3s.
preferred
*
Merck Co Inc common.. 1
conv
83*
43*
273*
713*
....
Inspir Consol Copper 4s '52
Libby McN A Libby 4s '55
123*
553*
12?*
54
253*
/69
1965
3*
*
100
63*
7 X
43
113*
Ley (Fred T) A Co
i'x
24j*
53*
Bonds—
Amer Writ Paper
Beth Steel 3s
27
23*
223*
*
preferred
7%
7?*
2?*
164
1083*
13*
100
York Ice Machinery
Graton A Knight com
13*
100
preferred
49
47
Giddlngs A Lewis
$3
6?*
160
West Dairies Inc com v t c 1
193*
McKesson A Robbins
6?*
*
com
153*
Marlin Rockwell
26?*
6
*
common
Corp com *
Long Bell Lumber
$5 preferred
53*
253*
1
Fire Extinguisher...*
Good
43*
*
Corp
Welch Grape Juice com 23*
30
23
*
Garlock Packings com...*
Gen
Indus
47
45
Taylor Wharton Iron A
Consolidated Aircraft—
—
ST.. N. Y.
WHitehall 3-0770
Bell Teletype NY 1-1642
12?*
173*
295
1
Muskegon Piston Ring.23*
ONE WALL
113*
*
Co
Manufacturing..25
Singer Manufacturing. 100
Singer Mfg Ltd
£1
Skenandoa Rayon Corp..*
*
1
King Seeley Corp com
1
Landers Frary A Clark..25
New York Coffee & Sugar Exchange
*
Corp..25
10
:
preferred
Kildun Mining Corp
Exchange (Associate)
Pharmacal
Ohio Match Co
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Columbia Baking com—*
Chilton Co common
$5
1832
173*
70
H
3H
Interstate Bakeries com..*
founded
23*
383*
18?*
22X
83*
Harrlsburg Steel Corp
Lawrence Turnure & Co.
20
363*
Peosl-Cola
X
Preferred
Sugar Securities
173*
*
41X
Great Lakes SS Co com..*
We Maintain Markets In Unlisted
3?*
50
5% preferred
Pan Amer Match
Great Northern Paper..25
5s
2?*
Norwich
73*
Cessna Aircraft—i
Asl
103
100
Nat Casket pref
*
Nat Paper A Type com... 1
33*
43?*
10
com
B d
Par
.
133*
123*
23*
Bankers Indus Service A. *
Gen Machinery
2.00
62.00
Long Island
33*
163*
123*
series
Autocar Co
43*s
5s
Canadian Pacific 43*s.._
Asl
40
23
5% conv pref 1st ser._10
Amer
2.25 New York Central 43*s
2.25 New York Chicago &
Cent RR New Jersey 43*8
Chesapeake A Ohio—
43*8
Chicago A Nor West 4~3*s
Chic Mllw A st Paul 43*8
2%
37
New Britain Machine
American Mfg 5% pref
Bid
58
Bid
American Cyanamld—
0.75 New Orleans Tex & Mex
3.00
95
105
Canal 33*8.
44
62
Asl
3.00
98
703*
5.00
Equipment Bonds
63.75
■
1093*
Vermont Valley 4?*s
Co 5% pflO
*
American Hardware
25
63.75
99 3*
Toronto Hamilton A Buffalo 4s
American Enka Corp
6s
1063*
1083*
Amer Distilling
Canadian National 4?*s_
1942
....
Toledo Terminal 4?*s
56
4?*s
75
70
Terre Haute A Peoria 5s
Par
-
273*
2.00
80
Providence A Worcester 4s
Alabama Mills Inc
54
25
•
'
87?*
86?*
Tennessee Alabama A Georgia 4s
246
6.00
53 3*
63.25
1053*
118
Industrial Stocks and Bonds
3.00
63.00
62
58
103 3*
1941
,
»
3.60
Boston & Maine
90
1947
140
Western)
(Penn-Reading)
Baltimore A Ohio 4 3*8
41
37
Pennsylvania & New York Canal 5s extended to.
71
6.00
-
Warren RR of N J (Del Lack A
Bid
143*
/13
Philadelphia A Reading Terminal 5s__
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
1343*
•
West Jersey A Seashore
61.25
99 3*
98 3*
.1948
.....
1003*
97
.2000
Norfolk 4s
New Orleans Great Northern income 5s
5.00
Atlantic Coast Line 43*s_
1003*
.1940
68 3*
6.00
7.00
Preferred.
Railroad
113
Vicksburgh Bridge 1st 4-6s..............
-
7.00
Pittsburgh Fort Wayne A Chicago (Penna) pref— .100
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
Rensselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)—
Second preferred
.100
Tunnel RR St Louis (Terminal RR)
1013*
.1960
Toledo Peoria A Western 4s
4.50
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
.1950
Memphis Union Station 5s
Norwich A Worcester 43*s
62
.100
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)— .100
Michigan Central (New York Central)
Delaware
Kansas Oklahoma A Gulf 5s
Louisville & Nashville 33*0
New York A Hoboken Ferry 5s
6.00
61
99
.1978
New York A Harlen 33*s
3.50
C L)_. .100
pref (N Y Central). .100
Carolina Cllnchfleld A Ohio com (L A N-A
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock
64
573*
98
1950
....
—
New London Northern 4s
1(M)
1(M)
Terminal 33*8..
4s
72
100
Central)
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Rocb A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Ailed
Bid
Par in Dollars
Alabama A Vicksburg (Illinois
....
.1945
Hoboken Ferry 5s
Dividend
—
61
593*
.1995
Connecting Railway of Philadelphia 4s
Cuba RR improvement and equipment 5s
Florida Southern 4s
Guaranteed Railroad Stocks
Cleve Cin Chicago A St Louis
'
Chicago Indiana & Southern 4s
GUARANTEED
NEW YORK
753*
1940
43*8
120 Broadway
553*
.1943
Boston & Albany 43*s_
Boston & Maine 5s
Extksngt
44
54 3*
Baltimore & Ohio 4s secured notes
3oscpb CUalker $ Sons
43
/413*
/4134
.1945
Akron Canton A YoungBtown 53*s.
-
—
106
111?* 1143*
Sugar Securities
Telephone and Telegraph Stocks
Bonds
Bid
Antilla Sugar Estates—
6s
....1951
Ail
/24
26
5
Eastern Sugar Assoc com.l
/64
/4
/27
66
Punta Alegre Sugar
Caribbean Sugar 7s...1941
Haytian Corp 8s
1938
New Niquero Sugar Co—
33*s
1940-42
26
53*
29
Bid
8H
93*
Ail
93*
10
1
28
30
Corp.*
Savannah Sugar Refg
1
Vertientes-Camaguey
Sugar Co
5
West Indies Sugar Corp-.l
11
Bid
Am Dlst Teleg
Preferred
(N J) com.*
100
12
Preferred
1947
Par
Cuban Atlantic Sugar
B&raqua Sugar Estates—
6s
Stocks
33
35
33*
4
8X
8H
of Canada. . . 100
Bell Telep of Pa pref—100
Cuban Teleph 6% pref. 100
Bell Telep
see page
1416.
Ask
107
Par
New York Mutual Tel..25
Atl Telegraph
116?* 117?*
Pac A
130
135
Peninsular Telep com
Preferred A
123
53
57
Bid
Asl
18
125
26
333*
35
25
303*
32
100
114
Telegraph
25
Sou New Eng Telep
100
Wisconsin Telep 7 % pf. 100
167
45
100
Int Ocean Telegraph—100
Mtn States Tel A Tel.. 100
163*
25
*
Rochester Telephone—
$6.50 1st pref
Tel..100
Emp A Bay State
Franklin Telegraph
For footnotes
103
73 3*
137
So A Atl
...
141
183*
118
203*
1703*
Volume
The Commercial & Financial Chronicle
150
Quotations
Public
Over-the-Counter Securities—Friday Mar. 1—Continued
on
Investing Companies
Utility Preferred Stocks'
Bought
Sold
•
1415
Par
Admlnis'd Fund 2nd Ino. *
Quoted
•
Aeronautical
Securities...
Bid
Par
Ask
12.03
12.30
8.01
9.80
Investors Fund C
1
Bid
10.46
Keystone Custodian Funds
Series B-l
20.53
Series B-2
21.41
Amer Business Shares
3.14
3.46
Series B-3
13.73
Amer Foreign Invest Inc..
Amer Gen Equities Inc 25c
7.50
8.25
Series B-4
0.36
.33
.38
Series K-l
14.38
Corp*
3?*
3?*
Series K-2
Assoc Stand Oil Shares...2
4?*
5?*
Series S-2
13.68
Series S-3
9.69
Affiliated Fund Inc
♦Amerex Holding
Jackson & Curtis
ESTABLISHED 1879
1 ?*
Corp..*
Am Insurance Stock
Principal Stock and Commodity Exchanges
Members
Bankers Nat
New York City
115 Broadway
3.39
15
3.71
16?*
9.76
3.88
Series 8-4
Investing—
Class A
7?*
8?*
Manhattan Bond Fund Inc
6.65
5% preferred
3?*
4?*
Maryland Fund Inc.—10c
3.80
Basic Industry Shares.. 10
Boston Fund Inc
Teletype N. Y. 1-1600
BArclay 7-1600
15.33
British Type Invest A...1
Broad St Invest Co Inc..5
Tel.
1
20.49
Mutual Invest Fund... 10
10.50
Mass Investors Trust
.11
.26
23.91
25.85
3.80
16~48
Nation .Wide Securities—
1
13?*
14?*
(Colo) ser B shares
*
(Md) voting shares..25c
Canadian Inv Fund Ltd_.l
3.35
3.95
National Investors Corp. 1
Century Shares Trust...*
25.58
27.50
New
Chemical Fund
1
10.70
11.58
Par
Alabama Power |7 pref.
w i.
_
*
Amer Cable Sc. Radio
Amer G A E 4 X %
pref 100
Arkansas Pr A Lt 7 % pref *
Associated
Bid
Commonwealth Invest... 1
Utility Stocks
106?* 107?*
2%
2H
1125* 113 H
98 ?*
97?*
Electric
Gas A
Original preferred
$0.50 preferred
$7
*
X
*
preferred
Atlantic City El 0% pref.*
Birmingham Elec $7 pref. ♦
IH
X
*
1X
l
1X
U9H 125
86?*
84?*
Buffalo Nlag A East Pow.
25
$1.60 preferred
21X
21?*
$7
preferred
6% preferred
*
♦
104?* 106?*
97
98?*
Central Maine Power—
100
..100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas $6 pref *
Consol Traetlon (N J).. 100
Consumers Power $5 pref. ♦
preferred
7%
$0
preferred
109
Ill
99?* 101
109
8
111
65
68
105
106
91
pref. 100
Derby Gas A El $7 pref..*
Federal Water Serv Corp—
$6 cum preferred
*
92?*
$6.50 cum
$7
cum
117?*
58?*
28
7%pf 100
Nebraska Pow 7 % pref. 100
New Eng G A E 5?* % pf
New Eng Pub Serv Co—
$7 prior lien pref
*
29 X
80?*
83?*
33
Nassau A Suf Ltg
34?*
$6
*
100
preferred
7% cum preferred
cum
62?*
114?* 117
34?*
67
Ohio Edison $0
$7
106
116
76?*
68?*
107?*
117?*
78?*
110?* 111?*
109?* 110?*
115
pref
Service—
preferred
100
7% preferred
100
Okla G A E 7% pref... 100
115?*
Ohio Pgbllc
Pacific Ltg $5 pref
Pacific Pr A Lt 7%
Panhandle
37
29?*
100
Cumulative Trust Shares^ *
B
1
115
118
7.18
7.77
3.15
3.42
6.27
1.54
25?*
Interstate Power $7 pref.. *
3?*
t
pf.,100
87?*
2.33
2.94
Series 1955
1
Series 1956
1
2.81
Series 1958
.1
*
39?*
37?*
112?* 113?*
Queens Borough G A E—
27
4?*
33?*
32?*
104?* 105?*
119
122
91
93
100
2
6% preferred
Republic Natural Gas
2.61
Plymouth Fund Inc... 10c
25c
1.18
1.29
Putnam
(Geo) Fund
Quarterly Inc Shares.. 10c
Eaton A Howard Manage¬
17.81
19.12
11.48
12.32
Equit Inv Corp (Mass)..5
26.78
28.80
25..
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund—
Sierra Pacifio Pow com...*
Sioux City G A E $7 pf.
100
25
37?*
29?*
5?*
6?*
40 ?*
42
18.19
19.58
6.72
7.45
Bank stock series... 10c
2.50
2.75
Insurance stk series. 10c
3.31
3.66
4.05
4.55
Fundamental Invest Inc. 2
17.14
18.63
5.10
5.82
104
10.20
10.70
4.97
21?*
22?*
102?* 104?*
29?*
30?*
7% pf.100
pf A. 100
112?* 114
113?* 115?*
34?*
87?*
90
95?*
98
100
84?*
86?*
Utah Pow A Lt $7 pref...*
61?*
62?*
7%
preferred
80.02
8.79
9.68
4.29
Investors. . 1 Oc
Spencer Trask Fund
*
Standard Utilities Inc. 50c
♦State St Invest Corp...*
.65
.72
15.51
16.43
.38
.43
Clark Fund Inc
Sovereign
_
30.21
4.89
5.83
Agricultural shares
5.29
5.76
shares
4.58
4.99
2
3.82
1
9.83
8.59
9.34
5.77
6.28
6.81
7.41
Building shares
Chemical
...
shares
Bid
8.58
9.33
4.51
4.92
Investing shares
3.19
Bid
C
1
105?* 105?*
Kansas Power Co 4s.. 1964
105?* 106
106?* 107
52?*
50?*
3?*s_..1969
Kentucky Util 4s
1970
4?*s
1955
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Kan Pow A Lt
08..1964
85?*
87?*
Associated Electric 5s. 1961
56?*
57?*
/14
/14J*
14?*
14?*
Montana-Dakota
100?* 101 x
110?* 111
1
101?*
63?*
_
*
-
2.44
.1
♦Series
A
♦Series
B.
1
5.41
4.97
Trusteed Amer Bank Shs—
25c
.57
Trusteed Industry Shs 25c
.85
Class B
U S El Lt A Pr Shares
5.40
5.58
5.93
6.45
Voting shares
3.79
4.14
5.18
5.64
5.30
5.77
.14
.34
16}*
A
B
4.63
shares
shares..
shares
Tobacco shares
♦Huron Holding Corp
1
2.22
Wellington
25c
1
Fund
Incorporated Investors..5
Independence Trust Shs.*
15.75
16.94
Corporations
1?*
♦Central Nat Corp cl A..*
*
♦Class B
42.20
.97
14.12
Investment Banking
♦Blair A Co
102
61?*
-
10.68
2.49
♦Series D
4.24
Merchandise shares
Steel
Ask
•
3.48
Equipment...
RR Equipment
Ask
•****
Trustee Stand Oil Shs—
Petroleum
Utility Bonds
.
Trustee Stand Invest Shs—
♦Series
Group Securities—
Automobile
3.64
2.54
Supervised Shares
General Capital Corp
*
General Investors Trust. 1
75
72?*
Super Corp of Amer cl A. 2
AA
1
32.48
Food shares
United Gas A El (Conn)—
84.32
Selected Amer Shares. .2?*
B
4.56
Aviation shares
Texas Pow A Lt
9.74
Fundament! Tr Shares A 2
Electrical
33?*
Public
Amer Gas A Pow 3-5s. 1953
101
4.43
Cpmmon
Mining shares
3?*ss f debs
7.45
Selected Income Shares.. 1
*
First Mutual Trust Fund..
101?* 103?*
Mass Utilities Associates—
2?* s 1950
1960
1970
.44
14.52
0.70
25?*
F
Foundation Trust Shs A.l
27?*
38?*
Toledo Edison 7%
f debs
.39
13.86
6.65
B
100
6% preferred D
6% pref series B
Long Island Lighting—
s
.....
2.87
2.55
Fiscal Fund Ino—
Southern Calif Edison—
3?*s
7.23
e45?*
5.90
Fidelity Fund Inc
90?*
Rochester Gas A Elec—
Amer Gas A Elec
6.80
6.09
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
17.63
Equity Corp $3 conv pref 1
113?* 115?*
8.41
7 77
Oils
2.50
Shares
8.47
3.65
...
Dividend
8.19
11.04
7.83
__
7.57
10.22
equipment.
Insurance stock
Railroad equipment
Steel
Diversified Trustee Shares
C
6.63
10.02
Railroad
36?*
4.90
16.31
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
9.66
6.12
9.27
Metals
34?*
100 112
♦Common B shares... 10
♦7% preferred
5.69
12.11
8.93
Machinery
117?*
8.12
5.24
supplies
Building
Electrical
31?*
6.52
13.33
11.21
Chemical
2.83
10
Fixed Trust Shares A... 10
115
Interstate Natural Gas...*
5% conv partie pref..50
Mississippi Power $6 pref. *
$7 preferred
*
♦8% preferred
Series
Eastern
Penn Pow A Lt $/ pref...*
100
100
I
com..
ment Fund series A-l._
106?* 108
111?*
preferred
preferred
Series ACC mod
2.82
1.37
6.12
12.37
Scudder. Stevens and
Idaho Power—
6%
7%
2.81
116?*
113
*
100
40?*
Kings Co Ltg 7% pref. 100
2.37
1
Delaware Fund
pref
preferred
38?*
39?*
Jer Cent P A L 7% pf--100
Kan Gas A El 7% pref. 100
Accumulative series...1
D
39
Jamaica Water Supply...*
Bank stock
Series
7% pref
100
(Minn) 5% pref.......*
38
100
Aviation
2.37
1.24
7.50
Automobile
1
1
Agriculture
9?*
2.43
129?* 131?*
(Del)
Pipe Line Co
preferred
7% preferred
3.83
8?*
Corporate Trust Shares.. 1
♦Crum A Forster Insurance!
35?*
Northern States Power—
*
$0
3.52
♦Continental Shares pf 100
♦Crum A Forster
New York Power A Light—
*
preferred
preferred
lH
Series AA
100
preferred
7%
England Fund
Series AA mod
4?*
Mountain States Power-
6%
Dallas Pr A Lt 7%
88
117?*
Monongahela West Penn
Pub Serv 7% pref
15
Ohio Power 6%
100
preferred
86?*
Ask
9?*
Continental Gas A Elec—
7%
Mississippi P A L $6 pref. *
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line..5
New Orl Pub Serv $7 pf..»
Carolina Power A Light—
Bid
Par
A si
3.79
N Y Stocks Ino—
Bullock Fund Ltd
Public
26
2
Mountain States Power—
Amer Utility Serv
Marlon Res Pow 3?*s.l960
Assoc Gas A Elec Corp—
Income deb
3?*s...1978
Income deb 35*s.—1978
92
103
93?*
103?*
106
.1954
Income deb 4s
1978
Income deb 4?*s
1978
Conv deb 4s
1973
/14?*
/14J*
/29
Assn 5s '62
65
Conv deb 4?*s
1973
/29
30
NY PA NJ Utilities 5s 1956
72
Conv deb 5s
1973
/29
30
1973
/29
31
/67
70
1.08
1.32
1.45
N Y State Elec A Gas Corp
Conv deb 5?*s
8s without warrants 1940
Bank Group shares
1.20
Insurance Group shares.
15
15?*
1958
/12
13?*
Sink fund Inc 4?*s..l983
110
/io
/io
no
13
109
111
Sink fund inc 5s
1983
Sfinc4?*s-5?*s
1986
13
1968
Cent Ark Pub Serv 5s. 1948
5?*s__1946
1970
Peoples Light A Power—
1st lien 3-6s
1961
90
92
96?*
99?*
1968
Cent Ohio Lt A Pow 4s 1964
Central Pow A Lt 3?*s 1969
103
103?*
102?* 103?*
100?* 101
'52
Cities Service deb 5s. .1963
nx
70X
2?*
...
105?* 105?*
101?*
—
105?* 105?*
105?*
106
1950
1949
Pub Serv of Indiana 4s 1969
101?* 102?*
4s
Pub Util Cons 5?*s
1964
1948
86
1962
1962
101?*
107
Richmond W W Co 5s 1957
105?*
4?*s.,
106?* 107?*
100
Tel Bond A Share 5s.. 1958
75?*
77 X
98?*
99?*
5?*s
1950
Morgantown Water 5s 1965
Muncle Water Works 5s '65
105?*
5s. 1950
1967
109?*
Utica Gas A Electric
77
79?*
102?* 103
85?*
87?*
105?* 106?*
1957
Wash Wat Pow 3?*s..l964
West Texas Util 3?*s.l969
Western Public Service—
I960
1958
5s
105
«.».
105?* 105?*
47
49?*
Joplln W W Co 5s
1957
Kankakee Water 4?*s. 1939
Kokomn W W Co 5S-.1958
Monmouth Consol W 5s '50
107?* 108
105?*
5s.
102
60
/57?*
100?* 101?*
1416.
93
94
100
.1950
.1950
103
Texarkana Wat 1st 5s. 1958
105?*
Union Water Serv 5?*s '51
103?*
105?*
105?*
New Jersey Water
—
—
m
5s series B
New Rochelle Water—
106?* 107
5s series B
1951
103?* 104
6?*s
1951
New York Wat Serv 5s '51
101
Wisconsin G A E 3?*s. 1966
102
Newport Water Co 5s 1953
95?* 100?*
97?* 102?*
92?*
102?*
1950
101
1st mtge 58
1951
1950
103
1st mtge 5?*s
107?*
5s series B
1956
Ohio Cities Water 5?*s
101
5s series C
.1960
108
6s series A
1949
'53
1955
Ohio Water Service 4s. 1964
Ore-Wash Wat Serv 5s 1957
102?* 103?*
95
99?*
103
97?*
107?*
3?*s—1961
Wis Mich Pow
103
102
99?* 101?*
132?*
80?*
r—
105?*
Ohio Valley Water 5s.
For footnotes see page
104?*
...
4s A.
103?* 103?*
103?* 104?*
Co—
5s
5?*s
Inland Gas Corp—
Iowa Pub Serv 3?*s..l969
101
101?*
Toledo Edison 3?*s_..1968
Dallas Pow A Lt 3?* s. 1967
..1952
103
102
103
Monongahela Valley Water
Texas Public Serv 5s. .1961
.1958
Water Service 5s. 1901
1st A ref 5s A
Indianapolis W W Sect
53
United Pub Util 6s A. 1960
0?*s stamped
107?*
Pinellas Water Co 5?*s.'59
101?*
102?*
53?*
91
63
60?*
108?* 108?*
Dayton Pow A Lt 3s.. 1970
Federated Util 5?*s...l957
Indiana Assoc Tel 3?*sl970
73?*
101
106
105?*
5s
St Joseph Ry Lt Ht
Cumberl'd Co PAL 3?*s*66
Dallas Ry A Term 6s. 1951
1954
1954
58 series B
52
89
Crescent Public Servloe—
1954
71?*
103
104
Water—
6s
103
1948
1948
Roch A L Ont Wat 5s. 1938
Huntington
Indianapolis Water—
1st mtge 3?*s
1966
1951
Collateral 5s
91
/18Jf
85
Prior lien 5s
1950
..1948
89
86
19?*
103?* 104
105?* 106?*
6s
1st consol 4s
Pittsburgh Sub Wat 5s '58
Plainfield Union Wat 5s '61
84
Portland Electric Power—
Pub Serv of Colo 3?*s_
1st A ref 5s
Phila Suburb Wat 4s__1965
52
See industrial Bonds—
Consumers Power 3?*s.'69
5s..
103?*
Peoria Water Works Co—
101?*
104
4?*s-.1960
1st consol 5s...
105?* 106?*
Comm'l Mack ay 4s w 11969
Coll inc 08 (w-s)
84?*
Penna State Water—
1st coll trust
105?*
100?* 107?*
A Pow
4?*s
1947
Sioux City G A E 4s.. 1966
Sou Cities Util 5s A... 1958
S'western Gas A Ei 3?*s '70
S'western Lt A Pow 3?*s'69
72 X
Cons Cities Lt Pow A Trac
1962
li
Butler Water Co 5s
Bid
Ask
102?*
105?*
102?*
110?*
Republic Service—
Central Public Utility—
Income 5?*s with stk
3?*s
Debenture
Central Illinois Pub Serv
6s series B
1964
3?*s
110
1964
94?*
Consol E A G 6s A
100?* 101?*
1952
98?*
5s
Atlantic County Wat 5s
3?*s.l969
Parr Shoals Power 5s.
1st lien ooll trust 0s. 1946
1st mtge 3?*s
Indiana-
13
Cent HI EI A Gas 3?*s. 1964
102
Nor States Power (Wise)—
83?*
104?*
Central Gas A Elec—
1st lien coll tr
Bid
Old Dominion Pow 58.1951
99?* 100?*
"
105?* 106?*
Penn Wat A Pow 3?*s
Sink fund inc 5-6S..1986
_
73
Ashtabula Wat Wks 5s
Public Service
X
Water Bonds
100?* 101?*
13
Blackstone Valley Gas
A Electric 3?*s
1965
4s
Northern
Assoc Gas A Elec Co—
Cons ref deb 4?*s
1938
1st 6s
New Eng G A E
16?*
106?*
Util—
4?*s
10
♦Schoellkopf Hutton A
Pomeroy Inc com—lOo
♦First Boston Corp
Institutional Securities Ltd
101
105?*
103?*
104
100
3^
1416
1
Quotations on Over-the-Counter Securities—Friday Mar. 1—Concluded
Real Estate Bonds and Title Co. Mortgage* Certificates
If You Don't Find the Securities Quoted Here
our
monthly Bank and Quotation Record.
cation quotations are
stocks and bonds.
B'way Barclay ino 2s. 1956
B'way A 41st Street—
1st leasehold 3*-5s 1944
_
In this publi¬
carried for all active over-the-counter
The classes of securities covered
Apt 1st mtge 3s. 1957
1l
Federal Land Bank Bonds
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
66
1957
/8
ties
41
43
Mtge Co—
5*8 series BK
5*s series C-2.........
5*s series F-l
6*8 series Q
51
20
1st 3*s
..1950
Dorset 1st A fixed 2s.. 1957
26
28
f2
Hotel units
3*
2*
30*
Deb 5b 1952 legended...
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s... 1958
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
40
42*
42 Bway 1st 6s
.1939
"t
1
33
Savoy Plaza Corp—
3s with stock...... 1956
Sherneth
42*
1st 5*8 (w-s)
.1956
00 Park Place (Newark)—
A7
39
1947
82"
1st lease 4-6 *s
Lewis Morris Apt
1st 4s
.
European situation
30*
some
.1948
1951
25
27
28
70
73
1958
25
27
/31
/47
49
/12
/30
7
/2fl
j
m
/30
A2*
\
5
mmm
mmm
mm-
mm-
...
(Syracuse)
Syracuse Hotel
1956
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 7*8 '32
Hungarian Discount A Ex¬
change Bank 7s....1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d aeries 5s. 1956
m
m
71*
1952
38
40
1947
1951
45
.
mm —
48*
Walbrldge Bldg (Buffalo)—
12
15
20
21*
Westlnghouse Bldg—
1st mtge 4s
1948
65
68
3s
mmm
70
1950
Wall A Beaver St Corp—
1st 4*8 whs
1951
Ludwlg Baumann—
1st 6s (Bklyn)
J
46
70
1st5s (LI)
5
mmm
Trinity Bldgs Corp—
1st 5*s
1939
2 Park Ave Bldg 1st 4-5s'46
62*
Bldg—
1st A gen 3-4s
Bid
12
37
25
1957
3s with stock
Textile Bldg—
1st 3-5s
55
Income 5*s whs
1963
London Terrace Apts—
of the quotations shown below are
At*
50
46
nominal.
Bid
12*
616 Madison Ave—
41*
33*
Lexington Hotel units
Lincoln Building—
Foreign Unlisted Dollar Bonds
At
Al
61 Broadway Bldg—
19
81
Lefcourt Manhattan Bldg
1st 4-5s
1948
Lefcourt State Bldg—
Tel. HAnover 2-5422
68
36
1st 3*8
1st 38
& CO., INC.
55*
66
Corp—
3*8 with stock—..1950
Inactive Exchanges
53*
—1957
35
39
Harrlman Bldg 1st 6s. 1951
1st mtge 4s
20
Hearst Brisbane Prop 6s' 42
Hotel St George 4s... 1950
...
Roxy Theatre—
24"
22*
/30
1st 2*-4s (w-e)
1949
Graybar Bldg lstlshld 5s '46
■
35
42
Fuller Bldg debt 08...1944
Foreign Stocks* Bonds and Coupons
63
Realty Assoc See Corp—
5s income
....1943
19
13*
1400 Broadway Bldg—
1st 4s stamped
1948
mmm
Prudence Secur Co—
...
17
6*8 (stamped 4s)..1949
Record is published monthly and
23
5*8 stamped......1961
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Your subscription should be sent to
20
52
32
25
500 Fifth Avenue—
Due to the
3
105 Broadway Building—
Sec s f ctfs 4*s (whs) '58
26
Equit Off Bldg deb 5s 1952
U. S. Territorial Bonds
St., N. Y.
44
2d mtge 6s
1951
103 E 57th St 1st 6s...1941
Eastern Ambassador
Mining Stocks
52 William
42
1 Park Avenue—
50 Broadway Bldg—
1st income 3s......1946
BRAUNL
55*
54*
37*
57*
52*
35*
Olicrom Corp vtc
20
U. S. Government Securities
sells for $12.50 per year.
5*
N Y Title A
Mill Stocks
The Bank and Quotation
22
5
10
1st 4s (w-e).
1948
Court A Remsen St Off Bid
Title Guarantee and Safe Deposit
Stocks
Joint Stock Land Bank Securi¬
20
2s
37*
Colonade Construction—
Stocks
Investing Company Securities
1955
N Y Majestic Corp—
4s with stock stmp._1956
34
ChaninBldg 1st mtge 48'45
CheseboroughBldg 1st 6s '48
Canadian
73*
N Y Athletic Club—
64
3s
Public Utility Bonds
Public Utility Stocks
72*
25
/22*
.1948
Domestic
Domestic (New York and
Out-of-Town)
Ask
1945
Sf deb 5s
7*
Brooklyn Fox Corp—
Municipal Bonds—
Canadian
Bid
Metropol Playhouses Ino—
mm-
/6
Broadway Motors Bldg—
are:
4-68
Banks and Trust Companies—
/35*
Beacon Hotel Ine 4s..1958
interest, you will probably And them in
Ask
Bid
Aid en
in which you have
mm-
Ask
/5
ft
mmm
m—
/7
Chain Store Stocks
mrn —
25
29
21
23
Par
Bid
Par
Bid
100
65
Miller (I) Sons common..5
2
4
..50
15
20
(Daniel) pref...100
99
Ask
Ask
Bavarian Palatinate Cons
i
7
8s..
s
7
7s.
J
7s.
)
)
rr
f20H
/is*
/4
/3*
/3*
/3*
flZ
/22 H
/35
/14
no
Koholyt 0*s
21*
Land M Bk Warsaw 8s '41
20 X
Leipzig O'land Pr 6*8 '46
Leipzig Trade* Fair 78.1953
Luneberg Power Light A
4*
3*
3*
4*
fR
—
— mm
/50
mmm
100
mm —
ft
/13*
/13*
mmm
m-m
Berland Shoe Stores
mmm
/G Foods Ino common.
Bohack (HC) common
7% preferred
Cauca Valley 7*s....l94(
Ceara (Brazil) 8s
194«
Central Agrlo Bank—
see
10*
m-m
..1945
Munlo Bk Hessen 7s to '45
m
/07 *
/40
/12*
A2*
/14
m
/14
7
Munch 7s to...
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
(A A B) 4s
(C A D) 4s
1940-1947
1948-1949
•
ft
/70
/51
)
0*8..—......
Mortgaj
i
A4*
/14H
fUH
/14*
/13
/12
/12
A2*
A3*
A3*
f2
1
/12
/2
/5
/12
108
i
7s-.
-
—
—
—
-
—
"
58
19
10*
17*
16*
7
1
mmm
-
— -
m — -
mm-
m —
m
-mm
/68
/50
/14
I
fli
mm-
-
— -
---
— mm
—
— »
112
mm —
■m~m
—mm
3
/19*
/2
I
20
2*
A1
Great Britain & IrelandSee United Kingdom
*
—
7
3
3
3
...
19*
17*
*
dividend.
y
Interchangeable.
a
Nominal quotation,
n
d Coupon,
6 Basis price,
4 When Issued
to
w-s
e Ex coupon.
With stock,
x
Ex-
Ex-rights.
on New
York Stock Exchange.
♦
Quotation not furnished by sponsor or issuer.
-m-
mmm
5% was paid on July 2 and 5* %
Sept. 25.
ft
1945
1940
1952
City 6*s
Panama 5% scrip..
Poland 3s
..1956
Porto Alegre 7s......1968
CURRENT
30
NOTICES
/45
fl8
ft
fS
many) 7s..........1940
Prov Bk Westphalia 6s '33
6a 1936
5s
1941
Rio de Janeiro 6 %
1933
Rom Oath Church 6*s '46
R O Church Welfare 7s '46
Saarbraecken M Bk 6s.'47
Salvador
7s 1957
7s ctfs of deposit.. 1957
......
1948
88 ctfs of deposit. 1948
Santa Cath&rina (Brazil)—
8%
1947
Santa Fe 7s stamped. 1942
4s
...1964
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s.. 1945
..1951
Saxon State Mtge 6S..1947
Stem & Halske deb 6s.2930
State Mtge Bk Jugoslavia
5s...
*
1950
2d series 5s
1956
Stettin Pub Util 7s... 1946
Toho Electric 7s.....1955
.1947
70
...
9*
m
fl4
f12
/10
...
mmm
mm-
«...
Principal officers of the
new
being consoli¬
being changed to
The firm name is
firm will be Harry B.
Barnes, Thomas H. Heller, Frank O. Maxwell, and Franz Osthaus,
Vice-Presidents.
Headquarters of the
new
firm will be at 647 S. Spring
St., LOs Angeles, the present main office of White, Wyeth 3c Co.
offices
be
will
maintained
in
Pasadena, Beverly Hills,
Other
San Diego and
Riverside.
The
firm will have
new
three' memberships
Exchange and the firm will have
a
in the
Los Angeles Stock
direct private wire connection to the firm
of Jackson 3c Curtis, members of the New York Stock Exchange.
Under the
new
arrangement, William F. Hillman will be in charge of the
Investment Management Department, O. B. Scott wRLhead the Trading
/8*
A*
ft
A6
A4
...
8
...
Department,
Roger
H.
Pile
will
manage
the
Analytical
remain
substantially unchanged.
—Kirsten & Co., 120 S. LaSalle St., Chicago, announces that Paul Perry
Robinson has become associated with them as manager
/8*
9*
81
Department.
Personnel of the Sales and Trading Departments of both organizations will
«...
of the municipal
...
73
/19*
/8*
/14*
/14*
of E. H
9*
his time
mmm
mmm
24
21
24
&
manager of
the trading department.
After several
year
abroad
Co., serving the New York and Philadelphia offices.
In 1931 he became
resident partner of the Chicago office and upon dissolution of this firm in
1934 he organized Robinson 3c Co., Inc.
—Thomas W. Phelps, member of the firm of Francis I.
Du Pont 3c Co.,
'
...
79*
18*
will talk
March
at
the
New
4th, at 8:20
Markets" is
87*
/40
/13
A3
A3
as
he became associated with and subsequently a partner Of Gertler, Devlet
21
A7*
Rollins & Sons where he remained for six years devoting most of
.
mmm
A6*
76*
Mr. Robinson began his investment career in 1919 with the Chicago office
75
300
.A3*
bond department.
20*
78
1945
H.
---
76
Wurtemberg 7s to
Co.
&
Wyeth Jr., President; Melvin H. Hass, Executive Vice-President; George
mmrn
9
fS '
/13*
A3*
A4*
86
1947
Wyeth
Wyeth, Hass 3c Co.
...
of Great
Vest en Elec Ry 7s
dated with White,
...
41
Britain A Ireland 4s. 1990
Unterelbe Electric 6s.. 1953
mm-
—The investment business of Hass, Barnes 3c Maxwell is
...
3*% War Loan
Uruguay conversion scrip..
45
/II
/13
/13*
fl2
fl4
Protestant Church (Ger¬
United Kingdom
no
3
6s..
No par value,
/Flat price,
mmm
ft
f2S
Tolima 7s
i
$5 preferred
12*
1 Quotation on $89.50 of principal amount.
1948
6*s
J
J
12
100
X Now selling on New York Curb Exchange.
North German Lloyd—
4s
1947
48 scrip.
8s
German Central Bank
German scrip.
6% pref
mm
— m
15*
/12
J
I
7*s.,
7*8 Income..
\
5
vestment
1962
Panama
60
51
1
Reeves
9*
United Cigar-Whelan Stores
Kress (S H)
-m-
mm-
City Savings Bank
uropean
Hungary 7*8
Oberpfals Elec 7s
>
108*
7*
Oldenburg-Free State—
m
/57
i
...
3
29*
-mm
69*
fNow listed
Nassau Landbank 0*8 *38
Nat Bank Panama—
Mtge 7s
10*
2X
Central German Power
)
7% preferred
3*
1*
27
mmm
Merldlonale Elec 78..1957
Montevideo scrip...
7s to
5s..
*
*
100
Kobacker Stores—
National Hungarian A Ind
German Central Bk
7s stamped
.
7
4*
2*
8* preferred...
/14
Nat Central Savings Bk of
/15*
/25
/0
15 H
n
*
B
m-rn
mm —
A3*
19
1948
m
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
mm —
m m
14
Brown Coal Ind Corp—
0*s
Water 7s
Mannheim A Palat 78.1941
23""
4
JO
1943
one
of
a
p.
School
m.
for
Social
Research
on
Monday
series in the "New World of Finance" a symposium by
leading economists and authorities in the financial world.
are:
evening,
Mr. Phelp's topic "Trends in the Securities
The chairmen
A. Wilfred May and Rudolph L. Weissman.
...
Dean
Langmuir whose talk
was
scheduled
...
...
speak at the New School
on
April 15th.
for this same evening
will
Volume
The Commercial & Financial Chronicle
150
1417
General Corporation and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
to
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
SECURITIES
The
it is not
are
UNDER
ACT
following additional registration statements (Nos. 4321
4333, inclusive) have been filed with the Securities and
Exchange
Commission under the Securities Act of
approximately $25,808,004.
1933.
The amount involved is
Income Estates of
America, Inc. (2-4321, Form CI), of Philadelphia,
registration statement covering 3,200 Dominion Plan Agree¬
with periodic payment.
Of the total number registered
1,200 of the series will be offered at $1,815 without insurance, 1,000 of
the series will be offered at $1,815 with insurance and the remaining 1,000
will be offered at $1,000 with single payment.
Proceeds will be used for
investment.
Allan N. Young is President of the company.
Registrant is
sponsor.
Filed Feb. 21, 1940.
Pa., has filed
a
ments, series TS,
West Penn Power Co. (2-4322, Form A-2), of Pittsburgh, Pa., has filed
a
registration
covering
statement
$5,000,000 of 1st mtge. 3% bonds,
pref. stock,
(See the "Chronicle" of Feb. 24, page
series K, due March 1, 1970, and 24,923 shares of 4M% cum.
$100.
Filed Feb. 21,
1,300 for further details.)
par
1940.
The Ohio Chemical is engaged in the manufacture and sale of
apparatus
and equipment for the administration of
anesthetic, analgesic and thera¬
peutic
Pittsburgh Finance Building Corp., voting trustees, (2-4323, Form
F-l), of Pittsburgh, Pa., have filed a registration statement covering 29,141
voting trust certificates for the no par value common stock.
George E.
Roosevelt, et al, are voting trustees. Filed Feb. 21, 1940.
West Indies Sugar Corp. (2-4324, Form A-2), of New York, N. Y., has
a registration statement
covering $5,000,000 of 5% first mortgage
filed
6% first mortgage collateral G bonds, due 1947 of the registrant
and are now held by the National City Bank of New York; the preferred
stock and 134,228 shares of the common stock will both be offered in ex¬
change for 33,557 shares of $100 par preferred stock of Barahona Sugar
Corp* on a basis of one share preferred and four shares of common plus
$1 in cash for each share of Barahona Sugar Corp. preferred held. Exchange
offering is contingent upon the acceptance by holders of 95% minimum of
outstanding Barahona Sugar Corp. preferred held by others than registrant
or its subsidiaries.
300,000 shares of common registered are reserved for
the conversion of the bonds and 100,671 shares of common for conversion
of
the
preferred
stock.
Registered under plan of recapitalization.
Frederick B. Adams is President of the company.
There will be no under¬
writer.
Filed Feb. 21, 1940.
Columbia Broadcasting System, Inc. (2-4325, Form A-2), of New
York, N. Y., has filed a registration statement covering 20,000 shares of
$2.50 par class A stock, and 80,000 shares of $2.50 par class B stock.
This
stock will be offered for the account of William S. Paley.
Filed Feb. 23,
1940.
(See the "Chronicle" of Feb. 24, page 1274 for further details).
a
Corp. (2-4226, Form A-l), of New York, N. Y.,
registration statement covering 425,000 shares of $1 par common
through underwriters at $1.25 per share; 100,000
are
supplied in compressed form for medicinal
$1 par common which will be issued to dealers
on
consisting of 30 buildings of brick and steel construction with a total floor
of approximately 90,000 square feet; a plant at
Hoboken, N. J., for
the manufacture of medicinal gases,
consisting of three buildings of brick
aDd steel construction with a total floor area of
approximately 25,000 square
feet; a plant located at Minneapolis, Minn, for the manufacture of medicinal
gases, consisting of three buildings of brick and concrete construction with
a total floor area of
approximately 7,500 square feet; a plant at Minneapolis,
Minn, for the manufacture of apparatus and equipment for the adminis¬
tration of anesthetic, analgesic and
therapeutic gases, consisting of three
buildings of brick and concrete construction with a total floor area of ap¬
proximately 20,000 square feet; and a plant at Montreal, Canada, for the
area
manufacture of medicinal gases consisting of two buildings of brick and steel
a total floor area of approximately 7,500 square feet; a
plant at San Francisco, Calif., for the manufacture of medicinal gases,
consisting of one building of brick construction with a total floor area of
approximately 6,000 square feet, and, additionaly, has offices and distri¬
bution facilities for 24-hour service in the States of Alabama, California,
Georgia, Illinois, Kentucky, Lousiana, Massachusetts, Michigan, Missorui,
New York, Oregon, Pennsylvania. Tennessee, Texas and Washington, and
in the District of Columbia.—V. 149. p. 3863.
construction with
Akron Canton & Youngstown Ry.January—
1940
$205,820
79,152
47,319
Gross from railway
N et from rail way
Net ry. operating income
—V. 150, p.
-Earnings-
1939
1938
$187,786
71,234
39,600
Alabama Power
Period End. Jan. 31—
Gross revenue.!
1939
1938
$593,312
152,980
94,925
$447,935
27,236
28,253
1940—Month—1939
$1,973,953
1,023,973
238,365
Gross income
1940—12 Mos—1939
$1,785,010 $22,291,752 $20,229,126
819,423
10,717,820
9,309,585
217,690
2,632.955
2,612,280
$711,615
411,111
$747,897
412,198
$8,940,977
4,857,198
$8,307,260
4,860,712
$300,504
195,178
$335,699
195,178
$4,083,779
2,342,138
$3,446,548
2,342,138
$105,326
$140,521
$1,741,641
$1,104,410
Int. and other deduct'ns
Net
used for
Trusts
-Y. 150, p. 1269.
Alleghany Corp.—Time for Filing Plan Extended—
(2-4327, Form A-l), of New York, N. Y.,
has filed
a
registration
will
be
statement covering 50,000 units in the Elfun Trusts which
offered to General Electric Co. employees, officials, &c., first at
$100 per unit and than at market.
investment.
Proceeds of the issue will be used for
H. H. Barnes Jr. is chairman.
Filed Feb. 23,
There will be
no
underwriter.
1940.
Federal Mogul Corp. (2-4328, Form A-2), of Detroit, Mich, has filed a
registration statement covering 38,717 shares of $5 par common stock.
25,000 snares will be offered for the account of the issuer by the under¬
writers and 13,717 shares will be acquired by Jackson & Curtis from
American Industries Corp.
Issuers part of the proceeds will be used for
debt and working capital.
H. Gray Muzzy is President of the company.
American Industries
writers.
Corp. and Jackson & Curtis have been named under¬
Filed Feb. 24, 1940.
Chain
pref. stock
Balance
working capital, and manufacturing purposes. 8. M. Saltzman
Charles King & Co. has been named under¬
is President of the company.
writer.
Filed Feb. 23, 1940.
Elfun
income
on
1937
$559,703
128,808
56,895
Co.—Earning*
■
Oper. exps. and taxes._
Prov. for deprec
Divs.
$193,777
76,453
32,489
RR.—Earning*
1940
$560,086
98,479
43,467
January—
railway
Net from railway
Net ry. oper. income
—V
150,p.829.
Gross from
of $1 par common stock and scrip certificates for fractional shares reserved
for warrants at $1.25 and $1.75 per share.
Proceeds of the issue will be
1937
$124,051
12,882
defl4,518
679.
Alabama Great Southern
the basis
of 1 warrant for each 4 M shares sold; there was also registered 100,000 shares
and of
Company operates a plant at Cleveland, O., for the manufacture of
medicinal gases, chemicals, cleaning compounds and apparatus and equip¬
ment for the administration of anesthetic,
analgesic and therepeutic gases,
stock which will be offered
warrants for the
uses
uses.
American Television
has filed
which
is engaged in the manufacture and sale of gases for industrial and chemical
collateral bonds, convertible series due 1947; 33,557 shares of $50 par 5%
cumulative convertible preferred stock and 534,899 shares of $1 par com¬
mon stock.
The bonds will be offered in exchange for equal principal
amount of
gases
chemicals and cleaning compounds furnished almost
exclusively to hospitals
and the medical profession. To a minor and incidental extent Ohio Chemical
The Marine Midland Trust Co., New York, as trustee for the Alleghany
5s of 1950, and Alleghany Corp. have extended to March 5, 1940 the time
within which a plan of readjustment for the 5s of 1950 may be submitted*
under the terms of the agreement
dated Sept. 28, 1939 under which Manu~
facturers Trust Co. is holding in trust 107,579 shares of Chesapeake & Ohio>
Ry. common stock withdrawn from the collateral securing Alleghany 5s Of
1944.—V. 150, p. 1269.
Allegheny-Ludlum Steel Corp.—25-Cent Com. Div.—
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable April 1 to holders of record March 18.
Dividend of 50 cents
was paid on Dec. 31, last, this latter being the first common dividend paid
by the company since the merger of Allegheny Steel and Ludlum Steel in
August, 1938.—V. 149, p. 3543.
Stores
Depot Corp. (2-4329, Form A-2), of Columbus, Ohio,
has filed a registration statement covering $349,000 of 1st mortgage collat¬
eral 12 year 6% bonds, due 1940, and $112,400 1st mortgage collateral
6% series B bonds due 1940, and depository receipts therefor.
Depository
receipts will be issued for bonds reg.under plan of extension of maturity to
1955.
St. Louis Union Trust Co. depository, will issue depository receipts
upon deposit of bonds.
Dealers may be employed by company to secure
deposit of bonds.
Leslie L. Le VeqUe is President of the corporation.
Filed Feb. 26, 1940.
Prudential
Personal
Finance
Corp.
(2-4330,
Form A-2), of Balti¬
more, Md., has filed a registration statement covering $250,000 of 6%,
25 year convertible debenture bonds, series B, due 1965, and 17,000 share
of class A common stock, no par.
The bonds will be offered at $100 and
the common stock at $15 per share.
The bonds are convertible between
Jan. 15, 1944 and Jan. 15, 1945 into class A common stock.
Proceeds of
the issue will be used for working capital and expansion.
J. L. Rosenfield
is President of the company.
W. W. Henry & Co. has been named under¬
writer.
Filed Feb. 27, 1940.
Brockway Glass Co., Inc. (2-4331, Form A-2), of Brockway, Pa., has
filed
a registration statement covering 1,500 shares of $50
par 6% cumula¬
tive preferred stock and 4,000 shares of common stock, par $50
Both the
preferred stock and the
common stock will be offered at $50 per share.
Proceeds of the issue will be used toward constructing new plant unit.
R. L. Warren is President of the company.
No underwriter named.
Filed Feb. 27, 1940.
Colgate-Palmolive-Peet Co. (2-4332, Form A-2), of Jersey City, N. J.,
has filed a registration statement covering 125,000 shares of $4.25 cumula¬
tive preferred stock, no par.
Filed Feb. 28, 1940. (See subsequent page for
further details).
Terry Carpenter, Inc. (2-4333, Form A-l), of Scottsbluff, Neb., has
a registration statement covering $250,000 of 514% 1st
mortgage bonds,
Alliance Investment
Corp.—Preferred Stock Retired—
At the recent annual meeting stockholders approved the retirement of
782 shares of 6% preferred stock, which was held in the treasury, and also
approved amendment to certificate of incorporation to allow the corpora¬
tion from time to time to purchase preferred shares out of capital surplus
or
surplus and to retire them.—V. 150, p. 829.
Alton RR,
Earnings—
1940
1939
1938
1937
$1,282,960
173,654
def97,189
$1,179,824
213,273
def50,299
$1,252,078
245,305
$1,321,831
417,979
150,129
January—
Gross from railway
Net from railway
Net ry. oper.
income
def22,451
—V. 150, p. 829.
Aluminium Ltd.—To Pay $1.50 Dividend—
Directors have declared a dividend of $1.50 per share on the common
stock, payable in Canadian funds on March 27 to holders of record March 8.
Dividend of $4 was paid on Dec. 19, last and initial dividends of 25 cents
in cash and
10% in stock, were paid
Cities
American
Power
on
&
April 28, 1939.—V. 149, p. 2959.
Light Corp.—Accumulated
Dividend—
Directors have declared a dividend of 68 h cents per share on account of
the class A optional series of 1936 payable April 1 to
March 11.
Holders have option of receiving 1-16 of a
accumulations on
holders of record
share of class B stock in lieu of cash.—V. 150, p.
American Colortype
829.
Co.—To Pay 25-Cent Common Div.—
Directors have declared a dividend of 25 cents per share on the common
filed
stock, payable March 25 to holders of record March 15.
due 1960 and which will be offered at $100 per bond and in units of $25.
Proceeds of the issue will be used for debt, cracking plant, tanks,
filling
first payment made on the common
cents per share was distributed.—V.
stations and
working capital.
writer named.
Terry Carpenter is President.
The last
in
our
No under¬
Filed Feb. 28, 1940.
previous list of registration statements
issue of Feb. 24, page 1269.
was
given
This will be the
shares since June 30. 1931 when 20
149, p. 4164.
American Electric Securities
Corp.—Dividend-—
The directors have declared a dividend of five cents per share on the
30-cent cumulative participating preferred stock, payable March 1 to holders
of record Feb. 20.
Like amount was paid on Dec. 1, Sept. 1, .Tune 1 and
March 1, 1939, and on Dec. 1 and Sept. 1, 1938.—V. 149, p. 3544.
American
Export Lines, Inc.—To Pay 25-Cent Dividend—
a dividend of 25 cents per share on the common
stock, payable March 15 to holders of record March 4. This compares with
50 cents paid on Dec. 21. last and 15 cents paid on March 21, 1939.—V. 150.
p. 425.
Directors have declared
Air
Reduction
The New York
Co., Inc.-
-Listin g—A
Stock Exchange has
ts
cquisition—
authorized the listing of
authorized the
157,000
additional shares of common stock (no par) upon official notice of issuance
in
exchange for properties, making the total amount applied for 2,744,314
shares.
Directors, Dec. 13, 1939, authorized the officers to execute an agree¬
with Ohio Chemical & Mfg. Co., providing for the transfer to the
company of all the assets and property as a going concern of Ohio Chemical,
ment
in
exchange for the issuance of 157,000 shares of common stock.
estimated that approximately $2,800,000 will be credited
capital stock account in respect of the shares, said amount being the
presently estimated net book value of the tangible assets to be acquired by
he company from Ohio Chemical.
,
It is presently
to
American Insurance Co. (Newark, N.
Directors have declared
an extra
J.)—Extra Div.—
dividend of five cents per share in addi¬
tion to the regular semi-annual dividend of 25 cents per share on the com¬
mon stock, both payable April 1 to holders of record March 4.
Similar pay¬
ments were made in the six preceding dividend periods.—V. 149, p. 718.
A
American Power &
Light Co.—Accumulated Dividend—
Company declared dividends of $1.12H
on
the
no par
$6 preferred stock
and 93% cents on no par $5 preferred stock, both payable April 1 to holders
The Commercial &
1418
of record March 6.
also
V. 149, p. 3544
Similar payments were made on Jan. 2, last. See
for record of previous dividend payments.—V. 150, p.
680.
Rolling Mill
American
Co.—Accumulated Dividend—
$1.75 per share on account of
cumulative preferred stock, payable April 15 to
holders of record March 15.
Dividend of $1.25 was paid on Jan. 15, last;
$1.50 on Dec. 15 last and $1.25 was paid on Oct. 16, last, this latter being
the first dividend paid on the preferred shares since July 15, 1938, when a
regular quarterly dividend of $1.12^ per share was distributed.—V. 149,
Directors
declared a dividend of
have
accumulations on the 4M%
3708.
p.
Seating Co.—Earnings—
American
1,401,446
$719,751
113,898
$511,232
103,201
$998,577
123,495
$883,678
$833,649
Cost of sales
$614,433
189,295
106,988
45,800
$1,122,072
171,971
106,988
1984,336
Admin., &c., expenses..
Operating profitOther income
Total income
Depreciation
106,988
86,000
Federal taxes
Other
34,526
Net prof it
Dividends paid
zl48,000
58,367
$636,746
276,328
34,041
$403,312
110,531
expenses--
$238,308
110,531
156,262
112,404
78,100
96,202
$541,368
*507,188
com.
$127,777
221,062
221,062
221,062
a
Real est.,
$1.08
$2.88
17,726,511
18,064,583
i
5,680,536
Acc'tsreceivable.. 3,784,721
13,591,140
4,938,460
1,261,244
4,791
1,399,809
1,399,110
4,798,388
Investments
U. S. Gov't securs.
Cash
Deferred charges.
-
1,151,941
1,635,805
3,863,712
57,000
or
$363,740).
y
earnings per share were
undistributed profits.
$2.67.
Including $35,700 surtax
z
a
a
1938
After reserve for
property-$2,697,634 $2,712,072
Pl't A
243,901
2,748,514
Other receivables.
12,352
Inventories
2,320,808
Cash
receivables-
Cust.
1,668,000
600,000
Accounts payable
247,823
217,478
350,240
216,491
a
96,970
charges.-
$8,240,360 $7,173,694
Total
.
Accrued liabilities.
28,871
29,480
758,734
758,734
802,077
504,896
Deferred income—
66,293
57,040
73,938
69,984
50,131
life insurance
Other assets
Capital surplus
Earned surplus
American Snuff
1938.
Co.—Earnings—
1939
1938
1937
1936
$1,938,180
104,073
$2,093,217
96,992
$1,882,615
91,491
$1,924,169
95,607
Net operating profit-.
$1,834,107
Divs. and int. received..
175,751
2,383
$1,996,226
163,477
2,152
$1,791,124
194,244
$1,828,562
190,854
2,203
685
$2,012,241
$2,161,854
$1,987,571
$2,020,102
Calendar Years—
Operating profit.
Depreciation
Other income
Total income-..
721
Interest paid
Federal and State taxes.
414,168
364,600
^536^360 "$^654,984
$ 1,572J582
218,484
1,410,825
215,784
1,410,825
215,634
1,410,825
$1,665,086
215,589
1,408,325
$92,944
3,908,754
siir$28,375
$53,777
9,061,151
475,877
506,870
41
-
Net earnings
Pref. dividends
Common divs.
(6%)_(13%)--.
Balance, deficit
Previous s'rplu8..
9,007,374
Adjust. trarsf. from real
est., mach. & fixt., &c.
Writing down book value
Taxes
paid in 1939
plic. to prior years
8,529,978
500,000
-
50,208
-
$9,007,374
),061,151
434.100
$3.31
434.100
434,100
$3.32
Balance Sheet Dec. 31
1939
estate,
$
1939
1938
$
Assets—
Real
Liabilities—
$
Preferred stock...
ma¬
chinery A fixt's. 2,501,808
Trademarks, good¬
2,404,358
will, Ac
Supplies, Ac
5,000,000
6,402,581
4,736,220
2,560,172
759,356
5,000,000
5,954,020
a Securities
4,792,704
Cash
2,936,897
Accts. receivable..
764,781
Notes receivable..
384,643
438,306
Unexpired Insur__
84,090
54,211
Com. stk. (par $25)11,000,000
Pref. dlv. payable.
59,292
11,000,000
Com. div. payable
59,292
440,000
440,000
259,166
263,268
760,137
698,938
Ins., ad vs., discts.,
Ac., reserve
Prov. for deprec. of
securities
State taxes
on
for
443,394
402,913
deprec.
real est., Ac.
1,661,838
1,699,6 19
27,402
39,599
3,765,602 b3,908,754
22,419,608 22,415,204
Total
,~JLInc,udinS 5'900 common shares at cost of $198,107 and 2,939 (3,539 i«
1938) preferred shares at cost of $273,881 ($330,319 in 1938) held in treas¬
ury.
b After deducting $5,126,995 reduction in goodwill, &c.
Obituary—
Martin J. Condon, 82, for 38 years President of this company and one of
the last of
a
group
of financiers and Industrialists who helped to establish
Vai49°p 370*frge present_day f°kacco companies, died on Feb. 24.—
American Steel
Foundries—Earnings—
Consolidated rncome Account for Calendar Years
1939
.
,
Gross sales, less discts.,
&c_$18,725,061
Costs and expenses
16.194,096
Net prof.from oper...
Miscellaneous income
Total profit
earns,
of sub.
cos..
Reserve for Federal taxes
Surtax
on
1937
$12,207,206 $35,972,070)
12,874.508
30,059,278 J
989,679
842,707
1,314,921
Depreciation
bNet
1938
$l,541,2861oss$151C009
231,117
148,389
$1,772,402loss$1361620
11,242
8,643
332,946
131,023
undis. profits.
$4,597,871
282,834
$4,880,705
15,353
777,390
160,000
1936
invest, in miscell. sees.
Loss
on
$3,518,110
168,149
$3,686,259
12,060
590,773
130,000
151,717
27,653
land disposed of.
59,700
150, p. 1270.
Corp.—Registers with SEC—
given on first page of this
69,579
department.—V. 148, p. 2109.
Inc.—Earns S5.ll
Tobacco Co.,
per
Amendment Effecting Officers1
Share—
income
$4.89 per
of the
company
Bonuses
for
share after preferred dividends, earned in
1938.
$262,416,368, an increase of more than
$9,300,000; and this does not include the increased volume of the American
Cigarette & Cigar Co. which is marketing a brand of cigarettes and meeting
with outstanding success.
Notices, proxy statements and proxies for the annual meeting to be held
on April 3 were also mailed to stockholders Feb. 29.
In an accompanying letter, George W. Hill, President, brings to the
stockholders' attention a proposal by a shareholder (80 shares of common
stock) that Article XII of the company's by-laws, adopted by the stock¬
holders on March 13, 1912, be amended at this year's annual meeting.
Article XII of the by-laws provides that the compensation of the president
and of the company's vice-presidents, up to five in number, shall consist
of an annual payment computed upon profits in excess of a specified amount,
in addition to the fixed salaries of these officers.
Analyzing the proposed amendment, Mr. Hill points out that its adoption
compensation to the management on earn¬
$23,719,332 a year, and would prohibit the
payment of such compensation on earnings produced in excess of $27,719,332.
To require management to earn upwards of nearly $24,000,000 a year
before it can expect any share in the profits it produces would be "short¬
sighted and dangerous,
Mr. Hill states.
"If a company is to endure,"
he says, "far-sighted and competent management operates, not only with a
view to current earnings, but with a view to insuring earnings in coming
years.
Many a year wise management must make large expenditures to
insure the continuity of the company's success, and these expenditures
may show profits only in future years."
Adoption of the principle embodied
in the proposal, he states, would tend to encourage a management "to be
heedless of the future, to think only of the present, and to run the company
as if every year were its last. "
would eliminate any incentive
proposal that the management should be prohibited from any share
$27,719,332, Mr.
to management:
are not to have any increasing incentive to make the company's
earnings more than this figure."
Urging that the stockholders vote against the proposed amendment,
Mr. Hill reminds them that under the plan of incentive compensation to
management, adopted by the stockholders 28 years ago and written into
the company's original by-laws, the company has enjoyed continuously
profitable operation through its entire history.
During the 14 years of his presidency alone, Mr. Hill points out, "the
management of the company has made and paid in dividends to the stock¬
holders $358,660,431—better than a third of a billion dollars,—and our
surplus today is greater than when I became President."—V. 150, p. 830.
American Water
Works & Electric Co.,
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending Feb. 24, 1940, totaled 51,144,hours, an increase of 12.4% over the output of 45,493,000
the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
years follows;
Week Ended—
1940
1939
1938
1937
1936
Feb.
352,404,000 46,094,000 39,300,000 52,042,000 44,163,000
Feb. 10
52,899,000 45,923,000 39,717,000 52,341.000 44,680,000
Feb. 17-51,071,000 45,846,000 39,654,000 52,164,000 44,129,000
Feb. 2451,144,000 45,493,000 40,054,000 52,478,000 44,398,000
kilowatt hours for
January Power Output—
The power output of the electric subsidiaries
Works & Electric Co. for the month of January
of the American Water
totaled 239,823,997 kilo¬
compared with 199,564,801 kilowatt-horrs for the correspond¬
ing month of 1939, an increase of 20%.—V. 150, p. 1270.
watt hours,
Anaconda Copper
Mining Co.—Smaller Dividend—
Directors have declared a dividend of 25 cents per
share on the common
stock, payable March 25 to holders of record March 5.
This compares with
50 cents paid on Dec. 21, last; 25 cents paid on Sept. 21, June 22 and
March 23, 1939 and on Dec. 22 and March 28, 1938; dividends of 50 cents
paid on Dec. 20, Sept. 27 and June 28, 1937, and a dividend of 25 cents per
share distributed on March 9, 1937.—V. 149, p. 3545.
Not
Reported
$1,107,458
Reserve provided against
Underwriters' comm., &c
Miscell. deductions
Director—
21 elected a director of this company.
the death of Philip Stockton, who died on
Feb.
000 kilowatt
Prov. for Fed. and
Accounts payable.
22,419,608 22,415,204
$
3,952,800
Undividend profits
Total
1938
3,952,800
Prov.
33,900,8 8 45,501,339
Total
1939 was $26,427,934, equivalent to
$5.1166 per share on the common and common B stock after preferred
dividends, according to the annual report. This compares with $25,435,643
Net
"You
$3,908,754
$3.12
per sh. on com.
$3.03
Not including 5,900 shares held by the company as an investment.
Earnings
on
Defeat of Proposed
Urged—
The
surplus $3,765,602
yShs.com. out.(par $25)
434.100
Capital surplus
Earned surplus
in profits it might earn for the stockholders in excess of
Hill says, "plainly doesn't make sense," since it says
ap-
Profit and loss
y
sur$31,172
5,126.996
of trademarks. Ac
969,058
702,904
767,706
558,873
4,317,669
3,050,319
1,951,805
Treasury stock.. Dr452,140 £>r676,537
Ac., taxes
Reserves
ings they might produce up to
Federal surtax on undis¬
tributed profits..
was
Net sales for 1939 amounted to
of $2,125,662 in 1939 and $2,034,730 in
221,062 no-par shares.—V. 149, p.3708.
b Represented by
Brown
American
or
$8,240,360 $7,173,694
Total
depreciation
After
1,668,000
10-year 6% notes.
12,043
H.
Feb. 11.—V.
.$3,778,6 1 5 $3,778,015
Notes pay. banks.
145,604
415,899
108,472
105,146
615,080
325,991
Payrolls accrued..
Reserve
for Fed.,
Telephone & Telegraph Co.—Neva
American
Lewis
See list
277,358
Cash surr. value of
Prepaid
b Common stock.
of
company.-
depreciation of $13,292,686 in 1939 and $12,820,031 in
(no par),
c Represented by
He fills the vacancy caused by
1938
1939
2,141,416
1,833,533
45,501,339
American Television
Liabilities—
sub.
b Represented by 1,210,103 shares
922,607 shares.—V. 150, p.
986.
Consolidated Balance Sheet Dec. 31
1939
Assets—
43,808
stock
Capital
Accounts payable-
c
33,900,888
Total
$
$
stock.24,202,060 42,294,320
LiabUUies—
plant,
goodwill—
Inventories
$2.45
(18,187 shares valued at $20 per share,
Includes 18,187 shares issued on Dec. 21.
Excluding
these shares,
I
b Common
Ac
y221,062
$1.82
stk. soustand.
Includes dividend paid in stock
x
on
$34,181
$360,418
$292,780
Surplus
Earnings per share
book
1938
1939
1938
$
Assets—
1938.
Shs.
stock as auth¬
23, 1939, $18,092,260; reduction in
$1, $13,550,194; adjustment of carrying
value of 22,607 shares of no par value common stock in treasury, to new
stated value, $224,397; balance, Dec. 31, 1939, $4,317,669.
Consolidated Balance Sheet Dec. 31
Pats. A
100,658
Surplus Account Dec. 31, 1939
of stated value of common
Credit arising from reduction
orized by stockholders on March
value of patents and goodwill to
$7,031,564
4,802.404
1,345,482
1940
Dec. 31, 1938, $1,951,805; net income for the year
ended Dec. 31, 1939, $1,368,514; total, $3,320^319; reserve provided against
investment in common stock of General Steel Castings Corp. for year 1939,
$270,000; balance, Dec. 31, 1939, $3,050,319.
Consolidated Statement of Capital Surplus Account Dec. 31, 1939
Notes receivable—
202,822
Interest
$8,418,561
5,962,167
1,457,816
2,
balance sheet
1939
1938
$7,029,737
5,117,059
1,528,667
sales
of Earned
Consolidated Statement
Per
1936
1937
1939
$8,452,414
6,203,996
Calendar Years—
Net
March
Financial Chronicle
Anchor Hocking
Glass Corp.—Exchange Offer Made to
Preferred Stockholders—Bank Loan Arranged—
exchange shares of a new series
$5 dividend preferred stock for the presently
The directors have authorized an offer to
of preferred stock designated as
outstanding $6.50 dividend convertible preferred stock on a share for share
basis.
The terms and provisions of the new series preferred stock are
exactly the same as those of the presently outstanding preferred stock,
except that the fixed cumulative dividend rate will be $5, and the new series
will not be convertible into common stock.
The fixed redemption price,
as defined in the certificate of incorporation, will remain the same, namely,
$110 per share.
The offering is made on the following terms and conditions:
(1) The exchange will be made on a share for share basis, i.e., one share
of the new series $5 dividend preferred stock will be exchanged for each
share of the $6.50 dividend convertible preferred stock sin-rendered for
185,752
124,449
©xchdtHflf 6«
Net profit.
Preferred dividends
Common dividends.
Surplus
Shares
common
Earnings
per
stock...
share
$1,368,514los8$l750235
296,874
$l,368,514def$2047,109
1,187,496
1,187.496
$1.15
Nil
$3,617,761
193,435
2.266,451
$2,953,426
1,215,874
970,414
$1,157,876
1,187,496
$767,138
970,414
$2.64
$2.88
b Appertaining to outstanding minority stockholdings.
(2) The offer will expire at the close of business on March 20, 1940.
(3) The exchange will become effective as of April 1, 1940 if 60% or more
is surrendered in accept¬
of the $6.50 dividend convertible preferred stock
ance of the offer before the expiration thereof.
If less than 60% of such
so surrendered it will be optional with the corporation whether or
exchange will so become effective.
If the exchange does not become
effective other plans will be considered for accomplishing the redemption
stock is
not the
of such stock.
Volume
The Commercial & Financial Chronicle
ISO
(4)
If the exchange becomes effective the unexchanged $6.50 dividend
convertible preferred stock will be called for
redemption on April 30, 1940.
I. J. Collins, President,
says:
As a result of the
relatively low money rates now prevailing, the corpo¬
ration has received a number of proposals
whereby the funds necessary to
redeem the present $6.50 dividend convertible
preferred stock of the corpo¬
ration can be secured either
by the public offering of a new series preferred
stock of lower dividend
rate, or through borrowing at low interest rates,
either of which procedures would result in a
substantial saving over the
requirements for dividends on the present preferred stock.
However, directors believe that, both from the standpoint of the present
preferred stockholders and from the standpoint of the corporation, the
above exchange offer is a more desirable method of
securing substantially
the same savings.
will be avoided.
The
and delay of a public offering of securities
expense
The preferred stockholders accepting the offer will be
spared the necessity of seeking new investments for the funds they would
receive
on outright redemption of their
present stock and, in the opinion
of counsel, will avoid an income tax
liability on any profit which would be
realized by them upon outright
redemption.
The corporation has made
arrangements for an unsecured bank
$2,000,000,
loan of
or as much thereof as the
corporation may wish to avail itself,
provide funds for the redemption of the $6.50 dividend convertible pre¬
to
ferred stock which remains
unexchanged.
The amount of such bank loan
will depend upon the amount of the
present preferred stock unexchanged.
The loan will be at an interest rate of
2% per annum and will be repayable
in instalments of 10% a year for the first four
years with the balance payable
at the end of the
fifth
year.
Stock certificates evidencing ownership of the $5 dividend preferred stock,
as of April 1, 1940, will be mailed to stockholders
accepting the offer
dated
as soon as
reasonably possible after the offer has become effective.
Holders
of the $6.50 dividend convertible preferred stock of record March
20, 1940
surrendering their stock for eachange will receive the regular quarterly
dividend payable on such stock on April 1,1940.
The first
regular quarterly
$5 dividend preferred stock will be for the
period April 1, 1940 to June 30, 1940.
dividend payable on the
new
Application will be made
list
to
the
series
new
$5 dividend preferred
stock
on the New York Stock
Exchange, and, if approved, it is expected
that this listing will be effective on the
day of issuance of such shares.
The acceptance of exchange offer form should be delivered with the
$6.50 dividend convertible preferred stock certificates to the corporation
at the office of The New York Trust
Co., 100 Broadway, N. Y. City,
on or before March 20.
Cost of sales
Depreciation, including cost of
Patent
new
molds.
royalti(is
Selling, administrative and general
expenses
-
*1938
$24,345,147 $21,549,477
18,385,940
16,847,081
1,023,783
1,003,141
820,735
684,173
2,308,666
2,007,468
Profit from operations
Other income
$1,806,023
48,027
Total income
Provision for Federal and Canadian income taxes._
Profit for the year
Preferred dividends
Common dividends
Earnings
x
per
share
.
_
on common
stock
$1,054,207
81,613
220,194
$1,445,498
265,886
500,885
_..
$1,007,614
46,593
$1,854,050
50,604
357,948
_
Other deductions
$752,400
265,886
321,998
$0.68
$1.65
_
Gross income
Other income
x
8,750,915
2,807
$8,753,722
4,610,703
Expenses
Int., incl. corn's
& exps.
coll. trust notes
on
The year 1938 figures have been reclassified for
purpose of comparison.
$7,850,282 $10,745,938
4,273.598
5,231,989
714,191
987,511
493.102
27,000
429,577
27,000
yl,278,400
2,250
1,238,614
65,156
$2,828,916
$2,405,915
300,000
836,494
$3,221,038
300,000
1,562,143
$3,112,536
z264,041
$1,269,421
$1,358,895
$1,738,446
418,247
$6.98
406,506
300,000
1,045,618
Balance, surplus
$1,483,298
Shares com.
outstanding
(no par)
Earnings
418.247
per share
418,247
$6.05
Consolidated figures,
owned
$8,938,103
4,026,445
expenses
Net income
Preferred dividends
Common dividends
a
1936
673,831
Federal taxes
Miscell.
al937
on
10-year 3% debs
_
al938
$84,902,714 $149475,874 $134476,606
7,810,727
10,741.129
8,936,061
39,555
4,809
2,042
16,350
623,921
Amortiz. of discount
$5.04
-
Includes
Associates
Discount
1,110,049
$7.01
Corp.,
wholly-
subsidiary.
x Includes commissions
earned for the purchase and collection of receiv¬
ables of $81,836 in 1939,
$58,890 in 1938, $131,201 in 1937 and $329,064
in
1936.
cludes
y
Includes $152,000 for surtax
on undistributed profits,
z In¬
(retired in 1936) and $150,000 on 5% pref.
$114,044 on 7% pref.
1936.)
(issued in
Consolidated Balance Sheet Dec. 31
1939
1938
$
$
Assets—
Inv. in cap. stk. of:
Assoc. Bldg. Co.
1939
5%
Inc
250,000
x
750,000
79,889
132,476
____
648,000
91,561
Funds
Furn. & fixtures..
Prepayments
35,062
Unamort. discount
10-year
on
6,000,000
2,796,946
2,796,946
41,556,500 18,178,500
fr.
auto dealers
679,392
Reserve for losses.
511,171
1,314,632
12,000,000
1,799,731
10-year 3% debs..
3%
5-year 1 %% notes
213,750
7,732,731
Deferred income..
receivable..64,227,641 44J87;933
Accts. pay. & accr.
8,873,009
Notes
Accounts
receiv..
29,811
28,090
126,504
75,061
74,469,331
Repossessed
Represented by 418,247 shares
6,000,000
3,708,724
payable
53,862,188
cars..
Total
x
Common stock..
Notes payable
witheld
1938
6,000,000
pref. stock...
250,000
Emmco Ins. Co.
Cash
Sales and machinery rentals, less discounts, returns
...
Associates Investment Co. (& Subs.)—Earnings—
Calendar Years—
al939
Gross receivables purch.$155292 358
debentures
Consolidated Statement of Income for Calendar Years
1939
and allowances
1419
966,414
9,688,818
10,984,717
Total
74,469,331 53,862,188
stock.—V. 149.
no par
2,405,806
943,320
taxes, &c
Earned surplus
P.
3402.
Atchison Topeka & Santa Fe Ry.—Earnings—
(Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.)
Month of January—
Railway operating revenues.
Railway operating expenses.
a
Railway tax accruals.__
Other
debits
...
__
Net railway operating income
a
1940
1939
$11,967,662 $11,309,763
10,180,152
9,763,153
1,217,712
1,322,800
29,736
80,592
...
Includes
for
1940
and
$540,062
...
1938,
respectively,
$143,218
$367,521 and $350,345,
representing accruals under Carriers Taxing Act of 1937 and the Unem¬
ployment Insurance Acts.—V. 150, p. 987.
Consolidated Balance Sheet Dec. 31
1939
Atlanta Birmingham & Coast
1938
$
Assets—
%
on
hand
3,559,052
2,260,051
$
650,667
836,846
2,012,163
32,423
Inventorles
3,064,177
2,080,437
43,721
3,124,596
377,731
199,482
22,133
28,756
Unearned Income.
309,626
345,797
Cash Inclosed bks.
6,694
Misc. stks & bonds
6,045
8,011
6,641
& accts. receiv'le
missions & exps.
(less reserves)..
and State taxes.
Customers'deposlts
Land & dwellings,
at
on
cost
Repair
and
leased
chln'y, eqpt.,&c. 9,041,368
111,701
108,815
Pat. <fc pat. rights.
Goodwill
8,999,223
of
&
19,265
20782
374,935
In
407,784
c
115,897
4,090,500
Common stock.. 13 555,768
13,555,768
432,208
432,208
1 ,524,398
845,671
Capital surplus...
Earned surplus...
1
3,723,808
Total
21,813,694 20,815,809
of $137,296 in 1939 and $141,377 in 1938.
dividend of 25 cents per share on the common
15 to holders of record March 8.
This compares
a
stock, payable March
50 cents paid on Dec. 15 last; 25 cents paid on July 14 last and on
Dec. 16, 1938, and 50 cents paid on Dec. 14, 1937, this latter being the
first dividend paid since Feb. 9, 1931, when 25 cents per share was dis¬
tributed.—V. 149, p. 3545.
with
Anglo American Mining Corp., Ltd.—Earnings—
$119,239
1,329
1940
$4,731,906
3,624,490
1939
$4,340,761
3,317,848
$3,990,059
3,277,797
$1,107,416
450,000
$1,022,913
450,000
$712,262
425,000
Operating income
Equipment and joint faciltiy rents
$657,416
280,651
$572,913
235,639
$287,262
178,431
Net railway operating income
$376,765
$337,274
$108,831
RR.—Earnings—
Month of January—
Operating
Operating
revenues
expenses
Net operating revenues.
......
.
—Y. 150, p.
1938
831.
The
Chase
National
Bank,
successor
trustee,
announced
that
it will
purchase for the sinking fund first mortgage sinking fund 7 % convertible
gold bonds to an amount sufficient to exhaust funds in the sinking fund on
March 15, 1940.
Tenders should be submitted to the corporate trust de¬
partment of the bank, 11 Broad St., New York, before March 15, at prices
not exceeding the unpaid balance of the principal and a premium of 7H %,
plus accrued interest.
Tenders must in each case be for all or any part of
the bonds so offered/—V. 150, p. 681.
Works—Bookings—
The dollar value of orders taken in January by the Baldwin Locomotive
and subsidiary companies, including the Midvale Co., was an¬
Works
on Feb. 23 as $3,555,000 as compared with $3,930,721 for Janu¬
1939.
Consolidated shipments, including Midvale, in January aggre¬
gated $3,181,264 as compared with $1,646,232 in January of 1939.
On
Jan. 31, 1940, consolidated unfilled orders, including Midvale, amounted
to $44,598,255 as compared with $44,215,799 on Jan. 1, 1940.
All figures
are without inter-company eliminations.—V. 150, p. 1129.
nounced
operating revenue
$120,568
99,083
...
Operating costs
....
W Net operating profit
Dividends received from Carson Hill Gold Mining Corp..
$21,485
21,111
Net profit before deducting depletion, depreciation, &c.
$42,596
-Y. 149, p. 1016.
Ann
Arbor
January—
Gross from railway.
1940
$334,459
56,255
24,678
1939
1938
$324,721
67,912
32,644
$258,795
9,905
def22,178
1937
$337,723
54,775
19,713
Arnold Constable Corp.—Dividend Halved—
Directors have declared
a dividend of 12 lA cents per share on the common
$5, payable March 25 to holders of record March 11.
This
with 25 cents paid on Jan. 25, last; 12 XA cents paid on Dec. 29,
Sept. 25, June 27 and March 21, 1939 and 25 cents paid on Jan. 27, 1939.
—V. 150, p. 122.
par
compares
Associated Breweries of Canada,
Directors have declared
a
Ltd.—25-Cent Div.—
dividend of 25 cents per share on the common
stock, payable March 30 to holders of record March 15.
Year-end dividend
of 75 cents was paid on Dec. 22 last, and regular quarterly dividend of
20 cents was paid on Sept. 30 last.
Extra dividend of 45 cents in addition
to regular 20-cent quarterly dividend was paid on Dec. 31, 1938.—V. 149,
p.
3709.
»
Associated Gas & Electric
Co.—Weekly Output—
ft The Utility Management Corp. reports that for the week ended Feb. 23,
net electric output of the Associated Gas & Electric group was 94,091,746
units (kwh.).
This is an increase of 9,625,100 units or 11.4% above produc¬
tion of 84,466,646 units a year ago.—V. 150, p. 1270.
ary,
Baltimore & Ohio
RR.—Earnings—
1940
1939
$12,810,074 $10,364,661
850,038
Month of January—
Freight revenues...
Passenger revenues
RR.—Earnings—
Net from railway.
Net ry- oper. income
—V. 150, p. 830.
stock,
1937
$151,512
13,975
def9,085
Baldwin Locomotive
Earnings for 3 Months Ended Dec. 31, 1939
Revenue from sale of gold and silver bullion
Revenue from other sources
^ Total
1938
$150,987
20,881
def2,742
Autocar Co.—Tenders—
Andes Copper Mining Co.—Smaller Dividend—
Directors have declared
1939
1940
$156,715
24,509
def2,241
;
Taxes
b After reserve
for depreciation of $7,236,283 in 1939 and
$6,723,881 in 1938.
c Repre¬
sented by 715,550 shares (no par value).—V.
150, p. 1270.
reserve
—Earnings—$132,266
def422
def24,355
Net from
Atlantic Coast Line
120,739
4 090,500
subsidiary
92,807
3,538,890
1937
$313,268
42,517
4,794
.
Atlanta & West Point RR.January—
railway
railway
Net ry. oper. income
—'V. 150, p. 831.
1938
$269,178
5,546
def34,918
cap'l
surplus
101,360
1
21.813,694 20,815,8091
After
int.
stock
Preferred stock...
Constr. In progress
Deferred charges..
a
Min.
______
Gross from
47,420
repairs
bLand, bldgs., ma-
Total
unfilled orders
Reserve for furnace
machine parts &
supplies
$334,758
70,459
22,549
—V. 150, p. 831.
310,871
Federal, Canadian
Mis cell, accts. rec.
Customers' notes
a
1939
$305,077
31,219
defl6,785
Gross from railway
Net from rail way
Net ry. oper. income.__
614,063
Accounts payable.
Accrd. wages, com¬
RR.—Earnings-
1940
1938
$
Liabilities—
.....
January—
1939
Cash in banks and
265,094
251,660
Express revenues
100,257
All other operating revenues
448,978
93,095
394,002
Mail revenues
—
Railway operating revenues
Maintenance of way and structures
Maintenance of equipment
—
.$14,474,441 $11,953,480
1,232,157
890,185
3,701,077
2,576,139
329,633
5,458,960
4,608,647
120,881
109,023
—
Traffic expenses
Transportation expenses
operations
Miscellaneous
General
474,432
expenses
04,053
Transportation for investment
Net
revenue
$3,130,393
977,509
from railway operations.
Railway tax accruals
Equipment rents (net)
Joint facility rents (net)
_______
Net railway operating income
224,999
538,791
0389
$2,901,442
878,523
209,380
161,576
142,620
$1,766,309
$1,670,919
Modified Bonds Ready for Exchange—
All 1st mtge. 5% bonds should be presented promptly at the office of
United States Trust Co., New York, agent for the company, 45 Wall St.,
New York, and all
Southwestern Division bonds should be presented
promptly at the office of City Bank Farmers Trust Co.,"Agent for the
company, 22 William St., New York, for annexation of agreements and
coupons and Imprinting of notations thereon.
The Commercial & Financial Chronicle
1420
Bonds
presented should be accompanied by ail appropriate letter of
so
transmittal.
,,
,
will be delivered in respect of all bonds
presented In person, and it is contemplated that bonds so presented will be
ready for redelivery upon surrender of such counter receipts approximately
Counter receipts of the company
two weeks after such
bonds shall have been presented.
mail should be by registered mail, insured.
Such
work shall have been com¬
Bonds forwarded by
bonds will be returned as soon as the necessary
pleted.
mtge. bonds already deposited with United States Trust Co. are
ready for delivery to holders of certificates of deposit upon surrender
Southwestern bonds already deposited with City Bank
Farmers Trust Co. will be ready for delivery to holders of certificates of
First
now
of such certificates.
deposit on and after March 5, upon surrender of such certificates.
The modified bonds have been authorized for listing on the New York
Stock Exchange.
„
The available net income
,
_
of the company for the year 1939, determined in
Interstate Commerce Commission accounting regulations
accordance with
and after deducting fixed
interest, is $9,751,008, which is subject to any
expected to be unsubstantial) to adjust income
debits and credits (which are
prior years pursuant to the provisions of said supplemnetal indentures.
In accordance with the provisions of the plan and said supplemental in¬
dentures, directors determined to apply $2,000,000 of such available net
income to the capital fund and the remaining available net income $7,751,008 (subject to adjustment as above referred to), to increase the company's
net working capital, such application of income to net working capital being
permitted for the year 1939 only.
Accordingly, no remaining income will
be available and no contingent interest will be payable on the bonds or bonds
of other issues bearing contingent interest on May 1. 1940.
The contingent interest coupons dated May 1, 1940, will accordingly, be
void, but the interest represented thereby will be payable on later dated
coupons as earned.
Accrued unpaid contingent interest to Jan. 1, 1940. on
the bonds, together with contingent interest accruing for the year 1940 on
the bonds will be payable on May 1, 1941, or thereafter, whenever available
net income for the preceding calendar year, after authorized prior deductions,
is sufficient for the purpose.
The new fixed interest coupons should be pre¬
sented for payment on the dates specified.—V. 150, p. 987.
in
Bayuk Cigars, Inc. (& Subs.)—Earnings1939
1938
1937
1936
Gross earnings.,
Other income
$5,101,635
$4,303,604
95,296
$3,858,049
196,429
$3,933,990
124,488
Total income
$5,197,846
2,740,481
13,321
$4,398,900
$4,054,478
2,448,536
32,763
$4,058,478
2,401,692
25,282
176,475
73,325
70,720
13,786
Calendar Years—
z
96,211
Sell., gen. & adm. exp_
Interest (net).
Loss on sales of tobacco
4,549
& miscell. investments
388,742
94,108
246,694
68,366
181,340
51,800
84,760
173,859
229,704
269,667
18,100
304,198
$1,782,785
82,478
$1,300,995
118,505
393,072
393,071
$985,612
132,493
393,068
$974,898
151,525
393,060
$1,307,235
393,060
$4.33
$789,419
393,060
$3.01
$460,052
_
Undistrib. profits tax
Flood loss
Exp. in connection with
recap. A refinancing.
Deprec. and amortiz
_
Net profits
1st pref. dividends
Common dividends---
x
Surplus
Shs.
com.
outst.
(no par)
Earns, per sh. on com.-
393,060
$2.17
Including provision for bonus to executive officers and
employees, based on earnings and sales, $127,928 in 1939, $76,556 in 1938,
$49,842 in 1937 and $51,323 in 1936.
1
x
Paid in cash,
z
1938
1939
Assets—
Cash
1,158,726
Trade accts. rec_.
1,657,406
6,644,212
Mtge.
%
$
Inventories
•
for
5,607
1,690,000
2,987,047
fund
7% 1st pref. stk.
50,370 Notes payable
14,700
156,254
319,674
93,673
63,611
50,575
controlled|
468,402
Investments
71,343
Land, buildings,
equipment, &c. 2,268,639
c Cigar
mach'y, li¬
censes
1,375
Patent rights
20,471
for
b
2,153,543
officers A empl.
20,750
Surplus..—i
Gross
17,816
156,849
144,968
609,791
14,700
16,750
424,163
29,575
18,000
Total cost of sales
127,928
7,038,071
150,165
140,257
$87,108
16,985
$28,238
35,912
$38,515
66,119
loss$68,653
3,902
loss$70,122
$7,673
9,282
$27,604
21,356
$72,556
deductions
$91,478
$1,609
sur$8,453
12,139,278
Total
12,180,244
12,139,278
Liabilities—
Assets—
Cash In banks and on hand...
Notes A accts. receivable (net)
Due from employees
Material purchase advance...
Inventories
an
Dec. 20 and Aug. 20, 1938 —V. 150, p. 831.
Beaumont Sour Lake & Western
January—
Intangible assets
404,704
98,874
80,074
Fixed assets
(net)
N^ry.oper.ooX•
income...
15U, p»
$266,939
133,502
$250,753
105,334
77,323
71,872
42,069
1939
1938
1937
$297,070
141,214
67,955
Beech Aircraft Corp.—Stock Offered—Public offering of
total of 35,651 shares ($1 par) common stock was an¬
Feb.
27
by Neelands & Platte, New York, and
Tifft Brothers, Springfield, Mass.
The offering represents
10,000 shares which the underwriters have agreed to purchase
from the corporation at $6 per share, and 25,651 shares
which the unterwriters have the right to purchase for the
corporation at the same price, plus 50% of the public offering
price above $7 a share.
The stock is being offered at the
market.
$1,422,911
Customers'
deposits
on
$356,971
140,109
21,313
22,367
25,900
sales
121,832
contracts
Long-term liabilities
Common stock (par $1)
56,750
364,349
470,510
157,191
Bell
Purpose—The amount of estimated net proceeds which the
company
is
Telephone Co. of Pennsylvania—Report—
Calendar Years—
offering exceeds $7 per
be more than estimated above.
It is the company's intention to
apply the net proceeds approximately as follows: For payment of note to
the Chase National Bank, $100,000; for payment of a 5% mortgage note
to Curti8s-Wright Airplane Co. maturing Feb.
12, 1940, $25,000.
The
balance of net proceeds will be applied to working capital, which will assist
the company in its manufacturing operations and provide for the com¬
pletion of unfilled orders on hand.
Listing—Common stock is listed on the New York Curb Exchange and
the
San
Francisco
Stock
Exchange,
and
is
registered
under
the
Securities Exchange Act of 1934.
Company has made application to list
the common stock offered on each of the Exchanges, and for the registration
thereof under said Act, both upon notice of issuance.
1937
1936
revenues.
$71,390,809 $68,912,313 $69,018,646 $65,654,062
273,560
353,792
Total oper. revenues..$71,117,249 $68,558,521
Current maintenance
14,630,305
13,768,474
11,589,089
8,950,436
5,790,540
1,433,420
Commercial expenses
Operating rents
11,413,740
8,566,460
5,692,573
1,521,478
General & misc. exps.—
Executive & legal deps
213,097
170,633
$68,805,548 $65,483,428
12,984,917
14,131,851
11,300,395
11,720,040
7,920,543
8,673,147
5,506.135
5,812,157
1,461,950
1,531,888
577,744
511,709
496,921
2,500,150
2,420,935
2,266,097
710,684
679,551
424,255
419,716
440,289
405.389
991,191
1,677,971
Cr381,008
6,331,737
954,004
960,559
711,093
907,526
626,747
Cr 181,055
x4,947,170
578,385
Accounting & treasury
departments
2,546,201
Prov. for empl. service
723,477
pensions
Empl. sickness, acci¬
726,407.
dent, death & other
benefits
rec'd
Service
under
license contract
Other geheral expenses
Exps. charged construct.
Taxes
1,444,754
Cr386,297
5,881,845
Net operating income.$15,831,249 $15,493,194
Net non-oper. income—
3,006
9,126
Cr416,537
x5,775,837
$15,853,027 $16,114,282
Dr80,357
Dr40,468
Income avail, for fixed
Amortiz.
If the public
1938
$48,569,840 $48,362,199 $46,513,068
yl6,807,717
17,345,236
16,195,119
3,624,591
3,534,757
3,311,210
2,945,874
Uncoil, oper. revenues..
25,651
shares from the company.
1939
Total
Int.
share the company is to receive 50% of the offering price above $7 a share
in addition to $6 per share.
The net proceeds to be received by the com¬
$1,422,911
Total
987.
Local service revenues..$50,520,944
Toll service revenues... 17,245,274
deUvery of the shares registered is $208,367, which amount
is the net proceeds less estimated expense.
This estimate is based upon a
price of $6 a share to be paid by the underwriters on their option to buy
payable
Earned deficit
to receive upon
pany may
Notes
Paid-in surplus
Depreciation expense—
Traffic expenses
Ry.—Earnings-
1940
$276,650
137,370
—V•
$7,092
117,732 Accounts payable—trade
1,436 Salaries and wages payable
2,484 Accrued liabilities
709,516 Current long-term liabilities..
1,000
Investment..'
Miscellaneous
interim dividend of four cents per share on
the common stock, no par value, payable March 15 to holders of record
March 11.
Dividends or five cents were paid on Dec. 7, Aug. 15 and April 3,
Gross from railway
Net from railway
13,777
5.373
Net loss
-V. 150, p.
Beattie Gold Mines, Ltd.—Interim, Dividend—
a
231,189
76,556
87,356
12,180,244
nounced
68,256
5,800,959
Represented by 393,060 no par shares,
b After depreciation of $2,213,612 in 1939 and $2,174,763 in 1938.
c After amortization of $1,287,225
In 1939 and $1,267,850 in 1938.—V. 150, p. 1271.
on
1937
$787,574
685,832
$1,141,398
1,019,471
$71,597
2,943
Total Income
Other
$1,328,296
1,184,214
Deferred charges
a
1939 and
$382,614
385,955
and allowances
21,667
95,132
Directors have declared
Years Ended Sept. 30
1938
sales, less returns
Total
Prepaid Insurance,
taxes, Ac
1939
Dec. 31, *39
Balance Sheet Dec. 31, 1939
Federal
Contractual oblig.
Prov. for bonus to
for Slated Periods
3 Mos. End.
29,575
500,000
pay.
income tax
150,100
74,333 Dividends payable
150,100
Income Account
on
Accrued wages,Ac.
Accrued taxes
Prov.
.
company
50,370
60,869
Sundry accts.
33,404
approximately
Prov. for income taxes..
pi. Christmas
Res've for divs.
unfilled orders
$1,279,000 on Jan. 31, 1940.
With the present personnel the officers of the company believe that the
capacity of the plant on a monthly basis is 10 biplanes and 4 monoplanes,
or 6 biplanes and 6 monoplanes.
Capitalization—As of Dec. 31, 1939 the company was authorized to issue
500,000 shares of its common stock (par $1) and on the same date had
outstanding 364,349 shares.
Underwriting—Company has entered into an agreement with Tifft
Brothers, Springfield, Mass. and Neelands & Platte, New York, as under¬
writers.
The underwriters have given a firm commitment to purchase
10,000 shares of the common stock of the company at $6 per share.
Company has gr >nted the underwriters an option to purchase, within
40 business days following the effective date of the registration and listing,
the whole or any part of the remaining 25,651 shares at $6 per share.
Com¬
pany agreeing at the request of the underwriters to deliver any and all of
said shares as purchased by them during the option period.
Net loss from oper'ns.
Trade creditors...
for sinking fund.
Invest, in and rec.
ployees.
This increase was in part dictated by the fact that
increased from approximately $275,000 on Jan. 1, 1939 to
Other income.
60,869
purchasei
of 1st pref. stock
from
$
15,756
Christmas
fund cash
Cash
$
4,022
14,545
year
Em pi.
1938
_
em
Revenue stamps..
During the fiscal year ended Sept. 30, 1937 the company continued to
expand its production and sale of single engine biplaens, together with
completing the manufacture and delivery of the first twin engine all metal
monoplane.
Net sales for the fiscal year amounted to $787,574 resulting
from the delivery of 71 biplanes and one monoplane, together with sundry
service parts.
On Dec. 22, 1936 the company exercised an option to
purchase from Curtiss-Wright Airplane Co. the plant which it now occupies.
During the fiscal year 1938 the company delivered 59 biplanes and 11
monoplanes.
Net sales for the year amounted to $1,141,399 which repre¬
sented a substantial increase over the previous year, the introduction of
the monoplane model accounting for $392,179 of this total.
Throughout
the year further refinements >vere made in both the biplane and monoplane
models and certain jigs, tools and dies wereadded to the plant equipment
to facilitate manufacturing processes, particularly with respect to the all
metal monoplane.
Through invitation by the United States Army Air Corps, the company
submitted certain equipment in competition, and as a result has received
orders from the U. 8. Government for certain airplanes in the total amount
of approximately $1,000,000.
During the fiscal year 1939 the company delivered 66 biplanes and 8 mono¬
planes.
Net sales for the year amounted to $1,328,296 which represented
an increase of $186,898 over the previous year.
The 1939 fiscal year together with the present period has been character¬
ized by preparation for Government business, and for a larger scale pro¬
duction of monoplanes.
During the fiscal year 1938, when 59 biplanes and
11 monoplanes were manufactured and sold the company had an average
of fewer than 250 employees.
As of Dec. 31, 1939 there were 802 em¬
engineering expenses.
1939
Liabilities—
332,667 7% 1st pref. stock,
840,000
1,603,987 a Common stock.
2,987,047
7,154,741 Trustee acct. for
within
due
History and Business—During the year 1934 the predecessor company
(The Beech Aircraft Co., Kansas) began the commercial production and
biplanes.
This product had been developed during
the latter part of 1932 and the following year and was well received.
A
total of 17 airplanes was delivered during 1934 resulting in net sales of
*&145 70S
In'the nine-month period ended Sept. 30, 1935, with certain improve¬
ments and expansion of manufacturing facilities, the predecessor company
produced and delivered 27 biplanes, together with certain repair parts,
resulting in net sales of $294,473 for the period.
In Oct., 1935 engineering and development work was started on a twinengine monoplane.
From Oct. 1.1935 to Sept. 16,1936, the date on which
the present company became the successor of The Beech Aircraft Co., the
predecessor company manufactured and delivered 52 biplanes, together
with certain repair parts for a total sales volume of $546,224.
Selling, administrative &
Consolidated Balance Sheet Dec. 31
1940
2,
sale of single engine
$430,313
393,060
$2.09
Federal tax
Commonw. of Pa. tax.
2,532,125
21,016
March
$15,840,375 $15,496,201 $15,772,670 $16,073,813
4,250,000
4,250,000
4,250,000
4,551,396
975,401
1,027,983
951,458
660,495
charges
funded debt
on
Other interest
of
debt
disct.
110,857
74,153
115,216
90,191
$10,426,010 $10,050,890 $10,386,201
$10,656,515
1,300,000
8,800,000
110,857
78,106
and expense
Other fixed charges
Net income
Divs.
,on
pref.
of
1,300,000
8,800,000
1,300,000
8,800,000
$326,001
stock.
com.
stk.
def$49,109
$286,201
$556,515
1,100,000
$8.29
1,100,000
1,100,000
1,100,000
$^.95
$8.26
$8.51
out¬
standing (par $100)..
Earned per
8,800,000
1,300,000
on common
Surplus
Shs.
110,857
56,469
stock
(6H%)
Divs.
'
share
consider that it had any undistributed earnings
1937 or ,1936 in respect of which provision for surtax should have been made
y Includes approximately $333,000 which is to be refunded to subscribers
x
Thb company did not
Volume 150
The Commercial & Financial Chronicle
Comparative Balance Sheet Dec. 31
1939
Assets—
$
The series H bonds
1938
$
,
1 Q3Q
Liabilities—
-
$
1938
S
Telephone plant330,635,638 325,303,385 Common
stock. 110,000,000 110,000,000
Other investm'ta
443,422
443,442 Preferred stock. 20,000,000
20,000,000
Mlsc.phy8. prop
1,539,426
1,563,282 Prem. on capital
CashA spec .dep.
1,532,633
stock.
1,519,306
771,226
771,226
Working funds.
208,703
223,219 Bonds
85,000,000
85,000,000
Mat'l & supplies
2,571.291
2,428,969 Adv. from Amer.
Notes receivable
1,900
Tel. & Tel. Co
91,730
9.475,000
9,850,000
Accts. recelvaole
6,993,705
6,660,440 Notes
sold
to
Prepayments
758,711
trustee
838,194
of pen¬
are
1421
to be dated Feb.
1965.
1, 1940 and
are
to mature Feb. 1,
They will be subject to redemption for the sinking fund on Feb. 1
30 days' notice,
so called for
redemption, plus the
following premiums: 1% on or before Feb. 1, 1954; % of
1% to Feb. 1,
1957; M of 1% to Feb. 1, 1960; H ot 1% to Feb. 1,
1963; and without
In any year
beginning with the year 1951, upon at least
at the principal amount of
the bonds
premium thereafter.
The series H bonds will be subject to
redemption
at the option of the
corporation, otherwise than for the sinking fund, as a
whole at any time, or in
part (selected by lot) from time to time in principal
amounts of not less than
funded
on
debt
Other
1,647,336
1,530,718
$5,000,000 at any one tine, upon at least 30
days'
notice, at the principal amount of the bonds so called for
redemption and in¬
accrued thereon, plus the
following premiums: 6% on or before
Feb. 1, 1950; 4% to Feb.
1, 1953; 3% to Feb. 1, 1956; 2% to Feb. 1, 1959;
1% to Feb. 1, 1961; H of 1% to Feb. 1,
1963; and without premium there¬
after.
4,656,519
3,619,153
the
reserve-
6,737,605
84,498,951
6,463.042
79,446,961
Def'd credits...
DJs.
65,144
51,456
12,872,494
12,940,189
sion fund
1,466,939
^,577,796
deferred
11,032.257
bill. & paym't
debits...
604,163
639,850
11,616,868
Cust.dep.&adv.
Accts.pay .&oth.
curr.
Acer,
liabilities
liabilities
not due
Deprec.
Surplus
terest
The $70,000,000 of new
mortgage bonds will be secured pari passu with
existing series F bonds of the corporation by the lien of the consolidated
mortgage, which is a first mortgage lien upon practically all of the
prop¬
erties owned by the corporation and its
subsidiaries.
Serial Debentures—Debentures are to be
dated March 1, 1940.
The
maturities and rates
Amount
Total
346,756,533 341,289,612
Total
346,756,533 341,289,612
V. 150, p. 1129.
Bessemer & Lake Erie RR,
—Earnings—
January—
Gross from railway
1940
1939
$611,565
42,789
57,719
Net from railway
Net ry. oper. income
—V. 150, p. 681.
1938
$419,974
def53,779
def57,751
$3,500,000
3,500,000
3,500,000
3,500,000
3,500,000
1937
$301,098
$840,233
207,868
231,031
def203,328
def215,945
Yeast,
Ltd., Liverpool, N. S.—Preferred Stock
Offering—F. J. Brennan & Co., Ltd., St. John, N. B.,
recently offered $72,340 6% cumulative preference shares
(par $10) at $9.25 per share.
Preference shares
are entitled to a fixed cumulative
preferential dividend
6% per annum from date of issue, such dividend to be paid
quarterly March &c. in lawful money of Dominion of Canada beginning
March 1, 1940, at par at
any branch of the company's bankers in the
Provinces of Nova Scotia, New Brunswick and
Prince Edward Island,
Transfer office,
Secretary of company.
Capitalization—
Authorized
Outstanding
Preference shares (par $100)
20,000 shs.
20,000 shs.
Common shares (no par)
30,000 shs.
29,906 shs.
at the rate of
Company
incorporated Jan. 31. 1935, under the Nova Scotia Com¬
Company is engaged in the manufacture of bakers' yeast
Heijkenskjold process
Patent rights and licensing operations
was
panies Act.
under the
of this
controlled in the United States
International Patent Co., Ltd., a Nova Scotia
process
are
and Canada by the
corporation and the con¬
Yeast, Ltd.
Under arrangement with the
International Patent Co., Ltd., Best Yeast,
Ltd., will have the exclusive
privilege of manufacturing yeast under this process in Canada.
The
process in question involves the utilization of waste
liquor from paper mills.
Essentially it consists of the propagation of yeast fungi in this waste liquor
in such maimer that the
fungi can utilize the fermentable sugars as nutri¬
trolling shareholder
of
Best
ments.
The proceeds of the present issue of
7,234 preference shares will be
utilized for capital expenditures in connection with the
construction of a
new branch at
Thorold, Out., adjacent to the plant of the Ontario Paper
Co., with which a satisfactory agreement has been made.
Earnings for Stated Periods
Years Ended July 1
„
,
,
,
Sales,
less
sales
royalty,
express
truckage..
tax,
and
Production costs
All other expense
Net profit
Deprec.
bldg. & plant
Canadian corp. inc. tax.
N et
on
earns. a vail.
3 Mos.End.
1937-38
Sept. 30, '39
1936-37
$108,925
59,954
40,443
8,528
8,338
28
for di vs
161
1938-39
$139,244
68,184
47,707
23,352
9,261
2,113
11,977
$161,852
$48,261
69,247
18,464
60,418
32,186
9,619
3,462
19,105
15,529
14,267
3,120
Stockholders
at their annual
meeting on March 20 will consider reducing
number of directors to 23:
change date of annual meeting to third
Wednesday in April, terminate incentive payment plan; and ratify directors'
action in the restatement of the
surplus account.—V. 150, p. 1272.
Bethlehem
Steel Corp.—$105,000,000 Bonds
Offered—
offering of $105,000,000 of new securities of the
nation's second largest steel
producer was made Feb. 29.
Of the total, $30,000,000 are .consol.
mtge. 20-year sinking
fund 3% bonds, series G, due Feb. 1, 1960,
priced at 98%
and accrued interest; $40,000,000 are consol.
mtge. 25-year
sinking fund 3\i% bonds, series H, due Feb. 1, 1965,
priced at 100% and accrued int., and $35,000,000 are 10-year
serial debentures maturing March 1, 1941 to
1950, incl.,
priced at 100% and accuerd int. for all maturities.
Interest
rates on the serial debentures
range from 3^ of 1% for the
1941 maturity, up to
2.60% for the 1950 maturity.
The
Public
underwriters of the three issues include
a
nation-wide list
of investment
banking firms headed by Kuhn, Loeb & Co.;
Smith, Barney & Co., and Mellon Securities Corp., are
managing the offering.
Other principal underwriters are:
Morgan Stanely & Co., Inc.; Harriman Ripley & Co., Inc.;
Dillon, Read & Co.; The First Boston Corp.; Union Securities
Corp.; Blyth & Co., Inc.; Bonbright & Co., Inc.; Goldman,
Sachs & Co.; Hemphill, Noyes & Co.; Lazard Freres &
Co.;
Lehman Brothers; Kidder,
Peabody & Co.; Lee Higginson
Corp.; Glore, Forgan & Co.; Hallgarten & Co-.; G. M.-P.
Murhpy & Co.; Dean Witter & Co.; Clark, Dodge & Co.;
Hayden, Stone & Co.; W. E. Hutton & Co., and White,
Weld
&
Co.
The
issues
were
oversubscribed
the
day of
offering and the books closed.
In
addition
to
those
retail organizations, more than 500 dealers across the
country
will have a part in the distribution of the $70,000,000 consol.
mtge. bonds.
The serial debentures
are being sold for the
by the managers of the
public offering.
Series G and series H bonds
dated Aug. 1, 1938.
The series G bonds
are to
are
to be issued in the consolidated
be dated Feb. 1,1940 and
1960.
mortgage,
are to mature
Feb. 1,
They will be subject to redemption for the sinking fund Feb. 1 in any
beginning with the year 1951, upon at least 30 days notice, at the
principal amount of the bonds so called for redemption.
Series G bonds
year
will be
subject to redemption at the option of the corporation, otherwise
sinking fund, as a whole at any time, or in part (selected by
lot) from time to time in principal amounts ot not less than $5,000,000 at
any one time, upon at least 30 days' notice, at the principal amount of the
bonds so called for redemption and interest accrued thereon to the date
of redemption, plus the following
premiums: 3% if called for redemption
on or before Feb. 1, 1950; 2% to Feb. 1,1953;
1% to Feb. 1, 1956; M of 1%
than for the
to Feb.
1, 1958; and without premium thereafter.
1,
1,
1,
1,
1942
1.00%
1943
Interest
Amount
1.25f
1944
1945
Maturity
Rate
$3,500,000
3,500,000
3,500,000
3,500,000
3,500.000
0.50%
Mar. 1,1946
Mar. 1,1947
Mar. 1, 1948
Mar. 1, 1949
Mar. 1, 1950
2.15%
2.30%
2.45%
2.60%
2.00%
Interest payable M-S.
Principal and interest payable at the office
agency of the corporation in New York, in such coin or
currency of the
United States of America as at the time of
payment shall be legal tender
for the payment of
public and private debts.
Coupon form,
to
registerable
principal only, in denom.
be secured
by any lien.
Purpose—The
of $1,000.
The serial debentures will not
(For redemption provisions, see V. 150, p. 1129.)
net proceeds of the sale of the securities,
which after de¬
ducting the estimated expenses of the corporation in connection with the
sale of the serial debentures and the
bonds will approximate $102,106,500,
will be used,
together with such other moneys to be supplied by Bethlehem
Steel Co. (Pa.) as shall be
necessary for the purpose, in the purchase or
redemption on or before July 1, 1940, of $50,390,000, consolidated
mortgage
25-year sinking fund 4M% bonds, series D, and $51,342,000, of the con¬
solidated mortgage
30-year sinking fund 3M% bonds, series E outstanding
the hands of the public.
•
in
History and Business—Corporation
was incorporated July 1,
1919, in
On Feb. 26, 1936, pursuant to an
agreement of merger dated
1936, Bethlehem Steel Corp. (New Jersey), and three other cor-
Delaware.
Jan.
16,
{>orations, allprior outstanding shares of the capital stock of each of which
the thereto were owned by the old New Jersey corporation,
mmediately
to
wit, Bethlehem Mines Corp., Kalman Steel Corp. and Union Iron Works
Co., were merged into the corporation (the name of which was
formerly
Pacific Coast Steel Corp.), all the
outstanding shares of the capital stock
of which were at that time also owned
by the old New Jersey corporation.
The business of the corporation consists
chiefly of holding and owning
stocks and obligations of subsidiaries, and also of
holding and owning some
physical properties which are operated by subsidiaries.
It does not operate
any physical properties.
The subsidiaries of the corporation are
engaged chiefly in, and their
present intentions are to continue to be engaged chiefly in, the businesses of:
(1) the manufacturing and selling of iron, steel and certain other
products,
including: structural shapes, rails and rail accessories, plates, sheet piling,
bars, rods, blooms, billets, slabs, sheet bars, tin plate bars, skelp,
pipe,
tubes, sheets, strip, black plate, tin plate, wire, wire rope and other wire
products, bolts, nuts, rivets and spikes, car wheels, railroad frogs and
switches, armor plate, gun forgings, shell forgings, axles, pressed, ham¬
mered and drop
forgings, steel, iron and brass castings, pig iron, ferromanganese,
ferro-silicon, ingot moulds, stools and bottom plates, ma¬
chinery, coke and by-products produced in the manufacture of coke; (2) the
construction and selling of steel passenger-train,
freight train and mine cars;
(3) the fabricating and (or) selling and (or) erecting of steel for buildings,
bridges, tanks and other miscellaneous structures; (4) the contracting for,
and the building and
repairing of, naval and merchant vessels, tugs, car
floats, barges and certain other harbor craft; (5) the mining and quarrying
of ore, coal and limestone chiefly for the use of one or
more of the sub¬
sidiaries; (6) the transporting of ore, coal, limestone and grain on the Great
Lakes, of ore from Chile and Cuba to the United States, of coal in coastwise
products,
lumber and miscellaneous merchandise between Atlantic
and
Pacific Coast ports of the United States; (7) the
operation of short line rail¬
roads in the vicinities of plants operated by a
subsidiary; and (8) the opera¬
tion of public water supply systems in the vicinities of certain
plants and
other properties operated by certain subsidiaries.
Incidental to the businesses of some of the subsidiaries of the corporation
some subsidiaries (a)
operate warehouses primarily for the distribution of
products manufactured by subsidiaries, (b) sell certain oil field supplies and
equipment un addition to those mentioned above) which are not manu¬
factured by any of the subsidiaries and (c) own
housing facilities which are
held primarily for rental and are in the main rented to
employees of one or
more
of the subsidiaries.
Iron and steel producing and manufacturing
plants are situated at
Bethlehem, Johnstown, Pa.: Sparrows Point, Ma.; Lackawanna and Blasdell, N. Y.; Steelton, Danville and Williamsport, Pa.; Seattle, Wash.;
South San Francisco, Calif.; Los Angeles, Calif.; Lebanon, Pa.; Coatesville,
Pa.; Wilmington, Del.; and Tulsa, Okla.
Structural fabricating works
include those located at the Bethlehem and Steelton plants, at the Alameda
Yard of the West Coast Yards and at Pottstown,
Rankin, Carnegie and
Leetsdaie, Pa.; at Buffalo, N. Y., Chicago, and Los Angeles.
Shipbuilding
and repair yards are at Baltimore and Sparrows
Point, Md.; East Boston,
Mass.; Quincy and Braintree, Mass.; San Francisco, Alameda and San
Pedro, Calif., Mariners Harbor, N. Y., and Hoboken, N. J.
Haw ma¬
terial properties are located on the Gogebic and Menominee
Ranges in
Michigan, Cornwall Borough, Pa., near Cruz Grande in the Province of
Coquimbo, Chile; near Santiago on the south coast and near Snipe Bay on
the north coast in the Province of Oriente, Cuba, and elsewhere.
An iron
ore concentrating and sintering plant is located at
Lebanon, Pa.
There are
seven
short line railroads
located in the vicinities of the plants located at
Bethlehem, Johnstown, Lebanon and Steelton, Pa.; at Lackawanna, N. Y.,
Sparrows Point, Md., and in the vicinity of the Fore River Yard at Quincy
and Braintree, Mass.
Funded Debt and Capitalization
Outstanding
as
of Dec. 31, 1939
Consolidated mortgage bonds:
25-year sinking fund 4 Ms, series D, 1960
a$51,490,000
30-year sinking fund 3Ms, series E, 1966
a51,342,000
20-year sinking fund 3M%s, series F, 1959
24,833,000
15-year sinking fund convertible 3M% debentures, 1952
46,812,000
4serial gold bonds, 1940-1941b2,214,000
Bethlehem Steel Co. (Pa.) purchase-money mortgage 6% gold
bonds, 1998
7,500,000
Purchase money obligation (3M%), maturing 1940
clOO.OOO
Cambria Iron Co. stock (169.312M shs. of $50)
8,465,625
Common stock of a subsidiary consolidated in hands of public,
incl. $98,475 surplus applicable thereto, Dec. 31, 1939
104,075
7% cumulative preferred stock ($100 par)
93,388,700
5% preferred stock ($20par)
d 18,677,740
Common stock (2,984,994 shares, no par).
283,574,430
-
underwriting firms who maintain
account of the underwriters thereof
1. 1941
traffic on the Atlantic Coast of the United States and from the United
States to Cuba and to the Panama Canal Zone, of iron and steel
products in
coastwise traffic between ports of the United
States, and of iron and steel
Blaw-KLnox Co.—To Reduce Directorate, &c.—
the
Maturity
Mar.
Mar.
Mar.
Mar.
Mar.
follows:
Interest
Rate
or
as
Best
are as
-
a Corporation intends
to*"call ail' the series D bonds for redemption"on
July 1, 1940, and to call $1,100,000 series E bonds for redemption for
the sinking fund on April 1, 1940, and to call the remainder of the outstand¬
ing series E bonds for redemption after that date and on or before July 1,
1940.
$1,100,000 of series D bonds outstanding Dec. 31, 1939, were called
for redemption for sinking fund on Jan. 1, 1940; and at Feb.
1, 1940, all
said $1,100,000 thereof had been paid, except $127,000 which had not been
presented for payment.
•
b Of the $2,214,000 serial gold bonds
outstanding Dec.
on Jan. 1, 1940; and at Feb. 1,
1940, all of
000 matured
3l7l939T $1,0427-
$1,042,000 thereof
had been paid, except $7,000 thereof which had not been
presented for
payment.
Since Dec. 31, 1939, the $526,000 principal amount, of the
serial gold bonds then held in the
treasury of the corporation have been
CciD eel 6(1
m
On Jan. 15, 1940, this obligation matured and it has
been paid,
d Called for payment April 1, 1940.
c
The Commercial
1422
Underwriting
—-
Blyth & Co., Inc.
Bonbright & Co., Inc
Goldman, Sachs & Co.,—
Hemphill, Noyes & Co
Lazard FVeres & Co
2,500,000
1,500,000
1,500,000
1.500,000
600,000
600,000
600,000
500,000
400,000
400,000
400,000
400,000
350,000
350,000
350,000
350,000
1,250,000
Higginson Corp
Glore, Forgan & Co
Hallgarten & Co
G. M.-P. Murphy & Co
Dean Witter & Co
1,000,000
1,000,000
Clark, Dodge & Co
Hayden, Stone & Co
W. B. Button & Co
800,000
800,000
800,000
800,000
6,000,000
7,500.000
White, Weld & Co
Dillon, Read & Co
Morgan Stanley & Co.,
1,000,000
1<W>0,000
Inc.
$45
45
85
175
Courts A Co
Robinson Humphrey
350,000
250,000
250,000
250,000
250,000
1,900,000
2,300,000
Emanuel & Co
Co
Mackubln, Legg A Co
Stein Bros. A Boyce
-
Coffin A Burr
R.L.Day A Co
Co
Whiting, Weeks A Stubbs
55
75
75
100
50
100
150
100
200
Parrlsh A Co
100
50
50
50
Field, Richards A Co
Curtlss, House A Co
Fahey, Clark A Co
First Cleveland Corp
50
85
215
Hawley, Huller A Co
Hayden, Miller A Co
85
100
50
215
100
McDonald-Coolldge A Co
Merrill, Turben A Co
Maynard H. Murch A Co
A. C. Allyn A Co
Bacon, Whipple A Co
A. G. Becker A Co.
225
—
100
75
R. W.
Schoellkopf, Hutton A Promeroy
Graham, Parsons &
325
Blair, Bonner A Co
125
Central Republic Co
215
Farwell, Chapman A Co.
60
Harris, Hall A Co-..—...-. 215
Illinois Co. of Chicago
150
Stern, Wampler A Co
175
First of Michigan Corp
215
85
100
Pressprlch A Co
125
75 E. H.Rollins A Sons
215
85
75 L. F. Rothschild A Co
75 Bcbroeder, Rockefeller A Co.. 215
215
75 Shields A Co
150
115 Starkweather A Co
285 Stone A Webster and Blodget,
115
Inc.
250
150
150 Swiss American Corp
75 Spencer Trask A Co
175
285 Tucker, Anthony A Co...
150
1501 Weeden A Co
45
Rlter A Co._.
150
425
,
215
215
75
Cassatt A Co
175 !E. W. Clark A Co
2851
Domlnick A Domlnlck
75
160
Elkins, Morris A Co
250
75 Janney A Co
75
285 W. H. Newbold's Son A Co—
75
200 Stroud A Co
75
225 Yarnall A Co
125
285 Moore, Leonard A Lynch
Ringer, Deane A Scrlbner
125
55
60
55 Bodell A Co
50
150 Newhard, Cook A Co
50
75 Reinholdt A Gardner
50
115 I. M.Simon A Co
50
310 Smith, Moore A Co
50
55 Stlx A Co
50
115 Stlefel, Nicolaus A Co
100
350 G. H. Walker A Co
65
285 Kalman A Co
75
100 Mitchum, Tully A Co
100
200 Schwabacher A Co
Eastman, Dillon A Co
250
350 Equitable Securities Corp
—
45
45
100
Putnam A Co
Stern Bros. A Co
Wm. R. Ptaats A Co
J. J. B. Hilliard A Son.
50
The Milwaukee Co
85
240
45
The Wisconsin Co
J. M. Dain A Co
85
250
215
Wells-Dickey Co.
H. M. Byllesby A
Co
Blair A Co., Inc
Dick A Merle Smith
65
200
115
150
175
285
115
285
285
200
Boston Elevated
Federal, State and municipal tax
Rent for leased roads
Interest
200
200
55
285
285
100
Dividends
175
175
$
& Maine RR.-
Boston
-
_
308,027
247.275
28,482
$548,191
117,388
$478,721
116,837
$665,579
$595,558
617,166
$48,686
.
Deductions (rentals, interest,
x$21,608
Ac.)..
Net income
Deficit.
Rates Reduced—
/
has authorized the Boston & Maine
make drastic reductions in their less-thancarload rates between points in Maine, Massachusetts and New Hampshire.
The reductions ranging up to more than 50%, had been under suspension
by ICC since last August when the carriers proposed the cuts to meet truck
competition.
Commerce Commission
Interstate
and Maine Central railroads to
Over 60%
E.
of Bonds Accept Plan—
S. French, President stated
Feb. 23 that holders of more than 60%
voluntary capital areadjustment
M.'s bonds had accepted the
of the B. &
plan which the road is attempting to work out with
struction Finance Corporation.— V. 150. p. 978.
Boston Revere Beach &
Period End. Dec. 31—
75
$65,772
1,322,195
$0.0999
carried..
the aid of the Recon¬
Lynn RR.- -Earnings—
1939—12 Mos —1938
1939—3 Mos.—1938
Avge. fare per rev. pass.
—V. 150, p. 273.
271,192,675 423,708,682
216,740,180 334,946,176
$1,062,505
.
Rev. fare pass
Net
$1,093,952
301,969
215,469
Other income.
75
85
$3,826,135
2,763,630
616,893
Equipment rents—Dr_.
Joint facility rents—Dr.
75
150
1939
$4,079,408
2.985,456
28,323
Taxes
Net loss
85
Boston Woven Hose & Rubber Co.—Dividend Doubled-—
dividend of 50 cents per share on the common
15 to holders of record March 1.
Dividend of 25
cents was paid on Dec. 15. last, and dividend of $1 was paid on Aug. 25,
last, this latter being the first dividend paid since Aug. 20, 1937, when $2
per share was distributed.—V. 149, p. 3254.
Directors have declared a
Briggs & Stratton Corp.
Calendar Years—
Net profits from oper
Depreciation
-Earning s-
6,252,928
7,499,082
581 409
4,533,487
6,678,311
4.944,850
6,739,039
1,067,463
$1,569,490
88,964
74,627
$716,518
$1,480,526
$1,253,239
Wisconsin income taxes.
13,136,230
15,373,288
37,579,104
12,537,848
44,129,746
721,784
748,240
819,669
Depreciation
roa
rail-
1 retirement taxes
d All other taxes
Doubtful notes & accounts receiv'le
Net
operating income
Other income.
Other
income,
mis¬
less
102,373
68,596
118,105
93,977
$1,192,800
$1,598,632
$1,347,215
186,000
63,000
$785,114
119,000
24,000
y243,729
yl67,849
80,502
61,357
xl45,165
$943,800
2,917,529
$642,114
3,166,859
$1,274,400
2,932,477
$972,843
2,851,078
$3,861,329
891,444
$3,808,973
$4,206,877
1,040,018
$3,823,921
891,444
$2,969,885
$2,917,529
$3,166,859
$2,932,477
$3.15
$2.14
$4.25
$3.24
cellaneous charges
Bonus to employees
carried to
Net profits
Balance Jan. 1
38,300,888
6,
,732,777
44,949,415
6,175,087
248,679
18,687
295,343
117,567
338,618
338,618
338.618
4,406
3,802
5,088
43.585
Cr8,376
34,714
30,806,274
funded debt
on
13,286,088
6,526,198
371,275
3,953
Total income
Interest
6,158,480
37,982,998
Common stock divs.
Amortization of discount and commis¬
sions
on
sale of bonds
Other interest
Rental equal to 4 % on stock of
bria Iron Co.
Cam¬
Balance
purchased for sk. fd. or for treasury
Balance
Provision for:
Fed'l income & excess-profits taxes.
on undistributed profits
6,167,890
908,241
5,863,402
300,000
Fed! surtax
24,638,384
5,250,239 b31,819,596
a Aggregate net amount billed for products shipped, revenue from trans¬
portation companies and other classes of business and services, less returns
commissions and other allowances.
b Not including provisions for pensions, taxes or
depletion, but including
provision for depreciation of certain classes of equipment (in addition to
the provision for depreciation shown) and for renewals and maintenance.
c In addition to the provision for depreciation included in cost of billings.
d Except Federal income and excess profits taxes and surtax on undis¬
5% Preferred Stock Called—
All of the outstanding 5% cumulative preferred stock has been called for
on April 1 at par and accrued dividends.
Payment will be
made at the company's stock transfer department, 25 Broadway, New
York City.—V. 150, p. 1272.
redemption
Laughlin, Inc,—Shares Increased—New Director
a
meeting held Feb. 20 approved amendment to certifi-
cate of incorporation increasing the number of authorized common shares
to
500,000 from 300,000.
Paul H. Davis
was
elected
a
director.
Warren
Includes 2,847 shares held in
Liabilities—
1938
1939
$82,059
821,474
$113,262
Accounts payable.
$176,087
$158,335
Accrued liabilities.
162,880
144,800
Provision for Fed¬
Marketable secur.
704,012
Acc'ts receivable..
421,050
1,134,788
309,314
96,103
90,264
b Capital
14,722
69,890
14,010
Surplus
69,890
Ac.
1,305,311
1,302,270
Pat'ts, trademarks
and goodwill.__
1
979,457
of life Insurance
Prepaid
.
expenses.
c
Treasury stock..
a
eral and Wiscon¬
sin income tax..
Cash surrender val.
stock...
148,074
250,289
300,000
300,000
2,969,885
2,917,529
Real est., bldgs.,
plant, machin'jf,
equipment,
..$3,859,141
Total
a
P-
Bliss &
1938
1939
Assess—
Cash...
After
$3,668,739
Total
depreciation of $1,146,417 in
299,996 no-par shares,
b Represented by
To Redeem $1,100,000 Bonds—
Includes $21,000 ($4,385
Balance Sheet Dec. 31
subsequently
Corporation has called for redemption on April 1, 1940, through operation
of the sinking fund,$l ,100,000 aggregate principal amount of its consolidated
mortgage 30-year sinking fund 3 % % bonds, series E, due 1966.
The bonds
to be redeemed have been determined by lot by the trustee.
Payment of
the drawn bonds will be made on and after April 1, at a price of 101, at the
corporation's Stock Transfer Department, 25 Broadway, New York.
Holders desiring to receive payment of the redemption price prior to
April 1 may do so by surrendering their bonds on and after March 8.
z
y
891,444
treasury.
tributed profits.
e The consolidated net income for 1937 reflects deductions in the aggre¬
gate of $327,000 as provision for accrued liabilities which was
found unnecessary and credited to surplus in 1938.
participating,
1936) surtax on undistributed profits,
in
Inventories
Net income
Stockholders at
Senior executive officers not
x
Net discount and premium on bonds
Dec. 31
Earns, per sh. on 299,996 shs. stock (no par)
z
Minority int. in net income of Johns¬
town Water Co
$1,327,865
$804,711
88,194
$1,182,157
Federal income taxes—
641 425
Selling, adminis., &c., general expense 15,636,734
c
(corporation's plan)
Unemployment, old age and
1936
1937
1938
91,730
$1,090,427
908,367
15,262,549
337,204
Pensions
$0.1014
stock, payable March
774,109
15,727,458
423,627
906,300
16,580,301
372,905
$201,419
6,217,650
$217,692
5,974,519
$0.1005
$61,745
1,424,631
$0.1001
Provision for:
Depletion.
$70,049
1940
..
.
75
100
99,497
7,939
Earnings-
75
75
138.283
3,761
235,674
329,374
$59,991
receipts.
Month of January—
75
150
1,576,407-
1130.
-V. 150, p.
100
100
$2,320,886
139,751
3,761
235,948
329,374
99,497
7,485
accruals.
Miscellaneous items.
350
100
$2,415,824
1,659,999
bonds
on
1939
1940
.
350
225
the common stock,
Ry.—Earnings—
_
1937
1938
$
1939
billings (excl. billings between
corporations incl. in consolidation).414,141,087
Cost of billings shown above
328,782,324
dividend of $2 per share on
Month of January—
x
Consolidated Income Statement for Calendar Years
a
Albany RR.—$2 Dividend—
Boston &
Directors have declared a
payable March 30 to holders of record Feb. 29. This compares with $2.25
paid on Dec. 21, last; $2 paid in September, 1939; $2.50 in June, 1939 and
$2 per share paid on March 31, 1939.—V. 148, p. 1313.
M"
fl50 ?200
285
175
225
225
425
285
175
350
215
Co
125
Hornblower A Weeks
175
Jackson A Curtis
175
Ladenburg, Thalman A Co— 325
W. C. Langley A Co
215
Laurence M. Marks A Co
125
F. 8. Moseley A Co
250
Paine, Webber & Co.
150
Estabrook & Co
55
share on the common
This compares with
cents paid on Dec. 15,
share paid in preceding quarters.—V. 150,
8.
987.
p.
Excess of cost of service over
3
3s
115
Dividend—
declared a dividend of 40 cents per
last, and dividends of 20 cents per
Only—000 Omitted)
3 Ms
$55
Directors have
stock, payable March 15 to holders of record March
an extra dividend of 50 cents and a dividend of 40
350,000
350,000
75
150
Alex. Brown A Pons
Arthur Perry A
250,000
250,000
250,000
200,000
200,000
200,000
200,000
1,450,000
1,700,000
45
A Co
Baker. Watts A Co
W. W. Lanahan A
950,000
825,000
500,000
500,000
500,000
500,000
500,000
425,000
425,000
350,000
250,000
2,650,000
3,500,000
Underwriting Group (Bonds
3s
700,000
625,000
400,000
400,000
400,000
400,000
400,000
325,000
325,000
600,000
600.000
1.500,000
Lee
2,400,000
1,700,000
1,150,000
andjproduction manager.—V. 150.
Inc.—To Pay 40-Cent
Bond Stores,
3,150,000
2,300,000
1,550,000
600,000
1 -500,000
Brothers-,.-
Kidder, Peabody & Co
Lehman
3 Ms
$2,400,000 $3,150,000
3,150,000
2,400,000
4,560,000
3,500,000
2,300,000
1,350,000
1,050,000
10,100,000
Harriman Ripley & Co., Inc.
7,500,000
First Boston Corp
5,000,000
Union Securities Corp
3,000,000
elected Vice-President
was
1940
2,
832.
p.
-Bonds-
as
3s
notes
Notes
Interest
$10,100,000 $4,550,000
10,100,000 4,550,000
Kuhn, Loeb & Co
Smith, Barney & Co
Mellon Securities Corp
R. Eaton
Group—Bonds and Notes
Total
March
& Financial Chronicle
$3,859,141 $3,668,739
1939 and $1,061,309 in 1938.
c 2,847 shares at cost.—V. 149,
2680.
.
-
.
Telephone Co.—Bond Offering—An
issue of $1,500,000 1st mtge. bonds, 43^% series B, was
offered in the Canadian market in November,. 1939, at 104
British
Columbia
and interest by W. C.
Pittfield & Co., Ltd.
are dated June 1, 1936, and mature June 1, 1961.
Principal and
(J-D) payable in lawful money of Canada in St. John, Halifax,
Quebec, Montreal, Toronto, Winnipeg, Vancouver and Victoria, Canada,
or in
St. John's, Nfld.
Coupon bonds in denom. of $1,000 and $500,
registerable as to principal only.
Fully registered bonds in denom. of
$1,000 and $5,000.
Red., all or part, at option of company on any interest
date before maturity on 60 days' notice at a premium of 10% up to and
incl. June 1, 1941; the premium decreasing 214% each five-year periodfor
fraction thereof thereafter; in each case with accrued interest to datejof
redemption.
Montreal Trust Co., trustee.
rTj
In the opinion of counsel, these bonds are legal investments under the
Canadian and British Insurance Companies Act, 1932, Canada, for funds
of insurance companies registered under that Act.
Bonds
interest
Volume
The Commercial & Financial Chronicle
ISO
Capitalization—
6% cum. preference stock (par $100)
6% cum. pref stock (par $100)
Ordinary stock (par $100)
First mortgage bonds, 4H% series B
Authorized
Outstanding
$1,000,000
4,500,000
4,500,000
*12,500,000
$1,000,000
4,500,000
4,500,000
12,500,000
,
*
Burlington-Rock Island RR.—Earnings
January—
—V. 150, p. 832.
Company was incorporated in 1916 by Private Act of the Dominion of
Canada, and with its predecessors has been in successful operation for
than
37
Bullard
privately owned
telephone operating company in Canada serving a
territory, including the
cities of Vancouver and
Victoria, having a population of approximately
700,000 and operating 126,178 telephones.
It owns and operates an
extensive long distance system,
including four submarine cables from the
mainland to Vancouver Island
connecting with Victoria.
Its lines also
connect with the western terminus of the
Trans-Canada
For
the
three
years
ended
_
Prov. for Federal
the
nine
bond
months
interest
ended
and
$1.04
1939
1938
expenses
Depreciation
Taxes..
x
Net oper. income
Net non-oper. income._
1938
Earned surplus...
Total
1,905,174
1,687,933
—$4,711,308 $3,064,295
x Represented
by 276,000 no par shares,
y Less reserves for deprecia¬
tion of $2,225,795 in 1939 and
$2,123,346 in 1938.
* Less
reserve for
possible losses, &c. of $15,324 in 1939 and $10,638 in 1938.—Y.
150, p. 1130.
$13,870,002 $12,523,495 $13,654,263 $13,277,560
359,211
403,673
477,050
380,024
Stockholders at the annual meeting on March 20 will vote on a
proposal
to extend the present lease of the
company's property to Anaconda
—_
-—$11,669,665 $10,442,817 $11,643,218 $10,416,734
11,237,205
9,989,444
9,989,848
9,990,484
Surplus
1939
$52,426,899 $50,608,597 $49,773,820 $48,531,473
21,014,191
21,522,918
21,373,702
20,930,424
5,523,944
4,999,471
4,583,268
4,888,488
12,018,762
11,562,712 x10,162,587
z9,435,000
$14,229,213 $12,927,168 $14,131,313 $13,657,584
long-term debt..
2,222,080
2,264,833
2,355,755
3,021,528
Misc. int., amort, of dt.
disct. &exp., &cy332,885
219,517
132,340
219,321
Miscell. deductions
4,583
Net surplus deduction-.
Previous surplus
1
$4,711,308 $3,064,295
1936
on
Net income
Dividends
Liabilities—
1
Total
Gross income
Int.
$2.50
Land, bldgs.,ma¬
x Capital stock-..$1,051,125
$1,051,125
chinery, eq., &c.$1,534,751 $1,371,751 Accounts payable186,769
54,603
848,258
178,706 Notes payable
500,000
200,000
z Accts.
rec., &c_.
308,794
240,949 Customers' depos.
851,973
Inventories
2,000,747
1,263,004 Accrued
payroll,
Prepaid expenses18,758
9,884
taxes, &c
144,768
70,635
Patents, dies, Jigs,
Prov. for inc. tax71,500
&c
Operating
$3.19
Nil
Cash
Brooklyn Edison Co., Inc.—Earnings—
1937
$691,701
483,000
y
See list given on first page of this
department.
1938
$879,118
552,000
.
30, 1939, balance of profit before
depreciation, income taxes and
$1,890,513.—V. 148, p. 1795.
1939
loss$22,171
69,000
Balance Sheet Dec. 31
Brockway Glass Co., Inc.—Registers with SEC—
Calendar Years—
Gross oper. revenue
1936
($109,424 in 1938).
c After deprecia¬
d After depreciation of $147,448.
e Including Federal
undistributed profits of $49,630 in 1937 and $30,000 in 1936.
Assets—
Sept.
was
1937
$116,732.
surtax on
premium,
amortization of bond discount
1938
Att®r. depreciation of $144,842
tion of
times the annual interest requirement of
$562,500 on $12,500,000 of
series B bonds to be outstanding.
For
a
^
outstanding.
After deducting the average annual provision of
$858,993 for depreciation from such average annual earnings for the abovementioned period, the balance is
$1,519,082, equal to more than 2.70
1937
$82,307
def3,971
def23,262
3,216
def 17.955
a$535,457 d$l,880,811 c$l,475,904
574.416
766,033
604,677
Cr16,788
1,768
13,726
e233,891
©165,800
$286,241
69,000
Dividends paid
be
charging
_
taxes.
Earns, persh. on 276,000
shares capital stock...
to more than 4.22 times the annual
interest requirement of $562,500 on
$12,500,000 of 4H% series B bonds
to
1939
Net profit
Telephone system.
31, 1936 to 1938, inclusive, average
interest, depreciation and income taxes,
1938
$114,022
a$958,789
620,345
Cr 19,297
71,500
_
Dec.
annual earnings available for bond
were
therefore $2,378,075, equal
1939
$100,700
6,920
def 5,558
Co.—Earnings—
Calendar Years—
Gross profit
Sell & general exnenses.
expenses..
Other deductions (net)
Company is the second largest
years.
1940
$110,060
4,953
defll,980
Gross from
railway
Net from railway
Net ry. oper. income...
First mortgage bonds in addition to
$12,500,000 now authorized may
be issued only under the restrictions of the
trust deed.
more
1423
$432,460
157,665
$453,373
3,548,426
36,734,967
33,639,914
$1,653,370
236,544
35,318,141
$426,250
3,216,821
38,108,713
Surplus end of year.. _$33,914,709 $33,639,914 $36,734,967 $35,318,141
of capital stock
outstanding (par $100)
1,248,563
1,248,629
1,248,731
1,248,731
Earns, per sh. on cap.stk.
$9.34
$8.36
$9.33
$8.34
Butte
Copper & Zinc Co.—To Extend Lease—
Mining
Co., for a period of 10 years from the date of execution of the new lease.
Present lease expires on
July 8,1941.
In addition shareholders will vote on
the question of
changing the annual meeting date from the third Wednesday
of March to third
Wednesday in
April of each
year.
Zinc mining operations were resumed on Oct.
15 after having been sus¬
pended since Jan. 15, 1938.
Production of zinc from the time of resump¬
tion to Dec. 31, amounted to
5,741 dry tons.
During the year 6,247 dry
tons of manganese ore were mined and sold.—V.
149, p. 3109.
California Ink Co.—Dividend Increased—
Directors have declared a dividend of 62 % cents per share on the common
no par value, payable March 20 to holders of record March 9.
Pre¬
viously regular quarterly dividends of 50 cents per share were distributed.
In addition, extra dividend of
12J4 cents was paid on Dec. 20, last.—V. 149,
stock,
p. 3548.
Shares
x
Including provision for Federal income
tax.
Includes write-off in
1939 of investment in New York World's Fair bonds of
$143,199.
z No
provision deemed necessary for Federal surtax on undistributed profits.
y
Earnings for 3 Months Ended Dec. 31
Operating
1939
revenues:
1938
1937
1936
From sales of electric
California Oregon Power
Operating
a
3,141,446
Operating income
$3,713,195
Non-oper. revenues
123,720
Non-oper. rev. deduct'ns
36,296
$2,948,208
136,689
33,687
a
Taxes
_-
Gross income
$3,800,619
b Int. on long-term debt
555,520
Miscell. int., amort, of
debt, &c
167,045
Miscellaneous deduction
Net income-..
$3,676,376
134,986
32,521
$3,437,193
135,661
27,377
$3,051,209
566,473
$3,778,841
566,120
88,942
30,267
28,472
$2,395,794
$3,182,454
$2,920,460
Comparative Balance Sheet Dec. 31
1938
$
S
I
"
Inv. in affil. cos.:
136,000
1938
$
Deplet. and deprec
income
136,0001
pay.
and
1,439,126
1937
1936
$7,150,325
$9,443,785
80,218
$8,023,269
5,396,887
1,833,477
13,886
$3,148,222
2,358,974
781
$7,232,640
3,105,092
1,988,479
272,293
$9,524,003
5,553,098
3,002,415
116,367
tax
-
$>2,443
$1,866,777
$852,122
Net profit--.
-V. 149, P. 4021.
January—
railway
Net from railwayNet ry. oper. income
—V. 150, p. 833.
786,024
RR.—Earnings—
1940
$153,019
86,947
121,111
1939
1938
$145,673
79,028
116,026
1937
$107,782
37,455
89,088
$121,593
53,652
87,612
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—
Earnings—
x
1939
1938
$321,379 loss$l 12,207
344,925
344,925
$0.93
Nil
Net profit
Shs. cap. stk. (no par)__
Earnings per share
x
sundry accr__
Co.—Earnings
1938
$3,099,731
82.315
Calendar Years—
stock--124.856,300 124,862,900
Prem.oncap.stk.
10.542
10,542
Long-term debt- 64,363,000
68,603,000
&c.
$779,019
Total income
Cost of sales
Federal
expense,
48,491
Other income
$
Capital
Accts.
Stocks
Advances
1939
Liabilities—
Utility plant
223 .911,685 223,158,357
Cap. stock exps.
1 .292,991
1,292,991
Oth. phys. prop.
726,474
707,360
1939
$7,992,258
31,011
Cambria & Indiana
a
Including provision for Federal income tax.
b Includes write-off in
1939 of investment in New York World's Fair bonds of $143,199.
1939
Years Ended Dec. 31—
Rev. from copper sold__
Gross from
$3,073,471
A.SSEtSmm^m
interest charges, amortization of debt discount and
Preliminary.—Y. 150, p. 274,
.
Calumet & Hecla Consolidated Copper
$3,545,477
596,545
4,583
1938
$4,666,277
2,081,497
896,114
a After
operating expenses,-maintenance, taxes, appropriations for re¬
tirement reserve, rent for lease of electric plant, &c.
b After deductions
c
$13,194,746 $13,041,507
5,673,556
5,958,105
1,286,166
1,356,308
2,558,646
2,289,900
cl939
$4 984,241
2,079,866
905,573
operating income
for all
$13,719,382 $13,120,587 $12,803,227 $12,510,636
From miscell. sources305,069
352,457
391,518
530,870
$13,473,044
5,823,979
1,758,472
2,942,385
Net
revenues
b Net income
energy
Total oper. revenues_$14,024,451
Operating expenses5,675,674
Depreciation
1,494,136
Co.—Earnings—
12 Months Ended Dec. 31—
1,544,121
1937
1936
$906,003
345,175
$1,045,396
344,175
$2.63
$3.00
After all charges, including Federal income taxes.—V.
149, p. 4021.
16 .015.000
17,015,000
Cash
9 ,666,353
3,502,242
Consum's depos.
1,513,247
1,374,925
Accts. receivable
4 ,034,785
Taxes accrued
3,378,345
2.638,142
Due fr. affil. cos.
80,338
411,379
398,515
Mat'ls & suppl's
1 ,253,434
388,825
5,581,504
118,623
1.192,554
757,668
Canada
Electric
Co.,
Ltd.—Bonds Offered—Hanson
Bros., Inc.; Wood, Gundy & Co., Ltd.; W. C. Pittfield
& Co., Ltd.; Eastern Securities Co., Ltd., and Johnston &
3,271
208,938
23,848.158
Ward offered Feb. 19 in the Canadian market at 100 and
int. $1,300,000 43^% 1st mtge. sinking fund bonds, series A.
Prepayments
Misc.
Govt.
invest'ts.
sees.
382,431
'162,272
314,271
dep.
Interest accrued
Taxes
protested
Misc.
unadjust.
credits
Casualty and Ins.
Com.
306,053
306,053
Special deposits.
184,005
4,539,972
disct. & exp„
696,607
148*929
681,733
850,578
400,421
Surplus
Taxes protestedOther def. debits
259.003,751 260,180,091
Total
Unamort.
Total
debt
__
—V. 149
p.
454
9,033
cos.
Retirem't res've 26,770,272
withN.Y. State
Indus.
Due to affil.
reserve
InJ.
&
1,096,222
1,054,509
damages
1.238,305
1,238,305
33,914,709
33,639,914
reserves
-..259,003,751 260,180,091
2963.
Michigan
a
1911.
part of the old Standard Oil Co. before dissolution of that system
The Commission's valuation is for rate making
purposes.—
V. 149, p. 2964.
Calendar Years—
1939
Net profit
x
After
interest,
1938
1937
$218,037 y$l,482,442
depreciation
and
Federal
1936
$1,219,423
taxes,
y
$991,271
March 1, 1943.
An
sinking
Trustee:
supplies electric power and light to an established industrial and mining
territory in North Western Nova Scotia and Eastern New Brunswick and
is the pioneer distributor in CaDada of electric power generated close to the
collieries.
It is also the first Canadian central power station to develop the
use of pulverized fuel burned under high pressure boilers.
The consistent growth of the company during recent years is evidenced
by the kilowatt hours of electric energy sold:
1935, 14,399,139; 1936,
15,655,919; 1937, 16,072,348; 1938, 16,970,576; 1939, 18,649,740.
close of business March 16, 1940.
1939
1938
$662,834 loss$460,670
bonds
of this
issue
will
be
secured
by
Authorized
$2,000,000
500,000
1,000,000
a
Issued
$1,300,000
900,000
specific first mortgage,
owned by the company, and by a first floating charge on the undertak¬
ing and all other assets of the company, present and future.
now
Earnings for Calendar Years
for
interest
1937
1938
1936
$796,338
$165,288
$145,605
$159,789
The proceeds of this issue will be applied towards retirement of
obligations of the company.—V. 131, p. 626.
p.
2681.
Directors have declared
the regular
1939
and
depreciation
Canadian Cottons, Ltd.—Extra Dividend—
1937
$618,991
x]After interest, depreciation and Federal taxes.—V. 149,
The
Available
The board of directors at a meeting held Feb. 16, declared the regular
quarterly dividend of $1.75 per share plus a participating dividend of 25c.
per share on the preferred stock of the company.
10 The dividend will be payable March 30, 1940 to holders of record at the
Calendar Years—
Preferred stock ($100 par)
Common stock ($100 par)
1936
Co.—Participation Dividend—-
Net income
Capitalization—
4YiVo first mtge. sink, fund bonds, series A_>_
easenold lands and and ou all real And immovable properties and rights,
Jiledge and charge of all buildings, plant and equipment situated thereon,
Dividend Correction—
x
on
fund of 1 % will be provided commencing
The Eastern Trust Co., Halifax, N.8.
In the opinion of counsel, these bonds will be a legal investment for funds
of insurance companies registered under the Canadian and British Insur¬
ance Companies Act, 1932, as amended.
Company incorp. by statute of the Province of Nova Scotia in 1889.
1942.
Loss.
The dividend mentioned in last week's "Chronicle" page 1272 under this
company's heading was in error; it properly rerfers to the Budd Wheel Co.
—V. 149, p. 2681.
Budd Wheel
reducing premiums commencing at 103
cumulative
.
(Edward G.) Budd Manufacturing Co.—Earnings—
x
at
March 1,
Buckeye Pipeline Co.—Valuation—
in
Red.
annual
Conpany which are owned and used for common carrier purposes, were
valued at $14,550,000 in a report issued by the Interstate Commerce Com¬
mission.
The valuation date Was Dec. 31, 1934.
The company owns and operates trunk pipelines in Ohio and
and was
Dated March 1, 1940; to mature March 1, 1965.
Principal and interest
(M. & 8.) payable at principal office of company's bankers in cities of
Halifax, St. John, Montreal, and Toronto, in lawful money of the Dominion
of Canada.
Denom. $1,000 and $500, registerable as to principal only.
an extra
$168,896
notes and
.
dividend of $2 per share in addition to
quarterly dividend of $1 per share on the common stock, both
payable April 1 to holders of record March 15.—V. 150, p. 430.
Profit
Other income»•
$296,591
14,375
$1,308,802
105,198
$1,140,141
94,532
$194,277
$1,413,999
26,030
117,891
Total income
S191.746
2,o31
$310,965
-
24,371
119,726
104,150
447,884
$1,234,673
104,718
Interest.
depreciation..
Prov.
<fc
Fed.
for
Prov.
■'*
189,054
70.728
Investments
334,793
347,965
352,944
.
269,976
237,498
1,749,155
662,675
478,601
210,452
21,900
183,512
payable
to affillcated cos.
29,342
115,289
Mortgage
Prepaid expenses..
240,695
297,985
32,100
Inventories
Patents, trademks.
3K, 4, 4series
and
5)4% series A sink¬
ing fund debs... 1,200,000
7,108,216
341,150
1,172.212
Capital stock... 4,919,489
Mln. Int. In subs.,
b
Capital
surplus
a
depreciation
After
in
dividend of 50 cents per share on account
accumulations on the $3 cum. pref. stock, payable April 1 to holders
record March 15, leaving arrears of $6.75 per share.
of
of
Canadian Malartic Gold Mines,
Ltd.—To Pay Two-Cent
Dividend—
Directors have declared a
cents per
dividend of two cents per share on the common
and on Aug. 4, last.—V. 150, p. 988.
Canadian National Lines in New
Net ry. oper. income
—V. 150, p.
1938
$95,204
def25,405
def70,828
1937
$120,961
842
def44,942
833.
Earned
x
y
Period End. Dec. 31—
$4,142,741
....
Feb. 21
Operating revenues
Oper. exps., incl. taxes..
Amort, of limited-term
$3,172,819
January—
Gross from railway
$899,161
115,286
$62,611
18,958
$1,108,811
$1,014,447
687
227,500
8,716
227,500
11,160
Cr5,110
$70,472
$52,966
$872,595
$780,897
construct'n
Net income....
Divs. applic. to
108,054
*
-
108,054
$764,541
pref. stocks for the period
$672,843
—V. 149, p. 4022
1940
$1,333,434
139,592
5,189
January—
railway
railway
Net ry. oper. income
—V. 150, p. 834.
Gross from
Net from
Prov.
Netrailway oper. income
150. P. 833.
in
1937
1938
1939
$1,270,689
154,392
39,976
$1,153,218
48,382
def62,536
$1,364,321
201,806
45,365
1940
$389,353
,186.507
139,711
541,622
90,000
for depreciation..
1939
$244,277
80,453
42,990
98,553
68,889
61,718
Net railway oper. income
—V. 150, p. 833.
1939
$84,037
def26,943
def53,727
stock
stk.
$237,545
41,800
41,800
$2,138,397
501,607
15,951
exp.
15,951
191,406
$1,906,246
501,607
191,405
$179,794
$1,445,384
$1,213,233
$103,477
def3,389
def30,247
on
March 30.
accumulations
1939
$9,699,062
9,238,060
$1,828,506
$461,002
$2,783,000
Gross from railway
Net from railway
Net ry. oper. income...
Earnings for the Week Ended Feb. 21
1940
1939
Increase
$2,240,000
arrears
—V.
1940
$3,271,679
-1,015,727
390,679
Vice-President—
has denied a claim of the Bureau of Internal
Revenue for $350,019 in alleged income and excess profit tax deficiencies
for 1934 against this company.
Harold E. Aken has been elected a Vice-President in Charge of Yarn Sales
The Board of Tax Appeals
with headquarters in Philadelphia,
_
1939—12 Mos.—1938
$1,052,674 $12,028,986 $11,995,081
439,013
6,373,839
6,061,812
90,000
1,080,000
1,080,000
deductions.
$4,853,269
22,551
$432,799
191,667
6,281
$524,375
191,667
5,387
$4,595,648
2,300,000
71,579
$4,875,820
2,300,000
73,856
CV2.434
$327,321
$2,224,069
1,255,237
$2,504,398
1,255,237
,832
mtge. bonds.
$4,575,147
20,501
$234,851
Gross income
714
$1,249,161
$431,716
1,083
$523,661
Int. chgd. to construct'n
Net income
Divs. applic. to pref. stocks for the
Balance
period
4168.
Carpenter Steel Co.—To Pay 50-Cent Interim Dividend—
Feb. 27 declared dividend of 50 cents per share on the
stock, par $5, payable March 20 to holders of record March
9.
60 cents paid on Dec. 20, last; 15 cents paid on Sept. 20,
last; 40 cents paid on June 20, last; 15 cents paid on March 20, 1939;
dividends of 10 cents paid on Dec. 20, Sept. 20, June 20 and on March 21,
1938; dividends of 25 cents paid on Dec. 20 and on Sept. 30, 1937; a final
dividend of $1 paid on June 20, 1937, and an interim dividend of 25 cents
paid on March 20, 1937—V. 150, p. 833.
1938
$2,531,613
691,542
157,095
'
-
1937
$2,613,237
622.094
112,651
*
Liquidate—
Company has decided to liquidate its business and has contracted to
dispose of its plant and inventories.
Arrangements have been made with
Spang, Chalfant & Co., Inc., of Pittsburgh, to take over Central Tube's
distributing connections as of Feb. 26, 1940.
Stockholders will meet
March 6 to approve sale of the plant.—V. 147, p. 3153.
Charleston & Western Carolina
January—
Gross from railway
Net from railway
—Y.
150,
p.
1940
$233,249
69,494
39,456
Ry.—Earnings—
1939
$200,298
67,108
39,385
1938
1937
$182,138
33,973
7,081
$193,377
56,989
30,833
834.
Chesapeake & Ohio Ry.—EarningsJanuary—
Gross from railway
Net from railway
Net ry. operating income
1940
$10,760,750
4,440,911
3,465,628
1939
$9,136,438
3,404,917
2,429,471
1938
1937
$8,565,335
3,058,886
2,044,459
$9,185,859
3,510,330
2,307,948
—V. 150, p. 1273.
Chicago Burlington & Quincy RR. —Earnings—
January—
1940
$7,940,191
1,818,105
income...
751,666
834.
Gross from railway
Net from railway
This compares with
1939
$2,565,142
583,858
47,560
150, p. 1273.
Net ry. oper. income—
Net oper. revenues
Other income (net)
15 payment will
stock and $6 per
4168.
See list given on
1939—Month—1938
Period End. Dec. 31—
April
Chain Stores Depot Corp.—Registers with SEC—
first page of this department.—V. 126, p. 2970.
Pa.—V. 150, p. 683.
Carolina Power & Light Co.—Earnings—
Operating revenues
$1,088,444
Oper. exps.,incl. taxes.
566,728
Prop.retire.res. approps.
90,000
the
$543,000
Central Tube Co.— To
Cannon Mills Co.—Wins Tax Suit—New
after
Central RR. of New Jersey—Earnings—
January—
Net earnings.
in
aggregate $7 per share on the 7% cumulative preferred
share on the 6% cumulative preferred stock.—V. 149, p.
1940
$12,244,545
10,416,039
of January—
Gross earnings
Working expenses.;
share on the 7% cumu¬
$3 per share on the 6% cumulative preferred stock
April 15 to stockholders of record at the close of
Directors have declared a dividend of $3.50 per
lative preferred stock and
of the company, payable
business
Month
1273.
„
Dividend
on
$2,924,313
785,916
Central Power Co.—Dividends—
1937
1938
$62,415
def50,949
def79,778
Canadian Pacific Ry.—Earnings—
Traffic earnings.
—V. 150, p. 1273.
$304,106
66,561
$223,833
Divs. on pref.
Amortiz.of pref.
Balance
1940
$111,068
def5,524
def32,909
4,929,141
998,600
$2,671,327
765,081
$281,584
$285,969
101,509
Canadian Pacific Lines in Vermont- -EarningsJanuary—
5,275,213
1,080,000
472,426
90,000
$347,368
65,784
1937
1938
$327,305
—V. 150, p.
Gross from railway
Net from railway
1940—12 Mos.—1939
$9,279,527
$8,599,059
1940—Month—1939
$978,989
$866,531
Maine—-Earnings—
—V.
common
18,512
725
Gross income.
Net from railway
The directors
$1,090,299
208
Other interest
Int. & other deductions_
-V. 149, p.
$72,403
$969,922
1273.
Canadian Pacific Lines
&
34,960
368,000
$90,155
18,958
bonds
2,780,314
34,960
405,000
Drl49
Gross Income
Int. on mtge.
2,705,412
2,913
57,300
$90,304
Net oper. revenues—
Other income (net)
Int. chgd. to
1939—12 Mos.—1938
$4,235,671 $4,082,435
2,913
40,000
Prop.retire.res. approps.
Oper. expenses & taxes..
Increase
1939
1940
on
Co.—Earnings—
1939—Month—1938
$372,992
$363,368
230,752
239,775
Central Illinois Light Co.—Earnings—
Gross revenues
Oth. int.
50,802,850 52,690,230
depreciation of $14,112,443 in 1940 and $13,320,433
Represented by 1,822,240 no par shares.—V. 150, p. 684.
After reserve for
Gross revenue
Earnings of the System for the Week Ended
Interest
9,411,200
13,733,577
surplus...15,560,035 13,562,416
Total
50,802,850 52,690,230
Total
In 1939.
Period Ended Jan. 31—
Canadian National Ry.—Earnings—
—V. 150, p.
11,515,200
9,411,200
.
Central of Georgia Ry.—Earnings-
England—Earnings—
1939
$111,288
def20,608
def66,446
1940
$148,271
def4,747
def61,749
January—
Gross from railway
Net from railway
Dividends of three
holders of record March 8.
share were paid on Dec. 15,
4,500,000
current)
Common stock
Capital surplus___ 13,733,577
Balance.
stock, payable March 28 to
Notes
Pref. stk. (par $100)
investments
Ltd.—Dividends—
participating dividend of five cents per share
in addition to a regular quarterly dividend of 25 cents on the first preferred
stock and a participating dividend of five cents in addition to a regular
quarterly dividend of 15 cents per share on the second preferred stock, all
payable April 1 to holders of record March 15.
Directors also declared a dividend of 12 H cents per share on the common
stock, payable April 1 to holders of record March 15.
This will be the
first dividend paid on the common shares since April 1, 1932 when five
cents per share was distributed.—V. 147, p. 1919.
Directors have declared a
1,169,583
332,404
for red
pay.
(non-
Central Arizona Light & Power
Accumulated Dividend—
Directors have declared a
Canadian Canners,
pres.
41,501
1,943,432
11,987,104 10.532.052
1940 and $5,179,774 in 1939.
cumul. sink, fund con v. pref. shares of no par
in 1939) common shares or no par value.
of $1,925,499
Res. for
20,064,290
39,231
1,085"060
941,120
Fed. taxes 1,691,526
Pref. stock not yet
y
Total...
11,987,104 10,532,052
Total
Prepaid insurance,
taxes, &c
278,520
848,488
1,000,000
expenses
Notes pay. (curr.)_
Dividends payable
&
distributable sur 3,047,432
b Represented by 163,428
value and 675,195 (674,667
&c_ 19,304,878
equipment,
1,300,000
1,052,810
4,918,960
1
1
goodwill...
Land, buildings,
x
600,000
B debentures...
Land, buildings,
plant and equip. 8,181,260
536,704
Other investments
a
1,934,674
2,784,500
Accounts payable-
Accrued payroll &
8,872,763
7,760,655
20,668,009 18,925,702
less reserves
income taxes
Inv. in & advances
3,030,075
%
$
Liabilities—
$
4,785.974
Notes & accts. rec.
Federal and Prov.
1939
1940
1939
$
Assets—
622,637
Cash
accrued liabils..
1,919,483
(net)..
ceivable
Balance Sheet Jan. 31
1940
(secured)
Accts. payable and
$9,634,520 $10,1C6,349
become due for
provision for any amount which may
undistributed earnings carried to surplus.
Bank loans & over¬
draft
$3,318,361
Before deducting
$
$
Liabilities—
Accts. and bills re¬
Inventories
x
$6,191,017
Net profit......
1939
1940
$
322,269
487,476
Cash
Cr267,953
45,784
1,718,099
Fed.' taxes—
x
surtaxes on
1939
$
$4,202,786 $11,290,478 $11,720,911
Cr353,672
0493,559
Cr522,971
9,056
6,236
7.354
1,229,041
2,143,275
2,130,179
$7,686,947
Profit
$447,435
31
Consolidated Balance Sheet Jan.
1940
Assets—
2,539,453
Interest paid
41,938,644
48,127,310
$6,622,973 $13,493,329 $13,636,522
2,420,187
2,202.851
1,915,610
$10,226,400
estimated)...
Deprecaition
Prov. for
$609,314
provision for minority Interest and Income taxes.
x$50,181
x$167,044
Subject to
x
(inventory
Gross profit
Interest earned
profit
applic.
to
minority interests.—
42,433,840
48,908,389
cellaneous income....
139,197
63,634
income taxes
Net
Profit
472.596
operating
of sales,
Cost
•lMomo
1939
1938
1937
$49,056,812 $61,620,639 $55,575,165
sad^l..-$59,134,789
Net
2, 1940
Co.—Earnings—
1940
End. Jan. 21—
12 Mos
1940—3 Mos.—1939
operations,
from
Prov. for
Caterpillar Tractor
Ltd. (& Subs.)—Earnings1940—12 Mos.—1939
Breweries,
Canadian
Period End. Jan. 31—
March
Chronicle
The Commercial & Financial
1424
Net ry. oper.
—V.
150, p.
1939
$7,255,688
1,833,382
752,484
1938
1937
$6,922,031
1.192,776
32,011
$7,849,839
1,716,395
539,779
Chicago & Eastern Illinois Ry.—Earnings—
1940
$1,379,343
289,903
Net ry. oper. income...
81,169
—V. 150, p. 835.
1
January—
Gross from railway
Net from railway
1939
$1,231,186
253,937
43,184
1938
$1,252,545
236,800
31,064
1937
$1,446,507
394,037
157,937
I
Volume
ISO
The Commercial & Financial
Chronicle
Chicago Great Western RR.—Earnings—
January—
Gross from railway
Net from railway
tt
1940
1939
$1,535,379
$1,446,160
325,173
33,840
354,374
r^o0per\^0me---
70,272
—V. 150, p. 1273.
1938
1937
$1,367,941
173,855
defl07,27l
$1,533,877
296,301
def2,549
1940
Gross from rail
way
1939
$385,920
117,148
Net from railway
N^IT;rtoperoiIlcome--150,
p.
1938
$303,348
81,758
64,786
79,457
835.
1937
$310,511
84,756
58,420
$371,857
140,399
107,081
Chicago Indianapolis & Louisville
Ry.—Earnings—
January—
1940
Gross from railway
Net from railway
1939
1938
$829,640
229,455
$702,691
89,728
def89,973
N<£ 'T.oper income...
—V. 150, p. 835.
1937
$668,839
27,292
defl24,650
56,141
$860,869
150,265
def4,588
Chicago Mill & Lumber Co.—Dividends Resumed—
Directors have declared a dividend of
50 cents per share on the class A
and class C stocks
payable April 15 to holders of record April 1.
Dividends
or $1,50 per share each
were last paid on these issues
on Oct. 1, 1937.—
V. 149, p. 102.
Chicago
Milwaukee
St.
Sear as the Commission may require for depreciation
specific depreciation shall have been
Paul
&
Pacific
Issues
Final
Reorganization Plan—No
Preferred and Common Stocks—
The
Interstate
Commerce
Commission
reorganization for the road, calling for
capitalization and fixed charges.
a
issued
RR.—ICC
Value
Found
for
27
a
final
plan of
common
stocks is with¬
participate in the plan.
The proposal calls for a total
capitalization of $548,533,321 for the re¬
organized company, compared with
$744,760,713 under the old set-up.
The revised total fixed annual
charges will amount to $4,269,654, compared
with almost $24,000,000.
The Commission's
plan will be put before the U. S. District Court for
the Northern District of
Illinois and, if approved, will be
submitted to the
eligible security holders for action.
The capital structure of the
present company, including the bonds of the
Chicago Terre Haute & Southeastern, is composed of
equipment obliga¬
tions, bank loan, various issues of
mortgage bonds and certain unsecured
claims, all totaling $508,047,413.
Interest accrued and unpaid as of Dec.
31, 1938, amounted to $118,878,918.
The total capitalization,
taking the
no par value common
stock at $100 a share, was
$744,760,713.
The annual
charges on the principal of the total debt alone were
$23,739,279.
Under the approved plan, the new
capital structure and annual charges
as
follows:
Principal
Total fixed interest debt
Annual
Amount
Charges
$4,269,654
$108,780,470
Payment to additions and betterments
fund,
mandatory
Contingent interest debt
115,257,480
Sinking fund payments
5% preferred stock
108,675,971
no par
value, shown at $100
Total
capitalization
$548,533,321
Subject to adjustment for changes in the present
capital structure sub¬
to Dec. 31,
1938, including payments of accumulated
interest,
reduction of
loans, retirement of equipment obligations, &c.
The above statement includes the four
classes of Terre Haute bonds and
the interest charges
thereon, as the terms of the bonds would be modified
under the plan.
The liens of the Terre Haute bonds will not be
disturbed.
If substantially all the Terre
Haute bondholders do not accept the
suggested
modifications of the bonds and a revision of the
present lease, the plan pro¬
vides that the lease be
terminated, together with the debtor's guaranty
of the Terre Haute income bonds.
Equipment obligations will remain undisturbed except that the
maturi¬
ties of certain series will be
extended, as is now being done by orders of the
court.
respect of expenditures
during such calendar year, the
unappropriated balance of said fund,
or the end of
said calendar year, shall exceed
$5,000,000,. such unappro¬
priated balance in excess of
$5,000,000 shall be applied to the retirement,
through purchase or redemption, of
any funded debt at the time outstandmade
as
Wen upon
lienSeCU
The
new
first
the
mation of the plan.
The capitalization of the new
company at the consummation of the plan
shall consist substantially of the
equipment obligations outstanding, aggre¬
gating $33,322,999, and a bank loan of $1,184,000, both
subject to final
adjustment, $58,923,171 of first mortgage series A and new
money bonds,
$57,256,669 of general mortgage 4bonds, series A,
$51,422,111 of
general mortgage 4K% convertible bonds, series
B, $108,675,971 of 5%
preferred stock and 2,158,194 shares of common stock
(no par).
In addi¬
tion, there shall remain outstanding, in modified
form, $21,929,000 of
bonds of the Terre Haute and its subsidiaries.
Upon consummation of the plan and the issue and distribution of
new
securities, the existing stocks of the debtor, together with all its
mortgage
bonds, including bonds piedged, shall be surrendered to the
reorganization
committee and canceled and all
existing mortgages
record and canceled.
The new first mortgage shall constitute a
shall be satisfied of
first lien, subject only to the
lien of equipment obligations, on all
property owned by the debtor or its
in bankruptcy as such,
includnig securities, equipment and the
equity in such equipment as may be subject to equipment trust
obligations,
but excluding equipment or the
equity in equipment which may be now or
hereafter lodged under the lien of any of the Terre
Haute
trustees
mortgages in
accordance with the terms of such
mortgagee, as modified.
The first mort¬
gage shall also have a lien on all similar
property acquired by the new com¬
pany after the reorganization, except equipment
replacing deficiencies under
the Terre Haute mortgages, and
except that (a) if the new company shall
acquire the properties of any other company
(except a subsidiary) then
constituting a Class I carrier, such properties shall not be
subject to the
lien of the first mortgage unless hereafter
specifically subjected thereto
or unless acquired in whole or in
part by the use of first mortgage bonds or
general mortgage income bonds, or moneys deposited under either of
those
mortgages; and (b) if the new company shall be consolidated
with, or shall
be merged into, or shall sell its assets
substantially as an entirety to, any
other company, which at the time is a Class I
carrier, properties then owned
or thereafter acquired
by such other company shall
not be subject to
the lien of the first mortgage
except properties thereafter acquired which
shall be appurtenant or incident to
properties subject to the lien of the first
mortgage, or which shall be within the maintenance or
replacement cove¬
nants of the first mortgage, or which shall be
acquired in whole or in part
of first mortgage bonds
or
general mortgage income bonds
or
deposited under either of said mortgages.
The new first mortgage bonds shall be unlimited in
authorized principal
amount, subject to mortgage provisions and to such
limitations, ir
moneys
may be
prescribed by the laws of the State
is incorporated.
specified in the-
There shall be issued in
connection with the reorganization
approximately
$57,256,669 of series A general mortgage income
bonds, to be dated Jan. 1,
1939 and to mature Jan. 1,
2014, bearing interest contingent upon earnings
at the rate of
4Mt% per annum, cumulative to the maximum amount at
H % (including interest for the income period next pre¬
ceding), whether for consecutive or non-consecutive
periods, as hereinafter
defined, but in priority to interest on the series B
bonds, payable on the
first day of April,
commencing April 1, 1940.
There shall also be issued in
connection with the reorganization for the
purposes hereinafter stated
approximately $51,422,111 of general mortgage
series B convertible income
bonds, to be dated Jan. 1, 1939, and to mature
Jan. 1, 2039, bearing interest
contingent upon earnings at the rate of 4^4%
per annum, cumulative to the maximum
amount at any one time of 13 ^
%
(including interest for the income period next preceding), whether for con¬
secutive or non-consecutive income
periods as hereinabove defined, but in
subordination to interest on the series A
bonds, payable on the first day of
April, commencing April 1, 1940.
Interest
on
general mortgage income bonds shall be paid, together with
any accumulations
thereof, only out of available net income of the
new com¬
pany, with such
priority as among the several series as may be determined
of directors of the new
company at the time of the creation of
provided, however, that the interest
have priority over series A
bear interest.
Upon the
or
series B.
happening of
on
any new series shall not
Accumulations of interest shall not
event or default provided in
witn the approval of any court or public
regulatory body having jurisdiction in the premises of a
proceeding seeking
reorganization of the new company, or tne appointment of a trustee or
receiver for all or any substantial
part of Its property, all arrears of accumu¬
lated interest shall become
immediately due and payable.
No interest shall be
paid on the general mortgage income bonds if the
amount so paid would be less
than M of 1%, and all payments shall be in
multiples of M of 1%.
Any such excess available for interest not paid
because of the foregoing
provisions shall be reserved and added to the
the mortgage,
and
any
institution
amount available for such interest in the
payment of such interest.
succeeding income period for the
The series B convertible income bonds shall be convertible into the
com¬
mon stock of the new
company at the option of the holders at any time at
the rate, for each $1,000
bond, of 10 shares of common stock, with appro¬
priate provisions for
adjustment of interest and dividends and in the event
of stock dividends or
split-ups or in the event of accumulation of shares.
The series A and series B income bonds shall be redeemable
for the sinking
fund at any time on 60
days' notice at the face value thereof, plus accrued
and unpaid accumulations of
interest; and otherwise as a whole or in part
on any interest
payment date on 60 days' notice and at any other time
on 90
days' notice at 101% of the face value thereof if redeemed on or
before Jan. 1, 2014, and thereafter at face value
plus accrued and unpaid
accumulations of Interest to the extent accumulations are authorized.
The general
mortgage income bonds of series A and series B shall be
entitled to the benefit of a
sinking fund to be created by the annual pay¬
ment to the mortgage trustee on
April 1 of each year, out of available net
income, of an amount equal to H of 1% of the aggregate principal amount
of general
mortgage income bonds, series A and series B, authenticated
and delivered.
Tne sinking fund shall be applied from time to time to
the purchase, at not
exceeding their principal amount, or, if not obtainable,
to the redemption, of
general mortgage income bonds, series A, so long as
any of the bonds or said series shall be outstanding, and thereafter of general
mortgage income bonds, series B, and all bonds
so
purchased and redeemed
shall be canceled.
General mortgage income bonds, in addition to those issued in the re¬
organization may be issued from time to time in lieu of first mortgage bonds,
for the purposes and subject to the restrictions stated for the issue of addi¬
tional first mortgage bonds.
The general mortgage shall contain covenants similar to those in the first
mortgage in respect of the reserve and retirement fund.
The general mortgage shall also contain a covenant to the effect that the
principal amount of either first mortgage bonds or general mortgage bonds
pledged to secure any indebtedness shall never exceed 150% of the principal
amount of such indebtedness.
any, as
or
States in which the
The mortgage indentures securing the first mortgage bonds of the South¬
new com¬
Indiana Ry., the first mortgage bonds of the Bedford Belt
Ry., the
first and refunding mortgage bonds of the Terre Haute, and the income
mortgage bonds of the Terre Haute shall be modified by supplemental
indentures and the existing bonds corresppndingly modified, without dis¬
First mortgage bonds, other than those issued in the
reorganization, may
be issued from time to time in different
series, subject to limitations and
restrictions specified in the mortgage, payable on such date
or dates, in
such denominations, bearing interest at such
rates, and containing such
provisions in respect to redemption, conversion, taxes, place or
places and
money or moneys of payment, registration and sinking funds, as
may be
prescribed by the board of directors of the new company at the time of
issue, and approved by this Commission.
There shall be issued in connection with the settlement of
the claims of
creditors approximately $53,923,171 of series A first
mortgage bonds, to be
dated Jan. 1, 1939 and mature Jan. 1, 1989,
bearing interest at the rate of
4% per annum,fpayable semi-annually, July 1 and Jan. 1.
Redeemable,
as a whole or in part on any int. date on 30
days' notice, and at any other
time on 60 days' notice, both by publication, at
par and accrued int. plus
a premium of 5% if redeemed before Jan. 1, 1940,
and, if redeemed there¬
after, at par and accrued interest plus a premium of 5%, decreased by M of
a
covenant to the effect that
a
unlimited in authorized
principal amount, subject to mortgage provisions
to such
limitations, if any, as may be prescribed by the laws of the
State or States in which
the new company is
incorporated.
General mortgage income bonds
may be issued from time to time in dif¬
ferent series, subject to
the limitations and restrictions
such series,
digest of the plan of reorganization follows:
The effective date of the
plan shall be Jan. 1, 1939, provided, however*
that the modification of the
mortgages and the bonds of the Chicago
Terre Haute & Southeastern
Ry. and its subsidiaries, and the new lease of
the Terre Haute
property shall be approximately as of the date of consum¬
use
any Property upon which the first mortgage is
mortgage shall also contain
principal amount of either first
mortgage bonds or general mortgage
income bonds
pledged to secure any indebtedness shall never exceed
150%
of the principal amount
of such indebtedness.
The new general
mortgage shall constitute a lien, subject to the lien of
the first
mortgage, upon all property from time to time
subject to the lien
of the first
mortgage.
Bonds issued under the general
mortgage shall be
by the board
by the
fund shall be
segregated from the general
funds of the new
company and held in cash or invested in U. S. Government
If. after the final computation of the amount
required to be
paid into said fund in
respect of any calendar year, and of the amount
appropriated or to be appropriated therefrom in
securities.
any one time of 13
215,819,400
*
pany
J16 reserve and retirement
mortgage.
2,500,000
5,219,480
543,394
5,433,798
sequent
A
may be used only to provide for or
e new comPany for expenditures (subject to specific conditions).
■SIP11186
and
*
m
Common stock of
a share
and betterments fund, as hereinafter
pro¬
The reserve and
retirement fund
series of drastic reductions in the
According to the ICC, the equity of the
out value and these two
groups are not entitled to
substantially^)
of equipment, or,
no
required, then a reasonable
therefor within the maximum
permitted by this Commission, and
(b) such amounts as
may be required to be paid into the reserve and retire¬
ment fund out of the
additions
amount
vided.
Feb.
Milwaukee's holders of both the
preferred and the
will be
working capital and
additions and betterments, not
exceeding $10,000,000 of new
mortgage bonds, or such lesser amount as, with the
approval of the
reorganization committee,
may be determined to be necessary,
having
such
maturity not earlier than Jan. 1, 1959, and such rate of
interest not
exceeding 5% per annum, and such other
provisions, and be sold at such
price and upon such terms
and conditions as may be
determined by the
reorganization committee and
approved by this Commission.
*u-st
mortgage bonds, in addition to those issued in the
reorganization,
shall be issuable from
time to time to refund
outstanding first mortgage
bonds or to refund
obligations secured by prior lien on after-acquired
prop¬
erty or to provide for or to reimburse the new
company-for not exceeding
75% of expenditures made after Dec.
31, 1938 (including expenditures for
new equipment
subject to the lien of the first mortgage as a first
lien, but
not
including other expenditures for equipment or for additions
and better¬
ments to
equipment), which, under the accounting rules of the
Commission
e
in.f°rce are properly chargeable to capital account.
./Tie new first mortgage shall contain a covenant substantially to the
effect that,
during each calendar year commencing Jan. 1,
1939, or on or
before March 1 next
following the end of such calendar year, there will be
paid into a reserve and retirement
fund (a) such amounts as
may be charged
against operating expenses
by the new company in respect of such calendar
necessary
first
Chicago & Illinois Midland Ry.—Earnings—
January—
—V.
1425
1% for each 2 years elapsed after Jan.
1, 1940, until Jan. 1,1979, and there¬
after at par and accrued
interest.
In addition to the
foregoing bonds to be issued for the settlement of the
claims of
creditors, there shall be issued in the reorganization for the
pur¬
pose of sale to provide for
reorganization expenses,
ern
turbing their liens, or new bonds issued in exchange for the existing bonds,
approximately as of the date of consummation of the
plan, so that (1) the maturity of all such bonds shall be the date of ma¬
turity of the first mortgage series A bonds of the new company, (2) all
such bonds shall bear fixed interest at the rate of
2.75% per annum and
contingent interest in addition at the rate of 1.5% per annum, the
payment
of the latter being contingent upon the
earnings of the new company to the
same extent, in the same
manner, and with the same limitations, as is
in either case effective
Erovided for the payment of interest onholders of the aforesaid bonds shall
the general mortgage series A income
onds of the
company, (3) the
new
waive
all
equipment
vacancies under the existing mortgages up to the
plan, Jan. 1, 1939, (4) the new company may, in
replacement of equipment retired after the effective date or the
plan,
include equipment purchased under
equipment trusts, the lien of the trusts
effectve
the
date of the
The Commercial &
1426
exceed 75% of the total cost of the equipment, and (5) the mort¬
contain appropriate provisions permitting, subject to the approval
this Commission, abandonment of Terre Haute property which the board
directors may deem it to the interests of the system to abandon.
The
not to
gages
of
of
supplemental indenture for the Terre Haute income mortgage shall declare
null and void the guaranty of the Chicago Milwaukee & St. Paul Ry.
endorsed on the income bonds.
A new lease shall be made between the
and the new company which shall replace the present lease
the Terre Haute and the debtor.
The new lease shall provide
assumption by the new company of the payment of the principal
amounts of the mortgage bonds, modified as above provided, and for the
Terre Haute
between
the
payment by the hew company of the interest on the
at
rates and under the conditions specified In the modified bonds, in addition
to an amount, not exceeding $12,000 a year, to pay the taxes and corporate
of th Terre Haute.
The lease shall permit, subject to the approval
the abandonment of property which the boatd of direc¬
deem to the advantage of the system to abandon, and shall con¬
tain such provisions as may be deemed appropriate to faciHtate a consoli¬
dation of the properties of the Terre Haute with those of the new company.
The foregoing provisions of the plan, if accepted by substantially all the
Terre Haute bondholders, shall become effective approximately as of the
consummation of the plan.
The reorganization committee, upon con¬
firmation of the plan by the court, shall submit the foregoing provisions
to all the Terre Haute bondholders, and shall report to the court the result
of such submission.
Should the court determine that the foregoing pro¬
visions relative to the treatment of the Terre Haute bonds and the Terre
Haute lease shall not have been accepted by substantially all the Terre
Haute bondholders, then the existing lease between the Terre Haute and
the debtor, together with the guaranty of the payment of the principal
and interest of the Terre Haute income mortgage bonds, shall be rejected,
in so far as the plan herein approved is concerned, as of the date of such
determination by the court, without prejudice to either the negotiation of
expenses
of this Commission,
tors may
consolidation of the properties of the Terre Haute with
terms subject to the approval of this Com¬
mission.
In the event the court determines that the described provisions
have not been so accepted, appropriate adjustment shall be made by the
court in the corocrate structure of the new company, by elimination of the
assumption of obligation with respect to the Terre Haute bonds, and such
other adjustments as the court may deem necessary to put the plan into
a
new
lease or a
those of the new company, on
offoct*
The new preferred stock shall be authorized in unlimited amount subject
to the laws of the State or States in which the new company is incorporated.
Approximately 1,086,760 shares of preferred stock, series A (par $100),
shall be issued in the reorganization.
Other series may be later issued under
the limitations and restrictions specified in the certificate of incorporation
of the new company, with dividends at such rates and to contain such pro¬
visions in regard to accumulation of dividends, voting power, priority or
liquidation, redemption, conversion, retirement funds, participation, &c.,
as may be prescribed by the board of directors at the time of creation of the
series, and approved by this Commission.
So long as any shares of series A
stock shall remain outstanding, the consent of the holders of at least twothirds in number of shares of series A stock, then outstanding, given in
writing or by resolutions adopted at a meeting, shall be necessary for effect¬
ing the issue of any additional shares of preferred stock ranking, either as to
dividends or as to distribution upon liquidation, in priority to or on a parity
with the preferred stock of series A.
The holders of preferred stock, series A, shall be ent tied to voting power
on all matters in respect of whiih stockholders of any class shall be entitled
to vote, and shall further be entitled, voting separately as a class, to elect
a majority of the board of directors of the new company until full 5% divi¬
dends shall have been paid upon the preferred stock, series A, for three
consecutive calendar years.
Thereafter, each share of preferred stock,
series A, shall be entitled to vote equally with each share of common stock
upon the election of directors, by cumulative voting, until such time as full
dividends on the preferred stock, series A, shall not have been paid during
three consecutive calendar years, in which event the holders of the preferred
stock, series A, shall again become entitled to elect a majority of tne board
of directors and to retain this right until full dividends shall have again
been paid for three consecutive calendar years, when equal voting rights
for both classes of stock shall be resumed.
The new common stock shall be unlimited in authorized amount, subject
to such limitations, if any, as may be provided in the charter or by the laws
of the State or States in which the new company is incorporated.
The new
common stock shall be without par value.
For the purposes of the reor-
debtor's 50-year mortgage 5% bonds shall receive for
bond and all unpaid interest thereon, as of the effective date
approximately $179.38 of new general mortgage 4M% series B
$717.50 of new 5% preferred stock, and 2.99 shares of new no par
The holders of the
bonds,
stock.
common
plan shall be as follows:
of series A, C, D, E, F, G, H,
J, K, and L, maturing between April 1, 1935 and Dec. 31, 1940, and not
fully paid, shall remain undisturbed as to lien and interest but the principal
thereof shall be paid at the rate of 20% of each instalment annually, in
Each
equipment trust certificate
arrangement followed by the
bankruptcy trustees.
Equipment trust certificates of series M and series N, and trustees' equip¬
ment trust certificates of series O, P, Q, R, S and T, and any other equip¬
ment trust certificates which may be issued by the bankruptcy trustees
before the consummation of the plan, together with any other obligations
under equipment leases or sales agreements, are not affected by the plan
and shall be assumed or paid by the new company when they respectively
become due.
The interests of the holders of equipment obligations other
than holders of series A, C, D, E, F, G, H, J, K nad L, shall be deemed not
to be adversely and materially affected by the plan and submission of the
plan to such holders shall not be necessary.
There shall be applied in reduction of the debtor's notes to the Recon¬
struction Finance Corporation all the cash in the hands of the trustee of the
first and refunding mortgage at the time of consummation of the plan.
In payment of the balance then due, including unpaid interest, if any,
the RFC shall receive the first mortgage 4% series A bonds of the new com¬
pany equal in principal amount to 100% of such balance.
The securities
pledged with the RFC shall be delivered to the reorganization committee.
The terms and conditions of the four classes of Terre Haute bonds shall
be modified and a new lease of the Terre Haute properties shall be executed
upon the agreement by substantially all the Terre Haute bondholders to
accept the provisions of the plan affecting their interests (all in the manner
and under the conditions described above).
The holders of Milwaukee & Northern 1st mtge. 4H% bonds shall
receive for each $1,000 bond and all unpaid interest thereon (the total
accordance with the
^mount of unpaid interest on bonds outstanding being considered to
^
be
as of the effective date of the plan) approximately $734.12 of
m,ortgage 4% bonds, series A, and $314.62 of new general mortgage
$103,204,
4H % bonds, series A
The holders of Milwaukee & Northern consol. mtge. 4M% bonds
receive for each $1,000 bond and all unpaid interest thereon (the
shall
total
^mount of unpaid interest on bonds outstanding being considered to be
$247,260 as of the effective date of the plan) approximately $262.19 of new
first mortgage 4% bonds, series A, $367.06 of new general mortgage
$209.75 of
new
the
of the
the first mortgage 5% bonds of the Chicago Milwaukee &
receive for each $1,000 bond and all unpaid interest thereon,
no
effective date of the plan,
par common
5% preferred stock.
of
mortgaged
which is
there shall be assigned 39,163 ahares of common stock,
the basis of approximately 0.7 share of stock to each $1,000 of
assets,
on
To all other
(b)
The holders of the several series of the debtor's general mortgage bonds,
$1,000 bond and all unpaid interest thereon,
plan, the following securities, respectively:
approximately $279.30 of new first mortgage 4% series A bonds,
$391.01 of new general mortgage 4}4% series A bonds, $223.44 of new
general mortgage 4^% series B bonus, and $223.44 of new 5% preferred
stock; series B, approximately $275.70 of new first mortgage 4% series A
bonds, $385.99 of new general mortgage 4H% series A bonds, $220.56 of
new general mortgage 4M% series B bonds, and $220.56 of new 5% pre¬
ferred stock; series C, approximately $283.17 of new first mortgage 4%
A bonds, $396.44 of new general mortgage 4K % series A bonds,
'
§226.54 new general mortgage 4^% series B bonds, and $226.54 of new
5% preferred stock; series D, approximately $283.51 of new first mortgage
4%
s^"ies A bonds, $396.92 of new general mortgage 4H % series A bonds,
$226.81 of new general mortgage 4K% series B bonds and $226.81, of new
5% preferred stock: Juries E, approximately $285.62 of new first mortgage
k°ndB» $399.87 of new general mortgage 4M % series A bonds,
$228.50 of new general mortgage 4H% series B bonds, and $228.50 of new
o%
preferred stock,
claim.
unsecured claims, not entitled to priority over existing
shares of common stock on the basis
mortgages, there shall be assigned
of 0.7 share for each $1,000 of claim
allowed by the court; and
substantial number of
remaining shares
(c) In the event there shall then remain any
shares, out of the aforesaid block of 55,000 shares, such
shall be distributed pro rata among the holders of the adjustment mortgage
bonds and the unsecured claims.
The equity of the holders of the debtor's preferred stock
common
stock having been found to be of no value, such stockholders shall not
and
reorganization shall be for
additions and betterments and working
of providing necessary
and for payment of the expenses
the purpose
capital,
be
the plan.
connection with the
entitled to participate in
Cash requirements in
of reorganization.
For such
reorganization not exceeding $10,000,000
lesser amount as, with the approval
of the reorganization committee, may be determined to be necessary)
having such maturity, not earlier than Jan. 1, 1959, and such rate of in¬
terest, not exceeding 5% per annum, and such other provisions, and to be
sold at such price and upon such terms and conditions as may be deter¬
mined by the reorganization committee and approved by this Commission.
The new company shall pay in cash any interest coupons on the debtor's
bonds which were declared payable but had not been paid prior to July 1,
1935, and any interest coupons payable subsequent to that date and prior
to the date of consummation of the plan, under orders of the court, if and
purpose there shall be issued in the
of new first mortgage bonds (or such
when such coupons are
presented by the holders thereof.
obligations herein shown as of the effective date of
plan are subject to change, such as by the payment of equipment obliga¬
tions, repayment on loans, and payment of bond interest due prior to
Jan. 1, 1939.
The reorganization committee shall be authorized, in order
to give effect to such changes, to make such adjustments in
claims
The amounts.of the
the
provided for in the plan, and such
changes in allotment of
the
securities, con¬
with the provisions of the plan, as may be approved by the court.
The plan shall be carried out under the supervision of a reorganization
committee consisting of five members, two to/he designated by the in¬
stitutional investors group committee and the Mutual Savings Bank group,
jointly, one by the protective committee representing the 50-year mort¬
gage bonds, one by the RFC, and one by the trustee of the debtor's con¬
vertible adjustment mortgage.
Should any of the parties named fail to
designate its representative or representatives, as the case may be, within
such time as the court shall consider reasonable, the court shall appoint
such representative or representatives.
The reorganization committee shall
be authorized to fill vacancies created by death, resignation, or otherwise,
preserving the membership of the several interests as before.
The board of directors of the new company shall consist of not less than
seven nor more than
15 members who may be designated initially by the
reorganization committee, each of its members being entitled to name his
proportionate share of the members of the board, but when the number
of board members exceeds an even multiple of the number of persons
serving on the committee, then the additional member or members of the
board may be elected by a majority vote of the committee as a whole.
The new company shall, by by-law or otherwise, create a finance com¬
mittee of not less than three nor more than five memoers of its board of
directors, which committee shall have supervision over all financial matters.
TABLE OF EXCHANGE OF NEW FOR OLD SECURITIES
sistent
Will
•
Ota
1st Mtge.
Existing
standing
Securities
$
Receive
—General Mtge. 4J^s—
4% Bonds
$
Series B
$
Series A
$
:
Pref.
Com.
Stock
$
Shares
Stock
partly extended.
33,322,999 Will remain undisturbed or
Note to bank.
1,184,000 Will remain undisturbed.
RFC loans...all,947,164 11,947,164
Each $1,000
1,000
Equip oblig..
Mil & North'n
1,554,143
734.12
1,329,815
262.19
b2,220,204
1st 4Hs
Each $1,000
b5,319,260
Consols 4Ha.
Each $1,000
666,061
314.62
1,861,741
367.06
1,063,852
209.75
1,063,852
209.75
......
Gen'l mtge:
13,473,523 18,862,931 10,778,818 10,778,818
234.44
234.44
297.30
391.01
1,974,042
1,974,042
2,467,553
3,454,574
220.56
220.56
Each $1,000
275.70
385.99
9,649,838
9,649,838
Ser C 4Hs..b48,249,191 12,062,298 16,887,217
Series A 4s._b53,894,090
Each $1,000
b9,870,211
Series B 3Hs
283.17
396.44
226.54
226.54
6,804,330
9,526,062
5,443,464
5,443,464
283.51
396.92
226.81
226.81
4,284,345
5,998,083
3,427,476
3,427,476
285.61
399.87
228.50
228.50
Each $1,000
4MS-.b27,217,320
Ser D
Each $1,000
4^s..bl7,137,381
Ser E
Each $1,000
179.38
Each $1,000
9
717.50
978
b3,562,500
35,625
445,162
Gary 5s
dl5,837
11.87
$1,000
Unsec'd claims
0.7
Each $1,000
119,307,300 Will be wiped out in reorganization.
Pref stock
Com
QQ
cl,749,492
Adjust 56.-^262,423,748
Each $1,000
Each
318,077
19,084,621 76,338,481
50-year 5s..bl27,230,802
8tock_el,174,061 shs
The liens of the Terre Haute
Terre Haute
If substantially all the
bonds:
So Ind 4s...
Bed Belt 5s_.
7,287,000
250,000
bonds will not be disturbed.
Terre Haute bondholders do
the suggested modifications of the bonds
revision of the present lease the plan provides
not accept
and
a
T H lst&ref 5s
8,056,000
that the lease be terminated
together with the debtors*
T H inc 5s
6,336,000j
guaranty of the Terre Haute
income bonds,
a
After deduction of $290,000
paid on loans Jan. 3, 1939 and $973,299
cash in
b Principal and interest to
Dec. 31, 1938.
c Additional common stock (39,163 shares) assigned on basis of
free assets, which is at rate of 0.7 share of stock for each $1,000 of claim,
d Other
additional common stock issued on basis of free assets.
Unsecured claims are to
receive 0.7 share of common stock for each $1,000 of claim,
e Not including stock
of Terre Haute.
Of such stock 1,259 shares are not owned by Milwaukee.
hands of 1st & ref. mtge.
trustee on Dec. 31,
1938.
Earnings for January
January—
Gross from railway
.
due 1989, shall receive for each
as of the effective date of the
approximately 11.87 shares of new
stock.
55,000 shares of new common stock, provided for distribu¬
tion in respect of claims upon the free or unpledged assets of the debtor,
shall be distributed on the following bases:
r
.
(a) To the holders of the adjustment mortgage bonds, in recognition
the portion of their claim not satisfied from the proceeds of the
The block of
4}4%
.®209.75 of new general mortgage 4M% bonds, series B,
and
_
.
The holders of
Gary Ry. shall
as
or
general mortgage bonds.
Additional common stock may be issued only
with the approval of this Commission in further proceedings.
Each share of
new common stock shall be entitled to one vote.
The treatment of claims and the provision for cash financing under the
_
^
„.
of the debtor's convertible adjustment mortgage 5% bonds
each $1,000 bond and all unpaid interest thereon, as of
effective date of the plan, approximately 9.78 shares of new no par com¬
mon stock, such allotment including provision for a share in the debtor s
The holders
shall receive, for
!;anization approximately 2,103,194 the initial distribution, and not exceed¬
allotment to secured creditors in shares shall be authorized and issued
ing 55,000 additional shares shall be authorized and issued for distribution
to the holders of general unsecured claims and the holders of the debtor's
adjustment mortgage bonds.
Approximately 514,221 additional shares
shall be authorized and held in reserve for the conversion of the series B
1940
2,
each $1,000
of the plan,
for the
modified bonds
March
Financial Chronicle
Net from railway
Net ry. oper. income.-—V.
1940
$9,167,752
2,355,547
1,217,732
1939
$8,096,095
1,561,168
437,013
1937
$8,452,815
1,756,294
589,064
150, p. 1273.
Chicago & North Western
January—
Gross from railway
Net from railway
Net ry. oper.
—V.
1 938
$7,629,762
1,263,962
102,411
150,
p.
income
1273.
1940
$6,876,991
868,541
2,756
Ry.—Earnings—
1939
$6,208,259
629,176
def214,747
Chicago Rock Island & Pacific
Institute Suit Against
1938
$6,117,514
94,991
def779,795
1937
$6,634,138
568,368
def341,689
Ry.—Debenture Holders
Five Banks, RFC—Charge Violation of
Pact with Bond Owners—
Suit was brought in the U. S. District Court at Chicago, Feb. 27, by 16
convertible debentures due May 1, 1960, against five
large banks and the Reconstruction Finance Corporation, charging them
holders of company's
Volume
The Commercial & Financial Chronicle
ISO
with procuring collateral pledges to secure their loans to the railroad in
violation of the indenture, which had been entered into with the bond¬
holders. Federal Judge Michael L. Igoe granted the defendants 30 days to
answer or
Cash and
on
and in banks.
3,232,057
2,984,000
2,488,903
1,984,000
receivable
Other accts. and
2,968,431
2,633,773
notes receiv..
8,052
6,963
i*fts
ment
1940
$1,481,897
276,434
44,492
January—
con¬
1940
$1,545,894
Net from railway.
530,713
Net railway oper, income
377,798
—V. 150, p. 835.
January—
$1,076,059
268,348
1938
$1,329,974
136,857
def89,949
not
it states, that the price will be stabilized or that the
may not be discontinued at any time.
assurance,
Holders of the company's outstanding 6% preferred stock will be given a
defl92,194
prior opportunity until March 20, 1940 to purchase the new preferred from
the underwriters at the public offering price on a share for share basis.
The price opportunity to purchase the shares of new preferred stock, how¬
ever, will not be afforded to holders of the 6% preferred stock previously
called for redemption on Aug. 1, 1939, Feb. 1, 1940 or April 1, 1940, it is
1937
$1,296,081
358,550
217,499
stated.
The price at which the stock is to be offered to the public and the under¬
writing discounts
150, p. 1274.
or
commissions will be furnished by amendment.—Y.
Colorado Central Power Co.-
1937
$735,130
31,217
Income
$1,946,003
522,670
241,267
$766,347
427,676
58,318
$33,149
2,506
on
unfunded debt.
Provision for Federal and
Depreciation.
-
...
-
-
$1,182,067
common
$1,166,515
82,698
al,140,817
$93,441
def$57,000
$54,268
237,616
$4.43
237,616
237,671
$0.64
$4.56
237,583
$1.82
81.071
377,979
.
922
State in¬
968
2,200
7,235
$15,802
$7,937
$73,497
Assets—Capital assets, $1,645,133; special deposit, $625; investments,
$1; cash, $21,742; accounts receivable, $87,067; notes receivable (contra),
$31,160; material and supplies,$26,416; prepayments, $4,061; unamortized
stock out¬
standing (no par)...
Earnings per share
Cr596
451
In 1938 it was the company's policy to make an appropriation to the
reserve for renewals, replacements, and retirements at the end of the
calendar year.
This amount represents the proportional amount applicable
to this period,
b As of June 1, 1939 the company retired its 1st mortgage
5H% sinking fund gold bonds, series A, and issued its 1st mtge. 4H%
bonds, series A.
Balance Sheet Dec. 31,1939
$513,318
129,026
534,636
Surplus
Shs.
$280,354
127,509
59,404
$518,405
Preferred dividends
Common dividends
180
a
39,643
.
"""255
37,769
15,930
18,074
1,005
261
422
Balance to surplus—_—
4,600
Exp, for development
$154,287
a9,000
9,666
CV218
19
come taxes.
Federal taxes
Surtax on undist. profits5
$29,239
T, 632
Amortization of debt expense
Amortization of premium on debt...
Taxes assumed on interest
$1,101,228
457,938
85,728
$146,730
7,557
10,769
—.
Interest
$27,897
1,342
$35,655
...
Provision for renewals, replacements
and retirements
b Int. on
5)4 % issue (retired).
b Int. on 4m% issue (new)—
$1,044,305
56,923
66,641
operations—
income (net)
Gross income
$1,697,484
653,179
$1,856,773
463,062
200,505
26,692
...
from
Non-oper.
■Earnings—
•3 Mos.—1938 12 Mos. 1939
1939
$139,038
$129,511
$546,868
101,614
400,138
...
105,889
Period Ended. Dec. 31—
Operating revenue
Operating expenses
1936
$1,790,131
Other income*
an
stabilizing, if commenced,
Ry.—Earnings-
1938
158,837,423 154,822,666
Dillon, Read A Co. and Shields & Co., both of New York City, will be
the
principal underwriters. The prospectus states that to facilitate the
offering, it is intended to stabilize the price of the preferred stock. This is
27,078
1938
$1,144,710
263,059
231,349
$1,900,447
45,556
.
Total
purposes, it is stated.
1937
$1,341,398
b$2,721,829 b$l,315,905 b$2,597,436
821,382
580,775
807,305
Expenses, &c
154,822.5661
81,677
12,509,011
over the amount of the loan will be used to
replenish treasury funds required
for the redemption, and the balance, if any, will be used for general corporate
Equipment Co. (& Sub.)—Earnings—
1939
158,837,423
13,425,485
which, together with treasury funds, will be used for the redemption at
$102.50 and accrued dividends, of 125,000 shares of outstanding 6% pre¬
ferred stock. The excess of the proceeds from the sale of the preferred stock
City Auto Stamoing Co.—Contract—
Calendar Years—
Gross earnings
63,105 Earned surplus.
250,821
38,716
254,477
of the preferred stock will be applied in part to the payment of a bank loan
Officials announced the company has received a contract to supply
stampings for doors for the Coldspot refrigerator sold by Sears, Roebuck &
Co.
The contract came directly from the Sunbeam Manufacturing Co. of
Evansville, Ind., which makes the refrigerator.
This is the first major work by City Auto Stamping outside the automo¬
tive field.
Company officials said they had hopes of further orders from
Sunbeam Manufacturing.—V. 149, p. 3551.
Clark
Other reserves..
According to the registration statement, the net proceeds from the sale
5,186,248
1939
$1,486,907
592,063
429.201
29,674,132
ment of prop¬
241,620
Company, Feb. 29 filed with the Securities and Exchange Commission, a
registration statement (No. 2-4332, Form A-2) under the Securities Act of
—V. 150, p. 835.
Gross from railway,.
70,70S
1933 covering 125,000 shares of $4.25 cumulative preferred stock (no par).
$1,124,195
305,819
Cincinnati New Orleans & Texas Pac.
69,285
erty and plant 32,129,392
62,871
3,261,121
Colgate-Palmolive-Peet Co.—Registers Preferred Stock—
,
1939
$6,099,649
5,023,590
1940
$6,310,443
1939
$1,266,693
112,977
def95,454
159,889
.
Reserves for de-
a After reserve for doubtful accounts and notes of
$209,084 in 1939 and
$200,236 in 1938. b Represented 254,989 no par shares, c Represented by
2,324,564 no par shares.—V. 149, p. 3551.
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
Gross from railway
accrued llab.
750,000
209,760
Deferred charges
Earnings for Month of January
Net from railway
Net ry. oper. income.
sus¬
decision.
prec. & retire¬
ors notes
[Includes Chicago Rock Island & Gulf Ry.]
...
750,000
3,591,280
municipalities
Total
3,638,906
750,000
286,862
629,523
Other current A
ma¬
Bals. In liquid'g
banks A credit¬
over to the RFC for any subsequent
pledge of collateral of the debtor's property.
Net revenue from railway operations
Net railway operating income
—V. 150, P. 1274.
of
.
pense pend.
rate
Accts. rec. from
vertible bondholders of collateral turned
Total railway operating expenses.
Eleo.revs. in
tured interest.
Inventories
$2,500,000; New York Trust Co., $1,000,000; Harris Trust, $500,000, and
Mississippi Valley, $250,000, and pledged as security $6,435,000 of its first
and refunding mortgage 4s of 1934 and $9,154,000 of St. Paul & Kansas
City Short line RR. first mortgage 4^s of 1941.
In 1932, after the road had obtained a $10,000,000 RFC loan, the banks
demanded repayment, the suit charges, and an agreement was made be¬
tween the banks and the RFC whereby the road paid $4,125,000 on the
bank loans, the banks turned half of their collateral over to the RFC and
that agency agreed to give the banks a claim against any further collateral it
might obtain from the railroad. Such agreement, the plaintiffs charge, was in
violation of the indenture agreement between the railroad and the Chase
Total railway operating revenue.
.
Deposit for pay¬
The suit charges that after May 1, 1930, the road borrowed $8,250,000
as follows:
Chase, $4,000,000; Continental Illinois,
Month of January—
40,000,000
533,149
278,280
165,8511 Accts. payable.
; Payroll accrued.
153,010
hand
Time deposits.,
a Accts. A notes
from the five banks
$
25,498,900
40,871,520
Funded debt... 40,000,000
571,281
418,016
Taxes accrued
3,982,781
Interest accrued
750,000
Pref. divs. decl.
286,862
Consumers' dep.
611,138
deposit with
on
1938
$
b Ser pref stock.325,498,900
c Common stock
40,871,520
secur.
trustees
Cash
994 cash and interest thereon for the benefit of the debenture holders.
In
addition the suit asks that the Chase National Bank be removed as trustee
a
1939
Liabilities—
Bank; New York Trust Co., and Mississippi Valley Trust Co. The suit
asks that the banks and the RFC be required to turn over the road or some
suitable trustee the collateral now pledged against their loans, plus $4,438,-
indebtedness secured by
1938
Prop. & plant._144,647,638 142,986,407
If the suit of the debenture holders Is sustained it may force a revision
of the proposed reorganization and enable the debenture holders to share
ratably with the secured creditors. The suit was filed by Michael Gesas on
behalf of Gerald Axelrod and other debenture holders.
The banks
named defendants are Chase National Bank, New York:
Harris Trust A Savings Bank, Chicago; Continental Illinois National
Bank which provided that the debtor must make ratable division to the
I
1939
plead.
for tliG
1427
Consolidated Balance Sheet Dec. 31
$26,742; total, $1,842,948.
Liabilities—Long-term debt, $715,000; accounts payable, $23,385; con¬
deposits, $25,955; notes receivable (contra), $31,160; accrued
liabilities, $55,175; deferred credits, $27,522; reserves, $537,071; common
stock (10,000 no par shares), $300,000; surplus, $127,681; total, $1,842,948.
—V. 149, p. 2966.
debt expense,
sumers'
Includes $713,000 stock dividend paid Dec. 1, 1937 in 7% preferred
stock,
b After deducting $155,235 in 1939, $99,899 in 1938 and $114,877
in 1937 for social security taxes.
7
a
Consolidated Balance Sheet Dec. 31
Notes
1938
1939
Assets—
...$1 ,500,823 $1,737,227
Cash..
&
accounts
receivable (net).
Inventories
Employ, notes ree.
pay. in instal
Val. life ins. polic's
825,017
,693,969
434,424
2,018,287
42,135
4,596
39,443
52,488
58,790
Inv. in A advs. to
'
Buchanan L.Co.
Claims agst. closed
banks
Invest, in
securs.
Land contra,
.
1,000
3,024
Land, buildings,
mach., &c. (cost)
Def. charges A pre.
,331,226
paid expenses..
42,405
a
1939
accts.
pay¬
able A payrolls.
Colorado & Southern Ry.—Railroad Lease Urged—
1938
Approval by the Interstate Commerce Commission of the proposal of the
$551,140
93,814
company to lease the properties of the Fort Worth A Denver City and the
Wichita Valley railroads was recommended Feb. 26, by ICO Examiner
$275,709
58,360
200,000
Cap, stk. A social
secur.
taxes, Ac.
Notes pay. (curr.)
Notes pay'le (non-
current)
Reserve
800
rec
Liabilities—
Curr.
for
241,267
58,318
Payable by empl's
on pf. stk. subs.
1,000
78
18,474
3,024 7% cum. pf. stk._ 1,927,900
1,927,900
b Common stock.. 4,996,760
4,996,760
Capital surplus
608,180
608,180
4,568,227 Earned surplus... 1,204,978
680,041
c Treasury stock.. I>r249,625
Dr291,125
49,204
upheld the right of the Commission to impose labor protection provisions
where consolidations are authorized.
Earnings for Month of January
1940
January—
Gross fromraUway.....
Total
$9,392,888
$8,914,2211
Total
Net from railway
Net railway oper. income
..$9,392,888 $8,914,221
a After reserve for depreciation of $4,645,796 in 1939 and $4,245,089 in
b Represented by 249,838 no par shares,
c Represented by 639
(1,054 in 1938) shares preferred stock, par $100, and 12,222 shares common
stock, no par value.—V. 150, p. 1132.
Ciuett, Peabody & Co., Inc.—Interim Dividend—
Cleveland Electric Illuminating Co. (& Subs.)—Earns.
x
Operating
1939
1938
1937
1936
.^..$29,673,728 $27,055,604 $28,370,754 $27,193,695
expenses.... 19,196,496
17,646,737
18,611,321
17,639,345
Net oper. revenue...$10,477,231
Int. A Fed. inc. taxes,&c
3,145,050
$9,408,867
2.582,943
$9,759,433
y2,657,635
$9,554,350
y2.634,794
<
Costs and expenses.....
Operating income.
on
pref, & com .stk.
$7,332,181
$6,825,924
6,377,719
$7,101,798
6,377,719
6,377,720
$6,919,555
6,377.554
$954,462
$448,205
$724,078
$542,001
1937
$597,413
126,921
36,644
Total income
.
Other deductions
.
.
1939
1938
1937
1936
$34,245,045 $31,446,413 $45,938,426 $47,856,263
32,616,013
30,895,879 44,032,545 45,001,442
—
.
Prov. for depreciation..
Fed. capital stock tax...
$1,629,032
580,973
$550,534
440,925
$1,905,882
674,553
$2,854,821
396,725
$2,210,005
170,179
189,904
$991,459
229,400
342,583
$2,580,434
271,244
336,829
$3,251,547
220,137
405,949
23,533
5,248
Crl71,190
240,756
360",940
891",907
Inventory writedown...
Federal tax reserve
Non-recurring income.
Minority interest in net
profits of subsidiaries.
a
Net Income
...
Crl2,130
144,687
8,853
$1,600,390 loss$294,358
$1,586,917
1,582,127
$2,232,135
2,109,447
Common dividends
Net income
Divs.
1938
$468,482
33,591
def59,751
249,532
...
Other income
was
Calendar Years—
Gross earnings
1939
$428,610
36,689
def59,546
Commercial Solvents Corp. (& Subs.)—Earnings—
Calendar Years—
Sales.HZ
Directors have declared an interim dividend of 50 cents per share on the
common stock, no par value, payable March 25 to holders of record March
14.
Final dividend of $2 was paid on Dec. 23, last; dividends of 25 cents
were paid Sept. 25, June 26 and March 25,1939;afinal dividend of 30 cents
paid on Dec. 24, 1938; dividends of 15 cents were paid on Sept. 26 and
May 2, 1938, previous to which quarterly dividends of 25 cents per share
distributed.—V. 150, p. 1274.
$561,410
147,491
55,618
—V. 150, p. 1133.
1938.
were
con¬
proposal to guarantee payment of principal and interest on the Fort Worth
A Denver City's note for $8,176,,000 now held by the Reconstruction Finance
Corporation, as a part of the lease agreement.
In his recommendation the Examiner said that while employees who
would be adversely affected by the lease would be adequately protected
by the Washington agreement on dismissal wages the Supreme Court has
400,000
Fed'l
Income taxes
The proposed lease would be tantamount to physical
Schutrumpf.
solidation of the three lines.
The Examiner also recommended approval of the Colorado & Southern's
$1,600,390 def$294,358
Surplus
$4,790
$122,688
2,636.878
Nil
2,636.878
$0.60
2,636,878
$0.84
Shares capital stock out¬
Balance
x Includes non-operating revenues of $44,264 in 1939? $50,870 in 1938;
$117,897 in 1937 and $109,802 in 1936.
y Includes $3,345 in 1937 and
$301 in 1936 for provision for Federal surtax on undistributed profits.
standing (no par)
Earnings per share
a
Profit
interest
on
on
2,636.878
$0.61
.
sale of stock of affiliated company,
consolidated
subsidiary, Ac.
less loss on sale of partial
The Commercial &
1428
Consolidated Balance Sheet Dec.
1,080,639
Bank loan
receivable 8,578,792
fu¬
8,038
5,096,959
molasses
4,197,712
Inventories
y
400,818
498,399
7,886,438
a
Ld.,bldgs.& equip,
acquired subseq.
to Dec. 31, 1032 3,502,097
Goodwill and other
bl
2,165,720
117,005
6,593,452
4,325,514
5,062,036
89,977
6,693,452
x Common stock..
Capital surplus— 4,326,514
Earned surplus— 6,484,939
a753,081
.b2,376,771
*
298,618
446,766
Intangibles
Investments
Deferred charges.
surplus
Mis cell, reserves..
3,974,773
372,779
exchange
under which the
conversion of debentures, as permitted by the indenture
debentures were issued.
,
Funded Debt—During 1939 the company completed its
.
,
..
refunding pro¬
The final Dlock of $25,283.300 of convertible debentures was offered
in April and the proceeds applied toward retirement of the $25,800,000 of
mortgage bonds of Western United Gas & Electric Co.
In May, the com¬
pany entered into agreements with 14 insurance companies for the private
sale of $114,500,000 of 3H% first mortgage bonds maturing in 1979, to
refund its $85,000,000 of 4% bonds and $29,500,000 of 3 % % bonds.
An
important feature of this transaction was the 40-year maturity of the new
gram .
issue.
20,042,568 21,255,955
Represented by 2,636,878 no par shares, v After depreciation
a These
items arose out of the acquisition during 1935 of a controlling Interest in
Commercial Molasses Corp. and subsidiaries,
b The corporation s equity
in surplus (after dividends) of Commercial Molasses Corp* and subsidiaries
since acquisition and of Thermatomic Carbon Co. since that company's
reorganization on Dec. 1, 1935 has increased by $340,874.
Both these
Total
20,042,668 21,265,955
Total
1940
$31,873,700 of the debentures.
At Jan. 31, 1940, 11,746,464 shares were
outstanding, the par value of which was $293,§61,600.
At the end of 1938 Commonwealth Subsidiary Corp. held a
balance of
238,538 of the shares of Edison stock delivered to it in 1937 in
for stock of Public Service Co. of Northern Illinois.
Private sales of this
Edison stock were terminated in March, 1939.
In all, 262,500 sharra were
sold in this manner: 85,000 shares in 1938 and 177,500 in 1939.
Before
the end of July, 1939, the remaining 61.038 shares held by
Subsidiary Corp. had been acquired by the company and utilized for the
,
&
of subs
1
2,
Commonwealth
282,219
Mln. Int. In cap.
stock
Land, bldgs. and
equipment
2,000,000
Commer'l
Molasses Corp..
ture contracts..
on
to
31,200 Accrued royalties,
wages, Int., &c_
9,710
Dep. on grain
Advs.
Due
710,010
649,470
1,000,000
payable-
Accounts
*
S
Liabilities—
2,684,248
Accts., notes <fc ac¬
cepts.
1938
1939
S
5
Assets—
Cash
31
1938
1939
March
Financial Chronicle
x
companies are affiliated companies not wholly-owned and not consolidated.
The elimination from the consolidation of Commercial Molasses Corp.
and subsidiaries resulted in an increase in investments in^affiliated.com¬
panies not consolidated of $2,037,462, a reduction in goodwill of $753,080
and the elimination of the minority interest in subsidiaries previously shown
as an item on the consolidated balance sheet.
Note—-The consolidated statements for 1939 Include the parent corpora¬
tion, Commercial Distillers Corp., Commercial Solvents Corp. of Del.,
and American Solvents & Chemical Corp. of Calif.
The accounts of Com¬
mercial Molasses Corp., which were consolidated for the years 1935 through
1938. have been omitted and the corporation's interest in this company,
which during 1938 was reduced from 65% to 50.25% of the outstanding
stock, now appears in the investment account.
All comparative, figures
"in the 1939 report reflect this elimination.—V. 149, p. 2683.
87,700 stockholders, an
from the conversion of
accompanied by a wider geographic
distribution of stockholders, with marked increases in Eastern and Western
States.
The average holding of the 87,700 stockholders was 119 shares,
Stockholders—At the end of the year there were
10,300.
The gain resulted primarily
increase of
debentures into Edison stock and was
of $2,975 par value.
Years (Including
bl937
Consolidated Income Account for Calendar
1939
$
$
Operating revenues—
130.178,162 124,697.307
14,879,092
13,982,818
Electric
Gas
Heating
711,891
710,052
Water
104,700
154,998
Total
revs...
oper.
Operation.
Maintenance.
Subsidiaries)
al936
1938
$
$
124,831.963 116,054,148
14,330,408 13,708,903
793,257
165,255
810,317
170,873
145,873,845 139.545.175 140.120,883 130,744,241
53,504,884
51,637,741
54.074,582 52,232,222
7,674,461
6,765,436
8,269,389
7,914,545
State, local & miscell.
Federal taxes
Inc.—Registers with
18,942,797
4,316,985
17,696,441
3,601,158
16,942,842
16,867,804
1,075,303
16,846,842
1,041,604
15,569,675
40,295,934
38.580,687
37,759,608
34,432,184
180,000
127,988
593,093
180.000
119,587
639.123
360,000
90,466
722,402
280,000
344,190
519,510
41,197,015
14,104,585
303,742
39,519,397
16,751,563
457,841
38,932,477
17,557,842
35,575,885
17,851,593
280,597
1,525,899
0375,470
1,397,198
1,412,523
1,435,778
Crl81,090
0757.253
0170.746
209,020
1,127,324
2,170,176
2,235,427
ints. in income of subs.
14,649
264,936
2,234,708
2,653,595
25,414,590
19,701.625
16,202,437
11,289,740
$2.37
$2.08
$1.45
with
Federal surtax on undist.
income
Provision for deprecia'n.
SEC—
Net
See list given on
first page of this
Columbus & Greenville Ry.—Earnings—
1940
1939
1938___
$86,005
$110,080
$94,579
3,937
20,549
Net railway oper. income
defl,789
6,129
def4,583
—V. 150, p.
1,012
836.
Co.—Annual Report—
Freeman, Chairman, states
„
1938
1939
$19,701,625
8,301,370
Consolidated net Income
..$25,414,590
Number of Edison shares outstanding at end of year 10,471,516
the end
of
$2.37
$82,332,900 of the 3H% debentures, convertible
Edison stock, remained outstanding.
On the basis
$2.43
share
1939,
into 3,293,316 shares of
of annual interest charges on debt outstanding
to reflect conversion of all debentures, 1939
approximately $2.13 per share on
which would then
1939, adjusted
earnings would have been
the 13,764,832 shares of Edison stock
at Dec. 31,
be outstanding.
,
Revenues—Although sales in kilowatt-hours to residential and
customers increased 5.5% and 7.3%, respectively, revenues
from these classes of customers increased only 2.4% and 3.2%, respectively.
This was due in part to rate reductions in the second quarter of 1939 affect¬
ing certain of these customers.
The most significant increase in revenues
was from sales of electricity to industrial customers.
A part of the increase
in sales to other electric utilities resulted from a temporary emergency
demand in the latter part of 1939.
Electric
commercial
Sold (Company and Subsidiaries)
1939
1938
Increase
6,684,807,513
5,860,872,430
14.1%
Kilowatt-hours of Electricity
Total
Qas Sales—Improved industrial activity
accounted for a large part of the
Sales or gas to space-
in therms of gas sold.
heating customers also increased substantially, due
mally warm weather In 1938.
increase in gas revenues and
Therms of Oas
Total
funded debt
Other int. charges
on
mainly to the abnor¬
Sold (Subsidiary Companies)
1939
1938
196,607,527
167,048,132
Increase
17.7%
provisions for taxes increased $2,341,181, principally
because of the increase in operating revenues and the increase in net income.
Interest Charges and Other Deductions—Interest charges and other deduc¬
tions from gross income were reduced materially.
This decrease resulted
principally from the refunding program begun in_1938 and completed in
Taxes—Total
interest on funded debt was the conversion,
3H% debentures. Retire¬
publicly-held preferred stocks of Western United Gas and
Electric Co., principally through exchanges for Edison shares, eliminated
all future dividend requirements on subsidiary preferred stocks.
The
debenture conversions and exchanges for Western United preferred stocks
were accomplished through the issuance of a substantial number of shares
A further cause of the reduced
112,043
Amort, of debt discount
and expense
Inr. charged to constr'n.
Dividends on pref.
of subsidiaries
stocks
Public com. stockholders'
a
of the year.
per
Gross Income
Int.
Earns, per sh. on
This
Earnings
Other
in part:
Earnings Per Share—During 1939 the number of shares of the company 8
stock held by the public increased from 8,301.370 to 10,471,516.
increase resulted principally from the conversion of $40,232,600 of the
company's 3H% debentures into Edison shares.
Notwithstanding these
conversions, earnings per share for 1939 exceeded those for 1938.
I his
result was occasioned principally by savings from the extensive refunding
program carried out in 1938 and 1939 and by improved operating income.
A factor which contributed substantially to the improvement in operating
income was a large increase in sales of electricity to industrial customers.
Reductions in certain residential and commercial electric rates, amounting
to an estimated $2,208,000 annually, were made effective during the second
quarter of the year.
1
Earnings per share have been computed for recent periods by adding
back to consolidated net income certain non-recurring deductions with
respect to preferred and common stocks of subsidiaries no longer held by
the public.
Because the amount of these adjustments is no longer signifi¬
cant, earnings per share in the following tabulation are computed by divid¬
ing consolidated net income by the number of Edison shares outstanding
at the end
Interest
1£3 7_ _
$90,005
J
Commonwealth Edison
income
Chicago & 111. Midland
Ry. dividends
Commercial Credit Co. of Bait.—Financing Arrangement
This company and its affiliated companies, have consummated a country¬
wide financing arrangement with Graybar Electric Co., Inc.
Under the new arrangement Commercial Credit will offer through its 171
offices a liberal plan for financing dealers' wholesale purchases of appliances
from Graybar, as well as attractive retail instalment plans to stimulate sales
of various appliances through Graybar dealers.—V. 150, p. 989.
Charles Y.
oper.
Other income:
department.—V. 150, p. 1274.
January—
Gross from railway
Net from railway.
At
19,115,442
4,834,475
Consol. net income...
System,
Broadcasting
Columbia
20,411,338
5,879,760
Federal income tax
Changes
$2.43
cap.stk.
during the two-year period
in the companies' policy
respect to the capitalization of indirect construction expenditures, if effective
as of Jan.
1, 1936, would have increased net income for the year 1936 by
approximately $1,600,000.
d
The above statements
which
now
are
include earnings and expenses of
subsidiaries (consolidated).
Consolidated Balance Sheet Dec. 31
all companies
In order to arrive at the true
consolidated net income, deductions have been made for the
subsidiaries applicable to stocks acquired for periods prior to
net income of
acquisition.
(Including Subsidiaries)
1939
1938
$
Assets—
Property, plant and equipment
Cash and securities on deposit with trustees
Cash to be appli3d to construction expenditures
x Investments (at cost or less)
$
681,122,806 670,320,710
271,038
794,651
7,929,555 15,331,500
14,831,502
18,434,987
38,987,602
Cash
87,902
Deposits for matured interest
(at cost)
U. S. Government obligations
27,247,205
240,418
16,315,259
17,423,454 17,437,730
9,469,217
aterials and
&Receivables-supplies
Prepaid insurance, taxes and other expenses
10,489,627
598,679
Debt discount and expense
Other deferred charges
41,585,421
849,222
z
712,305
42,387,727
1,261,574
841,424,013 824,348,414
Total
1939
$
Liabilities—
Capital stock ($25 par)
261,787,900
Minority int. in com. stocks & surplus of sub. cos.
226,933
Preferred stocks of subsidiary companies
377,270,900
Funded debt
Accounts
3,681,441
payable
3,594,177
18,261,033
Accrued interest
Accrued taxes
Customers' deposits.
Sundry current and deferred liabilities
Depreciation reserve
Reserve for undetermined liability of add'l taxes
Insurance and other reserves
Contributions in aid of construction
Earned
31,642,336
surplus
1,602,270
1,448,124
125,410,284
9,469,227
2,615,764
1,198,307
34,857,653
s
1938
$
207,534,250
2,367,946
9,631,500
418,358,200
2.804,462
3,751,226
17,291,230
1,631,539
2,133,663
117,512,393
7.427,885
2,543,844
1,065,308
30,294,968
.841,424,013 824,348,414
Total
x Includes $5,708,066 in 1939 and $5,807,566 in 1938 of Chicago & Illinois
Ry., subsidiary company not consolidated,
y After reserves of
$1,678,365 in 1939 and $1,728,317 in 1938.
z Applicable principally to
refunded issues and being amortized over lives of refunding or refunded
Midland
issues.
Calendar Years of the Company Only
1939
al938
al937
$96,333,146 $92,926,649 $93,123,167
37,971,709
38,156,318 40,088,226
Maintenance
4,988,838
4,656,901
4,263,373
State, local & miscell. Federal taxes__ 14,613,655
13,740,384
13,035,545
Federal income taxes
4,233,629
3,342,893
3,620,736
Provision for depreciation.
9,991,602
9,929,842
10,010,467
Income Account for
Operating
Operation
revenues
(electric)
during 1939, of $40,232,600 of the company's
ment of all the
of Edison stock.
Capital Stock—During 1939 the number of
Edison shares held by the
shown below:
Shares
by the public, Dec. 31,1938
Issued upon conversion of debentures
Delivered pursuant to exchange offers
Sold by Commonwealth Subsidiary Corp
Held by the
public, Dec. 31,1939--
8,301,370
$33,993,209 $27,704,079 $25,396,126
10,685,646
9,486,958
9,347,509
236,882
349,601
70,441
Amortization of debt disct. & expense
786,095
754,338
739,132
Interest charged to construction
0326,700
0115,000
0144,000
Gross income
Interest
on
funded debt
Par Value
383,342
177,500
$207,534,250
40,232,600
9,583,550
4,437,500
10,471,516
$261,787,900
1,609,304
A major part of the 383,342 shares of Edison stock delivered pursuant to
exchange offers in 1939 was in connection with the offer to holders of the
preferred stocks of Western United Gas & Electric Co.
This offer termi¬
nated on June 30, 1939, and all the preferred stocks of that company
were redeemed on July 1.
There were 3,293,316 shares of authorized but unissued Edison stock
reserved for conversion of the debentures outstanding at the end of the
year.
Of these. 1,274,948 were issued in January, 1940 for the conversion of
...$24,533,713 $23,100,311 $22,104,820
9,459,496
4,603,768
3,291,306
Other interest charges
public increased from 8,301,370 to 10,471,516, as
Held
Net operating income
Other income
Balance
.$22,611,286 $17,228,182 $15,383,044
Deductions of net inc. of Super-Power
Co. of HI., included above:
Applicable to shares acquired July
26,
1938, for periods prior to
acquisition...
Applicable to co.'s int., undistrib¬
uted in 1937
Net income
Dividends
144,716
•_
279,021
235,616
$22,611,286 $17,083,466 $14,868,407
15.804,601
10,541,755
10,687,245
a
Includes thef earnings and expenses of Super-Power Co. of Illinois, a
subsidiary liquidated Dec. 31, 1938, and also includes Commonwealth
Subsidiary Corp.
Volume ISO
The Commercial A Financial
Chronicle
Balance Sheet Dec. 31
(Company Only)
1939
$
Assets—
Plant, property and equipment
Cash and securities on
deposit with trustees
Investments
Cash to be applied to
construction expenditures
Deferred
charges
Cash
Prepaid
milling.
29,564,074
25,226,798
56,200
11,393,529
accounts
421.459
Materials and supplies
6,300,377
772,135
22,369,849
16,294,734
80,110
11,265,602
511,090
5,886,611
Total
707,895,111 659,705,522
1939
$
Liabilities—
Capital stock (par $25)
Accounts payable.
Accrued interest
Accrued taxes
cl938
$
261,787,900 207,534,250
297.042.9C0 312,330,200
2,803,288
2,309,722
2,781,690
2.783,605
13,562,754
12,153,390
990,287
890,753
Funded debt
_
Customers'deposits
Miscellaneous current liabilities
Depreciation reserve
Insurance and other liabilities
Reserve for undetermined liabil.
for add'l taxes
Contributions in aid of construction
Earned surplus
489,491
87,064,874
1,300,000
9,469.227
Kennecott Copper
Corp. and ourselves.
Copper production for the
year
1939
pounds, a new high record.—V.
149,
1,247,032
210,647
28,889,653
a
After
reserve of
$2,647,052.
Subsidiary Corp.
707,895,111 659,705,522
b After reserve,
c
electricity output of the Commonwealth Edison
company sales deducted) for the week
ended Feb.
Midland Trust Co. of New
York,
3532.
of
p.
7.0%.
The following are the
output and percentage
comparisons for the last
four weeks and the
corresponding periods last year:
—V.
150.
% Increase
7.0
9.0
10.6
11.3
27 declared a dividend of
75 cents per share on the
preferred stock, $6 series,
payable April 1 to holders of record
March 8. A
payment of like amount (which is
one-half of the regular
rate) was made in
each of the
preceding 19 quarters.
Output—
Electric output of the
Commonwealth & Southern Corp.
system for the
month of January was
755,697,786 kilowatt hours as
compared with
631,526,794 kilowatt hours for
January, 1939 an increase of 19.66%,
Total output for the
year ended Jan. 31, 194C was
7,969,341,352 kilowatt
hours as compared with
6,862,702,082 kilowatt hours for the
Jan. 31, 1939, an increase
year ended
of 16.13%.
The above excludes the
output of the Tennessee Electric
Power Co. the
electric properties of which were
sold in August, 1939.
Gas output of the
Commonwealth & Southern Corp.
System for the
month of January was
2,258,143,900 cubic feet as compared with
1,728,944,300 cubic feet for
January, 1939, an increase of 30.61 %. Total
for the year ended Jan.
output
31, 1940 was 16,514,955,900 cubic
feet as compared
with 14,568.372,400 cubic
feet for the year ended
Jan. 31, 1939, an increase
of 13.36%.'
1940—Month—1939
Oper.exps. and taxes...
Prov. for deprec. and
tirement
re¬
1940—12 Mos.—1939
$13,338,597 $12,126,869 $142079,769
$130391,843
7,199,969
6,195,674
75,513,708
68,385,565
reserve
1,479,329
1,355,661
Gross income
$4,659,298
Interest and other deduc.
3,078,079
$4,575,534
3,080,138
Net income
a
Divids.
on
pref. stock.
$1,581,219
749,805
Balance
16,631,678
15,117,347
$49,934,382 $46,888,931
36,434,923
36,302,365
$1,495,396 $13,499,459 $10,586,566
749,792
8,997,597
8,997,467
$831,414
$745,603
$4,501,862
$1,589,098
Reflects deduction for full
preferred stock dividend requirement at
the
per share per annum.
Dividends were paid in full to Jan.
1,
1935, and at the rate of $3
per share per annum since that
date.
Note—The electric
properties of Tennessee Electric Power
Co and
Southern Tennessee Power
Co. were conveyed on
Aug. 15, 1939 to the
Tennessee Valley
Authority and other public agencies, and those
have been dissolved and are
companies
in process of
liquidation which will involve a
substantial loss.
a
rate of $6
Accordingly, the income accounts of said
all interest and dividends
companies, and
received from them by
Commonwealth & Southern
Corp., have been eliminated for all
periods from this statement of con¬
solidated
income.—V. 150,
p.
Community Power
Period End. Dec. 31—
Operating
& Light Co. (&
Subs.)—Earnings—
1939—12 Mos.—1938
$4,854,924
$4,639,726
2,048,785
2,033,822
225,027
222,077
518,649
479,850
$417,891
178,115
18,611
46,519
$2,062,464
Dr558
7,681
6,090
$175,715
42,724
$146,585
$2,070,144
40,278
484,143
$1,910,066
453,464
$132,991
$106,307
2,951
71,943
1,027
Balance
Retirement accruals
$147,143
1,069
Net oper. revenues
Non-oper. income (net).
$377,723
179,663
$174,646
Taxes
Gross income
Interest to public
Interest to parent
836.
1939—Month—1938
revenues
Operation
Maintenance
$1,586,001
5,771
68,853
1,027
$1,456,602
37,494
841,376
12,306
3,178
14,582
36,335
$1,903,976
488
To public
To parent
$665,881
$562,248
102,756
1,992
$559,871
$457,499
846,408
11,528
Dividends paid and accrued
285
104,174
1,836
income
$30,371
6,393
98,514
834,117
7,259
1,992
6,393
al25,029
269
Net
45,421
857,936
12,327
4,436
$56,581
co
Amort, of dt. disc. &
exp.
Misceli. income deduc'ns
247
on
preferred stocks:
company
Balance applicable to parent
company
Earns .from
sub.cos.deducted in arriving at above:
Interest earned
Interest not earned
Preferred dividends
Other
1,836
Common div. from sub.—not
consolidated
Other income
Total
Expenses, taxes & deductions from
gross
income..
$1,524,819 a$l,432,537
883,476
883,479
Amount available for divs. and
surplus
a
Includes $125,029
$641,343
a$549,058
representing amount assigned to shares of common
Itilities, Inc., received as a dividend.—V.
150,
stock of General Public
p.
990.
Consolidated
Modified—
Coppermines Corp.—Operating Contracts
Atterbury, President, in letter
amendment
Kennecott Copper
a
Corp.,
the
to
settlement
stockholders Feb. 20 states:
and
operating1
contracts
arrangements have been completed for
larger tonnage of Coppermines
p.
1275
ore at a
lower cost per ton.
interest upon surrender at The
Marine
120 Boradway, New York.—V.
141.
Company Feb. 23 mailed to stockholders
copies of its annual
1939, preliminary to the annual
report for
meeting of stockholders which will be held
company's office at 4 Irving Place, March
18.
It shows a net income
of $36,428,119, an
increase of 4.4% over the
previous year, and
after dividends on the
equivalent,
preferred stock, to
earnings of $2.22 a share on the
common stock.
This compares with
$2.09 in 1938.
Total operating revenues
of Consolidated Edison
and its subsidiary
companies were $251,171,407 in
1939, an increase of 4.27% over 1938.
Operating expenses decreased by
$1,151,510, or 0.98%, chiefly because of
economies which more than
offset the increased
quantities of fuel and ma¬
terials used in the
production and distribution or
larger quantities of elec¬
tricity, gas and steam.
Taxes showed a
6.5% increase over the previous
year, reaching an all-time
high of $54,320,798.
The report points out
that provision for
depreciation was $25,016,344 in
1939, an increase of $6,187,451 over
1938, or 32.86%.
Depreciation and
maintenance together for the
year amounted to
16.35% of the total oper¬
ating revenues, compared with
14.59% in 1938.
Under the subject of
depreciation, the report says: "Prior to Jan.
1,
1938, when the new uniform
systems of accounts became
effective, the
system companies had followed the
prescribed 'retirement reserve' method
of accounting.
The new systems
provide, among other things, for 'depre¬
ciation'
accounting.
A continuing survey was
thereupon commenced of
probable property retirements over a
considerable future period,
the succeeding five
particularly
years, in order to aid the
management in determining
appropriate yearly charges for
at the
A
depreciation."
table in the report shows
the consolidated
retirement (depreciation)
Dec. 31, 1937, as
$61,621,030, and the consolidated
reserve on
Dec. 31, 1939, as
$79,129,529.
Considerable attention is paid to the
subject of taxes.
reserve on
with
handling
depreciation
The report gives
several comparative
figures and three charts to indicate the
heavy burden
of taxes and the continued
upward trend.
Consolidated Edison's taxes in
1939 were equivalent to $4.77 a
share on the common
stock, compared with
$2.23 ten years ago.
The system's taxes are
67.66% of the sum paid to all
employees in the form of wages
pensions. &c.
Out of every dollar received
from the sale of services there
was put aside for
operating taxes 21.86 cents
in 1939, compared with
11.17 cents in 1929.
"The amount of New York
City taxes was," according to the
report,
•'the highest payable to
any one governmental
body, aggregating $29,259,511.
As the city's
largest taxpayer, Consolidated Edison
system contrib¬
uted a sum sufficient to meet
aimost 50% of the cost of
police protection,
or 88% of the cost of
fire protection, or
240% of the cost of parks and
museums, or 103% of the cost
of the Department of
Sanitation, or 19%
of the cost of public
schools, or over 100% of the cost of
operating the city's
hospitals.
This
sum
represents 20%
of the
city's capital outlay
for 1939; it represents
25% of the city's relief expenditures."
Sales of electricity
by the Consolidated Edison
budget
System companies for
over the
preceding year, and in
The company's residential elec¬
kilowatt-hours.
of electric
energy in 1939 was 617 kilowatt474 kilowatt-hours, an increase of
30% in
1939 increased 11.14% in
kilowatt-hours
dollars of revenue they increased
6.18%.
tric business increased
5.83% in
"The average residential
use
hours, whereas In 1934 it was
that period," the
report says.
living habits of Tvew Yorkers.
live in apartments, a far
"This is
In the
a
notable increase in view of the
Greater City 67% of the families
higher percentage than anywhere else in the coun¬
Over half of the family quarters
are four rooms or less.
This means
a high proportion of
minimum users—customers
taking 10 kilowatt-hours
or less for the
minimum monthly
charge of 90 cents.
But the percentage
of these minimum bills to the
try.
tota. rendered has shown a
gratifying decline
1934.
In that year 11% of the
total residential bills rendered
were
for the minimum
amount; by 1939 this had dropped to
8%."
Two elements in combination
have been chiefly responsible for
these
resu'ts, says the report.
"First, the vigorous and persistent
promotional
activities carried on by the
system companies and their
cooperating dea'ers
in merchandising household
electric appliances, these activities
being con¬
tinuously backed up by extensive
advertising in newspapers and other pub¬
lications, on billboards, and by radio, and
second, the companies' program
of successive rate reductions
and use of promotional or
'step-down' forms of
rates, whereby the more energy used the
lower the unit price becomes."
The matter of taxes is
emphasized by a chart in the
report which shows the
taxes paid by residential customers
in terms of their
average annual kilo¬
watt use and revenue
per residential customer for the
past six years.
In
1934 the average was 474
kilowatt-hours per residential customer and the
revenue was $30.77.
However, the net amount of the bill, after
deducting
the yearly percentage of
operating taxes, was $25.14.
In i939 the average
kilowatt-hour use had grown to 617
kilowatt-hours, an increase of 143
kilowatt-hours, while the net amount of the bill after
deducting the yearly
percentage of operating taxes was $25.46.
In other words, there had been
an increase of 143
kilowatt-hours annually in use while
the net amount of
the bill
since
increased only 32 cents.
The report says the
company's customers using electric and
gas service
this year
paying about $51,800,000 less for their
present service than
they would have paid if billed at the 1929 rates.
Sales of gas in cubic feet in
1939 increased 1.88% over 1938 and
revenues
from gas sales increased 0.48
%.
Sales of steam in pounds in 1939
increased
4.62% over 1938, with revenues
increasing 3.87%.
The report points out that
shortage of water-power up-State because of
drought conditions reversed the usual balance of
exchange of electric energy
over the tie-lice between
the Consolidated Edison
System and the Niagara
Hudson System in the last six months
of 1939.
are
Normally the Consolidated Edison System
purchases considerably
up-State than it
power from
more
sends there.
In the last half of the
year, how¬
the Consolidated Edison
System sent 178,177,000 kilowatt-hours to
Niagara Hudson System and received
only 4,549,000 kilowatt-hours.
But for the entire year the
Consolidated Edison System received from
the
Niagara Hudson System 174,461,000 more
kilowatt-hours than were sent.
In the preceding
year Consolidated Edison
received
ever,
the
kilowatt-hours than
Boudinot
Through
of
of
Report—
1939
142,276,000
138,649,000
143,483,000
143,292,000
Commonwealth & Southern
Corp.—Accumulated Div.
The directors on Feb.
Period End. Jan. 31—
Gross revenue
Co.
Consolidated Edison Co, of New
York, Inc.—Annual
KilowatthourOutput
1940
152,212,000
...151,135,000
158,730,000
—.159,514,000
p. 1275.
Power
notifying holders of its 5-year 6% notes due
Oct. 1, 1940,
that $36,777
principal amount of the issue have been
drawn by lot for
redemption through the sinking fund.
The notes drawn will be
on April
redeemed
1, 1940 at par and accrued
Co. group (inter¬
24, 1940 was 152,212,000
kilowatt hours compared with
142,276,000 kilowatt hours in the corre¬
sponding period last year, an increase
Week Ended—
&
Consolidated Gas Utilities
Corp.—Notes Called—
Corporation is
\Weekly Output—
Feb. 24
Light
47,400,000
Sheet—
1938.-7.150,
Includes Common¬
The
Feb. 17
Feb. 10
Feb.
3
approximately
The consolidated
balance sheet
appearing in the "Chronicle" of Feb. 24,
page 1275 is for Dec.
31. 1939 and
Total
wealth
prevailing between
"Was
3552.
p.
Consolidated Gas Electric
Baltimore {& Subs.)—Balance
7,427,885
240,952
ton in the basic
The completion of
these arrangements makes
unnecessary at this time
the
financing which had been contemplated for the
construction of our own
concentrator and is evidence
of the spirit of goodwill
1,094,538
82,833,847
30,361,748
a
to
211,909,809 al76550,081
7,929,555
15,331,500
24,593,186
24,710,320
TJ. S. Government
obligations
Deposits for matured interest
b Receivables
reduction of 8 cents
a
The tonnage limit
per operating day has been increased from
6,000 tons
8,000 tons, effective
forthwith, and to 9,000 tons beginning
Aug. 1,
1940, with provisions for further
increases under certain
It should be noted
circumstances.
that it is not correct to infer
a fully
increase in the
corresponding
output of copper.
There is a necessary time
lag in the de¬
velopment of the mine to the
higher production level.
Market conditions
might not justify
capacity operations.
Furthermore, the copper content
per ton of ore in recent
years has been
running somewhat above the average
grade of the mine as a
whole.
There are also
favorable modifications in several other
in the provisions
respects, notably
governing the resumption of operations after a
shut-down.
Coppermines retains its right to
terminate the operating
contract as a
whole or with the
exception of provisions
relating to smelting, such right
of termination to
become effective on Jan.
1, 1948, or sooner if 12,500,000
tons of
concentrating ores shall have been delivered
subsequent to Jan. 1,
1940.
The period covered
by the agreement has been extended from
Dec. 31,
1967, to Dec. 31. 1975.
390,250,749 385,933,490
249.375
1429
From Oct.
1, 1940 there is to be
charges for freight and
cl938
$
were sent.
706,985,000
more
The report of
Consolidated Edison Co. of New York to
stockholders indi¬
that ownership of the
company is now more diversified than
ever
before in the
company's history.
During 1939 the number of holders of
the company's common
stock increased
3,803 to a total of 99,576, and the
number of holders of the
company's $5 cumulative preferred stock
increased
cates
The Commercial &
1430
1,446 to a total
stock was 5,249
holders, making a total of 128,791
eliminating those who hold both classes of stock.
4% of the company's common shares and 1 %
of the company's preferred shares were held outside of the United States
or its territorial possessions.
The common stock held outside of the United
States decreased by 64,262 shares in 1939, but the preferred stock so held
remained virtually unchanged.
At the end of
the year only
stock is 115
less and
the preferred stock,
having ten
present the average holding of the company s common
Slightly more than 30,000 holders have ten shares or
holders own 100 shares or less.
As for
average holding is 75 shares with more than 11,000 holders
At
shares.
nearly 86,000
the
shares or less.
less, and more
holders have 100 shares
preferred stock have 100
than 86% of the common
more
In percentages,
or
than 91% of
the holders of the
shares or less.
Statement for Calendar Years
[Consolidated Edison Co. of New York, Inc., separately]
1939
1938
1937
cl936
Comparative Income
98,573,475 99,142,866
33,863,937 35.093,802
1,921,851
3,319,454
104,076,301 100,074,675
From sales of gas
34,405,888 34,464,603
From mlscell. sources6,114,106
4,878,594
energy
Balance Sheet Dec. 31
Subsidiary Companies]
Capital stock expense
Other physical property
Other Investments
Cash restricted for new capital expenditures—
Amount deposited with trustee for the payment
of bonds maturing Jan. 1, 1939_--___-
receivable, less reserve
Materials and supplies
Prepayments
Unamortized debt discount and expense
Taxes protested (contra)
Deposits re taxes protested
Other deferred debits
Accounts
Total
10,711,290
46,898,503
11,113,000
44,485,170
10,282,065
48,270,334
12,494,906
616,337
644,977
691,766
11,257,630
, *81,482
4.264,701
.1.353,464.465 1.358.558.488
--------
3,225.715
-
d Miscell. items
$
Operating revenues:
From sales
197,277,694 187,554,530 183,358,732
10,044,868
9.670,191
9,822,431
2,628,035
2,647,555
1,875,476
revenue-251,171,407 240,895,721 235,172,238
-
payable and sundry
Dividends payable
Matured long-term
Taxes.-
9,936.831
2.730.737
306,704
5,891,558
11,586,286
5,689,243
accruals.
debt and interest
deposits
accrued.
Customers'
(.contra) _
-
Interest accrued
protested (contra)
Reserve for
-
depreciation of utility
1,404,016
-
79,129,529
5,670,261
6,719,409
plant
Injuries and damages reserve
Employees'provident reserve
Miscellaneous reserves
3,647,554
-
145.533,054
Surplus
199.668.706
391.924.995
1.331,519
1.624.798
137.821 ,OtW)
160.000.000
cl87.217,000
9.733,465
2,731,639
2,087.003
5,879.977
8.083,836
5,538.074
11.257.630
2,003.699
71,119.632
5.467.016
6.719.409
3.246,711
145,071,777
1,353,464,465 1.358,558.488
Total
Represented by 2,184,590 no par shares in 1939 and 2.185.311 no
shares in 1938.
b Represented by 11,471,027 no par shares in 1939
11,471,527 no par shares in 1938.
c Including $4,240,000
jwur
and
maturing Jan. I,
a
1939.
Stockholders' Views on Competitive Ihdaxnp—
for their views on the
capital and for refund
ing purposes.
The trustees are requesting this information because of
inquiries by a stockholder and the current discussion as to what is the advas*
tageous method of selling securities—to investment bankers for marketing
to the public, to underwriters or others chosen through competitive bidding,
Trustees Asking
asking the company's stockholders
marketing its issues of securities for new
Trustees are
method of
115,929,086 117,080,596 114,603,668 112,535,793
25,016,344 18,828,893 18,517,477 19,291,294
54,320,798 51,004,075 48,960.363 >45,065,865
Operating expenses
Depreciation.
-----
Accounts
234,825,191
From miscell.sources.
1,307,669
1.572,873
137,821,000
Debentures160.000.000
Long-term debt of subsidiary companies—183,007,000
180,448,596
10,761,341
2,451,992
energy
From sales of steam..
Gross oper.
$
$
$
41,023,445
199,602.829
391,907.912
-
41,163,262
of electric
—
-
stockholders:
Deferred credits
40,115,599
41,220,810
of gas
stock
held by minority
Common
Taxes
35,945,530 35,169,166 33,558,128 35,083,662
a Includes a provision of $5,384.97 for Federal surtax on undistributed
profits,
b No provision for Federal surtax on undistributed profits was
deemed necessary,
c Figures have been adjusted to include those of affil¬
iated companies for the periods preceding the dates of the merger thereo
in 1936.
d Charged to surplus on the books of the company,
e Includes
write-off in 1939 of investment in New York World's Fair bonds of $447,499.
Combined Earnings Statement for Calendar Years {Incl. Subsidiary Cos.)
1939
1938
1937
1936
income
From sales
Stocks of sub. cos.
Preferred
Taxes
el,007,969
(net)—
115,325
miscell. deductions
13.363,f»9s
1,101.501
5,108.337
1,125,320
4,792,652
Mortgage bonds
47,780,114
2.303,350
2.087.003
2,054.072
27.842.233
27,793.016
JI &$******
27,102,071 24,703,860 28,178,779
20,550,189 21,015,155 21,565,199
753,757
1,233,846
1,473,644
debt-Miscell. int., amort, of
debt disct. & exp. and
^
2,303.356
306,704
2,065,858
37,850,978
23,227,145
15,744,060
Cash
28,041,285
revenue
20,618,516
rev. deduc'ns
879,687
Gross income
'
with N. Y. State Ind. Comm.
deposit for redemption of matured longterm debt and for matured interest (contra).
Interest and other special deposits
Securities depos.
Cash
28,753,855
Int. on long-term
$
1,233.397,236 1.225,952.175
5,433,055
5.426,800
14.001.017
14,114,474
1,289,869
2.287.104
8,701,500
9,081,500
8
a $5 cumulative preferred
b Common stock.
73,923,155
13,878,000
1938
1939
Assets—
Utility plant
137,556,123
74,468,925 74,459,857
9,959,267 10,547,399
26,821,639 b25,227,211 >24,370,087
revenues-144,596,295 139,417,873 134,359,264
Operating income
Net
[Company and
75,440,481
10,053,680
Total oper.
Operating expenses
Depreciation
Taxes (Incl. pro vis'n for
Fed. income taxes) - - -
Non-oper.
Non-oper.
$
$
$
$
Operating revenues:
From sales of electric
1940
2,
Comparative Consolidated
for both classes of
stockholders, before
The increase for the year
of 29,215.
March
Financial Chronicle
or
to
institutions or investors
directly by private sale.
questionnaire, which was mailed to all of the company's stockholder*
"yes" or "no" answer to the following questions:
1. "Do you favor that the board of trustees shall, in its discretion, at the
time of each future issue of bonds or debentures by the company, determine
the method of selling that issue, according to its judgment of the market
conditions and other circumstances prevailing at the time of sale?"
2, "If your answer to the above question is 'No.'
do you favor that,
irrespective of the judgment of the board of trustees at the dme a> to
The
earnings
Net
——
55,905,179
500,169
487,080
Non-oper. revenue
Non-oper. rev. deduc'ns.
55,918,268
debt- 17,275.590
Gross income
Int.
on
long-term
53,982,157
468,562
53,090,731
487,727
434,872
484,263
53,962,992
17,961,912
53,041,340
16,269,577
1,037,674
953,651
dl,939,577
(net)—
193,171
misceii. deductions—
Miscell. items
on
473,435
57,847,747
18,797,093
the
each future Issue of bonds or debentures shall be sold
competitive bidding?"
In the notice to stockholders it Ls pointed out that up to this time the
board of trustees has decided the method of selling an issue of securities
according to its best judgment of the market conditions and other circum¬
stances prevailing at the time of issuance.
method of selling,
&
discount & expense
Divs.
Feb. 23. asks for a
amort, of debt
Misc. int.,
c
57,932,240
388,943
1,025,513
only through
pref. stock of
subsidiary cos. held
*
by '
81,811
b69,787
155,549
626,272
36,428.119
34,893,619
35,662,563
37,398,870
minority stockholders-
company's
The
income
Net
stock:
Divs. on company
Common
$5 cumul. preferred..
On affil. com stock--
22,942,804
10,924,038
22,943,054
10,926,282
22,943,054
10,688,491
88,645
17,208,541
10,496,245
99,718
acct. 2,561,277
1,024,282
1,942,373
9,594,366
stock out¬
standing (no par)
11,471,027 11,471,527 11,471,527
Earnings per share
$2.22
$2.09
$2.17
a
Includes a provision of $5,385 for Federal surtax on undistributed
profits,
b And net income applicable to minority interest in
of subsidiary companies,
c Charged to surplus on books of the companies,
d Includes write-off in 1939 of investments in New York World's Fair
bonds of $738,372.
Comparative Balance Sheet as of Dec. 31
Bal. car'd tosurp.
Shs. common
11,471,527
$2.33
capital stocks
(Consolidated Edison Co. of
New York, Inc.,
1939
641,500,135
3,186,509
8,014,119
Utility plant.
Capital stock expense
Other physical property.
Investments in subsidiary
companies:
Stocks
Bonds
-
Advances
Other investments
capital expenditures—
Securities depos. with N. Y. State Ind. Comm.
Cash deposit for redemption of matured long-
Cash restricted for new
int. (contra)
special deposits
debt and matured
Interest and other
Cash
-
-
Accounts
640,011,193
3,186,509
8,185,984
328,660,315
4,228,449
11,345,000
839,379
8,40l ,500
1,186,061
328,632,215
4,228,449
7,730,000
1,393,918
8,401,500
1,186,061
213,740
1,173,032
23.804,853
998,970
1,109,573
20,322,656
14,270,281
1,665,900
9,189,097
11,756,263
receivable, less reserve
Receivables from subsidiary
Materials and supplies
1,303,124
11,316,341
companies
Prepayments
Unamortized debt discount and expense
protested (contra)
Deposits re taxes protested
Other deferred debits
535,110
3,116,662
Taxes
2,622,876
$5 cumulative
199,995,714
preferred stock
392,095,820
b Common stock
Mortgage bonds
137,898,000
—
160,000,000
Debentures
payable and sundry accruals
Dividends payableMatured long-term debt & int. unpaid
Payables to subsidiary companies
Customers' deposits
Accounts
(contra)
accrued-—.!
Taxes
Interest accrued
Taxes
protested (contra)
Deferred credits-
depreciation of utility plant
Injuries and damages reserve
Employees'provident reserve
Reserve for
Miscellaneous reserves
ss
•Surplus
Total.
a
no
515,280
3,361,053
10,317,542
188,571
3,540,483
1,063,203,468 1,068,435,235
Total
Liabilities—
>
1938
_
Represented by 2,188,890 no par shares,
shares
par
6,838,125
2,730.737
213,740
•
62,825
3,730,243
5,691,700
3,673,558
216,987
40,636,345
3,315,861
3,894,443
797,910
101,411,460
199,995,714
392,095,820
137,898,000
160,000,000
6,604,915
2,731,639
998,970
143,364
3,828,662
3,443,795
3,630,504
10,317,542
316,593
37,439,771
3,149,527
3,894,443
796,489
101,149,487
1,063,203,468 1,068.435,235
b Represented by 11,476,527
annuax
paragraphs:
"In the sale of its
report to stockholders
contains the following
bonds and debentures, the management has the utmost
each new issue to the market conditions prevailing a*
flexibility to adapt
the time of Issuance.
No contractual relationships
ment banking firms and the management is entirely
to
what method and by whom each particular issue may
marketed, including the offering of bonds and debentures
exist with any invest-*
free
determine by
advantageously be
for compe itive
bidding.
rights of
"Since
of equity issues is subject to the pre-empUv#
stockholders under New York laws.
November, 1935, a total of $401,737,000 principal amount of
The marketine
the public, largely
Various types
conditions surround¬
and debentures have
secure money
guaranteed by the
have been made both through investment banker*
sold
long-term debt of the system companies has been
to
to refund at lower interest rates bonds called or matured.
of obligations have been created, depending upon the
ing each individual issue.
Both mortgage bonds
utilized and these in a variety of maturity dates.
In order to
on more favorable terms, certain of the issues have been
parent company.
Sales
and directly to groups of
$
$
^Assets'****
term
separately) *
I
Weekly Output—
insurance
companies.
■
Edison Co., of New York announced product km of the
its system for the week ending Feb. 25, araountimr to
kilowatt hours, compared with 138,400,000 kilowatt
the corresponding week of 1939, an increase of 2.6%.—V. 150, P. 1275.
Consolidated
electric plants of
hour*
141,900,000
for
Consolidated Investment Trust—To Pay Special
have declared a special dividend of 10 cent# In addition
to a regular quarterly dividend of 30 cents per share on the capital stock,
both payable March 15 to holders of record March 1.
Special dividend or
20 cents was paid on Dec. 15, last, and a special 15 cents was paid ©a
Trustees
June 15,
1938.—V. 150, p. 836.
Container Corp.
xNet profit
of America (&
1939
Calendar Years—
$1,448,900
$1.85
charges.—V. 149, p. 3405.
Earnings per share
x
After all
Subs.)—Earnings—-
1938
1937
$29,470
$0.04
$1,784,105
$2.28
Consolidated Laundries Corp. (&
1939
1 938
Net sales$7,382,249 $7,509,794
$197
Subs.)—Earnings1937
$7,801,565
6,977,320
1 936
$7^05.950
368,682
432,626
$290,418
37,562
$317,267
29,864
$391,612
$423 779
43.350
$327,980
55,710
$347,131
76,141
$128,109
110,324
$467,133
148.3**8
10,494
50,7-VI
11.213
Calendar Years—
6,743,971
Depreciation
Profit from operations
Other income..
Gross income
;
6,823,845
347,859
Cost of sales...
Interest
1930
$1,286 942
2,296
36,497
0.407.271
474.902
_
Federal income tax
Federal surtax
15,625
35,854
21,649
11.133
25.1*8
12,100
$220,792
26,148
$247,045
26.148
$144,872
26.149
$21A366
s9a,0it
$194,644
Other income charges.
$220,897
$118,722
$I4*J22
for extraord. loss
uncoil notes receiv.
Prov.
on
Net
profit
Preferred dividends
Surplus
Shares
com.
stock out¬
124.493
392,168
392,168
392.168
392 168
Earnings per share
$0.50
$0.56
$0.30
$0.54
x Including
$6,536 dividends payable on preferred stock Feb. 1. 1937
standing (par $5)
The Commercial &
1430
29,215.
The Increase for the year for both classes of
making a total of 128,791 stockholders, before
eliminating those who hold both classes of stock.
At the end of the year only 4% of the company's common shares and 1%
of the company's preferred shares were held outside of thp United States
or Its territorial possessions.
The common stock held outside of-the United
States decreased by 64,262 shares in 1939, but the preferred stock so held
remained virtually unchanged.
present the average holding of
Slightly more than 30,000
At
the company's common
stock is 115
holders have ten shares or less and
100 shares or less. As for the preferred stock,
holding is 75 shares with more than 11,000 holders having ten
nearly 86,000 holders own
the average
shares or less.
In percentages, more
or
than 86% of the common
than 91% of the
less, and more
holders have 100 shares
stock have 100
holders of the preferred
shares or less.
Statement for Calendar Years
[Consolidated Edison Co. of New York, Inc., separately]
1939
1938
1937
cl936
Comparative Income
^ei^gy^-?f-!^?!l04,076,301
34,405,888
6,114,106
From sales of gas
From miscell. sources-
$
$
$
Operating revenues:
98,573,475
100,074,675
33,863,937
1,921,851
34,464,603
4,878,594
[Company and
73,923,155
13,878,000
75,440,481
10,053,680
28,753,855
Operating expenses
Depreciation..
Taxes (incl. provis'n for
Fed. income taxes)...
26,821,639 b25,227,211 a24,370,087
Balance Sheet Dec. 31
Subsidiary Companies]
1939
28,041,285
20,618,516
879,687
Operating income
doduc'ns
Non-oper. rev.
47,780,114
debt- 10,711,290
Gross income
on
el,007,969
115,325
48,270,334
12,494,906
644,977
616,337
691,766
1,473,644
_
miscell. deductions
d Miscell. items
28,178,779
21,565,199
44,485,170
10,282,065
46,898,503
11,113,000
long-term
Miscell. int., amort, of
debt disct. & exp. and
Int.
24,703,860
21,015.155
1,233,846
27,102,071
20,550.189
753,757
(net)—
physical property
Other
33,558,128
35,169,166
a
$
Operating revenues:
41,220,810
From sales of gas
energy
From sales of steam-
54,320,798
Taxes
~557905,179
53,982,157
500,169
468,562
434,872
55,918,268
debt- 17,275,590
53,962,992
17,961,912
53,041,340
16,269,577
57,847,747
18,797,093
dl,939,577
193,171
1,037,674
953,651
1,025,513
81,811
b69,787
155,549
626,272
36,428,119
34,893,619
35,662,563
37,398,870
22,942,804
22,943,054
22,943,054
17,208,541
10,924,038
10,926,282
10,688,491
earnings-
Non-oper, revenue.
Non-oper. rev. doduc'ns.
Gross incomeon
long-term
&
Miscell. items (net)-..
*
subsidiary cos. held by
minority stockholders-
Divs.
income
company
on
57,932,240
388,943
473,435
pref. stock of
on
Net
484,263
expense
miscell. deductions...
Divs.
53,090,731
487,727
487,080
of debt
&
Misc. int., arnort.
c
235,172,238 234,825,191
114,603,668 112,535,793
18,517,477 19,291,294
51,004,075 48,960,363 a45,065,865
revenue-251,171,407 240,895,721
115,929,086 117,080,596
25,016,344 18,828,893
Gross oper.
discount
$
41,163,262
183,358,732 180,448,596
9,822,431 10,761,341
2,647,555
1,875,476 2,451,992
2,628,035
Operating expensesDepreciation
Int.
40,115,599
1936
197,277,694 187,554,530
10,044,868
9,670,191
From miscell,sources-
Net
$
$
41,023,445
of electric
From sales
1937
1938
1939
Other investments
for new capital
deposited with trustee for
Jan. 1, 1939
Securities depos. with N. Y. State
Cash restricted
$5 cumul.
preferred..
On affil. com
88,645
stock..
10,496,245
99,718
2,561,277
Shs.
1,942,373
9,594,366
11,471,027
$2.22
stock out¬
(no par)....
1,024,282
11,471,527
$2.09
11,471,527
$2.17
11,471,527
$2.33
common
standing
Earnings per share
provision of $5,385 for Federal surtax on undistributed
profits,
b And net income applicable to minority interest in capital
of subsidiary companies,
c Charged to surplus on books of the companies,
d Includes write-off in 1939 of investments in New York World's Fair
bonds of $738,372.
Includes
a
a
stocks
Dec. 31
New York, Inc., separately)
Comparative Balance Sheet as of
(Consolidated Edison Co. of
1939
*\.s*icls
$
1
Utility plant
Capital stock expense
Other
._
physical property.
subsidiary companies:
1938
deposit for redemption
Cash
term
640,011,193
3,186,509
8,185,984
328,660,315
4,228,449
11,345,000
839,379
8,401,500
1,186,061
328,632,215
4,228,449
7,730,000
1,393,918
8,401,500
1,186,061
213,740
1,173,032
23,804,853
11,756,263
1,303,124
11,316,341
998,970
1,109,573
20,322,656
14,270,281
1,665,900
9,189,097
Investments in
Stocks
Bonds
Advances...
Other investments
capital expenditures
Securities depos. with N. Y. State Ind. Comm.
Cash deposit for redemption of matured longterm debt and matured int. (contra)
Interest and other special deposits
Cash restricted for new
Cash
less reserve
subsidiary companies
Accounts receivable,
Receivables from
Materials and supplies
Prepayments
Unamortized debt discount and expense
535,110
3,116,662
3,361,053
2,622,876
protested (contra)
Deposits re taxes protested
Other deferred debits
10,317,542
188,571
3,540,483
Taxes
Total.
L
_
515,280
1,063,203,468 1,068,435,235
Liabilities—
a
$5 cumulative
199,995,714
preferred stock
199,995,714
b Common stock
392,095,820
392,095,820
Mortgage bonds..
137,898,000
137,898,000
160,000,000
Debentures
Accounts
payable and sundry accruals
payable
debt & int. unpaid
Dividends
Matured long-term
Payables to subsidiary
Customers' deposits
Taxes
(contra)
companies
5,691,700
3,673,558
accrued
Interest accrued
Taxes
protested (contra)
Deferred credits
Reserve for depreciation
of utility plant
Injuries and damages reserve
Employees'provident reserve
Miscellaneous reserves
■Surplus
Total
Represented by 2,188,890 no par shares,
par shares
a
mo
6,838,125
2,730,73 7
213,740
*
62,825
3,730,243
216,987
40,636,34 5
3,315,861
3,894,443
797,910
101,411,460
160,000,000
6,604,915
2,731,639
998,970
143,364
3,828,662
3,443,795
3,630,504
10,317,542
316,593
3 7,439,771
3,149,527
3,894,443
796,489
101,149,487
1,063,203,468 1,068,435,235
b Represented by 11,476,527
4,240,000
2,303,356
2,303.356
Ind. Comm.
of matured long(contra).
Cash
Accounts receivable,
less reserve..
Materials and supplies
1,125,320
Prepayments. ...
____
Unamortized debt discount and expense
Taxes protested (contra)
Deposits re taxes protested
Other deferred debits
Total
4,792,652
...
3,225.715
.1.353,464,465 1,358.558,488
-
TAabilitles—
oon
,
preferred stock
stock
Stocks hfsub. cos. held by minority stockholders:
a
$5 cumulative
b CommoQ
Preferred
183,007,000
subsidiary companies
payable and sundry accruals—
Long-term debt of
payable..
Matured long-term debt and interest ^contra).
Customers' deposits
Taxes accrued
Interest accrued
Taxes protested (contra)
—
Dividends
depreciation of utility plant—
9,936,831
2,730.737
306,704
5,891,558
11,586,286
5,689,243
1,404,016
79,129,529
5,670,261
6,719,409
Injuries and damages reserve
Employees' provident reserve
3,647,554
Miscellaneous reserves
145,533,054
Surplus..
199,668,706
391,924,995
1,331,519
1.624,798
137,821,000
160,000,000
cl87,247,000
9,733,465
2,731,639
2,087.003
5,879,977
8,083,836
5.538.674
11.257,636
2,003.699
71,119,632
5,467,010
6,719,409
3,246,711
145.071.777
1,353.464,465 1.358.558,488
Total
a
1,307,669
1,572,873
160,000.000
Debentures
Reserve for
x99,602,829
391,907,912
137,821,000
Mortgage bonds
Accounts
2,087.003
2,054,072
27,842.233
27,793.016
13,363,098
1.101.501
5,108,337
11,257,636
281,482
4,264,701
306,704
2,065,858
37,850,978
23,227,145
15,744,060
matured interest
special deposits
debt and for
Interest and other
2,184,590 no par shares in 1939 and 2,185,311 no
b Represented by 11,471,027 no par shares in 1939
par shares in 1938.
c Including $4,240,000 maturing
Represented by
shares in
par
and
Jan; 1.
1938.
11,471,527 no
1939.
Trustees Asking
Trustees
are
Stockholders1 Views on Competitive Bidding—
asking the
company's stockholders for
their views on the
issues of securities for new capital and for refund¬
The trustees are requesting this information because of
inquiries by a stockholder and the current discussion as to what is the advan¬
tageous method of selling securities—to investment bankers for marketing
to the public, to underwriters or others chosen, through competitive bidding,
or to institutions or investors directly by private sale.
The questionnaire, which was mailed to all of the company's stockholders
Feb. 23. asks for a "yes" or "no" answer to the folioAving questions:
1. "Do you favor that the board of trustees shall, in its discretion, at the
time of each future Issue of bonds or debentures by the company, determine
the method of selling that issue, according to its judgment of the market
conditions and other circumstances prevailing at the time of sale?"
2. "If your answer to the above question is 'No,'
do you favor that,
irrespective of the judgment of the board of trustees at the time as to the
method of selling, each future issue of bonds or debentures shall be sold
only through competitive bidding?"
In the notice to stockholders it is pointed out that up to this time the
board of trustees has decided the method of selling an issue of securities
according to its best judgment of the market conditions and other circum¬
stances prevailing at the time of issuance.
The company's annual report to stockholders contains the following
method of marketing its
ing
purposes.
paragraphs:
flexibility to adapt
bonds and debentures, the management has the utmost
each new issue to the market conditions prevailing av
No contractual relationships exist with any invest¬
firms and the management is entirely free to determine
by whom each particular issue may advantageously be
marketed, including the offering of bonds and debentures for
bidding.
The marketine of equity issues is subject to the
rights of stockholders under New York laws.
"Since November, 1935, a total of $401,737,000 principal amount
the time of issuance.
by
ment banking
method and
competitive
pre-emptive
of
companies has been sold to the public, largely
bonds called or matured.
Various types
of obligations have been created, depending upon the conditions surround¬
ing each individual issue.
Both mortgage bonds and debentures have been
utilized and these in a variety of maturity dates.
In order to secure money
on more favorable terms, certain of the issues have been guaranteed by the
parent company.
Sales have been made both through investment bankers
and directly to groups of insurance companies.
long-term debt of the system
to
3
641,500,135
3,186,509
8,014,119
14,114,474
2,287,104
9.081.500
of bonds maturing
what
Bal. car'd tosurp. acct.
5.426,800
the payment
Amount
"In the sale of its
stock:
Common
$
.
Deferred credits.
35,083,662
Includes a provision of $5,384.97 for Federal surtax on undistributed
profits,
b No provision for Federal surtax on undistributed profits was
deemed necessary,
c Figures have been adjusted to include those of affil¬
iated companies for the periods preceding the dates of the merger thereo
in 1936.
d Charged to surplus on the books of the company,
e Includes
write-off in 1939 of investment in New York World's Fair bonds of $447,499.
Combined Earnings Statement for Calendar Years (Incl. Subsidiary Cos.)
35,945,530
income
Net
1.225,952,175
1,233.397,236
5,433,055
14.001,017
....
1,289,869
expenditures—
8,701,500
Utility plant
Capital stock expense
Common
Non-oper. revenue
1938
$
j\.SS€tS"~m^
35,093,802
3,319,454
134,359,264 137,556,123
74,468,925 74,459,857
9,959,267 10.547.399
144,596,295 139,417,873
Total oper. revenues..
$
99,142,866
1940
2,
Comparative Consolidated
1,446 to a total of
stock was 5,249 holders,
shares.
March
Financial Chronicle
refund at lower interest rates
Weekly Output—
Edison Co. of New York announced production of the
its system for the week ending Feb. 25, amounting to
141,900,000 kilowatt hours, compared with 138,400,000 kilowatt
for the corresponding week of 1939, an increase of 2.6%.—V. 150, p. 1275.
Consolidated
electric plants of
hours
Consolidated Investment
Trust—To Pay Special Div.—
declared a special dividend of 10 cents in addition
to a regular quarterly dividend of 30 cents per share on the capital stock,
both payable March 15 to holders of record March 1.
Special dividend of
20 cents was paid on Dec. 15, last, and a special 15 cents was paid on
June 15, 1938.—V. 150, p. 836.
Trustees
have
Container Corp.
x
of America (&
1939
Calendar Years—
$1,448,900
$1.85
charges.—V. 149, p. 3405.
Net profit
Earnings per share
x
After all
Consolidated Laundries Corp.
1939
$7,382,249
6,743,971
Calendar Years—
Net sales
Cost of sales.
Subs.)—Earnings—
1938
$29,470
$0.04
1937
1936
$1,784,105
$2.28
$1,286,942
$1.97
(& Subs.)—Earnings—
1938
$7,509,794
6,823,845
1937
$7,801,565
6,977,326
1936
$7,305,956
6,407,274
347,859
Other income
Gross income
Interest
Other income charges..
Federal income tax
368,682
432,626
474,902
$391,612
36,497
$423,779
43.356
$327,980
55,710
15,625
35,854
$347,131
76,141
2,296
21,649
$428,109
110,324
11,133
25,188
12,100
$467,135
148,308
10,494
50,753
11,213
$247,045
$144,872
26,148
26,149
x98,044
$220,897
$118,722
$148,322
392.168
$0.50
operations
$317,267
$194,644
Profit from
$290,418
37,562
$220,792
26,148
Depreciation
392.168
$0.56
392.168
$0.30
392,168
$0.56
1937
29,864
Federal surtax
for extraord. loss
uncoil notes receiv.
Prov.
on
Net profit
Preferred dividends
Surplus
Shares
com.
standing
stock
$246,366
out¬
(par $5)
Earnings per share
x
124,493
Including $6,536
dividends payable on preferred stock Feb. 1,
Volume
Consolidated, Balance Sheet Dec. 31
a
$359,293
$376,295
272,973
250,535
1,323,616
143,804
1,162,188
169,706
Notes & accts___
Inventories
Long-term
assets,
Accounts payable.
132,265
$104"298
Accruals
194,135
230,376
60,393
59,164
3,800,976
74,837
3,977,245
charges.
...
1
72,006
76,450
202,570
35.854
22,168
Pur.
money
75,000
surtax
Pref. stk. div. pay.
Long-term indebt-
6,537
790,938
6,537
493,588
$7.50 cum. pf. stk.
348,600
89,348
348,600
c
Common stock.,
1,960,840
d
Capital surplus.
surplus
815,799
1,285,3(6
$5,992,501 $5,990,974
$5,992,501 $5,990,974
Total
$44,371 in 1939 and $34,650 in
1938.
b After reserve for depreciation of $5,385,821 in 1939 and $5,232,007
in 1938.
c Represented by shares of $5 par.
d Less $38,602 representing
excess of cost over par value of 7,832 shares of common stock in the treasury.
—V. 150, p. 990.
for doubtful accounts of
reserve
(& Subs.)—-
Consolidated Water Power & Paper Co.
1939
Bond expense
Prov. for exchange,
1938
1937
$1,434,239
661,119
183,644
$1,527,087
$600,903
588,425
94,278
21,412
6,339
5,363
924
6,616
606,932
104,124
4,348
6,600
44,879
450,897
86,881
105,029
$700,053 loss$l 14,914
343,336
275,026
2,000,000
100,000
x471,792
$477,901
196,125
492,259
Dividends paid in cash..
Stock dividend paid
Approp. for conting. res.
Miscellaneous
debit
$281,776df$l,743,283 def$861,732
$1,039,723
Surplus
Earnings
share
per
on
z$3.87
y$1.19
y$1.75
Nil
x Adjustments resulting from disposition of facilities acquired for use in
connection with Thunder Bay Paper Co., Ltd.
y On 400,000 shares of
capital stock, $25 par.
z On 395,445 shares common stock, $25 par.
stock
capital
Cutler-Hammer, Inc.—To Pay 25-Cent Dividend—
Dallas Power &
Operating
$
Cash
647,430
Accts. receivaole.. 1,397,737
Notes re eivable..
76 521
Inventories
1,980,946
Investments
681,405
x Plant and equip.
8,665,774
Real est. & flowage 3,843,228
...
.
.
1938
1939
1938
1939
S
$
368,892
36,174
372,351
42,000
779,965
258,865
Liabilities—
$
593,062
Accounts
961,463
Bonds
124,544
payable.
maturing..
Notes payable
350,000
2,323,900
904,593
8,901,858
Local taxes
250,470
3,841,431
Miscellaneous
Inc. and cap.
stock
463,980
216,478
902,296
908,807
Deferred charges..
239.5 8
236,461
Contribution in aid
Non-current receiv
303,642
150,933
340,159
depletion
o
construe tlo
i
10,860
_
9,916
Long-term debt...
Capital stock...._
2,574,000
3,715,000
Surplus
Patents
6,000
4,543,673
Deferred income
165,194
9,886,125 10,000,000
the common
on mortgage bonds.
Other int. & deductions.
$2,688,442
$2,629,084
478
$221,269
46,667
a39,900
$2,688,463
560,000
b524,234
$2,629,562
$134,702
the period
$1,604,229
$1,600,637
$134,067
income
1939—12 Mos.—1938
$6,885,992 $6,714,563
3,722,790
3,641,085
474,760
444,394
21
$226,340
46,667
a45,606
Gross income
Int.
560,000
b468,925
Balance
507,386
507,386
$1,096,843
Divs. applicable to pref. stocks for
$1,093,251
required to amortize preferred stock
the life of the charter plus an additional
also includes in December, 1938, amount
required to amortize debt discount and expense over the life of the out¬
standing debt plus an additional amortization of $34,500.
b Includes for both periods amount required to amortize preferred stock
commission and expense over the life of the charter, plus an additional
amortization of $98,528 in 1939; also includes amount required to amortize
debt discount and expense over the life of the outstanding debt, plus an
additional amortization of $365,472 and $402,000. for the 12 month periods
ended Dec. 31, 1939, and Dec. 31, 1938, respectively.—Y. 149, p. 4171.
Includes for both periods amount
a
commission
and
expense
over
amortization of $43,000 in 1939;
i
David & Frere, Ltd.—Extra and Larger
Directors have declared an extra
Dividend—
dividend of 10 cents per share in addi¬
quarterly dividend of 25 cents per share on the class A stock,
both payable March 30 to holders of record March 15.
Previously regular
quarterly dividends of 15 cents were distributed.
In addition extras of 10
cents were paid on Sept. 30, June 30 and March 31. 1939, and on Dec. 31,
and Sept. 30, 1938.—V. 149, p. 1322.
tion
to
257,994
198,659
Reserves.....
$221,269
$231,557
Dr5,217
Net oper. revenues
100,092
196,687
1939—Month—1938
$553,609
$531,661
304,877
301,688
17,175
8,704
Other income
a
Records, Inc. (& Subs.)—Earnings—
for the Four Month Period Ended Dec. 31, 1939
Decca
ac¬
crued liabilities.
Timberlands—less
dividend of 25 cents per share on
Light Co.—Earnings—
revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Consolidated Balance Sheet Dec. 31
Assets—
a
Period End. Dec. 31—
Net
$1,531,982
Co.—Liquidating Dividend—
a
stock, payable Feb. 23 to holders of
Directors have declared
ad¬
income
Net
18.077
6,484
just & other contings.
dividend of 25 cents per share on account
cum.
stock, payable March 15 to holders of record March 4. This comiares with
50 cents paid on Dec. 15, last, and 25 cents paid on Sept. 15 last, this
latter being the first dividend paid since Dec. 15, 1937, when 25 cents per
share was also distributed.—V. 150, p. 991.
1936
$2,882,365
670,141
177,059
Prov. for income taxes..
$1
liquidating dividend of $5 per share on the
record Feb. 16.
Similar pay¬
ments were made on March 3, 1939 and on June 24, 1938, this latter being
the initial liquidating dividend.—V. 148. p. 1474.
Years
Consolidated Income Account for Calendar
Mfg. profit & other inc..
Allow, for deprec. & depl
Interest on bonds, &c
Int. on borrowed money
the
Culver City Properties
815,799
1,477,958
Earned
After
on
Directors have declared
common
1,960.840
90,082
Reserves
a
a
class A stock, no par value, payable
April 1 to holders of record March 11. Like amounts were paid in preceding
quarters.—V. 149, p. 4026.
of accumulations
mtge.
paym'ts (curr.).
Fed. income tax &
Total
Corp.—25-Cent Class A Div.
Crown Cork International
The directors have declared
1st mtge. 6% serial
bonds (current).
1
equip., &c
Deferred
April 1 to stockholders of record March 13. With this payment dividends
on the common stock for the fiscal year will total $1 per share, 12 H cents
per share having been paid in the first two quarters and 25 cents per share
in the third quarter.—V. 149, p. 3714, 3552, 1322.
Salesmen's & other
b Land,
Goodwill
$300,000
Notes payable
deposits
buildings,
machinery,
del.
1938
1939
Liabilities—
1938
1939
Assets—
Cash
1431
The Commercial & Financial Chronicle
150
Earning
Gross sales (less returns
Cost of sales
$1,710,106
and allowances)
1,073,784
367,881
13,012
11,132
Selling, general and administrative expenses
Provision for depreciation
Taxes (other than Federal taxes on
3,552,735
Net operating income
income)
_—»
_ _.
....
$244,297
6,000
_ _
Royalties earned
...18,889,436 19,301,475
x After
deducting reserve for depreciation of $9,173,097 m 1939 and
$8,667,666 in 1938—V. 150, p. 125.
Consumers Power
Period End. Jan. 31—
Gross
revenue...
Oper. exps. and taxes
Provision for deprec
Gross income
Interest and other deduc.
pref. stock
pref.
stock
on
Amort,
$1,380,642 $14,541,694
410,474
4,749,643
$1,516,608
429,613
$13,492,875
4,664,263
$1,086,995
285,389
$970,167
285,389
$9,792,051
3,424,821
$8,828,612
3,424,822
65,278
783,339
783,339
discount..
.....
taxes on income
Net
$180,788
income.
Earnings
per
$0.48
share on capital stock
Consolidated Balance Sheet
Dec. 31 '39 Aug.
Assets—
S99.736
x
Trade
$6,508
497,518
496,847
3,008
Cash
329,373
419,747
Inventories
_
....._
Affii.co. curr. acct.
18,231
$619,500
$736,328
$5,583,890
$4,620,451
dividend of $1.75 per share on account of
preferred stock, payable April 1 to holders of
previous dividend was paid on June 1, 1938 and
have declared a
record March 15.
Last
also amounted to $1.75 per
share.—V. 147, p. 1335.
Crown Cork & Seal Co.,
Inc.—Bonds Called—
50,388
247,831
103,932
Plant & equipm' t
Catalog
7,887
7,700
101,438
82,500
374,991
373,325
211,777
205,112
339,919
159,132
68,070
divs. & interest.
238,316
Prov. for Fed. tax
103,932
has selected by lot
operation of the sinking fund, $75,000 principal amount of the debentures
at 100 and accrued interest.
Payment will be made on and after April 1
at the New York offices of Bankers Trust Co.—V. 149, p. 3112.
Corp. (& Subs.)—Earnings—
Crown Zellerbach
9 Months Ended Jan.
1939
1940
31—
Sales, net of returns, discounts,
outward freight, &c
income
Other operating
x
After reserve of $21,858 at
_
24,650,977
4,467,356
2,435,435
338,507
25,301,825
4,491,214
2,462,939
506,314
$7,834,640
Fibreboard Products, Inc.
351,698
$4,716,373
351,698
$6,678,623
604,508
$8,186,338
$5,068,071
$7,283,131
27,035,529
4,760,820
2,536,619
489,819
Profit from operations
Total
$4,829,542
Net from railway
1,237,561
Netrailway oper. income
707,006
651,346
92,814
683,657
321,017
"$7,598,577
of other income—
stockholders'
proportion,
Pacific Mills, Ltd—,
_
Prov. for U. S. & Can. income taxes..
$4,323,911
$6,278,457
59,762
1,555,838
xl85,345
30,533
808,995
50,809
980,783
176,369
Minority
,
revaluation, &c_ _
.
$5,797,632 $3,484,383 $5,246,865
Provision for loss on revaluation of Crown Zellerbach' Corp.'s equity
in the net current assets of Pacific Mills, Ltd., a Canadian subsidiary, to
the equivalent U. S. dollar value at the current rate of exchange.
profit for the period....
x
Final Dividend—
1940,
declared a final dividend for the fiscal year ending April 30,
share on the corporation's common stock payable
of 50 cents per
1938
$1,803,217
191,820
23,699
1937
$2,121,212
446.,657
285,826
Western RR.—Earnings—
1939
1938
1937
$4,088,512 $3,562,450 $4,093,621
/
971,354
566,410
831,732
491,526
96,195
438,318
1276.
Denver & Rio
January—
Grande Western RR.—Earnings1940
1939
1938
$2,106,619
503,401
Gross from railway
Netrailway oper. income
150, p. 837.
$1,851,806
394,542
244,967
145,021
$1,736,892
241,174
def27,928
1937
1,095,317
334,580
95,076
—V.
Denver & Salt
Gross from
411,392
of bonds and debentures
Directors have
1940
January—
January—
paid on bonds and notes payable
issued in connection with redempt'n
Net
1939
$2,096,784
692,731
528,908
$2,451,700
Net from railway......
763,489
Net railway oper. income
511,431
—V. 150, p. 686.
Gross from railway
Net from railway
Int.
Provision for loss on
RR.—Earnings—
1940
January—
Aug. 31, 1939.
1939, and $91,657
master records for
.$42,657,427 $36,608,648 $39,440,915
goods sold
Operating expenses
Depreciation
Depletion
Cost of
Other expenses net
Dec. 31, 1939, and $19,600 at
After reserve for depreciation of $104,669 at Dec. 31,
at Aug. 31. 1939.
z Artists' fees and cost of recording
original catalog.—V. 1,50, p. 276.
—V. 150, p.
income
$1,499,261 $1,184,176
Total
$1,499,261 $1,184,176
Total
y
Gross from railway
$41,715,622 $36,140,516 $38,799,203
941,805
468,132
641,712
sur p.
—
Delaware Lackawanna &
1938
allow-
income
on
Earn,
Delaware & Hudson
for 10-year 4sinking fund debentures
for redemption on April 1, 1940, through
Bankers Trusi Co., as trustee
Divs. from
810
(since
Sept. 1, 1936)
z
Preferred Div.—
Corrugated Paper Box, Ltd.—Resumes
accumulations on the 7%
Total
96,673
Cap. stock (par $1)
y
Stock Exchange has authorized the listing of $18,594,000
first mortgage bonds, 3% % series of 1939 due Nov. 1, 1969.—V. 150, p. 990.
ances,
$258,924
154,801
incl.
Tax withheld on
The New York
1948,
liabil.,
pub'rs' royalties
Dividends payable
foreign royalties,
Prepd.exps., ad vs.
and deposits—
Listing—
due
$308,448
Trade accts. pay..
Acer,
accounts
receivable
Dec. 31 '39 Aug. 31 '39
Liabilities—
31 '39
Paid-in & cap. sur.
of
expense
Directors
$25,0,297
27,102
42,407
Gross income.
Cash
Provision for Federal
Co.—Earnings—
1940—Month—1939
1940—12 Mo.?.—1939
$4,001,011
$3,630,517 $40,899,389 $37,154,027
2,054 403
1.859,875 21,637,695 19,580,651
430,000
390,000
4,720,000
4,080,500
65,278
Net income
Divs.
Total
18,889,436 19,301,475
Total
railway
Lake Ry.—Earnings1940
1939
$320,467
$216,451
Net from railway
160,159
78,717
Net ry. oper. income—
—V. 150, p. 837.
172,303
82,284
Detroit & Mackinac
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, P. 686.
railway
Net from railway
Net ry. operating income
—V. 150, p.
837.
1937
$316,814
136,900
128,445
Ry.—Earnings-
1940
$52,421
2,968
def3,262
Detroit Toledo & Ironton
January—
Gross from
1938
$187,392
38,776
50,361
1940
$862,948
505,384
361,548
1939
$55,070
7,791
637
1938
1937
$48,334
1,095
def4,853
$59,640
10,050
1,827
RR.—Earnings—
1939
$722,383
412,204
297,342
1938
$563,319
250,049
165,265
1937
$807,303
462,037
313,845
The Commercial & Financial Chronicle
1432
Detroit & Toledo Shore Line
Net ry. oper. income
—V. 150, P. 837.
1938
$269,157
138,469
63,323
$367,076
1 93,799
95,147
Assets—
1937
$349,163
202,927
104,986
1939
Cash
Notes rec.,
Accts. rec.,
Liabilities—
1938
$603,121
$430,418
157,067
165,232
1,331,952
taxes on inc. est.
182,837
Res've for conting.
100,000
trade.lei,282,229/
trade/
1,485,495
sale has been
completed, and the proceeds will be used
provide additional working capital and plant expansion.
to
[Of this block it Is understood that 4,000 shares were sold to Jackson <fc
Curtis, 9,000 to Consolidated Investment Trust and 3,000 to Supervised
Sli<ir6s Inc.]
Company reports consolidated net profit for 1939 of $624,539, after all
charges including provision for Federal, State and foreign taxes.
After
dividend requirements of $110,270 on the $5 convertible preferred stock,
these earnings amounted to $2.66 a share on the 193,535 shares of combined
common and class B common stock outstanding at the close of the year.
These earnings compare with net profit of $270,063 for 1938 and $402,482
for 1937. The 1938 figure was equal to 82 cents a share on 191,775 shares of
common stock after deducting annual dividend
requirements on the $5
convertible preferred stock.
Gross sales of the company for 1939 were $5,082,627, an increase of
34% from the $3,793,373 reported for 1938. Domestic sales increased 34.6%
over 1938 and 10.7% over 1937; foreign sales increased 32.6% over 1938 and
34.2% over 1937.
Consolidated current assets at the close of 1939 totaled $1,846,893.
Current liabilities were $636,928, leaving indicated working capital of
$1,209,965.—V. 149, p. 4173.
Years End. Dec. 31—
Co.—Earnings—
1939
1937
1936
$1,571,986
628,572
118,212
$1,512,259
$1,409,059
575,456
$2,483,280
Miscellaneous revenues.
1938
$1,665,451
693,428
124,401
$2,318,770
10,026
$2,262,124
5,758
Total
636,249
113,616
Uncollectible oper. revs.
6,531
Total oper. revenues..
Current maintenance
$2,476,749
534,888
434,529
259,999
156,193
41,870
200,953
104,518
32,709
$2,308/744
$2,256,366
493,011
523,851
394,434
253,940
148,791
94,580
94,228
99,451
$2,083,968
4,013
Depreciation expense—
Traffic
expenses..
Commercial expenses—
Operating rents
Gen. and miscell. exps_.
Federal income tax
Social security tax
Other
181,663
y75,255
23,102
Net oper. income—_
Net non-oper. income—
Income
available
$616,508
79,310
■
for dividends
843
$471,923
Drl,558
$533,237
64,578
$470,365
35,489
•
794
'
$515,596
$453,409
400,000
25,725
400,000
stock.
ferred to surplus...
Includes
$115,596
32,500
400,000
$35,759
$2,376
undistributed earnings,
y The
company did not consider that it had any undistributed earnings in 1936
in respect of which provision for surtax should be made,
z Includes $90,000
in 1939 and $34,750 in 1938 interest on funded debt.
on
Assets—
$
*
1939
Liabilities—
.
1938
%
Cash &spec. deps.
Working funds...
296,235
393,204
Common stcck...
Funded debt
7,900
8,200
Accts. receivable..
248,593
225,093
Mat'l A supplies..
Prepayments.
159,640
33,595
201,877
of pension fund.
Advance billing for
$
Notes sold to trust.
Other def. debits..
10,194,093
40,670
9,317
service
4,523
Unamort. deb. dLs.
tomers'
56,369
57,953
5,000,000
5,000,000
3,000,000
3,000,000
257,773
deposits
78,244
pay.,
121,023
183,656
Dcprec'n
credits..
reserve.
148. p.
11,125,514
Divco-Twin Truck Co. (&
y
1,058,156
Sub.)—Earnings—
1940—3 Mos.—1939
Net
profit
Earnings per share.._
x
$71,011
$0.32
$31,542
$0.14
1940—12 Mos.—1939
$242,075
$1.08
After all charges including provision for Federal income taxes.
$123,784
$0.55
Depre¬
ciation and amortization have been
charged to cost of sales and expense,
y
On 225,000 shares of
common stock
Dominion Scottish
outstanding.—V. 150,
p.
276.
Investments, Ltd.—Accum. Div.—
The directors have declared a dividend of 50 cents
per share on account of
accumulations on the 5% cum. red. preference
stock, par $50, payable
March 1 to holders of record Feb. 27.
Like amount was paid on Dec. 1
and
Sept. 1, last, and compares with 70 cents paid on June 1, last; 50 cents
paid March 1, 1939; Dec. 1 and Sept. 1, 1938; a dividend of $1
paid on
June 1, 1938; dividends of 50 cents paid on March
1, 1938, Dec. 1 and on
Sept. 1, 1937; a dividend of $1.75 paid on Juno 1, 1937, and one of 25 cents
paid on March 1, 1937 —V. 149, p. 3554.
Dresser
Mfg. Co. (& Subs.)—Earnings—
Calendar Years—
1939
Gross profit from oper..
General expense
$2,267,270
1,353,8 1 5
1938
$1,776,624
1,469,389
Research & experim'i exp
Profit from operations
Total other income (net)
profits
1937
$2,003,034
1,052,508
297,257
Class A dividends
1936
$1,482,751
741,905
242,503
to
$240,158.
$4,795.
z
Total
$5,886,204 $5,080,853
Pay 7o-Cent Common Dividend—
April 1, 1940, at
April 1, 1940.
On
Feb.
28. 1940. $10,000 principal amount of these bonds
previously
redemption had not been presented for payment.
Earnings for Month of January
January—
1940
Gross from railway
Net from railway
1939
1938
1937
$130,306
def383,122
def539,724
_
Net ry. oper. income.
-V. 150, p. 838.
$84,087
def440,837
$123,930
def413,880
def514,496
$146,302
def418,984
def649,692
def560,001
Duluth South Shore & Atlantic
January—
railway
Net from railway
Ry.—Earnings—
1940
Net ry. oper. income.__
1939
1 938
1 937
$151,115
def4,667
def20,823
Gross from
$135,774
$132,549
def5.015
def28,391
def22,594
def49,405
$178,590
18,662
def4,493
—V. 150, p. 838.
Winnipeg & Pacific Ry.—Earnings—
January—
1940
Gross from railway
Net from railway
Net ry. oper. income...
150,
p.
1939
$121,936
defl58
East Coast Public Service
Period Ended Dec. 31—
Co.
defl0,189
12 Mos. 1939
obligations
$791,138
513,555
$60,146
947
$277,582
7,081
$61,967
for renewals,
$180,785
120,639
$61,093
$284,664
See b
Gross Income
See b
■
replacements
of
subs,
117,310
in
hands of public
charges
(& Subs.)—Earnings—
$60,763
1,204
Non-operating income (net)
Fixed
$112,211
15,341
def8,091
16,539
$193,803
133,039
Income from operations
on
1937
$112,735
1939—3 Mos.—1938
Operating revenue
a Operating expenses
Interest
1938
$118,888
26.347
5,960
27.552
838.
Coast
1,184
4,603
22,692
of East
893
22,831
91,185
Public
Service Co.
Provision for Federal income taxes of
East Coast Public Service Co
c8,000
c9,456
8,000
$30,382
$27,622
$63,565
Includes Federal income taxes of subsidiaries,
b It is the policy of
subsidiaries to make appropriations for
renewals, replacements and retire¬
ments at the end of each calendar
year; therefore the comparative state¬
ment for the last quarter shows results frofore
deducting such appropriation.
c The
provision for Federal income taxes of East Coast Public Service
Co. was not accrued monthly and the
figures shown represent amounts
set up in December of the respective
years.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Capital assets, $3,097,133; special funds, $35,192; miscellaneous
investments, $2,427; cash, $111,340; cash on special
deposit (REA),
$17,683; notes receivable, $33,881; accounts receivable,
$69,188; materials
and supplies, $47,499;
prepayments, $6,356; other current assets, $1,776;
total, $3,422,517.
Liabilities— Long-term
debt, $2,349,922; notes payable (unsecured),
$8,031; notes payable (secured), $17,774; accounts
payable, $40,376: con¬
sumers' deposits, $18,684; int. on
long-term debt accrued, $36,905; taxes
accrued, $17,068; insurance accruals, $1,610: other accrued
liabilities,
$ll,904;deferred credit, $3,894; reserves,
$495,330; common stock (par $1),
$30,517; earned surplus, $30,893; capital surplus,
$359,608; total, $3,422,517.—V. 149, p. 2970.
Eastern Air Lines—New
Official—
Leslie P. Arnold has been
appointed to the newly-created
sistant to the President, Capt. E. V.
Rickenbacker, President
Manager, announced.—V. 149, p. 3113.
Eastern Massachusetts Street
Ry.
Co.—Preferred Div.—
Month of January—
1940
.
Railway operating expenses.
Other income.
1,557
$394,505
150,000
$392,755
253,500
100,000
.
63,270
.
Interest
$53,212
on
funded debt, rents, &c.
Depreciation
3,486
$241,067
300,000
300,000
xl00,000
$35,769
xl00,000
$0.17
$0.91
$1.36
371,455
$273,304
56,970
$204,652
5,606
$216,334
5,229
$210,258
44,970
$221,563
84,997
46,267
95,894
$80,291
$79,402
Net income
a
Before provision for retirement
losses.—V. 150, p. 687.
12 Months Ended Jan 31—
Total consolidated income.
Federal
$53,212
1939
$644,759
$263,570
58,918
a
Eastern Gas & Fuel Associates
(&
3,438
$659,794
396.224
71,502
34,053
post of As¬
and General
Directors have declared a dividend of $1.50
per share on the 1st preferred
stock, series A payable March 15 to holders of record March
4.
Dividends of
like amount were paid in five
preceding quarters.
Arrearages now amount
to $46.50 per share.
$529,083
Provision for depreciation for the year 1939 amounted
Includes under-provision for prior year in the amount
of
44,917
The drawn coupon bonds and the principal amounts drawn for
redemp¬
tion of registered bonds will be redeemed and
paid on and after the redemp¬
tion date at the office of J. P. Morgan & Co. or J. P.
Morgan & Co. Inc.,
New York City.
Interest on these drawn bonds will cease to accrue from
125,744
75,903
$2.55
y
17,455
105%.
$636,409
$540,612
Class B stock,
1
.
Duluth Missabe & Iron Range Ry.—Bonds Called—
240,735
__
per share
_
J. P. Morgan & Co.. as sinking fund agent, is
notifying holders of first
mortgage 3 H % bonds due Oct. 1, 1962. that $445,000 principal amount of
these bonds have been drawn by lot for
redemption on
$328,001
Bryant Heater Co. pref.
Common stock outst'd..
27,810
2,112,590
Taxes.
225,000
Surplus
25,452
53,452
.
.
Class B dividends
dividends
.
Duke Power Co.— To
$498,343
30,740
zl85,895
2,878,481
1,399,572
Directors have declared a dividend of 75 cents
per share on the common
stock, payable April
1
to
holders of record March 15.
Dividend of
$1.75 was paid on Dec. 22 last and a regular quarterly dividend of 75 cents
per share was paid on Oct. 2 last.—V. 149, p. 3714.
$653,268
Drl6,859
$765,612
Common dividends
1,843,180
...$5,886,204 $5,080,853'
$307,235
20,765
distributed profits
x
Total
$913,454
38,052
See y
Fed'l inc. tax provisions.
Prov. for surtax on un¬
3,000,000
a After reserve of $34,097.
b After reserve of $54,556.
c 1.990 shares
(at cost) of Bryant Heater Co. preferred stock, d Represented by 300.000
no par shares,
e Includes accrued interest, but is after deducting reserves of
$61,420.
f Trade notes and accrued interest only,
g After reserve of
$50,000.
40,256
Depreciation
Earnings
....
$951,506
Gross income
Net
_.
....11,362,738 11,125,514
1321.
Period End. Jan. 31—
x
Total
146,625
163,979
1,938
1,526,329
942,480
2,517
1,661,369
_
Surplus
-V.
75,130
Ac.,
current liabilities
Deferred
11,362,738
stock.
Balance to surplus.
Acer. liab. not due
Total
269,032
cus¬
100,000
107,050
......
a
Accts.
and expense
and
d Common
and retirements
1938
Telephone plant.. 10 ,551,088
32,834
.....
Deferred charges..
Provision
Comparative Balance Sheet Dec. 31
Pref.stk. of Bryant
Heater Co—-Earned surplus...
b356,641
Land, bldgs., Ac.. 2,141,951
1
Patents..
$434,876
400,000
$27,684
$1,000 estimated surtax
1939
.....
Treasury stock
—V.
$468,259
32,500
Income balance trans¬
x
employees
Investments
c
Duluth
-
pref. stock
on common
$532,393
$557,681
zl03,478
$618,864
zl01,302
1,966
Net income—available1.
on
f242,692
gl88,538
Fed., State A Dom.
Due fr. officers and
for
Interest
Amort.of dt. disc. & exp.
Dividends
$550,761
6,920
2,356
receiv.
Rec. fr. dlstrlb't'rs
7,119
70,695
(principally State
and local) taxes
Divs.
49,135
$2,079,955
490.918
351,402
239,958
132.505
49,901
,
1,004
drawn for
176,808
x83,215
422,060
246,515
149,536
45,137
188,713
87,363
31,416
10,596
—
accts.
1938
payable—
Accrued liabilities.
Other assets.
Other trade notes
A
1939
Accts.
207,243
a642,083
Work.fds. Aadvs.
Dewey & Almy Chemical Co.—Stock Sold Privately—
On Feb. 9, 1940, the directors voted to sell 16,000 shares
of common stock at $26.50 a share at private sale.
This
Local service revenues._
Toll service revenues...
1940
$207,112
$515,009
Inventories
Diamond State Telephone
2,
Consolidated Balance Sheet Dec. 31
RR.—Earnings1939
1940
$405,925
247,928
128,263
January—
Gross from railway
Net from railway.
March
income taxes
(estimated)
Depreciation and depletion
Interest
Debt discount and expense
'Net income available for dividend
requirements.
Earned per shareof 4 H % prior
preferred stock
Subs.)—Earnings—
1940
1939
$9,848,357
684,838
4,222,164
2.851,892
619,259
$8,387,462
$1,4,70,204
$366,897
$5.97
$1.49
379 264
4
052'846
2.94L997
646,458
Volume
The Commercial & Financial Chronicle
ISO
Preferred Dividend—
Directors have declared
dividend of $1.12)^
a
per
After payment of current dividend
—V. 150, p. 838.
arrears
1939
share on the 4H%
of record March
prior preference stock, par $100, payable April 1 to holders
15.
Dividend of $4.50 was paid on Dec. 28 last.
Assets—
will amount to $2.25 per share.
terms
and
Eastern Michigan
Exchanging
Transportation Corp.—Extends Time
Securities for Eastern Michigan Rys.—See
latter company.
$
1,543,897
1,017,999
Accr'd taxes, &c..
608,094
651,500
296,972
2,767.315
2,236,845
309,391
290,577
invent.(net) 3,634,966
2,710,653
109,847
(par
2,871,584
54)
Capital surplus
7,526,427
2,871,584
7,103,975
Profit and loss
on sec.
Mdse.
Fed. taxes
792
&
accepts.
accts.rec.
subject to the conditions
set forth in the plan and agreement for reorganization of Eastern
Michigan
Rys., dated July 14, 1938, has been extended to March 15, next.
Holders of first mortgage bonds and adjustment mortgage bonds on
surrender of the issues to Bankers Trust Co. during the period as extended,
may exchange them on the following terms:
(a) 14 shares of Eastern
Michigan Transportation Corp. common stock for each $500 principal
amount of first mortgage bonds with all appurtenant coupons maturing
July 1, 1932, and subsequently and- (b) one-tenth of a share of common
for each $100 principal amount of adjustment mortgage bonds with all
appurtenant coupons maturing April 1, 1930, and subsequently.
Holders of general unsecured claims against Eastern Michigan Rys,
may assign their claims to Eastern Michigan Transportation Corp. and
receive in exchange its common stock at the rate of 1-10 of a share thereof
for each $100 in principal amount of claims so assigned.
Holders of first mortgage bonds and of adjustment mortgage bonds and
holders of general unsecured claims who do not exchange their bonds or
claims for common stock of Eastern Michigan Transportation Co. will be
entitled only to receive their respective cash distributive shanes of the net
proceeds of the sale held pursuant to the final decree of foreclosure and
sale, dated Dec. 6, 1938.
Said distributive shares will be paid, com¬
mencing March 2, 1940, as follows:
(a) At the rate of $571.36 per $1,000 principal amount of such first
mortgage bonds upon surrender thereof, with all appurtenant coupons
maturing July 1, 1932 and subsequently at the principal office of Guaranty
Trust Co., 140 Broadway, New York.
(b) At the rate of $1.19 per $1,000 principal amount of adjustment
mortgage bonds upon surrender thereof, with all appurtenant coupons
maturing Oct. 1, 1929 and subsequently, at the principal office of Central
Hanover Bank & Trust Co., 70 Broadway, New York.:
(c) At the rate of $1.05 per $1,000 principal amount of said general
unsecured claims upon demand at the office of Eastern Michigan Trans¬
portation Corp., Detroit, Mich.—V. 149, p. 2685.
on
1938
$
Liabilities—
Accounts payable.
502,586
U. a. Govt. 8ecur.
Notes,
subject to the conditions set forth
1939
$
1,888,429
502,033
2,862,601
Accr'd int.
Eastern Michigan Transportation Corp. has notified holders of Eastern
Michigan Rys. first mortgage and collateral trust 7% bonds, adjustment
mortgage 6% bonds and general unsecured claims that the period within
which these obligations may be exchanged for common stock on terms and
1938
$
Cash
Eastern Michigan Rys.—Time Extended—
for
1433
Consolidated Balance Sheet Dec. 31
Other assets
300,492
Property, plant &
equip, (net)
6,919,023
Patents, trade¬
marks, &c
Deferred assets
2
Total
con¬
tingencies, &c..
Capital stock
4,013,461
7,526,427
3,065,236
stock... £>7-280,000
Treasury
Z>r280,000
2
257,370
inc.
on
for
Reserves
(net).
236,220
Total
17,244,354 14,788,795
17,244,354 14,788,795
-V. 150, p. 687.
Ebasco
Services, Inc.—Weekly In-put—
For the week ended Feb. 22, 1940, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
.....
Operating Subsidiaries of
1940
1 939
105,843,000
53,007,000
83,898,000
Amer. Power & Light Co
120,814,000
Elec. Power & Light Corp... 59,656,000
National Power & Light Co.
d Indicates decrease.
The above figures do
not
75,863,000
not include
....
XtlCTCCiOC
Amount
Pet.
14,971,000
14.1
6,649,000
12.5
8,035,000d 9.6d
the system inputs of any companies
appearing in both periods.—V. 150, p. 1277.
Electric Auto-Lite Co.—To Pay 75-Cent Diivdend—
The directors have declared
stock,
par
a dividend of 75 cents per share
$5 payable April 1 to holders of record March 14.
the
on
This
com.
com-
1)ares50 cents paid on April 20,1939, and on Dec. 23, 1938; 1 and on paid on
with $1 paid on Dec. 1, last; 75 cents paid on Oct. 25 cents July 1,
ast;
Oct. 1 and
on April 1, 1938; 40 cents paid on Dec. 27, 1937; 80 cents
paid
Oct. 1 and July 1, 1937, and 60 cents paid on April 1, 1937.—V. 149,
on
p.
3715.
Electric
Bond
Share
&
Co.—Death
Sentence
Action
Invoked
Against Company—Given Until April 6 to Answer
with Hearing Set for April 26 Under SEC Order—See details
under "Current .Events and Discussions" on a preceding
page.
Statement of Income for 3 and 12 Months Ended Dec. 31
Eastern Shore Public Service Co. (&
Subs.)—Earnings—
Years Ended Dec. 31—
xl939
1938
.
$2,900,586
1,127,838
$2,734,365
1,080,728
136,162
381,186
94,082
261,539
.
119,308
312,013
80,295
239,343
$899,773
8,512
$914,174
Provision for retirements.
Federal income taxes
Other taxes
Net income
a
Other income (net).
.
Interest
on
long-term debt
Other interest
Amortization of debt discount and expense.
Interest charged to construction
436,395
10,255
49,844
CV786
$2,592,974
2,108,483
$2,605,380
2,108,483
$9,709,074
8,433,930
$9,401,251
8,433,930
$484,491
Preferred stock divs._
$496,897
$1,275,144
$967,321
Balance
Applicable to periods, whether declared or undeclared.
a
.
1939—3 Mos.—1938
1939—12 Mos.—1938
$3,063,644
$3,069,460 $11,536,462 $11,229,315
470,670
464,080
1,827,388
1,828,064
Expenses, incl. taxes
$902,679
11,495
$908,285
436,395
7,084
49,844
Cr3,237
Period End. Dec. 31—
Gross income
Summary of Surplus for 12 Months Ended Dec. 31, 1939
Earned
Capital
Total
Surplus
Surplus
Surplus
$61,292,892 $314,168,598 $375,461,490
Balance, Jan. 1, 1939
Net
income
balance
ended Dec. 31.
a
12
months
9,709,074
19,672
1939
Excess
Miscellaneous credits
Dividends
on
preferred stocks.
Balance
x
-V.
Preliminary.
1.50,
p.
$418,465
215,573
$202,893
1134.
(& Subs.)—Earnings
1940—Month—1939
a
1940—12 Mos.—1939
$834,806
380,428
31,584
64,510
126,586
Retirement
Taxes
net)
Interest & amortization.
Miscell.
deductions
$2,061,360
$237,380
36,388
$199,287
$1,728,173
77,652
$1,411,181
25,366
22,656
1,271,589
£>r36,251
Balance
$1,625,155
309.824
aAmerican &
Northern
$1,698,349
125,914
$1,796,146
Balance
$1,572,435
563
Amount not available for dividends and surplus..
Balance available for dividends and surplus
$1,795,583
$1,572,435
838.
Co.,
6%
1st
800,000
Mfg. Co. (& Subs.)- —Earnings—
1939
Depreciation
-
Other income
....
Other deductions
5,037,120
3.952,767
Miscellaneous companies
Gas Public Service
d United
Co.,
25,000,000
20,000,000
408,809,052
2,600,000
11,355,593
10,585,842
684,532
25.000,000
20,000,000
408,809,052
2,600,000
12,096.448
7,339,807
677,470
6%
debentures
Cuban Electric Co., 6% debentures._
f Stocks and option warrants
e
Stock of wholly owned subsidiary
Cash in banks—on demand
Accrued
interest receivable..
Other current assets
100
100
87,432
46,685
62,706
45,550
$557,091,477
$555,766,021
$30,000,000
115,565,500
26,335,734
35,745
2,108,482
1,392,462
4.893,982
314,172,345
62,587,226
$30,000,000
115,565,500
26,335,734
41,909
2,108,482
1,358,924
4,893.982
314,168,598
61,292,892
$557,091,477
Other deferred
$555,766,021
charges
Total
•
Liabilities—
$5 preferred stock (300,000 shares no par)...
$6 preferred stock (1,155,655 shares no par).
Common stock ($5 par)
Accounts
payable
Reserves (appropriated from capital surplus)
Capital surplus
Earned surplus.
Total
1938
1937
1936
$1,892,932
1,186,460
711,294
$5,536,345
1,596,963
730,578
$5,279,062
1,555,030
692,087
$3,353,317
152,789
loss$4,822
92,117
$3,208,804
131,196
$3,031,945
114,356
$3,506,106
147,266
$87,295
64,141
$3,340,001
134,998
a614,350
Cr4,668
26,360
$3,146,301
211,246
a542,000
$23,154
175,912
$2,568,961
1,921,901
$2,390,598
1,740,377
$948,225 def$152,758
$647,060
$650,221
703,646
$3.65
696,146
$3.43
Prov. for est. Fed. taxes.
651,500
$2,707,340
Divs. pd. & provided for
1,759,115
See
c
Surplus
~
2,456
Earnings per share
703,646
$3.84
703,646
$0.03
a
Including surtax on undistributed profits in amount of $113,018 in
1937 and $54,300 in 1936.
b After deducting cost of goods sold, including
material, labor and factory expenses,
c No provision has been made herein
for Federal taxes on income as additional amounts of depreciation are
expected to be claimed as deductions on the company's tax return for 1938.
payable
on or
have been renewed and
before Oct. 26, 1942.
b Presently subordinated to other indebtedness of American & Foreign
Power Co., Inc., consisting of bank loans of $17,600,000, the $4,400,000
similar
debt
due this company
are
Valuation
and
debentures of $50,000,000, until the
paid.
market
quotations of miscellaneous bonds owned at
Dec. 31, 1939, was at that date $5,470,800 and of those owned at Dec. 31,
1938. was at that date $5,343,900.
d Payment of principal and interest assumed by United Gas Corp. on
Nov. 5, 1937.
e The interest rate on Cuban Electric Co., 6% debentures was reduced,
by agreements, for a period, including the years 1938 and 1939, to a rate
of 4J4% per annum.
f Valuation at market quotations of stocks and option warrants owned
at Dec. 31, 1939, was at that date $99,748,700 and of those owned at
Dec. 31, 1938, was at that date $118,044,800.—V. 149, p. 2970
c
Elfun
See list
Shares of cap. stock out¬
standing (par $4)
are
bank loans
Adj. for prior yrs. (net).
Minority interest
income
Payable simultaneously with the bank loans of American & Foreign
Power Co., Inc., in amount of $17,600,000, while
$5,575,520
1,460,565
761,639
Calendar Years—
Sell., gen. & adm. exp__
920,000
5,037,120
3,760.120
1st
mortgage
a
Net
Utilities
Light Co., 4%%
Dividends declared
Directors have declared a dividend of 25 cents per share on the commoD
stock, payable April 1 to holders of record March 15.
This compares with
50 cents paid on Dec. 28 last and 20 cents paid on March 31, 1938.—
V. 150, p. 276.
Total income
Texas
Power &
Accrued taxes.
Eddy Paper Co.—2b-Cent Dividend—
b Manufacturing profit.
$5,300,000
35,000,000
28,925,000
mortgage (entire Lssue)
Texas
10,266
$1,388,525
309,824
1938
$4,400,000
35,000,000
28,925,000
Foreign Power Co., Inc
b American & Foreign Power Co., Inc..
United Gas Corp
Bonds:
526,010
$1,934,979
138,832
Expenses, taxes and interest.
Operating profit
1939
Notes and account receivable from:
Prepayments
Total income
Eaton
ledger value of investment securities disposed
Temporary cash investments
Applicable to E. U. A.
Non-subsidiary income..
—V. 150, p.
573
$314,172,345 $376,759,571
Assets—
c
Applicable to minority interest.
over
573
$62,587,226
Investment securities and advances:
Pref. div. deductions:
B. V. G. & E. Co
$71,021,730 $314,172,345 $385,194,074
8,433,930
8,433,930
Comparative Balance Sheet Dec. 31
$1,488,833
429,451
775.79.3
$8,403,067
4,147,265
308,127
764,858
1,121,456
Of amount realized
19,672
3,838
3,747
of during the 12 months ended Dec. 31, 1939.
$2,025,109
1,704
$2,178,244
438,714
11,357
$1,650,521
Non-oper. inc.
$2,179,638
£>rl,394
77,652
(incl. inc. taxes).
Net oper. revenues
$241,989
Dr4,609
$225,683
36,555
1,435
accruals
res.
$8,963,258
4,306,786
$231,698
Dr6,015
revenues
$817,716
365,859
32,341
63,707
113,819
$187,693
Operating
Operation
Maintenance
Total..
Dividend approp. of earned surplus
Misc llaneous debits
Balance, Dec. 31, 1939
Eastern Utilities Associates
Period End. Jan. 31—
$418,198
215,572
$202,626
.
9,709,074
91
at
Trusts—Registers with SEC—
given on first page of this department.
Elgin Joliet & Eastern Ry.—Earnings—
January—
railway
Net from railway
Net ry. oper. income—
—V. 150, p. 687.
Gross from
1940
$1,982,666
720,711
395,104
1939
$1,480,356
524,889
322,331
1938
$954,516
141,315
27,246
1937
$1,815,538
/
510,351
268.241
The Commercial & Financial Chronicle
1434
Calendar Years {Including Subsidiaries)
1938
1939
earned, divs. rec'd
or accrued, &c.
$1,821,967
Oper. exps. and taxes—
519,414
1937
Loss
$1,840,495
468,645
$1,999,694
513,215
$2,001,734
539,720
$1,371,850
$1,486,479
69,539
4,812
"$M62,014
3,796
2.950
288,383
17,103
7,886
12,610
uncollec. notes
accts. receivable.
523
169,331
3,112
on
and
Net loss on sale of Inv—
Refund of Fed. inc. taxes
overpaid in prior years
book val. of
office equipment
$1,014,455
sub
cos.
public
$1,341,813
$1,399,517
$1,311,970
312,279
337,672
324,545
361,953
3,343
3,882
4,657
Faber, Coe & Gregg, Inc.—Special Dividend—
a special dividend of $2 per share in addition
quarterly dividend of 50 cents per share on the common stock, both
payable Feb 26 to holders of record Feb, 21.—V. 148, p. 3375.
$1,013,386
$1,057,188
$947,273
Fall River Gas Works
Consolidated Balance Sheet Dec. 31 {Incl. Subs.)
1939
622,489
462,322
Accts. receivable..
6,654
Notes receivable..
5,661,223
17,278
5,279,667
and
Interest
Accounts payable.
Int.
divs.
708,421
712,431
3,478,932
27,072
Min.
Int.
cap.
in
11,832
12,904
2,401,578
119,740
120,715
(issued)
14,828,200 14,828,200
3,150,000
Partic.stk.(issued) 3,150,000
Com. stk. (issued) 1,000,000
1,000,000
Surplus
29,871,309 30,015,242
9,307,751
Balance
Net
109
$200,081
$21,207
5,000
60,000
$172,538
60,000
$15,854
1,049
$16,207
1,134
$140,081
8,944
$112,538
11,975
$14,805
charges
...
income
$15,073
$131,138
112,508
$100,563
95,962
declared
150, P. 687.
Farr Alpaca
154,130
155,008
-
$172,428
$200,078
$20,8,54
5,000
■_
__
Dividends
—V.
Organization exps.,
&c
14,494
3
Gross income..
Interest
Pref. capital stocks
subsidiary corp.
$21,207
Non-oper. inc. (net).
Retirem't res've accruals
com.
1,875,900
(at par)
3,175,600
Securities owned..37,569,417 30,489,277
Special depos. with
1940—12 Mos.—1939
$923,257
$885,509
488,861
498,379
68,737
55,835
165,580
158,867
stk. & con-
sol. surp. of sub.
Pref. stocks of sub.
cos.
$84,438
43,622
,5,114
$20,854
Taxes
2,367,223
Reserves
pref. and partic.
$89,983
48,420
5,769
14,939
_
Net operating revenues
claimed divs.,&c
3,243,131
Empire Pow. Corp.
_
1,417
un¬
Divs. held in res've
accrued..
stocks
accrued,
14,199
revenues
Maintenance
$
Liabilities—
$
$
1938
$
1938
1939
A ssets—
Operating
Operation
Co.—Earnings—
1940—Month—1939
Period End. Jan. 31
Cash
compares with
of 20 cents per
a
2,744
$698,833
--
This
Directors have declared
stkhklrs.' int.
Balance
Increased—
dividend of 40 cents per share on the common
_
to
—
-
com.
...
in curr.inc. of sub.co__
a
30 cents paid on Dec. 22 and Sept. 30, last, and dividends
share were paid in preceding quarters.—V. 149, p. 3260.
728
of
hands
in
Directors have declared
stock, payable April 1 to holders of record March 12.
Cr7,555
Net income of year—
Divs. on pref. stocks of
Ex-Cell-O Corp .—Dividend
4,117
prof26,515
_
Reduct. in
Min.
shares of European
Corp. may be made at the office of
of the following agents: The First National Bank of Jersey City,
One Exchange Place, Jersey City, N. J., Credit Suisse, Zurich, Switzerland
and Banca Commerciale Italiana, Milan, Italy and Mees & Zoonen, Rotter¬
dam, Holland.
The First National Bank of Jersey City has also been appointed cotransfer agent and scrip agent for 363,100 shares of capital stock $7,75 par
value of the European Electric Management Corp.—V. 149, p. 3715.
any one
$1,302,552
885
3,433
Net after taxes
Interest paid-
1940
For the convenience of shareholders, the exchange of
for shares of Sade and of Management
1936
Int.
Oth. contractual deduc's
2,
2.32 shares of Sade and l-5th of a share of Management Corp. for each
share of class A or class B common stock of European.
Empire Power Corp.—Annual Report—
Consolidated Income Account for
March
Co.—Sale Authorized—
At the
Total..
51,377,744 51,541,889
Total..
Income Account Years Ended Dec. 31
51,377,744 51,541,889
{Company Only)
*
1939
1937
1938
Divs.
rec.
1936
$718,607
829,406
$747,556
815,199
$810,163
1,156,574
$811,560
713,751
$1,548,073
Interest earned.
$1,562,755
$1,966,738
$1,525,311
212,975
63,126
230,560
64,931
242,464
100,388
225,695
66,597
$1,271,972
1,127
$1,267,265
3,611
$1,623,886
2,146
$1,233,019
2,660
_
accrued—
or
Oper. exps. & taxes (incl.
prov. for Fed. inc. tax)
Int. deductions, &c
special meeting held in Holyoke Feb. 21, stockholders took steps
looking to ultimate sale of the remaining phyiscal assets, presumably to
Berkshire Fine Spinning Associates, for $675,000, an amount which with net
quick assets may yield stockholders around $5 per share in liquidation of
the
present corporation.
Specifically, stockholders authorized transfer of the phyiscal assets to a
new corporation, as well as sale of the stock of the new corporation for an
amount not less than $675,000 cash.
The Berkshire company has indicated
willingness to pay that amount for the stock of such a company owning
free of all back taxes substantially all of the present Farr Alpaca manufac¬
turing properties.
The latter include the worsted mill, weave sheds,
finishing plant including its power plant, cotton mill, top mill, warehouse
and
Loss
on
sale of inv
Refund of Fed. inc.taxes
GY886
CVS,648
f. 11,271,731
$1,272,302
462,000
900,000
462,000
900,000
Participating dividends-
$1,621,739
462,000
1,200,000
$1,230,360
462,000
720,000
Balance Sheet Dec. 31 {Company Only)
1938
1939
Assets—
1939
177.955
Accts. receivable.
564
Inv. in sub.
10,120
5,370,384
4,933,000
y280.604
-
Notes receivable..
Interest received.
195,519
277,615
-
..24,244,719 24,408,467
3,529,380
3,108,930
Organiz. exps., &c.
146,057
145,180
9,082,982
Special deposit
9,088,504
Other
%
Accounts payable.
Unpresented
5,611
Notes
Res.
97
payable
for
to
1,085,000
159,952
for taxes.
1,160,000
164,837
doubtful
5,077
5,077
7,133,000
3,150,000
7,133,000
3,150,000
1,000,000
1,000,000
Partic. stk. issued.
Common
capital
stock issued
Capital surplus
Earned surplus
Earned surp. res'd
12,450,000 12,450,000
5,426,088
5,516,357
for contingencies12,000,000
Represented by 400,000
—V. 150, p. 1277.
x
Engineers
no par
12,000,000
42,414,725 42,585,251
Total
shares,
y
Robert H. Nicholls, formerly Resident Manager,
Includes dividends receivable
Service
Co.—SEC
Death
Equitable Office Building Corp.—Earnings—
y
1940
preferred stock, par $100, has been removed from
New York Curb Exchange.—V. 150, p. 1135.
Florida East Coast
637,275
$970,129
_
$2,362,669
535,785
639.208
Building operating expenses.
Depreciation
_;
Real estate taxes
$2,170,535
192,134
$2,314,354
519,759
185,257
Total operating income
Net ry. oper. income
6,854
34,735
46,603
46,077
11,804
11,772
9,220
35,605
1937
1936
$209,125
$169,515
256,468
242,806
$233,822
289,715
39,320
33,360
$219,351
289,268
39,750
Railway oper. revs
Railway oper. expenses.
$504,913
$445,681
410,939
$548,369
486,063
$565,212
506,377
$104,489
37,085
$34,742
$62,306
48,122
48,604
$58,835
38,043
$67,404
x$13,380
1,803
$13,702
3,687
$20,792
5,202
$62,202
32,473
x$15,183
29,738
$10,015
35,541
$12,502
38,026
$94,675
23,942
$14,555
22,462
$45,556
$50,528
26,373
$21,489
5,914
138,557
7,146
5,914
$139,134
$134,062
Freight revenue.
Passenger revenue
Other oper. revenue
400,424
Ry.
oper.
income
Rents payable
Net ry. oper. incomeOther incomeTotal income
_
89.426
fixed charges
$781,988
780,658
19,000
$805,626
806,160
15,000
$17,670
$15,535
on
funded debt
Int.
on
unfunded debt,.
$70,733
6,774
137,820
5,291
5,914
x$7,907
6,843
137,820
7.242
5,914
$85,066
$165,726
Rent for leased roads
Deficit
Interest
x
on
funded debt
Provision for Federal income tax.
x
x
Federal income tax payable on income arising from the purchase, at
less than par, of
the corporation's 35 year 5% sinking fund debentures as
required by sinking fund provisions.
This income is credited to surplus
account,
y Rental income, including rent on corporation's own offices,
z Before interest
on funded debt and provision for Federal income tax.
—V. 149, p. 3407.
Erie
RR.—Earnings—
1940
$7,117,055
1,973,794
Net ry. oper. income...
1,080,317
—V. 150, p. 1135.
1939
$6,274,752
1,542,651
745,105
1938
$5,506,109
1,082,767
217,934
1937
$6,908,598
2,042,154
1,188,013
European Electric Corp. Ltd.—Liquidation—
By an order of the Superior Court of the Province of Quebec, given on
19, 1940 H. G. Norman, as liquidator of the corporation, has been
to distribute forthwith amongst its shareholders that com¬
pany's investments in Societa Adriatica di Electricita and in European
Electric Management Corp., Ltd.
This distribution will be at the rate of
Feb.
authorized
10,119
$24,155
6,600
General Balance Sheet Dec. 31
Assets—
1939
$3,394,692 $3,417,744
mtgd. prop, sold
investments
Cash
Other, incl. mat'ls
Deferred assets
Adjusted debits
Total
1938
$3,000,000 $3,000,000
6,143,000
6,143,000
liabilities. 1,551,925
1,459,046
Capital stock
equipment
Other
1939
Liabilities—
1938
Invest, in road and
Funded debt-.-..
Current
41,065
667,661
39,216
89,758
10,045
120,753
10,044
661,087
35,740
99,483
9,145
106,827
Deferred liabilities
6,169
Unadjusted credits
Accrued deprec'n.
17,330
66,394
Sink. fund
Tax
reserve
liability
Deficit
$4,363,190 $4,340,070
Total
.
25,800
Drt,394
6,443,034
6,309
12,688
34,043
22,050
Dr5,382
6,331,684
$4,363,190 $4,340,070
-V. 150, p. 1277.
[Including Chicago & Erie RR.]
January—
Gross from railway.-.-.
Net from railway.
6,600
137,990
Indicates loss.
Deposits in lieu of
Net loss
8,290
97,070
$804,607
1,018
24,067
41,675
Income available for
Amort., disct. fund. dt_
$780,707
1,282
Other income.
Report
1938
Int.
Profit
1937
$1,116,095
423,112
289,128
1939
185.257
Net expense in connection
with sub-lease at 139
Broadway
Other general expenses (including $27,956 rent on
corporation's own offices)
1938
$1,022,650
324,087
199,344
150, p. 1135.
Misc. deduc's from inc.
Taxes (other than real estate and Fed. inc. taxes).
Alterations for tenants
1939
$1,090,067
397,312
259,079
Fonda Johnstown & Gloversville RR.—Annual
$1,004,352
Net operating income
Provision for doubtful accounts
Ry.—Earnings—
1940
$1,209,241
381,928
258,403
January—
Gross from railway
Net from railway.
1939
$2,119,025
195,329
Operating income
Other operating income
_
Corp.— Unlisted Trading—
The corporation's 6%
unlisted trading by the
Net from ry. oper
Taxes
Invokes
Sentence Against Company—Given to April 6 to Answer with
Hearing Set April 26—See details under "Current Events
and Discussions" on a preceding page.—V. 150, p. 993.
9 Months Ended Jan. 31—
has been elected Secre¬
tary of the company it was announced on Feb. 22.—V. 150, p. 688.
Calendar Years—
Public
149, p. 3408.
Fidelity & Casualty Co. of N. Y.—New Secretary-—
—V.
42,414,729 42,585,2511
Total
Mogul Corp.—Registers with SEC—
See list given on first page of this department.—V.
Fisk Rubber
notes receivable.
Pref. cap. stk. iss'd
x
to
divi¬
sub. company..
Reserve
very
undertake
Federal
5,882
dend checks
cos
investments
a
1938
$
Liabilities—
$
$
Cash
$168,900 to be adjusted.
substantial part of these will be abated if the new
operate the manufactyring properties in the near
future.
Exclusive of the unpaid tax liability, Farr Alpaca had net working
capital of $110,417 at the end of last year.
Total of this amount plus cash
of $675,000 expected to be received from sale of phyiscal assets is $785,417,
equal to around $5.50 per share on the 140,000 shares of stock, now quoted
4(^5.
The stockholders' meeting was adjourned to March 4.—V. 149, p. 4174.
owners
overpaid in prior years
Net profit
Preferred dividends
including all machinery.
auditorium,
There is still the matter of back city taxes of
It is believed
Fort Worth & Denver City
January—
Gross from railway
Net from railway
Net ry. oper. income
1940
$450,934
91,112
23,214
Ry.—Earnings—
1939
$443,179
74,742
9,745
1938
$584,239
174,442
94,874
1937
$475,894
121,544
55,343
—V. 150, p. 1135.
Fuel
Oil
Motors,
Co., Inc., New York,
Inc.—Stock Offered—Hatch, Piper &
are
stock (par $1) at $1.50 per
lation.
offering 66,000 shares of capital
share.
Stock offered as a specu¬
I
Volume
The Commercial & Financial C hronicle
ISO
Transfer agents,
Registrar & Transfer Co., New York, and Registrar
& Transfer Co., Jersey City, N. J.
Company was incorporated April 21, 1939, in Delaware.
Since in¬
corporation it has acquired the United States rights to certain patents
and patent applications relating to improved methods of operation of
internal combustion engines.
Business will consist of the further develop¬
ment and improvement of engines embodying the principle covered by its
patents, the licensing of aviation, marine, stationary, tractor, truck and
automobile engine manufacturers to build and sell engines under these
patents on a horse-power royalty basis, and to maintain a competent
engineering staff to assist manufacturers in the adoption of the principle
covered by its patents to each individual manufacturer's particular type of
engine.
The net proceeds expected to be derived by the company from the sale
of the 60,000 shares of capital stock for its account, will amount to approxi¬
mately $60,000 in cash.
It is now contemplated that such amount will
be used for the purchase of laboratory equipment, for the purpose of
experimentation in the further development of the Schwartz Cycle Air
Injection System; for the payment of current liabilities and for working
capital and other corporate purposes.
Company has an authorized capitalization of 500,000 shares
1324.'
(par $1).
—V. 149, p.
Fair and the San Francisco Exposition.
Since then, daylight and white
varieties have been used extensively in factories, stores and offices while the
other five colors are being used in increasing numbers in theaters, hotels and
various other businesses.
In addition to reductions in prices of
General Fire Extinguisher
Directors have declared
stock,
23, declared the full
1940 to the holders of
149, p. 2687.
on income notes 1972, payable April 1,
record at the close of business March 30, 1940 —V.
Galveston-Houston Co.
Period End. Dec. 31—
(&Subs.)-
$341,618
165,994
44,752
39,869
Operating revenues
Operation
Maintenance
1939—12 Mos.—1938
Taxes
$3,737,231
1,848,618
557,032
466,187
$321,350
161,486
50,558
39,327
Co.—10-Cent Dividend—
dividend of 10 cents per
share on the common
General Foods Corp.
(& Subs.)—Earnings—
Period Ended Dec. 31—
1939—3 Mos.—1938
1939—12 Mos.—1938
Net sales
$35,279,218 $34,066,472 $145615,242 $135221,301
y
x
Cost of goods sold____ 24,092,817
Selling, admin. & gen'l
exps. & other charges.
8,121,758
22,840,101
94,052,135
88,288,687
7,690,772
33,912,931
31,395,999
1,535,599 $17,650,176 $15,536,615
223,955
901,327
948,904
$3,326,704
Total income
$3,064,643
262,061
Prov. for income taxes..
Earnings.
1939—Mordh—-1938
a
value, payable March 11 to holders of record Feb. 28.
Divi¬
dend of 30 cents was paid on Dec. 11 last and regular quarterly dividends
of 10 cents per share were previously distributed.—Y. 149, p. 3716.
no par
Profit from operations
Other income
(Robert) Gair Co., Inc.—Interest Payment—
fluorescent lamps, prices of projector
sp<rt^and floor lamps will be reduced 18%, also effective March 1.—V. 150,
The directors of this company, at a meeting Feb.
6% interest
1435
First large orders for fluorescent lamps were for the New York World's
$3,550,059
1,744,987
483,146
422,408
679,307
$3,759,554 $18,551,503 $16,485,519
6,429
91,441
503,958
3,433,440
2,817,003
Net profit.
Prov. for div.on pref.stk.
$2,647,397
168,750
$3,249,167 $15,118,063 $13,577,075
168,746
675,000
435,000
$2,478,647
$3,080,421 $14,443,063 $13,142,075
Issuance exp.—Pref. stk.
Net
profit
to
,
applicable
common
stock..
Amt.
$865,394
Dr698
$69,979
Drl,074
2,655
$899,517
4,643
$90,305
30,994
$68,904
33,524
$868,050
379,934
$904,161
374,615
$59,310
13,501
3,119
$35,380
13,511
2,902
$488,116
161,509
$529,546
36,690
242
277
3,039
28,813
3,426
$18,690
G.-H. Co. Secured 6% income bonds
$286,878
$331,783
31,693
$286,878
29,207
$300,090
per sh. (5,251,440
com. shs. outstanding)
Net oper. revenues—
$91,003
Non-oper. income (net).
Balance
____
Retirement accruals
bds. Hous. El.Co
on
Int.
on
equip, notes, &c.
Amort. of debt expense.
Balance
$42,448
Int. paid on
Net incomeDividends
declared
165,524
Note—Net income for the above 12 months' periods includes net income
of Houston Electric Co. in the amounts of $237,132 and $234,451, re¬
spectively.—V.
150,
128.
p.
■;/
(Julius) Garfinkel & Co., Inc.—Dividend—
Directors
common
March
—V.
Feb.
on
27 declared dividend of 17M
of the company, payable March 15, to holders
Initial dividend of 17^ cents was paid on Dec.
of record
15, last.—
149, p. 3556.
Gatineau Power Co.— Unlisted
The
1st mortgage
admitted to unlisted
Trading—
bonds, 3%% series A, due April 1, 1969, have been
trading by New York Cure Exchange.—V. 150, p. 128.
General Baking
Co.—Earnings—
52 Weeks
53 Weeks
Ended
52 Weeks
Ended
Ended
Dec. 30, '39 Dec. 31, '38
Period—
Dec. 25, '37
Gross sales, less returns & allowances.$39,047,191 $41,926,254 $43,235,159
Cost of goods sold, delivery, selling,
advertising and adminis. expenses. 37,165,250
38,616,049
40,956,186
Profit from operations
$1,881,941
5,496
Miscellaneous income
Donald
D.
$3,310,205
3,484
$1,887,437
of the
new
a
President
of this company
$2,280,049
$3,313,689
5,410
4,266
596,000
applicable to 1937 on prior
years' Federal income taxes, &c—
25,236
375,000
Fed. inc. taxes
purchases of
on
raw
410",000
1939
340,000
$1,507,027
4,699,307
Total surplus
Preferred dividends
$2,713,423
3,959,905
$
$
Liabilities—
4,977,771
791,805
Bonds and stocks. 11,705,125 15,038,284
Mortgages
232,431
188,783
$6,673,328
703,064
1,270,957
$6,132,492
703,064
1,191,523
278,000
703,064
953,218
—
Common dividends
Provision for adjustment of taxes.
Earned surplus end of year
Shs. com. stk. outstanding (par $5)--
Earnings
a
The
per
share
of $340,000
reserve
$4,550,052
1,588,697
$0.50
$4,699,307
1,588,697
$1.29
$3,959,905
1,588,697
$0.50
Comparative Balance Sheet
Dec. 30 *39
Dec. 30 '39
Dec. 31 *38
Liabilities—
$
Assets—
4,242,935
a/Accts. receiv
4,282,331
572,257
1,642.710
97,018
7,000
9,000
c
2,410
Sundry invests.,Ac
b Prop. & plant--19,241,979
Deferred charges__
215,819
2,827
Com.stk. (par $5)
"Bond
19,410,679
277,006
d
gencies, Ac
$8 cum. pf.stk..
909,126
730,115
1,000,000
Total.
6,000,000
6,000,000
.17,741,895 17,160,835
declared an extra dividend of 25 cents per share in
quarterly dividend of like amount (or a total of 50 cents
the capital stock, both payable March 12 to holders of record
March 5.
Like amounts were paid on Dec. 15, Sept. 15, June 15 and
March 15, 1939; Dec. 14, Sept. 15 and June 15, 1938, and previsouly
regular quarterly dividends of 50 cents per share were distributed.—V. 149,
p.3556.
to
share)
per
have
a
on
General Telephone
The
New
York
Corp.—Listing—
Stock Exchange
has authorized the listing of 270,000
additional shares of common stock (par $20) on official notice of issuance
conversion of the corporation s $2.50 preferred stock, making the
total amount applied for 1,228,198 shares of common stock.—V. 150,
p. .1278
upon
Akron, Ohio—Company
Factory in South American
883,105
Country—
651,542
zuela the first tire-manufacturing plant and one of the first industrial plants
of any type in that South American country, it was announced Feb. 26
9,077,500
7,973,995
7,973,995
2,485,515
4,550,052
Treasury stock.. Z>r379,234
2,485,515
Surplus..
& Rubber Co.,
651,542
— ...
4,699,307
Dr379,234
oth.trade names,
and Venezuelans to Build First Tire
American and Venezuelan capital has joined hands to establish in Vene¬
by officials of the General Tire & Rubber Co., upon the return1 to Akron
Manager of
from South America of Joseph A. Andreoli, Vice-President and
the General Tire & Rubber Export Co.
While in South America Mr. Andreoli
completed arrangements with
Venezuelan industrial leaders for the formation of the Compania Anonima
Nacional Manufacturer a de Caucho y Neumaticos General, capitalized at
1
1
rights & goodw-
26,326,637 26,532,618
Total
..26,326,037 20,532,618
a After reserve for doubtful accounts of $46,604 in
1939 and $46,005 in
1938.
b After reserve for depreciation of $12,217,168 in 1939 and $11,788,823 in 1938.
c Represented
by 90,775 no par shares,
d Surplus
arising from restatement in 1938 of property accounts and depreciation re¬
serves to a basis of acquisition cost,
e Cost of 2,892 shares of preferred
stock ($288,211) and 6,102 shares of common
and held in treasury.—V. 149, p. 2687.
General Bronze
stock ($91,023) reacquired
Corp.—Exchange Agent
Manufacturers Trust Co. is depository and exchange agent under agree¬
dated Feb. 1, 1940, involving two offers to the debenture holders
ment
of the
Surplus
.
Extra Dividend—
Directors
General Tire
trademks., copy¬
Total
150,107
2,248,841
810,676
663,056
1,000,000
commis.,
1,140,888
9,077,500
Earned surplus
e
Bread,"
2,164,732
unearned
Voluntary reserve
Capital stock
54,789
17,741,895 17,160,8351
addition
Res. for tax tontin-
-
for
6,272,753
689,146
come taxes
230,224
93,500
companies
61,480
$
7,103,431
1,278,121
142,120
life Ins. policies.
Depos. with insur.
for
expenses.
taxes & oth. liab.
Other admitted as-
payrolls & other
accrued liabil
Res. for Federal in¬
Cash surr. value of
Mtge. receivable.
38
Res.
Res.
632,067
1938
Accts. pay., accrd.
580,822
1,808,616
Inventories
Dec.
$
claim
305,000
Total
$
premiums
588,448
Real estate
provided in 1937 has been applied in 1938 in
reduction of cost of goods sold, &c. with resultant increase of like amount
in the profit from operations of the latter year.
Cash
21
Res. for claims and
Premiums in course
$1,504,813
4,627,679
$6,206,334
Net profit for year
Feb.
Dec., 31—
1939
1938
Assets—
Accrued interest-.
commitments for
Balance Sheet
General Reinsurance Corp.
of collection....
materials
Previous earned surplus
on
The disability benefit feature of the Association is offered only to the
individual employee.
The hospitalization benefit however, takes in the
employee and his immediate family as well, i. e., dependent wife or husband
and all dependent unmarried children under 18 years of age.
Disability
coverage costs $4.80 a year and provides benefits of $15.00 a week up to 13
weeks, in case of sickness or accident of any kind. Hospitalization coverage
costs the employee 60 cents a month and provides maximum benefits of
$200 in any 12 consecutive months, in the event he may require hospital
care.
An additional 40 cents a month makes a maximum hospitalization
benefit of $100 a year available to each individual dependent in the em¬
ployee's family.
"The Health Association," Mr. Davis states further, "has the approvl
of the Minnesota Insurance Commission. Membership is voluntary, but we
feel certain that our employees will recognize the unusual value and security
offered by the plan and participate in it brooaly."—V. 149, p. 4029.
176,640
Provision for loss
announced
General Mills, Inc. Health Association.
Chief features
are sickness and hospitalization benefits to all of the
association
7,300 General Mills employees who join. In a letter addressed to the em¬
ployees of General Mills, Inc., Mr. Davis states that the Health Association
plan "offers employees a way to meet the emergency expenses of hospital
confinement and of temporary disability due to sickness and accident."
To launch the Health Association, the company is contributing $15,000;
and during the first year it will make available a sum equal to the total
amount subscribed by member employees.
Each year thereafter it will
contribute at least 20% of the amount of member contributions.
If the
plan proves popular and if satisfqctory reserves can be accumulated, it is the
intention of the Employees' Benefit Board, which will administer the
Health Association, to increase the benefits to members or reduce member
$2,278,973
1,076
Interest
Other interest paid..
Prov. for current year's
$2,502
Mills, Inc.—Forms Employee Health Association
Davis,
establishment of
Cash
Total income
$2,750
contributions.
cents per share on the
stock
5.
$0,586
Including proporate share in results of operations of controlled com¬
panies.
y Including
provision for depreciation and freight charges—
V. 150, p. 1278.
x
General
Gross income
Int.
$0,472
corporation's 10-year 6% convertible debentures due May 1, 1940.
1278.
See V. 150, p.
1,725,000 bolivars, for the construction at Chacao, a suburb of Caracas,
the Venezuelan capital, of a modern tire factory with a capacity of 50,000
tires 3/ y63r,
Land for the factory site has been purchased, construction pldns are being
completed and it is expected that the plant will be in operation in a short
time, Mr. Andreoli said.
Capital has been provided jointly by a group of
Venezuelan business leaders and the General Tire & Rubber Co.
General Tire factory technicians are to be in charge of the operation of the
plant and tires are to be built to General Tire specifications, to be marketed
exclusively in Venezuela.
Dr. Alfredo Machado Hernandez heads the
company as President and Mr. Andreoli represents General Tire interests
as
a
member of the board of directors.
Special concessions have been obtained from the Venezuelan Govern¬
ment in the way of appreciable reductions in duty on raw materials which
are to be shipped, at first, from the United States.
Eventually it is planned
to
develop sources of raw material in Venezuela and obtain neededf rubber
Wild rubber now grows plentifully in the Orinoco
and cotton from there.
General Electric Co —Reduces Fluorescent Lamp Prices—
With output of fluorescent lamps sharply expanded and manufacturing
costs thereby decreased, substantial price reductions averaging 15% will be
of this company. Price reductions
will cover the entire line of Fluorescent from the 15-watt 18-inch lamp to
40-watt four foot size.
.
Fluorescent lamp works of General Electric here is now turning out these
relatively new lamps as fast as present equipment will allow.
Current
production is at rate of 12,000 daily and three shifts are kept busy on
operations.
Close to 2,000,000 fluorescent lamps were turned out in the
first full year of operations and during the current year, production is
expected to exceed 3,000,000.
made March 1 by the lamp department
.
_
River region.
A corps
of General Tire engineers is expected to leave soon for Venezuela
the plant will be shipped there in a
and the machinery and equipment for
short time.
General Tire's decision to extend its manufacturing operations into South
was actuated by Venezuela's economic and commercial soundness
America
,
and the great possibilities for development there, officials said.
Venezuela
is the second most important oil-producing country in the world, ranking
next only to the United States and ahead of Russia, which is third.
The
Venezuelan Government is now engaged in an extensive road-building and
improvement program and Caracas is being modernized and beautified
under the supervision of French architects.—-V. 150. p. 995.
The Commercial & Financial Chronicle
1436
Condensed Balance Sheet as at Dec. 31,
RR.—Earnings—
Georgia & Florida
1J40
Month of
January-—
Railway operating revenue
Railway oj>erating expenses
183,581
83,690
$5,210
$110
—
—--
Railway operating loss....-Equipment rents (net)---.
Joint facility rents (net)
7,910
13,507
2,223
1,892
$8,020
2,113
1,961
$17,623
1,456
—
—
—
Non-operating income——
— -—
Loss before deductions
$16,167
321
Deficit before interest
—
—
Week End. Feb.'21—
$19,225
'
$11,356
—Jan.
1939
1940
$19,175
Operating revs, (est)
—V. 150, P. 1278.
1
to
Feb.
Net
16,940,746
14,934,927
3,260,000
2,807,500
$983,416 $11,482,076 $11,278,521
555,785
6,617,341
6,604,322
$427,631
$4,864,735
2,950,350
$1,914,385
$1,723,849
995.
January—
railway
Netrailway oper. income
150, P. 840.
1939
1940
$297,703
41,176
32,197
$288,477
58,873
58,532
1938
$284,069
44,078
40,356
Net from railway
Net ry. oper. income—
—V. 150, P. 840.
1939
1938
1937
$212,202
39,924
21,530
$240,040
59,137
35,407
Grand Trunk Western
75,874
60,716
Liquidate—
Great Northern
$1
a
share for goodwill,
or
Green Bay & Western
Gillette stockholders from H. E. Hum¬
S5,485,164
1939
$1,802,321
298,619
96,923
1938
$1,420,759
19,309
1937
$1,836,060
defl97,006
362,362
37,440
1939
$5,169,885
738,414
def99,283
1938
$4,585,003
360,545
def496,583
$5,444,456
769,309
184,719
1937
RR.—Earnings1939
$145,607
52,350
31,111
$148,683
43,455
23,849
1937
1938
$120,063
$130,337
27,944
15,407
28,246
10,304
Green Mountain Power Corp.— Unlisted Trading—
Exchange has admitted to unlisted trading the 1st
refunding mortgage bonds, 3%% series, due Dec. 1, 1963.—Y. 149,
The New York Curb
and
3262.
p.
RR.—Earnings—
1939
$524,119
147,195
66,450
1940
$566,593
164,569
77,786
January—
railway
Net from railway
Net ry. operating income
—V. 150, p. 1137.
Gross from
1937
$556,638
170,526
61,968
1938
$550,538
139,215
34,164
Co.—Earnings—
1940—Month—1939
Gross revenue--
1940—12 Mos.—1939
$166,957
112,383
15,833
$159,272
102,570
14,583
$1,891,231
1.234,491
176,251
$1,761,503
1,141,218
178,291
$38,741
20,172
$42,118
$480,489
241,437
$441,994
$18,569
5,584
$21,991
5,584
$239,052
67,014
$201,005
67,014
$12,984
Oper. exps. and taxes...
Provision for deprec'n..
$16,406
$172,038
$133,991
Gross income
Int. & other dedue'ns—
20,128
240,988
Divs.
on
pref. stock
Balance
—V. 150, p.
995.
Gulf & Ship
January—
Island RR.— -Earnings—
1940
86,325
defl.3,990
def38,375
.
Gross from railway
Net from railway
Net ry.
income—
840.
oper.
—Y. 150, p.
1939
1937
1938
88,827
def7,909
def33,274
99,221
93,007
def5,943
def32,266
709
def26,137
(C. M.) Hall Lamp Co .—30-Cent Dividend—
Directors have declared
dividend of 30 cents per share on the new $5
March 15 to holders of record March 5. Initial
paid on Jan. 25, last. Dividend of 10 cents was
stock on Dec. 30, 1938.—V. 150, p. 129.
a
par common stock, payable
dividend of like amount was
Globe Hoist Co.—Dividend Halved—
Directors have declared a dividend of 12 H cents per share on the common
value, payable Mareh 15 to holders of record March 5. This
with 25 cents paid on Dec. 15. last; 15 cents paid on Sept. 15,
last; 12H cents paid on June 15 and on March 15, 1939: 15 cents paid on
Dec. 15, 1938; 12H cents on Sept. 15, June 15 and April 25, 1938, and 25
cents per share paid on Nov. 29, Oct. 27 and July 20, 1937, this last being
the first dividend paid on the shares now outstanding.—V. 149, p. 3717.
paid
on
the old
no-par
no par
Hamilton Cotton
compares
1939
$
Calendar Years—
Net sales
—
135,735,562 115,037,867
Net profit after all cbgs.
and Federal taxes..6,628,746
Earns, per sh. on com..
1938
$
$3.50
149,971,716
141,097,136
2,240,119 xloss878,580
$0.14
Nil
x7,319,507
$4.03
Exchange has authorized the listing of 433,247
additional shares common stock (par $1) together with 97,328 shares pre¬
viously authorized for listing, upon official notice of issuance pursuant to
the terms of the plan of refinancing.
The entire amount of 530,575 shares is to be issued in exchange for certain
notes of the corporation heretofore issued by the corporation as a part of
the plan of refinancing.
Tne plan provides for a total of $2,800,000 of new funds to be made
available to the corporation to be used for retiring certain existing indebted¬
ness and the creation of additional working capital.
Reconstruction Finance Corporation has agreed to advance $2,500,000
of this sum upon certain conditions and J. B. Graham, President has loaned
company the balance, or $300,000, and has taken in exchange therefor
five-year notes of the corporation containing provisions for the conversion
thereof into common stock upon the making available of shares for that
purpose.
In addition to the additional cash to be received by the corporation, the
plan further provides for the conversion of certain deferred liabilities aggre¬
gating, as of Feb. 1, 1940, $2,186,644 into 948,224 shares of the common
stock.
These claims are all held by J. B. Graham and, pending the issu¬
ance of stock in exchange therefor. Mr. Glraham has taken the convertible
promissory notes of the corporation.
All of these notes are subject to the
terms of the standby agreement entered I into with RFC, providing that
the same shall not be enforceable against the corporation until after pay¬
ment in full of the RFC note.
It is provided, however, that the corporation
may exchange its common stock for said notes on the basis of one share of
stock for each $1 of indebtedness represented by the notes.
Upon the
issuance of the 530,575 shares applied for notes to the extent of $530,575
will be liquidated.
)»On Jan. 17, 1940, RFC disbursed $1,525,285 of its aforesaid commit¬
ments, $99,904 of this amount was used for the payment of taxes assessed
against the corporation, and $934,759 was used to retire previously existing
loans made by RFC.
The balance of the $2,000,000 commitment will
be disbursed upon retirement of the existing outstanding first mortgage
bonds.
At the present time $839,500 in bonds remain outstanding, of
which $185,000 are owned by J. B. Graham and, upon retirement of the
balance of the bonds, will be surrendered to the corporation for the con¬
vertible notes of the corporation, containing provisions similar to the pro¬
visions in the other convertible notes.
Provision has been made for the
acquisition of $484,500 of the bonds at a cost of $287,116 which includes
*«
The $500,000 commitment from RFC will be disbursed upon the condi¬
tions of the authorizing resolution when and as the same is required by the
corporation.
of
United
on
Theatres, Ltd.—Accumulated Div.—
a
dividend of $1.50 per share on account, of
the 7% cum. pref. stock, par $100, payable March
30/to
holders of record Feb, 29, leaving arrearages of $9.50 per share.—V.
149,
p. 3410.
Hamilton Watch Co.—New Directors—
Three
are
new
directors
elected at the regular meeting of the board and
J. Hale Steinman; Dwight L. Armstrong, and
They succeed R. H. Dick, R. H, Matthiessen and
were
Colonel
follows:
as
J. W. B. Bausman Jr.
W. Edward Torrey.
Stock
1940
Hamilton
The directors have declared
accumulations
Graham-Paige Motors Corp.—Listing—
X9
dividend of 75 cents per share on account
paid in preceding quarters.
1936
$
profits taxes.
Note—'Certain subsidiaries in belligerent European countries, represent¬
ing an investment of $1,519,463 and estimated to have earned a small profit
In 1939, are not consolidated in the 1939 statement.—V. 150, p. 1136.
interest to Jf3,n
a
the $2 cum. conv. sinking fund preference stock, par $30,
payable April 1 to holders of record March 15. Dividends of 50 cents were
on
—V. 149, p. 3717.
1937
$
After undistributed
The New York
Co., Ltd.—Accumulated Dividend—
Directors have declared
accumulations
Accumulations after the current dividend will amount to $5.75 per share.
(B. F.) Goodrich Co.—Earnings—
x
Total
1940
January—
Gross from railway
Net from railway
Net income.-.-.
phreys Jr., Vice President of U. S, Rubber.
"In the past ten years, during which U. S. Rubber Co. has taken an
active interest in the affairs of Gillette (its first purchase of shares was in
1930), the company has been rehabilitated and has been put on a dividendpaying basis," said Mr. Humphreys.
"The earnings for 1939 were $901,000, or $4.50 per share.
During the
past five years it has earned an average of $2.75 per share per annum.
A
large part of the productive activity of the Gillette Rubber Co. and the
resulting income have been derived from business of the U.S. Rubber Co.
allocated to the Gillette plant."
On Feb. 10, U. S. Rubber owned 162,165 shares of the 199,762 Gillette
shares outstanding.
Dissolution required vote of 66 2-3% of outstanding
shares.—V. 146, p. 3805.
stock,
,969,425
,840,363
approximately
J.
The offer was made in a letter to
444,400
preferred stock
Ry.—Earnings—
1940
$5,590,835
1,017,196
Net ry. operating income
229,426
—V. 150, p. 840.
January—
Gross from railway
Net from railway
Period Ended Jan. 31—
meeting held Feb. 29 voted to liquidate the company.
The U. S. Rubber Co. has offered minority stockholders of Gillette
Rubber Co. $29 a share for their holdings on or before Feb. 29. 1940.
This is about $3 a share more than the offer under the plan of liquidation
of Gillette which stockholders approved Feb. 29.
This latter plan provides
that U. S. Rubber, which already owns 81.18% of Gillette stock outstand¬
a
ing, will pay net book value plus
,052,125
cum.
RR.—Earnings—
1940
$2,124,647
504,290
286,118
January—
Gross from railway
Net from railway
Gulf Power
Gillette Rubber Co.—Votes to
Stockholders at
$5,485,164
Total
Gulf Mobile & Northern
$231,276
1940
$226,961
42,988
17,134
New 2d mtge (RFC)
Deferred debt
839,500
,525,285
90,295
—V. 150, p. 435.
.
Georgia Southern & Florida Ry.—Earnings—
January—
44,040
Reserves—oper. & contingent-
Surplus deficit
1937
$255,400
4,632
488
—V.
Gross from railway
159.136
Accrd. payroll, taxes, int., &c.
Present 1st mtge..
Common stock
Netrailway oper. income
—V. 150, P. 995.
Net from railway
Distributors' deps .& credit bal.
7%
Georgia RR.—Earnings—
Gross from
equipment—less res've 4,085,253
38,503
Deferred expense
2,950,350
$181,769
$94,700
65,228
41,394
Notes payable
Accounts payable—trade
Subordinated conv. notes
Plant &
$4,674,199
245,862
$62,351
-
—
—V. 150, p.
1,363,154
270,000
76,396
2,442
Net ry. oper. income
245,862
preferred stock.
Balance
290,000
same
—V. 150, p. 840.
$308,213
income
on
Funds in closed banks
Prepaid Insurance, taxes, &c._
1939
$142,156
$862,646
554,433
Gross income
Int. & other deductions.
Divs.
1,695,008
415,530
30,512
Other assets
1940—Month—1939
1940—12 Mos.—1939
$2,847,654
$2,616,570 $31,682,822 $29,020,948
Period End. Jan. 31—
Gross revenue
52,689
Inventories
21—•
1940
$145,155
Georgia Power Co.—Earnings—
Oper. exps. and taxes...
Prov. for depreciation-
$783,838
—
Drafts, notes and accts. rec'le.
$11,025
331
$16,488
- —
—
that the
Liabilities—
Assets—
Cash
$12,094
1,069
-
Net railway operating loss
Deductions
8,297
—
Railway tax accruals
1940
2,
1939
[Giving effect to the plan of refinancing to the extent
had been completed to Jan. 19, 1940]
1939
.$87,680
92,890
Net loss from railway operations.-----
March
Announcement was also made that stockholders of record March 22 will
be entitled to vote at the annual meeting April 9.—V. 150, p. 690.
Harbison-Walker Refractories
Co.—Earnings—
Consolidated Income Account for
1939
Net slaes
$13,372,700
Calendar Years
1938
$9,341,103
1937
1936
$17,312,9991
Cost of sales, sell. & gen.
and min. int. in
profits of a subsid
exp.
]
,
Not
Available
10,073,285
7,527,715
$3,299,415
20,934
$1,813,388
16,118
$3,320,350
,829,505
State income taxes
Loss on sale of Company
523,499
219,886
673,319
dwell'g houses
Fed. and State taxes paid
75,611
88,856
784,330
243,819
707,614
715,352
180,000
$736,434
180,000
1,358,883
679,442
$3,131,595
180,000
2,717,766
$3,462,483
180,000
3,057,487
$330,116 def$123,008
6,265,943
7,894,968
$233,829
7,858,144
$224,996
7,605,280
Operating profit
.
Other income
Net earnings
Interest
Prov.
on
Fed.
Deprec., deplet., &c
309
852,241
Net income
Pref. dividends
$1,868,999
(6%)
dividends
Balance, surplus
Previous surplus
___
Amount written off in
re¬
spect of prop, aband'd
of
$4,756,347 x$4,178,143
and
for prior years
Adjust,
$4,699,3391
57,008J
bank loans._
for est.
Common
12,613,660^
prop,
197.006
accts.
for aband'd plants, &c.
Other charges
1,351,299
154,719
Net adjust, of depl. chgs.
of subs,
prior to 1936-
Profit & loss surplus—
Shares
$6,265,943
$7,894,968
$7,858,144
1,358,883
$1.24
1,358,883
1,358,883
1,358,883
$0.41
$2.17
of common stock
outstanding (no par).
per share
Earned
Cr27,868
$6,596,060
.
$2.41
After deducting Federal taxes and proportion of net income of sub. co.
not wholly owned according to minority interest therein.
x
Volume
The Commercial & Financial Chronicle
150
Consolidated Balance Sheet Dec. 31
1939
Assets—
1938
$
1939
$
Liabilities—
1938
$
$
Property account .18,961,814 19 ,607,584
6% pref. stock...
3,000,000
3,000,000
Deferred charges.
Inventories
20,700,000
Accts. receivable..
620,471
3,416,378
1,971,079
3 ,296,703
1 ,304,595
Accts.
4,032
Dividend payable.
4,312,272
.
Common stock..20,700,000
Reserves...
1,153,711
12,543
.
601,561
3 ,909,697
Minority
int.
in
cap. stk. & sur.
Notes receivable..
Cash
.
Other assets
.
622,728
640,676
Invest,
.
3,748,128
,428,875
securities
*
45,000
484,562
498,735
572,091
6,596,060
Treasury stock.. Dr316,755
6,265,943
Dr316,755
33,665,412 32,793,722'
Total
y
Stated value of
earnings
Supreme Court
hearing upon the proposed plan of reorganization dated Oct.
At the hearing this committee jointly with the preferred stock¬
holders' committee proposed amendments to the plan (see
below).
These
amendments were suggested by Philadelphia trust companies and institu¬
tions representing nearly $600,000 of the first
mortgage bonds.
The Court
stated that it would appoint a referee to take
proof and to report to the
Court with respect to the plan as amended.
1% per annum on the first mortgage bonds.
These net rents have been
by the trustee, Bank of the Manhattan Co., pursuant to the
sequestration agreement.
Real estate taxes upon the property have been
paid to date.
The 1940-1941 tax assessment of the property has been
received
fixed by the City of New York at $5,750,000.
The plan provides that the new corporation will receive from 39 Broad¬
way Inc. and the trustee all cash in their possession at the date of consum¬
mation of the plan, together with the accounts and notes
receivable, equip¬
ment, furnishings, supplies and insurance policies.
On Dec. 31, 1939,
39 Broadway Inc. had cash on hand amounting to $126,312.
As of Jan. 11,
1940, the trustee reported net cash on hand of $46,594.
Amendments to Plan of Reorganization
(1) The available net income for each fiscal year shall be applide in the
following order:
First, to the payment of interest at the rate of 3% per annum on the new
bonds, such interest payable on or before Jan. 1, 1943 to be non-cumulative,
but cumulative thereafter.
8econd. to the payment of accumulated unpaid int. on the new bonds.
Third, after making the aforesaid payments, then the remaining available *
income up to $75,000 shall be used by the new corporation or the
trustee for the purchase or redemption, and retirement, at cost, of new
bonds at the lowest prices obtainable.
Fourth, to the payment of additional (but non-cumulative) interest on
the new bonds, up to iy2 %.
Fifth, the remaining available net income shall be used by the new cor¬
poration or the trustee for the purchase or redemption, and retirement, at
cost, of new bonds at the lowest prices obtainable; provided, however,
that for any fiscal year in which the principal amount of new bonds out¬
standing in the hands of the public is $2,000,000 or less, and interest at
the rate of 4H% per annum for such fiscal year has been paid or provided
for, then the said remaining available net income shall be divided into
two equal parts, one of which shall be used by the new
corporation or the
trustee for the purchase or redemption, and retirement, at cost, of new
bonds, and the other of which shall be paid, consistently with law, as divi¬
the stock of the
new
corporation.
(3) The provisions of the plan relating to the management contract with
Fred F. French Management Co., Inc., shall be amended as follows:
the
Such contract shall provide for a term expiring Jan. 1, 1945, and shall be
renewable upon the approval of a majority or four-sevenths of the entire
board of directors for
a
period of three
years.
The working capital of the
new corporation shall be $50,000 cash.
providing for such working capital and the pay¬
ment of reorganization expenses, shall upon consummation of the reorganiza¬
tion be distributed to certificate holders on account of past due interest
on
of cash, after
their certificates.
(5) The new mortgage indenture and the new bonds will contain pro¬
visions for reimbursement by the new corporation of State or District of
Columbia taxes (other than gift, estate, succession or inheritance tax)
actually paid during the term of the new mortgage by virtue of residence
in and ownership of new bonds in those certain States and the District of
Columbia with respect to which and to the extent that reimbursement for
taxes is now provided in the existing trust agreement.
Interest shall be paid to the bondholders by the corporate trustee
available net income in multiples of \i of 1 %, and any balance of
such net income less than K of 1% shall be added to available net income
for the following year.—V. 149, p. 3262.
(6)
out of the
1939
$2,639,342
Net sales
Net income after exps., deprec. & Fed. inc. taxes
Earns, per sh. on 183,300 shares common stock.,
149,
114,241
$0.62
1938
81,900,149
lossl8,781
Nil
3717.
p.
$1,920,944
281,907
$1,942,406
264,302
$2,172,420
298,408
$250,157
4,450,430
$277,767
4,736,990
$238,699
4,591,180
4,829,879
240,000
240,000
240,000
240,000
$42i791
on com..
$5.96
$5 84
$6.00
$6.82
Includes miscellaneous deductions of $675.
b Consists of $5 regular
and $2 extra,
d Excluding $8,071 net profit on sale of marketable securities
credited to reserve for depreciation of securities.
e Excluding
$10,312 in
1939, $2,465 in 1938 and $11,165 in 1937 net profit on sales of marketable
a
securities credited to
for securities.
reserve
Balance Sheet Dec. 31
1939
Assets—
a
1938
1939
Liabilities—
$
Land, bldgs. and
equipment
565,364
580,882
Inventories
3,850,934
Cash
3,197,108
541,243
4,011,538
2,722,421
489,916
8,218,510
721,375
marks
trade¬
Marketable secur. 7,567,819
b G. W. Helme stk
721,375
Other assets
43,099
74,786
$
6,000,000
839,201
415,206
839,201
422,980
conting's, &c_._
856,894
Surplus
4,450,430
849,762
4,736,990
Common
stock
Reserve for
insur.,
41,562
Deferred charges..
1938
4,000,000
6.000,000
Dividends payable
Accts. pay., &c._.
&c
Accts. receivable..
$
Freferred stock... 4,000,000
62,728
Total
16,561,730 16,848,932 1
After
a
—V.
149,
depreciation,
p.
Total
16,561,730 16,848,932
b Consists of 6,171 shares of preferred at cost.
3717.
Hercules Powder Co., Inc.—60-Cent Dividend—
Directors
on Feb. 28 declared a dividend of 60 cents
per share on the
stock, payable March 25 to holders of record March 14.
This
paid on Dec. 22 last; 40 cents paid in each of the three
preceding quarters; 60 cents paid on Dec. 21, 1938; 25 cents paid on Sept. 24
and June 25, 1938; 40 cents paid on March 25, 1938, and a year-end dividend
of 75 cents per share distributed on Dec. 21, 1937.—V. 150,
p. 840.
common
compares with $1.65
Hilton-Davis Chemical
Gross
Co.—Earnings—
Income Account for 6 Months Ended Dec. 31, 1939 '
sales, less discounts, freight outbound, returns and al¬
lowances..
Sales of raw materials, $26,689; research dept. inc., $14,818
Cost of goods sold, incl. cost of services rendered
Sell., gen. & admin, exps., $124,145; bad dts., less recov.,
$1,451,111
41,507
1,202,523
$71._
124,217
Gross profit
Other income—Cash discts.
on
purch., $8,261; miscell., $2,000.
Total income
$165,878
10,261
$176,139
Int.
on funded debt, $13,050; other int. paid, less int. received,
$534; amort, of mtge. loan exp., $1,094; miscell. deductions
$1,4.52; loss on sale and retirement of capital assets, less
profits, $1,547
Net
on
income
income
Preferred
17,677
29,400
$129,062
30,958
49,103
dividends
Common dividends
Balance
$49,001
Earnings per share
on
122,771 shs.
common
stock
Balance Sheet Dec. 31,
Assets—Cash
hand and
$0.79
1939
demand deposits,
$81,766: notes receivable,
$6,591; accounts receivable, $324,842; inventories, $748,116; cash surrender
value of life insurance, $26,032; investment at cost, $3,125; due from sale
of land,
$9,061: notes receivable, employees, $2,224; land, $174,507;
buildings, &c. (less allowance for depreciation of $90,082), $538,415;
equipment (less allowance for depreciation of $258,473), $570,308; uncom¬
pleted construction, $120,373; prepaid expenses and deferred charges,
$22,450; total, $2,627,809.
Liabilities—Notes payable, banks, $150,000; accounts payable, trade,
&c., $154,478; accrued items, $29,799; provision for Federal income and
capital stock taxes, $50,794; provision for discounts payable, $7,351;
returnable drums in hands of customers, $698; portion of mortgages payable
due within one year, $46,500; purchase money mortgage on unimproved
land, $45,000; first mortgage on land, buildings and equipment, $418,500;
preferred stock ($5 par), $1,031,875; common stock ($1 par), $122,771;
capital surplus, $461,933; earned surplus, $108,108; total, $2,627,809.—
V. 150, p. 435.
on
Honey Dew, Ltd.—Options Exercised—
Shareholders have taken up $14,000 par value of the $200,000 6% con¬
debentures dated Jan. 15, 1940, maturing Jan. 15, 1947, which
vertible
offered to shareholders on Dec. 27, 1939 at par and accrued interest.
Under agreement between E. P. Taylor and the company, dated Dec. 20,
1939, 10% of the amount not allotted to shareholders was underwritten
were
at par
Harrisburg Steel Corp.—Earnings—
Years Ended Dec. Zl—
—Y.
$1,961,120
a294;474
e$l,666,646 e$l,639,036 e$l,678,104 d$l,874,012
236,803
236,803
236,803
236,803
1,680,000
1,680,000
1,680,000
1,680,000
Provision for Federal tax
(2) The voting trust for the new class A stock (to be delivered to the
bondholders) is hereby eliminated.
Such class A stock shall be delivered
directly to the bondholders and shall be physically attached to the correla¬
tive new bonds to be received by the bondholders.
Such class A stock¬
holders, voting as a class, shall be entitled to elect four out of the seven
directors of the new corporation so long as the first mortgage bonds are
outstanding.
The initial class A directors of the new corporation shall be:
Lee S. Buckingham, Pres. of Clinton Trust Co.: M. S. Altemose, Asst.
Sec., Fidelity-Philadelphia Trust Co.; Simon Newman, Vice-Pres. of Brown,
Wheelock, Harris, Stevens, Inc., and C. Kenneth Baxter of Philadelphia.
excess
$1,716,661
455,759
Earns, per sh.
net
(4)
$1,517,450
424,955
_
Goodwill,
094;
The
$1,528,567
392,376
Balance, deficit
operating expenses and taxes of $285,809; and the net income before de¬
preciation amounted to $41,284, which is at a rate somewhat in excess of
on
1936
$1,801,944
85,282
Profit and loss surplus.
Shares of common stock
For the nine-month period from May 1, 1939 to Feb.
1, 1940, the un¬
audited figures of the company show accrued gross income of $327
dends
1937
$1,594,852
77,401
outstanding (par $25)
Building Corp.—Proposed Amendments to Plan
a
25, 1939.
Net
& State taxes.._
Preferred dividends
b Common dividends
33,665,412 32,793,722
The bondholders' committee (Lee S. Buckingham,
Chairman) in letter
dated Feb. 26 addressed to the first mortgage
bondholders, states:
On Feb. 21, 1940, Justice Lloyd Church of the N. Y.
conducted
Federal
1938
$1,591,960
63,393
$1,578,182
382,938
Profit
Other income
Total income
x
Represented by 1,380,000 shares of no par value,
21,117 shares of common stock.—V. 150, p. 1137.
Harriman
1939
$1,644,092
65,910
Depreciation
572,091
Earned surplus
Total
900,476
45,000
of subsidiary—
Capital surplus.__
y
Calendar Years—
after expenses...
Profit
1,128,232
payable...zl,430,743
1437
(George W.) Helme Co.—Earnings—
and accrued interest and has now been taken up; subject to an option
in favor of a third party on part of the debentures (which option has been
released), E. P. Taylor has an option on the balance of the unallotted de¬
bentures at par and accrued interest until Oct. 1, 1940, at least one-sixth
of the amount to be taken up monthly, commencing April, 1940, in order
to keep the option alive, $31,400 principal amount of such balance having
been already taken up.—V. 149, p. 4031.
Honolulu Rapid
Hat
Corp. of America—Stock Offered—Wertheim & Co.
and G. M.-P. Murphy & Co., Feb. 26, offered 19,000 shares
of class A common stock at 8M net«
Stock does not rep¬
resent new financing for the company.—V. 150, p. 279.
Transit Co., Ltd.- -Earnings1910
Month of January—
1939
$119,074
82,781
$112,365
83,061
Net revenue from transportation.
$36,293
Revenue other than transportation.
983
$29,304
1,008
$37,276
11,539
$30,312
11,194
Operating expenses.
Hathaway Manufacturing Co.—$1.50 Dividend—
Directors
have declared
dividend of $1.50 per share on the common
a
stock, payable March 1 to holders of record Feb. 15.
This compares with
$1 paid in each of the three preceding quarters: 50 cents paid on March 1,
Net
revenue
from operations
Taxes assigned to railway operations.
Interest.
148,
p.
3222.
1,458
18,787
Crl65
17,895
>,177
x$236
of January—
operating revenue
Operating expenses and taxes
1940
$644,539
448,132
$631,904
451,449
Non-operating income.
$196,407
10,729
$180,455
10,725
$207,136
1939, and $2 per share paid on Dec. 1, 1938.—V
937
155,067
123,246
$191,179
156,749
127,154
$71,177
$92,723
Depreciation
Profit and loss
Haverhill Gas Light Co.—EarningsPeriod End. Jan. 31—
Operating revenues
Operation
Maintenance
Taxes
1940—Month—1939
$53,683
35.921
2,924
6,743
$50,472
36,027
2,317
7,161
Net
1940—12 Mos.—1939
$556,729
359,772
29,499
79,813
x
$558,023
358,871
28,857
87,759
revenue
Loss.—V.
150, p. 841.
Hudson & Manhattan RR.-
-Earnings-
Month
Gross
Net oper. revenues
$8,096
$4,967
$87,645
61
Balance
$4,967
2,917
$87,706
35,000
$82,625
35.000
Retirement res. accruals
Gross income
Interest
charges
$5,179
$2,050
$52,706
$47,625
49
123
661
1,581
Net income
Dividends
declared
$5,130
$1,928
$52,045
$46,044
39.312
—V. 150, p.
690.
1939
89
$8,096
2,917
Non-oper. income (net).
39,312
$82,536
Income charges, excl. of int. on adjust, inc.
Interest
a
Deficit
a
at
/
bonds,
On adjustment income bonds outstanding in the hands of the public—
5%.—V. 150, p. 691.
The Commercial & Financial Chronicle
1438
Indiana Pipe
Texas—Earnings—
Houston Oil Co. of
[Including Houston Pipe Line Co.]
1939
1938
1937
1936
$7,444,812
1,384,855
$7,865,249
1,550,954
$8,099,867
1,617,750
$6,274,544
1,347,262
refinery invent's (net)
255,128
1,555,601
Crl32,098
1,500,965
Crl06,401
Producing & oper. exps.
Taxes other than Federal
Cr57,683
1,594,531
income taxes
A dm. & gen. expense.
466,293
529,753
7,427
1,511,902
456,087
322,466
57,624
1,359,940
420,556
629,753
20,255
1,283,940
$1,733,852
$2,386,631
65.782
$2,758,746
95,489
$1,550,060
53,468
$1,787,320
$2,452,413
$2,854,235
$1,683,768
Gross earnings
Crude oil and gas purch.
Decrease in crude oil and
—
_.
Uncollectible accounts..
Depreciation & depletion
Income from oper
Other income credits—
(includ¬
ing Federal taxes)
517.164
1,453,059
457,612
1,250,483
133,708
Income charges
xl,279,907
1,183,327
$1,010,531
$1,448,813
$1,574,327
$62,300 for surtax on undistributed profits.
$500,441
1,003,600
776.790
Net profit..
Includes
x
Consolidated balance Sheet Dec. 31
1938
$
1939
$
Asset 8—
x
from
west'n
Settlem't
6,088,350
Co. 6,171,376
13,939
Oil on hand
147,576
Mat'I and supplies
519,728
Advances
195,670
& Develop.
767,553
A ccts. receivable..
3,816
6,814
Notes receivable..
Employees' funds.
4,671.272
Cash
27.500
Accts.rec.,not cur.
Deferred charges..
x
596,634
257,973
734,103
3,066
10,394
1,770,622
60,000
139,173
After
455,293
...54,152,425 52,113,772
reserve
190,000
88,837
381,493
318.797
Acer, taxes & int..
404,755
-
Total
$
Notes payable
Accounts payable.
6,349
Sinking fund cash
409,574
282,016
7,324,470
7,880,403
Res've for Federal
i
$524,260
305,864
98,030
$591,718
335,970
85,741
1937
$773,161
328,422
80,122
Net operating revenue
Inc. from investments..
$120,365
45,660
$170,007
46,927
$364,617
50,075
$319,833
47,542
16,193
$166,025
$216,934
$414,692
Miscellaneous taxes
Miscell. income charges.
731
774
659
$383,568
1,102
Local,State & Fed. taxes
65,859
74",306
104,994
81,197
$99,432
150,000
$141,854
150,000
$309,039
240,000
$301,143
240,000
$50,568
412,481
15,238
$8,146
417,685
2,942
sur$69,039
348,392
sur$61,143
290,130
$377,150
$412,481
$417,685
$351,273
2,881
$377,150
$412,481
$417,685
$348,392
300,000
300.000
300,000
$0.33
$0.47
300,000
$1.03
Net income.
Balance, deficit.
Total surplus
Profit & loss surplus..
of capital stock
outstanding (par $10).
Earns.per sh.on cap.stk.
1938
1938
Assets—
1939
i
Liabilities—
1939
Property & olantjl,908,993 $1,974,222 y Caoltal stock...$3,000,000 $3,000,000
investments 1,108.450
1,142,450.Capital stock re¬
Cash
duction account
1,564
1,564
242,175
303,957
5,018
Accts. receivable.
4,176
43.715 Accounts payable.
31,686
8,753
Materials AsupdI's
8,268
25,667 Wages payable
46,984
661
1,343
Interest receivable
10,326 Divs. mat'd unpd.
9,907
3,369
2,927
Working fund advs
5,888 Other curr. liabil's
5,493
x
Other
25,533
40,574
Carrier ins. fund..
241,000
257,000
Hyde Breweries Association, Inc.—Dividend—
Illinois Bell Telephone Co.-
To
Pay $2 Dividends-New
Director—
Directors have declared a dividend of $2 per share on the common
stock, payable March 30 to holders of record March 19.
Dividend of
$2.50 was paid on Dec. 15 last, and previously regular quarterly dividends
of $2 per share were distributed.
Stockholders at the recent annual meeting elected R. Douglas Stuart
a director to fill vacancy caused by death of Fred
W. Sargent.—V. 150,
p. 1137.
$3,682,004 $3,742,016
Years End. Dec. 31—
Net profit.....
After
1937
1938
1939
1940
$8,955,350
2,097,643
1,108,516
$8,978,224
2,284,444
1,248,167
$9,029,653
1,559,226
400,706
-
Net ry. oper. income
—V. 150, p. 841.
.
.
$8,682,224
2,069,768
1,219,068
$7,849,710
1,849,131
1,061,297
Illinois Commercial Telephone
Directors have
1937
1938
1939
1940
.
$7,782,952
1,921,681
1,091,969
$7,742,095
1,183,733
246,584
on
declared
the $6
Illinois Terminal
January—
Gross from railway
Net from railway
Net ry. oper. income...
RR.
Co.—Earnings—
1940
$525,708
180,010
103,137
1939
$428,522
112,212
57,499
1937
$506,719
178,017
110,958
1938
$434,294
121,738
61,214
—V. 150, p. 691.
1937
1938
before depletion,
on the 1,181,967
$1,899,661
1936
$3.53,722
Equivalent to approxi¬
shares of capital stock.—
y
Interborough Rapid Transit Co.—Earnings—
Period End. Jan. 31—
1940—Month—1939
1940—7 Mos.—1939
Gross oper. revenue
$3,655,898
$3,644,204 $24,134,548 $23,779,609
Operating
2.394,018
2,262,688
16,192,010
15,472.082
$1,261,880
209,995
$1,381,516
207,762
$7,842,538
1,409.161
$8,307,527
1,378,225
Income from operation $1,051,885
Current rent deductions.
218,708
$1,173,754
218,708
$6,433,377
1,530,953
$6,929,302
1,530.953
$833,177
$955,046
$4,902,423
$5,398,349
5,728
183,684
360,366
308,456
$827,449
$771,363
$4,542,057
$5,089,893
Gross inc. from oper..
Fixed charges..
$827,449
879,754
$771,363
879,324
$4,542,057
6,157,500
$5,089,893
6,155,267
Net loss from oper...
$52,305
Dr 112
$107,961
$1,615,443
$1,065,375
Dr 59
Dr664
448
$52,417
$108,020
$1,616,107
$1,064,927
expenses
Net oper. revenue
Taxes
Balance
Used
for
purchase
of
enterprise.
assets of
Balance—City & co__
Payable to city under
Contract No. 3
Non-operating income..
Balance, deficit
Illinois Zinc Co .—Curb Reinstates Issue—
The capital stock of the company (no par) was reinstated on New York
Exchange listing March 1.
It was suspended on Nov. 23, 1938,
Curb
when the company reported that new auditors had discovered irregularities
in
1939
in his monthly report, states:
Traffic—The subway division during the month of January carried
67,126,405 passengers, an increase of 279,018, or approximately 0.42%,
as compared with January, 1939.
Four of the lines on this division reported
incraased traffic over the corresponding month of last year; the remaining
two lines, the Lenox Ave. and White Plains Road Line and the Brooklyn
Line, reported losses of 1.28% and 0.62%, respectively.
The month of
January this year had one less Sunday than the same month in 1939,
which accounted for an apparent improvement this year.
Actually the
rate of traffic was approximately 1.5% lower than in January, 1939.
The Manhattan division during the month of January carried 12,137,104
passengers, a decrease of 204,102, or approximately 1.65%, as compared
with January, 1939.
AH lines on this division reported less trafiic than
in the corresponding month of last year.
Correcting for the irregularity
of the calender, the rate of traffic was nearly 4% lower than in January, 1939.
The number of passengers carried on the entire sj6tem in January
was 79,263.509, an increase of 74,916, or approximately 0.09%, as com¬
pared with January, 1939.
During the first seven months of the fiscal year starting July 1, the
number of passengers carried on the system was 525,713,449, a decrease
of 8,371,936, or approximately 1.57%, as compared with the corresponding
months of the preceding fiscal year.
Co.—Accumulated Div.
a
dividend of $1.50 per share on account of
cumuative preferred stock, payable April 1 to
holders of record March 15.—V. 149, p. 2369.
accumulations
$3,742,016
Thomas E. Murray,
Earnings of Company Only
January—
Gross from railway.
Net from railway
412,481
.$3,682,004
Subway Division Operations
Earnings of System
$9,867,318
2,353,722
1,290,610
377,150
Total
y$825,658 ioss$324,616
all
charges, but
mately 70 cents per share
V. 149, p. 4177.
x
RR.—Earnings—
.
52,434
Inspiration Consolidated Copper Co.—Earnings—
x
Pay liy-Cent Dividend—
Directors have declared a dividend of $1.50 per share on the common
stock, par $10, payable March 21 to holders of record March 7. This com¬
pares with $1 paid on Jan. 3, last; 50 cents paid on Oct. 4 and July 15, last;
$1.50 paid on March 24, 1939; $1 paid on Jan. 3, 1939; 50 cents paid on
Oct. 4 and on July 15,1938; a special dividend of 50 cents paid on March 25,
1938; dividends of $1 paid on March 15 and Jan, 15, 1938, and dividends of
50 cents per share paid on Oct. 1 and July 1, 1937.—V. 149, p. 3558.
.
11
257,042
46,353
res..
x After accrued
depreciation of $2,905,873 in 1939 and $2,844,994 in 1938,
Shares of $10 par.-—V. 149, p. 2086
dividend of 15 cents per share on the common
stock, payable April 1 to holders of record March 15.
Dividends of 20
cents were paid on Dec. 30, last, and on Dec. 15, 1937.—V. 149, p. 4177.
_
Carrier insur.
Surplus
Total
54,152,425 52,113,772
Total
Hummel-Ross Fibre Corp.—To
January—
27
240,875
Other defd credits
Accrued taxes
terly dividends of 20 cents.—V. 149, p. 3558.
Gross from railway.
$1.00
Balance Sheet Dec. 31
Directors have declared a dividend of 40 cents per share on the common
Net from railway
Net ry. oper. income
254
Miscell. debits (net)-.
Other def'd debits.
stock, payable March 20 to holders of record March 8.
This comi ares
with an extra dividend of 20 cents in addition to a dividend of 30 cents i aid
on Dec. 20 last; 25 cents paid on Sept. 25 last, and previous regular quar¬
Illinois Central
.
Previous surplus
Miscell. credits (net)
y
a
125
4
Dividends
(Harvey) Hubbell, Inc/ .—Dividend Increased—
Directors have declared
$717,742
318,311
79.599
Misc. non-recur'g items.
depreciation and depletion.—V. 149, p. 3410.
for
1936
'
.
122,005
Income tax
Surplus
1938
1939
8 947,600
J Preferred stock... 8,947,600
I Common stock...27,465,450 27,465 450
I Funded debt
6.907,500
9,535 000
Kouth-
Line Co.—Earnings
Shares
1938
1939
$
Liabilities—
Property acc't..41,171,889 42,042,352
Due
•
1
1940
2,
Operating revenue
Operating expenses
Depreciation
Years End. Dec. 31
Calendar Years
Consolidated Income Account for
March
Manhattan Division Operations
Period End. Jan. 31—
Gross operating revenue.
$658,066
850,043
$668,293
822,873
1940—7 Afos.—1939
$4,731,577
$5,751,008
5,804,324
6,323,604
$191,977
$154,580
$1,072,747
$572,596
5,183
3,117
3,499
2,028
5,081
3,328
3,572
2,162
35,987.
22,365
White Plains Rd. Line
Other rent items
14,649
36,031
26,451
26,314
33,376
Bal. of net oper deficit.
$205,805
$168,723
$1,170,174
$694,769
accounts
previously prepared and submitted to the Securities and
Exchange Commission.
The company recently filed an amended registration statement, including
an audit for the year which ended
Sept. 30, 1939.—V. 150, p. 436.
expenses
Net operating loss
1940—Month—1939
Rent of jointly operated
lines:
Imperial Tobacco Co. of Canada, Ltd.—Dividends—
Directors have declared a final dividend of 22% cents in addition to an
interim dividend of 10 cents per share on the ordinary shares, both payable
March 30 to holders of record March 8.
Interim dividends of 10 cents
were paid on Dec. 30, Sept. 30 and on June
30, last. A final dividend of
22% cents in addition to an interim dividend of 10 cents per share was
paid on March 31, 1939.—Y. 149, p. 3558.
Income Estates of
America, Inc.—Registers with SEC—
See list given on first page of this
department.—V. 146,
p.
3188.
Indianapolis Water Co.—Earnings—
12 Months Ended Jan. 31—
Gross
1940
revenues..
Operation, maint. and retirement
All Federal and local taxes
Net income
Interest charges.------Other deductions
Balance available for dividends.
or
depreciation.
1939
$2,710,941
837,331
618,365
$2,617,380
816,714
574,323
$1,255,245
483,945
121,498
$1,226,344
483,945
125,148
,802
$617,251
-V. 150, P. 1280.
Industrial Rayon Corp.—Directorate Increased—
Stockholders at their annual meeting held Feb. 28 voted to increase the
of directors from nine to 11.
All directors were reelected and
I. J. Collins, President of the Anchor Hocking Glass Corp. of Lancaster,
Ohio, and George P. Torrence, Vice-President and General Manager of
the Rayon Machinery Corp., were elected to the new directorships.—
number
V. 150, p. 997.
Queensboro Line
Lexington Ave. Line..
I. R. T.-Manhattan
24,425
Hearing Adjourned—
Federal Judge Robert P. Patterson has adjourned until March 4 hearing
fairness of the Interborough Rapid Transit-Manhattan Ry. unification
plan.
Judge Patterson has granted intervention in the I. R. T.-Manhattan Ry.
receivership case to the firm of Curtis, Belknap & Webb as attorneys in
fact for holders of a majority of Manhattan Ry. second mortgage 4s.
Judge Patterson also has granted the right of intervention in the receiver¬
ship proceedings to the Theodore S. Watson independent committee for
Manhattan Ry. 7% guaranteed stock.
John S. Chapman, attorney for the
committee, stated that it represented more than 66% of the 43,510 shares
outstanding.
The court reserved decision with respect to the claims and counter-claims
of the two companies arising from I. R. T.'s 999-year lease of Manhattan
properties.
Objections to the unification plan were filed in Federal Court by several
minority groups holding securities of I. R. T. and Manhattan.
The objec¬
tions filed represent holders of I. R. T.'s KPyear 6% unsecured notes,
Manhattan's second mortgage bonds and I. R. T. 10-year 7% notes.
on
Not to
Pay More for I. R. T. 6s than Plan Price—
Comptroller Joseph D. McGoldrick of New York City states: "Un¬
warranted speculation in the Interborough Rapid Transit Co. unsecured 6%
notes has been caused by a false rumor to the effect that the city is likely to
pay more
for these securities than the price of 35 set forth in the uni-arrange-
Volume
ment
The Commercial & Financial Chronicle
ISO
by which holders of these notes
other class of I. R. T. securities
will get mwe than the plan price.
The I. R. T. situation is altogether
different from that of B. M. T.-B. Q. T., which from the outset contained
the possibility of the 10% holdouts getting an extra
had
1439
into
or any
advantage."—V. 150.
P.
1137.
negotiations for rights under these patents or for the purchase of
articles covered by them.
The complaint alleged that no such contract was
or Is in existence with the
Pehnsylvania RR. Co. and that no negotiations
been entered into with the Japanese
ever
defendants
approached
in
or
any
Hovernment nor had the
contacted representatives of that
way
Government.
'.
Stockholders* Committee—
The following owners of Inter borough Rapid Transit Co. common stock
constitute a voluntary committee, which has filed
objections with the
U. 8. District Court for the Southern District of New York, on behalf of
a substantial amount of such
Interborough stock, to the proposed plan
and agreement
of unification.
The committee has asserted, among other
objections, that the consideration therein proposed to be paid to owners
of such stock is inadequate.
The members of the committee are: Donald
N. Gilbert, Chairman; J. Reginald Stebbins and Frederick H. Taylor,
with J. Robert Marcett, Secretary, 115
ter
International Rys. of Central America—Earnings—
Month of January—
Railway operating revenues..
revenue from
railway operations
The financial aspects of the city's program of rapid transit unification
developed unexpected snarls Feb. 29 with the Stock Exchange investigat¬
ing reported speculation in 6% notes of the Interborough Rapid Transit
Co. and Attorney General John J. Bennett Jr. seeking information on a
reported "squeeze" in connection with the tender of B.-M. T. first mortgage
bonds to the city by a Wall Street brokerage house and a stock
telephone
clerk.
,
The situation
was
International Salt Co. (& Subs.)—Earnings—
complicated further by the declaration of
an
Inter¬
Calendar Years—
Net income
x
y
Earnings
At the same time there came from George Murry Roth of 45 West 81st
Street a hint that holders of B.-M. T. bonds in a substantial amount
might
resort to court action to block the
1939
After depreciation,
x
1938
1937
1936
$462,102
.>1.92
share...
per
stock.—V.
$550,613
$506,936
$2.11
$397,129
$2.29
depletion, amortization, and taxes,
$1.65
On capital
y
149, p. 3559.
International Silver Co.—Accumulated Dividend—
The
directors have declared a dividend of $2 per share on account of
on the
7% cumul. pref. stock, par $100, payable April 1 to
holders of record March 1.
This compares with $7 paid on Dec. 26 last;
$2 paid on Oct. 2, July 1 and April 1, 1939; $8 on Dec. 28, 1938; $2 paid on
accumulations
April 1, 1938; Dec. 27, Oct. 1 and July 1, 1937: $4 paid May 1, 1937, and
on Dec.l 5,
1Q36, and a dividend of $1 paid on Oct. 1, 1935.
Arrearages
after the current payment will amount to $5 per share.—Y. 149, p. 3719.
borough 6% note committee headed by Dwight F. Faulkner Jr., that his
group intended to make a court fight against the plan for city acquisition
of the Interborough-Manhattan system on the
ground that it was grossly
unfair to the holders of the I. R. T. 6s.
1939
$548,273
249,981
228,316
138,263
—V. 150, p. 1138.
Randall, Counsel, 27 William Street, N. Y. City.
Speculation Spurs Two Transit Inquiries—Stock Exchange
R. T. Sales—Attorney General Bennett
Delves
into B. M. T. "Squeeze"—Court Fights also Loom—The New
York "Times" March 1 had the following:
1940
$565,491
230,908
208,422
124,465
Income available for fixed charges
Net income
Broadway, N. Y. City, and C. Wal¬
Looks into I.
'
Net
International Telephone & Telegraph
Corp.—Obituary
Colonel A. H. Griswold, Vice-President and director of this corporation,
on Feb.
24 at the New York Hospital at the age of 60 after a brief
illness.—V. 150, p. 841.
died
Interstate Bakeries
city's proposed acquisition of the B.-M.
T. svstem.
Mr. Roth charged that the city, in paying 100 cents on the
dollar for $3,100,000 of B.-M. T. bonds held by the Prudential Insurance
Co., had acted unfairly to bondholders who had deposited their holdings
under the unification plan at the plan price of 95.
Income from operations.
Charges to income (net)
Comptroller Joseph D. McGoldrick said that well over the required 90%
T. rapid transit and surface line bonds and preferred stocks had
been deposited under the unification plan at the close of business, which,
Bond & mtge. interest._
Prov. for Fed. inc. tax..
Corp.—Earnings—
52 Weeks Ended
Dec. 30, '39 Dec. 31. '38 zJan
Period Ended—
53 Wee ks
y49,966
2, '37
$831,574
47,680
458,274
147,184
x52,580
deadline for such deposits.
The plan will not be declared
the B.-M. T., however, until the Federal and State tax
authorities have ruled on tax questions connected with the unification deal.
The rulings are expected within the next week.
Surplus
Propor. applic. to minor¬
ity interests
$473,461
$384,394
$165,696
$125,856
Reports that the city was arranging for payment of prices higher than
those stipulated in the plan for bonds of street railway companies of the
B.-M. T. system were confirmed, but it was explained that this was en¬
Net profit
Preferred dividends
$473,461
165,256
d305,442
$0.41
$384,394
139,109
d305,742
$165,696
87,253
$124,978
d306,192
e243,403
of B.-M.
also
was
_
Depreciation
as
to
tirely
prorer under the plan and without prejudice to holders of such bnods
who had deposited at plan prices.
Tim higher-than-plan prices, it was ex¬
plained, were being paid for small blocks of bonds above the 90% deposit
level, which otherwise would be outstanding liens against the properties
when the city took them over.
The prices being paid by the city, it was
said, represented the present value of bonds redeemable at future dates
for par or better.
I
Attorney
General
Bennett's
investigation,
with
Assistant
Attorney
General Ambrose V. McCall in charge, was started after action by Comp¬
troller McGoldrick in laying the ground for a Supreme Court suit, to compel
J. L. Wilson <fc Co. of 72 Wall Street and Howard Boulton Jr., an
employee
of an odd-lot concern, to make good their recent tenders of B.-M. T. bonds.
The two alleged tenders called for delivery of $108,000 rar value of the
The bonds were not delivered and it was
were unable to produce them be¬
cause of a market "squeeze."
bonds for prices less than par.
Shares
Attorney
General's
investigation,
it
said,
designed to
ascertain whether the transaction violated the State law.
According to
Mr. McCall, the transaction is also being studied by the Securities & Ex¬
change Commission and the Stock Exchange.
Mr. Bennett's inquiry into the transaction, it was said, disclosed that
the bonds allegedly tendered to Comptroller McGoldrick were selling in
the market at $900 on Feb. 5, the day the tenders were invited, but were
up to $1,075 at the close of business Feb. 7, the deadline for delivery.
The
lot also included Kings County Elevated 4s, which were quoted at .$875 on
Feb. 5 and at $1,080 at Feb. 7's close, and Brooklyn Union Elevated
5s,
quoted at $895
was
was
Feb. 5 and at $997.50 at Feb. 7's close.
which the city seeks delivery were tendered, it is alleged,
for less than rar.
The makers of the tender were unable to fulfill their
short sales.
The State inquiry, in addition to seeking to ascertain whether
The bonds
x
there had been
a violation of the securities law ban against
doing business
while insolvent, is also directed to ascertaining whether there is
any monop¬
oly of unde^osited B.-M. T. bonds in the hands of interested speculators.
The Stock Exchange inquiry into the status of I. R. T. 6s was prompted
by the recent rise of market quotations on undeposited 6s to a level slightly
higher than the $350 a $1,000 of par value provided in the unification plan.
On behalf of his group, of 6%
noteholders, Mr. Faulkner reiterated
earlier statements urging such holders not to deposit under the plan, whose
price he denounced as "grossly unfair."
The question of the fairness of
plan price allocations to various classes of Interborough-Manhattan securi¬
ties will come before Federal Judge Robert P. Patterson on March 4 in
the course of the receivreship proceedings involving both companies.—
V. 150, p. 1137.
International Agricultural
Special meeting of stockholders to act
plan of the
a Jan.
Dr 87 &
a
Consolidated
income
account,
a
minority
group
p.
value.
Balance Sheet
Assets—
Dec. 30 '39
Dec. 31 '38
$689,627
$447,842
on
hand
U.S. Treas. bonds
a
59,000
Accts. receivable
280,702
Due from employ.
286,045
719
539,326
Thomas J. Watson, President of this corporation, announced on Feb. 22
the promotion of Arch Davis to the position of Executive Secretary of the
He will assist Mr. Watson and the officers of the corporation in
dealing with all phases of the company's operations. Mr. Davis was
previously Advertising Manager and will continue to supervise the ac¬
tivities of that department in addition to his new duties.—V. 150, p. 692.
company.
matters
International Great Northern RR.
Net ry. operating
—V. 150, p. 841.
income
1940
$932,457
92,769
def.39,692
1939
$962,298
Earnings—
and licenses
1937
$1,040,064
144,642
defl7,302
102,154
113.426
def58,419
def65,944
Corp.—Listing and Registration
International Research
Corp., Indianapolis—Enjoined
The Securities and Exchange
Commission reported Feb. 24, that Judge
District Court at Indianapolis, Ind. had
entered a final
judgment
enjoining
International Research Corp., of
Indianapolis, and George E. Stevenson and John Edmund Bennett from
further violating the registration and fraud provisions of the Securities Act
S.
of 1933.
The Commission in its
complaint alleged that since March 15, 1938, the
Stevenson and Mr. Bennett, had been selling securities,
netitling the obligees to a participation in profits
accruing or expected to accrue from the exploitation of patents on fabricated
steel, bullet-proof armor, and other patents held by the defendants, and
that since Aug. 4, 1939, all of the defendants had been selling the stock of
International Research Corp. of Indianapolis.
It was alleged that these
securities were offered and sold without being registered under the Securities
defendants,
Mr.
contracts
were
Act of 1933.
The complaint alleged that in the sale of the securities the defendants had
been making untrue statements of material facts to purchasers and pro¬
spective purchasers, including statements that they had obtained a contract
from the Pennsylvania RR. to seil that company certain steel doors, the
patents for which were held by Mr. Stevenson, and that the Japanese
Government was interested in Mr. Stevenson's patents and had entered
Dec. 31 '38
282,432
134,426
118,808
obliga. (current)
Federal Income tax
Acer,
value
100,855
bond,
99,800
77,274
tax. pay.
sec.
79,684
mtge.
& other Interest.
43,262
49,026
(corn, llfeinsur.)
Other assets.
66,811
53,057
Acer, taxes (ord'y)
40,206
43,926
29,842
46,069
Pur.
b Fixed assets....
4,958,186
Deferred charges..
14,402
5,039,099
13,658
sur.
mon.
install.
22,757
obligations
Salesmen's security
102,149
97.031
347,998
323,917
2,093,100
2,164,100
deposits
Reserves
1st mtge.
6% gold
bonds
175,000
200,000
697,116
305,442
1,662,712
553,490
697,116
514% real est. note
pref. stock
(no
par)
Com. stk. (par $1)
Paid-in
surplus...
d Earned surplus.
305,742
1,662,712
245,285
a
$6,669,061
After
reserve
$6,551,764
$6,669,061
Total
of $21,681 in 1939 and $23,789 in 1938.
$6,551,764
b After
reserve
f°r417?reCiati0n °f 52,826,972 in 1939 and $2'879'066 in 1938.—-V. 149,
Irving Air Chute Co.—Gets Large Order—
President
George
Waite
announced
that
the
War Supply
He said it is
Irving in the last three
subsidiary plant in Fort
Canadian
Board has placed an order for $1,108,005 worth of parachutes.
"the second and largest placed by the Board with
months." The work will be done in the company's
Island Creek Coal
p.
3719.
Co.—Output—
Month of—
Jan., 1940
423,962
Tons of coal mined
Dec., 1939
362,276
Jan., 1939
294,162
—V. 150, p. 693.
International Products
which
$25,000
335,984
payable-
Accounts payable.
Pur. money Install.
67,183
81,426
Erie, Ont., he said.—V. 149,
1938
$.1,012,056
The New York Curb Exchange has removed the 6% cumulative preferred
stock, par $100, from listing and registration.—V. 150, p. 1281.
C. Baltzell of the U.
$25,000
109,472
8oc.
Prepaid Ins., taxes
Cash
Dec. 30 '39
Accept's
485
547,346
Inventories
Liabilities—
Notes payable
Cash in banks and
Total
January—
tax
997.
Corp.—Official Pro¬
moted—
Gross from railway
Net from raihvay
income
c The
provision for Federal income tax in the amount of $89,000 is
approximately $1,000 less than the amount included in the estimated
on the balance sheet as applicable to 1939, due to the fact that an
excess accrual remained therein from Dec. 31, 193$.
dParSl.
e No par
proposed recapitalization
of stockholders —V. 150,
International Business Machines
Federal
for
liability
has been adjourned to April 4 and it was stated that the
is giving consideration to modifying the plan if possible to
objections raised by
b Provision
appears in the above statement in the amount of $72,450.
This provision
is in respect of the estimated tax application to the income reflected by the
statement.
Corp.—Meeting Adjourned
a
Nil
contingencies and for Federal and State income taxes
in the statements of income and of earned surplus in the
aggregate amount of $85,000, includes Federal normal income tax of
$30,966 and surtax of $23,200.
A portion of the provision has been charged
to earned surplus, due to items of taxable income appearing as credits thereto,
y Provision for contingencies and for Federal Income taxes appears in the
statement in the amount of $49,966 and includes $18,280 for surtax on
undistributed profits.
This provision is in respect of the present corpora¬
tion as well as predecessor companies through the merger or consolidation
of which it was formed,
z Consolidated
corporation resulting from the
consolidation effective Dec. 13, 1937, of Schulze Baking Co., Inc., and
Interstate Bakeries Corp.
appears
$5
upon
Nil
$0.11
for
company
management
Robert
stock..
common
Provision
which
on
on
..
Earnings for share
reported that the makers of the tenders
meet
1, '38
$837,482
38,393
428,197
155,230
$1,084,761
12,859
452,879
162,179
b72,450
the
operative
The
$1,204,163
11,437
481,225
149,040
c89,000
Johns-Manvilie Corp.—New Director—
Robert
W. Lea, Vice-President in Charge of Finance was on Feb. 19
a director, it was announced by Lewis H. Brown, President.—V
150, p. 1281.
elected
Kansas
Until
City
Public
Service
Co.—To
Accept
Deposits
April 6—
The Reconstruction Finance Corporation has authorized company to
ccept deposits, until April 6, for participation in the pending plan of capital
readjustment.
Approximately $10,730,000 of bonds—equivalent to slightly more than
89% of those outstanding—have now been deposited under the plan.
The
holders of those bonds have received, or are in process of receiving, the cash
and new securities to which they are entitled.
Each participating bondholder is entitled to $336.67 in cash, plus $700
in par value of new preferred stock (represented by voting trust certificates),
in exchange for each $1,000 principal amount of bonds deposited, when the
July 1, 1939 and subsequent coupons are attached to said bonds.
If the
July 1, 1939 coupons are not available, then deposits can be made with
Jan. 1, 1940 and subsequent coupons attached, whereupon the depositing
bondholders will be entitled to participate on the terms above stated subject
to proper adjustment for accrued interest.
It is considered judgment of the management chat every bondholder
would be well advised to accept the plan and thus widraw a substantial
portion of his investment in cash.
The opportunity still remains open.
The Commercial & Financial Chronicle
1440
Summarized Comparative Income
Statement (Company and Subsidiaries)
1939
revenue
and non-operating income
1938
$6,239,133
Calendar Years—
Gross
$6,482,813
5,290,328
5,132,145
Operating expenses (exclusive of depreciation)
355,026
(excl. of deprec.)
Balance
-
Depreciation
Bond interest
Other fixed charges
-
Deficit
$5,671,278
$751.962
830,362
460,513
a335,704
$811,535
852,450
484,389
77,860
$874,617
Total expenses and taxes
380,950
$5,487,171
Taxes
$603,164
Includes approximately $255,000 of unamortized discount applicable to
acquired during 1939 (and pledged with RFC) pursuant to plan of
capital readjustment.-—V. 149, p. 4032.
a
bonds
March
2,
1940
principal and premium of 2M%--~-- 10,006,050
$847,000 1st mtge. gold bonds, series K, 6s, 1957, requiring for
principal and premium of 4%
- 880,880
(2) To reimburse company for purchase and cancellation or ,
redemption on or before Feb. 1, 1940, of $4,142,500 1st & ref.
mtge. gold bonds, 5% series, due Feb. 1, 1952, of Lexington
Utilities Co. (incl. payment, at time of delivery of securities
offered, of short-term notes issued to provide money for re¬
demption or purchase of bonds of said issue), requiring for
principal and premium of 3%
$4,266,775
(3) To redemption (or reimbursement therefor) on or prior to
June 1, 1944, through operation of sinking fund applicable
thereto, of $373,000 1st mtge. 5% gold bonds, due June 1,1949,
of Lexington Ry., requiring for principal and premium of 10%410,300
,
The
balance
of the
net
proceeds to be received by company will be
applied to reimburse company for
capital expenditures heretofore made.
Capitalization and Funded Debt (Giving Effect to Present Financing)
V
/'
Authorized
Outstanding
1st mtge. bonds, 4% series of 1970
—
x
$20,000,000
4 lA% sink, fund mtge. bonds due 1955
$6,000,000
6,000,000
3%% serial notes, due serially 1940-1946
6,000,000
6,000,000
Pref. stock, 6% cumul. ($100 par)
100,000 shs.
76,011 shs.
Junior pref. stock, 7%. cumul. ($50 par)
200,000 shs.
108,196 shs.
Common stk.(no par) (stated val. $35 per sh.)_ 150,000 shs.
102,946 shs.
x Aggregate authorized amount not fixed.
Provision will be made that,
subject to restrictions of indenture, bonds may be issued thereunder from
time to time in any number of different series, as directors may determine,
but indenture will not fix total amount of bonds, of all series that may be
issued thereunder.
The articles of incorp., as heretofore amended, of
company provide that highest amount of indebtedness or liability which
company may at any time incur is $50,000,000, incl. indebtedness evidenced
by bonds.
This amount may be increased or decreased by amendment of
'
Kansas Oklahoma & Gulf
January—
Gross from railway
Net from railway
Net ry.
operating income
1940
$206,242
124,596
88,409
Ry.—Earnings—
1939
$220,774
140,712
100,289
1938
$193,203
102,425
69,201
..
1937
$190,371
103,673
71,379
—V. 150. p. 840.
Kentucky Utilities Co.—Issues Aggregating $26,000,000
Offered—An underwriting group headed by the First Boston
Corp. offered Feb. 29, $20,000,000 first mortgage bonds 4%
series of 1970, due Jan. 1,1970 at 102 and int.; and $6,000,000
4lA% sinking fund mortgage bonds, due Feb. 1, 1955 at
101H and int.
It was announced that the issues were over¬
subscribed the day of offering.
The
includes, in addition to The First
Boston Corp., A. G. Becker & Co., Inc.; Halsey, Stuart &
Co., Inc.; Harris, Hall & Co. (Inc.); Glore, Forgan & Co.;
Bonbright & Co., Inc.; Harriman Ripley & Co., Inc.;
Blyth & Co., Inc.; Central Republic Co.; Kidder, Peabody
& Co.; W. C. Langley & Co.; Lazard Freres & Co.; Lee
IliggiDson Corp.; F. S. Moseley & Co.; E. H. Rollins &
Sons, Inc., and Stone & Webster and Blodget, Inc.
underwriting
group
As
originally filed for registration in December, the new financing of th®
provided for a single issue of $26,000,000 of 1st mtge. bonds due
1970.
The amended financing now offered is represented by only $20,000,000 of long-term 1st mtge. bonds, with a junior issue of $6,000,000 of 4H %
sinking fund mortgage bonds of relatively short maturity.
company
Capital Contribution by The Middle West Corp.
Prior to or concurrently with the issuance of the securities offered hereby.
The Middle West Corp., parent of the company, will contribute the sum of
$500,000 to the company either as common stock capital or as paid-in surplus
Such sum will be applied by the company, within 60 days after receipt
thereof, to the prepayment of a like principal amount of the 3%% serial
notes.
First Mortgage Bonds—Dated Jan. 1, 1940, due Jan. 1, 1970.
Both
principal and interest (J-J), payable in any coin or currency of the United
States, which at the time of payment is legal tender for public and private
debts, at the office or agency of the company in Chicago, or at option of
holder, at office or agency of company in New York.
Denom. $1,000,
each, registerable as to principal only.
Continental Illinois National Bank
& Trust Co. (Edward B. Stofft, co-trustee.
Company has agreed to use its best efforts to effect listing of the 1st
mtge. bonds upon the New York Curb Exchange.
Indenture will contain a debt retirement provision whereby the company
will agree that it will (a) purchase, pay or redeem and retire during calendar
year 1955, g-nd during each calendar year thereafter, not less than 1% of
the greatest principal amount of the 1st mtge. bonds outstanding at any
time between Jan. 1, 1940, and the end of such calendar year; or (b) pay to
trustee on or before Feb. 1 next succeeding the close of such calendar
year,
in cash, a sum sufficient to redeem at the redemption price then
prevailing
the principal amount of 1st mtge. bonds required to be retired as stated in
(a) above which company shall theretofore nave failed to retire during such
calendar year.
Excess retirements of 1st mtge. bonds made in any prior
year or years may be used to comply with the requirements of a subsequent
year.
Bonds will be red. all or in part at any time at option of company
upon not less than 30 days' notice, as follows: if red. on or before Dec. 31.
1966, a premium equal to a percentage of the principal amount thereof
determined as follows: a premium of 7 H% reduced successively by M of 1 %
effective on Jan. 1 in each of the
years 1941, 1942 and 1943 and by M of
1% effective on Jan. 1 in each of the years 1944 to and incl. the year 1966,
and if red. on or after Jan. 1, 1967, without premium.
Sinking Fund Mortgage Bonds—Dated Feb. 1, 1940, due Feb. 1, 1955.
Both principal and interest (F & A), payable in any coin or currency of the
United States, which at the time of payment is legal tender for public and
Erivate debts, at office or agency of company in York. Denom. $1,000,
older, at office
agency of company in New Chicago, or at option of
or
regsiterable
as to principal only.
National Bank & Trust Co. of Chicago
Leonard, trustees.
Sinking Fund—Company will agree that, it will pay to the trustee on or
before June 1, 1941, and June 1 in each year thereafter, to and incl. June 1,
1947, in cash, a sum equal to 10% of net earnings of company available for
dividends on common stock for preceding
year ending Dec. 31; provided no
such sinking fund payment shall be made In any year if the net earnings of
the company available for dividends on common stock for the
preceding
year ending Dec. 31 shall have been less than $500,000.
Company will also
agree that it will (a) purchase, pay or redeem and retire during the year
ending May 31, 1948, and during each year ending May 31 thereafter,
12 H% of the principal amount of the sinking fund mortgage bonds out¬
standing on Dec. 31, 1947, or (b) pay to the trustee under the sinking fund
indenture on or before June 1, 1948, and June 1 in each
year thereafter, to
and incl. June 1, 1954, in cash, a sum sufficient to redeem at the
price at
which sinking fund mortgage bonds are then redeemable with
sinking fund
moneys, the principal amount of sinking fund mortgage bonds required to
be retired as stated in (a) above which company shall theretofore have failed
to retire during such year.
The above sinking fund provisions are designed
to provide for retirement of entire issue by
maturity.
Bonds will be red.
In whole or in part at any time at option of
company (or by trustee under the
sinking fund indenture out of moneys received by it as proceeds of released
property or property taken by the power of eminent domain or as insurance
money) upon not less than 30 days' notice, in the maimer and with the effect
provided in sinking fund indenture, oy payment of principal amount of
sinking fund mortgage bonds to be red. and accrued interest thereon to
date of redemption plus a premium equal to a
percentage of principal
amount thereof determined as follows:
a
premium of 5H% .reduced
successively by H ot 1 % effective on Feb. 1 in each of the years 1941 to 1947,
incl., and by Hot 1 % effective on Feb. 1 in each of the years 1948 to 1954,
incl.
Bonds will also be red. in whole or in part by trustee under
sinking
fund indenture at any time out of moneys held by it in
sinking fund upon not
less than 30 days' notice, in the manner and with the effect
provided in
sinking fund indenture, by payment of principal amount of sinking fund
mortgage bonds to be red. and accrued interest thereon to date of redemption
plus a premium of 2% reduced successively by H of 1% effective on Feb 1
in each of the years 1948 to 1954, incl.
Purpose of Issue—Prior to or concurrently with the delivery of the secur¬
ities now offered, company proposes to borrow $6,000,000 from certain banks
The sum so borrowed, and net proceeds from sale of securities to be received
by company in estimated amount of $25,812,000 (excl. of accrued interest
and after deducting estimated expenses of company of
$128,000), will be
applied to the following purposes:
and Arthur T.
(1) To redemption of following bonds of company:
$3,926,000 1st mtge. lien gold bonds, series D, 6Ms, 1948, re¬
quiring for principal and premium of 5%
$4 122 300
$1,896,500 1st mtge. lien gold bonds, series F, 5Hb, 1955, re'
quiring for principal and premium of 3%
1 953 395
$3,774,000 1st mtge. lien gold bonds, series G, 5s, 1961, requiring
t
for principal and premium of 4%
;
3 924 960
$5,881,000 1st mtge. gold bonds, series H, 5s, 1961, requiring for
*
principal and premium of 4%
6116 240
$9,762,000 1st mtge. gold bonds, series I, 5s, 1969, requiring for
'
'
articles of incorp.
Earnings for Stated Periods
1939
1938
1937
1936
$8,408,646
264,234
241,811
197,622
83,213
58,766
$7,757,429
254,304
237,578
196,882
82,508
58,280
$7,327,090
247,270
247,439
187,202
79,838
57,725
$6,967,801
240,836
298,459
209,309
63,927
60,330
$9,254,295
$2,829,604
493,859
$8,586,982
$2,792,724
452,038
$8,146,567
$2,659,227
505.150
$7,840,664
$2,469,277
473,149
Fed. & State inc. taxes-x
1,066,710
3,481
808,557
444,555
1,052,473
3,542
761,819
321,000
980,802
3,671
691,454
236,812
Net operating incomeOther income (net)
$3,607,526
2,197
$3,203,384
63,446
$3,069,447
178,375
$3,193,627
134,806
$3,609,724
$3,266,830
$3,247,823
$3,328,433
Operating Revenues:
Electric—.
—
Water
v
Ice
Gas.
-
Bus-Rental of gas
distrib.sys.
Total—
Operation
Maintenance
Prov. for retire,
736,517
reserve.
Pro v. for deprec. reserve
Amortiz. of franchises._
Taxes, other than income
—...
>■■.
3,559
687,112
277,420
Gross income before in¬
terest
&
other
de¬
ductions.--—
Including Federal surtax on undistributed profits:
1936—$9,120;
1937—$1,036.
Annual interest requirements on the $20,000,000 1st mtge. bonds, 4%
series of 1970, initially to be outstanding will amount to $800,000.
Annual interest requirements on the $6,000,000 4M% sinking fund
mortgage bonds due 1955, initially to be outstanding will amount to
$270,000.
■
Business and History—Company was organized in Kentucky Aug.
17,
1912.
Company is a public utility engaged principally in generating,
purchasing, transmitting, distributing and selling electric energy in Ken¬
tucky.
It also manufactures and sells artificial gas, purchases and sells
natural gas, distributes and sells water, manufactures and sells ice and, in
one city, furnishes bus transportation.
Small portions of the electric trans¬
mission and distribution lines of company extend into the State of Tennes¬
see.
As a part of its load-building program, company sells appliances.
Company has no present intention of making any major change in character
x
_
of its
,
business.
1940, company acquired the property and business of Lexing¬
Co., theretofore its principal subsidiary company.
For the
1939, company and Lexington Utilties Co. derived 90.86% of their
combined operating revenues from the sale of electricity, 2.86% from the sale
of water, 2.61% fromthesaleof ice, 2.13% fromthesaleof gas, 0.90% from
bus transportation and 0.64% from the rental of a gas distribution system.
At Jan. 4, 1940, company supplied electric service at retail to 92,996
customers in 328 cities, towns and unincorporated communities and in
adjacent rural areas, and also supplied at wholesale the electric require¬
ments of four municipalities and 14 rural electric cooperative corporations.
At the same date, company supplied artificial and (or) natural gas to 5,420
customers in four cities and water at wholesale to one municipality and at
retail to 10,127 customers in 13 cities and communities and sold ice at
On
ton
Jan. 3,
Utilities
year
retail or wholesale in 19 communities.
The territory served by company is
and in
one
located in 57 counties in Kentucky
9,200 sq.
county in Tennessee and comprises an area of about
In this
territory, company provides retail electric service for an
estimated population of 444,600, retail water service for an estimated
population of 49,900 and retail gas service for an estimated population of
56,000.
In 1939, about 18.4% of the combined gross electric revenues of
company and Lexington Utilties Co. was derived from the sale of industrial
power for the mining of coal.
Old Dominion Power Co., a subsidiary, supplies electric service at retail
to about 6,560 customers, including 26 coal mines, in 30 municipalities and
adjacent rural areas located in three counties in western Virginia.
For the
year 1939, the gross operating revenues of this subsidiary amounted to
$771,539, of which approximately 53.8% was derived from the sale of
electricity to coal mines.
Two small subsidiaires of the company, Dixie
Power & Light Co. and South Fulton Light & Power Co., supply electric
service to 812 customers in two counties in Tennessee contiguous to Ken¬
tucky.
Old Dominion Ice Corp., subsidiary of Old Dominion Power Co.,
is engaged in the business of manufacturing and selling ice in six com¬
munities in western Virginia.
During the year 1939 it sola 4,119 tons of ice.
Acquisition of Property of Lexington Utilities Co.-—On Jan. 3, 1940, com¬
pany, as permitted by an order of the SEC acquired direct ownership of the
properties and business of Lexington Utilties Co., theretofore the principal
subsidiary.
Company acquired the common stock of Lexington Utilties
Co. in 1935 at a cost of $350,000.
With a view to the ultimate acquisition
of the assets of Lexington Utilties Co. the company principally, in 1939,
acquired at a cost of $1,869,487 a total of 17,538 shares of the $6.50 pref.
stock of Lexington Utiliites Co. and the latter called for redemption on
Dec. 15, 1939, the remaining 6,918 shares of this issue held by the public.
Lexington Utilities Co., shortly before conveying its assets to company,
acquired all the property of Lexington Ice Co., a small subsidiary company.
The assets of Lexington Utilities Co. (or substantial portions thereof) were
subject to the lien of indentures securing at Sept. 30, 1939, $4,515,500
principal amount of bonds publicly held.
These indentures will be dis¬
charged concurrently with the delivery of the securities now offered.
miles.
The
Underwriters—1 slMtge. Bonds and Sinking Fund Bonds
of the several underwriters and the principal amounts of the
names
bonds agreed to be purchased
by them, respectively, are as follows:
1st Mtge.
Sink Fund
Bonds
Mtge. Bonds
First Boston Corp
-$2,000,000
$1,800,000
A. G. Becker & Co., Inc
1,000,000
300,000
Halsey, Stuart & Co., Inc
1,000,000
500,000
Harris, Hall & Co. (Inc.)—
1,000,000
500,000
Glore, Forgan & Co
1,000,000
300,000
Bonbright & Co., Inc.
1,000,000
500,000
Harriman Ripley & Co., Inc
750,000
400,000
Blyth & Co., Inc.__
675,000
300,000
Central Republic Co
500,000
100,000
Kidder, Peabody & Co
500,000
100,000
W. C. Langley & Co
500,000
100,000
Lazard Freres & Co
500,000
100,000
Lee Higginson Corp
500,000
100,000
F. S. Moseley & Co_
500,000
100.000
E.H. Rollins & Sons, Inc...
500,000
100,000
Name—
—
_
_
-----
—
Stone & Webster and Blodget, Inc
Dillon, Read & Co
—
405,000
1,200,000
100,000
600,000
Volume 150
The Commercial & Financial Chronicle
Additional Underwriters for First
Mortgage Bonds
A. c. Allyn & Co., Inc
$300,000 The Milwaukee Co
H. M. Byllesby & Co., Inc
300,000 G.H. Walker & Co
Liabilities—Notes
190,000
190,000
Coffin «fc Burr, Inc
300,000
Alm.stedt
Estabrook & Co__
300,000
175,000
Hemphill, Noyes & Co—
Paine, Webber & Co
300,000
Bartlett, Knight & Co
J. J. B. Hilliard & Son
300,000
Stein Bros. & Boyce
175,000
300,000
Bankers Bond
125,000
300,000
Arthur Perry & Co,, Inc
Riter & Co
Brothers
175,000
175,000
Co., Inc..
300,000
Granberry & Co
Dunlap Wakefield & Co
300,000
W.
The Wisconsin Co
300,000
Newton, Abbe & Co
250,000
Whiting, Wreeks & Stubbs, Inc.. 250,000
Bacon, Whipple & Co.:
190,000
Blair, Bonner & Co
190,000
Illinois Co. of Chicago
—V.
115,000
Operating
115,000
From
James C. Wilson & Co
115,000
Courts & Co
100,000
Smart & Wagner, Inc
100,000
Miscellaneous
Wakefield & Co
West
Corp.
1938
1937
1936
$3,091,415
2,284,721
$3,074,918
2,374,025
$2,957,348
2,366,745
$3,019,647
2,376,888
$806,694
6,278
$700,893
Total income
Int. on long-term debt_.
Other deductions
$812,972
275,380
53,518
$484,074
258,922
Net income
dividends
$590,602
$642,759
39,363
$705,071
275,380
52,611
$590,602
275,380
104,206
$682,122
275,380
125,982
$377,080
$211,017
258,922
$280,760
258,922
300,000
4,178
258,922
dividends
Total oper. revenues..$21,728,987 $21,193,113 $20,414,044 $19,764,392
Operating expenses
9,124,790
9,266,157
9,290,341
8,689,475
Premiums for
officers
&
1,561,784
2,012,950
Utility
plant
1938
$
$
1939
Liabilities
15 ,276,153 Z15181.821
Long-term debt..
3,217,751
2,803,671
2,195,598
$5,390,501
15,944
$6,392,357
8,006
$5,559,386
2,725,577
487,424
$5,316,303
2,710,876
552,480
$5,406,445
2,634,582
648,131
$6,400,363
2,725,880
637,239
Cr5,356
Cr52,932
Cr55,023
Cr60,597
33,399
33,924
33,690
92,354
45,904
28,921
70,380
78,394
$2,272,439
$2,043,034
$2,074,684
$2,927,094
Int.
on
long-term debt..
Other interest
Int. on new construction
charged to utility plant
Amort, of debt discount
and expense
Miscell. deductions, incl.
minority interest
250,194
Accounts payable.
4,961,000
186,498
4,961,000
250,194
84,470
84,470
Int. & taxes accr'd
266,554
245,673
223,933
24,216
Prepayments
16,289
456,614
296,991
Deferred credits.,
23,691
22,813
126,572
603,154
112,011
132,488
x
Common stock.,
2,000,000
620,682
117,410
y
7% pref. stock._ 1,816,400
6% pref. stock.,
112,900
5% pref. stock.. 2,500,000
2,000,000
1,816,400
112,900
2,500,000
11,290
320,140
2,022,050
or
declared
on
245,660
plies
Mis cell. Invest
1,179,856
1,307,106
$5,298,926
17,377
Divs.paid
$
Capital stock exp.
Other phys. propMaterial and sup¬
1,224,538
1,368,796
1,711,746
3,464,409
_
_
1938
$
—
1,698,533
Operating income.... $5,565,055
Non-oper. income (net).
Dr5,669
*
1939
336,195
<
__
Taxes (incl. provision for
Federal income tax)
Consolidated Balance Sheet Dec. 31
Assets—
,
1936
$12,724,898 $12,403,396 $11,951,105 $11,421,452
8,840,622
8,655,105
8,278,025
8,164,304
163,467
134,612
184,912
178,635
Gross income
Preferred
Common
1937
of electric
Depreciation
1939
Net oper. income
Other income
sales
employees pensions.,
Maintenance..
Kings County Lighting Co. (& Subs.)—Earnings—
Oper. exps., taxes, &c_.
1938
revenues—
100,000
of The Middle
150. p. 1138.
Calendar Years—
Gross earnings..
1939
energy
From sales of gas
direct subsidiary
a
Calendar Years—
125,000
L.Lyons & Co
O'Neal, Alden & Co,. Inc
190,000
Control—Company is
to
Long Island Lighting Co. (& Subs.)—Earnings—
125,000
8tern, Wampler & Co., Inc
Tucker, Anthony & Co
1441
bank, $53,250; acceptances under com¬
mercial letters of credit (tea in
transit), $222,111; trade adcounts payable,
$297,731; accrued expenses, taxes, &c., $171,251; reserve for Federal taxes
on income,
$53,000; reserve for possible price adjustments, $91,000; 6%
cum. pref. stock
(par $25), $1,300,000; class A stock (par $1), $200,000;
class B stock (200,000 shs. no
par), $260,000; capital surplus, $1,804,236;
earned surplus,
$1,439,278; total, $5,831,857.—V. 150, 0. 1284.
payable
Dividend
8,840
Cash
Special deposits
Accts. receivable.
.
Deferred assets
19,461
.
declared
Customers'
697",496
Contrib. exten
y
y
Prem.
stk.
Capital surplus...
Total
x
16,951,6671
.17,179,972
Represented
par.
z
by 50,000
Includes
no
11,290
320,140
Earned surplus...
$100
2,873,112
Total
17,179,972 16,951,667
shares,
reclassified
par
$80,499
y
Represented
for
by shares of
comparative
V. 149, p. 3266.
Lake
1940
x
After
per
1938
$23,562
def41,432
def78,966
1937
$34,140
def49,338
def70,481
$45,349
def30,642
def49,834
1939
depreciation and taxes,
1937
$1,152,187
$1,272,387
$1.71
y
$1.54
$1.70
On 746,371 shares of capital stock.
1940
1939
$133,020
40,410
14,788
Net ry. operating income
—V. 150, p. 842.
$137,953
1937
$106,816
•
28,985
3,736
48,623
21,348
$131,065
39,769
14,711
1940
1939
1938
1937
$370,168
139,884
105,772
Net ry. oper. income
$283,719
77,254
68,918
$254,691
$296,072
42,855
32,613
34,539
34,152
—V. 150, p. 1283.
Lehigh Valley RR.—Earnings—
January—
1940
Net ry. oper. income
—V. 150, p. 1139.
1939
1938
1937
$4,339,617
1,373,887
787,998
Gross from railway
Net from railway
$3,354,070
1,165,717
635,618
$3,665,234
811,794
276,146
$4,129,608
928,814
398,423
1
Lerner Stores Corp. (&
x
y
Earns,
x
per
After
share..
depreciation,
400,000 shares of
Lion Oil
$1,299,232
$2,003,617
$2.89
common
stock.—V.
and
150,
income
$5.18
y
On
998-
on common
'
prov.
for inc. taxes.
1939
jjjj
Assets
stock
$0.13
...
Minority int.
in
Depreciation
Federal and Canadian income tax
Other tax, &c
Net loss
loss$5,110
Nil
1938
$2,561,508
loss2,857
34,583
179,504
5,079
19,441
95,789
$143,928
75,260
$297,283
-V. 149, p. 3876.
(Thomas J.) Lipton, Inc. (& Subs.)—Earnings—
Depreciation
Total operating income
Other deductions (net)
income
Net profit
Dividends—On 6% cumulative preferred stock
On class A stock
53,000
cos.
stock
and
surplus
...
7,475,000
of
held by public
98,307
13,841,500
61,135,600
8,850,000
888,032
249,947
3,317,116
2,115,586
64.730
1,028,186
61,544
7,561,630
868,729
1,793,504
1,632,494
310,630
164,498
2.384,000
3,739,133
140,129,200 138,492,468
.
Represented by 3,000,000 no par shares.—V. 150, p. 1284.
Long Island RR.—Earnings—
January—
1940
150, p.
$1,850,115
250,998
defl06,629
1939
$1,825,775
265,015
def97,964
1938
1937
$1,744,527
232,620
def63,211
$1,897,309
129,605
defl84,597
843.
(P.) Lorillard Co.—To Pay %0-Cent Common Dividend—
Directors have declared
no par
value,
a
dividend of 30 cents per share on the common
payable April 1 to holders of record March 15.
Divi¬
paid on Dec. 23, last and regular quarterly dividend of
30 cents was paid on Oct. 2, last.
Final dividend of 50 cents was also dis¬
tributed on Dec. 24, 1938.—V. 150, p. 1284.
Los
was
Angeles Ry. Corp.—Earnings-
Month of January—
Passenger revenue
Other
1940
$1,026,305
from transportation
Revenue from other rail and coach operations
revenue
140
3,562
9,238
$1,029,926
823,923
116,351
$1,017,182
744,402
120,007
$89,653
80,063
$152,773
76,998
$9,590
156
$75,775
1,186
$9,745
.
t$76,960
Operating income
Non-operating income.
Gross income
Miscellaneous rents
Interest on funded debt..
on
1939
$1,007,803
59
Operating expenses.
Depreciation
Interest
78,000
200,000
Assets—Cash,
$231,876; trade account receivable
(less reserves for
accounts and discounts of $35,085), $228,943;
sundry debtors,
including advances to salesmen, $59,930; inventories, $2,034,228; prepaid
expenses, $77,529; investment in wholly-owned subsidiary (inactive), not
doubtrul
consolidated—at nominal amount, $1; fixed assets (less reserve for
depreci¬
$385,349; goodwill, trade marks & copyrights, $2,814.000; total, $5,831,857.
3,000,000
r
t
-
67,352
unfunded debt.
446
»100
f
71,742
1771
"
$159,735
Consolidated Balance Sheet Dec. 31, 1939
ation of $554,949),
17,912,300
3,000,000
Taxes
$643,076
253,140
49,992
$339,943
127,208
on
2,172,025
256,254
138,492,468
Net operating revenue.
Earnings for Year Ended Dec. 31, 1939
Net profit from operations, after all selling expenses
General and administrative expenses
Provision for Federal taxes
common
Gross from railway
Net from railway
1939
Liquid Carbonic Corp.—Earnings—
1939
1,882,614
1,194,001
1,001,728
72.729
1,107,999
3,169,089
1,760,871
115,391
764,580
7,475,000
17,912,300
117,575
13,841,500
61,001,100
Notes payable
7,160,000
Accounts payable.
841,986
Customers' advances for construction of services..
212,616
Consumers' deposits
3,376,920
Interest and taxes accrued
2,234,017
Dividends payable
Undeclared cum. divs. on pref. stk. of subs
1,620,180
Deferred credits
62,243
Reserve for depreciation
8,768,294
Unamortized premium on long-term debt
829,168
Contributions in aid of construction
2,013,612
Revs. & int. thereon held in suspense pending
rate decision
154,252
Contingency reserves
894,538
Miscellaneous reserves
305,734
Premiums on preferred stocks sold
164,498
Appropriated surplus invest, in new property
2,960,000
Earned surplus
5,183,665
dend of 50 cents
$2,951,314
191,583
32,340
187,941
124,9*95,186
140,129,200
Series A7% cum.pref.stock ($100par)-Series B 6% cum. pref. stock ($100par)
x Common stock
stock,
Profit after expenses, &c_
Interest
1
127,116,046
expense
1,882,614
Other physical property
1,184,963
Special deposits and funds...
1,059,709
Miscellaneous investments..
50,503
Cash
'
1,049,735
Accounts receivable
3,066,608
Materials and supplies
1,838,931
Prepayments, insurance, &c.
105,675
Unamortized debt discount and expenses
692,254
Deferred expenses in connection with inventories of
1,978,279
utility and in proceedings before the Commission
Other deferred charges.
103,881
Net ry. oper. income
$59,793
1938
$
'
♦
Utility plant
Capital stock
—V.
1940
—V. 150, p. 1284.
3 Months Ended Dec. 31—
Net sales
utility plant.
Consolidated Balance Sheet Dec. 31
$2,181,510
taxes,
Refining Col—Earnings—
of January—
Net profit after all charges and
new
403,027
1937
$4.65
Federal
p.
Invested in
a
x
1938
$3.48
Month
Earns per share
1939
amortization
$2,076,178
523,250
1,074,738
Divs.on 7% cum.pf.stk.
Divs.on 6% cum.pf.stk.
Total
Subs.)—Earnings—
Years Ended Jan. 31—
1940
Net income.
..$1,535,318
$1,223,768
457,851
940,396
544,000
Long-term debt
1938
Lehigh & New England RR.—Earnings-4
January—
Gross from railway
Net from railway
$648,118
196,241
Balance of inc. trans¬
ferred to surplus
subsidiary companies
Preferred stocks of sub.
Lehigh & Hudson River Ry.—Earnings—
January—
Gross from railway
Net from railway
850,916
$2,076,178
Liabilities—
1936
$1,277,798
—V. 150, p. 281.
850,916
$1,223,768
Total..
1938
.$1,261,836
share...
$1.69
850,916
$1,192,118
$845,523
Approp. to surplus
a
Subs.)—Earnings—
Calendar Years—
Net profit
Earnings
1939
$29,560
def45,691
def66,888
Lambert Co. (&
y
purposes.-^-
Superior & Ishpeming RR.—Earnings—
January-—
railway
Net from railway
Net ry. operating income
—V. 150, p. 842.
Gross from
x
715,576
Z194.497
1,804,174
196,557
1,214,333
on cap.
850,916
$1,421,523
576,000
64,730
depos.
Reserves
Eref. by publicsub. cos.,
eld stock of
160,435
Net income
x
x$58,052
$4,347
Loss.—V. 150, p. 842.
Louisiana & Arkansas
Ry.—Earnings—
[Including Louisiana Arkansas & Texas Ry.l
January—
1940
Gross from railway
$686,483
Net from railway
246,417
Net railway operating income
139,592
—V. 150, p. 843.
1939 ^
$587,444
183,512
92.643
a
dividene of 10 cents per share on the common
stock, payable March 15 to holders
paid
Dividend of five
dividends
of record March 1.
Dec. 15, last and previously regular quarterly
on
of 10 cents per share were
(Del.) (& Subs.)—Earns.
b1939
Years Ended Dec. 31—
1938
$11,190,346 $10,9115,386
3,444,303
3,394,802
Operating revenues
Operation.-
......
1.427
1,137,132
637,306
593,234
1,200,000
1,423
1,150,261
599,200
$4,073,96.5
220,408
$4,294,373
Interest on funded debt1,030,450
Amortization of debt discount and expense
160,227
1,300,000
Appropriation for retirement reserve
Amortization of limited-term investments
—
Provision for Federal and State income taxes
Net operating income
Other income (net)
-—
—
36,218
$4,142,756
1,030,450
160,227
90,770
250,000
37,000
24,510
250.000
37,000
22,383
$2,755,968
1,354,920
1,354,920
$1,401,048
$1,197,006
1,638,637
56,000
18,500
..
Other interest (net)
Amortization of flood and rehabilitation expense._
Amortization of contractual capital
Miscellaneous deduction—
expenditures.
_
—
Balance
-
Dividends on pref. stock of Louisville
tric Co. (Ky.) held by public
Gas & Elec¬
j.
Net income
Earned surplus, beginning of period
Adjustment of reserve for doubtful accounts
Adjustment of taxes, prior years
—
Dividend received on deposit in closed bank pre¬
1,649,476
viously written-off.
Refund of insurance premiums applicable to prior
and interest thereon
a Net adjustment of items
Miscellaneous (net) credits
Net income
$3,124,863
1,201,511
$1,907,722
$2,910,488
1,239,129
Net ry. oper. income
—"V.
150,
p.
166,363
169,594
$75,272
$42,196
Directors have declared
a
of record Feb. 28.
This compares with
eight cents paid on Oct. 31 last and four cents paid on Jan. 18, 1939, and
on Sept. 30, 1938.—V. 149, p. 2518.
Manila Electric RR, &
Lighting Co.—Tenders—
Bank, successor trustee, is inviting
fund at a price not to exceed 105%
The Chase National
sale
to
the sinking
Marion Steam Shovel Co.-
-Earnings—
1936
1937
1939
1938
$999,404
653,925
135,114
$344,593
$1,453,340
$767,095
618,034
139,925
698,322
155,791
566,425
118,098
$210,366 loss$413,367
4,459
40,722
39,196
Sell., gen. & adm. exps.
$599,226
Dr25,425
9.546
$82,572
$583,347
$205,330
131,665
136,540
Dr37,568
Other income.
Extraordinary income..
$213,520 loss$369,711
110,553
120,745
Int. on funded debt
yll3,491
Net profit
$1,649,476
x
87,048
35,710
$68,789
$338,191
$102,966 Ioss$490,457
:
$7,179 in 1939, $5,880 in 1938, $6,062 in 1937
Includes $24,105 for undistributed profits tax.
Includes depreciation of
and $5,241 in
1936.
y
Condensed Balance Sheet Dec. 31
1938
$6,578,599
1,129,619
559,049
1937
$6,713,924
1,344,864
907,133
Cash
x
$197,034
$294,678
1,287,509
1,455,074
Acer,
trade.
int., payroll,
2,523,876
receivable
2,255,088
co.
10,287
317,190
9,336
33,207
...
3,054 140
3,217,811
Deferred assets...
26,038
24,573
pensa.ins. res..
65,205
(not current)
Instal. mtge. note.
y
$384,512
4,343,269
4,018
Surplus balance, Jan. 1, 1939
Miscellaneous credit adjustments
10,049
Land, bldgs.,ma¬
chinery & equip¬
&c
ment,
Common dividends.
x
.....^
$4,447,752
$1.75
After
reserve
175,201
107,500
z294,500
25,000
25,000
6% 20f. bds
1,544,000
Note pay.,not cur.
18,248
7% cum. pf. stock
mtge.
1,758,500
year s.
2,643,900
2,643,900
stock
2,379,525
2,379,525
surplus
2,232,852
2,453,910
2,342,418
2,556,876
Total .........$7,425,409
$7,300,768
(par $100)
$7,425,409 $7,300,768
Total
t
Sinking fund pay.
Res. for com p. ins.
Common
Paid-in
Deficit from oper.
$4,731,799
34,047
250,000
Total surplus
Preferred dividends.
$53,074
231,324
1st
Accts. & notes rec.
Profit for year
372,527
taxes, com p.
10,287
$449,717
-
1938
$36,798
473,173
Ins. reserve, &c.
bonds agst. com-
Earnings for Year Ended Dec. 31, 1939
Notes payable—.
Accts. pay.,
Accts. and notes
Inventories
Co.—Earnings—
1939
Liabilities—
1938
1939
Assets—
Deps.of U.S.Treas.
Surplus, Dec. 31, 1939
Earnings per share on common stock
tenders for the
and interest of
5% 50-year first lien & collateral trust sinking fend gold bonds in an amount
sufficient to exhaust the sum of $138,617Tenders will be received to
noon on March 8, 1940, at the corporate trust department of the bank,
11 Broad St., New York.—V. 149, p. 1624.
RR.—Earnings—
Net profit after depreciation
Federal income tax.
Dividend—
dividend of four cents per share on the common
stock, payable March 15 to holders
Federal taxes.
999.
Lunkenheimer
150, p. 844.
above.—V.
Managed Estates, Inc.—To Pay Smaller
Total profit
21,883
Previously charged and (or) credited to surplus, which are applicable
the period prior to May 31, 1936.
b Preliminary.—V. 150, p. 438.
1939
$7,464,607
2,063,596
1,374,036
&c.)
Rates Reduced—
See Boston & Maine RR.
a
1940
$8,653,490
2,213,269
1,432,260
32.896
.'
,
...
Depreciation
8
Earned surplus, end of period
$211,790
345
15,621
prior years
Adjustment of gas and fuel stock inventories
Miscellaneous direct items
$178,894
$241,635
income
Operating profit
..
capital stock
Provision for Federal tax deficiencies and interest,
$208,748
32,887
....
....
Deductions (rentals, interest
x
18,640
on
January—
23,007
27.338
Net railway operating income
Other income
Gross
67,944
35,171
29,097
74,867
....
Balance.
Gross from railway-...Net from railway
$311,106
Equipment rents—Dr
Joint facility rents—Dr
Calendar Years-—
25,154
Louisville & Nashville
769,278
$333,960
Gross profit from oper..
years
to
806,336
Net operating revenues
Taxes
30,545
Dividends
1939
*^080,384
1940
$1 '140,296
of January—
Operating revenues.
Operating expenses..
$2,551,926
income.
Gross
RR.—Earnings—
Month
$3,926,965
215,791
645,715
Maintenance and repairs
Taxes
1940
2,
149, p. 3267.
distributed.—V
Louisville Gas & Electric Co.
Maine Central
Co.—Larger Dividend—
Louisiana Land & Exploration
Directors have declared
cents was
March
The Commercial & Financial Chronicle
1442
for doubtful accounts and discounts
of $1G9,118 in 1989
$7,809,420 in
$101,191 in 1938.
y After reserve for depreciation of
1939 and $7,194,834 in 1938.
z Includes $80,000 in default
due in 1940.—V. 149, p. 3412.
and
and $214,500
Condensed Balance Sheet Dec. 31, 1939
Assets—Cash, $329,387; U. S. Treasury bonds (less reserve for amortiza¬
$435,982; other marketable securities (market value),
tion of premium),
Market Street
Ry.—Earnings—
xl939
1938
$6,436,316
4,562,354
710,884
$6,474,502
4,702,864
500.000
500,000
432,000
Year Ended Dec. 31—
$11,125; accrued interest, $724; accounts receivable, $393,621; inventories,
$2,501,624: other assets, $22,940; plant and equipment (less reserve for
depreciation of $3,225,644), $2,375,706; deferred and miscellaneous assets,
$164,435; goodwill, patents, trademarks, copyrights, &c., $1; total, $6,235,544.
Maintenance and repairs
Liabilities—Accounts payable, $127,316; preferred dividends payable,
$8,512; reserve for Federal income tax, $65,205: reserve for real estate tax,
$21,943; reserve for social security and other taxes, $41,016; 6M % preferred
stock (.5,238 shares), $523,800: common stock (200,000 shs. no par), $1,000,000: surplus, $4,447,751; total, $6,235,544.—V. 149, p. 4034.
Other income.
Mack
Sales
(net)
Net operating profit
Maintenance and repairs
Depreciation
Net operating loss...
$122,659
1,296,167
$1,798,761
1,059,583
Total
Other
profit
deductions
$1,173,508
290,521
200,000
y$739,178
189,993
Federal income taxes
Surtax
on
x$887,832 x$l,123,547
1,052,816
706,171
$1,940,648
140,957
360,000
155,000
undist. profits
z$682,987"
$1,829,718
1,368
291,700
95,800
$1,284,691'
149,334
746.669
$538,022
426,354
441,439
20,713
3,941
21,065
$204,950
$495,825
19.166
126,154
29,718
1.610
114,519
431
$351,880
$649,536
$18,865
$22,940
$16,865
$23,052
$2.15
$335,015
4,031,605
$626,484
4,658,089
$3,696,590
$4,031,605
Charges to earned surplus:
Loss on sale of property and equipment
Obsolete mat'ls & supplies reduced to scrap
value
of
property of South San Francisco RR. & Pr. Co.
Miscellaneous charges
Total charges to
earned surplus
Credits to earned surplus:
Profit on funded debt acquired for
sinking fund.
.
capital stock
Profit,
$1.14
Nil
Total credits to earned sjrplus.
Consolidated Balance Sheet Dec. 31
1939
$
chinery,
&C
Cash
Accts. & notes
Inventories
Sundry
Drafts
12,692,592 13,381,254
2,167,729
1,825,118
rec.12,346,659 14,589,352
14,739,950 10,590,868
780,340
12,596
242,791
Deps. in closed bks
Deferred charges..
After
%
382,416
14,178
322,474
42,982,657 41,105,660
for
depos.
interests
Est. Fed. inc. tax.
205,111
reserve
Years
1937
1536
$97,641,740 $104204,937
Consolidated Income Account for Calendar
1939
1938
Net sales to customers..$84,029,380 $79,648,166
Cost of sales & oper. exp.
Depreciation
Net profit from oper..
Rental inc. from tenants
77,983,128
See z
75,569,902
See z
98,291,859
See z
99,444,451
2,377,467
$6,046,252
$4,078,264
xa$650,120
$2,383,018
1,930,756
See b
See b
See b
385,806
209,968
Dr25,297
$6,432,058
845,500
,288,232
612,257
x$675,417
665,105
33,737
150,000
313,930
950,000
operations
Total
profits
Interest paid
Prov.
for
amt.
due
1,987,671
1,493,748
28,870
Kinsey
2,300
c383,237
2,300
28,237
$4,313,774
1,135,029
to
exercised in 1938
estate of James O. Mc-
under
option
Provision for taxes
y300,000
Capital surplus...25,874,547 25,874,547
Earned surplus...
Total
8.727,821
8,498,501
42,982,657 41,105,660
depreciation of $18,351,080 in 1939 and $22,001,225
in 1938.
b Represented by 597,335 no par shares in hands of public,
c Federal income tax returns filed for the years
1935, 1936 and 1937 have
been reviewed by the Bureau of Internal Revenue and settlement thereof
is pending, based in substantial part on readjustment of depreciation.
The above accrual is predicated on such settlement.—V. 149, p. 3712.
a
Marshall Field & Co.—Earnings—
2,756,604
1,960,514
80,952
Accrued accounts.
Minority
surplus, end of period
y Loss.—V. 150, p. 438.
Preliminary,
$
2,986,675
210,007
pavable...
Customers'
1938
2,986,675
Accounts payable.
investm'ts
Total
1939
Liabilities-b Capital stock...
ma¬
x
b Profit from real estate
1938
$
Assets—
Real est., bldgs.,
equipment,
Earned
y
tion of Canadian
a
9,042
$2.41
y$929,171
Loss,
z After deducting net loss resulting from the opera¬
subsidiary.
Note—The provision for depreciation for the year 1938 was $1,052,140
and for the year 1937 was $1,174,354.
A change
was made, effective
as of Jan. 1,
1938, in the method of providing for depreciation on certain
classes of manufacturing assets.
Prior to that date depreciation charges
were calculated at basic rates, but reduced by the ratio that actual produc¬
tion was less than estimated normal production.
The method adopted
as of Jan. 1, 1938 is based on spreading the undepreciated balance of such
assets over the remaining useful life thereof.
This change resulted in a
decrease of $310 for the year 1938 in the amount provided for depreciation
on these manufacturing assets.
x
3,927
111
Miscellaneous credits
Earns, per sh. on 597,335
shares
10,840
Losses incurred on account of abandonment
$544,848
298.667
Surplus
y$29,394
Net loss
$1,440,850
896,002
$384,320def$1078,505
Net profit
Dividends
$246,058
Gross income
Other income deductions.
$35,569,455 $2.5,595,925 $34,212,795 $30,795,294
2,397,483
322,562
3,208,739
3,223,188
1,038,479
1,146,552
1,476,563
1,069,183
1,061,162
1,174,354
1,043,579
1,052,140
Other income
y$40,234
1936
1937
879,873
$239,079
6,979
Amortization of debt discount and expense.
Consolidated Income Account for Calendar Years
1938
424,000
Interest charges
Trucks, Inc. (& Subs.)—Earnings—1939
Appropriation for retirement reserve....
taxes)...
Taxes (other than income
Net profit
Preferred dividends
$4,636,558
2,040,704
583,129
Common dividends
Earns per sh. on com.
stk
$1.92
$3,492,238 x$l,654,452
446,526
2,411,931
$2,878,745
3,406,185
"
$1.04
kNiVij
" $0.67
x Loss,
y No provision for surtax required,
z The provision for de¬
preciation of buildings and equipment, &c., included as a deduction in
the
statement amounts to $2,464,282 in 1939, $2,349,332 in
b Rental income from tenants, $2,744,541
$2,631,750 in 1938, and $2,403,074 in 1937, less operating expenses,
foregoing
1938, and $2,421,375 in 1937.
in 1939,
Volume
after
The Commercial & Financial Chronicle
150
rentals
charged to merchandising divisions,
$2,421,782 in 1938, and $2,428,371 in 1937.
Note-
Provisions
for
real
estate,
personal
$2,358,735
social
property,
«^^GA^'oOCCU*)a*;*on an<* °^^er t^xes, included
*4, iyt> t^oo-
1939,
in
security,
as deductions, amount to
Consolidated Balance Sheet Dec. 31
1939
1938
1939
Assets—
■[Land, leaseh'lds,
buildings, equip¬
ment,
Cash
&e
59,008,572 45,462,560
5,764,999
3,440,829
Tax antic, warr'ts
35,342
U. 8.Treas. notes.
6,183,125
......
Notes and accounts
receivable
10,626,126 10,529,211
12,681,069
Inventories
ferred
b Common stock..
16,818,815 15,396,675
Funded
28,350,000
14.000,000
Accounts payable. 2,934,098
Accrued
salaries,
684,419
wages, Ac..
686,289
invest'ts.
523,940
338,847
trade¬
l,f90,103
1,179,657
James
O.
1
$4,266,093
8,339,307
333,737
3,492,341
Curr. 8k. fd. pay..
2,466,346
P50,0f'0
Reserves
Paid-in
c
•
o?
1,784,688
surplus...10,167,279
2,002,528
5,001,899
surplus... 8,702,726
Treasury stock..
$4,515,347
1,025,000
8,393
15*676
43,736
27,032
5,667
$4,364,974
$3,410,417
$3,419,578
$2,668,887
6,599,179
c59,979
5,272,031
bS0,981
4.041,492
25,705
$12,704,281 $10,069,575
2,307,024
1,730,268
$8,782,591
2,159,392
$6,736,084
1,464,053
•
.
Approp. and unapprop.
surplus, Jan. 1
Miscellaneous credits
.
Dividends paid
Adjustments
no-par shares.
c
—V. loO, p. 1285.
Surplus Dec. 31
.$10,397,257
$8,339,307
$6,599,179
$5,272,031
buildings abandoned in connection with extension of plant, b Ad¬
of reserves for depreciation,
c Reserve
for market decline in
securities, such reserve having been provided from surplus in prior
years
a
Old
for securities
sold.
now
Condensed Balance Sheet Dec. 31
£>r226,774
Total
89,490,050 79,321,931
of $25,079,631 in 1939 and
Represented by 1,943,763 (1,659,335 in 1938)
Represented by 15,278 shares common stock at cost.
J
y
Co.—Earnings—
x
After
per
all
1938
1937
1936
$2,715,427
$2,909,957
$4,668,029
$4.67
893,708
279,295
rec'ble._zl ,452,262
3 ,494,993
1,332,061
2,682,102
Marketable
Trade
secur.
notes
counts
A
notes
counts
taxes
&
ac¬
share
$2.71
expenses,
$2.91
depreciation
and
income
taxes,
y
Michigan Consolidated
Cited by the SEC—
The Securities and
Exchange
Read & Co., New York, to show
the absence of "arm's length"
Gas
Co.—Dillon
common
Read
&
res've
77,219
629,369
1,601,713
2,883,780
8,339,307
632,938
4,753,801
1,246,446
2,883,780
10,397,257
stock.
Surplus
rec'ble..
213,690
3,617,591
85,838
Plant,property &
equipment
Cash val. life ins.&
1
1
1
1
24,172
26,765
15,139,529
12,683,223
Prepaid expenses.
Total...
$4.26
On
and
Common
$
256,779
for taxes
y
1938
$
Accounts payable.
Accr'd wages, int.,
ac¬
Investments
x
$4,266,964
stock.—V. 149, p. 3414.
Liabilities—
4,026,631
Patent"
1939
1939
$
,814,003
pens, fund pols.
ralendar Years—
Net profit.
Earnings
1938
$
Cash
Other
Directors have declared a dividend of 25 cents
per share on the common
stock, payable March 1 to holders of record Feb. 26.
Dividend of 35 cents
was paid on
Dec. 1, last and previously regular
quarterly dividends of
25 cents per share were distributed.—V.
149, p. 3562.
x
Assets—
Inventories
Merrimac Hat Corp.—-Smaller Dividend—
Mesta Machine
$3,349,553
675,000
24,020
6,869,301
^fleS™dePr^ion ,and amortization
in
1938.
b
$23,805,892
1936
840,000
_
1939
89,490,050 79,321,931!
1937
justment
Earned
Tot*1
1938
Mc-
Kinsey
Accrued taxes
Ac
Calendar Years—
1939
Net inc. from oper. and
royalties, net invest,
inc.&other inc. credits $5,463,367
Prov. for Federal taxes..
1,090,000
a Loss from
demolition.
Other deductions
2,679,562
debt
Liabil. to estate of
charges..
Goodwill,
marks,
$
7% prior pref. stk.
896,500
6% cum. pref.stk. 9,550,800 28,722,500
6% cum. pref. 2d
series.......... 5,449,200
12,846,651
Prepayments & de¬
Miscell.
1938
$
Liabilities—
1443
Minnesota Mining & Mfg.
Co.—Earnings-
Total
15,139,529 12,683,223
x Less reserves for
depreciation of $1,941,886 in 1939 and $1,665,185 in
1938.
y Represented by 961,260 shares of no par value,
z Trade accounts
receivable only.—V. 149, p, 3722.
Co.
Mississippi Central RR.—Earnings—
Commission
cause
on
Feb.
26
why the firm shouid
ordered
Dillon,
not be cited for
bargaining in negotiations with the Michigan
whereby the New York house was named agent to
Consolidated Gas Co.
place privately $2,000,000 of the company's
4% first mortgage bonds due
January—
railway
Net from railway
Net ry. operating income
—V. 150, p. 844.
Gross from
1940
1939
$67,184
14,419
5,718
$62,772
1938
$60,015
2,464
def7,208
6,850
def2,692
1937
$73,551
8,308
def 1,165
1963.
Dillon, Read & Co. and the Michigan Consolidated Gas Co.
a hearing to be held on March
11.—V. 150,
to show cause at
Mickelberry's Food
were
p.
Products Co. (& Sub.)—Earnings
Earnings for the 52 Weeks Ended Dec. 30, 1939
Net sales
Cost of sales.
$1,775,506
1,473,727
Net operating income
Selling and general and administrative
Provision for depreciation
$301,779
expenses
185,101
16,277
Other deductions (net)
Provision for Federal income taxes
188
16,997
i
V Net
profit for the period
Preferred dividends
Common dividends
Earnings
36,221
$0.27
£ Liabilities—Accounts payable—trade,
$38,214; accrued salaries and
wages, $4,606; accrued taxes, $25,446; accrued sundry
expenses, $1,019;
employee's cash bond, $856; preferred dividends declared and unpaid,
$4,734; $2.40 preferred stock (7,890 shares, par $20), $157,800; common
stock (par $1), $242,322; paid-in
surplus, $55,609; earned surplus, $68,680;
treasury common stock (845 shares at cost), Dr$4,623; total, $594,662.
Y. 149, p. 2979.
January—
1940
Gross from railway
Net from railway
$143,162
Midvale Co.— To
1939
$107,862
83,339
..
Net ry. oper. income.__
—V. 150, p. 844.
53,395
34,069
60,348
1938
$105,716
41,640
21,261
1937
$140,625
81,011
60,697
1940
Net ry. oper. income—
—V.
150,
p.
1939
1938
$716,566
135.561
46,095
$666,203
124,515
34,347
$660,635
72,781
def3,399
[Including Wisconsin Central Ry.]
1340
1939
1938
$2,074,970
$1,754,865
$1,744,806
279.481
71,884
16.346
def215,726
Net ry. oper. income—
defl9.456
def341,443
[Excluding Wisconsin Central Ry.]
Month of January—
1940
Freight revenue
$966,136
Passenger revenue
40,561
89,428
revenue
revenues
—
Maintenance of way and structures expense
Maintenance of equipment
Traffic expenses
expenses.
General expenses.
$1,096,126
155,616
227,688
35,457
550,862
47,542
Net railway revenues.
Taxes.---
1937
$608,646
29,784
def.50,689
1937
$1,881,388
1939
$794,463
51,748
85,731
$931,942
153,68.5
225,327
32,946
513,400
51,287
1937
$102,155
27,736
8,729
Missouri Pacific RR.—Earnings—
January—
1940
$7,357,576
1,784.214
914,628
1939
$6,547,651
1,494,029
592,204
1938
$6,527,091
1,242,230
333,029
1937
$7,554,596
1,716,804
743,416
—V. 150, p. 844.
Mississippi Power Co.—Earnings—
Period End. Jan. 31—
Gross
1940—Month—1939
Balance
$3,537,162
2,278,948
288,333
$91,013
49,097
$1,090,050
587,948
$969,881
602,912
$41,917
21,088
$502,102
253,062
$366,968
253,062
$7,102
pref. stock
$3,663,457
2,291,741
281,666
$28,191
21,088
Net income.
$301,346
186,999
23,333
$74,810
46,619
Gross income
Interest and other deduc.
on
1940—12 Mos.—1939
$292,843
193,033
25,000
revenue
Oper. exps. and taxes
Prov. for depreciation..
$20,828
$249,040
$113,906
Note—Results of operation through Dec. 18, 1939 of certain properties
conveyed to Tennessee Valley Authority and other public agencies on that
date are included herein.—V. 150, p. 1000.
RR.—IAsting of Certificates of Deposit—
The New York Stock Exchange has authorized the listing of certificates
of deposit issued or to be
issued by the reogoanization committee for the
following securities of Mobile & Ohio RR.:
$13,879,000 ref.
impt. mtge. gold bonds
series of 1977, with
Sept. 1, 1932, and subsequently attached.
secured gold notes, due Sept. 1, 1938, with coupons
maturing Sept. 1, 1932, and subsequently attached.
4,000,000 Montgomery Division 1st mtge. 5% gold bonds, due Feb. 1,
1947, with coupons maturing Aug. 1, 1932, and subsequently
&
coupons maturing
attached.
Net loss after taxes.
$16,243
Hire of equipment
Rental of terminals...
10,455
11,651
$158,900
9,354
13,119
$38,350
12,813
$181,374
15,731
Net loss after rents.
—
Total oper.
Interest being accrued and paid.
$25,538
3,721
Maint.
on
bonds, &c
$29,259
1937
1936
$9,899,345
378,032
469,535
100,788
1,321,655
2,196,513
496,639
3,854,835
1%,742
8,719
expenses.."$97l75^380
$8,854,742
$9,702,026
$8,363,535
"$^56L154 "$2,593,130
Transportation
Miscell. operations
General...
Transp. for invest.—Cr_
Net
1,435,326
2,060,973
39,830
-
Total oper.
1,806,357
2,218,953
514,998
4,094,891
18,298
561,714
1,568,730
2,625,238
522,009
4,424,010
39,195
525,330
2,487
of equipment...
Traffic
from oper
513,149
4,317,727
21,635
514,650
477,508
2,357
Taxes.
739,918
427,399
369,832
741,577
515,619
371,447
$2,402,769
674,320
415,052
382,936
$2,484,166
596,925
259,284
365,251
Operating income
Non-operating income..
$1,024,006
61,436
$964,186
59,918
$930,460
56,900
$1,262,706
54,581
Total gross income...
Deductions—
$1,085,442
$1,024,104
$987,360
$1,317,287
4,932
6,659
203,091
1,472
6,663
18,224
1,565
rev.
Joint facility rents
„
Miscellaneous
Int.
$165,643
3,757
on
rents
unfunded debt..
charges-
Miscell. tax accruals
Int. on funded debt
Int.
Loss.—V. 150, P. 844.
1938
revenue8-$lL736,535 $11,447,872 $12,104,794 $10,847,701
Operating Expenses—
Maint. of way & struc..
Miscell. income
Loss before interest
Deficit before interest
1939
Freight
$10,875,203 $10,523,012 $11,024,191
Passenger
316,629
350,153
415,732
Mail, express, Ac
455,139
435,234
455,253
Incid. & jt. facil. (net)..
89,563
139,473
209,619
Hire of equipment
x$44,703
114,197
x
1938
$84 963
15,355
def2,929
101,497
defl95,286
$78,961
95,204
Other income (net)
59,234
1939
$157 115
67,853
43,594
Comparative Income Account for Calendar Years
January—
Transportation
86.914
150, p. 1141.
844.
Gross from railway
Net from railway
Total
1937
$83,055
1,135
defl2,763
5,000,000 5%
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
All other
1P40
Mobile & Ohio
Minneapolis & St. Louis RR.—Earnings—
January—
Gross from railway
Net from railway
1938
$93,862
18,457
7,204
$182,877
Gross from railway
Net from railway
Pay SI Dividend—
Directors have declared a dividend of $1 per share on the
capital stock,
payable April 1 to holders of record March 23.
This compares with $3.50
paid on Dec. 16, last; $1.25 paid on Oct. 2, last; $1 paid on July 1,
last;
75 cents paid on April 1, 1939; $2.50 on Dec. 17, 1938; $1 on Oct.
1, 1938
and 75 cents on July 1 and April 2, 1938.—V. 150, p.1286.
1939
$87,199
13,404
3,277
Net ry. operating income
—V.
Divs.
RR.—Earnings—
Ry.—Earnings-
1940
$93,510
21,364
8,496
Missouri Illinois RR.—Earnings—
January—
Gross from railway
Net from railway
Net ry. oper. income—
Consolidates Balance Sheet Dec. 31, 1939
Assets—Cash on hand and in bank,
$140,134; notes and accounts receiv¬
able (less reserve for doubtful notes and accounts of
$3,053), $54,292;
inventories (at cost), $66,069; fixed assets (less reserve for
depreciation of
$196,588), $201,365; prepaid insurance, auto license, &c., $4,626; intangible
assets, $128,177; total, $594,662.
Midland Valley
January—
•
Gross from railway
Net from railway
Net ry. operating income
—V. 150, p. 844.
$83,217
18,936
share
per common
Missouri & Arkansas
ordered
1286.
on
$169,390
Net
equip, obligations
loss
4,070
3,377
3.311
6,505
19,903
2,122
4,559
897,020
40,478
1,304,141
63,709
1,514,032
91,004
1,523,561
138,279
$440,924
$558,345
$647,439
$377,645
578,518
1,349
General Balance Sheet Dec. 31
(Corporate and Receivers' Accounts Combined)
1939
$
1939
S
203,363
203,221
1,034,496
1,041,679
6,007,200
6,007,200
18,079,000 18,079,000
1,760,945
2,373,265
826,000
1,220,000
Equip, trust oblig.
Govt, grants
78,015
137,152
Loans & bills pay.
688,343
688,343
Funded
50,604
11,435
50,604
Advances
11,138
Other investments
5,393
Cash
1,135,881
Time drafts & deps
500,000
898,316
Special deposits—
——
car serv.
balances payable
wages
951,069
1,696,072
10,749,009
268,678
9,341,874
unpaid-.12,948,240
12,948,240
Divs. mat'd unpd-
Funded
tured,
Traffic & car serv.
debt
86,958
74,669
249,677
agents & conduc
Misc. acc'ts receiv.
263,181
1,383,977
Other curr. assets.
1,702,437
19,647
Deferred assets...
180,626
141,391
debits
753,036
8,629,270
Mat'ls & supplies.
RR.—Earnings—
Montour
64,353
Net from railway,.
$126,053
45,727
Net ry. oper. income.-—V. 150, p. 696.
declared
Unmat'd int
.accr.
306,925
268,677
liabilities
36,878
312,640
165,804
Deferred
Tax
liability
Accr. depr. on eq.
Oth. unadj.
341,656
5,128,742
credits
437,563
476,758
17,150
Add'ns to prop.-Misc. fund, res'ves
Dr962,907
Profit and loss
..60,208,420 69,676,693
47*506
290,312
6,747,517
8,885,913
475,108
12,931
/lr823,984
60,208,420 69,676,693
Total
a
1939
$920,930
135.256
1938
$977,411
220,691
1937
$848,149
119,654
def27,135
Net ry. oper. income
—V. 150, p. 1286.
(Philip) Morris & Co.,
Directors have
Ltd.—Extra Dividend—
declared an extra dividend of $2 per share in addition to a
of 75 cents per share on the common stock,
regular quarterly dividend
both payable March 25 to
were
made on March 24,
Morris Finance Co.—Earnings$574,795
169,435
$313,780
$872,247
329,445
128,763
$216,748
48,808
$405,360
10.945
$542,801
12,080
$266,438
41,572
$265,556
39,497
$416,304
73,475
$553,740
2,649
45,814
3,637
38,143
5,687
x79,395
5,157
xl38,384
$176,402
$184,279
$257,748
$336,287
16,374
Net inc. from oper'ns.
97,032
$254,358
Operating expenses
35,000
35,000
35,000
Other income credits
Gross income
Int. on coll. tr. notes,&c.
Commissions
def206
78,220
14,445
fees
&
Co.—Earnings—
coll. trust notes
Net
income
Cash divs. paid on
pref.
capital stock
Cash divs. paid on com¬
94.500
112,000
70,000
Including $25,300 ($53,000 in 1936) for surtax on undistributed profits.
87,500
capital stock
mon
Coll.
5559,382
5452,048
3,928,270
2,978,722
2,048
1,706
3,132
10,797
6,251
demand deposits
Notes receivable
Operating profit
—
$389,600
15,964
Other income
124,206
260,767
repossessions—
125,638
102,714
Unearned Income.
93,657
96,312
------
500,000
250,000
250,000
dealers...
related
notes receivable.
(net)
$3,177,997
Cost of products sold, selling, administrative and general ex¬
penses (including depreciation provision of $68,063)
2,788,397
Sales
Accts. rec., sundry
Res've for losses on
receivables
3,147
Prepaid Int. on col¬
lateral tr. notes.
Pref'd
Prepaid commis'ns
and
stock
(par
$100)
receivables
on
notes
trust
payable..
$2,847,900 $1,219,300
Accts. payable and
accrued taxes
95,928
85,486
F'ds withheld from
bals. due
the
on
13,626
purchased
A stock
Class
(par
$50)
$405,565
40,549
Total income
deductions
.'
Adjustments for prior years
x
Earnings per share on common.
Balance Sheet Dec. 31, 1939
Assets—Cash, $148,195; trade acceptances and accounts receivable (less
of $59,000), $581,884; inventories, $322,771; other assets, $7,287;
reserves
collateral trust serial gold debentures, $52,565; property, plant and equip¬
(less
for depreciation of $626,048), $628,877; prepaid insur¬
&c., $12,735; total, $1,754,315.
payable, $128,821; accrued taxes and interest,
reserves
ance, taxes,
Liabilities—Accounts
$25,578; Federal taxes on income, $52,442; funded debt, $253,000; reserve
for general contingencies, $20,000; common stock (135,302 no par shares),
$135,302; capital surplus, $554,158; earned surplus, $575,013; total, $1,754,315.—V. 149, p. 3414.
Monarch Knitting Co.,
Ltd.—Earnings—
Net profit for the year..
Int.
earned and
1937
1936
$3,411,777
$3,511,853
18,199
32,109
55,972
54,465
$3,370,723
$1,758,609
$3,467,749
$3,566,318
985,949
1,066,325
844,673
459,491
investments
from
1938
$1,726,500
income
1,075,287
See y
Miscell.
deductions
Provision for Fed. taxes.
37,196
409,000
Balance Sheet Dec. 31, 1939
Prov.
and in banks, $97,819; accounts receivable (less
$347,681; inventory of merchandise
$628,432; unexpired insurance and deferred charges,
$22,044; land, buildings and equipment (less reserve for depreciation of
$1,152,150), $780,429; goodwill, contracts, &c., $995,905; total, $2,872,312.
Liabilities—Accounts payable, $107,803; sundry loans and employees'
deposits, $102,832; contingent reserve for royalties, $12,431; reserve for
Dominion
and
Provincial taxes,
$30,158; preference stock, $750,000;
common stock, $1,275,000; surplus, $594,088; total, $2,872,312.—V.
150,
p.1141.
for surtax on
See y
See y
196,280
354,500
30,880
120,000
55,500
123,000
$621,780
340,000
$1,795,143
1,360,000
$1,800,933
935,000
$281,780
6,820,449
$435,143
6,538,669
850,000
$2.11
$865,933
6,103,525
(est.).
profits
_
$1,849,239
income
Common divs.,
'338,221
un■
distrib.
Net
hand
on
1939
$3,352,524
Income from sales
Sell., adv., gen. admin.
expenses,
&c
Depreciation
$101,247
$3.82
Warnings per share on common
Assets—Cash
Corp.—Earnings—
30,158
-
Reserve for Dominion and Provincial taxes
reserve
Motor Wheel
Calendar Years—
35,000
$166,406
...
3414.
Morristown & Erie RR.—Tenders—
The National Iron Bank of Morristown, N. J. will until 3 p.m. March 28
receive bids for the sale to it of sufficient first mortgage 6% 10-year coupon
bonds, due Sept. 1,1943 to exhaust the sum of $7,301 at prices not exceeding
105 and accrued interest.—V. 149, p. 2697.
Total income
Earnings for Year Ended Dec. 31, 1.939
Profit for the year
Reserve for depreciation
118,735
723,610
$4,502,204 $3,456,925
Total-..-
$4,.502.204 $3,456,925
Represented by 10,000 no par shares.—V. 149, p.
x
100,000
68,735
796,138
Earned surplus
Total
301,782
$2.23
...
100,000
Class B stock...
Capital surplus
62,442
791
Provision for the year—Federal income tax
1938
1939
LiabUiltes-
1938
1939
Assets—
Cash on hand and
at the
Earnings for Year Ended Dec. 31, 1939
ment
73,911
on
Repossess'ns, val'd
Net profit
10.939
Consolidated Balance Sheet Dec. 31
Directors have declared a dividend of 50 cents per share on the common
stock, no par value, payable March 20 to holders of March 5.
Dividend
of 75 cents was paid on Dec. 20, last and previously, regular quarterly
dividends of 25 cents per share were distributed.—V. 149, p. 3722.
Other
1936
1937
1938
1939
$383,121
Calendar Years—
Co.—To Pay 50-Cent Dividend—
Mohawk Rubber
Similar payments
holders of record March 8.
1939.—V. 149, p. 3269.
Gross inc. from operat'ns
x
Modine Mfg
stock,
regular quarterly
p..3961.
of January
1940
$889,736
104,853
Net from railway
59,430
54.850
dividend of $1 jper share on the common
payable March 15 to holders of record Feb 29. Previously
dividends of 50 cents per share were distributed.—V. 146,
Prov. for Federal taxes-
Earnings for Month
January—
Gross from railway
1937
$163,892
Ltd.—Dividend Doubled—
Montreal Cottons,
Directors have
1938
$132,232
36,601
45,975
1939
1940
$167,088
63,985
January—
Gross from railway.
ma¬
Other curr. liabils-
387,285
13,811
receiv.
Total
999,370
matured,
unpaid
451,521
Balances due from
76,992
1,646,048
payable
Misc. acc'ts pay._
Interest
101
ceivable-------
149,868
1940
2,
Audited acc'ts and
5,393
1,390,876
Loans and bills re¬
Unadjusted
debt
Notes & advances-
Traffic &
Inv. in affll. cos.:
Stocks
stock—
Common
equipment- ....53,362.840 55,642,047
Sink in? funds
231
Depos. in lieu of
rntgd. prop, sold
$
Liabilities—
Invest, in road and
Misc. phys. prop.-
1938
$
1938
Assets—
balances
March
The Commercial & Financial Chronicle
1444
1,360,000
cash
__
—
for doubtful accounts, $26,000),
and supplies on hand,
$489,239
Surplus
2,998,903
850,000
$2.17
Profit and loss surplus..
Shs. of com. outstanding
Earns, per sh. on com—
850,000
$0.73
850,000
$2.12
Amounts for provision for depreciation are $458,514 in 1939, $448,354
in 1938 and $423,453 in 1937 and for depletion $42,258 in 1939, $94,274 in
1938 and $89,778 in 1937.
y
Comparative Balance Sheet Dec. 31
Monarch Machine Tool
Co.—Earnings—
1939
Earnings for the Year Ended Dec. 31, 1939
$2,892,767
2,134,086
140,969
32,023
Sales, less dealers' discounts, allowances, &c
Cost of products sold
Selling, administrative and general expenses
Other income
Total income
Other deductions.
$649,735
2,793
_
_
Provision for Federal taxes on
income
117,366
Net income
$529,577
225.119
$3.53
Dividend paid
Earnings
per
share
Balance Sheet Dec. 31,
1939
Assets—Cash, $262,998; marketable securities, $26,496; notes and trade
acceptances and accounts receivable (less allowance for doubtful notes and
accounts of $7,131), $467,692; inventories, $461,624; accrued interest, on
notes and securities, $343; cash surrender value of insurance, $27,326;
prepaid insurance, $5,089; land, buildings and equipment, at cost (less
allowance for depreciation of $505,500).
$879,457; patents and trade¬
marks, at cost (less allowance for amortization of $457), $10,340; total,
$2,141,366.
Liabilities—Accounts payable, $157,109; accrued items, $51,071; provi¬
sion for Federal taxes on income, $117,366; common stock (156,000 no par
shares), $1,000,200; earned surplus, $842,901; treasury stock (5,921 shares
at cost), dr. $27,280; total, $2,141,366.—V. 150, p. 1287.
Ry.—Earnings—
1940
$467,511
276,789
155,048
1939
$335,393
192,687
90,225
2,527,902
1937
$436,114
264,544
141,436
Directors on Feb. 26 declared a dividend of 50 cents per share on the
stock, payable April 15 to holders of record March 20.
Pre¬
viously regular quarterly dividends of 25 cents per share were distributed.
In addition, extra dividend of $1 was paid on Jan. 15 last and extra of
25 cents was paid on Jan. 14, 1939.
common
Treasurer—
Harold L.
Pearson, formerly Vice-President and Comptroller, has been
elected Treasurer of this company to succeed George Vaught, who resigned
on Feb. 26.
Mr. Pearson will continue to hold the title of Vice-President
as well as Treasurer and it is expected that he will be elected a director to
fill the vacancy on the board caused by Mr. Vaught's resignation.—
V. 150, p. 1000.
2,291,777
Inventories
Other assets
...
1938
$
4,250,000
899,434
Accrued taxes, roy¬
88,407
alties, &c
78,009
Federal Income tax
1,759,690
3,386,570
131,122
1,366,957
2,800,387
409,000
120,000
Res've for contlng.
238,600
237,549
50,000
7,309,687
6,820,449
Res.
196,118
for
w'kmen's
compens.
insur.
Surplus
Prepaid taxes, ins.,
bond dlsct., &c.
104,110
12,455,440
50,000
100,998
13,448,363
Total
Accounts
15,996
Customers' notes &
receivable
$
4,250,000
payable. 1,102,668
Common stock..
13,448,363 12,455,440
Total
Represented by 850,000 shares of $5 par value,
y After depreciation
in 1938 (including special reserve of $43,463 on Southern
plants),
z After reserve for depreciation of $5,895,037.—V. 149, p. 3414.
x
of $5,508,763
Murray Ohio Mfg. Co.—Earnings—
Earnings for Year Ended Dec. 31, 1939
profit (sales, less cost of products sold)
Selling, general, administrative and delivery expenses
Gross
Operating profit
3,754
-
$291,733
Total income
3,296
paid
profit.
63,000
2.095
Over-provision for prior year
Net
$687,873
399,895
$287,978
-
Other income
Provision for Federal taxes on income (estimated)
1938
$223,208
99,729
defl,014
Montgomery Ward & Co.—Dividend Doubled—
New
z5,538,968 y5,683,207
&c
Cash
accts.
Liabilities—
x
Mktable. securities
Interest
Monongahela
January—
Gross from railway
Net from railway.
Net railway oper. income
—V. 150, p. 845.
S
Land, bldgs., ma¬
chinery,
1939
1938
$
Assets—
$227,532
-
107,423
Deduct dividends paid
Earnings per share
$2.12
and amortization
of dies and patterns amounting to $48,777 and $143,176, respectively,
have been charged to profit and loss for the year.
The amounts to be
claimed for Federal income tax purposes for depreciation and for amortiza¬
tion amount to $52,025 and $96,106, respectively.
Note—Provision for depreciation of plant and equipment
Balance Sheet Dec. 31, 1939
(less reserve of $25,surrender value of life in¬
Assets—Cash, $186,080; trade accounts receivable
650),
$537,363;
inventories, $1,330,353; cash
$20,627; general mortgage bonds accepted for past due trade
account receivable (less reserve of $5,000), $5,000; note receivable, $1,250;
employees accounts receivable, &c., $2,340; property, plant and equip¬
ment (less reserves for depreciation of $355,510), $882,379; dies and patterns
at cost (less reserve of $25,000), $94,219; contracts, processes, &c., $250,000:
surance,
deferred charges, $13,011; total, $2,599,179.
Volume ISO
The Commercial & Financial Chronicle
Liabilities—Accounts payable, $232,000; accrued taxes,
$19,010; Federal
,mcome (estimated), $63,000; current portion of long-term note,
$15,000; long-term note payable, $85,000; common stock
(107,423 no par
earned
National Candy Co. (& Subs.)—Earnings—
surplus- *975,331:
Years Ended Dec. 31—
1939
Gross profit from sales—
$3,072,124
Sell., admin. & gen. exp.
1,869,243
Muskegon Piston Ring Co.—Earnings—
Years Ended Dec. 31—
Gross profit on
1939
manufacturing operations
Provision for depreciation and
amortization
1938
$738,924
Selling and shipping expenses
Administrative and general expenses
$516,639
Other income.
$525,441
$400,782
on
$226,645
353.066
Earns, per share
43,509
81,150
186,918
$1.09
tax
capital
207,696 shares
stock._
$1.93
hand
on
and
in
banks,
1940
$462,884 loss$570,lll
66,087
66,087
70,462
70,462
48,204
$314,844
66,087
70,462
192,815
$542,547
$326,335 def$754,864
def$14,520
$2.81
$1.69
$311,411;
United
$403,723
States savings
($412,960 in
1938
1938).
Consolidated Balance Sheet Dec. 31
Assets—
1939
Cash
1938
$424,366
1,093,921
2,695,468
1,270,949
Ntjbes
2,579,393
3,600
Inventories
Margin deposits
value
Expenses
$549,812
204,413
$403,039
3,777
$232,662
5,807
$345,399
8,743
5,196,977
67,977
76,291
Deferred assets..
$406,816
21,945
80,000
$238,469
21,339
41,000
$354,142
21,089
50,200
$378,812
20,045
54,000
$304,871
150,000
$176,130
150,000
$282,852
200,000
$154,871
$26,130
$82,852
$154,767
$1.52
$0.88
$1.41
$1.52
&c...
Federal taxes
Net profit
Common
.
dividends
Surplus
Earns, per sh.
shs. com.
200,000
stk. (no par)
on
Balance Sheet
Assets—
Jan. 31 '40
Cash
U.
Oct. 31 *39
$1,203,706 $1,554,102
S.
Govt,
and
marketable sees.
Notes & accts. rec.
204,719
205,406
516,463
1,162,156
inventory.. 1,098,369
Real est., mach'y
and
equipment.
Mis cell, assets
239,957
1,000,000
Common stock..
Profit & loss surp.
225,305
1,000,000
3,006.546
3,161,417
9,294
Deferred credit
x
—»
Res. for conting
10,986
Less
—.$11,292,754 $9,988,413
allowance
for
Nashville Chattanooga & St. Louis
Ry.—Earnings—
January—
Net sales
Cost of sales
150,
p.
1939
1938
$1,098,147
168,322
66,207
$1,161,066
123,349
334,873
235,291
26,477
696.
$11,292,754 $9,988,413
&c.,
accounts,
of
$76,133
in
1939
and
Corp.—Earnings-
1938
1937
1936
.$59,170,887 $63,900,866 $61,938,849 $67,668,892
39,767,218
40,794,299
40,919,244
47,198,747
notes receivable
Crl ,336,000
Gross profit..
Miscellaneous income
Interest
$21,441,845 $22,058,903 $21,731,286 $21,123,064
12,515,950
11,520,796
11,206,937
10,649,020
756,710
680,350
682,312
688,175
gen. exp__
j.
y
y
y
88,149
xl ,919,102
al ,891,927
76,809
al,853,926
$7,007,124
4,090,896
$7,850,506
4,073,786
$7,861,969
5,601,456
$7,753,251
5,601,456
$2,916,228
17,873,546
2,045,451
$3.43
$3,776,720
16,707,164
2,036,896
$3.85
$2,260,513
10,989,666
2,036,896
$3.86
$2,151,795
11,415,080
2,036,896
88,141
bl01,884
.
stock
y
84,355
xl,077,707
Prov. for Fed. taxes.__.
Profits applic. to outside
interest
on com.
1,707,000
$20,739,669 $21,399,567,$21,019,605 $20,470,145
702,176
659,336
711,682
652,919
Total income
Sell., adm. &
1937
$1,282,007
1,440,593
.
Proport. of profit on cer¬
tain sales of whiskey
covered by customer's
Divs.
1940
$1,262,801
281,104
170,473
4,820,375
Total
1939
Depreciation.:
Gross from
railway
Net from railway
Net railway oper. income
60,000
944,100
1,006,600
Consolidated Income Account for Calendar Years
Amort, of deb. discount
and expense
—
—
National Distillers Products
Net income
—V.
doubtful
11,315
.$4,620,866 $4,336,7791
Total
$4,629,866 $4,336,779
Represented by 200,000 no par shares,
y Less allowance for deprecia¬
$1,017,088 in 1940 and $995,143 in 1939.
z Includes payroll.—
V. 149, p. 4035.
18,181
591,892
60,000
944,100
1,006,600
4,820,375
989,046
$75,714 in 1938.
y Lass allowance for depreciation of $5,692,369 in 1939
and $5,511,922 in 1938.—V.
149, p. 3415.
46,016
x
18,181
631,921
Min. shareholders'
Surplus
Total
5,444
tion of
382,000
gold notes
interest in subs.
39,442
Deferred assets...
Total
$84,887
231,427
215,650
324,000
ser.
Common stock..
Oct. 31 '39
20,041
taxes & contlng.
x
923,753
$211,341
credits
Res. for Fed. inc.,
State and local
1,079,725
916,030
Jan. 31 '40
Accounts payable
Customers
Mdse.
y
Liabilities—
z
199,977
246,136
5%
patent
$304,767
150,000
Total income
54,000
100,000
7% 1st pref. stock.
7% 2d pref. stock.
$370,092
8,720
Depreciation,
58,000
800,000
Taxes
36,564
389,287
$565,441
195,349
Operating profit
Other income (net)
375,000
Mtge. notes pay..
Mtge. payable
1937
$442,380
209,718
$391,142
350,000
payable
Accrued accounts.
43,345
1,189,524
5,187,000
——
Permanent assets
y
1938
$292,871
Ser. gold notes pay
of life
insurance
Other assets.
1939
Accounts payable.
on
grain futures
Cash
Liabilities—
$1,006,224
Customers'accts.
x
rights & tr'mks.
1939
$630,317
227,278
-
Nil
Note—Provision
Goodwill,
.
91,517
a67,050
a475
Cr41,532
rental
(F. E.) Myers & Bros. Co.-Earnings—
profit.
1 ,625,297
$0.73
Includes $196 ($1,350 in 1936) estimated surtax on undistributed
profits.
for depreciation of property, plant,
equipment and
property included in the above statement for 1939 amounted to
-•-a
$523,179; equipment in process of manufacture
(own plant), $7,721; patents
and patent rights
(less reserve for amortization of $12,180),
$15,795; pre¬
paid expenses, $17,662; total,
$1,347,334.
^^Liabilities—Accounts payable (trade), $27,481; sundry accounts payable,
$235; debtors' credit balances, $74; accrued
liabilities, $124,836; provision
for appraisal and audit
expense, $1,750; dividends payable, $130; reserve
£o^-1Ssu^ance• 81,000; common stock (par $2.50), $519,240; paid-in surplus,
$37,214; capital surplus, $339,441; earned
surplus, $295,933; total, $1,347,334.—V. 150. p. 1287.
Quar. End. Jan. 31—
1936
$2 ,098,708
$679,096
66,087
70,462
Balance, surplus
*l?, 100; accounts receivable (less reserve for doubtful accounts of
$5,064), $154,764; creditors' debit balances, $124;
inventories, $287,588;
cash value life
insurance, $12,330; investments, $1,500; sundry accounts
5162; fixed assets (less reserve for depreciation of
$799,122),
Manufacturing
27,710
37,121
126,069
Earns, per sh. on 192,815
common shs. (no
par).
Balance Sheet Dec. 31, 1939
Assets—-Cash
35,343
95,342
215,650
86,192
236,759
104,288
loss.
Net prof it
Dividends 1st preferred.
Dividends 2d preferred.
Common dividends
$302,794
28,680
47,469
1937
$1,188,872
1,735,208
56,668
Income taxes
Minority interest in
1938
$2,709,145
1,813,734
off
Other deductions
(net)..
$293,439
9,355
8,803
Other deductions
Provision for Federal income
Trade accts. written
and reserved.
$494,842
58,123
62,672
80,608
61,434
68,291
92,560
1445
Crutcher and Guy F. Jenkins from further
violating the over-the-counter
registrations provisions of the Securities Exchange Act of 1934.
.
Balance, surplus
Profit and loss surplus..
Shs .com .stk .out. (no par)
Earns, per sh. on com
$3.80
Includes capital stock taxes, y An amount of $560,879 in 1939,
$537,738
1938, $508,715 in 1937 and $709,745 in 1936 was provided for depre¬
ciation of plants and equipment. Depreciation is
charged to profit and loss
x
National Biscuit Co. (&
Subs.)—Earnings—
in
Consolidated Income Statement for Calendar Years
1939
Gross sales
Earnings for
year
...
Depreciation
Federal & foreign taxes.
Provision for foreign exchange loss
Write-down of plants, &c
Net profit
Preferred divs. (7%)
Common dividends
—
.
Revalua'n of securities
com.
stock
1937
account as products
provision for surtax
1936
752,733
$11,933,702 $12,047,038 $11,895,111 $12,640,077
1,735,699
1,735,699
1,735,699
1,735,699
10,048.717
10,052,317
10,047,809
10,042,719
Cr6,929
Cr34,636
$149,286
$259,022
6,289,448
6,289,448
6,289,448
1939
United States bonds
*
Raw materials,
supplies and finished product
Notes and mortgages receivable
Notes and accounts of officers and
employees
Company's capital stock purchased for resale to
h employees
Plants, real estate, mach'y, intangibles, &c
Prepaid expenses and deferred charges
Liabilities—
Accounts payable
Reserve for Federal -tnd foreign income taxes.__
Insurance and contingent reserve
Preferred stock (par $100).
Common stock (par $10)
Capital surplus
Total
9,481,999
304,801
157,877
81,336,066
1,020,159
$30,121,727
757,500
18,500
292,341
129,530
157,877
82,282,227
903,020
$125,470,736 $124,985,701
$2,029,003
4,825,559
7,705,925
24,804,500
62,894,480
13,555,256
9,656,014
$1,896,394
4,627,091
7,701,253
24,804,500
62,894,480
13,405,969
9,656,014
for sink, fund
Invests.in & adv.to
affil.
cos.
reserve
insur.
Directors have declared a dividend of 25 cents
per share on the common
stock, payable March 21 to holders of record March 8.
Previously
lar quarterly dividends of 20 cents
per share were distributed.
extra dividend of 50 cents was
paid on Dec. 21 last.—Y.
regu¬
b
518,581
399,774
&
Total
a
Signal Co.—Complaint Filed—
The Securities and Exchange Commissiou announced
Feb. 23 that a
complaint had been filed in the U. S. District Court at Dallas, Texas,
seeking
to restrain the National Electric
Signal Co., C. H. Garrett, John Marley
and W
.
F. Crutcher from the further sales of the securities of the defendant
corporation in violation of the registration provisions of the Securities Act
The complaint also seeks to enjoin the defendants Messrs.
Marley,
stk. taxes..
cos_
—
1,065,157
1,022,724
397,772
2,948,762
1,018,447
393,895
479,516
due 1945
10-yr.
conv.
423,602
com¬
pensation plan..
10-yr. 4H% debs.
13,845,000
314%
debs, due 1949-22,235,000
Common
stock.28,175,651
27,919,001
Earned surplus—17,873,546
16,707,164
a
74,397,706 67,138,744
Total
74,397,706 67,138,744
Represented by 2,045,451
1938.
no par shares, 1939 and 2,036,896 shares,
b After depreciation of $4,416,403 in 1939 and $3,882,337 in 1938.
Official to Retire—
Charles L. Jones, Executive Vice-President, is retiring from active
business as of March 15 although he will continue to serve as a director and
member of the Executive Committee.—V. 150, p.
National
Gypsum Co. (& Subs.)—Earnings—
Calendar Years—
bl939
Profit from operations._a$2,372,106
Prov. for deprec. &depl.
405,633
bl938
bl937
1936
a$l,568,209
317,840
$1,171,245
217,074
$1,355,647
148,451
$1,966,473
354,780
$1,250,369
250,171
$954,171
215,624
$1,207,195
114,321
Other income
$1,611,693
127,480
$1,000,198
99,822
$738,547
105,613
$1,092,874
97,781
Profit before taxes
Income taxes
$1,739,173
c279,792
$1,100,020
cl78,389
$844,161
144,800
11,933
$1,190,655
165,000
7,000
$921,632
$687,428
$1,018,655
24.5,395
57,536
245,676
57,611
245,787
25,187
Operating profit
Other deductions
Balance
Surtax
undist. profits
Misc. deduction
on
Net profit
Divs. paid in cash—
On $4.50 conv. cum.
pref. stocks
In addition*
150, p. 1287.
of 1933.
cap.
other
def.chgs—
535,056
486,471
Prop., plant &
equipment..
10,818,116 10,552,624
1,000,000
1,456,256
1,340,996
Res.for Fed.inc.&
Res. for add'l
5,486,877
$
1,645,239
1,588,722
Accrued liabilities.
Due to affil.
5,617,924
count & expense
Prepd.
Accounts payable-
Dividend payable.
& misc.
1938
$
Bank loans
718,597
i
National Bond & Investment Co.—Dividend Increased—
National Electric
1939
Liabilities—
3,129,945
1,715,992
Notes & accts. rec.21,855,524 18,241,545
Inventories
31,922,559 29,536,866
Cash & debs. dep.
2,572,628
7,750,351
$125,470,736 $124,985,701
—V. 149, p. 3269.
1938
§
„
1938
$29,931,611
757,500
18,500
2,462,223
Accounts receivable
surplus/.
a Includes Federal capital stock taxes and
b Proportion of profits of
applicable to 40% outside interest acquired
Unamort. deb. dis¬
Consolidated Balance Sheet Dec. 31
Assets—
Cash...
Earned
sold,
undistributed profits,
Consolidated Balance Sheet Dec. 31
6,289,448
depreciation.
f
on
1939
$896,295
per share
x$l.62
x$1.64
$1.61
$1.73
After deducting $400,303 ($752,733 in
1938) write-down of plants, rea1
estate, machinery, intangibles, &c., in addition to
Total
are
&
inv. at cost, less
$118,532
x
Municipal bonds (N. Y. City)
Shaw
Go., Inc.,
in December, 1936.
out¬
standing (par $10)
D.
Cash
Earnings
f.
Alex.
mLssds
105,753
400,303
Bal., earned surplus..
Shares
1938
$98,078,477 $97,486,877$101,942,900 $96,758,247
18,930,644
18,668,812
17,129,603
18,278,549
3,066,772
2,871,499
2,855,530
2,704,163
3,424,115
2,997,542
2,378,962
2,934,309
On common stock
d Divs. paid in cash—
On 1st preferred
e4,144
$1,455,237
270.008
315,365
On 2d preferred
Div. paid in 2d pref.—
On class A
611,489
37,500
On class B
Arrived at
follows: Gross sales, less returns
„
—
&c.. $13,021,871
829,872 in 1938) cost of goods sold $8,269,750 ($6,303,076 in 1938):
a
as
—
($9,selling
The Commercial &
1446
March 2, 1940
Financial Chronicle
for executive incentive plan, $76,608; reserve for
Federal income tax, $159,394; notes payable to banks (due $100,000 ang
nually, 1941 to 1944), $400,000; 15-year 4% conv debs.,
estate assessment
payable, $3,374; deferred credits. $17,850; common
stock
($4 par), $719,316; earned surplus, $1,419,841; paid-in surplus,
$501,976; total. $4,740,411.—V. 150, p. 846.
accrued, $3,611; reserve
$822,500; real
National Gas & Electric Corp.
Coll. S. F. "A" 6s due 1953
1st Lien
$2,350,000 of the $23,000,000 of prior lien
the Central Hanover Bank & Trust Co.,
Holders of about
15
years.
R. W. Morrison,
Rys. of Mexico, said the Texas Mexican Ry.,
the center of the Rio Grande Bridge of Laredo, Texas, to
was dependent mainly on traffic from Mexico.
the National
and general expenses
$2
S2.372.106 (11,568,209 in 1938).
380 015 ($1 958,587 in 1938);
b Consolidated figures, c In¬
paid for prior years,
1938. e Adjustment
$11,792 (S689 in 1938) net additional taxes
d On former classes of preferred stock retired during
cludes
upon
of Canadian subsidiary to
31,1939.
translation of net profit
exchange rate of Dec
at
U. 8. dollar basis
,
Consolidated Balance Sheet Dec. 31
1939
$1,517,066
573,561
Assets—
Cash
deposits
deposits (including interest)
on
Time
hand and demand
United States Treasury notes
c
Notes and accounts
2,008,286
2,412,367
receivable
Inventories
1,000
Capital stock of sub. (not consolidated)
Open account of subsidiary (not consolidated)
Non-current trade notes and accounts
Employee accts. and travel advances (less reserve)
Miscell. accounts receiv., investments, &c., (less
reserves)
- _ _ .—_—
Securities on dep. with State & Dom. governments
Real estate not used in operations
d Property, plants and equipment
Patents, trademarks and copyrights.-
63,372
67,943
502,964
$18,876 ,269 $16,370,377
—
Liabilities—
Accounts
,006
$495,031
,477
51 ,915
104 ,975
44,949
.34,976
32,151
271,653
193.632
$663
payable
Federal and State
capital stock, franchise and local
42
property taxes
Federal and State payroll taxes
Accrued interest, royalties, &c
Canada) and State taxes on in¬
Federal (U. S. and
67,713
93,845
98,607
9,001,736
76,664
433,055
11,397,280
Deferred charges
Total
1938
$1,586,723
1,279,120
138,365
1,696,133
1,783,062
a 1,000
a22,226
27,222
64,903
48,413
93,845
190,171
come—estimated
31,243
bonds to be retired
*98,000
3,317,000
currently
4Yi% sinking fund debentures
37A% sinking fund debentures
Reserve for workmen's compensation self-insur
Cumulative preferred stock
Common stock ($1 par)
h5,000 ,000
,394
42
6,000 ,000
;
,458
4,147 ,192
,200
1,261
;
Capital surplus
Earned surplus
f 1,291
The committee
consists of George
33,399
e6,000,000
1,261,458
4,142,206
686,333
n
current and
Period End. Dec. 31—
(& Subs.)—Earnings—
1939—Month—1938
1939—12 Mos.—1938
^
$127,311
75,466
$123,639
72,657
$1,453,605
$1,280,697
2,810
15.852
7,248
11,460
801,296
56,808
142,741
741,348
70,941
104,187
$33,183
5,416
$32,273
$452,760
Dr446
3,434
$364,222
Drl,481
$38,599
19,436
$31,827
11,892
$456,194
188,405
$362,741
$19,163
7,878
$19,935
8,477
$267,789
95,799
$217,345
$11,284
$11,458
$171,990
$115,939
$0.55
Operating revenues
Operation
62,066
$0.37
Maintenance-
Taxes
-
Net oper. revenues—
Non-oper. income (net).
Balance
Retirement accruals
Gross Income
Interest and amort., &c.
Net income
Dividends
required to hbe retired
treasury,
$195,000
$4,805,000 not current.—V. 149, p. 3563.
National Gas & Electric Corp.
145,396
101,40.5
declared.
Earnings per share..
150, p. 441.
—V.
National Oil Products Co.
(& Subs.)—Earnings-
Earnings for the Calendar Year
1939
159,394
income-
.
Provision for executive incentive plan
Provision for Federal income
$747,986
226,379
24,335
95,401
$700,401
$401,871
332,654
159,117
$3.90
.
Other
$714,048
$1,260,143
323.739
76,608
.
$1,999,774
1,285,725
$1,221,847
38,297
-
$6,111,985
4,112,212
$2,570,341
1 348,494
.
1938
$7,728,599
5,158,258
.
$2.28
taxes...I
,
Dividends
Earnings
paid.I
...
per common
share
33,938
Note—Depreciation included in above figures—$104,498.
Consolidated Balance Sheet as at Dec. 31,1939
Assets—Cash
on
hand
and
in
banks,
$287,323;
Ry. consists of 25,000 shares.
lien bonds of the National Rys. of Mexico
1922 they were extended to Jan. 1, 1933.
The
accepted by the then President of Mexico and the
of Bankers on Mexico.
On July 1, 1924, the Mexican Government
to make payments.
The plan was further modified, but on Jan.
the service on the debt was suspended.
On June 24, 1937, the
Government expropriated the properties of the National Rys. of
—V. 150, p. 1287.
the Texas Mexican
originally matured
plan was
International Committee
failed
1, 1928,
Mexican
Mexico.
The prior
1926, but in
in
National Sugar
Company
issued
the
Refining Co.—No Dividend—
following statement after the recent
meeting:
"While the operations
directors'
1940 to date show a small
profit, the existing conditions in the sugar industry are so unusual that it
was thought best to defer any dividend action until a later meeting of the
of the company for
board."
Directors took
no
at their meeting last Novem¬
paying quarterly dividends of 25 cents
action on the dividend
ber, prior to which company was
a share.—V. 150. p. 1287.
.
Nehi Corp.—Listinq—
The New York Curb
Exchange has approved the listing of 824,000 addi¬
stock, no par, upon official notice of issu¬
accounts
400% stock dividend, payable on April
business April 1.—V. 150, p. 1288.
thereof in payment of a
ance
22, to
stockholders of record at close of
^Nevada Northern Ry .--Earn inas-January—
1940
,
Net from railway
-'
New Bedford Cordage
§0
115
2o'ig0
z.o.iou
23,788
Net ry. oper. income—
—V. 150, p. 846..* ■
1938
1937
$43,301
14,904
10,359
.
S55'5o§
32,426
$50,690
21,284
15,153
Co.—New President—
and Sales Manager of the
Francis A. Bryant, who
former Vice-President
has been elected President. He succeeds
will continue as Chairman.—V. 149, p. 3270.
company,
Edison Light
New Bedford Gas &
to Be
Co.—$500,000 Notes
Placed Privately—
Securities and Exchange Commission on Feb. 21 issued an order
the company to issue and sell privately to
England Mutual Life Insurance Co. at par plus accrued interest
$500,000 unsecured notes second series 3% due 1955.
The net proceeds estimated at $492,500 plus $7,500 to be taken from
current funds of applicant are to be used to discharge $500,000 of floating
indebtedness.
This floating indebtedness consists of an open account
running to New England Gas & Electric Association bearing 6% interest
in the amount of $185,000 and a 3% note in the face amount of $315,000
dated Oct. 18,1939 maturing April 18, 1940 payable to First National Bank,
The
approving the application of
New
Boston.
The open
account indebtedness
of $185,000 which company now
proposes
remaining due on an original advance of $300,000
1939 by New England Gas & Electric Association.
This cash advance of $300,000 was entirely used for additions, improve¬
ments and betterments to company's plant and property.
The proceeds from the note to First National Bank, Boston, were used
to the extent of $115,000 as payment on the above-mentioned open account
reducing it from $300,000 to its present $185,000, the balance of $200,000 of
said note being entirely used for additons, improvements, and betterments.
Capital Structure—After giving effect to the proposed financing, is as
to
discharge is the balance
made in cash on July 21,
follows:
.r:::
;
,
-
Amount
$1,000,000
500,000
Common stock
8,423,668
The present annual interest requirements are $53,050 and after the
proposed financing these requirements will be $47,500, a reduction of $5,500.
The income statement covering the 12 months ended Nov. 30, 1939 reflects
Serial note 1st series. 3 As of
1951
Serial note 2nd series, 3s of 1955
$901,748 available for interest.
While the securities to be issued are
unsecured by physical assets or
being issued pursuant to the terms of
Colony Trust Co. is trustee. This
indenture provides, among other things, that the total amount of notes
which may be issued is limited to $6,000,000 (the proposed issue will in¬
crease the total amount
outstanding to $1,500,000); except in case of
purchase money mortgages and liens upon the property purchased, and
except in the case of pledges in the usual course of business as security for
temporary loans maturing not more than one year from their date, New
Bedford will not mortgage or pledge any of its property without by such
mortgage or pledge securing the due and punctual payment of the principal
of and the interest upon the notes issued and outstanding under the instant
indentures, equally and ratably with any and all obligations secured by such
mortgage or pledge; new notes may only be issued if the net earnings of the
company for 12 consecutive calendar months within the 15 calendar months
next preceding the date of the application for the certification and delivery
of such additional notes shall have been not less than twice the annual
interest charges on all funded debt outstanding (and including the notes
applied for) at the time of filing the application.—V. 150, p. 846.
other property of applicant, they are
an indenture of trust for which Old
New Britain Machine
Co.—Extra Dividend—
Directors have declared an extra
tion to
a
dividend of 25 cents per share in addi¬
share on common shares, both
quarterly dividend of 50 cents per
payable March 30 to holders of record March
to 50-cent dividend was paid on Dec. 21 last,
terly dividends of 25 cents were distributed.
New
20.
Extra of $1 in addition
and previously regular quar¬
See also V. 149, p. 3878.
England Fire Insurance Co.—To
Pay 12-Cent Div.
dividend of 12 cents per share on the common
holders of record March 15. Dividend of 13 cents
Jan. 2, last.—V. 144, p. 3010.
Directors have declared a
stock payable April 1 to
and
notes
receivable (less reserve for bad debts and allowances of $28,149), $499,928;
inventories, $2,305,439; sundry receivables, $5,556; due from employees
(current). $1,533; advances on purchase contracts, $28,583; notes receivable
(due less than one year), $1,565: cash in hands of sinking fund trustee,
$13,449; deposits. $2,375; securities (at cost), $52,919; investments (real
estate and memberships), $25,284; notes receivable (due
more than one
year), $2,350; fixed assets (cost) (less reserve for depreciation of $797,479),
$1,384,585- prepaid expenses and deferred charges, $79,199; patents,
trademarks and formulae, $50,320; goodwill, $2; total, $4,740,411.
Liabilities—Youchers
payable,
$179,780;
letters
of credit payable,
$45,282; accounts receivable credit balaifces, $4,034; sundry taxes accrued,
$35,329; expenses accrued, $51,515; notes payable, $300,000; interest
DeVan, H.I.
Mexican Ry. passed to
of the National Rys.
of Mexico.
Under this issue the bonds and entire capital stock of the
Texas Mexican Ry. are pledged.
The funded debt consists of $960,000 of
first mortgage 7% bonds, due on July 1, 1910, of the CorpuR Christi, San
Diego & Rio Grande Narrow Gauge RR., a subsidiary, and $1,380,000 of
Texas Mexican first 6% bonds, due on July 1. 1921.
The capital stock of
George W. Haywood,
__
fr Principal amount ($183,000)($85,000) available in
1939 less principal amount
of debenture bonds
M. Jaffin, Howard G.
Luber, Joseph Gans and Otto Hofmann.
About two years ago the control of the Texas
the Central Hanover as trustee of the 4j^% bonds
Gross from railway
$ 18,876,269 $ 16,370,377
a Subsidiaries
not consolidated include several wholly owned inactive
corporations which have no aasets, other than trade names, and no liabilities;
one wholly
owned subsidiary which was inactive during the year 1937,
the investment in which is $1,000, the same as its net asset of $1,000 cash
and a 51% interest in the capital stock of a small sales company, which is
not carried at any value, but which owes the parent company $22,226 on
open account considered fully collectible,
c Less reserve of $185,077 in
1939 and $159,929 in 1938.
d After reserve for depletion and deprecia¬
tion of $1,759,170 in 1939 and $1,362,512 in 1938.
e Issued and out¬
standing—series of $4.50 convertible cumulative preferred stock—60,000
no par shares at involuntary liquidation price
($100 per share), f Partly
restricted as to payment of dividends on capital stock.
Under provision of
the indenture relating to the 37A% sinking fund debentures, the balance of
surplus at Dec. 31, 1939, available for dividends on the $4.50 convertible
cumulative preferred stock is not limited, the amount available for divi¬
dends on common stock after Dec. 31, 1939, is restricted to $700,000 plus
subsequent net earnings after all dividend and sinking fund payments.
Total
of
which runs from
Corpus Christi,
tional unissued shares common
Other current liabilities
Principal amount of debenture
President of the Texas Mexican Ry., whose stocks and
Central Hanover as trustee for the prior lien bonds
bonds are held by the
Bell System Teletype N. Y. 1-752
9-3100
administration
balance.
for
New York
Broad Street
Tel. Bowling Green
adjustment
bonds at
selected a
them in negotiations looking toward the
of principal and interest on which no payments have been made
to represent
committee of five
YORK STOOK EXCHANGE
MEMBERS NEW
meeting Feb. 29 at
a
8 Co.
Eastman, Dillon
Negotiate
Mexico—Committee Named to
National Rys. of
Adjustments on Bonds—
TRADING DEPARTMENT
was
paid on
New Method
Laundry,
Ltd.—Accumulated Dividend—-
dividend of S1.62H per share on account
preferred stock, payable March 1 to holders
Directors have declared a
accumulations on the 6H %
record Feb. 24.
Northeastern RR.—Earnings1940
1939
1938
$257,032
$288,088
$199,245
Net from railway
84,637
74,905
28,082
Net railway oper. income
32,320
23,266
def25,514
New Orleans &
January—
Gross from railway
—V. 150. p.
846.
of
of
-
1937
$249,921
i.
87,873
41,873
Volume 150
New
The Commercial & Financial Chronicle
England Gas & Electric Association
(& Subs.)—
12 Months Ended Dec. 31—
Total operating revenues
Operating
xl939
Federal income taxes
Other taxes....
Operating income
New York
January—
$2,710,124
—V.
175,626
98,273
Cr22,793
47,333
102,215
109,988
3,500
021,095
38,519
$2,771,790
$2,476,997
1,967,102
Amortization of debt discount and
expense
Interest charged to construction
Income applicable to com. stock held
by public.
Balance
2,108,666
5,626
;
New England Gas & Elec.
Assn. charges:
Interest on long-term debt
Other interest
$605,978
Net income.
Earnings of Parent Company
12 Months Ended Dec.
31—
Dividends on common stocks of
subsidiaries
Dividends on preferred stocks of
xl939
•_
Balance
Interest on long-term debt
$2,594,170
48,271
7,459
2,630
$2,535,810
2,224,098
11,590
585,951
124,856
207,864
10,518
Other deductions
Net income
$298,424
$90,088
w
at
14.13%, above production
ago.—V. 150, p. 1288.
Earnings for Month of January
Month of January—
Total operating revenue
Net railway operating income
Miscellaneous
revenues.
^Total
Uncoil, oper.
18,529,023
2,690,972
revenues..
Total oper.
revenues.$77,251,142 $74,299,426 $74,613,278 $71,655,067
Current maintenance
15,
,562,301
Depreciation
expense
11,,380,584
13,,868,164
5,,919,748
667,802
6,
,830,497
Operating
rents
Gen. & miscell.
expenses
17,440,149
11,197,141
13,760,623
5,830,821
15,513,988
11,686,446
13,800,081
5,883,482
666,927
6,297,790
669,646
6,626,061
OOFI)
14,610,098
11,807,370
12,630,227
5,617,550
688,743
5,578,227
,
d Before guarantees on
separately operated properties.—Y. 150, p. 1142.
$18,774,985 $20,764,563 $20,722,851
8,390,312
7,125,867
8,123,207
x6,869,111
New York Ontario & Western
January—
Net oper. income
$14,631,733
Net non-oper. income..
Income
fixed
available
—V.
$14,773,488 $11,816,431
4,200,000
4.145,833
576,378
553,805
and
expenses
168,175
on common
stock.
Balance surplus.
x
168,013
166,306
166,306
$9,828,934
8,667,477
$6,948,780
8,000,748
$7,838,737
8,334,112
$8,877,523
8,667,477
$1,161,457 y$l,051,968
Bal. avail, for divs...
Divs.
$12,748,759 $13,942,267
3,550,000
3,550,000
1,193,715
1,348,438
y$495,375
Includes $3,193 for surtax
on
undistributed net income,
$210,046
y
Deficit. A
1939
4 QttPfQmmmm
1938
1939
1938
$
C
$
Liabilities—
Misc. phys. prop
Inv. in sub. cos.
Other
4,236,217
4,193,864
1,431,773
1,657,431
invest.__
4,200
Directors
Capital stock...133,345,800 133,345,800
1st M. 5% bds._ 35,000,000
35,000,000
1st mtge. 4^s_.
40,000,000
1st mtge. 3Ks~
20,000,000
40,000,000
20,000,000
on
declared
the
a
7%
dividend
of
preferred stock,
$1.75 per share on account of
payable April 1 to holders of
paid since October, 1936
With the payment of the present dividend the balance of
arrearages on
the preferred stock will amount to $22.75
per share,—V. 149, p. 2981.
New York State Electric & Gas
xl939
Maintenance
Provision for retirements
...
Federal income taxes—
Other taxes
Operating
„
717
308
Acc'ts receivable
Amer.T.&T.
8.700,000
9,635,445
6,600,000
9,378,778
Notes payable..
Acc'ts payable &
7,413,517
7,413,517
Other interest
oth. curr.liab.
4,108,843
3,219,771
Amortization of debt discount and expense....
Amortization of miscellaneous suspense
Materials & sup¬
plies
Deferred
2,315,311
items.
2,740,524
3,999,965
4,192,570
Accr'd
Gross
liabilities
609,237
credits
26,458
27,432
reserve.
92,692,954
89,619,977
unappropr'ted
Total.
New Orleans Texas & Mexico
1940
$250,444
112,474
117,753
...
Net income
x
8,197,702
7,136,237
353,602,828 347,548,913
-V. 150, P. 1288.
January—
,
Gross from railways...
Net from railway
Net railway oper. income
—V. 150, p. 846.
—
560.107
billed
Ry.—Earnings—
1939
1938
$236,416
$221,406
93,056
96,713
88.239
88,785
Preliminary.—V.
150,
New York Steam
p.
$6,535,109
2,474,207
272,407
121,051
66,138
Cr8,641
$5,402,085
2,431,488
437,758
$2,382,184
142,851
65,563
Cr57,760
1002.
Corp.—Earnings—
Calendar Years—
Corp't'n surplus
...353.602,828 347,548,913 i
long-term debt
2,626,070
Deferred
Total
on
Interest charged to construction
3,508,315
serv.
In advance
Deprec.
income
Interest
Subscribers' dep.
&
(net)
2.000,000
from
not due
income
2,423,882
$5,152,397
249,688
$3,609,947
Notes receivable
Other
n
2,639,973
$6,421,551
113,558
income
447,611
Real est. mtge__
1938
$25,709,631 $24,285,394
12,707,194
13,514,813
1,338,994
1,243,921
2,001,402
1,580,638
expenses
4,488
1,834,117
Advances
Corp.—Earnings—
Years Ended Dec. 31—
Total operating revenues
467,850
,
1937_
$597,650
89,719
defl7.836
record March 20.
This will be the first dividend
when $8.75 per share was distributed.
1,866,699
Working
$552,245
36,920
def45,921
Shipbuilding Corp.—To Pay Preferred Div.—
have
accumulations
funds.
Cash
1938
$586,551
80,929
defll,226
697.
p.
New York
Operating
Balance Sheet Dec. 31
Telep. plant....329,644,650 323,099,221
150,
Ry.—Earnings—
1939
$449,031
8,949
def59,425
Net from railway
Net railway oper. income
for
charges
1940
Gross from railway
$11,649,118 $12,641,356 $13,853,740
141,755
167,313
107,402
88,527
Bond interest.
Other interest
Amortiz. of debt discount
lCS>S6S
c For
the purpose of showing the
complete account for the operated
system, includes charges for accrued and unpaid real estate taxes on Old
Colony and Boston & Providence properties and accrued and unpaid
charges against said properties for Boston Terminal Co. taxes and
January,
1940, bond interest.
Net oper.
revenues...$23,022,045
Taxes
,
1939
$6,478,585
554,274
74,053
bc217,818
c393,857
a The leases of the
following companies were rejected on dates stated
below, but net railway operating income includes the results of
operations
of these
properties: Old Colony RR., June 2. 1936; Hartford & Connecticut
Western RR., July 31, 1936; Providence, Warren &
Bristol RR., Feb. 11,
1937; Boston & Providence RR. Corp., July 19, 1938.
b Effective as of these
dates, no charges for the stated leased rentals are
included covering the Old Colony RR., Hartford & Connecticut
Western
RR., Providence Warren & Bristol RR, and Boston & Providence RR.
$54,238,107 $54,212,208 $52,136,670
17,720,085
18,160,287
17,469,574
2,675,559
2,495,601
2,182,475
$77,493,112 $74,633,752 $74,868,097 $71,788,720
241,970
334,325
254,819
133,653
Traffic expenses
Commercial expenses
1940
$7,034,177
a741,034
904,152
Income available for fixed charges
d Net deficit after charges
1936-
1937
New
to
P New England Telephone & Telegraph
Co.—Report—
1938
York
mature $96,000 Feb. 1, from Feb.
1, 1941 to Feb. 1, 1950, both dates
inclusive.
Principal and semi-annual dividends (F. & A.) payable at
principal office of Chase National Bank, New York, trustee.
114,341 MCF, an increase of 14,153
MCF,
of 100,188 MCF in the
corresponding week
Years End. Dec. 31—
1939
Local service
revenues..$56,273,116
Toll service revenues...
payable,
accounts
Evans, Stillman & Co., 102.6345; F. S. Moseley & Co., 102.609; Paine,
Webber & Co., 102.439; Lawrence M. Marks &
Co., 102.373; Freeman &
Co., 102.2409; Harrhnan Ripley & Co., Inc.,
102.145, and First Boston
Corp., 102.04.]
The certificates which are
subject to the approval of the Interstate
Commerce Commission are to be issued under the
Philadelphia plan and are
statement
Gas output is
reported
$294,991
178,369
$1.01
[The bankers were awarded the issue Feb. 27 on a bid of 103.51.
Other
bids submitted for the issue were:
Salomon Brothers & Hutzler, 103.149;
210,879
10,746
eek ended Feb. 23, New
England Gas & Electric Svstem reports
output of 8,136,759 kwh.
This is an increase of
579,080 kwh.,
7.66%, above production of 7,557,679 kwh. for the
corresponding week
year ago.
a year
$415,741
218,421
$1.44
stock
Haven & Hartford
RR.—Equipment
Offered—McMaster Hutchinson & Co., W. H. Newbold's Son & Co., and Putnam & Co. on Feb. 28 offered
$960,000 trustees' 23^% equipment trust certificates at
prices to yield from 0.35% to 2.15%, according to maturity.
or
or
on common
per common share
New
eiectric
a
$490,496
46,000
86,968
62,537
Trusts
System Output—
For the
$648,498
73,761
72,075
86,921
-
payable, $3,822;
$102,464; accrued expenses, $4,750; reserve for discounts
receivable, $9,000; common (par $10) stock, $2,875-200;
surplus, $9,164,061; total, $4,234,979.—V. 149, p. 3416.
taxes
on
49
of debt discount and
expense
Preliminary
$353,620
136,876
__
insurance, rent and taxes, $13,935; total, $4,234,979.
Liabilities—Accounts payable, $75,682; commission
$1,871,773
$2,703,653
2,186,798
receivable from subs.
Other interest
x
1938
$1,517,182
1,163,562
$507,687
140,810
;
Balance Sheet Dec. 31, 1939
Assets—Cash in banks, on hand and in
transit, $409,193; accounts re¬
ceivable, $1,305,330; notes receivable, $255,000; notes receivable
mis¬
cellaneous), $3,853; interest receivable, $20,817; merchandise
inventory*
$1,491,501; cash surrender value (life insurance), $55,195; due from em¬
ployees, $3,773; other assets, $636,534* fixed assets
(net), $39,847; prepaid
1938
$2,185,421
13,611
540,910
65,461
Total income
General expenses
Federal income taxes
Other taxes.
Amortization
1939
$1,766,368
1,258,680
«
and general expenses
Net income
Dividends
Earnings
$258,963
220,198
163,836
Co., Inc.—Earnings—
Deductions from income
State, city, payroll and other taxes
Federal income tax
$157,180
$2,805,403
79,374
18,422
3,953
income...
160,805
sales
Total income.
10,746
1937
$159,089
84,548
27,011
192,702
Income from operations
income
Only
subsidiaries
Other
1938
$249,289
Other
for 1939 includes
charges of $61,573,
representing amortization of extraordinary
expense in connection with
damage caused by the 1938 hurricane,
leaving a balance of $59,163 to be
amortized.
(2) No income is included above from investment
in securities
of a transportation
company.
notes & accts
on
Selling, administrative
200",404
x
Preliminary statement.
Notes—(1) The above statement
bonds,
117,438
846.
p.
Years Ended Dec. 31—
49
188,143
10,518
$3,708,613
1,273,378
704,775
593,151
1939
$217,050
156,245
124,476
New York Merchandise
Gross profit
1937
$2,866,118
.
Amortization of debt discount and
expense
Other deductions
on
1940
Gross from railway
Net from railway
Net railway oper. income
150,
1938
$3,330,002
1,014,588
538,757
Connecting RR.—Earnings—
$2,459,901
250,223
Interest on long-term debt
Other interest
1939
$4,056,059
1,362,859
794,914
railway
Net ry. oper. income...
—V. 150, p. 697.
$3,075,856
income..
Subsidiary companies' charges:
Int
1940
Gross from railway
Net from
$2,958,498
117,357
Other income (net)
1447
Chicago & St. Louis RR.—Earnings—
January—
1938
..$14,593,146 $13,685,551
6,346,150
6,520,128
1,121,935
991,728
1,287,147
1,219,272
556,878
380,543
2,322,537
2,113,978
__
expenses
Maintenance
Provision for retirements
Gross
New York
1939
Operating revenue
Operating expenses
Depreciation
Taxes
Operating income
Non-operating revenues
Non-operating revenue deductions
...
1937
$276,912
146,118
134,243
1938
1937
Gross income
$10,101,478
6,528,716
600,000
1,606,607
$9,723,407
6,491,607
421,433
1,595,749
$9,878,421
6,497,202
340,753
1,475,489
$1,366,155
79,874
29,455
...
$1,214,618
$1,564,977
76,320
32,288
$1,416,574
979,370
214,278
$1,258,259
1,532,764
160,226
93,455
76,407
32,766
Amortiz. of debt discount & expense..
New York Central
January—
Gross from railway
Net from railway.
Net ry. oper. income
—V. 150. p. 1142.
1940
1939
1938
40,045
15,149
$143,970
x$543,335
x$43,425
$543,335
$43,425
on
long-term debt..
...
Net income
1937
$31,736,578 $27,503,163 $24,386,472 $29,902,526
8,286,173
6,466,333
3,941,992
7,149,533
3,796,096
2,147,005
defl73,036
3,863,703
38,911
Miscellaneous deductions
RR.—Earnings—
$1,609,009
1,411,894
125,574
99,137
15,830
Interest
Miscellaneous interest
a
Reservation of net income
300,000
Deficit
a
For acquisition of bonds
$156,030
or
of
new'property,
x
Loss.
1937
1938
1939
$2,756,092
49,139
46,885
$2,944,439
47,455
S3.009,502
1,880,735
171,000
Total operating revenues
$2,802,977
1,841,049
157,136
411,863
$2,991,895
1,927,088
119,323
382,408
Operating expenses.——----Depreciation
—
_ .
$392,929
18,678
10,136
$563,075
18,139
7,506
422,337
Taxes-.
Income from sale of oil and gas
Profit
on
$236,974
—
sale of undeveloped leases.
Management fee from the Baltimore
$548,104
244,842
'*■
54,032
8,351
39,121
Interest
Miscellaneous deductions.
Net income
Balance
$160,084
x$23,434
2,862,969
$160,084
.
-
pounds)..
Sales of steam (thousand
a
x$23,434
...
Miscell. reservation of net income.
a
899
$573,707
352,307
34,467
24,744
2,105
$101,758
3,097,828
long-term debt-.
on
Miscellaneous interest
Amortization of debt disct. & exp
$401,470
361,778
48,414
13,813
$201,758
100,000
Gross income
"2416
Oil Corp
$239,090
for operation of leases.
$171,904
c. 50,714
Total income
Contract charge
18,248
9.937
6,760
1,960
1,426
1,145
13,307
8,403
1,899
Taxes
Comparative Balance Sheet Dec. 31
$56,093,153 $55,845,497
16,200
66,250
250,000
5,297
941,599
Cash.
1,450,231
receivable (less reserve)
Investment in associated company
Sees, deposited with N, Y, State Indus. Comm'n..
Cash restrict, for purch. of bonds or pay. for new
property-
Special deposits
Deposit for matured long-term debt & int. unpaid
(contra)
1,161,488
38,545
784,9.56
236,258
Prepayments.
Unamortized debt discount and expense.
Other deferred debits
1938
1939
$13,320,000 $13,320,000
Common stock
cum.
3,943,800
5,569,280
27,982,000
7,100,000
preferred stock
$6 dividend cumulative preferred stock
First mortgage
bonds 3H%companies
Advances from associated
58,430
724,942
602,107
152,032
20,854
37,333
127,524
33,078
Payable to associated companies.
Accounts payable & sundry accruals-.
Interest accrued
Taxes accrued
Customers' deposits
Matured long-term debt
& int. unpaid (contra)
Customers' advances for construction
Contributions in aid of construction.
3,943,800
5,569,280
27,982,000
7,100,000
136,055
2,213,411
Reserve for
depreciation of utility plant.
Injuries and damages reserve.
154,314
175,595
167,720
Employees' provident reserve
Preferred stock retirement & betterments reserve.
d Appropriated net income
Surplus
.
694,833
494,200
71,524
25,302
939,978
135,790
33.078
2,124,067
139,933
175,595
125,790
300,000
76,092
-
355", 832
10,743
Gross from railway
Earnings—
1937
1938
$284,596
95,370
41,513
$305,134
128,280
52,886
$287,207
120,320
43,792
—V. 150, p. 1002.
•
Noblitt-Sparks Industries, Inc.—60-Cent Dividend—
Directors have declared
a
dividend of 60 cents per share on the common
stock, payable March 30 to holders of record March 15.
with extra of 90 cents and quarterly of 60 cents paid on Dec
This compares
28, last; stock
25% and cash dividend of 70 cents paid on Sept. 30, last;
div. of 40 cents paid on June 30 and on March 31, 1939 and dividends of 25
cents per share paid in proceding loan three
months periods.—V. 150,
p.1142.
of
Norfolk & Southern RR.January—
Gross from railway
Net from railway
Netry. oper. income
—V. 150, p. 1002, 441.
-Earnings—
1937
$311,310
16,835
def28,025
1938
1939
1940
$327,531
23,085
def23,838
Net profit
Dividends paid
»■--
Earnings per share---
$284,579defl4,884
def58,835
$310,044
8,012
def35,015
$60,035;
Northern Pacific Ry.—Earnings-
1940
$8,478,487
319,044
31,836
71,306
of January—
$4,189,735
660,735
Net ry. oper. income
—V. 150, p. 698.
458,638
514,330
271,210
;
Traffic expenses
Transportation rail line
operations
Miscellaneous
expenses
Transportation for investment
1939
$6,826,842
294,300
29,025
53,082
$7,203,248
683.206
1,508,632
136,933
1,718,933
20,389
183,548
Cr 5,627
Net railway operating revenues
Railway tax accruals
$4,110,918
1,265,294
$2,957,235
1,042,720
Railway operating income
Equipment rents (net)
Joint facility rents (net)
$2,845,621
Cr260,606
JDr5,924
$1,914,515
Crl95,037
Dr8,617
$3,100,302
36,897
$2,100,934
37,790
$3,137,199
177,668
$2,138,724
178,453
Net railway operating income
Other income items
$4,611,936
566,788
397,364
Northern States Power Co. (Del.))—Weekly Output—
of the Northern States Power Co. system for the week
Feb. 24, 1940, totaled 28,867,517 kilowatt-hours, an increase of
11.2% compared v.ith the corresponding week last year.—V. 150, p. 1289.
&
Water
Northeastern
Corp.
Electric
(& Subs.)-—
Earnings—
Operating
Operating
1939—12 Mos.—1938
1939—3 Mos.—1938
$647,014
expenses
Maintenance
Provision for retirements
General taxes
Prov. for Fed. inc. tax__
$636,775
270,311
revenues.
238,351
31,261
64,237
58,804
24,713
31,224
58,669
55,101
33,533
$2,487,773
1,058,864
135,543
$2,155,011
941,061
120,236
223,223
229,381
88,066
171,449
213,528
96,605
$612,131
304,044
$197,687
49,560
185,035
$238,327
63,144
$937,730
189,735
4,493
$916,175
735
1,467
10,267
814
265
9,051
1,876
38,661
1,710
$197,236
91,579
$163,916
91,579
$732,574
366,317
$651,572
366,317
$105,656
-
$752,695
48,432
15
Gross income
Bond interest.
$189,895
$247,278
47,746
Operating income.
Other income
$72,337
$366,257
$285,254
Other interest
221,406
2,827
Amort, of debt discount
and expense,
&c
Minority interest
Net income
Divs.
on
pref. stock
Balance
150, p. 285.
Northwest Cities Gas
(balance)
income
on
....
funded debt
$2,959,531
Net income
150, p.
$1 960,271
Securities and Exchange
standing.
No other creditors of the company are
stated.—V.
129,
p.
1939
Assets—
1938
$244,433
2,357,940
stocks1,885,360
1,773,915
38,500
38,500
Mortgages
Real estate
7,500
217,394
14,015
.
267,506
13,271
preceding cos
for
1938
$4,541,652 $4,712,875
346.
$4,330,966
2,793,802
$403,826
250,279
$4,784,016
3,107,739
24
23
24
23
Amortiz. of limited-term
investments
Property retirement re¬
serve appropriations.
25,000
25,000
300,000
300,000
$147,670
17,985
$128,524
17,553
$1,376,253
212,653
$1,237,141
209,545
$129,685
2,331
$110,971
1,127
$1,163,600
3,311
$1,027,596
663
$132,016
$112,098
30,292
26,850
Other int. & deductions.
44,214
$1,166,911
329,962
22,750
190,522
$1,028,259
336,918
10,500
11,090
Int. charged to construe.
Dr24
Cr21
Crl53
Cr2 57
Net income
$80,110
$41,045
Divs. applicable to pref. stocks for the period
$623,830
334,188
$461,580
334,182
Balance
$289,642
$127,398
Net oper. revenues
Rent for lease of plant.
-
Operating income
Other income (net)
Gross income
Int.
on
Interest
mortgage bonds.
on debentures._
230",018
-V. 149, p. 4182.
Northwestern
Pacific RR. —Earnings—
January—
Net from railway
150,
p.
1940
$209,931
def51,923
def80,628
1939
$208,581
def45,325
def71,059
1938
$213,867
defl00,527
defl31,403
1937
$275,348
defl0,229
def32,889
848.
for
Ohio Edison Co.-
$228,782
$301,691
2,121,895
2,068,587
Gross revenue
commis¬
other liabilities.
Capital stock
68,970
$739,486
286,218
$756,181
289,993
$7,583,791
3,424,934
$7,236,134
3,430,697
$453,268
155,577
$466,188
155,577
$4,158,857
1 866.923
$3,805,436
1,866,923
$297,691
Gross income
64,890
600,000
1,526,085
$310,611
$2,291,934
$1,938,513
600,000
1,673,626
Int. and other deduct'ns
Net income
Divs.
Total
-Earnings—
1940—12 Mos.—1939
1940—Month—1939
$1,745,871 $19,488,235 $18,636,138
$1,828,304
789.690
9,379,444
9,000,004
Oper. exps. and taxes
863,818
200,000
2.525,000
2,400,000
Prov. for depreciation-_
225,000
Period End. Jan. 31—
unearned
premiums
Res.
Surplus
sets
Total
Res.
1939
for claims
& claim expenses
7,681
15,400
Other admitted as¬
-V. 147, p.
Liabilities—
Reserve
sions, taxes and
Balances due from
Accrued interest.
1939—12 Mos.—19381
$425,566
252,872
Corp.—Balance Sheet Dec. 31-
$1,122,287
1,250,825
Bonds
Co.—Earnings-
1939—Month—1938
Operating revenues
Oper. exps., incl. taxes._
—V.
North Star Reinsurance
is
to be affected by the plan, it
2536.
Net ry. oper. income
697.
Cash in banks
Co.—Proposed Reorg. Plan—
Commission on Feb. 21 announced that
Courtright, Earl W. Huntley, Paul C. Harper
as bondholders' advisory committee for the
company, have filed an application (File 52-17) for approval of a plan of
reorganization.
The company operates in Washington, Oregon and Idaho
and maintains its principal office at Walla Walla, Wash.
Under the proposed plan of reorganization all of the present capital
stock, which is held by Lone Star Gas Corp., will be canceled and retired
without consideration.
The company's indebtedness to Lone Star Gas
Corp. will also be canceled without consideration.
v
The company, under the plan, will issue 12,750 shares of new capital
stock (par $1) in lieu of its presently outstanding capital stock.
The new
stock will be exchanged for its $1,275,000 of first mortgage 6% gold bonds
due Jan. 1, 1949, on the basis of 10 shares for each $1,000 of bonds and all
unpaid interest coupons maturing on or after Jan. 1, 1938.
Each share of
the new capital stock will have one vote.
*
It was also proposed to amend the certificate of incorporation to provide
that the company shall not issue non-voting stock and that its entire assets
may be sold for not less than $1,275,000 in cash if approved by a majority
of the holders of the new capital stock and if for other than cash, such sale
shall require the affirmative vote of holders of 66 2-3% of the stock out¬
The
Gross from railway
Common
$3,761,352
def97,411
def301,375
Electric output
_
$8,900,673
789,313
1.679,774
148,889
1,972,021
19.335
188,015
'
Cr7,590
Railway operating revenues
Maint. of way and structures
Maintenance of equipment
-V.
1937
1938
1939
1940
$4,587,232
Net from railway
January—
Gross from railway
Period Ended Dec. 31-
Co.—Earnings—
Freight revenues
Passenger, mail and express revenues
Other transportation revenues
Incidental and joint facility revenues
Gross
31, 1939
investments, $10,116; working interests (oi1
wells), $237,960; organization expense, $802; total, $308,914.
Liabilities—Accounts payable, $6,333; accrued capital stock tax, $1,001;
Federal and State taxes on income (est.), $10,488; common stock (par $1),
$306,225; capital surplus, $223; earned surplus, def. $15,134; total, $308,913
Assets—Cash,
Northwestern Electric
Norfolk & Western Ry.
Interest
$31,092
27,560
$0.10
109,665
-----
Total taxes on income
John H. Rauscher, W. D.
and Frederick T. Sutton,
1939
1940
$299,067
129,038
69,177
Net from railway
Net ry. oper. income
d For acquisition of
shares,
& Western RR.-
New York Susquehanna
January—
General
539,405
36,747
$0.13
Other expenses
—V.
b Represented by 39,438 no
Represented by 360,000 no par shares,
Month
300
2,322
91,774
6.938
— _
.$62,758,512 $63,367,058
Total
par shares, c Represented by 58,070 no par
bonds or of new property.—V. 149, p. 2982.
dividend
300
2,661
—
Period End. Dec. 31—
.$62,758,512 $63,367,058
Total....
Liabilities—
b Series A
939,978
1,156,126
50,845
851,522
136,426
37,333
....—
.......
1,180
_
ended
Materials and supplies
a
6,764
1,108,819
Other physical property
c
568,383
1,108,961
1,169,372
1,450,734
16,200
66,250
568,383
Capital stock expense
a
1938
1939
Assets—
Utility plant
Accounts and no5es
811
Stock transfer expense
Traveling
Rent—office
Balance Sheet Dec.
3.118,382
bonds or of new property.
Appropriated net income for acquisition of
Professional services
Depletion -
$171,825
79
. ..
Salaries and wages
$535,430
20,458
7,784
Operating income
Non-operating revenues
Non-operating revenue deductions—
1940
1938
1939
Calendar Years—
S2.960.363
Revenues from sales of steam
Other operating revenues
2,
Co.—Earnings-
North American Oil
Ended Dec. 31
Earnings for the 3 Months
March
Chronicle
The Commercial & Financial
1448
$4,541,652 $4,712,875
on
pref. stock
Balance
—V.
150,
p.
1289.
Volume
The Commercial & Financial Chronicle
150
Ohio Brass Co.—To
Pay 50-Cent Dividend—
Company will pay a dividend of 50 cents per share on its class A and
class B common stocks on March
23 to holders of record March 8.
This
compares with $1 paid on Dec. 23, last; 25 cents
and regular
quarterly dividend of 75
—V. 149, p. 3566.
cents per
paid on March 24, 1938,.
share previously distributed.
1449
of the present actual
proven value of the property received and the promo¬
tional services rendered.
The services for which the stock mentioned
herein is to be issued were limited to the services
necessary in directing and
supervising the incorporation, organization and promotion of the company.
47,500 shares are reserved for options to be granted in the future.
There
are no
bonds, bank loans
or other funded indebtedness.
and Control—The management consists of the following
directors: Harry V. Reynolds (President and director and
chief executive
officer), Los Angeles, Calif.; Thomas Eric Springer (VicePresident and director), El Segundo, Calif.; P. J.
Brady (Sec.-Treas. and
Management
officers
Ohio Match Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the com¬
stock, payable March 15 to holders of record Feb. 29.
Like amounts
paid on Dec. 20 and Sept. 20
last, this latter being the initial dis¬
tribution.—V. 149, p. 1186.
mon
were
Oklahoma City-Ada-Atoka
Ry.—Earnings-
January—
1940
—V.
150,
1939
1938
1937
$22,485
3,802
Gross from railway
Net from railway
Net ry. oper. income...
$30,359
8,509
1,390
$41,139
19,435
11,323
$43,075
17,142
7,464
def2,836
848.
p.
Oklahoma Natural Gas
Operation
Maintenance
1939
$7,832,446
2,918,955
230,744
721,342
135,311
*
3,082,334
237,753
731,165
267,572
General taxes
Federal and State income taxes
,
_
and pursue the
development of a business initiated in April, 1939, as a
copartnership under the title of West Coast Development Co.
The former
copartners, Harry V. Reynolds and P. J. Brady, are now respectively
President and Secretary-Treasurer of Pacific Aviation, Inc.
Company intends to erect a piant and an administration building on the
proposed site, install furniture, fixtures, machinery, tools and equipment,
commercial), and aircraft hydraulic equipment.
1940
$8,517,597
revenues
director), Los Angeles, Calif.; E. S. Rhoads (director), Santa Monica,
Calif.; Fred W. Herman (director), Santa Monica, Calif.
Company—Incorporated in California May 5, 1939, to acquire the assets
and thereafter to
engage in the manufacture of radio equipment (both
aircraft and other commercial), disc
type brakes for aircraft, valves (Doth
aircraft and other
Co.—Earnings—
12 Months Ended Jan. 31—■
Operating
and
Com¬
pany does not intend to build airplanes.
Purpose—If all of the shares of common stock offered are sold, the pro¬
ceeds to the company will be
$260,000.
These net proceeds will be used
to purchase, construct or
erect physical properties for use in the company's
business.
*
Options—It is proposed to grant options to the persons and in the amounts
below, for the purchase of shares of the company, at the same price
set forth
$4,198,773
78
.
.
.
Other interest
Amortization
debt
premium,
discount
and
$2,804,426
1,299,603
56,665
on tax
65,646
free covenant securities
Underwriter—Thomas R. Catton, 530 West Sixth Street, Los Angeles,
Calif., has been named underwriter without commitment.—V. 149, p.4183.
111,207
14,171
...
stock and surplus
12,558
$1,324,393
133,200
273,150
Local service revenues—
Toll service revenues.._
$1,354,535
Convertible 6% prior preference dividends
$5.50 convertible prior preferred dividends
Preferred dividends
common
Rayfac Electronics Co., 757 Bryant St., San Francisco, Calif
25,000 shs.
Horner, 424 Grevillea St., Inglewood, Calif
2,500 shs.
Thomas Eric Springer, El
Segundo Division
5,000 shs.
Fred W. Herman, Douglas Aircraft
Co., Santa Monica, Calif—
5,000 shs.
R. C. Bumb, 1103
Embary St., Pacific Palisades, Calif
5,000 shs.
Howard Chase, 3632 Empire Drive, Palms
Station, Calif
5,000 shs.
$1,819,172
89,540
101,945
273,151
Net income
Balance for
and upon the same terms and conditions as the
stock is offered:
J. E.
ex-
(net)
pense
Taxes
of
$3,830,595
1,026,169
$3,071,479
1,121,157
51,333
.
$3,826,094
4,501
$4,198,852
1,127,373
.
Non-operating income (net).
$918,043
Miscellaneous revenues.
Pro Forma Statement
for the 12 Months Ended Jan. 31, 1940
[To give effect to present capitalization resulting from
refinancing by
sale of securities in
August, 1939 showing current level of earnings based on
operations for the 12 months ended Jan. 31,
Pacific Telephone & Telegraph Co.—Annual
1939
$
Total
$3,071,478
_____
Federal
decreased interest charges
and
State income
taxes
Taxes
on tax
on
to
54,165
Balance
Bond interest, series B 3Ms, 1055
Interest on bank loans
Other interest
Amortization of premium
due
__
debt
free covenant securities
...
Net income
$5.50 convertible prior preferred dividends
Preferred dividends
$3,017,313
637,500
212,533
51,333
Crl0,000
14,171
$2,111,776
319,000
273,165
_
Balance for common stock and surplus.
-V. 150, p. 1289.
$1,519,611
1938
$
1937
$
$
85,703,889
33,156,914
3,789,801
81,852,839
31,130,323
3,518,985
79,103,294
31,321,035
3,109,712
73,721,096
28,375,505
2,621,433
116,502,148 113,534,041
526,000
518,498
104,718,034
407,698
.122,650,604
482,299
Uncoil, oper. revenues.
1940].
Gross income
Estimated additional
Total oper. revenues. .122,168,305
Current maintenance..
Depreciation
Traffic
24,624,365
17,795,274
18,670,625
10,125,445
566,604
10,380,930
17,579,987
.
expense..
.
expenses
.
Commercial expenses..
.
Operating rents.
Gen. and miscell. exps.
Operating taxes
.
.
Net oper. income._.
Net non-oper.
(Minn.)—Initial Preferred Div.—
22,425,074
135,760
21,280,362
201,814
23,352,328
170,205
20,479,183
1,775,176
1,469,328
21,482,176
1,779,920
948,441
23,522,533
2,478,356
683,363
2,250
Income available
fixed charges
Bond interest
Other interest
20,236,330
242,853
22,560,834
income.
108,793
12,000
for
1,774,038
1,664,917
Amortiz. of discount
on
Pacific Finance Corp. of Calif. (&
Subs.)—Earnings—
Other fixed charges
Release of premium
funded debt
1936
115,976,148 113,015,543 104,310,336
23,119,234
22,089,024
19,640,773
18,045,446
17,579,323
16,916,018
17,867,623
17,324,603
14,115,421
9,578,573
9,390,988
8,330,249
563,479
523,773
498,834
9,617,671
9,282,122
8,091,329
16,947,791 xl5,545,348 xl3,365,383
funded debt
Otter Tail Power Co.
Directors have declared an initial dividend of $1.12 M
per share on the
$4.50 dividend series stock, payable April 1 to holders of record Feb.
29.—
V. 150, p.1142.
Report—•
Consolidated Income Statement of System for Calendar Years
on
Cr 9,731
Cr9,732
Cr9,730
Net inc. avail, for divs. 19,131,610
17,244,411
4,920,000
11,732,500
18,761,294
4,920,000
14,440,000
20,240,020
4,920,000
12,635,000
$591,911 def$598,706
$2,685,020
Divs.
Divs.
on
(net)
pref. stk. (6%).
on common
4,920,000
13,086,250
stock.
Consolidated Income Account for Calendar Years
1939
1938
1937
1936
$3,435,339
Int. & disct. & other inc.,
incl. earns, of subs
$3,731,522
$4,704,855
$4,441,081
Exps
and charges, incl.
int., tax and provision
Surplus
Shares of
x
for credit losses
2,542,877
2,681,397
3,124,205
$892,962
1,589,828
$1,050,125
1,666,914
$1,580,650
1,425,321
$1,830,414
1,390,128
No
Surplus Jan
1
Gross surplus
$2,482,789
on common stock-
314,789
513,567
$2,717,039
x252,501
359,264
515,447
Earned surp., Dec. 31
$1,654,433
$1,589,828
Surplus charge
Divs. on preferred stock.
Divs
T
x
of
Dec.
viously credited to income.
as
31,
1937,
369",406
286",874
Sinking fund...
969,651
1,508,346
$1,666,914
$1,425,321
of insurance commissions,
1938
$
4,408,096
4,022,127
Accounts payable.
auto¬
pre¬
value)
29,930
28,020
wholly-
owned subs
Other
$
Notes receivable
10,397
11,380,848
3,148,355
4,817,811
...
1,688,919
600,000
600,000
3,624
54,594,000
20,100,000
16,415,726
2,058,105
5,552,544
Accrd. liabilities
payable
Income
262,286
not due
9,394,065
Deferred credits
472,610
Deprec. r eser ve 142,256,382
Surplus
6,403,969
536,461
.
<fe
capital stk. taxes
Customers' equities
Total
522,421,198 509,867,221
Total
—
522,421,198
9,057,573
459,705
133,970,536
5,159,031
Reserves
509,867,221
Comparative Income Statement (Company Only)
2
96,468
2,741,586
2,412,063
Calendar Years—
1939
Local service revenues—$49,931,091
998,350
929,370
1,336,420
1,299,890
Toll service
series cumul.
(par $100)
2,995,500
Com.8tk.($10 par) 4,273,950
Furniture, fixtures
and equipmentDeferred charges._
3,202,800
Pref.stk. ($10par);
2
106,205
Ser. A, 8% cum.
Ser. C, 6M% cm
revenues.._
Miscellaneous
revenues.
5%
Paid-in surplus
Earned surplus
1,906,790
4,290,000
1,954,693
1,654,433
1,589,828
Total
35,245,538 29,804,599
Total
35,245,538 29,804,599
-V. 150, p. 1289.
Total oper. revenues. .$71,752,342
Aviation,
Inc.—Stock
Offered—Thomas
R.
Catton (fiscal agent) is offering at $1 per share 325,000
shares of common stock (par $1).
Transfer agent: Bank of
America, Los Angeles, Calif.
Registrar: Citizens Bational
Trust & Savings Bauk, Los Angeles, Calif.
1938
$47,920,921
18,703,719
2,001,449
1937
1936
$46,466,502 $43,698,410
18,980,699
17,504,281
1,810,664
1,549,863
15,073,867
10,635,620
12,308,024
5,825,786
429,157
6,626,293
9,710,918
$68,363,290 $67,005,268 $62,552,656
14,036,030
13,587,045
12,048,421
10,842,342
10,651,489
10,299,363
11,724,359
11,460,103
9,581,515
5,452,731
5,522,414
4,830,477
427,032
394,573
380,297
5,891,851
6,023,721
5,145,156
9,484,136
y8,775,460
y7,520,473
Net oper. income— .$11,142,675
Net non-oper. income..
10,660,650
$10,303,253 $10,792,015 $12,746,953
10,519,689
10,572,562
9,996,499
Depreciation
Traffic
Pacific
19,942,215
2,106,33 5
.$71,979,642 $68,626,090 $67,257,866 $62,752,554
227,299
262,800
252,598
199,898
Uncoil, oper. revenues.
Current maintenance.
—
54,668,000
In loans & repos¬
Investments
Total.
$
82,000,000
309,935
session loss res've 1,117,751
on cap. stk
Other def. debits
58.S91
239,403
Disc.
1938
180,500,000
22,550,000
sold
to
1,702,457 Notes
trustee of pen¬
94,477
sion fund
4,947,531
15,878,656
22,271 Cust. dep. and
adv. paym'ts.
10,848,908
2,132,410
3,125,929 Accts. pay. and
other
current
4,817,811
liabilities
239,675
6,265,105
1,603,807
77,522
5,318,345
funds.
11,125,000
48,342
1,805,000
$8.49
325,000 Advs. from Am.
lei. & Tel. Co
Mat'ls&suppls.
Prepayments
1938
17,650,000
690,062
secured
Federal
Investment in and
ad vs. to
Working
1,387,329 Bonds
1,397,617
325,000
Accts. receivable
$
Divs.
mobiles (est .real¬
izable
$7.67
Notes payable, un¬
24,973,657
60,812
70,963
1939
Liabilities—
Loans and d'scta..30,050,230
Repossessed
$6.83
Cash and special
Misc. phys. prop
$
Cash
$7.87
1939
1938
1939
$
Liabilities—
$
$
Telephone plant 493,360,850 480,731,662 Common stock. 180,500,000
Other Investm'ts
718,357
1,624,169 Preferred stock. 82,000,000
$3,220,542
1939
Accts. receivable-_
1,805,000
Comparative Consolidated Balance Sheet Dec. 31
$3,005,971
Comparative Consolidated Balance Sheet Dec. 31
Assets—
1,805,000
A sscts
deposits
Reinstatement
1,805,000
provision for surtax.
2,610,667
Net income.
$1,125,360
stock out¬
com.
standing (par $100)-Earns, per share on com.
expense.
expenses
_
.
_
.
.
_
Commercial expenses
_
.
.
Operating rents
Gen. and miscell. exps.
Operating taxes
—
.
.
.
Capitalization—As of Feb. 6, 1940,
company has no shares of stock out¬
It is authorized to issue 750,000 shares (par $1).
Of this au¬
capital, 325,000 shares are being offered.
325,000 shares are
reserved for issuance to the organizers and
promoters, as follows: 2,160
shares for property and assets of West Coast Development Co., a
partner¬
ship, having a tangible book value of $2,160 as of Nov. 3, 1939; 55,800
shares for patents and patent rights, and 267,040 shares for
promotional
services rendered; all of the 325,000 shares to be issued on a
progressive
basis, as and when shares are sold for cash under authority of the permit
of the Commissioner of Corporations of California issued Nov.
14, 1939.
The board of directors has authorized the issuance of 267,040 shares men¬
tioned above (and 50% of any additional stock issued under the
present
capitalization) in consideration for promotional services.
The amount of
promotion stock authorized to be issued, and the ratio thereof to the total
stock to be issued, was determined in conformance with the plan of the
.
Income avail, for fixed
standing.
thorized
promoters to retain control of the corporation rather than in consideration
$21,803,326
1,774,038
1,412,468
charges
Bond interest
Other interest
Amortiz.
of discount
$20,822,943
1,774,305
1,226,299
|
$21,364,577 $22,743,452
1,778,868
2,373,067
733,356
501,051
on
funded debt.
Other fixed charges
Release
of
prem.
2,250
funded debt (net)—_
Cr9,731
Net inc. avail .for divs.$18,626,551
Divs. on pref. stk. (6%).
4,920,000
Divs.
on common
Sin-plus
y
102,863
12,000
on
stock.
13,086,250
$620,301
No provision for surtax.
Cr9,732
Cr9,730
$17,832,072 $18,859,833 $19,754,470
4,920,000
4,920,000
4,920,000
11,732,500
14,440,000
12,635,000
$1,179,572 def$500,167
$2,199,470
The Commercial &
1450
Comparative Balance, Sheet (Company
1939
$
284,357,643
controlled coe. 148,804,927
146,474,927
711,987
1,614,174
951,950
978,943
Sinking funds..
325,000
325,000
Cash&spec.deps.
1,167,194
57,030
2,990,444
Notes receivable
6,837,599
1,524,372
4,817,811
180,645
Prepayments...
6,962,678
1,610,180
Dlsc.on cap.stk.
4,817,811
Oth. defd. debits
203,127
Accts. receivable
sold
10,851,691
446,106
1,315,031
1,239,377
Land, bldgs.,ma¬
chinery & equip. 4,858,961
164,384
Prepaid exps., Ac.
3,829,863
3,543,574
Goodwill
6,197,288
6,062,063
394,284
389,750
91,741,568
5,622,452
87,339,273
4,810,570
459,166.189 451,430,199
Exchange has admitted to unlisted trading 200.000
preferred stock, no par.—V. 150, p. 849'
The New York Curb
authorized shares of $5 cumulative
Pacific Mills-
Consolidated Income Account
$55,950,032
46,172,625
53,137,580
44,071,919
sold
35,989.744
operating profit
$1,709,022
$2,812,452
1.252,204
Dr77,558
193,580
1,194,124
C'r97,007
139,893
$1,020,806 x$2,081,288
$185,679
$1,575,442
449,957
2.259,442
$2,339,305
1,188,793
depreciation
Net interest charges
Other charges
*$555,648
1.251,910
C'r23,609
153,316
before charges
Plant
Dr68,881
204,849
before1
Net oper. profit
a;
72,275
mkt., whichever lower
,
in¬
mark-down.
expense at
Law¬
Net oper. prof, after
$948,532 x$2,53l,245 x$2,073,763
vent 'y
r.
,
$1,575,442
487,251
Mass
Provision for Federal &
...
Indicates loss,
x
z
$956,191
396,123
$790,832 x$2,531,245 x$2,073,763
594,184
Net profit for year
Dividend paid
zl32,000
157,700
local income taxes
Including $20,541 surtax on undistributed
profit.
Consolidated Balance Sheet
Accts.
x
997,812
...12,048,462
Inventories
Insur.
7,377,357
recelv'le.
prems.
5,375,000
1,068,131
banks 6,500,000
Accounts payable. 1,487,831
Accrued Items
483,681
Notes
pay.,
198,896
Fed. <fe State taxes,
on
250,029
8,550
266,655
17,888
Investments
a
Capital stock...19,806,150 19,806,1.50
12,300,000
Reserves.
9,753,126 21,369,568
equipment
146,609
165,748
Prepd.&def. items
30,607,908 38,525,280
Total
x
Panhandle Eastern Pipe
After reserve
for
discount
Line Co.—Earnings—
^39
Corp.—To
Deficit of $84,469,036 to
Charge
Capital Surplus—Annual Repott—
annual meeting March 28, among other matters,
approval of charging $84,469,036 deficit Dec. 31, 1938 to
The stockholders at the
will vote on the
capital surplus.
Henry EL Lee, President, states:
After careful consideration the board
deemed
from
would then be as follows:
Pro Forma Statement
Capital stock (authorized and
Capital surplus.
„.i
...
since Jan. 1, 1939
1939—12 Mos—1938
1939—Month—1938
$528,935
262,495
303,360
$6,017,443
3,388,540
$5,834,892
136
131
136
$48,420,084
Cost of 415,000 shares
57,908
57,908
694,900
694,500
Net oper. revenues
Rent from lease of plant
$166,241
17,985
$208,401
17,554
$1,933,867
$1,950,327
212,653
209,544
Operating income
Other income (net)
$184,226
$225,955
$2,146,520
3,189,934
Income Account
for Calendar Years
1937
1936
$982,234
* 10,421
680,326
24,412
$127,375
14,459
687,925
22,831
$1,868,118
$2,044,321
15,899
$2,597,242
1938
1939
Dividends
Ground rents
241
Drl,745
mortgage bonds.
Other int. & deductions.
$2,160,536
1,025,000
152
310
General expenses.!
221,467
148,746
148,110
bl72,529
157,088
b259,262
163,719
a$555,582 a$2,267,314
2,077,325
$2,384,451
2,169,700
$0.27
$0.26
...
_a$l ,329,261
790,000
Dividends
Cr864
236,591
Cr2,575
$0.06
$0.17
share
per
loss on sale of securities amounting
1939, $394,115 in 1938, and $420,197 in 1937.
b Including
on undsitributed profits.
a
of Earned Surplus Since Jan. 1,
Statement
Net income for the year
Loss
on
period
$885,759
458,478
$878,040
458,478
$427,281
$94,260
$419,562
Paraffine
a
Balance, Dec. 31, 1939
50 cents per share were distributed.—V.
Penick &
150,
p.
699.
1939
1938
$13,118,444 $12,612,574
1937
.
8,049,546
7,923,207
12,223,643
10,918,519
$4,689,367
179,179
$3,280,515
196,776
124,957
$4,484,946
.
^ Gross
profit
Sell., adm. & gen. exps..
Prov. for doubtful accts.
Fed.
stock & State
&c
Depreciation
198,840
104,279
$4,755,859
2,378,635
4,442
$4,363,609
2,343,950
14,011
$2,958,782
2,145,388
$4,181,827
2,179,769
2,777
94,751
452,990
86,198
463,692
86,792
61,446
502,548
Appropriation to reserve
for contingencies
Prov.for Fed. income tax
Common dividends
Balance, deficit
(no par)
Earns, per sh. on com
$1,455,757
42,637
$257,907
57,895
$1,435,287
88,969
$1,879,828
Gross income
com. outst.
468,695
$1,825,042
54,786
Net profit
Other income
$358,469
$298,882
subs, (note A)._ 44,813,797
44,806,797
1,938,434
hand
1,964,585
220,245
Real estate—Ground rents
288,300
75,333
347,351
17,611
.......
Accrued income
Furniture and fixtures (net)
...—
353,357
18,543
$47,797,391 $47,704,312
Liabilities—
$184,557
$190,567
1,862
Taxes accrued
Taxes withheld on dividends
"4",965
1,966
Accounts payable
Capital—
cap.
corp. taxes,
Shs.
146,579
1938
1939
I
Assets—
Cash—Demand deposits in banks, and on
Accounts receivable..
$15,504,158 $15,403,465
$5,068,898
Maintenance & repairs.
167,622
Taxes—real estate, &c._
145.417
repairs & taxes
$84,469,036
capital surplus)
General Balance Sheet Dec. 31
Securities of, and advances to,
Other investments (note B)
1936
Materials & oper. exps.,
JV
excl. of maintenance,
S ^Profit
$123,948,654
Deficit Account to Dec. 31, 1938
Investments at ledger values:
Ford, Ltd., Inc., (& Subs.)—Earnings—
WCalendar Years—
of Capital Surplus
Dec. 31,1939
Deficit Dec. 31, 1938 (deferred charge to
dividend of 75 cents per share on the common
stock, payable March 27 to holders of record March 11.
Similar payment
was made on Dec. 23, last, and previously regular quarterly dividends of
806,374
$640,466
Statement of
Companies—75-Cent Dividend—
$1,446,840
16,374
790,000
1939-
Balance Jan. 1, 1939 and
p.4183.
Directors have declared
JL17.578
sale of securities
Statement
Balance
Federal surtax
1939
$1,329,261
ended Dec. 31, 1939
Adjustment of State taxes and refund of Federal
income taxes and interest thereon, for prior years
Dividend paid Dec. 26,
$68,997
to $16,374 in
Before deducting
257,496
Int. charged to construe.
$2,807,432
$852,589
665
$2,144,775
1,025,000
712,513
34,699
146,665
$2,159,871
$226,196
85,417
46,519
14,702
693,150
21,271
$1,697,394
Total income
Net income
Dr263
,
Taxes
Interest paid
Earnings
$183,963
85,417
30,413
—V. 149,
817,088
of common stock held in treasury..
131
Divs. applicable to pref. stocks for the
—
.
Earned surplus
Interest from bonds
$527,645
Net income
$8,300,000
39,479,618
640,466
—-
..30,607,908 38,525,280
y After
Total
Operating revenues
Oper. exps., incl. taxes..
Amortization of limitedP»term investments
Property retirement re¬
serve appropriations..
on
1939
of Capital as of Dec. 31,
outstanding 8,300,000 shares par
$1 each)
Int. from other accts
Int.
the
capital surplus, which is in the amount of $123,948,654,
effective as of Jan. 1, 1939, and stockholders' approval of this restatement of
accounts is desired to be obtained at the 1940 annual meeting.
This action
might have been taken by the stockholders at the annual meeting in 1939,
but since all the stock at that time was held by three voting trustees it was
thought desirable to submit it to the first stockholders' meeting occurring
after the expiration of the voting trust agreement.
Approval of the pro¬
posed restatement of accounts by the stockholders does not constitute a
ratification of the reduction in ledger values of securities, authority for
which vests in the board of directors.
If this charge be approved by the
stockholders, the deficit in earned surplus of $84,469,036 will be canceled,
and capital surplus will be reduced by the amount of such deficit from
$123,948,653 to $39,479,618 as of Jan. 1, 1939.
The effect of the elimina¬
tion of the existing deficit is to permit future earnings to be credited to an
earned surplus account, which thereafter will be designated "earned surplus
since Jan. 1, 1939."
A pro forma statement of capital as of Dec. 31, 1939,
deducted
Light Co. (& Subs.)—Earnings—
Gross income
.
.
of directors determined that
ledger values of certain investments be reduced from the original cost to
figures more nearly reflecting conditions existing Dec. 31, 1938.
A total
reduction of $87,959,518 was made in the ledger values, which was charged
against earned surplus in accordance with prescribed accounting practice,
creating a deficit in earned surplus of $84,469,036. It was and is
desirable by the board that this deficit in earned surplus be charged to and
and doubtful items of $200,000.
396,123 no par shares.—V. 149, p. 2240.
Period Ended Dec. 31-
1,314,589
3,059,224
699.
$47,602,997
for depreciation of $26,162,339 (includes reserve for future disposal
in the amount of $3,190,000) in 1939 and $22,970,247 in 1938.
a Repre¬
Pacific Power &
4,d/d,8ld
5,602,095
1.238,696
4,363,399
—
Net income for the year
on
$9,907,129
$11,461,388
6,3»4,674
Net operating revenues.
Total interest deduction
Less:
reserve
sented by
893 in
shares
2,085,350 def.300,896
Surplus
Prop., plant and
78,000
244,895
estimated
deposit with mu¬
tual companies.
y
1,889,326
5,168,983
9,673,077
$
$
Liabilities—
%
$
Cash...
Dec. 30 *39 Dec. 31 '38
Dec. 31 '38
Dec. 30 '39
Assets—
11,812,140 11,624,463
Total
$7,950,921 reserve for depreciation in 1939 and $7,520,1938. y Represented by 369,000 no par shares after deducting 64,773
held in treasury.—V. 149, p. 4038.
Pennroad
Jan. 2, '37
Dec. 30, '39 Dec. 31, '38
Jan. 1, '38
$46,411,224 $35,434,096 *47,881,648
Years Ended■
5,304,702
After deducting
—V. 150, p.
-Earnings—
Net sales.
rence,
x
5,014,393
5,285,159
1
1
11,812,140 11,624,463
Total
Total gross revenues
Total operating expenses
Corp.— Unlisted Trading—
Pacific Lighting
Flood
Surplus
Years Ended Dec. 31—
—Y. 150, p. 1143.
lv'y
Misc. inv. & adv..
Common stock..
y
x
...
Total
..459,166,189 451,430,199
549,442
5,014,393
29,929
Reserves
4,747,898
136,006
...
Accrd. liabilities
not due
245,887
297,916
640,821
lnc.& other taxes
3,812
51,945
Accts.pay.& oth.
current llabils.
213,283
356,749
Federal
for
Prov.
Due officers
10,447,702
Surplus
Net
9,332
and contracts
dep. and
payra'ts.
adv.
Deprec. reserve.
Cost of goods
2,275,199
Inventories...—
payable.
&
expenses
843,666
2.028,228
Advs. on purchases
to
sion fund
Cust.
Defd credits
Total
25,000
1,066,026
$
182,193
301,734
Acer. gen. taxes
25,000
Mktable secure...
trustee of pen¬
14,466
Working funds
20,100,000
"lel.&lel. Co. 22,550,000
Notes
Short-term loans..
Accounts
1,587,907
2,200,000
1,167,132
1,800,000
Cash
$
Liabilities—
Accts. & notes rec.
Am.
from
Adv.
2,996,404
4,034
180,500,000 180,500,000
82,000,000
Preferred stock. 82,000,000
54,594,000
Bonds
54,568,000
1938
1939
$
Assets—
1940
2,
Dec. 31
1938
S
Common stock.
1,260,567
74,738
Mat'ls & suppls.
1939
$
$
Liabilities—
Telephone plant290,532,833
Investments
In
Misc. phys.prop.
1938
1939
$
Other Investm'ts
Consolidated Balance Sheet
Only) Dec. 31
1938
March
Financial Chronicle
$1,498,394
$315,802
$1,524,256
100,000
323,371
100,000
258,473
$1,456,456
1,476,000
$1,139,922
$19,544
369.000
$3.95
369,000
$3.09
43~996
222,329
1,107,000
$271,806
554,825
$1,301,927
1,387,500
sur$32,922
$283,019
$85,573
369,000
370,000
$0.74
$3.52
Common stock
(par $1)
Capital surplus
Deficit account Dec. 31,
——
8,300,000
123,948,654
8,300,000
123,948,654
84,469,036
640,466
84,469,036
1938 (deferred charge to
capital surplus)
Earned surplus since Jan. 1, 1939
Cost of common stock, held in treasury
Dr817,088
Dr264,822
$47,797,391 $47,704,312
based on
Pittsburgh & West Virginia Ry. and
based on values determined by the
corporation as at Dec. 31, 1938.
The ledger values do not purport to rep¬
resent
the amounts which might be realizable on disposition of these
Note
A—The ledger values of
investments in subsidiaries are
cost, except as to common stocks of
Canton Co. of Baltimore, which are
S6curiti68
Note B—The ledger values of "other investments" are based on published
exchange quotations Dec. 31, 1938, plus the cost of subsequent
acquisitions. Based on published stock exchange quotations Dec. 30, 1939,
"other investments"
amounted to $1,830,073 including at cost items
stock
aggregating $80,847 not listed on any exchange. Neither the
nor the market quotations purport to represent the amounts
be realizable on disposition of these securities.
ledger values
which might
Volume
150
The Commercial & Financial Chronicle
Note C—The balance sheet does
not include the
liability for dividend
checks not presented for
payment at Dec. 31,
1939, nor cash balances in
banks to meet such
liability at that date.
Note D—At Dec. 31,
1939, the corporation was liable, as
guarantor, for
notes
aggregating $28,507, and interest thereon, issued in
"In that
are known
wages, which provided the livelihood of
a
monthly rental aggregating cost.
are
pending several lawsuits in which the Pennroad
Corp.
defendant.
These suits were instituted
by individual voting
certificate holders allegedly for the
benefit of all stock and voting
trust
as
a
certificate holders.
Recovery of
a
money judgmnet, if any, would
require the payment of such
sum, less all costs, expenses and
attorneys' fees,
to the Pennroad
Corp.
In the opinion of counsel, no
liability on the part
of the Pennroad
Stores
,
expended $574,000,000.
"For the purchase of
materials, fuel and supplies produced by the indus¬
tries and mines of the
nation, it expended $798,000,000 in the 10 years.
Corp. is involved in these suits.
Securities of, and Advances to, Subsidiaries
Dec. 31, 1939
Stocks—
21,975
245,328
Detroit
Toledo
&
Ironton
RR.,
$10.56 scrip
Included among the principal items were
$188,000,000 for coal, $60,000,000
for new cars, locomotives and other
equipment, $22,000,000 for new steel
rails, $17,000,000 for new crossties,
$20,000,000 for stationery and printing,
and $18,000,000 for foods and
other dining car supplies.
These purchases
created for the country's productive
industries a very large volume of
employment in addition to that given directly by the railroad itself.
"These major items of expenditure
by the Pennsylvania RR. System in
the last 10 years totaled over
$4,000,000,000.
"During the period in which they were being made, the railroad furnished
service to the public equivalent to
hauling one ton of freight 321,256,000,000
miles and carrying one
passenger 42,070,000,000 miles, in addition to
carry¬
ing mails and express and performing incidental
transportation services.
"Inasmuch as the Pennsylvania
System, in this decade, rendered approxi¬
mately 11% of the total railroad service of the
country, the contributions
of the entire railroad
industry to the economic life of America may be
regarded, roughly, as having been upon a
corresponding scale."
Ledger Value
$7,918,809
Canton Co. of Baltimore, common
common
and
19,941,641
3,487,969
200,500
Bonds, Notes and Advances—
Ledger Value
$2,976,000 Detroit Toledo & Ironton RR., 1st
mtge. 5s, 1964
J,755,059
Detroit Toledo & Ironton
RR., 1st & ref. 5s, 1981
9,983,820
10,626,000 ^Pittsburgh & West Virginia Ry., notes
500,000
Springfield Subtrban RR., advances
26,000
Other Investments
223,230
Pittsburgh & West Virginia Ry., common
Springfield Suburban RR., common
5,100
Par
Shares
1,000
8,000
Stocks—
Armour & Co. (111.), $6 cum. conv.
prior pref
Atlantic Coast Line RR., common
Boston & Maine RR.—
44,304
50,547
24,979
24,337
14,668
19
14,968
27,565
1,000
1,800
500
4,500
Ledger Value
$46,000
239,000
Prior preference, 7% cumulative dividend
First preferred A, 5% cumulative dividend
First preferred B, 8% cumulative dividend
First preferred C, 7% cumulative
dividend
First preferred D, 10% cumulative dividend
First preferred E,
4^ % cumulative dividend.
Preferred (old), 6% non-cumulative
dividend
Common
1,500
10,000
1,000
1,000
Southern Ry., common
Tide Water Associated Oil Co., $4.50
cumulative
convertible preferred
Youngstown Sheet & Tube Co., 5M% cumulative
preferred series A
Miscellaneous—
Jefferson Co., note, secured by first
Net railway operating income
Pennsylvania-Reading Seashore Lines—Earnings—
p.
4183.
al939
al938
1937
$5,977,368
4,598,814
481,542
397,929
4,691,843
513,048
438,466
4,610,502
585,472
477,957
4,321,573
1,367,661
513,039
240,426
224,051
181,601
13,787
8,311
21,004
44,191
103,000
46",666
13,250
16,750
1,508
97,000
115,000
of oper.,
income
and acct. receivable._
a
non-consolidated
subsidiary
Normal Federal tax
Surtax on undist r. profits
Net profit for year
$361,786
$86,716
Including wholly-owned subsidiaries.
$28,382 Joss$249,569
Consolidated Balance Sheet Dec. 31
1939
Assets—
1938
$
Cash
3,320,409
accounts
223,441
1,594,276
35,000
15,280
7,307,757
35,000
26,325
7,262,066
43,543
secur.
Sundry inv. & def.
d Fixed assets
40,760
Deferred charges..
1938
$
2,865,748
receivable (net).
Inventories
237,874
1,420,274
Liabilities—
def322,093
a dividend of $2
per share on the common
$50, payable March 15 to holders or record Feb. 29.
Similar
paid on Dec. 15, last; dividend of $1.25 was paid on
Sept. 15,
last; $1.75 was paid on June 15, last; one of $1 was
paid on March 15,
1939; $1.25 was paid on Dec. 15,1938; dividends of$l were
paid on Sept. 15,
and on June 15, 1938; $1.25
paid on March 15, 1938; $3 paid on Dec. 15,
1937; $2 paid on Sept. 15,1937; $2.50 paid on June 15,
1937, and a dividend
of $1.25 paid on March 15, 1937.—V.
150, p. 1003.
for
Fed.
206,154
1st mtge. 6s
6,332,000
Res. for self-insur.
a
283,140
inc.
and surtax
c$7
72,389
285,422
cum.
pref.stk.
Common stock.
12,085,045
106,088
7,167,000
160,942
149,336
3,030,000
3,030,000
400,000
951,936
400,000
951,936
554,923
182,822
12,342,710'
of
proposed liquidation of Peoples Power Co., Peoples Light Co. and MolineRock Island Mfg. Co. and the
acquisition of their properties by Peoples
Light & Power Co., a newly organized corporation.
All of the companies
are wholly owned subsidiaries of The United
Light & Power Co.
Peoples Light & Power Co. will operate the properties and furnish elec¬
tricity and gas to the public in the territories now served by Peoples Power
Co. and Peoples Light Co., it is stated.
In
12,085,045 12,342,710
Earnings for the 12 Months Ended Dec. 31,1939
gross revenue
$4,333,549
2,217,615
197,001
408,000
Operation
....
General taxes
Federal and State income taxes
236,067
208,684
Gross income
Interest on long-term debt
Amortization or debt discount, premium and
expenses
Other interest charges
...
charged
to
$1,066,182
317,494
25,587
524
...
deductions
2,494
Cr30,873
construction
income.
$750,955
Dividends on preferred stock
Amortization of preferred stock expense
a244,585
32,998
Balance
:
of the
issue its
assets
the three companies,
of
common
stock to each of them
indebtedness.
On the basis of the balance sheets of the three
companies
as of Dec. 31, 1939, the common stock to be
issued to each of them and
the amounts of their indebtedness to be assumed
by the new company are
as follows:
Stock
Peoples Power Co.
Peoples Light Co
*
$473,372
Includes $34,585 of dividends on $6 and $6.60
preferred stock applicable
to the months of January and
February, 1939, declared and charged to
surplus in December, 1938, which stock was redeemed in
December, 1938.
—V. 149, p. 2242; V. 148, p. 2753.
Indebtedness
57,738 shs.
29,899 shs.
40,663 shs.
$769,314
2,081,838
314,434
128,300 shs.
$3,165,586
the three companies will declare
Power Co., a dividend on their capital
stock in an amount not to exceed their undistributed net
earnings subsequent
to Dec. 31, 1939, it is stated. The common stock of the new
company issued
Prior to the transfer
and
pay to
to the
of their assets,
The United Light &
three companies will be distributed to The United Light & Power
will surrender for cancellation all of their
outstanding capital
which
stock, and they will be dissolved. —V. 149, p, 1485.
4
Peoples Water & Gas Co.—Earnings—
Calendar Years—
mat
1939
Operating revenues
'$1,152,982
Oper. exps. & taxes (incl. Fed. inc.tax)
846,328
-
income
on
long-term debt
...
Amort, of debt disct. & expense
Miscellaneous deductions
Net income
1938
1937
$1,054,682
798,414
$1,035,876
776,202
$306,654
Dr4,504
$256,268
5,271
$259,674
Dr 1,277
$302,150
155,607
9,879
14,011
$261,539
155,819
$258,397
155,926
$122,653
21,000
Net earnings
Other income
Interest
$4,319,533
14,016
revenues
of the transfer
amount
Gross
revenues
Miscellaneous income
an
equal, in aggregate par value, to their capital accounts plus
surplus at the time of the transfer of the assets and will assume their existing
Pennsylvania Power Co.—Earnings—
Maintenance and repairs
Provision for depreciation
consideration
Peoples Light & Power Co. will
in
Co.
Total
a Represented
by 400,000 no par shares,
b After reserve for depletion
and depreciation as at June
30, 1926, together with provisions out of
earnings since that date, $18,335,502 ($18,388,958 in
1938); transferred
from special reserve since Jan. 1,
1937, $2,217,593 ($1,513,908 in 1938), and
special reserve created out of capital surplus of elimination of
appreciation,
included in appraisals of June 30, 1926,
remaining in accounts at Dec, 31,
1937, $7,047,886 ($7,859,903 in 1938).
c Represented by 121,200 no
par
shares.—V. 149, p. 2702.
Non-operating (net)
The Securities and Exchange Commission Feb. 20
announced the filing
applications (File 46-208) under the Holding Company Act regarding the
Moline-Rock Island Mfg. Co
Earned surplus...
Total
par
$
163,668
.
Res.
1938
$
Accts. pay (trade)
Acccrued liabilities
Capital surplus...
Net
def253,436
Peoples Light & Power Co.—Proposed Acquisition—
Prov. for doubtful notes
Interest
def207,498
Pennsylvania Salt Mfg. Co.—To Pay $2 Dividend—
$6,392,004
259,897
exps.
taxes
Total
def247,908
150, p. 849,
stock,
1936
$6,024,810
less misc.
Prov. for deprec. & depl.
Interest charges
Taxes other than income
Electric
1937
$356,204
def81,424
—V.
$6,216,754
U. S. Govt,
1938
$305,313
defl22,514
amount was
Mfg. cost of sales and all
&
1939
$339,512
def87,221
Net ry. oper. income...
40,000
Consolidated Income Account for Calendar Years
Notes
1940
$374,651
defl06,653
The directors have declared
Net sales
a
$5,003,228
Gross from railway
Net from railway
Pennsylvania-Dixie Cement Corp. (& Subs.)—Earnings
on
$5,490,603
taxes
—V. 150, p. 1290.
$46,998,627
...
Loss
24,742,827
railway operations
$8,231,377
1,800,391
477,367
414,956
376,937
158,498
40,847
220.244
Total
other
from
January—
mortgage
1937
Equipment rents—Dr. balance
Joint facility rents—Dr. balance
80,000
advances for equipment
Real estate—Ground rents
1938
$9,443,271
2,291,300
534,086
533,893
436,439
156,950
94,000
cate and
149,
revenue
Railway taxes
Unemployment insurance
Railway retirement taxes
67,000
220,074
31,500
230,000
Seaboard Air Line Ry., common
Southern Pacific Co., common
Pittsburgh Terminal Coal Corp., receivers' certifi¬
-V.
Net
148,800
4,800
24,125
Pennsylvania RR., common
Republic Steel Corp.. prior pref. 6% cumulative
1939
....
42,187
Common
Preferred
1940
$38,495,774 $32,896,733 $28,465,622 $37,824,118
9,459,129
8,253,264
5,473,948
8.303,572
income...
5,516,274
5.033,689
2,241,760
5,213,012
Earnings of Regional System
[Excluding Long Island RR. and Baltimore & Eastern
RR.]
Month of January—
1940
1939
Railway operating revenues
$38,566,523 $32,974,204
Railway operating expenses
29,123,252
38,125
9,450
28,750
convertible series A
352,119
Net ry. oper.
7,592
59,761
New York New Haven & Hartford RR.—-
1,200
1,000
1,000
January—
Gross from railway
Net from railway.
21
Chesapeake & Ohio Ry, common
Lehigh Valley RR.. common
Louisville & Nashville RR., common
Missouri-Kansas-Texas RR., 7% preferred A
148,800
Earnings of Company Only
304,590
83,756
46,573
47,676
29,957
_
in
average of 123,000 employees
"Toward the support of our four kinds of
government—Federal, State,
county and municipal—it contributed
$344,000,000 in taxes.
"To its own
stockholders, the owners of its property and facilities, it
paid each year a return,
individends, totaling $242,000,000. for the period.
"On betterments, improvements and
additions to its equipment, road¬
way, structures and other parts of the
plant used in serving the public, it
Note E—There
Is named
trust
$2,074,000,000
an
and their families.
part payment for
equipment which has been leased at
1451
period," said Mr. Clement, "though consisting
entirely of what
as 'depression
years' our railroad paid out
$97,515
115,500
—---
8,204
13,768
$88,703
x Dividends on preferred stock
262,500
Dividends on common stock
y417,500
x
$42,000 of this dividend charged to capital surplus in 1938 and $241,500
in 1937.
y Charged to capital surplus.
-
Balance Sheet Dec. 31, 1939
Assets—Plant, property, rights, franchises, &c.,
$3,973,785; special
deposits, $302,656; cash, $332,827; accounts and notes receivable (net),
$196,144; materials and supplies, $96,231; prepaid insurance, &c., $5,274;
deferred charges, $197,952; total, $5,104,870.
Liabilities—$6 cumulative preferred stock, $350,000; common stock
(42,500 shares of no par value), $42,500; long-term debt, $3,049,500;
6% note payable to Federal Water Service Corp., $80,000; accounts pay¬
able, $92,873; consumers' deposits and accrued interest thereon, $202,292;
general taxes accrued, $69,195; Federal income taxes accrued, $39,441;
interest on long-term debt, $14,407; miscellaneous
accruals, $3,047; main
extension deposits, &c., $3,523; reserves, $879,133; contributions for ex¬
tensions, $788; capital surplus, $278,171; total, $5,104,870.—V.
150,
p. 849.
a
Pennsylvania RR.—Expenditures During Past 10 Years—
Petroleum Exploration Inc.—Extra Dividend—
Directors have declared
an extra dividend of 10 cents
per share in addi¬
quarterly dividend of 25 cents per share on the common
stock, both payable March 15 to holders of record March 4.
Extras of 25
cents were paid on Dec. 15, Sept. 15 and on June
15, last.—V. 149, p. 3881.
tion to the regular
A report revealing major expenditures of the
Pennsylvania Railroad
System in the 10 years ended with 1939 and the extent of their contributions
to the economic life of the nation was made
M. W. Clement.
public
on
Feb. 28 by President
Peoria & Eastern
The New York Stock
of
deposit
issued
or
for
Ry.—Listing of Certificates of Deposit—
Exchange has authorized the listing of certificates
$8,376,000
first
consolidated
to be issued pursuant to
mortgage
plan of adjustment.
bonds
which
are
The Commercial &
1452
Income Account
of the company
31
for Years Ended Dec.
1938
$2,516,489
1,914,740
$2,314,670
1,858,339
$601,749
177,218
$456,330
174,084
12,298
$436,828
221,730
$291,904
191,845
$100,059
239,147
income.
Other
$339,207
9,051
453,566
9,092
449,690
debt
unfunded debt
applied to sinking and other reserve
Interest on funded
107
Dec.
1939
Inv. in rd. <fe
Sinking
686
3,367
18,371
phys. prop.
Inv. In affil. cos.:
a
179,651
5
9,994,200
5,000
5,000
Mortgage bonds.. 9,222 000
Coll. trust notes..
600,000
9,230,000
4,000,000
600,000
4.000,000
—V.
6,000,000
11,082
1,240
1,196,722
1,240
Other unadj. debits 1 ,290,296
...
bonds
1940
January—
Net ry. oper.
150,
p.
income
850.
2,465,570
1,000
1,000
773,459
ma¬
to
retir"
120,643
128,607
1,762,031
128,343
125,826
1,774,827
b Pledged as
collateral
to such prior pledge,
bonds.—V. 150, p. 1144.
$2,393,175
1,897,303
$1,921,261
1,849,392
$769,549
177,642
Railway tax accruals
$495,872
153,904
$71,869
152,725
$341,968
104,783
58,356
x$80,856
68,174
104,177
$178,828
93,675
x$212,403
94,525
Interest on debt
$551,425
6,019
7,519
267,713
$272,504
6,324
5,631
271,163
x$117,878
5,876
8,195
273,776
Net income
$270,173
x$10,614
x$405,726
$591,907
84,175
Operating income
Equipment rents (net)
Joint facility rents (net)
60,484
$447,248
Net- railway operating income
Other income
Miscellaneous income deductions.
equipment
Net ry. oper.
—V.
150,
P.
income—
63,373
Deficit.—V. 150, p. 700.
Milwaukee, Wis.—Stock Offered—An issue
stock (no par) was offered at
$75 a share in December, 1939, by Dalton, Riley & Co.,
Inc., Milwaukee, Wis.
The stock was first offered for sub¬
scription to stockholders resident in Wisconsin.
.
Company and Business—Organized in Wisconsin on May 5, 1934, under
On June 1, 1934, it purchased the assets and busi¬
ness of Perfex Corp., Milwaukee, Wis., which was engaged in the manufac¬
ture of cooling radiators, unit heaters, unit coolers and allied products.
The name was changed on June 4, 1934, to Perfex Radiator Co.
By
corporate proceedings effective May 3, 1937, the name was changed to
Perfex Corp.
The principal office and manufacturing plant is located at
415 West Oklahoma Place, Milwaukee, Wis.
Company manufactures and
sells cooling radiators for use on trucks, tractors, power units and various
heavy duty industrial equipment, which products have been made con¬
tinuously by its predecessors for more than 25 years.
In more recent
years a complete line of unit heaters and unit coolers have been added.
the name of Exeter Co.
of Nov. 30, 1939
Pond Creek Pocahontas
revenues
Oper. exps., incl. taxes.
of limited-term
in Wisconsin
at
in the event of sale of 1,700
which, after deducting $8,495 compensation due
Dalton, Riley & Co.,
with the offering (estimated at $1,000),
for the payment of at least $37,500 on
$75,000 note due June 15, 1943, and, if deemed advisable, for an addition
Inc., and expenses in connection
will be used for working capital,
to the
plant and the purchase of equipment.
Income
Account for
11 Mos. End.
of goods
-Years Ended Dec.
311936
'39
$1,367,142
1938
1937
$1,018,804
$1,356,546
$792,007
1,186,726
32,193
990,464
29,910
1,322,696
29,941
792.991
$3,908
3,219
loss$l 1,834
2,228
Nov. 30,
Net sales
Cost
Stated Periods
sold and
operating expenses
Depreciation
10,851
$148,222
loss$1,571
465
707
$148,687
16,728
5,793
31,300
loss$863
17,883
6,574
$7,128
9,296
loss$9,606
13,808
12,962
.prof$94,865
Net profit
$25,321
$15,155
$36,376
.
Other income credits
.
Other
charges
Additional depreciation.
Pro v. for income taxes..
12,987
Pierce Governor Co.—To
Directors have declared
a
Pay 25-Cent Dividend—
dividend of 25 cents per share on the common
stock, payable March 15 to holders of record March 5.
Like amount was
paid on Oct. 16, last and compares with 15 cents paid on March 25, 1S39
and
on
Aug. 5 and
on
4,991
1,892
22,917
275,000
275,000
$98,607
$107,532
$760,606
$762,240
Dr423
804
Dr504
Dr2,675
$98,184
40,604
4,247
$108,336
40,604
4,284
$760,102
487,250
53,733
$759,565
487,250
54,374
Cr554
CV635
$219,673
$218,576
430,167
430,167
retirement re¬
appropriations..
Net operating revenues
Other income (net)
Gross income
-
Interest on mtge.
bonds.
deduct.
Interest charged to con¬
Cr213
struction
Net Income
Dividends applicable to
$53,546
$63,448
preferred stocks for the
period
April 11, 1938—V. 149, p. 2377.
,
$210,494
$211,591
Dividends accumulated and unpaid to Dec. 31, 1939, amounted to
$2,476,328. Latest dividends, amounting to $2.15 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
deficit
a
Dividends on these
stocks are cumulative.—V.
150, p. 135.
Telegraph Land Line System—Earnings—
Period End. Dec. 31—
1939—Month—1938
1939—12 Mos.—1938
$1,916,968 $21,115,438 $21,089,095
Tel. & cable oper. reves_ $1,882,535
Postal
1.56,453
159.691
114,069
1,398,307
33,815
1,388,573
1,890,082
1,197,890
15,614,523
523,333
37,342
428,384
447 ,4R>
x$18,344
5,000
47,384
$46,109
Cr5,000
x$l19,262
60,000
964,300
$27,279
50,000
1,044.688
$70,728
1,672
$35,231
1,170
$1,143,562
$1,067,409
24,725
33,617
$69,056
247,923
_
Conducting operations..
Relief depts. & pensions.
All other gen. & misceli.
1,302,128
1,916,296
1,314,260
15,694,960
578,672
$34,061
248,074
$1,118,837
2,980,893
$1,033,792
3,008,726
$316,979
All other maintenance.
120.268
156,1.54
116.269
1,407,320
33,506
38,544
Repairs
Deprec. & amortization.
$282,135
$4,099,730
$4,042,518
expenses
Net tel. & cable oper.
Uncollect, oper. revenues
assignable to opers
Operating loss
Non-opera ting income.
_
Gross loss
Other deductions
—V. 150, p.
86.340
285.
Pratt & Lambert,
Inc.—50-Cent Dividend—
dividend of 50 cents per share on the common
1 to holders of record March 15. This compares with 75
cents paid on Dec. 22, last; 50 cents paid on Oct. 2, last, and previously
regular quarterly dividends of 25 cents per share were distributed.—V. 149,
Directors have declared a
stock, payable April
p.
3569.
Prudential Corp.,
Dallas, Texas—Stock
Offered—Dallas
Rupe & Son, Dallas, Texas, are offering 100,000 shares of
class A preference stock at $10 per share.
Corporation was incorporated April 7, 1938, in Delaware, and is duly
authorized to do business in Texas.
It maintains its principal office at
903 Kir by Building, Dallas, Tex:as.
The directors intend to presently
(1)
the
purchase and sale,
limit the activities of the company to
after thorough statistical and technical ex¬
amination, of bonds or other evidences of indebtedness of individuals or
corporations, or shares of stock of corporations, owning
or
apartment hotels, office buildings, or industrial plants situated in
Oklahoma, Arkansas and Louisiana or such other States as they may later
in their discretion feel offer attractive investment opportunities, and
commercial
Texas,
of
corporations formed to supervise, manage and
classes in cases where the directors deem such
operate properties of such
operations to be advanta¬
of
(2) the purchase and sale of bonds, debentures or other evidences
public utility corporations doing business in above States;
(3) the making of sooalled "oil loans" evidenced by "oil payments" se¬
cured by assignments of royalty rights or overriding royalty rights in oil,
geous;
—V. 126, p. 938.
4,991
158
22,917
investments
$75 per share.
It is estimated that company will receive
shares of present offering (being the 2,614 shares offered less the maximum
of 914 shares to be reserved for officers and employees), the sum of $127,500,
124,037
1939—12 Mos.—1938
$3,428,023
$3,444,225
2,390,525
2,401,994
Property
serve
Jan., 1939
Co.—Earnings
1939—Month—1938
$299,244
$310,103
177,562
174,663
Amort,
Taxes
15,000 shs.
x8,652 shs.
x Not including 34 shares held in treasury (at cost of $1,360).
Amount and Purpose of Offering—Company proposes to offer 2,614 shares
of common stock as follows: (1) 2,614 shares by company to stockholders
resident in Wisconsin at $75 per share.
(2) If available, up to 914 shares
will be reserved for issuance to officers and employees at a price of $75
per share at any time within three years from Dec. 5, 1939.
(3) If avail¬
able, up to 1,700 shares by Dalton, Riley & Co., Inc., to persons resident
Dec., 1939
141,957
Jan., 1940
'125,200
Period End. Dec. 31—
Operating
105,558
102,281
Co.—Output—
of—
mined.
—V. 149, P. 4039.
Outstanding
Authorized
Capital stock (no par)
66,210
Month
Balance,
of 1,700 shares of common
78,782
$346,678
850.
Tons of coal
a
as
1,622
1937
$224,679
46,294
48,910
$268,120
$393,151
135,939
122,706
railway
Net from railway
Other interest &
Total income
31,185
$87,358
10,259
$86,155
17,167
def1,169
1938
1939
Pittsburgh & West Virginia Ry.—Earnings[
1940
1938
1939
$2,899,570
2,130,021
Net operating revenue
1939
$99,768
38,971
24,115
47,250
Portland Gas & Coke
Marquette Ry.—Earnings—
1940
Month of January—
Capitalization
defll,112
Northern RR.—Earnings
1937
1938
January—
27,117,632 27.049,669
Total
a Pledged as collateral for collateral trust notes.
for first consolidated mortgage bonds and, subject
Perfex Corp.,
1937
$70,537
5,410
4,517
$44,117
defl2,190
210
$121,374
railway
Net from railway
Net ry. oper. income
—V. 150, p. 850.
Gross from
Sink. fd. reserves.
Operating revenues
Operating expenses
1940
January—
Gross from
1,657,148 1,656,340J
Profit & loss def..
x
$53,269
4,753
income
through Income
and surplus
27,117,632 27,049,669
710,332
prop'ty
Funded'debt
Rent for lease of roads and
340,325
RR.—Earnings 1938
1939
$72,628
16,853
6,649
Pittsburgh Shawmut &
2,485,482
debt
tured,
through
Pere
def72,551
Gross from railway
unpaid..
deprec'n,
to affil. cos
Funded
Add'ns
for income mortgage
175,330
Non-negot. debt
Accrued
Total
350,075
with SEC
1937
$2,001,803
325,521
$897,977
defl68,131
Net from railway
Income
lien).. 5 ,000,000
10,690
$1,274,209
98,098
Pittsburgh & Shawmut
for
liability
equipment.....
Advances
Deferred assets
$1,885,026
319,096
railway
Net ry. oper. income
—V. 150, p. 1144.
1938
conversion
(purch.
money
Pittsburgh & Lake Erie RR.—Earnings—
1940
1939
1938
9,994,200
Stock
18,371
179.651
Stocks
b Bonds
1939
I
eqpt-20 ,616,896 20,639,233
funds
Misc.
$634,986
$607,562
x
Net from railway
$
Amis—
243,066
(or depreciation)
for dividends
150, p. 1291.
Gross from
31
S
1938
$
$124,703
11,697
101,841
238,584
January—
deficit.
General Balance Sheet
5,001
$5,960
funds.
676,087
Pittsburgh Finance Building Corp.—Registers
See list given on first page of this department.
127
4,960
Interest on
Balance,
tax
Balance available
$461,72.5
Miscellaneous deductions
Income
income
Federal
$1,663,196
11,882
93,615
deductions
1939
664,193
132,040
$1,632,126
676.000
charges
Amortization and other
—V.
1
stock
$2,459,429
685,119
129,145
tax)
including Federal income
Retirement expenses
246,627
*J¥i>oni
$2,446,391
Net earnings
Interest
payable.
Water Co.—Earnings
31—
maintenance)
Operation (including
$282,245
9,659
$21.5,097
Rents
Philadelphia Suburban
12 Months Enaed Jan.
$424,530
1940
assets among the preferred
Gross revenues
Taxes (not
Rent income.
and distribute its net
11.—V. 150, p. 135.
2,
holders, to March
1939
Railway tax accruals.
March
Financial Chronicle
indebtedness of
fas or other minerals if, as and whendeed of trust onlands gas and in above
produced from oil, located mineral
tates, or secured by mortgage or
rights in lands located in above States; and (4) the furnishing of aid and as¬
sistance in the
individuals or corporations
apartment hotels, office buildings, industrial or
the above mentioned States and in need of financial
rehabilitation or reorganization of
owning commercial or
utility plants situated in
relief.
Pierce Oil
Corp.—Case Delayed—
adjourned the hearing
the petition of the corporation seeking an order to wind up the affairs
The Circuit Court of Richmond, Va., on Feb. 28
on
Capitalization—Company is authorized to issue
preference shares (par $1)
(no par).
100,000 of such
200,000 shares of class A
and 100,000 shares of class B common stock
class A preference shares are presently offered
Volume
The Commercial & Financial Chronicle
150
28,300 shares of class
A
preference shares and 2,830 shares of class B
stock have heretofore been
sold, and 80,000 shares of class B
common
Rayonier, Inc.—Earnings—
stock have been issued to the founders of
the company.
Dividends-— On July 1, 1939, dividends were
paid to holders of class A
preference shares outstanding as of June 30, 1939, such dividends
common
9 Months Ended Jan. 31—
Profit from operations
4
Provision for depreciation and depletion
being
12Hc. per share on the 17,150 shares of such stock
outstanding on March 31, 1939, and 12He. per share on the 21,040 shares
of such stock
outstanding on June 30, 1939, such dividends aggregating the
sum Ox ®4»819»
On Dec. 27, 1939, the
company paid to the holders of class A preference
allocated
as
follows:
Net
Frank
31, 1940 quarter, due to certain
directly comparable with those of the preceding
During the quarter
pulp were lower than
during the corresponding quarter of last year and there were increases in
the cost of raw materials.
However, the company is now commencing to
benefjt from higher prices for its products.
In November the company's
plant at Tacoma was repaired and placed in operation and early in Decem¬
ber the new plant at
Fernandina, Florida, was also placed in operation,
both of which involved considerable
expense to the company.
The initial
operations of the Fernandina plant, as might be expected, were at a loss.
However, all of the plants of the company are now operating oh a profitable
basis.—V. 150, p. 1293.
circumstances,
quarter
Prudential Personal Finance
Corp.—Registers with SEC
(& Subs.)—Earnings—
95,234,941
$3,837,013
$3,646,224
$39,405,531
$35,413,913
2,646,708
2,572.7*6
25,796,691
Month of January—
Railway operating
Railway operating
92,015,399
Bal. avail, for divs. and
Net
—V. 150, p. 1292.
Years Ended Dec. 31—
earns, from oper.
1939
1938
1937
1936
$6,914,499
906,194
$7,659,410
879,796
$5,258,165
869,232
$7,675,048
$6,008,304
$6,779,615
$4,388,933
$6,643,681
356,500
70,978
124,440
130,997
149,522
127,739
157,395
222,175
$7,035,052
$4,666,193
$7,023,251
1,012,930
1,154,184
572,552
1,216,725
$5,422,852
Depreciation
$5,880,868
$4,093,641
$5,806,526
foreign subsidiaries
Other divs. & int. ree'd.
31,774
45,786
$5,163,023
16,578,394
$5,901,582
16,937,920
$4,156,426
17,392,577
$5,760,740
16,934,268
Gross surplus
.$21,741,417
service retirement
$22,839,502
$21,549,003 $22,695,008
Past
annuities
858,737
2,164,001
33,143 Crl,174,751
1,074,608
1,074,540
3,497,765
4,197,318
reserves
Preferred dividends
Common dividends
38,835
1,074,483
3,497,765
33,113
1,074,447
4,194,871-
Surpl. at end of year. .$16,277,164 $16,578,394 $16,937,920 $17,392,577
Earns, per sh. on 702,000
'
shs.com. stk. (no par)
$5.82
$6.87
$4.39
$6.67
Consolidated Balance Shed Dec. 31
Assets—
on
'
1939
hand and in banks
Government securities
State, county and municipal securities
Invest'ts in & advances to non-consol. subsidiaries
Stock purchase & other indebtedness of employees.
Company's capital stock (for employees)
Miscellaneous investments
Insurance and other prepaid expenses
Land, buildings, machinery and equipment...
Trademarks, trade rights, patents &"goodwjll
1938
$4,628,109
3,912,263
10,430,663
13,179,896
........
Accounts receivable (less reserves)
Inventories
$3,467,352
3,270,053
8,077,514
16,175,835
180,000
2,788,746
78,654
383,466
1,701,398
67,404
389,366
21,278
312,751
21,403
282,307
15 190 921
Total
15,420,688
10!l35,506
x
Accounts payable
Accrued liabilities
Dividends declared, payable after Dec. 31_.
Due to subsidiaries
Reserve for inventory shrinkage
Reserve for advertising
Reserve for insurance and other contingencies
Reserve for non-consolidated foreign subsidiaries.
6% preferred stock
Common stock
y
Surplus
...
Total
$789,653
3,203,346
270,000
348,807
2,250,000
2,050,000
1,310,905
259,679
18,000,000
15,210,000
16,277,164
18,000,000
15,210,000
16,578,394
.$59,969,554 $60,281,524
Represented by 702,000
Radiomarine Corp. of
Period End. Dec. 31—
Tel. & cable oper. revs
no par
shares.—V. 148,
1180.
1 to holders of record March 11.
made in preceding quarters.—V. 150, p. 701.
Richmond
Fredericksburg & Potomac RR.-
$112,242
3,852
$90,577
23,731
415
415
$1,179,116
87,673
5,000
$1,154,379
-----134,340
5,000
86,471
70,197
870,950
793,011
$20,504
x$3,766
$215,493
1,200
79,539
$222,028
1,200
66,107
Uncollect, oper. revenuesi
Taxes assignable to oper.
100
100
10,798
2,758
$9,606
x$6,624
685
84
Gross income
$10,291
x$6,540
160
57
Rochester Capital
Corp.—Dissolved—
The corporation, organized
formally dissolved Feb. 21.
Dissolution
tion
as
the basis of
was on
x
Loss
or
$10,131
deficit .-
-V.
x$6,597
$134,754
7,802
$154,721
2,160
$142,556
1,876
$156,881
1,739
$140,680
Ruberoid Co.
revs.
&
Calendar Years—
Bdilos
less
1939—12 Mos.—1938
626,154
275,284
663,929
a
Rail transp. revenue $6,257,000
$5,335,702
a
Payments to rail and other carriers—express privileges.—V. 150, p. 851.
1487.
1939
1937
1938
1936
cUs*-*
returns
allowances..$15,993,717 $13,688,983 $16,619,242 $14,703,803
Cost of goods sold
12,574,973
10,930,623
13,181,297
11.505,241
Sell., admin. & gen. exp.
2,635,007
2.243,918
2,590,187
2,222,821
Trading profit
$783,737
$514,442
$847,758
$975,740
38,645
5,164
a158,092
37,434
4,655
120", 567
85", 000
8,033
13,878
3,164
16,127
Add:
of
Excess
liquidating
div., &c
Div.
inv.in
on
assoc.co
mark, sec., &c.
Profits on sale of mar¬
Int.
on
ketable securities
Loss
disposal of mach.
equipment
Interest paid
13,614
$728,237
$997,000
$1,093,909
13,691
27,736
21,659
13,222
4,175
4,500
4,500
26,395
b99,959 '
33,061
64,144
66,165
55",458
43" 683
158.936
160,000
60,000
on
and
Loss
36" 535
4,218
16,424
$864,081
Miscellaneous income-
sale of market¬
on
able securities
Miscellaneous
deduct'ns
Prov. for Fed. inc. tax..
115,908
14,699
Prov. for Fed. surtax—
Net profit
Dividends
8,295
*
—
Shares outstanding.
$608,128
437,587
397,806
$515,472
238,684
397,806
$1.53
6,966,816
955,218
98,744
6,401,931
1,749,080
855,222
$57,802,646 $50,653,156
$750,510
a795,612
397.806
$1.30
$812,930
530,408
132,602
Per share earns, based on
number of shares out-
$6.13
$1J
b Includes
a Includes
$556,928 paid in 4% series A dividend notes.
$30,000 provision for loss on consumers' notes sold to First Bancredit Corp.
Consolidated Balance Sheet Dec. 31
a
Trade
sees..
accts.
2,177,886
81,525
1,765,417
1,394,470
raw
$
249,319
salaries,
wages,
'V
,
commis¬
sions, Ac
140,595
102,658
168,199
153,859
160,903
131,694
440,212
Sundry accrued lia¬
accts. &
receivable
on
Accrued
&
notes receivable-
notes
Trade accts. pay..
1938
$
600,648
Liabilities—
$
2,373,960
53,875
Cash
1939
1938
$
Assets—
of
713,505
83,784
13,659
Other deductions
p.
counts &
14,043
19,467
9,344
12,531
bilities
Reserve tor Federal
income tax
pur.
Reserves
231,525
materials
3,049,401
2,901,871
78,080
533,178
13,034,164
surplus... 1,652,395
1,481,854
Capital stock...13,034,164
8,731,214
Deferred charges136,573
d
101,175
179,044
Inventories
income.$17,282,212 $16,543,061 $169982,016 $158311,093
10,214,264
9,641,992 104,158,592
98,651,704
Int. & disct. on fund. dt_
was
corpora¬
(& Subs.)—Earnings—
equipment, &c_- 8,572,442
Total
1929,
into cash with which shares of Chemical Fund, Inc., of
purchased for distribution among the stockholders of the
were
Capital stock outstanding.—V. 149,
Adv. pay.
Charges for transport'n.$17,022,159 $16,288,001 $167179,377 $155590,088
Other revs, and income.
260,053
255,060
2,802,639
2,721,005
Operating expenses
Express taxes
in
Rochester Company.
Edward G. Miner, President of Pfaudler Co. and of Capital, said that
shareholders of that corporation will receive one share of Chemical Fund
stock for each share of Capital Corp. stock.
There were 100,000 shares of
Advs. to employees
149, p. 2985.
1939—Month—1938
company
plan under which assets of the
turned
were
New York
$155,142
Railway Express Agency, Inc.—Earnings—
Period End. Dec. 31—
investment
an
a
b Sundry
Net income
$835,681
266,139
133,053
Richmond-Washington Co,—Bonds Called—
Marketable
Deducts, from gross inc.
1937
$709,866
130,660
33,094
Company announced that it will redeem on June 1, 1940 $1,000,000
principal amount of its .outstanding guaranteed collateral trust 4% bonds
due June 1, 1943, at par and accrued interest plus a premium of 5%.
Bonds to be redeemed have been drawn by lot and will become payable on
June 1 at the office of the New York Trust Co., agent, 100 Broadway,
New York.—V. 130, p. 4413.
1939
Operating income
Non-operating income..
Earnmgs
1938
$753,253
195,150
74,781
—V. 150, p. 850.
stand. at end of period
Net tel. & cable oper.
revenues
1939
Similar
1939—12 Mos.—1938
All other gen. & miscell.
expenses
1940
$886,948
261,467
111,983
Prop'n of sub.cos. profits
applic. to min. interest
America—Earnings—
1939—Month—1938
Deprec. & amortization.
Relief depts. & pensions.
p.
,
interim dividend of 20 cents per share on the
an
stock, payable April
payments w.ere
$910,196
3,464,277
270,000
11,216
2,250,000
2,050,000
1,277,762
259,679
After reserve for depreciation of $14,211,037 in 1939 and $13,696,247
y
$635,311
Remington Rand Inc.—Interim Dividend—
Directors have declared
common
Liabilities—
x
$966,338
12.
This will be the first dividend paid since Dec. 22, 1936, when
$10.50 per share was distributed.—V. 149, p. 1487.
10,135,506
$59,969,554 $60,281,524
In 1938.
$1,182,874
.
March
Net ry. oper. income...
Cr20,714
Cash
$600,245
Cr24,546
010,520
Hosiery Mills, I nc.—Accumulated Dividend—
Net from railway
259,829
Surplus
$1,003,451
Dr39,696
Cr2,583
701.
January—
current assets
Net income
p.
Gross from railway
Cr94,559
__
Surpl. at beginning of yr.
$870,609
270,364
Directors have declared a dividend of $2 per share on account of accumu¬
lations on the 7% preferred stock, payable March 25 to holders of record
Federal & foreign income
Adjust, of deprec. chgs.
for
prior years,
less
related adjustments
Adjust, to market of sec.
& foreign net current
150,
Real Silk
-
Divs.
Net income
$1,374,973
371,522
$1,310,828
Drl29,969
Cr2,015
Net railway operating income...
-V.
1,031,367
earnings
from operations
fron
non-consol.
1938
$4,068,703
3,198,094
515,014
Joint facility rents (net)
$6,435,782
Consol.
1939
$4,662,986
3,288,013
$1,825,842
from railway opers...
Railway operating income
Equipment rents (net)
(& Subs.)—Earnings—
>.
net
revenue
expenses
Railway tax accruals
*
Consol.
1940
$5,550,382
3,724,540
revenues..
23,102,561
_
surplus
or
Reading Co,—-Earnings—
Period End. Jan. 31—
1940—Month—1939
1940—12 Mos.—1939
Gross earnings
$12,523,327 $11,781,600 $134640,472 $127429,312
8,135,376
not
are
of the corresponding quarter a year ago.
just ended the average prices realized from the sales of
Ritchie, Vice-President,
K. Rader, Statistician
8,686,314
280,988
current fiscal year, consolidated net profit amounted to
as compared with $652,636 in the
preceding quarter and $1,539,801
the quarter ended Jan. 31, 1939.
The net results of
operations for the Jan.
in
See list given on first page of this department.
Oper. exp., maint., de¬
preciation and taxes.
$1,421,431
$555,041
149, p. 3882.
Public Service Corp. of N. J.
$1,921,144
218,725
££1?^ company's
President and director.
D. Gordon Rupe Jr., Vice-President and director.
Oliver Daniel, Vice-President and director.
R. A.
Counsel and director.
$1,964,961
258,598
>281,170
For the three months ended Jan.
31, 1940, comprising the third quarter
1939, and 12Hc. per share on the 28,300
outstanding on Dec. 20, 1939.
Purpose—All proceeds of sale of stock covered are to be used for the
purchase of securities, but at the present time company has no outstanding
commitments for the purchase of
any securities, other than the purchase
agreement between company and Republic National Bank, Dallas.
Management—The officers and directors are as follows: Dallas Rupe,
shares
General
876,779
$1,425,193
profit
1939
$2,797,923
914,624
Profit from operations
shares outstanding as of Dec.
30, 1939, dividends in the sum of $6,531,
such dividends being allocated as follows:
12He. per share on the 23,950
shares outstanding on Sept. 30,
Secretary,
1940
$2,879,585
Interest and other expenses net of other income
Provision for Federal income taxes
,
and director.—V.
1453
Investments
Earned
and
advances
c
Land,
bldgs.
&
16,290,082 15,593,7591
Total
After
reserves
of $143,349
Total
16,290,082
15,593,759
in 1939 and $141,899 in 1938.
b After
$37,024 in 1938. c After reserves to reduce
reproductive values to sound values as appraised, together with subsequent
provision for depreciation amortization and depletion in the amount of
$5,141,311 in 1939 and $4,653,863 in 1938.
d Represented by 397 806
a
reserves
of $37,012 in 1939 and
The Commercial &
1454
no par
reacquired and held in treasury
deducting 41,136 shares
shares after
at cost of
$459,395.—V. 149, P. 3570.
Rollins Hosiery Mills, Inc.—Recapitalized—
annual meeting held Feb. 26 approved changes in the
company's capitalization, whereby one share of new common stock would
be exchanged for each four common shares now outstanding and stated
value of the convertible stock would be reduced to $1 a share.
Under the plan the company will issue 112,208 $4 par common shares to
replace 448,432 $1 par shares outstanding.
The 13,557 shares of $6 con¬
vertible stock will be changed to $1 stated value.
D. C. Woods, President, told stockholders that the company is one of the
30 or 32 companies licensed by du Pont to make hosiery from Nylon yarn.
Stockholders at the
3276.
—V. 149, p.
March
Financial Chronicle
sales
St. Louis
1940
1 938
$225,089
def57,700
1 937
$277,345
def88,273
1 939
$260,434
1,834
def23,940
$763,769
346,187
243,879
Q7q°74q
Other income
Total income
1
Other deductions
Balance available
for interest, &c
Earnings of Company
Lead Con-
cenlrates
5,255,960
3,816,637
5,536,952
3,804,451
3,382,403
202,003
157,188
212,827
-
a
Years
1937
1939
1938
$30,362,606 $19,646,828 $32,776,805
22,195,677
16,179,892
22,118,672
Gross sales
Cost of sales
1936
$22,646,211
17,526,819
70,083
67,121
78,830
55,961
$7,448,797
$2,840,853
$9,983,396
$4,554,398
138,175
32.962
94,934
$2,873,815 $10,078,330
$4,633,951
42,445
160,714
1,063,605
490,686
Other income.
$7,586,972
509,034
Int. & exp. on bonds and
;
1,058,924
1,059,034
1,055,575
562,655
Prov. for depreciation..
309.602
426,041
173",923
75,000
cl ,329,491
,
Obsolescence of Doe Run
mill
672,486
Federal income taxes...
income
$5,292,908
3,911,360
Cash dividends paid
Shs. cap. stk.
Earnings
a
b307,944
21,832
ten off
Net
100,000
writ¬
leases
Abandoned
per
(par $10).
share
$7,127,945
4,889,199
1.955,680
$1,381,548 clef$624,424
1,955,680
1,955,680
$2.71
$0.68
Including royalty earnings of $4,196 in 1939,
$2,511,002
1,955,677
$2,238,746
1,955,680
$1,331,256
$555,325
1,955,679
$1.28
$3.64
Net rysoper.
6.798,499
ground equipm't
(at cost)
1,183,321
bLand, bldgs., pl't
(cost). 6,108,768
Ry. constr'n
being
1,251,743
39,160
65,165
3,142,966
8,497,523
3,162,035
hand and
ceivable (trade).
Due from subs, not
1,904,561
1,506,521
100,055
Other notes and
42,895
66,096
Inventories (valua¬
93,913
844,193
317,884
67,628
184,866
taxes)..
For
163,002
injury cl'ms
liability
Ins..
empl's'
life
ins. & retire'ts
5,557,932
144,099
7,408,778
144,120
<
247,050
9,581,145
348,509
112,935
157,079
32,784,629 30,708,548
32,784,629 30,708,548
Total
for depreciation.
Notes—The net value of the capital assets shown in the above consoli¬
considered in the light of the comments
included in the text of this report under the heading "General."
All subsidiaries 9f the parent company with the exception
Total railway operating
Aguilar Corp. and its foreign subsidiary, since acquisition, not included in
sheets, before provision for depletion of ore
values in excess of cost, was $1,482,776 at Dec. 31, 1939, and $920,415 at Dec. 31, 1938; after provision for depletion of ore reserve values in
excess of cost, St. Joseph Lead Co.'s portion of the net losses of said sub¬
sidiaries since acquisition was $542,465 at Dec. 31, 1939, and $311,307 at
Dec. 31, 1938.
Gross profit (before depreciation and depletion) of the
the above consolidated balance
reserve
subsidiary on its sales to St. Joseph Lead Co. in 1939 of products
which remained
income
operating income
—
Net railway operating income.
Non-operating income-Gross income
-
Deductions from gross income.
Net deficit
....—- ——-
-
$213,165
31,460
$346,162
163,676
$244,625
170,080
$74,545
8,400
$190,840
267,457
$82,945
270,748
$76,617
,
$321,092
25,071
$182,486
8,354
operating income
$187,803
—V. 150, p. 853.
St. Louis Southwestern Ry. of Texas—Abandonment—
Interstate Commerce Commission on Feb. 12 issued a certificate
The
permitting abandonment by Berryman Henwood, trustee of the compay
of the branch line of railroad known as the Hillsboro branch extending from
Corsicana to Hillsboro, approximately 40 miles, all in Navarro and Hill
counties,
Texas.—V.
139, p. 1098.
Safeway Stores, Inc.—Sales—
Company reports sales of $29,972,023 for the four weeks ended Feb. 17,
1940. an increase of 7.81% compared with sales of $27,800,359 reported for
the four weeks ended Feb. 18, 1939.
For the eight weeks ended Feb. 17,
1940, sales were $57,078,916, against $53,515,095 in the same period ended
Feb. 18, 1939, an increase of 6.66%.
Stores in operation for the 1940
period totaled 2,837, compared with 3,073 in 1939.
To
Pay 75-Cent Common Div.—
of 75 cents per share on the common
holders of record March 18.
Like amounts were
Directors have declared a dividend
paid on Dec. 20 and on Oct. 1 last; 50 cents was paid on July 1 and on
April 1, .1939; $1.25 paid on Dec. 15, 1938, and dividends of 25 cents per
share were distributed on Oct. 1, July 1 and April 1, 1938.
In addition,
stock dividend of 2-100 of a share of 5% pref. stock for each share jot
common stock held was paid on Dec. 20 last.—V. 150, p. 853.
San Antonio Uvalde &
Gross from railway
Net from railway
income
853.
Net ry. oper.
—V. 150, p.
San Diego
Gulf RR.—Earnings1939
1938
1940
$103,766.
1,956
def30,653
$126,545
18,408
defl8,148
$100,936
def7,860
def44,161
County Water Co.—Bonds Placed
1937
$125,977
37,509
1.259
Privately—
placed privately with the Northwestern
Mutual Life Insurance Co., Milwaukee, an issue of $1,000,000
1st mtge. 3H% bonds due March 1, 1960.
The transaction
was arranged through Blyth & Co.
Company
has
March 1 at 105 the $804,500 1st mtge.
will be used to repay the company's treasury
construction of properties.—V. 150, p. 444.
Proceeds will be used to retire on
for funds advanced for
Shaver, Inc.—Loser in One Patent Suit—
Judge Carroll C. Hincks ruled in New Haven Federal Court on Feb. 15
of electric dry shavers manufactured by Remington, Rand,
Inc., do not infringe on patents held by this company and Schick Industries,
Ltd.
The ruling ended litigation started more than a year ago when the
Schick concerns sought a permanent injunction restraining Remington from
the manufacture of shavers.
Judge Hincks said on Feb.
in
the inventory of the latter at Dec. 31,
approximately $116,000.
Aguilar Corp.
was
in
arrears
claims by
concerns
19 that rejection of above patent infringement
Schick against Remington-Rand "settled the matter" as far as it
patent at issue, but that decisions on two other patents are
one
still pending.
of Aguilar
and its foreign subsidiary are included in the above consolidated
balance sheets.
The equity of St. Joseph Lead Co. in the net profits Of
Corp.
to
$321,265
108,100
110,269
Deductions from railway
reserve
balance sheets should be
foreign
$431,361
-
Railway operating income
Other railway
Schick Dry
,^Aft,er.rJ*erve for depletion of $4,001,672 in 1939 and $3,966,491 in
dated
operations.
1939
$1,517,374
1,196,108
that two types
&c
b After
1940
$1,593,280
1,161,919
.
8,164,416
313,328
prepaid lnsur'ce,
1938.
Net revenue from railway
Revaluation of ore
reserves
def63.665
6s. of 1962 and the balance
311,939
Earned surplus
$85,712
Ry. Lines- -Earnings-
St. Louis Southwestern
Railway tax accruals
647,922
626.806
contingen¬
cies
Mining & milling,
Total
defl9,450
1937
def 21,317
702.
Railway operating expenses
profit
of houses,
&c
For
tion not in excess
taxes,
def36,032
Income
$124,976
18,989
Month of January—
Railway operating revenues
Unrealized
For
of market)
98,845
__
and workmen's
consolidated
receivable
p.
January—
62,966
22,358
income
*
not
Reserves—
re¬
Miscell. assets
subs,
to
fr. sale
in banks.
accts.
$
Accrued taxes (incl.
(cost
2,989,622
on
Due
6,905,490 Wages payable-
refunded)
Cash
S
Capital stock (par
$10)
.19,556,800 19,556,800
96
Scrip outstanding.
42
Accts. pay. (trade) 1,181,343
1,101,330
consolidated
Invest. & advances
Notes & accts.
1938
Liabilities—
$
$
mineral rights.. 6,203,813
b Shafts & under¬
1939
1938
Ore reserves and
& equip,
150,
1938
$109,801
def2,739
def43,947
1939
def1,781
stock, payable April 1 to
Consolidated Balance Sheet Dec. 31
1939
Assets—
& Texas Ry. —Earnings—
1940
$107,282
January—
Gross from railway
Net from railway
$29,136 in 1938, $86,908
$41,088 in 1936.
b No liability incurred for surtax on undis¬
tributed profits,
c Includes surtax on undistributed profits of $32,857.
Notes—All subsidiaries of the parent company with the exception of
Aguilar Corp. and its foreign subsidiary, are included in the above sum¬
maries.
The equity of St. Joseph Lead Co. in the net profits of Aguilar
Corp. and its foreign subsidiary, not included in the above summaries,
before provision for depletion of ore reserve values in excess of cost, was
$562,360 for the year 1939 and $441,617 for the year 1938; after provision
for depletion of ore reserve values in excess of cost, St. Joseph Lead Co.'s
portion of the net losses of said subsidiaries was $231,157 for the year 1939
and $76,113 for the year 1938.
Gross profit (before depreciation and de¬
pletion) of the foreign subsidiary on its sales in 1939 to St. Joseph Lead Co.
of products which remained in the inventories of the latter at Dec. 31, 1939,
amounted to approximately $116,000.
No inter-company profits or losses are included in the above summaries.
in 1937 and
a
def283,628
#
79,554
other taxes
Depletion
def65,157
Interstate Commerce
$5,119,392
648,048
$3,466,935 $10,658,133
595,907
558,961
$8,166,928
Sell., gen. & admin, exp.
Capital stock & miscell.
notes
234,719
$4,080,403
675,852
292,926
Commission on Feb. 21 authorized the pur¬
chase by the trustees of a line of railroad, owned by the Choctaw, Oklahoma
& Gulf RR., extending from Frisco Junction to Ardmore, Okla., approxi¬
mately 13.8 miles; and (2) the entire terminal facilities and appurtenances
owned by the Choctaw within the city of Ardmore, Okla.
The Choctaw Co. is a subsidiary of the Rock Island, controlled through
capital stock ownership.
Its railroad properties are operated by the Rock
Island under the terms of a 999-year lease, dated March 24, 1904.
The properties sought to be acquired are to be conveyed to the Frisco
by deed, free of all encumbrances.
A cash consideration of $250,000 will
be paid for the entire properties, and no issue of securities will be neces¬
sary at this time.—V. 150, p. 1005.
—V.
•
1937
1938
$3,389,906
87,405
St. Louis San Francisco
Consolidated Income Account Calendar
•
def85,558
11.674
Acquisition Authorized—
The
Equivalent."
"Slab Zinc
def$80,333
3,294,224
Only
1939
$3,415,928
260,158
income
Net ry. oper.
def$73,884
6,449
1940
$3,829,049
506,288
Net from railway
Pig Lead
Zinc ConSlab Zinc
Equivalent
centratcs
Equivalent
138.307
74,681
38.188
107,600
60,797
29,606
146,274
71,031
34,519
1936
147,160
101,999
54,590
26,400
1935
133,044
92,611
47,214
22,857
1934
3,269,864
124,240
86,060
46,353
22,389
1933
2,652,944
114,651
78,248
34,741
16,898
1932
3,233,172
147.242
92,242
34,677
17.017 *
1931
4,465,794
196,481
131,586
63,348
31,498
1930
5,999,813
243,614
164,886
86,795
42,554
Note—In previous years the lead and zinc content of the respective con¬
centrates has been shown, whereas in the above table the estimated re¬
coverable metal is set forth under the headings "Pig Lead Equivalent" and
Ore Mined
N. Y. & Mo.
Year—
1939
1938
1937
—
$3,573,108
$201,843
-
-
-
Gross from railway
Joseph Lead Co. and Subsidiaries)
Production in Tons (St.
$3,973,743
3,467,506
196,500
13,126
$209,626
7,784
Operating expenses
Net railway operating income
January—
Joseph Lead Co.—Earnings—
234,331
Ry.—Earnings of System—
St, Louis San Francisco
Month of January—
Operating revenues
defl0,282
1937
$788,469
150, p. 853.
—V. 150, P. 1146.
St.
1938
1938
$870,391
391,557
281,160
1939
$771,833
320,211
229,626
Net ry. oper. income
—V.
Earnings
Brownsville & Mexico Ryv
Januaru-—
Gross from railway...
Directors have called a
Rutland RR.—Earnings—
January—
■ 1940
Gross from railway
$281,279
Net from railway
27,712
Net ry. oper. income
5,606
$1,346,450 and $1,205,050,
St. Joseph Lead Co. and the foreign subsidiary of Aguilar Corp. are con¬
tingently liable at Dec. 31, 1939 to refund to a customer the
price,
$280,000, of concentrates paid for by the customer and stored in Argentina,
in the event any future Argentine law should prevent shipment thereof.
No inter-company profits or losses as between St. Joseph Lead Co. and
subsidiaries consolidated are included in the above consolidated balance
sheets.—V. 149, p. 3570.
"
Net from railway
Russell Industries, Ltd.—-To Recapitalize—
special meeting for March 6, 1940, to discuss a
by-law, approved by directors, sub-dividing each of $100 par common
shares into 10 shares of $10 par.
Authorized common stock would then
consist of 80,000 shares of $10 par against present 8,000 shares of $100 par.
Under the plan, holders of 7% cumulative preferred convertible shares and
common shares will be entitled to one vote for each $10 in par value of
shares held.—V. 147, p. 1818.
the amounts of
Dec. 31, 1939 and 1938, in
rf'SDCctivcly
at
1940
Lead Co.)
(75% owned by St. Joseph
cumulative preferred stock
its $7
2,
1939, amounted
in dividends on
Judge Hincks confirmed the report that he
month's time in which to file additional
has given the two companies
briefs on remaining patents
which were the basis of a patent in¬
fringement suit tried in Federal Court here more than a year ago.
Ralph J. Cordiner, President of Schick, in a statement issued on Feb.*19,
said that certain misconceptions had risen in the trade concerning/the
Feb. 15 ruling of Judge Hincks in the suit against Remington-Rand.
The
belief prevailed, he said, that all litigation was ended.
Mr. Cordiner de¬
clared that this was not so, that action was still pending on other points.
"The true facts are," he said, "that Judge Hincks, who heard the patent
infringement case almost a year ago, had filed his findings of fact in respect
to only one of the three patents which the Schick company claims to have
been infringed and asked that Schick Dry Shaver, Inc., and Remingtona
concerning dry shaver construction
Volume
ISO
The Commercial & Financial
Chronicle
Rand, Inc., file additional briefs
two."—V. 149,
3728.
p.
Scott Paper Co. (&
Calendar Years—
freight
paid
1937
590,927
862,840
381,338
377,032
585,618
703,649
1939
1937
1936
1935
1934
$1,749,266
b277,810
$1,622,070
al84,101
$1,341,565
.$2,572,636
$2,027,076
60,711
442,000
130.390
335.235
$1,806,171
114,891
x312,000
$1,383,914
13,927
x235,292
184,232
Total income
—
136,500
125,000
136,683
$1,885,692
149,598
$1,424,951
$1,254,281
1,172,356
1,039,340
883,474
$998,011
46,703
598,412
$563,738
653,391
$2.65
$340,611
598,664
$370,807
569,984
$2.30
$2.20
Int. paid & misc. exps._
Prov. for Federal tax...
Prov. for Pa. income &
42,348
taxes
Net earnings
Divs. on pref. stock
Cashdivs. oncom.shs..
Balance to surplus
Common shares
outst'g.
per share
45,000
1939
1938
§
3,791.305
Cash....
1,196,656
2,379,822
&
accept's
receivable
Shawinigan Water & Power Co.—Note
Offering—Do¬
minion Securities
Corp., Ltd., in November last, offered in
theCanadian market $6,000,000
notes, at 100 and
Nov. 15, 1946.
Inv.In Bruns.
Accts. payable and
accrued items..
30,007
1,152,826
698,350
408,876
33,750
507,862
tingencies, &c__
139,846
Surplus..—
5,218,339
144,948
4,683,973
1
770,000
720,000
Instalm't rec'le...
8,573
Brunswick bonds.c2,676,000
e2,892,000
Int. rec. on invest.
53,520
58,802
Misc. advs., cl'ms,
&c
77,852
_
Total
_
pur.
DIv. payable
48,548
Federal tax res've.
Reserve
1
for
Total
time up to and
including Nov.
20,229,516 16.747,854
afAfter deducting reserve for
depreciation and depletion of
$5,236,451
in 1939 and $4,638,132 in
1938.
b Represented
by 653,405 no par shares,
including scrip equivalent to 14.98 shares,
c
$216,000 redeemable through
sinking fund in 1940.
e $216,000
redeemable through sinking fund in
1939.
f Includes
$240,227 ($375,427 in 1938) payable within one
year,
g Rep¬
resented by 598,680 no par
shares, including scrip equivalent to 16.98
shares,
h Represented by
29,820 (30,000 in 1938) no par
shares.—V.
to time
on
before special
The directors have declared a
dividend of 50 cents
per share on the com¬
stock payable March 1 to holders of
record Feb. 21.
This compares
with $1.50 paid on Dec.
1, last; 25 cents paid in each of the
five preceding
quarters 50 cents paid on June 1 and on
March 1, 1938, and a dividend
of
the reorganization of the road has
been set for March 4,
Tazewell Taylor in Federal
Court at Norfolk, Va.
Earnings for Month of January
1940,
$4,575,182
1,090,296
538,310
Gross from railway
Net from railway..
Net ry. oper.
income.._
Period End. Jan. 31—
Operating
Gross
1939
$4,044,208
873,525
361,013
1938 ^
$3,619,672
607,289
101,511
1937
$4,029,385
1,059,286
566,682
1930—Passenger Revenue
Greatest Since 1929—
L. R. Powell Jr., Chief
Executive Officer states that both the
freight and
total operating revenues for
January, 1940 were greater than those for the
same month of any year since
1930 and passenger revenue
exceeded that of
January of
any year since 1929.
Total operating revenues for
January, 1940, were $4,575,183, an increase
13.13% over January, 1939. Freight revenue
amounted to
$3,283,494, an increase of $353,369 or 12.06% over
January, 1939. Pas¬
senger revenue was $914,162, an increase of
$160,097 or 21.23% over Jan¬
uary, 1939.
Net railway
operating income was $538,310, an increase of
.
of $530,974 or
$177,297 over January, 1939.
Revenue carloadings on line and revenue
loads received from connections
for the first 23
days of February, 1940, show an increase of
9% over the
same period of
1939, although there has been a considerable
decrease in
fruit and vegetable
loadings as a result of the Florida freeze.—V.
150,
P.1294.
Servel, Inc. (& Subs.)—Earnings—
3 Mos. End. Jan. 31—
Net profit
1940
1939
$354,166
per share
1938
$278,484
$0.15
,
$0.20
150,
Securities
Acceptance
p.
1937
$33,183
$0.01
x After
depreciation, interest, Federal income taxes, &c.
shares (par $1) common stock.—Y.
after
1940—12 Mos.—1939
$2,115,625
69,181
58,205
69,347
58,154
$1,983,615
914,275
779,775
re¬
accruals—
832,772
699,107
Silex Co.—Directorate IncreasedStockholders at their recent annual
meeting increased the number of
directors by the election of Ralph
Day, and A. G. Newton, as
directors;
Claude J. Hendon was elected Vice-President
and a director.
In the latter
position, he succeeds Edward J.-Garvin, who continues
to serve as
Secretary
—V. 150, p. 445.
y
On 1,781,426
444.
Offered—
on
Purpose—Company will apply the
expenses
net proceeds (estimated at a total of
but excluding accrued
interest) to the
(a) Retirement of $370,000
outstanding
debentures, due June 1, 1946, at 103lA% on
(b) For general working capital.
of 10-year 5% convertible
before March 1, 1940; and
or
Capitalization (Giving Effect to This Financing)
10-year 4H% convertible debentures 1950..
6% cumulative preferred stock (25 par)
x Common stock
($4 par)
Authorized
•
$1,000,000
32,000 shs.
300,000 shs.
Outstanding
$700,000
20,036.84 shs
146,551 shs
56,000 shares of common stock are also
registered, but
offering thereof is made.
These ashes are reserved for the
privilege incident
Business—Corporation
is
the debentures
registered,
engaged in
and
are
regis¬
specialized form of commercial
banking. The major portion of the
company's business consists of financing
the sale of Ford, General
Motors, Hudson and Chrysler products, but it
also operates personal loan
departments which make small loans, secured
principally by chattel mortgages on automobiles, household
goods, &c.
a
$3,775 comparing with
a
Foregoing figures do not include amounts received
during the year from
Tide Water Associated Oil Co.,
representing payments aggregating $504,959
on account of
principal of the amount receivable if, as, and when oil is
pro¬
duced, and $53,095 interest thereon, of which
$18,849
apply against warrant liability.
The income account is also exclusive of
of
Simms
Petroleum
charged to
reserve
Co.
was
withheld to
provision for Federal income
amounting to $6,091
for
for income and
the
year,
which
tax
was
excess profits
taxes, contingencies, &c.,
previously charged off amounting to
$3,577, or
proceeds from sales of property of $421, which were
credited to capital
surplus.
Expenses in connection with Simms Oil Co. litigation
totaling $11,340
for the year were charged against reserve
for contingent loss in
litigation.
—V. 149,
3421.
and collection of accounts
p.
Skelly Oil Co.— Debentures Called—
Company has called for redemption on March 28,
1940, all of its out¬
standing 4% debentures, due 1951, at 102 M and accrued
interest.
Holders
are advised that
they may present their debentures for
at
payment
the New York office of
the full
immediately
Dillon, Read & Co., paying agent, and receive
redemption price with interest to March 28.
To Redeem,
Preferred Stock—
Company has called for
redemption all outstanding shares of its
6%
cumulative preferred stock.
The stock will be redeemed on
May 1, 1940,
at the call price of $103
per share at the corporate
agency department of
the Chase National Bank,
11 Broad Street, New York.
All dividends
which will have accrued on the stock to
May 1. 1940 will have been paid
by that date and the regular dividend due on that date has
been declared
and will be paid in the usual
manner, according to the announcement.—
V.
150, p. 1295.
Period Ended Jan. 31—•
Gross revenue
Co.—Earnings-
1940—Month—1939
$315,634
178,524
Prov. for depreciation..
$339,842
210,826
31,250
Gross income
Int. and other deduc'ns.
Net income
Divs. on preferred stock_
Balance
—V. 150, p.
Oper.
1940—12 Mos.—1939
$3,670,164
31,250
2,218,232
375,050
$3,392,026
2,004,003
383,752
$97,766
55,753
$105,860
57,335
$1,076,932
675,769
$1,004,271
$42,013
14,286
$48,525
14,286
$401,163
171,438
$317,806
171,438
$27,726
expenses & taxes._
$34,238
$229,725
$146,368
no
separate
exercise of the
to
1939, a loss of $13,667
comparing with a loss of
For the quarter ended Dec.
31, last, the loss was
loss of $2,746 in the December
quarter of 1938.
South Carolina Power
x
tered only in that connection.
Co.—Earnings—
$20,423 in 1938.
$0.21
Feb. 8 offered $700,000
10-year 4^% conv. debs, at 100 and int.
Debentures are
dated Jan. 1, 1940, due Jan.
1, 1950.
$654,730 after deducting
following:
Simms Petroleum
The company reports for the year ehded
Dec. 31,
after ordinary taxes, interest and other
deductions,
$388,186
Corp.—Debentures
Barney Johnson & Co., Chicago,
conversion
income
Co.—Earnings-
1940—Month—1939
$184,290
$160,365
revenues
Net income
—V. 150, p. 855.
Freight and Total Operating Revenues Exceed
Any January
Earnings
Dec. 1, 1937.—V. 149, p. 3571.
master
January—
y
on
Sierra Pacific Power
tirement
Ry.—Hearing March 4—
notes from time
150, p. 1005.
mon
$1.50 paid
Scranton Lace Co.—25-Cent Dividend—
Directors have declared a dividend of
25 cents per share on the common
stock, payable March 30 to holders of record
March 15.
Dividends of
75 cents were paid on Dec. 14 and on
Sept. 30, last and previously regular
quarterly dividends of 25 cents per share were
distributed.—V. 149, p. 3420.
Seaboard Air Line
outstanding.—V.
Shepard-Niles Crane & Hoist Co.—50-Cent Dividend—
cents per share on the common
March 15.
This compares with
75 cents paid on Dec. 22,
last; 20 cents paid on Oct. 2 last; 15 cents
paid on
July 1 and April 1, 1939 and dividends of
25 cents paid on
April 1, 1938,
and Jan. 3, 1938.—V.
149, p. 3571.
x
as amended.
Security—First mortgage and collateral trust
sinking fund bonds of the
company, series G 4% due June 1, 1969, in a
principal amount equivalent
2-3% of the principal amount of these
to not less than 116
Scoville Mfg. Co.—To
Pay 25-Cent Dividend—
Since
codhsel, these notes will be a legal investment
for in¬
companies registered under The Canadian
and British Insurance
Companies Act, 1932 (Dominion)
Directors have declared a dividend of
25
stock, payable April 1 to holders of record
hearing
15, 1943,
Trustee, Montreal Trust Co.,
notes will have the
right, at any
to convert all or any of the notes
In the opinion of
surance
150,.p. 702.
A
7-year 31/2% collateral trust
as
of Nov. 15, 1939: due
held by each of them,
respectively, into fully paid and non-assessable com.
shares of the company as
constituted at Nov. 15,
1939, up to and incl. Nov.
15, 1941 at the rate of one such common
share for each $25 of notes
and,
thereafter, up to and incl. Nov. 15,1943 at the rate
of one such common
share for each $30 of notes.
Should any notes be called for
redemption on
any date up to and incl. Nov. 15,
1943, holders of the notes to be redeemed
will be entitled to exercise the
rights of conversion at
any time before the
date fixed for redemption.
Interest accrued from
qnd after the next pre¬
ceding interest paymeng date will not be
paid on notes presented for con¬
version.
con-
56,714
20,229,516 16,747,8541
Dated
Montreal and Toronto as to
principal only.
Montreal.
Conversion Privilege—Holders of these
con¬
tract
38,052
1
64,907
Pats, goodwill, &c.
Deferred charges
Equip,
int.
Principal, interest (M-N) and redemption
premium, payable in lawful
money of the Dominion of Canada at the
principal office of the company's
bankers in Montreal or
Toronto, at option of holder. Red., in whole or In
part, at any time prior to
maturity, on at least 30 days' prior
notice, at 101,
if red. on or before Nov.
15, 1941; at 100H, if red. thereafter on or
before
Nov. 15, 1943; and, at 100 if
red. thereafter prior to
maturity.
Coupon
notes
in interchangeable
denoms. of $500 and
$1,000, registerable in
1,297,346
335,827
Pulp
|3& Paper Co
$
b5,995,596 63,806,596
h Cum. pref. stock
3,034,185
3,052,500
$4 cum. preferred3,000,000
3X% deb. bonds.
606,000
2,812.000
791,188
owned
'■
11.79
11.67
5.95
thereof without premium.
1938
S
Liabilities—
Common stock
2,062.495
Accts.
Inventories
Mortgage
1939
$
7,178,839
2,911,181
11.02
12.43
Debentures will be convertible into common
stock of the
company, at
1, 1945, in the following ratios for
each $1,000
80 shares if converted on or
before Jan. 1,
1942, 65
shares if converted thereafter
but on or before Jan.
1, 1944, 60 shares if
converted thereafter but on or before
Jan. 1, 1945.—V,
150, p. 854.
Consolidated Balance Sheet Dec. 31
A. f sets
9.23
7.46
any time on or before Jan.
of such debentures:
purchases, other interest, &c., of $60,170
($57,825 in 1938).
a(Land, bldgs., &c. 9,219,453
$10.81
Convertible
estimated surtax on undistributed
profits amounting to
$58,000 in 1937 and $20,700 in 1936.
z
Earnings per share on 284,990 no
par common shares
outstanding on Dec. 31, 1936, and $1.67 a share on
569,980 common shares
outstanding after payment of the
100% stock
dividend on Jan. 11, 1937.
a Includes interest on
investments in Bruns¬
wick Pulp & Paper Co. bonds of
$134,000 and other interest and discount on
purchases, &c., of $50,101.
b Includes interest and
premium on Bruns¬
wick Pulp & Paper Co. bonds
owned of $165,770
($179,184 in 1938) dividend
on Brunswick
Pulp & Paper Co. stock owned of $50,050
($40,800 in 1938),
and discount
on
$216,671
198,140
217,153
172,607
106,098
50,165
Debentures—Dated Jan. 1, 1940 Continental Illinois
National
Bank & Trust Co.,
Chicago, trustee. Company agrees to pay
semi-annually
sinking fund a sum in cash or in
debentures, equal to
5% of its net income during the next
preceding half of each of its fiscal
to be
years,
applied, so far as possible, by the trustee, for a
period of six months
from the date of
payment, to the purchase, in the open market
of the debs,
at not more than
par and interest.
Debentures are redeemable as a whole
or in
part, at the option of the
company on any business day of
any month
upon not less than 30 or more than
60 days' prior notice, plus a
premium of:
4% if red. on or before Jan. 1,
1941, 3% if red. thereafter but on or
before
Jan. 1, 1942,
2% if red. thereafter but on or before
Jan. 1, 1943, 1% if
red. thereafter but on or
before Jan. 1, 1944. and
thereafter at the principal
amount
$352,896
284,990
z$3.34
Including
Stock
9.52
8.69
to the trustee as a
,
capital stock
Preferred
Stock
4.37
2.59
The above comparative
earnings analysis is adjusted to give effect
to
the interest
requirements of the new issue of
$700,000 of 10-year 4H%
convertible debentures.
3,145,512
$2,296,646
b275,990
Per Share
for Pref.
Requirements
$299,796
273,603
290,850
234,924
137,598
81,665
$14,192,359
11,512,584
•_
13,316,910
9,187,164
8,800,779
5,267,584
1938
Annual
Deb. Interest
Interest
Volume
Available
for Deb.
Year—
494,429
596,443
3,491,587
1455
Comparative Earnings Analysis of Predecessor and
Company
Earnings
Times
Earnings
Earnings
Available
1936
3,829,282
Operating income
x
1938
4,364,860
Otherincome
Earnings
other
on
goods sold
^
the
$18,516,740 $16,149,640 $13,843,542
$11,624,477
&c. 10,401,468
9,486,105
7,767,235
6,046,526
Mafls, labor & exp.,
Repairs & maintenanceDeprecia'n & depletion.
Sell., adm. & gen. exp.,
•
Court in respect to
Subs.)—Earnings—
1939
Net sales.
incl.
with the
1007.
686,465
The Commercial &
1456
& Telegraph Co.—Report—
Calendar Years—1939
1938
1937
1936
Local service revenues..$44,877,082 $41,952,350 $40,164,499 $37,202,888
Toll service revenues..J 2 1 577,032
1 9,684,743 1 9,741,082 17.792,682
Miscellaneous revenues.
3!l88,391
2,898,821
2.726,741
2,464,989
Bell Telephone
Southern
Total
Uncoil, oper. revenues..
$62,632,323 $57,460,560
241,098
169,783
$69,642,505 $64,535,914
250,077
271,175
$62,391,224 $57,290,776
revenues..$69,392,428 $64,264,739
12,183,686 11,094,041
Total oper.
10,010,714
Depreciation expense—
Traffic
benefits
10,828,,394
4,751,831
1,786,645
1,710,231
1,764,332
602,628
581,989
535,205
585,978
538,035
490,835
481.677
975,888
496,577
907,942
490,359
883,573
495,673
799,099
442,920
410,559
9,772,275
356,985
8,995,809
352,328
7,894,583
131,993
y7,326,083
i
struction—-Cr
Taxes
avail. for fixed
charges
Bondinterest
159,380
122,699
22,621
divs.$12,225,953 $10,180,317
11,200,000
9,999,920
$9,987,848
$9,400,017
9,062,427
$180,397
def$12,072
9,999,920
stock.
Surplus
capital stock out¬
standing (par $100)-Earned per share
$1,025,953
$337,589
1,249,990
1,249,990
1,400,000
$7.27
y Includes $6,982 surtax on undistributed profits,
taxes charged to construction of $265,931 in 1939,
$143,538 in 1937, and $39,038 in 1936.
1,400,000
$8.73
$7.99
z
Does
$7.52
,
not include
$186,731
In
1939
and taxes
deprec.& amort
$
$
IAabUitles-
$
Inv. in contr.co.
836,717
Other investm'ts
1,820,239
Misc. phys. prop
506,738
Cash & spec.dep.
3,880,468
1,527,761
1,457,117
3,271,510
funds.
Mat'l & supplies
Notes receivable
Acc'ts receivable
2,493,451
84,154
7,451,857
106,503
2,320,313
85,535
6,595,020
$98,215
34,358
10,848
130,181
412,296
130,181
$53,009
$362,517
$393,779
1940
1939
1938
$12,921,307 $11,733,805 $11,137,921
2,793,042
2,289,053
1,37.9,798
1937
$14,274,677
3,573,191
Prepayments
787,925
current llablls.
Dlsc.on fund, d't
914,266
212,103
2,407,933
290,318
railway
Net from railway
150,
p.
Accr'd liabilities
4,109*,421
adv. paym'ts.
2,175,658
1,956,317
5,146,253
4,388,780
5,440,204
4,388,788
not due
Deferred credits
68,856
344,700
62,655,396
3,659,188
61,538,605
2,742,105
& misc. res
Surplus
Southern Pacific SS. Lines
1940
1939
1938
1937
$779,939
104,360
$546,734
$507,400
def66,957
$712,785
80,945
-
Net from railway
^7,359
Net ry. oper. income
—V. 150, p. 702.
21,658
-Earnings-
Ry.
j
-
1,359,811
Alabama Ry.
—V. 150, p.
1939
$2,424,069 $19,349,182
$2 602,636
.-
Southwestern Light &
Jan. 1 to Feb. 21
1940
1939
of February
Third Week
1940
(est.)
1295.
$17,899,849
Power Co.—Accumulated Div.
dividend of 87 K cents applicable to accumulardividend of $1.50 on $6 cumulative preferred stock,
no par value, both payable April 1 to holders of record March 20.
Divi¬
dends of $1.50 were paid on Dec 22, Oct. 2 and July 1, last, and compares
with $1.12K paid on April, 1939, and in the last three quarters of 1988; a
dividend of $1.75 was paid on Dec. 18, 1937, and dividends of $1,123^ were
paid on July 1 and April 1, 1937.—V. 149, p. 4186.
tions in addition to a
International Ry.—Earnings
Net ry. oper.
150,
—V.
p.
1939
$65,474
21,000
income
1296.
1938
$42,096
def 1,884
13,890
1940
$58,339
16,342
7,850
January—
Net from railway
Edison Co., Ltd.—Annual Report
Comparative Income Account (Company Only)
Calendar Years—
1939
1938
1937
1936
System output (kwh).__3622,973103 3058.174415 3138,653552 3492,531808
Southern California
1939
$8,001,241
2,371,298
1,370,585
$8,702,296
2,413,578
operating income
Note—Includes Northern
Gross from railway
—V. 150, P. 1146.
78,880
69,832
def81,583
1940
Spokane
295,771,229 280,966,741
2,022,645
def419,631
-Earnings-
January—
Gross from railway
Directors have declared a
Deprec. reserve.
608,768
959,134
Gross earnings
3,825,672
Total
Co.—Earnings—
income
1295.
Net ry. oper.
16,498,025
2,800,000
of pens'n fund
295,771,229 280,966,741
Southern Pacific
January—
Gross from
from
A.T.&T.Co.
Notes sold to tr.
412,296
369,859
$50,714
Net railway
Acc'ts pay.& oth
776,520
122,449
Advances
$936,255
10,848
Net from railway
140,000,000 140,000,000
Funded debt... 70,000,000
45,000,000
Common stock.
$1,306,115
1006.
Southern
1938
$1,295,498
390,505
$95,920
34,358
pref. stock
pref. stk. exp
January
1939
830,717
34,127
$904,993
Amortiz. of
—V.
$132,343
$128,640
32,720
Int. & other deductions.
Gross from railway
1938
$
plant....276,660,860 261,291,493
Total
Oper. expenses
Prov. for
Gas & Electric Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$379,302 $4,359,713 $3,953,223
260,788
209,040
2,492,465 2,177,853
49,454
37,918
571,750
469,255
$438,882
1938,
Comparative Balance Sheet Dec. 31
Oth. def. deblts.
31—
Gross revenue
—V. 150, p.
138,314
16,860
charges
Working
1006.
p.
$12,762,189
3,057.472
103,558
2,905
Asset 8—
150,
Divs. on
1,499,463
Shares
Telep.
dividend of $1 per share on account of accu¬
stock, par $100, payable March 15 to
amount was paid in preceding quarters.
declared a
the 7% cum. pref.
record Feb. 29.
Similar
$12,477,855
284,334
85,694
Net inc.avail.for
holders of
Balance
discount
Divs. on common
Southern Colorado
Southern Indiana
669,812
interest
Lines—To Pay So Div.—
share on the common stock,
During the year 1939 four
distributed.—V. 148, p.3699.
Power Co.—Accumulated Dividend—
mulations on
Net income
$14,768,960 $13,248,743 $13,208,704
2,100,003
1,787,500
1,462,499
965,678
and expense
Other fixed
Pennsylvania Pipe
declared a dividend of $5 per
payable April 1 to holders of record March 12.
quarterly dividends of 50 cents per share were
Gross income
income....$14,497,968 $13,072,290 $13,035,475
Net non-o per. income
270,992
176,453
173,228
Other
South West
Directors have
—V.
Net oper.
Amort, of debt
March 21,
1937, this latter
March 20,
made.—V. 149,
Period Ended Jan.
general expenses
Expenses charged con-
Income
declared a dividend of 75 cents per share on the common
stock, payable March 21 to holders of record March 9. ^This compares
with $2 paid on Dec. 21 last; 50 cents paid on Sept. 21 and on
1939; $1 paid on June 21, 1938, and $1.50 paid on Dec. 21,
being the first dividend to be paid on the common shares since
1929, when a quarterly payment of $1.50 per share was
p. 3571.
559,607
Other
z
1,480,061
Co.—Smaller Com. Div.—
& Iron
Sloss-Shef field Steel
1940
2,
Directors have
Directors have
1,699,342
contract
cense
287,766
260,984
267,828
1,892,890
under li-
Services rec'd
8.792,978
4,057,658
1.627,057
281,896
9,625,486
11,621,019
5,108,889
expenses
Commercial expenses
Operating rents
Gen. & misc. expenses:
Exec. & legal depts—
Acctg. & treas. depts.
Prov. for empl. service
pensions
Empl. sickness, acci¬
dent, death & other
9,712,876
9,377,133
11,270,041
9,692,618
10,221,960
4,552,599
1,689,750
Current maintenance—
March
Financial Chronicle
def8,700
1937
$59,059
5,422
def2,517
<P
Net from railway
Delivered to customers:
Lighting (kwh.)
512,482.627
Power (kwh.)
3458,053005
Connected load meters.544,762
Connected load hp
2,996,184
486,659,398 442,674.528 374,533,026
1912,825248 2039,305593 2436,638359
558,840
535,590
509,840
2,857,198
2,706,103
2,692,440
$46,246,573 $43,169,624 $42,548,842
maint. expense- 11,286,226
10,586,107 10,331,325
5,936,065
5,917,634
5,426,136
Taxes
Net rail way oper.
2,000,891
5,640,582
118,551
Crl49,642
1,157.296
7,554,687
Federal income taxes
and debs.Miscellaneous interest-Construction account
Amort, of bond, disc., &c
Reserve for depreciation
Int. on bonds
$42,020,333
Square D Co.—To
y 1,500,000
1,678,298
6.048,499
79,561
0267,350
1,158.848
6,234,548
6.198,46226,265
088,965
887,462
6,131,992
9,854,957
4,553,120
yl,700,000
6.4C5.292
21,257
045,999
1,147,585
5,623,562
Net income
Previous balance
—
$12,701,916 $11,733,479
11,901,264
10,801,427
Total
dividends
Common dividends
Preferred
Earned surplus
Shs.com.out.
(par$25).
*14,383,949 $11,901,264
3,182,805
3,182,805
Earns. per sh. on average
no. of com. shs. outst.
$20,091,143
5,043,587
5,172,006
577,821
$ld,801,427 $9,297,729
3,182,805
on
special meeting held
the 5% cumulative
A.8SCtS
$2.45
In connection with the acquisition of the assets of the Kollsman Instru¬
Co., Inc., it was optional with Mr. Paul Kollsman to accept either
$2,000,000 par value 5% cumulative convertible preferred stock
a par
value of $100 per share and 70,000 shares of common stock or $3,000,000
$100
value 5% cumulative convertible preferred stock of a par value of
per share and 35,000 shares of common stock.
Mr. Kollsman has now
elected to take $2,000,000 par value 5% cumulative convertible preferred
stock and 70,000 shares of common stock, which makes the number of
shares of common stock outstanding 421,360.—V. 150, p. 136.
par
Standard Brands, Inc.
CCertain Subsidiaries
«$
' §
prop--353,943,288 354,263,786
1,657,357
4,220,752
advances
Cash
1,543.961
114,972
180,404
3,798,416
Sk. fund & other
cash deposits
Working
.
Unamort.
and
pense
3,872,712
Bank loans
Issue of cap .stk
Accts.
743,311
17,769,569
17,768,451
743,466
154,648,000
3,500,000
3,500,000
568,752
1,279.927
payable.
Consumers' deps
390,449
Consumers' adv.
328,746
Accrued payroll.
410,810
363,050
346,810
Interest accrued
333",272
Taxes accrued--
4.513,628
3,814.229
Deprec. reserve. 51,327,611
2,982,427
Res. for pensions
46,502,913
2,691,474
517.572
5,877,996
5,877,996
3,368,417
3,395,568
4,224,627
3,494,662
Sundry reserve .
667,807
383,438
3,071,898
2,570,509
1,062,008
1,044,844
1,092,959
1,044,844
11,901,264
Prepaid accts. &
def'd charges-
47,681,400
34,990,025
79,570,125
Long-term debt-145,773,000
Stock disc't and
prem. (net)__
Capital stock ex¬
z4.900
Prem. on original
3,010,156
on
bonds
$
4,000,000
Dividends pay..
Contributions In
aid of constr'n
Capital surplus
Earned surplus.
.
Total
y
397,644,428 397,346,543
397,644,428 397,346,543
After deducting $918,142 in 1939 and $388,084 in 1938 reserved for
z Called for retirement Oct. 1, 1935.—V.
150,
uncollectible receivables,
P.
Total
14,383,949
855.
1939
1938
U. S. Govt,
Accts.
1,033,068
106,242
5,744,574
21,724,238 21,319,880
Acer.
1,033,068
Inventories
1,690,631
taxes), andexps. 1,370,310
div. payable
March 15
225,000
1,426,595
Patents
foreign Income
28,178,196
1,225,269
1
c
79,296,314
78,188,035'
225,000
415,141
$4.50 cum. pref.
stock
d
e
After reserves for
409,030
Reserves
1,197,760
1
Deferred charges..
for¬
(other than Fed.
&
(Includ'g delivery
equipment)
28,763,578
a
1,666,319
Fed. &
Pref.
chinery & equip.
Total
2,605,012
eign inc. taxes..
735,167
832,114
Land, bldgs., ma¬
in 1938.
2.868,977
Acer, payrolls, tax.
Sundry receiv. and
Investments
$
pay.—Trade
&c
bonds
Municipal bonds..
54,777
b Accounts receiv. 6,208,830
1938
%
Liabilities—
19,481,948 19,845,637
Cash
a
3,276,913
3,048,766
disc't
prem.
or
<£
c-/>f o_—
and notes
Original pref4,000,000
7% pref. A...
6% pref. B— 47,681,400
5H% pref. C- 34.990,025
Com. stock.. 79,570,125
140,428
yAccts. & notes
Mat'ls & suppl's
$
Liabilities—
1938
Capital stock:
141,770
funds.
receivable
1939
o
(& Subs.)—Balance Sheet Dec. 31
Countries Included as of Oct. 31
Nov. 30)
Operating in Foreign
1939
A
Only)
1938
"r
Feb. 21, directors declared a quarterly
convertible preferred stock, payable
April 1, 1940.
that it would not be subject to
Balance Sheet Dec. 31 (Company
Investments and
the
dividend of 30 cents per share on
Preferred Dividend—-
Initial
At the same
3,182,805
$2.22
$2.10
$2.39
It was the opinion of the company
undistributed profits.
Plants &
Pay SO-Cent Common Dividend—
21 declared a
stock, par $1,
surtax on
1939
210,162
88,711
of
$25,517,830 $22,534,906 $21,433,891
5,088,003
5,064,228
5,063,551
6,045,878
5,569,414
5,568,913
charges.-
Miscellaneous
49,584
1937
$670,240
ment
914,650
Adjustment
y
$12,136,162 $12,760,560
9,297,729
7,330,583
1938
$597,414
149,238
1939
$642,100
176,058
59,179
payable March 30 to holders of record March 16.
This compares with $1 paid on Dec. 23 last; 30 cents paid Sept. 30 and June
30 last; 15 cents paid Mar. 31,1939; 30 cents apd on Dec. 23,1938; 15 cents
paid in each of the three preceding quarters; $1.05 paid on Dec. 24, 1937;
35 cents paid on Sept. 30, and June 30, 1937, and a dividend of 25 cents
per share paid on March 31,1937.
common
dividend
x
income
Seattle Ry.—Earnings-
1940
$641,669
166,276
46,169
150, p. 855.
—V.
Directors on Feb.
Results****
Gross earnings
Oper. &
Spokane Portland &
January—
Gross from railway
Common
Surplus
Total
20,000,000 20,000,000
stock-25,296,216 25,296,216
27,460,462 26,529,440
79,296,314 78,188,035
and $20,994,720
depreciation of $21,513,863 in 1939
b After reserves of
$824,891 in 1939 and $894,485 in 1938.
c
Re¬
presented by 200,000 no par shares, d Represented by 12,648,108 no par
shares at stated value of $2 per share including 1,006 (1,064 in 1938) shares
reserved for unexchanged common stocks of companies acquired,
e After
deducting $22,987,694 book value of goodwill, trademarks, &c.
The income statement for the 3 and 12 months ended Dec. 31 was pub¬
lished in V. 150, p. 1006.
Standard Fuel Co., Ltd.—Preferred Dividend—
declared a dividend of $1 per share on the 6H% preferred
April 1 to holders of record March 15.
Similar amount was
paid on Jan. 1, last, and on Oct. 2, 1939, and a regular quarterly dividend
of $1.62)^ per share was paid on July 1, 1939.—v. 149, p. 4041.
Directors have
stock, payable
Volume
150
The Commercial & Financial
Chronicle
Standard Gas & Electric Co.
—New Chairman—
Leo
,F°r several
T.
Crowley, former Chairman of the Federal
Deposit Insurance
Corporation, was on Dec. 8 elected Chairman of
the board of directors of
f^SePc°ormrttleUCCeeding ViCt°r
nnance
Emanue1' who became Chairman
committee.
Trustee
priScSfl oiT MmoarnS,6 SehStS'S™
comDan^
SSvkte bidi^dnals
leasing
of the
so
Files
leased—v. 150,
York "Times" of Feb
~,
,
_
„
xt
.
,
Hastings, a special trustee of the Standard Gas &
Electric Co.,
the Nation's largest
utility holding corporations, has brought suit in
the New York Supreme Court to
recover upward of
$44,000,000 in corporate
funds alleged to have been
diverted illegally to the
defendants, wasted or
wrongfully paid out between 1923 and
1933, it was disclosed Feb. 16.
The defendants in the action are
H. M.
81X
cuiciis.
The
action
to
light when five separate motions
Operating
—V.150,
1939
$20fi 578
77 917
55 550
46 895
40 841
52
24 800
17*793
99530
1938
$194
1937
3 59
r
j•
rvi
r
m
rr
1 exas-Canadian Uil Corp.— lo
—y.
17,793
148,
exas
,r
,
._
V. 148, p. , „ _
1660.
_
Vote
on
Merger—
Texas-Canadian
,
Operatin^revenues*31
Sooerty
tspirv^
iTcY
qo
ffl.9no
aha
aaa
i
aha
aaa
n7R
77o
-r,
QQQ
orv7
«o
qor
k-7q
4,446,117
qqq
®947
o,.
83,333
rpWni1ps
446*??7
i
380,163
5^
US,633
innnmn
$948
giMsgr
utner mterest
363
$903
1,000,000
Net income
«3
$60
*
149V
555
$i
$ooa 743
Texas & New Orleans
January—
mulations
on
the
7%
a
dividend^of
pref. stock,
cum.
/
1938
1937
$82'37}
$113,660
defl0,836
32,761
20,458
.2,351
RR.—Earnings—
1939
1938
1937
$3,485,975
$3,488,334
581,526
$4,111,544
1,251,978
38,580
802,981
852,294
319,723
& Light Co.
Earnings
1939—Month—1938
1939—12 Mos.—1938
$900,591
$887,374 $11,515,287 $11,242,874
522,202
481,212
5,788,809
5,769,455
revenues
Oper. exps., incl. taxes.
A^vitments^I.t!>?^!r^
386
146
3,056
1,750
appropriations._
90,695
90,603
1,088,893
1,082,872
Net oper. revenues...
Other income (net)
$287,308
1,395
$315,413
1,006
$4,634,529
$4,388,797
13,595
6,476
$288,703
170,417
$316,419
177,708
10,000
12,028
$4,648,124
2,117,917
120,000
137,663
$4,395,273
2,132,500
120,000
171,627
Net Income
$96,504
$116,683
Dividends applicable to pref. stocks of the
period
$2,272,544
865,050
$1,971,146
865,050
$1,407,494
$1,106,096
Property retirement
serve
-
4042.
Xe
on
^cSunt
re-
Gross income
Int. on mtge. bonds
Interest on deben. bonds
10,000
ll,782
Other int. and deduct'ns
Balance
—V.
Studebaker Corp. (&
Period End. Dec. 31—
Subs.)—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938
common
si.di
totaling 114,196 passenger
cars
.
were an increase
yerhe
financial
nosition
year
cSfon
K^aV^eScapital
Working
$6,097,794
corporation
_
.
a
year
of the
comnanv
imnroved
earlier.
formed.—V. 150,
was
„ooor
..
inoo
of 88% over the 1938
were 117% greater than in
1938,
trucks, against 52,605 the preceding
1939
and
4187.
p.
of
materiallv
$12,952,934
durinz
the
Dec
31
on
Thatcher Mfg. Co.
Period End. Dec. 31--
1
p.
1147.
in
7
dividend of 50 cents per share on the common
stock, payable March 30 to holders of record March 9.
This will be the
first dividend paid since Dec.
28, 1937, when 25 cents per share was distributed.—V. Io0, p. 703.
a
^
Operate Service Stations—
Company announced a drastic change in gasoline
marketing policies on
Feb. 23 when its President,
Joseph H. Pew, said that the company would
to the practice of
operating service stations as part of a new retail
distribution plan.
During this year, he added, the company will make
substantial investments in
improvement and extension of its distribution
facilities.
'
ai'qa?
41,345
n+?al^nce
Other
*
5 917 461
173,895
180,479
51,1Jv'9no
y67,709
51,0«o'??n
62.740
$1,141,832
204,201
210,047
13,345
$280,064
15,810
75,611
$188,643
$787,867
$0.18
$0.57
$2.53
on com..
207.400
Includes Federal and State emplovment insurance, old
bado,d7ebts' &c'
V. 149, p. 35/3.
icoavo
$1,219,764
224,497
$130,937
Other deductions
Net profit
Earns, per sh.
ifi93697Ttf^^
^24^*062
44,638
aaaqc
y30,338
Federal income taxes, &c
x
278*?nq
1
$249,751
35,187
83,627
income
Total income
Period End. Jan. 31—
.i
return
278 9Q2
Depreciation
.
Sun Oil Co.—To
Earnings—
1939^3 ^-1938
V Eludes
$1^,212
$727,584
$2.11
age
benefit
profit on securities sold.-
Third Avenue Ry- Sy^em-
Sundstrad Machine Tool Co.—Dividend
Resumed—
Directors have declared
Pay 10-Cent Dividend—
Directors have declared a dividend of 10
cents per share on the common
payable March 29 to holders of record March 11.
Like amount
was paid on June 30
last, and a regular quarterly dividend of 15 cents was
paid on Sept. 30, 1938—V. 149, p. 2707.
stock,
jnh
xLoss.
Net sales of $81,719,106 for ioon
1939
Unit sales in
total of $43 ,768,621.
149,
par
Elfn^^lLm^n^iSon4,302 S1'069,647 $2,923,251 x$l,762^,465
Earnings per snare on
-
Texon Oil & Land Co.—To
otTccu-
$100, payable April 1 to holders
of record Feb. 21.
Dividends of like amounts were
paid on Jan. 31 last,
Dec. 30, Oct. 2, and July 1, 1939.—V.
150, p. 1147.
7r«
1940
Period End. Dec. 31—
Accumulated Dividend
$1
«ono
*802'766
$3,802,172
992,612
405,247
Net ry. oper. income.._
1937
declared a dividend of 12 H cents
per share on the common
stock, payable March 31 to holders of record March
15.
Dividend of 50
cents was paid on Dec. 30,
last, and last previous distributions were made
on Dec
31, 1937, and consisted of an extra dividend of
50 cents and regular
quarterly dividend of 37H cents per share.—V.
444
/
856.
p.
178
375 678
375,678
55998'743
4043
Gross from railway
Net from railway
Stetcher-Traung Lithograph Co.—12 l/2~Cent Dividend
Directors have
p.
$1
375 678
375,673
'
150,
31,634
374491
for the neriod
for the period
Texas Mexican Rv —Earnina*—
1 exas mexican ny.
earnings
January—
1940
1939
Gross from railway
$70,054
$62,641
Net from railway
11,122
,def1,607
Net ry. oper. income—
867
defl0,486
—V.
aoc
31,707
Paiance
_v
noo
the
149,
1,000,000
™f!ff
2'b14
$105 143
Divs. annlTahle"to"nref" stock
applicable to pref. stock
711
"f
148il!
3,b78
Divs
Operating
m
Inc
4,587,566
o£,SS!:::_^ »203iat t3-0l«dll
p^703.
Texas Power
Directors have declared an extra dividend of
60 cents per share in addition *
to a regular quarterly dividend of
15 cents per share on the common
stock,
both payable April 1 to holders of
record March 20.
Extra of 40 cents
was paid on April
1, 1939.—V. 148, p. 3858.
Strawbridtre & Clothier
4759773
4
380*163
370948
adnrndriamnna
ftnp,r
Co.—Earnings—
370'948
fel
retkement
.
$701^3*^S6669841
tax'ei"
serve appropriations..
-vrpf.
_
Electric Service
oEer e?ns
$126,298
def4,165
def33,232
t
0/
7
Sterling Products, Inc.— To Increase Stock—■
179
29,530
±
2287.
p.
.
I
were
Stockholders at their annual
meeting on March 26 will consider increasing
authorized capital stock from
1,750.700 shares to 2,000,000 shares.
—V. 150, p. 1296.
895
_
Bros., Ltd.—Extra Dividend—
Dir^ors have^declared
$201
Corporation has called a special
meeting, for March 14, to ask approval
of proposed merger of
Maljamar Oil & Gas Corp. into
Rapid Transit Ry.—Earnings—
*
3278.
p.
1940
e bst Siven on ^ir8t' Page of this department.
$47,150,000
a.uation date was Dec. 31, 1934.
Properties owned but not used were valued at
$13,345,048.
The comby Standard Oil Co. of Indiana.—V. 149,
p. 2382.
.
Like amounts were
v.150,
1938
a»7q
$244 727
856
p.
t*
final value of
$121,686
def4,892
def38,189
una
1,500,743
Terry Carpenter, Inc.—Registers with SEC—
1icf.
pany is controlled
1
1
<,
Stanolind Pipe Line Co.—Final
Valuation—
*>
1
4Q8Q54
1.498,9o4
_
Weekly Output—
c.
oon
1
Ky.—Earnings—
January—
Gross from railway
Net from
railway
Net ry oper income
Electric output of the public
utility operating companies in the Standard
& Electric Co.
system for the week ended Feb. 24,
1940, totaled
125,811,506 kilowatt-hours, an increase of
15.0% compared with the corresponding week last year.—V. 150, p. 1288.
Stedman
1
15 to holders of record Feb. 29.
* ennessee Central
Gas
Net ry. oper. income...
—V. 150, p. 855.
«7«
288
„
"appUed for
1939
10^0
$4 497,235
*
147
147,288
eight preceding quarters.—V. 149,
T
banking houses, the defendants named in the suit are
Byllesby Corp., estate of Ernst Thalmann,
Benjamin S. Guinness,
estate of Rudolph
Metz, estate of Moritz Rosenthal, First Security Co.,
Amerex Holding Corp.,
Haystone Securities Corp., Union Trust Co. of
Pittsburgh, Standard Power & Light Corp., Arthur C.
Allyn, Bernard F.
Braheney. Joseph H. Briggs, Orja G. Corns, Albert S.
Cummins, Henry C.
Cummins, Victor Emanuel, Dennis T. Flynn, Robert J.
Graf, E. Carleton
Granbery, John L. Gray, Robert G. Hunt,
Henry H. Jones, Samuel Kahn,
William C. Langley, Chester C.
Levis, Duncan R. Linsley, Herbert List,
Bernard W. Lynch, Matthew A.
Morrison, Thomas A. O'Hara, James F.
Ownes, Robert F. Pack, William G.
Pohl, John P. Pulliam, William F.
Raber, Royal E. T. Riggs, Andrew W.
Robertson, Louis 6. Sea grave
Frederick W. Stehr. T. Bert
Wilson, estate of Chauncey M. Brewer and
estate of John J. O'Brien.
$137,474
4,250
def33,165
19 Mn*
1
be Paid March
Besides the two
1940
1Q40
$4,726,183
147
137851
137,851
paid in each of the
the
$132,567
6,575
def30,464
1Q3Q
Telephone Bond & Share Co —Accumulated
Dividend*
onare^o.
ACCUmULOiea UlViaenas
their recent meeting declared dividends of 28 cents per
sJlaf,e pn the 7% 1st pref stock and 12 cents per share on the $3 1st pref.
Standard was exerwUh drfepdant Ladenburtf M
Staten Island
the common
on
th/hw
"At all the times hereinafter
mentioned until the seventh
day of January
1930, defendant Byllesby wholly controlled the
corporate actions
and
corporate activities of Standard (Gas) and
dictated the policies of Standard
(G^s) slid, tho mind 3»nd will of StsndUird listvo not
boon independent of but
have been identical with the mind
and will of defendant
Byllesby, except
that from on or about June
19, 1925, said control over
January—
Gross from railway.
Net from railway
share
$399,284
476
oV™e Jft2®T?r5*
acquired another 500 shares of the same
stock at the same time as
of selling them to
Standard Gas, also in March of
cash plus 35,000 shares of class A
and 30,000 shares
of class B common stock of
Standard Power & Light.
The latter company,
now controlled
by Victor Emanuel, owns 53% of the
outstanding shares
f
a
Month
$430,675
Net income
150 p' 1007
0U'
AUU/"
had
has fixed
revenues
_y
Ladenburg, is accused
1926. for $3,500,000 in
r
1940
ment accruals
bankruptcy
proceedings.
Among the transactions alleged to have resulted in
illegal profits to Ladenburg and Byliesby is one whereby
Ladenburg sold to Standard Gas for
$11,000,000 in March, 1926, 500 shares of United
Railways Investment
Holding Co. for which it had paid $500 in
June, 1925.
Byllesby, which
Interstate Commerce Commissi
for properties of this
company. '
share in addition
Co.—Earnings—
31
Gross income after recire-
were
that.the alleged wrongful acts described
,
cents per
„
I ampa Electric
The complaint
specifically enumerates 19 transactions as the basis of the
suit and charges that
Ladenburg. Thalmann & Co. wrongfully profited to
the extent of $38,048,140
by selling to Standard Gas for
$44,963,640 securities which it had acquired for
$6,915,500.
The Byllesby company is
alleged to have profited similarly to the extent
of $4,637,269 in cash and
65,000 shares of common stock in Standard
Power and Light Co. of Del.*
a second
degree holding company.
Besides these specific profits the
complaint charges that some of the defendants made other substantial
profits of amounts unknown to the
plaintiff
in various transactions and
accuses officers of the
Standard Gas or wrongfully paying out "large sums" of
money to bring about the discontinuance
of three accounting actions
brought against officers of the corporation before
it
applied for reorganization under Section 77b of the Bankruptcy Act.
Standard Gas has since been
reorganized and discharged from
avers
.,
Extra Dividend—
703.
Period Ended Jan
entered by
various defendants to dismiss the
action on the ground that Mr.
Hastings,
former United States Senator
from Delaware, lacked
authority to maintain
the action in New York courts.
The complaint also
_
and
class A stocks, all payable March
30 to holders of record March 16.
Similar
distributions were made on Dec.
30, Sept. 30 and June 30. last.—V. 150.
P.
Byllesby & Co., Ladenburg, Thaicorporationst 32 individuals and the estates of five deceased
came
_
.
one of
^"
_
Directors have declared an extra dividend of 25
tbe. re£ular quarterly diyidend of 50 cents per
,
Daniel O.
p. 1297.
acony Palmyra Bridge Co.
17*
.
nfi n£
st&oS^lK^
its
Accounting Suit Seeking Recovery of Funds
from Bankers and Others—The
following is taken from the
New
_
1457
years, because of the spreading state and
municipal taxation
Operating
Operating
revenues
lMf^Mjmth—l$39
$1,210,331
929,215
expenses
———•
Net oper. revenue
Taxes
—
Net loss_____
150,
p.
856
*M?5,7^£39
$8,394,726
6,405,794
„
$8,206,739
6,289,991
-
;
„
~~
~—;
$252,304
143,483
$1,988,931
1,067,917
991,306
$126,580'
23,542
Operating income
Non-oper. income
—V.
$1,171,447
919,142
—-
$281,115
154,536
•_
Gross income
Deductions
■
$108,821
23,322
$921,014
$925,441
169,226
■
163,668
•
$150,122
—-
$1,916,748
214,941
—~~~T7
$132,143
215,985
rTTTTT
T~~
$64,819
$83,841
'
$1,084,682
1,520,242
—„
-
$435,559
~—
$1,094,667
1,518,246
*
$423,578
The Commercial &
1458
Calendar Years—
income
Net
x
After interest,
1937
^
1936
$120,677
1939
1938
$432,304
$19,952
depreciation and Federal taxes.
$213,417
-V.
150, p. 1007.
Associated Oil Co.—New Earnings Record—
The company, which had record profits in the final quarter of 1939,
followed those in January with net income at the highest rate for any
month in the initial quarter in its history.
For January it is understood
Tide Water
This is almost
three months of 1939.
During the final quarter of 1939 the company earned the equivalent of 62
cents a share on common, while in the first nine months of that year only
42 cents a share was netted.
For all of 1939 profits were equal to $1.04
profits approximated 20 cents
twice the earnings available to
a
a share on common
common in the first
against $1.28 in the previous
share on common,
year.—V. 150, p. 1297.
Shipyards Corp.—Larger Dividend—
Directors have declared a dividend of 75 cents per share on the common
stock, no par value, payable March 15 to holders of record March 1.
This
compares with 50 cents paid on Dec. 15, Sept. 15 and June 15, last, and
share were distributed,
addition
special dividend of $1.50 was $1
on
freviously regular quarterly dividends of paidper
Dec. 15. 1938.—V. 149,
a
U. S. Rubber
railway
Net from
Net railway oper.
-
income
1937
$188,252
64,007
34,882
856.
—"V. 150. P.
(& Subs.)- -Earnings—
Truax-Traer Coal Co.
1937
1938
End. Jan. 31—
1940
1939
$206,321
$178,307
$224,454
x$340469
Net profit after all chgs.
x Excluding discount on debentures purchased for sinking fund require¬
ments.
Of the above amount, $103,235 represents the company's propor¬
tion of earnings for the same period from properties formerly owned by the
3 Mos.
Truax-Traer Lignite Coal Co., which was merged with the company
Dec. 31, 1936.
Truax-Traer Lignite Coal Co. earned $95,905 for
period last year,
y Does not include the earnings of
on
the
Truax-Traer
same
Co.—V. 149, p. 3573.
Lignite Coal
Union
Carbide & Carbon Corp.—To Pay
60-Cent Div.—
Feb. 27 declared a dividend of 60 cents per share on the
stock, payable April 1 to holders of record March 8.
This com¬
pared with dividend of 50 cents paid in each of the four preceding quarters
and 40 cents paid on Jan. 3, 1939, making $1.90 a share paid in 1939.
Dividends of the company in 1938 were $2.40 a share, in 1937 payments
amounted to $3.20.—V. 149, p. 2989.
Directors on
Belsterling, formerly Vice-President, was appointed General
Commerce Counsel of the corporation at a meeting of the finance committee
on Feb. 20.
He has served the company since its formation on Feb. 23,
1901, and is an outstanding authority on interstate commerce law.—V.
p. 1147.
150,
$1,746,299
$2,297,132
—
Years
126,965,898 132,722,321
5,648,674
4,915,918
5,374,661
121,673,894
2,982,280
Calendar Uears
1936
1937
1938
$6,136,126
2,713,799
168,722
$8,575,309
5,669,185
$7,122,500
4,585,283
$9,272,231
5,308,474
$9,018,648
5,091,438
$2,906,124
$2,537,217
572,301
$3,963,757
743,952
$3,927,210
652,308
429,907
392,000
258,943
351,200
261,607
393,000
283,766
367,000
Cr37,875
Crl51,101
22,000
Drl92,711
53,000
Dr368,285
$1,518,266
3,048,574
$1,505,874
2,917,573
$2,350,486
$2,202,850
2,095,374
$4,566,840
1, 193,655
$4,423,447
1,293,126
$4,937,041
1,790,482
81J47
5,253
223,733
$3,157,456
stock (no par).
397,885
$3,048,574
397,885
$2,917,572
397,885
$2,586,555
397,885
$3.81
$3.78
$5.90
$5.54
...
...
V
603 ,826
the first dividend
Utah Power &
Minority interest prop..
profit
surplus
Total surplus-
dividends
Cr7,687
147,071
Organiz. exps. writt. off.
Adjust, of invest, in sub.
2,586,555
$4,298,224
1,372,703
Cr7,128
310,093
36,000
76". 344
Earned surp. Dec. 31-
Earnings per share
a Includes State income tax.
—V. 150, p.
deducted
in
above amounted
to
$1,285,314 in 1938; $1,380,176 in 1937 and $1,220,748
$1,343,945 in 1939;
in 1936.
Comparative Consolidated Balance Sheet Dec. 31
1939
$
Ld., bldgs., equip,
AC. (at cost)...25,669,942
—V.
Investments
Other assets
Trademarks,
y
24,175.278
1,420,207
1
167.572
Inventories
x
Common stock.11,952,537 11,952,537
payable..
835,679
756,436
Accts.
Reserve for
deprec.
1
Deferred charges..
31,669,306
Total
408,449
883.855
991,833
1,282,035
856,981
depletion..15,222,314 13,788,369
275,666
428,649
Minority interest.
186,273
224,148
Deferred credit
39,379
41,655
and
Res. for cont., Ac.
Surplus
3,157,456
3,048,574
221,729
30,240,369'
Including provisions for
resented by 397,885
Total
.31,669,306 30,240,369
accruals. Federal and State taxes,
y
Rep¬
shares of no par value.—V. 149, p. 3279.
United Gas Improvement
15,067
income
857.
after interest, depreciation,
Co.—Weekly Output—
U, G. I. system companies for the week
for the same week last year are as follows:
106,053,897 kwh.; same week last year, 95,increase of 10,081,806 kwh. or 10.5%.—V. 150, p. 1299.
U. S. Chromium,
The Securities and
Inc.—Registration Statement Suspenedd
Exchange Commission on Feb. 20 issued a stop
order
suspending the effectiveness of its registration statement (2-3953) because
of certain deficiencies which tended to make the statements misleading.
—V. 148, p. 1497.
1
on New Shares
Directors have declared a dividend of 15 cents per. share on the new
$5 par common shares payable March 15 to holders of record March 1.
Initial dividend of 25 cents was paid on Dec. 11, last and dividends of
25 cents were paid on Sept. 15 and on April 15 last on the old $10 par stock
previously outstanding.—V. 149, p. 4188.
United States Graphite
United
States
Life
Co.—15-Cent Div.
Insurance
Co.—Dascit
Under¬
Appoints Lewis M. Neikrug—
United
Inc.,
States Life Insurance Co. general agency, Dascit Under¬
135 William St., New York City, has appointed Lewis M.
31, 1939
Federal and State taxes. .
..1936
$835,415
$5.06
$5.52
On 129.281 shares
1939
1938
1937
$901,658
Net profit
x
$434,995
$2.17
par)
Inc.—Earnings—
$671,976
$775,494
Earnings per share
$6.06
$4.28
x After depreciation,
taxes and all other charges,
of common stock.—V. 149, p. 3128.
y
y
Victor-Monaghan Co.—50-Cent Dividend—
Directors have declared a
dividend of 50 cents per share on
the common
with $1 paid on Dec.
149, p. 3885.
stock, payable March 1.
This compares
$1.50 distributed on March 1, 1938.—V.
1, last and
Virginian Ry.—Earnings—
1937
1938
1940
1939
$2,219,014
1,248,162
$1,917,091
1,048,225
$1,657,591
821,434
$1,655,799
956,769
996,531
809,402
661,054
801,156
1940
$3,896,253
800,791
Gross from railway
Net from railway
1939
$3,550,133
753,167
1938
$3,163,980
359,648
315,703
174,968
def229,137
1337
$3,926,431
1,064,396
519,208
income
—V. 150, p. 1148.
Ry.—Earnings—
January—
railway
Net from railway
Gross from
Net ry. oper.
—V.
income...
150, p. 857.
Wagner Electric
Corp.—50-Cent Dividend—
dividend of 50 cents per share on
Directors have declared a
record March 5.
stock, payable March 30 to holders of
with $1 paid on Dec. 20, last; 25 cents
the common
This compares
paid in each of the four preceding
quarters and on March 21, 1938; a dividend of $1.25 was paid on Dec. 20,
1937; 50 cents was paid on Sept. 30, June 21, and on March 20, 1937;
$1.50 was paid on Dec. 21, 1936, and a dividend of 25 cents per share was
distributed on Sept. 21, 1936.—V. 149, p. 3574.
Waldorf System,
Inc.—15-Cent Dividend—
the common
1 to holders of record March 15.
Extra
dividend of 15 cents was paid on Dec. 20
last, and previously regular quarterly dividends of 10 cents per share were
dividend of 15 cents per share on
stock, no par value, payable April
of 15 cents in addition to quarterly
Waltham Watch Co.—To Pay
Directors have declared a
V.
148,
p.
$7 Preferred Dividend—
7 % preferred
record March 1. This will be the
when $1.75 per share was paid.—
dividend of $7 per share on the
stock, payable March 15 to holders of
first dividend paid since Oct. 3, 1938,
896.
(S. D.) Warren Co.—To Pay
Directors have declared a
75-Cent Dividend—
dividend of 75 cents per share on
the com. stock,
payable March 25 to holders of record March 18. Dividend of $1 was paid
on Dec. 26, last; dividends of 50 cents were paid in each of the four preceding
quarters; 25 cents paid on Sept. 26, 1938 and 50 cents paid on June 27 and
on March 28, 1938.—V. 149, p. 3574.
Weber Show Case & Fixtures,
Directors have declared a
account'of
stock, payable March 15 to
holderslof
on
Welch Grape
Inc.—Accumulated Div.—
dividend of 50 cents per share on
the preferred
record March 1.—V. 147, p. 760.
electric output for the
972,091 kwh., an
27,832
Sub.)—Earnings—
200,377 shares capital stock (no
Calendar Years—
accumulations
just closed and the figures
Week ended Feb. 24, 1940,
The
p.
Earnings per share on
—V. 150, p. 857.
5
con¬
tracts, Ac
writers,
150,
_
1938
$
Liabilities—
1,458,779
325,883
1,129,728
764,590
1,251,757
901,054
Cash
Notes receivable..
Accts. receivable..
writers
$119,243
35,074
1937
$193,367
54,897
1938
$68,716
9,066
def4,978
1939
$83,245
17,690
7,148
1940
January—
Gross from railway
distributed.—V. 149, p. 3425.
1939
1938
$
Assets—
The
1300.
Utah Ry.—Earnings—'■
Directors have declared a
depletion
and
Note—Depreciation
Dividend—
dividend of $1.16 2-3 per share, on the $7
dividend of $1 per share on the $6 cumula¬
tive preferred stock, both payable on account of accumulations on April 1
to holders of record March 2. Like amounts were paid in preceding quarters.
Wabash
Sundry adjustments
Adj. res. for deprec'n—
x
Light Co.—Accumulated
have declared a
Directors
Net ry. oper.
exp.J
est'd..
Surtax on undist. profits
(estimated)
Fed. inc. taxes
Common
A stock,
class
January—
Manufacturing profit.
Prev. earned
dividend of 30 cents per share on the pref.
payable Feb. 23 to holders of record Feb. 16.
This was
paid since September, 1938.—V. 149, p. 3732.
have declared a
Van Raalte Co.,
$5,581,664
3,363,338
327,229
Selling expense
Office, admin., &c.,
Other charges (net)
Commou
721
774
$3,420,878
3,410,587
291,035
Cost of sales
Net
686
133,265,316 148,007,220 139,940,562
40,640,782 43,350,521 39,269,195
1939
a
1936
1937
$4,598,836
3,705,966
sales
270,507
Total net sales
Co.—Preferred Dividend—
Utah-Idaho Sugar
Directors
Net profit
Consolidated Income Account for
Carbon black sales
Natural gas sales
Gasoline oil & other
no par
Earnings for 6 Months Ended Dec.
1938
Statistical Data—
1939
Producing wells
815
Gas produced and purcased (M. cu. ft.)
142,716,618
Gas sold (M. cu. ft.)
42,663,404
Carbon black produced
(lbs.)
134,698,933
produced—gals.
Dividend
Inc.—To Pay 40-Cent
have
directors
stock,
Vanadium-Alloys Steel Co. (&
Co.—Earnings—
Ended Dec. 21—
Gasoline
4045.
P.
declared a dividend of 40 cents per share on the
value, payable March 29 to holders of record March 10.
This compares with 80 cents paid on Dec. 20, last; 40 cents paid in each of
the three preceding quarters; 45 cents paid on Dec. 21, 1938; 25 cents paid
on Sept. 30, 1938; 15 cents paid on June 15, 1938; 50 cents on March 31,
1938; $1.25 paid on Dec. 21, 1937; 50 cents paid on Sept. 30, June 30 and
March 31, 1937; $1.25 paid on Dec. 18,1936; 75 cents on Sept. 30,1936 and
25 cents paid on June 30 and March 31,1936.—V. 149, p. 3732.
The
com.
150, p. 856.
United Carbon
149,
1939
$148,073
1940
$151,068
Net income after all charges
—V.
Net ry. oper.
1940—8 Weeks—1939
$4,473,688
$3,304,268
Feb. 24— 1940—4 Weeks—1939
Sales
—V.
(& Subs.)—Earnings—
United Stockyards Corp.
3 Months Ended Jan. 31—
Net from railway
-Sales—
Food Stores, Inc.-
Union Premier
Corp.—Official Promoted—
United States Steel
cumulative preferred stock, and a
common
Period Ended
Holdings—
Charles S.
Universal Products Co.,
Western RR.—Earnings—
1940
1939
,1938
$184,499
$151,804
$176,460
59,581
50,069
72,376
24,472
22,052
29,811
Toledo Peoria &
January—
Gross from railway
Co.—Acquires Gillette Rubber
Co. above.—V. 150, p. 1148.
See Gillette Rubber
2383.
p.
,,
_
„
...
with the Equitable
Assistant Manager of the Prosser and Homans
agency and just prior to this was manager of the Tom Hogan agency of the
U. 8. Life.
At one time he was connected with the Continental American
Life Insurance Co. as Manager of that company's Lauer agency.—V. 150,
page.857.
Life Assurance Society as
stock.
Todd
n
1940
2,
Emanuel Dash, Presi¬
Neikrug as manager of its Brokerage Department,
dent of that agency announced recently.
.
Until a short time ago Mr. Neikrug was connected
Thermoid Co.—Earnings—
x
March
Financial Chronicle
Juice Co.—40-Cent Dividend—
dividend of 40 cents per share on the common
March 14 to holders of record Feb. 29. Like amount was
Directors have declared a
stock, payable
Dec. 11 and Aug. 30 last, and a cash dividend of 25 cents in ad¬
dition to a stock dividend of 5% was paid on June 15 last.—V. 149, p. 4046.
paid
on
West Indies Sugar Corp.—Registers with SEC—
first page of this department.—V. 149, p. 4046.
See list given on
West
Virginia Pulp <& Paper Co.
Profits from
operations
Other income, net
Total income.
Provision for depreciation and
depletion
amortization of debt expense
Provision for Federal income taxes
Interest and
Net profit for quarter
—V. 150, P. 1300.
(& Subs.)—Earnings—
1940
$1,753,310
24,216
3 Months Ended Jan. 31—
1939
$1,140,224
74,589
$1,777,526
777,266
95,340
150,337
$1,214,813
664,735
118,838
42,076
$754,583
$389,164
Volume ISO
The Commercial & Financial Chronicle
Western Maryland
Ry.—Earnings—
Month of January—
Operating
$1,754,872
176,134
395,683
39,984
Traffic expenses
Transportation
Miscellaneous
1Q3Q
1940
revenues
Maintenance of way and structures..
Maintenance of equipment
$1,401,569
160,778
330,868
Cr6,589
39,879
371,829
5,569
45,362
Cr3,309
$631,235
110,000
$450,593
75,000
expenses
463,114
operations
7,577
General expenses
Transportation for investment
47 734
Net operating revenue
Taxes
1459
other respects.
The Commission had permitted an earlier
registration
statement to be withdrawn but declined to
permit the amended statement
to be
withdrawn, holding that the stop-order should be issued to warn the
investing public of the situation.—V. 143, p. 2869.
Wisconsin Central
Ry.—Earnings—
Month of January—
Freight revenue
Passenger revenue
1940
56,879
revenues
$978,844
100,957
163,441
29,214
$521,235
Cr 15,667
$375,593
Cr29,605
Drl2,701
Dr 13.363
Net railway operating income
Other income
$524,201
13,238
$391,835
7,224
$537,439
283,216
$399,059
277,736
$254,223
income.Fixed charges
—V. 150, p. 706.
$200,520
80,621
$116,588
84,146
Hire of equipment
Rental of terminals
$119,899
34,986
31,217
$32,442
28,553
38,241
$53,696
Dr3,547
x$34,352
Dr5,152
Maintenance of way & structures
Maintenance of equipment
expenses
Traffic expenses
Transportation
expenses
449,745
General expenses
Net railway revenues
Taxes.
$121,323
Gross
Net income
34,967
$822,923
89,438
160,289
27,160
394,463
34,985
Net after rents
Other income (net)
Operating income
Equipment rents
Joint facility rents (net)
Net after taxes
_
Western Pacific RR.—Earnings—
January—
Gross from
1940
railway
—V.
150,
p.
1938
1937
$992,759
def57,521
def249,963
$1,250,646
233,842
64,893
16,317
858.
1940
1939
$142,042
14,346
2,366
income
1937
$131,480
10,698
def2,623
$134,159
1,716
def7,331
Wheeling & Lake Erie Ry.—Earnings—
January—
1940
Gross from railway
Net from railway
1939
1938
.$1,353,901
$1,113,607
439.389
370,998
296,695
Net ry. oper. income...
359,120
Western Union
1937
$715,533
67,976
38,301
—V. 150, p. 1010.
$1,263,431
412,742
354,050
Telegraph Co., Inc.—Earnings—
Period End. Dec. 31—
1939—Month—1938
1939—12 Mos.~ 1938
Teleg. & cable oper. revs. $8,934,289
$8,630,620 $95,660,403 $91,712,401
Repairs
503,729
663,605
6,147.594
6,420,103
Deprec. & amortization618,608
685,803
8,277,940
8,233,068
All other maintenance..
506,540
358,104
5,522,522
5,428,615
Conducting operations _•
5,431,245
5,355,216
57,973,067
57,141,385
Relief depts. & pensions.
193,410
185,473
2,256,989
2,126,056
All other gen. & miscell.
expenses
177,063
101,586
2,154,767
2,157,436
_
&
cable
oper. revenues
Uncoil, oper. revenues._
Taxes assign, to opers
$1,503,694
35,738
520,838
Operating income
Non-oper. income
$803,016
191,208
$6,990,648
1,518,514
$3,974,730
1,529,066
$1,141,729
590,383
$994,224
607,395
$8,509,162
7,129,048
$5,503,796
7,141,675
$551,346
$386,829
$1,380,114 x$l,637,879
Net income
x
$1,280,833 $13,327,524 $10,205',738
34,523
384,142
366,850
443,294
5,952,734
5,864,158
$947,118
194,611
Gross income
Deducts, from gross inc.
Loss.—V. 150,
on
$50,148
9,751
$40,397
bonds, &c
x$39,504
10,462.
x$49,966
858.
p.
Wisconsin Electric Power Co.-—To Issue Stock—
1938
$141,695
19,762
6,036
—V. 150, p. 858.
teleg.
Balance before interest
Alabama—Earnings-
January—
Gross from railway
Net from railway
Net
Income before interest
Interest being accrued and paid
x
Western Ry. of
Net ry. oper.
1939
$1,134,659
214,862
28,981
'
$1,217,117
204,576
Net from railway
Net ry. oper. income
$749,525
23,780
49,618
22,620
All other revenue
Total
1939
$899,345
The Securities and Exchange Commission
Feb.
26 announced that
company filed an application (File 70-1) under the
Holding Company Act
regarding the issuance of 282,098 shares of new 4M % series preferred stock
and 141,049 shares of common stock in
exchange for its presently out¬
standing 6% preferred stock, issue of 1921.
The company for
approximately 10 days will offer in exchange for each
share of its 6% preferred stock one share of new
preferred stock and onehalf share of common stock
plus a cash adjustment in dividends of approxi¬
mately 37.5 cents a share of 6% preferred stock.
The unexchanged
6%
preferred stock will be called for redemption on June
1, 1940 at $110 a share
plus accrued and unpaid dividends.
The exchange will be effected only
if at least 60% of the stock held
by others than the parent company, The
North American Co., is deposited.
The new preferred stock will be convertible into
common stock until
1, 1952, at the rate of five shares of common for each share of
pre¬
ferred, and it is proposed to increase the company's common stock
June
to meet
conversion requirements.
Scrip certificates will be issued in lieu of frac¬
tional shares of common stock, it is stated.
The company, it is stated, will enter into an
underwriting agreement
providing for the sale of any of the new preferred stock not required for the
exchange offer.
No shares of common are to be sold to the
underwriters.
The proceeds from the sale of the
new preferred stock will be
applied to the
redemption of the unexchanged portion of the 6% preferred stock.
The new preferred stock, according to the
application, will be given full
voting power and will have certain special rights to vote in the event of
default of dividends and in other special instances.
The company has
44,508 outstanding shares of voting, non-callable
6% preferred capital
stock, «it is stated, which are to remain outstanding.
It is proposed to
give this stock voting rights similar to those for the new
preferred stock.
At the present time voting power is vested
solely in the 6% preferred capital
stock and common stock.—V. 149,
p. 4047.
Wisconsin Michigan Power Co.—Initial
Preferred Div.—
Directors
have declared an initial dividend of
$1,123^ per share on the
43^% preferred stock, payable March 15 to holders of record Feb. 29.—
V. 149, p. 3885.
Deficit—V. 150, p. 1301.
Wisconsin Power & Light
Wheeling Steel Corp.—Preferred Dividend—
Directors
authorized
stock, payable
a
dividend
of $1.50
a
share
The directors have
the old
on
April 1 to holders of record March 12.
Jan. 2, last, and on July 1, 1938.—V. 149,
on
6% pref.
Similar payments
cum.
7%
pref. stock
made
on
p.
3734.
Company reports the cancellation of option granted to Delmar G. Roos
Sept. 17, 1937, to purchase 5,000 shares of common stock at $3 per share
or
before Feb. 28, 1941.
Company also reports the granting of an
option to Harry A. Berk to purchase 10,000 shares of common stock at $3
per share on or before July 23, 1941, and granting of an option to Delmar
G.
Roos to purchase 10,000 shares of common stock at $3
per share on or before
Feb. 28, 1943.—V. 149, p. 3129.
on
Winnebago Distilling Co.—SEC Bars Stock Registry—
The Securities and Exchange Commission issued Feb. 26 a
stop-order
suspending the effectiveness of a registration statement filed by the com¬
pany, covering a proposed offering of 62,500 shares of its class A common
stock at $10 a share.
The
Commission
found
the
statement
materially
deficient
regarding
disclosure of the true valuation of the registrant's real
property, its treat¬
ment of capital surplus and its estimate of expected
profits, as well as in
Co.—Preferred Dividends—
dividend of $1.50 per share
Dec. 15 and
a
on
the 6%
dividend of $1.75
March
Willys-Overland Motors, Inc.—Options—
on
a
per share on the
cum. pref. stock (par $100), both payable on account of
accumulations
15 to holders of record March 29.
Similar amounts
on
on
were
declared
(par $100), and
were
on
Sept. 15, last.—V. 149, p 3425.
paid
Worthington Pump & Machinery Corp.—New V.-Pres.
H. A. Feldbush
V. 149, p. 3575.
Yazoo &
has
been
elected
a
Vice-President
of this company.—
Mississippi Valley RR.—Earnings—
January—
1940
Gross from railway
Net from railway
$1,185,094
283,954
Net ry. oper. income—
63,629
—V. 150, p. 858.
1939
1938
1937
$1,105,640
248,512
38,306
$1,195,272
362,763
146,998
$1,287,558
375,493
143,822
Yellow Truck & Coach Mfg.
Co.—Preferred Dividend—
Directors have declared a dividend of $1.75 per share on the
7% cumu¬
lative preferred stock, par $100, payable April 1 to holders of record
March
15.
Dividends are in arrears on this issue.
V.
Company paid dividends totaling $8.75
150, p. 1301.
per share
on
Dec.
23
last.—
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
tracts
Friday Night, March 1, 1940
Coffee—On
the 24th ult. futures closed 1 to 3
points net
higher for the Santos contract, with sales totaling 11 lots.
The new Rio contract registered one sale of Mar. at
4.15c.,
with prices nominally unchanged.
Trading during the short
session today was very sluggish.
A cable to the exchange
from Rio reported that there is
increasing talk that the
Federal Government will purchase 3,000,000
bags of coffee
at approximately 75 milreis
per bag.
Simultaneously, it is
said, farmers are advocating the complete suppression of the
sacrifice quota on the next crop.
Probably nothing will be
decided until toward the end of Mar., when the full statis¬
tical position of the present crop can be better considered.
Five
of
the contracts
traded
in
the
Santos
market
today
(Saturday), were in Mar. at 6.03c. and 6.04c. First notice
day was Friday and next notice day will be Wednesday. On
the 26th ult. futures closed
unchanged compared with
previous finals, with sales of only 155 contracts, all in the
Santos grade.
Coffee futures trading was slow pending next
notice day for Mar. contracts,
Wednesday.
Santos eoni
were
2 points
higher with May at 6.18c.
In Brazi
10 kilos.
taking a
sidelines position.
Registered spot sales in Santos were
113,000 bags, last week, to the United States, against 160,000
the week before and 133,000 bags to European buyers against
50,000 the week before. Destruction in Brazil, the last half
of Jan., was 123,000 bags against 79,000 bags the first half of
that month.
On the 27th ult. futures closed 2 to 6 points
net lower for the Santos contract, with sales totaling
only
15 lots.
Trading continued quiet.
It is said that most
traders were awaiting second notice day for Mar. contracts,
which is tomorrow.
First notice day, last Friday, brought
out 10 tenders.
In Brazil the Santos spot price on
type 5,
Rios, was off 100 reis as was the Rio price on spot 7s. Actuals
were
quiet and unchanged.
Sellers in some cases were
believed willing to make concessions on openly quoted offers.
Not much attention was paid to cabled reports that the
Brazilian Rural Society of Sao Paulo had voted
against a
sacrifice quota on the next crop and against the sacrifice
scheme in general on the grounds that it meant
selling under
cost of production.
Authorities are not expected to make
Rio spot 7s were off 100 reis to 15.5 milreis
per
Actuals were unchanged here with roasters again
decision in the matter without long, mature study. The
begins July 1.
A 30% sacrifice quota, for
destruction, (15% on fine grades), has been imposed on the
last 2 crops.
On the 28th ult. futures closed 2 points off to
2 points up compared with previous finals.
Transactions
totaled 66 lots, all in the Santos contracts.
Early in the
session 8 notices circulated.
There was little doing in
actuals. Manizales were reported available at 8,90c., against
any
next crop year
9c.
In Brazil the Santos
yesterday and 9^c. previously.
official spot price on hard 4s was off 100 reis at yesterday's
There were no fresh clearances from Brazil to United
close.
visible supply of Brazils again
States and the United States
dropped under the million bag mark.
Significant of the
recent trend in supplies in New York is the fact that public
warehouse stocks of Colombian coffee are 153,592 bags or
nearly equal to Brazilian stocks which
total 158,405 bags.
nominally unchanged.
extremely dull.
No notices
were issued against March contracts.
Only sales to early
afternoon were 1,000 bags of July at 6.23 cents, up 2 points.
A cable from Brazil stated that the National Coffee Depart¬
ment had been forced to pay 75 milreis per bag for Sao Paulo
coffees against 53 milreis originally set as a price to be paid.
The purchases referred to are in connection with "sacrifice"
coffees released in other States by payment by the owner of
50 milreis per bag.
Such moneys, according to plan, were
to be used to purchase a similar amount of coffee in Sao
Paulo.
Actuals
were
quiet and generally
unchanged.
Today futures closed 3 points off to 2 points up for the Santos
contract, with sales totaling 12 lots.
Santos coffee futures
were unchanged to 1 point lower, with March at 5.99c., off
1 point, while May was at 6.15c., unchanged.
About 2,250
bags were done during the first three hours.
There was
very little in the news to affect the market.
Milds were
barely steady, with Manizales believed available at 8.85c.
after a "distress" lot was done at 8.80c.
Brazilian exports
during February were 1,384,000 bags against 1,156,000 bags
during January.
Of this 668,000 bags were for United
States against 573,000 (January) and 645,000 for Europe
(359,000 to France) against 522,000 in January.
The en¬
larged exports to France were mostly of low grade "soldier
On
-
ulto.
the 29th
futures closed
The coffee market today was
#
coffee."
Rio coffee prices
closed
as
follows:
3.701
March
Santos coffee
prices closed
March
as
6.02
-
follows:
September
6.29
6.16 December
6.25
May
July
6.37
..
Cocoa—On the 24th ult. futures closed 1 to 2
points net
month one point higher at 5.09c.
Liquidation inspired by the issuance of 28 transferable
notices on Friday resulted in a precipitate drop in the
Mar. open interest.
At the beginning of trading today
(Saturday), only 398 contracts remained to be liquidated
in the spot month, a drop of 324 contracts from the previous
day.
Open interest data shows wide shifts in the other
positions. The sharpest gain was registered in the Dec.
position, open commitments of 499 in that month represent¬
ing an increase of 107.
The Sept. position increased an
even 100 lots to 2,306, July 52 to 2,231, while the May and
Jan. open interests were also higher.
Total open interest
showed a contraction of 52 to 8,275 lots.
Despite the heavy
liquidation which featured the market throughout the week,
lower, with the
spot
Erices 5.20; June, 5.25; July, 5.29; Sept., closing: On the 5.09;
Local 5.38. Mar., 26th
lay, receded only 3 to 6 points.
ult. futures closed 1 point up to
unchanged compared with
finals.
Sales totaled 197 lots.
Cocoa futures
firmed up in the absence of selling by producers.
Prices
were bid up 1 to 2 points.
The open position in Mar. had
been whittled down to 355 lots, a decrease of 43 over the
week-end.
As last notice day for Mar. will not come until
Mar. 21, it is now believed that the completion of Mar.
liquidation will be effected without further disturbance to the
market.
Warehouse stocks decreased 1,300 bags over the
week-end..
They now total 1,112,527 bags compared with
1,025,156 bags a year ago.
Local closing: Mar., 5.10;
May, 5.20; July, 5.29; Sept., 5.38; Oct., 5.42; Dec., 5.50.
On the 27th ult. futures closed 1 to 3 points net higher.
Transactions totaled 96 lots.
Cocoa futures were firm today
previous
in
the
March
The Commercial & Financial Chronicle
1460
absence
of
offerings.
On
the
other
hand
manu¬
facturers refused to bid for cocoa, with the result that prices
failed to show much improvement.
During early afternoon
prices stood 1 to 2 points higher, with Mar. at 5.11c., up 1
point.
The open interest in Mar. decreased 48 lots over¬
night to 307 lots this morning.
Warehouse stocks decreased
2,000 bags.
They now total 1,110,565 bags against 1,025,156 bags a year ago.
Arrivals so far this year totaled 720,809
bags compared with 848,526 bags a year ago.
Afloats also
show a decrease, as they total only 99,484 bags compared
with 218,000 bags a year ago.
Local closing: Mar., 5.11;
May, 5.23; July, 5.31; Sept., 5.40.
On the 28th ult. futures
closed 1 point net higher.
Transactions totaled 6 lots.
A
stalemate in the
cocoa
2
market continued.
Prices
were
1 to
points higher in small trading, the turnover to early
afternoon totaling only 51 lots.
Most of the dealings were
credited to professionals.
A good deal of it represented
switching out of Mar. into later positions.
That position
wa*
selling at 5.12c. this afternoon.
The open interest last
night had been reduced to 269 lots.
Warehouse stocks de¬
creased 2,000 bags.
They now total 1,108,500 bags against
1,024,684 bags a year
May, 5.23; July, 5.32.
ago.
2,
1940
Local closing: Mar., 5.12
.V
On the 29th ulto. futures
closed 3 points to 1 point net
Transactions totaled 129 lots.
The cocoa trade
surprised today when only one March notice
was issued.
More had been expected.
The effect was to
stiffen the tone of the market.
March gained 3 points to
5.15c.
Only 251 lots of March remained open this morning.
Trading was moderate, sales to early afternoon amounting
to 106 lots.
Warehouse stocks decreased 2,600 bags.
They
now total
1,105,912 bags compared with 1,025,982 tbags a
year ago.
Local closing: March 5.15: May 5.25; July 5.34;
Sept. 5.42; Dec, 5.54.
To-day futures closed 11 to 8 points
net
higher.
Transactions totaled 311 lots.
The cocoa
market turned upward under buying started by rumors
that the ocean freight rate from the Gold Coast to New
York would be increased 33 1-3% April 1st.
That would
higher.
was
somewhat
bring it
up to
afternoon
a ton or nearly lc. a pound.
7 to 10 points higher, with March
$22
were
Prices this
5.25c., up
The March position will expire March 21st.
The open position was reduced 38 lots yesterday to a total
of 213 this morning.
A Gold Coast cable said that shipment
for Feb. amounted to only 12,471 tons, a sharp drop com¬
pared with a year ago, when they reached 52,728 tons.
Warehouse stocks decreased 1,900 bags overnight.
They
now total
1,104,017 bags compared with 1,025,982 bags a
year ago.
Local closing: March 5.26; May 5.33; July 5.42;
Sept. 5.50; Dec. 5.62.
10
points.
Sugar—On the 24th ulto. futures closed unchanged to 1
point lower for both the domestic and world sugar contracts.
Sales in the domestic contract totaled 81 lots, while in the
world sugar contract 51 lots
changed hands.
Consensus of
be that the Government indicated through
the quota reductions that it was friendly to the market, and
it is the belief that if the first half of the year prices are not
lifted by war developments, and it is found necessary to take
further action, there will be later reductions.
At present, it
is the belief that about 400,000 tons more than will be re¬
quired, barring repetition of panic war buying, is hanging
over the market.
Much of the trading in contracts today
(Saturday), was against actuals, while additional limited
quantities represented switcuing for the account of operators.
On the 26th ulto. futures closed 2 to 3 points net lower for
the domestic contracts, with sales totaling 162 lots.
The
world sugar contract closed y2 to 2 V2 points net lower, with
sales totaling 62 lots.
Sugar futures gave up a portion of
their recent advances under scattered hedge selling and profit
taking.
During early afternoon the domestic market stood
1 to 2 points lower in quiet trading.
May then was selling
at 1.96 cents, off 2 points from Saturdays' close and 4 points
under Friday's high.
The easier tone of futures reflected
increased offerings of raws and some lowering of offered
prices.
It was reported that at least three or four parcels
and one cargo of Puerto Ricos were offered at 2.90 cents a
pound, while Cubas for March shipment were at the equiva¬
opinion
appears to
lent basis of 2 cents.
A half dozen lots of
Philippines, partly
shipment lots were at 2.92 to 2.93
cents.
In Cuba 152 mills are grinding, leaving only four
yet to start.
In the world sugar market prices were 1H to 2
points lower, with September selling at 1.56K, off 13^ points.
On the 27th ulto. futures closed 1 point off to unchanged
compared with previous finals of the domestic contract.
due in
Sales
March, and
totaled
197
some
lots.
The
world
sugar
contract closed
3^-point up to unchanged compared with previous closing
quotations. At one time during today's session the domestic
contract showed gains of about a point.
Hedge lifting
appeared in sufficient volume to offset new hedging for pro¬
ducing and operator account.
Following the purchase
yesterday by the American Sugar Refining Co. of Pueito
Ricos and Cubas at 2,88 to 2.87 cents basis, operators this
morning took two lots of Philippines, March-April shipment,
at 2.90 cents a pound.
Offerings were substantial.
At
2.90 to 2.93 cents about half a dozen lots of Philippines were
offered.
Refiners bid 2.85 cents for nearby sugars.
The
world sugar contract was unchanged to 34-cent higher in
light trading.
May sold at 1.57 cents, unchanged.
While
buyers held off in view of the peace possibilities of the Welles
visit to Europe, sellers likewise felt cautious.
On the 28th
ulto. futures closed unchanged to 2 points net lower.
Trans¬
actions
totaled
156
lots
for
the
domestic
contract.
The
world sugar contract closed 4h£ to \y2 points net
with sales totaling 82 lots.
Sugar markets ruled
lower,
heavy
during most of the day's session.
There was considerable
hedge selling in the domestic market.
That in turn influ¬
enced liquidaiion, with the result that during early afternoon
prices were 1 to 2 points lower with the exception of March,
which was unchanged at 1.88 cents.
May then stood at
1.94 cen ts.
In the raw sugar market 1,000 tons of Philippines
due March 12 were sold to a refiner for 2.88 cents a pound.
Offerings including Puerto Ricos, Philippines and Cubas
between 2.87 and 2.94 cents a pound were the largest in some
months.
Refiners were unwilling to pay more than 2.85
cents for nearby sugars.
The only news in the refined
market
was
that Sucrest maintained its price of 4.40 cents a
pound for March delivery, unchanged from its price for
February delivery.
Announcement was made that 110
transferable notices of delivery would be issued on the world
sugar
contracts
tomorrow.
On the 29th ult. futures closed
unchanged to 1 point higher
The
for the domestic contract, with sales totaling 116 lots.
Volume 150
The Commercial & Financial Chronicle
world sugar contracts closed
434 to
with transactions
totaling 109 lots.
tract took the
prices
were
The world sugar con¬
spotlight today when under active buying
bid up as much as 534
points.
The market was
said to be sensitive to the
war
situation.
the
announced
that
no
additional Mar. notices will be issued.
Tomorrow will be the last
day of trading
In the domestic market
futures were
in Mar. contracts.
unchanged to 1 point
higher during early afternoon with Sept.
selling at 2.05c.,
up 1 point.
There was little news to account for the steadi¬
of the market other than the firmness
of the
ness
raw
market.
Today futures closed unchanged to 1 point net lower for the
domestic contract, with sales
totaling 192 lots.
The world
sugar contract closed unchanged to 1
point net lower, with
sales totaling 135 lots.
Sugar futures were steady to firm.
The domestic market was
unchanged during early afternoon
following a turnover of about 5,000 tons in the first three
hours.
-Traders
were
awaiting developments in the raw
cue to the nearby trend of prices.
were offered
freely at 2.87c. and upward, but it was
believed that refiners were
willing to pay 1.95c. for Cubas,
equivalent to 2.85c. duty paid.
Refiners are said to be
more interested in forward
sugars than in nearbys.
It was
said they might pay 1.90c. for
early April shipment.
Legal
restrictions were off
importations of refined sugar from
Puerto Rico, and
Hawaii, dating from today, the exception
being that they must stay within their quota.
In the world
sugar market prices were 34 point
higher after having been
as much as
134 points higher.
Two notices against Mar.
market
to
supply the
Raws
contracts
were
Prices closed
issued.
as
Sat.
March—^
6.12
May
July
September-.
It also reflected
stopping of 110 Mar. notices this morning.
Mar. was
off 134 points at
1.5134c. on the opening, but quickly rallied
to 1.53e. until the notices
stopped circulating, after which
the price was bid
up to 1.5834> a gain of 534 points.
It was
6.35
6.55
6.75
October
6.85
Pork—(Export),
September
May
July
January
mess,
5.97
6.27
6.47
6.65
6.20
6.40
6.57
6.72
6.67
Wed.
Thurs.
Fri.
5.97
6.20
6.40
6.60
6.70
$18.50
6^c. Butter:
to
creamery,
firsts
higher than extra and premium marks:
2634 to 2824c.
Cheese: State, held *38, 21 to
22c.; held '39, 20 to 2034c.
Eggs: mixed colors, checks to special
packs: 17 to 2134c.
Oils—Linseed oil business is
reported as rather slow, with
prices holding to an unchanged basis of 9.4c. inside for
tank
cars.
Quotations: Chinawood: tanks, "regular" trade—
26c. bid;
Independent, nearby drums—28 bid nominal;
Futures—26 bid.
Coconut: crude, West, tanks,
nearby—
.0634 bid. Olive: denatured, drums,
spot, afloat—95 to 97.
Soy bean: tanks, West—.0524 bid; New
York, 1. c. 1., raw—
.075 bid.
Edible: 76
degrees—.0924 bid. Lard: prime, ex.
winter—824 offer.
Cod: crude,
Norwegian, filtered—64
offer; light—70 offer.
Turpentine: 3834 to 4034; rosins:
$6.20 to $7.60.
Cottonseed
contracts.
'
Oil
•
sales, yesterday, including switches, 13
Crude, S.E.,val.6c.
March
2.02
1.99
6.02
6.17
6.37
6.57
6.67
(export), steady. Family (export), unquoted.
Cut
quiet.
Pickled hams: picnic,
loose, c. a. f.—4 to 6
lbs., 934c.; 6 to 8 lbs., 934c.; 8 to 10
lbs., 934c. Skinned,
loose, c. a. f.—14 to 16 lbs., 1434c.; 18 to 20
lbs., 1434c.
Bellies: clear, f. o. b. New
York—6 to 8 lbs., 12c.; 8 to 10
lbs., 11c.; 10 to 12 lbs., 1034c.
Bellies: clear, dry salted,
boxed, N. Y.—16 to 18 lbs., 6%c.; 18 to 20
lbs., 624c.; 20 to
25 lbs.,
624c.; 25 to 30 lbs.,
Prices closed
6.94© 7.00 July
6.99(5)
n
August.
7.02(5) 7.04 September
7.07©
n
October..
2.04
1.94
5.95
Beef:
June
1.86
Tues.
6.30
6.47
6.67
6.77
meats:
May
follows:
Mon.
6.05
(8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200
pound barrel).
April
March
1461
DAILY CLOSING PRICES OF
LARD FUTURES IN CHICAGO
234 points net higher,
as
follows:
7.12©
7.19(5)
n
7.16@ 7.19
7.17© 7.21
Rubber—On the 24th ult. futures closed
40
The most substantial losses were
to 5 point
registered in
Heavy Mar. liquidation in crude
rubber futures
during the last few days of trading saw the
premiums on the nearby deliveries narrow
sharply.
Trans¬
net lower.
Lard—On the 24th ult. futures closed 10 to 5
points net
The opening range was
unchanged to 7 points lower.
European demand for American lard has not been
lower.
The
aggressive during the past 2 weeks and
export
no
large purchases for
disclosed within the past few days.
No export
lard shipments were
reported from the Port of New York on
were
the close of
the week.
Hog quotations at Chicago today
(Saturday), remained steady. Light sales were reported at
prices ranging from $4.75 to $5.40.
Western hog receipts
light and totaled 17,100 head, against 10,700 head for
day last year.
Local closing: Mar., 6.12; May,
6.35; July, 6.55; Sept., 6.75. On the 26th ult. futures closed
5 to 7 points net decline.
The opening range was
unchanged
to 2 points lower.
Trading was light and fluctuations
narrow.
Exports of lard from the Port of New York today
were
reported as 864,000 pounds, destined for Europe.
Western hog receipts were 100,600 head
against 77,900 head
for the same day last
year.
Sales of hogs ranged from $4.70
were
the
same
to $5.60.
On the 27th ult. futures closed 10
points
off
all
fairly active, with the under¬
active deliveries.
on
Trading was
during most of the session. There was little feature
trading.
The opening range was unchanged from
previous finals, with very little trading interest in evidence.
Exports of lard from the Port of New York today were 224,500 pounds, destined for
Europe. Chicago hog receipts were
tone easy
to the
heavier
than expected,
totaling 25,000 head, the trade
expecting only 18,000 head.
Western hog marketings were
quite heavy and totaled 90,300 head, against 53,000 head
for the same day last
year.
Hog prices declined 10c. On the
28th ult. futures closed 7 to 10
points net higher.
Opening
quotations were unchanged to 2 points higher. The market
was
fairly active, with trading showing little feature. Clear¬
ances of American lard from the
port of New York were
heavy and totaled 646,575 pounds, the bulk of which was for
the United Kingdom.
Chicago hog prices closed 10c. lower.
Western hog receipts were
fairly heavy and totaled 70,700
head, against 34,500 head for the same day a year ago. Sales
of hogs ranged from $4.65 to $5.50.
On the 29th ulto. futures closed 5 to 7
points net lower.
The
opening
range was
unchanged to 2 points higher.
The
action of the lard market
appeared to be a disappointment
to the trade in view of the somewhat favorable
news.
The
approval of the United States Government loan to Finland
so that
the latter country could
buy lard and other pro¬
visions in this country and
exchange same with England for
aeroplanes, attracted attention. However, the report failed
to stimulate
any buying interest in lard futures, and the
slightly higher action of grains and hogs also failed to encourage
buying in the market. Lard exports to-day from the Port
of New York totaled 23,375
pounds, with destination Europe.
Hog prices at Chicago closed 10c. higher. Hog sales ranged
from
$4.75
to
$5.60.
Receipts of hogs at the principal
fairly heavy and totaled 72,700
head against 52,600 head for the same
day last year. Today
futures closed unchanged to 3
points net higher.
The lard
market was devoid of
any special interest today, trading
being light and prices confined to a narrow range.
Hog
receipts in the open market at Chicago were less than ex¬
pected, totaling 9,000, while packers had 7,000 direct.
Some late sales were 5 to 10 cents lowrer than
early, with
markets in the West
top at $5.60.
were
the
nearby
positions.
actions totaled
2,200 tons, including 260 tons which were
exchanged for physicals. At the close of the market
today
the spread between the Mar. and
May deliveries was 14
points, as compared with 56 points on
Friday and 45 points
on
Thursday. The spread between the Mar. and
Sept.
positions on the exchange was 36 points in
today's session,
81 points on
Friday and 91 points on Thursday. Local
closing: Feb., 18.16; Mar., 18.21; May,
18.07; July, 17.78;
Sept., 17.65; Dec., 17-50.
On the 26th ult. futures closed
2 points off to 15
points net higher.
Transactions totaled
164
lots.
Rubber
futures responded to firmer
London
a moderate rise in
prices.
During early after¬
the market stood 4 to 5
points net
cables, with
noon
higher, with Mar.
London cabled that the advance
there
standing at 18.25c.
due
was
smaller
to
private
shipments
information
from
Malaya forecasting
London than had been
expected.
Total stocks in the United
Kingdom, including both those
in hands of manufacturers and
those held by
dealers, were
estimated at 45,000 tons, sufficient for four
to
months' supply.
rubber market closed
steady, unchanged to
higher.
Singapore was y8d. lower.
Local closing:
Mar., 18.27; May, 18.05; July, 17.83;
Sept., 17.70; Dec.,
17.60; Jan., 17.60.
On the 27th ult. futures closed
17
points down to unchanged.
Transactions totaled 300
The
London
5-16d.
lots.
Rubber futures
were
heavy, selling at new low levels for the
Offerings increased because primary markets were
easy, shipment offerings larger ana
Malayan production
showed an increase.
Sales to early afternoon totaled
189
lots.
Mar. then stood at
18.20c., off 7 points; May at
18.02, off 3; and July at 17.83,
unchanged.
Certificated
year.
stocks
of
rubber
decreased
to
2,730
tons.
London
and
Singapore closed quiet and unchanged to V8d. lower.
Local
closing: Mar., 18.10; May, 17.98; July, 17.77;
Sept., 17.70;
Dec., 17.60.
On the 28th ult. futures closed 5 to 16
points
net
higher.
Transactions totaled 411 lots.
Issuance of
129 Mar. notices had
a
depressing effect on the future market
the opening, but they were
stopped by dealer interests,
with the result that rubber turned firm in
the later
at
dealings.
During early afternoon prices were 2 to 13
points higher,
selling at 18.13e., up 3 points.
The trading was
active, sales to that time totaling 247 lots.
Today was first
Mar. notice day.
Trading in that position was large,1 no
less than 100 lots
changing hands during the first hour.
The open position last
night was 481 lots.
Most of the
buying of Mar. was attributed to a London dealer. London
with Mar.
closed 1-16
to
3-32d.
to
3-16d.
Local
lower, but Singapore advanced 1-16
closing: Mar., 18.15; May, 18.05; July,
17.93; Sept., 17.78.
On the 29th ulto. futures closed 30 to 14
points net higher.
totaled 59 lots.
The fact that no further
March notices were issued
appeared to inspire confidence
in the rubber market.
Sharp advances took place, although
trading was small.
During early afternoon March stood
Transactions
at
18.43c.,
28 points.
Only 215 March contracts re¬
after the close last night.
Trading to early
afternoon totaled only 26 lots.
London closed l-16d. lower
to
34d. higher.
Singapore was l-32d. to l-16d.
mained
up
open
The trade reported that
pore
were
above
a
higher.
by Singa¬
Local closing:
March
offerings of crude
workable basis.
rubber
The Commercial & Financial
1462
Today futures
totaled 95 lots.
Rubber futures were easy in small trading, prices this after¬
noon standing 3 to
15 points lower, with March at 18.40,
off 5 points.
The turnover to that time totaled only 24
lots.
The decline was attributed to the easier tone of foreign
18.45; May 18.19; July 18.11; Sept. 18.05.
points net lower.
Transactions
closed 1 to 14
of full rubber exports from primary
Certificated stocks of rubber decreased
further to 2,360 tons.
London closed dull, unchanged to
Hd. lower.
Singapore also was a little lower.
Local clos¬
ing: March 18.42; May 18.18; July 18.03; Sept. 17.95;
markets and
the
news
markets during Jan.
Dec.
17.76.
Hides—On the 24th ult. futures closed 18 to 20 points net
15 points net lower.
The
market was unusually active for the short Saturday session.
During the greater part of the morning price fluctuations
were narrow considering the large volume of business trans¬
acted.
Interest in the domestic spot hide market has been
reported fairly keen of late although no sizable purchases
of spot hides have been heard.
Local closing: Mar., 13.98;
June, 14.30; Sept., 14.60; Dec., 14.85.
On the 26th ult.
futures closed 21 to 19 points net lower.
Transactions
lower.
The opening range was 3 to
Transactions totaled
totaled
492 lots.
13,080,000 pounds for the day.
Raw hide futures ranged
from 9 to 3
points lower on the opening and held steady to slightly
lower in later dealings.
Mar. sold at 13.73, off 7 points;
June at 14.05, off 7; and Sept. at 14.36, off 4.
Sales totaled
282 lots up to early afternoon.
Certificated stocks of hides
in warehouses licensed by the Exchange increased by 2,000
hides to a total of 915,670 hides in store.
Local closing:
Mar., 13.59; June, 13.91; Sept., 14.20; Dec., 14.46.
On
the 27th ult. futures closed 1 point off to 20 points net higher.
Transactions totaled 355 lots.
Raw hide futures opened
points lower to unchanged, and considerable strength
developed during the morning in active trading.
Early
10
liquidation in Mar. was well taken.
Transactions totaled
251 lots to early afternoon.
Mar. sold at 13.76, up 17
points; June at 14.03, up 12; and Sept. at 14.30, up 10.
There were 680,000 pounds tendered for delivery against the
Mar. contract today, bringing the total so far to 2,040,000
pounds.
Certificated stocks of hides in warehouses licensed
by the Exchange decreased by 1,032 hides to a total of 913,638
hides
in
store.
Total
withdrawals
from
certificated
Local
closing: Mar., 13.61; June, 13.90; Sept., 14.40; Mar., '41
14.68.
On the 28th ult. futures closed 3 to 6 points net
higher.
Transactions totaled 214 lots.
The opening range
was 3 points lower in the Dec. delivery, with other months
2 to 6 points higher.
Prices firmed during the morning on
sales of 149 lots.
There were 520,000 pounds tendered for
delivery against the Mar. contract, bringing the total for
the month so far to 2,560,000 pounds.
Further Mar.
liquidation was readily absorbed by trade interests and
spreaders.
Commission houses bought forward months.
Local closing: Mar., 13.64; June, 13.96; Sept., 14.23; Dec.,
stocks
so
far
this
month
amount
to
32,010
tons.
14.50; Mar., 14.74.
On the 29th ulto. futures closed 18 to 15 points net higher.
Transactions totaled 194 lots.
Raw hide futures opened 1 to
12 points higher and further strength was in evidence follow¬
ing the opening on sales of 105 lots.
Commission houses
were buyers, dealers supplying the contracts.
There were
40,000 pounds tendered for delivery against the March con¬
tract today, bringing the total so far to 2,600,000 pounds.
Certificated stocks of hides in warehouses licensed by the
exchange decreased by 4,987 to a total of 908,651 hides in
store.
Local closing: Mar., 13.80; June, 14.14; Sept., 14.41;
Dec., 14.65; Mar., '41-—14.89. Today futures closed 12 to
15 points net lower, with sales totaling 145 lots.
Raw hide
futures held steady during the morning after opening 8 to 16
points lower.
Sales during the morning totaled 105 lots.
June sold at 14.05, off 9, and Sept. at 14.32, off 9.
The
market was influenced by news of a decline of half a cent in
the spot hide market.
Certificated stocks of hides in ware¬
houses licensed by the exchange decreased by 4,014 hides
to a total of 904,637 hides in store.
There were 320,000
pounds tendered for delivery against the March contract,
bringing the total so far to 2,920,000 pounds. Local closing:
Mar., 13.67; June, 14.02; Sept., 14.26; Dec., 14.50; Mar. '41
—14.74.
Ocean
Freights—Chartering was moderately active the
week, though shipowners continue to hold out for
higher rates in practically all branches of the freight market
owing to scarcity of vessels for March. Charters included:
Grain booked: twenty loads Boston to Antwerp, Mar. 85c.
per 100 pounds. Grain: A steamer, River Plate to Antwerp,
Mar .-Apr., $32 per ton. A steamer, River Plate to Antwerp,
Apr .-May, $31 per ton. A steamer, Bahia Blanca to Ant¬
werp, Apr., $31 per ton.
Scrap iron: Steamer, New York to
West Italy, Mar., $13.75.
Sugar: San Domingo to Casa¬
blanca, Mar .-Apr., 100s per ton. San Domingo to Bordeaux,
past
Mar., $21.50 per ton. Peru to Marseilles, Mar., $24 per ton.
Brazil to Casablanca, Mar. loading.
Time: Round trip West
Indies trade, Mar., $4 per ton. A vessel, delivery and rede¬
livery Mediterranean via Chile, Mar., continuation, $4.50
per ton. Another vessel, delivery St. John, N. B., redelivery
North of Hatteras, via Newfoundland, early Mar., $4 per
ton.
Another vessel, round trip West Indies trade, Mar.,
$4 per ton.
Coal—There
situation
were
no
spectacular changes in the coal
during the past week.
The weather having become
Chronicle
March
2,
1940
severe in many areas,
the change was reflected in a
lessening of demand, expecially for anthracite.
According
to figures furnished by the Association of American Rail¬
roads, the shipments of anthracite into eastern New York
and New England for the week ended Feb. 10 have amounted
to 1,851 cars, as compared with 2,168 cars during the same
week in 1939, showing a decrease of 317 cars, or approxi¬
mately 15,850 tons.
Shipments of anthracite for the cur¬
rent calendar year up to and including the week ended Feb.
10, have amounted to 13,476 cars, as compared with 12,656
cars during the same period in 1939, showing an increase of
close to 41,000 tons.
Shipments of bituminous coal into
this territory during the week ended Feb. 10, have amounted
to 2,465 cars, as compared with 2,564 cars during the corre¬
sponding week in 1939.
Calendar year shipments of bitumi¬
nous coal have amounted to 14,864 cars, as compared with
14,647 cars during the same period in 1939, indicating an
less
increase estimated at
10,850 tons.
Tops—On the 24th ult. futures closed unchanged
to 6 points higher.
Wool top futures, which gained 20 to
27 points for the week up to Friday night, added further
to their improvement in active trading in the brief session
Saturday morning.
About
180 contracts,
or
800,000
pounds, were reported to have been sold Saturday, and the
market ended steady. • Spot tops declined le. a pound today
to $1.04 a pound, thus ending the week unchanged.
A year
ago spot tops were worth about 863^c. a pound.
Local
closing: Mar., 99.8; May, 99.5; July, 98.4; Oct., 98.2; Dec.,
98.1.
On the 26t'h ult. futures closed 1 point up to 5 points
off compared with previous finals.
Transactions totaled
300 contracts, or 1,500,000 pounds, the largest in many
weeks.
Operations consisted in large measure of adjustment
Wool
day today.
transferring from Mar. to May at 2
points for the May; July at 10 to 13 points discount from
Mar., and Oct. at 10 to 11 points discount.
Spot tops were
unchanged at $1.04 a pound.
Local closing: Mar., 99.3;
May, 99.0; July, 98.5; Oct., 98.1; Dec., 97.9.
On the 27th
ult. futures closed 2 to 5 points net lower.
The market
opened easier this morning, but moved gradually upward in
subsequent trading and around midday futures were at the
of the Mar. situation in advance of first notice
There
was
extensive
best levels of the forenoon.
Total sales to
noon
were
esti¬
mated at approximately 450,000 pounds of tops.
A large
portion of the business transacted consisted of switching from
Mar.
to
the
more
distant deliveries.
Prices
on
the New
York Exchange around midday were unchanged to 3 points
below yesterday's closing levels.
Local closing: Mar., 99.0;
May, 99.0; July, 98.0; Oct., 97.9.
On the 28th ult. futures
steady at 2 to 7 points net higher.
Transactions
totaled 60 contracts or 300,000 pounds.
There were no
Mar. notices issued.
Spot tops were unchanged at $1.04 a
pound.
Local closing: Mar., 99.7; May, 99.5; July, 98.5;
Oct., 98.6; Dec., 98.0.
On the 29th ulto. futures closed 3 points up to unchanged.
Transactions totaled 100,000 pounds up to early afternoon.
The wool top market held generally steady today at prices
around the best levels recorded yesterday.
The market was
quiet, with neither buyers nor sellers showing much dis¬
position to take part in the trading. Total transactions to
noon on the New York exchange were estimated at approxi¬
mately 100,000 pounds of tops. Local closing: Mar., 100.0;
May, 99.5; Oct., 98.2.
Today futures closed 2 to 4 points
net higher.
Wool top futures showed an easier tendency in
the early dealings today, but turned firmer and moved into
higher ground in subsequent trading.
Commission houses
sold, while trade and spot houses figured in the buying.
Total sales to midday were estimated at approximately
375,000 pounds of tops. Reports from authoritative sources
are to the effect that wool seems to be making a little better
movement toward a trading basis that may be more or less
satisfactory to those who use and those who produce wool.
Territory wool has already had a drop of 14% from the war
closed
peakprice'of Oct. 1st and of late the decline has showed a de¬
cided slowing up.
It is stated that wool growers from any
angle are in a strong position and may be more than a match
for what is considered the ultra-pessimism of the New York
goods market.
Wool dealers are looking for a busier and
better market in the near future.
Local closing: Mar., 100.2;
May, 100.0; July, 98.7; Oct., 98.6; Dec., 98.4.
Silk—On the 26th ulto. futures closed unchanged to 3c.
net lower.
Transactions totaled 75 lots.
Silk futures
wrere
steady in quiet trading during most of the session.
Sales up
to early afternoon totaled 23 lots and 80 bales were tendered
on February contracts, making a total of 1,120 bales for the
month.
This was the last day for such notices.
During
early afternoon March No. 1 was selling at $2,703^, up lc.,
but August was off 3^c. at $2.58.
The price of crack
double extra silk was l^c. lower, at $2.95H a pound.
In
Yokohama Bourse prices closed 8 to 27 yen higher, but spot
grade D silk was 5 yen lower at 1,625 yen a bale.
Local
closing: No. 1 contracts:
March, 2.74F6; May, 2.69H;
July, 2.63; Sept., 2.523^.
On the 27th ulto. futures closed
73^c. to 30c. net higher.
Transactions totaled 149 lots.
Buying and short covering, of both a trade and a speculative
character, caused silk futures to advance as much as 9c.
despite the fact that 30 Maich notices were issued against
the No. 1 contract.
This was the first day for tenders on
March.
Sales around the ring to early afternoon totaled 104
lots, all on the No. 1 contract.
April then stood 8c. higher
Volume
at
The Commercial & Financial Chronicle
ISO
$2.80, and June, 7c. higher at $2.72*$.
In the uptown
spot market crack double extra silk advanced
3*$c. to $2.99
a
pound.
The Yokohama Bourse closed 25 to 38 yen
higher.
bale.
Spot grade D silk was unchanged at 1,625 yen a
Local closing: No. 1 contracts:
March, 2.82; May,
2.79; July, 2.71*$; Aug., 2.643$; Sept., 2.60*$; Oct., 2.58.
On the 28th ulto. futures closed 5c. net lower to
unchanged.
Transactions totaled 76 lots, all in the No. 1 contracts.
Light offerings by dealers found demand limited on the
opening, with the result that prices slipped off as much as
3*$c. in quiet trading.
Thereafter the market was steady,
with the turnover to early afternoon
only 43 lots, all on the
No. 1 contract.
July at that time was selling at $2,683$*
off 3c., and October at
$2,573$, off 3$c.
The price of crack
double extra silk in the uptown spot market was
unchanged
at $2.99.
Ninety bales were tendered for delivery against
the March contract, bringing the total so far to 390 bales.
In the Yokohama market the
price of spot grade D silk
advanced
35
to
yen
1,660
yen
bale.
evening reach a total
113,028 bales, of which 12,477 were to Great Britain,
45,274 to France, 25,048 to Italy, 8,742 to Japan, 6,754
to China, and 14,733 to other destinations.
In the corre¬
of
sponding week last
year total exports were 96,696 bales.
For the season to date
aggregate exports have been 4,688,174
bales, against 2,514,672 bales in the same period of the
previous season.
Below are the exports for the week:
Week Ended
Exported to—
Mar. 1, 1940
Exports from—
Great
Ger¬
Britain
France
Galveston
Italy
many
18,300
Japan
5,209
China
3,500
Transactions
totaled
and
markets
buying credited
local market caused
Prices in
Sales
to
In
the uptown spot market crack double extra
was,sold at $3,013$
tendered
were
prices
to Japanese account in the
futures to develop a firm tone.
silk
early afternoon trading were 63$ to 9 cents higher.
early afternoon totaled 46 lots, all in the No. 1
contract.
silk
lots.
95
23 to 43
were
pound,
a
up
23$ cents.
the March contract.
on
higher.
yen
Sixty bales
Yokohama Bourse
Spot Grade D silk advanced
10 yen to 1,670 yen a bale. Local
closing: No. 1 Contracts:
Mar. 2.89; May 2.85; July 2.79; Aug.
2.733$; Oct. 2.683$.
Today futures closed 7 to 23$c. net lower.
Transactions
totaled 43 lots.
The silk market today was
relatively dull,
with very little in the news to encourage those
tending to
the bullish side.
Mill takings of raw silk during
February
dropped to 22,485 bales, the Commodity Exchange's statis¬
tical service reports.
That was a decrease of 7,021 bales
compared with January shipments, and was about 11,000
bales less than were taken by the mills in February last
year.
Local closing: No. 1 Contracts: Mar. 2.843$;
May 2.78;
June 2.783$; July 2.753$; Sept. 2.673$; Oct. 2.66.
6,494
11,690
10,177
13,345
5,860
Savannah
5", 498
New York
Friday Night, March 1, 1940
The Movement of the Crop, as indicated
by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have rezched 138,982
bales, against 122,734 bales last week and 177,019 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,127,532 bales, against 3,081,634 bales for the same period
of 1938-39, showing an increase since
Aug. 1, 1939, of
3,045,898 bales.
Sat.
Galveston
Tues.
Wed.
Thurs.
Fri.
Total
5,693
8,285
11,290
Orleans
9,600
7,564
544
7,205
13,715
4,261
3,959
8,631
3,909
2,890
13,394
20.488
9,583
96
Houston
New
Mon.
267
194
116
235
96
115
184
24
Mobile
Savannah
338
Charleston
4,165
5,242
12,477
1939
10,809
6,653
1938
12,868
8,602
8,742
6,754
14,733 113,028
8,149
9,862
46,208
3,408
17,714
96,696
14,916
1,060
16,225
72,878
3,755
Total
4,692
25,048
45,274
Total
9,345
From
361
1,543
Aug. 1, 1939 to
Britain
Galveston
312,017 128,268
286 106,790
Houston
401,795 120,493
71,308 27,424
8,496
6,861
8,257 156,502
10,242 18,329
4,334
Great
Corpus Chrlstl
Brownsville
_
_
Beaumont
New
Ger¬
France
Italy
many
Japan
400
Orleans
532,853
16,290
48,633
.
Lake Charles.
Mobile--.--.
Jacksonville.
8",169
Wilmington..
2,631
601
2,153
8,837
196
10,145
100
70,109
50
1,704
11,170
1,271
12,474
199
50
1,050
"214
151,521
8,500
100
6,871
9,878
22,239
2,998
26,772
5,554
58,590
281,746
1,867
41.515
10
"200
10
Seattle
Total.
1559,028 651,418
33,456 431,589
68,933 352,937
353,774 233,815
707,653 392,576
Total
1938-39
Total
1937-38 1358,426 679,913
give us the following amounts of
cleared, at the ports named:
On
Mar. 1 at—
695,076 329,310 988,297 4688,174
639,164
361,595
Orleans.
France
11,100
17,656
47,294
Houston
_
telegrams tonight also
cotton
on
Ger¬
Britain
Galveston
55,998 510,051 2514,672
52,624 802,548 4355,335
shipboard,
Other
Coast¬
many
Foreign
wise
1,500
6,702
9,132
22,300
19,745
8,858
Leaving
Total
Stock
5,000
39,900
12
44,115
717,123
700,828
747,773
65,284
Savannah
119.892
Charleston
32.691
Wilmington
Norfolk
85
27,180
-
-
25,394
17,230
297
1940-.
Total
1939.
1938.
20,452
22,939 138.982
The
more
and
or
less
for
1938-39
Stock
This
Since Aug
1 1939
Galveston
28,172 1,552.827
41,153
50,391 1,820,145
Brownsville
Houston
Corpus Christi
Savannah
138.326
51,618
1,795
~
775
59,190
Charleston
140
956,072
283,810
16,678
720,251
51,376
9,965
1,872
31,458
15,665
38,675
16
38,442
20
79
45,911
8,020
602
14,085
376
New York
•.
Boston
m
—
—
-
~
—
~
297
Baltimore
Totals
—
~
-
52
-
-
*
138,982 6.127,532
200
m.
mm
mm
mm
mm
mm
mm
mm
m.
mm
1,680
148,840
35,312
6,103
16,370
28,821
100
1,621.
1,275
25;736 3,081,634 2,817,329 2,370,110
Receipts included in Corpus Christi.
z
Gulfport not included.
In order that comparison may
we
be made with other years,
give below the totals at leading ports for six seasons:
1939-40
Receipts at—
Galveston
Orleans
.
Mobile
Savannah
4,656
8,438
9,585
1,001
775
Houston
New
1938-39
28,172
50,391
56,613
2,451
140
1937-38
29,268
16,285
29,791
1,065
1,158
1936-37
Brunswick
1934-35
9,597
13,035
19,413
1,761
6,480
5,022
11,620
619
740
'
1,153
"
—
_
_
Norfolk
16
79
"""801
810
"l",39i
"l",298
602
823
576
779
765
188
Charleston
Wilmington
N'port
1935-36
10,091
5,633
33,494
5,756
2,318
376
600
486
359
881
"""297
"""918
~2", 867
"4",985
"l'.iso
'""784
138,982
25,736
82,658
64,149
48,205
28,622
20
News.
All others.
Total this wk_
Since Aug. 1_.
6,127,532 3,081.634 6.475,114 5,558,919 6,040,495 3.670,113
future
the
the
during
the
being
doldrums, with price trend irregular
generally
news
delivery
heavy.
There
appears
little
to
encourage aggressive operations
market.
Traders appear to be
in¬
on
waiting
definite
On the 24th ult. prices closed 4 to 13
points net higher.
opening range was 2 to 9 points higher, influenced by
the trade buying of nearby deliveries and the
foreign demand
to the
z4,804
4,313
10.235
16,096
for
startling changes, the market
The
for
63,053
25,879
1,500
1,487
1,175
of
no
5,012 149,299 2,668,030
8,445 77.162 2,292,948
97.163 2,946,696
8,131
developments in Washington, especially
parity payments and export subsidy funds in
agricultural appropriations bill now in committee. >
49,713
31,801
607,315
90,527
75,394
1,589
119,892
32,691
m.
mm
-
15.139
cotton
50,903
49,189
44,845
concerns
733,507
813.057
12,935
■
Wilmington
Norfolk
744,943
44,845
92,779
11,272
188
Lake Charles
1939
639,795
X
8,438
9,585
1,001
2,451
1940
757.023
'
666
Pensacola & G'p't
Jacksonville
915,509
X
56,613 2.096.072
Orleans
Mobile
x
4,656
the
side
more
the
Since Aug
1 1938
177,894
66,915
Beaumont
New
This
Week
either
as
Receipts to
Week
in
in
undertone
with last year:
1
7",726
7,812
Speculation
centive in
Mar.
17,334
5,886
14,657
past week showed
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
1939-40
.
76,050
5,916
21,718
.
79
Baltimore
Totals this week.
188
—
70
25,787
—
ports
Total
16
33
79
—
90,527
25,879
633,317
Norfolk
Total
not
Shipboard Not Cleared for—
Great
Other
6,773
17,647
11,791
22,223
5,704
5,389
284
42,111
Los Angeles._
San Francisco
New
811
27,810
1,825
11,507
Boston
31,419
86,208
10~5l6
1,539
"486
585
9,324
1,575
6,773
9,162
New York
Total
50,975 188,918 1344,539
211
5,498
Norfolk
Gulfport
71,941
4,179
19,494
491
"75
42,314
26,235
Charleston
Other
47,231 359,420 1125,552
194,880 173,977 319,935 1375,839
36,681
10,390 25,452 199,826
4,309
3,922
27,922
144,729
1,135
4,339
6,182
Savannah
China
171,540
185
346", 954
5.50
.
Pensacola, &c.
2,451
775
18
16
—
10,595
Exported to—
Mar. 1, 1940
Exports from—
56.613
•
—
1,090
5,498
2,000
300
Total
28,172
50,391
297
—
—
41,072
20,644
2,000
Los Angeles
Mobile
Receipts at—
32,129
1,090
.
In addition to above exports, our
COTTON
Total
9,786
New Orleans
Lake Charles-
On the 29th ulto., futures closed 10c. to
133$c. net higher.
Strength in the Japanese
Other
2,062
3,058
4,364
Houston
Local
closing:
No. 1 contracts:
March, 2.783$; May, 2.75; July, 2.69;
Aug., 2.623$; Sept., 2.60; Oct., 2.58.
a
1463
The exports for the week ending this
of
Other outside demand was attracted
forward months through commission houses.
Some
this was attributed to the relatively attractive
price
later contracts.
levels
of
these
deliveries which
are
at
a
discount
under
nearby contracts.
Some quarters were inclined to connect
this buying with the possibility of a Government loan on the
new crop or an export subsidy.
However, it was pointed
out that action by the Secretary of Agriculture on a loan
will not be taken until after the start of the
new
season, next
August, and that an export subsidy is largely dependent
upon congressional appropriations.
The feature of the day's
trading were purchases credited to Bombay accounts of about
12,000 bales of the Get. and Dec. deliveries.
These months
were steadier than the nearbys in which continued
spot house
offerings supplied trade price< fixing orders.
Leading spot
houses were credited with selling about 2,000 bales of Mar.
at each point advance.
Southern spot markets were un¬
changed today to 5 points higher.
On the 26th ult. prices
closed 1 to 6 points net higher.
The opening range was
2 to 6 points higher in response to firm overseas cables.
Bombay cotton quotations were firm on reports that a threat¬
ened widespread textile strike had been called off.
With
Bombay interests buying at Liverpool, that market rose.
Later Bombay sent buying orders to New York when the
local market opened.
About 5,000 bales credited to this
source
were
executed in forward months.
The market
lacked fresh inspiration from conditions in the cotton
goods
markets, where
a
routine business
was
put through.
As in
recent
weeks, bids were being
made under mill asking prices,
sellers generally were not willing to make
Southern advices indicated a limited demand
but first hand
concessions.
spot cotton from both domestic and
Mill needs of loan cotton are estimated
foreign sources.
at an additional
500,000 bales.
Repossessions thus far are placed at 1,000,000 bales, with possibly another 1,000,000 bales in loan
equities purchased from original owners and awaiting re¬
possession.
Spot cotton markets today were generally
unchanged to 6 points higher. Middling ranged from
10 43 up to 11.12c.
On the 27th ult. prices closed 1 to 8
points net lower. The market moved irregularly lower
today following early moderate rallies.
A let-up in demand
and appearances of liquidation and local selling brought
for
14 points from the morning's best levels.
Partial recoveries.developed at the close which left the mar¬
declines of 8 to
points net lower. Trade and foreign buying were
responsible for early gains of 1 to 4 points.
Initial prices
were 3 points higher to 2 points lower, with near months
relatively steady when only one notice was issued against
ket 1 to 8
Trade demand absorbed liberal offerings
of near months.
Bombay bought about 10,000 bales here
as the
East Indian market advanced.
Local traders and
Liverpool interests supplied some of this demand.
A large
part of the day's business represented exchanging from Mar.
to later deliveries in further efforts to liquidate Mar. posi¬
tions.
The market lacked fresh trading incentives.
Ac¬
tivity in Southern spot markets picked up sharply, especially
at Memphis and New Orleans.
Sales totaled 45,361 bales,
compared with 8,109 a year ago.
On the 28th ult. prices
clo33d 3 points down to 2 points net higher.
Cotton futures
moved within a narrow range all day, standing about un¬
changed during early afternoon. The South was credited
with selling on all hard spots.
The market was reluctant
to follow higher foreign prices on the opening, initial gains
being limited to a range of 1 to 6 points.
Both Bombay
and Liverpool were buyers here, according to gossip around
the ring.
Wall Street also was reported to have been a
buyer. However, the market met a steady barrage of selling
orders, some of which may have been hedges against large
purchases of spot cotton in the South yesterday.
Eight
additional Mar. notices were issued, but most of them were
quickly stopped by spot lirms.
According to a report issued
by the Commodity Exchange Administration the net open
position in Mar. last night was 124,000 bales.
The South
was reported to have been selling new crop months, putting
out hedges supposedly.
Around the 11c. level the South
evidently is more willing to sell cotton.
Sales Ox spot cotton
in Southern markets yesterday were unusually heavy, the
total being placed at 45,000 bales.
On the 29th ult. prices closed 3 points off to 3 points
higher. The market was generally dull, with prices moving
within a range of 6 to 8 points.
Bombay interests again
were buyers in the early trading here, with opening prices
unchanged to 4 jioints higher.
Trade houses continued to
take contracts in near-by deliveries, but the demand for
March proved less insistent than in recent sessions.
Under
these circumstances the appearance of liquidating orders
toward the close made little more impression on the gen¬
eral
list.
The orders
were
scattering and somewhat
mixed, with outside interest in the market restricted.
Traders continued to wait for more definite developments
in Washington, from where it was reported that farm bloc
Senators would make determined efforts to reinsert parity
payments and export subsidy funds in the agricultural ap¬
propriations bill now in committee.
Southern spot mar¬
kets were generally unchanged to 4 points lower, except
at Memphis, where a. 15-point decline was reported.
Mid¬
dling quotations ranged from 10.32c. up to 11.03c.
Today prices closed 11 to 18 points net lower.
Sentiment
Mar.
contracts.
the
in
unfavorably by the
Britain will turn
Brazilian cotton hereafter to conserve exchange.
cotton
announcement
more
to
market
affected
was
London
in
that
Great
with Southern offerings, broke
prices 8 to 12 points, the market showing little rallying
power from the lo\yer levels.
According to a London cable
the British Cotton Controller said that England may be
Foreign
selling,
coupled
compelled to shift war-time purchases of cotton from the
United States to Brazil.
Such a step might be forced upon
the
said
foreign exchange.
He
cotton would not meet mill
Government by the shortage of
that
low-grade
Indian
requirements.
Large purchases already have been made
in Egypt.
The London news means, of course, that the
market for American cotton abroad may be further limited
Foreign selling was active on
the opening, which was 3 to 7 points lower.
Cables were
disappointing.
Liverpool was 7 to 11 points lower than
due.
Bombay was also easier.
The official quotation for middling upland cotton in the
New York market each day for the past week has ber
by the exigencies of war.
March
Chronicle
The Commercial & Financial
1464
represent 60% of the average premiums over
at the 10 markets on Feb. 29.
1940
2,
%-moh cotton
Middling 15-16 inch, established for
on March 7, and staple premiums
and discounts represent full discount for %-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
cotton at the 10 markets on Feb. 29.
Old Contractr-Basis
deliveries
contract
on
New Contract
Old Contract
X
15-16
1 In.
A
29-32
15-16
Inch
and Up
Inch
Inch
Inch
1 In.
31-32
Inch
Inch
and
Up
White—
.58 on
.64 on
.53
on
.64 on
.72 on
.35
on
.44
on
.53
St. Good Mid—
.48
on
.58 on
.67 on
.30 on
.38
on
.48 on
.53
Good
.42
on
.52 on
.61 on
.24 on
.32
on
.42
on
.48 on
.53
on
.11 on
.19
on
.29
on
.35
on
.40
on
Mid.
Fair..,.
Mid
on
.59 on
on
.40 on
.49 on
Basis
.11
on
.20 on
.18 off
,10 off
Basis
.06
on
.12 on
.48 oil
.38 ott
.30 ott
.65 off
,58 ott
.50 ott
.45 off
.39 ott
Low Mid
1.03 ott
.93 ott
.87 ott 1.20 ott
.14 off 1.05 off
.01 off
.97 ott
•St. Good Ord
1.51 off
.43 ott
.39 oil 1.68 ott
,64 off 1.56 ott
.54 off
.50 ott
2.09 off
.99 ott 1 .96 ott 2.22 off
,19 off 2.11 ott
.09 ott
.06 ott
.48
on
.53
.35
on
.40 on
.06 on
.12 on
.29
Mid
St.
Mid
St
Low Mid
Ord
•Good
Extra
on
White—
.42
on
St. Mid
.29
on
Mid
Even
Good Mid
St. Low Mid...
.61
.52 on
.32
.49 on
.11
.20 on
.18 off
on
on
on
.19
.24 on
on
.40 on
.11
on
.10 off
.42
on
.29
on
Even
on
.45 off
.39 off
.50 ott
.58 off
.65 off
.30 ott
.38 ott
.48 Ott
.97 off
.87 ott 1.20 off 1.14 ott 1.05 ott 1.01 ott
.93 ott
1.50off
1.51 oft 1.43 ott 1.39 ott 1.68 ott 1.64 off 1.56 ott 1.54 off
2.09 ott 1.99 ott 1.96 ott 2.22 ott 2.19 ott 2.11 off 2.09 off 2.06 ott
1.03 ott
Low Mid
•St. Good Ord.
_
•Good Ord
Spotted—
Good Mid..
.08
on
.18 on
.27
on
.11 ott
.02 off
.06
St. Mid
.07 ott
.03 on
.12 on
.25 ott
.16 off
.07 off
on
on
.17 on
.01 otl
.04 on
.12
.42 ott a.77 ott a.69 ott a.60 ott a.55 oft a.50 ott
1.22 ott 1.14 ott 1.08 ott 1.39 ott 1.35 off 1.26 off 1.24 ott 1.19 ott
1.87 ott 1.82 ott 1.80 off 2.05 ott 2.03 ott 1.97 ott 1.95 ott 1.93 off
.60 ott
Mid
•St. Low Mid
•Low Mid
.49 ott
Tinged—
.34 off *.66
.40 ott
.48 ott
.55 off •.87
.62 ott
.69 otl
1.25 oil 1.21 ott 1.18 off 1.41
•St. Low Mid... 1.80 ott 1.78 ott 1.78 ott 1.97
2.28 ott 2.28 ott 2.28 off 2.46
•Low Mid
Good Mid
St. Mid
•Mid
ott ♦.61 off *.53 off ♦.50 ott •.45 ott
ott *.82 ott •.74 off •.71 off .*66 ott
40 off 1.35 off 1.34 ott 1.32 ott
ott
ott 1.96 ott 1.93 off 1.93 ott 1.93 ott
off 2.46 ott 2.45 ott 2.45 ott 2.45 ott
Yellow Stained-
87 ott *1.18off *1.15off *1.06off ♦1.04 off *.98 ott
.94 ott
1.35 ott 1.33 ott 1.31 ott 1.53 ott 1.52 ott 1.50 off 1.49 off 1.48 ott
1.84 ott 1.83 ott 1.83 ott 2.01 ott 2.01 off 2.01 off 2.01 off 2.01 ott
1.01 ott
Good Mid
•St. Mid
•Mid
Gray—
.42 off *.76 off, *.72 off •.64 off •.60 off *.53 ott
.51 ott
.59 ott
.67 ott
.78 off
.74 ott
.90 off. .87 ott
.57 off
.65 ott
.73 ott
1.23 ott 1.17 ott 1.13 ott 1.41 offll.37 ott 1.31 off 1.28 off 1.26 ott
Good Mid
St. Mid
•Mid
•Not deliverable on
a Middling spotted shall be tenderable
of Agriculture establishes a type tor such grade.
future contract,
only when and If the Secretary
lowest and closing prices at New
week have been as follows:
Futures—The highejt,
York for the past
Saturday
Monday
Tuesday
Feb. 24
Feb. 26
Wednesday
Feb. 27
Thursday
Friday
Mar.
Feb. 29
Feb. 28
1
Afar(1940)
(old)
Range.. 11.09-11.12 11.11-11.19 11.10-11.18 11.10-11.15 11.07-11.14
11.11-11.12 11.16
Closing
Mar. (new)
11.13
—
.
11.10
—
.93-11.04
.94
11.07-11.08
—
.09-11.10
11.30-11.34 11.38-11.38
Range
11.33 ft
11.28ra
11.25ft
.09ft
11.04ft
11.01ft
10.98ft
10.95ft
10.81ft
11.20ft
11.17ft
11.13ft
11.11ft
10.97ft
Closing. 11.30-11.34 11.36ft
(old)
Apr.
Range..
10.98ft
Closing
Apr. (new)
Range..
Closing
May
11.16ft
.
(old)
72-10.81
Range.. 10.85-10.89 10.86-10.95 10.85-10.95 10.86-10.91 10.83-10.90
10.83 —
10.86
10.91-10.93 10.89 —
10.86
Closing
May
.72
(new)
Range.. 10.98-11.01 11.04-11.04 11.00-11.00 11.03-11.03 10.98-10.98
June
84-10.84
11.05ft
11.02ft
11.99ft
10.97ft
85ft
10.73ft
Closing. 11.01
10.71ft
10.68 »
10.66ft
10.55ft
10.84ft
10.81ft
10.80ft
10.68ft
(old)
Range..
Closing. 10.67ft
June (new)
Range..
10.86ft
Closing. 10.82ft
July
(old)
■
Range.. 10.45-10.50 10.50-10.57 10.47-10.58 10.49-10.56 10.48-10.54
10.53-10.54 10.50-10.51 10.49 —
Closing. 10.49-10.50 10.55
July
38-10.47
38
(new)
Range.. 10.63-10.63 10.66-10.70 10.63-10.70 10.66-10.66 10.63-10.64
51-10.60
10.67ft
10.64ft
10.63ft
52 ft
10.58ft
10.57»
10.54ft
10.53n
10.42ft
10.23ft
10.19ft
10.18ft
10.18ft
10.05ft
10.68
Closing. 10.63
Aug.—
—
Range..
Closing. 10.53ft
Sept.—
Range..
Closing
10.19ft
_
Oct.—
Range..
9.81- 9.86
9.84- 9.95
9.76- 9.90
9.81-9.87
9.82- 9.88
.68- 9.78
Closing.
9.86
9.89
9.81- 9.83
9.83
9.83
.69
—
Nov.—
Range
._
9.81w
9.83 ft
9.76 ft
9.76ft
9.76ft
Range..
9.73- 9.76
9.74- 9.84
9.69- 9.78
9.71- 9.76
9.69- 9.75
.55- 9.64
Closing
9.76
9.78
9.71ra
9.70ft
9.69
.55
Range..
9.69- 9.73
9.74- 9.81
9.66- 9.70
9.71- 9.71
9.68- 9.70
.60- 9.60
Closing.
9.73
9.74
9.70
9.67ft
9.65ft
.51ft
Closing.
9.62ft
Dec.—
Jan.
.
(1941)
Feb.—
Range..
Closing
n
.
Nominal.
Range for future prices at New York for the week ended
Mar. 1 1940,
and since trading began
each option:
Range Since Beginning of Option
Range for Week
Option for—
on
1940—
Mar.
1 11.19
Feb.
26
7.36
Apr. 20 1939 11.28
Dec.
13 1939
Mar.
1 11.38
Feb.
26
8.19 Aug. 28 1939 11.45
Dec.
13 1939
10.72
Mar.
1 10.95 Feb.
26
7.54
Feb.
26 1940
10.84
Mar.
1 11.04 Feb.
26
8.05 Sept.
1 1939 11.07 Jan.
3 1940
10.38
Mar.
1
Feb.
27
7.63
10.51
New
10.93
11.09
March old..
Mar.
1 10.70 Feb.
26
7.90 Sept.
April old...
New
Sat.
Mon.
Tues.
Middling upland % (nominal).. 11.28
Middling upland 15-16 (nom'l) .11.48
11.33
11.53
11.26
11.46
Feb. 24 to March 1—
Wed. Thurs.
11.23
11.43
11.20
11.40
Fri.
May
11.07
11.27
June
old
New
May
17 1939 10.95
old...
New
Premiums and Discounts for Grade and
Staple—The
and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
table below gives the premiums
_
Old Contract—Basis Middling
liveries
on
contract
on
inch, established for de¬
March 7,
and
staple
premiums
July old
New
10.58
Sept.
1 1939 10.60
Jan.
3 1940
1 1939 10.82 Jan.
3 1940
8.08 Aug. 31 1939
August
September
9.54
Dec.
7 1939
1 1939 10.14
Jan.
3 1940
29 1940 10.07
Jan.
3 1940
9.81
Feb.
26 1940
.
9.68
November
Mar.
1
9.95
Feb.
26
8.25 Nov.
9.55
Mar.
1
9.84
Feb.
26
9.28
9.60
October
Mar.
1
9.81
Feb.
26
9.07 Jan.
_
December..
Jan.
1941—
January
February
..
#
23 1940
Volume
The Commercial & Financial Chronicle
ISO
*
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.
Feb.
23 Feb.
24 Feb.
26 Feb.
27 Feb.
28 Feb.
29
New York
The
quotations
1940
1939
—
__
1938
..
1937
1936
1935
1934
...11.07c.
9.05c.
9.27c.
...13.84c.
11.20c.
...12.55c.
...12.40c.
24,300
22,800
38,300
38,900
12,900
11,500
*108,300
200
300
100
27,900
17,100
36,100
51,900
18.700
21,900
613,500
200
400
100
100
100
200
25,900
24,600
40,800
41,100
27,600
21,700
34,700
585,400
200
1,500
2,600
200
1,500
—
..
._
1929
1928
1927
1926
..
..
..
..
7.10c.
...11.20c.
...15.00c.
-..20.80c.
...
1924
..
1923
..
1922
..
1921
...28.50c.
..
1919
..
...19.45c.
1918
—
1917
17,800
1913
1911
New
1,700
October—Old
Market and Sales
1909
New York
at
.
day during the
following statement.
200
900
For the convenience of the reader we also show how
the
market for spot and futures closed on the same
days:
'
-
6,500
-
_
12,600
-
14,900
-
-
Old
'
-
New
2,800
8,600
9,666
-
-
-
4,100
3,900
5,400
—
-
—
500
900
400
1,500
400
800
6,500
Inactive months—
August, 1940
206
Total all futures
90,000
87,500 142,300 155.300
76,900
80,800 1,871,200
Open
New Orleans
Feb.
21 Feb.
22 Feb.
23 Feb.
24 Feb.
26 Feb.
27
New
Old
Total
New
Old
New
97,000
1941—
January
Contract
Spo
-
16,200
December—Old
'
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
601
601
"300
"300
300
300
500
500
Total week
1.701
Since Aug. 1
1,701
....
31", 600
80,537
l"200 112,137
l",206
Contracts
Feb. 27
Futures Market Closed
Spot Market Closed
1940—
Old
March—Old
3,200
New
1,800
2,350
8,300
5,000
May—Old.
-
-
-
-
2,250
New
-
July—Old
«
3,300
4,100
Holi¬
-
-
«.
-
6,050
•
-
3,660
day
-
—
250
-
15,950
6,550
117,800
12,150
8,000
84,300
1,500
«
6,500
----
4,UUU
October—Old
New
450
1,300
4,150
5,350
4,250
200
650
150
13,650
1941—
200
1,100
March
1,100
Total all futures
100
20,350
10,750
42,500
2,700
23,950
306,900
900 bales against wbich notices have been
Issued, leaving net open
107,400 bales.
v
The Visible
Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore
obliged to omit our usual table of the
visible supply of cotton and can
give only the stock at
Bombay and Alexandria and the spot prices at Liverpool.
March 1—
1940
Stock in
Bombay, India
Alexandria, Egypt
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
1939
1938
1937
1,042,000
383,000
982,000
417,000
901,000
367,000
7.9Sd.
11.43d.
7.27d.
Stock in
5.29d.
5.13d.
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
1,089,000
347,000
7.70d.
4.07d.
4.30d.
5.54d.
6.38d.
4.42d.
6.03d.
Receipts
telegraphic
The lesults for the week and since
Aug. 1 in the last two years are as follows:
-1939-40-
Mar. 1—
Ship¬
Season
44,822
Mar.
Receipts
1,928
Week
27,106
192
Ship¬
Week
Season
Since
Week
Aug. 1
Mar.
Week
3
198
8,953
56
68,596
12,630
200
53,136
8,798
Montgom'y
362
53,741
654
85,401
1,796
83,781
282
27,561
167,386
1,053
25
43,716
131,037
398
2,069
72,335
61,393
159,157
63
Selma
29
30,566
664
44,579
38,944
13
8,036
248,247
Via Mounds, &c
Via Rock Island
Via Louisville
4,200
201.575
10
8,633
888
6,767
117,726
572,440
3,433
8,849
127,229
131,596
2,364
6,079
114,643
461,380
1,155,388
23,421
843,291
15,161
200
Via Virginia points
3,682
20,242
Via other routes, &c
Total gross overland
..37,058
Deduct Shipments—
Overland to N. Y., Boston, &c_.
297
..
Between interior towns
4,404
6,575
"160
66,161
40,604
481
49,101
75
60,031
1,300
56,366
506
37,212
31,716
143,091
36,368
16,407
218
6.054
188
6,532
6,842
193,670
8,803
292,190
*
Total to be deducted
7,357
214,885
9,191
315,129
..29,701
940,503
14,230
528,162
..
Leaving total net overland *
Including movement by rail to Canada.
The
foregoing shows the week's
has been 29,701 bales,
last year, and that for
aggregate net overland exhibits an
of 412,341 bales.
this
the
»
net overland movement
year
against 14,230 bales for
week
the season to date the
increase over a year ago
1939-40
In Sight and Spinners'
1938-39
Since
Takings
Week
Receipts at ports to Mar. 1
Since
Week
Aug. 1
138,982
6,127,532
Net overland to Mar. 1
29,701
Southern consumption to Mar. 1..140,000
4,380,000
940.503
Aug. I
25,736
14,230
130,000
3,081,634
528,162
3,708,000
169,966
*41,509
7,317,796
1,143,771
52,038
91
Aug. 1
Via St. Louis
Stocks
ments
1
Week
-1938-39-
Since
Shipped—
Movement to Mar. 3, 1939
Stocks
ments
1,7131
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made
up from
*
Movement to Mar. 1, 1940
Week
_
Towns,
detail below:
Ala., Blrm'am
...
9.42d.
4.12d.
the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
corresponding period of the previous year—is set out in
Towns
Nominal.
6.lid.
7.19d.
Interior
Nominal.
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Barely steady.. Barely steady
Inland, &c., from South
8.54d.
Liverpool
the
Nominal.
Nominal.
Nominal.
Nominal.
reports Friday night.
9,400
Includes
contracts
Saturday.
Monday
Tuesday
Wednesday.
Thursday
59,500
550
December
January
New
22,100
Friday
-
At
10.35c.
14.55c.
14.90c.
9.85c.
1910
The total sales of cotton on the
spot each
week at New York are indicated in the
•'
New
fine,
1912
...32.70c.
17.75c.
374,600
New__
*
11.60c.
8.60c.
13.00c.
12.70c.
1914
...11.50c.
1920
...14.65c.
1925
1915
40.75c.
...26.25c.
..
18.70c.
—
1916
...40.75c.
...18.55c.
50,100
12,900
New
July—Old
1930
Contracts
1940—
March—Old
1932
1931
...
...
Feb. 29
May—Old..
Quotations for 32 Years
for
middling upland at New York on
March 1 for each of the past 32 years have been as
follows:,
1933
Open
New York
1465
Eufaula
124
Ark.,Blythev.
Forest
477
City
Helena
Hope
57
Jones boro__
16,027
6
9,134
98,802
38,339
Bluff.
749
130,365
Walnut Rge
123
Little
Rook
1,437
Newport..,
Pine
62,631
1,028
2,561
1,637
1,874
81
1,973
629
77,569
164,494
4
219
48,189
35,422
2,265
136,240
75
102,874
39,930
328
132,173
837
48,523
87,530
38,826
19,310
199
205
264
17,263
1,260
6,767
40,378
118,343
150,188
84
m
40,307
m
124,781
41,487
852
38,504
57
14,332
251
39,432
592
15,829
44,237
"ll
43
3,733
108,164
131,436
3,298
1,235
12,813
31,360
106,069
1,543
106,553
2,897
500
8,600
300
34,000
207
26,711
991
16,669
15
32,866
83,657
Athens
84
Columbus..
300
11,000
500
Macon
229
35,686
16,282
375
119,224
135,342
31,000
32,484
150
38,122
66,313
11
85,626
62,798
36,493
1,261
126,315
1,541
2,371
75
26,720
123
40,878
Augusta
4,176
—
marketed
over
of
308,683
*50,278
excess
Southern
365,155
takings
consumption to Feb. 1—_
Came into sight during week
Total in sight Mar. 1
.
919,610
_.258,405
North, spinn's* takings to Mar. 1.
*
11,448,035
mill
432,515
128,457
12,732,800
32,461
1,134,511
8,894,082
26,323
906,829
Decrease.
34,595
20
Ga., Albany..
Atlanta
Total
Interior stocks in
Excess
34
Rome
3,677
La., Shrevep't
Miss., Clarksd
85
107,449
1,544
153,089
1,774
3,845
Columbus..
42
18,358
710
Greenwood.
1,840
226,969
8,300
193,188
5,424
101,752
32,567
534
89,579
19,581
1,108
139
5
31,979
540
37
7,576
40
551
19,683
9
27,775
126
84
47,793
2,267
43,858
1
45,171
910
48,357
Mo., St. Louis
N.G., Gr'boro
7,904
251,543
8,036
254
3,831
1,404
1,818
314,960
95,891
64.965 2836,932
1936—March
7
Since Aug. 1—
1937-..
Bales
12,793,042
12,018,509
11,432,725
1936
1935
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day of the week
22,250
Yazoo City.
Bales
140,607
164,255
119,671
39,404
16,404
Vlcksburg.,
7,257
26,598
198
22
Movement into sight in previous years:
Week—
1938—March 4
1937—March 5
Jackson
Natchez
62,686
Below
Southern
Closing Quotations for Middling Cotton
16,235
Week Ended
4,392
127,464
4,404
3,499
53
4,615
165
15 towns *.
239,491
53
2,766
1,491
3,026
71,639
26,230 1734,353
36,019
802,587
13,477
H
S. C.. Gr'vllle
Tenn., Mem's
40
Texas, Abilene
Austin
•
— -
-
15-16
%
15-16
H
15-16
A
15-16
%
15-16
A
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Wednesday
Thursday
Friday
280,295
76,605
337,827
71,720
Tuesday
Mar. 1
3,467
9,920
2,662
Monday
In.
5,631
2,000
Oklahoma—
67,511
782,778
26,880
24
10,487
7,392
140
2,168
6
21,979
63
15,317
6
4,594
10.77 10.97 10.82 11.02 10.77 10.97 10.72 10.92 10.68 10.88 10.57 10.77
New Orleans. 10.85 11.05 10.87 11.07 10.87 11.07 10.82 11.02 10.80 11.00 10.54 10.74
10.91 11.01 10.96 11.06 10.84 10.94 10.81 10.91 10.78 10.88 10.57 10.67
Mobile
Savannah
10.95 11.10 11.01 11.16 10.99 11.14 10.96 11.11 10.93 11.08 10.82 10.97
Galveston
.
50
15,563
50
2,045
15
14,445
33
3,271
1,369
Brenham
46,627
73,893
2,176
34,193
27,552
97
43,775
626
42,553
Montgomery. 10.70 10.80 10.75 10.85 10.70 10.80 10.65 10.75 10.65 10.75 10.60 10.60
1
63,108
223
43,314
Augusta
.
Dallas
223
Paris
Robetown..
San
on-
Saturday
67
Marcos
Texarkana
51
.
215
Waco
6,518
3,989
36,225
55,672
1,264
614
296
6,471
99
13,271
47
502
1,384
28,177
1
27,249
1,310
14,087
84
54,060
853
2,579
35,742
172
23,364
Norfolk
11.00 11.15 11.00 11.15 11.00 11.15 11.00 11.16 11.00 11.15 10.90 11.05
11.16 11.31 11.12 11.27 11.09 11.24 11.06 11.21 11.03 11.18 10.92 11.07
10.66 10.80 10.65 10.85 10.65 10.85 10.60 10.80 10.45 10.65 10.30 10.60
Memphis
10.85 11.05 10,85 11.05 10.82 11.02 10.77 10 97 10.74 10.94 10.60 10.80
Little Rock.. 10.55 10.75 10.60 10.80 10.60 10.80 10.55 10.75 10.55 10.75 10.25 10.45
Dallas
10.37 10.57 10.43 10.63 10.39 10.59 10.35 10.55 10.32 10.52 10.21 10.41
Houston
.1
*
Includes the combined totals of 15 towns in Oklahoma.
The
above
totals
show
decreased
that
the
interior
stocks
during the week 50,278 bales and
301,490 bales less than at the same period last
receipts of all the towns have been 46,510 bales
•n
the
same
week last year.
have
tonight
year.
The
more than
are
New Member of New York Cotton Exchange—At a
meeting of the Board of Managers of the New York Cotton
Exchange held on Feb. 23, Clifford Atkinson of New Orleans,
La., was elected to membership in the Exchange.
Mr.
Atkinson is a partner in the firm of Atkinson & Co. of that
city, who are engaged in the cotton futures business.
He
is also
a
member of the New Orleans Cotton
Exchange.
The Commercial & Financial Chronicle
1466
Market—The closiBg quotations
New Orleans Contract
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
Saturday
Monday
Feb. 24
Feb. 26
Thursday
Wednesday
Tuesday
Feb. 27
Friday
Feb. 29
Feb. 28
Mar.
1
11.23
11.27-11.28 11.28
old 11.24
July old
11.146
10.60
1939-40..
a
4*000
35,000
a
Total
.38,000
138,000
47,000
6.000
844,000
a
a
28,000
53,000
21,000
149,000
1939-40—
53,000
a
a
1938-39-
17,000
3*000
6,000
9,000
830,000
654,000
389,000
559,000
691,000
a
a
268,000
426,000
226,000
158,000
117,000
20,000
14,000
343,000
Total all—
1939-40..
88,000
a
a
1938-39—
21*000
6,000
21,000
5,000
15,000
47,000
a
a
48,000
1937-38—
67,000
406,000
196,000
138,000
375,000
a
1535,000
654,000 1256,000
902,000
389,000
9.706-9.72a 9.726-9.74a 9.666-9.68a 9.656-9.67a 9.656-9.69a 9.516-9.54a
..
Not available.
a
Steady
Steady
Spot
Steady
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Old futures
Steady
Steady
Steady
New fut'es
Steady
Steady
Steady
6 Bid.
Asked.
by Telegraph—Telegraphic advices to us this
Returns
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
30,000 bales.
Exports from all India ports record an
increase of 40,000 bales during the week, and since Aug. 1
show an increase of 279,000 bales.
mostly dry over the cotton
normal.
evening denote that it has been
belt, with temperatures near
Rain
Days
-Thermometer
Low
Mean
High
Rainfall
Inches
1
Texas—Galveston.
70
49
20
37
90
24
57
This week.
G.02
93
56
75
98
49
Dallas
Itio
Paso
Houston
Antonio
57
This
Since
This
Since
This
Since
41
66
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
40
60
89
41
65
83
39
61
47
61
To Liverpool
To Manchester, &c
6,400
75
95
45
70
55
To Continent & India—
116,728
76,053
6,550
106,307
80,634
8,800
354,031 17,650 .430,858
16,167
12,925 2,300
29
1
0.05
80
29
1
0.41
75
32
0.28
78
28
53
73
37
55
dry
23,450
Total exports
Note—A
0.11
79
24
52
0.04
81
32
57
1
0.28
75
33
1
0.13
70
38
54
74
27
51
0.01
75
38
0.03
80
52
66
70
36
53
Alexandria, Egypt,
74
42
58
Feb. 28
1
1
dry
dry
Tampa
•
54
We have also received the
0.03
74
33
0.27
68
25
47
0.09
68
27
48
0.05
70
26
48
Since Aug.
2
31
1938-39
1937-38
185,000
7,068,035
This week
1
Macon
1939-40
120,000
5,952,633
275,000
7,838,949
54
1
-
figures below for the current
week.
1
52
2
Augusta.
670,060
523,643 35,300
57
dry
Montgomery
Atlanta
2,700
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Feb. 1 were
125,000 cantars and the foreign shipments 23,450 bales.
1
Miami
Pensacola
13",600
Is 99 lbs.
can tar
84
1
Florida—Jacksonbille.
618,953 22,700
To America.;
0.01
—_ —
Birmingham
123,793
105,310
356,621
33,129
55
35
7,400
5,100
10,950
54
1
Exports (bales)—
1
Mississippi—Meridian
250,000
7,093,068
91
dry
dry
Port Arthur
_
80
85
0.03
1
Shreveport
105,000
5,441,409
74
dry
dry
dry
dry
dry
Oklahoma—Oklahoma City
Arkansas—Port Smith
Little Rock
Louisiana—New Orleans
125,000
6,401,507
Since Aug. 1
Christ!
Palestine
1937-38
Receipts (cantars)—
90
0.02
1
Corpus
1938-39
Feb. 1
1
Abilene
1939-40
Alexandria, Egypt,
53
64
Alexandria Receipts and Shipments
60
85
0.01
dry
dry
Amarillo
Austin
San
China
21.000
3,000
1937-38—
Tone—
Del
nent
Bombay—
10.966
1941—
El
Japan &
Britain
Total
Conti¬
10.58-10.59 10.48-10.49
..
January
China
10.84
—
11.086
10.60
10.636-.64a 10.63
10.756
10.766
10.606
10.726
10.706
10.726
New
g g4
9.85- 9.86
9.73
9.85n
9.90 —
9.91- 9.92
9.716-9.73a 9.716-9.73a 9.576-9.59a
December. 9.766-9.78a 9.786-9.79a 9.726-9.74a
October
nent
Britain
Great
Jap'ndc
Other Indla-
11.166
11.096
11.156
11.136
New
11.06
—
11.326
10.96-10.97 10.95
11.01-11.02 11.02
May old— 11.00
11.20
—
11.356
11.406
11.396
11.366
New
Since Aug. 1
For the Week
Conti¬
Great
from—
1937-38-
1940—
1940
2,
Exports
1938-39—
March
March
Receipts (cantars)—
1
66
17
43
This
Since
This
Since
This
Since
0.32
59
22
42
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
0.29
60
23
42
3
0.74
67
29
48
2
0.32
68
26
45
1
0.81
65
22
44
2
Chattanooga.
0.38
3
..
0.05
1
2
South Carolina—Charleston.
North Carolina—AshevilJe
72
0.40
60
21
41
Export (bales)—
To America
has also been received by tele¬
graph, showing the heights of rivers at the pointsn amed at
8 a. m. of the dates given:
1,200
102,475
106,316 8",666
414,058 14,000
16,525
127,528
121,907
482,219
18,117
697,128 24,600
639,374 22,000
749,771
To Liverpool.
1
251,062 f 4,400
To Manchester, &c
6,900
J
To Continent & India— 16,000
410,737 12,100
1,000
35,329
The following statement
Mar. 1. 1940
Feet
New
Mar. 3, 1939
Feet
of gauge.
4.5
20.0
..Above zero of gauge.
Above zero of gauge-
5.1
37.4
33.7
21.4
18.2
40.7
Above
Orleans
Memphis
Nashville-
Shreveport
Vicksburg
17.000
Note—A cantar is 99 lb.
Egyptian bales weigh about 750 lbs.
Feb. 28 were
185,000 cantars and the foreign shipments 17,000 bales.
This statement shows that the receipts for the week ended
15.6
Above zero of gauge.
Above zero of gauge.
Total exports
zero
16.1
Market—Our report received
Manchester
by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
Demand for India is
We give
poor.
prices today below and leave those for previous weeks of
this and last year for comparison:
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
The
tions.
1939
Southern
Week
Receipts at Ports
Stocks at Interior Towns
62s Cop
Twist
Receipts from Plantations
End.
1938
8X Lbs. Shirt¬
ings, Common
d.
Middl'g
to Finest
1
Upl'ds
81i Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Cotton
s.
d.
s.
d.
d.
d.
s.
d.
s.
d.
d.
Dec.
1939
1938
1937
1938
1939
1939
1937
1938
1937
1— 15
8.. 15H@16
Nominal
Deo
12
73,964 213,711
65,209 230,448
22. 240,688
29. 189,049
44,595 141,563 3346,020 3434,970 2658.348 232,095
31,339 147,067
8. 210,127
15. 257,101
39,901 199,284
o0,873 162,762
22—
7.95
814 @ 914
9
@9
@12
6
8.19
814@
814®
814@
814®
914
8
1014@ 9
914
914
8 1014®
8 1014®
12
914
8 1014'*
8.59
Nominal
Nominal
29.. 16H@16K
3
3
Nominal
15..
89,957 169,362 3534,867 3508.828 2254,908 225,422
77,816 165,506 3498,072 3496.222 2610,850 173,332
64,534 169,711 3449.968 3471,689 2640,423 208,997
54,236 139,333 3389,066 3448.226 2663,852 179,786
1. 227,546
@12
@1514 12
8.78
6
@12
9
8.70
4 97
114
5.10
9 114
9
5.24
JK
1
h
5.25
114
114
5.19
-19 39
19 40
Jan.
5.14
3
1938
1939
1940
1940
1938
1939
1938
8 1014 @
5.30
Jan.
169,951
12. 181,653
5.
19.
26.
42,596 125,656 3265,094 3400,270 2619,799 89,025
38.827 121,714 3189.004 3369,048 2613,016 105,463
37,387 116,840 3127,764 3329,120 2629,639 135,437
43,199 120.588 3072,688 3291.719 2628,796
94,692
7,896
@li
»!4
9.2y
aj
12
3
@12
4
*
12
3
@12
e
8.75
8J4@ 914
814 @ 914
8J4@ 914
8
Nominal
8
9
@
9
6.18
Nominal
12
114 @12
414
8.30
8M@ 914
8
9
@
9
6.10
414
414
8.29
8!4@ 914
8
9
@
9
5.13
8.29
814 @
914
8
9
@
9
414
8.12
8
9
@
9
5.15
414
8.04
8!4@ 914
8!4@ 914
8
9
@
9
5.15
414
7.99
8J4@ 914
8
9
@
9
5.29
6.. 16«4@171-4
7,605 128,497
3—
9—
Unquoted
Unquoted
12
Nil
133,463
5,798 119,744
17—
Unquoted
12
23-
196,677
149,768
2. 137,632
9. 168,666
Unquoted
12
114 @12
114 @12
114@12
114@12
16. 177,019
23. 122,734
14.54
12
1!4@12
3246,532 2598,040 81,531
3212,973 2575,215 108,960
3174,825 2570,224 117,323
Nil
3138,203 2543,310
70,930
82,658 2795,204 3096,651 2500,609
88,704
Nil
39,957
35,546 104,958 3016,68/
29,078 112.608 2956,982
25,681 101,785 2897,286
21,337 86,337 2845,482
Nil
74,203
135,433
Nil
The above statement shows:
12
69.413
(1) That the total receipts
from the plantations since Aug. 1, 1939, are 6,552,196 bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
(2) That, although the receipts at the
outports the past week were 138,982 bales, the actual
movement from plantations
was
88,704 bales, stock at
interior towns having decreased 50,278 bales during the week.
8,214,225 bales.
1
—
News—As
shown
India Cotton Movement from All Ports—The
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows:
of Indian cotton at
made up from
1939-40
1938-39
Since
1937-38
Week
Bombay
Aug. 1
97,000 1,424,000
Since
Week
Aug. 1
Since
Week
Aug. 1
67,000 1,238,000 113,000 1,326.000
a
previous
mail and telegraphic reports,
are as
page,
the
To France
To
To
Italy.
Japan
To China
1
o
Greece
To France
To Italy
To Greece
To Denmark
NEW ORLEANS—
18.300
5,209
3,500
2,062
lo Greece
70
530
1,821
370
To South
10,177
11,690
13,345
1,200
420
2,000
To India
9,786
6.494
To Norway
To Sweden
America
To Sweden
To Cuba
1,265
950
25
LOS ANGELES—
To Great Britain
600
To Japan
To China
1,090
To India.
To Manila
300
5,242
4,692
69
200
To Canada
SAVANNAH—
To France
To France
3,058
1,503
NEW YORK—
To Great Britain
To Great Britain
To Italy
To Latvia
To Holland
LAKE CHARLES—
To Belgium
follows:
Bales
Bales
GALVESTON—
To Cuba
Receipts at—
on
exports of cotton from the United States the past week
have reached 113,028 bales.
The shipments in detail, as
HOUSTON—
Feb. 29
5.07
Mar.
Shipping
25,736
9
1014 @ 9
96.794
Nil
Mar.
138,982
.98
86,716
Feb.
1.
6
Nomin
19..
20..
1939
12
12..
1940
5,498
2,000
50
To Chile
42
Total
113,028
Volume
Cotton
York
The Commercial & Financial Chronicle
ISO
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton. Liverpool Imports, Stocks, &c.
*
in
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Spot
Saturday
Monday
Tuesday
Quiet
Quiet
Wednesday
Thursday
Friday
Moderate
Quiet
f
Market,
12:15
1
P.
1
M.
Quiet
On the 28th ult. prices closed 154c. to 134c. net
higher. Gains of almost 2c. a bushel were chalked up in the
wheat pit at times today as the market responded to heavy
sales of Canadian grain abroad and reports of crop damage
in Europe.
Although United States wheat prices were above
a world
export basis, grain men said the domestic market
naturally was susceptible to developments regarding disposal
of the large surplus in Canada.
Liquidation of loan wheat
and profit taking caused frequent reactions here.
Wheat
receipts totaled 13 cars; shipping sales 50,000 bushels. Buy¬
ing in the wheat pit today was due largely to reports of
further good export sales of Canadian wheat as well as crop
damage news coming from Europe.
One of the European
authorities estimated that 6% of the winter wheat acreage
year ago.
had been lost because of
Mid. uDl'ds
CLOSED
8.09d.
f
Futures
4 to 7 pts.
[
8.04d.
8.12d.
1
dec.
adv.
pt.
to
Quiet
Quiet;
at
3 to 5 pts.
5
7.99d.
2 to
decline
pts. adv.
5 pts.
decline
Quiet, st'y, Quiet, st'y, Quiet, st'y, St'dy, 1 pt.
Steady;
5 to 7 pts. 3 pts. dec.
1 to
12
adv. to 3
unch. to 1
M.{
%.
dec. to
advance
f
Market,
8.06d.
Quiet, st'y, Quiet, 1 pt. Quiet, 1 pt.
j
opened
advance
to 2 pts.ad.
pts. adv.
9 pts. dec.
pts.
dec.
are
given below:
wheat
An
Liverpool for each day
Sat.
Mon.
Tues.
Wed.
Thur'.
Fri.
the
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
March (1940)
*
7.91
7.92
7.88
7.89
7.94
7.90
7.90
7.84
7.87
May.
*
7.97
7.96
7.93
7.94
8.00
7.97
7.98
7.97
7.94
7.94
July.
*
7.99
7.99
7.96
7.98
8.04
8.01
8.02
8.02
7.98
7.98
7.81
7.80
7.88
7.85
7.86
7.86
7.82
7.70
7.69
*
October
*
December
Jan. (1941)
7.72
*
.
March
*
May
*
July
*
7.77
....
7.66
7.61
....
7.54
.
7.80
7.73
7.79
....
7.70
7.62
.
.
-
-
7.78
7.79
-
**
.
«
-.
7.78
7.74
7.73
only
to
134 to 134 c. to
again
react
market,, lagging
virtual
bearish
domestic
Government
This
tions
lc.
of
in
Europe, and
wheat
7.80
ment
farm
as
by
Aires
Chicago
the
officials,
puzzled
cited
Buenos
at
in
at
they
in
the
crop
caused
some
Govern¬
of
expressed
themselves
of
strength
sec¬
than
more
Statements
independent
bearish market
of
a
On
and other
stage
one
pit.
which
in
recent
as
of
season
A decline
news.
war
well
moisture
of
approach of the windy March
reports of wheat damage in Russia
scares,
flour,
and
as
of the wheat situation.
absence
were
wheat
for
business
export
summary
side
constructive
demand
of
stagnation
selling
7.65
highs
new
before the close.
unsettled trade reflected pressure of loan wheat coming to
early
7.71
The
followed by a slump of almost
was
market advanced
day,
7.73
7.80
-
7.78
7.73
.
-
7.87
y2 to %c. net lower.
quite active, with trading much mixed.
was
Southwest,
to
Mar. 1
market
Then the
for
the
Feb. 24
ult. prices closed
early fractional rise
lc.
and
Prices of futures at
*
weather.
severe
demand
On the 29th
Market
1467
wheat
and
statistics, drew much attention.
'
-
~
—
7.55
..
7.66
7.68
7.59
7.47
-
7.45
....
,7.59
7.62
7.63
Closed.
Today prices closed 2% to 2%c. net lower.
tumbled
in
Feb.
Friday Night, March 1, 1940
This
weeks.
two
market's
BREADSTUFFS
advance
16.
2c.
than
more
wiped
since the sensational upturn of
associated with prospects of rain in
scored
Selling
was
sections of the
some
Wheat prices
today to the lowest level
out all but a fraction of the
bushel
a
Southwestern
wheat belt,
Flour—Little of importance developed in the flour mar¬
ket the past week.
Buying was more or less routine.
Sales
ing.
and
a
pre¬
liminary private crop report showing
said
were
major
mills.
be
to
far
Shipments
below
on
the
contracts
expectations
so
far
of
this
the
week
have been running heavier than
of
last
week, and
the large
this
week,
it
forced
were
but
mills
as
a
going to try and operate for five days
reported.
Last week many of the mills
is
to
close
down
few of the mills
a
during the first four days
result of the pick-up in deliveries
are
after
were more
three
days
of
operation,
fortunate and they were
of
winter wheat.
The
Wheat—On the 24th ult.prices closed l^c. to 2j^c.net
Wheat prices dropped about 2c. a bushel today in a
of the season, while
This report, compiled by
E. H. Miller, pointed out that it is too early in the growing
Liquidation of loan wheat, though on a smaller scale than
recently, accounted for some hedging pressure.
Gains of 2
to 3c. built up in the wheat pit the last week and more than
10c. since the start of the month
many
traders who had profits.
were
attracted
attention.
There was some concern regarding
sharply lower temperatures following rain and snow over
the grain belt, but most dealers thought the cold wave would
not be severe and would not last long.
It was expected snow
covering would protect wheat in most areas. Buying due to
cold weather and following announcement that Hitler would
speak after the close, caused temporary rallies. Additional
precipitation, with rising temperatures in some localities, was
forecast for next week.
On the 26th ult. prices closed
to 23^c. net lower.
Prospects of good moisture over the
grain belt, expanded receipts at principal markets owing to
liquidation of 1938 and 1939 wheat that has been stored
under loans, and European peace talk, stimulated the selling.
Prices declined about
a
cent at the
start, steadied and fre¬
quently rallied to around Saturday's close, but then turned
lower again about noon when some stop loss orders and profit
taking sales were put into execution. Closing prices were the
lowest in
a
week and about 5 cents below last week's
An additional
estimate
bearish factor in the wheat
pit
was a
that Australian production might run as
highs.
private
high as
information, but that preliminary
producers in the hard winter wheat belt show
considerable improvement in condition of wheat, which was
at
record-breaking low last Dec. 1.
a
placed estimated condition
in
CLOSING
DAILY
PRICES
CLOSING
DAILY
120%
FUTURES
Mon.
Tues.
102%
100%
100%
WHEAT
OF
Sal.
May
July_
IN
Wed.
102
CHICAGO
Thurs.
103%
101%
101%
99%
99%
October
United
Fri.
103
101
100%
100%
98%
98%
Tues.
88%
89%
91
IN
Wed.
88%
89%
90%
WINNIPEG
Thurs.
89%
90%
91%
Fri.
88%
89%
90%
89
90%
91%
Wheat Carryover on July 1 Will Total
300,000,000 Bushels Says Bureau of Agri¬
States
About
Economics
cultural
The
FUTURES
Mon.
89%
90%
91%
States
United
wheat carryover on July 1, 1940, is
about 300,000,000 bushels, the Bureau of
Agricultural Economics indicated on Feb. 27 in its monthly
analysis of the wheat situation.
This forecast is based
likely
total
to
probable exports and shipments to United States terri¬
of between
40,000,000 and 45,000,000 bushels and
on
tories
probable domestic disappearance of about 670,000,000 bush¬
els for the 12-month period.
Total supplies for the year
were 1,009,000,000 bushels, consisting of a carryover July 1,
1939, of 254,000,000 bushels and production of 755,000,000
bushels.
Bureau also had
The
Domestic
wheat
prices
sentiment,
crop
United
wheat
ened
bushels
Fri.
122%
...
CLOSING PRICES
unsatisfactory
Selling which again suggested hedging against purchases of
loan wheat, was encountered, the market running into some
stop loss and liquidating sales in late trading that dropped
May contracts to $1.0134 and July to 9934c., both down
154c. from their previous close.
Earlier, stimulated partly
by an upturn in other markets, May contracts advanced to
$1.0354, up a cent, and July to $1.0154, up 134c.
Export
business in Canadian wheat over-night and
today was
estimated at 600,000 bushels to the United Kingdom and the
continent.
Wheat receipts at principal Southwestern and
Northwestern terminals were large, primary arrivals totaling
943,000 bushels against 519,000 a week ago and 358,000 a
Thvr9.
I
Season's Low and When Made
J 9, 19391 May
63%
July 24,1939
19. 1939) July
77%
Oct.
9,1939
20, 1940[September
92%
Feb.
1,1940
Dec.
Dec.
Feb.
109%
107%
105%
of the largest, if not the largest
that Pacific Coast wheat was
being offered again in Eastern domestic markets, also
attracted attention.
On the 27th ult. prices closed 34c. to
54c. net lower.
Wheat prices fluctuated nervously today,
scoring net gains of about a cent at times, but finally weak¬
third consecutive session.
WHEAT
YORK
Wed.
123%
122%
Season's High and When Made
May
July
September
completed probably
the
NEW
IN
Tues.
122%
Sat.
reached
and finished lower for
Mon.
104%
102%
102%
lative
was one
OF
May
July.
September
levels
Private reports
OF WHEAT
Sat.
250,000,000 bushels, compared with the last official estimate
This meant that the harvest just
record.
PRICES
124%
of 210,000,000 bushels.
on
at 53%
wheat
No. 2 red
DAILY
The miller returns
in Kansas
of normal;
Oklahoma, 52%, and Nebraska, 50%.
Open
tonight was 69,057,000 bushels.
66%;
interest
too much to resist for
A last minute break in stocks
report
crop
to obtain reliable
season
returns from
lower.
burst of week-end profit taking and selling inspired by im¬
proved moisture conditions over much of the grain belt.
downturn
preliminary, attracted attention.
Texas,
busy for four days.
The
private
first
improved conditions
uncovered stop loss sell¬
have
States
contributed
Wheat
stocks
615,000,000
December.
in
with
larger
23,000,000
Jan.
1
appearance
000 000
a
year
bushels,
as
war
conditions
the
been
white,
Jan.
on
wheats
foreign
and
demand
for
loans also
of wheat
with
1939,
1,
1940,
than
together
of
period
are
estimated
winter
the
indicated
in
red
the
decreased
basis
domestic
bushels
but
hard
about 3,000,000
red
On
is
at
earlier,
year
Stocks of
are
soft
December,
385,000,000
a
1938.
bushels.
19,000,000
through
1,
less
Jan.
on
but stocks
exports
compared
Cold
which
time
the crop.
to
intentions
by
have
European
were
sowings.
acreage
with
countries,
caused
a
winter
little
and
of
sharply
considerable
If
and
the
in
of
the
wheat
dis¬
to
be
same
cover
in
364
-
period
will
is
about
acreage,
as
but
countries
favorable
probably
be
by
at
in¬
some
fluctuating
apprehension
area
the
some
weather
spring wheat
snow
wheat
increase
to
excessive moisture
hindered
the
weather
Danubian
winter
point
Early
prevented
seeding
creased.
in
peak
specu¬
developments
war
Increased
bushels
durum
ago,
July-December,
year's.
has
the
and
indications
last
this
spring
change in
a
earlier.
Present
large
and
year
figures and
the
States
than stocks
spring,
a
to
watching-
Europe.
39,000,000
more
bushels,
for
generally
in
due
was
fairly orderly liquidation
United
or
than
stocks
a
advance
rise.
the
bushels.
winter, hard red
traders
the
to
in
83,000,000 bushels
The
conditions
and
the following to say:
recovered almost to the
February
during
as
sections, especially
temperatures during
to
the
condition
of
The Commercial & Financial Chronicle
1468
DAILY
Corn—Od the 24th ult. prices
Cash
corn
closed Y to Ye. net lower.
y2 to lc. off, reflecting rather liberal week¬
was
Sat.
ult.
prices
Corn prices fluctuated
Net
record.
on
exceed
els
within
changes
are
tied
to
%c.
Hard winter patents
Hard winter clears
the
session
interest
in
corn
DAILY CLOSING
PRICES
OF
CORN
Sat.
No. 2 yellow
DAILY
CLOSING PRICES
OF
72%
Corn, New York—
No 2 yellow, all rail
56%
57%
57%
.
September
73%
Tues.
Mon.
56%
56 %
57%
IN
56%
56 %
56%
57%
57%
58
Chicago
Fri.
73%
72%
56%
57%
57%
56%
55%
57%
light and without special
buyers.
On the 28th
ult. prices closed % to %c. net higher.
Trading was quiet,
with the undertone firm in sympathy with the firmness of
Louis..
St.
354,000
150,000
100,000
68,000
7,000
60,000
6,000
389,000
64,000
19,000
65,000
493,000
209,000
19,000
348,000
15,000
36,000
112,000
26,000
205,000
98,000
Joseph.
Sioux City.
18,000
3,000
31,000
32,000
Buffalo
260,000
67,000
1,339,000
1,634,000
1,107,000
Same wk '39
384,000
451,000
2,679,000
365,000
1,863,000
75,000
14,000
43,000
596,000
4,000
CLOSING PRICES
OF
OATS
Sat.
41
May
July
FUTURES
Mon.
Tues.
40%
35%
33%
36%
34%
September
40%
35%
33%
IN
36%
DAILY
...
Feb.
Feb.
34%
21, 1940 July
23, 19401September
CLOSING PRICES
OF
Sat. Mon. Tues.
40%
40%
40%
39%
39
39
35%
34%
35
,
October
Rye—On
the 24th
Fri.
40%
40%
35%
33%
36
34
When Made
July
30%
31%
...
Thurs.
36
33%
OATS FUTURES
May
July
CHICAGO
Wed.
41
Season's High and When Made
I
Season's Low and
41%
Feb. 21, 1940(May.
27%
May
July.
September
Oct.
Feb.
ment in wheat
On the 29th
IN
1939
13,164,000 236,271,000 155,306,000
1938
....
1937
Wed.
Thurs.
40%
39%
40%
38%
34%
....
Total
35
40%
38%
34%
ult.
was not as
the
strong
as
stantial
markets
declines in
session.
rye
The weakness displayed
largely
was
responsible
OF
RYE
Sat.
__
FUTURES
Mon.
May
July----
68%
68
September.
70%
Tues.
67%
69%
68%
Season's High and When Made
May
DAILY
!
Dec. 18, 19391 July
Dec.
in
sub¬
OF
RYE
Sat.
May
74^
Mon.
75%
Ju17L
October.
Aug.
Oct.
Feb.
64%
FUTURES
Tues.
IN
66%
67%
68%
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
171,000
45,000
Portl'd, Me.
Philadelphia
New
34", 000
58,000
224,000
Baltimore..
13,000
New Orl'ns*
21,000
St. John W.
Boston
20,000
Halifax
Tot. wk. '40
5,000
Rye
Barley
72~,666
150,000
bush 56 lbs bush 48 lbs
4,000
QLOOO
451,000
2,000
543,000
31,000
24,000
348,000
169,000
518,000
Houston
18",666
135,000
12,000
2,000
10,000
127,000
52,000
4,000
52,666
259,000
1,960,000
702,000
237,000
145,000
106,000
1,973,000
15,909,000
8,863,000
1,500,000
703,000
668,000
330,000
749,000
195,000
50,000
44,000
4,000
2,433,000
11,964,000
5,031,000
487,000
166,000
330,000
Since Jan. 1
Week 1939.
Since Jan. 1
1939
*
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
ending Saturday, Feb. 24, 1940, are shown in the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
New York
310,000
58,000
Portland, Me
Philadelphia
125,000
335,000
New Orleans
14,000
St. John, West
Halifax
100,000
703:666
700,000
Baltimore
5,000
348,000
127,000
52,000
518,000
Total week 1940.Same week 1939
a
41,285
563,000
52,000
2,511,000 1,038,000
1,929,000
290,000
a46,285
135,770
127,000
2,000
100,000
Complete flour export data unavailable from Canadian ports.
The destination of
July 1, 1939 is
as
these exports
229,000
'
for the week and since
below:
Wed.
73%
73%
72^
71%
71%
73^
71^
12. 1939
9.1939
2, 1940
Thurs.
73
72^
Week
Since
July 1 to—
Feb. 24,
July 1,
1939
1940
Barrels
♦
Total 1940
Total 1939
visible
Fri.
72%
72%
71^
Feb.
Corn
supply
Feb. 24,
1940
July 1,
1939
Bushels
Bushels
Bushels
1939
2,511,000
85,713,000 1,038,000 22.689.000
1,929,000 100,529,000
290,000 59,586,000
unavailable
of
Since
July 1,
24,
Week
Bushels
3,579,569
data
Since
1940
2,963,846
a
Complete flour export
figures not available.
The
Week
Barrels
a46,285
135,770
grain
from
Canadian
comprising
ports.
the
♦ Detailed
stocks
granary at principal points of accumulation at lake
seaboard ports Saturday, Feb. 24, were as follows:
in
and
GRAIN STOCKS
65%
66%
Wheat
and Since
Wheat
66
WINNIPEG
73^
Flour
Exports for Week
Fri.
When Made
52%
...
Thurs.
67%
67%
68%
43%
26, 19391 September
CLOSING PRICES
the
CHICAGO
Wed.
66%
67%
68%
Dec. 26, 19391 May
76
75%
IN
Season's Low and
77%
...
for
values.
DAILY CLOSING PRICES
JuIy-—c
September
1,705,000
1,149,000
1,659,000
usual.
was
lows of the
wheat
186,000
receipts of flour and grain at the seaboard ports for
Saturday Feb. 24, 1940 follow:
ult. prices closed
At one time prices were
1% 'to 2%c. net lower.
Shorts taking profits was largely
responsible for the rally
the
381,000
226,000
68,149,000 20,166,000 83,839,000
72,225,000 19,253,000 69,737,000
80,484,000 22,022,000 73,227,000
13,539,000 235,910,000 180,678,000
11,482,000 220,258,000 183,065,000
Receipts at—
Fri.
liveries.
from
7,000
32,000
the week ended
WINNIPEG
% to y2c. net lower.
The
fairly active, with prices ranging within
lc.
The undertone was
heavy during most of the session,
influenced, of course, by the heaviness in wheat and corn
markets.
Today prices closed l%c. net lower on all de¬
market
2,000
Since Aug. 1
1940
24,1939
9, 1939
1,1940
prices closed iy to lY<t- net
lower.
Influenced by weakness in the wheat markets,
rye
values fell off rather
sharply.
There was no appreciable
support, and prices closed at the low levels of the day.
On
the 26th ult. prices closed \y2 to
l%c. net lower.
There
was considerable
liquidation and short selling in evidence,
influenced largely by the substantial break in wheat and
bearish weather reports.
Rye values at the close were at
the lows of the day.
On the 27th ult. prices closed % to lc.
net lower.
The movement of the rye market
paialleled
more or less
the movement of wheat piices.
There was
very little in the news to justify aggressiveness on either
side of the market.
On the 28th ult. prices closed
% to %c.
net higher.
While rye values held firm during a good por¬
tion of the session, the response to the
strong upward move¬
rye
11,000
7,000
5,670,000
3,396,000
169,000
701,000
80,000
75,000
3,334,000
3,162,000
Same wk '38
14,000
201,000
378,000
11,000
corn.
On the 29th ult. prices closed %c. lower to %c.
higher.
Trading was light and without feature.
Today prices
closed Vs to %c. net lower.
Trading was light, with the
undertone heavy.
DAILY
Barley
175,000
2,000
134,000
116,000
45,000
16,000
Tot. wk. '40
Rye
bush 56 lbs bush 48 lbs
399,000
bbls 196 lbs
wheat and
55-65N
49,000
202,000
15,000
Wichita
was
small
83%
64%
1,288,000
143,000
94,000
112,000
202,000
Kansas City
Omaha
On the 27th ult. prices closed
were
144,000
1,537,000
Peoria
Fri.
closed % to J^c. net lower.
Trading was light, though the undertone was heavy.
On
the 26th ult. prices closed % to Y,a. net lower.
Trading
was light, with the undertone
heavy in sympathy with the
Trading
192,000
...
Indianapolis
St.
Oats—On the 24th ult. prices
houses
Oats
bush 32 lbs
Toledo
...
lower.
Corn
bush 56 lbs
Milwaukee.
...
Cash
Wheat
bush 60 lbs
Duluth
High and When Made
I
Season's Low and When Made
May
63%
Sept.
7, 1939 J May __
42
July 26,1939
July
61%
Dec. 19, 19391 July
52%
Oct.
23. 1939
September... 51%
Jan.
4, 19401 September
55%
Feb.
1.1940
Yc. net
feature.
Flour
Minneapolis
Season's
weakness in wheat markets.
72%
bbls 196 lbs
Receipts at—
Open
Thurs.
54%
of the last three years:
CHICAGO
Wed.
No. 2 white
Rye, United States c.i.f...
Barley, New York—
40 lbs. feeding
Chicago, cash
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and Since Aug. 1 for each
not
Thurs.
4.50@6.90
Oats, New York—
All the statements below
YORK
Wed.
72%
FUTURES
CORN
Sat.
May
July
Tues.
Mon.
73%
..
NEW
IN
Prices Withdrawn
Coarse
Nominal
GRAIN
approximately 200,000,000 bushels of the 1939 crop.
To¬
day prices closed % to %c. net lower.
Corn prices declined
only fractionally, due to rather small receipts and fairly
industries and other processors.
tonight was 44,423,000 bushels.
6.60@6.75
Wheat, New York—
No. 2 red, c.i.f., domestic—120%
Manitoba No. 1. f.o.b. N. Y.102%
more
good demand from
Rye flour patents
5.05(^5.25
Seminola, bbl., Nos. 1.3-.6.80@7.00
Oats good
3.10
Cornflour
2.05
Barley goods—
1.2-0.3-0.2
off.
did
54%
52%
50%
Fancy pearl (new) Nos.
of the narrowest ranges
one
Fri.
54%
52%
50%
follows:
were as
Spring pat. high protein__6.15@6.35
Spring patents
6.00@6.15
Clears, first spring
5.25(5)5.40
Hard winter straights
6.30(5)6.45
than 360,000,000 bush¬
Government loans, including
under
up
unchanged
throughout
Brokers estimated
Yc.
now
closed
50%
Thurs.
54%
52%
50%
FLOUR
Corn receipts were smaller than of late and demand
from industries and shipping fairly good.
20th
51%
Wed.
54%
52%
50%
54
52
Closing quotations
values.
the
Tues.
Mon.
54%
53
October
estimated at 116 cars, and poor shipping busi¬
ness.
Booking of 44,000 bushels to arrive resulted iD hedg¬
ing pressure in the pit.
On the 26th ult. prices closed Y to
Yc. net lowsr.
Corn held steady a good part of the session,
but finally dipped with wheat.
Receipts were liberal but
well taken,
although shippers sold only 4,500 bushels.
Bookings to arrive from the country were small.
On the
27th ult. prices closed unchanged to
down.
Interest in
the corn market was at a very low ebb today and prices
held about steady.
No fresh export business was reported
and shipping demand was light.
Prices in the spot market
were steady to Ye. lower.
On the 28th ult. prices closed
Yz to Yc. net higher.
The corn market was influenced to a
considerable extent by the strong upward movement in wheat
1940
2,
BARLEY FUTURES IN WINNIPEG
OF
PRICES
May..
July
end receipts,
On
CLOSING
March
United States—
Bushels
Boston
Fort Worth
Wichita.
Hutchinson
St. Joseph
Rye
Bushels
Barley
Bushels
33,000
345,000
4,000
151,000
11,000
4,000
1,000
1,620,000
21,000
24,000
1,000
562,000
515,000
160,000
2,000
2,699,000
7,436,000
299,000
244,000
9,000
15,000
2,487,000
2,000
159,000
17,000
20,000
434,000
...
New Orleans
Galveston
Oats
Bushels
272,000
167,000
733,000
436,000
New York
Philadelphia.
Baltimore
Corn
Bushels
..
..
..
..
5,958,000
..
2,639,000
661,000
Volume
The Commercial & Financial Chronicle
150
Wheat
Corn
Sioux
Bushels
Bushels
488,000
22,000
103,000
37,000
28,000
124,000
2,000
142,000
297,000
155,000
919,000
4,744,000
1,032,000
463,000
1,163,000
1,368,000
281,000
14,288,000
208,000
5,350,000
1,722,000
944,000
266,000
93IT660
324"666
1,165,000
14,852,000
16,112,000
130,000
90,000
3,797,000
3,221,000
-
83,000
334,000
5,275,000
4,522,000
2,044,000
2,920,000
1,044,000
2,473,000
-
Indianapolis
Peoria
Chicago
17,000
636,000
199,000
Minneapolis
Duluth
Detroit-afloat
Buffalo
afloat
5.000
2,000
700"666
830,000
69,000
320,000
2,000
1,654"000
1
757,000
2,054,000
6,846,000
1,246,000
300,000
815,000
910,000
Some spring planting was accomplished during the week in the southern
trans-Mississippi area, including the seeding of potatoes and other truck in
parts of Arkansas, the
as Oklahoma and
the
sowing of some oats in the Great Plains as far north
planting of corn to the central sections of Texas.
average season seeding of spring oats begins by March 1 as far north
as extreme southern Missouri and southern Kansas, and corn planting in
northern Florida, the extreme lower Mississippi Valley to north-central
an
Louisiana, and well toward the northern portion of Texas.
The surface soil moisture is now ample in nearly all sections of the
country, including the heretofore extremely dry Midwestern States.
In
fact, it is now too wet to work in much of the southern Great Plains,
although the subsoil is still dry with heavy rains required for replenishment.
West of the Rocky Mountains the general outlook continues unusually
favorable, especially in northern sections.
There was a material increase
in mountain snow storage in the northwestern mountains, but it is still
much below normal for the
Total Feb. 24, 1940...100,554,000
39,562,000
7,606,000 10,039,000 13,113,000
Total Feb. 17, 1940... 102,047,000 39,848,000
7,748,000
9,878,000 13,233,000
Total Feb. 25, 1939... 89,125,000 46,605,000 14,135,000
7,703,000
9,315,000
Note—Bonded grain not included above:
Oals—New York, 14,000 bushels;
Buffalo, 644,000; Buffalo afloat, 174,000; Philadelphia, 70,000; Portland, 47,000;
Erie, 98,000; total, 1,047,000 bushels, against none in 1939.
Barley—New York,
393,000 bushels; Buffalo, 935,000; Baltimore, 156,000; Chicago afloat, 68,000;
total, 1,552,000 bushels, against none in 1939.
Wheat—New York, 2,123,000
bushels; Boston, 1,914,000; Philadelphia, 1,791,000; Baltimore, 6,662,000; Buffalo,
3,252,000;
Buffalo afloat,
bushels in
1,835,000;
1939.
2,731,000; Erie, afloat, 1,034,000;
Albany, 7,598,000; Portland, 477,000; total, 29,417,000 bushels, against 3,971,000
Wheat
Corn
Bushels
Canadian—
Lake, bay,
Duluth,
Bushels
riverAseab'd 51,050,000
Oats
Rye
Barley
Bushels
Bushels
1469
moisture is deficient in the extreme west Gulf area, particularly in southern
Texas.
In
56",000
24,000
afloat
Milwaukee
"
Bushels
1,841,000
2,748,000
St. Louis
"
Barley
20,724,000
6,515,000
City
"
Rye
Bushels
Bushels
Kansas City
Omaha
Oats
season.
Small Grains—Winter wheat continues largely dormant, except in the
southwestern portion of the belt.
In the northern sections of the eastern
belt there was ample snow protection during the recent cold weather, but
in the southern Ohio Valley, especially on heavy soils in Kentucky, there
was
some
complaint of heaving
by alternate thawing and freezing.
Missouri winter grains show improvement.
In Texas progress of wheat was mostly
In
fair and that of other grains
fair to good.
In both Oklahoma and Kansas surface-soil moisture is now
generally ample, except in extreme southwestern Kansas, in which State
wheat remains generally dormant, except locally.
In Oklahoma growth
is very slow.
In Nebraska the top soil is wet, and alternate thawing and
freezing were rather unfavorable to winter wheat.
West of the Rocky
Mountains the outlook remains good, generally, decidedly so in the north
Bushels
Pacific area.
'
969,000
2,061,000
346,000
1,808,000
7,839,000
1,087,000
1,034,000
Other Can. & other elev. 170,378,000
1,472,000
5,690,000
Total Feb. 24, 1940...296,349,000
Total Feb. 17, 1940...298,939,000
11,708,000
11,456,000
2,905,000
7.693,000
7,370,000
6,314,000
Ft. William &Pt. Arthur
Total Feb.
74,921,000
25, 1939—144,816,000
2,844,000
8,547,000
2,086,000
7,606,000
10,039,000
11,708,000
2,905,000
Summary—
100,554,000 39,562,000
296,349,000
American
Canadian
13,113,000
7,693,000
Total Feb. 24, 1940...396,903,000
39,562,000 19,314,000 12,944,000 20,806,000
39,848,000 19,204,000 12,722,000 20,603,000
Total Feb. 25, 1939...233,941,000 46,605,000 22,682,000
9,789,000 15,629,000
Total Feb. 17, 1940...400,986,000
The world's
shipments of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange for the week
ended Feb. 23 and since July 1, 1939 and July 1, 1938, are
shown in the
following:
THE DRY GOODS TRADE
New York,
Friday Night, March 1, 1940.
Rapidly-changing weather conditions served to impart a
somewhat spotty aspect to retail business during the
past
week.
In
some
sections rather substantial declines in the
dollar volume of sales
were recorded, while others
managed to
gain over last year.
As heretofore, activity
centered in the apparel divisions, whereas interest in homefurnishings remained below expectations.
Department store
sales the country over for the week ended Feb. 15,
according
to the Federal Reserve Board, increased 2% over the cor¬
responding week of last year.
In New York and Brooklyn
stores a loss of 8.6% was registered, while in Newark estab¬
maintain
a
fair
lishments the decrease in the sales volume reached
Wheat
Week
Exports
Feb.
23,
1940
Bushels
No. Amer.
Black Sea.
Argentina.
Australia
.
India
Corn
Since
Since
July 1,
1939
July 1,
1938
Bushels
Bushels
Week
4,309,000 125,596,000 162,372,000
768,000
29,748,000
74,231,000
3,710,000 113,150,000 46,751,000
11,293,000 63,402,000
7,344,000
Feb.
23,
1940
Bushels
Trading in the wholesale dry goods markets
Since
Since
July 1,
July 1,
1939
1938
Bushels
Bushels
1,066,000
22,658,000
64,089,000
111,000
2,795,000
10,741,000
1,394,000
74,613,000
95,497,000
32,908,000
31,680,000
Other
25,528,000
985,000
9,011,000 297,595,000 379,628,000
3,55^000
224,000
countries
Total...
17,808,000
132,974,000 202,007,000
Weather Report for the Week Ended Feb. 28—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 28, follows:
1
Following several weeks of mostly mild temperatures to abnormally warm
half of the country, the
much colder rather generally east
week a depression of considerable
energy moved northeastward along the north Atlantic coast, attended by
winds of gale force over a wide area, with more or less precipitation from
weather, tne
latter especially
in
the
northern
week just closed brought a reaction to
of the Rocky Mountains.
Early in the
Atlantic States northeastward.
Following this storm an ex¬
mass of dense polar air overspread the Central and Eastern States,
bringing a sharp drop in temperature, with minimum readings as low as
freezing extending practically to the east Gulf coast.
In tne meantime, low pressure prevailed over the western half of the
country, and by Saturday, Feb. 24, as the depression moved northeastward
over the Lake region, precipitation, mostly light, was quite general in the
interior valleys.
Following this, another extensive mass of polar air moved
southeastward from the western Canadian Provinces, and overspread the
Interior and
Eastern States, bringing much lower temperatures, but
preceded by rather general precipitation east of the Mississippi River.
At the close of the week, much lower temperatures prevailed in the
Northeastern States, with readings decidedly below zero; Burlington, Vt.,
reported a low of —11 degrees, and Albany, N. Y., —13 degrees on the
morning of Feb. 27.
However, the weather had become much warmer in
the South and the Interior Valleys.
The period closed with heavy rains in
central Pacific coast sections, San Francisco, Calif., reporting a 24-hour
fall of 1.86 inches, and Redding, Calif., 4.44 inches.
the Middle
tensive
The
where
weekly mean temperatures were much below normal nearly every¬
the eastern half of the country, the exception being the upper
over
The greatest minus
departures from normal occurred in the Southeastern States, where the
deficiencies averaged as many as 10 degrees or more.
In the interior valleys
Lake region, where about-normal warmth prevailed.
they were generally subnormal by from 4 degrees to about 7 degrees.
West
of the Rocky Mountains another abnormally warm week prevailed, which
has been the general tendency throughout the winter.
For the current
week the temperature averaged rather uniformly from about 4 degrees to
6 degrees higher than normal.
Southern limit of freezing weather and zero temperature.
Freezing
extended as far south as northern Florida and extreme southern Alabama
in east Gulf sections, but from the Mississippi Valley westward the minima
in coast districts were slightly above freezing.
Sections with subzero
weather include a considerable portion of the Northeast, except coast
districts, and an extensive area of the Northwest.
In fact, temperatures
below zero were reported as far east as central Illinois, and southward to
northern Missouri.
The lowest reported in the Northwest was 26 degrees
below zero at La Crosse, Wis., on the 25th, and in the East, 16 degrees
below at Canton, N. Y., on the 26th.
Subzero readings occurred also in
some central Anpalachian Mountain districts.
The average date of the last killing frost in spring in extreme northern
Florida, along the east Gulf coast, and in considerable portions of the west
Gulf area as far north as San Antonio, Texas, is March 1.
On the average,
in half 6f the years, killing frost does not occur in these sections or to the
southward after the first of March.
However, it may be expected in these
sections as often as 1 year in 10 as late as March 20.
Light to moderate precipitation occurred during the week in practically
all sections of the country.
East of the Great Plains the weekly totals
were less than half an inch, except in local areas.
The southern and central
Plains sections had no appreciable precipitation, but west of the Rocky
Mountains it was again generous in nearly all areas, especially in Pacific
Coast States; the heaviest reported was more than 5 inches in northern
California.
Heavy precipitation occurred also in eastern Washington,
Spokane reporting a weekly fall of 1.6, and Walla Walla, 1.2 inches.
Nearly the entire South experienced another cool week with the soil
generally too wet and the weather too cloudy for good growth of
Several preceding weeks had also been unfavorable for spring
operations and field work, including the planting of truck and other crops,
is now considerably behind an average season.
Also growth was retarded
by low temperatures and there was more or less frost damage to tender
vegetation in some sections, especially northern Florida.
Dry, warm
weather is badly needed throughout the Southern States, except that
rather
crops.
12.6%.
fairly
was
active
as retail
merchants continued to place reorders on
goods needed for the pre-Easter trade.
Wholesalers, on the
other hand, maintained their previous waiting attitude in
view of the many uncertainties surrounding the
nearby
business outlook.
Notwithstanding the present impasse,
prospects for an early resumption of buying on a wider scale
are
considered favorable,
particularly because of wellliquidated inventories both in retailers' and wholesalers'
hands.
Business in silk goods remained quiet, with prices of
print fabrics showing a slightly easier trend.
Trading in
rayon yarns was not as active as heretofore, chiefly as a
result of seasonal influences.
Prices, however, held firm,
reflecting the continued favorable statistical position of the
industry.
The present lull in buying is looked upon to
afford producers a chance to replenish their badly-depleted
reserve stocks in anticipation of the fall
weaving season.
Domestic
Cotton
Goods—Trading in
gray
cloths
mar¬
kets started the week in its previous desultory fashion, with
mills reluctant to concede the persistent demands for price
Towards the end of the period, however, trad¬
ing broadened perceptibly, partly because of the obviously
urgent needs of users and in part due to increasing talk of
impending operation curtailment by a number of mills.
The
demand for novelty weaves in both industrial and apparel
goods was particularly active and moie spirited inquiries
for sheetings, drills and other heavy goods came into the
market.
Business in fine goods, following eaily inactivity,
also grew more active, with mills booking substantial orders
on carded fancies as well as on broadcloths in various
fancy
effects.
A better call existed for sports shirtings and more
interest was shown in fancy poplins.
Closing prices in print
cloths were as follows: 39-inch 80s, 6%c.; 39-inch 72-76s,
6Hc-i 39-inch 68-72s, 5%c.; 382^-inch 64-60s, 5 to 4%c.;
383^-inch 60-48s, 4%c.
concessions.
Woolen
Goods—Trading in men's wear fabrics continued
influences, but signs of an impend¬
ing improvement were not lacking.
Prospective buyers dis¬
played growing interest in the new fail collections, and an
increasing amount of fill-in orders on spring fabrics reached
the market, which mills in some instances, because of the
lack of reserve stocks, were unable to fill.
Meanwhile, mill
operations, in anticipation of the introduction of the new
lines, showed a further reduction.
Interest in lightweight
materials continued at previous levels and a fair amount of
additional orders on overcoatings was placed.
Reports from
retail clothing centers gave an irregular account, with some
uncertainty manifesting itself concerning the response to
the new spring goods now being shown by the stores.
Busi¬
ness in women's wear fabircs remained
fairly active as in¬
creased production schedules in the garment industry called
to reflect between-season
for additional orders
Foreign
Dry
on
wanted
goods.
Goods—Trading in linens continued its
spotty character.
Although the foreign supply situation
remains as confused as ever, considerable business developed
in staple and fancy linens, with a scarcity in popular-priced
damask sets manifesting itself.
Business in burlap was
quiet and prices ruled lower, in line with the further reaction
in Calcutta, and under the impact of a number of
shipment
arri\als sufficient to meet current requirements.
Domes¬
tically lightweights were quoted at 5.70c., heavies at 7.65c.
The Commercial & Financial Chronicle
1470
March
2, 1940
by the committee not only would fill the void left by the elimination of that
law, but would even more effectively and economically permit financing
to remove undesirable
Specialists in
existing conditions.
The Mayor declared the plan would permit easy financing at low interest
of alterations which would eliminate 54,597 major violations in the
five boroughs at a cost of $35,867,240 in apartments housing 108,000 fami¬
rates
Illinois & Missouri Bonds
lies.
declared, loans would be facilitated on the same terms for the rehabilita¬
tion of a major portion of some 5,000 buildings now boarded up, which
between 25,000
Stifel, Nicotaus & Cojnc.
could be utilized to provide safe and sanitary housing for
and 45,000 families at rentals of $7.50 a room or less.
Founded 1890
105 W. Adams St.
DIRECT
CHICAGO
WIRE
Municipal Bonds Payments Discussed—David M.
Wood, of Thomson, Wood & Hoffman, New York municipal
bond attorneys, was the guest speaker on Feb. 28 at a
luncheon meeting of the Municipal Forum of New York, and
led a discussion on the importance of the will to pay in public
314 N. Broadway
•
ST.
LOUIS
News Items
California—Legislature
securities.
Mr. Wood recounted some of the difficulties he
encountered in enforcing payment of State of Arkansas and
other bonds, issued in the United States.
In feply to ques¬
Rejects New Revenue Proposals—
We quote in part as follows from a special dispatch out of
San Francisco to the "Wall Street Journal" of Feb. 27:
tions, he expressed the opinion that the Municipal Bank¬
ruptcy Act should be extended.
California's special
legislative session has recessed for two months fol¬
lowing a special session in which it passed over the Governor's veto a
sharply curtailed emergency relief appropriation and entirely rejected the
64-point program submitted by Governor Olson.
This program
included some $50,000,000 of new revenue proposals
and a relief appropriation demand based on $66,000,000 as a minimum
The emergency relief appropriation made is only $12,200,000.
A bill was passed to return relief administration to the
counties, but as
the necessary two-thirds vote for repassage over veto
appeared lacking in
the Assembly, it was put over to the next session.
Governor Olson threatened that lacking any action on new revenue
he would summon the legislators back into session
immediately by special
call, but he is not expected to do so since there is a majority in both houses
against him.
The attitude of the joint economy bloc in full control of both Senate
and Assembly was that the Legislature must continue to hold full power
over the State's monetary
affairs.
This was the same attitude evident
in the 1939 spring session when the Governor's
record-breaking budget
demands were rejected and a program of interim appropriation
adopted.
New
This tax must now be paid in full on or before the April 15 due date#
along with the regular income tax.
The latter levy, however, can now
be paid in instalments, one-half on April 15,
one-quarter on June 15, and
the remaining one-quarter on Oct. 15.
Sponsored by Assemblywoman Jane H. Todd, Westchester Republican,
the
bill is slated for speedy passage in the Senate.
Minority Leader
Irwin Steingut expressed fear today, when the bill was about to be voted
in the Assembly, that if the State did not receive the entire amount
due from the 1% emergency tax on April 15
heavy borrowing would be
on
Massachusetts—Changes in List of Legal Investments—
following bulletin (No. 5), showing the latest revisions
in the list of investments considered legal for
savings banks,
was issued by the State Commissioner of Banks on Feb.
23:
ADDED
TO THE LIST OF JULY
As of Jan. 26, 1940
necessary to
1st consolidated 4s,
Equip trust
Equip trust
1, 1939
ser
Rlchm & Petersburg RR cons 4J4s, 1940
Wilmington & New Bern RR 4s, 1947
As of Feb. 14, 1940
Louisville & Nashville RR Co
Extended unified mtge 3^8, 1950
Extended unified mtge 4s, 1960
As
of Feb. 21, 1940
Nashv Chatt & St Louis
System
Nash Chatt & St Louis Ry—
Equip trust
C
ser
(serially) 214*, 1952
As of Feb. 21, 1940
Southern Railway System
Equip trust
Equip trust
ser BB
ser
1st mtge series A 4s, 1978
REMOVED
FROM
MUNICIPAL BONDS AND NOTES
Town of New London, New Hampshire
Town of West Haven, Connecticut
THE
(serially) 4s, 1943
CC (serially)
4j^s,
1944
York, N. Y.—Budget Crisis Foreseen—Declaring that
budget situa¬
1934, Budget Director Kenneth
Dayton on Feb. 25 frankly admitted that there is small
possibility of absorbing mandatory and other inescapable
in next year's
budget within the $587,.509,839 pres¬
budget level without seriously impairing city services.
increases
Mr.
Dayton's statement
was
on
Oct. 15.
Williamson, Westchester Republican,
day of filing the
return, April 15, and the remaining one-quarter on or before the 15th day
of each third succeeding month.
New
York
State—Eight New Banking Bills Approved—
on Feb. 23
signed eight banking measures
which had been sponsored by Senator Pliny W. Williamson,
Westchester Republican, and Chairman of the Senate Com¬
mittee
on
Banks.
bills provide that loans and investments made
by banking insti¬
and insurance companies under the National
Housing Act shall
be subject to regulation of the State Insurance Superintendent or State
New
for
remaining one-quarter
tutions
the city was now faced with the most serious
tion confronting it since
The occasion
June 15 and the
Sponsored by Senator Pliny W.
The
LIST
MUNICIPAL BONDS
City of Baltimore, Maryland
City of Louisville, Kentucky
partmental requests made at 147 public
on
the bill would provide that for the taxable year ending Dec. 31,
1941, the
income taxpayer could elect to pay one-quarter on the
Governor Lehman
Southern Ry—
Nashv. Chatt. & St. Louis System
Nashville Chatt & St Louis Ry—
Four Income Tax Bates—The Senate
Feb. 28 and forwarded to the Assembly a bill
on
which would divide New York State income tax payments
into four equal instalments, instead of the present instal¬
ments of one-half on the return date, April 15,
one-quarter
F (serially) 2^s, 1952
Elgin Joliet & Eastern Ry
Equip trust of 1939 (serially) 2>£b, 1949
V
As of Feb. 21, 1940
borrow
Senate Passes Bill for
passed
E (serially) 4^8, 1941
ser
As of Jan. 27, 1940
Florida Southern ItR 1st 4s, 1945
Norfolk & Carolina RR 2d 5s, 1946
the State would not have to
$10,000,000
for two months at the longest and that the expense
borrowing would be "a mere drop in the bucket" com¬
pared with the interest on temporary borrowings of over $200,000,000
now outstanding.
Atlantic Coast Line System
Atlantic Coast Line RR—
1952
than
difference until it was paid in the second instal¬
by Assemblyman Abbot Low Moffat, Manhattan
up the
assured
Fiscal Chairman, that
of such temporary
RAII ROAD EQUIPMENT TRUSTS
As of Feb. 21, 1940
System
General unified Series A 4Mb, 1964
General unified series B 4s, 1964
Atl Coast Line RR of S C 4s, 1948
ent tax
more
make
was
Republican,
Southern Railway System
As of Feb. 21, 1940*
Atlantic Coast Line
Atlantic Coast Line RR—
He
ment.
Southern Ry—1st cons mtge 5s, 1994
Memphis Division 1st 5s, 1996
St Louis Division 1st 4s, 1951
Town of Rocky Hill, Conn ^ctlcut.
RAILROAD BONDS
i
York
State—Assembly Approves Split Payments of
Income Tax—The Assembly passed unanimously on Feb. 27
a bill which would
permit payment of the State emergency
1% personal income tax in two equal instalments, one-half
at the time of filing the return on April 15 and the other
half within two months thereafter, according to a
dispatch
from Albany, which continued in part as follows:
The
MUNICIPAL BONDS AND NOTES
The savings banks, the Mayor said, were not only prepared to make
loans for the elimination of these major violations on a ten-year instalment
plan at only 4 %, but also were prepared to advance funds for the payment
of tax arrears, provided they do not exceed two years.
In addition, he
a
recapitulation of de¬
hearings held since Jan.
8 before
i11^ and Assis tant Budget Director Lester B. Stone.
The hearings con^ • They resulted in total departmental requests for
S $56,402,798 over the
This total is an increase
of «!«tto Lb0ud«et amounting to $643,912,369.
Banking Board; require a private banker to segregate all surplus used
by him in his private banking business, as well as funds held by him as a
private banker; make compulsory the examination of banks, trust com¬
panies, industrial banks and private bankers by the State Superintendent
of Banks at least twice in each consecutive period of 18
months, instead of
15 months, and strike out the provision permitting the Superintendent to
accept examination by a clearing house association.
The measures also provide that a bank or trust
company officer indebted
to a bank or trust company other than his own
must, within 10 calendar
days after he becomes so indebted, instead of during the next succeeding
January, make a written report to the Chairman of the board of directors;
provides that an application for change of office of a bank or trust company,
other than its principal place of business, for a period of
longer than six
months, must be acknowledged by a majority of the directors, relates to
change from a National bank to a State bank or trust company, and strikes
out "banking corporations," and make the
provisions apply to all banks.
x
present 1939-40 budget.
Over $30,000,000 of the
$56,000,000 increase requested appears to be
inescapable, Mr. Dayton said.
Of that amount,
$22,000,000 represents
Anrf
a8e8 over which the city has no control, and more than
an amount required to staff
and maintain new facili¬
already constructed and scheduled for operation.
He stated that for the
past six years mandatory and other
necessary
increases have occurred in the
budget to the extent of at least $133,000,000.
Nevertheless, Mr. Dayton added, the present
budget is only $36,000,000
higher than the 1934 budget, so that about
$97,000,000 worth of additional
city services or mandatory charges have been
absorbed by continuous
and Progressive economies which
have finally reached the
point where
there is little or nothing left
upon which to economize
$8,000,000 represents
ties
"Lorf?;tPrnbde^t seryice
Mr. Dayton said.
crease,
accounts for $9,200,000 of the mnadatory in¬
This item is not within the
2% constitutional
mSnSM
Leavmg. this out of consideration, we had a margin of
$385,000 within the constitutional tax limit to meet
the remaining $21,000,000 increase, and it is probable that
even that margin will be
wiped out
entirely by reductions in assessed valuations."
Mayor Announces Tenement Repair Loan Plan—It was
Mayor La Guardia on Feb. 24 that there was no
longer any valid excuse for major violations of the Tenement
stated by
House
law
as
he made
public details of a comprehensive
plan to make money available to owners at low interest
rates for
necessary alterations.
The
earlier
Mayor
in
s
announcement
the outcome of
the week at which the final
report of the
was
Property Improvement, which worked
KJr*elnArd Fv H,°^n'. Chairman
Greater New York Savings Bank.
a
conference
plan,
was
submitted to him
of the committee and President
of the
Asserting that the decision of the Court of
Appeals on Dec. 6, 1938,
holding that the prior lien law passed in 1937 was
ihvalid, had left a dan¬
gerous situation, the Mayor said that
the new arrangements worked
Republicans Propose $5,000,000 Reduction in State Budget—
Legislature's majority Republicans cleared the way for
adoption of a party "economy" program, slashing the pro¬
posed $396,700,000 State budget by more than $5,000,000
and claiming "hidden" funds make a new tax unnecessary,
according to an Associated Press dispatch from Albany on
The
Feb.
28.
The
Assembly-Senate Republican fiscal program proposes
1 Reduction of $3,000,000 in the home relief appropriation, $1,500,000
in State aid for education, and $500,000 in capital
outlays.
2 Retention of about $4,000,000 of State-collected bank taxes now shared
•
with localities.
3 Placing all State agencies on a self-supporting basis, requiring raising
of present fees to accomplish a $4,000,000 saving.
4 Collection by the State Banking Department of about $3,500,000 in
delinquent
5
taxes.
Compelling life insurance companies to turn
yield of $4,000,000.
over
unclaimed policies
to the State for an expected
he
held
Mayor's Committee on
out the
Senate Votes Utility Tax Authority Extension—The Senate
passed and sent to the Assembly on Feb. 28 tbe Bewley bill
extending until Jan. 1, 1941, the authority of cities to impose
a 1 % tax on the
gross receipts of utilities and use the revenue
for unemployment relief.
out
Governor Rejects
New Budget Plan—Governor Lehman
rejected on Feb. 29 the above described budget program of
the Republicans of the Legislature and thus put an end to
the political truce which has been prevailing in fiscal matters
at
Albany.
I
Volume
Governor
..v-
The Commercial & Financial Chronicle
ISO
denounced
the
Republican
hocus-pocus," declared that he would have
a
t
budget-balancing
no
plan
as
slightest part in the scheme
r®tU8ec*confer with the Republican
leaders concerning it."
today as "dishonest," the Governor
further in a special message, which he will
In his attack on the
Republican plan
said that he would discuss it
send to the Legislature on March
4.
He left open the question as to whether
he would sign
any of the numerous laws which must be
passed by the
Legislature to put the Republican
program into effect.
Legislature Approves Resolution Against Presidential ThirdTerm—The State Assembly received on Feb. 27 from the
Senate and adopted by a vote of 82 to 47 the Democraticsponsored resolution calling upon Congress to pass
lation
which
States
legis¬
from
would
prevent
President of
any
the
United
seeking a third term, according to Albany
advices.
Copies of the resolution, introduced by Senator
John J. McNaboe, Manhattan
Democrat, were prepared
at
OFFERING—It is stated by J. W. Griffin, City
Clerk, that he will receive sealed bids until March 4, for the purchase of
$20,000 3}4% semi-ann. public improvement bonds.
Oklahoma—Constitutionality of New
from holders of such bonds sealed tenders until March
19, at noon.
Such tenders must specify the numbers of the bonds so tendered
or of¬
fered for sale to the city, and the
price at which the same are tendered or
offered.
Bidders or offerers of such bonds may stipulate, if desired, that
their tenders are for the
purchase of all or none of the bonds tendered.
Bidders shall state in their tenders that the bonds
tendered, if purchased by
the
city, will be delivered at the City Bank Farmers Trust Co., New York
March 31.
Enclose a certified check for 1% of the face amount of the
bonds tendered, payable to the city
on
ARIZONA BONDS
Tax Laws Upheld—
Markets in all Municipal Issues
ployment compensation law under which $5,028,784 has been
paid to 64,824 jobless citizens, according to a report from
REFSNES, ELY, BECK & CO.
Oklahoma City to the "Wall Street Journal" of Feb. 29.
United States—State Tax Collections Increase
$775,000,000 in Two-Year Period—State tax collections of
1939 showed
increase of $774,806,000
an
over
tion of Tax Administrators said
PHOENIX, ARIZONA
ARIZONA
MESA, Ariz.—BOND
and
mature
those of 1937, the Federa¬
Feb. 27.
Aside from the
For
said.
Comparisons
by
the
Federation
on
LANDRETH
gasoline and other motor fuels brought the States the
largest
revenue in 1939,
totaling $800,881,000.
Next in line of the big
contributors was the payroll tax, which amounted to
$798,993,000 in the
48 States.
The proportion of total tax collections in 1939
represented by
these two taxes was nearly the
same—20.9% from motor fuels and 20.8%
from payroll levies.
In 1937 motor fuel taxes had brought in
20% and the
payroll tax, at the time effective in only 36 States,
9.2% of total collections.
Two other taxes—income and liquor—made
appreciably larger contribu¬
tions to State revenues in 1939 than in 1937.
Liquor tax and license re¬
ceipts went up from $174,208,000 in 1937 to $218,546,000 in 1939.
Income
tax receipts of the States increased from
$239,655,000 to $329,354,000,
including the addition resulting from changing certain receipts
formerly
classified
as
as "special
property taxes" to the "income" classifications.
Total tax collections of the States in 1939 amounted to
$3,831,764,000,
against $3,056,958,000 in 1937.
Amounts and proportions contributed
by the various types of taxes in 1939 were as follows (amounts listed in
thousands of dollars):
Amount
Motor fuels.
%
A mount
$800,881
Payroll..
Generalsales
20.9
798,993
442,336
.....
20.8
Death and gift
11 5
Tobacco
License
taxes
%
362,289
9.5
8.6
5.7
1.1
1.1
3.5
6.3
206,821
1.6
44,423
Other
241,218
218,546
4.0
69,537
Severance
329,354
Property
Liquor
$151,728
133,026
-42,612
Motor vehicle license._
Income
5.4
Gross
receipts
utilities, &c
1941 and $3,000 in 1942 to
BUILDING, ST. LOUIS, MO.
ARKANSAS
ALMA
SCHOOL
DISTRICT
(P.
O. Alma), Ark.—BONDS SOLD—
bonds
It is stated by the District Secretary that $10,000
A]4% refunding
have been purchased by T. J. Raney & Sons of Little Rock at a
101.05,
a
basis of about 2.28%.
Denom.
on May 1 in 1940 to 1949, incl.
Due $1,000
price of
Dated May 1, 1939.
Prin. and int. (M-N) payable
$1,000.
at the Commercial National Bank in Little Rock.
ARKANSAS, State of—BOND PLRCHASE FUNDS AVAILABLE—
Comptroller J. O. Goff estimates $700,000 will be available March 15 when
on
highway debt obligations are examined by State Refunding
Board.
Open market prices of Arkansas securities have increased in recent
months, and on Feb. 15 the State paid $792,713 for obligations of $799,423
par value.
tenders
BATESVILLE,
Ark.—BOND
ELECTION—A
$66,000
issue
of
high
school construction and auditorium bonds will be submitted to the voters
at an election scheduled for April 16.
DUMAS SCHOOL DISTRICT (P. O. Dumas). Ark.—BONDS SOLD
■—An $80,000 issue of 4% school bonds is reported to have been sold
recently.
BONDS CALLED—It is stated by S. T. Frank, District
Secretary, that
were called for payment at par and accrued
interest,
of March 1.
Funds for payment were made available at the Simmons
National Bank in Pine Bluff.
$89,000 school bonds
as
$3,831,764
100.0
on
POCAHONTAS, Ark .—BONDS SOLD—It is reported that $25,000
414% semi-annual sewer bonds were purchased recently by W. R. Stephens,
Inc. of Little Rock, at
Bond
$2,500 in
SCHERCK, RICHTER COMPANY
except one levy—the property tax—the main
types of taxes
by the States brought larger revenues last year than m 1937.
The
decline in property tax collections continued the trend
toward less State
dependence on this cource which has prevailed since 1915.
on
follows:
as
were
all
Taxes
1
Markets in all State, County & Town Issues
assessed
amount of
Jan.
ARKANSAS BONDS
on
Bureau of Census figures.
on
the
1950, incl.
payroll tax, which brought $450,000,000 more revenue, the
receipts was due mainly to increased revenue from pre¬
vailing taxes rather than to the adoption of new taxes, the
Federation
SALE DETAILS—It is
now stated by the
City
$29,500 6% semi-annual paving improvement bonds sold
jointly to Kirby L. Vidrine & Co. and the G. H. Hanchett Bond Co., Inc.,
both of Phoenix, as noted here—V.
150, p. 1160—were purchased at par
Clerk that
rise in
based
Dec. 1
on
TARRANT CITY, Ala.—BOND TENDERS INVITED—It is stated
by
Z. D. McCuen, City Clerk, that the
city has available for the purchase of
public improvement refunding bonds of the issue dated April 1, 1937, and
which mature April 1, 1967, the sum of
$10,842.86, and the city will receive
Oklahoma Supreme Court has upheld the
constitutionality
of the newly effective
intangibles tax law and of the unem¬
The intangibles tax law was enacted
by the last legislature, becoming
effective Jan. 1, this year, and was
designed to eliminate evasion of levies
on
property such as money on deposit, stocks, bonds and
promissory notes.
It repealed other laws under which such
property had been assessed in past
years.
The new levies range from two to four mills.
The attack on the compensation law was
by a novelty firm operating in
Oklahoma City and Tulsa, which contested
validity of the grouping several
employing units of one company to levy the payroll tax.
The court ruled
the legislature possessed such
grouping powers.
Due $2,000
in 1940 to 1949 incl.
for transmission to.Congress.
once
1471
LEEDS, Ala.—BOND
Proposals and Negotiations
price of 102.00.
California
ALABAMA
BIRMINGHAM, Ala.—BOND OFFERING—-Sealed bids will be received
noon on March 12 by C. E.
Armstrong, City Comptroller, for the pur¬
aggregating $2,130,000:
Municipals
Bankamerica Company
until
chase of the following bonds,
$1,820,000 capital
a
485 California Street, San Francisco
improvement
refunding bonds.
Due on April 1 as
follows: $55,000 in
1944 to
1948; $110,000,
1949 to
1953:
$175,000 in 1954 to 1958, and $120,000 in 1959.
100,000 public improvement bonds.
Due $10,000 on April 1 in 1943
Bell System Teletype SF 469
OFFICES
IN
OTHER
PRINCIPAL
CALIFORNIA CITIES
to 1952. inclusive.
210,000 public
improvement
(new)
bonds.
Due
$21,000
in 1941 to 1950.
Denom.
$1,000.
Dated April
rate of interest which
the bonds
of interest in the State.
1,
are
on
April
1
1940.
The bidder shall specify the
bear, not exceeding the legal rate
to
The bidder shall
use
the lowest rate of interest
at which he will pay par or more
of 1 %.
for the bonds, expressed in multiples of
Each of the three issues of bonds may carry a different interest
split rates on any of the issues, as regards that particular issue,
rate, but no
will be considered.
The award of all three issues of bonds will be made
to
the single bidder who offers the
highest lawful price for the combined issues.
determining the highest bidder for the bonds, the net interest cost to
the city shall govern.
The bonds will not be sold for less than par, plus
accrued interest to date of delivery of the bonds and payment
therefor.
Prin. and int. (A-O) payable in lawful money at the Chemical Bank &
Trust Co., New York, or at the First National Bank,
Birmingham, Ala.
In
All of the bonds are secured by the full faith and credit of the
city, and by
the taxing power of the city heretofore, now or hereafter conferred
upon it
by law.
The public improvement refunding bonds are further secured
by subrogation of the respective liens which tne bonds refunded by the re¬
funding bonds respectively have on the respective sinking funds and local
improvement assessments securing the issues of which the refunded bonds
form a part.
The public improvement bonds (new) are also further secured
by assessments against the property benefited by the improvements to
pay for which the bonds are issued, and the funds arising from the assess¬
ments are pledged for the payment of the principal and interest of the bonds.
All three issues of bonds and the interest thereon are exempt from
State,
county and municipal taxation, and after the maturity thereof are receiv¬
able in payment of all taxes and dues to the city.
The City Commission
will furnish to the purchaser the opinion of Thomson, Wood & Hoffman of
New York,
copy
approving the legality and validity of the bonds, and a certified
of all proceedings will be furnished showing authority to issue the bonds.
a certified check for $21,300, payable to the city.
Enclose
BOND CALL—It is announced by C. E. Armstrong, City
Comptroller,
that a total of $942,000 bonds, made up of various numbers of outstanding
issues, are being called for payment as of April 1 at the Chemical Bank
& Trust Co., New York City.
GADSDEN, Ala.—BONDS SOLD—It is reported that $1,000,000 4%
revenue bonds were purchased recently by a syndicate
composed of the Equitable Securities Corp., the Cumberland Securities
Corp., both of Nashville, Milhous, Gaines & Mayes of Atlanta, and Stubbs,
Smith & Lombardo of Birmingham.
Dated Dec. 1, 1939.
Due on Dec. 1
in 1941 to 1978.
semi-annual water
CALIFORNIA
CALIFORNIA,
State of—WARRANT SALE—The $1,600,000
unem
ployment relief registered warrants offered for sale on Feb. 23—V. 150,
p. 1312—were awarded to Kaiser & Co. of San Francisco at 2%% plus a
premium of $2,915.
Dated Feb. 26, 1940.
Due on or about Feb. 26,
1941.
It. H. Moulton & Co. was second high bidder for the issue, offering
par plus $5,289 for 3% warrants.
Heller, Bruce & Co. and Weeden &
Co. bid par plus $817 for 2
LOS ANGELES COUNTY SCHOOL DISTRICTS
Calif.—BOND
SALE—The
following
(P. O. Los
issues of Burbank,
Angeles)
Unified School
District bonds, aggregating $773,000, offered for sale on Feb. 27—V. 150,
p. 1312—were awarded to a syndicate composed of Stranahan, Harris &
Co., Inc. of Toledo; the Pasadena Corp. of Pasadena; Barcus, Kindred
& Co.; C. F. Childs & Co., both of Chicago; Tyler & Co. of Boston; the
Wells-Dickey Co. of Minneapolis; the First National Bank of St. Paul, and
the First National Bank & Trust Co. of Minneapolis, as 3s, paying a
premium of $2,628.20, equal to 100.34, a basis of about 2.97%:
$88,000 Burbank Unified School District, elementary school of 1938 bonds.
Dated Jan. 1, 1940.
Due Jan. 1, as follows:
$4,000 in 1946 to
1961, and $6,000 in 1962 to 1965. Interest payable Jan. and July 1.
225,000 Burbank Unified School District, elementary school of 1939 bonds.
Dated Feb. 1, 1940.
Due Feb. 1, as follows:
$10,000 in 1942 to
1962, and $5,000 in 1963 to 1965. Interest payable Feb. and Aug. 1.
200,000 Burbank Unified School District, high school of 1938 bonds.
Dated Jan. 1, 1940.
Due $10,000 in 1942 to 1945, and $8,000 in
1946 to 1965.
Interest payable Jan. and July 1.
260,000 Burbank Unified School District, high school of 1939 bonds.
Dated Feb. 1940.
Due Feb. 1, as follows:
$10,000 in 1942 to
1949, $5,000 in 1950 to 1955, and $15,000 in 1956 to 1965.
In¬
terest payable Feb. and Aug. 1.
The $55,000
Downey Union High School District bonds offered at the
time, were awarded to Barcus, Kindred & Co. of Chicago, as 3s, pay¬
premium of $165, equal to 100.30, a basis of about 2.97%.
Dated
Feb. 1, 1940.
Due on Feb. 1 in 1942 to 1960.
same
ing
a
LOS
ANGELES
SALE—The
$13,000
COUNTY
SCHOOL
Palos Verdes
DISTRICTS,
Calif.—BOND
School District bonds also offered on
Redfield & Co. of Los Angeles, as 5s, paying a
premium of $15, equal to 100.115, a basis of about 4.98%.
Dated Jan. 1,
1936.
Due $1,000 on Jan. 1 in 1941 to 1953 incl.
Feb. 27
were
awarded to
The Commercial & Financial Chronicle
1472
O. Santa Ana), Calif.—SCHOOL BOND
OFFERING—It is stated that sealed bids will be received until March 12,
by B, J. Smitfi, County Clerk, for the purchase of an issue of $109,000
Newport Beach Elementary School District bonds.
Interest rate is not
to exceed 5%, payable semi-annually.
Denom. $1,000.
Dated April 1,
1940.
Due in from 1 to 15 years.
These bonds were approved by the
ORANGE
COUNTY
Feb. 2.
DIEGO
-Rate
Bartlett, Knight & Co
1001067
.
100.005
Par
Par
Kneeland St Co___
State Bank of East Moline.
Lewis. Pickett & Co
FLORA,
III.—BONDS VOTED—At an election on Feb. 27 the voters
swimming pool construction bonds, previously
authorized an issue of $15,000
(P. O. San Diego), Calif.—BONDS DE¬
FEATED—It is stated by the Deputy County Clerk that at an election
held on Feb. 12 the voters defeated a proposal to issue $150,000 in Grossmont Union High School District bonds.
SAN
2^ 1940
Bidder—
(P.
voters at an election held on
March
COUNTY
contracted for by Ballman & Main of
Chicago—V. 150, p. 1313.
HARVARD, III.—PROPOSED BOND ISSLE—The village is
ing an issue of $50,000 sewage plant construction bonds.
consider¬
HARPE TOWNSHIP (P. O. La Harpe), 111 .-PRE-ELECTION
BOND ISSLE—W. E. Hanna & Co. of Burlington purchased an issue of
LA
COLORADO
highway improvement
$38,000
bonds subject to voters' approval of the
loan.
COLORADO
SCHOOL
SPRINGS
DISTRICT
(P.
O.
Colorado
Springs), Colo.—BONDS SOLD—It is stated by the Secretary of the Board
Education that $60,000 2% semi-annual school completion bonds author¬
ized by the voters on Nov. 29 have been purchased at par by the Colorado
Denom. $1,000.
Dated Nov. 1,
Springs Clearing House Association.
1939.
Due on Nov. 1 as follows: $25,000 in 1943, $5,000 in 1944 and 1945,
or
and $25,000 in
Prin. and int. (M-N) payable at the County Treas¬
1946.
urer's office.
NO. 77 (P. O. EdwardsIII.—BOND OFFERING—A. E. Bayer, Secretary of the Board of
MADISON COUNTY SCHOOL DISTRICT
ville),
Education, will receive sealed bids until 7 p. m. on
semi-annual electric light and power revenue refunding
bonds.
Due $25,000 Oct. 1, 1940; $26,000 April and Oct. 1,
1941; $27,000 April and Oct. 1, 1942 and 1943; $27,000 April and
$28,000 Oct. 1, 1944, and $29,000 April and Oct. 1, 1945.
244,000 2% semi-annual electric light and power revenue refunding bonds.
Due $30,000 April and Oct. 1, 1946 and 1947, and $31,000 April
and Oct. 1, 1948 and 1949.
$298,000 1 H%
Dated
Denom. $1,000.
All bonds are callable in inverse
1,1945, and thereafter they are callable
30 days' published notice.
Principal and interest payable in
Denver.
Legality approved by Chapman & Cutler of Chicago.
The $61,000 2% semi-annual electric light and power revenue refunding
bonds were bought back by the City Light Revenue Fund.
Due $30,000
on April 1 and $31,000 on Oct. 1, 1950.
April 1, 1940.
numerical order at 102 prior to Oct.
at 100 upon
March 15 for the pur¬
Due $5,000 on Jan.
election held last
will be furnished
15 from 1944 to 1947", incl.
Bonds were authorized at an
October.
Legal opinion of Chapman & Cutler of Chicago
the successful bidder.
O.
(P.
TOWNSHIP
MARTINSVILLE
FORT COLLINS, Colo.—BOND SALE DETAILS—In connection with
the report given here on Feb. 24 that $542,000 bonds had been sold to a
group headed by Brown, Schlessman, Owen & Co. of Denver—V. 150, p.
1312—it is now reported that the bonds are divided as follows:
Denom. $500.
3% school bonds.
chase of $20,000
Martinsville),
111.—BONDS
election
SOLD— The $12,000 highway and bridge bonds authorized at an
last December have been sold to Edward C. Gallagher of Chicago.
COMMUNITY HIGH SCHOOL
Park), III.—BOND ISSUE DETAILS—The
in—V. 150, p. 304—were pur¬
by Ballman & Main of Chicago, as 3 Mb, and mature $6,000 on Jan. 1
PIGEON
DISTRICT
TOWNSHIP
GROVE
Cissna
(P. O.
$120,000 school building bonds reported sold
chased
from 1941 to 1960, inclusive.
PRAIRIE DU ROCHER, III.—BOND ISSLE DETAILS—'The $11,500
4% water bonds purchased by local banks—V. 150, p. 1161—were sold at
par and mature Feb. 1 as follows: $500 from 1942 to 1956 incl. and $1,000
from 1957 to 1960 incl.
SADORUS, 111.—BOND ISSUE DETAILS—The $4,500 fire department
sold at a price of 105.622, as reported in V. 150, p. 1313—were
purchased by the White-Phillips Corp. of Davenport, as 4^s. Dated Dec.l.
1939. Denoms. $1,000 and $500. Due Dec. 1 as follows: $500 in 1941 and
$1,000 from 1942 to 1945 incl.
bonds
SENECA, HI.—BOND ELECTION—An election will be held March 2
the question of issuing $15,000 street improvement bonds.
on
CONNECTICUT
SWANSEA
NEW BRITAIN,
Conn .—NOTE SALE—The issue of $250,000 tax
anticipation notes offered Feb. 27—V. 150, p. 1312—was awarded to F. W.
Home & Co. of Hartford, at 0.163% discount.
Payable June 20, 1940
at the National City Bank of New York.
Other bids:
Bidder—
Leavitt & Co
Discount
4
ment
0.173%
0.175%
0.19%
First National Bank of Boston
Belleville),
O.
111.—BONDS
purchase bonds.
DEFEATED—At an
$10,000 fire equip¬
.
VERMONT, 111.—BONDS VOTED—At an election held early in Febru¬
the voters authorized $23,000 general obligation water system bonds
ary
and $44,000revenue bonds.
0.169%
-
Cooley P Co
R. L. Day & Co
(P.
election held on Feb. 20 the voters rejected an issue of
HIGH
WELLINGTON
FEATED—An
issue
the voters at
election
an
SCHOOL
DISTRICT,
III.—BONDS
DE¬
$50,000 construction bonds was turned down by
Feb. 17.
of
on
(P. O. Westfield), III.—BONDS SOLD—
issue of $5,000 ±lA% highway improvement bonds was sold to the
White-Phillips Corp. of Davenport. Dated Dec. 1, 1939 and due $1,000 on
Dec. 1 from 1942 to 1946 incl.
WESTFIELD TOWNSHIP
An
FLORIDA
ENTERPRISE SCHOOL DISTRICT No. 11 (P. O. De
Land), Fla.—
WHITE
BOND OFFERING-—It is reported that sealed bids will be received until
March 20,
by George W. Marks, Superintendent of the Board of Public
Instruction, for the purchase of $20,000 improvement bonds.
These bonds
were approved by the voters at an election held last September.
HALIFAX
HOSPITAL
DISTRICT
(P. O.
Daytona Beach)
COUNTY
COUNTY-NON
WOOD RIVER,
Fla.—
Co.
funding bonds of 1936,
held
LEE COUNTY (P. O. Fort
Myers), Fla.—BOND SALE—The $75,000
4% semi-annual airport bonds offered for sale on Feb. 26—V. 150, p. 871
awarded to R. E. Orummer & Co. of Miami, at a price of 95.75, a
basis of about 4.38%.
Due on Jan. 1 in 1945 to 1964.
The second highest bid was an offer of 95.70, entered by Sullivan, Nelson
& Goss, Inc., of West Palm Beach.
—were
MIAMI, Fla.—TWO LARGE BOND FLOTATIONS PLANNED—The
1 carried the following report:
Miami, Fla., is planning to offer $36,100,000 of bonds within the next
three weeks and $28,160,000 of the issue is expected to be ready for market
about the middle of March and the additional $8,000,000 early in April.
"Wall Street Journal" of March
This issue is the
same
as
that
on
which
bids
were
asked
for Feb.
groups had planned to bid on the offering then, one with¬
drew because delivery was not to be made for 70 days.
That technicality
was one of the reasons why the one bid which was submitted in February
was
not
sufficiently attractive to the city officials.
The city had fixed the
offering at 3% and stipulated that no bids under 99 M
on
approval of loan at an election to be
April 16—V. 150, p. 1313.
INDIANA
GARY, Ind.—BOND ISSLE DETAILS—The $69,000 2M% refunding
bonds awarded last November to John Nuveen & Co. of Chicago, at a price
of 101.198—V.
149,
and mature Nov. 1,
INDIANAPOLIS
5.
Although two
of Chicago
DECATUR, Ind.—BOND ISSLE DETAILS—The $350,000 3% light
and power plant revenue bonds purchased last October by the City Securities
Corp. of Indianapolis—V. 149, p. 3005—were sold at price of 100.676, a
basis of about 2.91%.
They mature as follows: $10,000, Jan. 1 and July 1
in 1942 and 1943; $11,000, Jan. 1 and July 1 in 1944 and 1945; $12,000
Jan. 1 and $13,000 July 1, 1946: $13,000 Jan. 1 and July 1 in 1947 and 1948;
$13,000 Jan. 1 and $14,000 July 1, 1949; $14,000 Jan. 1 and July 1, 1950;
$14,000 Jan. 1 and $15,000 July 1, 1951: $15,000 Jan. 1 and July 1 from
1952 to 1954 incl. and $15,000 Jan. 1, 1955.
An
order
approving the $28,160,000 of general refunding bonds was
signed yesterday by Circuit Judge Paul D. Barns.
Validation was un¬
contested.
Attorneys expect to take it to the State Supreme Court by
March 4 and it is further anticipated that a decision from that body will
be obtained within 15 days and the issue ready for public offering.
DISTRICT
111.—PRE-ELECTION BOND SALE—Stifel, Nicolaus
&
system revenue bonds subject to voters'
on
SCHbOL
have purchased an issue of $400,000 water and sewer
BOND CALL—David L. Black, Secretary of the Board of Commissioners,
is calling for payment at par
and accrued interest a total of $500,000 re¬
April 1, at the Guaranty Trust Co. in New York.
HIGH
(P. O. Grayville), 111.—BONDS SOLD—The issue of $54,000 school build¬
ing bonds authorized at an election last December has been sold, according
to L. D. Butler, District Secretary.
p. 3436—are dated Nov. 1, 1939, in $1,000 denoms.
1949.
FLOOD CONTROL
DISTRICT.
Ind.—NOTE OF¬
FERING-^James E. Deery, City Comptroller, will receive sealed bids until
10 a.m. on March 15 for the purchase of $25,000 not to exceed 6% interest
notes or warrants to be issued for the use and benefit of the flood district
for its
maintenance and
general
expense
fund.
Dated March
15,
1940.
May 15, 1940 at the County Treasurer's office or
coupon rate on the
Payable with interest
would be accepted.
The one bid received for the issue was less than that.
In addition to the general refunding bonds, the city has authorized two
issues of water bonds totaling $8,000,000 with maturities to run from 1942
to 1970.
The Miami city attorney is planning to come to New York next
depositories in Indianapolis.
The loan will be
evidenced by notes or warrants signed by the Board of Flood Control Com¬
missioners and shall be payable only out of taxes actually levied and now in
process of collection as provided for in State legislation authorizing creation
Monday to discuss the trust indenture for that issue with bond
of flood control districts.
men
and
at
their attorneys.
PALM
an
elec¬
posed issuance of $555,000 in municipal improvement bonds.
PINELLAS COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 1 (P. O. Clearwater) Fla.—BOND OFFERING—It is stated by Ray
E. Green, Clerk of the Board of County Commissioners, that he will receive
sealed bids until 10 a. m. on March 19, for the
purchase of $36,000 3%
semi-ann. road and bridge refunding, issue of 1940 bonds.
Dated April 1,
1940. Denom. $1,000. Due $12,000 April 1, 1941 to 1943. Prin. and int.
payable In New York City or Jacksonville.
The bonds are general obli¬
gations of the district, payable from an unlimited tax to be levied upon all
property (including homesteads) within the district.
Delivery of
the bonds will be made at the Florida National Bank, Jacksonville, upon
approval of the bonds by Masslich & Mitchell, of New York, and Giles J.
Patterson of Jacksonville.
Enclose a certified check for 2% of the amount
of bonds bid for, payable to the Board of County Commissioners.
GEORGIA
ELBERTON, Gs.-BOND ELECTION—It is stated by C. L. Smith,
City Clerk and Treasurer, that an election is slated for March 12 in .order to
vote
on
bonds.
the issuance of $30,000 in auditorium
SCHOOL
CITY,
Ind.—BOND OFFERING—A. B.
Good, Business Director of Board of School Commissioners, will receive
sealed bids until! 12:15 p. m. (CST) on March 5, for the purchase of $400,000
not to exceed 5% int. series A coupon refunding bonds.
Dated March 14.
1940.
Denom. $1,000. Due July 1 as follows:
$5,000 in 1941; $20,000 In
1944 and 1945; $10,000,1948 to 1950, incl.; $25,000,1951 and 1952; $30,000.
1953; $40,000 froml955 to 1959, incl. and $45,000 in 1960. Bidder to name
single rate of interest, expressed in a multiple of M of 1 %. Principal and
interest (J-J) payable at office of the Treasurer of Board of School Com¬
missioners.
The bonds are payable from unlimited ad valorem taxes on
all of the school city's taxable property and the bonds to be refunded mature
in the present year.
A certified check for 3% of the issue bid for, payable
a
to
order
of the
Board of
School
Commissioners, must
accompany
each
proposal.
JEFFERSON TOWNSHIP SCHOOL DISTRICT (P. O. Box 172,
R. R. 1, Goshen), Ind.—BOND OFFERING—Charles R. Morse, Trustee,
bids until 1 p. m. (CST) on March 19 for the purchase of
$27,000 not to exceed 2M% interest judgment funding bonds.
Dated
Feb. 15, 1940. Denom. $500. Due as follows: $1,500, July 1, 1952; $1,500,
Jan. 1 and July 1 from 1953 to 1960 incl. and $1,500, Jan. 1, 1961. Bidder
to name a single rate of interest, expressed in a multiple of M of 1%.
The
bonds are payable from unlimited ad valorem taxes on all of the school
district's taxable property.
will receive sealed
and armory construction
(Thesejx>nds]have been contracted for, prior to the said election.)
on
authorized
of the
INDIANAPOLIS
BEACH, Fla.—BOND ELECTION—It is reported that
tion is scheduled for March 14 in order to have the voters pass on the pro¬
taxable
one
MARION,
Ind.—BOND OFFERING—Robert K. Custer, City Clerk,
bids until 10 a. m. on March 4 for the purchase or $40,000
M % interest waterworks revenue bonds. Dated Jan. 1,1940.
will receive sealed
not to exceed 4
IDAHO
RIMROCK HIGHWAY DISTRICT (P. O. Lewiaton), Idaho—BOND
OFFERING—Sealed bids will be received until 11 a. m. on March 4, by
Fred Morscheck, Chairman of the Board of Highway Commissioners, for
the purchase of $12,000 coupon refunding bonds.
ILLINOIS
CALHOUN COUNTY COMMUNITY HIGH SCHOOL DISTRICT
NO. 38 (P. O. Hardin), 111.—BONDS SOLD—The $9,000 3^% operating
expense bonds approved by the Board of Education last October have been
Dated Nov. 1,1939 and due $1,000 on Dec. 1 from 1941 to 1949 incl.
sold.
CHICAGO PARK DISTRICT, III.—WARRANT SALE— R. J. Dun¬
ham, President of the Board of Park Commissioners, recently reported the
private sale of $6,800,000 tax anticipation warrants.
EAST MOLINE, III.—BOND ISSLE DETAILS—The
$185,000 paving
Davenport, at a price of
p. 1313r-were sold as 2Mb, a net interest cost of about
2.48%. Other bids, all for 2Mb, were:
bonds purchased by the "White-Phillips Corp. of
100,122-V, 150,
Denom. $1,000. Due Jan. 1 as follows: $5,000 in 1943; $6,000 from 1944 to
1948 incl. and $5,000 in 1949.
Bidder to name a single rate of interest,
expressed in
a
multiple of M of 1%.
Registerable
as
to principal.
Payable
with J-J interest at the City Treasurer's office. Proceeds of the issue will be
used to pay for improvements to the municipal water system. Issuance of
bonds has been approved by the State Public Service Commission.
The
bonds provide that they shall be payaDle from 7% of the gross revenues of
the city's water works system, as provided in the ordinance; also, that the
bonds shall not constitute an indebtedness of the city within the provisions
and limitations of the State Constitution.
The city's water works system is
The approving opinion of Matson, Ross, McCord & Ice,
Indianapolis, together with the transcript of the proceedings had relating
to the issuance of the bonds, will be furnished to the purchaser at the
expense of the city.
Enclose a certified check for $500. payable to the city.
unencumbered.
of
VINCENNES TOWNSHIP (P. O. Vincennes). Ind.—BONDS SOLD—
The $4,000 school township refunding bonds and the $10,500 township
refunding bonds offered Jan. 2—V. 149, p. 3589—were awarded to the
Fletcher Trust Co. of Indianapolis, the former loan as 2Mb, at 101.775,
and the latter as 2Mb, at 100.152.
All of the bonds are dated Jan. 1, 1940
and the $4,000 mature $1,000 from 1953 to 1956 incl., and the $10,500 are
payable $5,000 Jan. 1 and $5,500 July 1, 1951.
Volume
The Commercial & Financial Chronicle
150
due
1473
Nov.
5, 1940.
Other bids: First Boston Corp., 0.27%, plus
Halsey, Stuart & Co., Inc., New York, 0.30%, plus $65.
IOWA
$28;
BLACK HAWK COUNTY
ING—We
informed
are
by
(P. O. Waterloo), Iowa—BOND OFFER¬
Anna M. Decker, County Treasurer, that
CAMBRIDGE, Mass.—BOND SALE—The $250,000
sealed bids will be received until
struction
tion
March
1 p.m. on March 12, for the purchase of
$220,000 primary road bonds, after the receipt of which and the considera¬
of open bids, the bonds will be sold to the
highest bidder for cash.
Dated April 1. 1940.
Due on May 1 as follows: $20,000 in 1948, and
$100,000 in 1949 and 1950.
It is required that bids should be made on the
basis of par and accrued interest
or better for all of the bonds
bearing the
rate, such interest rate to be a multiple of % of 1%.
The purchaser must agree to furnish the blank
bonds, and the county
will furnish the
approving opinion of Chapman & Cutler of Chicago, and
all bids must be so conditioned.
A certified check drawn on a State or
National bank and payable to the order of the
County Treasurer for an
amount equal to 3% of the amount of bonds
offered, must be furnished by
bidders.
In order to assure competitive
same
bidding on a uniform and im¬
partial basis, sealed bids should be submitted on bidding blanks which may
be obtained from the above Treasurer at
Waterloo, and from the Iowa
State Highway Commission at Ames, Iowa.
All open bids are to be made
on condition that before a final
acceptance thereof, they will be reduced
to writing on one of said
bidding blanks.
bonds offered
Inc., New York,
1, 1940.
2s, at
as
Feb.
a
28
were
awarded to
price of 100.819,
a
coupon sewer con¬
Halsey,
Stuart &
Co.,
Dated
basis of about 1.93%.
Denom. $1,000.
Due March 1 as follows: $9,000 from
1941 to 1950 incl. and $8,000 from 1951 to 1970 incl.
Principal and in¬
terest (M-S) payable at the National Shawmut Bank of Boston.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
The bonds
are unlimited tax
obligations of the city and were reoffered by the bankers
to yield from
0.15% to 2.20%, according to maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
Estabrook & Co.; R. L. Day & Co. and Whiting, Weeks
& Stubbs.
2H%
Harriman Ripley & Co., Inc. and F. S. Moseley & Co__
2H%
Tyler & Co
2^%
101.10
100.138
100.79
EAST LONGMEADOW, Mass —NOTE SALE—The
Springfield Safe
Deposit & Trust Co. of Springfield purchased on Feb. 26 an issue of $30,000
0.20% discount.
Due Dec. 16, 1940.
Blair & Co., Inc.,
New York, second high bidder, named a rate of
0.24%.
revenue notes at
The purchaser of the bonds will be
required to accept delivery and pay
for the proposed bonds at the office of the
County Treasurer or through
a county seat bank when the bonds
are available for delivery and payment.
GRAFTON, Mass .—NOTE SALE—The Merchants National Bank o
Boston purchased on Feb. 26 an issue of $100,000 revenue notes at 0.18%
discount.
Due $50,000 each on Dec. 5 and Dec. 20, 1940.
CASCADE, Iowa—BOND OFFERING—It is reported that bids will be
received until 7:30 p. m. on March 12,
by F. A. Kurt, Town Clerk, for the
purchase of $61,000 electric light and power plant revenue bonds. Interest
rate is not to exceed 6
%, payable semi-annually. The bonds are being issued
for the purpose of
paying in part the cost of
HAMPDEN COUNTY (P. O. Springfield), Mass.—NOTE OFFERING
—John J.
Murphy, County Treasurer, will receive sealed bids until noon on
March 6 for the purchase at discount of $200,000 tax
anticipation notes of
current year.
Dated March 7, 1940 and due Nov. 7, 1940. Notes will be
authenticated as to genuineness and validity by the First National Bank of
constructing a power house,
installing two Diesel engines, installing electrical equipment within the
station, and constructing a complete distribution system for serving the
Boston, under advice of Ropes, Gray, Boyden & Perkins of Boston.
town
The bonds shall not be general
obligations of the town, secured or
any manner by taxation, but shall be payable solely from the
net revenues of the
municipal electric light and power plant and system and
secured by a pledge of the
LYNN,
payable in
&
municipal electric light and power plant and
system, and the
net
sisted of:
earnings.
$150,000 sewer bonds.
Due $5,000 on March 1 from 1941 to 1970 incl.
150,000 street and sidewalk paving bonds.
Due $30,000 on March 1
FERTILE CONSOLIDATED SCHOOL DISTRICT
(P. O. Fertile),
Iowa—BONDS OFFERED—Sealed and oral bids were received at 8
p.m.
on March 1,
by the District Secretary, for the purchase of an $11,000 issue
of building bonds.
Dated March 1, 1940.
Due on May 1 as follows:
$1,000 in 1944 to 1946, and $2,000 in 1947 to 1950.
FLOYD COUNTY (P. O. Charles
City)
from 1941
Iowa—BOND OFFERING—
$45,000
funding bonds. Dated April 1, 1940. Due April 1, as follows: $10,000 in
1946, $20,000 in 1947, $10,000 in 1948, and $5,000 in 1949. Bids should be
MASSACHUSETTS (State of)—NOTE SALE—The issue of $4,000,000
offered March 1 was awarded to a group composed of the Bankers
Co., New York; Boston Safe Deposit & Trust Co. and the Day
Trust Co. of Boston, at 0.074% interest, at par.
Second National Bank of
Boston, only other bidder, named a rate of 0.142%.
Notes are dated
March 11, 1940 and mature March 6, 1941.
notes
made
on the basis of
par and accrued interest and all bonds should bear the
interest rate, such interest rate to be in a
multiple of U. of 1 %. Interest
payable April and Oct. 1.
The bonds are to be issued for the purpose of
Trust
same
retiring a like amount of existing indebtedness of the county outstanding as
of April 1, 1940,
representing expenditures for the support of poor persons
as defined in
Chapter 267 of the Code of Iowa.
In order to assure com¬
petitive bidding on a uniform and impartial basis, sealed bids should be
submitted on bidding blanks which may be obtained from the
County
All
MILLBURY, Mass.—NOTE SALE—The issue of $100,000 notes offered
Feb. 28 was awarded to the Second National Bank of Boston, at 0.148%
discount.
bids are to be made on condition that before final
acceptance thereof, they will be reduced to writing on one of the
bidding
blanks. The purchaser must agree to furnish the blank bonds.
open
NEEDHAM,
noon on
MAYNARD COMMON SCHOOL DISTRICT
(P. O. Maynard) Iowa—
BOND SALE DETAILS—It is now
reported Cy the Secretary of the Board
of Directors that the $70,000
refunding bonds sold as 2J4s, as noted here on
Jan. 13, were purchased
by Vieth, Duncan & Wood of Davenport, paying a
£remium of $50, equal incl.,
1
1941 to 1954 to 100.07,
m
a basis of about 2.24%.
RY"AN, Iowa—BONDS SOLD—It
$3,500 funding bonds have been sold.
WATERTOWN, Mass.—NOTE OFFERING—The Town Treasurer will
notes, payable Nov.
Due $5,000 on
26,
1940.
WORCESTER COUNTY
(P.
O. Worcester), Mass.—NOTE OFFER¬
ING—Alexander G. Lajoie, County Treasurer, will receive bids other than
is
stated
by the Town Clerk that
by telephone until
March 5 for the purchase at discount of $600,000
tax anticipation notes of 1940.
Dated March 5, 1940 and payable Nov. 14,
1940 at the Second National Bank of Boston.
Denoms. $25,000, $10,000
and $5,000.
Notes will be authenticated as to genuineness and validity by
the aforementioned bank, under advice of Ropes, Gray, Boyden & Perkins
Mi
SOLD—It is stated that $5,928.59 5%
bonds were purchased recently by the
Farmers & Merchants State Bank of
Winterset, paying a price of par.
Dated Jan. 2, 1940.
Due May 1, as follows: $1,928.50 in 1940, and $2,000
in 1941 and 1942, subject to call before
maturity on any interest payment
date.
Principal and interest payable at the City Treasurer's office.
street
OFFERING—Bids will be received until
discount of $150,000 tax notes, dated
1940.
1940, and due Dec. 5,
receive sealed bids until 3:30 p. m. on March 5 for the purchase of $300,000
WINTERSET, Iowa—BONDS
semi-annual
Mass.—NOTE
March 4 for the purchase at
March 5,
ov.
to 1945 incl.
All of the bonds will be dated March 1, 1940.
Denom. $1,000.
Prin¬
cipal and interest (M-S) payable at First National Bank of Boston.
Legal¬
ity approved by Storey, Thorndike, Palmer & Dodge of Boston.
Tyler
& Co. of Boston, second high
bidders, offered a price of 100.399 for 2s.
Successful bidders reoffered the bonds to yield from 0.15% to 2.40%,
according to maturity.
It is stated by C. E.
Laun, County Treasurer, that he will receive sealed
and open bids until March
18, at 1:30 p. m., for the purchase of
Treasurer.
Mass.—BOND SALE—The $300,000 coupon bonds offered
were awarded to Harriman
Ripley & Co., Inc. and Bond, Judge
Co., both of Boston, jointly, as 2s, at a price of 100.415.
Sale con¬
March 1
improvement
noon on
of Boston.
MICHIGAN
BIRMINGHAM, Mich.—BOND CALL—U. H. Corson, City Treasurer,
KANSAS
that the following described callable 1935 refunding bonds are
for payment at the National Bank of Detroit, on April 1, 1940:
$3,000 series A, numbers 14*, 168 and 200; $2,000 series AA, 88 and 93;
$39,000 series C, $1,000 E, number 27, $136,000 series G and $82,592.94
announces
called
STERLING, Kan.—BONDS DEFEATED— Reversing
previous favor¬
able vote, the taxpayers on Feb. 6
rejected a proposed $198,000 bond issue
to relocate and improve the
light and water plant.
Today's vote was
499 to 367.
The first vote
a
a
series H.
DETROIT, Mich.—TENDERS WANTED—Donald Slutz, City Comp
the bond issue carried by seven.
It was held void on
technicality by the Rice County District Court and ordered submitted
on
troller, will receive sealed tenders until
10 a. m. on March 11 (bids to be
p. m. the following day) for bonds in the amount of about
$250,000 under the following conditions:
If callable bonds are offered at a premium:
firm until 3
to another vote.
KENTUCKY
FORT
THOMAS, Ky.—BONDS SOLD—It is
.
(a) When the interest rate is 4H % or higher, the yield shall be computed
stated
to the first call date.
by the City Clerk
that $80,000 School
(b)
Corporation Holding Co. bonds were offered for sale
Feb. 28 and were purchased jointly by Pohl & Co., and Fox, Einhorn &
Co., both of Cincinnati, as 2%s, paying a premium of $1,400, equal to
101.75, a basis of about 2.51%.
Due $5,000 on Oct. 1 in 1940 to 1955.
If bonds
offered at par or less than par:
All tenders shall
Yield shall be computed to
be in
writing and shall be sealed and shall show the
purpose the rate of interest, date of maturity, the dollar value and the yield.
Tenders will be accepted on the basis of the highest net yield to the city as
computed from the dollar price. Only 1962-63 maturities of callable bonds
will be accepted. The city reserves the right on bonds purchased, which are
delivered subsequent to March 18, 1940, to pay accrued interest up to that
April 1, all of its presently outstanding 4% school building bonds ordinally issued under date of Oct. 1, 1935.
on
The bonds should be presented for payment at the
cease on date called.
are
the date of maturity.
BOND CALL—It is stated by Marian Carroll, City
Clerk, that the above
city, pursuant to an ordinance duly enacted, has elected to call for payment
New York, and interest shall
When the interest rate is less than 4^ %, the yield shah be computed
to the fourth call date.
on
Guaranty Trust Co.,
date only.
KENTUCKY, State of—NEW TYPE OF REPORT ISSUED—A new
kind of State report was delivered recently to the people of
Kentucky in the
form of a non-technical 64-page booklet called
"Kentucky Government,
1935-1939."
The report, according to the Council of State
Governments,
summarizes
FARMINGTON
the
(State
of)—TENDERS
WANTED—Murray
D.
Van
State Highway Commissioner, will receive sealed tenders until
11 of assessment district highway refunding bonds of
tenders must give a detailed description of the bonds
offered and stipulate the lowest price at which they will be sold with May 1,
1940 and subsequent coupons attached.
Bids shall remain firm through
March
(P. O. Mount Clemens), Mich.—BOND OFFER¬
will
of $555,500
coupon refunding bonds.
Dated Oct. 1, 1939.
Due May 1, 1959.
Rate
of interest, to be fixed by the bidder, must be at least one-half of 1% less
than carried on the debt to be refunded.
Principal and interest (M-N)
payable at the County Treasurer's office.
The bonds to be refunded were issued under the provisions of Act No. 59
ING—Bert Moore, Chairman of Board of County Road Commissioners,
receive sealed bids until 2 p.m. on March 15 for the purchase
This decision affirms the ruling of Baltimore Circuit Court which granted
CHEVRLY, Md.—BONDS SOLD—P. B. Kline, Inc. of Cincinnati pur¬
3M% coupon, registerable as to principal, unlimited tax
improvement bonds.
Dated Dec. 1, 1938 and Dec. 1, 1939.
Denom.
$1,000.
Due Dec. 1 as follows: $4,000 from 1942 to 1946 incl. and $5,000
from 1947 to 1953 incl.
Principal and interest (J-D) payable at the Prince
George's Bank & Trust Co., Hyattsville.
Legality to be approved by Niles,
Barton, Morrow & Yost of Baltimore.
of the Public Acts of the
State for the year 1915, as amended, known as
against the assessments on the various road districts.
be callable at various dates as set up in the refunding
plan heretofore adopted by the Board of County Road Commissioners and
the Board of Supervisors of the County.
Complete schedules of said
callable dates, maturity dates, and other information relating to said pro¬
posed bond issue and said refunding plan may be had at the office of the
Board of County Road Commissioners.
These bonds are secured by the
chased $55,000
the
Md.—BONDS SOLD—P.
E. Kline, Inc. of Cin¬
4j^%
unlimited tax improvement bonds.
$2,000 July 1, 1940: $2,000 Jan. 1 and
July 1 from 1941 to 1948 incl.; $2,000 Jan. 1 and $1,000 July 1, 1949,
and $2,000 Jan. 1, 1950.
Principal and interest payable at the Prince
George's Bank & Trust Co., Hyattsville.
Legality to be approved by
Niles, Barton, Morrow & Yost of Baltimore.
as
"Covert Act,"
These bonds
are
to
assessments heretofore levied on the divers assessment
$39,000
Due
14.
MACOMB COUNTY
petitions of two taxpayers enjoining the municipality from issuing the bonds
Appel¬
PLEASANT,
ance
secured
MASSACHUSETTS
will be received for all of said bonds
27 was awarded to the Chase National Bank of New York, at 0.22%
interest rate, at par plus alpremium of $27.
Dated March 1, 1940 and
Feb.
districts in accord¬
with the statutes authorizing the issue of said
bonds and are further
by the provisions of law requiring the County General Fund to
advance money for their payment.
In addition thereto, funds received
from the State under the provisions of the Horton Act, so called, will be
sufficient in amount to cover the major portion of the outstanding assess¬
ments and in the opinion of the Board of County Road Commissioners will
be sufficient in amount to assure payment of these bonds and the interest
thereon when due or before, in accordance with said refunding plan.
Bids
follows:
BOSTON, Mass.—NOTE SALE— The issue of $5,000,000 notes offered
(P. O.
District
m. on March
various issues.
Ail
under the emergency powers of the city charter.—V. 150, p. 152.The
late Court agreed that no emergency existed to justify the issue.
$500.
6
MICHIGAN
land Court of Appeals at Annapolis has handed down a decision
forbidding
the city from floating an "emergency" issue of $2,500,000 sewer bonds.
purchased
NO.
Wagoner,
MARYLAND
SEAT
DISTRICT
WANTED—Fred Wilkinson,
2 p.
BALTIMORE, Md.—SEWER BOND ISSUE ENJOINED—The Mary¬
Denom.
SCHOOL
Secretary, will receive sealed tenders of bonds dated April 15, 1936, until
8 p. m. on March 18.
About $2,000 is available for purchase of such bonds.
Offerings should be firm for five days.
reorganization of the State Government after 1936, and
discusses changes that have taken place in the various State
departments
during the last four years. Pictures and graphs help tell the story.
Although many cities issue arinual reports to their taxpayers, Kentucky is
one of the few States that have published a resume for
popular consumption,
covering all State governmental activities, according to the Council.
cinnati
TOWNSHIP
Farmington), Mich.—TENDERS
,
or
separate bids may be made applicable
the entire issue for each district.
Approving legal opinion of Miller,
Canfield, Paddock & Stone, of Detroit, and printed bonds will be furnished
by the county.
Enclose a certified check for 2% of the bid.
to
The Commercial & Financial Chronicle
1474
MIDDLEVILLE,
bonds offered
State
Feb.
Mich.—BOND SALE—The
28—V.
Bank of Middleville.
120,000 coupon sewer
150, p. 1026—were awarded to the Farmers
Dated March 1, 1940 and due March 1 as
$500 from 1941 to 1948 incl. and $1,000 from 1949 to 1964 incl.
folJows:
Mich.—TENDERS WANTED
Road Commissioners, will
(Covert) refunding bonds,
1, 1958, until 10 a. m. on March 11.
OAKLAND COUNTY (P. O. Pontiac),
—Lee O. Brooks, Chairman of Board of County
receive sealed tenders of highway improvement
dated Nov.
1935 and due Nov.
1,
Information concerning extent of the available funds on each of the several
issues will be furnished by the Road Commissioners.
March 13.
coupons
Bids to be firm through
No tenders at prices above par and accrued interest will be con¬
sidered and the bonds purchased must have May
1, 1940 and all subsequent
attached and be delivered to the Detroit Trust Co., Detroit, on or
dfbout Msrch Z5*
LAKE, Mich.—REFUNDING DETAILS—'The $67,000
refunding bonds exchanged with holders of original indebtedness—V. 150,
p. 1026—mature May 1, 1969, and bear interest at 3M% to May 1, 1942,
4% to May 1, 1945, 4%% to May 1, 1949, and 5% to maturity.
ORCHARD
OWOSSO. Mich.—NOTE OFFERING—G. A. Van Epps, City Clerk, will
sealed bids until 2 p. m. on March 4 for the purchase of $25,000 not
receive
to exceed
6% interest tax anticipation notes. Dated March 1, 1940. Denom.
$1,000. Due $15,000 on Nov. 1, 1940 and $10,000 May 1, 1941. Payable
at the City Treasurer's office.
Notes are issued in anticipation of collection
of delinquent taxes for the fiscal years ending on June 30, from 1932 to
1939. City will furnish legal opinion and pay the cost of printing the notes.
A certified check for $500 must accompany each proposal.
ROYAL
TOWNSHIP
OAK
SCHOOL
DISTRICT
NO.
8
O.
(P.
March
2,
1940
MISSISSIPPI, State of—BOND SALE—The $1,500,000 coupon semiann. highway bonds offered for sale on Feb. 27—V. 150, p.
1314—were
awarded to a syndicate composed of John Nuveen & Co., C. F. Childs &
Co., both of Chicago; J. S. Love Co., of Jackson, Scharff & Jones, of New
Orleans; Stern Bros. & Co., of Kansas City; Dane & Weil, of New Orleans;
V. P. Oatis & Co., of Chicago; WTeil, Roth & Irving Co.; Walter, Woody &
Heimerdinger, both of Cincinnati; Martin, Burns & Corbett, of Chicago;
Wells-Dickey Co., of Minneapolis; Newman, Brown & Co., of New Orleans;
Charles K. Morris & Co.; Mullaney, Ross & Co., both of Chicago; Fahey,
Clark & Co., of Cleveland; Blair, Bonner & Co., of Chicago; and O. B.
Walton & Co., of Jackson, paying a premium of $11.11, equal to 100.0007,
a net interest cost of about 2.14%,
on the bonds as follows:
$500,000
maturing $100,000 Feb. and Aug. 1, 1941 to Feb. 1, 1943, as 3%s, and
$1,000,000 maturing $100,000 Aug. 1, 1943 and Feb. and Aug. 1, 1944 and
1945, and Feb. and Aug. 1. 1950 and 1951, and Feb. 1, 1952, as 2s.
The bonds were reoffered by the purchasers for public subscription at
prices to yield from 0.40% to 1.10% for the 3%s, and 1.20% to 2.50% for
the 28.
It was stated subsequently by the purchaser that nearly all of the
bonds had been sold to investors.
CONSOLIDATED SCHOOL DISTRICT (P. O.
Miss.—BOND SALE—'The $30,000 school bonds offered for
awarded to Lewis & Co. of Jackson,
and the Max T. Allen Co. of Hazlehurst jointly, as 4%s, paying a price of
100.111, according to the Clerk of the Board of Supervisors.
GROVE
OCEAN
Gulf port),
sale
Feb. 23—V. 150, p. 1314—were
on
OXFORD, Mi8s.—BOND ELECTION—It is said that an election will
on March 19 in order to have the voters pass on the issuance of
be held
$55,000 in municipal electric plant improvement
bonds.
CONSOLIDATED SCHOOL DISTRICT (P. O. Shelby),
SALE DETAILS— It is now reported that the $12,000
Hazel Park Station, Royal Oak), Mich.—TENDERS WANTED—Ralph
SHELBY
District Secretary, will receive sealed tenders of 1936 refunding
bonds, series A and B, dated April 1, 1936, until 7 p. m. on March 9.
Amounts in sinking funds for purchase of the respcetive bonds are:
$10,601.65 series A and $5,397.44 series B.
Offerings must fully describe the
bonds tendered for sale and remain firm for three days.
Miss.—BOND
Valom,
3M% semi-annual school bonds sold to J. G. Hickman, Inc. of Vicksburg,
as noted here—V.
150, p. 1162—were purchased at par, and mature on
May 1 as follows: $500 in 1940 to
MISSOURI
WAYNE, Mich.—BONDS AND NOTES CALLED FOR REDEMPTION
—Isabelle K. Comer, Village Clerk, announces that the following $413,500
refunding bonds, dated March 1, 1935, have been called for payment on
March 1, 1940:
Series A, $76,000.00 Nos. 1 to 3, incl., 6 to 78, incl.
Series, B, $10,000.00. Nos. 1 to 10, incl.
Series O, $34,000.00, Nos. 1 to 34, incl.
Series D, $102,500.00, Nos. 1 to 105, incl.
Series E, $76,000.00, Nos. 1 to 36 incl., 41 to 70 incl., 81 to 90 incl.
Series F, $115,000.00, Nos. 1 to 22 incl., 25 to 36 incl., 39 to 86 incl., 89
to 106 incl., 112 to 126 incl.
Also to be redeemed on March 1, 1940 are $18,457.59 interest refunding
notes, dated Jan. 1, 1935, and numbered as follows:
2, 3, 4; 15-28 incl.;
33: 35-38 incl.; 41 and 43; 50-71 incl.; 74 and 78; 85-88 incl.; 92-95 incl.
It is further announced that the village will redeem on the dates indicated
the following described bonds:
April 1, 1940—$2,000.00 Waterworks Extension No. 1, 6%, dated Oct. 1,
1933, due Oct. 1, 1943, Nos. 1 and 2.
April 15, 1940—$1,000.00 Grade Separation No. 2,4%%, dated Oct. 15,
1933, due Oct. 15, 1943, No. 1.
June 1, 1940—$1,500.00 Waterworks Reservoir and Waterworks Ex¬
tension No. 2, 5%, dated June 1, 1933, due June 1, 1943, Nos. 1 and 1.
June 15, 1940—$2,000.00 Water Improvement No. 2 and paving inter¬
section 4% %, dated Dec. 15, 1933, due Dec. 15, 1943, Nos. 1 and 3.
June 30, 1940—$3,500.00 Waterworks 5%, dated Dee. 30, 1932, due
Dec. 30, 1942, Nos. 1 to 7, incl.
June 15, 1940—$2,000.00 Water Improvement and Paving Intersection,
4h %, dated Dec. 15, 1932, due Dec. 15, 1942, Nos. 2 and 3.
All said bonds and notes should be presented at the Wayne State Bank,
Wayne, Mich
,
on or
before the dates of redemption aforesaid, after which
dates interest thereon will cease.
MINNESOTA
CASS
COUNTY
(P.
O.
Walker)
Minn.—BOND
OFFERING—It
is
stated by L. C. Peterson, County Auditor, that he will receive sealed bids
until 1 p. m. on March 8, for the purchase of a $245,000 issug of refunding
bonds. Interest rate is not to exceed 3% %, payable M-S. Denom. $1,000.
Dated March 1,
1940.
Due March 1, as follows: $10,000 in 1943 to 1954,
$20,000 in 1955 to 1959, and $25,000 in I960. Prin. and int. payable at any
or trust company designated by the purchaser.
The county
will furnish the executed bonds and tne approving legal opinion of Fletcher,
Dorsey, Barker, Colman & Barber, of Minneapolis. The county undertakes
to deliver the executed bonds to the purchaser at the County Auditor's
office, or at the option of the purchaser at a siMtable place in Minneapolis or
St. Paul not later than 30 days after the date of such sale. Enclose a certified
check for $8,000, payable to the county.
MAPLEWOOD SCHOOL DISTRICT (P. O. Maplewood), Mo.—
BOND SALE DETAILS—It is stated by the Superintendent of Schools
that the $36,000 2Vi% semi-annual refunding bonds sold to the Mississippi
Valley Trust Co. of St. Louis, as noted here on Dec. 9, are due on heb. 15
as follows:
$5,000 in 1947 and 1948; $16,000 in 1949, and $10,000 in 1950.
Principal and interest (F-A) payable at the Mississippi Valley Trust Co.,
St. Louis.
MONTANA
MISSOULA COUNTY SCHOOL DISTRICT NO. 1 (P. O. Missoula)
Mont.—BOND OFFERING—It is reported that sealed bids will be received
until April 4, by II. C. Carnall, District Clerk, for the purchase of the
following bonds aggregating $187,000: $137,000 refunding bonds which had
been originally scheduled for award on Oct. 27, the sale of which was post¬
poned, and $50,000 refunding bonds.
It is said that the issuance of these
bonds has been approved by the Attorney's office.
NEBRASKA
Neb.—BONDS SOLD—It is reported that $12,000 2%%
refunding bonds have been purchased by the Wachob-Bender
DODGE,
semi-ann.
Corp. of Omaha.
sealed bids will be received by Mae Ackerman, Village Clerk, until 9 p. m.
on March 4 for the purchase of $2,000 5% semi-annual
improvement war¬
rants.
Due $200 on Dec. 20 in 1941 to 1950, inclusive.
MOUNTAIN
Minn.—BONDS
said
LAKE
SCHOOL
VOTED—At
an
DISTRICT
election
have approved the issuance
struction bonds by a wide margin.
to
held
(P.
on
O.
Feb.
of $100,000 in
Mountain
21
school
Lake)
the voters
created."
RAMSEY COUNTY (P. O. St. Paul), Minn.—BOND OFFERING—
Sealed bids will be received until 10 a.m. on March 11 by Eugene A JMonick,
County Auditor, for the purchase of a $725,000 issue of coupon public
welfare, series Q bonds.
Interest rate is not to exceed 6%, payable A-O.
Denom. $1,000.
Dated April 1, 1940.
Due on April 1 as follows: $66,000
in 1941, $68,000 in 1942, $69,000 in 1943, $70,000 in 1944, $72,000 in 1945,
$73,000 in 1946, $74,000 in 1947, $76,000 in 1948, $78,000 in 1949, and
$79,000 in 1950.
Bidders must specify the rate of interest in multiples of
% of 1%, such rate to be the same for all of the bonds.
No bid for less
than par will be considered.
These bonds are issued in full compliance
with the provisions of Chapter 120, Session Laws of Minnesota for 1933.
as amended by Chapter 48, Session Laws of Minnesota for
1935, by Chap¬
ter 105, Session Laws of Minnesota for 1937, and
by Chapter 108, Laws
of 1939.
The county will prepare and furnish at its own expense the bonds
and coupons attached thereto.
Delivery of the bonds will be made to the
purchaser at such place as he may designate at the purchaser's expense,
and the
purchaser will be required to take and pay for the bonds immediately
upon being notified by the County Auditor of readiness to make delivery.
The approving opinion of Calvin Hunt of St. Paul, and Thomson, Wood &
Hoffman of New York, will be furnished.
Bond Indebtedness
as
to forestall any efforts of the
to purchase Iowa-Nebraska
Power properties in Lincoln.
The petition spceifically fixed the purpose of
the proposed district as purchase of Iowa-Nebraska properties.
S. L., Minnesota 1923
$36,000
District
S. L., Minnesota, 1929
4,027,000
Hospital bonds—Chapter 398 S. L., Minnesota, 1923
91,000
Court House and City Hall bonds series "A to C," inclusive.
Chapter 397 S. L., Minnesota, 1929
1,402,000
Welfare bonds series "A to P," inclusive: Chapter 120 S. L.,
Minnesota, 1933, as amended by Chapter 48 S. L., Minne¬
sota, 1935, as amended by Chapter 105 S. L., Minnesota,
1937, as amended by Chapter 108 S. L., Minnesota, 1939-5,598,000
$12,934,000
MISSISSIPPI
(P. O.
Cleveland), Miss.— WARRANTS SOLD
—It is reported that $17,000 warrants have been purchased by the First
National
Bank of Memphis,
at
1%%.
Dated Feb. 1, 1940.
Legal
approval by Charles & Trauernicht of St. Louis.
GREENWOOD,
Miss.—BOND OFFERING—It is stated by Bonner
Duggan, City Clerk, that the City Council will receive sealed bids until
7:30 p. m. on March 5 for the purchase of $85,000 funding bonds.
Denom.
$1,000.
Due as follows: $1,000 in 1941; $2,000, 1942 and 1943: $10,000,
1944 and 1945, and $15,O0O in 1946 to 1949.
Bidders to name the rate of
The Council reserves the right to reject all sealed bids and sell
public auction.
Payable at the Guaranty Trust Co., New
Legality approved by Charles & Trauernicht, of St. Louis.
Int.
payable March and Sept. 1.
Authority: Senate Bill No. 5, Laws of Mis¬
sissippi, Regular Session of 1940, approved Feb. 14, 1940.
Enclose a
certified check for $1,000.
interest.
the bonds at
York.
of
SCHOOL
LINCOLN
Columbus,
Neb.,
DISTRICT
(P.
Neb.—BOND
Board of Educa¬
Lincoln),
O.
ELECTION—It is stated by J. G. Ludlam, Secretary of the
tion, that an sisue of $190,000 not to exceed 4% semi-annual school addi¬
tion bonds is to be passed upon by the voters at an election scheduled for
Due in not to exceed 40 years.
April 9.
SCHOOL
DISTRICT
(P. O.
McCook), Neb.—BOND
is reported that bids will be received until 8 p. m. on
by J. N. Gaarde, Secretary of the Board of Education, for the
purchase of a $25,000 issue of refunding bonds.
Due on July 1 as follows:
$5,000 in 1943, and $4,000 in 1944 to 1948; all bonds to be optional on
July 1, 1943.
Purchaser must agree to furnish printed bonds, free of ex¬
McCOOK
OFFERING—It
March 4,
pense.
SIDNEY,
Neb.—BONDS SOLD—It is stated by the City Clerk that
$19,000 2M % semi-annual improvement district paving bonds were pur¬
on Jan. 9 by the First Trust Co. of Lincoln, paying a premium of
$100, equal to 100.526, a basis of about 2.12%.
Dated Feb. 15, 1940.
Denom. $1,000.
Due Feb. 15 as follows:
$2,000 in 1842 to 1949, and
chased
$3,000 in
1950,
the bonds are callable after five years.
Prin. and int.
Sayable Lane & Countyof Omaha. office. Legality approved by Wells,
Treasurer's
lartin, at the Offutt
NEW
HAMPSHIRE
MANCHESTER, N. H.—NOTE SALE—The issue of $500,000 revenue
notes offered Feb. 29 was awarded to F. W. Home & Co. of Hartford, at
0.228%
discount.
Dated Feb. 29,
1940 and due $300,000 July
18 and
1940.
Leavitt & Co. of New York, second high bidder,
0.232%.
$200,000 Dec. 6,
named
a
rate of
NEW
CALDWELL-WEST
JERSEY
CALDWELL
SCHOOL
(P.
DISTRICT
O.
N. J .—BOND OFFERING—The Clerk of the Board of Edu¬
cation will receive sealed bids until March 19 for the purchase of $20,000
not to exceed 3% interest improvement bonds.
Due $2,000 yearly from
Caldwell),
HADDON TOWNSHIP (P. O. Westmont),
N. 3.—BONDS NOT SOLD
—No bids were sumbitted for the $236,000 not to exceed 4%
1,780,000
Roadand bridge bondsseries "G to M," inclusive, Chapter 116,
COUNTY
they were seeking
who explained
Consumers'
1941 to 1950 incl.
of Feb. 19, 1940
Trunk highway reimbursement bonds
Roadand Bridge bonds series ••AtoF," inclusive, Chapter 388
BOLIVAR
Lincoln resi¬
of the district were recently filed by
Petitions for creation
dents,
are
building con¬
„
LINCOLN, Neb.—FORMATION OF POWER DISTRICT OPPOSED—
The City Council has announced it would oppose establishment of a pro¬
posed Lincoln Public Power District because the city already owns a muni¬
cipal plant.
The Council adopted a resolution ordering the city s legal department to
file objections with the Nebraska Department of Roads and Irrigation.
The resolution stated the Council believed "it does not appear to be in con¬
formity with public convenince and welfare that another public body be
suitable bank
FARMINGTON, Minn.—WARRANT OFFERING—It is reported that
1955, and $1,000 in 1956 to 1959.
interest re¬
funding bonds offered Feb. 20.—V. 150, p. 1027.
HADDON TOWNSHIP (P. O. Westmont), N.
J.—OPTION GRANTED
—M. M. Freeman & Co. of Philadelphia were granted a 30-day
no
option to
4s the $236,000 coupon or registered refunding bonds for
bids were received on Feb. 20—V. 150, p. 1027.
pin-chase
as
which
$16,000
registered school bonds offered Feb. 26—V. 150, p. 1162—were
HAMBURG SCHOOL DISTRICT, N. 3—BOND SALE—The
coupon or
awarded to the Sussex & Merchants National Bank of Newton as 2%s at
Dated March 15,
1956, incl.
Other bids:
par.
1940 and due $1,000 on March 15 from 1941 to
Bidder—
H.B. Boland&Co...,
Int. Rate
2%%
'
Rate Bid
100.162
Hardyston National Bank of Hamburg
2%%
Par
H. L. Allen & Co.
3%%
3%%
100.212
J. B. Hanauer & Co
101.45
HOBOKEN, N. J.—INCREASE OF $7.40 IN TAX RATE—The 1940
as adopted by the City Commission on Feb. 29 provides for an
of assessed valuation, or an increase
of $7.40 over the 1939 rate of $44.98.
budget
estimated tax rate of $52.38 per $1,000
JERSEY CITY, N. 3.—TAX RATE UP $4.75—The 1940 budget as
adopted by the City Commission on Feb. 29 calls for tax rate of $53.13 per
$1,000 of assessed valuation, an increase of $4.75 over last year's rate.
MONTCLAIR, N. 3.—TAXPAYERS URGE FURTHER DEBT REDUC¬
from postcard ballots mailed two weeks ago by Mayor
Speers and Commissioner of Revenue and Finance Bayard H.
Faulkner, show that Montclair taxpayers would rather reduce the town's
debt an additional $100,000 than to cut 1940 taxes the full $500,000 availTION—Returns
William E.
Volume ISO
?
The Commercial & Financial Chronicle
1^9' iP* 1162.
—
The vote
was
to wipe out debt that
many
2-1, and
emphatic
the desire
their ballot that they would
so
was
citizens wrote on
apply the entire sum to debt reduction.
"Get out of debt
stay out,
"Let's pay our debts," and "Get out of the House of Bond¬
age!
urged the voters.
Analyzing the postcard referendum, Mayor
Speers says:
much prefer to
and
'In
showing our taxpayers' overwhelming desire to get out of debt,
s balloting
appears to carry out the trend observed nationally in
Montclair
1475
FRANKLIN COUNTY
(P. O. Malone), N. Y.—PROPOSED BOND
ISSUE—The county is seeking legislative authority to issue
$197,000 bonds
to pay
floating indebtedness.
To be dated on or about March 1, 1940 and
mature
on
Dec. 15 from 1940 to 1959, inclusive.
GARDEN
CITY, N. Y.—PROPOSED BOND ISSUE—The village is
contemplating the issuance of $7,000 storm water drain bonds.
1958 and
LAFAYETTE, FABIUS, TULLY AND ONONDAGA CENTRAL
SCHOOL DISTRICT NO. 7 (P. O. R. D. No.
1, Tully), N. Y.—BOND
SALE—The $16,500 coupon or registered school bonds offered Feb. 27—
V. 150, p. 1315—were awarded to Roosevelt &
Weigold, Inc., of New York,
OCEAN TOWNSHIP FIRE DISTRICT NO. 2
(P. O. Asbury Park),
N. J.—BOND ISSUE DETAILS—The
$5,000 pumper purchase bonds
ky the voters on Feb. 17 will be dated July 1, 1940, and mature
$1,000 annually.
They will be sold about July 1.
from
1939 when voters in many parts of the country flatly turned down
municipal and State bond issues.
We feel that it reaffirms a traditional
American belief in the very
homely, but very fundamental, virtue of thrift.
The balloting also makes clear the
voters' wish to be taken into the con¬
fidence of their government."
PARSIPPANY-TROY HILLS TOWNSHIP SCHOOL DISTRICT
(P. O. Tabor), N. J .—BOND OFFERING—W. T.
Leighton, District
receive sealed bids until 8 p. m. on March 13 for the
purchase of
$60,000 2}4,2%,3,3}4,314,394 or 4% coupon or registered school bonds.
Dated April 1, 1940. Denom.
$1,000. Due April 1 as follows: $2,000 from
1941 to 1955 incl. and $3,000 from 1956 to 1965 incl.
Bidder to name a
single rate of interest.
Principal and interest (A-O) payable at the Boonton
National Bank, Boonton.
The sum required to be obtained at sale of the
bonds is $60,000. The bonds are unlimited tax
obligations of the Board of
Education and the approving legal
opinion of Hawkins, Delafield & Long¬
fellow of New York City will be furnished the
successful bidder. A certified
check for 2% of the bonds
offered, payable to order of the Board of Edu¬
cation, must accompany each proposal.
(Above sale was originally scheduled for Feb. 14, but had to be postponed
owing to storm conditions which prevented the Board of Education from
holding its regular meeting—V. 150, p. 1162.)
PENNSAUKEN TOWNSHIP SCHOOL DISTRICT (P. O. Merchant-
ville), N. J.—BONDS VOTED—At
thorized
an
an
issue of $15,000 repair
election held recently the voters au¬
bonds.
WEEHAWKEN TOWNSHIP, Hudson County, N. J.—BOND CALL—
They mature $50,000 annually on April 1 from 1941 to
should be presented with all unmatured
coupons attached.
1946
incl.
and
ffl
ylf
MEXICO
COLFAX COUNTY SCHOOL DISTRICT NO. 11
(P. O. Raton),
N. Mex.—BOND ELECTION—It is stated
by E. E. Harrison, County
Superintendent of schools, that an election will be held on March 5 in order
to nave the voters pass on the issuance of
$45,000 in construction bonds.
Municipal Bonds
U. S.
Government Bonds
-
Housing Authority Bonds
Tilney & Company
76
BEAVER STREET
Telephone:
Bell System
NEW
YORK, N. Y.
WHitehall 4-8898
Teletype: NY 1-2395
NEW
YORK
BINGHAMTON, N. Y.—PROPOSED BOND
ISSUE—The city plans to
issue $100,000 not to exceed
4% interest public improvement work relief
projects bonds.
Dated Jan. 1, 1940.
Denom. $1,000.
Due $10,000 on
Jan. 1 from 1941 to 1950, incl.
Principal and interest
(J-J) payable at the
City Treasurer's office.
BUFFALO SEWER AUTHORITY (P. O.
Buffalo), N. Y.—BOND
SALE—The $500,000 series G sewer bonds offered at auction on Feb.
27—
V. 150, p. 1163—were sold to H. L. Allen & Co. of New
York as 3s at a
price of 100.27, a basis of about 2.98%.
Dated Feb. 1, 1940 and due
Feb. 1 as follows: $12,000 from 1941 to
1944, incl.; $15,000, 1945 to 1949,
incl.; $17,000, 1950 to 1954, incl.; $25,000, 1955 to 1959, incl.;
$30,000,
1960 to 1964, incl., and $17,000 in 1965.
Other bids reported as follows:
Bidder—
Int. Rate
B. J. Van Ingen & Co., Inc., and
Bacon, Stevenson & Co. 3%
A. C. Allyn & Co., Inc., E. H. Rollins &
Sons,
Noyes & Co. and Eastman, Dillon & Co-_
Rate Bid
100.26
Hemphill,
3%
100.04
Halsey, Stuart & Co., Inc., Roosevelt & Weigold, Inc.,
and George B. Gibbons & Co., Inc
3.10%
100.55
CHAUTAUQUA COUNTY (P. O. Mayville), N. Y.—BOND SALE—
The $100,000 coupon or registered
refunding highway construction bonds
Feb. 27—V. 150, p. 1163—were awarded to the First
National
Bank of Silver Creek as 1.20s at a price of
100.006, a basis of about t .249%.
Dated April 1, 1940 and due April 1, 1947.
Other bids:
offered
Bidder—
Int. Rate
_
Merchants National Bank of Dunkirk
Union
Securities Corn, and Roosevelt & Weigold, Inc.
Marine Trust Co. ofBuffalo and R. D. White & Co_
George B. Gibbons & Co., Inc
Kidder, Peabody & Co
Halsey, Stuart & Co., Inc
—In
also
furnishing
the
tax
us
sales
with
a
Rate Bid
1.40%
1H%
114%
114%
Harris Trust & Savings Bank
Manufacturers & Traders Trust Co
Blair & Co., Inc
ERIE COUNTY (P. O.
100.105
100.229
100.099
100.06
1.60%
100.36
1.60%
1.60%
1.60%
1.60%
100.28
100.11
100.06
report of the 1939 tax collection statement and
as
of Jan.
1, 1940, Edwin J.
statement
Kreinheder,
as
follows:
sales statement as of Jan. 1, 1940.
A study of the 1939 tax collection statement
provement in collections over the previous year.
the years 1933, 1936, and 1939, shows the
1933
In the county as a whole
'
1936
1939
73.12%
95.35%
59.86%
92.19%
76.17%
81.96%
84.57 %
95.92%
89.80%
The above surely is a remarkable record,
especially when one considers
the fact that the total amount of taxes spread in 1939 exceeded
1933 by more
than $2,000,000.
The tax sales statement shows an increase over the previous year of
about
$34,000, and is, I believe, a very good showing when consideration is
to the increase in the total amount of taxes to be collected.
(P.
O.
MAMARONECK
South
(P. O.
2.90%
2.90%
3%
3.10%.
3.20%
3.40%
Premium
$52.00
44.29
53.00
49.50
47.70
103.65
Mamaroneck), N. Y.—BOND OFFERING—
Bert C. McCulloch, Town Supervisor, will receive sealed bids until 11 a.m.
on March
11, for the purchase of $8,750 not to exceed
5% interest coupon or
registered incinerator site bonds.
Dated Jan. 1, 1940.
One bond for $750,
others $1,000 each.
Due July 1 as follows:
$750 in 1940 and $1,000 from
1941 to 1948, incl.
Bidder to name a single rate of interest, expressed in a
multiple of 14 or l-10th of 1 %.
Principal and interest (J-J) payable at the
First National Bank, Mount Vernon, with New York
exchange.
The
bonds are general obligations of the town
payable primarily from taxes
against property within Refuse and Garbage District No. 1 of the town, but
if not paid therefrom, all the taxable
property within the town will be subject
to the levy of unlimited ad vaolrem taxes to
pay the bonds and interest
thereon.
The bonds are issued for the purpose of paying part of the cost of
acquiring land for
an incineration plant, and incidental expenses, pursuant
Law, General Municipal Law and Chapter 430, Laws of 1938,
amendatory thereof.
The approving opinion of Dillon, Vandewater & Moore, of New York, will be furnished.
Enclose a certified check
for $175, payable to the town.
and acts
NEW YORK (State of)—NOTE SALE—State Comptroller Morris S.
Tremaine sold on Feb. 25 an issue of $75,000,000 notes at 0.15% interest
cost, this being equal to the lowest rate at which the State ever has borrowed
in the public market. Notes are dated Feb.
27, 1940 and due June 28,1940.
Proceeds will be used largely in the March 1 payments of State aid in
support of local schools, almost $25,000,000 being required for New York
City alone.
The notes were allotted among 93 banks and bond dealers
throughout the State, in the following amounts:
$2,000,000—Chase National Bank, National City Bank, Bank of the
Manhattan Co., Bankers Trust Co., Central Hanover Bank & Trust Co.,
First National Bank, Guaranty Trust Co., Manuf cturers & Traders Trust
Co., Buffalo; Marine Trust Co., Buffalo; J. P. Morgan & Co., Barr Bros. &
Co.; Harriman, Ripley & Co.; Lehman Bros.; Salomon Bros, and Hutzler
and Smith, Barney & Co.
$1,500,000—Chemical Bank & Trust Co.; Empire Trust Co.; Public
National Bank & Trust Co.; J. Henry Schroder Trust Co.; Blair & Co.,
Inc.; C.J. Devine & Co.; First Boston Corp.; Phelps, Fenn & Co., and
R. W. Pressprich & Co.
$1,000,000—Brooklyn Trust Co.; City Bank Farmers Trust Co.; Con¬
tinental Bank & Trust Co.; Kings County Trust Co.; Manufacturers Trust
Co.; National Commercial Bank & Trust Co., Albany; State Bank of Albany,
Blyth & Co.; C. F. Childs & Co.; Eastman, Dillon & Co.; Emanuel & Co.;
Goldman, Sachs & Co.; Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann
& Co.; Lazard Frere & Co. and Stone & Webster and Blodget, Inc.
$500,000—Bank of New York; Bronx County Trust Co.; Commercial
National Bank & Trust Co.; Irving Trust Co.; Liberty Bank, Buffalo; New
York Hanseatic Corp.; Sterling National Bank & Trust Co.; Trust Co. of
North America; Bacon, Stevenson & Co.; Darby & Co.; Fertler, Stearns
& Co.. Inc.
George B. Gibbons & Co., Inc.; Kidder, Peabody & Co.;
Merrill, Lynch & Co., and H. L. Schwarnm & Co.
$300,000—Federation Bank & Trust Co.; Fifth Avenue Bank of New
York; First Trust Co., Albany; Lawyers Trust Co.; South Shore Trust Co.;
Rockville Center; Swiss American Corp.; A. C. Allyn & Co.; Baker, Weeks
& Harden Co.; Dominick & Dominick; Eldredge & Co.; Ernst & Co.; First
of
Michigan Corp.; Glore, Forgan & Co.; Hannahs, Ballin & Lee; Harris
Trust & Savings Bank; Heidelbach, Ichelheimer & Co.; Hemphill, Noyes &
Co.; Lee, Higginson Corp.; G. M.-P. Murphy & Co.; Otis & Co., and Union
Securities
Corp.
$100,000—Brown Bros.; Harriman & Co.; Fiduciary Trust Co. of New
York; Fulton Trust Co. of New York; U. S. Trust Co. of New York; Dick
& Merle-Smith; Francis I. duPont & Co.; Harvey Fisk & Sons, Inc.; Hallgarten & Co.; Mackenzie & Co., Inc.; Robert C. Mayer & Co.; Mellon
Securities Corp.; Paine, Webber & Co.; Ititer & Co.; L. F. Rothschild &
Co.; Shields & Co.; Stern, Lauer & Co., and White, Weld & Co.
RIPLEY CENTRALIZED SCHOOL DISTRICT NO. 1 (P. O. Ripley).
N. Y.—BONDS VOTED—At the election on Feb. 19 the voters authorized
issue of $175,000 high school addition bonds.
an
YONKERS, N. Y.—BOND OFFERING—William A. Schubert, City
Comptroller, will receive sealed bids until 11 a. m. on March 7 for the pur¬
registered bonds,
chase of $2,500,000 not to exceed 6% interest coupon or
divided as follows:
$625,000 general bonds of 1940, series 1.
Due March 1 as follows: $85,000
from 1941 to 1945, incl.; $30,000, 1946 to 1950, incl., and $10,000
from 1951 to 1955, incl.
465,000 general bonds of 1940, series 2.
Due March 1 as follows:
$35,000 in 1941 and 1942; $45,000 in 1943 and $50,000 from 1944
to
1950, incl.
300,000 water bonds of 1940.
Due $15,000 on March 1 from 1941 to
1960, incl.
117,000 local improvement bonds of 1940.
Due March 1 as follows:
$27,000 in 1941 and $30,000 from 1942 to 1944, incl.
900,000 debt equalization bonds of 1939.
Purpose of issue is to refund
bonds maturing in 1940.
Due March 1 as follows: $5,000 from
1941 to 1945, incl., $35,000 in 1946 and $60,000 from 1947 to
93,000
Fallsburg),
N.
given
Y.—OFFERING
OF
SOUTH FALLSBURG WATER DISTRICT ISSUE—Mortimer
Michaels,
Town Supervisor, will receive sealed bids until 2 p. m. on March 5 for
the
purchase of $24,000 not to exceed 6% interest coupon or registered
Fallsburg Water District Extension No. 1 bonds.
Dated Jan. 1,
Denom. $1,000.
Due $1,000 on Jan. 1 from 1941 to 1964, incl.
Bidder to name a single rate of interest, expressed in a
multiple of U, or
l-10th of 1%.
Principal and interest (J-J) payable at the South Fallsburg
National Bank, with New York exchange.
A certified check for $480,
South
,
school1 bonds
of 1940.
Due March 1 as follows: $6,000 in 1941,
$7,000 in 1942 and $5,000 from 1943 to 1958, incl.
All of the bonds will be dated March 1, 1940.
again shows further im¬
In fact, a comparison of
following percentage figures:
FALLSBURGH
Marine Trust Co. of Buffalo
C.E. Weinig&Co
tax collection statement and also the tax
In towns and cities outside of BuffaloIn Buffalo only
Int. Rate
„
100.036
Buffalo), N. Y.—TAX COLLECTIONS GAIN
Deputy County Treasurer, stated
Enclosed you will find the 1939
Bidder—
Union Securities Corp
Lincoln National Bank & Trust Co_
E. H. Rollins & Sons, Inc
Blair & Co., Inc
to the Town
Lee P. Carroll, Township Clerk, announces that
$300,000 general funding
bonds of original issue of $550,000 have been called for
payment on April 1,
1940 at par and accrued interest at the Merchants Trust
Co., Uniou City.
NEW
2.90s at a price of 100.44, a basis of about
2.86%.
Dated March 1,
1940 and due Nov. 1 as follows: $500 from 1940 to
1960, incl., and $750
1961 to 1968, incl.
Other bids:
as
Denom. $1,000.
Bidders
requested to name the rate of interest to be borne by each of the several
issues of bonds included in this sale, stated in a multiple of 14 or l-10th
of 1 %.
Bidders will be permitted to name different rates for the differ¬
are
ent issues of bonds but not more than one rate for any one issue.
all bids
are
such rate
or
Unless
rejected, all the bonds will be awarded to the bidder offering
rates as will
produce the lowest interest cost to the city over
the life of the bonds, after deducting the premium offered, if any.
No bid
will be accepted for separate issues or separate maturities, or at less than
the par value of the bonds.
Principal and interest (A-O) payable at the
City
Comptroller's office.
The city operates under the Second Class
Law, constituting Chapter 53 of the Consolidated Laws, and the
Supplemental Charter or the city, constituting Chapter 452 of the Laws of
1908, as amended.
The bonds will be valid and legally bindiig obligations
of the city, which will have power and will be obligated to levy ad valorem
taxes upon all its taxable property for the payment of the bonds and interest
thereon, without limitation of rate or amount.
The opinion of Hawkins,
Delafield & Longfellow of New York to this effect will be furnished the
purchaser.
Enclose a certified check for $50,000, payable to the City
Comptroller.
Cities
1940.
payable to order of the town, must
of Hawkins, Delafield &
furnished the successful
bidder.
opinion
accompany each
proposal. Legal
of New York City will be
The bonds will be valid and
legally
Longfellow
binding obligations of the town, payable in the first instance from
a
levy
upon the pioperty in the water district, but if not so paid, payable
ultimately
from ad valorem taxes which may be levied on all of the town's taxable
property without limitation or amount.
W FORT ANN,
N. Y.—BOND SALE—The $16,000 2.40% general bonds
purchased by the Manufacturers & Traders Trust Co. of Buffalo at a price
of 100.18—V. 150, p. 1315—-mature Feb. 15 as follows: $1,500 from 1941
to 1948, incl., and $2,000 in 1949 and 1950.
YONKERS. N. Y.—TAX COLLECTIONS HIGHER—City Comptroller
William A. Schubert, on Feb. 26 announced that as of the close of the year
Dec. 31, 1939, the tax collection experience of that city showed a sub¬
stantial amount of improvement as compared with similar figures as of the
close of the preceding year.
The amount of cash collected from all out¬
standing property taxes in the year 1939 amounted to $11,971,932.93—
which sum is $375,393.44 in excess of the 1939 tax levy.
In 1938 the
amount collected was $11,250,305.93 which sum was $195,186.42 short of
the 1938 tax levy.
The 1938 tax levy was approximately $150,000 less
than the levy of 1939.
The percentage of outstanding taxes collected re¬
flected this experience, and after allowing for cancellations the comparable
percentages are as follows:
Arrears collected—1938—32.43%;
1939—
33.15%.
Current levy 1938 collection experience 84.16%; 1939—86.65%
As in previous recent years the city will continue the
practice of fully
financing its outstanding taxes through surplus earmarked for this purpose
The Commercial & Financial Chronicle
1476
known
as
was
March
Separate bids on the two issues were as
The amount of these reserves as of Dec. 31, 1939,
follows:
follows:
as
"reserves."
Issues—$300,000—$63,00'
Property tax reserve
County sewer tax reserve
Water rents, &c
$5,595,660.58
271,195.74
592,537.19
-
$6,459,393.51
Against this total of $6,459,393.51 of assets, fully reserved, the city had
outstanding temporary certificates of indebtedness on Dec. 31,
1939,
amounting to $1,770,000.
Mr. Schubert points out that this borrowing was
necessary to finance deficits and deferred charges of 1939 and prior years.
An additional amount of these items was financed by balances due other
funds totaling approximately $882,000 and by unpaid balances due mer¬
chants by the operating or current fund amounting to $1,704,690.93.
Mr. Schubert said that "since the books cannot be closed for some little
time the exact amount of the deficit and deferred charges cannot be stated
at this time.
However, the total may be approximated within very narrow
confines at $4,300,000, and it is these deferred charges which have given
the City Manager, Raymond J. Whitney, a problem of the greatest con¬
cern.
The unbalanced budget of 1939 increased the total of these items
from $2,825,727.73 as of Dec. 31, 1938, to $4,300,000 as of Dec 31, 1939,
an increase amounting to $1,474,272.27.
This explains the necessity of a
15% slary contribution on the part of the city employees becoming effec¬
tive as or Feb. 1, 1940.
It explains why, after hundreds of thousands of
dollars of economies effected by Mr. Whitney it was necessary to increase
the tax rate by $2.80 per thousand dollars of assessed value or the total
levy from $11,596,539.49 in 1939 to $12,096,499.08 in 1940, which is the
amount of the manager's budget tentatively approved by the council."
FORSYTH COUNTY (P. O. Winston-Salem), N. C.—BOND OFFER¬
are informed by W. E. Easterling, Secretary of the Local Gov¬
Commission, that he will receive sealed bids at his office in Raleigh
March 5 for the
purchase of a $50,000 issue of coupon or
registered road refunding bonds.
Interest rate is not to exceed 6%,
payable M-S.
Denom. $1,000.
Dated March 1, 1940.
Due $5,000 on
March 1 in 1945 to 1954.
Bidders are requested to name the interest rate
or rates, not exceeding 6% per annum, in multiples of M
of 1%.
Each
bid may name one rate for part of the bonds (having the earliest maturities)
and another rate for the balance, but no bid may name more than two
rates, and each bidder must specify in his bid the amount of bonds of each
rate.
The bonds will be awarded to the bidder offering to purchase the
bonds at the lowest interest cost to the county, such cost to be determined
by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of the bonds until their respective maturities.
No bid of less than par and accrued interest will be entertained.
Prin.
on
and int.
payaole in lawful money in New York City. Geperal obligations;
unlimited tax.
Delivery at place of purchaser's choice.
The approving
opinion of Reed, Hoyt, Washburn & Clay of New York will be furnished.
Enclose a certified check for $1,000, payable to the State Treasurer.
W KJNSTON, N. C.—BOND SALE—The $300,000 issue of coupon electric light and water plant improvement bonds offered for sale on Feb. 27—
V. 150, p. 1164—was awarded to a syndicate composed of R. S. Dickson
& Co.
or Charlotte, the Harris Trust & Savings Bank of Chicago and the
Southern Investment Co. of Charlotte, paying a premium of $16.75,
equal to 100.005, a net interest cost of about 2.33%, on the bonds divided
as follows: $90,000 as 3s, due $30,000 on March
i5 in 1942 to 1944; the
remaining $210,000 as 2Ms, due on March 15, $30,000 in 1945 and 1946,
$10,000 in 1947 to 1951 and $20,000 in 1952 to 1956.
MILTON,
N.
C.—BOND SALE—The $9,000
coupon
McDonald-Coolidge & Co
First Central Trust Co
semi-ann. water
Merrill, Turben & Co
First Cleveland Corp
3%
Akron Savings &
as
4Ms, due $500 on
PERSON COUNTY (P. O.
Roxboro), N. C.—BOND SALE— The
$65,000 refunding school bonds offered for sale on Feb. 27—V. 150, p. 1316
awarded to McAlister, Smith & Pate, Inc. of Greenville, paying a
premium of $81.70, equal to 100.11, a net interest cost of about 3.02%, on
the bonds divided as follows:
$20,000 as 3Ms, due $2,000 on March 1 in
1941 to 1950; the remaining $45,000 as 3s, due $3,000 on March 1 in 1951
to 1965, all inclusive.
—were
REIDSVILLE, N. C.—NOTES SOLD—It is reported that $19,000 bond
anticipation notes have been purchased by R. S. Dickson & Co. of Char¬
lotte, at 1M%, Plus a premium of $9.95. Due in six months.
ROXBORO,
N.
C.—BOND
SALE—The
$15,000
coupon
refunding
school bonds offered for sale on Feb. 27—V. 150, p. 1316—were awarded
to Oscar Burnett & Co. of Greensboro, paying a premium of $2, equal
to 100.013, a basis cost of about 3.94%, on the bonds divided as follows:
$5,000 as 3 Ms, due $1,000 on March 1 in 1941 to 1945; the remaining
$10,000 as 4s, due $1,000 on March 1 in 1946 to 1955 inclusive.
3M%-
Loan Co
CINCINNATI,
Ohio—BOND
Southern Railway refunding bonds
NORTH
SALE— The $1,100,000 2%^ coupon
offered Feb. 27—V. 150, P. 875—-were
a
Rate Bid
Bidder—
First
Boston
Corp.;
Harris
Trust
Commerce Bank & Trust Co. of St.
& Savings Bank; MercantileLouis; First of Michigan Corp.,
ing bonds offered for sale on Feb. 19—Y. 150, p. 1164—were awarded to
two local investors, bidding jointly, as 3 Ms, according to the City Auditor.
Due $1,000 on May 1 in 1941 to 1950 incl.
GRAND FORKS PARK DISTRICT (P. O. Grand Forks) N. Dak.—
BOND OFFERING—It is stated by C. J. Evanson, Clerk of the Board of
Park Commissioners, that he will receive sealed and oral bids until March 15,
at 5 p. m., for the purchase of $25,000 swimming pool bonds.
Is not to exceed 4%, payable A-O. Denom. $1,000. Due Oct.
_
lOo.oO
and Breed & Harrison
Harriman Ripley & Co., Inc.; F. S. Moseley & Co., etal
Lazard Freres & Co.; Union Securities Corp., et al.---------------102.349
& Sons, and A. M. Kidder
----------102.15
Smith, Barney & Co.; Northern Trust Co.,
Doll & Isphording
Chicago, and VanLahr,
101.301
----- -----
Halsey7stuart & Co., Inc.; Blair & Co., Inc., and Otis & Co_ -___ 101.266
Co., Inc., and Equitable
Bacon, Stevenson & Co.; B. J. Van Ingen &
Securities
Corp
J9H24
—-
Co., et al___—____ 101.07
Union Trust Co., Cm-
Chemical Bank & Trust Co.; Kean, Taylor &
Bankers Trust Co. of New York; Fifth-Third
100.669
cinnati, et al
CITY
SCHOOL
DISTRICT,* Ohio—BONDSM DE¬
FEATED—The proposal to issue $1,250,000 delinquent tax bonds was
defeated at the election on Feb. 27, as the measure failed to obtain the
CLEVELAND
required 65% majority vote n eededl for* passage.iu.The vote was
favor and 21,098 against the issue.
34,087*in
M
Cleveland), Ohio—BOND OFFING
—George H. Stahler, Clerk of Board of County Commissioners, will receive
sealed bids until 11 a. m. on March 22 for the purchase of $500,000 3M%
coupon or registered refunding bonds. Dated April 1,1940. Denoms. $1,000
or in such amounts requested by the successful bidder.
Due $25,000 on
April 1 and Oct. 1 from 1941 to 1950 incl. Bidder may name a
different
rate of interest provided that fractional rates are expressed in a multiple of
M of 1 %. Principal and interest (A-O) payable at the County Treasurer's
office.
Bids may be made for all or one of the issue. A certified check for
1% of the bonds bid for, payable to order of the County Treasurer, is
required.
The bonds are issued for the purpose of providing funds for
refunding certain refunding special assessment roads, sewerage and water
supply improvement bonds, originally issued within a then existing 15-miH
limitation, but issued prior to Jan. 1, 1931, or the indebtedness represented
by the bonds was incurred by sale of notes to the public prior to Jan. 1,1931.
Bids must be made on a blank form furnished on application to the above
Clerk.
The proceedings incident to the proper authorization oft he bonds
have been taken under the direction of Squire, Sanders & Dempsey, of
Cleveland, whose approving opinion will be furnished.
Delivery of these
bonds must be accepted at Cleveland before 10 a. m. on April 1.
CUYAHOGA COUNTY (P. O.
FRANKLIN COUNTY (P.
W.
O. Columbus), Ohio—BOND OFFERING
McDonald, Clerk of the Board of County Commissioners,
bids until 10 a. m. on March 13 for the purchase of
receive sealed
f250,000 $1,000. Due $25,000 on April 1 bonds. 1941 to 1950, inclusive.
)enom.
3% poor relief delinquent tax from Dated April 1, 1940.
Bidder may name a different rate of interest
provided that fractional rates
multiple of M of 1%.
Prin. and int. (A-O) payable at
office.
Bonds will be delivered free of charge to
any bank designated in Columbus; charges, if any, for delivery outside or
the city to be paid for by the successful bidder.
The bonds are issued
pursuant to State laws and resolution of the County Commissioners adopted
Feb. 17, 1940, for poor relief in 1940, in anticipation of collection of delin¬
quent taxes.
Complete transcript of all proceedings incident to authoriza¬
tion of issue will be furnished the successful bidder and bids may be con¬
ditioned upon approval of such proceedings by attorney for the bidder,
and a reasonable time will be allowed in order for examination and approval
to be accomplished.
A certified check for 1% of the bonds bid for, payable
to order of the County Commissioners, is required.
are
expressed in
a
the County Treasurer's
GIRARD
SOLD—
150, p. 1164—were not
in Jhe notice of sale. A
CITY SCHOOL DISTRICT, Ohio—BONDS NOT
The $25,000 refunding bonds offered Feb. 24—V.
as the bids were unopened because of an error
new
DAKOTA
170.00
2M%
syndicate composed of the National City Bank of New York,
Blyth & Co., Inc., L. F. Rothschild & Co., Paine, Webber & Co., all of
New York; and McDonald-Coolidge & Co. of Cleveland, as 2s, at par
plus a premium of $11,000, equal to a price of 101, a basis of about 1.94%.
Dated April 1, 1940 and due April 1, 1960.
Reoffered by the banking
group at a price of 102, to yield 1.88%.
The bonds are general obhgations of the city, payable from unlimited ad valorem taxes.
Other bids,
all for 2Ms.
awarded to
sold
DICKINSON, N. Dak.—BOND SALE—The $10,000 community build¬
nn
3%
600
2,010
844
3%
will
$2,000
_
?52.00
3M %
—Reedie
1 in 1942 to 1955; the remaining
Jan. 1 in 1956 to 1959 incl.
Ear
Park
Ohio State Teachers Retirement System
$500
Jan.
275.00
2M%-
Dime Savings Bank and Firestone
Trust & Savings Bank
bonds offered for sale on Feb. 27—V. 150, p. 1316—were awarded to the
First National Bank of Waynesviile, paying a price of 100.019. a net interest
cost of about 4.03%, on the bonds divided as follows:
$7,000 as 35^s, due
on
1^2.60
2M%
2M%
$753
2,045
Co2M%
3%
Provident Savings Bank & Trust
-
ING—We
until 11a.m.
Interest Rate—Premium'
Bidder—
Salomon Bros. & Hutzler; Alex. Brown
& Co
CAROLINA
NORTH
ENFIELD, N. C.—NOTES SOLD—It is reported that $8,000 revenue
notes were purchased recently by R. S. Dickson & Co. of Charlotte, at
2M%. Plus a premium of $6.30.
Due in six months.
ernment
1940
2,
offering will be made.
MIDDLEFIELD, Ohio—BONDS AUTHORIZED—The Village Council
an issue of $6,000 5%
water works system extension and im¬
provement bonds.
Dated April 1, 1940.
Denom. $500.
Due $500 on
Aug. 1 from 1942 to 1953, incl.
Principal and interest (F-A.) payable at
authorized
the Middlefield
NORTH
Banking Co., Middlefield.
KINGSVILLE,
Ohio—BONDS RE-OFFERED—Date of sale
of $6,250 5% special assessment street improvement bonds
lor March 4—V. 150, p. 1164—has been changed to March
originally set
Bids will
11.
Interest rate
1, as follows:
$1,000 in 1944 to 1950, and $2,000 in 1951 to 1959. Prin. and int. payable
at the District Treasurer's office.
No bids for less than the par value, plus
accrued interest on the bonds, will be considered.
The proceeds from the
sale of the bonds are to be used for the purpose of the erection and con¬
struction of a swimming pool and buildings incidental thereto, in Riverside
Park, in the city. This offer is authorized by authority given by the electors
of the district, at a special municipal election held in the district on Oct. 3,
1939. The bonds are general obligations of the district. Enclose a certified
check for not less than 2% of the bid, payable to M. B. Ruud, President
$15,000 series No. 2 water
150, p. 1029—were awarded
Van Duyn, Tischler & Co.
of Cincinnati, jointly, as lMs, at a price of 100.506, a basis of about 1.40%.
Dated March 1, 1940 and due Sept. 1 as follows: $1,000 in 1941 and $2,000
from 1942 to 1948 incl.
Second high bid of 100.413 for 1Mb was made by
Board of Park Commissioners.
Ellis & Co. of Cincinnati.
NOONAN TOWNSHIP (P. O. Devils Lake), N. Dak.—BONDS NOT
SOLD—The $6,000 not to exceed 4M% semi-annual funding bonds offered
on Feb. 13—V. 150,
p. 875—were not sold as no bids were received, accord¬
ing to the Township Clerk. Dated Feb. 1, 1940.
Due on Feb. 1 in 1942 to
1949, incl.
It is said that the open sale of these bonds is now being tried.
SALE—The $1,300,000 2% Sandusky Bay Bridge revenue refunding bonds
offered Feb. 29-—V. 150, p. 1029—were awarded to a syndicate composed
Bonds will be dated Oct. 1, 1940.
Denom. $1,250.
1 from 1941 to 1945, incl.
Interest J-J.
A certified
check for 2% of the bonds bid for, payable to order of the Village Treasurer,
must accompany each proposal.
be opened at noon.
Due $1,250 on Oct.
NORWOOD,
OHIO
of A. C.
veen
Inc.
OHIO
follows:
XT
-ii
_
m
x,
„
~
_..
Fox, Einhorn & Co
a
^
.
nu,
o
...
^
BancOhio Securities Co
300,000
63,000
[300,000
2H%
4%
3%
2M%
377.00
[10.00
51.50
63,000
2M%
2M%
244.00
300,000
3M%
2,025.00
[300,000
1
^
First Cleveland Corp
«
1
163,000
^
Ryan, Sutherland & Co
•n,
'
[ 63,000
1300,000
1
COMMISSION
(P.
O.
Columbus),
Ohio—BOND
Allyn & Co., Inc., Chicago; Eldredge & Co., New York; John Nu-
Cleveland, and John W. Clarke,
basis of about 1.59%.
Dated
$125,000 from 1940 to 1945 incl. and
Callable under various conditions.
Other bids were
& Co., Chicago; First Cleveland Corp.,
of Chicago, at a price of 102.112, a
$550,000
$300,000 building and*improvement bonds to the Provident Savings Bank
& Trust Co. of Cincinnati, as 2Ms, at par plus $753 premium,
equal to 100.251, a basis of about 2.73%.
Due Sept. 1 as fol¬
lows: $23,000 from 1946 to 1957, incl., and $24,000 in 1958.
63,000 final judgment bonds to McDonald-Coolidge & Co. of Cleveland
as 2Ms at par plus $275 premium, equal to 100.436, a basis of
about 2.13%.
Due Nov. 1 as follows: $12,000 in 1941 and 1942
and $13,000 from 1943 to 1945, incl.
All of the bonds will be dated March 1, 1940.
Bids for all or none of the entire $363,000 bonds were as follows:
Amount of
Rate of
Amount of
Name of Company—
Issue
Interest
Premium
The Provident Savings Bank & Trust Co. \ 63,000
2%
$9.45
Merrill, Turben & Co
BRIDGE
Feb. 1,1940 and due Oct. 1 as follows:
AKRON
CITY
SCHOOL
DISTRICT, Ohio—BOND SALE— The
$363,000 coupon bonds offered Feb. 26—V. 150, p. 1028—were awarded
as
Ohio—BOND SALE— The
works improvement bonds offered Feb. 26—V.
Prudden & Co. of Toledo and Browning,
to
63,000
[300,000
5%
2M%
2M%~
3%
235.00
250.00
8.00
135.00
635.00
reported
in
as
1948.
follows:
Bidder—
Rate Bid
Stranahan, Harris & Co., Inc., etal
101.80
Blyth & Co., Inc., et al
101.687
Harris, Hall & Co., et al
101.543
BancOhio Securities Co., et al
101.51
Lazard Freres & Co.; B. J. Vna Ingen & Co., Inc. and McDonald¬
-Coolidge & Co
~
100.192
BOND CALL—Co-incident with above sale Robert A. Schiffer, Secretary-
Treasurer of the Bridge Commission, has issued a call for redemption on
April 1, 1940 at offices of the Guaranty Trust Co., 140 Broadway, New
York, of variously described 3M % bridge revenue bonds aggregating
$1,443,000 and pertaining to issues of Sandusky Bay Bridge, SteubenvilleWeirton Bridge and East Liverpool-Chester Bridge.
PEPPER
PIKE, Ohio—SEEKS DEBT COMPOSITION—All holders of
District
Eastern
Division, for the confirmation of a plan of composition.
A hearing on the
petition is scheduled to be held on April 30, at 2 o'clock p. m.
Claims and interest of creditors are to be evidenced by sworn proofs,
giving the details, filed with the clerk of the court in the Federal Building,
Cleveland, Ohio, on or before April 20.
bonds of the village are advised that a petition has been filed in the
Court of the United States for the Northern District of Ohio,
SHEFFIELD LAKE (P. O. Lorain), Ohio—PROPOSED BOND ISSUE
—Proposal to issue $62,000 4% sanitary sewer and disposal plant bonds
may be placed on the ballot at the May primary election.
r
Volume
The Commercial & Financial Chronicle
150
OKLAHOMA
divided
..CARMEN SCHOOL DISTRICT (P. O. Carmen), Okla.—BOJVB SALE
DETAILS—It is
now
reported by the Clerk of the Board of Education
that the $10,000 building and furniture bonds sold to the First National
Bank of Oklahoma City at par, a net interest cost of
2.07%, as noted here
in V. 150, p.
1165, were purchased as follows: $4,000 as 2 Kb, due $2,000
in 1943 and 1944, and
$6,000 as 2s, due $2,000 in 1945 to 1947.
HOBART SCHOOL DISTRICT
(P. O. Hobart), Okla.—BOND OF¬
FERING—It is stated by Frank H. Thayer, Clerk of the Board of Education, that he will receive sealed bids until March 4 for the purchase of a
$60,000 issue of not to exceed 3 % semi-annual building repair bonds.
Due
in 15 years.
These bonds were approved by the voters on Feb. 20 Dy a
wide margin.
LAWTON, Okla.—BOND OFFERING—It is reported that sealed bids
will be received until 7:30 p. m. on March
5, by Harlan LeMaster, City
Clerk, for the purchase of $20,000 water works extension, series B bonds.
Due $4,000 in 1943 to 1947. The bonds shall be sold to the bidder offering
the lowest rate of interest the bonds shall bear and
agreeing to pay par and
accrued interest for the bonds. Bids will be received and bonds issued, sold
and delivered in average maturities, only, as, if and when funds are needed.
The bonds
are
issued in accordance with Sections 5929 and 5930,Oklahoma
Enclose a certified check for 2% of the amount of bid.
Statutes, 1931.
LINCOLN
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
NO. 3 (P. O. Meeker) Okla.—BOND OFFERING—Sealed bids will be
received until 10 a. m. on March 4, by Roy Brewer, District Clerk, for
the purchase of $8,000 school building bonds. Due $1,000 in 1943 to 1950.
The bonds shall be sold to the bidder offering the lowest rate of interest the
bonds shall bear and agreeing to pay par and accrued interest for the bonds.
The bonds are issued in accordance with Chapter 22 of the Oklahoma
Session Laws of 1927. Enclose a certified check for 2 % of the amount of bid.
OKLAHOMA CITY, Okla.—BOND OFFERING—It is stated by Earle
M. Simon, City Clerk, that he will receive sealed bids until 9.30 a.m. on
March 5, for the purchase of an issue of $6,911.0CK) coupon water works
bonds.
Dated March 15, 1940.
Denom. $1,000.
Due March 15, as
follows: $384,000 in 1943 to 1959, and $383,000 in 1960.
The bonds will
be sold to the bidder offering the lowest interest rate the bonds sball bear
and
who
to pay par and accrued interest.
These are the bonds
authorized at the election held on Feb. 20, and are general obligations,
agrees
payable, both
levied
on
as to
principal and interest, from an annual sinking fund tax
all taxable property located in the city.
A duplicate copy of
each bid must be filed with the City Auditor and a
bid must be filed with the City Manager.
Each
triplicate copy of each
copy of the bids must
city 's form of bidding blanks and the bidder's affidavit must be
sworn to before a
notary public.
The bonds will be furnished
by the city without expense to the bidder.
The bonds will be sold subject
to the approval of the Attorney General of the State and the
approving
opinion of any one of the following market attorneys—the selection to be
made by the purchaser.
The fee or other expense in connection with secur¬
ing the opinion of the market attorney shall be paid by the purchaser:
Chapman & Cutler of Chicago, Storey, Thorndike, Palmer & Dodge of
Boston: Reed, Hoyt .Washburn & Clay, Thomson, Wood & Hoffman and
Caldwell & Raymond, all of New York.
Bonds will be delivered in Oklahoma City at any bank selected
by the
bidder.
It is realized that prompt delivery is important and every effort
will be made to facilitate delivery of the bonds to the purchaser.
Bidding
blanks can be secured from the City Auditor.
Enclose a certified check
for 2% of the amount of the bid, which check shall be
deposited with the
original, or City Clerk's copy of the bid.
.
■
be
on
the
SPRINGS,
Okla.—BOND
OFFERING—Sealed bids will be
received until 10 a. m. on March 5. by C. H. Benton, City Clerk, for the
purchase of $16,000 not to exceed 3% semi-ann. street intersection improve¬
ment, 1940 bonds. Due $2,000 in 1943 to 1950. The bonds shall be sold to
the bidder agreeing to pay par and accrued interest for the
bonds, and are
issued in accordance with Sections 5929 and 5930, Oklahoma Statutes, 1931.
These are the bonds authorized at the election held on Feb. 6, by a vote of
137 to 25. Enclose a certified check for 2 % of the amount of bid.
SAPULPA,
Okla.—DEBT ADJLSTMENT
PLAN
PENDING—Ap¬
proved by 51% of creditors, a plan to adjust the $691,000 bonded indebted¬
ness of the above city is
pending in the U. S. District Court at Tulsa,
and action may be taken in 90 days.
Default is reported unofficially at
$216,000 of principal and interest.
Fred Boone, City Manager, has
expressed the belief that recourse to bankruptcy will not be required to
extensions of maturities, reductions of interest rates and revision
of the municipal levy of 72.627 mills.
effect
OREGON
March
bids will be received
6,
by William Marshall, City Recorder, for the
purchase of the following coupon general obligation refunding bonds aggre¬
gating $26,000:
p.m.
on
$5,000 water works and electric light betterment bonds.
Due $1,000 on
April 1 in 1945 to 1949 incl.
A $500 certified check, payable to the
city, must accompany bid.
21,000 sewer bonds.
Due on April 1 as follows: $2,000 in 1945 to 1650,
and $3,000 in 1951 to 1953.
A certified check for $2,000, payable
to the city, is required.
Denom. $1,000.
Dated April 1, 1940.
The city reserves the right,
however, to redeem the bonds in numerical order on April 1, 1944 and on
any semi-annual interest-paying date thereafter.
Each of the bond issues
is to bear interest at a rate or rates to be specified by the
purchaser therefor
of not to exceed a net average of 4% per annum.
Principal and interest
(A-O) payable at the City Treasurer's office.
The bonds are payable from
unlimited ad valorem taxes upon all taxable property within the city.
The bonds will be awarded by issues to the bidders offering the lowest net
interest cost to the city, premium offered, if any, considered, and will be
delivered complete and without undue delay at the expense of the city
at such city in Oregon as the purchaser shall name.
Except as to qualifi¬
cation as to approval of validity of the issues by accredited
attorneys, bids
must be unconditional.
COLUMBIA CITY, Ore.—BONDS SOLD TO RFC—It is stated by the
City Recorder that $16,000 4% semi-ann. water system bonds were pur¬
chased at par on Jan. 1 by the Reconstruction Finance Corporation. Dated
May 1,
1938.
Due May 1, as follows:
$500 May 1, 1940 to 1945, and
1946 to 1958.
Prin. and int. payable at the City Treasurer's
Legality approved by Teal, Winfree, McCulloch, Shuler & Kelley,
$1,000 in
office.
of Portland.
NYSSA, Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on March 4 by M. F. Solomon, City Recorder, for the purchase of
$7,364.79 not to exceed 4% semi-annual funding bonds.
Dated April 1,
1940.
Denom. $500, one for $364.79.
Due April 1 as follows: $500 in
1941 to 1947 and $364.79 in 1948.
All bonds maturing after one year from
issue date shall be subject to redemption on any interest paying date on
and after one year from issue date, upon 30 days' notice thereof.
The bonds
will be sold to the highest responsible bidder for not less than the
par value
and the entire amount of the accrued interest.
Enclose a certified check
fot not less than 2% of the par value of the bonds.
ONTARIO, Ore.—BOND SALE—The $32,000 water, series 11-a bonds
offered for sale on Feb. 26—V. 150, p. 1165—were awarded to the State
Bond Commission, as 2Mb, paying a price of 100.14, a basis of about
2.48%.
Dated April 15, 1940.
Due on April 1 in 1941 to 1951, inclusive.
PORTLAND, Ore.—BOND SALE—The $95,269.37 6% semi-annual
Improvement bonds offered for sale on Feb. 21—V. 150, p. 1317—were
awarded to Blyth & Co., Inc. of Portland, at a price of 113.826, a basis of
about 0.90%, to the optional date.
Dated Dec. 1, 1939.
Due on Dec. 1,
1949. The city reserves the right to redeem all or any portion of such bonds
upon the payment of the face value thereof with accrued interest to date of
payment upon the first day of any month at or after three years from the
date of such bonds.
The bonds shall be redeemed consecutively by number.
Principal and interest payable in lawful money at the City Treasurer's
office, or at the fiscal agency of the State in New York City.
PENNSYLVANIA
BOGGS TOWNSHIP SCHOOL DISTRICT
Pa.—BOND
OFFERING—Howard
D.
receive sealed bids until 7.30 p.m. on
Woods,
5, 5K or 5)4% coupon school bonds,
follows:
•
Due $1,000 on April 1 from 1943 to 1949 incl.
Due $1,000 on April 1 from 1950 to 1952 incl.
All of the bonds will be dated April 1, 1940.
Denom. $1,000.
Callable
in inverse numerical order on any
Interest A-O.
Bidder to
name a
interest date on or after April 1, 1946.
single rate of interest on all of the bonds.
Registersble as to principal only.
A certified check for 2% of the bonds
bid for, payable to order of the District Treasurer, must accompany each
proposal.
CRESCENT TOWNSHIP SCHOOL DISTRICT (P. O. Glenwillard),
Pa.—BOND SALE—The $12,000 coupon school bonds offered Feb. 26—
Y. 150, p. 1030—were awarded to
Phillip J. Davidson of Patterson Heights
(Beaver Falls).
Dated March 1, 1940, and due March 1 as follows:
$2,000 in 1944 and 1945; $1,000, 1946 to 1949 incl., and $2,000 in 1951
and 1952.
HARRISBURG, Pa.—BOND OFFERING—H. A. Earley, City Clerk,
will receive sealed bids until
noon on
March 26, for the purchase of $100,000
K,
K, 1, IK, IK, IK, 2, 2K or 2K% coupon improvement bonds.
Dated April 1, 1940.
Denom. $1,000.
Due April 1 as follows: $10,000 in
1941; $25,000 from 1942 to 1944, incl. and $15,000 in 1945.
Bidder to
single rate of interest, payable A-O.
Bonds will be registerable as
principal only and issued subject to favorable legal opinion of Townsend,
Philadelphia. A certified check for 2% of the bonds bid
for, payable to order of the County Treasurer, must accompany each
name a
to
Elliott & Munson of
proposal.
HOMESTEAD
SCHOOL
OFFERING—
Pa.—BOND
DISTRICT,
Mary J. Kinney, District Secretary, will receive sealed bids until $ p. m. on
March 5, for the purchase of $120,000 coupon, registerable as to principal
only, refunding bonds. Dated April 1,1940. Denom. $1,000. Due $ 12,000
on April 1 from 1941 to 1950, incl.
Bidder to name a single rate of interest,
expressed in a multiple of K of 1 %. Bonds will be issued subject to approval
of proceedings by the Pennsylvania Department of Internal Affairs.
A
certified check for $2,000, payable to order of the district, is required.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished
the successful bidder.
(Previous report of this offering appeared in V. 150, p. 1165.)
MAHONING
TOWNSHIP SCHOOL DISTRICT (P. O. R. D. 4,
Bethlehem), Pa.—BOND OFFERING—D. L. Bright, District
Secretary, will receive sealed bids until 7 p. m. on March 15 for the purchase
of $10,000 3K%_ coupon school bonds of 1940.
Dated March 1, 1940.
Denom. $500.
Due $1,000 on March 1 from 1941 to 1950 incl.
Interest
M-S.
Proceedings for the issuance of the bonds have been approved by
the Pennsylvania Department of Internal Affairs.
New
PENN TOWNSHIP SCHOOL DISTRICT (P. O. Verona, R. D. No.
Pa .—BOND OFFERING—J. E. Hetrick, Secretary of the Board of
1),
Education, will receive sealed bids until 8
p. m. on March 13 for the pur¬
coupon, registerable as to principal only, bonds.
Dated
Denom. $1,000. Due $6,000 on April 1 from 1945 to 1964
incl.
Bidder to name a single rate of interest, expressed in a multiple of
K of 1%.
Principal and interest (A-O) payable at the Peoples Bank of
Unity. Payable free of all taxes levied under any present or future Pennsyl¬
vania law, except gift, succession and inheritance taxes.
A certified check
for $2,000, payable to order of the district, must accompany each proposal.
Bonds will be sold subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
School district will furnish and pay for
bonds and legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
chase of
$120,000
April 1, 1940.
PITTSBURGH,
Pa.—BOND
OFFERING—Edward
R.
City
Frey,
March 19 for the
coupon refunding
bonds of 1940.
Dated March 1, 1940. Denom. $1,000. Due March las
follows:
$93,000 from 1941 to 1959 incl. and $83,000 in 1960. Bidder to
name a single rate of-interest, payable M-S. Debt to be refunded is evidenced
by certain outstanding short-term promissory notes. Coupon bonds may be
exchanged at option of the holder at any time for a registered bond or bonds
of the same maturity and denom. or a multiple thereof not exceeding the
aggregate principal amount of the coupon bond or bonds, surrendered in
exchange therefor.
Bidding form to be obtained from City Comptroller.
The bonds are unlimited tax obligations of the city and the approving legal
opinion of Reed, Smith, Shaw & McClay of Pittsburgh will be furnished
the successful bidder. A certified check for 2% of the bonds bid for, payable
to order of the city, must accompany each proposal.
Comptroller, will receive sealed bids until 10
a.
m.
on
purchase of $1,850,000 not to exceed 4% interest series A
PLAINS TOWNSHIP (P. O. Plains), Pa .—BOND OFFERING—Joseph
Poczatko, Secretary of Board of Commissioners, will receive sealed bids
until 8 p. m. on March 20 for the purchase of $65,000 not to exceed 4K%
interest funding bonds. Dated April 1, 1940. Denom. $1,000. Due April 1
as follows:
$3,000 from 1941 to 1955 incl. and $4,000 from 1956 to 1960
Bidder to name a single rate of interest, payable A-O. A certified check
for 2% of the bonds bid for, payable to order of the Township Treqsurer,
incl.
ARLINGTON, Ore.—BOND OFFERING—-Sealed
until 8
as
$7,000 series A bonds.
3,000 series B bonds.
executed and
SAND
1477
3, 3K, 3K, 3*4, 4, 4K, 4K, 4K,
must accompany
Pa .—BOND SALE—The $15,000 coupon street and
alley improvement bonds offered Feb. 26—V. 150, p. 1165—were awarded
to M. M. Freeman & Co. of Philadelphia as 2ms at a price of 100.83,
basis of about 2.19 %.
Dated March 1, 1940, and due as follows:
$1,000
March 1 in 1942, 1944, 1946, 1948. 1950, 1952, 1954, 1956, 1958, 1960,
1962, 1964, 1966, 1968, and 1970.
Bids of par for 2J£s were made by the
Womelsdorf Bank & Trust Co. and the Robesonia State Bank.
An offer
a
on
of 101.536 for
2Kb
was
of
Secretary,
will
Perrysville), Pa.—BOND SALE—The issue
23—V. 150, p. 1165—was awarded to
and Hemphill, Noyes & Co., Phila¬
a price of 102.33, a basis of about 2.34%.
$60,000 coupon bonds offered Feb.
Norman Ward & Co. of Pittsburgh
delphia, Jointly, as 2Kb, at
Dated March 1, 1940 and due $10,000 on March 10 in 1945, 1950,
1960, 1965 and 1970. Other bids:
S. K. Cunningham & Co—
Moore, Leonard & Lynch
Johnson & McLean
Rate Bid
2K%
2K%
2M»%
Phillips Schmertz & Co
M. M. Freeman & Co.—
102.15
102.07
101.90
101.297
2K%
-
2K%
Singer, Deane & Scribner
101.17
2}4%
—
100.817
101.393
100.35
2 K%
3K%
Burr & Co
Leach Bros
STATE
1955,
Int. Rate
Bidder—
COLLEGE.
Pa .—BOND SALE—The
$18,000 coupon street
improvement bonds offered Feb. 19—V. 150, P. 725—were awarded to the
First National Bank of State College, as 3 Kb. at a price of 100.25, a basis of
about 3.45%. Dated March 1, 1940. Due March 1, 1945; callable on any
interest date.
Other bids:
Bidder—
Int. Rate
,
4%
5K%
Peoples State Bank of State College
Leach Bros., Inc
Rate Bid
<
100.75
100.13
&ORELAND
TOWNSHIP SCHOOL DISTRICT (P. O.
Willow
Grove),
Pa.—BOND
OFFERING—Wilson
K.
Leatherman,
Secretary of Board of School Directors, will receive sealed bids until 8 p.m.
on March 4, for the purchase of $50,000 1, IK, IK, IK. 2, 2K,or 2K%
coupon, registerable as to principal only, school bonds.
Dated March 1,
1940.
Denom. $1,000.
Due $2,000 on March 1 from 1941 to 1965, Incl.
Bidder to name a single rate of interest, payable M-S.
Bonds will be issued
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
A certified check for 2% of the bonds bid for, payable to
order of the District Treasury, must accompany each proposal.
UPPER
No.
bonds
WARWICK TOWNSHIP SCHOOL DISTRICT (P. O. R. F. D.
2,
Elverson),
Pa.—BOND
SALE—The
$14,000
coupon
school
offered Feb. 21—V. 150, p. 1165—were sold in amounts of $7,000 each to
M. M. Freeman & Co. and Edward Low be r Stokes & Co., both of Phila¬
delphia, as 2Kb, at a price of 100.57, a basis of about 2.20%.
Dated
March 1, 1940 and due $1,000 on March 1 in 1943, 1944 and 1945; 1948
1950 incl.; 1953 to 1955 incl. and from 1958 to 1962 incl.
Other bids: «
to
Rate Bid
%K%
100.57
2K%
100.80
2^%
101
2K%
Par
3K%—---100.13
Int. Rate
Bidder—
Edward Lowber Stokes & Co
-
Malvern National Bank—
Burr & Co., Inc
Elverson National Bank
Leach Bros., Inc.
March 4 for the purchase of $10,000
made by Burr & Co. of Philadelphia.
ROSS TOWNSHIP (P. O.
—
WILLIAMSPORT, Pa.—ELECTION DATE—March 30 has been set
(P. O. West Decatur),
District
each proposal.
ROBESONIA,
as
the date
on
which the voters will consider
flood protection bonds.
a
proposal to issue $175,000
The Commercial & Financial
1478
WILLI AMSTOWN,
the voters
Pa.—BOND ELECTION—At an election on April 23
line construction and
be asked to authorize$14,000sewer
will
$18,000 street and alley bonds.
that
COLUMBIA, S. C.—BOND SALE DETAILS—It is now reported
a
premium of $7.50, equal to 100.015, a net
the bonds divided as follows: $15,000 as
$32,000 as 2s,
on
2*48, due $5,000 on Feb. 1 in 1941 to 1943; the remaining
due on Feb. 1, $5,000 in 1944 to 1948 and $7,000 in 1949.
DISTRICT NO. 63 (P. O. Walhalla) S. C.—
by W. C. Hutchisen, Superintendent of
Education, that sealed bids were received until noon on March 1, for the
purchase of $50,000 school bonds. Dated Feb. 1, 1940. Due on Feb. 1 as
follows: $3,000 in 1941 to 1950, and $4,000 in 1951 to 1955, all incl.
SCHOOL
SENECA
(P. O. Conroe), Texas—BOND SALE—The $500,000 issue of unlimited
road, series 1940 bonds offered for sale on Feb. 26—V. 150, p. 1318—was awarded jointly to the Merchantile-Commerce Bank & Trust Co. of
St. Louis, and A. W. Snyder & Co. of Houston, as 2^8, paying a premium
of $5,525, equal to 101.105, a basis of about 2.12%.
Due on Feb. 1 as
follows;
$70,000 in 1948, and $215,000 in 1949 and 1950.
MOODY
CONSOLIDATED
SCHOOL
DISTRICT
NO.
58
(P. O. Silverstreet), S. C.—BOND SALE—The $10,000 coupon semi-ann.
bonds offered for sale on Feb. 24—-V. 150, p. 1166—were awarded
Pringle & Co. of Charleston as 3Ks, paying a price of 100.16, a
3.23%, according to Henry M. Havird, Secretary of the
Dated Jan. 1, 1940.
Due on Jan. 1 in 1941 to 1958.
The second best bid was an offer of $18.55 premium on 3Hs, sub¬
to E.
H.
basis
of about
incl.
mitted
bid
on
by C. W. Haynes & Co. of Columbia, while third highest was a
3%s and 4s tendered by G. H. Crawford & Co., Inc., of Columbia.
SOUTH
CAROLINA, State of—NOTE OFFERING—Sealed bids will
be received until
noon on
March 5,
by E. P. Miller, State Treasurer, for the
purchase of $2,000,000 tax anticipation notes. Dated March 6, 1940. Due
in 90 days from date. Discount bids will not be considered. The approving
opinion of the Attorney-General will be furnished.
A certified check for
1%. payable to the State Treasurer, must accompany the bid.
PHARR, Texas—BOND TENDERS
BLOUNT COUNTY
issuance of refunding bonds, series 1938, the city
has available for purchase $6,000 and tenders are invited for the purchase
of refunding bonds, series 1938.
Said tenders will be received and opened
on April 1 at 8 p. m.
PORT NECHES COMMON
DRESDEN,
(P. O.
Tenn.—BOND
TENDERS INVITED—The
TEXAS,
Jan.
1,
State of—WARRANTS CALLED—State Treasurer Charley
$772,769 in State general warrants, in¬
Lockhart has called for payment
cluding those up to and including May 8, 1939.
He reported that the
deficit in the fund totaled $22,750,024 as of Feb. 20. an increase of $1,842,-
$2,154,273.
,
THROCKMORTON,
Tenn.—BOND OFFERING—Bids will be received
on March 15, by E. H. Campbell; Town Recorder, for the
$60,000 issue of 4% water and light bonds. Denom. $1,000.
Dated March 15, 1940. Interest payable M-S 15. Prin. and int. payments
to be made in each year until the principal thereof shall have been fully paid,
at the First National Bank and (or) Traders National Bank, Tullahoma,
the said bonds will mature and be payable serially from one to 22 years.
The net revenue and earnings of the water and light department of such
municipality have been pledged to secure the payment of the principal
of and interest on the bonds; and a first and prior lien is created in favor of
the holder of said bonds upon said revenue and earnings. If at any time, the
net revenue and earnings of the water and light department of the said
municipality be insufficient to redeem the bonds or interest payments at
maturity, then the full faith and credit and unlimited taxing power of said
municipality has been pledged for the payment of said bonds.
The Mayor and Aldermen shall have the right to redeem and retire any
and all of said bonds at 105% of the principal amount thereof, plus accrued
interest to date of redemptoin, on any interest payment date, on or after
March 15,1945, in inverse numerical order, upon 30 days notice in a financial
publication published in New York.
No bid at less than par will be considered, and the right to reject any and
m.
a.
a
all bids is expressly reserved.
TEXAS
ARANSAS
PASS
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Aransas Pass) Texas—BOND SALE CONTRACT—It is reported that the
Ranson-Davison Co. of Wichita, and Crummer & Co. of Dallas, jointly,
system revenue
bonds offered on
JOHNSBURY,
Vt .—BONDS
CALLED—Charles G.
Braley,
Treasurer, announces that $17,000 of 10-30 year 4% refunding bonds will
be redeemed as of April 1, 1940.
The bonds were issued on April 1, 1914.
Certain numbers of the bonds, in denomination of $500 each, were drawn
by lot.
Funds will be available for such redemption at the National
Shawmut Bank of Boston and the First National Bank of St. Johnsbury.
VIRGINIA
VIENNA, Va.—BOND SALE—The $25,000 coupon semi-ann. refunding
and road bonds offered for sale on Feb. 24—V. 150, p. 1318—were awarded
to F. W. Craigie & Co. of Richmond, as 2^s, at par, according to the
Chairman of the Town Committee. Dated March 1,1940. Due on March 1
^Itfwas
reported subsequently by the
that the said bonds were awarded for a
a
such
amount
as
available
surplus sinking funds
WASHINGTON
EDINBURG
TRICT
CONSOLIDATED
(P. O.
Edinburgh
INDEPENDENT
bonds have been purchased
in
by Murphey, Favre & Co. of
1941 to 1960.
NO. 325 (P. O.
be received until
Treasurer, for the
purchase of $48,000 refunding bonds.
Interest rate is not to exceed 3%,
payable A.O.
Denom. $500.
Dated April 1, 1940.
Due on April 1 as
follows: $4,000 in 1942 to 1944; $4,500 in 1945 and 1946: $5,000 in 1947
and 1948; $5,500 in 1949 and 1950, and $6,000 in 1951.
The district
reserves the right to pay or redeem at par and accrued interest any or all
of the bonds on any interest payment date on or after 5 years from the date
thereof.
The bids shall specify, first, the lowest rate of interest and pre¬
mium, If any, above par at which the bidder will purchase the bonds, or,
second, the lowest rate of interest at which the bidder will purchase the
bonds at par.
The bonds will be sold with the opinion of Preston, Thorgrimson & Turner of Seattle, approving the legality of the bonds.
Enclose
a certified check for 5% of the amount of the bid.
SCHOOL
COUNTY
SNOHOMISH
DIS¬
Texas—BOND TENDERS INVITED—It is
stated by R. C. Broaddus, Secretary of the Board of Trustees, that he will
receive tenders of 1938 series refunding bonds in an amount or amounts
not in excess of
$40,000 market value, until March 14.
Under the refund¬
ing plan the Board of Trustees has the right to reject all offers that it con¬
siders in
excess
of market value.
ELECTRA, Texas—BOND TENDERS INVITED—It is stated by E.
and canceling refunding bonds at the lowest prices offered up to an amount
sufficient to exhaust such surplus.
Offerings should be addressed to the City Secretary, and should be made
firm for 10 days from above date.
*
w
HEMPHILL,
Texas—BOND
SALE—The
$30,000
refunding
bonds
offered for sale
on Feb. 27—V. 150, p. 1318— were purchased by the First
National Bank of San Augustine, paying par.
No other bid was received,
according to Mayor D. G. Mann.
VIRGINIA
WEST
O. Winfield), W. Va .—BONDS DEFEATED
is reported that the voters rejected a proposal to issue $350,000 in
PUTNAM COUNTY (P.
—It
school bonds at a recent election.
WISCONSIN
Drive,
Spring
SCHOOL DISTRICT
Milwaukee),
NO. 3
Wis.—BOND
(P. O. 4116 West Silver
SALE—The two issues of
for sale on Feb. 23—V. 150, p. 1318—
were awarded to Paine, Webber & Co. of Chiczgo and associates as 2*J4s,
paying a premium of $477, equal to 100.502, a basis of about 2.68%:
bonds aggregating $95,000, offered
$34,500 refunding bonds.
Due on March 1 as follows: $1,500 in
$2,000, 1942 to 1950, and $3,000 in 1951 to 1955.
60,500 building bonds.
Due on March 1 as follows: $2,500 in
$3,000, 1942 and 1943; $4,009, 1944 to 1951, and $5,000 in
ELMWOOD,
Wis.—BONDS
OFFERED—Sealed
and
age
refunding bonds.
Dated March 15, 1940.
Due on March 15 as
$700 in 1941, $1,000 in 1942 to 1950 and $1,500 in 1951 to 1958.
LUCK JOINT SCHOOL DISTRICT NO. 3 (P. O. Luck), Wis.—
BONDS OFFERED—Sealed and oral bids were received until 3 p. m. on
Lindgren, Clerk of the School Board, for the purchase of
$27,500 not to exceed 3K% semi-annual refunding bonds.
Dated March
15, 1940.
Due on March 15 as follows: $1,500 in 1941, $2,000 in 1942 to
1951, and $3,000 in 1952 and 1953.
Payable at the office of the District
March 2 by H. H.
Treasurer.
.
Relief bonds:
disposal plant and storm sewer bonds were sold on
Feb. 20 to a syndicate composed of Fenner & Beane of New York, William
N. Edwards & Co. of Fort Worth, McDougal & Condon of Chicago,
Duquette & Co. of Houston, Pondrom & Co. of Dallas and Louis Pauls
& Co. of Galveston, at a price of 100.02, a basis of about 2.247%.
Dated
Feb. 1,1940.
Due on Feb. 1 as follows: $36,000 in 1941 to 1945 and $37,000
in 1946 to 1955, all inclusive.
sewage
LUFKIN, Texas—BONDS SOLD—A $50,000 issue of 234% semi-ann.
street
improvement bonds is said to have been purchased jointly by Mahan,
Dittmar & Co. of San Antonio and Moroney & Co. of Houston, at a price
of 100.078.
Due in from 1 to 10 years.
These bonds are reported to be
part of a total issue of $100,000 which will come up for approval at an elec¬
tion
scheduled
MERKEL,
for
March
6.
Texas—BOND
SALE DETAILS—It is stated that the
$130,000 refunding bonds sold recently, as noted here—V. 150, p. 1318—
were purchased by Rauscher, Pierce & Co. of Dallas, at
par, divided as
follows:
April 15, 1941 to 1965 maturities as 4s, and April 15, 1966 to
1971 maturities as 4>£s.
Dated Feb. 15, 1940.
MILWAUKEE COUNTY (P. O. Milwaukee), Wis.—BOND
TION NOTICE—It is stated by Frank Bittner,
City
Secretary,
that
the
following refunding
bonds
are
Series 1935-B, Nos. 1 to 54 and 58, aggregating $55,000.
Series 1935-C, Nos. 1 to 38, 40 to 66, 71 to 77, 82 to 86, 90 to 96, 98 to
104, 106 to 111, 114 to 133. 136 to 141, 145 to 200, 205 to 283, 289 to 371,-
resolution auth¬
$217,000.00
-
-
3,900,000.00
Metropolitan sewerage area bonds:
April
1. 1922
1, 1924
1925
April 15, 1927
April 25, 1929
-
April
-
Mar. 18,
-
-
$430,000.00
341,600.00
264,000.00
127,000.00
115,000.00
$5,394,600.00
be presented at the office of the County Treasurer or at
Bank of the City of New
Interest will be paid to date of maturity.
The bonds may
the office of the Fiscal Agent, the Chase National
York.
SUPER I OR, Wis.—BOND OFFERING—It is stated by R. E. McKeague,
City Clerk, that he will receive sealed bids until March 19 for the purchase
of $146,000 refunding
bonds.
WAUSAU, Wis .—BOND ELECTION—It is stated by Jay L. Brown,
City Clerk, that an election will be held on April 2 in order to have
voters pass on the issuance of $585,000 in school construction bonds.
the
CANADA
P.
being
ating $235,500.
REDEMP¬
County Auditor, that the
„
Oct. 1, 1932
Oct. 1. 1939
MINERAL WELLS, Texas—BOND CALL—It is stated by Charles
Scudder,
called for payment on April 1 at the Guaranty Trust Co., New York:
Series 1935-A, Nos. 1 to 66, 69 to 100, 106 to 257 and 266 to 295,
aggre
fol¬
lows:
1958 to
semi-annual
oral bids were
received at 8 p. m. on March 1 by W. J. Kirby, Village Clerk, for the pur¬
chase of $21,700 not to exceed 234 % semi-annual general obligation sewer¬
County Board, at its meeting held on Feb. 27, adopted a
orizing the immediate payment of the following bonds:
1960.
1941:
1952
to 1955.
JEFFERSON INDEPENDENT SCHOOL DISTRICT (P. O. Jeffer¬
son), Texas—BOND SALE DETAILS—It is reported that the $30,000
4% semi-annual school bonds sold to the State Board of Education, as
noted here—V. 150, p. 1166—were purchased at par and mature on Oct. 1
as follows:
$1,000 in 1940 to 1945, $1,500 in 1946 to 1957 and $2,000 in
LUBBOCKi, Texas—BONDS SOLD—It is stated that $550,000 2M%
1941;
„
W.
Presson, City Secretary, that he will receive until 5 p. m. on March
15, sealed offerings of refunding?bonds, series 1936, dated Dec. 1, 1936.
Subject to reserving the right to reject any and all offerings, the city will use
about $10,000 to $12,000 of surplus funds for the purpose of purchasing
DISTRICT
Everett), Wash.—BOND OFFERING—Sealed bids will
10 a. m. on March 18 by Sylvester R. Stumfall, County
CARLETON
SCHOOL
Wash.—
refunding
Spokane. Due
SELAH-MOXEE IRRIGATION DISTRICT (P. O. Selah),
is reported that $156,000 4% semi-annual
BONDS SOLD—It
will permit.
bonds cov¬
The city shall have the right to accept or reject any part of the
ered by any tender.
Chairman of the Town Committee
premium of $155, equal to 100.62,
basis of about 2.67%.
DALHART, Texas—BOND TENDERS INVITED—It is reported that
sealed tenders will be received by the City Secretary of refunding bonds,
series 1935, dated Sept. 1, 1935, for purchase and redemption in accordance
with the ordinance authorizing the issuance of the bonds, until March 12,
at 2 p. m.
Bonds offered at the lowest tender price below par will be re¬
in
NOT SOLD—It
ST.
have contracted to purchase $72,000 refunding bonds.
deemed
is stated by
4% semi-ann. water works
Feb. 9—V. 150, p. 1030—were not sold.
Texas—BONDS
Mayor Stribling that the $55,000 not to exceed
are
TULLAHOMA,
purchase of
fund was
I
Deficit in the Confederate pension
577 over the total on Feb. 5.
19,37.
March 15.
until 10
reported that $27,000 3% refund¬
W. Snyder & Co. of Houston.
Mayor and
calling for tenders of $3,000 outstanding city bonds,
The lowest price will be accepted.
Tenders must
be for less than face value and must be filed with the Mayor by noon on
Board of Aldermen
SCHOOL DISTRICT NO. 16 (P. O. Port
Neches), Texas—BONDS SOLD— It is
ing bonds were purchased recently by A.
VERMONT
Maryville) Tenn.—BOND OFFERING—
Sealed bids will be received until 1 p. m. on March 8, by George D. Roberts,
Judge of the County Court, for the purchase of a $10,000 issue of armory,
issue of 1940, coupon bonds.
Denom. $1,000. Dated March 1, 1940. Due
$1,000 on March 1 in 1941 to 1950 incl.
issued
INVITED—It is stated by Shirley
the provision of the contract and
Burks, City Secretary, that pursuant to
orders authorizing the
TENNESSEE
~
$500> in 1940 to 1957,
1964, and $3,000 in 1965 and 1966.
$1,000 in 1958 to 1961; $2,000 in 1962 to
school
Board of Trustees.
SCHOOL DISTRICT (P. O. Moody),
$25,000 building bonds that were
4s at par by the State
INDEPENDENT
Texas—BOND SALE DETAILS—The
sold, as noted here last October, were purchased as
Board of Education.
Due on July 15 as follows:
BONDS OFFERED—It is reported
SILVERSTREET
PRECINCT NO. 2
COUNTY COMMISSIONERS'
tax
the $47,000 assessment bonds sold jointly to the Robinson-Humphrey Co.
of Atlanta and G. H. Crawford & Co. of Columbia, as noted here—V. 150,
p. 1318—were purchased for
interest cost of about 2.06%
Interest ceases on date
MONTGOMERY
CAROLINA
1940
2,
All dated April 1, 1935.
471, aggregating $439,000.
called.
373 to 452 and 454 to
*
SOUTH
March
Chronicle
QUEBEC (Province of)—SYNDICATE BOOKS CLOSED—The Bank
of Montreal, syndicate manager for the Provincial Government's $40,000,000 loan (V. 150, p. 1166), closed its books Feb. 27 as the last of the issue
was taken up.
The bonds are 8M-year and 15-year issues, the former
bearing 3 H % and the latter 3 34%.
The 3 lA % bonds were sold at 99 )4
and the 334s at 98M
The bonds were open for two weeks.
•
@FedFRASER